After an aborted attempt to set up its own bank, Edward Jones is joining forces with Citi to provide savings and checking accounts for clients.

The monitoring, which is already in place in the U.S. came after a month-long consultation with U.K. employees.

The license allows New York-based Citigroup to separate the institutional and private bank businesses from its consumer, small-business and middle-market operations in Mexico.

Higher interest rates and larger card balances set the stage for an 11% jump in revenue from U.S. personal banking in the second quarter. That blunted the impact of a 78% surge in write-offs tied to consumer loans.

"I got cut," he told The Bond Buyer. "I'm looking for a new job now."

While the vast majority of staffers are following the firm's rules for hybrid work, the moves are focused on those employees with persistent, unexplained absences.

Citigroup CEO Jane Fraser says the company's abrupt decision to abandon a long-running sales process of its Mexican retail operations won't change its medium-term guidance nor the eventual plan to exit the unit and allows stock buybacks to resume.

Citi was unable to reach a deal despite more than a year of talks with a long list of suitors for its consumer, small-business and middle-market banking divisions across Mexico.

The move threatens to upend efforts by the billionaire German Larrea's Grupo Mexico to purchase the retail operations of Banamex, one of the country's oldest banks, from Citigroup.

As fintechs struggle, the bank is introducing a line of credit and plans new installment lending products shortly after launching its buy now/pay later product on Amazon Pay.