The quarantine and Citi's shift from hardware to software tokens have led to a 300% spike in commercial clients' opening of accounts online as well as increased digital banking use.

The veteran banker will serve as chief administrative officer, with responsibilities that include strengthening Citi’s data architecture, creating greater consistency in its dealings with regulators and enhancing its efforts to combat money laundering.

John Dugan says a successful effort by banks to alleviate the economic damage of the pandemic could boost the industry's reputation.

The Federal Reserve set up a liquidity facility to help banks meet demand for emergency small-business loans through the Paycheck Protection Program, but it's gone largely unused.

The chiefs of some of the biggest U.S. banks called on their workers to fight racism after an unarmed black man died as a result of a white police officer kneeling on his neck, prompting nationwide protests.

Since March, issuers have tightened their criteria for opening new accounts and closed millions of existing ones in hopes of avoiding waves of defaults.

Though he acknowledged working remotely has definite advantages, CEO Michael Corbat says “our goal is to get our employees back."

Demand has soared for mental health services as bank employees put in long hours, supervise kids while working at home and endure personal crises. Citi, BofA, Fifth Third and others are getting creative to help them decompress during the pandemic.

With the pandemic fueling anxiety about public transportation and dense urban offices, financial firms in Manhattan are looking elsewhere for space to let workers spread out and avoid commuting into the city.

The sellers will continue to service the loans and retain the fees they receive from the Small Business Administration.