When Zelle launches, it will not allow users to share information about their payments with other folks in their network. That decision puts the P-to-P service on a different course than Venmo, its fast-growing rival.

When Zelle launches, it will not allow users to share information about their payments with other folks in their network. That decision puts the P-to-P service on a different course than Venmo, its fast-growing rival.

Citigroup agreed to pay a penalty of almost $5.4 million to settle a South African antitrust investigation that said it participated in an alleged cartel to manipulate the value of the rand.

Michael Corbat is getting a pay cut for a year when Citigroup's profit fell 14% and return on assets failed to meet his 2016 target.

The president’s vow to impose a 20% tax on Mexican imports could make life harder for the Citigroup-owned unit, which is Mexico’s second-largest bank.

Bank CEOs have recently raised red flags about the president's protectionist rhetoric, including his proposals to tax imports from China and Mexico. The concerns have arisen as import-export financing is already facing headwinds.

Citigroup's plan to sell a $97 billion mortgage servicing portfolio and subservice its remaining accounts highlights the growing prevalence of nondepository servicers and raises questions about how much capacity exists for these institutions to absorb more large deals.

Citigroup's decision to exit mortgage servicing by the end of 2018 is part of a long-term strategy to increase returns and sharpen the bank's focus on its core retail customers.

The largest U.S. banks are treading lightly in response to President Trump's executive order banning travel to the U.S. by refugees and others from certain Muslim nations. Corporate statements emphasize the need for diversity while stopping short of outright opposition.

Mastercard CEO Ajay Banga was among the financial services, payment and technology executives to express worry or opposition to President Trump's travel ban for certain Middle Eastern countries.