Citigroup is on a quest to modernize its global payments stack and be the go-to financial institution for cross-border payments and international corporations. Debopama Sen, head of payments at Citi's Services business, spoke with American Banker about the divisions' progress since its Services Investor Day in June 2024.

In 2021, banks pledged to wind down their support for oil and gas. Last year they made a $162 billion U-turn, according to a new report from a coalition of advocacy groups.

The megabank is also updating certain policies to bar discrimination based on political affiliation. "We appreciate the concerns that are being raised regarding 'fair access' to banking services," a Citigroup executive wrote in an internal memo.

BNY, Goldman Sachs, JPMorganChase and State Street are among those scored lowest by Sinergia Animal, despite pressure from shareholder activists to stop financing companies that exploit animals.

Five years after the pandemic forced banks to switch to online annual meetings, shareholders are growing frustrated by the lack of in-person options. Some wonder if they'll ever again be in the same room as boards and management teams.

Incentive pay for investment bankers at major firms is expected to fall this year by 13% from 2021 levels, according to a consulting firm's report. But stock traders may reap the rewards of market volatility.

The bank in the past year returned to offering loans backed by the cash that investors pledge to funds.

The potential for a global trade war has largely undone the optimism that the industry exhibited at the beginning of the year. Here's a look at three ways that tariffs could negatively impact banks.

The New York megabank, which is stuck in the middle of a legal battle between climate groups and the Trump administration, had been ordered earlier this week to disburse billions of dollars in grants made during the Biden administration.

U.S. District Judge Tanya Chutkan said the Environmental Protection Agency could not suspend the previously awarded funds. The case put Citigroup in the crossfire of a legal battle between climate groups and the Trump administration.

CEO Jane Fraser said Tuesday that the bank is positioned well to handle shakiness in the global market, and is still working on its years-long overhaul.

The results helped Citigroup lift its return on tangible common equity to 9.1% in the first quarter. CEO Jane Fraser has set a target of 10%-11% by the end of next year.

JPMorgan Chase, Bank of America, Citigroup, Goldman Sachs Group and Morgan Stanley are projected to post a combined $34.8 billion haul from their trading businesses in the first quarter, the most for that period in at least seven years.

The largest U.S. banks are facing shareholder votes on a number of politically charged issues — some backed by conservative groups and others championed by organizations with a more progressive bent.

A federal judge ruled that the bank must keep the $14 billion granted by the Environmental Protection Agency in the recipients' accounts. The Trump administration has been trying to pull back money distributed under President Joe Biden.

The hires, meant to shore up a division that has not been as tech-forward as leadership would like, have included Morgan Stanley and J.P. Morgan veterans.

Banks' latest annual reports, filed in the early weeks of the second Trump administration, provide a window into how the industry is adjusting to a new political climate.

The hiring comes roughly a month after Ida Liu resigned and the firm embarked on a regional restructuring.

The legendary investor expressed his inclination for equities even after selling large chunks of Berkshire Hathaway's investments in three major banks. "That preference won't change," Buffett wrote in his annual letter to shareholders.

The New York megabank facilitates much of the U.S. government's payment network domestically and internationally, making it a major federal contractor and vulnerable to the Trump administration's scrutiny.