Person Root Tag

Citigroup has been pulling back retail operations from broad swaths of the globe, but its commercial banking business is finding new regions for expansion.

Citigroup awarded Chief Executive Jane Fraser $22.5 million for her work in 2021 after she assumed the top job in February and helped guide the bank through regulatory hurdles.

Axis Bank is nearing a deal to buy Citigroup’s India retail banking business, a transaction that could be valued at about $2.5 billion, people familiar with the matter said.

Wells Fargo’s stock took off last year amid signs that Charlie Scharf is making progress in his efforts to turn the lender around.

DBS Group Holdings agreed to buy Citigroup’s consumer banking assets in Taiwan, as Southeast Asia’s largest lender pushes ahead with plans to boost its regional presence.

Customers are ramping up borrowing just as interest rates are poised to rise. That combination “sets us up nicely for 2022,” says CEO Brian Moynihan.

Shares fell sharply Friday after the company said spending increased 14% in the fourth quarter and will climb by another 8% in 2022. But CEO Jamie Dimon said the investments in marketing, technology and talent are necessary to ward off threats from traditional banks and upstart fintechs.

After Federal Deposit Insurance Corp. Chair Jelena McWilliams’ resignation, a Democrat on the board will temporarily run the agency. But it's still unclear who will call the shots over the long run and how policymaking will be affected by the FDIC's leftward shift.

With nearly $20 billion of exposure in the world’s second-largest economy, JPMorgan Chase has a lot riding on maintaining cordial relations with a government that’s sensitive about anything that might be construed as questioning its legitimacy.

Treasury Secretary Janet Yellen lobbied the chairman of the Ways and Means Committee on the measure requiring bank-provided customer data to help crack down on tax cheats and pay for the $3.5 trillion spending plan.

Federal Reserve Gov. Lael Brainard spoke with the Biden-Harris Federal Reserve transition team in January and with the president’s Council of Economic Advisers in May, her calendar shows.

The Federal Reserve has been circumspect about whether it will issue its own digital currency. Observers are looking to an upcoming report by the central bank for clarity about its intentions and how a digital dollar would work with private stablecoins.

The Biden administration will soon face tough decisions on whether to renominate Jerome Powell as Federal Reserve chair and whom to select for vice chair of supervision and other posts.

Nu Pagamentos, the Brazilian fintech backed by Warren Buffett’s Berkshire Hathaway, is planning an initial public offering of more than $2 billion on the Nasdaq for the end of this year, according to people familiar with the matter.

As the Federal Reserve mulls the idea of issuing a digital currency, some industry representatives are already sounding the alarm. Their main concern is a new regime for storing cash will reduce demand for bank deposits.

Sen. Elizabeth Warren praised Federal Reserve Gov. Lael Brainard on Wednesday for her approach to financial regulation while criticizing Chairman Jerome Powell as too protective of big financial institutions.

Jamie Dimon said he’s unlikely to be running JPMorgan Chase in 10 years, but he does see himself staying for another five years.

Democratic leaders in Congress want to extend the interest rate limit applying to service members to all consumers. Republicans and industry representatives warn such a broad restriction will hamper lenders' ability to price risk.

The U.S. economic recovery could take a major hit if the Biden administration fails to extend the federal government’s pandemic moratorium on student-loan payments past September, Senate Majority Leader Chuck Schumer said.

Senate Banking Committee Chairman Sherrod Brown urged the agency to share insights about the risks posed by neobanks, such as the San Francisco firm that sparked a customer backlash earlier this year.