Retail & Commercial

The secretive world of private credit is increasingly being funded by public money, and there will be no FDIC there to bail us out when things go bad.

The former U.S. vice president turned climate crusader says Big Oil and the banks backing it still have huge financial incentives to stick with fossil fuels, even though their decision to do so is the leading cause of the climate crisis.

Fraser has a plan to reduce the number of management layers at Citi, shrink its workforce, speed up decision-making and give herself more control of the bank's five core businesses. "It's going to make some of our people very uncomfortable," she said.

The five-year deal puts Citizens' brand name in front of New Yorkers, as the bank continues to expand after buying HSBC's East Coast branches as well as Investors Bank last year.

A handful of banks concentrated in the Southeast U.S. are facing elevated charge-offs amid the liquidation of Mountain Express Oil. First Horizon Corp., which led a syndicated loan of more than $200 million to the bankrupt company, expects to take a $70 million hit.

Lenders either write down portions of soured credits or charge them off altogether to remove them from their balance sheets. Banks also set aside reserves to cover potential future bad loans. This allowance creates a buffer for lenders to absorb losses.

It's a challenge Japan's largest lender must overcome as it focuses on growing its corporate banking presence in the US, said Fumitaka Nakahama, the firm's head of global corporate and investment banking. 

Following New York Community Bancorp's acquisition of Flagstar, the company is ditching the regional bank brands that it long used. CEO Thomas Cangemi calls Flagstar a "neutral" but "patriotic" name that underscores the firm's nationwide expansion strategy.

But at the same time, the publicly traded company is selling off another type of housing finance asset to some large depository institutions.

At least four of CEO Jane Fraser's senior deputies got new roles in the shakeup, which will result in a number of job cuts.