Retail & Commercial

The companies originally hoped to complete the deal in late 2021. The buyer chalked up the delay to an overburdened Federal Reserve, rather than any problems with its application.

An uptick in commercial borrowers’ credit line utilization rates bodes well for loan growth in 2022, PNC Financial Services Group CEO William Demchak said Tuesday.

While money market fee waivers ate into the company’s revenue last quarter, as low interest rates led asset managers to make concessions to customers, executives predict a turnaround in 2022 after the Federal Reserve starts monetary tightening.

The New York bank attributed the gains to its aggressive hiring of banking teams on both coasts and robust loan demand from private equity and venture capital firms.

It has also taken a stake in Rêv Worldwide, developer of the bank's cross-border traveler account that supports currencies including the U.S. dollar, the euro and the Mexican peso.

Year to date through Sep. 30, 2021. Dollars in thousands.

Citigroup, which has been shedding some of its retail operations as part of a global revamp, is in advanced talks with Taiwan’s Fubon Financial Holding for a sale of its mainland China consumer business, people familiar with the matter said.

The former Zurich Insurance Group executive replaces Antonio Horta-Osorio, who was forced to resign for breaking coronavirus quarantine rules in Switzerland and the U.K.

Citigroup CEO Jane Fraser is nearing the end of her organizational overhaul after deciding to cut loose retail-banking operations in Mexico. She will make the case at an upcoming investor day that the company is on the verge of producing stronger shareholder returns.

Auto loans, credit cards and corporate lending all showed strength in the fourth quarter, and the San Francisco bank predicts more consumers and businesses will borrow this year.