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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.

The automaker plans to overhaul its online car-shopping portal, while also developing an in-car system for purchasing fuel, parking and other goods and services.

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.

The Federal Reserve Board would become far more diverse if Sarah Bloom Raskin, Philip Jefferson and Lisa Cook are confirmed by the Senate. Jefferson and Cook are respected economists seen as likely to get the nod, but Republicans will challenge Raskin's assertions that bank regulators can play a vital role in combating climate change.

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.

Citi will conduct a search for David Chubak's replacement as head of the retail services business, which provides private-label and co-brand credit cards for merchants including Macy’s and Best Buy.

David Felan was most recently an executive vice president at Texas Capital Bancshares. In his new role, he will oversee the Kansas bank's expansion in the Lone Star State's hottest markets.

Following the recent resignations of the San Francisco bank’s co-CEO and chief operating officer, executives sought to project stability during an earnings call Friday. Employee morale is strong, and finding a leader who’s the right fit is more important than filling the job quickly, they said.

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.

The Conference of State Bank Supervisors abandoned a lawsuit against the Office of the Comptroller of the Currency that had challenged the San Francisco fintech's effort to become a national bank without deposit insurance. The company recently amended its application to drop that controversial element.

Financial threats were low on the list of fears chief risk officers at major U.S. banks expect to face in the coming year, according to a recent survey. It’s increased regulation, data management and technology vulnerabilities that keep them up at night.

Overall the company reported fourth-quarter profits of $3.17 billion, which fell short of analysts' forecasts as borrowing declined on Citi-branded cards, fixed-income trading tumbled and one-time charges mounted.

Citigroup said 99% of its U.S. employees have complied with its vaccine mandate, one of the strictest on Wall Street. 

Despite that year-over-year decline, the company beat analysts' expectations with fourth-quarter net income of $5.8 billion. Stronger commercial lending and lower expenses cushioned the blow in consumer credit.

The company's fourth-quarter trading revenue declined notably more than analysts had expected, while its business and consumer lending each dropped 1% year over year.

Daily edition for January 14, 2022

President Biden will nominate Sarah Bloom Raskin to be the Federal Reserve’s vice chair for Supervision and Lisa Cook and Philip Jefferson to be governors. The selections keep a Biden promise to improve diversity at the Fed.

Citigroup is offloading its consumer-banking businesses in Indonesia, Malaysia, Thailand and Vietnam as CEO Jane Fraser continues her push to simplify the New York-based bank.

Under an agreement with 40 state attorneys general, the student lender and servicer agreed to cancel debt for over 66,000 borrowers and pay restitution to another 350,000 borrowers placed in certain types of forbearance.