Banking

A group of community banks and two major trade associations have formed a partnership with and invested in the fintech NYDIG to offer the service on the banks’ mobile apps by midyear. The banks say it will help them generate revenue and retain customers interested in cryptocurrency.

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.

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.

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.

The company sold small businesses a credit-building product that fell short of its promises, and also failed to help them fix inaccuracies in their credit reports, according to the Federal Trade Commission. D&B has agreed to give refunds to many customers.

Steve Bouras, who joined the credit union in 2016 as its vice president, took over for retiring CEO Brad Johnson.

Challenger banks like Chime and Dave have been helping customers avoid overdraft fees for years. As traditional banks start to do the same, the fintechs say they still offer consumers a better deal.

Business inventories, a key indicator of potential loan demand, are expected to swing upward this year as supply chain bottlenecks finally crack open, according to a panel of economists.