Citigroup has begun the sales process for its consumer, small-business and middle-market banking divisions in Mexico, though an initial public offering remains on the table.

Wells Fargo missed analysts’ expectations on first-quarter revenue and expenses as Chief Executive Charlie Scharf continues to face challenges turning around the bank after years of scandals.

Despite better-than-expected trading results, Citigroup reported a 46% decline in first-quarter earnings stemming largely from soaring noninterest costs and a $1.9 billion provision for souring loans tied to Russia.

John Newett, who joined the credit union in 2011 and was most recently its senior vice president of operations, has become its president and will succeed Ron Collier as chief executive.

The banking company did not say what policy longtime CEO Alan Thian violated, nor has it named a permanent successor. Thian has led RBB since it was founded in 2008.

Theresa Mason will succeed longtime president and chief executive Dennis R. Adams, who announced his plans to retire from the credit union-owned share insurance fund earlier this year.

In global news this week, Mastercard doubling headcount in Dublin; Ebanx in Brazil adds a cross-border option for merchants; NAB filters offensive content from mobile payments; and more.

The loss was driven by “funding spread widening as well as credit-valuation adjustments relating to both increases in commodities exposures and markdowns of derivatives receivables from Russia-associated counterparties,” the company said. 

Spence, who joined the Cincinnati bank in 2015, will succeed Greg Carmichael as chief executive in July. He says he’ll maintain the company’s current strategic priorities, including regional expansion and digital transformation.

Both credit unions are based in Jacksonville. VyStar is also in the process of buying Heritage Southeast Bank in Jonesboro, Georgia.

Chuck Purvis, who has led Coastal as its president and chief executive since 2012, will step down in March of next year.

The municipality and the bank have been at odds over similar issues in the past, and no agency currently has deposit accounts with the lender.

Metaverse aversion, car chargers at Chase branches and more in banking news this week.

Robert Sarver, who is majority owner of the Phoenix Suns basketball team, will retire from his longtime role on the board of directors of Western Alliance Bancorp. in June, the company said. Sarver and the Suns are being investigated by the National Basketball Association regarding allegations of racism and misogyny within the Suns organization.

Two U.K. fintech companies are exploring sale options after sanctions on their Russian billionaire backers have left them struggling to find funding.

Carol Marx succeeds longtime president and chief executive Dennis Tanimoto, who retired in February.

The Cincinnati bank is joining other large and regional banks in scrapping nonsufficients-fund fees. The move comes amid continued regulatory pressure on the industry to curtail overdraft fees and related charges.

The two San Francisco-based companies are seeking to provide a one-click cryptocurrency checkout system to simplify digital shopping.

In a letter obtained by American Banker, the Senate Banking Committee chair called on the Federal Reserve and Office of the Comptroller of the Currency to reform their bank merger review processes.

JPMorgan Chase is planning to use its recently acquired stake in the Greek payments firm Viva Wallet to support lending to small businesses across Europe, an ambition that would introduce a rare cohesion to the Continent’s fragmented banking markets.