Jane Fraser, the first woman to head a U.S. mega bank, tries to refresh Citigroup; Omer Ismail, the head of its Marcus unit, will head the retail giant’s new fintech startup.
Community banks, which for years have relied heavily on commercial real estate lending, have been tightening underwriting standards, conducting more-frequent loan reviews and stepping back from certain subsectors to minimize their credit exposure.
Already contending with stressed retail, hotel and restaurant loans, bankers are beginning to view office lending — historically a safe bet — as increasingly risky as companies of all types rethink their space needs.
The Biden administration could substantially reduce the number of "credit invisible" and "thin file" consumers without legislation, simply through a determined use of federal contract regarding multi-family mortgages and wireless spectrum licenses.
Biden plan to help smallest PPP applicants has drawbacks, banks warn; CFPB goes on hiring spree as it looks to ramp up enforcement; seeing if HSBC’s patience on fate of U.S. retail unit will pay off; and more from this week’s most-read stories.
Michael Corbat’s departure comes as Citigroup is facing fresh scrutiny from regulators about its underlying technology and internal controls, work that will continue on incoming CEO Jane Fraser’s watch.
Going green takes time, so lenders need to start revamping entire business relationships now, according to one sustainability-focused nonprofit. That process could include setting environmental goals for fossil-fuels companies and other customers that are conditions for continuing to finance them.
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