Win or lose, Citibank’s battle to recover half a billion dollars from an accidental payment is sure to prompt a review of internal controls in the industry and could have a lasting impact on the more than $1 trillion syndicated loan market.
Citigroup found that the rapid enactment of a carbon tax would likely lead to a significant increase in losses on loans the bank has made to certain oil and gas companies.
Citigroup will soon offer workers the ability to take a 12-week sabbatical as part of a bevy of new employee perks in the wake of the coronavirus pandemic.
Citigroup is following up on a September promise to help these minority depository institutions finance as much as $50 million in affordable multifamily rental housing.
The company’s noninterest expenses are expected to rise more than $500 million next year, largely because of a revamp of risk management and internal controls mandated by regulators.
Citigroup appointed Elissar Farah Antonios as the first woman to run its Middle East and North Africa operations, among the U.S. bank’s fastest-growing businesses in emerging markets.
A trial to get underway this week over one of the biggest banking errors in recent memory will be closely watched on Wall Street, and its outcome could have a significant impact on the industry.
Citigroup’s Michael Corbat said he’s worried about potential long-term negative effects after many of his employees spent the vast majority of 2020 working from home.
As she prepares to take over in February, Fraser says she is planning to invest in some of the bank's largest businesses, including its sprawling custody network and its burgeoning wealth management effort.
The megabank and community bank recently announced they're offering accounts through the payment app. Both gave similar reasons: They need big tech to help them attract new customers.
