Citigroup agreed to pay a penalty of almost $5.4 million to settle a South African antitrust investigation that said it participated in an alleged cartel to manipulate the value of the rand. ... Read full article
Michael Corbat is getting a pay cut for a year when Citigroup's profit fell 14% and return on assets failed to meet his 2016 target. ... Read full article
The president’s vow to impose a 20% tax on Mexican imports could make life harder for the Citigroup-owned unit, which is Mexico’s second-largest bank. ... Read full article
Bank CEOs have recently raised red flags about the president's protectionist rhetoric, including his proposals to tax imports from China and Mexico. The concerns have arisen as import-export financing is already facing headwinds. ... Read full article
The largest U.S. banks are treading lightly in response to President Trump's executive order banning travel to the U.S. by refugees and others from certain Muslim nations. Corporate statements emphasize the need for diversity while stopping short of ... Read full article
Citigroup's decision to exit mortgage servicing by the end of 2018 is part of a long-term strategy to increase returns and sharpen the bank's focus on its core retail customers. ... Read full article
Citigroup's plans to sell a $97 billion mortgage servicing portfolio and subservice its remaining accounts highlights the growing prevalence of nondepository servicers and raises questions about how much capacity exists for these institutions to ... Read full article
After initially declining this weekend to weigh in on President Trump’s travel ban regarding refugees and others traveling from seven nations, Citigroup said Monday that it is worried about the order’s impact on its employees and customers. ... Read full article
Consumers will be able to avoid manually entering a full account number on a mobile screen. ... Read full article
Citigroup plans to exit the mortgage-servicing business by the end of 2018 to focus on making new loans. ... Read full article
Despite their global reach, the largest U.S. banks mostly stayed quiet in response to President Trump’s ban stopping nationals from certain Muslim countries from entering the United States. ... Read full article
The upcoming launch of Zelle gives Chase, B of A, Wells Fargo and other large banks an opportunity to correct their past mistakes. ... Read full article
The Consumer Financial Protection Bureau ordered two units of Citigroup to pay a combined $28.8 million for failing to help borrowers with foreclosure relief. ... Read full article
Credit card issuers usually reserve their richest rewards for customers at the higher end who are willing to pay steep annual fees. But a recent surge in credit card rewards deals targeting mainstream consumers signals a key strategy shift for issuers. ... Read full article
Michael Corbat told analysts Tuesday that Citi will no longer report Citi Holdings, its erstwhile "bad bank," as a separate entity. ... Read full article
As expected, Cecere succeeds Davis at regional bank; OneWest is expected to get most of focus at Treasury nominee's confirmation hearing, but First Federal acquisition also raises questions. ... Read full article
Citigroup reported fourth-quarter profit that surpassed analysts’ estimates as trading revenue jumped 31%, more than the bank had forecast last month. ... Read full article
