Citigroup

Competition for deposits is heating up as summer approaches, and banks are responding in all sorts of ways — from launching digital-only platforms to raising CD rates to reviving debit rewards. But rising interest rates could weaken demand for loans, especially mortgages.

U.S. banks reduced their holdings of state and local government bonds for the first time since 2009 after the federal government slashed corporate tax rates, according to figures released by the Federal Reserve Thursday.

Black workers are now down to about one in ten U.S. employees inside Citigroup, according to 2017 figures in a report published on its website.

The numbers are better but still disappointing for such a healthy economy, lamented executives from large U.S. banks. Some are scratching their heads, some are remaining upbeat about the second half of the year, and others are focusing on Plan B.

Venu Krishnamurthy is joining the asset management giant at a time when it is reorganizing itself and tinkering with product offerings to ward off fintechs and other challengers.