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.
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.
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 absorb more large deals.
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.
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 outright opposition.
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.
