Citigroup will establish new internal oversight guidelines, spend more on technology and take other steps to upgrade risk systems, CFO Mark Mason said at an industry conference in discussing the aftermath of the bank’s mistaken $900 million payment. ... Read full article
When Jane Fraser takes the reins of Citigroup in February, she will have to tackle the company’s cards slump, lagging performance metrics and challenges presented by employees’ return to the office. ... Read full article
The bank discovered the actions, all of which were tied to the SBA's Economic Injury Disaster Loan program, after noticing that suspicious amounts of money had been deposited into checking accounts owned by bank employees, according to a person with ... Read full article
Citigroup named Hassan to the new role as part of a move to combine its marketing and branding divisions. ... Read full article
The bank's innovation group has developed a software tool for law firms. It hopes the project will help it speed products to market and attract top technology talent. ... Read full article
Piedmont Federal Savings is working with historically Black colleges and universities to hire and train prospective commercial lenders and managers who better reflect the community it serves. ... Read full article
Citigroup’s $900 million payment blunder in a usually sleepy part of the financial market dominated by a handful of banks has experts wondering if regulators will uncover a deeper problem. ... Read full article
The bank has recouped part of the payment, which it blamed on a clerical error, but some of the lenders say they were owed the money in connection with an ongoing dispute. ... Read full article
First Bank of Central Ohio would be based near Columbus, where another group opened a bank last year. ... Read full article
Now that its deal with Texas Capital has been called off, Independent Bank in McKinney plans to scale back or exit some commercial lines and will seek to duplicate its retail banking successes in Colorado. ... Read full article
ZenBusiness, which provides services to small businesses, will now offer banking along with tax, accounting and insurance help. ... Read full article
The company's foundation, whose mission had been carefully planned by BB&T and SunTrust before their merger, opened just nine days before the novel coronavirus was declared a pandemic. Here’s what happened next. ... Read full article
The online lender has already branched out into facilitating payments and analyzing cash flow for small-business customers. Its new checking account is meant to round out those services. ... Read full article
Some 3,400 additional staffers in the treasury management group will be required to get pre-clearance before making trades. The policy change was driven in part by increased regulatory scrutiny, the bank said. ... Read full article
The Wall Street firm is jumping into a market dominated by a handful of big U.S. banks, betting that superior technology can lure companies with complex cash-management needs. ... Read full article
The company announced a slate of changes on Monday that includes the creation of a new position overseeing strategy for corporate and commercial banking. ... Read full article
Business owners are changing banks at three times normal levels, a trend researchers attribute to their difficulty in obtaining emergency loans. If the forgiveness stage of the Paycheck Protection Program proves arduous, that rate could climb much higher. ... Read full article
Customers' increased use of digital channels during the pandemic could compel the Minneapolis company to rethink its branch strategy, CEO Andy Cecere said. ... Read full article
A properly deployed combination of asset-based lending, commercial loans and investment banking is imperative in these circumstances. ... Read full article
U.S. Bancorp, Wells Fargo, WSFS and others were already deeply engaged in digital transformations before the coronavirus crisis led them to pivot — quickly. ... Read full article
