Seven years after regulators issued guidance to financial institutions, a small Michigan credit union was ordered to stop opening new accounts for marijuana businesses.
Citigroup is punishing investment firms that kept payments the bank accidentally sent to Revlon lenders by blocking them from certain new debt offerings led by the bank, according to people with knowledge of the matter.
MUFG Union Bank is offering a new deposit product to commercial clients who want to see their cash reserves used to help finance sustainable projects, such as renewable energy or green transportation.
Banks have begun inserting new language into loan deals that would require investors to return accidental payments like the one Citigroup made to Revlon's lenders last year.
Already contending with stressed retail, hotel and restaurant loans, bankers are beginning to view office lending — historically a safe bet — as increasingly risky as companies of all types rethink their space needs.
Geneviève Piché, who has worked in investment banking at the company for 20 years, will be in charge of helping corporate clients make environmentally and socially responsible investments.
A back-office blunder is leaving the financial behemoth faced with the prospect of becoming one of the biggest creditors to the troubled cosmetics empire.
The company is exploring a range of options to diversify its balance sheet, but new CEO Thomas Cangemi says the best plan of attack is to merge with or acquire another institution.
