The Alabama bank has named one of its own to head up the company’s property and casualty insurance business, and it has made a key hire in its health care banking group.
Citigroup Inc. CEO Michael Corbat said he’s ready to deploy resources to grow “even faster” in a world of synchronized economic growth from Japan to Europe.
Net interest income climbed nearly 16%,, though overall profits declined as the Columbus, Ga., company paid down debt and took a one-time charge related to the new tax reform law.
Look for banks to boost dividend payouts, expand into new markets, increase their tech spending and, eventually, ramp up their C&I lending. But don't expect much in the way of M&A.
Buying Capital Bank Financial helped boost revenue by 17% in the fourth quarter, but one-time charges related to recent tax cuts dragged down the Memphis company's profits.
The Los Angeles company said earnings fell 2% in the quarter as strong loan growth was offset by costs tied to its acquisition of CU Bancorp as well as a loss on the sale of a securities portfolio.
The Buffalo-based company donated a record $50 million to its charitable foundation to honor its former CEO Robert Wilmers, who passed away in late 2017.
