ABI Blog Exchange

Michael Corbat’s departure comes as Citigroup is facing fresh scrutiny from regulators about its underlying technology and internal controls, work that will continue on incoming CEO Jane Fraser’s watch.

Rohit Chopra, President Biden’s nominee to lead the Consumer Financial Protection Bureau, has not minced words in calling out private companies for wrongdoing.

Ingenious Financial in Arlington, Va., is raising $200 million in hopes of buying an existing bank. Bank of Ingenious would focus on professionals such as doctors, dentists and veterinarians.

Bank of America will book a $400 million expense in the first quarter to account for a change in bonus policies that sparked anger among high earners.

Detecting business dealings with banned parties means screening a maze of transactions, and Treasury’s Office of Foreign Assets Control supports calls for the industry to take a risk-based approach.

The bank, formed in 2019 when investors bought and recapitalized Sound Bank, will use the funds to hire lenders and improve its overall infrastructure.

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.

Thasunda Brown Duckett is one of Wall Street’s most prominent Black executives; the central bank blamed Wednesday’s shutdown of its payments systems on a maintenance mistake.

Soybean, corn and wheat are trading at their highest levels since 2014, meaning farmers are more likely to catch up on loan payments and pursue expansions that require them to take out more loans.