Fraser will succeed John Dugan, who's been Citi's chair for six years. The megabank also granted Fraser a one-time award of $25 million in restricted stock units, and more than 1 million stock options.
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U.S. regulators have reached a rock-bottom settlement deal with a former Wells executive accused of wrongdoing in the phony-accounts scandal. The OCC had sought to recover $10 million from Claudia Russ Anderson, a onetime risk executive at the bank.
2h ago
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The company is leveraging its bank charter and strong customer acquisition, with app logins up nearly 50% from borrowers.
48m ago
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The Dallas-based regional bank's return on average assets exceeded its goal of 1.1% for the first time, coming in at 1.3% for the third quarter. The bank has been in transformation mode since 2021.
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The Department of Justice has filed a motion opposing the Consumer Financial Protection Bureau employee union's appeal of an August D.C. Circuit ruling allowing the administration to fire up to 90% of the agency's workforce.
10h ago
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The Trump administration has ordered banking agencies to root out and identify instances of politically motivated debanking while at the same time raising pressure on banks to scrutinize or potentially sever their ties with liberal nonprofit clients. That dynamic creates a compliance puzzle with no obvious answers, experts say.
October 22
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At American Banker's Most Powerful Women in Banking Conference in New York City, former Most Powerful Women in Banking honorees said to build skills that you can take with you outside of a big bank, and that banks should reward risk-taking and building over incremental change.
October 21
The 23rd annual ranking of women leaders in the banking industry.
Public sector banking doesn't have a line on Citi's income statement. But Monaco's global influence is threaded throughout the bank's work with government finance ministries, central banks and other sovereign entities.
Our annual list of the 25 top leaders in finance include three newcomers this year.
Our annual ranking of women in banking and finance includes five community bank CEOs.
Each year, American Banker chooses five teams that embody the spirit of collaboration and illustrate how teamwork can have a substantial impact on a bank's top and bottom lines.
For the first time, this list of banking's rising stars aged 40 and younger is presented in ranked order, highlighting the depth and performance of the industry's top talent.
Big banks with the strongest financial performance varied in asset size, geographies and services.
Each of the top-performing banks with more than $50 billion of assets used their own mix of revenue streams to drive performance.
Among banks with between $10 billion and $50 billion of assets, those that targeted narrow lending markets rose to the top.
The 5-year-old experiment of tying executive compensation to achieving diversity goals appears to be ending. The abrupt shift comes amid the Trump administration's crackdown on DEI.
The CEOs of smaller regional banks received fatter bonuses last year than their big-bank counterparts, possibly thanks to low performance expectations at the smaller banks after the 2023 banking crisis.
The OCC's approval of SmartBiz buying a bank opens the door to other fintech M&A deals for accessing bank charters, which can help a fintech stay in business.
The 10 winning innovations span categories from AI and payments to risk and compliance. An overall winner will be announced at American Banker's Digital Banking event on June 2.
The Brazilian neobank expanded its bank accounts for minors with new features in 2024 by adding high-yield savings "boxes" and expanding parental controls.
As real-time payments become more common, UBB's partnership with fintech Pidgin offers a roadmap for smaller banks to stay relevant.
As the class action lawsuit settlement industry became overwhelmed with fraud, a bank and a fraud scoring company teamed up to fight back.
An apparent increase in large-scale borrower fraud and the hot environment for bank mergers were the key themes as banks discussed their third-quarter results.
Following a $60 million credit hit, the Salt Lake City bank said that it hasn't found any other related problem loans.
Regional banks say their asset quality is solid amid skittish investors. The KBW Nasdaq Regional Banking Index was largely stable Friday after falling by as much as 7% the day before.
Most Influential Women in Payments honorees say the dramatic expansion in technology presents new opportunities and challenges as employers evolve away from traditional business models.
Honorees from American Banker's Most Influential Women in Payments discuss spotting tangible uses for innovation, rather than buying into hype.
Each year, American Banker recognizes the women who are advancing the payments industry in banking, retail, acquiring, processing and more.
- Amanda Fischer, is policy director and chief operating officer at Better Markets and former chief of staff at the Securities and Exchange Commission has some concerns about stablecoins.Sponsored by IntraFi
- Former banker Bradley Leimer, now with Darrery Capital, advises financial institutions on AI projects, and shared some of his tips for achieving accurate results and a return on AI investments.Sponsored by IntraFi
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Some customers reportedly complained about getting locked out of their accounts after signing up for the bank's new Strata Elite credit card. "We feel like we have done the right thing for all of our good customers," Pam Habner, Citi's head of U.S. branded cards, said Tuesday.
11h ago
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The president of the planned Georgia Skyline Bank says he's cautiously optimistic that his group can raise $35 million of startup capital in time for an opening early next year.
October 22
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Speakers at the Most Powerful Women in Banking conference Tuesday shared several scenarios in which banks will benefit from dollar-pegged cryptocurrency.
October 21
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New guidance outlines specific due diligence and oversight steps banks must take, reinforcing that they are ultimately accountable for vendor failures.
October 21
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Federal Reserve Gov. Christopher Waller has directed central bank staff to explore the concept of a limited payment account, which would give nonbank entities in the payments space — including crypto firms — access to traditional payment systems.
October 21
