Fintech

While Citigroup's Wall Street operations wrestle with tough markets, the bank is getting a boost from the little guy: consumers leaning on credit cards during the worst inflation in a generation.

The tech giant's planned savings account would receive deposits from the Apple Card's Daily Cash rewards, encouraging users to spend more on Apple's credit card as a way to build their balances.

Mitsubishi UFJ Financial Group plans to accelerate lending to global funds and other institutional investors in the U.S., as it moves to overtake Goldman Sachs Group this year in loans syndicated in the world's biggest economy. 

The American consumer is "in good shape" and spending more this month than a year earlier, even amid inflation, jittery markets and international tensions, according to Bank of America Chief Executive Brian Moynihan.

Royal Bank of Canada expects to gain more market share in the U.K. wealth management business in the years ahead, with its technological capabilities key to attracting clients.

During a visit to Buffalo on Friday, New York Federal Reserve President John Williams said the central bank may need to keep cranking up interest rates to gain greater control over high inflation.

Amid fears of a recession, industry observers will be on the lookout for signs of distress in credit cards and auto loans. One analyst said "the positive trends we've been seeing are starting to erode, and the pressure is going to start building."

Citigroup plans to offer automatic-sweep products seven days a week as banks respond to clients' demands for higher interest rates on deposits and faster access to their cash.

HSBC Holdings is exploring a sale of its operations in Canada, the latest move to streamline the lender that is seeking to head off a call by its largest shareholder to split up.

Canadian Imperial Bank of Commerce named Chief Risk Officer Shawn Beber as the new head of its U.S. division and tapped Susan Rimmer to lead the company's global corporate and investment banking franchise.