Amid an upturn in deposits, banks are searching for ways to put this new cash to work. The traditional option — boosting lending — is hard to do right now. That's left banks to park more money in high-quality securities that they believe will boost returns without heaping on too much credit risk.

The megabank failed to adequately protect and reimburse customers who were victims of wire-transfer fraud, according to a lawsuit by the New York Attorney General. Citi said that it follows all relevant laws and regulations.

Ultimately, firmwide headcount will decline by 60,000 jobs to 180,000 by the end of 2026, Chief Financial Officer Mark Mason said.

The cuts amount to less than 1% of Citigroup's 240,000-person workforce, according to people familiar with the matter.

With the Colonial Pipeline attack still in the news, bank CEOs testifying at a recent hearing cited cyber risk as the biggest threat facing the industry. But members of Congress did not share those concerns, and instead were more focused on criticizing banks about overdraft fees and their level of investment in minority communities.

Citigroup's realty arm is sponsoring a $1.06 billion RMBS of highly seasoned mortgage loans with troubled histories. All of the loans were acquired via a Fannie whole-loan auction.

Jane Fraser, President of Citigroup and CEO of Global Consumer Bank, shares her thoughts on becoming the firm’s next CEO, expresses her gratitude for the outpouring of support she’s received, and pays homage to all the women who have paved the path before her.

Westcor has been gaining market share, growing to 5.9% of premiums written in 2Q 2020, versus 3.4% in the first quarter of 2019.

Plus: mortgage credit availability hits 6-year-low and Ellie Mae and ICE Mortgage change leadership