Richard "Dick" Parsons, the former Citigroup chairman who died Thursday, is credited with helping the New York megabank survive the financial crisis. Earlier in his career, he led Dime Savings Bank out of the savings-and-loan crisis.

The Wall Street behemoth joins investors such as Peter Thiel in backing Pylon, which helps originate mortgages through automation and provides interim financing to its customers until the loans reach the capital markets.

Wall Street banks are expected to capitalize on ultra-low credit spreads and strong demand from investors after they report quarterly results.

Tim Ryan, who joined the megabank in June, will work with COO Anand Selva to oversee enhancements to Citigroup's data integrity systems, according to a memo.

Yields are expected to range from 5.75% on the A1A notes to 6.55% on the M1, all priced on the three-month, interpolated yield curve.

Two days after the megabank was hit with $136 million of fines, Citi executives said they aren't changing the company's full-year expense guidance. Citi has 30 days to submit a plan to regulators showing that the bank has allocated enough resources to achieve compliance in a timely and sustainable manner.

The number of borrowers who are at their credit limits is approaching its pre-pandemic level, and the percentage of balances that are sliding into delinquency has hit its highest rate in more than a decade, according to new research. Still, card companies are generally expressing optimism about their credit outlooks.

Citigroup's earnings topped analysts' estimates as corporations tapped markets for financing and consumers leaned on credit cards.

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

When Jane Fraser takes the reins of Citigroup in February, she will have to tackle the company’s cards slump, lagging performance metrics and challenges presented by employees’ return to the office.

Jane Fraser, a longtime Citigroup executive, will be the first female CEO of a major Wall Street bank. She succeeds Michael Corbat, who had held the post for eight years.