Can Citi’s instant-credit products gain ground with smaller shops?
After three decades of relying on large retailers like Macy’s to promote its private-label credit services, the bank is taking its point-of-sale financing to smaller merchants via platforms like Shopify.
The Canadian bank reported a 70% decline in profits at its U.S. commercial banking and wealth management unit in the most recent quarter and boosted reserves amid distress in the commercial real estate market.
Democratic Sens. Sherrod Brown, Elizabeth Warren, Jack Reed and John Fetterman say the revised approach would ensure the risks posed by the nation's largest banks are appropriately addressed. International banks, meanwhile, are concerned about the implications of the change.
Sen. Jack Reed, D-R.I., said that synthetic risk transfers make it easier for banks to accumulate risk, thereby making them less able to absorb losses in a crisis.