Citigroup Inc. reported an unexpected profit increase and beat analysts’ estimates as the company recouped funds previously set aside for bad loans and cut losses at a division holding unwanted assets.
A U.S. grand jury is investigating possible money laundering and other violations by Clearstream Banking SA and Iran’s central bank for the benefit of Iran, a federal prosecutor said in court papers filed in a New York suit involving victims of terrorist attacks.
Citigroup Inc., the third-biggest U.S. lender, named Anthony Santomero chairman of the board that oversees Citibank NA, the lender’s main banking subsidiary that holds almost 70 percent of its $1.94 trillion of assets.
Puerto Rico is trying to refinance debt or negotiate with creditors to avoid making a $940 million payment, almost 10 percent of its budget, after the U.S. commonwealth was cut to junk by Standard & Poor’s and Moody’s Investors Service.
JPMorgan Chase & Co. dropped Al- Rajhi Bank, the world’s largest Shariah-compliant lender, as a correspondent banking client amid a push to improve risk controls, said two people with direct knowledge of the move.