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.
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.
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.
The trustee liquidating Bernard L. Madoff Investment Securities Inc. filed lawsuits seeking $1.421 billion against affiliates of seven financial institutions, including Citigroup Inc. and Natixis, a Paris-based commercial bank.
Lehman Brothers Holdings Inc. and brokerage unit Lehman Brothers Inc. face a tax liability of as much as $283 million if they retain residual interests in real- estate mortgage investment conduits known as Remics.