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Global Cooling MONDAY APRIL 19, 2021 VOL. 186 No. 73 AMERICANBANKER.COM Follow us on Twitter @AmerBanker Why Zions is shunning 5 SOFR, embracing Ameribor Zions Bancorp. CEO Harris Simmons says Global cooling the Secured Overnight Financing Rate is Citigroup's consumer banking revenue has fallen worldwide, more suited for derivative traders than including a 15% year-over-year decline in North America regional banks as a replacement for Libor. His bank this week became the largest to say in the first quarter it would use the alternative developed by the North America Latin America Asia American Financial Exchange. Page 6 See story on page 2 U.S. Bancorp bets on corporate payments rebound $6B 6 The company’s payments services business $5B has struggled during the pandemic, but ex- ecutives are counting on commercial clients’ $4B embrace of real-time payments to help fuel the unit’s growth in 2021. Page 7 $3B Cullen/Frost creates program $2B 7 to reduce overdraft charges The San Antonio company will no longer $1B charge fees on transactions of $100 or less that $0 take checking account balances into negative 1Q20 2Q20 3Q20 4Q20 1Q21 territory, as long as the customer has a $500 monthly direct deposit set up. Page 7 Source: The company What the demise of Barclays’ 8 P2P app means for other banks The shutdown of the U.K. company’s Pingit dailybriefing Truist accelerates branch cuts, app demonstrates why even the most 3 closes in on expense targets tech-savvy banks should collaborate with The Charlotte, N.C., company has shuttered fintechs rather than go it alone. Page 8 ‘No dilly-dallying’: Citi’s Jane 400 branches in the past year and intends to 1 Fraser gets to work on overhaul close nearly 500 more by early 2022. It’s also JPMorgan, Citi pledge trillions After just 45 days on the job, the Citigroup eliminating office space and reducing head- 9 toward climate, sustainability CEO is jettisoning uncompetitive overseas count as it aims to keep quarterly expenses JPMorgan Chase set a goal to finance $2.5 operations, vowing to ramp up wealth man- under $3 billion. Page 3 trillion in initiatives that combat climate agement and touting the long-term impor- change and advance sustainable develop- tance of the company’s Banamex unit. More How Flagstar Bank ment over the next 10 years, while Citigroup moves are on the way, she says. 4 shaved $48 million from said it would back $1 trillion of similar efforts (See chart above.) Page 2 crisis-era DOJ settlement by 2030. Page 9 The Michigan lender agreed in 2012 to pay Bank of America $133 million to resolve civil fraud charges Big-bank CEOs to testify 2 optimistic it can put tied to government-backed mortgages. But 10 before Congress in May deposits to work in 2021 the deal with the Justice Department came Called by House and Senate Democrats, the BofA is awash in liquidity, but an uptick in with a catch that eventually allowed Flagstar hearings with the heads of the nation’s six credit card applications and heightened to pay far less. Page 4 largest banks will take place over two days interest from commercial borrowers have and will likely examine the industry’s re- executives hopeful that loan demand will sponse to the pandemic and efforts to address soon rebound. Page 3 climate change and racial equity. Page 9 MONDAY APRIL 19, 2021 AMERICANBANKER.COM PAGE 2 There might even be room to make an is spending billions of dollars to overhaul GROWTH STRATEGIES acquisition in the U.S., she added. its risk management and internal-controls “For now, partnerships are going to be systems. The Federal Reserve and the Office very important,” Fraser said. “But we’d love of the Comptroller of the Currency issued a ‘No dilly- to do inorganic moves if they make sense for pair of consent orders last fall after finding our shareholders and for us further down the deficiencies in the company’s current dallying’: line.” systems. Details of Fraser’s plans to revamp Citi in The OCC imposed a $400 million civil hopes of improving long-lagging shareholder money penalty. Citi’s Jane returns have been highly anticipated for In addition, the pandemic recession has months. Changes began even before she put pressure on business lines including Fraser gets officially assumed the CEO seat on March global consumer banking. Revenue for that 1, with the January consolidation of two unit tumbled 15% year over year in North wealth management units into a single global America and 14% worldwide due to lower to work on division. They continued this week with card volumes and lower interest rates. the naming of a new global head of private Echoing sentiments from JPMorgan Chase overhaul banking. a day earlier, Citi Chief Financial Officer Mark The divestitures announced Thursday are Mason said there are signs that improvement By Allissa Kline part of a plan to “double down on wealth” is nearing. April 15, 2021 by creating four wealth hubs — in London, “While we are still seeing the impact of Jane Fraser wants to move quickly to Singapore, Hong Kong and the United Arab the pandemic and high payment rates on remake Citigroup, so it makes sense that Emirates — and exit retail businesses in 13 revenues, consumer spending continues to her first earnings call as CEO of the global countries where Citi isn’t large enough to improve and credit remains healthy, pointing financial powerhouse had an air of urgency. effectively compete, Fraser said. However, to a recovery as we move through this year,” “Let’s get cracking,” she told analysts Citi will keep serving customers in those he said. Thursday at the start of a 90-minute first- countries who access Citi’s institutional Before wrapping Thursday’s call, Fraser quarter call that was largely focused on Citi’s clients group for private banking, cash reassured participants that more details are decision to offload consumer operations in management, investment banking and on the way. 13 overseas markets including China, India trading products. “I don’t think it’s going to take us very long and Australia. When asked about the timing The move “should be well received by to come back to everybody with a clearer view of those sales — which were announced two investors” in part because those operations of where we’re going,” she said. “I’m looking hours prior — Fraser said the company has did not contribute to net income last year, forward to doing so and, more than anything, started the process. analyst Brian Kleinhanzl of Keefe, Bruyette & looking forward to getting on with it.” “Look, we’re already getting going,” she Woods said in a research note. said. “There’s no dilly-dallying here.” “Overall, investors will like that Citi is But those hoping to pry details from Fraser simplifying and reducing complexity,” about what, if anything, is next on the $2.3 Kleinhanzl said. trillion-asset company’s chopping block will To be sure, Fraser has her hands full. Citi have to wait. She kept that information to herself, though she offered a few hints about what she’s likely to hang on to. Established 1836 One State Street Plaza, 27th floor, New York, NY 10004 Citi’s retail unit in Mexico is “a scaled Phone 212-803-8200 AmericanBanker.com franchise” where “the returns are good and there’s a lot of upside potential [and] the Editor in Chief Alan Kline 571.403.3846 Copy Editor Neil Cassidy 212.803.8440 investments in digitization have really paid Managing Editor Dean Anason 770.621.9935 off,” Fraser said. Reporters/Producers “There’s a lot to like in the [Banamex] Executive Editor Bonnie McGeer 212.803.8430 Laura Alix 860.836.5431, Kate Berry 562.434.5432 franchise over the longer term,” she said. Washington Bureau Chief Joe Adler 571.403.3832 In the United States, where Citi has a Executive Editor, Technology Miriam Cross 571.403.3834 smaller retail branch footprint than several Penny Crosman 212.803.8673 Jim Dobbs 605.310.7780 peers, Fraser pointed to an “upside potential BankThink Editor Rachel Witkowski 571.403.3857 in wealth,” a substantial cards business and John Heltman 571.403.3847, Allissa Kline 716.243.2679 Community Banking Editor Paul Davis 336.852.9496 “very high-quality clients” inside and outside Hannah Lang 571.403.3855 the branch network who have been “very Contributing Editor Daniel Wolfe 212.803.8397 John Reosti 571.403.3864, Gary Siegel 212.803.1560 digitally engaged.” Digital Managing Editor “We’ve got terrific assets and building Christopher Wood 212.803.8437 Kevin Wack 626.486.2341 blocks,” she said. For up to date and complete coverage go to AmericanBanker.com MONDAY APRIL 19, 2021 AMERICANBANKER.COM PAGE 3 are sitting on piles of deposits that have been polled by FactSet by 20 cents. DEPOSITS increasing at a far faster clip than loans. The company released $2.7 billion of In BofA’s consumer division alone, first- loan-loss reserves in the first quarter, which quarter average deposits increased by 25% padded its results. Bank of from a year earlier to $924 billion. At the The reserve release “helps the bottom same time, average loan balances fell by 8% line, but it’s also a show of confidence in the America to $291 billion, and revenue was down 12% improving environment,” Winick said. to $8.1 billion. Overall, BofA said net interest income optimistic declined by 16% to $10.2 billion, reflecting EARNINGS light loan demand and low interest rates.
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