Financial Services and Banking

Reuters | |

Citigroup Inc Chief Executive Officer Michael Corbat will step down in February 2021, after 37 years with the bank, and will be succeeded by President Jane Fraser, making her the first-ever woman executive to head a major Wall Street bank.

Fraser has been seen as a rising star on Wall Street, and last year was seen as a CEO candidate by Wells Fargo & Co’s board. The bank eventually settled on former JPMorgan executive Charles Scharf.

A 16-years veteran at...

Reuters | |

The U.S. Federal Reserve’s landmark shift to a more tolerant stance on inflation will be a drag on the dollar for years and will raise hard questions about the role of central banking, challenging policymakers from Frankfurt to Tokyo.

On the face of it, the Fed’s policy tweak, unveiled on Aug. 27, appears tailored to giving the U.S. economy a shot in the arm. A shift to average inflation targeting lets the Fed oversh...