Bloomberg Citigroup will wind down its consumer and commercial banking operations in Russia after President Vladimir Putin’s invasion of Ukraine complicated the sale of the business. The company will incur $170 million in costs tied to the wind-down, mostly tied to restructuring expenses and vendor termination fees, according to a statement. Citigroup will continue to try to sell certain ...

  Bloomberg Bank of America Corp (BofA) is expanding its investments in digital channels as customers shift their transactions online in record numbers. Clients logged in to the bank’s electronic platforms 1 billion times in July and 2.8 billion times — an 11% increase— in the second quarter, Bank of America said in a statement. New investments will focus on ...

  Bloomberg Paraguay’s central bank lifted its benchmark interest rate by a quarter of a percentage point to 8.25% with inflation still in the low teens. Policy makers continued a gradual pace of tightening after hiking by 25 basis points in July. The central bank signalled consumer prices might continue to slow in August. “Lower international oil prices have contributed ...