Citigroup Insights

TD Bank, the U.S. unit of the Canadian bank, has hired Christopher Fred as its new head of U.S. credit cards and unsecured lending. The bank's retail partners include Target and Nordstrom.

Corporations are navigating shifting geopolitics, and M&A bankers are advising them as they consider selling off faraway units and focusing more on assets closer to home or in friendlier countries.

The move from Republican senators mirrors an effort launched in the House, where Citibank also provides credit cards for congressional business. Republicans will be unable to enact such changes unless they take either chamber in upcoming elections.

Fitch Rating says it noticed a greater preference for consumers to use cellphones for a longer period and previously decreased the assumptions for upgrade losses to 0.25%, from 0.35%.

Bank of America, Citigroup, Wells Fargo and Goldman Sachs have also withdrawn from the Net-Zero Banking Alliance in the past month, as President-elect Donald Trump prepares to take office.

Richard "Dick" Parsons, the former Citigroup chairman who died Thursday, is credited with helping the New York megabank survive the financial crisis. Earlier in his career, he led Dime Savings Bank out of the savings-and-loan crisis.

China raised $2 billion from three- and five-year securities at one and three basis points over Treasuries, respectively, according to a person familiar with the matter.

The fixed-rate notes are expected to yield 4.90% on the A1 notes through 5.29% on the class D notes.