Citigroup Inc. is ramping up lending to private equity and private credit groups, working to catch up with peers like JPMorgan Chase & Co. and Goldman Sachs Group Inc. after the bank spent years on the sidelines.

The bank told clients that it wants to get back into a lending business it retreated from several years ago. Citigroup in the past year returned to offering loans backed by the cash that investors pledge to funds, according to people familiar with the situation, granted anonymity to discuss private matters. Citigroup declined to comment.

As the bank pulled back on this kind of funding, known as subscription line financing, rivals moved to pick up more business.

— Bloomberg

NEW YORK >> A federal judge ruled Friday that the former CEO of Abercrombie & Fitch is not competent to stand trial on sex trafficking charges and ordered him hospitalized to see if his mental condition improves.

Michael Jeffries’ lawyers sought the ruling last month, writing in a letter filed in a New York federal court that the 80-year-old requires around-the-clock care because he has Alzheimer’s disease and Lewy body dementia.

The defense, as well as prosecutors, requested that Jeffries be placed in federal Bureau of Prisons custody so he can be hospitalized and receive treatment that might allow his criminal case to proceed.

— The Associated Press

EAST HARTFORD, Conn. >> About 3,000 labor union members went on strike early Monday at jet engine maker Pratt & Whitney in Connecticut, as negotiations over wages, retirement benefits and job security broke down.

Members of the International Association of Machinists and Aerospace Workers were picketing at manufacturing locations in East Hartford and Middletown, after about 77% of nearly 2,100 union members voted to approve their first strike since 2001, union officials said.

“Pratt and Whitney is a powerhouse in military and commercial aerospace products because our membership makes it so,” David Sullivan, the union’s eastern territory vice president, said in a statement.

— The Associated Press

The shoe company Skechers is being acquired for more than $9 billion to be taken private by the investment firm by 3G Capital.

The deal comes amid growing uncertainty over how U.S. President Donald Trump’s tariffs on foreign goods will affect companies who make their products overseas, particularly in China. Athletic shoe makers have invested heavily in production in Asia.

The offer of $63 per share represents a premium of 30% to Skechers’ 15-day volume-weighted average stock price. The deal was unanimously approved by Skechers’ board.

— The Associated Press