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Wikipedia

Citigroup

January 29, 2023

"Citi" redirects here. For other uses, see Citi (disambiguation).

Citigroup Inc. or Citi (stylized as citi) is an American multinational investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking giant Citicorp and financial conglomerate Travelers Group in 1998; Travelers was subsequently spun off from the company in 2002.[22][23] Citigroup owns Citicorp, the holding company for Citibank, as well as several international subsidiaries. Citigroup is incorporated in Delaware.

Citigroup Inc.
The headquarters of Citigroup in Lower Manhattan
TypePublic
ISINUS1729674242
IndustryFinancial services
PredecessorCiticorp
Travelers Group
FoundedOctober 8, 1998; 24 years ago (1998-10-08)
FounderSanford Weill
(Travelers Group)
Samuel Osgood
(Citicorp)
Headquarters388–390 Greenwich St.
New York City, New York 10013,
United States
Area served
Worldwide
Key people
John C. Dugan
(Chairman)
Jane Fraser
(CEO and President)
Products
Revenue US$75.3 billion (2022)
US$18.8 billion (2022)
US$14.8 billion (2022)
Total assets US$2.417 trillion (2022)
Total equity US$202 billion (2021)[1]
Number of employees
223,400 (2021)[2]
Subsidiaries
List of subsidiaries
Capital ratioTier 1 13.9% (2021)
Websitecitigroup.com
Footnotes / references
[2]

Citigroup is the third largest banking institution in the United States; alongside JPMorgan Chase, Bank of America, and Wells Fargo, it is one of the Big Four banking institutions of the United States.[24] It is considered a systemically important bank by the Financial Stability Board and is commonly cited as being too big to fail. It is one of the nine global investment banks in the Bulge Bracket.

Citigroup is ranked 33rd on the Fortune 500 as of 2021.[25] Citigroup has approximately 200 million customer accounts and does business in more than 160 countries.[2] It has 223,400 employees,[2] although it had 357,000 employees before the financial crisis of 2007–2008,[26] when it was bailed out by a massive stimulus package from the U.S. government.[27]

In 2020 it was one of the largest securities services providers, having over $23.6 trillion in assets under custody (AUC) [28]

In February 2021 CEO Michael Corbat was replaced by Jane Fraser, who became the first woman CEO of a Big Four bank.[29]

Current operations

 
A Citi Private Bank office

Citigroup is the holding company for the following divisions:[30]

  • Citigroup Global Markets, Inc., Citigroup Global Markets Limited (UK), and Citigroup Global Markets Japan - broker-dealers, including one of 24 primary dealers in United States Treasury securities.[31]
    • Citi's Institutional Clients Group (ICG) offers investment and corporate banking services and products for companies, governments, institutions, and ultra high-net-worth investors. ICG consists of the following five main divisions:[32][33]
      • Capital Markets Origination is focused on the capital-raising needs such as public offerings, private placements, and special purpose acquisition companies.[34]
      • Corporate & Investment Banking provides strategic and financing products and advisory services to multinational and local corporations, financial institutions, governments, and privately held businesses in more than 160 countries. It also provides client services such as mergers & acquisitions advice and underwriting of initial public offerings.[35]
      • Markets & Securities Services integrates capabilities of Markets and Securities Services. It has over $13 trillion in assets under custody (AUC) with investor services and direct custody and clearing, hedge fund and private equity servicing, and issuer businesses. It provides financial products through underwriting, sales & trading of a range of investment assets. Products offered include servicing of equities, commodities, credit, futures, foreign exchange (FX), emerging markets, G10 rates, municipals, prime finance/brokerage services, and securitized markets, such as collateralized debt obligations and mortgage-backed securities.[36] Its Citi Research team provides equity and fixed income research, company, sector, economic and geographic market analysis, and product-specific analysis for Citi's individual and institutional clients. Its flagship research reports include the following: Portfolio Strategist, Bond Market Roundup, U.S. Economics Weekly, International Market Roundup, Global Economic Outlook & Strategy and the Global Equity Strategist.[37]
      • Citi Private Bank advises professional investors, ultra high-net-worth individuals and families, and lawyers throughout the world. It uses an open architecture network of more than 800 private bankers and investment professionals across 46 countries and jurisdictions to provide clients access to global investment opportunities. It has over $250 billion in assets under management. The minimum net worth requirement is $25 million in liquid assets and is waived for only law firm groups and other clients under special circumstances.[38]
      • Treasury and Trade Solutions (TTS)[39] provides cash management, working capital and trade solutions to companies, governments, and other institutions in the U.S. and more than 140 countries. TTS intermediates more than $3 trillion in global transactions daily. It has about $377 billion in average liability balances, serves 99% of the world's Fortune 100 companies and ~85% of the world's Fortune 500 companies, and has 10 regional processing centers worldwide using global processes. Institutions use TTS to support their treasury operations with global solutions[buzzword] for payments, collections, liquidity, and investments by working in partnership with export credit agencies and development banks. It also sells supply chain financing products as well as medium- and long-term global financing programs across multiple industries. Clients doing business with Citi in 10 or more countries generate more than 60% of Transaction Services' total revenues.
  • Citibanamex - the second largest bank in Mexico, purchased by Citigroup in 2001; it serves about 20 million clients.
  • Citicorp - the holding company for Citibank as well as several international banks. Citicorp contains two core businesses, Global Consumer Banking[40] and Institutional Clients Group.[41]
    • Citibank Retail banking encompasses Citi's global branch network, branded Citibank. Citibank has more than 4,600 branches in the world and holds more than $300 billion in deposits. Citibank is the 4th largest retail bank in the United States based on deposits, and it has Citibank branded branches in countries throughout the world, with the exception of Mexico which is under a separate subsidiary called Banamex. Citibank offers checking and savings accounts, small business and commercial banking, and personal wealth management among its services. Citibank offers Citigold services worldwide to mass affluent clients with at least US$200,000 in liquid assets. In certain markets, Citigold Select is available for clients with at least US$500,000 in liquid assets.[42] Its highest level of service, Citigold Private Client, is for high-net-worth individuals with at least $1–$3 million in liquid assets (depending on the market region) and offers access to investments and ideas from Citi Private Bank.[43][44][45][46]
    • Citi Branded Cards is the world's largest credit card issuer.[47]
    • Citi Retail Services is one of the largest providers of private label and co-branded credit cards, retail consulting services, and retail loyalty products in the U.S.[48]
    • Citi Commercial Bank serves 100,000 small to medium-size companies in 32 countries.[49]
    • CitiMortgage originates real estate mortgages.[50]

History

 
The Citigroup logo, 1999–present
 
The Citigroup logo, 2007–2011

Citigroup was formed on October 8, 1998, following the $140 billion merger of Citicorp and Travelers Group to create the world's largest financial services organization.[22][51] The history of the company is divided into several firms that eventually amalgamated into Citicorp, a multinational banking corporation operating in more than 100 countries; or Travelers Group, whose businesses covered credit services, consumer finance, brokerage, and insurance. The company's history dates back to the founding of: the City Bank of New York (later Citibank) in 1812; Bank Handlowy in 1870; Smith Barney in 1873, Banamex in 1884; Salomon Brothers in 1910.[52]

Citicorp (1812–1985)

City Bank of New York was chartered by New York State on June 16, 1812, with $2 million of capital.[53][54] Serving a group of New York merchants, the bank opened for business on September 14 of that year,[citation needed] and Samuel Osgood was elected as the first President of the company.[53] The company's name was changed to The National City Bank of New York in 1865 after it joined the new U.S. national banking system,[53] and it became the largest American bank by 1895.[citation needed] It became the first contributor to the Federal Reserve Bank of New York in 1913, and the following year it inaugurated the first overseas branch of a U.S. bank in Buenos Aires,[55] although the bank had been active in plantation economies, such as the Cuban sugar industry, since the mid-19th century.[citation needed] The 1918 purchase of U.S. overseas bank International Banking Corporation helped it become the first American bank to surpass $1 billion in assets.[56] During the United States occupation of Haiti and the bank's income from Haiti's loan debt related to the Haiti indemnity controversy, the bank earned some of its largest gains in the 1920s due to debt payments from Haiti, becoming the largest commercial bank in the world in 1929.[56][57] As it grew, the bank became an innovator in financial services, becoming the first major U.S. bank to offer compound interest on savings (1921); unsecured personal loans (1928); customer checking accounts (1936) and the negotiable certificate of deposit (1961).[56][58][59]

The bank merged with First National Bank of New York in 1955, becoming the First National City Bank of New York in 1955. The "New York" was dropped in 1962 on the 150th anniversary of the company's foundation.[56] The company organically entered the leasing and credit card sectors, and its introduction of U.S. dollar-denominated certificates of deposit in London marked the first new negotiable instrument in the market since 1888. The bank introduced its First National City Charge Service credit card—popularly known as the "Everything card" and later to become MasterCard—in 1967.[56] Also in 1967, First National City Bank was reorganized as a one-bank holding company, First National City Corporation, or "Citicorp" for short. The bank had been nicknamed "Citibank" since the 1860s when it began using this as an eight-letter wire code address.[60]

In 1974, under the leadership of CEO Walter B. Wriston, First National City Corporation changed its formal name to "Citicorp", with First National City Bank being formally renamed Citibank in 1976.[60] Shortly afterwards, the bank launched the Citicard, which pioneered the use of 24-hour ATMs.[56] John S. Reed was elected CEO in 1984, and Citi became a founding member of the CHAPS clearing house in London. Under his leadership, the next 14 years would see Citibank become the largest bank in the United States and the largest issuer of credit cards and charge cards in the world, and expand its global reach to over 90 countries.[56][58][59][61]

Credit cards

Credit cards at this time had an annual fee,[62] which they raised more than once.[63]

Travelers Group (1986–2007)

 
The corporate logo of Travelers Inc. (1993–1998) prior to the merger with Citicorp.

Travelers Group, at the time of the merger, was a diverse group of financial concerns that had been brought together under CEO Sandy Weill. Its roots came from Commercial Credit, a subsidiary of Control Data Corporation that was taken private by Weill in November 1986 after taking charge of the company earlier that year.[22] Two years later, Weill mastered the buyout of Primerica Financial Services—a conglomerate that had already bought life insurance company A L Williams as well as brokerage firm Smith Barney. The new company took the Primerica name, and employed a "cross-selling" strategy such that each of the entities within the parent company aimed to sell each other's services. Its non-financial businesses were spun off.

In September 1992, Travelers Insurance, which had suffered from poor real estate investments[22] and sustained significant losses in the aftermath of Hurricane Andrew,[64] formed a strategic alliance with Primerica that would lead to its amalgamation into a single company in December 1993. With the acquisition, the group became Travelers Inc. Property & casualty and life & annuities underwriting capabilities were added to the business. Meanwhile, the distinctive Travelers red umbrella logo, which was also acquired in the deal, was applied to all the businesses within the newly named organization. During this period, Travelers acquired Shearson Lehman—a retail brokerage and asset management firm that was headed by Weill until 1985[22]—and merged it with Smith Barney.

Ownership of Salomon Brothers (1997–2003)

In November 1997, Travelers Group (which had been renamed again in April 1995 when they merged with Aetna Property and Casualty, Inc.), acquired Salomon Brothers, a major bond dealer and bulge bracket investment bank, in a $9 billion transaction.[65] This deal complemented Travelers/Smith Barney well as Salomon was focused on fixed-income and institutional clients, whereas Smith Barney was strong in equities and retail. Salomon Brothers absorbed Smith Barney into the new securities unit termed Salomon Smith Barney; a year later, the division incorporated Citicorp's former securities operations as well. The Salomon Smith Barney name was abandoned in October 2003 after a series of financial scandals that tarnished the bank's reputation.[66]

Merger of Citicorp and Travelers (1998–2001)

On April 6, 1998, the merger between Citicorp and Travelers Group was announced to the world, creating a $140 billion firm with assets of almost $700 billion.[22] The deal would enable Travelers to market mutual funds and insurance to Citicorp's retail customers while giving the banking divisions access to an expanded client base of investors and insurance buyers.

In the transaction, Travelers Group acquired all Citicorp shares for $70 billion in stock, issuing 2.5 new Citigroup shares for each Citicorp share. Existing shareholders of each company owned about half of the new firm.[22] While the new company maintained Citicorp's "Citi" brand in its name, it adopted Travelers' distinctive "red umbrella" as the new corporate logo, which was used until 2007.[67]

The chairmen of both parent companies, John S. Reed and Sandy Weill respectively, were announced as co-chairmen and co-CEOs of the new company, Citigroup, Inc., although the vast difference in management styles between the two immediately presented question marks over the wisdom of such a setup.

The remaining provisions of the Glass–Steagall Act—enacted following the Great Depression—forbade banks to merge with insurance underwriters, and meant Citigroup had between two and five years to divest any prohibited assets. Weill stated at the time of the merger that they believed "that over that time the legislation will change ... we have had enough discussions to believe this will not be a problem".[22] Indeed, the passing of the Gramm-Leach-Bliley Act in November 1999 vindicated Reed and Weill's views, opening the door to financial services conglomerates offering a mix of commercial banking, investment banking, insurance underwriting, and brokerage.[68]

Joe J. Plumeri worked on the post-merger integration of the two companies and was appointed CEO of Citibank North America by Weill and Reed. He oversaw its network of 450 branches.[69] J. Paul Newsome, an analyst with CIBC Oppenheimer, said: "He's not the spit-and-polish executive many people expected. He's rough on the edges. But Citibank knows the bank as an institution is in trouble—it can't get away anymore with passive selling—and Plumeri has all the passion to throw a glass of cold water on the bank."[70] Plumeri boosted the unit's earnings from $108 million to $415 million in one year, an increase of nearly 300%.[71][72] He unexpectedly retired from Citibank in January 2000.[69]

In 2000, Citigroup acquired Associates First Capital Corporation for $31.1 billion in stock,[73] which, until 1989, had been owned by Gulf+Western (now part of National Amusements),[74] and later by Ford Motor Credit Company.[75] The Associates was widely criticized for predatory lending practices and Citi eventually settled with the Federal Trade Commission by agreeing to pay $240 million to customers who had been victims of a variety of predatory practices, including "flipping" mortgages, "packing" mortgages with optional credit insurance, and deceptive marketing practices.[76][77]

In 2001, Citigroup made additional acquisitions: European American Bank, in July, for $1.9 billion,[78][79][80][81][82] and Banamex in August, for $12.5 billion.[83][84][85]

Spin-off of Travelers (2002)

 
The current logo for Travelers Companies

The company spun off its Travelers Property and Casualty insurance underwriting business in 2002.[86] The spin-off was prompted by the insurance unit's drag on Citigroup stock price because Travelers earnings were more seasonal and vulnerable to large disasters and events such as the September 11 attacks. It was also difficult to sell insurance directly to its customers since most customers were accustomed to purchasing insurance through a broker.[87][88]

Travelers merged with The St. Paul Companies Inc. in 2004 forming The St. Paul Travelers Companies.[89][90] Citigroup retained the life insurance and annuities underwriting businesses until it sold them to MetLife in 2005.[91] Citigroup still sells life insurance through Citibank, but it no longer underwrites insurance.[92]

In spite of divesting Travelers Insurance, Citigroup retained Travelers' signature red umbrella logo as its own until February 2007, when Citigroup agreed to sell the logo back to St. Paul Travelers,[93] which renamed itself Travelers Companies. Citigroup also decided to adopt the corporate brand "Citi" for itself and virtually all its subsidiaries, except Primerica and Banamex.

Subprime mortgage crisis (2007)

Heavy exposure to troubled mortgages in the form of collateralized debt obligation (CDOs), compounded by poor risk management, led Citigroup into trouble as the subprime mortgage crisis worsened in 2007. The company had used elaborate mathematical risk models which looked at mortgages in particular geographical areas, but never included the possibility of a national housing downturn or the prospect that millions of mortgage holders would default on their mortgages. Trading head Thomas Maheras was close friends with senior risk officer David Bushnell, which undermined risk oversight.[94][95] As Treasury Secretary, Robert Rubin was said to be influential in lifting the Glass–Steagall Act that allowed Travelers and Citicorp to merge in 1998. Then on the board of directors of Citigroup, Rubin and Charles Prince were said to be influential in pushing the company towards MBS and CDOs in the subprime mortgage market.

Starting in June 2006, Senior Vice President Richard M. Bowen III, the chief underwriter of Citigroup's Consumer Lending Group, began warning the board of directors about the extreme risks being taken on by the mortgage operation that could potentially result in massive losses. The group bought and sold $90 billion of residential mortgages annually. Bowen's responsibility was essential to serve as the quality control supervisor ensuring the unit's creditworthiness. When Bowen first became a whistleblower in 2006, 60% of the mortgages were defective. The number of bad mortgages began increasing throughout 2007 and eventually exceeded 80% of the volume. Many of the mortgages were not only defective but were a result of mortgage fraud. Bowen attempted to rouse the board via weekly reports and other communications. On November 3, 2007, Bowen emailed Citigroup Chairman Robert Rubin and the bank's chief financial officer, head auditor, and the chief risk management officer to again expose the risk and potential losses, claiming that the group's internal controls had broken down and requesting an outside investigation of his business unit. The subsequent investigation revealed that the Consumer Lending Group had suffered a breakdown of internal controls since 2005. Despite the findings of the investigation, Bowen's charges were ignored, even though withholding such information from shareholders violated the Sarbanes–Oxley Act (SOX), which he had pointed out. Citigroup CEO Charles Prince signed a certification that the bank was in compliance with SOX despite Bowen revealing this wasn't so. Citigroup eventually stripped Bowen of most of his responsibilities and informed him that his physical presence was no longer required at the bank. The Financial Crisis Inquiry Commission asked him to testify about Citigroup's role in the mortgage crisis, and he did so, appearing as one of the first witnesses before the Commission in April 2010.[96]

As the crisis began to unfold, Citigroup announced on April 11, 2007, that it would eliminate 17,000 jobs, or about 5 percent of its workforce, in a broad restructuring designed to cut costs and bolster its long underperforming stock.[97] Even after securities and brokerage firm Bear Stearns ran into serious trouble in summer 2007, Citigroup decided the possibility of trouble with its CDOs was so tiny (less than 1/100 of 1%) that they excluded them from their risk analysis. With the crisis worsening, Citigroup announced on January 7, 2008, that it was considering cutting another 5 percent to 10 percent of its 327,000 member-workforce.[98][99]

Collapse and US government intervention (2008)

By July 2008 Citigroup was described as struggling,[100] and by November they were insolvent, despite their receipt of $25 billion in taxpayer-funded federal Troubled Asset Relief Program funds. On November 17, 2008, Citigroup announced plans for about 52,000 new job cuts, on top of 23,000 cuts already made during 2008 in a huge job cull resulting from four quarters of consecutive losses and reports that it was unlikely to be in profit again before 2010. The same day on Wall Street markets responded, with shares falling and dropping the company's market capitalization to $6 billion, down from $300 billion two years prior.[101] Eventually staff cuts totaled over 100,000 employees.[102] Its stock market value dropped to $20.5 billion, down from $244 billion two years earlier.[101] Shares of Citigroup common stock traded well below $1.00 on the New York Stock Exchange.

As a result, late in the evening on November 23, 2008, Citigroup and Federal regulators approved a plan to stabilize the company and forestall a further deterioration in the company's value. On November 24, 2008, the U.S. government announced a massive bailout for Citigroup designed to rescue the company from bankruptcy while giving the government a major say in its operations. A joint statement by the US Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) announced: "With these transactions, the U.S. government is taking the actions necessary to strengthen the financial system and protect U.S. taxpayers and the U.S. economy."[103][104][105][106]

TARP funding

Citi received the largest amount of TARP funding, "a larger bailout than any other U.S. bank."[107] The bailout called for the government to back about $306 billion in loans and securities and directly invest about $20 billion in the company. The Treasury provided $20 billion in Troubled Asset Relief Program (TARP) funds in addition to $25 billion given in October. The Treasury Department, the Federal Reserve and the FDIC agreed to cover 90% of the losses on Citigroup's $335 billion portfolio after Citigroup absorbed the first $29 billion in losses. The Treasury would assume the first $5 billion in losses; the FDIC would absorb the next $10 billion; then the Federal Reserve would assume the rest of the risk. The assets remained on Citigroup's balance sheet; the technical term for this arrangement is ring fencing.

In return, the bank gave the U.S. Treasury $27 billion of preferred shares and warrants to acquire common stock. The government obtained wide powers over banking operations. Citigroup agreed to try to modify mortgages, using standards set up by the FDIC after the collapse of IndyMac Bank, with the goal of keeping as many homeowners as possible in their houses. Executive salaries would be capped.[108] As a condition of the federal assistance, Citigroup's dividend payment was reduced to $0.01 per share.

In a The New York Times op-ed, Michael Lewis and David Einhorn described the November 2008 $306 billion guarantee as "an undisguised gift" without any real crisis motivating it.[109]

According to The Wall Street Journal, the government aid provided to Citi in 2008/2009 was provided to prevent a worldwide chaos and panic by the potential collapse of its Global Transactions Services (now TTS) division. According to the article, former CEO Pandit said if Citigroup was allowed to unravel into bankruptcy, "100 governments around the world would be trying to figure out how to pay their employees".[110][111][112]

According to New York Attorney General Andrew Cuomo, Citigroup paid hundreds of millions of dollars in bonuses to more than 1,038 of its employees after it had received its $45 billion TARP funds in late 2008. This included 738 employees each receiving $1 million in bonuses, 176 employees each receiving $2 million bonuses, 124 each receiving $3 million in bonuses, and 143 each receiving bonuses of $4 million to more than $10 million.[113] As a result of the criticism and the U.S. Government's majority holding of Citigroup's common stock, compensation and bonuses were restricted from February 2009 until December 2010.[114]

In 2009, Jane Fraser, the CEO of Citi Private Bank, stopped paying its bankers with a commission for selling investment products, in a move to bolster Citi Private Bank's reputation as an independent wealth management adviser, as opposed to a product pusher.[115]

Creation of Citi Holdings (2009)

On January 16, 2009, Citigroup announced its intention to reorganize itself into two operating units: Citicorp for its retail and institutional client business, and Citi Holdings for its brokerage and asset management.[116] Citigroup will continue to operate as a single company for the time being, but Citi Holdings managers will be tasked to "take advantage of value-enhancing disposition and combination opportunities as they emerge",[116] and eventual spin-offs or mergers involving either operating unit were not ruled out.[117] Citi Holdings consists of Citi businesses that Citi wants to sell and are not considered part of Citi's core businesses. The majority of its assets are U.S. mortgages. It was created in the wake of the financial crisis as part of Citi's restructuring plan. It consists of several business entities including remaining interests in local consumer lending such as OneMain Financial, divestitures such as Smith Barney, and a special asset pool. Citi Holdings represents $156 billion of GAAP assets, or ~8% of Citigroup; 59% represents North American mortgages, 18% operating businesses, 13% special asset pool, and 10% categorized as other. Operating businesses include OneMain Financial ($10B), PrimeRe ($7B), MSSB JV ($8B) and Spain / Greece retail ($4B), less associated loan loss reserves. While Citi Holdings is a mixed bag, its primary objective is to wind down some non-core businesses and reduce assets, and strategically "breaking even" in 2015.[118]

On February 27, 2009, Citigroup announced that the U.S. government would take a 36% equity stake in the company by converting US$25 billion in emergency aid into common stock with a United States Treasury credit line of $45 billion to prevent the bankruptcy of the company.[119] The government guaranteed losses on more than $300 billion of troubled assets and injected $20 billion immediately into the company. The salary of the CEO was set at $1 per year and the highest salary of employees was restricted to $500,000. Any compensation amount above $500,000 had to be paid with restricted stock that could not be sold by the employee until the emergency government aid was repaid in full.[120][121] The U.S. government also gained control of half the seats in the Board of Directors, and the senior management was subjected to removal by the US government if there were poor performance. By December 2009, the U.S. government stake was reduced from a 36% stake to a 27% stake, after Citigroup sold $21 billion of common shares and equity in the largest single share sale in U.S. history, surpassing Bank of America's $19 billion share sale 1 month prior. By December 2010, Citigroup repaid the emergency aid in full and the U.S. government had made a $12 billion profit on its investment in the company.[122] Government restrictions on pay and oversight of the senior management were removed after the U.S. government sold its remaining 27% stake in December 2010.[123]

On June 1, 2009, it was announced that Citigroup would be removed from the Dow Jones Industrial Average effective June 8, 2009, due to significant government ownership. Citigroup was replaced by Travelers Co.[124][125]

Sale of Smith Barney (2009)

Smith Barney, Citi's global private wealth management unit, provided brokerage, investment banking and asset management services to corporations, governments and individuals around the world. With over 800 offices worldwide, Smith Barney held 9.6 million domestic client accounts, representing $1.562 trillion in client assets worldwide.

On January 13, 2009, Citi announced the merger of Smith Barney with Morgan Stanley Wealth Management. Citi received $2.7 billion and a 49% interest in the joint venture.[126][127][128]

In June 2013, Citi sold its remaining 49% stake in Smith Barney to Morgan Stanley Wealth Management for $13.5 billion following an appraisal by Perella Weinberg.[129][130]

Return to profitability, denationalization (2010)

In 2010, Citigroup achieved its first profitable year since 2007. It reported $10.6 billion in net profit, compared with a $1.6 billion loss in 2009.[131] Late in 2010, the government sold its remaining stock holding in the company, yielding an overall net profit to taxpayers of $12 billion.[132] A special IRS tax exception given to Citi allowed the US Treasury to sell its shares at a profit, while it still owned Citigroup shares, which eventually netted $12 billion. According to Treasury spokeswoman Nayyera Haq, "This (IRS tax) rule was designed to stop corporate raiders from using loss corporations to evade taxes and was never intended to address the unprecedented situation where the government owned shares in banks. And it was certainly not written to prevent the government from selling its shares for a profit."[133]

Expansion of retail banking operations (2011)

In 2011, Citi was the first bank to introduce digitized Smart Banking branches in Washington, D.C., New York, Tokyo and Busan (South Korea) while it continued renovating its entire branch network.[134][135] New sales and service centers were also opened in Moscow and St. Petersburg. Citi Express modules, 24-hour service units, were introduced in Colombia. Citi opened additional branches in China, expanding its branch presence to 13 cities in China.[136]

Expansion of credit card operations (2011)

Citi Branded Cards introduced several new products in 2011, including: Citi ThankYou, Citi Executive/AAdvantage and Citi Simplicity cards in the U.S. It also has Latin America partnership cards with Colombia-based airline Avianca and with Banamex and AeroMexico; and a merchant loyalty program in Europe. Citibank is also the first and currently the only international bank to be approved by Chinese regulators to issue credit cards under its own brand without cooperating with Chinese state-owned domestic banks.[137]

Chinese investment banking joint venture (2012)

In 2012, the Global Markets division and Orient Securities formed Citi Orient Securities, a Shanghai-based equity and debt brokerage operating in the Chinese market.[138]

Federal Reserve stress tests (2012–2016)

On March 13, 2012, the Federal Reserve reported Citigroup is one of the four financial institutions, out of 19 major banks, that failed its stress tests, designed to measure bank capital during a financial crisis. The 2012 stress tests determined whether banks could withstand a financial crisis that has unemployment at 13%, stock prices to be cut in half, and home prices decreased by 21%.[139] Citi failed the Fed stress tests due to Citi's high capital return plan and its international loans, which were rated by the Fed to be at higher risk than its domestic American loans.[140][141][142][143] Citi received half of its revenues from its international businesses. In comparison, Bank of America, which passed the stress test and did not ask for a capital return to investors, received 78% of its revenue in the United States.[144]

By June 2012, the year of Citi's 200th anniversary, Citigroup had built up $420 billion in surplus cash reserves and government securities.[145] As of March 31, 2012, Citi had a Tier 1 capital ratio of 12.4%.[146] This was a result of selling more than $500 billion of its special assets placed in Citi Holdings, which were guaranteed from losses by the US Treasury while under federal majority ownership.[147]

In 2013, Sanjiv Das was replaced as head of CitiMortgage with Jane Fraser, former head of Citi Private Bank.[148]

On March 26, 2014, the Federal Reserve Board of Governors reported that Citigroup was one of the 5 financial institutions that failed its stress tests. Unlike in the failed stress test in 2012, Citigroup failed on qualitative concerns that were unresolved despite regulatory warnings. The report specifically stated that Citigroup failed "to project revenues and losses under a stressful scenario for material parts of the firm's global operations and its ability to develop scenarios for its internal stress testing that adequately reflects its full range business activities and exposures."[149][150][151]

On March 11, 2015, Citi has passed its first CCAR test,[152] allowing it to raise its dividend to 5 cent a share and unveiling a plan for a $7.8 billion share repurchase.[153]

In February 2016, the company was subject to a lawsuit as a result of the bankruptcy of a Mexican oil services firm.[154]

In April 2016, Citigroup announced that it would eliminate its bad bank, Citi Holdings.[155]

On June 23, 2016, Federal Reserve handed Citi a passing grade on its stress test the second time in a row, giving permission to triple its dividend to 16 cents a share and approving an $8.6 billion stock repurchase program,[156]

Spin-off of Napier Park Global Capital (2013)

Citi Capital Advisors (CCA), formerly Citi Alternative Investments, was a hedge fund that offered various investment strategies across multiple asset classes. To comply with the Volcker Rule, which limits bank ownership in hedge funds to no more than 3%, Citi spun off its hedge fund unit in 2013 and gave a majority of the company to its managers.[157] The spin-off of CCA created Napier Park Global Capital, a $6.8 billion hedge fund with more than 100 employees in New York and London and managed by Jim O'Brien and Jonathan Dorfman.[158][159][160][161]

Downsizing of consumer banking unit (2014)

In October 2014, Citigroup announced its exit from consumer banking in 11 markets, including Costa Rica, El Salvador, Guatemala, Nicaragua, Panama, Peru, Japan, Guam, the Czech Republic, Egypt, South Korea (consumer finance only), and Hungary.[162][163]

2015 onwards

In May 2015, the bank announced the sale of its margin foreign exchange business, including CitiFX Pro and TradeStream, to FXCM and SAXO Bank of Denmark. Despite this deal, industry surveys pegged Citi as the biggest banking player in the forex market. The company's remaining foreign exchange sales & trading businesses continued operating in the wake of this deal under the leadership of James Bindler, who succeeded Jeff Feig as the firm's global head of foreign exchange in 2014.[164][165]

In November 2015, Springleaf acquired OneMain Financial from Citigroup.[166][167]

In February 2016, Citi sold its retail and commercial banking operations in Panama and Costa Rica to the Bank of Nova Scotia (Scotiabank) for $360 million. The operations sold include 27 branches serving approximately 250,000 clients. Citi continues to offer corporate and institutional banking and wealth management in Panama and Costa Rica.[168] On April 1, Citigroup became the exclusive issuer of Costco-branded credit cards.[169] In April 2016, Citi was given regulatory approval for its "living will", its plans to shut down operations in the event of another financial crisis.[170]

In response to the COVID-19 pandemic, Citi provided support to cardholders including waiving late fees.[171] It also announced that some lower paid employees would receive a one-off payment of US$1,000 to help them through the crisis.[172] This was not just limited to the US. In Singapore where Citi had a large operation, low paid staff would receive S$1,200.[173]

In August 2020, Citi mistakenly wired $900 million to the creditors of one of its clients, the American cosmetics corporation Revlon. Citi sued to get most of the money back but as of June 2022 had been unsuccessful.[174] In October, the same year, Citigroup was fined $400 million by the US bank regulators as a result of their risk in control systems and was ordered to update their technology. The company will have four months to make a new plan and submit it to the Federal Reserve.[175][needs update]

Combination of Markets & Securities Services (2019)

In 2019, Citi combined its Global Markets and Securities Services business into Markets & Securities Services, which includes broad trading and execution capabilities in addition to custody, clearing, financing and hedging services.[176]

Shrinking of consumer banking unit (2021–2022)

In April 2021, Citi announced it would exit its consumer banking operations in 13 markets, including Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam. Citi will continue to operate its consumer banking businesses in the USA, Canada, Europe and in only 4 other markets: Hong Kong, Singapore, London and the UAE across the entire APAC and EMEA regions.[177]

In January 2022, Citi further announced its plan to exit consumer banking in Mexico, as well as small-business and middle-market banking operations.[178] On March 1, 2022, Citi disclosed an exposure of over $10bn in Russian assets, which may be materially affected by Russia's expulsion from the SWIFT banking system.[179]

In September 2022, Citi was planning to shutter its retail bank business in the United Kingdom.[180]

Involvement in controlling the sale of guns

In 2018 The New York Times reported about Citi's actions, under the direction of CEO Michael Corbat, to intervene in the matter of gun control. In particular, their credit card policies were set to restrict the sale of guns below age 21.[181]

Offices

 
Citigroup EMEA headquarters at the Citigroup Centre, London, Canary Wharf, London

New York City

Citigroup Center, a diagonal-roof skyscraper located in Midtown Manhattan, New York City, is Citigroup's most famous office building, which despite popular belief is not the company's headquarters building. Citigroup has its headquarters located in downtown Tribeca (388 Greenwich).[182] Citigroup also owns a building in Tribeca, Manhattan at 388 Greenwich Street that serves as headquarters for its Investment and Corporate Banking operations and was the former headquarters of the Travelers Group.[183]

All of Citigroup's New York City real estate, excluding the company's Smith Barney division and Wall Street trading division, lies along the New York City Subway's IND Queens Boulevard Line, served by the E and ​M trains. Consequently, the company's Midtown buildings—including 787 Seventh Avenue, 666 Fifth Avenue, 399 Park Avenue, 485 Lexington, 153 East 53rd Street (Citigroup Center) in Manhattan, and One Court Square in Long Island City, Queens, are all on the short four-stop corridor of the Queens Boulevard Line between Court Square and Seventh Avenue.[184]

Naming rights to Citi Field

Citigroup owns the naming rights to Citi Field, the home ballpark of the New York Mets Major League Baseball team, via a $400 million, 20-year deal that commenced with the stadium opening in 2009.[185][186]

Chicago

Citicorp Center in Chicago has a series of curved archways at its peak, and sits across the street from major competitor ABN AMRO's ABN AMRO Plaza. It has shops and restaurants serving Metra customers via the Ogilvie Transportation Center.[187]

Sioux Falls

Citibank moved its credit card operations to Sioux Falls, South Dakota in 1981 after that state eliminated caps on interest rates.[188][62] In 2013, Citibank employed 2,900 in Sioux Falls and is one of the largest employers in the city. In 2018, they began building a new headquarters that will be 150,000 square feet of office space on a 19-acre campus.[189]

Regulatory action, lawsuits, and arbitration

In 2004, Japanese regulators took action against Citibank Japan loaning to a customer involved in stock manipulation. The regulator suspended bank activities in one branch and three offices and restricted their consumer banking division. In 2009, Japanese regulators again took action against Citibank Japan, because the bank had not set up an effective money laundering monitoring system. The regulators suspended sales operations within Citibank's retail banking for a month.[190]

On March 23, 2005, the National Association of Securities Dealers, the former name of the American self-regulatory organization for broker-dealers, now known as the Financial Industry Regulatory Authority (FInRA) announced total fines of $21.25 million against Citigroup Global Markets, Inc., American Express Financial Advisors and Chase Investment Services regarding suitability and supervisory violations of their mutual fund sales practices between January 2002 and July 2003. The case against Citigroup involved recommendations and sales of Class B and Class C shares of mutual funds.[191]

On June 6, 2007, FInRA announced more than $15 million in fines and restitution against Citigroup Global Markets, Inc., to settle charges related to misleading documents and inadequate disclosure in retirement seminars and meetings for BellSouth Corp. employees in North Carolina and South Carolina. FInRA found that Citigroup did not properly supervise a team of brokers located in Charlotte, N.C., who used misleading sales materials during dozens of seminars and meetings for hundreds of BellSouth employees.[192]

In July 2010, Citigroup agreed to pay $75 million to settle civil charges that it misled investors over potential losses from high-risk mortgages. The U.S. Securities and Exchange Commission said that Citigroup had made misleading statements about the company's exposure to subprime mortgages. In 2007, Citigroup indicated that its exposure was less than $13 billion, when in fact it was over $50 billion.[193][194]

In April 2011, an arbitration panel ordered Citigroup Inc to pay $54.1 million for losses from municipal securities funds that cratered between 2007 and 2008.[195]

In August 2012, Citigroup agreed to pay almost $25 million to settle an investor lawsuit alleging the bank misled investors about the nature of mortgage-backed securities. The lawsuit was on behalf of investors who purchased certificates in one of two mortgage-backed securities trusts from Citigroup Mortgage Loan Trust Inc in 2007.[196]

In February 2012, Citigroup agreed to pay $158.3 million to settle claims that it falsely certified the quality of loans issued by its CitiMortgage unit over a period of more than six years, so that they would qualify for insurance from the Federal Housing Administration. The lawsuit was initially brought by Sherry Hunt, a CitiMortgage employee.[197][198]

On February 9, 2012, it was announced that the five largest mortgage servicers (Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo) agreed to a historic settlement with the federal government and 49 states.[199] The settlement, known as the National Mortgage Settlement (NMS), required the servicers to provide about $26 billion in relief to distressed homeowners and in-direct payments to the states and the federal government. This settlement amount makes the NMS the second largest civil settlement in U.S. history, only trailing the Tobacco Master Settlement Agreement.[200] The five banks were also required to comply with 305 new mortgage servicing standards. Oklahoma held out and agreed to settle with the banks separately.

In 2014, Citigroup agreed to pay $7 billion to resolve claims it misled investors about shoddy mortgage-backed securities in the run-up to the financial crisis. Attorney General Eric H. Holder Jr. said "The bank's misconduct was egregious. ... As a result of their assurances that toxic financial products were sound, Citigroup was able to expand its market share and increase profits" and that "the settlement did not absolve the bank or its employees from facing criminal charges."[201]

In July 2015, Citigroup was fined $70 million by the United States Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency, and ordered to pay $700 million to customers. Citigroup had conducted illegal practices in marketing add-on products for credit cards, including credit monitoring, debt-protection products and wallet-protection services.[202][203]

In January 2017, Citigroup Global Markets Inc. was fined $25 million by the Commodity Futures Trading Commission for order spoofing in U.S. Treasury futures markets, i.e., placing orders that were intended to be canceled before execution, and for failing to diligently supervise its employees with regard to spoofing.[204]

Enron, WorldCom, and Global Crossing bankruptcies

On October 22, 2001, Citigroup was sued for violating federal securities laws by misrepresenting Citigroup's Enron-related exposure in its 2001 Annual Report and elsewhere, and failing to disclose the true extent of Citigroup's legal liability arising out of its 'structured finance' deals with Enron.[205] In 2003, Citigroup paid $145 million in fines and penalties to settle claims by the Securities and Exchange Commission and the Manhattan district attorney's office.[206]

In 2004, Citigroup paid $2.65 billion pre-tax, or $1.64 billion after-tax, to settle a lawsuit concerning its role in selling stocks and bonds for WorldCom, the second largest telecommunications company in the world, which collapsed after an accounting scandal.[207][208][209][210]

On February 5, 2002, Citigroup was sued for violating federal securities laws and misleading investors by issuing false information about Global Crossing's revenues and financial performance. In 2005, Citigroup paid $75 million to settle the lawsuit.[211] Citigroup was accused of issuing exaggerated research reports and not disclosing conflicts of interest.[212][213]

In 2005, Citigroup paid $2 billion to settle a lawsuit filed by investors in Enron.[214][215] In 2008, Citi also agreed to pay $1.66 billion to Enron creditors.[216][217][218]

On November 8, 2007, Citigroup was sued for financial misrepresentations and omissions of what amounted to more than two years of income and an entire line of business. In 2012, the company paid $590 million to settle the case.[219][220]

Senior leadership

  • Chairman: John Dugan (since January 2019)
  • Chief executive officer: Jane Fraser (since March 2021)
  • Chief financial officer: Mark Mason (since February 2019)[221]
  • Chief Compliance Officer: Mary McNiff (since June 2020)[222]

List of former chairmen

This list only contains chairmen since the formation of Citigroup in 1998; for a full list of chairmen including Citigroup's predecessors, please see List of chairmen of Citigroup.

  1. John Reed and Sandy Weill (1998–2000)
  2. Sandy Weill (2000–2006)
  3. Charles Prince (2006–2007)
  4. Sir Win Bischoff (2007–2009)
  5. Dick Parsons (2009–2012)
  6. Michael O'Neill (2012–2019)

List of former chief executives

This list only contains chief executives since the formation of Citigroup in 1998.

  1. Sandy Weill (1998–2003)
  2. Charles Prince (2003–2007)
  3. Vikram Pandit (2007–2012)
  4. Michael Corbat (2012–2021)

CEO-to-worker pay ratio

Pursuant to Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, publicly traded companies are required to disclose (1) the median total annual compensation of all employees other than the CEO and (2) the ratio of the CEO's annual total compensation to that of the median employee.[223]

Total 2018 compensation for Michael Corbat, CEO, amounted to $24,195,749, and total compensation of the median employee was determined to be $49,766. The resulting pay ratio is estimated to be 486:1.[224]

Criticism

Criminal cartel charges in Australia

On June 1, 2018, the Australian Competition and Consumer Commission (ACCC) announced that criminal cartel charges are expected to be laid by the Commonwealth Director of Public Prosecutions (CDPP) against ANZ Bank, its Group Treasurer Rick Moscati, along with Deutsche Bank, Citigroup and a number of individuals.[225]

Conflicts of interest on investment research

In December 2002, Citigroup paid fines totaling $400 million, to states and the federal government as part of a settlement involving charges that ten banks, including Citigroup, deceived investors with biased research. The total settlement with the ten banks was $1.4 billion. The settlement required that the banks separate investment banking from research, and ban any allocation of IPO shares.[226]

Citigroup proprietary government bond trading scandal of 2004

Citigroup was criticized for disrupting the European bond market by rapidly selling €11 billion worth of bonds on August 2, 2004, on the MTS Group trading platform, driving down the price and then buying it back at cheaper prices.[227]

Plutonomy report

A leaked 2005 report prepared by Citi global strategists for their investor clients documented the imbalance of wealth between the top 1% and the bottom 60% of Anglo-American (viz. United States, United Kingdom, and Canada) households. Six drivers and other economic measurements, such as income and savings rates were also studied and included, in what was described as "an ongoing [bio-]technological revolution; capitalist-friendly governments and tax regimes" both powered by and consumed by the wealthy;[228][229][230][231] the Middle Class was not its focus.

2001-2009

Terra Securities scandal
In November 2007 it became public that Citigroup was heavily involved in the Terra Securities scandal[232][233]
Allegations of theft from customer accounts
In August 2008, Citigroup agreed to pay nearly $18 million in refunds and fines to settle accusations by California Attorney General Jerry Brown that, as revealed by a whistleblower in 2001, Citi wrongly took funds from the accounts of credit card customers.[234]

2010-2019

Shareholder rejection of executive compensation plan
At Citi's 2012 annual shareholders' meeting on April 17, Citi's executive compensation package was rejected, with approximately 55% of the votes being against approval. One of the largest and most activist of the shareholders ovoting no, the California Public Employees' Retirement System, stated Citi "has not anchored rewards to performance".[235][236][237][238][239][240]

Accusations of futures market manipulation

In January 2017, bank regulators fined Citigroup $25 million on account of five traders from the bank having manipulated U.S. Treasury futures more than 2,500 times between July 2011 and December 2012. Citigroup was criticized for failing to adequately supervise its traders and for not having systems in place to detect spoofing, which involves entering fake orders designed to fool others into thinking prices are poised to rise or fall.[241]

Alleged money laundering by Raul Salinas

In 1998, the General Accounting Office issued a report critical of Citibank's handling of funds received from Raul Salinas de Gortari, brother of Carlos Salinas, the former president of Mexico. The report, titled "Raul Salinas, Citibank and Alleged Money Laundering", indicated that Citibank facilitated the transfer of millions of dollars through complex financial transactions that hid the funds' paper trail. The report indicated that Citibank took on Salinas as a client without making a thorough inquiry as to how he made his fortune, an omission that a Citibank official called a violation of the bank's "know your customer" policy.[242][243]

2020s

Failure to establish effective risk management
In 2020 Citigroup agreed to pay $400 million to federal regulators over long-standing concerns regarding Citigroup's failure to establish effective risk management.[244] The Federal Reserve and the Office of the Comptroller of the Currency said that Citi had engaged in "unsafe and unsound banking practices." According to them, Citi had failed to correct problems that had been known for years.
Failure to match paternity and maternity leave
In 2020, Citi touted a big increase of its paternity leave when the company raised it to 4 weeks in Singapore. Citi claimed it would drive greater gender equality.[245] This compares with the New York Times, which offer a minimum 10 weeks paternity leave for its American staff.[246][247][248]

Communications

Lobbying

Between 1998 and 2014, Citigroup spent nearly $100 million lobbying the federal government.[249] As of 2008, Citigroup was the 16th largest political campaign contributor in the US, out of all organizations, according to OpenSecrets. From 1989 to 2006, members of the firm donated over $23,033,490, 49% of which went to Democrats and 51% of which went to Republicans.[250] Matthew Vadum, a senior editor at the conservative Capital Research Center, acknowledged these figures, but pointed out that Citigroup had been "a longtime donor to left-wing pressure groups", and referred to a Capital Research Center Foundation Watch 2006 study of Fortune 100 foundation giving, where Citigroup's foundation gave "20 times more money to groups on the left than to groups on the right" during the tax year 2003.[251]

 
View of the Madrid office. Citi has had a presence in Spain for more than a century, and serves as the headquarters of Southern Europe[252]

In 2014 Citigroup's PAC contributed $804,000 to campaigns of various members of Congress, i.e. 162 members of the House, including 72 Democrats, where donations averaged about $5,000 per candidate. Of the 57 Democrats supporting the 2015 Spending bill, 34 had received campaign cash from Citigroup's PAC at some point since 2010.[253] Citigroup's 2014 donations favored Republicans only slightly. The bank's PAC had been nearly as generous to Democrats as Republicans – $30,000 to the Democratic Congressional Campaign Committee (the maximum) and $10,000 to the 'New Democrat Coalition', a group of moderate Democrats most of whom voted for the 2015 spending package. Citibank's PAC made donations to both the campaigns and the leadership PACs of many top Democrats who voted for the 2015 spending bill, including Steny Hoyer (Md.) House Democratic Whip and Representatives Jim Himes (D-Conn.) and Debbie Wasserman Schultz (D-Florida.).[253]

Public and governmental relations

In 2009, former chairman Richard Parsons hired long-time Washington, D.C. lobbyist Richard F. Hohlt to advise him and the company about relations with the U.S. government, though not to lobby for the company. While some speculated anonymously that the Federal Deposit Insurance Corporation (FDIC) would have been a particular focus of Hohlt's attention, Hohlt said he'd had no contact with the government insurance corporation. Some former regulators found room to criticize Hohlt's involvement with Citigroup, because of his earlier involvement with the financial services industry during the savings and loan crisis of the 1980s. Hohlt responded that though mistakes were made in the earlier episode he'd never been investigated by any government agency and his experience gave him a reason to be back in the "operating room" as parties address the more recent crisis.[254]

In 2010, the company named Edward Skyler, formerly in New York City government and at Bloomberg L.P., to its senior public and governmental relations position.[255] Before Skyler was named and before he began his job search, the company reportedly held discussions with three other individuals to fill the position: NY Deputy Mayor Kevin Sheekey, Mayor Michael Bloomberg's "political guru ... [who] spearheaded ... his short-lived flirtation with a presidential run ..., who will soon leave City Hall for a position at the mayor's company, Bloomberg L.P. ... After Mr. Bloomberg's improbable victory in the 2001 mayor's race, both Mr. Skyler and Mr. Sheekey followed him from his company to City Hall. Since then, they have been a part of an enormously influential coterie of advisers"; Howard Wolfson, the former communications director for Hillary Clinton's presidential campaign and Mr. Bloomberg's re-election bid; and Gary Ginsberg, now at Time Warner and formerly at News Corporation.[256]

On March 21, 2018, it was announced that Citigroup changed its policy to forbid its business customers from performing certain firearm-related transactions. The policy doesn't affect clients who offer credit cards backed by Citigroup or borrow money, use banking services, or raise capital through the company.[257]

One March 19, 2020, Citi announced that it would support 2019 coronavirus pandemic relief with some US$15 million.[258]

Notable staff

Current

  • Jane Fraser is a Scottish-American banking executive. She currently holds the position of CEO from March 2021 and was formerly president of Citi, chief executive officer, Global Consumer Banking.[259] Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. She has been promoted numerous times and acceded to four CEO posts, the latest being CEO of Citigroup Latin America in April 2015. She was included on Fortune's "Most Powerful Women in Business" list in 2014, 2015 and 2021,[260] and has been called the "Number 1 Woman to Watch" for two consecutive years by American Banker.
  • Edward Skyler is an American politician and businessperson. He was deputy mayor for operations for New York City, the youngest deputy mayor in New York City's history. In 2010, he was named executive vice president, Global Public Affairs at Citigroup.[261]
  • Edward L. Morse has been the global head of commodities research since 2011.
  • Catherine L. Mann has been the chief economist since 2018.
  • Manuel Falcó has been the global head of investment banking since 2018

Former

  • Sanford I. Weill - was CEO from 1998 until October 1, 2003. He was also one of the 25 people that Time magazine blamed for the financial crisis.[262]
  • Robert Rubin - was an advisor and from 1999 to 2009 was a board director. Rubin received total compensation of $126 million from Citigroup between 1999 and 2009.[263]
  • Charles Prince - was CEO from 2003 to November 2007. Prince was famously quoted as saying Citigroup was "still dancing" just as the financial crisis hit.[264]
  • Vikram Pandit - was CEO from December 2007 to October 2012.
  • Willem Buiter - was the chief economist from 2010 until 2018.
  • Mark Carawan was chief compliance officer from 2012 until 2020.[265]
  • Michael Corbat - was CEO from October 2012 to February 2021.

See also

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Further reading

  • Langley, Monica (2004). Tearing Down the Walls. New York: Free Press. ISBN 0-7432-4726-4.
  • Schull, Joseph, 100 Years of Banking in Canada: A History of the Toronto-Dominion Bank. Illustrated by Brad Smith. Vancouver: Copp Clark, c1958. ix, 222 p.; ill.; 24 cm.

External links

 
Wikimedia Commons has media related to Citigroup.
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January 29, 2023
citigroup, citi, redirects, here, other, uses, citi, disambiguation, citi, stylized, citi, american, multinational, investment, bank, financial, services, corporation, headquartered, york, city, company, formed, merger, banking, giant, citicorp, financial, con. Citi redirects here For other uses see Citi disambiguation Citigroup Inc or Citi stylized as citi is an American multinational investment bank and financial services corporation headquartered in New York City The company was formed by the merger of banking giant Citicorp and financial conglomerate Travelers Group in 1998 Travelers was subsequently spun off from the company in 2002 22 23 Citigroup owns Citicorp the holding company for Citibank as well as several international subsidiaries Citigroup is incorporated in Delaware Citigroup Inc The headquarters of Citigroup in Lower ManhattanTypePublicTraded asNYSE CS amp P 100 componentS amp P 500 componentISINUS1729674242IndustryFinancial servicesPredecessorCiticorpTravelers GroupFoundedOctober 8 1998 24 years ago 1998 10 08 FounderSanford Weill Travelers Group Samuel Osgood Citicorp Headquarters388 390 Greenwich St New York City New York 10013 United StatesArea servedWorldwideKey peopleJohn C Dugan Chairman Jane Fraser CEO and President ProductsAsset managementbankingcredit cardsequities tradingsecurities servicesinsuranceinvestment managementmortgage loansmutual fundsprivate equityrisk managementwealth managementRevenueUS 75 3 billion 2022 Operating incomeUS 18 8 billion 2022 Net incomeUS 14 8 billion 2022 Total assetsUS 2 417 trillion 2022 Total equityUS 202 billion 2021 1 Number of employees223 400 2021 2 SubsidiariesList of subsidiaries Bank Handlowy Poland 3 Citibank Argentina 4 Citibank Australia 5 Citibank United States 6 Citibank Bahrain 7 Citibank China 8 Citibank Europe 9 Citi Private Bank 10 Citibank Hong Kong 11 Citibank India 12 Citigroup Global Markets Japan 13 Citibank Indonesia 14 Citibank Korea 15 Citibank Malaysia 16 Citibank Russia 17 Citibank Singapore 18 Citibank Uganda 19 Citibank United Arab Emirates 20 Citi Private BankCiti Global Wealth ManagementGrupo Financiero Banamex 21 BeymenSalomon BrothersNikko CordialAcciones y Valores de Mexico Acciones y Valores Banamex Casa de Bolsa Integrante del Grupo Financiero Banamex Discover Student LoansYield BookMetalmark CapitalLava TradingCapital ratioTier 1 13 9 2021 Websitecitigroup comFootnotes references 2 Citigroup is the third largest banking institution in the United States alongside JPMorgan Chase Bank of America and Wells Fargo it is one of the Big Four banking institutions of the United States 24 It is considered a systemically important bank by the Financial Stability Board and is commonly cited as being too big to fail It is one of the nine global investment banks in the Bulge Bracket Citigroup is ranked 33rd on the Fortune 500 as of 2021 25 Citigroup has approximately 200 million customer accounts and does business in more than 160 countries 2 It has 223 400 employees 2 although it had 357 000 employees before the financial crisis of 2007 2008 26 when it was bailed out by a massive stimulus package from the U S government 27 In 2020 it was one of the largest securities services providers having over 23 6 trillion in assets under custody AUC 28 In February 2021 CEO Michael Corbat was replaced by Jane Fraser who became the first woman CEO of a Big Four bank 29 Contents 1 Current operations 2 History 2 1 Citicorp 1812 1985 2 1 1 Credit cards 2 2 Travelers Group 1986 2007 2 2 1 Ownership of Salomon Brothers 1997 2003 2 3 Merger of Citicorp and Travelers 1998 2001 2 4 Spin off of Travelers 2002 2 5 Subprime mortgage crisis 2007 2 6 Collapse and US government intervention 2008 2 6 1 TARP funding 2 7 Creation of Citi Holdings 2009 2 7 1 Sale of Smith Barney 2009 2 8 Return to profitability denationalization 2010 2 9 Expansion of retail banking operations 2011 2 10 Expansion of credit card operations 2011 2 11 Chinese investment banking joint venture 2012 2 12 Federal Reserve stress tests 2012 2016 2 12 1 Spin off of Napier Park Global Capital 2013 2 12 2 Downsizing of consumer banking unit 2014 2 13 2015 onwards 2 13 1 Combination of Markets amp Securities Services 2019 2 13 2 Shrinking of consumer banking unit 2021 2022 2 13 3 Involvement in controlling the sale of guns 3 Offices 3 1 New York City 3 2 Naming rights to Citi Field 3 3 Chicago 3 4 Sioux Falls 4 Regulatory action lawsuits and arbitration 4 1 Enron WorldCom and Global Crossing bankruptcies 5 Senior leadership 5 1 List of former chairmen 5 2 List of former chief executives 5 3 CEO to worker pay ratio 6 Criticism 6 1 Criminal cartel charges in Australia 6 2 Conflicts of interest on investment research 6 3 Citigroup proprietary government bond trading scandal of 2004 6 4 Plutonomy report 6 5 2001 2009 6 6 2010 2019 6 7 Accusations of futures market manipulation 6 8 Alleged money laundering by Raul Salinas 6 9 2020s 7 Communications 7 1 Lobbying 7 2 Public and governmental relations 8 Notable staff 8 1 Current 8 2 Former 9 See also 10 References 11 Further reading 12 External linksCurrent operations Edit A Citi Private Bank office Citigroup is the holding company for the following divisions 30 Citigroup Global Markets Inc Citigroup Global Markets Limited UK and Citigroup Global Markets Japan broker dealers including one of 24 primary dealers in United States Treasury securities 31 Citi s Institutional Clients Group ICG offers investment and corporate banking services and products for companies governments institutions and ultra high net worth investors ICG consists of the following five main divisions 32 33 Capital Markets Origination is focused on the capital raising needs such as public offerings private placements and special purpose acquisition companies 34 Corporate amp Investment Banking provides strategic and financing products and advisory services to multinational and local corporations financial institutions governments and privately held businesses in more than 160 countries It also provides client services such as mergers amp acquisitions advice and underwriting of initial public offerings 35 Markets amp Securities Services integrates capabilities of Markets and Securities Services It has over 13 trillion in assets under custody AUC with investor services and direct custody and clearing hedge fund and private equity servicing and issuer businesses It provides financial products through underwriting sales amp trading of a range of investment assets Products offered include servicing of equities commodities credit futures foreign exchange FX emerging markets G10 rates municipals prime finance brokerage services and securitized markets such as collateralized debt obligations and mortgage backed securities 36 Its Citi Research team provides equity and fixed income research company sector economic and geographic market analysis and product specific analysis for Citi s individual and institutional clients Its flagship research reports include the following Portfolio Strategist Bond Market Roundup U S Economics Weekly International Market Roundup Global Economic Outlook amp Strategy and the Global Equity Strategist 37 Citi Private Bank advises professional investors ultra high net worth individuals and families and lawyers throughout the world It uses an open architecture network of more than 800 private bankers and investment professionals across 46 countries and jurisdictions to provide clients access to global investment opportunities It has over 250 billion in assets under management The minimum net worth requirement is 25 million in liquid assets and is waived for only law firm groups and other clients under special circumstances 38 Treasury and Trade Solutions TTS 39 provides cash management working capital and trade solutions to companies governments and other institutions in the U S and more than 140 countries TTS intermediates more than 3 trillion in global transactions daily It has about 377 billion in average liability balances serves 99 of the world s Fortune 100 companies and 85 of the world s Fortune 500 companies and has 10 regional processing centers worldwide using global processes Institutions use TTS to support their treasury operations with global solutions buzzword for payments collections liquidity and investments by working in partnership with export credit agencies and development banks It also sells supply chain financing products as well as medium and long term global financing programs across multiple industries Clients doing business with Citi in 10 or more countries generate more than 60 of Transaction Services total revenues Citibanamex the second largest bank in Mexico purchased by Citigroup in 2001 it serves about 20 million clients Citicorp the holding company for Citibank as well as several international banks Citicorp contains two core businesses Global Consumer Banking 40 and Institutional Clients Group 41 Citibank Retail banking encompasses Citi s global branch network branded Citibank Citibank has more than 4 600 branches in the world and holds more than 300 billion in deposits Citibank is the 4th largest retail bank in the United States based on deposits and it has Citibank branded branches in countries throughout the world with the exception of Mexico which is under a separate subsidiary called Banamex Citibank offers checking and savings accounts small business and commercial banking and personal wealth management among its services Citibank offers Citigold services worldwide to mass affluent clients with at least US 200 000 in liquid assets In certain markets Citigold Select is available for clients with at least US 500 000 in liquid assets 42 Its highest level of service Citigold Private Client is for high net worth individuals with at least 1 3 million in liquid assets depending on the market region and offers access to investments and ideas from Citi Private Bank 43 44 45 46 Citi Branded Cards is the world s largest credit card issuer 47 Citi Retail Services is one of the largest providers of private label and co branded credit cards retail consulting services and retail loyalty products in the U S 48 Citi Commercial Bank serves 100 000 small to medium size companies in 32 countries 49 CitiMortgage originates real estate mortgages 50 History Edit The Citigroup logo 1999 present The Citigroup logo 2007 2011 Citigroup was formed on October 8 1998 following the 140 billion merger of Citicorp and Travelers Group to create the world s largest financial services organization 22 51 The history of the company is divided into several firms that eventually amalgamated into Citicorp a multinational banking corporation operating in more than 100 countries or Travelers Group whose businesses covered credit services consumer finance brokerage and insurance The company s history dates back to the founding of the City Bank of New York later Citibank in 1812 Bank Handlowy in 1870 Smith Barney in 1873 Banamex in 1884 Salomon Brothers in 1910 52 Citicorp 1812 1985 Edit City Bank of New York was chartered by New York State on June 16 1812 with 2 million of capital 53 54 Serving a group of New York merchants the bank opened for business on September 14 of that year citation needed and Samuel Osgood was elected as the first President of the company 53 The company s name was changed to The National City Bank of New York in 1865 after it joined the new U S national banking system 53 and it became the largest American bank by 1895 citation needed It became the first contributor to the Federal Reserve Bank of New York in 1913 and the following year it inaugurated the first overseas branch of a U S bank in Buenos Aires 55 although the bank had been active in plantation economies such as the Cuban sugar industry since the mid 19th century citation needed The 1918 purchase of U S overseas bank International Banking Corporation helped it become the first American bank to surpass 1 billion in assets 56 During the United States occupation of Haiti and the bank s income from Haiti s loan debt related to the Haiti indemnity controversy the bank earned some of its largest gains in the 1920s due to debt payments from Haiti becoming the largest commercial bank in the world in 1929 56 57 As it grew the bank became an innovator in financial services becoming the first major U S bank to offer compound interest on savings 1921 unsecured personal loans 1928 customer checking accounts 1936 and the negotiable certificate of deposit 1961 56 58 59 The bank merged with First National Bank of New York in 1955 becoming the First National City Bank of New York in 1955 The New York was dropped in 1962 on the 150th anniversary of the company s foundation 56 The company organically entered the leasing and credit card sectors and its introduction of U S dollar denominated certificates of deposit in London marked the first new negotiable instrument in the market since 1888 The bank introduced its First National City Charge Service credit card popularly known as the Everything card and later to become MasterCard in 1967 56 Also in 1967 First National City Bank was reorganized as a one bank holding company First National City Corporation or Citicorp for short The bank had been nicknamed Citibank since the 1860s when it began using this as an eight letter wire code address 60 In 1974 under the leadership of CEO Walter B Wriston First National City Corporation changed its formal name to Citicorp with First National City Bank being formally renamed Citibank in 1976 60 Shortly afterwards the bank launched the Citicard which pioneered the use of 24 hour ATMs 56 John S Reed was elected CEO in 1984 and Citi became a founding member of the CHAPS clearing house in London Under his leadership the next 14 years would see Citibank become the largest bank in the United States and the largest issuer of credit cards and charge cards in the world and expand its global reach to over 90 countries 56 58 59 61 Credit cards Edit Credit cards at this time had an annual fee 62 which they raised more than once 63 Travelers Group 1986 2007 Edit The corporate logo of Travelers Inc 1993 1998 prior to the merger with Citicorp Travelers Group at the time of the merger was a diverse group of financial concerns that had been brought together under CEO Sandy Weill Its roots came from Commercial Credit a subsidiary of Control Data Corporation that was taken private by Weill in November 1986 after taking charge of the company earlier that year 22 Two years later Weill mastered the buyout of Primerica Financial Services a conglomerate that had already bought life insurance company A L Williams as well as brokerage firm Smith Barney The new company took the Primerica name and employed a cross selling strategy such that each of the entities within the parent company aimed to sell each other s services Its non financial businesses were spun off In September 1992 Travelers Insurance which had suffered from poor real estate investments 22 and sustained significant losses in the aftermath of Hurricane Andrew 64 formed a strategic alliance with Primerica that would lead to its amalgamation into a single company in December 1993 With the acquisition the group became Travelers Inc Property amp casualty and life amp annuities underwriting capabilities were added to the business Meanwhile the distinctive Travelers red umbrella logo which was also acquired in the deal was applied to all the businesses within the newly named organization During this period Travelers acquired Shearson Lehman a retail brokerage and asset management firm that was headed by Weill until 1985 22 and merged it with Smith Barney Ownership of Salomon Brothers 1997 2003 Edit In November 1997 Travelers Group which had been renamed again in April 1995 when they merged with Aetna Property and Casualty Inc acquired Salomon Brothers a major bond dealer and bulge bracket investment bank in a 9 billion transaction 65 This deal complemented Travelers Smith Barney well as Salomon was focused on fixed income and institutional clients whereas Smith Barney was strong in equities and retail Salomon Brothers absorbed Smith Barney into the new securities unit termed Salomon Smith Barney a year later the division incorporated Citicorp s former securities operations as well The Salomon Smith Barney name was abandoned in October 2003 after a series of financial scandals that tarnished the bank s reputation 66 Merger of Citicorp and Travelers 1998 2001 Edit On April 6 1998 the merger between Citicorp and Travelers Group was announced to the world creating a 140 billion firm with assets of almost 700 billion 22 The deal would enable Travelers to market mutual funds and insurance to Citicorp s retail customers while giving the banking divisions access to an expanded client base of investors and insurance buyers In the transaction Travelers Group acquired all Citicorp shares for 70 billion in stock issuing 2 5 new Citigroup shares for each Citicorp share Existing shareholders of each company owned about half of the new firm 22 While the new company maintained Citicorp s Citi brand in its name it adopted Travelers distinctive red umbrella as the new corporate logo which was used until 2007 67 The chairmen of both parent companies John S Reed and Sandy Weill respectively were announced as co chairmen and co CEOs of the new company Citigroup Inc although the vast difference in management styles between the two immediately presented question marks over the wisdom of such a setup The remaining provisions of the Glass Steagall Act enacted following the Great Depression forbade banks to merge with insurance underwriters and meant Citigroup had between two and five years to divest any prohibited assets Weill stated at the time of the merger that they believed that over that time the legislation will change we have had enough discussions to believe this will not be a problem 22 Indeed the passing of the Gramm Leach Bliley Act in November 1999 vindicated Reed and Weill s views opening the door to financial services conglomerates offering a mix of commercial banking investment banking insurance underwriting and brokerage 68 Joe J Plumeri worked on the post merger integration of the two companies and was appointed CEO of Citibank North America by Weill and Reed He oversaw its network of 450 branches 69 J Paul Newsome an analyst with CIBC Oppenheimer said He s not the spit and polish executive many people expected He s rough on the edges But Citibank knows the bank as an institution is in trouble it can t get away anymore with passive selling and Plumeri has all the passion to throw a glass of cold water on the bank 70 Plumeri boosted the unit s earnings from 108 million to 415 million in one year an increase of nearly 300 71 72 He unexpectedly retired from Citibank in January 2000 69 In 2000 Citigroup acquired Associates First Capital Corporation for 31 1 billion in stock 73 which until 1989 had been owned by Gulf Western now part of National Amusements 74 and later by Ford Motor Credit Company 75 The Associates was widely criticized for predatory lending practices and Citi eventually settled with the Federal Trade Commission by agreeing to pay 240 million to customers who had been victims of a variety of predatory practices including flipping mortgages packing mortgages with optional credit insurance and deceptive marketing practices 76 77 In 2001 Citigroup made additional acquisitions European American Bank in July for 1 9 billion 78 79 80 81 82 and Banamex in August for 12 5 billion 83 84 85 Spin off of Travelers 2002 Edit The current logo for Travelers Companies The company spun off its Travelers Property and Casualty insurance underwriting business in 2002 86 The spin off was prompted by the insurance unit s drag on Citigroup stock price because Travelers earnings were more seasonal and vulnerable to large disasters and events such as the September 11 attacks It was also difficult to sell insurance directly to its customers since most customers were accustomed to purchasing insurance through a broker 87 88 Travelers merged with The St Paul Companies Inc in 2004 forming The St Paul Travelers Companies 89 90 Citigroup retained the life insurance and annuities underwriting businesses until it sold them to MetLife in 2005 91 Citigroup still sells life insurance through Citibank but it no longer underwrites insurance 92 In spite of divesting Travelers Insurance Citigroup retained Travelers signature red umbrella logo as its own until February 2007 when Citigroup agreed to sell the logo back to St Paul Travelers 93 which renamed itself Travelers Companies Citigroup also decided to adopt the corporate brand Citi for itself and virtually all its subsidiaries except Primerica and Banamex Subprime mortgage crisis 2007 Edit Heavy exposure to troubled mortgages in the form of collateralized debt obligation CDOs compounded by poor risk management led Citigroup into trouble as the subprime mortgage crisis worsened in 2007 The company had used elaborate mathematical risk models which looked at mortgages in particular geographical areas but never included the possibility of a national housing downturn or the prospect that millions of mortgage holders would default on their mortgages Trading head Thomas Maheras was close friends with senior risk officer David Bushnell which undermined risk oversight 94 95 As Treasury Secretary Robert Rubin was said to be influential in lifting the Glass Steagall Act that allowed Travelers and Citicorp to merge in 1998 Then on the board of directors of Citigroup Rubin and Charles Prince were said to be influential in pushing the company towards MBS and CDOs in the subprime mortgage market Starting in June 2006 Senior Vice President Richard M Bowen III the chief underwriter of Citigroup s Consumer Lending Group began warning the board of directors about the extreme risks being taken on by the mortgage operation that could potentially result in massive losses The group bought and sold 90 billion of residential mortgages annually Bowen s responsibility was essential to serve as the quality control supervisor ensuring the unit s creditworthiness When Bowen first became a whistleblower in 2006 60 of the mortgages were defective The number of bad mortgages began increasing throughout 2007 and eventually exceeded 80 of the volume Many of the mortgages were not only defective but were a result of mortgage fraud Bowen attempted to rouse the board via weekly reports and other communications On November 3 2007 Bowen emailed Citigroup Chairman Robert Rubin and the bank s chief financial officer head auditor and the chief risk management officer to again expose the risk and potential losses claiming that the group s internal controls had broken down and requesting an outside investigation of his business unit The subsequent investigation revealed that the Consumer Lending Group had suffered a breakdown of internal controls since 2005 Despite the findings of the investigation Bowen s charges were ignored even though withholding such information from shareholders violated the Sarbanes Oxley Act SOX which he had pointed out Citigroup CEO Charles Prince signed a certification that the bank was in compliance with SOX despite Bowen revealing this wasn t so Citigroup eventually stripped Bowen of most of his responsibilities and informed him that his physical presence was no longer required at the bank The Financial Crisis Inquiry Commission asked him to testify about Citigroup s role in the mortgage crisis and he did so appearing as one of the first witnesses before the Commission in April 2010 96 As the crisis began to unfold Citigroup announced on April 11 2007 that it would eliminate 17 000 jobs or about 5 percent of its workforce in a broad restructuring designed to cut costs and bolster its long underperforming stock 97 Even after securities and brokerage firm Bear Stearns ran into serious trouble in summer 2007 Citigroup decided the possibility of trouble with its CDOs was so tiny less than 1 100 of 1 that they excluded them from their risk analysis With the crisis worsening Citigroup announced on January 7 2008 that it was considering cutting another 5 percent to 10 percent of its 327 000 member workforce 98 99 Collapse and US government intervention 2008 Edit By July 2008 Citigroup was described as struggling 100 and by November they were insolvent despite their receipt of 25 billion in taxpayer funded federal Troubled Asset Relief Program funds On November 17 2008 Citigroup announced plans for about 52 000 new job cuts on top of 23 000 cuts already made during 2008 in a huge job cull resulting from four quarters of consecutive losses and reports that it was unlikely to be in profit again before 2010 The same day on Wall Street markets responded with shares falling and dropping the company s market capitalization to 6 billion down from 300 billion two years prior 101 Eventually staff cuts totaled over 100 000 employees 102 Its stock market value dropped to 20 5 billion down from 244 billion two years earlier 101 Shares of Citigroup common stock traded well below 1 00 on the New York Stock Exchange As a result late in the evening on November 23 2008 Citigroup and Federal regulators approved a plan to stabilize the company and forestall a further deterioration in the company s value On November 24 2008 the U S government announced a massive bailout for Citigroup designed to rescue the company from bankruptcy while giving the government a major say in its operations A joint statement by the US Treasury Department the Federal Reserve and the Federal Deposit Insurance Corporation FDIC announced With these transactions the U S government is taking the actions necessary to strengthen the financial system and protect U S taxpayers and the U S economy 103 104 105 106 TARP funding Edit Citi received the largest amount of TARP funding a larger bailout than any other U S bank 107 The bailout called for the government to back about 306 billion in loans and securities and directly invest about 20 billion in the company The Treasury provided 20 billion in Troubled Asset Relief Program TARP funds in addition to 25 billion given in October The Treasury Department the Federal Reserve and the FDIC agreed to cover 90 of the losses on Citigroup s 335 billion portfolio after Citigroup absorbed the first 29 billion in losses The Treasury would assume the first 5 billion in losses the FDIC would absorb the next 10 billion then the Federal Reserve would assume the rest of the risk The assets remained on Citigroup s balance sheet the technical term for this arrangement is ring fencing In return the bank gave the U S Treasury 27 billion of preferred shares and warrants to acquire common stock The government obtained wide powers over banking operations Citigroup agreed to try to modify mortgages using standards set up by the FDIC after the collapse of IndyMac Bank with the goal of keeping as many homeowners as possible in their houses Executive salaries would be capped 108 As a condition of the federal assistance Citigroup s dividend payment was reduced to 0 01 per share In a The New York Times op ed Michael Lewis and David Einhorn described the November 2008 306 billion guarantee as an undisguised gift without any real crisis motivating it 109 According to The Wall Street Journal the government aid provided to Citi in 2008 2009 was provided to prevent a worldwide chaos and panic by the potential collapse of its Global Transactions Services now TTS division According to the article former CEO Pandit said if Citigroup was allowed to unravel into bankruptcy 100 governments around the world would be trying to figure out how to pay their employees 110 111 112 According to New York Attorney General Andrew Cuomo Citigroup paid hundreds of millions of dollars in bonuses to more than 1 038 of its employees after it had received its 45 billion TARP funds in late 2008 This included 738 employees each receiving 1 million in bonuses 176 employees each receiving 2 million bonuses 124 each receiving 3 million in bonuses and 143 each receiving bonuses of 4 million to more than 10 million 113 As a result of the criticism and the U S Government s majority holding of Citigroup s common stock compensation and bonuses were restricted from February 2009 until December 2010 114 In 2009 Jane Fraser the CEO of Citi Private Bank stopped paying its bankers with a commission for selling investment products in a move to bolster Citi Private Bank s reputation as an independent wealth management adviser as opposed to a product pusher 115 Creation of Citi Holdings 2009 Edit On January 16 2009 Citigroup announced its intention to reorganize itself into two operating units Citicorp for its retail and institutional client business and Citi Holdings for its brokerage and asset management 116 Citigroup will continue to operate as a single company for the time being but Citi Holdings managers will be tasked to take advantage of value enhancing disposition and combination opportunities as they emerge 116 and eventual spin offs or mergers involving either operating unit were not ruled out 117 Citi Holdings consists of Citi businesses that Citi wants to sell and are not considered part of Citi s core businesses The majority of its assets are U S mortgages It was created in the wake of the financial crisis as part of Citi s restructuring plan It consists of several business entities including remaining interests in local consumer lending such as OneMain Financial divestitures such as Smith Barney and a special asset pool Citi Holdings represents 156 billion of GAAP assets or 8 of Citigroup 59 represents North American mortgages 18 operating businesses 13 special asset pool and 10 categorized as other Operating businesses include OneMain Financial 10B PrimeRe 7B MSSB JV 8B and Spain Greece retail 4B less associated loan loss reserves While Citi Holdings is a mixed bag its primary objective is to wind down some non core businesses and reduce assets and strategically breaking even in 2015 118 On February 27 2009 Citigroup announced that the U S government would take a 36 equity stake in the company by converting US 25 billion in emergency aid into common stock with a United States Treasury credit line of 45 billion to prevent the bankruptcy of the company 119 The government guaranteed losses on more than 300 billion of troubled assets and injected 20 billion immediately into the company The salary of the CEO was set at 1 per year and the highest salary of employees was restricted to 500 000 Any compensation amount above 500 000 had to be paid with restricted stock that could not be sold by the employee until the emergency government aid was repaid in full 120 121 The U S government also gained control of half the seats in the Board of Directors and the senior management was subjected to removal by the US government if there were poor performance By December 2009 the U S government stake was reduced from a 36 stake to a 27 stake after Citigroup sold 21 billion of common shares and equity in the largest single share sale in U S history surpassing Bank of America s 19 billion share sale 1 month prior By December 2010 Citigroup repaid the emergency aid in full and the U S government had made a 12 billion profit on its investment in the company 122 Government restrictions on pay and oversight of the senior management were removed after the U S government sold its remaining 27 stake in December 2010 123 On June 1 2009 it was announced that Citigroup would be removed from the Dow Jones Industrial Average effective June 8 2009 due to significant government ownership Citigroup was replaced by Travelers Co 124 125 Sale of Smith Barney 2009 Edit Smith Barney Citi s global private wealth management unit provided brokerage investment banking and asset management services to corporations governments and individuals around the world With over 800 offices worldwide Smith Barney held 9 6 million domestic client accounts representing 1 562 trillion in client assets worldwide On January 13 2009 Citi announced the merger of Smith Barney with Morgan Stanley Wealth Management Citi received 2 7 billion and a 49 interest in the joint venture 126 127 128 In June 2013 Citi sold its remaining 49 stake in Smith Barney to Morgan Stanley Wealth Management for 13 5 billion following an appraisal by Perella Weinberg 129 130 Return to profitability denationalization 2010 Edit In 2010 Citigroup achieved its first profitable year since 2007 It reported 10 6 billion in net profit compared with a 1 6 billion loss in 2009 131 Late in 2010 the government sold its remaining stock holding in the company yielding an overall net profit to taxpayers of 12 billion 132 A special IRS tax exception given to Citi allowed the US Treasury to sell its shares at a profit while it still owned Citigroup shares which eventually netted 12 billion According to Treasury spokeswoman Nayyera Haq This IRS tax rule was designed to stop corporate raiders from using loss corporations to evade taxes and was never intended to address the unprecedented situation where the government owned shares in banks And it was certainly not written to prevent the government from selling its shares for a profit 133 Expansion of retail banking operations 2011 Edit In 2011 Citi was the first bank to introduce digitized Smart Banking branches in Washington D C New York Tokyo and Busan South Korea while it continued renovating its entire branch network 134 135 New sales and service centers were also opened in Moscow and St Petersburg Citi Express modules 24 hour service units were introduced in Colombia Citi opened additional branches in China expanding its branch presence to 13 cities in China 136 Expansion of credit card operations 2011 Edit Citi Branded Cards introduced several new products in 2011 including Citi ThankYou Citi Executive AAdvantage and Citi Simplicity cards in the U S It also has Latin America partnership cards with Colombia based airline Avianca and with Banamex and AeroMexico and a merchant loyalty program in Europe Citibank is also the first and currently the only international bank to be approved by Chinese regulators to issue credit cards under its own brand without cooperating with Chinese state owned domestic banks 137 Chinese investment banking joint venture 2012 Edit In 2012 the Global Markets division and Orient Securities formed Citi Orient Securities a Shanghai based equity and debt brokerage operating in the Chinese market 138 Federal Reserve stress tests 2012 2016 Edit On March 13 2012 the Federal Reserve reported Citigroup is one of the four financial institutions out of 19 major banks that failed its stress tests designed to measure bank capital during a financial crisis The 2012 stress tests determined whether banks could withstand a financial crisis that has unemployment at 13 stock prices to be cut in half and home prices decreased by 21 139 Citi failed the Fed stress tests due to Citi s high capital return plan and its international loans which were rated by the Fed to be at higher risk than its domestic American loans 140 141 142 143 Citi received half of its revenues from its international businesses In comparison Bank of America which passed the stress test and did not ask for a capital return to investors received 78 of its revenue in the United States 144 By June 2012 the year of Citi s 200th anniversary Citigroup had built up 420 billion in surplus cash reserves and government securities 145 As of March 31 2012 Citi had a Tier 1 capital ratio of 12 4 146 This was a result of selling more than 500 billion of its special assets placed in Citi Holdings which were guaranteed from losses by the US Treasury while under federal majority ownership 147 In 2013 Sanjiv Das was replaced as head of CitiMortgage with Jane Fraser former head of Citi Private Bank 148 On March 26 2014 the Federal Reserve Board of Governors reported that Citigroup was one of the 5 financial institutions that failed its stress tests Unlike in the failed stress test in 2012 Citigroup failed on qualitative concerns that were unresolved despite regulatory warnings The report specifically stated that Citigroup failed to project revenues and losses under a stressful scenario for material parts of the firm s global operations and its ability to develop scenarios for its internal stress testing that adequately reflects its full range business activities and exposures 149 150 151 On March 11 2015 Citi has passed its first CCAR test 152 allowing it to raise its dividend to 5 cent a share and unveiling a plan for a 7 8 billion share repurchase 153 In February 2016 the company was subject to a lawsuit as a result of the bankruptcy of a Mexican oil services firm 154 In April 2016 Citigroup announced that it would eliminate its bad bank Citi Holdings 155 On June 23 2016 Federal Reserve handed Citi a passing grade on its stress test the second time in a row giving permission to triple its dividend to 16 cents a share and approving an 8 6 billion stock repurchase program 156 Spin off of Napier Park Global Capital 2013 Edit Citi Capital Advisors CCA formerly Citi Alternative Investments was a hedge fund that offered various investment strategies across multiple asset classes To comply with the Volcker Rule which limits bank ownership in hedge funds to no more than 3 Citi spun off its hedge fund unit in 2013 and gave a majority of the company to its managers 157 The spin off of CCA created Napier Park Global Capital a 6 8 billion hedge fund with more than 100 employees in New York and London and managed by Jim O Brien and Jonathan Dorfman 158 159 160 161 Downsizing of consumer banking unit 2014 Edit In October 2014 Citigroup announced its exit from consumer banking in 11 markets including Costa Rica El Salvador Guatemala Nicaragua Panama Peru Japan Guam the Czech Republic Egypt South Korea consumer finance only and Hungary 162 163 2015 onwards Edit In May 2015 the bank announced the sale of its margin foreign exchange business including CitiFX Pro and TradeStream to FXCM and SAXO Bank of Denmark Despite this deal industry surveys pegged Citi as the biggest banking player in the forex market The company s remaining foreign exchange sales amp trading businesses continued operating in the wake of this deal under the leadership of James Bindler who succeeded Jeff Feig as the firm s global head of foreign exchange in 2014 164 165 In November 2015 Springleaf acquired OneMain Financial from Citigroup 166 167 In February 2016 Citi sold its retail and commercial banking operations in Panama and Costa Rica to the Bank of Nova Scotia Scotiabank for 360 million The operations sold include 27 branches serving approximately 250 000 clients Citi continues to offer corporate and institutional banking and wealth management in Panama and Costa Rica 168 On April 1 Citigroup became the exclusive issuer of Costco branded credit cards 169 In April 2016 Citi was given regulatory approval for its living will its plans to shut down operations in the event of another financial crisis 170 In response to the COVID 19 pandemic Citi provided support to cardholders including waiving late fees 171 It also announced that some lower paid employees would receive a one off payment of US 1 000 to help them through the crisis 172 This was not just limited to the US In Singapore where Citi had a large operation low paid staff would receive S 1 200 173 In August 2020 Citi mistakenly wired 900 million to the creditors of one of its clients the American cosmetics corporation Revlon Citi sued to get most of the money back but as of June 2022 had been unsuccessful 174 In October the same year Citigroup was fined 400 million by the US bank regulators as a result of their risk in control systems and was ordered to update their technology The company will have four months to make a new plan and submit it to the Federal Reserve 175 needs update Combination of Markets amp Securities Services 2019 Edit In 2019 Citi combined its Global Markets and Securities Services business into Markets amp Securities Services which includes broad trading and execution capabilities in addition to custody clearing financing and hedging services 176 Shrinking of consumer banking unit 2021 2022 Edit In April 2021 Citi announced it would exit its consumer banking operations in 13 markets including Australia Bahrain China India Indonesia South Korea Malaysia the Philippines Poland Russia Taiwan Thailand and Vietnam Citi will continue to operate its consumer banking businesses in the USA Canada Europe and in only 4 other markets Hong Kong Singapore London and the UAE across the entire APAC and EMEA regions 177 In January 2022 Citi further announced its plan to exit consumer banking in Mexico as well as small business and middle market banking operations 178 On March 1 2022 Citi disclosed an exposure of over 10bn in Russian assets which may be materially affected by Russia s expulsion from the SWIFT banking system 179 In September 2022 Citi was planning to shutter its retail bank business in the United Kingdom 180 Involvement in controlling the sale of guns Edit In 2018 The New York Times reported about Citi s actions under the direction of CEO Michael Corbat to intervene in the matter of gun control In particular their credit card policies were set to restrict the sale of guns below age 21 181 Offices Edit Citigroup EMEA headquarters at the Citigroup Centre London Canary Wharf London Citigroup Centre Sydney New York City Edit Citigroup Center a diagonal roof skyscraper located in Midtown Manhattan New York City is Citigroup s most famous office building which despite popular belief is not the company s headquarters building Citigroup has its headquarters located in downtown Tribeca 388 Greenwich 182 Citigroup also owns a building in Tribeca Manhattan at 388 Greenwich Street that serves as headquarters for its Investment and Corporate Banking operations and was the former headquarters of the Travelers Group 183 All of Citigroup s New York City real estate excluding the company s Smith Barney division and Wall Street trading division lies along the New York City Subway s IND Queens Boulevard Line served by the E and M trains Consequently the company s Midtown buildings including 787 Seventh Avenue 666 Fifth Avenue 399 Park Avenue 485 Lexington 153 East 53rd Street Citigroup Center in Manhattan and One Court Square in Long Island City Queens are all on the short four stop corridor of the Queens Boulevard Line between Court Square and Seventh Avenue 184 Naming rights to Citi Field Edit Citigroup owns the naming rights to Citi Field the home ballpark of the New York Mets Major League Baseball team via a 400 million 20 year deal that commenced with the stadium opening in 2009 185 186 Chicago Edit Citigroup Center Chicago Citicorp Center in Chicago has a series of curved archways at its peak and sits across the street from major competitor ABN AMRO s ABN AMRO Plaza It has shops and restaurants serving Metra customers via the Ogilvie Transportation Center 187 Sioux Falls Edit Citibank moved its credit card operations to Sioux Falls South Dakota in 1981 after that state eliminated caps on interest rates 188 62 In 2013 Citibank employed 2 900 in Sioux Falls and is one of the largest employers in the city In 2018 they began building a new headquarters that will be 150 000 square feet of office space on a 19 acre campus 189 Regulatory action lawsuits and arbitration EditIn 2004 Japanese regulators took action against Citibank Japan loaning to a customer involved in stock manipulation The regulator suspended bank activities in one branch and three offices and restricted their consumer banking division In 2009 Japanese regulators again took action against Citibank Japan because the bank had not set up an effective money laundering monitoring system The regulators suspended sales operations within Citibank s retail banking for a month 190 On March 23 2005 the National Association of Securities Dealers the former name of the American self regulatory organization for broker dealers now known as the Financial Industry Regulatory Authority FInRA announced total fines of 21 25 million against Citigroup Global Markets Inc American Express Financial Advisors and Chase Investment Services regarding suitability and supervisory violations of their mutual fund sales practices between January 2002 and July 2003 The case against Citigroup involved recommendations and sales of Class B and Class C shares of mutual funds 191 On June 6 2007 FInRA announced more than 15 million in fines and restitution against Citigroup Global Markets Inc to settle charges related to misleading documents and inadequate disclosure in retirement seminars and meetings for BellSouth Corp employees in North Carolina and South Carolina FInRA found that Citigroup did not properly supervise a team of brokers located in Charlotte N C who used misleading sales materials during dozens of seminars and meetings for hundreds of BellSouth employees 192 In July 2010 Citigroup agreed to pay 75 million to settle civil charges that it misled investors over potential losses from high risk mortgages The U S Securities and Exchange Commission said that Citigroup had made misleading statements about the company s exposure to subprime mortgages In 2007 Citigroup indicated that its exposure was less than 13 billion when in fact it was over 50 billion 193 194 In April 2011 an arbitration panel ordered Citigroup Inc to pay 54 1 million for losses from municipal securities funds that cratered between 2007 and 2008 195 In August 2012 Citigroup agreed to pay almost 25 million to settle an investor lawsuit alleging the bank misled investors about the nature of mortgage backed securities The lawsuit was on behalf of investors who purchased certificates in one of two mortgage backed securities trusts from Citigroup Mortgage Loan Trust Inc in 2007 196 In February 2012 Citigroup agreed to pay 158 3 million to settle claims that it falsely certified the quality of loans issued by its CitiMortgage unit over a period of more than six years so that they would qualify for insurance from the Federal Housing Administration The lawsuit was initially brought by Sherry Hunt a CitiMortgage employee 197 198 On February 9 2012 it was announced that the five largest mortgage servicers Ally GMAC Bank of America Citi JPMorgan Chase and Wells Fargo agreed to a historic settlement with the federal government and 49 states 199 The settlement known as the National Mortgage Settlement NMS required the servicers to provide about 26 billion in relief to distressed homeowners and in direct payments to the states and the federal government This settlement amount makes the NMS the second largest civil settlement in U S history only trailing the Tobacco Master Settlement Agreement 200 The five banks were also required to comply with 305 new mortgage servicing standards Oklahoma held out and agreed to settle with the banks separately In 2014 Citigroup agreed to pay 7 billion to resolve claims it misled investors about shoddy mortgage backed securities in the run up to the financial crisis Attorney General Eric H Holder Jr said The bank s misconduct was egregious As a result of their assurances that toxic financial products were sound Citigroup was able to expand its market share and increase profits and that the settlement did not absolve the bank or its employees from facing criminal charges 201 In July 2015 Citigroup was fined 70 million by the United States Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency and ordered to pay 700 million to customers Citigroup had conducted illegal practices in marketing add on products for credit cards including credit monitoring debt protection products and wallet protection services 202 203 In January 2017 Citigroup Global Markets Inc was fined 25 million by the Commodity Futures Trading Commission for order spoofing in U S Treasury futures markets i e placing orders that were intended to be canceled before execution and for failing to diligently supervise its employees with regard to spoofing 204 Enron WorldCom and Global Crossing bankruptcies Edit On October 22 2001 Citigroup was sued for violating federal securities laws by misrepresenting Citigroup s Enron related exposure in its 2001 Annual Report and elsewhere and failing to disclose the true extent of Citigroup s legal liability arising out of its structured finance deals with Enron 205 In 2003 Citigroup paid 145 million in fines and penalties to settle claims by the Securities and Exchange Commission and the Manhattan district attorney s office 206 In 2004 Citigroup paid 2 65 billion pre tax or 1 64 billion after tax to settle a lawsuit concerning its role in selling stocks and bonds for WorldCom the second largest telecommunications company in the world which collapsed after an accounting scandal 207 208 209 210 On February 5 2002 Citigroup was sued for violating federal securities laws and misleading investors by issuing false information about Global Crossing s revenues and financial performance In 2005 Citigroup paid 75 million to settle the lawsuit 211 Citigroup was accused of issuing exaggerated research reports and not disclosing conflicts of interest 212 213 In 2005 Citigroup paid 2 billion to settle a lawsuit filed by investors in Enron 214 215 In 2008 Citi also agreed to pay 1 66 billion to Enron creditors 216 217 218 On November 8 2007 Citigroup was sued for financial misrepresentations and omissions of what amounted to more than two years of income and an entire line of business In 2012 the company paid 590 million to settle the case 219 220 Senior leadership EditChairman John Dugan since January 2019 Chief executive officer Jane Fraser since March 2021 Chief financial officer Mark Mason since February 2019 221 Chief Compliance Officer Mary McNiff since June 2020 222 List of former chairmen Edit This list only contains chairmen since the formation of Citigroup in 1998 for a full list of chairmen including Citigroup s predecessors please see List of chairmen of Citigroup John Reed and Sandy Weill 1998 2000 Sandy Weill 2000 2006 Charles Prince 2006 2007 Sir Win Bischoff 2007 2009 Dick Parsons 2009 2012 Michael O Neill 2012 2019 List of former chief executives Edit This list only contains chief executives since the formation of Citigroup in 1998 Sandy Weill 1998 2003 Charles Prince 2003 2007 Vikram Pandit 2007 2012 Michael Corbat 2012 2021 CEO to worker pay ratio Edit Pursuant to Section 953 b of the Dodd Frank Wall Street Reform and Consumer Protection Act publicly traded companies are required to disclose 1 the median total annual compensation of all employees other than the CEO and 2 the ratio of the CEO s annual total compensation to that of the median employee 223 Total 2018 compensation for Michael Corbat CEO amounted to 24 195 749 and total compensation of the median employee was determined to be 49 766 The resulting pay ratio is estimated to be 486 1 224 Criticism EditCriminal cartel charges in Australia Edit On June 1 2018 the Australian Competition and Consumer Commission ACCC announced that criminal cartel charges are expected to be laid by the Commonwealth Director of Public Prosecutions CDPP against ANZ Bank its Group Treasurer Rick Moscati along with Deutsche Bank Citigroup and a number of individuals 225 Conflicts of interest on investment research Edit In December 2002 Citigroup paid fines totaling 400 million to states and the federal government as part of a settlement involving charges that ten banks including Citigroup deceived investors with biased research The total settlement with the ten banks was 1 4 billion The settlement required that the banks separate investment banking from research and ban any allocation of IPO shares 226 Citigroup proprietary government bond trading scandal of 2004 Edit Citigroup was criticized for disrupting the European bond market by rapidly selling 11 billion worth of bonds on August 2 2004 on the MTS Group trading platform driving down the price and then buying it back at cheaper prices 227 Plutonomy report Edit A leaked 2005 report prepared by Citi global strategists for their investor clients documented the imbalance of wealth between the top 1 and the bottom 60 of Anglo American viz United States United Kingdom and Canada households Six drivers and other economic measurements such as income and savings rates were also studied and included in what was described as an ongoing bio technological revolution capitalist friendly governments and tax regimes both powered by and consumed by the wealthy 228 229 230 231 the Middle Class was not its focus 2001 2009 Edit Terra Securities scandal In November 2007 it became public that Citigroup was heavily involved in the Terra Securities scandal 232 233 Allegations of theft from customer accounts In August 2008 Citigroup agreed to pay nearly 18 million in refunds and fines to settle accusations by California Attorney General Jerry Brown that as revealed by a whistleblower in 2001 Citi wrongly took funds from the accounts of credit card customers 234 2010 2019 Edit Shareholder rejection of executive compensation plan At Citi s 2012 annual shareholders meeting on April 17 Citi s executive compensation package was rejected with approximately 55 of the votes being against approval One of the largest and most activist of the shareholders ovoting no the California Public Employees Retirement System stated Citi has not anchored rewards to performance 235 236 237 238 239 240 Accusations of futures market manipulation Edit In January 2017 bank regulators fined Citigroup 25 million on account of five traders from the bank having manipulated U S Treasury futures more than 2 500 times between July 2011 and December 2012 Citigroup was criticized for failing to adequately supervise its traders and for not having systems in place to detect spoofing which involves entering fake orders designed to fool others into thinking prices are poised to rise or fall 241 Alleged money laundering by Raul Salinas Edit In 1998 the General Accounting Office issued a report critical of Citibank s handling of funds received from Raul Salinas de Gortari brother of Carlos Salinas the former president of Mexico The report titled Raul Salinas Citibank and Alleged Money Laundering indicated that Citibank facilitated the transfer of millions of dollars through complex financial transactions that hid the funds paper trail The report indicated that Citibank took on Salinas as a client without making a thorough inquiry as to how he made his fortune an omission that a Citibank official called a violation of the bank s know your customer policy 242 243 2020s Edit Failure to establish effective risk management In 2020 Citigroup agreed to pay 400 million to federal regulators over long standing concerns regarding Citigroup s failure to establish effective risk management 244 The Federal Reserve and the Office of the Comptroller of the Currency said that Citi had engaged in unsafe and unsound banking practices According to them Citi had failed to correct problems that had been known for years Failure to match paternity and maternity leave In 2020 Citi touted a big increase of its paternity leave when the company raised it to 4 weeks in Singapore Citi claimed it would drive greater gender equality 245 This compares with the New York Times which offer a minimum 10 weeks paternity leave for its American staff 246 247 248 Communications EditLobbying Edit Between 1998 and 2014 Citigroup spent nearly 100 million lobbying the federal government 249 As of 2008 Citigroup was the 16th largest political campaign contributor in the US out of all organizations according to OpenSecrets From 1989 to 2006 members of the firm donated over 23 033 490 49 of which went to Democrats and 51 of which went to Republicans 250 Matthew Vadum a senior editor at the conservative Capital Research Center acknowledged these figures but pointed out that Citigroup had been a longtime donor to left wing pressure groups and referred to a Capital Research Center Foundation Watch 2006 study of Fortune 100 foundation giving where Citigroup s foundation gave 20 times more money to groups on the left than to groups on the right during the tax year 2003 251 View of the Madrid office Citi has had a presence in Spain for more than a century and serves as the headquarters of Southern Europe 252 In 2014 Citigroup s PAC contributed 804 000 to campaigns of various members of Congress i e 162 members of the House including 72 Democrats where donations averaged about 5 000 per candidate Of the 57 Democrats supporting the 2015 Spending bill 34 had received campaign cash from Citigroup s PAC at some point since 2010 253 Citigroup s 2014 donations favored Republicans only slightly The bank s PAC had been nearly as generous to Democrats as Republicans 30 000 to the Democratic Congressional Campaign Committee the maximum and 10 000 to the New Democrat Coalition a group of moderate Democrats most of whom voted for the 2015 spending package Citibank s PAC made donations to both the campaigns and the leadership PACs of many top Democrats who voted for the 2015 spending bill including Steny Hoyer Md House Democratic Whip and Representatives Jim Himes D Conn and Debbie Wasserman Schultz D Florida 253 Public and governmental relations Edit In 2009 former chairman Richard Parsons hired long time Washington D C lobbyist Richard F Hohlt to advise him and the company about relations with the U S government though not to lobby for the company While some speculated anonymously that the Federal Deposit Insurance Corporation FDIC would have been a particular focus of Hohlt s attention Hohlt said he d had no contact with the government insurance corporation Some former regulators found room to criticize Hohlt s involvement with Citigroup because of his earlier involvement with the financial services industry during the savings and loan crisis of the 1980s Hohlt responded that though mistakes were made in the earlier episode he d never been investigated by any government agency and his experience gave him a reason to be back in the operating room as parties address the more recent crisis 254 In 2010 the company named Edward Skyler formerly in New York City government and at Bloomberg L P to its senior public and governmental relations position 255 Before Skyler was named and before he began his job search the company reportedly held discussions with three other individuals to fill the position NY Deputy Mayor Kevin Sheekey Mayor Michael Bloomberg s political guru who spearheaded his short lived flirtation with a presidential run who will soon leave City Hall for a position at the mayor s company Bloomberg L P After Mr Bloomberg s improbable victory in the 2001 mayor s race both Mr Skyler and Mr Sheekey followed him from his company to City Hall Since then they have been a part of an enormously influential coterie of advisers Howard Wolfson the former communications director for Hillary Clinton s presidential campaign and Mr Bloomberg s re election bid and Gary Ginsberg now at Time Warner and formerly at News Corporation 256 On March 21 2018 it was announced that Citigroup changed its policy to forbid its business customers from performing certain firearm related transactions The policy doesn t affect clients who offer credit cards backed by Citigroup or borrow money use banking services or raise capital through the company 257 One March 19 2020 Citi announced that it would support 2019 coronavirus pandemic relief with some US 15 million 258 Notable staff EditCurrent Edit Jane Fraser is a Scottish American banking executive She currently holds the position of CEO from March 2021 and was formerly president of Citi chief executive officer Global Consumer Banking 259 Educated at Girton College Cambridge and Harvard Business School she was a partner at McKinsey amp Company for 10 years before joining Citigroup in 2004 She has been promoted numerous times and acceded to four CEO posts the latest being CEO of Citigroup Latin America in April 2015 She was included on Fortune s Most Powerful Women in Business list in 2014 2015 and 2021 260 and has been called the Number 1 Woman to Watch for two consecutive years by American Banker Edward Skyler is an American politician and businessperson He was deputy mayor for operations for New York City the youngest deputy mayor in New York City s history In 2010 he was named executive vice president Global Public Affairs at Citigroup 261 Edward L Morse has been the global head of commodities research since 2011 Catherine L Mann has been the chief economist since 2018 Manuel Falco has been the global head of investment banking since 2018Former Edit Sanford I Weill was CEO from 1998 until October 1 2003 He was also one of the 25 people that Time magazine blamed for the financial crisis 262 Robert Rubin was an advisor and from 1999 to 2009 was a board director Rubin received total compensation of 126 million from Citigroup between 1999 and 2009 263 Charles Prince was CEO from 2003 to November 2007 Prince was famously quoted as saying Citigroup was still dancing just as the financial crisis hit 264 Vikram Pandit was CEO from December 2007 to October 2012 Willem Buiter was the chief economist from 2010 until 2018 Mark Carawan was chief compliance officer from 2012 until 2020 265 Michael Corbat was CEO from October 2012 to February 2021 See also Edit Banks portal Big Four banksReferences Edit Quarterly earnings report 4thQ 2021 PDF a b c d US SEC 2021 Form 10 K Citigroup Inc U S Securities and Exchange Commission February 28 2022 Retrieved August 30 2022 Citi Europe Middle East amp Africa Poland citigroup com Retrieved February 8 2019 Citi Latin America Argentina citigroup com Retrieved February 8 2019 Citi Australia citigroup com Retrieved February 8 2019 Citi North America United States USA citigroup com Retrieved February 8 2019 Citi Europe Middle East amp Africa Bahrain citigroup com Retrieved February 8 2019 Citi Asia Pacific China People s Republic of citigroup com Retrieved February 8 2019 Citi Europe Middle East amp Africa United Kingdom citigroup com Retrieved February 17 2019 About Our Private Banking Services Citi Private Bank privatebank citibank com Retrieved February 8 2019 Citi Asia Pacific Hong Kong citigroup com Retrieved February 8 2019 Citi Asia Pacific India citigroup com Retrieved February 8 2019 Citi Asia Pacific Japan citigroup com Retrieved February 8 2019 Citi Asia Pacific Indonesia citigroup com Retrieved February 8 2019 Citi Asia Pacific Korea citigroup com Retrieved February 13 2019 Citi Asia Pacific Malaysia citigroup com Retrieved February 8 2019 Citi Europe Middle East amp Africa Russia citigroup com Retrieved February 8 2019 Citi Asia Pacific Singapore citigroup com Retrieved February 8 2019 Citi Europe Middle East amp Africa Uganda citigroup com Retrieved February 8 2019 Citi Europe Middle East amp Africa United Arab Emirates citigroup com Retrieved February 8 2019 Citi Latin America Mexico citigroup com Retrieved February 8 2019 a b c d e f g h Martin Mitchell April 7 1998 Citicorp and Travelers Plan to Merge in Record 70 billion Deal The New York Times Citigroup to spin Travelers CNNMoney December 19 2001 ONeil Erin August 2 2016 The Biggest Banks in the United States The Balance Fortune 500 Citigroup Fortune Citigroup s 52 000 layoffs dupa will impact IT news idg no November 18 2008 Citigroup Form 8 K Current Report PDF U S Securities and Exchange Commission November 26 2008 Citi to Provide Trustee and Fund Administration Services to Sun Life s First ESG Fund in Hong Kong www citigroup com Retrieved June 16 2021 Sebastian Dave September 10 2020 Citigroup CEO Michael Corbat to Retire in February Jane Fraser Named Successor The Wall Street Journal Retrieved September 10 2020 Citigroup Material Legal Entities PDF Citigroup Primary Dealers List Federal Reserve Bank of New York Citi s Institutional Clients Group About Us Citigroup Citigroup Institutional Businesses Citigroup Citigroup Capital Markets Origination Citigroup Citigroup ICG Corporate and Investment Banking Citigroup Citigroup Markets amp Securities Services Citigroup Citi Research Citigroup Archived from the original on August 4 2012 Retrieved August 7 2012 Citibank Private Bank Citigroup Citigroup Treasury and Trade Solutions Citigroup Citigroup Global Consumer Banking Citigroup Global Financial Institution amp Corporate Banking Services Citigroup Citibank Launches Citigold Select for High Net Worth Clients The Financial Express India March 26 2008 Citigold Private Client Citigroup Citigold Private Client Singapore Citigroup Citigold Private Client Brochure PDF Citigroup Giannone Joseph A May 29 2012 Citi seeks its next act in wealth management Reuters Citigroup Consumer Businesses Credit Cards Citigroup Citi Retail Services Citigroup Citibank Online Commercial Banking Citigroup CitiMortgage Citigroup Martin Mitchell Tribune International Herald April 7 1998 Citicorp and Travelers Plan to Merge in Record 70 Billion Deal A New No 1 Financial Giants Unite The New York Times ISSN 0362 4331 Retrieved April 22 2020 Limited Essvale Corporation 2007 Business Knowledge for IT in Retail Banking A Complete Handbook for IT Professionals Essvale Corporation Limited ISBN 978 0 9554124 2 4 a b c Wile Rob The Dramatic Highlights From Citi s 200 Year History Business Insider Retrieved April 22 2020 Shin Sally June 16 2009 Today In Fast Money History June 16th cnbc com Retrieved April 22 2020 Jones Geoffrey Jones Isidor Straus Professor of Business History Geoffrey 2005 Multinationals and Global Capitalism From the Nineteenth to the Twenty First Century OUP Oxford ISBN 978 0 19 927209 9 a href Template Cite book html title Template Cite book cite book a first2 has generic name help a b c d e f g Citigroup History Archived from the original on May 4 2017 Retrieved April 10 2017 Gebrekidan Selam Apuzzo Matt Porter Catherine Meheut Constant May 20 2022 Invade Haiti Wall Street Urged The U S Obliged The New York Times ISSN 0362 4331 Retrieved May 24 2022 a b Enrich David Kapner Suzanne Fitzpatrick Dan October 17 2012 Pandit Ousted As CEO Of Citi The Wall Street Journal a b Craft Matthew October 16 2012 Citigroup picks veteran to replace Pandit as CEO Associated Press a b Citigroup at Reference for Business Mike Dorning April 17 1992 Citibank Bows to Trend Cuts Credit Card Rate Chicago Tribune Retrieved August 23 2022 a b Brian Riley October 14 2021 South Dakota Credit Card Haven or the Cayman Islands for Banks Retrieved August 23 2022 Robert A Bennett November 22 1986 Citicorp Cuts Credit Card Rate The New York Times Retrieved August 23 2022 Survival Insurance Time June 24 2001 Travelers Group Form 8 K Current Report U S Securities and Exchange Commission November 28 1997 Duronio Ben June 12 2012 Morgan Stanley Is Killing Smith Barney Here s The Story Of How It Died Business Insider Lamothe Keisha February 13 2007 Travelers buys back its red umbrella CNNMoney Heakal Reem July 16 2003 What Was The Glass Steagall Act Investopedia a b Joseph Plumeri to Leave Citigroup For Top Job at Nonfinancial Firm The Wall Street Journal December 3 1999 subscription required Nash Jeff April 19 1999 The Chief Preacher Joe Plumeri Citibank Finds Sales Religion Investment News Commerce adds Plumeri to Board of Directors American City Business Journals November 19 2003 Breaking with Tradition Willis Re energized PDF Risk Transfer Magazine Press release April 1 2004 Mcgeehan Patrick September 7 2000 Citigroup to Buy Associates First for 31 Billion The New York Times Citigroup Form 8 K Current Report U S Securities and Exchange Commission September 6 2000 Simnacher Joe August 13 1989 Associates Widens Ford s Road Chicago Tribune Citigroup Form 8 K Current Report Filing Date Oct 16 2002 secdatabase com Retrieved March 26 2013 Citigroup Settles FTC Charges Against the Associates Record Setting 215 million for Subprime Lending Victims Press release Federal Trade Commission September 19 2002 Gilpin Kenneth N February 13 2001 E A B Purchase Lets Citibank Expand Long Island Presence The New York Times Tharp Paul February 13 2001 Citi Swallows EAB Sandy Takes On J P Morgan Chase in NY New York Post Citibank to buy EAB CNNMoney February 12 2001 Citigroup to Buy European American Bank in Bid to Increase N Y Market Share Los Angeles Times February 13 2001 Citigroup Form 10 Q Quarterly Report U S Securities and Exchange Commission August 13 2001 Citigroup Form 8 K Current Report U S Securities and Exchange Commission May 17 2001 Atlas Riva D Weiner Tim May 18 2001 Citigroup to Buy Mexican Bank In a Deal Valued at 12 5 Billion The New York Times Day Kathleen May 18 2001 Citigroup to Buy Mexico s Banamex The Washington Post Citigroup Form 8 K Current Report U S Securities and Exchange Commission July 18 2002 Citigroup to spin Travelers CNNMoney December 19 2001 Citigroup to Spin Off Travelers Insurance Los Angeles Times December 20 2001 St Paul Travelers Merger Complete Press release Business Wire April 1 2004 Travelers Group Form 8 K Current Report Filing Date PDF U S Securities and Exchange Commission April 29 2004 Citigroup Form 8 K Current Report U S Securities and Exchange Commission January 31 2005 Citibank Insurance Citibank Citigroup Form 10 Q Quarterly Report PDF U S Securities and Exchange Commission October 31 2008 Thomas Landon Jr January 27 2008 What s 34 billion on Wall Street The New York Times Dash Eric Creswell Julie November 23 2008 Citigroup Saw No Red Flags Even as It Made Bolder Bets The New York Times Prosecuting Wall Street CBS News 60 Minutes December 5 2011 Retrieved September 23 2013 Citigroup Form 8 K Current Report U S Securities and Exchange Commission April 11 2007 Plumb Christian January 1 2008 Citi mulls cutting work force by 5 to 10 percent report Reuters Retrieved August 7 2008 Stempel Jonathan Wilchins Dan April 12 2007 Citigroup to slash 17 000 jobs Reuters Retrieved February 16 2011 dead link John Soat July 14 2008 Tomorrow s CIO Citi Piles It On InformationWeek p 24 a b Dash Eric Creswell Julie November 22 2008 Citigroup Saw No Red Flags Even as It Made Bolder Bets The New York Times Retrieved November 23 2008 Citigroup job cull to hit 75 000 BBC News November 17 2008 Retrieved November 17 2008 Enrich David Mollenkamp Carrick Rieker Matthias Paletta Damian Hilsenrath Jon November 24 2008 U S Agrees to Rescue Struggling Citigroup The Wall Street Journal subscription required FRB Press Release Joint statement by Treasury Federal Reserve and the FDIC on Citigroup Press release Federal Reserve Board of Governors November 23 2008 Citi dodges bullet CNNMoney November 23 2008 Wilchins Dan Stempel Jonathan November 23 2008 Citigroup gets massive government bailout Reuters Jennifer Surane February 26 2021 Citi s Corbat Has Parting Words Banking Is Quickly Changing Bloomberg Retrieved June 30 2022 Dash Eric November 23 2008 U S Approves Plan to Help Citigroup Weather Losses The New York Times Lewis Michael Einhorn David January 4 2009 How to Repair a Broken Financial World The New York Times subscription required Enrich David January 12 2010 Citi Unit Grows With Feds Help The Wall Street Journal subscription required Ovide Shira November 29 2010 The Overlooked Gem Inside Citigroup The Wall Street Journal subscription required Gelinas Nicole November 25 2008 The True Lessons Of Citi s Collapse New York Post Retrieved March 20 2018 Grocer Stephen July 30 2009 Wall Street Compensation No Clear Rhyme or Reason The Wall Street Journal subscription required The Special Master s Determinations for Executive Compensation of Companies Receiving Exceptional Assistance Under TARP PDF SIGTARP January 23 2012 Bart Katharina November 18 2010 Citi private bank targets doubled growth Marketwatch a b Citi to Reorganize into Two Operating Units to Maximize Value of Core Franchise Press release Citigroup January 16 2009 Dash Eric January 17 2009 Citigroup Reports Big Loss and a Breakup Plan The New York Times Citi Focus on Execution PDF Retrieved June 21 2013 Citigroup Form 8 K Current Report U S Securities and Exchange Commission February 27 2009 Andrews Edmund L Bajaj Vikas February 4 2009 U S Plans 500 000 Cap on Executive Pay in Bailouts The New York Times subscription required Weisman Jonathan Lublin Joann S February 4 2009 Obama Lays Out Limits on Executive Pay The Wall Street Journal subscription required Lawder David December 7 2010 U S exits Citigroup stake and earns 12 billion profit Reuters subscription required Aspan Maria January 21 2011 Citi CEO Pandit s salary soars to 1 75 million from 1 Reuters Browning E S June 1 2009 Travelers Cisco Replace Citi GM in Dow The Wall Street Journal subscription required Dow kicks out GM and Citigroup CNNMoney June 1 2009 Citigroup Form 8 K Current Report U S Securities and Exchange Commission January 14 2009 Citigroup Morgan Stanley Agree to Merge Brokerages CNBC January 13 2009 Citi and Morgan to merge brokerages CNNMoney January 13 2009 Moore Michael J June 29 2013 Morgan Stanley Completes Purchase of Smith Barney Venture Bloomberg L P Lucchetti Aaron October 16 2012 Pandit Missed Out on a Sweeter Smith Barney Deal The Wall Street Journal subscription required Guererra Francesco January 18 2011 Results mute celebrations at Citigroup Financial Times Archived from the original on December 10 2022 Dennis Brady December 7 2010 Government sells remaining shares in Citigroup investment to net 12 billion total profit for taxpayers The Washington Post Appelbaum Binyamin December 15 2009 U S gave up billions in tax money in deal for Citigroup s bailout repayment The Washington Post Citibank Opens Full Service Smart Banking Consumer Outlet at Chongqing Airport Press release Citigroup March 31 2011 Citibank Japan Ltd Announces Opening of First Smart Banking Branches in Citi s Global Network Press release Citigroup April 9 2010 Mak Liz April 15 2016 Why is Citi closing branches in China South China Morning Post Takada Kazunori February 6 2012 Citi gets approval to issue credit cards in China Reuters Siddiqui Adil August 13 2012 Citi Ties up With Chinese Stock Brokerage to Form Citi Orient Securities Finance Magnates Citigroup other big US banks flunk stress tests CBS News November 15 2012 Gongloff Mark March 13 2012 These Guys Just Can t Cut It HuffPost Benoit David March 13 2012 Stress Tests Official Statements From Banks The Wall Street Journal subscription required Orol Ronald D March 13 2012 Citi among banks that fail Fed stress test MarketWatch The Feds Stress Test Summary Results and Implications Forbes March 28 2012 Schwartz Nelson D April 8 2012 Taking the Measure of Citigroup and Bank of America The New York Times subscription required Citi Statement on Moody s Press release Citigroup June 21 2012 Citigroup Reports First Quarter 2012 Earnings per Share of 0 95 1 11 Excluding the Impact of Negative CVA DVA and a Net Gain on Minority Investments Press release Citigroup April 16 2012 Citi Statement on Moody s Announcement Press release Citigroup September 21 2011 Aspan Maria May 20 2013 Citi Replaces Das with Fraser in Possible Sign of Mortgage Push American Banker subscription required Comprehensive Capital Analysis and Review 2014 Assessment Framework and Results PDF Press release Federal Reserve System March 2014 Corkery Michael Silver Greenberg Jessica March 27 2014 Failing Stress Test Is Another Stumble for Citigroup The New York Times subscription required Kapner Suzanne Armour Stephanie Steinberg Julie March 27 2014 Stress Test Failure Sparked Scramble at Citigroup The Wall Street Journal subscription required Federal Reserve releases results of Comprehensive Capital Analysis and Review CCAR Press release Federal Reserve System March 11 2015 Monica Paul R La March 11 2015 Citi passes Fed stress test but BofA gets an incomplete CNNMoney Voreacos David Campbell Dakin February 27 2016 Citigroup Faces Fraud Suit Claiming 1 1 Billion in Losses Bloomberg L P Campbell Dakin April 15 2016 Citigroup Plans to Eliminate Shrinking Citi Holdings Unit Bloomberg L P Rexrode Christina June 29 2016 Citigroup More Than Triples Its Dividend After Passing Stress Test The Wall Street Journal ISSN 0099 9660 subscription required Griffin Donal February 28 2012 Citigroup Said to Give CCA Managers 75 Fund Stake for Free Bloomberg L P A Citi Hedge Fund Business Prepares for Life on Its Own The New York Times February 28 2013 Napier Park Global Capital completes spinout from Citigroup Hedgeweek March 4 2013 Citigroup spins off alternative asset management arm Efinancialnews com March 3 2013 Napier Park Global Capital Completes Spinout from Citigroup PDF Press release Napier Park Global Capital March 1 2013 Campbell Dakin October 14 2014 Citigroup to Exit Consumer Banking in 11 Markets Bloomberg L P D Silva Anil Henry David October 14 2014 Citi pulls out of consumer banking in 11 countries profit jumps Reuters Graham Patrick May 22 2015 Citigroup selling retail online FX trading platform to FXCM Saxo Bank Reuters Prior Anna June 20 2014 Citigroup Names James Bindler Currencies Chief The Wall Street Journal subscription required Springleaf Financial to Acquire OneMain Financial Press release Business Wire March 3 2015 Springleaf Holdings Announces Closing of OneMain Acquisition and Ticker Symbol Change Press release Business Wire November 16 2015 Scotiabank Closes Deal to Acquire Citigroup s Retail and Commercial Banking Operations in Panama and Costa Rica Press release Marketwired February 1 2016 Panzar Javier March 2 2015 Costco names Citi Visa as new credit card partners after AmEx deal ends Los Angeles Times Lubben Steven J April 13 2016 Citigroup s Living Will Passes Muster but Offers Few Insights The New York Times subscription required White Alexandria March 20 2020 Here s what Citi is doing for coronavirus assistance CNBC Retrieved April 9 2020 Son Hugh March 23 2020 Citigroup is giving some employees a 1 000 bonus for working through the coronavirus pandemic CNBC Retrieved April 9 2020 Citi Singapore employees to receive 1 200 cash in April as Covid 19 aid The Straits Times April 9 2020 Retrieved April 9 2020 Hill Jeremy Ronalds Hannon Eliza June 16 2022 Citi s 900 Million Revlon Gaffe Risks Getting Even More Painful Bloomberg Retrieved July 22 2022 Robert Armstrong October 9 2020 Citigroup fined 400m over internal controls deficiencies Financial Times Archived from the original on December 10 2022 Retrieved October 8 2020 Moise Imani July 30 2019 Citi combines its stock trading and prime brokerage business Reuters Retrieved July 30 2019 Citigroup is closing its consumer banking operations in 13 markets across Asia Europe and the Middle East BBC April 16 2021 David Henry January 12 2022 Citi to exit Mexican consumer business as part of strategy revamp Reuters Retrieved January 12 2022 Henry David Nishant Niket February 28 2022 Citigroup says total Russian exposure nearly 10 billion Reuters Retrieved March 1 2022 Citigroup to wind down UK retail bank Financial Times September 22 2022 Archived from the original on December 10 2022 Sorkin Andrew Ross March 26 2018 Citigroup Acted Now Two New Ideas on How Banks Can Limit Gun Sales The New York Times Geiger Daniel December 19 2013 In 1B deal Citi moves HQ downtown Crain Communications Putzier Konrad June 13 2016 Citigroup closes on 1 8B buy of Tribeca HQ from SL Green The Real Deal mta info MTA Subway Map Metropolitan Transportation Authority Buxbaum Evan April 13 2009 Mets and the Citi 400 million for stadium naming rights irks some CNN Van Riper Tom February 7 2009 Why The Mets Deal Is Right For Citi Forbes Lorentz Wayne Citigroup Center Chicago Architecture Info Part of the reason for the spread at the bottom of the building is to incorporate a shopping mall and the Ogilvie Transportation Center a busy suburban commuter railroad station Sullivan Amy July 10 2013 How Citibank Made South Dakota the Top State in the U S for Business The Atlantic Fugleburg Jeremy May 10 2018 Dignitaries break ground on new Citibank campus in Sioux Falls Argus Leader Nicholson Chris June 26 2009 Japan Slaps Sanctions on Citibank The New York Times NASD Fines Citigroup Global Markets American Express and Chase Investment Services More Than 21 million for Improper Sales of Class B and C Shares of Mutual Funds Press release Financial Industry Regulatory Authority March 23 2005 Archived from the original on April 30 2018 Retrieved April 29 2018 Citigroup Global Markets to Pay Over 15 million to Settle Charges Relating to Misleading Documents and Inadequate Disclosure in Retirement Seminars Meetings for BellSouth Employees Press release Financial Industry Regulatory Authority June 6 2006 Archived from the original on April 30 2018 Retrieved April 29 2018 Citigroup agrees 75m fraud fine BBC News July 29 2010 Silver Greenberg Jessica August 29 2012 Citigroup in 590 Million Settlement of Subprime Lawsuit The New York Times Giannone Joseph A April 12 2011 Citi ordered by panel to pay investors 54 million Reuters Dye Jessica August 27 2012 Citigroup to settle MBS suit for 24 9 million Chicago Tribune Complaint United States of America ex rel Sherry A Hunt v Citigroup Inc et al PDF PacerMonitor PacerMonitor Retrieved June 16 2016 Citigroup pays 158 mln in US mortgage fraud pact Reuters February 16 2012 Joint State Federal Mortgage Servicing Settlement FAQ Retrieved June 15 2015 Schwartz Nelson D Creswell Julie February 9 2012 Mortgage Plan Gives Billions to Homeowners but With Exceptions The New York Times subscription required Corkery Michael July 14 2014 Citigroup Settles Mortgage Inquiry for 7 Billion The New York Times Campbell Dakin July 22 2015 Citigroup to Pay Customers 700 Million in Card Settlement Bloomberg L P Citigroup Ordered to Refund 700 Million in Credit Card Case The New York Times Associated Press July 21 2015 subscription required CFTC Orders Citigroup Global Markets Inc to Pay 25 Million for Spoofing in U S Treasury Futures Markets and for Related Supervision Failures Commodity Futures Trading Commission January 19 2017 Case Summary Enron Corporation Securities Litigation Stanford Law School Citigroup Form 8 K Current Report U S Securities and Exchange Commission July 28 2003 Citigroup Form 8 K Current Report Filing Date May 10 2004 PDF U S Securities and Exchange Commission May 10 2004 Citigroup Settles WorldCom Case Los Angeles Times May 11 2004 Citigroup Reaches Settlement on WorldCom Class Action Litigation for 1 64 Billion After Tax Press release Business Wire May 10 2004 Morgenson Gretchen May 11 2004 Citigroup Agrees to a Settlement Over WorldCom The New York Times Citigroup Form 8 K Current Report U S Securities and Exchange Commission March 2 2005 Global Crossing Investors Settle With Citigroup The New York Times Reuters March 3 2005 subscription required Morcroft Greg March 2 2005 Citigroup settles Global Crossing suit for 75 million Marketwatch Citigroup Form 8 K Current Report U S Securities and Exchange Commission June 10 2005 Johnson Carrie June 11 2005 Citigroup to Settle With Enron Investors The Washington Post Erman Michael March 26 2008 Citigroup to settle Enron claims Reuters Citigroup Form 8 K Current Report U S Securities and Exchange Commission March 26 2008 Dash Eric March 27 2008 Citigroup Resolves Claims That It Helped Enron Deceive Investors The New York Times subscription required Stempel Jonathan August 30 2012 Citigroup settles shareholder CDO lawsuit for 590 million Reuters Kapner Suzanne August 30 2012 Citi to Settle Suit for 590 Million The Wall Street Journal subscription required Citi Mark Mason Chief Financial Officer Citi www citigroup com Retrieved April 2 2021 Leadership Team Mary McNiff Citi www citigroup com Retrieved April 2 2021 H R 4173 Dodd Frank Wall Street Reform and Consumer Protection Act Congress gov Retrieved April 28 2019 Citigroup 2019 Proxy Statement Securities and Exchange Commission Retrieved April 28 2019 Update Criminal cartel charges to be laid against Citigroup ACCC June 1 2018 Retrieved August 4 2018 Regulators Finalize 1 4 Billion Wall St Settlement The New York Times April 28 2003 Citigroup embroiled in bond selling scandal The Guardian February 1 2005 Retrieved August 2 2018 Ajay Kapur Niall Macleod and Narendra Singh 2005 Plutonomy Buying Luxury Explaining Global Imbalances The Global Investigator PDF October 7 2009 Revisiting Plutonomy The Rich Getting Richer PDF March 5 2006 Archived from the original PDF on January 7 2017 Retrieved April 29 2017 Udland Myles May 30 2014 Bank Of America Merrill Lynch Is Comfortable With The Thrust Of Piketty s Analysis Business Insider Landler Mark December 2 2007 U S Credit Crisis Adds to Gloom in Norway The New York Times subscription required Malik Pravir November 8 2011 Redesigning the Stock Market A Fractal Approach SAGE Publications ISBN 9788132119326 Stempel Jonathan August 26 2008 Citigroup to pay 18 mln over credit card practice Reuters Reckard E Scott April 18 2012 Citigroup shareholders vote on exec pay sends a message Los Angeles Times dead link Stempel Jonathan April 20 2012 Citigroup CEO and directors sued over executive pay Reuters Davidoff Steven M April 18 2012 Citigroup Has Few Options After Pay Vote The New York Times subscription required Schuman Michael April 24 2012 Citis CEO Pay Revolt Capitalism is Back Baby TIME magazine subscription required Kim Susanna April 20 2012 Citigroup Shareholder Sues After Failed Say on pay Vote ABC News Guerrera Francesco April 23 2012 Memo to Citi Directors Wake Up on Pay The Wall Street Journal subscription required Leising Matthew January 19 2017 Citigroup Punished for Treasury Market Spoofing by Five Traders Bloomberg L P Day Kathleen December 4 1998 Citibank Called Lax on Salinas Money Trail The Washington Post How Citicorp s Amy Elliott Served Mexico s Raul Salinas The Wall Street Journal November 1 1996 subscription required Flitter Emily October 7 2020 Citigroup is fined 400 million over longstanding internal problems The New York Times ISSN 0362 4331 Retrieved February 24 2022 Seow Joanna March 12 2020 Citi S pore extends paternity leave to 4 weeks The Straits Times Retrieved November 9 2020 Popper Nathaniel April 17 2020 Paternity Leave Has Long Lasting Benefits So Why Don t More American Men Take It The New York Times ISSN 0362 4331 Retrieved November 9 2020 Lipman Joanne September 28 2018 Want Equality Make New Dads Stay Home The Wall Street Journal ISSN 0099 9660 Retrieved November 9 2020 The effect of own and spousal parental leave on earnings PDF Citigroup Lobbying OpenSecrets Citigroup Inc Summary OpenSecrets Vadum Matthew November 25 2008 Liberalism Never Sleeps The American Spectator Archived from the original on December 20 2014 Retrieved December 20 2014 El Pais Citi traslada a Madrid su nucleo de banca privada del sur de Europa por el Brexit Pablo Martin Simon 16 March 2020 a b Choma Russ December 12 2014 Wall Street s Omnibus Triumph and Others OpenSecrets Morgenson Gretchen Martin Andrew October 10 2009 Citigroup Hires Mr Inside The New York Times subscription required Lisberg Adam March 31 2010 Mayor Bloomberg deputy Edward Skyler says so long to City Hall New York Daily News Barbaro Michael March 30 2010 Another Exit From Bloomberg s Inner Circle The New York Times Retrieved July 27 2010 Hsu Tiffany March 22 2018 Citigroup Sets Restrictions on Gun Sales by Business Partners The New York Times ISSN 0362 4331 Retrieved June 5 2019 Citi Foundation to Provide 15 Million to Support COVID 19 Related Relief Efforts Globally citigroup com Retrieved March 23 2020 Leadership Team Jane Fraser Citi citigroup com Retrieved March 23 2020 Most Powerful Women Fortune Leadership Team Edward Skyler Citi citigroup com Retrieved March 23 2020 25 People to Blame for the Financial Crisis Time February 11 2009 ISSN 0040 781X Retrieved March 21 2020 Schwartz Nelson D Dash Eric April 27 2008 Where Was the Wise Man The New York Times ISSN 0362 4331 Retrieved June 20 2020 Citigroup chief stays bullish on buy outs Financial Times Archived from the original on December 10 2022 Retrieved March 21 2020 Citigroup chief compliance officer Mark Carawan retires CNA Retrieved June 6 2020 Further reading EditLangley Monica 2004 Tearing Down the Walls New York Free Press ISBN 0 7432 4726 4 Schull Joseph 100 Years of Banking in Canada A History of the Toronto Dominion Bank Illustrated by Brad Smith Vancouver Copp Clark c1958 ix 222 p ill 24 cm External links Edit Wikimedia Commons has media related to Citigroup Official website Business data for Citigroup Inc BloombergGoogleReutersSEC filingsYahoo Retrieved from https en wikipedia org w index php title Citigroup amp oldid 1134364968 Citicorp, wikipedia, wiki, book, books, library,

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