Citigroup
File:Citigroup Logo.svg | |
Company type | Public (NYSE: C, TYO: 8710, BVPASA: CIT) |
---|---|
Industry | Financial services |
Founded | New York City, New York United States (1812) |
Headquarters | ![]() |
Key people | Sir Win Bischoff, Chairman Vikram Pandit, CEO Gary Crittenden, CFO |
Products | Consumer Banking Corporate Banking Investment Banking Global Wealth Management Investment Research Private Equity |
Revenue | ![]() |
![]() | |
Total assets | ![]() |
Total equity | ![]() |
Number of employees | ![]() |
Website | http://www.citigroup.com/ |
![](http://upload.wikimedia.org/wikipedia/commons/thumb/8/8c/399park.jpg/220px-399park.jpg)
![](http://upload.wikimedia.org/wikipedia/commons/thumb/c/c2/CitigroupCenter2.jpg/220px-CitigroupCenter2.jpg)
Citigroup Inc., doing business as Citi, is a major American financial services company based in New York City, NY. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate Travelers Group on April 7, 1998.[6] Citigroup Inc. has the world's largest financial services network, spanning 107 countries with approximately 12,000 offices worldwide. The company employs approximately 358,000 staff around the world, and holds over 200 million customer accounts in more than 100 countries. It is the world's largest bank by revenues as of 2008. It is a primary dealer in US Treasury securities[7] and its stock has been a component of the Dow Jones Industrial Average since March 17, 1997.[8] Citigroup, which had huge losses during the global financial crisis of 2008, was rescued in November 2008 in a massive bailout by the U.S. government.[9] Its largest shareholders include funds from the Middle East and Singapore.[10]
History
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.[6] The history of the company is, thus, divided into the workings of several firms that over time 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. As such, the company 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.[11]
Citicorp
The history begins with the City Bank of New York, which was chartered by New York State on June 16, 1812, with $2 million of capital. Serving a group of New York merchants, the bank opened for business on September 14 of that year, and Samuel Osgood was elected as the first President of the company.[12] 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, and it became the largest American bank by 1895.[12] 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. The 1918 purchase of U.S. overseas bank International Banking Corporation helped it become the first American bank to surpass $1 billion in assets, and it became the largest commercial bank in the world in 1929.[12] As it grew, the bank became a leading 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).[12]
The bank changed its name to The First National City Bank of New York in 1955, which was shortened to First National City Bank on the 150th anniversary of the company's foundation in 1962.[12] The company organically entered the leasing and credit card sectors, and its introduction of USD certificates of deposit in London marked the first new negotiable instrument in market since 1888. Later to become MasterCard, the bank introduced its First National City Charge Service credit card - popularly known as the "Everything card" - in 1967.[12]
In 1976, under the leadership of CEO Walter Wriston, First National City Bank (and its holding company First National City Corporation) was renamed as Citibank, N.A. (and Citicorp, respectively). Shortly afterward, the bank launched the Citicard, which pioneered the use of 24-hour ATMs.[12] As the bank's expansion continued, the Narre Warren-Caroline Springs credit card company was purchased in 1981. 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, the largest issuer of credit cards and charge cards in the world, and expand its global reach to over 90 countries.[12]
Travelers Group
Travelers Group, at the time of 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 Systems that was taken private by Weill in November 1986 after taking charge of the company earlier that year.[6][13] Two years later, Weill mastered the buyout of Primerica - a conglomerate that had already bought life insurer A L Williams as well as stock broker 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.[13]
![](http://upload.wikimedia.org/wikipedia/en/3/3f/Travelers_logo.png)
In September 1992, Travelers Insurance, which had suffered from poor real estate investments[6] and sustained significant losses in the aftermath of Hurricane Andrew,[14] 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.[13] 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[6] - and merged it with Smith Barney.[13] Finally, in November 1997, Travelers Group (which had been renamed again in April 1995 when they merged with Aetna Property and Casualty, Inc.), made the $9 billion deal to purchase Salomon Brothers, a major bond trader and investment bank.[13]
Citicorp and Travelers merger
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.[6] 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.
Although presented as a merger, the deal was actually more like a stock swap, with Travelers Group purchasing the entirety of Citicorp shares for $70 billion, and issuing 2.5 new Citigroup shares for each Citicorp share. Through this mechanism, existing shareholders of each company owned about half of the new firm.[6] 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.
The chairmen of both parent companies, John 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. However, 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".[6] 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.[15]
Travelers spin off
The company spun off its Travelers Property and Casualty insurance underwriting business in 2002. The spin off was prompted by the insurance unit's drag on Citigroup stock price because Traveler's earnings were more seasonal and vulnerable to large disasters. It was also difficult to sell this kind of insurance directly to customers since most industrial customers are accustomed to purchasing insurance through a broker.
The Travelers Property Casualty Corporation merged with The St. Paul Companies Inc. in 2004 forming The St. Paul Travelers Companies. Citigroup retained the life insurance and annuities underwriting business; however, it sold those businesses to MetLife in 2005. Citigroup still heavily sells all forms of insurance, but it no longer underwrites insurance.
Despite their 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,[16] 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.[16]
Subprime mortgage crisis
Heavy exposure to troubled mortgages in the form of Collateralized debt obligation (CDO's), compounded by poor risk management led Citigroup into trouble as the subprime mortgage crisis worsened in 2008. 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. Indeed, trading head Thomas Maheras was close friends with senior risk officer David Bushnell, which undermined risk oversight.[17][18]. As Treasury Secretary, Robert Rubin lifted the regulations 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.
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.[19] Even after securities and brokerage firm Bear Stearns ran into serious trouble in summer 2007, Citigroup decided the possibility of trouble with its CDO's was so tiny (less than 1/100 of 1%) that they excluded them from their risk analysis. After the losses unfolded, Maheras and Bushnell were fired, not long aferwards CEO Charles Prince was forced to resign. Around that time, Citi was raising capital from the Dubai Investment Authority and Saudi Arabia.
With the crisis worsening, Citigroup announced on January 7, 2008 that it was considering cutting another 5 percent to 10 percent of its work force, which totaled 327,000.[20]
By November 2008, the crisis hit Citigroup with full force, despite its receipt of $25 billion in federal TARP bailout money, and 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. Many senior executives were fired[21] but Wall Street responded by dropping its stock market value to $21 billion, down from $300 billion two years prior.[22] As a result, Citigroup and Federal regulators negotiated a plan to stabilize the company and forestall a further deterioration in the company's value. The arrangement calls for the government to back about $306 billion in loans and securities and directly invest about $20 billion in the company. The assets remain on Citigroup's balance sheet; the technical term for this arrangement is ring fencing. The plan was approved late in the evening on November 23, 2008.[23] A joint statement by the Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corp 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."[24]
Citigroup in late 2008 holds $20 billion of mortgage-linked securities, most of which have been marked down to between 21 cents and 41 cents on the dollar, and has billions of dollars of buyout and corporate loans. It faces potential massive losses on auto, mortgage and credit card loans if the economy worsens.
Divisions
Citigroup is divided into three major business groups: Global Consumer, Global Wealth Management, Global Services and the newly formed Citi Institutional Clients group (as of October 11, 2007) comprising Citi Markets & Banking (CMB) and Citi Alternative Investments (CAI).[25]
Global Consumer Group
Generating 55% of Citigroup's 2006 revenues[citation needed], Global Consumer Group comprises four sub-divisions: Cards (credit cards), Consumer Lending Group (Real-Estate Lending, Auto Loans, Student Loans), Consumer Finance, and Retail Banking. Targeting individual consumers as well as small- to medium-sized businesses, GCG offers financial services across its worldwide branch network, including banking, loans, insurance, and investment services. On March 31, 2008, Citigroup announced that it will create 2 new global businesses - Consumer Banking and Global Cards out of the existing Global Consumer Group.
Citi Cards
Citi Cards is responsible for around 40% of the profits with GCG, and represents the largest issuer of credit cards across the world as well as a 3,800-point ATM network across 45 countries.
CitiFinancial
The Consumer Finance division (branded "CitiFinancial") accounts for about 20% of GCG's profits, and offers personal loans and homeowner loans to consumers in 20 countries worldwide.[26] There are over 2,100 branches in the U.S. and Canada.[27] The takeover of Associates First Capital in September 2000 enabled CitiFinancial to expand its reach outside of the United States, particularly capitalizing on Associates' 700,000 customers in Japan and Europe.[28] Citi ended its CitiFinancial operations in the UK in 2008 [3].[29]
Citibank
Finally, the retail bank encompasses the Citi's global branch network, branded Citibank. Citibank is the third largest retail bank in the United States, and it has Citibank branded branches in countries throughout the world, with the exception of Mexico; In Mexico Citigroup's bank operations are branded as Banamex is the country's second largest bank and a Citigroup subsidiary.
Global Wealth Management
Global Wealth Management divides itself into Citi Private Bank, Citi Smith Barney and Citi Investment Research, and generated 7% of Citigroup's total revenue in 2006.[30] As revenues are predominantly derived from investment income, Global Wealth Management is more sensitive to the direction and level of the equity and fixed-income markets than other divisions of the company.[31]
Citi Private Bank
Citi Private Bank provides banking and investment services to high net worth individuals, private institutions, and law firms. Acting as a gateway to all of Citigroup's products, Citi Private Bank offer traditional investment products and alternative choices, with all clients assigned a Private Banker to personally deal with their portfolio.[32]
Citi Smith Barney
Citi Smith Barney is Citi's global private wealth management unit, providing brokerage, investment banking and asset management services to corporations, governments and individuals around the world. With over 800 offices worldwide, Smith Barney holds 9.6 million domestic client accounts, representing $1.562 trillion in client assets worldwide.[33]
Citi Investment Research
Citi Investment Research is Citi's equities research unit comprised of 390 research analysts across 22 countries. Citi Investment Research covers 3,100 companies, representing 90 percent of the market capitalization of the major global indices, providing macro and quantitative analysis of global markets and sector trends.[33]
Citigroup Global Services
Citigroup Global Services is the Global Processing Center for Citigroup entities across the globe based mainly out of Delhi, Mumbai and Chennai in India.
On 8 October 2008, according to press release Tata Consultancy Services, a leading IT services, business solutions and outsourcing firm, and Citigroup Inc., a leading global financial services company, today announced that they have reached an agreement for TCS to acquire all of Citi's interest in Citigroup Global Services Limited (CGSL), the India-based captive business processing outsourcing (BPO) arm of Citi for all cash consideration of approximately $505 million, subject to closing adjustments. In addition to the sale, Citi has signed an agreement for TCS to provide, through CGSL, process outsourcing services to Citi and its affiliates in an aggregate amount of US$2.5 billion over a period of 9.5 years. The agreement builds upon the existing relationship between Citi and TCS whereby TCS provides application development, infrastructure support, help desk and other process outsourcing services to Citi.
Citi Institutional Clients Group
Citi announced on October 11, 2007 the formation of the new Institutional Clients Group comprising Citi Markets & Banking (CMB) and Citi Alternative Investments (CAI) with Vikram Pandit, 50, as its Chairman and CEO.[34] Vikram Pandit was promoted to CEO of the entire company two months later.[35]
Citi Markets and Banking
Containing Citi's most market-sensitive divisions, "CMB" is divided into two primary businesses: "Global Capital Markets and Banking" and "Global Transaction Services" (GTS). Global Capital Markets and Banking provides investment- and commercial-banking services covering institutional brokerage, advisory services, foreign exchange, structured products, derivatives, loans, leasing, and equipment finance. Meanwhile, GTS offers cash-management, trade finance and securities services to corporations and financial institutions worldwide.[31] CMB is responsible for around 32% of Citigroup's annual revenues, generating just under US $30 billion in 2006 financial year.[30]
Citi Alternative Investments
Citi Alternative Investments (CAI) is an alternative investment platform that manages assets across five classes - private equity, hedge funds, structured products, managed futures, and real estate. Across 16 "boutique investment centers", it offers various funds or separate accounts that utilize alternative investment strategies, as opposed to the mainstream mutual funds that it recently sold to Legg Mason. CAI manages Citigroup proprietary capital as well as institutional investments from third-parties and high-net-worth investors. As of June 30, 2007, CAI holds US$59.2 billion under capital management,[36] and contributed 7% of Citigroup's 2006 income.[30]
Brands
- Citibank, providing consumer banking products.
- Banamex, second largest Mexican bank
- Banco Cuscatlan, El Salvador biggest bank.
- Banco Uno, Central America largest credit card bank.
- Citimortgage, mortgage lender
- CitiInsurance, insurance provider
- Citicapital, Institutional financial services
- Citifinancial, Consumer finance aka subprime lending
- Citigroup Alternative Investments, Global Wealth Management
- Primerica, engages in direct selling of financial services
- Smith Barney, investment services, both retail full service brokerage, private client services, and formerly the brand name used for the investment bank
- CitiCard, Credit Cards
- Credicard Citi, credit card business in Brazil
Citigroup recently acquired the Egg brand when it purchased Egg Banking plc, the world's largest Internet bank, from Prudential. Its first major act was to cease lending to around 7% of card holders who were considered to be undesirable. This also included some who regularly paid off balances in full, claiming this was due to "deteriorating credit profiles" but is widely believed to be due to the low profit margins obtained from responsible borrowers.[37]
Real estate
![](http://upload.wikimedia.org/wikipedia/commons/thumb/9/9b/CitigroupCenterChicago.jpg/220px-CitigroupCenterChicago.jpg)
Citigroup's most famous office building is the Citigroup Center, a diagonal-roof skyscraper located in East Midtown, Manhattan, New York City, which despite popular belief is not the company's headquarters building. Citigroup has its headquarters across the street in an anonymous-looking building at 399 Park Avenue (the site of the original location of the City National Bank). The headquarters is outfitted with nine luxury dining rooms, with a team of private chefs preparing a different menu for each day. The management team is on the third and fourth floors above a Citibank branch. Citigroup also leases a building in the TriBeCa neighborhood in Manhattan at 388 Greenwich St, that serves as headquarters for its Investment and Corporate Banking operations and was the former headquarters of the Travelers Group.
Strategically, 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 V 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), and Citicorp Building in Long Island City, Queens, are all no more than two stops away from each other. In fact, every company building lies above or right across the street from a subway station served by the E or V.
Chicago also plays home to an architectural beauty operated by Citigroup. Citicorp Center 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 a host of retail and dining facilities serving thousands of Metra customers daily via the Ogilvie Transportation Center.
Citigroup has obtained naming rights to Citi Field, the home ballpark of the New York Mets Major League Baseball team, who will begin playing their home games there in 2009.
![](http://upload.wikimedia.org/wikipedia/commons/thumb/c/c6/Citigroup.canary.wharf.arp.500pix.jpg/220px-Citigroup.canary.wharf.arp.500pix.jpg)
![](http://upload.wikimedia.org/wikipedia/commons/thumb/4/4f/Citigroup_Centre.jpg/220px-Citigroup_Centre.jpg)
Criticism
Citigroup proprietary government bond trading scandal
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.[38]
Regulatory action
On March 23, 2005, the NASD 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 relating to 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.[39]
On June 6, 2007, the NASD 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. NASD 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.[40]
The Terra Securities scandal
In November 2007 it became public that the Citigroup is heavily involved in the Terra Securities scandal, which involved investments by eight municipalities of Norway in various hedge funds in the United States bond market.[41] The funds were sold by Terra Securities ASA to the municipalities, while the products were delivered by Citigroup. Terra Securities ASA filed for bankruptcy November 28, 2007, the day after they received a letter[42] from The Financial Supervisory Authority of Norway announcing withdrawal of permissions to operate. The same letter also stated, "The Supervisory Authority contends that Citigroup's presentation, as well as the presentation from Terra Securities ASA, appears insufficient and misleading because central elements like information about potential extra payments and the size of these are omitted."
Theft from customer accounts
On August 26, 2008 it was announced that Citigroup agreed to pay nearly $18 million in refunds and fines to settle accusations by California Attorney General Jerry Brown that it wrongly took funds from the accounts of credit card customers. Citigroup would pay $14 million of restitution to roughly 53,000 customers nationwide. A three-year investigation found that Citigroup from 1992 to 2003 used an improper computerized "sweep" feature to move positive balances from card accounts into the bank's general fund, without telling cardholders.[43]
Brown said in a statement that Citigroup "knowingly stole from its customers, mostly poor people and the recently deceased, when it designed and implemented the sweeps...When a whistleblower uncovered the scam and brought it to his superiors, they buried the information and continued the illegal practice."[43]
Political donations
Citigroup is the 16th largest political campaign contributor, out of all organizations, according to the Center for Responsive Politics. Members of the firm have donated over $23,033,490 from 1989-2006, 49% of which went to Democrats and 51% of which went to Republicans.[44] According to Matthew Vadum, a senior editor at the conservative Capital Research Center, Citigroup is also a heavy contributor to left of center political causes.[45]
Federal bailout 2008
On 24 November 2008 the U.S. government announced a massive bailout of Citigroup, designed to rescue the company from bankruptcy while giving the government a major say in its operations. It was the largest bailout in history. The Treasury will provide another $20 billion in TARP funds in addition to $25 billion given in October. The Treasury Department, the Federal Reserve and the FDIC will cover 90% of the losses on its $335-billion portfolio after Citigroup absorbs the first $29 billion in losses.[46] In return the bank will give Washington $27 billion of preferred shares and warrants to acquire stock. The government will obtain wide powers over banking operations. Citigroup has 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 will be capped.[47]
As the subprime mortgage crisis began to unfold, heavy exposure to toxic mortgages in the forms of Collateralized debt obligation (CDO's), compounded by poor risk management led the company into serious trouble. In early 2007 Citigroup began eliminating about 5 percent of its workforce, in a broad restructuring designed to cut costs and bolster its long underperforming stock.[19] By November 2008, the ongoing crisis hit Citigroup hard and despite federal TARP bailout money, the company announced further cuts.[21] Its stock market value dropped to $21 billion, down from $244 billion two years prior.[22] As a result, Citigroup and Federal regulators negotiated a plan to stabilize the company.[23] Its single largest shareholder is Prince Al-Waleed bin Talal of Saudi Arabia, who has a 4.9% stake.[48] Vikram Pandit is Citigroup's current CEO, while Sir Win Bischoff the current chairman.[35]
Notes
- ^ http://finance.yahoo.com/q/is?s=C&annual
- ^ http://www.reuters.com/finance/stocks/incomeStatement?stmtType=INC&perType=ANN&symbol=C.N
- ^ a b http://www.reuters.com/finance/stocks/incomeStatement?stmtType=BAL&perType=ANN&symbol=C.N
- ^ "Citigroup presentation" (PDF). Retrieved 2008-11-22.
- ^ http://finance.yahoo.com/q/ks?s=C
- ^ a b c d e f g h Martin, Mitchell (1998-04-07). "Citicorp and Travelers Plan to Merge in Record $70 Billion Deal: A New No. 1: Financial Giants Unite". International Herald Tribune. Retrieved 2007-04-04.
- ^ "Primary Dealers List". Federal Reserve Bank of New York. Retrieved 2007-04-27.
- ^ "Dow Jones Average History" (PDF). Retrieved 2007-04-27.
- ^ U.S. Approves Plan to Help Citigroup Weather Losses. New York Times. November 23, 2008. Retrieved 24 November 2008.
- ^ http://www.bloomberg.com/apps/news?pid=20601087&sid=anjGWhqi0PSE&refer=home
- ^ "About Citi". Citigroup. Retrieved 2007-04-04.
- ^ a b c d e f g h "About Citi - Citibank, N.A." Citigroup. Retrieved 2007-05-12.
- ^ a b c d e "About Citi - Primerica Financial Services". Citigroup. Retrieved 2008-04-04.
- ^ "Survival Insurance". Time. 2001-06-24. Retrieved 2007-09-17.
- ^ Heakal, Reem (2003-07-16). "What Was The Glass-Steagall Act?". Investopedia. Retrieved 2007-09-13.
- ^ a b "Citigroup Announces Unified, Global Brand Identity Under "Citi" Name". Citigroup. 2007-02-13. Retrieved 2008-08-07.
- ^ [1]
- ^ [2]
- ^ a b
Stempel, Jonathan (2007-04-12). "Citigroup to slash 17,000 jobs". Courier Mail. Retrieved 2008-08-07.
{{cite news}}
: Unknown parameter|coauthors=
ignored (|author=
suggested) (help) - ^ Plumb, Christian (1 January 2008). "Citi mulls cutting work force by 5 to 10 percent: report". Reuters. Retrieved 2008-08-07.
- ^ a b "Citigroup job cull to hit 75,000". BBC. Retrieved 2008-11-17.
- ^ a b
Dash, Eric (22 November 2008). "Citigroup Saw No Red Flags Even as It Made Bolder Bets". Business. The New York Times. Retrieved 2008-11-23.
{{cite web}}
: Unknown parameter|coauthors=
ignored (|author=
suggested) (help) - ^ a b Dash, Eric (23 November 2008). "U.S. Approves Plan to Help Citigroup Weather Losses". Business. The New York Times. Retrieved 2008-11-23.
- ^ Government unveils bold plan to rescue Citigroup. Associated Press. Retrieved 24 November 2008.
- ^ "Citi Forms Institutional Clients Group". Citigroup. 2007-10-11. Retrieved 2007-10-21.
- ^ "CitiFinancial - About us". CitiFinancial UK. Retrieved 2007-09-13.
- ^ "Branch Locator". CitiFinancial. Retrieved 2008-05-06.
- ^ "Citigroup to Acquire Associates First Capital Corporation". Citigroup Press Release. 2000-09-06. Retrieved 2007-09-13.
- ^ "CitiFinancial: Who We Are: Our History". CitiFinancial. Retrieved 2007-09-13.
- ^ a b c Citigroup Annual Report, 2006
- ^ a b Braden, Frank (2007-04-17). "A Compelling Case for Citigroup". Business Week. Retrieved 2007-09-13.
- ^ "Citi Private Bank: Welcome". Retrieved 2007-09-13.
{{cite web}}
: Text "publisher: Citi Private Bank" ignored (help) - ^ a b "Citigroup - Our Businesses". Citigroup. Retrieved 2007-09-13.
- ^ "Citi Forms Institutional Clients Group" (Press release). Citigroup. 2007-10-11. Retrieved 2007-10-11.
- ^ a b "Citi Board Names Vikram Pandit Chief Executive Officer and Sir Win Bischoff is the current Chairman" (Press release). 2007-12-11. Retrieved 2007-12-12.
{{cite press release}}
: Unknown parameter|=
ignored (help) - ^ "Overview of CAI". Citi Alternative Investments. Retrieved 2007-09-13.
- ^ "Egg customer anger at credit move". BBC News. 2008-02-02. Retrieved 2008-08-07.
- ^ "Under Pressure, Citigroup Climbs Down on Govie Trade" (fee required). EuroWeek. 2004-09-07. Retrieved 2007-03-07.
- ^ Condon, Nancy (2005-03-23). "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". NASD. Retrieved 2008-08-07.
{{cite web}}
: Unknown parameter|coauthors=
ignored (|author=
suggested) (help) - ^ Condon, Nancy (2006-06-06). "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". NASD. Retrieved 2007-09-19.
{{cite web}}
: Unknown parameter|coauthors=
ignored (|author=
suggested) (help) - ^ Landler, Mark (2007-12-02). "U.S. Credit Crisis Adds to Gloom in Norway". The New York Times. Retrieved 2007-12-14.
- ^ "Forhåndsvarsel om tilbakekall av tillatelse" (PDF) (in Norwegian). KreditTilsynet. 2007-11-27. Retrieved 2007-12-14.
- ^ a b Stempel, Jonathan (August 26, 2008). "Citigroup to pay $18 mln over credit card practice". Reuters.
- ^ "Citigroup Inc: Summary". OpenSecrets. Retrieved 2008-08-07.
- ^ "Liberalism Never Sleeps:". Retrieved 2008-11-29.
- ^ The Treasury will assume the first $5 billion in losses; the FDIC will absorb the next $10 billion; then the Federal reserve takes over the rest of the risk.
- ^ Eric Dash, "U.S. Approves Plan to Help Citigroup Weather Losses," New York Times November 23, 2008
- ^
Alwaleed: Businessman, Billionaire, Prince. HarperCollins Entertainment. 2005-10-18. ISBN 0007215134.
{{cite book}}
:|first=
missing|last=
(help)
References
- Tearing Down the Walls by Monica Langley ISBN 0-7432-4726-4
- Yahoo! - Citigroup Inc. Company Profile
- Citigroup Reaches Settlement on WorldCom Class Action Litigation for $1.64 Billion After-Tax
See SEC - Company Information: CITIGROUP INC
- 4 November 2004 - Q3 2004 10-Q
- 4 March 2004 - 2003 10-K
See also Citigroup, and Yahoo!
- January 20, 2005 - Earnings Conference Call (Q3 2004) (press release)(slides) (audio)
- 14 October 2004 - Earnings Conference Call (Q3 2004) (slides) (audio)
- 15 July 2004 - Earnings Conference Call (Q2 2004) (slides) (audio)
- 20 October 2003 - Earnings Conference Call (Q3 2003) (slides) (audio) (*exclusive, last call with Sandy Weill)
- 31 January 2005 - MeeLife to Acquire Travelers Life & Annuity (presentation) (audio)
External links