Citigroup DC

3/4/2015
CitigroupWikipedia,thefreeencyclopedia
Citigroup
FromWikipedia,thefreeencyclopedia
CitigroupInc.orCitiisanAmericanmultinationalbankingandfinancialservicescorporation
headquarteredinManhattan,NewYorkCity.Citigroupwasformedfromoneoftheworld's
largestmergersinhistorybycombiningthebankinggiantCiticorpandfinancialconglomerate
TravelersGroupinOctober1998(announcedonApril7,1998).[4][5][6]AsofJanuary2015,itis
thethirdlargestbankholdingcompanyintheUSbyassets.Itslargestshareholdersincludefunds
fromtheMiddleEastandSingapore.[7]Atitsheightuntiltheglobalfinancialcrisisof2008
Citigroupwasthelargestcompanyandbankintheworldbytotalassetswith357,000
employees.[8]In2007,CitigroupwasoneoftheprimarydealersinUSTreasurysecurities.[9]
Citigrouphadtheworld'slargestfinancialservicesnetwork,spanning140countrieswith
approximately16,000officesworldwideandholdsover200millioncustomeraccountsinmore
than140countries.
Citigroupsufferedhugelossesduringtheglobalfinancialcrisisof2008andwasrescuedin
November2008inamassivestimuluspackagebytheU.S.government.[10]OnFebruary27,2009,
CitigroupannouncedthattheUSgovernmentwouldtakea36%equitystakeinthecompanyby
convertingUS$25billioninemergencyaidintocommonstockwithaUSTreasurycreditlineof
$45billiontopreventthebankruptcyofthelargestbankintheworldatthetime.[11]The
governmentguaranteedlossesonmorethan$300billiontroubledassetsandinjected$20billion
immediatelyintothecompany.Inexchange,thesalaryoftheCEOwas$1peryearandthe
highestsalaryofemployeeswasrestrictedto$500,000incashandanyamountabove$500,000
hadtobepaidwithrestrictedstockthatcouldnotbesolduntiltheemergencygovernmentaidwas
repaidinfull.[12]TheUSgovernmentalsogainedcontrolofhalftheseatsintheBoardof
Directors,andtheseniormanagementwassubjectedtoremovalbytheUSgovernmentifthere
werepoorperformance.ByDecember2009,theUSgovernmentstakewasreducedto27%
majoritystakefroma36%majoritystakeafterCitigroupsold$21billionofcommonsharesand
equityinthelargestsinglesharesaleinUShistory,surpassingBankofAmerica's$19billion
sharesaleonemonthprior.EventuallybyDecember2010,Citigrouprepaidtheemergencyaidin
fullandtheUSgovernmentreceivedanadditional$12billionprofitinsellingits
http://en.wikipedia.org/wiki/Citigroup
CitigroupInc.
Type
Public
Tradedas
NYSE:C
(https://www.nyse.com/quote/XNYS:C)
S&P500Component
Industry
Banking,Financialservices
Predecessor
Citicorp
TravelersGroup
Founded
June16,1812[1]
Headquarters 399ParkAvenue,NewYork,NY,
10022
U.S.,U.S.
Areaserved
Keypeople
Worldwide
MichaelE.O'Neill[2]
(Chairman)
MichaelCorbat(CEO)
Products
Creditcards,consumerbanking,
corporatebanking,investmentbanking,
globalwealthmanagement,financial
analysis,privateequity
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shares.[13][14][15][16][17]USGovernmentrestrictionsonpayandoversightofthesenior
managementwereremovedaftertheUSgovernmentsolditsremaining27%stakeasofDecember
2010.
Revenue
US$76.88billion(2014)[3]
Operating
income
US$14.36billion(2014)[3]
Asof2009,CitigroupwasoneoftheBigFourbanksintheUnitedStates,alongwithBankof
America,JPMorganChaseandWellsFargo.[18][19][20][21][22][23][24]
Netincome
US$7.31billion(2014)[3]
Totalassets
US$1.89trillion(2014)[3]
AsofJune2012,theyearofCiti's200thanniversary,Citigrouphadbuiltupanenormouscash
Totalequity
reserveinthewakeofthefinancialcrisiswith$420billioninsurplusliquidcashandgovernment
Numberof
securities.[25]AsofQ12012,Citihadtier1capitalratioof12.4%,makingoneofthebest
employees
capitalizedfinancialinstitutionsintheworldafterbillionsofdollarsinlossesfromthefinancial
Subsidiaries
crisis.[26]Thiswasaresultofsellingmorethan$500billionofitsspecialassetsplacedinCiti
Holdings,whichwereguaranteedfromlossesbytheUSTreasurywhileunderfederalmajority
ownership.[27]AspecialIRStaxexceptiongiventoCitiallowedtheUSTreasurytosellitsshares
ataprofit,whileitstillownedCitigroupshares,whicheventuallynetted$12billion.Accordingto
TreasuryspokeswomanNayyeraHaq,"This(IRStax)rulewasdesignedtostopcorporateraiders
fromusinglosscorporationstoevadetaxes,andwasneverintendedtoaddresstheunprecedented
Website
situationwherethegovernmentownedsharesinbanks.Anditwascertainlynotwrittentoprevent
thegovernmentfromsellingitssharesforaprofit."[28]In2012,Citigroupranked20thinsize
undertheFortune500list.Incomparison,JPMorganChase,whichranked16th,wasthelargestbankinUS.[29]
US$210.5billion(2014)[3]
243,000(2014)[3]
CitibankIndia,Banamex,
CitiMortgage,Citibank,CitiBranded
Cards,CitiPrivateBank,CitiSecurities
&Banking,NikkoCitigroup,Railmark
Holdings,SalomonBIG,Sedna
Finance
Citigroup.com
(http://www.citigroup.com/)
Contents
1History
1.1Citicorp18121985
1.2TravelersGroup19862007
1.3CiticorpandTravelersmerge19982001
1.42002Travelersspinoff
1.5January2008SubprimeMortgageCrisis
1.6November2008,Collapse&USGovernmentIntervention(partoftheGlobalFinancialCrisis)
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1.7JanuaryFebruary2009:CreationofCitiHoldings(partoftheGlobalFinancialCrisis)
1.82010:Returntoprofitability,nongovernmentalshareholderownership
1.920122014:FailedFederalReservestresstests
2Businesses
2.1GlobalConsumerBanking
2.2InstitutionalClientsGroup
2.3CitiVentures
2.4CitiHoldings
2.5Spinoffs
3Realestate
4Criticism
4.1AllegedmoneylaunderingbyRaulSalinas
4.2Conflictsofinterestoninvestmentresearch
4.3Enron,WorldComandGlobalCrossingbankruptcies
4.4Citigroupproprietarygovernmentbondtradingscandalof2004
4.5November2008fundingbytheGovernment
4.6Regulatory,lawsuitandpanelawardsagainstthecompany
4.7TerraSecuritiesscandal
4.8Allegationsoftheftfromcustomeraccounts
4.9Bonusescontroversy
4.10PotentialrestructuringandliquidationbytheGovernment
4.11Shareholderrejectionofexecutivecompensationplan
5Publicandgovernmentrelations
5.1Lobbying
5.2Publicandgovernmentalrelations
6Seealso
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7References
8Furtherreading
9Externallinks
History
CitigroupwasformedonOctober9,1998,followingthe$140billionmergerofCiticorpandTravelersGroupto
createtheworld'slargestfinancialservicesorganization.[6]Thehistoryofthecompanyis,thus,dividedintothe
workingsofseveralfirmsthatovertimeamalgamatedintoCiticorp,amultinationalbankingcorporationoperating
inmorethan100countriesorTravelersGroup,whosebusinessescoveredcreditservices,consumerfinance,
brokerage,andinsurance.Assuch,thecompanyhistorydatesbacktothefoundingof:theCityBankofNewYork
(laterCitibank)in1812BankHandlowyin1870SmithBarneyin1873,Banamexin1884SalomonBrothersin
1910.[30]
Citicorp18121985
TheCitigrouplogo,19992007,
2012present
CityBankofNewYorkwascharteredbyNewYorkStateonJune16,1812,with$2millionofcapital.Servinga
groupofNewYorkmerchants,thebankopenedforbusinessonSeptember14ofthatyear,andSamuelOsgoodwas
electedasthefirstPresidentofthecompany.[31]Thecompany'snamewaschangedtoTheNationalCityBankof
NewYorkin1865afteritjoinedthenewU.S.nationalbankingsystem,anditbecamethelargestAmericanbankby
1895.[31]ItbecamethefirstcontributortotheFederalReserveBankofNewYorkin1913,andthefollowingyearit
inauguratedthefirstoverseasbranchofaU.S.bankinBuenosAires,althoughthebankhad,sincethemid19th
century,beenactiveinplantationeconomies,suchastheCubansugarindustry.The1918purchaseofU.S.overseas
bankInternationalBankingCorporationhelpeditbecomethefirstAmericanbanktosurpass$1billioninassets,and
TheCitigrouplogo,20072011
[31]
itbecamethelargestcommercialbankintheworldin1929. Asitgrew,thebankbecamealeadinginnovatorin
financialservices,becomingthefirstmajorU.S.banktooffercompoundinterestonsavings(1921)unsecuredpersonalloans(1928)customer
checkingaccounts(1936)andthenegotiablecertificateofdeposit(1961).[31][32][33]
ThebankchangeditsnametoTheFirstNationalCityBankofNewYorkin1955,whichwasshortenedin1962toFirstNationalCityBankonthe150th
anniversaryofthecompany'sfoundation.[31]Thecompanyorganicallyenteredtheleasingandcreditcardsectors,anditsintroductionofU.S.dollar
denominatedcertificatesofdepositinLondonmarkedthefirstnewnegotiableinstrumentinmarketsince1888.ThebankintroduceditsFirstNational
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CityChargeServicecreditcardpopularlyknownasthe"Everythingcard"andlatertobecomeMasterCardin1967.[31]
In1976,undertheleadershipofCEOWalterB.Wriston,FirstNationalCityBank(anditsholdingcompanyFirstNationalCityCorporation)was
renamedasCitibank,N.A.(andCiticorp,respectively).Shortlyafterward,thebanklaunchedtheCiticard,whichpioneeredtheuseof24hourATMs.[31]
JohnS.ReedwaselectedCEOin1984,andCitibecameafoundingmemberoftheCHAPSclearinghouseinLondon.Underhisleadership,thenext14
yearswouldseeCitibankbecomethelargestbankintheUnitedStatesandthelargestissuerofcreditcardsandchargecardsintheworld,andexpandits
globalreachtoover90countries.[31][32][34]
TravelersGroup19862007
TravelersGroup,atthetimeofmerger,wasadiversegroupoffinancialconcernsthathadbeenbroughttogetherunder
CEOSandyWeill.ItsrootscamefromCommercialCredit,asubsidiaryofControlDataCorporationthatwastakenprivate
byWeillinNovember1986aftertakingchargeofthecompanyearlierthatyear.[6][35]Twoyearslater,Weillmasteredthe
buyoutofPrimericaaconglomeratethathadalreadyboughtlifeinsurerALWilliamsaswellasstockbrokerSmith
Barney.ThenewcompanytookthePrimericaname,andemployeda"crossselling"strategysuchthateachoftheentities
withintheparentcompanyaimedtoselleachother'sservices.Itsnonfinancialbusinesseswerespunoff.[35]
Thecorporatelogoof
TravelersInc.(1993
1998)priortomerger
withCiticorp.
InSeptember1992,TravelersInsurance,whichhadsufferedfrompoorrealestateinvestments[6]andsustainedsignificant
lossesintheaftermathofHurricaneAndrew,[36]formedastrategicalliancewithPrimericathatwouldleadtoitsamalgamationintoasinglecompanyin
December1993.Withtheacquisition,thegroupbecameTravelersInc.Property&casualtyandlife&annuitiesunderwritingcapabilitieswereaddedto
thebusiness.[35]Meanwhile,thedistinctiveTravelersredumbrellalogo,whichwasalsoacquiredinthedeal,wasappliedtoallthebusinesseswithinthe
newlynamedorganization.Duringthisperiod,TravelersacquiredShearsonLehmanaretailbrokerageandassetmanagementfirmthatwasheadedby
Weilluntil1985[6]andmergeditwithSmithBarney.[35]
SalomonBrothers19972003
InNovember1997,TravelersGroup(whichhadbeenrenamedagaininApril1995whentheymergedwithAetnaPropertyandCasualty,Inc.),madethe
$9billiondealtopurchaseSalomonBrothers,amajorbonddealerandbulgebracketinvestmentbank.[35][37]ThisdealcomplementedTravelers/Smith
BarneywellasSalomonwasfocusedonfixedincomeandinstitutionalclients,whereasSmithBarneywasstronginequitiesandretail.Salomon
BrothersabsorbedSmithBarneyintothenewsecuritiesunittermedSalomonSmithBarneyayearlater,thedivisionincorporatedCiticorp'sformer
securitiesoperationsaswell.TheSalomonSmithBarneynamewasabandonedinOctober2003afteraseriesoffinancialscandalsthattarnishedthe
bank'sreputation.
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CiticorpandTravelersmerge19982001
OnApril6,1998,themergerbetweenCiticorpandTravelersGroupwasannouncedtotheworld,creatinga$140billionfirmwithassetsofalmost
$700billion.[6]ThedealwouldenableTravelerstomarketmutualfundsandinsurancetoCiticorp'sretailcustomerswhilegivingthebankingdivisions
accesstoanexpandedclientbaseofinvestorsandinsurancebuyers.
Althoughpresentedasamerger,thedealwasactuallymorelikeastockswap,withTravelersGrouppurchasingtheentiretyofCiticorpsharesfor
$70billion,andissuing2.5newCitigroupsharesforeachCiticorpshare.Throughthismechanism,existingshareholdersofeachcompanyownedabout
halfofthenewfirm.[6]WhilethenewcompanymaintainedCiticorp's"Citi"brandinitsname,itadoptedTravelers'distinctive"redumbrella"asthe
newcorporatelogo,whichwasuseduntil2007.
Thechairmenofbothparentcompanies,JohnReedandSandyWeillrespectively,wereannouncedascochairmenandcoCEOsofthenewcompany,
Citigroup,Inc.,althoughthevastdifferenceinmanagementstylesbetweenthetwoimmediatelypresentedquestionmarksoverthewisdomofsucha
setup.
TheremainingprovisionsoftheGlassSteagallActenactedfollowingtheGreatDepressionforbadebankstomergewithinsuranceunderwriters,
andmeantCitigrouphadbetweentwoandfiveyearstodivestanyprohibitedassets.However,Weillstatedatthetimeofthemergerthattheybelieved
"thatoverthattimethelegislationwillchange...wehavehadenoughdiscussionstobelievethiswillnotbeaproblem".[6]Indeed,thepassingofthe
GrammLeachBlileyActinNovember1999vindicatedReedandWeill'sviews,openingthedoortofinancialservicesconglomeratesofferingamixof
commercialbanking,investmentbanking,insuranceunderwritingandbrokerage.[38]
JoePlumeriheadedtheintegrationoftheconsumerbusinessesofTravelersGroupandCiticorpafterthemerger,andwasappointedCEOofCitibank
NorthAmericabyWeillandReed.[39][40]Heoversawitsnetworkof450retailbranches.[40][41][42]J.PaulNewsome,ananalystwithCIBC
Oppenheimer,said:"He'snotthespitandpolishexecutivemanypeopleexpected.He'sroughontheedges.ButCitibankknowsthebankasan
institutionisintroubleitcan'tgetawayanymorewithpassivesellingandPlumerihasallthepassiontothrowaglassofcoldwateronthebank."[43]
ItwasconjecturedthathemightbecomealeadingcontendertorunallofCitigroupwhenWeillandReedsteppeddown,ifheweretoeffectabig,
noticeablevictoryatCitibank.[43]Inthatposition,Plumeriboostedtheunit'searningsfrom$108millionto$415millioninoneyear,anincreaseof
nearly300%.[44][45][46]HeunexpectedlyretiredfromCitibank,however,inJanuary2000.[47][48]
In2000,CitigroupacquiredAssociatesFirstCapitalCorporation,which,until1989,hadbeenownedbyGulf+Western(nowpartofNational
Amusements).[49]TheAssociateswaswidelycriticizedforpredatorylendingpracticesandCitieventuallysettledwiththeFederalTradeCommissionby
agreeingtopay$240milliontocustomerswhohadbeenvictimsofavarietyofpredatorypractices,including"flipping"mortgages,"packing"
mortgageswithoptionalcreditinsurance,anddeceptivemarketingpractices.[50][51]
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In2001,Citigroupmadeadditionalacquisitions:EuropeanAmericanBank,inJuly,for$1.9billion,[52]andBanamex(assistedbyindependentadviser,
WindsorCapitalInvestmentsLimited)inAugust,for$12.5billion.[53]
2002Travelersspinoff
ThecompanyspunoffitsTravelersPropertyandCasualtyinsuranceunderwritingbusinessin2002.[54]Thespin
offwaspromptedbytheinsuranceunit'sdragonCitigroupstockpricebecauseTraveler'searningsweremore
seasonalandvulnerabletolargedisasters,particularlytheSeptember11,2001attacksontheWorldTradeCenter
indowntownNewYorkCity.Itwasalsodifficulttosellthiskindofinsurancedirectlytocustomerssincemost
industrialcustomersareaccustomedtopurchasinginsurancethroughabroker.
ThecurrentlogoforTravelers
Companies
TheTravelersPropertyCasualtyCorporationmergedwithTheSt.PaulCompaniesInc.in2004formingTheSt.
PaulTravelersCompanies.[55]Citigroupretainedthelifeinsuranceandannuitiesunderwritingbusinesshowever,itsoldthosebusinessestoMetLifein
2005.[56]Citigroupstillheavilysellsallformsofinsurance,butitnolongerunderwritesinsurance.
InspiteoftheirdivestingTravelersInsurance,CitigroupretainedTravelers'signatureredumbrellalogoasitsownuntilFebruary2007,whenCitigroup
agreedtosellthelogobacktoSt.PaulTravelers,[57]whichrenameditselfTravelersCompanies.Citigroupalsodecidedtoadoptthecorporatebrand
"Citi"foritselfandvirtuallyallitssubsidiaries,exceptPrimericaandBanamex.
January2008SubprimeMortgageCrisis
Heavyexposuretotroubledmortgagesintheformofcollateralizeddebtobligation(CDOs),compoundedbypoorriskmanagement,ledCitigroupinto
troubleasthesubprimemortgagecrisisworsened2008.Thecompanyhadusedelaboratemathematicalriskmodelswhichlookedatmortgagesin
particulargeographicalareas,butneverincludedthepossibilityofanationalhousingdownturn,ortheprospectthatmillionsofmortgageholderswould
defaultontheirmortgages.TradingheadThomasMaheraswasclosefriendswithseniorriskofficerDavidBushnell,whichunderminedrisk
oversight.[58][59]AsTreasurySecretary,RobertRubinwassaidtobeinfluentialinliftingtheregulationsthatallowedTravelersandCiticorptomergein
1998.ThenontheboardofdirectorsofCitigroup,RubinandCharlesPrinceweresaidtobeinfluentialinpushingthecompanytowardsMBSandCDOs
inthesubprimemortgagemarket.
StartinginJune2006,SeniorVicePresidentRichardM.BowenIII,thechiefunderwriterofCitigroup'sConsumerLendingGroup,beganwarningthe
boardofdirectorsabouttheextremerisksbeingtakenonbythemortgageoperationthatcouldpotentiallyresultinmassivelosses.Thegroupboughtand
sold$90billionofresidentialmortgagesannually.Bowen'sresponsibilitywasessentiallytoserveasthequalitycontrolsupervisorensuringtheunit's
creditworthiness.WhenBowenfirstblewthewhistlein2006,60%ofthemortgagesweredefective.Theamountofbadmortgagesbeganincreasing
throughout2007andeventuallyexceeded80%ofthevolume.Manyofthemortgageswerenotonlydefective,butwerefraudulent.Bowenattemptedto
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rousetheboardviaweeklyreportsandothercommunications.OnNovember3,2007,BowenemailedCitigroupChairmanRobertRubinandthebank's
chieffinancialofficer,headauditorandthechiefriskmanagementofficertoagainexposetheriskandpotentiallosses,claimingthatthegroup'sinternal
controlshadbrokendownandrequestinganoutsideinvestigationofhisbusinessunit.ThesubsequentinvestigationrevealedthatattheConsumer
LendingGrouphadsufferedabreakdownofinternalcontrolssince2005.Regardlessofthefindingsoftheinvestigation,Bowen'schargeswereignored,
despitethefactthatwithholdingsuchinformationfromshareholdersviolatedtheSarbanesOxleyAct(SOX),whichhehadpointedout.CitigroupCEO
CharlesPrincesignedacertificationthatthebankwasincompliancewithSOXdespiteBowenrevealingthiswasn'tso.Citigroupeventuallystripped
Bowenofmostofhisresponsibilitiesandinforminghimthathisphysicalpresencewasnolongerrequiredatthebank.TheFinancialCrisisInquiry
CommissionaskedhimtotestifyaboutCitigroup'sroleinthemortgagecrisis,andhedidso,appearingasoneofthefirstwitnessesbeforethe
CommissioninApril2010.[60][61]
Asthecrisisbegantounfold,CitigroupannouncedonApril11,2007,thatitwouldeliminate17,000jobs,orabout5percentofitsworkforce,inabroad
restructuringdesignedtocutcostsandbolsteritslongunderperformingstock.[62]EvenaftersecuritiesandbrokeragefirmBearStearnsranintoserious
troubleinsummer2007,CitigroupdecidedthepossibilityoftroublewithitsCDO'swassotiny(lessthan1/100of1%)thattheyexcludedthemfrom
theirriskanalysis.Withthecrisisworsening,CitigroupannouncedonJanuary7,2008thatitwasconsideringcuttinganother5percentto10percentof
its327,000memberworkforce.[63][64]
November2008,Collapse&USGovernmentIntervention(partoftheGlobalFinancialCrisis)
ByNovember2008,Citigroupwasinsolvent,despiteitsreceiptof$25billionintaxpayerfundedfederalTroubledAssetReliefProgramfunds.On
November17,2008,Citigroupannouncedplansforabout52,000newjobcuts,ontopof23,000cutsalreadymadeduring2008inahugejobcull
resultingfromfourquartersofconsecutivelossesandreportsthatitwasunlikelytobeinprofitagainbefore2010.ThesamedayonWallStreetmarkets
responded,withsharesfallinganddroppingthecompany'smarketcapitalizationto$6billion,downfrom$300billiontwoyearsprior.[65]Eventually
staffcutstotaledover100,000employees.[66]Itsstockmarketvaluedroppedto$20.5billion,downfrom$244billiontwoyearsearlier.[65]Sharesof
Citigroupcommonstocktradedwellbelow$1.00ontheNewYorkStockExchange.
Asaresult,lateintheeveningonNovember23,2008,CitigroupandFederalregulatorsapprovedaplantostabilizethecompanyandforestallafurther
deteriorationinthecompany'svalue.OnNovember24,2008,theU.S.governmentannouncedamassivestimuluspackageforCitigroupdesignedto
rescuethecompanyfrombankruptcywhilegivingthegovernmentamajorsayinitsoperations.AjointstatementbytheUSTreasuryDepartment,the
FederalReserveandtheFederalDepositInsuranceCorpannounced:"Withthesetransactions,theU.S.governmentistakingtheactionsnecessaryto
strengthenthefinancialsystemandprotectU.S.taxpayersandtheU.S.economy."[67][68]Thearrangementcallsforthegovernmenttobackabout
$306billioninloansandsecuritiesanddirectlyinvestabout$20billioninthecompany.TheTreasurywouldprovide$20billioninTroubledAsset
ReliefProgram(TARP)fundsinadditionto$25billiongiveninOctober.TheTreasuryDepartment,theFederalReserveandtheFederalDeposit
InsuranceCorporation(FDIC)wouldcover90%ofthelossesonits$335billionportfolioafterCitigroupabsorbedthefirst$29billioninlosses.[69]The
assetsremainonCitigroup'sbalancesheetthetechnicaltermforthisarrangementisringfencing.
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InreturnthebankwouldgiveWashington$27billionofpreferredsharesandwarrantstoacquirestock.Thegovernmentwouldobtainwidepowersover
bankingoperations.Citigroupagreedtotrytomodifymortgages,usingstandardssetupbytheFDICafterthecollapseofIndyMacBank,withthegoal
ofkeepingasmanyhomeownersaspossibleintheirhouses.Executivesalarieswouldbecapped[70]Asaconditionofthefederalassistance,Citigroup's
dividendpaymentwasreducedtoonecentpershare.
JanuaryFebruary2009:CreationofCitiHoldings(partoftheGlobalFinancialCrisis)
OnJanuary16,2009,Citigroupannounceditsintentiontoreorganizeitselfintotwooperatingunits:Citicorpforitsretailandinstitutionalclient
business,andCitiHoldingsforitsbrokerageandassetmanagement.[71]Citigroupwillcontinuetooperateasasinglecompanyforthetimebeing,but
CitiHoldingsmanagerswillbetaskedto"tak[e]advantageofvalueenhancingdispositionandcombinationopportunitiesastheyemerge",[71]and
eventualspinoffsormergersinvolvingeitheroperatingunitwerenotruledout.[72]OnFebruary27,2009CitigroupannouncedthattheUnitedStates
governmentwouldbetakinga36%equitystakeinthecompanybyconverting$25billioninemergencyaidintocommonshares.Citigroupshares
dropped40%onthenews.
OnJune1,2009,itwasannouncedthatCitigroupwouldberemovedfromtheDowJonesIndustrialAverageeffectiveJune8,2009,duetosignificant
governmentownership.CitigroupwasreplacedbyTravelersCo.[73]
2010:Returntoprofitability,nongovernmentalshareholderownership
In2010,Citigroupachieveditsfirstprofitableyearsince2007.Itreported$10.6billioninnetprofit,comparedwitha$1.6billionlossin2009.[74]Late
in2010,thegovernmentsolditsremainingstockholdinginthecompany,yieldinganoverallnetprofittotaxpayersof$12billion.[75]
20122014:FailedFederalReservestresstests
OnMarch13,2012,theFederalReservereportedCitigroupisoneofthefourfinancialinstitutions,outof19majorbanks,thathavefaileditsstress
tests.ThetestsmakesurebankshaveenoughcapitaltowithstandhugelossesinafinancialcrisislikeoneCitigroupfacedin2008andearly2009when
italmostcollapsed.The2012stresstestsdeterminewhetherbankscouldwithstandafinancialcrisisthathasunemploymentat13percent,stockpricesto
becutinhalf,andhomepricesdecreasedby21percentfromcurrentlevels.[76][77]AccordingtoCitiandtheFederalReservestresstestreport,Citifailed
theFedstresstestsduetoCiti'shighcapitalreturnplananditsinternationalloansratedbytheFedtobeathigherriskthanitsdomesticAmerican
loans.[78][79][80][81]Citigetshalftheirrevenuesfromitsinternationalbusinesses.Incomparison,BankOfAmerica,whichpassedthestresstestanddid
notaskforacapitalreturntoinvestors,gets78%ofitsrevenueintheUnitedStates.[82]
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OnMarch26,2014,theFederalReservereportedthatCitigroupwasoneofthefivefinancialinstitutionsthathadfaileditsstresstests,butthatCitigroup
hadfaileditagain.Unlikeinthefailedstresstestin2012,theFedfailedCitigrouponqualitativeconcerns,whichwereleftunresolveddespiteregulatory
warnings,versusquantitativecalculations.ThereportspecificallystatesasquotedthatCitigroupfailed"toprojectrevenuesandlossesunderastressful
scenarioformaterialpartsofthefirm'sglobaloperationsanditsabilitytodevelopscenariosforitsinternalstresstestingthatadequatelyreflectsitsfull
rangebusinessactivitiesandexposures."TheFeddidnotstatethe$400millionfraudatOceanografia,whichforcedCitigrouptorevisetolower
earnings,asareason.[83][84][85]
Businesses
CitiisorganizedintotwomajorsegmentsCiticorpandCitiHoldings.[86][87]Citicorpcontainstwocorebusinesses,i.e.GlobalConsumerBanking[88]
andInstitutionalClientsGroup,[89]whileCitiHoldingscontainsCiti'snoncorebusinesses,i.e.BrokerageandAssetManagement(formerlyincludes
SmithBarney),GlobalConsumerFinance,andCiti'sSpecialAssetPortfolios.[90]
GlobalConsumerBanking
Citi'sGlobalConsumerBanking(GCB)business,alsocalledRegionalConsumerBanking(RCB),isoneofthelargestretailbanksintheworld.It
servesmorethan100millionclientsin40countries.Itsrevenuesconsistsof50%ofthetotalrevenuewithinCiticorpin2011.Itsdepositsaccountsfor
40%ofitstotaldeposits.Citi'sGCBbusinessconsistsoffivedivisions:Citibank(RetailBanking),CitiBrandedCards,CitiRetailServices(formerly
CitiRetailPartnerCards),CitiCommercialBankandCitiMortgage.
Citibank(RetailBanking)
RetailbankingencompassesCiti'sglobalbranchnetwork,brandedCitibank.Citibankhasmorethan4,600branchesintheworldandholdsmorethan
$300billiondeposits.CitibankisthethirdlargestretailbankintheUnitedStatesbasedondeposits,andithasCitibankbrandedbranchesincountries
throughouttheworld,withtheexceptionofMexicowhichisunderaseparatesubsidiarycalledBanamex.Banamex,whichservesabout20million
clients,isMexico'slargestlocalfinancialinstitutionasmeasuredbyassets.CitibankoffersCitibank/CitigoldCheckingandSavingsaccounts,Small
BusinessandCommercialBankingandPersonalWealthManagementamongitsservices.In2011,CitiisthefirstbanktointroducedigitizedSmart
BankingbranchesinWashington,D.C.,NewYork,TokyoandBusan(SouthKorea)whilecontinuedrenovatingitsentirebranchnetwork.[91][92]New
salesandservicecenterswerealsoopenedinMoscowandSt.Petersburg.CitiExpressmodules,24hourserviceunits,wereintroducedinColombia.
CitirecentlyopenednewbranchesinthreenewcitiesinChinaaspartofitsplantoexpandCiti'spresenceinPeople'sRepublicofChinato13cities.
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Additionally,CitibankoffersCitigoldservicesworldwidetomassaffluentclientswithatleast$50,000USDinliquidassets.Incertainmarkets,
CitigoldSelectisavailableforclientswithatleast$500,000inliquidassets.[93]Itshighesttieredservice,CitigoldPrivateClient,isforhighnetworth
individualswithatleast$1$3millioninliquidassets(dependingonthemarketregion)andoffersaccesstoinvestmentsandideasfromCitiPrivate
Bank.[94][95][96][97][98]
CitiBrandedCards
CitiBrandedCardsisoneoftheworld'slargestcreditcardissuers.CitiBrandedCardsisresponsibleforaround40%oftheprofitswithGCB,and
representsthelargestissuerofcreditcardsacrosstheworldaswellasa3,800pointATMnetworkacross45countries.CitiBrandedCardsintroduced
severalnewproductsin2011,including:CitiThankYou,CitiExecutive/AAdvantageandCitiSimplicitycardsintheU.S..ItalsohasLatinAmerica
partnershipcardswithColombiabasedairlineAviancaandwithBanamexandAeroMexicoandamerchantloyaltyprograminEurope.Citibankisalso
thefirstandcurrentlytheonlyinternationalbanktobeapprovedbyChineseregulatorstoissuecreditcardsunderitsownbrandwithoutcooperating
withChinesestateowneddomesticbanks.[99]
CitiRetailServices
CitiRetailServicesmovedfromCitiHoldingstobecomepartofGCBin2012afterexpandingseveralexistingpartnershipswithretailclients,andre
brandingtoreflectthesuiteofservicesofferedtopartners.[100]Itisoneofthelargestprovidersofconsumerandcommercialcreditcardproducts,
services,andretailsolutionsintheU.S.[101]
CitiCommercialBank
CommercialBankingatCitiserves100,000smalltomediumsizecompaniesin32countries.[102]
CitiMortgage
CitiMortgageservicesrealestatemortgages.[103][104]
InstitutionalClientsGroup
Citi'sInstitutionalClientsGroup(ICG)offersinvestmentandcorporatebankingservicesandproductsforcorporates,governments,institutions,and
ultrahighnetworthinvestors.
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ContainingCiti'smostmarketsensitivedivisions,ICGconsistsoffivemaindivisions:CitiCapitalMarketsOrigination,CitiMarkets&Securities
Services(includingCitiResearch),CitiCorporate&InvestmentBanking,CitiPrivateBank,andCitiTreasuryandTradeSolutions.
CitiCapitalMarketsOrigination
Citi'sCapitalMarketsOriginationbusinessisfocusedonthecapitalraisingneedsforinstitutionalclients.ItisaspinoffofitsformerCitiMarkets
division.
CitiMarkets&SecuritiesServices
FormerTransactionsServiceunit,SecuritiesFundsServices,wasmergedwithCitiMarketstoformCitiMarkets&SecuritiesServices.Thecurrentunit
includesInvestorServicesandDirectCustodyandClearing,HedgeandPrivateEquityServicing,andIssuerbusinesses.Itprovidesfinancialproducts
throughunderwriting,sales&tradingofarangeofinvestmentassets.Productsofferedincludeequities,commodities,credit,futures,foreignexchange
(FX),emergingmarkets,G10rates,municipals,primefinance/brokerageservices,andsecuritizedmarkets,suchascollateralizeddebtobligationsand
mortgagebackedsecurities.[105]ItsCitiResearchteamprovidesequityandfixedincomeresearch,company,sector,economicandgeographicmarket
analysis,andproductspecificanalysisforCiti'sindividualandinstitutionalclients.Itsflagshipresearchreportsincludethefollowing:Portfolio
Strategist,BondMarketRoundup,U.S.EconomicsWeekly,InternationalMarketRoundup,GlobalEconomicOutlook&StrategyandtheGlobalEquity
Strategist.[106]
CitiCorporate&InvestmentBanking
CitiCorporate&InvestmentBankingprovidesstrategicandfinancingproductsandadvisoryservicestomultinationalandlocalcorporations,financial
institutions,governments,andprivatelyheldbusinessesinmorethan160countries.CitiCorporate&InvestmentBankingwonseveralawardsin2011,
includingInternationalFinancingReview'sBestAmericasSecuritizationforFordCredit,BestEmergingAsiaBondforPertamina,BestLatinAmerica
BondforPetrobras,BestEmergingEMEABondforVimpelCom,BestYenBondforPanasonic,BestSeniorFinancialBondforCapitalOneandBest
AmericasStructureEquityIssueforAIB/MetLife.[107]
CitiPrivateBank
CitiPrivateBankisanadvisortoultrahighnetworthindividualsandfamiliesthroughouttheworld.Itusesanopenarchitecturenetworkofmorethan
800privatebankersandinvestmentprofessionalsacross46countriesandjurisdictionstoprovideclientsaccesstoglobalinvestmentopportunities.Ithas
about$250billioninassetsundermanagement.Theminimumnetworthrequirementis$25millioninliquidassetsandiswaivedforonlylawfirm
groupsandotherclientsunderspecialcircumstances.[108]
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FormerlypartofGlobalWealthManagement,CitiPrivateBankisnowmergedintoCiti'sInstitutionalClientsGroup.Unlikemanyofitscompetitors,
since2009CitiPrivateBanknolongerpaysitsbankerswithcommissionforsellinginvestmentproducts.FormerCEOofCitiPrivateBank,JaneFraser,
saidthemovemeanttobolsterCitiPrivateBankasanindependentwealthmanagementadviser,asopposedtoaproductpusher.[109][110]
CitiTreasuryandTradeSolutions
CitiTreasuryandTradeSolutions(TTS)[111]providescashmanagement,tradeandsecuritiesservicesto
companies,governmentsandotherinstitutionsintheU.S.andmorethan140countries.
TTSintermediatesmorethan$3trillioninglobaltransactionsdaily.Ithasover$13trillionassetsundercustody,
about$377billioninaverageliabilitybalances,serves99%ofworld'sFortune100companiesand~85%ofthe
world'sFortune500companies,andhas10regionalprocessingcentersworldwideusingglobalprocesses.
InstitutionsuseTTStosupporttheirtreasuryoperationswithglobalsolutionsforpayments,collections,liquidity
andinvestmentsbyworkinginpartnershipwithexportcreditagenciesanddevelopmentbanks.Italsosells
supplychainfinancingproductsaswellasmediumandlongtermglobalfinancingprogramsacrossmultiple
industries.In2011,clientsdoingbusinesswithCitiin10ormorecountriesgeneratedmorethan60percentof
TransactionServices'totalrevenues.AccordingtotheWallStreetJournal,thegovernmentaidprovidedtoCitiin
2008/2009wasprovidedtopreventaworldwidechaosandpanicbythepotentialcollapseofitsGlobal
TransactionsServices(nowTTS)division.Accordingtothearticle,formerCEOPanditsaidifCitigroupwas
allowedtounravelintobankruptcy,"100governmentsaroundtheworldwouldbetryingtofigureouthowtopay
theiremployees".[112][113][114][115][116]
CitiVentures
ACitiPrivateBankOffice
CitiVenturesisCiti'sglobalcorporateventuringarm,charteredtocollaboratewithinternalandexternalpartners
toconceive,partner,launch,andscalenewventuresthathavethepotentialtodisruptandtransformthefinancial
servicesindustry.[117]CitiVentures'portfolioincludescompaniessuchasSquaretoDatameer,ClickSecurity,InvestLabandChef.[118]
CitiHoldings
CitiHoldingsconsistsofCitibusinessesthatCitiwantstosellandarenotconsideredpartofCiti'scorebusinesses.ThemajorityofitsassetsareU.S.
mortgages.ItwascreatedinthewakeofthefinancialcrisisaspartofCiti'srestructuringplan.Itconsistsofseveralbusinessentitiesincludingremaining
interestsinlocalconsumerlendingsuchasOneMainFinancial,divestituressuchasSmithBarney,andaspecialassetpool.CitiHoldingsrepresents
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$156billionofGAAPassets,or~8%ofCitigroup59%representsNorthAmericanmortgages,18%operatingbusinesses,13%specialassetpool,and
10%categorizedasother.OperatingbusinessesincludeOneMainFinancial($10B),PrimeRe($7B),MSSBJV($8B)andSpain/Greeceretail($4B),
lessassociatedloanlossreserves.WhileCitiHoldingsisamixedbag,itsprimaryobjectiveistowinddownsomenoncorebusinessesandreduce
assets,andstrategically"breakingeven"in2015.[119]
Spinoffs
DownsizingofConsumerbankingUnit
InOctober2014,Citigroupannounceditwillexitconsumerbankingin11markets,includingCostaRica,ElSalvador,Guatemala,Nicaragua,Panama,
Peru,Japan,Guam,theCzechRepublic,Egypt,SouthKorea(consumerfinanceonly),andHungary.[120]
MorganStanleySmithBarney
MorganStanleySmithBarneywaspreviouslyCitiSmithBarney,Citi'sglobalprivatewealthmanagementunit,providingbrokerage,investment
bankingandassetmanagementservicestocorporations,governmentsandindividualsaroundtheworld.Withover800officesworldwide,SmithBarney
held9.6milliondomesticclientaccounts,representing$1.562trillioninclientassetsworldwide.[121]
CitiannouncedonJanuary13,2009thattheywouldgiveSmithBarneytoMorganStanleyinvestmentbanktocombinetheirbrokeragefirmsin
exchangefor$2.7billionand49%interestinthejointventure.[122][123]Theremaining49%stakeofSmithBarneyownedbyCitiwaslatersoldfor$13.5
billionfollowinganappraisalbyPerellaWeinberg.[124]
NapierParkGlobalCapital
CitiCapitalAdvisors(CCA),[125]formerlyCitiAlternativeInvestments,wasaCitiHedgefundthatoffersvariousinvestmentstrategiesacrossmultiple
assetclasses,rangingfrommarketstrategiestoinfrastructureandprivateequityinvestingforinstitutionalandhighnetworthinvestors.DuetoUS
regulationsaspartoftheVolckerruletolimitbankownershipinhedgefundstonomorethan3%,Citispunoffitshedgefundunitwithitsmanagers
owningasignificantpartofthenewcompany.[126]ThespinoffofCCAcreatedNapierParkGlobalCapital,a$6.8billionhedgefundwithmorethan
100employeesinNewYorkandLondon.ThenewcompanywillbemanagedbyJimOBrienandJonathanDorfman,whowouldserveascoCEOsand
wereformerCitiexecutivesmanagingCCA.Citigroupwillcontinuetoretainasizableminoritypositioninthenewfirm,butwillslowlywithdrawits
capitalovertimebytheJuly2014deadlinestipulatedbytheVolckerRule.[127][128][129][130]
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Realestate
Citigroup'smostfamousofficebuildingistheCitigroupCenter,adiagonalroofskyscraperlocatedinEast
Midtown,Manhattan,NewYorkCity,whichdespitepopularbeliefisnotthecompany'sheadquartersbuilding.
Citigrouphasitsheadquartersacrossthestreetinananonymouslookingbuildingat399ParkAvenue(thesiteof
theoriginallocationoftheCityNationalBank).[131]Theheadquartersisoutfittedwithnineluxurydiningrooms,
withateamofprivatechefspreparingadifferentmenueachday.Themanagementteamisonthesecondand
thirdfloorsaboveaCitibankbranch.CitigroupalsoleasesabuildinginTribecaat388GreenwichStreetthat
servesasheadquartersforitsInvestmentandCorporateBankingoperationsandwastheformerheadquartersof
theTravelersGroup.[132]
AllofCitigroup'sNewYorkCityrealestate,excludingthecompany'sSmithBarneydivisionandWallStreet
tradingdivision,liesalongtheNewYorkCitySubway'sINDQueensBoulevardLine,servedbytheEMtrains.
Consequently,thecompany'sMidtownbuildingsincluding787SeventhAvenue,666FifthAvenue,399Park
Avenue,485Lexington,153East53rdStreet(CitigroupCenter)inManhattan,andCitigroupBuildinginLong
IslandCity,Queens,areallontheshortfourstopcorridoroftheQueensBoulevardLinebetweenCourtSquare
andSeventhAvenue.[133]
ChicagoalsoplayshometoabuildingoperatedbyCitigroup.CiticorpCenterhasaseriesofcurvedarchwaysat
itspeak,andsitsacrossthestreetfrommajorcompetitorABNAMRO'sABNAMROPlaza.Ithasshopsand
restaurantsservingMetracustomersviatheOgilvieTransportationCenter.[134]
CitigroupCenter,Chicago
CitigrouphasobtainednamingrightstoCitiField,thehomeballparkoftheNewYorkMetsMajorLeagueBaseballteam,whobeganplayingtheir
homegamestherein2009.[135]
Criticism
AllegedmoneylaunderingbyRaulSalinas
In1998,theGeneralAccountingOfficeissuedareportcriticalofCitibank'shandlingoffundsreceivedfromRaulSalinasdeGortari,brotherofCarlos
Salinas,theformerpresidentofMexico.Thereport,titled"RaulSalinas,CitibankandAllegedMoneyLaundering",indicatedthatCitibankfacilitated
thetransferofmillionsofdollarsthroughcomplexfinancialtransactionsthathidthefunds'papertrail.ThereportindicatedthatCitibanktookonSalinas
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asaclientwithoutmakingathoroughinquiryastohowhemadehisfortune,anomissionthataCitibankofficialcalledaviolationofthebank's"know
yourcustomer"policy.[136]
Conflictsofinterestoninvestmentresearch
InDecember2002,Citigrouppaidfinestotaling$400million,tostatesandthefederalgovernmentaspartofasettlementinvolvingchargesthatten
banks,includingCitigroup,deceivedinvestorswithbiasedresearch.Thetotalsettlementwiththetenbankswas$1.4billion.Thesettlementrequired
thatthebanksseparateinvestmentbankingfromresearch,andbananyallocationofIPOshares.[137]
Enron,WorldComandGlobalCrossingbankruptcies
OnOctober22,2001,CitigroupInchadalawsuitforviolatingfederalsecuritieslawsbymisrepresentingCitigroup'sEnronrelatedexposureinits2001
AnnualReportandelsewhere,andfailingtodisclosethetrueextentofCitigroup'slegalliabilityarisingoutofits'structuredfinance'dealswith
Enron.[138]In2003,Citigrouppaid$145millioninfinesandpenaltiestosettleclaimsbytheSecuritiesand
ExchangeCommissionandtheManhattandistrictattorney'soffice.[139]
In2004,Citigrouppaid$2.65billiontosettlealawsuitconcerningtheirroleinsellingstocksandbondsfor
WorldCom,thesecondlargesttelecommunicationscompanyintheworld,inflatingtheearningsfor2001andthe
firstquarterof2002,[140]andpaid$2.575billionforsettlement,whichcollapsedin2002inanaccounting
scandal.[141][142]
In2005,Citigrouppaid$75milliontosettlealawsuitfrominvestorsinGlobalCrossing,whichfiledbankruptcy
in2002.[143]Citigroupwasaccusedofissuingexaggeratedresearchreportsandnotdisclosingconflictsof
interest.[144]OnFebruary5,2002,CitigroupInchadalawsuitforviolatingfederalsecuritieslawsandmisled
investorsbyissuingfalseinformationaboutGlobalCrossingsandAsiaGlobalCrossingsrevenuesand
financialperformance,[145]andpaid$75millionforsettlement.
In2005,Citigrouppaid$2billiontosettlealawsuitfiledbyinvestorsinEnron.[146][147]
OnNovember8,2007,CitigroupInchadalawsuitforartificiallymanipulatingandinflatingitsstockpricesby
misrepresentationsandomissionsofwhatamountedtomorethantwoyearsofincomeandanentirelineof
business,[148]andpaid$590millionforsettlement.ClassactionservicecompanieslikeChicagoClearing
CitigroupEMEAheadquarters,
CanaryWharf,London
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Corporationhelpedmanyfinancialinstitutions,likehedgefunds,mutualfunds,andbanktrust,regainthismoneyafterholdingwhatappearedtobea
seeminglysafeinvestment.
In2008,Citigrouppaid$1.66billiontotheEnronBankruptcyEstate,whichrepresentedcreditorsofthebankrupt
company.[149][150]
Asof2008,Citigrouppaidoutover$3billioninfinesandlegalsettlementsfortheirroleinfinancingEnron
Corporation,whichcollapsedamidafinancialscandalin2001.[149]
Citigroupproprietarygovernmentbondtradingscandalof2004
CitigroupwascriticizedfordisruptingtheEuropeanbondmarketbyrapidlyselling11billionworthofbonds
onAugust2,2004ontheMTSGrouptradingplatform,drivingdowntheprice,andthenbuyingitbackat
cheaperprices.[151]
November2008fundingbytheGovernment
InaNewYorkTimesoped,MichaelLewisandDavidEinhorndescribedtheNovember2008$306billion
guaranteeas"anundisguisedgift"withoutanyrealcrisismotivatingit.[152]
Regulatory,lawsuitandpanelawardsagainstthecompany
CitigroupCentreinSydney
In2004,JapaneseregulatorstookactionagainstCitibankJapanloaningtoacustomerinvolvedinstock
manipulation.Theregulatorsuspendedbankactivitiesinonebranchandthreeoffices,andrestrictedtheirconsumerbankingdivision.In2009,Japanese
regulatorsagaintookactionagainstCitibankJapan,becausethebankhadnotsetupaneffectivemoneylaunderingmonitoringsystem.Theregulators
suspendedsalesoperationswithinCitibank'sretailbankingforamonth.[153]
OnMarch23,2005,theNationalAssociationofSecuritiesDealers,theformernameoftheAmericanselfregulatoryorganizationforbrokerdealers,
nowknownastheFinancialIndustryRegulatoryAuthority(FInRA)announcedtotalfinesof$21.25millionagainstCitigroupGlobalMarkets,Inc.,
AmericanExpressFinancialAdvisorsandChaseInvestmentServicesregardingsuitabilityandsupervisoryviolationsoftheirmutualfundsales
practicesbetweenJanuary2002andJuly2003.ThecaseagainstCitigroupinvolvedrecommendationsandsalesofClassBandClassCsharesofmutual
funds.[154]
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OnJune6,2007,FInRAannouncedmorethan$15millioninfinesandrestitutionagainstCitigroupGlobalMarkets,Inc.,tosettlechargesrelatedto
misleadingdocumentsandinadequatedisclosureinretirementseminarsandmeetingsforBellSouthCorp.employeesinNorthCarolinaandSouth
Carolina.FInRAfoundthatCitigroupdidnotproperlysuperviseateamofbrokerslocatedinCharlotte,N.C.,whousedmisleadingsalesmaterials
duringdozensofseminarsandmeetingsforhundredsofBellSouthemployees.[155]
InJuly2010,Citigroupagreedtopay$75milliontosettlecivilchargesthatitmisledinvestorsoverpotentiallossesfromhighriskmortgages.The
SecuritiesandExchangeCommissionsaidthatCitigrouphadmademisleadingstatementsaboutthecompany'sexposuretosubprimemortgages.In
2007,Citigroupindicatedthattheirexposurewaslessthan$13billion,wheninfactitwasover$50billion.[156]
InApril2011,anarbitrationpanelorderedCitigroupInctopay$54.1millionforlossesfrommunicipalsecuritiesfundsthatcrateredbetween2007and
2008.[157]
InAugust2012,Citigroupagreedtopayalmost$25milliontosettleaninvestorlawsuitallegingthebankmisledinvestorsaboutthenatureofmortgage
backedsecurities.ThelawsuitwasonbehalfofinvestorswhopurchasedcertificatesinoneoftwomortgagebackedsecuritiestrustsfromCitigroup
MortgageLoanTrustIncin2007.[158]
InFebruary2012,Citigroupagreedtopay$158.3milliontosettleclaimsthatitfalselycertifiedthequalityofloansissuedbyitsCitiMortgageunitover
aperiodofmorethansixyears,sothattheywouldqualifyforinsurancefromtheFederalHousingAdministration.Thelawsuitwasinitiallybroughtby
SherryHunt,aCitiMortgageemployee.[159]
In2014Citigroupagreedtopay$7billiontoresolveclaimsitmisledinvestorsaboutshoddymortgagebackedsecuritiesintherunuptothefinancial
crisis.AttorneyGeneralEricH.HolderJr.said"Thebanksmisconductwasegregious.[...]Asaresultoftheirassurancesthattoxicfinancialproducts
weresound,Citigroupwasabletoexpanditsmarketshareandincreaseprofits"andthat"thesettlementdidnotabsolvethebankoritsemployeesfrom
facingcriminalcharges".[160]
TerraSecuritiesscandal
InNovember2007itbecamepublicthatCitigroupwasheavilyinvolvedintheTerraSecuritiesscandal,whichinvolvedinvestmentsbyeight
municipalitiesofNorwayinvarioushedgefundsintheUnitedStatesbondmarket.[161]ThefundsweresoldbyTerraSecuritiesASAtothe
municipalities,whiletheproductsweredeliveredbyCitigroup.TerraSecuritiesASAfiledforbankruptcyNovember28,2007,thedayafterthey
receivedaletter[162]fromtheFinancialSupervisoryAuthorityofNorwayannouncingwithdrawalofpermissionstooperate.Theletterstated,"The
SupervisoryAuthoritycontendsthatCitigroup'spresentation,aswellasthepresentationfromTerraSecuritiesASA,appearsinsufficientandmisleading
becausecentralelementslikeinformationaboutpotentialextrapaymentsandthesizeoftheseareomitted."
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Allegationsoftheftfromcustomeraccounts
InAugust2008Citigroupagreedtopaynearly$18millioninrefundsandfinestosettleaccusationsbyCaliforniaAttorneyGeneralJerryBrownthatit
wronglytookfundsfromtheaccountsofcreditcardcustomers.Citigroupwouldpay$14millionofrestitutiontoroughly53,000customersnationwide.
AthreeyearinvestigationfoundthatCitigroupfrom1992to2003usedanimpropercomputerized"sweep"featuretomovepositivebalancesfromcard
accountsintothebank'sgeneralfund,withouttellingcardholders.[163]BrownsaidthatCitigroup"knowinglystolefromitscustomers,mostlypoor
peopleandtherecentlydeceased,whenitdesignedandimplementedthesweeps...Whenawhistlebloweruncoveredthescamandbroughtittohis
superiors[in2001],theyburiedtheinformationandcontinuedtheillegalpractice."[163]
Bonusescontroversy
AccordingtoNewYorkAttorneyGeneralAndrewCuomo,Citigrouppaidhundredsofmillionsofdollarsinbonusestomorethan1,038ofits
employeesafterithadreceivedits$45billionTARPfundsinlate2008.Thisincluded738employeeseachreceiving$1millioninbonuses,176
employeeseachreceiving$2millionbonuses,124eachreceiving$3millioninbonuses,and143eachreceivingbonusesof$4milliontomorethan
$10million.[164]AsaresultofthecriticismandtheU.S.Government'smajorityholdingofCitigroup'scommonshares,compensationandbonuseswere
restrictedfromFebruary2009untilDecember2010.
PotentialrestructuringandliquidationbytheGovernment
InSeptember2011,formerWallStreetreporterRonSuskindstatedthatTreasurySecretaryTimothyGeithnerignoreda2009orderfromPresident
BarackObamatobreakupCitigroupinanenormousrestructuringandliquidationprocess.[165]AccordingtoSuskind,Obamawantedtorestructurethe
bankintoseveralleanerandsmallercompanieswhileGeithnerwasexecutingstresstestsofAmericanfinancialinstitutions.
RobertKuttnerwroteinhis2010bookAPresidencyinPerilthatinspring2009,GeithnerandchiefeconomicadviserLarrySummersbelievedthatthey
couldnotseize,liquidateandbreakupCitigroupbecausetheylackedthelegalauthorityorthetoolstodoso.
TheTreasuryDepartmentdeniedSuskind'saccountinanemailtothemediastating"Thisaccountissimplyuntrue.Thedirectivegivenbythepresident
inMarch2009,wastodevelopacontingencyplanfortoughrestructuringsifthegovernmentendedupowninglargesharesofinstitutionsatthe
conclusionofthestressteststhatSecretaryGeithnerworkedaggressivelytoputinplaceaspartoftheAdministration'sFinancialStabilityPlan.While
Treasurybeganworkonthosecontingencyplans,therewasfortunatelyneveraneedtoputtheminplace."[166][167]
Shareholderrejectionofexecutivecompensationplan
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AtCiti's2012annualshareholders'meetingonApril17,Citi'sexecutivecompensationpackagewasrejected,withapproximately55%ofthevotesbeing
againstapproval.ThenonbindingvotewasrequiredundertheDoddFrankAct,whichrequirescorporationstoholdadvisoryshareholdervotesontheir
executivecompensationplans.ManyshareholdersexpressedconcernsaboutCiti'sfailed2012Fedstresstestandlackoflongtermperformancebased
metricsinitsexecutivecompensationplan.Oneofthelargestandmostactivistoftheshareholdersvotingno,theCaliforniaPublicEmployees'
RetirementSystem,statedCiti"hasnotanchoredrewardstoperformance".[168]ACitigroupshareholderfiledalawsuitdaysafterthevote,claimingCiti
executivesbreachedtheirfiduciaryduties.[169]Inresponse,RichardParsons,formerchairmanofCitigroup,calledthevotea"seriousmatter".A
spokeswomanforCitisaid"Citi'sBoardofDirectorstakestheshareholdervoteseriously,andalongwithseniormanagementwillconsultwith
representativeshareholderstounderstandtheirconcerns"andthattheCompensationcommitteeoftheBoard"willcarefullyconsidertheir(shareholder)
inputaswemoveforward".[170][171][172][173]
Publicandgovernmentrelations
Lobbying
Between1998and2014,Citigroupspentnearly$100millionlobbyingthefederalgovernment.[174]Asof2008,Citigroupwasthe16thlargestpolitical
campaigncontributorintheUS,outofallorganizations,accordingtotheCenterforResponsivePolitics.From1989to2006,membersofthefirm
donatedover$23,033,490,49%ofwhichwenttoDemocratsand51%ofwhichwenttoRepublicans.[175]MatthewVadum,asenioreditoratthe
conservativeCapitalResearchCenter,acknowledgedthesefigures,butpointedoutthatCitigrouphadbeen"alongtimedonortoleftwingpressure
groups",andreferredtoaCapitalResearchCenterFoundationWatch2006studyofFortune100foundationgiving,whereCitigroup'sfoundationgave
"20timesmoremoneytogroupsontheleftthantogroupsontheright"duringtaxyear2003.[176]
In2014CitigroupsPACcontributed$804,000tocampaignsofvariousmembersofCongress,i.e.162membersoftheHouse,including72Democrats,
wheredonationsaveragedabout$5,000percandidate.Ofthe57Democratssupportingthe2015Spendingbill,34hadreceivedcampaigncashfrom
CitigroupsPACatsomepointsince2010.[177]Citigroups2014donationsfavoredRepublicansonlyslightly.ThebanksPAChadbeennearlyas
generoustoDemocratsasRepublicans$30,000totheDemocraticCongressionalCampaignCommittee(themaximum)and$10,000tothe'New
DemocratCoalition',agroupofmoderateDemocratsmostofwhomvotedforthe2015spendingpackage.CitibanksPACmadedonationstoboththe
campaignsandtheleadershipPACsofmanytopDemocratswhovotedforthe2015spendingbill,includingStenyHoyer(Md.)HouseDemocratic
WhipandRepresentativesJimHimes(DConn.)andDebbieWassermanSchultz(DCalif.).[177]
Publicandgovernmentalrelations
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In2009,formerchairmanRichardParsonshiredlongtimeWashington,D.C.lobbyistRichardF.Hohlttoadvisehimandthecompanyaboutrelations
withtheU.S.government,thoughnottolobbyforthecompany.WhilesomespeculatedanonymouslythattheFDICwouldhavebeenaparticularfocus
ofHohlt'sattention,Hohltsaidhe'dhadnocontactwiththegovernmentinsurancecorporation.SomeformerregulatorsfoundroomtocriticizeHohlt's
involvementwithCitigroup,becauseofhisearlierinvolvementwiththefinancialservicesindustryduringthesavingsandloancrisisofthe1980s.Hohlt
respondedthatthoughmistakesweremadeintheearlierepisodehe'dneverbeeninvestigatedbyanygovernmentagencyandhisexperiencegavehim
reasontobebackinthe"operatingroom"aspartiesaddressthemorerecentcrisis.[178]
In2010,thecompanynamedEdwardSkyler,formerlyinNewYorkCitygovernmentandatBloombergLP,toitsseniorpublicandgovernmental
relationsposition.[179]BeforeSkylerwasnamedandbeforehebeganhisjobsearch,thecompanyreportedlyhelddiscussionswiththreeother
individualstofilltheposition:NYDeputyMayorKevinSheekey,MayorMichaelBloomberg's"politicalguru...[who]spearheaded...hisshortlived
flirtationwithapresidentialrun...,whowillsoonleaveCityHallforapositionatthemayor'scompany,BloombergL.P.....AfterMr.Bloomberg's
improbablevictoryinthe2001mayor'srace,bothMr.SkylerandMr.SheekeyfollowedhimfromhiscompanytoCityHall.Sincethen,theyhavebeen
apartofanenormouslyinfluentialcoterieofadvisers"HowardWolfson,theformercommunicationsdirectorforHillaryRodhamClinton'spresidential
campaignandMr.Bloomberg'sreelectionbidandGaryGinsberg,nowatTimeWarnerandformerlyatNewsCorporation.[180]
Seealso
CitiBike
Listofacquiredorbankruptbanksinthelate2000sfinancialcrisis
Listofsystemicallyimportantbanks
Systemicallyimportantfinancialinstitution
Toobigtofail
Listofbanks
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Furtherreading
Schull,Joseph,100yearsofbankinginCanada:ahistoryoftheTorontoDominionBank.byJosephSchullillustratedbyBradSmith.
Vancouver:CoppClark,c1958.ix,222p.ill.24cm.
Langley,Monica(2004).TearingDowntheWalls.NewYork:FreePress.ISBN0743247264.
Yahoo!CitigroupInc.CompanyProfile(http://biz.yahoo.com/ic/58/58365.html)
C:StarAnalystsforCITIGROUPYahoo!Finance(http://finance.yahoo.com/q/sa?s=C)
CitigroupReachesSettlementonWorldComClassActionLitigationfor$1.64billionAfterTax
(http://www.citigroup.com/citigroup/press/2004/040510a.htm)
32/33
3/4/2015
SeeSECCompanyInformation:CITIGROUPINC(http://www.sec.gov/cgibin/browseedgar?
action=getcompany&CIK=0000831001&owner=exclude)
November4,2004Q3200410Q(http://www.sec.gov/Archives/edgar/data/831001/000104746904033138/000104746904033138
index.htm)
March4,2004200310K(http://www.sec.gov/Archives/edgar/data/831001/000104746904006087/000104746904006087index.htm)
SeealsoCitigroup(http://www.citigroup.com/citigroup/fin/pres.htm),andYahoo!(http://biz.yahoo.com/cc/C/C.html)
Externallinks
Officialwebsite(http://www.citigroup.com)
BusinessdataforCitigroupInc.:Hoover's(http://www.hoovers.com/companyinformation/cs/company
WikimediaCommonshas
mediarelatedtoCitigroup.
profile.Citigroup_Inc.09761e6d147a2884.html)Reuters
(http://www.reuters.com/finance/stocks/overview?symbol=C)SECfilings(https://www.sec.gov/cgibin/browseedgar?
action=getcompany&CIK=831001)
Retrievedfrom"http://en.wikipedia.org/w/index.php?title=Citigroup&oldid=647396720"
Categories: 1998establishmentsintheUnitedStates BanksbasedinNewYorkCity Banksestablishedin1998 Citigroup
CompaniesbasedinManhattan CompanieslistedontheNewYorkStockExchange FinancialservicescompaniesbasedinNewYorkCity
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MultinationalcompaniesbasedinNewYorkCity Primarydealers PubliclytradedcompaniesbasedinNewYorkCity
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TextisavailableundertheCreativeCommonsAttributionShareAlikeLicenseadditionaltermsmayapply.Byusingthissite,youagreetothe
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85. ^Kapner,SuzanneArmour,StephanieSteinberg,Julie(March27,2014)." 'StressTest'FailureSparkedScrambleatCitigroup"

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