Citigroup Inc.
Type	Public (NYSE: C,TYO: 8710)
Founded	New York City, USA (1812)
Headquarters	399 Park Avenue, New York City, USA
Key people	Sir Win Bischoff, Chairman Vikram Pandit, CEO Gary Crittenden, CFO[1]
Industry	Financial services
Products	Consumer Banking Corporate Banking Investment Banking Global Wealth Management Investment Research Private Equity
Revenue	▲ US $159.70 billion (2007)[2]
Net income	▼ US $3.62 billion (2007)[2]
Total assets	US $2.2 trillion (2007)[3][4]
Total equity	US $113. billion (2007)[3]
Employees	358,000 (2007)
Slogan	Let's get it done
Website	www.citigroup.com

Citigroup Inc. (NYSE: C,TYO: 8710), operating as Citi, is a major American financial services company based in New York City, formed from the merger of Citicorp and Travelers Group on April 7, 1998.^[5] According to Forbes Global 2000 in March 2007, it is the largest company in the world^[6] with total assets of US $2.2 trillion, as of December 2007.^[4] The company employs 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.^[6] 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] Columbia Business School (part of Columbia University), officially named the Columbia University Graduate School of Business, and also known as CBS, was established in 1916 to provide business training and professional preparation for undergraduate and graduate Columbia University students. ... The Columbia Institute for Tele-Information (CITI) is one of several research centers for Columbia Business School, focusing on strategy, management, and policy issues in telecommunications, computing, and electronic mass media. ... Image File history File links No higher resolution available. ... This article does not cite any references or sources. ... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... The Tokyo Stock Exchange ), or TSE, is one of the largest stock exchange markets in the world by monetary volume located in Tokyo, Japan, second only to the New York Stock Exchange. ... New York, New York and NYC redirect here. ... New York, New York and NYC redirect here. ... Sir Win Bischoff Sir Winfried Franz Wilhen Bischoff, often known as Win Bischoff (born 1941), is the interim CEO for Citigroup after Chuck Prince announced his retirement on November 4th, 2007[1][2]. He was born in Aachen, Germany and had an early education in Cologne and Düsseldorf. ... A chair or seat is also a seat of office, authority, or dignity, such as the chairperson of a committee, or a professorship at a college or university, or the individual that presides over business proceedings. ... Vikram Pandit served as the president and chief operating officer of the Institutional Securities and Investment Banking Group at Morgan Stanley where he was responsible for the overall management of the group and focused on the trading, sales and infrastructure aspects of the business. ... Chief Executive redirects here. ... Gary Crittenden (born 1953) is the Chief Financial Officer of Citigroup, succeeding Sallie Krawcheck from 12 March 2007. ... CFO redirects here. ... Financial services is a term used to refer to the services provided by the finance industry. ... According to investopedia. ... A commercial bank is a type of financial intermediary and a type of bank. ... Investment banks help companies and governments (or their agencies) raise money by issuing and selling securities in the capital markets (both equity and debt). ... Private banking is done by major institutional banks known as private banks, which offer financial services to private individuals. ... Private equity is a broad term that refers to any type of equity investment in an asset in which the equity is not freely tradable on a public stock market. ... For the tax agency in Ireland of the same name, see Revenue Commissioners. ... USD redirects here. ... Net income is equal to the income that a firm has after subtracting costs and expenses from the total revenue. ... In business and accounting an asset is anything owned, whether in possession or by right to take possession, by a person or a group acting together, e. ... At the start of a business, owners put some funding into the business to finance assets. ... This article is about work. ... Look up slogan in Wiktionary, the free dictionary. ... A website (alternatively, Web site or web site) is a collection of Web pages, images, videos or other digital assets that is hosted on one or several Web server(s), usually accessible via the Internet, cell phone or a LAN. A Web page is a document, typically written in HTML... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... The Tokyo Stock Exchange ), or TSE, is one of the largest stock exchange markets in the world by monetary volume located in Tokyo, Japan, second only to the New York Stock Exchange. ... Financial services is a term used to refer to the services provided by the finance industry. ... New York, New York and NYC redirect here. ... Citibank was founded in 1812 as City Bank of New York. ... Citigroup Inc. ... April 7 is the 97th day of the year in the Gregorian calendar (98th in leap years). ... Year 1998 (MCMXCVIII) was a common year starting on Thursday (link will display full 1998 Gregorian calendar). ... The Forbes Global 2000 - is an annual ranking of the top 2000 corporations in the world by Forbes magazine. ... In business and accounting an asset is anything owned, whether in possession or by right to take possession, by a person or a group acting together, e. ... USD redirects here. ... Primary dealers are banks or brokerage firms who may trade directly with the Federal Reserve System. ... The United States Department of the Treasury is a Cabinet department, a treasury, of the United States government established by an Act of U.S. Congress in 1789 to manage the revenue of the United States government. ... Linear graph of the DJIA from 1901 until today Logarithmic graph of the DJIA from 1901 until today The Dow Jones Industrial Average (NYSE: DJI, also called the DJIA, Dow 30, or informally the Dow Jones or The Dow) is one of several stock market indices created by nineteenth-century... is the 76th day of the year (77th in leap years) in the Gregorian calendar. ... For the band, see 1997 (band). ...

On December 11, 2007, Vikram Pandit was named Citigroup's CEO, while Sir Win Bischoff was named chairman. Charles Prince, the Chairman and CEO, had resigned on November 4, 2007. Between that time, Bischoff had served as interim CEO while Robert Rubin was chairman of the board.^[9][9] is the 345th day of the year (346th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... Vikram Pandit served as the president and chief operating officer of the Institutional Securities and Investment Banking Group at Morgan Stanley where he was responsible for the overall management of the group and focused on the trading, sales and infrastructure aspects of the business. ... Chief Executive Officer (CEO) is the job of having the ultimate executive responsibility or authority within an organization or corporation. ... Sir Win Bischoff Sir Winfried Franz Wilhen Bischoff, often known as Win Bischoff (born 1941), is the interim CEO for Citigroup after Chuck Prince announced his retirement on November 4th, 2007[1][2]. He was born in Aachen, Germany and had an early education in Cologne and Düsseldorf. ... For other persons named Charles Prince, see Charles Prince (disambiguation). ... is the 308th day of the year (309th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... Robert Edward Rubin (born August 29, 1938) is the Chairman of Citigroup. ...

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.^[5] The history of the company is, thus, divided into the history 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.^[10] is the 281st day of the year (282nd in leap years) in the Gregorian calendar. ... Citigroup Inc. ... For other uses, see Bank (disambiguation). ... Citibank is a major international bank, founded in 1812 as the City Bank of New York. ... Smith Barney is a division of Citigroup Global Capital Markets Inc. ... Banco Nacional de México or Banamex is Mexicos largest bank, belonging to the group that bears its name, Grupo Financiero Banamex. ... This article deals with Salomon Brothers. ...

Citicorp

Citicorp Center (now Citigroup Center), New York City

The history of Citicorp began with the founding of 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.^[11] The company's name was changed to The National City Bank of New York in 1865 after the joining the new U.S. national banking system, and it became the largest American bank by 1895.^[11] 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.^[11] 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).^[11] Citigroup Center, New-York, by Johan Burati, public domain File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... Citigroup Center, New-York, by Johan Burati, public domain File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... The Citigroup Center is one of the largest skyscrapers in New York City, United States, located at 601 Lexington Avenue between 53rd Street and 54th Street in midtown Manhattan. ... State nickname: Empire State Other U.S. States Capital Albany Largest city New York Governor George Pataki Official languages None Area 141,205 km² (27th)  - Land 122,409 km²  - Water 18,795 km² (13. ... is the 167th day of the year (168th in leap years) in the Gregorian calendar. ... For the overture by Tchaikovsky, see 1812 Overture; For the wars, see War of 1812 (USA - United Kingdom) or Patriotic War of 1812 (France - Russia) For the Siberia Airlines plane crashed over the Black Sea on October 4, 2001, see Siberia Airlines Flight 1812 1812 was a leap year starting... A merchant making up the account by Shiatsus Hokusai Merchants function as professionals who deal with trade, dealing in commodities that they do not produce themselves, in order to produce profit. ... is the 257th day of the year (258th in leap years) in the Gregorian calendar. ... The Federal Reserve Bank of New York is the most important of the twelve Federal Reserve Banks of the United States. ... For other uses, see Buenos Aires (disambiguation). ... Compound interest refers to the fact that whenever interest is calculated, it is based not only on the original principal, but also on any unpaid interest that has been added to the principal. ... // This article does not cite any references or sources. ... Unsecured loans are loans that are not guaranteed with any asset, so that the risk of repossession does not exist. ... Example of a Canadian cheque. ... A certificate of deposit or CD is a time deposit, a financial product commonly offered to consumers by banks, thrift institutions, and credit unions. ...

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.^[11] 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.^[11] The United States dollar is the official currency of the United States. ... A certificate of deposit or CD is, in the United States, a time deposit, a familiar financial product, commonly offered to consumers by banks, thrift institutions, and credit unions. ... This article is about the capital of England and the United Kingdom. ... MasterCard Worldwide (NYSE: MA) is a multinational corporation based in Purchase, NY in the United States. ... This article is about the payment system. ...

During the mid-1970s, 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.^[11] 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.^[11] Chief Executive redirects here. ... Walter Wriston (August 3, 1919 - January 19, 2005) was a financier and former chairman of Citicorp. ... Cash machine redirects here. ... John Shepard Reed is the Chairman of the New York Stock Exchange. ... Chaps are sturdy leather coverings for the legs. ...

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.^[5][12] 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.^[12] Chief Executive redirects here. ... Sandy Weill in the 1970s Sandy Weill (March 16 1933 -) is a financier, philanthropist, and chairman of Citigroup. ... Control Data Corporation (CDC), was one of the pioneering supercomputer firms. ... Primerica Financial Services, a wholly owned subsidiary of Citigroup, is a General Agency with a business model that includes some features of multi-level marketing[1]. Its company headquarters are in Duluth, Georgia. ... Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured individuals or individuals death. ... A Stock broker sells or buys stock on behalf of a customer. ... Smith Barney is a division of Citigroup Global Capital Markets Inc. ... Cross-selling is the strategy of pushing new products to current customers based on their past purchases. ... A spin-off (or spinoff) is a new organization or entity formed by a split from a larger one such as a new company formed from a university research group. ...

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

In September 1992 Travelers Insurance, which had suffered from poor real estate investments^[5] and sustained significant losses in the aftermath of Hurricane Andrew,^[13] 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.^[12] 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^[5] - and merged it with Smith Barney.^[12] Finally, in November 1997, Travelers Group (which had been renamed again in April 1995), made the $9 billion deal to purchase Salomon Brothers, a major bond trader and investment bank.^[12] Image File history File links No higher resolution available. ... Image File history File links No higher resolution available. ... The St. ... Real estate is a legal term that encompasses land along with anything permanently affixed to the land, such as buildings. ... Lowest pressure 922 mbar (hPa; 27. ... Underwriting refers to the process that a large financial service provider (bank, insurer, investment house) uses to assess the eligibility of a customer to receive their products like equity capital, insurance or credit to a customer. ... This article deals with Salomon Brothers. ... The bond market, also known as the debit, credit, or fixed income market, is a financial market where participants buy and sell debt securities usually in the form of bonds. ... To meet Wikipedias quality standards, this article or section may require cleanup. ...

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.^[5] 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. is the 96th day of the year (97th in leap years) in the Gregorian calendar. ...

The first logo (1998-2007) of the merged company, incorporating the Travelers' "red umbrella".

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.^[5] 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. Image File history File links Citigroup_Logo. ... Image File history File links Citigroup_Logo. ...

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. John Shepard Reed is the Chairman of the New York Stock Exchange. ... Sandy Weill in the 1970s Sandy Weill (March 16 1933 -) is a financier, philanthropist, and chairman of Citigroup. ...

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".^[5] 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.^[14] Two separate United States laws are known as the Glass-Steagall Act. ... The Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act, Pub. ...

Travelers spin off

The current logo for Travelers Companies

The company spun off its Travelers Property and Casualty insurance underwriting business. 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. MetLife, Inc. ...

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,^[15] 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.^[15] The Travelers Companies (NYSE: TRV) is the second largest underwriter of commercial property casualty and personal insurance in the United States. ...

On April 11, 2007 Citigroup said it will 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.^[16] is the 101st day of the year (102nd in leap years) in the Gregorian calendar. ...

On January 7, 2008 Citigroup announced that it is considering cutting 5 percent to 10 percent of its work force, which totals 327,000.^[17] is the 7th day of the year in the Gregorian calendar. ...

Business model

Citigroup and its predecessor companies use the "diversified financial services business model" first invented by Prudential in the late seventies. Simply put, this model attempts to conglomerate many types of finance companies, such as stock brokers, banks, insurance companies, and others. This is done because each of those businesses do better or worse at different times of the business cycle, and so owning all of them balances things out and creates in theory less earnings volatility. This is also done because customers usually use many different kinds of financial products and attempting to convince them to use more products from the same company sells more products more cheaply, compared to those separate companies strictly selling products on their own. Financial services is a term used to refer to the services provided by the finance industry. ... Prudential plc is a United Kingdom based financial services company. ... The business cycle or economic cycle refers to the fluctuations of economic activity about its long term growth trend. ...

During the era of Sandy Weill, much of Citigroup and predecessor's efforts were focused on acquisitions. Much of the efforts were focused in the stock brokerage and investment banking areas, and most of the acquisitions were companies which had recently had problems and were selling at a low price. After the acquisition, the management team would usually engage in aggressive cost cutting to build up cash for the next deal.

Former CEO, Chuck Prince, has said "the day of the transformative deal (merger) is over". This is thought to refer to mega deals like the Citicorp/Travelers merger, as Citigroup continues to acquire. The focus of the company though, is said to have changed to organic revenue growth, that is selling more products instead of focusing on acquisitions and cost cutting alone to increase profit.

Citigroup's 2005 sale of the remainder of Travelers Insurance to MetLife was described by the press as the death knell of the bank-insurance cross-selling model. This is a false analysis though, as Citigroup continues to cross sell insurance, but no longer underwrites it. This focus on selling almost all kinds of financial products, but not necessarily "manufacturing them", is also what prompted Citigroup to recently trade its mutual fund business to Legg Mason in return for more stockbrokers.

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). ^[18]

Global Consumer Group

Generating 55% of Citigroup's 2006 revenues, 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. This article is about the payment system. ... Consumer finance in the most basic sense of the word refers to any kind of lending to consumers. ... According to investopedia. ...

Citi Cards, CitiFinancial, and Citibank

Citibank Tower night in Lima, Peru.

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. The Consumer Finance division (branded "CitiFinancial") accounts for about 20% of GCG's profits, and offers personal loans and homeowner loans to consumers across its network of 50 branches in 20 countries worldwide.^[19] 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.^[20][21] 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 branches in countries throughout the world, with the exception of Mexico, where Citiparner Banamex is the country's largest bank. Citibank is a major international bank, founded in 1812 as the City Bank of New York. ... For other uses, see Lima (disambiguation). ... Cash machine redirects here. ... This article or section does not cite any references or sources. ... Citibank is a major international bank, founded in 1812 as the City Bank of New York. ... To meet Wikipedias quality standards, this article or section may require cleanup. ...

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.^[22] 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.^[23] Citi Private Bank provides personalized wealth management services for affluent clients who include many entrepreneurs, families, and senior corporate executives. ...

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.^[24]

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.^[25]

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.^[25]

Citigroup Global Services

Citigroup Global Services is the Global Processing Center for Citigroup entities across the globe.

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.^[26] Vikram Pandit was promoted to CEO of the entire company two months later.^[9] is the 284th day of the year (285th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... Chief Executive redirects here. ...

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.^[23] CMB are responsible for around 32% of Citigroup's annual revenues, generating just under US $30 billion in 2006 financial year.^[22]

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,^[27] and contributed 7% of Citigroup's 2006 income.^[22] Legg Mason, which is headquartered in Baltimore, is a global asset management firm with $969 billion in assets under management around the world. ... is the 181st day of the year (182nd in leap years) in the Gregorian calendar. ...

Brands

• Citibank, providing consumer banking products.
• Banamex, 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
• Diners Club, credit cards.
• 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 condsidered 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.^[28] Citibank is a major international bank, founded in 1812 as the City Bank of New York. ... Banco Nacional de México or Banamex is Mexicos largest bank, belonging to the group that bears its name, Grupo Financiero Banamex. ... For other uses, see Central America (disambiguation). ... A mortgage loan is a loan secured by real property through the use of a mortgage (a legal instrument). ... Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. ... Citigroup Inc. ... Consumer finance in the most basic sense of the word refers to any kind of lending to consumers. ... Subprime lending (also known as B-paper, near-prime, or second chance lending) is lending at a higher rate than the prime rate. ... An alternative investment is regarded as an investment product other than traditional investments such as stocks, bonds, money markets and/or cash. ... Diners Club International, originally founded as Diners Club, is a credit card company formed in 1950 by Frank X. McNamara, Ralph Schneider and Casey R. Taylor. ... This article is about the payment system. ... Primerica Financial Services (PFS) is the name of a division of Citigroup, which engages in multi-level marketing of financial services, particularly life insurance. ... Smith Barney is a division of Citigroup Global Capital Markets Inc. ... To meet Wikipedias quality standards, this article or section may require cleanup. ... This article is about the payment system. ... Egg Banking plc is a British internet bank, with headquarters in Derby, Dudley and London, England. ... Egg Banking plc is a British internet bank, with headquarters in Derby, Dudley and London, England. ... Prudential plc (LSE: PRU, NYSE: PUK) is a United Kingdom-based financial services company. ...

Real estate

Citigroup Center, Chicago

Citigroup EMEA headquarters, Canary Wharf, London

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. Image File history File links Size of this preview: 450 × 600 pixelsFull resolution (2304 × 3072 pixel, file size: 2. ... Image File history File links Size of this preview: 450 × 600 pixelsFull resolution (2304 × 3072 pixel, file size: 2. ... The Citicorp Center is a skyscraper at 500 West Madison (between Clinton and Canal) in Chicago, Illinois. ... Download high resolution version (500x668, 88 KB)Citigroup Tower, Canary Wharf, London, England. ... Download high resolution version (500x668, 88 KB)Citigroup Tower, Canary Wharf, London, England. ... Citi Centre is the EMEA[1] headquarters of financial services firm Citi, located in Canary Wharf in Londons Docklands. ... This article needs additional references or sources for verification. ... The Citigroup Center is one of the largest skyscrapers in New York City, United States, located at 601 Lexington Avenue between 53rd Street and 54th Street in midtown Manhattan. ... Midtown Manhattan viewed from the World Trade Center. ... This article is about the borough of New York City. ... New York, New York and NYC redirect here. ... Park Avenue in the Upper East Side (2004) Park Avenue, looking north toward the Metlife building from the Union Square Area Park Avenue (formerly Fourth Avenue) is a wide boulevard that carries traffic north and south in Manhattan in New York City. ... For other uses of the term TriBeCa or Tribeca, see Tribeca (disambiguation). ...

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. Times Square–42nd Street station entrance The New York City Subway is a rapid transit system owned by the City of New York and leased to the New York City Transit Authority , an affiliate of the Metropolitan Transportation Authority and also known as MTA New York City Transit. ... The Queens Boulevard Line is a fully underground line of the New York City Subway, as part of the IND division. ... The E Eighth Avenue Local is a service of the New York City Subway. ... all terminals shown above The V Sixth Avenue Local is a rapid transit service of the New York City Subway. ... Citicorp Building is a 50 story (201 metres or 658 feet) office tower in Long Island City, Queens just outside of Manhattan. ... Industrial Long Island City, Manhattan Skyline behind. ... The E Eighth Avenue Local is a service of the New York City Subway. ... all terminals shown above The V Sixth Avenue Local is a rapid transit service of the New York City Subway. ...

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. For other uses, see Chicago (disambiguation). ... The Citicorp Center is a skyscraper at 500 West Madison (between Clinton and Canal) in Chicago, Illinois. ... ABN AMRO (Euronext: AAB, NYSE: ABN) was in the period of 1991 till 2007 one of the largest banks in Europe and had operations in about 63 countries around the world. ... ABN AMRO Plaza is an office building located in the West Loop area of Chicago, Illinois, United States. ... A Metra Train in Ogilvie Transportation Center Metra (officially known as the Northeast Illinois Regional Commuter Railroad Corporation) is a regional rail system that serves the city of Chicago, Illinois, United States and surrounding cities, many of them Chicago suburbs. ... Modern Ogilvie Transportation Center Ogilvie Transportation Center (formally, the Richard B. Ogilvie Transportation Center) is a Chicago, Illinois train station which was in built 1911. ...

Business issues

Citigroup Centre in Sydney

Image File history File linksMetadata Download high resolution version (515x849, 136 KB) Licensing I, the creator of this work, hereby release it into the public domain. ... Image File history File linksMetadata Download high resolution version (515x849, 136 KB) Licensing I, the creator of this work, hereby release it into the public domain. ... Citigroup Centre Citigroup Centre is a Sydney skyscraper located at 2 Park Street, Sydney in the Sydney CBD. Its build date was 2000 and consists of 50 levels that are mostly of commercial use. ... This article is about the metropolitan area in Australia. ...

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.^[29] The bond market, also known as the debit, credit, or fixed income market, is a financial market where participants buy and sell debt securities usually in the form of bonds. ... is the 214th day of the year (215th in leap years) in the Gregorian calendar. ... Year 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ...

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.^[30]

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.^[31]

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.^[32] The funds were sold by Terra Securities ASA to the municipalities, while the products were delivered by Citigroup. Terra Securities ASA filed for bankrupty November 28, 2007, the day after they received a letter^[33] 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,^[34] as well as the presentation from Terra Securities ASA,^[35] appears insufficient and misleading because central elements like information about potential extra payments and the size of these are omitted." Map showing the involved municipalities. ... Terra Securities ASA is a Norwegian security company that sells various financial instruments, index options, hedge funds and other investment securities through 78 local savings banks that are members of Terra-Gruppen. ... The Financial Supervisory Authority of Norway (Norwegian: ) is a Norwegian government agency responsible for supervision of fiancial companies within Norway based on law and regulations from Storting, the Norwegian Ministry of Finance and international accounting standards. ...

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. ^[36] The Center for Responsive Politics is a non-partisan, non-profit research group based in Washington, D.C. that tracks money in politics, and the effect of money on elections and public policy. ...

Ancestor companies

• City Bank of New York 1812 (founded)
• Farmers’ Fire Insurance Loan Company 1822
• Merchants Exchange Bank in the City of New York 1829
• First National Bank of the City of New York 1863
• The Travelers Life and Accident Insurance Company 1864
• Kuhn, Loeb & Co. 1867
• Charles D. Barney & Co. 1873
• Ferdinand Salomon 1880
• Hayden Stone & Co. 1892
• Rhoades & Co. 1898
• Shearson Hammill & Co. 1902
• E.F. Hutton & Co. 1904
• Salomon Brothers 1910
• Commercial Credit 1912
• Carter, Berlind, Potoma & Weill 1960

Citibank is a major international bank, founded in 1812 as the City Bank of New York. ... Kuhn, Loeb & Co. ... E. F. Hutton & Co. ... This article deals with Salomon Brothers. ...

References