Citigroup is the holding company for the following divisions: Citigroup Global Markets, Inc., Citigroup Global Markets Limited (UK), and Citigroup Global Markets Japan - broker-dealers, including one of 24 primary dealers in United States Treasury securities.. Citi's Institutional Clients Group (ICG) offers investment and corporate banking services and products for companies, governments . [191], On June 6, 2007, FInRA announced more than $15million 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. [216][217][218], On November 8, 2007, Citigroup was sued for financial misrepresentations and omissions of what amounted to more than two years of income and an entire line of business. Co-Founder and Partner of Atrevida Partners, LLC, Stanford Univ. The Treasury would assume the first $5 billion in losses; the FDIC would absorb the next $10billion; then the Federal Reserve would assume the rest of the risk. The company had used elaborate mathematical risk models which looked at mortgages in particular geographical areas, but never included the possibility of a national housing downturn or the prospect that millions of mortgage holders would default on their mortgages. Prior to joining Citi in 2009, Scott was Senior Vice President and Chie f Counsel for Global Compliance at Lehman In 2005, Citigroup paid $75 million to settle the lawsuit. To comply with the Volcker Rule, which limits bank ownership in hedge funds to no more than 3%, Citi spun off its hedge fund unit in 2013 and gave a majority of the company to its managers. Obliged", "Citigroup picks veteran to replace Pandit as CEO", "Citibank Bows to Trend, Cuts Credit Card Rate", "South Dakota: Credit Card Haven or the Cayman Islands for Banks? [137], In 2012, the Global Markets division and Orient Securities formed Citi Orient Securities, a Shanghai-based equity and debt brokerage operating in the Chinese market. The Treasury provided $20 billion in Troubled Asset Relief Program (TARP) funds in addition to $25 billion given in October. (Reuters) - Citigroup Inc is boosting compensation for most of its junior bankers by as much as 15%, Bloomberg News reported on Wednesday, highlighting the talent war on Wall Street even amid . Citigroup Global Markets Inc. branch Company Number 1998-000337922 Status Active Incorporation Date 28 September 1998 (about 24 years ago) Company Type Profit Corporation Jurisdiction Wyoming (US) Branch Branch of CITIGROUP GLOBAL MARKETS INC. (New York (US)) Controlling Company CITIGROUP INC. Citigroup Inc. (NYSE: C) Q4 2022 Earnings Call Transcript January 13, 2023. BUSINESS ACTIVITY (SIC) 66120 - Security and commodity contracts dealing activities. Bowen attempted to rouse the board via weekly reports and other communications. [101] Shares of Citigroup common stock traded well below $1.00 on the New York Stock Exchange. New York, New York 10019 . We know information about 6 employees who work here. bank. The company's status is Exists now. The company provides investment banking services to corporate, institutional, government and retail clients in USA and other countries. Citigroup Inc. or Citi (stylized as citi) is an American multinational investment bank and financial services corporation headquartered in New York City. Leadership. www.citigroupcib.com. the Middle Class was not its focus. [155], On June 23, 2016, Federal Reserve handed Citi a passing grade on its stress test the second time in a row, giving permission to triple its dividend to 16 cents a share and approving an $8.6 billion stock repurchase program,[156], Citi Capital Advisors (CCA), formerly Citi Alternative Investments, was a hedge fund that offered various investment strategies across multiple asset classes. The Salomon Smith Barney name was abandoned in October 2003 after a series of financial scandals that tarnished the bank's reputation.[66]. Is this your business? [169] In April 2016, Citi was given regulatory approval for its "living will", its plans to shut down operations in the event of another financial crisis. Chris Pompilio: [22][51] The history of the company is divided into several firms that eventually amalgamated into Citicorp, a multinational banking corporation operating in more than 100 countries; or Travelers Group, whose businesses covered credit services, consumer finance, brokerage, and insurance. Citigroup also decided to adopt the corporate brand "Citi" for itself and virtually all its subsidiaries, except Primerica and Banamex. This included 738 employees each receiving $1 million in bonuses, 176 employees each receiving $2 million bonuses, 124 each receiving $3 million in bonuses, and 143 each receiving bonuses of $4 million to more than $10 million. [176], In April 2021, Citi announced it would exit its consumer banking operations in 13 markets, including Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam. The lawsuit was initially brought by Sherry Hunt, a CitiMortgage employee.[197][198]. In return, the bank gave the U.S. Treasury $27 billion of preferred shares and warrants to acquire common stock. 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. This list only contains chief executives since the formation of Citigroup in 1998. [184], Citigroup owns the naming rights to Citi Field, the home ballpark of the New York Mets Major League Baseball team, via a $400 million, 20-year deal that commenced with the stadium opening in 2009. Registered Address 388 GREENWICH STREET NEW YORK 10013 NY United States Previous Names And it was certainly not written to prevent the government from selling its shares for a profit. Citi Holdings represents $156 billion of GAAP assets, or ~8% of Citigroup; 59% represents North American mortgages, 18% operating businesses, 13% special asset pool, and 10% categorized as other. He oversaw its network of 450 branches. "[149][150][151], On March 11, 2015, Citi has passed its first CCAR test,[152] allowing it to raise its dividend to 5 cent a share and unveiling a plan for a $7.8 billion share repurchase. [242][243], Between 1998 and 2014, Citigroup spent nearly $100 million lobbying the federal government. Citi 3.9. [2] It has 223,400 employees,[2] although it had 357,000 employees before the financial crisis of 20072008,[26] when it was bailed out by a massive stimulus package from the U.S. Sign in to add some. Markets. In 2014, Citigroup agreed to pay $7 billion to resolve claims it misled investors about shoddy mortgage-backed securities in the run-up to the financial crisis. House Democratic Whip and Representatives Jim Himes (D-Conn.) and Debbie Wasserman Schultz (D-Florida.). [180], In 2018 The New York Times reported about Citi's actions, under the direction of CEO Michael Corbat, to intervene in the matter of gun control. Citigroup is the third largest banking institution in the United States; alongside JPMorgan Chase, Bank of America, and Wells Fargo, it is one of the Big Four banking institutions of the United States. Of the 57 Democrats supporting the 2015 Spending bill, 34 had received campaign cash from Citigroup's PAC at some point since 2010. Find company research, competitor information, contact details & financial data for Citigroup Global Markets Inc. of Boston, MA. Get the latest business insights from Dun & Bradstreet. Is this your business? [255] Before Skyler was named and before he began his job search, the company reportedly held discussions with three other individuals to fill the position: NY Deputy Mayor Kevin Sheekey, Mayor Michael Bloomberg's "political guru [who] spearheaded his short-lived flirtation with a presidential run, who will soon leave City Hall for a position at the mayor's company, Bloomberg L.P. After Mr. Bloomberg's improbable victory in the 2001 mayor's race, both Mr. Skyler and Mr. Sheekey followed him from his company to City Hall. On November 17, 2008, Citigroup announced plans for about 52,000 new job cuts, on top of 23,000 cuts already made during 2008 in a huge job cull resulting from four quarters of consecutive losses and reports that it was unlikely to be in profit again before 2010. [136], Citi Branded Cards introduced several new products in 2011, including: Citi ThankYou, Citi Executive/AAdvantage and Citi Simplicity cards in the U.S. The company's remaining foreign exchange sales & trading businesses continued operating in the wake of this deal under the leadership of James Bindler, who succeeded Jeff Feig as the firm's global head of foreign exchange in 2014. For other uses, see, Ownership of Salomon Brothers (19972003), Merger of Citicorp and Travelers (19982001), Collapse and US government intervention (2008), Return to profitability, denationalization (2010), Expansion of retail banking operations (2011), Expansion of credit card operations (2011), Chinese investment banking joint venture (2012), Spin-off of Napier Park Global Capital (2013), Downsizing of consumer banking unit (2014), Combination of Markets & Securities Services (2019), Shrinking of consumer banking unit (20212022), Involvement in controlling the sale of guns, Regulatory action, lawsuits, and arbitration, Enron, WorldCom, and Global Crossing bankruptcies, Conflicts of interest on investment research, Citigroup proprietary government bond trading scandal of 2004, Accusations of futures market manipulation. [citation needed] The 1918 purchase of U.S. overseas bank International Banking Corporation helped it become the first American bank to surpass $1 billion in assets. [179], In September 2022, Citi was planning to shutter its retail bank business in the United Kingdom. Citi received $2.7 billion and a 49% interest in the joint venture. Unlike in the failed stress test in 2012, Citigroup failed on qualitative concerns that were unresolved despite regulatory warnings. The regulators suspended sales operations within Citibank's retail banking for a month. Citibank is also the first and currently the only international bank to be approved by Chinese regulators to issue credit cards under its own brand without cooperating with Chinese state-owned domestic banks. [138], On March 13, 2012, the Federal Reserve reported Citigroup is one of the four financial institutions, out of 19 major banks, that failed its stress tests, designed to measure bank capital during a financial crisis. Full-time. Citigroup is ranked 33rd on the Fortune 500 as of 2021. Oklahoma held out and agreed to settle with the banks separately. [175][needs update], In 2019, Citi combined its Global Markets and Securities Services business into Markets & Securities Services, which includes broad trading and execution capabilities in addition to custody, clearing, financing and hedging services. Long Term Issuer Default Rating. It has shops and restaurants serving Metra customers via the Ogilvie Transportation Center. Citigroup Global Markets has 11 current employee profiles, including Chairman and Chief Executive Officer James Forese. A division of Citi's Institutional Clients Group . Our technologist design, create and engineer systems and solutions to make financial services . Ajay Kapur, Niall Macleod, and Narendra Singh (2005): "Plutonomy: Buying Luxury, Explaining Global Imbalances". The settlement required that the banks separate investment banking from research, and ban any allocation of IPO shares. Former, President and Group Chief Executive Officer, Nordea Bank Abp, Former Superintendent of Banks, State of New York, Compensation, Performace Management and Culture Committee, Nomination, Governance and Public Affairs Committee, Former Assistant Secretary for Intelligence and Analysis, U.S. Department of the Treasury, and National Intelligence Manager for Threat Finance, Office of the Director of National Intelligence. With the crisis worsening, Citigroup announced on January 7, 2008, that it was considering cutting another 5 percent to 10 percent of its 327,000 member-workforce.[98][99]. The resulting pay ratio is estimated to be 486:1. * The Chief of Staff is a direct report to the CEO but not a member of the Executive Management Team. Contact Us Have a question about your account? On November 3, 2007, Bowen emailed Citigroup Chairman Robert Rubin and the bank's chief financial officer, head auditor, and the chief risk management officer to again expose the risk and potential losses, claiming that the group's internal controls had broken down and requesting an outside investigation of his business unit. EPS of $1.10 for the same period compares with $1.46 a year ago. It manages $25.27 billion of regulatory assets for 47,742 client accounts. [148], On March 26, 2014, the Federal Reserve Board of Governors reported that Citigroup was one of the 5 financial institutions that failed its stress tests. Class of 1984 Senior Fellow and Fellow, Freeman Spogli Institute for International Studies and Dean Emeritus, NYU Leonard N. Stern School of Business. [119] The government guaranteed losses on more than $300 billion of troubled assets and injected $20 billion immediately into the company. [22] The deal would enable Travelers to market mutual funds and insurance to Citicorp's retail customers while giving the banking divisions access to an expanded client base of investors and insurance buyers. CITIGROUP FINANCIAL PRODUCTS INC. 100% SHAREHOLDER ARNOLD, EDWARD RAYMOND (CRD#:1876464) CHIEF COMPLIANCE OFFICER - EQUITIES AND EQUITIES DERIVATIVES CHATTERJEE, BISWARUP (CRD#:3102524) DIRECTOR CHATTERJEE, BISWARUP (CRD#:3102524) CEO/CHAIRMAN/PRESIDENT CHIRICO, JOHN A (CRD#:2916366) DIRECTOR DHOUIBI, STEPHANIE ANISSA (CRD#:7189271) DIRECTOR "[201], In July 2015, Citigroup was fined $70 million by the United States Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency, and ordered to pay $700 million to customers. Many of the mortgages were not only defective but were a result of mortgage fraud. [162][163], In May 2015, the bank announced the sale of its margin foreign exchange business, including CitiFX Pro and TradeStream, to FXCM and SAXO Bank of Denmark. United States Consumer Financial Protection Bureau, Office of the Comptroller of the Currency, Dodd-Frank Wall Street Reform and Consumer Protection Act, California Public Employees' Retirement System, Democratic Congressional Campaign Committee, "Citi | Europe, Middle East & Africa | Poland", "Citi | North America | United States (USA)", "Citi | Europe, Middle East & Africa | Bahrain", "Citi | Asia Pacific | China, People's Republic of", "Citi | Europe, Middle East & Africa | United Kingdom", "About Our Private Banking Services - Citi Private Bank", "Citi | Europe, Middle East & Africa | Russia", "Citi | Europe, Middle East & Africa | Uganda", "Citi | Europe, Middle East & Africa | United Arab Emirates", "Citicorp and Travelers Plan to Merge in Record $70 billion Deal", "Citigroup's 52,000 layoffs dupa will impact IT", "Citi to Provide Trustee and Fund Administration Services to Sun Life's First ESG Fund in Hong Kong", "Citigroup CEO Michael Corbat to Retire in February, Jane Fraser Named Successor", "Citi's Institutional Clients Group: About Us", "Citigroup ICG: Corporate and Investment Banking", "Citigroup: Markets & Securities Services", "Citigroup: Treasury and Trade Solutions", "Global Financial Institution & Corporate Banking Services", "Citibank Launches Citigold Select for High Net Worth Clients", "Citi seeks its next act in wealth management", "Citigroup:Consumer Businesses: Credit Cards", "Citicorp and Travelers Plan to Merge in Record $70 Billion Deal: A New No. 1.46 a year ago had received campaign cash from Citigroup 's PAC at some point since citigroup global markets, inc directors 2015 Spending,. 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