[188][62] In 2013, Citibank employed 2,900 in Sioux Falls and is one of the largest employers in the city. In September 1992, Travelers Insurance, which had suffered from poor real estate investments[22] and sustained significant losses in the aftermath of Hurricane Andrew,[64] formed a strategic alliance with Primerica that would lead to its amalgamation into a single company in December 1993. 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. [129][130], In 2010, Citigroup achieved its first profitable year since 2007. We have audited the accompanying consolidated statement of financial condition of Citigroup Global Markets Inc. and subsidiaries (the Company) as of December 31, 2021, and the related notes (collectively, the Chairman of the Board of Directors . According to the Order, approximately 15 different investors purchased notes in the Class V III offering from Citigroup Global Markets Inc. ("CGMI"), the principal U.S. broker-dealer subsidiary of Citigroup Inc. [116] Citigroup will continue to operate as a single company for the time being, but Citi Holdings managers will be tasked to "take advantage of value-enhancing disposition and combination opportunities as they emerge",[116] and eventual spin-offs or mergers involving either operating unit were not ruled out. [113] As a result of the criticism and the U.S. Government's majority holding of Citigroup's common stock, compensation and bonuses were restricted from February 2009 until December 2010. 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. [158][159][160][161], In October 2014, Citigroup announced its exit from consumer banking in 11 markets, including Costa Rica, El Salvador, Guatemala, Nicaragua, Panama, Peru, Japan, Guam, the Czech Republic, Egypt, South Korea (consumer finance only), and Hungary. Citigroup Global Markets Inc. has been operating for 24 years 0 months, and 2 days. It is one of the nine global investment banks in the Bulge Bracket. Ethical Analysis of Citigroup 2022-11-07. The Directors present their strategic report on Citigroup Global Markets Limited (CGML or the Company) on a standalone basis for the year ended 31 December 2021. Citigroup Global Markets (CGM), the capital markets and investment banking arm of banking giant Citigroup, was created in 2003 from the remnants of scandal-ridden brokerage Salomon Smith Barney the group had purchased nearly a decade earlier. [citation needed] It became the first contributor to the Federal Reserve Bank of New York in 1913, and the following year it inaugurated the first overseas branch of a U.S. bank in Buenos Aires,[55] although the bank had been active in plantation economies, such as the Cuban sugar industry, since the mid-19th century. Citigroup Global Markets jobs. [214][215] In 2008, Citi also agreed to pay $1.66 billion to Enron creditors. The 2012 stress tests determined whether banks could withstand a financial crisis that has unemployment at 13%, stock prices to be cut in half, and home prices decreased by 21%. [204], On October 22, 2001, Citigroup was sued for violating federal securities laws by misrepresenting Citigroup's Enron-related exposure in its 2001 Annual Report and elsewhere, and failing to disclose the true extent of Citigroup's legal liability arising out of its 'structured finance' deals with Enron. Citigroup had conducted illegal practices in marketing add-on products for credit cards, including credit monitoring, debt-protection products and wallet-protection services. ICG consists of the following five main divisions: Mark Carawan was chief compliance officer from 2012 until 2020. In 2012, the company paid $590 million to settle the case.[219][220]. With the acquisition, the group became Travelers Inc. Property & casualty and life & annuities underwriting capabilities were added to the business. Citi 3.9. In 2018, they began building a new headquarters that will be 150,000 square feet of office space on a 19-acre campus. Scott C. Kursman is a Managing Director and Chief Compliance Officer for Citigroup Global Markets, Inc. (Broker-Dealer, Swap Dealer and Futures Commission Merchant) and the Citibank N.A., Swap Dealer. The bank's PAC had been nearly as generous to Democrats as Republicans $30,000 to the Democratic Congressional Campaign Committee (the maximum) and $10,000 to the 'New Democrat Coalition', a group of moderate Democrats most of whom voted for the 2015 spending package. Learn more today. [101] Shares of Citigroup common stock traded well below $1.00 on the New York Stock Exchange. Citigroup was replaced by Travelers Co.[124][125]. The U.S. Along with trading and underwriting securities, CGM also finances business deals. The lawsuit was initially brought by Sherry Hunt, a CitiMortgage employee.[197][198]. In November 1997, Travelers Group (which had been renamed again in April 1995 when they merged with Aetna Property and Casualty, Inc.), acquired Salomon Brothers, a major bond dealer and bulge bracket investment bank, in a $9 billion transaction. [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. [122] Government restrictions on pay and oversight of the senior management were removed after the U.S. government sold its remaining 27% stake in December 2010. Markets. [202][203], In January 2017, Citigroup Global Markets Inc. was fined $25 million by the Commodity Futures Trading Commission for order spoofing in U.S. Treasury futures markets, i.e., placing orders that were intended to be canceled before execution, and for failing to diligently supervise its employees with regard to spoofing. The operations sold include 27 branches serving approximately 250,000 clients. 388 GREENWICH STREET, New York, NY, 10013, USA . United States, United Kingdom, and Canada) households. Prior to joining Citi in 2009, Scott was Senior Vice President and Chie f Counsel for Global Compliance at Lehman [196], In February 2012, Citigroup agreed to pay $158.3 million to settle claims that it falsely certified the quality of loans issued by its CitiMortgage unit over a period of more than six years, so that they would qualify for insurance from the Federal Housing Administration. Sponsored Learn More D&B Reports Available for Citigroup Global Markets Inc. Network Visualizer Advertisements BUSINESS ACTIVITY (SIC) 66120 - Security and commodity contracts dealing activities. Citigroup Global Markets Inc. September 12, 2003 Mr. Jonathan G. Katz, Secretary Securities and Exchange Commission 450 5 th Street, NW Washington, DC 20549 Re: SR-BSE-2002-15 and amendments thereto. [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. Dear Sirs, Former Chief Executive Officer, Citibank, N.A. Investment Adviser Firm Summary CITIGROUP GLOBAL MARKETS INC. ( CRD # 7059/SEC#:801-3387,8-8177 ) Show All 35 CAPITAL MANAGEMENT DIVISION, TRAK FOR MUTUAL FUND AT NET ASSET VALUE, TRAK FOR CONSULTING GROUP CAPITAL MARKETS FUNDS, SSB COLLECTIVE FUNDS ASSET ALLOCATION SERVICE, SMITH BARNEY, HARRIS UPHAM & CO., INCORPORATED Extensive experience of managing market risk. Posted: January 13, 2023. [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. New York, New York 10019 . 12-May-2021. Overview. The entity id number for this company is 000912293, . [53] The company's name was changed to The National City Bank of New York in 1865 after it joined the new U.S. national banking system,[53] and it became the largest American bank by 1895. Of the 57 Democrats supporting the 2015 Spending bill, 34 had received campaign cash from Citigroup's PAC at some point since 2010. It also has Latin America partnership cards with Colombia-based airline Avianca and with Banamex and AeroMexico; and a merchant loyalty program in Europe. [110][111][112], According to New York Attorney General Andrew Cuomo, Citigroup paid hundreds of millions of dollars in bonuses to more than 1,038 of its employees after it had received its $45 billion TARP funds in late 2008. [145] As of March 31, 2012, Citi had a Tier 1 capital ratio of 12.4%. [102] Its stock market value dropped to $20.5 billion, down from $244billion two years earlier. Profile People (0) Documents (0) Dockets (738) Attorneys (551) Markets (0) Patents (35) Trademarks (530) Payments (9) Related (222) Personal Bank. To the Stockholder and the Board of Directors Citigroup Global Markets Inc.: Opinion on the Consolidated Financial Statement . both powered by and consumed by the wealthy;[228][229][230][231] Heavy exposure to troubled mortgages in the form of collateralized debt obligation (CDOs), compounded by poor risk management, led Citigroup into trouble as the subprime mortgage crisis worsened in 2007. The Financial Crisis Inquiry Commission asked him to testify about Citigroup's role in the mortgage crisis, and he did so, appearing as one of the first witnesses before the Commission in April 2010. [146] This was a result of selling more than $500 billion of its special assets placed in Citi Holdings, which were guaranteed from losses by the US Treasury while under federal majority ownership. [139] Citi failed the Fed stress tests due to Citi's high capital return plan and its international loans, which were rated by the Fed to be at higher risk than its domestic American loans. [154], In April 2016, Citigroup announced that it would eliminate its bad bank, Citi Holdings. 162 members of the House, including 72 Democrats, where donations averaged about $5,000 per candidate. Toronto, ON - Citi has launched Citi Commercial Bank (CCB) in Canada as part of a global expansion announced earlier in 2022. Chief Executive Officer, North America & Citibank N.A. the Middle Class was not its focus. [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 report, titled "Raul Salinas, Citibank and Alleged Money Laundering", indicated that Citibank facilitated the transfer of millions of dollars through complex financial transactions that hid the funds' paper trail. Get the latest business insights from Dun & Bradstreet. [199] The settlement, known as the National Mortgage Settlement (NMS), required the servicers to provide about $26 billion in relief to distressed homeowners and in-direct payments to the states and the federal government. The subsequent investigation revealed that the Consumer Lending Group had suffered a breakdown of internal controls since 2005. (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 . The salary of the CEO was set at $1 per year and the highest salary of employees was restricted to $500,000. * The Chief of Staff is a direct report to the CEO but not a member of the Executive Management Team. 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. Citigroup agreed to try to modify mortgages, using standards set up by the FDIC after the collapse of IndyMac Bank, with the goal of keeping as many homeowners as possible in their houses. But Citibank knows the bank as an institution is in troubleit can't get away anymore with passive sellingand Plumeri has all the passion to throw a glass of cold water on the bank. Citi's leadership team comprises our Executive Management Team and Board of Directors. CITIGROUP GLOBAL MARKETS LIMITED is a Private limited company (Ltd.) company based in CITIGROUP CENTRE CANADA SQUARE, United Kingdom, which employs 3604 people. Citigroup Global Markets Inc. is a large advisory firm based in New York. Fixed Income Strategy (2004-2005) and global head of Structured Credit Research and Strategy (2003-2005). . Despite this deal, industry surveys pegged Citi as the biggest banking player in the forex market. The regulators suspended sales operations within Citibank's retail banking for a month. [207][208][209][210], On February 5, 2002, Citigroup was sued for violating federal securities laws and misleading investors by issuing false information about Global Crossing's revenues and financial performance. The resulting pay ratio is estimated to be 486:1. As a result of their assurances that toxic financial products were sound, Citigroup was able to expand its market share and increase profits" and that "the settlement did not absolve the bank or its employees from facing criminal charges. As a broker-dealer, CGMI offers clients access to the global markets in more than 100 countries. The company will have four months to make a new plan and submit it to the Federal Reserve. During this period, Travelers acquired Shearson Lehmana retail brokerage and asset management firm that was headed by Weill until 1985[22]and merged it with Smith Barney. The report indicated that Citibank took on Salinas as a client without making a thorough inquiry as to how he made his fortune, an omission that a Citibank official called a violation of the bank's "know your customer" policy. Citi received $2.7 billion and a 49% interest in the joint venture. Citigroup Global Markets has 11 current employee profiles, including Chairman and Chief Executive Officer James Forese. COMPANY TYPE. . Citi strives to create the best outcomes for our clients and customers with financial solutions that are simple, creative and responsible. Operator: Hello and welcome to Citi's Fourth Quarter 2022 Earnings Review with the Chief Executive Officer, Jane Fraser; and Chief Financial Officer, Mark Mason. [168] On April 1, Citigroup became the exclusive issuer of Costco-branded credit cards. 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. [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. 1. Bowen attempted to rouse the board via weekly reports and other communications. [89][90] Citigroup retained the life insurance and annuities underwriting businesses until it sold them to MetLife in 2005. According to the article, former CEO Pandit said if Citigroup was allowed to unravel into bankruptcy, "100 governments around the world would be trying to figure out how to pay their employees". Class of 1984 Senior Fellow and Fellow, Freeman Spogli Institute for International Studies and Dean Emeritus, NYU Leonard N. Stern School of Business. [71][72] He unexpectedly retired from Citibank in January 2000. [75] The Associates was widely criticized for predatory lending practices and Citi eventually settled with the Federal Trade Commission by agreeing to pay $240million to customers who had been victims of a variety of predatory practices, including "flipping" mortgages, "packing" mortgages with optional credit insurance, and deceptive marketing practices. Any compensation amount above $500,000 had to be paid with restricted stock that could not be sold by the employee until the emergency government aid was repaid in full. Smith Barney, Citi's global private wealth management unit, provided brokerage, investment banking and asset management services to corporations, governments and individuals around the world. Stanford Univ. [253] Citigroup's 2014 donations favored Republicans only slightly. [144], By June 2012, the year of Citi's 200th anniversary, Citigroup had built up $420 billion in surplus cash reserves and government securities. [119] The government guaranteed losses on more than $300 billion of troubled assets and injected $20 billion immediately into the company. Citigroup Global Markets Inc is legally known as CITIGROUP GLOBAL MARKETS INC.. Citigroup has its headquarters located in downtown Tribeca (388 Greenwich). CITIGROUP GLOBAL MARKETS INC. was registered on 09/29/1998 as a foreign business corporation type with the address 388 GREENWICH ST NEW YORK, NY 10013-2375 . Founded in 1812 as the City Bank of New York, the company has undergone numerous mergers and acquisitions over the years to become the global financial giant it is today. [68], Joe J. Plumeri worked on the post-merger integration of the two companies and was appointed CEO of Citibank North America by Weill and Reed. He's rough on the edges. 1:Financial Giants Unite", "The Dramatic Highlights From Citi's 200-Year History", "Today In Fast Money History -- June 16th", "Invade Haiti, Wall Street Urged. Citigroup Global Markets Inc. Oct 2010 - Present 12 years 4 months. New York, New York 10013 . Stock Exchange In return, the bank gave the U.S. Treasury $27 billion of preferred shares and warrants to acquire common stock. [257], One March 19, 2020, Citi announced that it would support 2019 coronavirus pandemic relief with some US$15 million. Its non-financial businesses were spun off. 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. [56] Also in 1967, First National City Bank was reorganized as a one-bank holding company, First National City Corporation, or "Citicorp" for short. [134][135] New sales and service centers were also opened in Moscow and St. Petersburg. Company status Active Company type Private limited Company Incorporated on 21 October 1983 . [185][186], Citicorp Center in Chicago has a series of curved archways at its peak, and sits across the street from major competitor ABN AMRO's ABN AMRO Plaza. CITIGROUP.COM. By July 2008 Citigroup was described as struggling,[100] and by November they were insolvent, despite their receipt of $25 billion in taxpayer-funded federal Troubled Asset Relief Program funds. New York, NY +7 locations. [132] A special IRS tax exception given to Citi allowed the US Treasury to sell its shares at a profit, while it still owned Citigroup shares, which eventually netted $12 billion. By December 2010, Citigroup repaid the emergency aid in full and the U.S. government had made a $12 billion profit on its investment in the company. CITIGROUP FINANCIAL PRODUCTS INC., 100% SHAREHOLDER ARNOLD, EDWARD RAYMOND (CRD#:1876464), CHIEF COMPLIANCE OFFICER - EQUITIES AND EQUITIES DERIVATIVES CUMMINGS, JOHN W (CRD#:2729018), DIRECTOR DUNN, DEIRDRE KATHLEEN (CRD#:3265777), DIRECTOR FLOOD, SCOTT LEROY, CO-GENERAL COUNSEL KEEGAN, DANIEL LAURENCE (CRD#:2756125), DIRECTOR [212][213], In 2005, Citigroup paid $2 billion to settle a lawsuit filed by investors in Enron. Trading head Thomas Maheras was close friends with senior risk officer David Bushnell, which undermined risk oversight. economy."[103][104][105][106]. [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. Global Presence. [249] As of 2008, Citigroup was the 16th largest political campaign contributor in the US, out of all organizations, according to OpenSecrets. Purchase Lets Citibank Expand Long Island Presence", "Citi Swallows EAB Sandy Takes On J.P. Morgan Chase in NY", "Citigroup to Buy European American Bank in Bid to Increase N.Y. Market Share", "Citigroup to Buy Mexican Bank In a Deal Valued at $12.5 Billion", "Citigroup to Spin Off Travelers Insurance", "Travelers Group, Form 8-K, Current Report, Filing Date", "Citigroup Saw No Red Flags Even as It Made Bolder Bets", "Citi mulls cutting work force by 5 to 10 percent: report", "U.S. Agrees to Rescue Struggling Citigroup", "FRB: Press Release-Joint statement by Treasury, Federal Reserve, and the FDIC on Citigroup", "Citigroup gets massive government bailout", "Citi's Corbat Has Parting Words: 'Banking Is Quickly Changing', "U.S. Approves Plan to Help Citigroup Weather Losses", "Wall Street Compensation'No Clear Rhyme or Reason", "The Special Master's Determinations for Executive Compensation of Companies Receiving Exceptional Assistance Under TARP", "Citi private bank targets doubled growth", "Citi to Reorganize into Two Operating Units to Maximize Value of Core Franchise", "Citigroup Reports Big Loss and a Breakup Plan", "U.S. Plans $500,000 Cap on Executive Pay in Bailouts", "U.S. exits Citigroup stake and earns $12 billion profit", "Citi CEO Pandit's salary soars to $1.75 million from $1", "Travelers, Cisco Replace Citi, GM in Dow", "Citigroup, Morgan Stanley Agree to Merge Brokerages", "Morgan Stanley Completes Purchase of Smith Barney Venture", "Pandit Missed Out on a Sweeter Smith Barney Deal", "Government sells remaining shares in Citigroup; investment to net $12 billion total profit for taxpayers", "U.S. gave up billions in tax money in deal for Citigroup's bailout repayment", "Citibank Opens Full-Service, Smart Banking Consumer Outlet at Chongqing Airport", "Citibank Japan Ltd. [242][243], Between 1998 and 2014, Citigroup spent nearly $100 million lobbying the federal government. In the transaction, Travelers Group acquired all Citicorp shares for $70 billion in stock, issuing 2.5 new Citigroup shares for each Citicorp share. [117] Citi Holdings consists of Citi businesses that Citi wants to sell and are not considered part of Citi's core businesses. This settlement amount makes the NMS the second largest civil settlement in U.S. history, only trailing the Tobacco Master Settlement Agreement. [258], "Citi" redirects here. [223], Total 2018 compensation for Michael Corbat, CEO, amounted to $24,195,749, and total compensation of the median employee was determined to be $49,766. Six drivers and other economic measurements, such as income and savings rates were also studied and included, in what was described as "an ongoing [bio-]technological revolution; capitalist-friendly governments and tax regimes" Find more info on AllPeople about Michael Meeuwsen and Citigroup Global Markets Inc, as well as people who work for similar businesses nearby, colleagues for other branches, and more people with a similar name. [22] Two years later, Weill mastered the buyout of Primerica Financial Servicesa conglomerate that had already bought life insurance company A L Williams as well as brokerage firm Smith Barney. [157] The spin-off of CCA created Napier Park Global Capital, a $6.8 billion hedge fund with more than 100 employees in New York and London and managed by Jim O'Brien and Jonathan Dorfman. The assets remained on Citigroup's balance sheet; the technical term for this arrangement is ring fencing. Services. [94][95] As Treasury Secretary, Robert Rubin was said to be influential in lifting the GlassSteagall Act that allowed Travelers and Citicorp to merge in 1998. "[133], In 2011, Citi was the first bank to introduce digitized Smart Banking branches in Washington, D.C., New York, Tokyo and Busan (South Korea) while it continued renovating its entire branch network. Citigroup Global Markets Inc. has been operating for 45 years 10 months, and 3 days. The total settlement with the ten banks was $1.4billion. There are 9 other people named Michael Meeuwsen on AllPeople. [193][194], In April 2011, an arbitration panel ordered Citigroup Inc to pay $54.1 million for losses from municipal securities funds that cratered between 2007 and 2008. The professional industries of the organization Citigroup Global Markets Inc are Security Broker/Dealer, Security Brokers & Dealers, Financial Advisor. Citi. C.PRN - key executives, insider trading, ownership, revenue and average growth rates. It is a NY Corporation. Without cookies, the site won't function as expected . It also has a branch office in the Sonezaki district of Kita-ku, Osaka . [182] Citigroup also owns a building in Tribeca, Manhattan at 388 Greenwich Street that serves as headquarters for its Investment and Corporate Banking operations and was the former headquarters of the Travelers Group. SUSAN MILLS VICE PRESIDENT / / DIRECTOR . Its roots came from Commercial Credit, a subsidiary of Control Data Corporation that was taken private by Weill in November 1986 after taking charge of the company earlier that year. Chief Executive Officer | Personal Banking & Wealth Management, Executive Vice President | Enterprise Services and Public Affairs, Head of Enterprise Infrastructure Operations & Technology, Chief Executive Officer | Institutional Clients Group, Former President and CEO, BMO Financial Corporation | Former U.S. Country Head, BMO Financial Group, Former Senior Deputy Comptroller for Bank Supervision Policy and Chief National Bank Examiner, Office of the Comptroller of the Currency (OCC). Citigroup reported revenues of $18.01 billion in the last reported quarter, representing a year-over-year change of +5.8%. Registered Address 388 GREENWICH STREET NEW YORK 10013 NY United States Previous Names [120][121] The U.S. government also gained control of half the seats in the Board of Directors, and the senior management was subjected to removal by the US government if there were poor performance. Long Term Issuer Default Rating. [60] Shortly afterwards, the bank launched the Citicard, which pioneered the use of 24-hour ATMs. Associate staffer 2007 - 2010. Insider Monkey Transcripts. There are 3 director records in this entity. It has been registered with the SEC as an adviser since 2003 and has operated in the jurisdictions of Alabama, Alaska, Arizona, and 48 other states. Key Principal: ROBERT MALONEY See more contacts Industry: Investment advice Printer Friendly View Address: 53 State St Ste 39 Boston, MA, 02109-3001 United States See other locations Phone: Website: www.citigroup.com Employees (this site): Actual ESG ranking: ESG industry average: What is D&B's ESG Ranking? 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. This firm has 7855 employees, of which 3324 are employees in advisory roles. By December 2009, the U.S. government stake was reduced from a 36% stake to a 27% stake, after Citigroup sold $21 billion of common shares and equity in the largest single share sale in U.S. history, surpassing Bank of America's $19 billion share sale 1 month prior. The remaining provisions of the GlassSteagall Actenacted following the Great Depressionforbade banks to merge with insurance underwriters, and meant Citigroup had between two and five years to divest any prohibited assets.
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