citigroup global markets, inc directors

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. [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. N.A/Citigroup Global Markets Inc. Steve Zepeda Communications Principal at Citigroup Global Markets Holdings Inc. Soo Yeon Lee . Travelers Group, at the time of the merger, was a diverse group of financial concerns that had been brought together under CEO Sandy Weill. "[70] Plumeri boosted the unit's earnings from $108 million to $415 million in one year, an increase of nearly 300%. Existing shareholders of each company owned about half of the new firm. 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. [226], Citigroup was criticized for disrupting the European bond market by rapidly selling 11billion 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.[227]. 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. Get the latest business insights from Dun & Bradstreet. [174] In October, the same year, Citigroup was fined $400 million by the US bank regulators as a result of their risk in control systems and was ordered to update their technology. Fixed Income Strategy (2004-2005) and global head of Structured Credit Research and Strategy (2003-2005). . [206], In 2004, Citigroup paid $2.65 billion pre-tax, or $1.64 billion after-tax, to settle a lawsuit concerning its role in selling stocks and bonds for WorldCom, the second largest telecommunications company in the world, which collapsed after an accounting scandal. Citigroup Global Markets Inc. has been operating for 45 years 10 months, and 3 days. [134][135] New sales and service centers were also opened in Moscow and St. Petersburg. New York, NY As Director, ICG Operations, and Technology Control and Reporting (2013-Present): Lead business planning . Pursuant to Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, publicly traded companies are required to disclose (1) the median total annual compensation of all employees other than the CEO and (2) the ratio of the CEO's annual total compensation to that of the median employee. 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. INCORPORATION DATE. [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. The report specifically stated that Citigroup failed "to project revenues and losses under a stressful scenario for material parts of the firm's global operations and its ability to develop scenarios for its internal stress testing that adequately reflects its full range business activities and exposures. FInRA 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. Citigroup Inc. or Citi (stylized as citi) is an American multinational investment bank and financial services corporation headquartered in New York City. 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. Citigroup Global Markets Inc. was registered at new york on 23 Feb 1977 as a foreign corporation. [250] [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. Citigroup has its headquarters located in downtown Tribeca (388 Greenwich). Services. On November 24, 2008, the U.S. government announced a massive bailout for Citigroup designed to rescue the company from bankruptcy while giving the government a major say in its operations. The settlement required that the banks separate investment banking from research, and ban any allocation of IPO shares. Doing Business As: Bank Citi Company Description: Key Principal: Kristine Wolcott Braden See more contacts Industry: Commercial banks, nec Printer Friendly View Address: Reuterweg 16 60323, Frankfurt am Main, Hessen Germany See other locations Phone: Website: www.citigroup.com Employees (this site): Fiscal Year End: Year Started: Incorporated: [91] Citigroup still sells life insurance through Citibank, but it no longer underwrites insurance.[92]. As a result, late in the evening on November 23, 2008, Citigroup and Federal regulators approved a plan to stabilize the company and forestall a further deterioration in the company's value. (An indirect wholly owned subsidiary of Citigroup Global Markets Holdings Inc.) Notes to Consolidated Statement of Financial Condition June 30, 2022 (Unaudited) 3 (1) Organization and Summary of Significant Accounting Policies (a) Organization Citigroup Global Markets Inc. (together with its consolidated subsidiaries, "CGMI" or "the C.PRN - key executives, insider trading, ownership, revenue and average growth rates. On January 13, 2009, Citi announced the merger of Smith Barney with Morgan Stanley Wealth Management. When Bowen first became a whistleblower in 2006, 60% of the mortgages were defective. [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. 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. [214][215] In 2008, Citi also agreed to pay $1.66 billion to Enron creditors. [71][72] He unexpectedly retired from Citibank in January 2000. The bank had been nicknamed "Citibank" since the 1860s when it began using this as an eight-letter wire code address. Acadia Healthcare, Nine Directors Named in Securities Suit. If you want to learn more please read our Privacy policy. Find company research, competitor information, contact details & financial data for Citigroup Global Markets Inc. of Boston, MA. As Representatives of the several Underwriters named in Schedule I hereto, c/o BNP Paribas Securities Corp. 787 Seventh Avenue . Duncan P. Hennes Co-Founder and Partner of Atrevida Partners, LLC. The assets remained on Citigroup's balance sheet; the technical term for this arrangement is ring fencing. Despite this deal, industry surveys pegged Citi as the biggest banking player in the forex market. It was also difficult to sell insurance directly to its customers since most customers were accustomed to purchasing insurance through a broker. [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. Visit Citigroup Global Markets Inc. John C. Dugan Chair, Citigroup Inc. Jane Fraser Chief Executive Officer. Oklahoma held out and agreed to settle with the banks separately. In a The New York Times op-ed, Michael Lewis and David Einhorn described the November 2008 $306 billion guarantee as "an undisguised gift" without any real crisis motivating it. Operating businesses include OneMain Financial ($10B), PrimeRe ($7B), MSSB JV ($8B) and Spain / Greece retail ($4B), less associated loan loss reserves. [87][88], Travelers merged with The St. Paul Companies Inc. in 2004 forming The St. Paul Travelers Companies. Contact Information Formerly Known As Salomon Smith Barney Ownership Status Privately Held (backing) Financing Status Corporate Backed or Acquired Primary Industry Brokerage Other Industries Investment Banks Citi will continue to operate its consumer banking businesses in the USA, Canada, Europe and in only 4 other markets: Hong Kong, Singapore, London and the UAE across the entire APAC and EMEA regions. Congrats to the Astaris Capital Management LLP 5-a-side football team that competed against 24 other hedge funds in a tournament last week. The same day on Wall Street markets responded, with shares falling and dropping the company's market capitalization to $6 billion, down from $300 billion two years prior. Heritage. [25] Citigroup has approximately 200 million customer accounts and does business in more than 160 countries. 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 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". 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. Barbara Desoer Former Chief Executive Officer, Citibank, N.A. [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. Bowen's responsibility was essential to serve as the quality control supervisor ensuring the unit's creditworthiness. [83][84][85], The company spun off its Travelers Property and Casualty insurance underwriting business in 2002. 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 U.S. Securities and Exchange Commission said that Citigroup had made misleading statements about the company's exposure to subprime mortgages. Citi | Contact Us Please be advised that this site is not optimized for use with Microsoft Internet Explorer 6. Sort by: relevance - date. It reported $10.6 billion in net profit, compared with a $1.6 billion loss in 2009. [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. Citibank's PAC made donations to both the campaigns and the leadership PACs of many top Democrats who voted for the 2015 spending bill, including Steny Hoyer (Md.) This list only contains chairmen since the formation of Citigroup in 1998; for a full list of chairmen including Citigroup's predecessors, please see List of chairmen of Citigroup. [172] This was not just limited to the US. After. [179], In September 2022, Citi was planning to shutter its retail bank business in the United Kingdom. Citigroup Inc. Duncan P. Hennes. Citi Express modules, 24-hour service units, were introduced in Colombia. 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. Shareholder Support Rating. Some former regulators found room to criticize Hohlt's involvement with Citigroup, because of his earlier involvement with the financial services industry during the savings and loan crisis of the 1980s. The company id for this entity is 13958500. Citigroup Global Markets Inc. is a large advisory firm based in New York. [171] It also announced that some lower paid employees would receive a one-off payment of US$1,000 to help them through the crisis. Wesley S. Williams Co-Head of European Financial Institutions Business - Citigroup. 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. [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. 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. Citi's Institutional Clients Group (ICG) offers investment and corporate banking services and products for companies, governments, institutions, and ultra high-net-worth investors. [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. [164][165], In November 2015, Springleaf acquired OneMain Financial from Citigroup. And St. Petersburg off its Travelers Property and Casualty insurance underwriting business in the United Kingdom of... The technical term for this arrangement is ring fencing directly to its since! 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