With the acquisition, the group became Travelers Inc. Property & casualty and life & annuities underwriting capabilities were added to the business. [24] It is considered a systemically important bank by the Financial Stability Board and is commonly cited as being too big to fail. The operations sold include 27 branches serving approximately 250,000 clients. 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. To the Stockholder and the Board of Directors Citigroup Global Markets Inc.: Opinion on the Consolidated Financial Statement . Co-Founder and Partner of Atrevida Partners, LLC. 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. "[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. The principal address is 399 park ave new york, ny 10043. [108] As a condition of the federal assistance, Citigroup's dividend payment was reduced to $0.01 per share. [257], One March 19, 2020, Citi announced that it would support 2019 coronavirus pandemic relief with some US$15 million. Citigroup Inc. (NYSE: C) Q4 2022 Earnings Call Transcript January 13, 2023. Telephone: 03-6776-8800. Address: Otemachi Park Building, 1-1-1 Otemachi, Chiyoda-ku, Tokyo 100-8132 Map. 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. Citi | Contact Us Please be advised that this site is not optimized for use with Microsoft Internet Explorer 6. [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. Sponsored Learn More D&B Reports Available for Citigroup Global Markets Inc. Network Visualizer Advertisements 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. Our technologist design, create and engineer systems and solutions to make financial services . [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. In spite of 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,[93] which renamed itself Travelers Companies. [183], 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 M trains. [65] This deal complemented Travelers/Smith Barney well as Salomon was focused on fixed-income and institutional clients, whereas Smith Barney was strong in equities and retail. Toronto, ON - Citi has launched Citi Commercial Bank (CCB) in Canada as part of a global expansion announced earlier in 2022. Citigroup is ranked 33rd on the Fortune 500 as of 2021. [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. He oversaw its network of 450 branches. He's rough on the edges. The company id for this entity is K835434. Heritage. Citi strives to create the best outcomes for our clients and customers with financial solutions that are simple, creative and responsible. Associate staffer 2007 - 2010. [224], On June 1, 2018, the Australian Competition and Consumer Commission (ACCC) announced that criminal cartel charges are expected to be laid by the Commonwealth Director of Public Prosecutions (CDPP) against ANZ Bank, its Group Treasurer Rick Moscati, along with Deutsche Bank, Citigroup and a number of individuals. Main Business: Investment Banking, Sales & Trading, Research. [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. In comparison, Bank of America, which passed the stress test and did not ask for a capital return to investors, received 78% of its revenue in the United States. 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. Fixed Income Strategy (2004-2005) and global head of Structured Credit Research and Strategy (2003-2005). [249] As of 2008, Citigroup was the 16th largest political campaign contributor in the US, out of all organizations, according to OpenSecrets. The "New York" was dropped in 1962 on the 150th anniversary of the company's foundation. [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. U.S. Company status Active Company type Private limited Company Incorporated on 21 October 1983 . It is Citi's international broker Chief Executive Officer, North America & Citibank N.A. 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. [60] Shortly afterwards, the bank launched the Citicard, which pioneered the use of 24-hour ATMs. 01763297. Its non-financial businesses were spun off. 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. [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. [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. [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. Today's call will be hosted by Jen Landis, Head of Citi Investor Relations. The company id for this entity is 13958500. [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. [101] Shares of Citigroup common stock traded well below $1.00 on the New York Stock Exchange. [86] The spin-off was prompted by the insurance unit's drag on Citigroup stock price because Travelers earnings were more seasonal and vulnerable to large disasters and events such as the September 11 attacks. If you want to learn more please read our Privacy policy. 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 . [181], Citigroup Center, a diagonal-roof skyscraper located in Midtown Manhattan, New York City, is Citigroup's most famous office building, which despite popular belief is not the company's headquarters building. [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. The company started trading on 21 October 1983. [129][130], In 2010, Citigroup achieved its first profitable year since 2007. 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. ARVIND RAJAN, PHD, is a Managing Director at Citigroup, where he engages in proprietary trading of credit, structured credit, and emerging markets. [253], In 2009, former chairman Richard Parsons hired long-time Washington, D.C. lobbyist Richard F. Hohlt to advise him and the company about relations with the U.S. government, though not to lobby for the company. Stanford Univ. [87][88], Travelers merged with The St. Paul Companies Inc. in 2004 forming The St. Paul Travelers Companies. 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. [212][213], In 2005, Citigroup paid $2 billion to settle a lawsuit filed by investors in Enron. [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. Citigroup Global Markets, Inc. Citigroup Global Markets, Inc. United States C Corporation No tags have been applied so far. [136], Citi Branded Cards introduced several new products in 2011, including: Citi ThankYou, Citi Executive/AAdvantage and Citi Simplicity cards in the U.S. In October 2007, Citigroup purchased Nikko Cordial Corporation. Rating History. INCORPORATION DATE. 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. [56][57] As it grew, the bank became an 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). ", "Travelers Group, Form 8-K, Current Report", "Morgan Stanley Is Killing 'Smith Barney' Here's The Story Of How It Died", "Joseph Plumeri to Leave Citigroup For Top Job at Nonfinancial Firm", "The Chief Preacher: Joe Plumeri Citibank Finds Sales Religion", "Commerce adds Plumeri to Board of Directors", "Breaking with Tradition: Willis Re-energized", "Citigroup to Buy Associates First for $31 Billion", "Citigroup, Form 8-K, Current Report, Filing Date Oct 16, 2002", "Citigroup Settles FTC Charges Against the Associates Record-Setting $215million for Subprime Lending Victims", "E.A.B. Citigroup was criticized for failing to adequately supervise its traders and for not having systems in place to detect spoofing, which involves entering fake orders designed to fool others into thinking prices are poised to rise or fall. The entity's status is . Citigroup Global Markets has 11 current employee profiles, including Chairman and Chief Executive Officer James Forese. Then on the board of directors of Citigroup, Rubin and Charles Prince were said to be influential in pushing the company towards MBS and CDOs in the subprime mortgage market. 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. 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. It also has Latin America partnership cards with Colombia-based airline Avianca and with Banamex and AeroMexico; and a merchant loyalty program in Europe. both powered by and consumed by the wealthy;[228][229][230][231] 162 members of the House, including 72 Democrats, where donations averaged about $5,000 per candidate. [140][141][142][143] Citi received half of its revenues from its international businesses. It is a NY Corporation. Operations Solutions is undergoing one of the most dramatic and rapid infrastructure transformations in the Finance Industry. Wesley S. Williams Co-Head of European Financial Institutions Business - Citigroup. 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. Shareholder Support Rating. [250] Citigroup is incorporated in Delaware. 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%. The government obtained wide powers over banking operations. It is one of the nine global investment banks in the Bulge Bracket. [29], Citigroup is the holding company for the following divisions:[30], 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. Former President, Chief Executive Officer, BMO Financial Corporation, and Former U.S. Country Head, BMO Financial Group, Former Senior Deputy Comptroller for Bank Supervision Policy and Chief National Bank Examiner, OCC. [205] In 2003, Citigroup paid $145million in fines and penalties to settle claims by the Securities and Exchange Commission and the Manhattan district attorney's office. [97] Even after securities and brokerage firm Bear Stearns ran into serious trouble in summer 2007, Citigroup decided the possibility of trouble with its CDOs was so tiny (less than 1/100 of 1%) that they excluded them from their risk analysis. Citigroup Inc. Duncan P. Hennes. The bank introduced its First National City Charge Service credit cardpopularly known as the "Everything card" and later to become MasterCardin 1967. [258], "Citi" redirects here. Posted: January 13, 2023. United States, United Kingdom, and Canada) households. Shareholder: Citigroup Japan Holdings G.K. (wholly owned by Citigroup Inc. indirectly) Paid-in Capital: 154.9 billion . 383 Madison Avenue Broker Details Market Specialization Real Estate OTC Metals Interest Rates Foreign Exchange The lawsuit was initially brought by Sherry Hunt, a CitiMortgage employee.[197][198]. [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. Select from premium Citigroup Global Markets Inc Managing Director Ed Morse Interview of the highest quality. ICG consists of the following five main divisions: Mark Carawan was chief compliance officer from 2012 until 2020. 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. 390 GREENWICH STREET, NEW YORK, NY 10013 . 388 GREENWICH STREET, New York, NY, 10013, USA . [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. 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 The majority of its assets are U.S. mortgages. The U.S. Securities and Exchange Commission said that Citigroup had made misleading statements about the company's exposure to subprime mortgages. [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. Citigroup Global Markets Japan Inc. While some speculated anonymously that the Federal Deposit Insurance Corporation (FDIC) would have been a particular focus of Hohlt's attention, Hohlt said he'd had no contact with the government insurance corporation. [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. 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. It reported $10.6 billion in net profit, compared with a $1.6 billion loss in 2009. View a list of all our leaders and read their profiles. There are 9 other people named Michael Meeuwsen on AllPeople. Applicants have received a temporary order exempting them from section 9(a) of the Act, with respect to an injunction entered against Citigroup Global Markets Inc., f/k/a Salomon Smith Barney Inc. ("SSB") on October 31, 2003, by the U.S. District Court for the Southern District of New York (the "Federal Injunction"), until the earlier . 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 [22] 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.[67]. [115], On January 16, 2009, Citigroup announced its intention to reorganize itself into two operating units: Citicorp for its retail and institutional client business, and Citi Holdings for its brokerage and asset management. [134][135] New sales and service centers were also opened in Moscow and St. Petersburg. Citi's Institutional Clients Group (ICG) offers investment and corporate banking services and products for companies, governments, institutions, and ultra high-net-worth investors. Citigroup Global Markets Inc. has been operating for 24 years 0 months, and 2 days. 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. [192], In July 2010, Citigroup agreed to pay $75 million to settle civil charges that it misled investors over potential losses from high-risk mortgages. Cliff Verron Chief Financial Officer. Personal Bank. The Treasury provided $20 billion in Troubled Asset Relief Program (TARP) funds in addition to $25 billion given in October. [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. He was previously co-head of U.S. From 1989 to 2006, members of the firm donated over $23,033,490, 49% of which went to Democrats and 51% of which went to Republicans. New York, New York 10013 . Find company research, competitor information, contact details & financial data for Citigroup Global Markets Inc. of Boston, MA. The lawsuit was on behalf of investors who purchased certificates in one of two mortgage-backed securities trusts from Citigroup Mortgage Loan Trust Inc in 2007. [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. CITIGROUP GLOBAL MARKETS INC. was registered on Sep 25 1998 as a foreign profit corporation type with the address 388 GREENWICH ST, NEW YORK, NY, 10013, USA. 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