[148][149][150][151], 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. 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. The majority of its assets are U.S. mortgages. Attorney General Eric H. Holder Jr. said "The bank’s misconduct was egregious. [206][207], In December 2002, Citigroup paid fines totaling $400 million, to states and the federal government as part of a settlement involving charges that ten banks, including Citigroup, deceived investors with biased research. Citi's Institutional Clients Group (ICG) offers investment and corporate banking services and products for companies, governments, institutions, and ultra high-net-worth investors. A three-year investigation found that Citigroup from 1992 to 2003 used an improper computerized "sweep" feature to move positive balances from card accounts into the bank's general fund, without telling cardholders. There you can search for the latest 10-K document and find the List of Principal Subsidiaries exhibit within. 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. It has shops and restaurants serving Metra customers via the Ogilvie Transportation Center. According to Treasury spokeswoman Nayyera Haq, "This (IRS tax) rule was designed to stop corporate raiders from using loss corporations to evade taxes and was never intended to address the unprecedented situation where the government-owned shares in banks. [219] Brown said that Citigroup "knowingly stole from its customers, mostly poor people and the recently deceased when it designed and implemented the sweeps...When a whistleblower uncovered the scam and brought it to his superiors [in 2001], they buried the information and continued the illegal practice."[219]. [236] Citigroup's 2014 donations favored Republicans only slightly. [66][67] He unexpectedly retired from Citibank, however, in January 2000. <>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI]>>/Parent 2 0 R/Group<>>> On April 6, 1998, the plan to merge Citicorp and Travelers Group was announced. 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. 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. [233] 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". [116][117][118], In June 2013, Citi sold its remaining 49% stake in Smith Barney to Morgan Stanley Wealth Management for $13.5 billion following an appraisal by Perella Weinberg. "[210]:9 Next, the authors show that in industrialized countries, plutonomy has led to a relationship between income concentration (plutonomy) and the household savings rates such that the latter tend to fall in plutonomies because of the spending thrift of the wealthy.
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. 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.
16 0 obj Citigroup Inc. or Citi (stylized as citi) is an American multinational investment bank and financial services corporation headquartered in New York City. 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.
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