Principal entities as of 1 July " PDF.
The majority of its assets are U. It was created in the wake of the financial crisis as part of Citi's restructuring plan. It consists of several business entities including remaining interests in local consumer lending such as OneMain Financial, divestitures such as Smith Barney, and a special asset pool. While Citi Holdings is a mixed bag, its primary objective is to wind down some non-core businesses and reduce assets, and strategically "breaking even" in On February 27, , Citigroup announced that the U.
By December , the U. By December , Citigroup repaid the emergency aid in full and the U. On June 1, , it was announced that Citigroup would be removed from the Dow Jones Industrial Average effective June 8, , due to significant government ownership.
Citigroup was replaced by Travelers Co. 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.
With over offices worldwide, Smith Barney held 9. In , Citigroup achieved its first profitable year since 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.
And it was certainly not written to prevent the government from selling its shares for a profit. Citi Express modules, hour service units, were introduced in Colombia. Citi opened additional branches in China, expanding its branch presence to 13 cities in China. Citi Branded Cards introduced several new products in , including: It also has Latin America partnership cards with Colombia-based airline Avianca and with Banamex and AeroMexico; and a merchant loyalty program in Europe.
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.
In , the Global Markets division and Orient Securities formed form Citi Orient Securities , a Shanghai based equity and debt brokerage operating in the Chinese market.
On March 13, , 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. On March 26, , the Federal Reserve Board of Governors reported that Citigroup was one of the 5 financial institutions that failed its stress tests.
Unlike in the failed stress test in , Citigroup failed on qualitative concerns that were unresolved despite regulatory warnings. 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.
In February , the company was subject to a lawsuit as a result of the bankruptcy of a Mexican oil services firm. In April , Citigroup announced that it would eliminate its bad bank , Citi Holdings. Citi Capital Advisors CCA , formerly Citi Alternative Investments, was a hedge fund that offered various investment strategies across multiple asset classes. Despite this deal, industry surveys pegged Citi as the biggest banking player in the forex market. The operations sold include 27 branches serving approximately , clients.
Citi continues to offer corporate and institutional banking and wealth management in Panama and Costa Rica. On April 1, , Citigroup became the exclusive issuer of Costco-branded credit cards. In April , Citi was given regulatory approval for its 'living will,' its plans to shut down operations in the event of another financial crisis.
According to data compiled by Bloomberg , Citigroup is ranked No. 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.
Citigroup has its headquarters located in downtown Tribeca Greenwich. It has shops and restaurants serving Metra customers via the Ogilvie Transportation Center.
In , Japanese regulators took action against Citibank Japan loaning to a customer involved in stock manipulation. The regulator suspended bank activities in one branch and three offices, and restricted their consumer banking division.
In , Japanese regulators again took action against Citibank Japan, because the bank had not set up an effective money laundering monitoring system. The regulators suspended sales operations within Citibank's retail banking for a month. The case against Citigroup involved recommendations and sales of Class B and Class C shares of mutual funds.
Securities and Exchange Commission said that Citigroup had made misleading statements about the company's exposure to subprime mortgages. 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 The lawsuit was initially brought by Sherry Hunt, a CitiMortgage employee.
This settlement amount makes the NMS the second largest civil settlement in U. Oklahoma held out and agreed to settle with the banks separately.
Attorney General Eric H. Citigroup had conducted illegal practices in marketing add-on products for credit cards, including credit monitoring, debt-protection products and wallet-protection services. Treasury futures markets, i. On October 22, , Citigroup was sued for violating federal securities laws by misrepresenting Citigroup's Enron -related exposure in its 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.
On November 8, , Citigroup was sued for financial misrepresentations and omissions of what amounted to more than two years of income and an entire line of business. In , the General Accounting Office issued a report critical of Citibank's handling of funds received from Raul Salinas de Gortari , brother of Carlos Salinas , the former president of Mexico. 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.
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. The settlement required that the banks separate investment banking from research, and ban any allocation of IPO shares.
In a leaked report for their investor clients from , a team of global strategists at Citigroup wrote an analysis of the global distribution of wealth and consumers.
In it, they state that global imbalances have grown to the extent as to justify talking of a plutonomy , and demand for a renewed understanding of how this impacts consumption. The Managerial Aristocracy, like in the Gilded Age, the Roaring Twenties, and the thriving nineties, needs to commandeer a vast chunk of that rising profit share, either through capital income, or simply paying itself a lot.
A love Story while his portrayal of the report has been criticized by the authors. Government's majority holding of Citigroup's common shares , compensation and bonuses were restricted from February until December In November it became public that Citigroup was heavily involved in the Terra Securities scandal , which involved investments by eight municipalities of Norway in various hedge funds in the United States bond market. Terra Securities ASA filed for bankruptcy November 28, , the day after they received a letter from the Financial Supervisory Authority of Norway announcing withdrawal of permissions to operate.
The letter stated, "The Supervisory Authority contends that Citigroup's presentation, as well as the presentation from Terra Securities ASA, appears insufficient and misleading because central elements like information about potential extra payments and the size of these are omitted. A three-year investigation found that Citigroup from to used an improper computerized "sweep" feature to move positive balances from card accounts into the bank's general fund, without telling cardholders.
When a whistleblower uncovered the scam and brought it to his superiors [in ], they buried the information and continued the illegal practice. Robert Kuttner wrote in his book A Presidency in Peril that in spring , Geithner and chief economic adviser Larry Summers believed that they could not seize, liquidate and break up Citigroup because they lacked the legal authority or the tools to do so.
The Treasury Department denied Suskind's account in an e-mail to the media stating "This account is simply untrue. The directive given by the president in March , was to develop a contingency plan for tough restructurings if the government ended up owning large shares of institutions at the conclusion of the stress tests that Secretary Geithner worked aggressively to put in place as part of the Administration's Financial Stability Plan.
While Treasury began work on those contingency plans, there was fortunately never a need to put them in place. The non-binding vote was required under the Dodd-Frank Act, which requires corporations to hold advisory shareholder votes on their executive compensation plans. Many shareholders expressed concerns about Citi's failed Fed stress test and lack of long-term performance-based metrics in its executive compensation plan. One of the largest and most activist of the shareholders voting no, the California Public Employees' Retirement System , stated Citi "has not anchored rewards to performance".
A spokeswoman for Citi said "Citi's Board of Directors takes the shareholder vote seriously, and along with senior management will consult with representative shareholders to understand their concerns" and that the Compensation committee of the Board "will carefully consider their shareholder input as we move forward".
Treasury futures more than 2, times between July and December 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.
In , former chairman Richard Parsons hired long-time Washington, D. Hohlt to advise him and the company about relations with the U. 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.
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 s. Hohlt responded that though mistakes were made in the earlier episode he'd never been investigated by any government agency and his experience gave him reason to be back in the "operating room" as parties address the more recent crisis.
Bloomberg's improbable victory in the mayor's race, both Mr. Sheekey followed him from his company to City Hall. Since then, they have been a part of an enormously influential coterie of advisers"; Howard Wolfson , the former communications director for Hillary Clinton 's presidential campaign and Mr. From Wikipedia, the free encyclopedia. The headquarters of Citigroup in Lower Manhattan.
Securities and Exchange Commission. The New York Times. Federal Reserve Bank of New York. Corporate and Investment Banking". Treasury and Trade Solutions". The Financial Express India. The Wall Street Journal. American City Business Journals. Retrieved March 26, Paul Travelers Merger Complete" Press release.
Retrieved September 23, Retrieved August 7, Retrieved February 16, Retrieved November 23, Retrieved November 17, Agrees to Rescue Struggling Citigroup". Federal Reserve Board of Governors. Retrieved March 20, Focus on Execution" PDF. Retrieved June 21, In , HSBC refused to allow customers to withdraw large cash amounts without a third-party letter confirming what the money would be used for. It basically infantilises the customer.
In a sense your money becomes pocket money and the bank becomes your parent. The group announced in November that the HSBC brand and the hexagon symbol would be adopted as the unified brand in all the markets where HSBC operates, with the aim of enhancing recognition of the group and its values by customers, shareholders and staff throughout the world. The hexagon symbol was originally adopted by the Hongkong and Shanghai Banking Corporation as its logo in It was developed from the bank's house flag , a white rectangle divided diagonally to produce a red hourglass shape.
Like many other Hong Kong company flags that originated in the 19th century, and because of its founder's nationality, the design was based on the cross of Saint Andrew. The logo was designed by Austrian graphic artist Henry Steiner. In , HSBC made minor changes to their logo. The wordmark was repositioned from left to the right, resized to be smaller, and was switched from Serif to Sans-serif.
The red shade of the hexagon symbol was also darkened. HSBC opted to sub-license the naming rights to all but one of the individual tournaments, while retaining its name sponsorship of the overall series and the Hong Kong Sevens. HSBC's other sponsorships are mainly in the area of education, health and the environment. From Wikipedia, the free encyclopedia. London portal Companies portal.
Archived from the original on 31 January Retrieved 4 September Retrieved 21 June Retrieved 2 March Retrieved 20 January Retrieved 9 March Retrieved 16 June Retrieved 14 October Retrieved 7 March Retrieved 7 December Retrieved on 6 December Retrieved 26 December Murky Cash Sheltered by Bank Secrecy". International Consortium of Investigative Journalists. Retrieved 18 February Retrieved 17 February Retrieved 5 June Chinese for making money". January and received on the 1st.
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Retrieved 8 October Retrieved 3 April Retrieved 22 August Retrieved 10 August Too big to jail? See especially page 3 [8 in PDF].
Govt on money laundering allegations". The Times of India. Retrieved 9 November Bank accused of helping customers launder money by opening thousands of accounts in Jersey". Retrieved 10 November Retrieved 7 February Of those, as many as 90 percent passed through the bank's U. Senate investigators documented similar transactions from a list of other prohibited jurisdictions including North Korea, Cuba, Sudan and Burma.
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