[250] 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. Guy T. Logan Managing Director and Co-Head. Introduction CGML is a wholly owned, indirect subsidiary of Citigroup Inc, limited by shares. Citigroup Global Markets Inc. has been operating for 45 years 10 months, and 3 days. 162 members of the House, including 72 Democrats, where donations averaged about $5,000 per candidate. [60] Shortly afterwards, the bank launched the Citicard, which pioneered the use of 24-hour ATMs. 1. [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. Short Term Issuer Default Rating. Found 6 colleagues at Citigroup Global Markets Inc. Citigroup also decided to adopt the corporate brand "Citi" for itself and virtually all its subsidiaries, except Primerica and Banamex. Businesses. For other uses, see, Ownership of Salomon Brothers (19972003), Merger of Citicorp and Travelers (19982001), Collapse and US government intervention (2008), Return to profitability, denationalization (2010), Expansion of retail banking operations (2011), Expansion of credit card operations (2011), Chinese investment banking joint venture (2012), Spin-off of Napier Park Global Capital (2013), Downsizing of consumer banking unit (2014), Combination of Markets & Securities Services (2019), Shrinking of consumer banking unit (20212022), Involvement in controlling the sale of guns, Regulatory action, lawsuits, and arbitration, Enron, WorldCom, and Global Crossing bankruptcies, Conflicts of interest on investment research, Citigroup proprietary government bond trading scandal of 2004, Accusations of futures market manipulation. View a list of all our leaders and read their profiles. [87][88], Travelers merged with The St. Paul Companies Inc. in 2004 forming The St. Paul Travelers Companies. Chris Pompilio: Telephone: 03-6776-8800. 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. [126][127][128], 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. 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. [56] The company organically entered the leasing and credit card sectors, and its introduction of U.S. dollar-denominated certificates of deposit in London marked the first new negotiable instrument in the market since 1888. 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. It is Citi's international broker Citi, the leading global bank, serves more than 200 million customer accounts and does business in more than 160 countries and jurisdictions. [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. 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. 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. A leaked 2005 report prepared by Citi global strategists for their investor clients documented the imbalance of wealth between the top 1% and the bottom 60% of [119] The government guaranteed losses on more than $300 billion of troubled assets and injected $20 billion immediately into the company. U.S. This settlement amount makes the NMS the second largest civil settlement in U.S. history, only trailing the Tobacco Master Settlement Agreement. [187], Citibank moved its credit card operations to Sioux Falls, South Dakota in 1981 after that state eliminated caps on interest rates. [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 was replaced by Travelers Co.[124][125]. [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. The Salomon Smith Barney name was abandoned in October 2003 after a series of financial scandals that tarnished the bank's reputation.[66]. ARVIND RAJAN, PHD, is a Managing Director at Citigroup, where he engages in proprietary trading of credit, structured credit, and emerging markets. 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. Company Description: Citigroup Global Markets Inc. (CGMI) is the US-based brokerage and securities arm of banking behemoth Citigroup. Wealth . And it was certainly not written to prevent the government from selling its shares for a profit. Purchase Lets Citibank Expand Long Island Presence", "Citi Swallows EAB Sandy Takes On J.P. 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[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. economy."[103][104][105][106]. Citigroup Inc. Duncan P. Hennes. [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. To the Stockholder and the Board of Directors Citigroup Global Markets Inc.: Opinion on the Consolidated Financial Statement . [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. 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. Co-Founder and Partner of Atrevida Partners, LLC. Citi's leadership team comprises our Executive Management Team and Board of Directors. [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. [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. 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". [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. [118], On February 27, 2009, Citigroup announced that the U.S. government would take a 36% equity stake in the company by converting US$25 billion in emergency aid into common stock with a United States Treasury credit line of $45 billion to prevent the bankruptcy of the company. government. 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. CITIGROUP GLOBAL MARKETS ASIA LIMITED Company Profile | Central District, Hong Kong | Competitors, Financials & Contacts - Dun & Bradstreet HOME / BUSINESS DIRECTORY / FINANCE AND INSURANCE / SECURITIES, COMMODITY CONTRACTS, AND OTHER FINANCIAL INVESTMENTS AND RELATED ACTIVITIES / SECURITIES AND COMMODITY CONTRACTS INTERMEDIATION AND BROKERAGE CITIGROUP GLOBAL MARKETS INC. was registered on Sep 25, 1998 as a stock type company located at 388 GREENWICH STREET, NEW YORK, NY 10013 . Without cookies, the site won't function as expected . Citi opened additional branches in China, expanding its branch presence to 13 cities in China. [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. Rating History. 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 The company id for this entity is 13958500. Heritage. Insider Monkey Transcripts. [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 government obtained wide powers over banking operations. 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. Citigroup Global Markets Ltd - Company Profile and News - Bloomberg Markets Bloomberg Terminal Demo Request Bloomberg Connecting decision makers to a dynamic network of information,. 01763297. Under his leadership, the next 14 years would see Citibank become the largest bank in the United States and the largest issuer of credit cards and charge cards in the world, and expand its global reach to over 90 countries. Announces Opening of First Smart Banking Branches in Citi's Global Network", "Citi gets approval to issue credit cards in China", "Citi Ties up With Chinese Stock Brokerage to Form Citi Orient Securities", "Citigroup, other big US banks flunk 'stress tests', "Stress Tests: Official Statements From Banks", "Citi among banks that fail Fed stress test", "The Feds Stress Test Summary Results and Implications", "Taking the Measure of Citigroup and Bank of America", "Citigroup Reports First Quarter 2012 Earnings per Share of $0.95 $1.11 Excluding the Impact of Negative CVA/DVA and a Net Gain on Minority Investments", "Citi Replaces Das with Fraser in Possible Sign of Mortgage Push", "Comprehensive Capital Analysis and Review 2014: Assessment Framework and Results", "Failing Stress Test Is Another Stumble for Citigroup", "Federal Reserve releases results of Comprehensive Capital Analysis and Review (CCAR)", "Citi passes Fed stress test but BofA gets an incomplete", "Citigroup Faces Fraud Suit Claiming $1.1 Billion in Losses", "Citigroup Plans to Eliminate Shrinking Citi Holdings Unit", "Citigroup More Than Triples Its Dividend After Passing Stress Test", "Citigroup Said to Give CCA Managers 75% Fund Stake for Free", "A Citi Hedge Fund Business Prepares for Life on Its Own", "Napier Park Global Capital completes spinout from Citigroup", "Citigroup spins off alternative asset management arm", "Napier Park Global Capital Completes Spinout from Citigroup", "Citigroup to Exit Consumer Banking in 11 Markets", "Citi pulls out of consumer banking in 11 countries, profit jumps", "Citigroup selling retail online FX trading platform to FXCM, Saxo Bank", "Citigroup Names James Bindler Currencies Chief", "Springleaf Financial to Acquire OneMain Financial", "Springleaf Holdings Announces Closing of OneMain Acquisition and Ticker Symbol Change", "Scotiabank Closes Deal to Acquire Citigroup's Retail and Commercial Banking Operations in Panama and Costa Rica", "Costco names Citi, Visa as new credit card partners after AmEx deal ends", "Citigroup's 'Living Will' Passes Muster but Offers Few Insights", "Here's what Citi is doing for coronavirus assistance", "Citigroup is giving some employees a $1,000 bonus for working through the coronavirus pandemic", "Citi Singapore employees to receive $1,200 cash in April as Covid-19 aid", "Citi's $900 Million Revlon Gaffe Risks Getting Even More Painful", "Citigroup fined $400m over internal controls 'deficiencies', "Citi combines its stock trading and prime brokerage business", "Citigroup is closing its consumer banking operations in 13 markets across Asia, Europe and the Middle East", "Citi to exit Mexican consumer business as part of strategy revamp", "Citigroup says total Russian exposure nearly $10 billion", "Citigroup Acted. [27], In 2020 it was one of the largest securities services providers, having over $23.6 trillion in assets under custody (AUC) [28], In February 2021 CEO Michael Corbat was replaced by Jane Fraser, who became the first woman CEO of a Big Four bank. Obliged", "Citigroup picks veteran to replace Pandit as CEO", "Citibank Bows to Trend, Cuts Credit Card Rate", "South Dakota: Credit Card Haven or the Cayman Islands for Banks? 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. [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. [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. The number of bad mortgages began increasing throughout 2007 and eventually exceeded 80% of the volume. Citi continues to offer corporate and institutional banking and wealth management in Panama and Costa Rica. [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. Select from premium Citigroup Global Markets Inc Managing Director Ed Morse Interview of the highest quality. [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. Citigroup Global Markets Japan Inc. [131] Late in 2010, the government sold its remaining stock holding in the company, yielding an overall net profit to taxpayers of $12 billion. C.PRN - key executives, insider trading, ownership, revenue and average growth rates. Key Principal: David Rose See more contacts Industry: Stock brokers and dealers Printer Friendly View Address: 1 Pluckemin Way Bldg C Bedminster, NJ, 07921-1541 United States See other locations Phone: Website: www.citigroup.com Employees (this site): Modelled ESG ranking: ESG industry average: What is D&B's ESG Ranking? Bad mortgages began increasing throughout 2007 and eventually exceeded 80 % of the House, including 72 Democrats citigroup global markets, inc directors donations! 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