Many shareholders expressed concerns about Citi's failed 2012 Fed stress test and lack of long-term performance-based metrics in its executive compensation plan. The regulators suspended sales operations within Citibank's retail banking for a month. 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. In the report, they state that rising global imbalances have transformed advanced Anglo-American economies into plutonomies, in which economic growth is both powered by and consumed by the wealthy. 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. This list only contains chief executives since the formation of Citigroup in 1998. [154][155], In May 2015, the bank announced the sale of its margin foreign exchange business, including CitiFX Pro and TradeStream, to FXCM and SAXO Bank of Denmark. Consequently, the company's Midtown buildings—including 787 Seventh Avenue, 666 Fifth Avenue, 399 Park Avenue, 485 Lexington, 153 East 53rd Street (Citigroup Center) in Manhattan, and One Court Square in Long Island City, Queens, are all on the short four-stop corridor of the Queens Boulevard Line between Court Square and Seventh Avenue. Citi TV offers a unique blend of credible, authentic and timely news, current affairs as well as compelling non- news programming. The lawsuit was initially brought by Sherry Hunt, a CitiMortgage employee.[183][184]. To comply with the Volcker Rule, which limits bank ownership in hedge funds to no more than 3%, Citi spun off its hedge fund unit in 2013 and gave a majority of the company to its managers. [161], 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. 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. Hunt v. Citigroup, Inc. et al", "Citigroup pays $158 mln in US mortgage fraud pact", "Joint State-Federal Mortgage Servicing Settlement FAQ", "Mortgage Plan Gives Billions to Homeowners, but With Exceptions", "Citigroup Settles Mortgage Inquiry for $7 Billion", "Citigroup to Pay Customers $700 Million in Card Settlement", "Citigroup Ordered to Refund $700 Million in Credit-Card Case", "CFTC Orders Citigroup Global Markets Inc. to Pay $25 Million for Spoofing in U.S. Treasury Futures Markets and for Related Supervision Failures", "Case Summary: Enron Corporation Securities Litigation", "Citigroup, Form 8-K, Current Report, Filing Date May 10, 2004", "Citigroup Reaches Settlement on WorldCom Class Action Litigation for $1.64 Billion After-Tax", "CITIGROUP AGREES TO A SETTLEMENT OVER WORLDCOM", "Global Crossing Investors Settle With Citigroup", "Citigroup settles Global Crossing suit for $75 million", "Citigroup to Settle With Enron Investors", "Citigroup Resolves Claims That It Helped Enron Deceive Investors", "Citigroup settles shareholder CDO lawsuit for $590 million", "H.R.4173 - Dodd-Frank Wall Street Reform and Consumer Protection Act", "Citibank Called Lax on Salinas Money Trail", "How Citicorp's Amy Elliott Served Mexico's Raul Salinas", "Regulators Finalize $1.4 Billion Wall St. Settlement", "Citigroup embroiled in bond selling scandal", "Revisiting Plutonomy: The Rich Getting Richer", "Bank Of America Merrill Lynch Is 'Comfortable With The Thrust' Of Piketty's Analysis", "Wall Street Compensation–'No Clear Rhyme or Reason", "The Special Master's Determinations for Executive Compensation of Companies Receiving Exceptional Assistance Under TARP", "U.S. Credit Crisis Adds to Gloom in Norway", "Citigroup to pay $18 mln over credit card practice", "Geithner ignored Obama order on Citi, book says", "Obama, Geithner and the Next Financial Crisis", "Citigroup shareholders' vote on exec pay sends a message", "Citigroup CEO and directors sued over executive pay", "Citigroup Has Few Options After Pay Vote", "Citis CEO Pay Revolt Capitalism is Back Baby", "Citigroup Shareholder Sues After Failed 'Say-on-pay' Vote", "Citigroup Punished for Treasury Market Spoofing by Five Traders", "Update: Criminal cartel charges to be laid against Citigroup", "Citi S'pore extends paternity leave to 4 weeks", "Paternity Leave Has Long-Lasting Benefits. Citigroup paid $14 million of restitution to roughly 53,000 customers nationwide. 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. "[187], In July 2015, Citigroup was fined $70 million by the United States Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency, and ordered to pay $700 million to customers. Citi TV is a privately owned  multi platform network based in Adabraka, Accra. In the transaction, Travelers Group acquired all Citicorp shares for $70 billion in stock, issuing 2.5 new Citigroup shares for each Citicorp share. The case against Citigroup involved recommendations and sales of Class B and Class C shares of mutual funds. [118][119][120], 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. [104][105][106], In 2009, Jane Fraser, the CEO of Citi Private Bank, stopped paying its bankers with a commission for selling investment products, in a move to bolster Citi Private Bank's reputation as an independent wealth management adviser, as opposed to a product pusher. The bank introduced its First National City Charge Service credit card—popularly known as the "Everything card" and later to become MasterCard—in 1967. The network has five owned-and-operated and three affiliated stations throughout Quebec, although it can also be seen over-the-air in some bordering markets in the provinces of Ontario and New Brunswick. Accessibility Help. On February 9, 2012, it was announced that the five largest mortgage servicers (Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo) agreed to a historic settlement with the federal government and 49 states. [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, and it became the largest commercial bank in the world in 1929. With over 800 offices worldwide, Smith Barney held 9.6 million domestic client accounts, representing $1.562 trillion in client assets worldwide. [240] [174] In 2013, Citibank employed 2,900 in Sioux Falls and is one of the largest employers in the city. [30], Citigroup is the holding company for the following divisions:[31], 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.
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