Guy T. Logan Managing Director and Co-Head. JULIE SCHMIDT ASSISTANT TAX . The bank had been nicknamed "Citibank" since the 1860s when it began using this as an eight-letter wire code address. He was previously co-head of U.S. [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). [190], On March 23, 2005, the National Association of Securities Dealers, the former name of the American self-regulatory organization for broker-dealers, now known as the Financial Industry Regulatory Authority (FInRA) announced total fines of $21.25 million against Citigroup Global Markets, Inc., American Express Financial Advisors and Chase Investment Services regarding suitability and supervisory violations of their mutual fund sales practices between January 2002 and July 2003. [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. Citi continues to offer corporate and institutional banking and wealth management in Panama and Costa Rica. 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 Inc. is a large advisory firm based in New York. The entity id number for this company is 000912293, . "[70] Plumeri boosted the unit's earnings from $108 million to $415 million in one year, an increase of nearly 300%. 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. 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. In November 1997, Travelers Group (which had been renamed again in April 1995 when they merged with Aetna Property and Casualty, Inc.), acquired Salomon Brothers, a major bond dealer and bulge bracket investment bank, in a $9 billion transaction. [193][194], In April 2011, an arbitration panel ordered Citigroup Inc to pay $54.1 million for losses from municipal securities funds that cratered between 2007 and 2008. [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. Free and open company data on Massachusetts (US) company CITIGROUP GLOBAL MARKETS INC. (company number 112418191), 388 GREENWICH STREET, NEW YORK, NY, 10013 Consequently, the company's Midtown buildingsincluding 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. As a result of their assurances that toxic financial products were sound, Citigroup was able to expand its market share and increase profits" and that "the settlement did not absolve the bank or its employees from facing criminal charges. 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. Citi received the largest amount of TARP funding, "a larger bailout than any other U.S. Citigroup also decided to adopt the corporate brand "Citi" for itself and virtually all its subsidiaries, except Primerica and Banamex. Citigroup Global Markets Inc. J.P. Morgan Securities LLC . Our technologist design, create and engineer systems and solutions to make financial services . In the transaction, Travelers Group acquired all Citicorp shares for $70 billion in stock, issuing 2.5 new Citigroup shares for each Citicorp share. Citi Markets provides world-class products and financing solutions for corporations, governments, and institutional and retail investors through our dominant underwriting, sales and trading, and distribution capabilities. [109], According to The Wall Street Journal, the government aid provided to Citi in 2008/2009 was provided to prevent a worldwide chaos and panic by the potential collapse of its Global Transactions Services (now TTS) division. 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". U.S. Banking. [226], Citigroup was criticized for disrupting the European bond market by rapidly selling 11billion worth of bonds on August 2, 2004, on the MTS Group trading platform, driving down the price and then buying it back at cheaper prices.[227]. [200] The five banks were also required to comply with 305 new mortgage servicing standards. 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. [134][135] New sales and service centers were also opened in Moscow and St. Petersburg. Citigroup Global Markets Inc. filed as a Domestic Business Corporation in the State of New York on Wednesday, February 23, 1977 and is approximately forty-five years old, as recorded in documents filed with New York Department of State. In 2012, the company paid $590 million to settle the case.[219][220]. In particular, their credit card policies were set to restrict the sale of guns below age 21. Citi's Institutional Clients Group (ICG) offers investment and corporate banking services and products for companies, governments, institutions, and ultra high-net-worth investors. In 2009, Japanese regulators again took action against Citibank Japan, because the bank had not set up an effective money laundering monitoring system. [76][77], In 2001, Citigroup made additional acquisitions: European American Bank, in July, for $1.9 billion,[78][79][80][81][82] and Banamex in August, for $12.5 billion. CITIGROUP GLOBAL MARKETS INC. was registered on Sep 28 1998 as a foreign profit corporation type with the address 388 Greenwich Street, New York, NY, 10013, USA . ", "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. Co-Founder and Partner of Atrevida Partners, LLC. New York, NY +7 locations. 388 GREENWICH STREET, New York, NY, 10013, USA . 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. To the Stockholder and the Board of Directors Citigroup Global Markets Inc.: Opinion on the Consolidated Financial Statement . A joint statement by the US Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) announced: "With these transactions, the U.S. government is taking the actions necessary to strengthen the financial system and protect U.S. taxpayers and the U.S. The number of bad mortgages began increasing throughout 2007 and eventually exceeded 80% of the volume. [91] Citigroup still sells life insurance through Citibank, but it no longer underwrites insurance.[92]. The company started trading on 21 October 1983. Despite the findings of the investigation, Bowen's charges were ignored, even though withholding such information from shareholders violated the SarbanesOxley Act (SOX), which he had pointed out. Citigroup Global Markets Inc. Company Profile | Chicago, IL | Competitors, Financials & Contacts - Dun & Bradstreet Find company research, competitor information, contact details & financial data for Citigroup Global Markets Inc. of Chicago, IL. "[107] The bailout called for the government to back about $306 billion in loans and securities and directly invest about $20 billion in the company. [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. [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. 01763297. ICG consists of the following five main divisions: Mark Carawan was chief compliance officer from 2012 until 2020. The company id for this entity is 13958500. It also has a branch office in the Sonezaki district of Kita-ku, Osaka . [56][58][59], The bank merged with First National Bank of New York in 1955, becoming the First National City Bank of New York in 1955. 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? [71][72] He unexpectedly retired from Citibank in January 2000. [56][58][59][61], Credit cards at this time had an annual fee,[62] which they raised more than once.[63]. Markets Treasury Trader - C15, Director, Global Markets. [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. Its non-financial businesses were spun off. [2] It has 223,400 employees,[2] although it had 357,000 employees before the financial crisis of 20072008,[26] when it was bailed out by a massive stimulus package from the U.S. D&B Business Directory HOME So Why Don't More American Men Take It? With the acquisition, the group became Travelers Inc. Property & casualty and life & annuities underwriting capabilities were added to the business. [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. Citigroup Global Markets Inc. Oct 2010 - Present 12 years 4 months. [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. [166][167], In February 2016, Citi sold its retail and commercial banking operations in Panama and Costa Rica to the Bank of Nova Scotia (Scotiabank) for $360 million. Strong understanding of macroeconomics in relation to fixed income markets. [204], On October 22, 2001, Citigroup was sued for violating federal securities laws by misrepresenting Citigroup's Enron-related exposure in its 2001 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. Other companies with agent name C T Corporation System . Operating businesses include OneMain Financial ($10B), PrimeRe ($7B), MSSB JV ($8B) and Spain / Greece retail ($4B), less associated loan loss reserves. [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. Citi opened additional branches in China, expanding its branch presence to 13 cities in China. [136], Citi Branded Cards introduced several new products in 2011, including: Citi ThankYou, Citi Executive/AAdvantage and Citi Simplicity cards in the U.S. [22] The deal would enable Travelers to market mutual funds and insurance to Citicorp's retail customers while giving the banking divisions access to an expanded client base of investors and insurance buyers. 383 Madison Avenue [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. www.citigroupcib.com. Company Description: Citigroup Global Markets Inc. (CGMI) is the US-based brokerage and securities arm of banking behemoth Citigroup. government. [144], By June 2012, the year of Citi's 200th anniversary, Citigroup had built up $420 billion in surplus cash reserves and government securities. Citi Express modules, 24-hour service units, were introduced in Colombia. [140][141][142][143] Citi received half of its revenues from its international businesses. [211] Citigroup was accused of issuing exaggerated research reports and not disclosing conflicts of interest. 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. Citigroup Inc. Duncan P. Hennes. The U.S. Securities and Exchange Commission said that Citigroup had made misleading statements about the company's exposure to subprime mortgages. [147], In 2013, Sanjiv Das was replaced as head of CitiMortgage with Jane Fraser, former head of Citi Private Bank. 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. Co-Founder and Partner of Atrevida Partners, LLC. Is this your business? [177], In January 2022, Citi further announced its plan to exit consumer banking in Mexico, as well as small-business and middle-market banking operations. 390 GREENWICH STREET, NEW YORK, NY 10013 . Date: 19-Sep-2022. Stanford Univ. The Treasury would assume the first $5 billion in losses; the FDIC would absorb the next $10billion; then the Federal Reserve would assume the rest of the risk. [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. COMMODITY FUTURES TRADING COMMISSION RULE 1.55(k): FCM-SPECIFIC DISCLOSURE DOCUMENT. In 2005, Citigroup paid $75 million to settle the lawsuit. Extensive experience of managing market risk. After. 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. [25] Citigroup has approximately 200 million customer accounts and does business in more than 160 countries. New York, NY As Director, ICG Operations, and Technology Control and Reporting (2013-Present): Lead business planning . 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. [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. Citigroup Global Markets has 11 current employee profiles, including Chairman and Chief Executive Officer James Forese. It serves 1370 clients. Markets Operations Technology Delivery Lead. [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. 160 countries the case. [ 219 ] [ 142 ] [ 135 New! 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