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Citigroup Inc

BUSINESS
September 18, 2004 | From Reuters
Japan ordered Citigroup Inc. to close its Japanese private banking offices after uncovering a series of problems, including a failure to prevent suspected money laundering. The sanctions effectively shut the world's largest financial services company out of the lucrative private banking business in Japan. It also marked the third time this week that New York-based Citigroup either apologized for or acknowledged missteps that drew the ire of international regulators.
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BUSINESS
August 14, 2002 | Bloomberg News
Citigroup Inc. received a congressional subpoena demanding documents on any role stock analyst Jack Grubman played in allocating initial public offering shares to WorldCom Inc. executives. The House Financial Services Committee, which issued the subpoena, is investigating whether Grubman helped favored executives obtain IPO shares in return for their giving investment banking business to Citigroup's Salomon Smith Barney Inc. unit.
BUSINESS
December 4, 2004 | From Bloomberg News
Citigroup Inc., Chairman Sanford Weill and former analyst Jack Grubman failed to win dismissal of a lawsuit alleging the firm tailored research on AT&T Corp. to gain investment banking business. U.S. District Judge Gerard Lynch rejected a request by Salomon Smith Barney, the investment banking unit of the world's biggest bank, to throw out the civil case, allowing it to proceed toward trial.
BUSINESS
July 31, 2004 | From Reuters
Parmalat is seeking more than $10 billion in damages from Citigroup Inc. in a lawsuit that accuses the U.S. bank of helping defraud the Italian food firm and its shareholders and creditors of billions of dollars. The new administration of Parmalat said in the lawsuit that "the top levels" of the world's leading financial services group played a crucial part in the multibillion-dollar fraud that plunged the company into insolvency in December.
BUSINESS
March 2, 2004 | From Bloomberg News
Citigroup Inc. said it received subpoenas from regulators over allegations of improper payments at its mutual fund unit. New York-based Citigroup first disclosed the investigations in November, when it said it was cooperating with federal and state regulators. Citigroup said "various government regulators" had issued subpoenas and requests for information in connection with investigations of an undisclosed arrangement between its mutual funds and a vendor that provided transfer-agent services.
NATIONAL
March 24, 2003 | From Times Wire Reports
Sanford I. Weill, chief executive of brokerage firm Citigroup Inc., asked that his name be withdrawn from a list of nominees for director of the New York Stock Exchange, the chief executive of the exchange said. New York Atty. Gen. Eliot Spitzer recently said the firm's involvement in a conflicts-of-interest investigation of Wall Street brokerages made Weill an inappropriate representative for the investing public.
BUSINESS
May 7, 2004 | From Bloomberg News
Merrill Lynch & Co., the biggest U.S. securities firm, and Citigroup Inc., the world's biggest financial services company, put more of their money at risk during the first quarter to boost trading revenue. Both New York-based companies took bigger bets in the bond and stock markets in the quarter as they sought to benefit from low interest rates and an improvement in equity markets, they said in quarterly filings with the Securities and Exchange Commission this week.
BUSINESS
January 15, 2004 | From Reuters
Italian police seized documents from a Citigroup Inc. unit as prosecutors investigated whether anyone at the U.S. bank had helped the now-insolvent food group dupe investors. In Milan, tax police took documents from the offices of Eureka, a unit of Citigroup. The biggest U.S. financial services firm said it was assisting Italian authorities. Investigators are trying to establish whether anyone from Citigroup had helped Parmalat-linked firms raise debt backed by inflated invoices. From Reuters
BUSINESS
January 10, 2007 | From Reuters
Citigroup Inc. will close most of its Japanese consumer finance branches and suffer a $370-million fourth-quarter loss in that unit, hit by law changes that cut the maximum interest rates on loans. The largest U.S. bank will take a $40-million fourth-quarter charge, including costs to close 270 of its 320 branches there and 100 of 800 automated loan machines.
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