August 7, 2003 |
Marjorie Magner, who is overseeing Citigroup Inc.'s integration of California Federal Bank operations, was promoted to chief executive of global consumer operations for Citigroup, replacing Robert Willumstad, who recently became chief operating officer of the parent company. Magner, 54, had been COO of the consumer operations, which include credit cards and home loans and generate more than half of Citigroup's earnings.
July 18, 2003 |
Citigroup Inc.'s Charles O. Prince and Robert B. Willumstad, named Wednesday to run the world's largest financial services company, each have received more than $14 million in restricted stock, securities filings showed Thursday. Prince, who will succeed Sanford I. Weill as chief executive, and Willumstad, named chief operating officer, each were awarded 318,337 shares Tuesday under Citigroup's stock incentive plan, according to filings with the Securities and Exchange Commission.
March 8, 2003 |
Citigroup Inc. Chairman Sanford I. Weill is appealing a ruling that he must testify in lawsuits that claim his bank illegally took as much as $500 million from an employee discount-stock program. Citigroup says that forcing Weill, 69, to testify in a case brought by former brokers from its Salomon Smith Barney unit would irreparably harm the bank and set a dangerous precedent for other CEOs.
January 1, 2003 |
Citigroup Inc. will pay about $112 million for 8.3% of China's second-biggest publicly traded bank, its first such purchase in a country where it has operated for a century. Citigroup's Citibank unit agreed to pay 1.5 times the net asset value of the investment in Pudong Development Bank Co., said a general manager at Shanghai State-Owned Assets Operation Co., which owns the stake. The purchase represents the fourth time China has allowed a foreign bank to buy a stake in one of its lenders.
September 30, 2000 |
Citigroup Inc.'s Salomon Smith Barney unit has been accused in a lawsuit by the U.S. Equal Employment Opportunity Commission of discriminating against black employees. In a complaint filed in federal court in Manhattan, the EEOC alleges that supervisors, managers and co-workers of five "Haitian, Nigerian or West Indian employees" directed offensive jokes at them and other minority workers. The five worked as technicians for the firm.
February 25, 2004 |
Citigroup Inc., the world's largest financial services company, split its global corporate investment banking unit into two groups, naming Tom Maheras head of capital markets and Michael Klein head of banking. The appointments are the first management changes since Chief Executive Charles Prince took over the company from Sanford Weill on Oct. 1. Klein, formerly head of Citigroup's Europe, Middle East and Africa region, will replace Robert Morse as head of investment banking.
July 31, 2002 |
Citigroup Inc. started a new service to compete with First Data Corp.'s Western Union and rivals for the estimated $10 billion of transfers from Mexicans working in the U.S. to their families back home. The world's largest financial services company will let U.S. customers set up transfer accounts that may be accessed by customers at its Banamex branches in Mexico with a new card, the bank said. Citigroup plans to charge $7.
October 24, 2001 |
Enron Corp., the biggest energy trader, has asked Citigroup Inc. to arrange a $750-million loan, ensuring access to credit if the beleaguered company is cut off from money markets, say people familiar with the matter. Enron's shares and bonds plunged after the firm said the Securities and Exchange Commission was probing its finances.
November 6, 2004 |
A federal judge in New York approved a $2.6-billion settlement of a class-action lawsuit by WorldCom Inc. investors who claimed they were defrauded by Citigroup Inc. The settlement is the second largest ever in a securities fraud case. More than 170,000 WorldCom shareholders and bondholders have filed claims against Citigroup. The Ashburn, Va.-based long-distance company was renamed MCI Inc. after emerging from bankruptcy in April.
January 3, 2004 |
Citigroup Inc. and HSBC Holdings, the world's two largest banks by market value, were the first foreign banks to receive approval to issue U.S. dollar credit cards to mainland Chinese residents. Citigroup's Citibank unit, with partner Shanghai Pudong Development Bank Co., won approval from the China Banking Regulatory Commission and China's central bank to offer China's first dollar and yuan dual-currency credit cards, Pudong Bank said. New York-based Citigroup bought a 4.