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BUSINESS
September 30, 2000 | Bloomberg News
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.
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BUSINESS
February 25, 2004 | From Bloomberg News
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.
BUSINESS
July 31, 2002 | Bloomberg News
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.
BUSINESS
October 24, 2001 | Bloomberg News
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.
BUSINESS
November 6, 2004 | From Bloomberg News
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.
BUSINESS
January 3, 2004 | From Bloomberg News
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.
BUSINESS
August 13, 2002 | Bloomberg News
Golden State Bancorp Inc. said it settled shareholder lawsuits after Citigroup Inc. agreed to reduce the fee the California thrift must pay if it backs out of its proposed sale to the world's largest financial services company. Golden State, the No. 3 U.S. thrift company, said it will pay Citigroup $42.5 million to $160 million if it cancels the deal. The bank had agreed to pay $117.5 million to $235 million. Citigroup said in May that it would pay about $5.
BUSINESS
November 14, 2007 | From Bloomberg News
Citigroup Inc. said Tuesday that it planned to combine its debt and equity underwriting operations into one division and merge its stock and bond sales units. The combined underwriting group will be led by Tyler Dickson, 40, while the new sales group will be co-led by Antonio Cacorino and James O'Donnell, 46, according to an internal Citigroup memo.
BUSINESS
October 28, 1999 | Bloomberg News
City Financial, a privately held lender based in Orange, sued Citigroup Inc., the nation's biggest financial services company, for allegedly using a similar name to promote Citigroup's commercial credit business. City Financial said it has been inundated with phone calls and letters from consumers, who confused it with Citigroup's CitiFinancial Credit Co.
BUSINESS
March 12, 1999 | Bloomberg News
Citigroup Inc., the world's biggest financial services firm, said Thursday that it plans to use salespeople in its 400 U.S. bank branches to market mutual funds and other investments. The company will train employees of its Citibank unit to do more than take deposits, make loans and provide other commercial banking products, said Joseph J. Plumeri II, chairman and chief executive of Citigroup's Primerica Financial Services unit, best known for selling insurance door-to-door.
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