The history of Citi dates back to the establishment of the following companies: Citibank founded in 1812, Bank Handlowy in 1870, Smith Barney in 1873, Banamex in 1884 and Salomon Brothers in 1910. Citi's major brand names include Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at www.citigroup.com  or www.citi.com.
Company profile 2005

For immediate release
Citigroup Inc. (NYSE: C)
June 4, 2013
New Citi-Commissioned EIU Report Projects Competitiveness of 120 of the
World’s Major Cities in 2025
São Paulo, Incheon and Mumbai Expected to See Greatest Surge in
Competitiveness; North American and Western European Cities Continue to Top
List

New York – A new Economist Intelligence Unit (EIU) research report, “Hot Spots 2025: Benchmarking the
Future Competitiveness of Cities,” commissioned by Citi, projects that São Paulo, Incheon and Mumbai
will see the greatest surge in global competitiveness between 2012 and 2025. Released today at the New
Cities Summit in São Paulo, the report forecasts the competitiveness of 120 cities in 2025 based on their
projected ability to attract capital, business, talent and tourists.

"Around the world, cities continue to evolve as the centers of innovation and engines of economic
growth," said Citi CEO Michael Corbat. "Core to Citi's strategy is a focus on the 150 cities we believe will
shape the world in the years ahead. The Citi-commissioned EIU research will enhance understanding of
the factors driving urban competitiveness and illuminate how the highest performing cities continue to
create competitive advantages.”

According to the report, the 10 most competitive cities in the world in 2025 are forecast to be: New York
(1st), London (2nd), Singapore (3rd), Hong Kong (4th), Tokyo (5th), Sydney (6th), Paris (7th), Stockholm (8th),
Chicago (9th), and Toronto (10th).


“Major cities in India, Brazil, and other emerging markets are expected to improve their competitive
position and gain ground on many cities in more established economies,” said Leo Abruzzese, the EIU’s
global forecasting director. “Strong economic growth, improving physical infrastructure, and increasingly
skilled labor forces will boost emerging cities’ competitiveness, though North American and Western
European cities will ultimately retain their competitive advantage.”
Hot Spots 2025: Benchmarking the Future Competitiveness of Cities
“Hot Spots 2025: Benchmarking the Future Competitiveness of Cities” projects cities’ competitive
standing in 2025 across eight distinct categories of competitiveness and 32 individual indicators.
Categories include economic strength, physical capital, financial maturity, institutional character, human
capital, global appeal, social and cultural character, and environmental and natural hazards. A city’s
overall ranking in the Index is a weighted score of the underlying categories. The report builds on the
inaugural EIU report, “Hot Spots: Benchmarking Global City Competitiveness,” commissioned by Citi in
2012.
Key findings of “Hot Spots 2025” include:

Hot Spots of Competitiveness in 2025
São Paulo, Incheon and Mumbai are top movers between 2012 and 2025. Brazil’s commercial and
financial capital, São Paulo (36th), is the most improved city in the Index. Its coming surge in
competitiveness can be attributed to the city’s young and rapidly growing workforce, solid
telecommunications infrastructure, well-established democratic institutions and financial maturity.
Incheon (43rd), South Korea’s third largest city, is the second biggest mover. Investments in a world class
port, transportation infrastructure and the development of the Incheon Free Economic Zone have all
resulted in the city becoming a commercial, business, logistics and tourism hub for all of northeast Asia,
with more progress to come. Incheon's rise in the overall rankings demonstrates the institutional, social
and economic progress that many cities in emerging Asia have made in the last few decades. It also
signals the growing competitiveness of emerging market cities that will be seen by 2025 and beyond.
India’s financial capital, Mumbai (51st), comes in third in terms of improved competitiveness. This boost is
driven by its sheer economic strength, improved financial maturity, and cultural vibrancy.


New York continues its reign as the world’s most competitive city. According to the forecast, New
York is the most competitive city today, and will remain so through 2025. It tops the rankings in terms of
financial maturity, and is among the most competitive in institutional character and economic strength.
North American and Western European cities retain their competitive edge. Cities in the United
States and Western Europe will continue to attract capital, businesses, tourists and talent, despite
concerns over aging populations, infrastructure, and lingering impacts of the financial crisis. However, the
Eurozone crisis will impact cities in Southern and Eastern Europe, creating a ‘competitiveness divide’ in
the region. For example, Madrid (joint 46th), Rome (68th), and Bucharest (80th) all fall in the rankings from
2012 to 2025.

China’s rate of competitiveness eases. No Chinese city is ranked among the top 25 most improved.
This is due to the progress that many Chinese cities made during the first decade of this century. By
2025, China will have surpassed the United States as the world’s largest economy, thanks to strong
growth, rapid urbanization and rising productivity.

Drivers of Competitiveness in 2025
Size is not a factor. The top 20 most competitive cities in 2025 range from the world’s biggest (Tokyo’s
estimated 37 million people) to some of the smallest (Zurich’s estimated population of 1.4 million).
Solid infrastructure is a strong determinant. Physical capital (defined as the quality of physical
infrastructure, public transport, and telecommunications) significantly drives competitiveness. Nine of the
10 fastest rising cities in overall competitiveness are seaports or have easy maritime access. For
example, the port city and Omani capital Muscat (64th) rises by 14 places, while Saint Petersburg (92nd) –
Russia’s trade gateway to the West – rises by 15 places.

Environmental and natural hazards will play an increasingly important role. High standards of
environmental governance and sustainable policies make a city attractive for both businesses and people.
For example, Tokyo’s projected ability to cope with natural disasters allows it to retain its competitive
edge; Chicago (America’s second-most competitive city in 2025), ranks above any other U.S. city in its
environmental governance.

Education is also a strong driver. The quality of education feeds into consistently strong productivproductivity
and growth, and ultimately city competitiveness. This can be seen in Tel Aviv, where a longstanding
commitment to education underpins the city’s competitiveness. Singapore’s focus on improving education
also allows it to jump into the top 10 cities in 2025 in the human capital category.

Citi commissioned the “Hot Spots 2025: Benchmarking the Future Competitiveness of Cities” Index to
improve understanding of market competitiveness and to identify where growth, opportunity, and talent
are likely to be found in the decades ahead. Citi recognizes that competitiveness is about more than
growth – especially as urban centers vie for investment, talent, and business. The report builds on the
inaugural EIU report “Hot Spots: Benchmarking Global City Competitiveness,” commissioned by Citi in
2012.

For 200 years, Citi's central mission has been to enable economic progress. With its global footprint, Citi
connects clients to the world, working at the center of global trade and capital flows. On the ground in
more than 1,000 cities, Citi has a unique perspective on the complexities of the urban environment.

Through Citi for Cities and other initiatives, Citi works with clients and public and private sector partners in
cities around the world to enhance public services, facilitate commerce, expand financial inclusion and
harness advancements in digital, mobile and card technologies.

About the research:
The full report, including details on methodology and criteria, are available at www.citiforcities.com


About Citi:
Citi, the leading global bank, has approximately 200 million customer accounts and does business in
more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and
institutions with a broad range of financial products and services, including consumer banking and credit,
corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube:
www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn:
www.linkedin.com/company/citi


About Citi for Cities
Citi for Cities is an initiative which harnesses the best of Citi across the globe to enable cities to become
more efficient, by providing financing that facilitates commerce and modernization, and by empowering
citizens to access services that enhance livability and prosperity. Citi aims to help cities achieve their
ambitions across the key ecosystems that power a city including administration, roads and transit, ports of
entry, energy and utilities, workplace and education, health and safety, and regeneration and
development. Citi’s span of engagement with cities includes public and private sector, the financial sector,
and citizens and the communities in which they live. For more information, please visit
www.citiforcities.com.


About the EIU
The Economist Intelligence Unit is the business information arm of The Economist Group, publisher of
The Economist. Through our global network of more than 650 analysts and contributors, we continuously
assess and forecast political, economic and business conditions in more than 200 countries. As the
world's leading provider of country intelligence, we help executives make better business decisions by
providing timely, reliable, and impartial analysis on worldwide market trends and business strategies. For
more information, please visit www.eiu.com or follow us on www.twitter.com/theeiu .
Media Contacts:
Liz Fogarty, Citi
212-559-0486; fogartye@citi.com
Joanne McKenna, EIU
+44 (0)20 7576 8188; joannemckenna@economist.com
Lauren Hatch,Edelman
212-704-4514; lauren.hatch@edelman.com
###
http://www.citibank.com/slovakia/homepage/english/docs/20130604ts.pdf

We are the research and analysis division of The Economist Group, the sister company to The Economist newspaper. Created in 1946, we have nearly 70 years' experience in helping businesses, financial firms and governments to understand how the world is changing and how that creates opportunities to be seized and risks to be managed. A British company, we are intensely global. We service clients across the world from our 40 offices, our staff speak over 25 languages and we embrace foreign cultures with a passion.

We believe that deep insight comes from bringing together the best data with the best methodologies and the best people. We deploy huge resources to acquiring and checking our economic and market

We believe that deep insight comes from bringing together the best data with the best methodologies and the best people. We deploy huge resources to acquiring and checking our economic and market data, including the use of primary research techniques and fieldwork when necessary. Some of our methodologies, frameworks and analytical tools are quantitative, others qualitative. But all are cutting edge. And our people are all experienced country or industry experts, opinionated and well qualified to inform
your decision-making.


We are outspoken in our views. Unlike our sister company, The Economist newspaper, much of our work is bespoke for clients and remains confidential. But we share the same fierce passion for independence and integrity. Clients work with us because we are not afraid to tell them what we really think. We never pander to internal agendas or work to buttress some preconceived strategy. We have no vested interest in any specific recommendation—we do not undertake follow-on work to help clients to implement strategies or plan M&A

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Outstanding team of experts 130

full time country specialists and economists 75%

have advanced degrees 24

offices around the globe
http://www.eiu.com/home.aspx#about

languages spoken
We are outspoken in our views. Unlike our sister company, The Economist newspaper, much of our work is bespoke for clients and remains confidential. But we share the same fierce passion for independence and integrity. Clients work with us because we are not afraid to tell them what we really think. We never pander to internal agendas or work to buttress some preconceived strategy. We have no vested interest in any specific recommendation—we do not undertake follow-on work to help clients to implement strategies or plan M&A. We just analyse the facts and present our conclusions. We believe that our clients execute better strategies as a result.

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1812
New bank born in New York
In 1811, a group of merchants takes the first steps towards setting up a new bank to help New York compete with rivals Philadelphia, Boston, and Baltimore

As debate on the renewal of the Bank of the United States charter continued into 1811, some New York merchants who were aligned with U.S. President James Madison applied to set up a new bank. Noting that it was easier to do banking in Philadelphia, Boston, and Baltimore than in New York, they petitioned the state assembly on February 11, "praying to be incorporated as a banking company." They had to wait over a year to see their wishes fulfilled. The first setback came on March 22. Vice President George Clinton's faction in the state assembly defeated the petition. When it reconvened in 1812, the assembly then faced petitions for the establishment of two more banks from merchants aligned with Clinton and associates of the former Bank of the United States. Enter one Samuel Osgood, elder statesman. He had a plan. The state lawmakers would support the original petition from 1811. He himself would be appointed president of the new bank. The original merchants aligned with Madison would secure half the remaining seats on the board, while the rest would go to the new group of merchants who supported Clinton. Now with broader backing, the charter sailed through the state assembly and, on June 16, 1812, City Bank of New York came into existence. Though Clinton had died of a heart attack three months earlier, his supporters now controlled almost half of the board of the new bank in his home state. With the passing of the charter, the 200-year story of Citibank began.

1812
Bank wins depository status
City Bank is rewarded for helping finance the U.S. government's effort in the War of 1812 against Britain

From 1812 to 1814 the United States and Britain were at war. Congress had declared hostilities in 1812 following tensions with Britain over America's trade with France. In the summer of 1814, British troops captured Washington D.C., the nation's new capital. They set fire to several public buildings, including the White House and the Capitol. The backdrop to these dramatic events was the French Emperor Napoleon's vision of his country's global dominance, which was defeated - at least temporarily - at the hands of Britain and its coalition partners Austria, Prussia, and Russia in the spring of 1814. Napoleon's forced abdication and brief exile to the Mediterranean island of Elba strengthened the position of Britain, which was able to divert increased resources to the conflict across the Atlantic (Napoleon escaped from Elba, to be finally defeated at the Battle of Waterloo in 1815). During the war, the United States' currency and treasury bills were losing value, trade was languishing and businesses failing. In mid-July, City Bank of New York appointed a committee of directors to "make proper arrangements for the removal of the books, cash etc., belonging to the bank, in case of the invasion of the city by the enemy." A separate committee comprising William Irving, John Swartwout, and Samuel Tooker was later set up to cooperate with other banks and "prevent the export of specie to the enemy." Following the British invasion of Washington, New York City's banks suspended gold and silver payments on August 31, a day after banks in Philadelphia did the same. As hostilities began winding down towards the end of 1814, City Bank lent the federal government $200,000 to help it meet interest and amortization payments on its debt. The bank had already lent $500,000 to the underwriter of a government bond issue earlier in the year and had also subscribed to war bonds in 1813. In exchange, it was designated as a government depository, receiving a third of all federal balances held in New York.

1813
First City Bankers well-connected
The 15 founding directors of the bank are a microcosm of New York commercial life in the early 19th century

Apart from the first president, Samuel Osgood, the other 14 founding directors of City Bank of New York represented a cross-section of New York commerce. William Few was a former director of the Bank of the Manhattan Co. and became president of City Bank when Osgood died in 1813. Few was succeeded in 1817 by Peter Stagg, a fellow founding director who worked as the bank's cashier in the early years. Abraham Bloodgood, another original director, was a rich leather merchant and politician. He was most likely related to Thomas Bloodgood, a wine merchant who ran the bank from 1832 until 1843. The family was of Dutch origin, and they owned a Long Island plant nursery. William Cutting controlled the Brooklyn Steamboat Co. William Irving was a partner in the auctioneering firm Irving & Smith, which he founded with his father, a veteran New York wine merchant. He was a brother of Washington Irving, author of Rip Van Winkle, published in 1819. Among the more swashbuckling original directors was paint-and-dye merchant John Swartwout. He was active in securing funding for the construction of the Erie Canal, completed in 1825, which connected the U.S. heartland to New York City and the shipping routes to Europe. Another was grocery owner Samuel Tooker, who became directly involved in the War of 1812. The board members included Benjamin Bailey, a director of the Columbian Insurance Co. and one of the first directors of the Farmers' Fire Insurance and Loan Co. Then there was Isaac Pierson, a doctor who later became a New Jersey congressman, and Ichabod Prall, brother of one of the wealthiest New York merchants in the late 18th century. Grove Wright was a merchant who served on the boards of the Merchants Fire Insurance Co. and the North River Insurance Co. The other founders were William Furman, possibly related to Gabriel Furman, who was involved in New York politics with Swartwout; Jasper Ward, a director of the Phoenix Insurance Co.; Osgood's son-in-law John Norton; and Henry Fanning, who defaulted on a loan from the bank. Norton and Fanning were on the board for only a year.

1820
A valuable client

John Jacob Astor strongly opposed renewing the charter of the Bank of the United States in 1811. For reasons that are not entirely clear, the bank had closed his account and refused him further credit. Two decades later he was a customer and then, records suggest, rescuer of City Bank, by which time most of his fortune was in real estate. Astor also held shares in Farmers' Loan and Trust Co., which would become closely associated with City Bank as the century progressed. When it was published in 1845, three years before Astor's death, the sixth edition of Wealth and Biography of the Wealthy Citizens of New York City estimated Astor's wealth at $25 million.

1822
52 Wall Street

City Bank's home, originally 38 Wall Street, was renumbered as no. 52, and rebuilt in the 1840s. The image on the left is the facade as it appeared after the remodeling. The photograph of Wall Street taken toward the end of the 19th century (right), shows on the extreme right the building as it looked after another upgrading in the 1860s. By this time Trinity Church was already being dwarfed by the tall office buildings of the financial center.

1824
Quaker mariners at the helm

The Quakers were a religious group with a history reaching back to the 17th century. They believed in direct communication with God without the need for clergy as intermediaries. Among their members was William Penn, founder of the Province of Pennsylvania. The Quakers became active in 19th-century America as social reformers. City Bank president Isaac Wright brought to the bank's board other prosperous Quaker merchants, including Benjamin Marshall and William Fox. Marshall, who served as a director for three years, was a wealthy Englishman and, like Wright, one of the co-founders of the Black Ball Line. His brother Joseph was involved with the New York Mills cotton business. Fox would later become president of New York Gas Light Co.; he remained on the City Bank board until 1861.

1824
New team puts bank on more solid footing
Incoming management helps City Bank achieve temporary stability; a wealthy customer brings in funds and a talented new director

After failing to diversify its client base and allowing excessive borrowing by some directors, City Bank suffered so great a fall in its share value by 1824 that a merchant by the name of Charles Lawton stepped in to restructure the bank. That year he acquired a controlling interest; by July 1825, he had convened a new board of directors to whom he sold his shares in the institution. The new team included some prosperous Quaker merchants who put the bank on a more solid footing. Among the board members elected by Lawton in 1825 was Isaac Wright, a leading importer of British textiles, and a Quaker. In 1827, Wright became president of City Bank and remained in that position for over five years. Meanwhile, the Industrial Revolution, which had built up steam in Britain in the previous century, was spreading across North America and much of continental Europe. Despite the new blood, City Bank was still struggling to take full advantage of the economic boom that included the arrival of the railroad in the 1830s. Although Philadelphia remained the country's main banking center, the New York metropolitan region was now competing with both Philadelphia and Boston as an industrial hub. To maintain lending to its directors, City Bank diversified its deposit base and so built up its correspondent relationships with other banks. Such funds were volatile, however, leaving the bank particularly vulnerable when the Bank of England raised interest rates sharply in 1836, draining foreign exchange from the United States and triggering a slump in British demand for American cotton. Cotton merchants were left with unsalable inventories, and their banks with bad loans. In the consequent Panic of 1837, City Bank teetered on the brink of failure. It did not fail, due to the suspension of gold and silver payments by the banks and, records suggest, financial support from John Jacob Astor. A German immigrant, Astor had become the United States' first multimillionaire, earning a vast fortune from trading in furs, and then making investments in Manhattan real estate. Astor's representative, soon appointed to the board, was Moses Taylor. Few appointments were more significant in the bank's history. Taylor was at the helm for several decades.

1825
New president brings proven expertise
Gorham Worth, a career banker, scholar, and poet, becomes a "pillar" of City Bank, raising it to new prominence

Gorham Worth was the first president of the bank to have a purely banking background. Born in Hudson City, New Jersey, in 1783, Worth joined the Bank of Hudson as a clerk, before becoming cashier at Mechanics and Farmers Bank of Albany in upstate New York. Dreaming of an early retirement, he moved west but grew so bored with the "vacuum of mind" and "monotony and sameness of routine country life" that he took a job as cashier for the local branch of the Second Bank of the United States in Cincinnati, then little more than a village. After the death of his wife's sister, Worth resigned and moved to New York, where he got a job as cashier at the Tradesman's Bank in 1823. He joined City Bank as cashier in 1825, assuming the presidency two decades later, in 1843. Worth was "very much respected and was for many years the main pillar of the City Bank," according to a chronicler of the period who credited him with raising the bank to the top echelon of New York banks. "He was an extraordinary man," the chronicler recalled. "I well recollect entering the bank at various times, and seeing him sitting at his desk, with his back towards the door, writing, and yet he would call me by name as if knowing me by instinct or by sound of step ... Worth was not only one of the best informed and most able financiers in the country but he was a ripe English scholar, a wit and a poet." The New York Evening Post agreed. In an obituary following Worth's death in 1856, the newspaper wrote, "He frequently employed his leisure hours in literary composition, and his productions in prose and verse, though not often allowed to appear in print, were handed round among his friends and read with pleasure."

1833
Taylor and Pyne light up Manhattan
Leading figures in City Bank help lay the foundations of a great utility company; Percy Pyne becomes bank president

Many companies in the industrial and financial empire of Moses Taylor and his associates effectively became clients of the bank. One of the first was Manhattan Gas Light Co., founded in 1833. Eight years later, Taylor joined the company as a director and became active in its management. By 1848, it was America's largest gas company. Taylor eventually became the main shareholder and started acquiring shares in the rival New York Gas Light Co., probably at the invitation of William Fox, a fellow City Bank director who later became president of New York Gas Light Co. When newcomer Metropolitan Gas Light Co. later appeared on the scene, Manhattan Gas Light countered the competitive threat by acquiring an interest in its rival as part of a market-sharing deal. Taylor himself invested in Metropolitan Gas Light and became a director of New York Gas Light, thus bringing the entire New York gas-lighting business at one stage under his influence. When Moses Taylor died in 1882, he was succeeded as City Bank president by his son-in-law Percy Pyne, a British immigrant whose father had been a seal-skin broker on Wall Street. Pyne spoke Spanish and had been Taylor's right-hand man since becoming a partner in his trading company in 1849. Pyne married Taylor's daughter Albertina five years later. A director of City Bank since 1869, Pyne managed not only the bank but also Taylor's entire business empire. His first priority as president was to consolidate the gas sector in New York. It was becoming increasingly competitive with new entrants and technologies. These now posed a threat to the Taylor family gas investments, and Manhattan Gas Light in particular. In 1879, the work of the inventor Thomas Edison showed that the new incandescent electric light bulb was likely to replace gas lighting in the long term. The gas companies responded by refocusing on gas sales for cooking and heating. In 1882, a company called Equitable Gas Co. disrupted the market with a more efficient gas manufacturing process, backed by William Rockefeller and John Archibald of the Standard Oil group. Pyne responded in 1884 by unifying the gas light companies in which he had an interest into a single entity, Consolidated Gas Co. of New York.

1837
Commodity specialist joins board
A successful New York trader with a focus on Latin America, Moses Taylor helps broaden City Bank's client base and becomes bank president

Moses Taylor joined City Bank's board during the Panic of 1837, which was triggered by an effective hike in British interest rates. Although detailed records are lacking, it is likely that he came to the bank as the representative of German-born millionaire John Jacob Astor, who employed Taylor's father as his business manager and appears to have been a customer of the bank in the early 1830s. Although the evidence is not definitive, it suggests that Astor initially supported City Bank financially and then extended further aid to the younger Taylor in his new position as a director. "[Taylor's] connection with the Astors has brought gold to his coffers," according to one account published in 1845. Another account published in the 19th century stated that Astor "always backed up Moses when he needed aid." When he joined the board at the age of 31, Taylor was already a prominent New York merchant. After working as an apprentice with leading Latin American shipping merchants G.G. and S.S. Howland, he had set up his own firm to import sugar from Cuba in 1832. The Great Fire of New York destroyed its warehouse in 1835, but the firm quickly recovered and was very successful. It soon expanded into trading other commodities, such as pineapples, limes, and tobacco, and invested in ships to carry cargo between Havana and other Latin American ports. After becoming a director of City Bank, Taylor was invited to invest in companies run by fellow members of the board . The board was then headed by Thomas Bloodgood, a wine merchant of Dutch origin and also New York agent for the family plant nursery on Long Island. Taylor then invested in companies at his own initiative, asking associates in these ventures to join the bank's board. Taylor spent 20 years as a City Bank director before succeeding Gorham Worth as president in 1856; he remained in that post until his death in 1882. He extended his business empire, using the bank as a treasury for his own enterprises.

1841
City Bank, provider of liquidity

City Bank, the eighth-oldest bank in New York, and thus designated no. 8 in the clearing house, was well placed to shield clients during panics. Under Moses Taylor the bank became a vehicle for monitoring and controlling the companies that made up his industrial empire. For deposits, all companies had to keep their principal account with City Bank. In exchange, the bank would extend short-term credits to them as needed. By taking deposits from those with temporary cash surpluses and lending to those with temporary deficits, Taylor was fulfilling the treasury functions of the bank he controlled. It was a provider of liquidity at all times to himself and his companies, the bank's clients. The bank adopted a policy of "ready money," stressing liquidity and investing in call loans as a secondary reserve. It avoided volatile sources of funds. Taylor ran the bank so conservatively, by keeping large amounts of surplus cash, that City Bank was consistently able to fund its clients even during the financial panics that afflicted Wall Street. Clients were shielded from insolvency, and the bank itself was protected from possible failure. It was this conservative policy that made City Bank of New York one of the strongest of the city's banks in the second half of the 19th century. The bank's deposits rose in each of the financial panics during this period, while the average deposits of New York's other banks fell.

1843
America's first trust company

In 1843, when Gorham Worth assumed the presidency of City Bank, Moses Taylor became a director of Farmers' Loan and Trust Company, founded in 1822 as the first trust company incorporated in the United States. He had been a shareholder since 1838. The relationship most likely arose from Taylor's connection to John Jacob Astor, who also owned shares in the company. After Astor died in 1848, records suggest that Taylor may have taken care of the Astor estate through the trust company. Taylor later acquired a controlling interest and eventually became chairman of the executive committee, allowing him to use the company to provide a wide range of financial services to his broader business interests. For bond issues by companies affiliated with Taylor, for example, Farmers' Loan and Trust not only invested in the securities but also acted as trustee and paying agent. The close relationship between bank and trust company lasted for many decades, culminating in a merger of the two companies in 1929.

1861
City Bank finances Union cause
Moses Taylor, as president of City Bank, leads banks' support for Abraham Lincoln; the bank acquires a national charter and changes its name

The American Civil War (1861-1865) occurred after 11 southern states declared secession from the United States and formed the Confederate States of America ("the Confederacy") to fight for independence. The contentious issue was the expansion or restriction of slavery. In the first major battle of the war, the Confederates of the breakaway southern states defeated the Union forces of President Abraham Lincoln in the First Battle of Bull Run in eastern Virginia in 1861. Lincoln soon sought financial assistance from a group of bankers in New York, Philadelphia, and Boston. City Bank president Moses Taylor, spokesman for the group, announced that the banks would subscribe to a $50 million gold loan, with City Bank itself participating. As the war progressed, confusion arose over the thousands of different banknotes in circulation. Congress attempted to develop a uniform national currency by passing the National Bank Act in 1863, which was superseded by another law in 1864. City Bank gave up its state charter in 1865 and became a national bank. To meet federal requirements, it agreed to several conditions: a minimum capitalization of $200,000; no branching; securitization by federal bonds; and retention of 25 percent of its capital as reserves. It could not offer mortgages or exercise trust powers. The benefits, however, outweighed the constraints. National City Bank of New York (as it was renamed in 1865) became a depository for the federal government and began to accept the required reserves of national banks in other cities, giving it the wherewithal to become a bankers' bank. Adding "National" to the name also increased its prestige, indicating that it was able to meet the U.S. government's most stringent requirements. The new name appeared on banknotes of various denominations up to $1,000 that would remain in circulation until 1935.

1866
Transatlantic Cable

Moses Taylor was one of the original investors in the New York, Newfoundland, and London Telegraph Co., founded in 1854 by Cyrus West Field, a successful young businessman who is credited with laying the first transatlantic cable. Taylor was treasurer of the new company and a director. The first cable was completed in 1858 but soon broke down. After interruptions caused by the Civil War between 1861 and 1865, three more unsuccessful attempts were made. The company finally succeeded on the fourth attempt, in 1866, bringing New York into virtually instant communication with London. Field and his associates also founded American Telegraph Co. - this became the biggest telegraph operator in the East, with lines from Maine to Louisiana. Its only major rival was the Western Union Telegraph Co., which was growing its network westward to the Pacific, centered on the Mississippi Valley. Western Union later merged with American Telegraph, giving it a dominant role at the American end of the transatlantic cable. After the merger, Taylor became a Western Union director, a position he would hold for the rest of his life.

1890
Rise of cotton-broker James Stillman
Marking a new era, an influential businessman becomes the bank's new president, taking the bank into a period of rapid development

A native of Connecticut, Charles Stillman moved to Mexico in 1828 and built up a successful business empire spanning cotton, real estate, and silver mining. When Mexico was forced to cede Texas in 1848 after a two-year war with the United States, Stillman helped found the border settlement of Brownsville. Stillman also set up the first steamboat company on the Rio Grande. By placing ships on the Mexican registry, he was able to export cotton throughout the Civil War (1861-1865). Stillman was a long-time National City Bank client. In 1870, his business partner Benjamin Dunning became a director of the bank. When Dunning died in 1890, Charles Stillman's son James took the seat on the board. So began the National City Bank career of a man who was to have a profound influence on the bank's development. Shortly before his death in 1882, National City Bank's Moses Taylor invited James Stillman to take part in several ventures, notably the reorganization of Houston and Texas Central Railroad, of which Taylor was a director, along with New York lawyers William Phelps (a National City Bank director from 1869 to 1894), and William Dodge of Phelps, Dodge and Co. (whose son Cleveland served on the bank's board from 1889 to 1926). Taylor's immediate successor as National City Bank president, his son-in-law Percy Pyne, also cultivated James Stillman. As his health deteriorated, Pyne asked Stillman to help manage two institutions key to the Taylor family business. In 1889, Stillman duly became a director of Farmers' Loan and Trust Co. Then, when Pyne resigned as National City Bank president after a stroke in 1891, the bank's board elected Stillman his successor. Pyne remained on the board as a director until his death in 1895, allowing for a smooth transition at the helm of a bank which, for half a century, had been largely dominated by a single family. The choice of Stillman was prescient. On his watch, the bank grew so rapidly that it moved into a headquarters building the size of a city block, was the first bank in the United States to have $1 billion in assets, and started a foreign department that set the stage for its overseas ventures.

1893
National City Bank forges investment bank alliance
A railroad refinancing opens up new strategic opportunities

In 1882, when Moses Taylor died, the customer base of National City Bank consisted largely of companies such as sugar merchants, cotton brokers, coal mines, gas utilities, and southern railroad companies. In the general character of its business, the bank was not very different from its major competitors. It also looked after the fortunes of railroad baron Cornelius Vanderbilt and, especially, Taylor himself. Yet, it was still relatively small. When James Stillman became president after Percy Pyne's resignation in 1891, it had only three officers (the president himself and two cashiers) and a handful of staff. Under Stillman the bank continued to function as a treasury for companies in the Taylor empire, and he began using the bank to support his own business activities through Union Investment Co. After Union Pacific Railway went into receivership in 1893, National City Bank seized a chance to break into the big league of investment banking. When an attempt to recapitalize Union Pacific was abandoned amid political uncertainties, the task then fell to Jacob Schiff, of investment bank Kuhn, Loeb and Co. Schiff turned to Stillman to help out on the commercial banking side. To cover the costs of the Union Pacific workout, Stillman committed $200,000 of his own funds to an initial bond issue raising $10.5 million, while National City Bank itself subscribed to $250,000 in a subsequent issue for $3.5 million to meet coupon payments on Union Pacific bonds. Overall, Schiff and Stillman arranged nine bond issues, underwritten by Kuhn, Loeb and Co. to raise $105 million over the subsequent three years. Stillman's personal investment in these bond issues amounted to $5.8 million, which was even more than the $3.6 million committed by stockbroker and railroad investor Edward. H. Harriman and almost as much as the $6.5 million subscribed to by Kuhn, Loeb. National City Bank invested $1.8 million and acted as agent to transfer the funds to government.

1897
New forex department for clients with operations abroad
Foreign business requires a new kind of service; correspondent links forged overseas

By the end of the 1800s, some of the large corporate clients of National City Bank conducted much of their business outside the United States. Among them were Standard Oil (particularly strong in China) and American Sugar Refining. In response to their needs, in 1897 the bank opened a foreign exchange department, offering to buy and sell drafts, make cable transfers and collections, and issue travelers' letters of credit. This was a relatively new type of business in the United States. Against this background there was growing European investor interest in dollar-denominated stocks and bonds, especially in London but also in Berlin, Amsterdam, and Brussels. As to capital markets, National City Bank acknowledged that London was still the undisputed leader, notwithstanding the growing importance of the New York, Paris, and Berlin bourses. One of the first big transactions of the new foreign exchange department came in 1899, when the bank received a $5-million deposit from the United States Treasury. This amount was to be credited to Spain as part of a $20-million payment for the Philippines under the treaty ending the Spanish-American War. By 1912, National City Bank had correspondent banking relationships with 132 banks worldwide and deposits with them amounting to $6 million. The foreign exchange department drew many recruits from Europe. In 1907, there were individuals from Austria, Germany, the Netherlands, and Poland. Departmental manager John Gardin had noted that in Europe even messenger boys had to have completed high school or at least graduated from a commercial college before being employed by a bank. They had to be fluent in at least one foreign language and be prepared to work for no pay at all for the first three or four years. "The men come out of their apprenticeship with a thorough business education, well fitted to the battle of life," he wrote. According to Gardin, Americans considering a career in foreign exchange needed a broad world view. They had to be "acquainted with ethnological conditions the world over," he said, with "a knowledge of political events, throughout the universe, besides a certain skill in mathematics, reaching far beyond the multiplication table."

1904
New opening in Panama

In 1903, Panama broke away from Colombia and became an independent state under U.S. protection. As part of this arrangement the United States took over the work on the Panama Canal, which had begun in the 1880s. On August 17, 1904, at the U.S. government's request, IBC opened a branch in Panama City, followed two years later by one in Colón, on the Atlantic side of the young country. IBC provided financing for Panamanian development and banking services for firms working on canal-related business. By 1916, the Panama Canal was in uninterrupted operation and international shipping provided a new client base for financial institutions.

1905
Currency in Shanghai

The Chinese currency system was complex. Each city had its own currency, so there was "foreign exchange" between cities. To add further complication, some foreign banks had the privilege of issuing banknotes. IBC was one of them. When National City Bank later absorbed the IBC branches, it became responsible for the payment of outstanding notes. This five-dollar banknote was issued by IBC in Shanghai, in 1905. Shanghai was IBC's first branch in China, opened in 1902, the same year as its branches in Singapore, Hong Kong, Yokohama, and Manila. Bombay opened shortly afterwards.

1906
Union Pacific gains national potential

By 1906, Union Pacific Railway had acquired shares in five railroads that now lay at the core of the National City Bank's activities. If these had been consolidated with its own lines to the West Coast, Union Pacific would have had a national network. The five railroads were the Illinois Central Railroad, the Chicago and Northwestern Railway, the Chicago, Milwaukee and Saint Paul Railroad, the Baltimore and Ohio Railroad, and the Pennsylvania Railroad. James Stillman took part in underwriting their bond issues and in several cases served as a director. The practice of acquiring other railroad companies allowed Union Pacific to become the largest rail network in the United States.

1908
55 Wall Street, symbol of solidity
National City Bank renovates a Wall Street icon for its new head office, where classical style cloaks new technology and banking innovation

For much of the 20th century, National City Bank's fundamental strengths were expressed in the architecture of its head office, 55 Wall Street. The original Merchants' Exchange, home to the Stock Exchange, stood here but was destroyed in the Wall Street fire of December 1835. In its place rose a new building, designed by Isaiah Rogers. For the main facade, stone columns weighing 45 tons and more than 38 feet long were floated on rafts from quarries in Quincy, Massachusetts, and hauled to the site from the wharf by 20 oxen. Each shaft was formed from one block of stone. In 1863, the federal government took over the building and it became the New York Custom House. In 1899, it was bought by National City Bank for $3,265,000. One of Stillman's colleagues commented, "The idea of occupying an entire city block with a bank was something that made everyone raise his hands in consternation." In 1907, the bank commissioned the leading architects of the day, McKim, Mead and White, to adapt the building. The old structure was so robust that dynamite was needed - the old plaster was stronger than the granite and brick. To make a hole in the ground floor for easy access to the basement, the contractors tried dropping a 15-ton block of granite from about 50 feet. It bounced. Workers found a cannonball embedded in a wall, a keg of gunpowder and more than 100 old-fashioned bombs, probably intended to protect the Custom House during the Draft Riots of 1863. Soon, above the original structure rose a four-story addition, faced with columns in the Corinthian style. At the heart of the new building was a modern steel frame. The old dome was carefully reconstructed in a style reminiscent of the Pantheon in Rome. The project was carried out with astonishing speed. Demolition began on December 3, 1907; the first new steel was laid on May 25, 1908; the building was completed on December 15, 1908. On December 19, some 400 employees helped carry books, papers, typewriters, adding machines, and other office materials across from 52 Wall Street between two lines of police. Over $70 million in cash and $500 million in securities were transferred by hand to the two-story steel vault, and the new building was opened to the public on December 21, 1908.

1909
Corporate clients push abroad

Among the companies that pressed National City Bank to open overseas branches was United States Steel Corp. Its lead bank, the blue-ribbon First National Bank of the City of New York, had no interest in international banking - its chairman believed U.S. banks did not have the necessary experience. So U. S. Steel turned to National City Bank, which had built up expertise in foreign-exchange trading over the previous decade. The steel giant promised to make a substantial deposit and E.I. du Pont de Nemours and Co. offered Vanderlip similar encouragement. Several National City Bank directors were linked with companies that would benefit from foreign branches and were major customers of the bank. W.R. Grace and Co. had extensive shipping, textile, sugar, and other interests on the west coast of South America, for example. International Harvester had sales outlets and agencies on that continent. Armour and Co. had acquired a meatpacking plant in Argentina that exported beef to Europe. Standard Oil had refining and distribution facilities across the world. It was the requirements of clients such as these that led the bank to expand operations abroad.

1909
Rise of Vanderlip, self-made man
Stillman steps back; a visionary new president sees potential in services for clients operating on other continents

At the end of 1908, after National City Bank had moved into its palatial new home at 55 Wall Street, James Stillman, the bank's president, decided to move out of the limelight and adopt a mainly advisory role, based at his home in France. "The completion of the new building is a fitting time for this step," he wrote. "We have erected a superb monument and laid the foundation for limitless possibilities." In January 1909, Stillman resigned as president and assumed the new position of chairman. His successor as president was Frank Vanderlip, who had worked for the bank since 1901, overseeing the establishment of the bond department. Vanderlip was particularly struck by the regional commercial potential offered by the Philippines, the Spanish colony acquired by the United States as part of the treaty ending the Spanish-American war in 1899. While there were already strong ties between the United States and Japan, Vanderlip wrote after the war, the Philippines could be an important gateway to other Asian markets including the Russian Far East. Frank Vanderlip was born in Illinois. He served an apprenticeship in a machine shop at 75 cents a day before landing a job as a stenographer at a Chicago investment house at $10 a week. He then took a one-year course at the University of Illinois and worked as a newspaper reporter, attending supplementary lectures at the University of Chicago. Vanderlip later became financial editor of the Chicago Tribune and, in 1894, bought a part interest in the Chicago Economist, where he served as associate editor for three years. When Lyman Gage, president of First National Bank of Chicago, was appointed secretary of the United States Treasury in 1897, he took Vanderlip with him to Washington as his private secretary. Within three months, Vanderlip was promoted to the position of assistant treasury secretary and was soon involved in the arrangement of a $200-million loan to finance the Spanish-American War. James Stillman was an acquaintance of Gage, and it was this connection that led to his hiring Vanderlip in 1901.

1911
Bonds go to the masses
The National City Company, an affiliate of the bank, breaks the stereotype and adopts modern methods in the sale of bonds

In 1911, National City Bank set up an investment affiliate. It was modeled on the First Security Co. founded in 1908 by First National Bank, a blue- ribbon corporate bank which National City Bank acquired almost half a century later. The National City Company initially served as a holding company for stakes in other banks in New York, Philadelphia, Boston, Washington, Indianapolis, and Kansas City, as well as Cuba, where it had an interest in Banco de Habana. In 1916, the affiliate acquired Wall Street securities firm N.W. Halsey and Co. with branches in four cities on the U.S. East Coast and two in Europe. Over the next three years, the National City Company expanded significantly. By 1919, it employed more than 1,650 people in 31 cities. It had more than 10,000 miles of telegraph cables, including the first transcontinental wire to be used exclusively by an investment bank. In due course, the affiliate acquired the bank's own bond department, creating the foundation of a global securities firm. The investment bank developed strong sales and marketing teams, which adopted modern advertising techniques. Until then "it was considered almost unethical for bond dealers to seek business in ways approved by general merchandisers," the president of National City Company, Charles Mitchell, told trainees in 1919. Partly buoyed by the government drive to sell war bonds to the public in 1917, the National City Company began merchandising corporate bonds like any other daily household item. As Mitchell said, "we took from the experience of successful manufacturers and distributors those pages which had spelled success for them lessons they had learned in advertising and publicity, and in industrial education." Mitchell praised the government for educating the public about investment during its campaigns to sell war bonds. "Government financing," he said, has provided a "liberal education for most people and materially benefited us." That education was partly thanks to National City Bank president Frank Vanderlip. Based on his experience in marketing Spanish-American war bonds for the Treasury, Vanderlip accepted a request by the New York Federal Reserve Bank that he should organize publicity for the first war-bond campaign in mid-1917.

1911
Advertising comes to finance
Following the trail opened up by its securities affiliate, National City Bank gets its message out to the world, stressing sound fundamentals

The establishment of National City Company as an affiliated securities firm in 1911 gave rise to advertising activities soon transferred to the bank itself. By 1919, National City Bank had a fully fledged publicity department. Advertising grew as the bank ventured into retail banking from 1921. Institutional advertising pre-dated direct advertising by many years. In 1904, the bank began to put out a monthly bulletin, United States Securities and Government Finance, written by vice president Frank Vanderlip, formerly assistant treasury secretary in Washington. Vanderlip had once been a financial journalist and had a natural flair for publicity. The initial audience for the bulletin were other national banks who bought government bonds. National City Bank later began to distribute it to foreign banks and translate it into Spanish and French. Other specialist publications included addresses by officers of the bank or studies on particular topics. "The press of the country has made liberal use of the publications of the Bank and these have had not a little weight in constructively molding public opinion," advertising chief Wells Sawyer said in 1919. After the bank began setting up foreign branches in 1914, a new monthly publication known as The Americas was launched. Although devoted primarily to trade and industry in Latin America and the Caribbean, it also covered Europe and Asia. Many articles were written by branch staff or representatives abroad. By the end of the decade, 50,000 copies of the new monthly were being distributed to correspondent banks. It was also sent to schools and colleges, including the University of London, which took 100 a month. As well as advertising its financial results in newspapers, the bank began to increase the amount of information in its regular financial statements. In 1923, staff produced 80,000 copies of an eight-page booklet containing the financial statement for March 31 plus lists of directors, executives, overseas branches, as well as a letter from president Charles Mitchell. The booklet reached destinations around New York on the morning of April 1, the same day as the financial statement appeared in the newspapers.

1912
Client relationship lasts over a century

When the International Banking Corporation, later acquired by National City Bank, opened a branch in the southern Chinese city of Canton (present-day Guangzhou) in 1906, its first client was a trading firm called Li & Fung. At a time when China's foreign trade was largely monopolized by British firms, Li & Fung stood out as the first export firm wholly owned by Chinese. It was founded in 1906 by Fung Pak-liu, a Hong Kong-educated schoolteacher who had recently returned to Guangzhou, and Li To-ming, a Chinese merchant whose family owned a porcelain shop. Business with the United States flourished as Li & Fung's product range expanded from porcelain to include bamboo, rattan, fireworks, jade, and ivory. The company relocated to Hong Kong in 1937 and became the British colony's top garment exporter. In 1973, it went public. Its new issue was oversubscribed 113 times, a record held by the company for 14 years. One of the sons of Fung Pak-liu was Fung Hon-chu, who took over as manager in 1937. At a celebration marking the firm's 75th anniversary, he spoke very positively of the firm's relationship with Citibank. The bank, he said, had supported the company in various ways over the years, with services including trade finance, deposits, foreign exchange, and letters of credit. Citibank "covers all the major cities of the world. ? With its support, we have been able to meet our customers' needs and ensure our own financial liquidity." As Li & Fung managing director, Fung Hon-chu appointed retired Citibanker Ho Chik-kong as a manager in 1969. The former senior officer at First National City Bank's Guangzhou branch had known Fung's father, one of the firm's two co-founders. In 1976, Ho was named as a director of a finance and investment subsidiary of Li & Fung, and later he became group managing director. By 2011, Li & Fung was a multinational group employing close to 37,000 people in 40 economies. Management had passed to the third generation of the Fung family, the Harvard-educated brothers Victor and William Fung. The company remains one of Citi's most longstanding clients outside the United States. As Li & Fung and Citi commemorated a century of partnership, Citi's Hong Kong country officer and Asia Pacific chairman Shengman Zhang said that the two companies enjoyed a "special relationship" that was strong and flexible enough to reach across time and generations. "Such strong ties can only exist where there is trust," Zhang said.

1914
Business blooms in Latin America
National City Bank's first big push overseas reflects the growth in international trade as war breaks out in continental Europe

As World War I was breaking out in Europe, Argentina was enjoying a trade boom. National City Bank's first foreign outpost, the Buenos Aires branch, opened in late 1914, was almost immediately profitable thanks in part to a large foreign-exchange business. National City Bank established ties with Banco de la Nación Argentina, the largest bank in Argentina, and opened accounts with both U.S. corporate clients and local companies. A second foreign branch was established in Rio de Janeiro, Brazil, in April 1915, with a sub-branch in Santos, the coffee-trading center. A second Brazilian branch came a few months later, in São Paulo. It was followed by a branch in Montevideo, Uruguay, and another in Havana, Cuba, which acquired Banco de Habana, partly owned by National City Bank chairman James Stillman. In 1916, branches were opened in the Brazilian city of Salvador (Bahia), the country's sugar-trading center, and the Cuban city of Santiago. National City Bank then entered Chile, its fifth country in Latin America, with a branch in Valparaiso, the country's main port, linked by railroad to Buenos Aires in Argentina on the Atlantic coast. The sailing time from Valparaiso to New York by steamer had just been almost halved by the completion of the Panama Canal in 1914. National City Bank gradually expanded its regional footprint to include branches in Venezuela in 1917 (where the oil boom had attracted many international companies which required financial services), and Peru in 1920. Its affiliate from 1915, International Banking Corporation (IBC), meanwhile established its own branches in Colombia in 1916 and the Dominican Republic in 1917. In 1922, National City Bank also acquired a controlling interest in Banque Nationale de la République Haiti.

1914
The Impact of World War I
Military service for male staff opens up career opportunities for women; the bank's president promotes the sale of Liberty Bonds

World War I broke out in 1914. The United States, after initial efforts by the government to resist involvement, entered the fray in 1917 following a sea-change in U.S. public opinion. While banking operations in combatant countries were adversely affected, in the early years of the war National City Bank managers focused their attention on the commercial opportunities presented by the disruption of European trade and its likely impact on the bank's overseas competitors, notably those in Britain. In 1914, chairman James Stillman offered his Paris residence to the French government for use as a hospital. He also offered 500,000 francs ($200,000) to France's president Raymond Poincaré to support orphans of those admitted to the Légion d'Honneur, the nation's premier official decoration. After America declared war on Germany, many male employees signed up for military service. Consequently, the bank started hiring female clerks in large numbers. Over six weeks in 1917, former librarian Florence Spencer and another assistant chief clerk interviewed more than 1,000 candidates. About 10 percent were accepted, given a week's training, and placed in various departments. Notably, the foreign exchange department received 45 women and the check desk 40. F.C. Schwedtman, the vice president who oversaw the bank's educational activities at this time, urged women working at the bank to be assertive. "From time immemorial, it has been man's place to go out into the world to hunt and collect and women's place to stay at home and prepare and take care of the things which the man has brought in," he told the women's association of the bank in May 1918. "The same policy, however, carried out in business, will not work. To be specific, the business woman must not let the man do all the acquiring of information and knowledge. She must not passively accept information which someone else gives her," Schwedtman said. "When some point comes up in connection with your job that is not clear, ask about it, study it until it is clear." Overall, 518 bank staff entered military service, nearly a third of the total. Among them was Katherine Hay Robinson of the foreign department, who was attached to the Army Signal Corps in France as a telephone operator. She was stationed at the Paris residence of President Woodrow Wilson during the Paris Peace Conference in 1919. Eight employees lost their lives in the war, as did 11 of the 78 men from the International Banking Corporation who saw military service.

1916
IBC pioneers trade finance in Asia
A Connecticut state-chartered bank caters to companies doing business in the Far East

The International Banking Corporation (IBC) was founded in Connecticut in 1901 by a group of businessmen seeking to promote trade with Asia following America's acquisition of the Philippines from Spain. The bank's state charter allowed it to do business anywhere except Connecticut. The founding president was Marcellus Hartley, owner of the Remington Arms Co. Other directors included corporate lawyer Thomas Hubbard, investment bankers Jules Bache and William Salomon, along with representatives of the Equitable and Metropolitan insurance companies. Hubbard, who had previously worked as financial officer for Southern Pacific Railway, assumed the presidency following Marcellus Hartley's death in early 1902. After opening a branch in London in April 1902, IBC established branches in rapid succession in Shanghai, Singapore, Manila, Yokohama, and Hong Kong. It also hired two traders from Deutsche Bank to develop its foreign exchange business in New York. By 1904, the Asian network had spread to Calcutta and Bombay, Kobe, Guangzhou, and Cebu. Additional branches were established in the Chinese cities of Beijing and Hankou in 1909. More followed in 1918 (Java, today part of Indonesia) and 1919 (Burma and China), and others later in China and Japan. IBC was a commercial bank. A large part of its success in China rested on maintaining a close relationship with multinationals operating in China, such as American Trading, Shanghai Telephone, Standard Oil, and British American Tobacco. It received the US government's special encouragement and support, which allowed it to broaden its branch network in the region and begin expanding its business. IBC's business originated with the local subsidiaries of the bank's corporate clients, rather than with their U.S. headquarters. Much of IBC's business was trade-related, such as financing exports of raw silk and tea from China and Japan, cotton and jute from India, and tin and rubber from Singapore. From the Philippines came exports of hemp, copra, sugar, tobacco, and coconut oil. IBC was also involved in the import trade, financing Chinese imports of silver from the United States as well as Japanese imports of cotton from India and wool from Australia. The 19th century had seen a flow of Chinese immigrants to the United States. They worked on the construction of the railroads, and they were a source of labor for agriculture and many industries. Their remittances were an important source of foreign exchange for China, and many of them flowed through the IBC branch in San Francisco.

1917
Vanderlip and the Liberty Bond

In May 1917, the staff magazine, Number Eight, declared: "LIBERTY is what the civilized peoples of the world are striving for. ... to this end has the federal government of the United States sought to enroll as subscribers each and every one of the citizens of this great DEMOCRACY in that gigantic offering - The Liberty Loan."
That same month, the Federal Reserve Bank of New York asked the bank's president, Frank Vanderlip, to organize publicity for the loan campaign. Given his earlier career in public service and public relations, Vanderlip was in his element and performed to such effect that in September he was asked by the U.S. Secretary of the Treasury to become chairman of the War Savings Committee. Vanderlip accepted the offer, taking an unpaid leave of absence from the bank. The experience of mass-marketing gained during the Liberty Bond campaign proved useful in later years when the National City Company under Charles Mitchell sold bonds in quantity to the general public.

1917
Merit becomes key to promotion
Appraisal systems are the basis for career progress; the City Bank Club is a center for education and social activities worldwide

In 1917, National City Bank abandoned the system of automatic salary increases at the beginning of January, relegating it to "the limbo of mid-Victorian business methods." From now on, salaries would be based on merit. At the same time, the bank announced a new staff appraisal system whereby all employees would be interviewed by an officer every four or five months. The new scheme was seen as an opportunity to address weak points in individual personnel records and to give staff the chance to air grievances in private. People were encouraged to take stock of their own work and try to see themselves as others saw them. The bank, however, was cautiously realistic in its approach, warning that this "occasional self- inventory" should not be taken to excess. "Too much introspection is as bad as too little," commented Number Eight, the bank's monthly staff magazine. In a speech at the Havana branch six years later, Charles Mitchell, who had become president of the bank in 1921, restated the bank's commitment to merit-based promotion. "I don't want to look outside of the National City Bank if we need a man to do a piece of work or a woman to take the head of some department ... I have asked the heads of department of this branch and I have asked them in New York and elsewhere to watch, and watch carefully, the work of each individual employee to the end that we may as rapidly as possible advance men and women according to their individual merit," he said. "I want you as individuals to help us build from within rather than from without." Mitchell said the bank also remained committed to bringing Cubans to New York for training. "We shall take on to New York more such men to the end that we may gradually elevate the standards of the Cubans who are in our organization as well as the Americans."

1918
National City Bank puts down new European roots
Despite war on the Continent, bankers see future business prospects

With the purchase of a controlling interest in International Banking Corporation (IBC) in 1915, National City Bank gained a European foothold through the IBC London branch, established in 1902. Although much of Europe was at war, National City Bank opened a branch in the Italian port city of Genoa in 1916. Before the United States entered World War I in 1917, U.S. representatives of the bank could still visit the territories of the "central powers" - the German, Austro-Hungarian and Ottoman empires, along with Bulgaria. The main motivation behind such trips was to assess likely postwar trade conditions, notably in Greece and Turkey, where companies such as Standard Oil and the American Tobacco Co. were active. With strong wartime demand from Germany, Turkey was also becoming an important producer of cotton. About 10 percent of the cotton crop was grown from American seed. The Brussels branch, opened in 1919 Bland Calder, secretary to the bank's vice president Charles Rich, visited the Turkish capital Constantinople (present-day Istanbul) as part of the War Relief Commission set up by the Rockefeller Foundation to help Turkish civilians. "We expected to find a dirty, poorly managed, disorganized city," Calder wrote later in the staff magazine. "We were agreeably surprised, however, to remark an air of good order throughout the city. In fact, if some of New York's streets were as clean as those in Constantinople, we could not complain." After war ended in 1918, the European network expanded with new branches in Brussels in 1919 and Antwerp, Madrid, and Barcelona in 1920 (the year in which National City Bank established a short-lived presence in the South African city of Cape Town). IBC, meanwhile, set up its own branch in Lyon in 1919. Two years later, National City Bank acquired the Paris branch of the Farmers' Loan and Trust Co., which had been set up in 1906. The bank's presence in northern Italy was expanded in 1925 with the opening of a branch in Milan. The European network was badly affected by World War II. It was not until Europe's recovery in the 1950s that it regained a more prominent role in the bank's overall operations.

1920
Veterans of the air
Senior National City Bank officers have links with the young aviation industry and become pioneers of passenger flight

Senior officers of the bank were no strangers to air travel in the 1920s. George Kurz spent considerable time flying in Europe while posted in Berlin as the bank's representative to Central Europe and the Balkans during the 1920s. He once accompanied vice president F. Charles Schwedtman on a three-and- a-half hour flight from Constantinople to Bucharest, which would have taken more than 36 hours by train. William Hoffman, another vice president, got a first-hand look at the latest German aeronautical technology in 1929. He flew from Barcelona to Genoa via Marseilles aboard the new four-engined Dornier R4 Superwal flying boat that had just been delivered to German and Italian airlines. Back in America the same year, National City Company vice president Joseph Ripley joined United Aircraft and other executives on a 10-hour flight between Chicago and Cheyenne aboard the new three-engined Boeing 80 aircraft. The flight was part of efforts to develop a route from Chicago to San Francisco. Ripley was also a director of Pacific Zeppelin Transportation Corp., an affiliate of Goodyear Zeppelin Corp. which began building the world's largest airship, the ZRS-4, in Akron at the end of 1929. National City Bank director James A. Stillman and vice president Joseph Durrell gained first-hand experience of the hazards of air travel. When their flying boat failed to return to their camp as scheduled during an Alaska hunting trip, they were stranded with little food for two weeks and had to be rescued by boat. The plane they had used to reach the isolated camp was lost on another flight.

1921
Landmark deals

In addition to its vast network of more than 30 offices across the United States and Canada, the National City Company had offices in London, Geneva, and Tokyo. The international presence in key markets soon yielded results. In 1921, the company introduced the first Australian borrower to the U.S. market by arranging a $12-million issue of 20-year bonds for the state of Queensland. The bonds were snapped up by investors in a few hours. Two years later, the company arranged a $19.9-million bond issue for Oriental Development Co., the Japanese government agency responsible for developing Korea, who had been annexed by Japan in 1910. The 30-year offering was the first dollar-denominated issue for a Japanese borrower in the United States. Among domestic deals, the company set a world record in 1923 when it teamed up with the Guaranty Co. of New York to arrange a $100-million issue of bonds and debentures for a leading copper and mining company. Proceeds of the deal, the largest industrial financing in the world at the time, went towards the company's acquisition of a majority stake in a Chilean copper company, which controlled the most extensive and one of the most valuable known copper reserves in the world. Proceeds were also used to acquire the capital stock of the U.S. brass company, which at the time was the world's leading manufacturer of copper and brass.

1921
The New York branch network expands
Through mergers, National City Bank acquires a number of branches and builds more, becoming a force in retail banking

In the early 1920s, National City Bank was making a conscious effort to build a retail business. The year 1921 saw the acquisition of the Commercial Exchange Bank, and three domestic branches as part of the bargain. One of these was the 42nd Street branch. Vice president Thomas Reynolds described the new approach to business there: "We are actively interested in individual accounts, balances of which average $500 or more, and are making a consistent effort to develop this type of business, along with the larger accounts that come from business houses." A second acquisition followed in the same year. The merger with Second National Bank, which was founded in 1863 and in which the Stillman family held a controlling interest, brought into the National City Bank network a branch at 28th Street and 5th Avenue. Second National Bank's core client base was the textile and other manufacturers located between 23rd and 34th streets. The year 1924 thus saw National City Bank represented by branches at 42nd Street and Madison Avenue; at 28th Street and 5th Avenue; at the Bowery branch; at 57th Street and 7th Avenue; and at 72nd Street and Amsterdam Avenue. The growth of the network did not stop there. Following a change in the law that allowed national banks to have full-service branches as long as they conformed to state law, by the end of 1929 National City Bank had 37 domestic branches in Manhattan, Brooklyn, Queens, and the Bronx, the fifth-largest domestic branch system in the country. Some of the branches were distinctive architecturally. The Art Deco-style former Canal Street/Broadway branch, which is still standing, was opened in 1927. It is not hard to see a family resemblance between this and its grander cousin in Buenos Aires, opened in 1929. Underlying this domestic expansion was the wish to offer every customer, in the words of the staff magazine Number Eight, "the same worldwide banking, investment and trust facilities that have been developed at Head Office, 55 Wall Street" and so make banking "as simple as buying a dress, a pair of gloves or a piece of furniture."

1928
Pioneer in Panama

In 1928, Elida Arias was appointed as subaccountant of the Panama branch of National City Bank, and so became the only woman among approximately 500 signing officers of the bank worldwide. This was particularly remarkable as, according to Number Eight, the staff magazine, "the feeling in Panama, as in all Latin-American countries, has, until recently, been strongly averse to women entering the business world, and ? because of the fact that Miss Arias was not forced by circumstance to earn her own livelihood." Arias joined the Panama branch when it was still part of the International Banking Corporation network. One of her co-workers was Miss Selma Arosemena, daughter of the president of Panama. According to Number Eight, she, like Arias, "wished to be graduated also from the more narrow confines of purely household duties."

1929
City Bank Farmers Trust Co.

City Bank Farmers Trust Company was a product of the consolidation of the trust organizations of Farmers' Loan and Trust Co. and National City Bank. The trust company, the oldest in America, was formed in 1822 by a charter granted by the New York state legislature. Until 1835, it was known as Farmers' Fire Insurance and Loan Co. From 1823 to 1835, it had quarters in the original Merchants' Exchange Building on Wall Street, until it was destroyed in the Great Fire of 1835. Moses Taylor became a director in 1843, and there had always been a high level of cooperation between the companies. The merger was ratified by the boards of both companies on June 29, 1929. The president of the new organization was to be the trust company's James Perkins, who was later to prove his worth as a steady leader of the bank during the Great Depression.

1931

Learning from the clients
Getting out of the office, young bankers of promise visit 40 industrial facilities during a trip that makes an indelible impression

The best understanding of U.S. industry was not to be attained by sitting in the office. That was the view of National City Bank. So it teamed up with the Thorne Loomis Foundation to offer several of its brightest young bankers a first-hand look at industry over the course of a six-week camping tour. Successful candidates had to have been with the bank for some time and were put forward by supervisors as being "men of promise and of demonstrated executive abilities." The tours were organized by the foundation, which was run by physicist Alfred Loomis and his brother-in-law Landon Thorne. The pair had recently teamed up to acquire investment bank Bonbright and Co. The first trip took place in mid-1931. Ten men between the ages of 18 and 25 took part, including future vice chairman Howard Laeri and Henry Lansing Clute of the foreign tellers department. Led by Bob Emison of the credit department, they set out in a specially equipped truck. Over the next six weeks, the men visited more than 40 facilities in 12 states, mostly in the South and Midwest. They met with senior managers of corporate clients and taking notes was compulsory. Although there were diversions such as flying in Detroit and visits to famous sites in Washington, D.C., the schedule was grueling. "The poor fellows were exhausted ... and the truck was not the speediest thing in the world," said Lewis Cuyler, who later ran the personnel department. "They went through hell with very little sleep ... Bob Emison was always getting them up early in the morning and with an early start it was packing in too much." Clute nevertheless had fond memories of the 4,350-mile journey. "It was a unique experience," he said. "In the six weeks, we saw steel mills, a cannery, wire manufacturing, tire manufacturing, a coal mine, a rayon plant, a chemical plant, a cigarette factory, a cereal maker, a textile mill, a glass factory. Those things certainly left an indelible impression on me and gave me a look at industrial America that I probably wouldn't have been able to obtain in the next 10 or 15 years just working at the bank."

1933
Banking in the Great Depression
The reassuring style of National City Bank's new chairman, James Perkins, suits the uncertain mood of the times

In 1933, the United States was struggling with its deepest economic downturn ever. Despite its size, National City Bank was not spared the massive runs on deposits that were taking place at banks across the country. According to James Perkins, who succeeded Charles Mitchell as the bank's chairman in 1933, average gross deposits fell from $1.26 billion in the week ending February 18 to $967 million in the week ending March 25. Speaking at the annual meeting of shareholders in early 1934, Perkins acknowledged that the situation had been "acute," but noted that by the end of 1933, deposits had partially recovered, to $1.12 billion. Four years after the 1929 crash, however, the Great Depression was still taking its toll on the bank. Operational systems had been reviewed, expenses had been reduced by more than $1.5 million, and executive salaries had been cut. Moreover, no management fund or other extra compensation plan for employees had been in place for three years. Since becoming chairman, Perkins had persuaded the board to set aside an additional $30 million as a contingency reserve and cut the dividend from the annual rate of $2 a share to $1 a share. Yet the bank was still profitable, especially the foreign branch network, which was maintained largely intact under Perkins' tenure. Perkins was not always a believer in overseas branches. During the bank moratorium of 1933, declared by President Roosevelt to prevent a bank run due to lack of public confidence, National City Bank's competitors predicted that the overseas branches would bleed the bank dry of funds. However, such was public trust in National City Bank, that during the closure in the United States the overseas branches showed a shrinkage of less than 2 percent in their deposits. One day, Joseph Durrell, head of the overseas division, showed a gloomy Perkins offers of assistance from friendly competitors, as well as the previous night's reserve sheets, indicating that the bank's cash balance abroad amounted to 73 percent of its branch deposits. At that moment, Perkins became a staunch supporter of the overseas division. Perkins reported, "Under anything like normal conditions the foreign branches make handsome earnings and contribute largely through their services to the building up of domestic deposits." Foreign exchange earnings were said to be particularly brisk in China, which used a silver rather than a gold standard for its currency and was largely shielded from the global downturn. Although the U.S. economy improved during the 1930s, it took more than a decade for the country's gross domestic product to return to its 1929 level.

1940
War returns to Europe
The early stages of World War II pose challenges for Citibankers in Paris and London, as they face invasion and aerial bombardment

The National City Bank business in France was one of the bank's more successful operations in Europe. Major U.S. clients of the Paris branch were Standard Oil, International Harvester, American Radiator and United States Lines. French clients included industrial companies in Lille and silk companies in Lyon. The main sources of income were commercial overdrafts, discounting trade bills, and foreign exchange. Harvey Gerry, who worked in both the Paris and Nice branches between 1931 and 1939, recalled that the bank was very competitive in this market. When German troops invaded France and advanced towards Paris in June 1940, the bank evacuated the branch and relocated to Le Puy, a small town in the mountains of south-central France, which was in the unoccupied zone. "Cash, securities, and files were transported in a truck," Gerry said. "Books, machines, and personnel were crowded into three other trucks." The trip took two days. Of 250 employees, about 50 found their way to Le Puy, where a new branch was set up at the Hotel Bristol, which also provided living quarters for much of the staff. Head office decided to liquidate the French business, although operations in Paris had to be partly resumed to contact those clients who were still in the occupied zone. After the bank had paid indemnities to employees and helped them find new jobs, the number of staff in Le Puy and Paris was progressively reduced to about 20 overall. Before two-way passes between the occupied and unoccupied zones were issued, Gerry recalled that one staff member was said to have crossed German lines in a mailbag.

1941
Women fill gap

As increasing numbers of male staff entered military service, National City Bank started to recruit more women. Women were already working as secretaries, stenographers, typists, and bookkeepers. Mid-1941 saw the hiring of female messengers. After five or six months, female messengers could become junior clerks and study shorthand, typing, banking, and English under the supervision of the personnel department. At the end of 1942, financial incentives were offered for women to study at commercial night schools. The bank teamed up with IBM to offer courses in operating machines to the bank's bookkeeping trainees. By the end of 1942, women accounted for 43 percent of the bank's workforce of almost 10,000, up from 23 percent at the end of 1940.

1946
Visual art serves the bank

After World War II, the bank began commissioning art by important U.S. artists (as opposed to designers) for use in advertisements. Among them were notable figures such as Charles Sheeler, Thomas Hart Benton, and Rockwell Kent. Titled "First in Worldwide Banking," and launched in 1946, this was the U.S. financial industry's first nationwide advertising campaign. It emphasized First National City Bank's extensive foreign capabilities and global expertise in key industries. The campaign lasted nearly a dozen years, and the original paintings formed the core of the company's art collection. By the late 1950s, the bank did own some other notable works inherited when it acquired other companies, but there was no collecting for its own sake. Then the advertising message shifted, and the bank began using art to localize itself within the communities it served. From around 1968, then-president Walter Wriston wanted to demonstrate the bank's relationship with the city in which it was founded. He invested in a New York-themed collection that ranged from an 18th-century Ratzer map of the city to grittier contemporary urban paintings by African American masters Romare Bearden and Jacob Lawrence. Wriston's personal favorite was a piece by the young Richard Estes, titled "Sloan's Supermarket," from the artist's first exhibition. During the 1970s, the city was nearing bankruptcy. First National City Bank's senior management took an active role in its turnaround. William Spencer, the bank's president, led community finance initiatives. Franklin Thomas, then CEO of the Bedford-Stuyvesant Restoration Corporation, was asked to join the board. At the time, Bedford-Stuyvesant was one of New York City's most troubled neighborhoods, and his experience helped the bank initiate "Profile of a City," a study of urban problems using the city as its focus. The bank became an active adviser on important city government bailout initiatives. John Reed, Wriston's successor as chairman, saw the potential for art in a different context. He completely restructured the floor where the bank's top leaders had their offices, treating all seniors - including himself - equally with respect to office accommodation. Reed's strategy was to promote an open exchange of ideas among the leadership. The core of the senior executives' "pod" was designed around a Japanese garden, where the team walked and communicated freely. He moved the dining rooms to the same floor, so that contact with clients occurred where the executives worked. The artwork that decorated the floor built on the collection formed by Walter Wriston. It included paintings from the advertising campaigns, with the addition of a number of other paintings and sculptures, as well as archival photographs reflecting the bank's global reach.

1947
Landmarks in transportation finance
Innovative thinking within the bank contributes to a revolution in the shipping industry, and is applied to big projects in other sectors

The Greek shipping magnate Aristotle Onassis grew his shipping business in the 1930s and 1940s on the basis of salvaging shipwrecked or mothballed freighters and cargo ships. He first became a client of National City Bank in 1931. The end of World War II was an opportunity for Onassis. In the United States, the Ships Sales Act of 1946 released a large number of vessels onto the market, including many of those known as Liberty ships. Onassis and his brother-in-law and rival, Stavros Niarchos, went shopping. Onassis came to National City Bank and became the first Greek to acquire ships with U.S. bank financing. As the global economy rebounded in the postwar years, there was more oil to be moved than there were tankers to move it. In 1947, the demand for fuel oil skyrocketed, and Onassis was able to charge a premium for transporting it. Onassis' style was to think big. The standard tanker of the day, the T-2, weighed 16,600 deadweight tons. He could see no reason why a tanker could not be nearly twice that size, so he commissioned a 28,500-ton tanker, one of the first "supertankers," which he christened the Olympic Games, and headed to National City Bank for financing. The ship was too expensive, however, to finance with the usual short-term loan. The Depression and World War II were uppermost in the minds of most of the bank's lending officers, and the idea of changing the way they were used to lending was tantamount to heresy. They suggested that he seek financing from insurance companies, who often made long-term loans. For short-term cash, though, Onassis came to the bank. A young man in the shipping department by the name of Walter Wriston was assigned to work with him. Between them, they pioneered a new kind of financing. The ship's charter, not its market value, became the collateral; the money earned by the charter was paid direct to the bank, which deducted interest and principal, and put the rest in the shipowner's account. For the first time, a lender was able to rely on the cash-generating potential of a piece of property. The new method accelerated clearance of the debt; Onassis owned the Olympic Games outright within seven years, rather than the expected 20. It was the work that Wriston did on this deal that first led management to single him out him as having top-management potential. By the mid-1960s, Onassis was able to launch a generation of very large crude-oil carriers, ships so big that his original supertanker, the Olympic Games, could almost have been carried on their decks as a lifeboat. Although this financing concept was revolutionary for its time, it caught on quickly and was soon being used to underwrite other big-ticket items, including railroad cars, skyscrapers, and aircraft.

1950
New hiring and training practices bring greater diversity
As society evolves in the 1950s and 1960s, so does the profile of the staff

In the 1950s, the personnel manager, Lewis Cuyler, encountered challenges that reflected the profound social changes taking place in the United States and elsewhere during the postwar era. New York State introduced anti-discrimination legislation. It allowed anyone with a grievance to take a complaint to a commission that would make representations to the corporation concerned, with a view to an informal solution. The bank's top management recognized the importance of the new law. Cuyler took his responsibilities seriously. On one occasion there was a shortage of stenographers in his department, and an African-American woman presented herself as a candidate. When her potential co-workers were consulted by their immediate boss about this possible appointment, they expressed reservations. Cuyler decided to talk to them himself, explaining the new law. "The two girls took the day off," Cuyler recalled, "and much to my delight, the day following they came in and told me, really enthusiastically, they would welcome this girl in the department, and would do everything possible to make her happy there." The applicant was offered the job. "She came in, was employed, and it worked out very well." Cuyler viewed the organization's approaches to such issues as very enlightened. "I think they do show the bank's general attitude towards personnel and problems we had, and some of the things we wanted to accomplish." By the 1950s the bank was beginning to employ a growing number of female officers. The recruitment of graduates, already established practice for several decades for men, was being extended to women and African Americans. Even in the mid-1960s, however, women were rarely employed in the bank's service overseas, and were not often seen in the officers' dining room at the bank's new headquarters at 399 Park Avenue. Walter Wriston is credited with fixing the dining problem, although it took longer for the bank to get comfortable with the idea of sending women abroad. The bank was active, however, in bringing local overseas officers to New York, starting in the early 1950s. Among the first was Tatsuo Umezono, later the first Japanese to be put in charge of the branches in Japan. Over the next decade, foreign officers brought to New York for training included a young Chinese-Singaporean banker named Wong Nang Jang, later the first Singaporean to be put in charge of the Singapore operation. When the bank's 11 Cuban branches were nationalized in 1960, many of the 100 local employees who left for the United States were employed in New York (others were hired by the bank in Puerto Rico and Ecuador). As Walter Wriston put it in typically direct terms after his retirement, "We hired brains and we didn't care what color you were. Talent has no borders." For Wriston, hiring outstanding people was the top priority. "All organizational structures are designed to be run by average people," he said. "If this were not so, all organizations would break down because most of us are average. If you have outstanding people, as we do, any organization will run at 150 percent of rate capacity."

1951
Bank supports Marshall plan

For three years immediately after the end of World War II, National City Bank operations in Europe were confined to two branches in London. It was not until mid-1948 that the bank reopened the Paris branch of the International Banking Corporation, its foreign banking subsidiary. This coincided with the setting-up of the Economic Cooperation Administration by the United States, to run its European Recovery Program for Western Europe. Under this initiative, later known as the Marshall Plan, National City Bank arranged a large number of commercial letters of credit for shipments to countries receiving U.S. government aid. By the time the program came to an end in 1951, the United States had channeled almost $13 billion to Western European countries and Turkey. The main recipients were Britain, France, and the new Federal Republic of Germany, where the bank established a representative office in Frankfurt at the beginning of 1953.

1955
Focus on Middle East and Africa
In the mid-1950s, looking to the future, the bank extends its operations beyond Europe and Asia to new areas of economic promise

With much of Europe in ruins, overseas expansion in the years immediately after the end of World War II was limited largely to opening new branches and buildings in existing franchises on other continents, notably Latin America and Asia. A particular focus was Japan, where the U.S. military occupation was creating new opportunities. In 1955, operations were extended to four new countries - Egypt, Liberia, Lebanon, and Saudi Arabia. The bank's first Middle East branch opened in Cairo in April, followed by a second in Beirut in October, and a third in Jeddah in December. In Liberia, it acquired Bank of Monrovia in September of the same year. In 1958, African operations were expanded to South Africa, where the bank had had a brief presence after World War I. The beginnings of a pan-African network came in 1965 with the acquisition of 40 percent of Banque Internationale pour l'Afrique Occidentale. As well as three branches in France, this organization had five branches each in Ivory Coast and Senegal, four each in Cameroon and Niger, three each in Gabon and Nigeria, two each in Congo, Mauritania, and Upper Volta, and one each in the Central African Republic, Dahomey (now Benin), Mali, and Togo. The Gulf presence expanded to include a Dubai branch in 1964. In 1967, a second branch opened in Saudi Arabia, in Riyadh. In 1969, First National City Corporation, the bank holding company formed in 1968, acquired 35 percent of Iranians' Bank, a local bank with four offices in Iran. An office in Tehran followed in 1974, the same year that First National City Bank opened a Jordan branch. In 1975, a new branch was opened in North Yemen.

1956
A game-changer

Innovative financing allowed Walter Wriston to help trucking magnate Malcom McLean pioneer the integration of transportation on sea and land. When National City Bank was organizing its transportation department, it focused its attention on the top 10 trucking companies in the United States. McLean Trucking, based in Winston-Salem, North Carolina, was one of the largest. McLean, as innovative in trucking as Wriston was in banking, recognized that he was in the transportation business, not just in trucking. He viewed a ship as comparable to a highway - he wanted to install racks so that truck trailers could be anchored on cargo vessels. Others he had approached for backing thought the idea was untenable. National City Bank, however, teamed up with him to finance the project, which involved buying the Waterman Steamship Corporation for some $42 million, financed entirely by the bank. The deal was a game-changer. Foreshadowing leveraged buyouts by decades, it required no out-of-pocket investment by the buyers. Equally startling, Wriston insisted that the underwriters of the preferred-stock offering deviate from customary practice - which had been for investment banks to make only a "best effort" at placing an underwriting - and commit to buying any unsold stock. McLean designed new kinds of trailers to fit onto his new fleet of ships, a design that ultimately led to the invention of the cargo container. McLean's company evolved into Maersk Sea-Land, which, by 2011, was shipping more than a million containers a year. By the early 21st century, some 60 percent of world trade was traveling at some time or another in cargo containers. Those ports that were slow to adapt to the container age gradually declined in importance.

1958
Eurodollars for the multinationals
In London, the bank helps develop the market for borrowing and lending dollars outside the United States

Donald Howard was working in London as a First National City Bank trainee in 1958, just as the eurodollar market was starting to develop. A product of Cold War tensions, the eurodollar market was born when the Soviet Union began depositing dollars in Paris rather than New York. The market for accepting and paying interest on dollars outside the United States soon moved across the English Channel to London, and "just took off like a rocket," Howard recalled. "We didn't start the eurodollar market, but once we learned how it was played, we were the biggest in it almost from the beginning." Following the success of negotiable certificates of deposits in the United States, Howard - who later returned to New York - worked with his London colleagues to develop a eurodollar CD market and, ultimately, a eurosterling CD market. "It was a long time, somewhere in the mid-1960s, before we started soliciting sterling business in British companies," he said. "When I first went out and knocked on doors, I was frequently the first banker they had ever seen in their offices." When the United States started making it difficult to send dollars out of the country, a new market sprang up in standby facilities for U.S. companies abroad. Lawrence Heath, who joined the overseas division in 1960, helped to arrange the first such facility in London in 1966. It was for about $35 million and was priced at half a percentage point above the average 90-day eurodollar deposit rate offered by First National City Bank and other U.S. banks in London. "Later LIBOR came along," Heath said, referring to the subsequent emergence of the London Inter-Bank Offered Rate. "We didn't have that before. We created it with the average of the three rates." Heath said.

1958
The move to midtown Manhattan
Planning for future expansion, the bank moves northwards from the old financial district into a building designed for the modern age

In the late 1950s, many big companies were moving from the traditional home of the financial district to Midtown Manhattan. In 1958, First National City Bank decided to join the exodus. The old home at 55 Wall Street was overcrowded and ill-suited to modern security and office technology, and the bank was planning for future expansion. The bank's president, James Stillman Rockefeller, decided that 399 Park Avenue should become the head office. The new building, which included a retail branch, was designed in the glass-and-steel architectural idiom of the time. A historical echo can be detected in the fact that the plot had originally been owned by John Jacob Astor, an associate of the bank in its very early days. The initial excavations had been undertaken on a speculative basis by a descendant, Vincent Astor, who was facing cash difficulties. The bank was able to take over the site at a reasonable price. In December 1959, 41 stories above Park Avenue, Gary Horn, a construction worker of Native American ancestry, edged his way along a steel girder and drove home the 306,000th steel bolt. The building had been ceremonially "topped out." Stillman Rockefeller pulled a rope to raise an American flag on a pole at ground level, and the whole flagpole assembly was raised 515 feet by a derrick and placed on top of the building. The new premises at 399 Park Avenue were officially opened on March 27, 1961. Full occupancy was planned for the end of May. The office move took place at the end of a business quarter, when volume of work was typically double the norm. The check-processing, domestic books, and account reconcilement functions were moved without interruption to their work - some 1,300,000 checks went through the system over the Easter weekend. The building and its facilities represented a new age. Staff dining facilities set new standards. By comparison with 55 Wall Street, the telephone system, with a design capacity of 5,000 extensions, was highly sophisticated, allowing direct calls to be made from outside to staff members for the first time. First National City Bank was a subscriber to a forerunner of the fax system, although in the early days, documents had to be wrapped around a cylinder prior to scanning and transmission. One relic of the past remained, at least for a time - the building was fitted with an updated version of the pneumatic tube system for carrying messages. The new building did have one disadvantage in the early days. The decision to move back-office operations to Park Avenue slowed down the clearing of checks, which had to be transported physically to the New York Clearing House back on Wall Street. A solution was found in moving these processes to a dedicated new building at 111 Wall Street in 1968. Citigroup's head office remained at 399 Park Avenue for more than 50 years before 388 Greenwich Street became our headquarters in 2016.

1961
Negotiable certificates of deposit
Riding the "wave of the future," First National City Bank becomes the leading bank in the New York metropolitan area, and top bank overseas

By 1965, Fortune magazine was describing First National City Bank as the "wave of the future" for American banking. It had surpassed its rivals in terms of local branch network; with 150 branches, it was the leading bank in the New York metropolitan area. In terms of assets, it was now America's second-largest bank after Bank of America. It was the top bank overseas, with 163 branches and affiliates in 55 countries and territories. What was more, earnings had kept on growing too. What was the explanation for such a breathtaking growth performance? The magazine noted that the bank had been well placed to expand its domestic retail business with higher-yielding products such as consumer mortgages and personal installment loans. It had pioneered consumer loans as early as 1928 and had been the most aggressive in nourishing the new postwar mass market, helping to develop markets for both car and student loans. First National City Bank was also the only major New York commercial bank with a national charter. Applications to open new branches were processed by the comptroller of the currency at the Federal Treasury Department, who was eager to grant rapid approvals. Banks with state charters had to be approved by the New York State Banking Department and by either the Federal Reserve or the Federal Deposit Insurance Corp. While it had also moved into long-term corporate lending, aircraft leasing, and factoring, First National City Bank's biggest coup was to pioneer the negotiable certificate of deposit (CD) in 1961. Walter Wriston and John Exter, the former Federal Reserve official, noticed that European banks had been issuing such instruments with maturities of three to five years, but they were non-marketable and non-negotiable. Wriston and Exter realized that a marketable time deposit that paid interest would be attractive to corporate investors. And so, by adapting the European idea, the bank found a way to reverse the steady outflow of funds from corporate checking accounts that had begun in the late 1950s. In effect, it was now offering to pay interest to get back funds it was previously getting interest-free. As Fortune noted, "the new instrument took the banking community by storm," with the value of outstanding negotiable CD issues reaching $15 billion by 1965. For First National City Bank, negotiable CDs were now the biggest source of funds after savings deposits.

1967
Cards revolutionize banking
Growth is delivered by the credit-card business, offering an alternative to the traditional "bricks-and-mortar" banking model

According to John Reed, the origins of the credit-card business lay in the need to make a line of credit available to consumers efficiently. Citi already had a personal-loan department, but the overheads were high with consequently high interest charges. Unlike in Britain, overdraft banking was not allowed in the United States. Hence, the invention of the Everything Card in the early 1960s. The Everything Card was accepted only in New York. At the time, a national card was still unknown. When John Reed was running the consumer business in the 1970s, his colleague Dave Phillips pointed out that, since the card relationship was already based on contacts by phone and mail, there was no reason why it should not be extended outside the area where the bank had branches. Reed explained, "So we decided to start a direct mail campaign around the country to get customers. By then credit bureaus had come into being, as well as credit scoring, and so we had the ability to get a credit check on people prior to mailing them a card. Within a year and a half we were the biggest direct mail people in the country." The rest of the banking industry protested vigorously. "They said it's not fair to poach customers from out of your geography," Reed recalled. "I spent about a year pacifying bankers whose customers we had taken, but we developed a nationwide card business." To address the challenges of granting credit, Citibank drew on the expertise of companies such as Ford Motor Credit, GMAC, and General Foods. For instance, Richard Braddock, a former brand manager at General Foods, was recruited in 1973. He went on to become Citicorp's president and chief operating officer. A blend of techniques - credit scoring supplemented by effective marketing - took Citi into the intensive use of branding and advertising, in a style not traditionally associated with the banking industry. In the words of Steven Freiberg, who was later head of the global credit-card business, "Now, more than 30 years on, it doesn't sound extraordinary. But back in those days the reaction was, You did what?!' " By 1994, Citibank had become the world's largest issuer of bank and charge cards with almost 50 million cards active - 34 million in the United States, nine million in other countries, and almost seven million Diners Club cards. Citibank was also issuing five million private-label cards for department stores and other retail outlets. In North America and Europe, the company consolidated the card businesses under a single team, which ran 15 processing and customer-service facilities. It was the second-largest card issuer in Belgium and Greece. In Asia, cards were Citibank's fastest-growing business, with three million cards in force, making it the largest issuer in the region. In addition to being dominant in almost every Asian market where it operated, the bank was also the exclusive credit-card partner for the region's biggest frequent-flyer program, encompassing seven airlines. The number of cards was also growing in Latin America, where Citibank was approaching the top market share position in several markets.

1967
Reorganizing for efficiency
A new corporate structure and emphasis on customer needs rather than geographical territories bring greater focus on profitability

By the time George Moore was serving as chairman and Walter Wriston as president in 1967, management consultants McKinsey and Co. had concluded that the bank was not maximizing the potential returns from its various markets. Nor was it able to provide sufficient management direction as the business evolved. As for overseas operations, relationships with multinational clients were fragmented - up to 40 officers could be working in different locations at different times on a single account. Once these shortcomings were identified, the bank began to address them. As a first step, shareholders approved the establishment of a holding company, First National City Corporation, in 1968. This company then acquired the bank as a wholly owned subsidiary. The "one-bank holding company" complied with the Bank Holding Company Act of 1956, which restricted the activities of holding companies owning "two or more" banks. Wriston and Moore explained to the shareholders that the new structure meant that "Citibank can be more useful to more people." The new company would be able to establish "new services either de novo or through acquisitions which build on Citibank's professionalism and expertise in the financial field." As a second step, in 1969, First National City Corporation put into place a new management structure. It was now less geographically focused and more oriented to the types of customer, be they individuals, small to medium-sized businesses, national or multinational companies, overseas customers, or wealthy individuals. The new structure included an operating division to oversee back-office functions. At around the same time, a "management profit report" was developed. Here, future chairman John Reed played a major role. According to Al Costanzo, who took over the overseas division in 1967, management began to analyze "where you made money and where you lost money. And this quantitative process made us a lot more sophisticated." The typical way of preparing budgets, he said, used to be to go out into the field and ask for a few lines on plans for the upcoming year. "The clerk was asked to get some figures and what he did was look at this year's figures and make a few adjustments." A more sophisticated approach was needed. What evolved, according to Costanzo, was the "idea of developing information to manage a business." The bank adopted an increasingly quantitative approach to managing the business. Costanzo's thinking was rooted in his own experience in Greece 20 years earlier. After spending a couple of years in Italy working on the Marshall Plan for rebuilding postwar Europe, the then Treasury official was appointed as the U.S. member of the Greek Currency Commission in 1951. Attached to the Greek central bank for the next four years, Costanzo took a more quantitative approach to banking. In those days, the central bank was involved in commercial lending and the young American found himself negotiating loans with Greek industrialists. "In Greece, like everywhere else, you made loans based on a guy's reputation and character. You never asked for figures." Costanzo changed that. He began doing his own cash-flow projections. It took the clients a while to get used to the new approach. "It annoyed the hell out of everybody. But they gradually began to do it and they figured that was the only way they would get some money."

1970

Fresh faces come to the board
In the 1970s, the board of directors becomes more representative in terms of race and gender

When Walter Wriston became president of the bank in 1967 and chairman in 1970, the composition of the board was not exceptional for the time, in that it consisted largely of white American men. Most were captains of industry and other prominent business leaders. The only non-U.S. citizen was Lord Aldington, chairman of the British bank Grindlays, with which First National City Bank had recently forged a partnership. He became a director in 1969. Every chairman had in those days the opportunity to gradually renew the composition of the board as existing members retired, and Walter Wriston made full use of it. The 1970s were a decade of massive social and economic change, and gradually the board came to reflect Wriston's vision of the modern world. As John Reed put it, "He always liked to have on the board people whose opinion he respected, and with whom he liked to talk, not only with regard to Citibank things but more broadly." In 1970, for example, the academic world was represented on the board through the appointment of Dr. Laurence Fouraker, dean of Harvard Business School. The decade also saw women directors in the boardroom. This was not mere tokenism - it was widely accepted that Wriston judged people purely on their merits and what they would contribute as board members. According to Reed, one factor in opening Wriston's eyes to the potential of women in senior positions was the influence of his wife Kathy, herself a successful lawyer. In 1973 Citi appointed its first woman director, Eleanor Sheldon, a sociologist and president of the Social Science Research Council. Toward the end of the decade a second woman director was appointed - Juanita Kreps, a labor economist who went on to serve as U.S. Secretary of Commerce from 1977 to 1979, the first woman in that position. Wriston was blind not only to gender, but to color also. Among the first new members to be appointed during his tenure was 36-year-old African-American lawyer Franklin Thomas - despite the fact that Thomas had been close to the Democratic politician Robert Kennedy, with whose political stance Wriston was not in sympathy. Thomas was a former U.S. Attorney for the Southern District of New York and deputy police commissioner in New York City. At the time of his appointment he was running a non-profit community-development corporation. Thomas went on later to head the Ford Foundation. He would still be on the board in 2008, when he was a consultant for a non-profit institution in South Africa, a country Citicorp had left in 1987 to return seven years later upon the collapse of the apartheid regime. Thomas' knowledge of South African affairs helped form the bank's views as to what the private sector attitude to apartheid should be. Another notable appointee was Brazilian financial technocrat Mario Simonsen, who joined the board in 1980 when he was vice chairman of the Brazilian Institute of Economics. A finance minister of Brazil in the 1970s, Simonsen was credited with recognizing earlier than many other observers the need for Brazil to adopt policies to fight the inflation that afflicted the country during the crises of the 1980s. He remained a director until the mid-1990s. The spirit of openness that characterized these appointments was reflected at the same time in management appointments.

1974
Citicards

In late 1974, Citicorp pioneered the use of cards at its 230 branches in New York. Known as Citicards, they enabled customers to cash personal checks up to the full amount of their balances. They could swipe a card in a terminal and receive authorization in 10 seconds. Following a one-year trial, the system was extended in late 1975 to give customers with checking accounts the four most frequently sought pieces of information, including the account balance at 8:00 a.m., and the date the customer's last check had cleared the account. The cards could also be used to show how much credit was available to the customer through the bank's overdraft system and how much was owed, including interest. With 2,800 terminals in the bank's branches and another 2,000 in retail outlets around New York, the system was believed to be one of the largest networks of computer terminals in the United States at the time.

1976
Focus shifts to retail banking
The business is transformed as consumer banking becomes a priority, and the ATM delivers 24-hour service

In 1974, John Reed became head of the new Consumer Services Group. Believing that consumer banking would become a core business, he outlined a long-term vision. "We are creating something new," he wrote in 1976. "I refer to a fundamentally new business starting with a dedication to the consumer, and to the proposition that we can offer a set of services that will substantially satisfy a family's financial needs under terms and conditions that will earn the shareholders an adequate profit while creating a healthy, positive and straightforward relationship with the customer." Written on vacation, this document became known in Citicorp annals as the "Memo from the Beach." "Working in the consumer bank in the early years was like a political campaign internally, particular at the beginning," recalled Pam Flaherty, who, in 1973, as assistant to international banking chief George Vojta, had accompanied Reed on a six-month trip identifying promising consumer markets abroad. "It was a real sense of mission, a sense of ... creating a new kind of business that was really going to benefit the customer." Another strand in Reed's thinking proved very important in later decades: "One of the key thought processes around the consumer bank was called success transfer. The idea was that we would identify ideas and products in one business in one geography and transmit them to another. The most ubiquitous was the automatic teller machine, or ATM." "At the time, there were no customer-friendly ATMs available and only limited capability of developing the fully trustworthy online interactive computer system which was necessary to run them," Reed said. Citicorp tried unsuccessfully to procure supplies. "So we built our own hardware, wrote our own software and introduced the system. Our first was to introduce a complete system for the City of New York." The ATM was launched at a branch in Queens in 1977. By the end of that year, all the bank's New York branches would have at least two machines operating 24 hours a day, seven days a week. "From the beginning, John Reed insisted that there would be two ATMs in every place," Pam Flaherty said. "People thought this was ridiculous as it vastly increased the costs. His view was that machines are not infallible and our promise is 24 hours a day." This commitment was the origin of the slogan "Citi never sleeps," which dates back to that era.

1977
Ethical approach brings solution
When the structural engineer responsible for Citicorp's new headquarters proposes urgent modifications, the bank responds positively

The former Citicorp Center, completed in 1977, is one of the most distinctive features of the New York skyline, and one of the most robustly built. Behind this strength is a story of sound ethics and cooperation between professionals. A year or so after the building was finished, and after it was fully occupied, a New Jersey engineering student did some calculations on the effects of "quartering winds" - winds striking it on the diagonal - given the unconventional positioning of the tower's "feet," which are midway along the sides, rather than at the corners. The results were worrying. The project's structural consultant William J. LeMessurier, initially incredulous, uncovered a problem. It lay in the method by which the building's internal wind braces had been joined, following some decisions taken during the construction phase. Although there was no suggestion of failure to observe building regulations, LeMessurier decided silence was not an option, and Walter Wriston and John Reed were brought into the picture. The hurricane season was approaching fast. There was an urgent need for action. So, without disrupting the lives of the office workers, two-inch-thick steel plates were welded over more than 200 bolted joints. Each day from 5 p.m. to 8 p.m., plywood enclosures were built around the places where, from 8 p.m. to 4 a.m., an army of welders would get to work. Flying into LaGuardia Airport one Sunday night, LeMessurier could see the Citicorp Center lit up by sparks. "The welders were working up and down the building, fixing the joints," the New Yorker reported him as saying. "It was an absolutely marvelous thing to see." The construction professionals had accepted their social responsibilities. The bank had cooperated in finding a solution, accepting an offer of compensation without, as the New Yorker magazine put it, the "punitive impulse that often poisons such negotiations." Everyone involved emerged with enhanced reputations.

1980
Connecting the dots
With the aid of Citi's global network, a flourishing business provides processing and clearing for international customers

From its beginnings, the City Bank of New York was involved in international transactions and finance. In 1902, according an industry observer of the time, it was the only bank that could pay out "any sum of money in any currency in any city in the world within hours." This means that it had to establish effective transaction services. Like its peers, it had a front office where officers assessed risks and made loans, and it had a back office where transactions were cleared and settled, and all the paperwork was processed. The bank's early focus on corporate clients with large foreign operations afforded it a unique perspective on the cash management and trade finance needs of international corporations . The bank took on the role of trusted adviser and business enabler to an expanding, global client base. In the 1980s and 1990s, with the rise of outsourcing and offshore manufacturing, Citibank expanded its transaction services network. Branch operations were established to offer cash management and trade finance to clients as they entered new markets, set up foreign subsidiaries, or entered into joint ventures. As Citi became more locally embedded, the local currency deposits generated by this expanding business allowed the bank also to provide banking services to local clients. In turn, as these local clients from the emerging markets sought to grow beyond their domestic markets, they relied on Citi to facilitate their trade flows, optimize the flow of cash across their expanding operation, and integrate the financial operations of new businesses they acquired. Citi served financial institutions by providing access to local clearing, settlement, and custody services in countries where they did not have a presence, and consequently established the industry's largest proprietary network. This network was further leveraged as the investment industry expanded. In the first decade of the 21st century, Citi acquired ABN AMRO's custody network, as well as Forum Financial and Bisys, to extend its suite of middle- and back-office capabilities in fund services. Asset managers and institutional investors across the Americas, Europe, and Asia rely on Citi for market access and core processing, accounting, performance management, and compliance-monitoring services that enable them to focus on growing their business. Citi connects diverse counterparties and enables flows across a broad range of financial and non-financial transactions, from helping multinational corporations manage their working capital, to helping banks in Africa and Latin America efficiently connect with trade counterparties in Asia. In the United States, Citi processes some 13 million passport applications for the U.S. Department of State each year. Today, Citi's clients across the corporate, financial, and public sectors rely on Global Transaction Services not only to "connect the dots" across their network of business entities and subsidiaries, but to deliver services that form a vital part of their financial operation.

1982
Citigold: spreading affluence

The Citigold service was inaugurated in Hong Kong in 1982. It made Citi's global wealth-management expertise available to "mass affluent" individuals with $100,000 or more to invest. It was such a success that it was soon adopted, with local adjustments to the minimum investment required, by franchises around the world. By 2011, the service was available in more than 550 Citigold Centers in 36 countries and had just been introduced to Vietnam, where the bank's first retail branch in Ho Chi Minh City had recently opened. For Vietnam, which had a population of about 90 million, the minimum investment was set at $50,000. "The launch of the Citigold platform and the retail bank is a first step in what I think will be a many-step process of Citi entering the consumer space in a very big way," Vietnam country officer Brett Krause said. "The Citigold brand is fortuitous for us in Vietnam because gold is so important to the Vietnamese. It's a place where gold is central to people's wealth preservation. People trade gold, buy gold and store gold so to have a brand like Citigold is powerful in itself."

1986
Sowing the seeds for a modern private bank

Citi's private banking roots date back to the 1820s when a predecessor company of today's Citi Trust (a trust and estate-planning division) started managing the accounts of wealthy British and other European families domiciled in the United States. However, the private bank's modern form, as part of the Institutional Clients Group, can be traced back to an initiative by Walter Wriston, who formed the international services division. This merged all units within Citi that managed the financial-planning needs of wealthy individuals. Wriston's commitment to the business and its clientele was legendary. He was even known to have picked up a client or two flying into the airport at New York. These private-client relationships often brought in institutional business for Citi. In 1982, the division became the International Private Bank; and, in 1986, under John Reed, it was transformed into the Private Banking Group, with a business model that fundamentally continues to this day. It was in 1986 that the phrase "wealth management" was originally coined, and the decision made to be a private bank, as opposed to a brokerage business. The late 1980s and the 1990s saw rapid expansion to onshore centers from traditional offshore locations, such as Geneva and London, leading to the creation of a truly global private bank.

1987
The company does the right thing
Citi writes off developing-country debts in 1986, but stands by its customers, with long-term business benefits

When the United States raised interest rates to counter inflation in the early 1980s, the value of the dollar soared against other currencies. Several countries that had borrowed dollars during the second half of the 1970s began to face repayment difficulties, leading to what came to be known as the "Third World debt crisis." Looking back on the $3-billion write-off on debts of Brazil and other developing countries in 1987, Citicorp chairman John Reed said it took him more than a year to convince everyone that it was the right thing to do. A year later, the chairman was still convinced as to the correct course. "I went back to the board, and this time they felt much more comfortable," he said. The write-off led to a net loss of $1.1 billion in 1987, the bank's first since 1934. Reed was unperturbed. "We were the lead negotiator in Mexico, Brazil, Argentina and these were the big countries at the time. So it was natural for us to take that first step." Citicorp later wrote off a further $1.7 billion from its cross-border refinancing portfolio. By 1991, Reed was able to say, "We put the cross-border refinancing portfolio issue behind us ... indeed, our corporate and consumer businesses in Latin America are thriving - because, unlike some of our competitors, we didn't back away from our customers there." However, in 1990, the board faced a new challenge when a downturn, particularly in the U.S. real-estate market, led to a fresh write-off. The following year, to strengthen its balance sheet, Citicorp sold stock to Prince Al-Waleed bin Talal, a grandson of the founding king of Saudi Arabia. He injected more than $500 million into the company in exchange for a minority shareholding. At the same time, Citicorp decided to mark up its venture-capital fund from book value to market value, recognizing a $457-million increase in capital.

1998
Momentous encounter leads to merger
The leaders of two of the United States' financial services giants see the potential in a strategic merger, and Citigroup is born

One spring evening in 1998, Citibank's chairman, John Reed, sat down to dinner with Sanford I. Weill, the chief executive of Travelers Group. The two men were in Armonk, a small hamlet in Westchester County, New York, where Travelers Group had a conference center. The subject of their conversation was a $140-billion merger. Some weeks earlier, 20 of Weill's top executives had met to consider possible new acquisition targets. Someone proposed Citicorp. "As we talked, I saw that the idea really wowed the group," Weill wrote in his memoirs. "Citicorp stuck out like a strategic home run." After their dinner in Armonk, Reed and Weill met for a Friday morning breakfast with their respective teams. They looked at what each side might bring to the table. Citicorp had its unique global position and strengths in credit cards, foreign exchange, private banking, derivatives, and relationships with multinational companies. Travelers Group had leading franchises in consumer finance, insurance, asset management, investment banking and capital markets, as well as an array of distribution platforms. It was decided to arrange the combined organization in three broad areas - consumer businesses; corporate and investment banking; and private banking and asset management. The group agreed on 50:50 ownership and an 18-member board for the new company, which would take its name from the "Citi" in Citicorp and the "Group" in Travelers Group - to form "Citigroup." Discussions continued through Saturday. Agreement was reached on an arrangement whereby Reed and Weill would each have a veto over big decisions. According to Weill, the final decision to move ahead came on Sunday morning, when he received a call from Reed. Three days later, the Travelers Group board met to discuss the merger, with briefing papers that described the companies as "Jupiter" for Travelers and "Saturn" for Citicorp. News of the merger was released to the world on April 6, 1998. "Undoubtedly, putting together such giants would propel us into a universe of our own," Weill said. Crucial to the rationale underlying the merger was the prospective repeal of the Glass-Steagall Act (Banking Act) of 1933, which had stipulated the separation of commercial and investment banking in the United States. The repeal was signed into law by President Bill Clinton on November 12, 1999.

2000
A transatlantic merger

Sir Winfried Bischoff, former chairman of Schroders, explained that the decision to sell the investment bank to Citi came from a recognition that it needed capital to expand. "Between 1984, when I became chief executive, and 2000, the stock price of Schroders had gone up about a hundred times. So from a relatively small firm it became a sizable firm - from a $100-million firm it became a $10-billion firm. We had a half-way decent European business, we had an outstandingly good U.K. business and we had a very good Asian business ... the only possible buyer would have to be a large American firm." This meshed with Sandy Weill's strategy of expanding Citigroup by acquisition. Sir Win recalled, "I felt that Salomon together with Citibank together with Schroders would actually be a pretty complete entity."

2001
Investment in Poland

Among Citi's major transactions during the early years of the 21st century was an investment in Poland's Bank Handlowy w Warszawie, which joined the group in 2001. Bank Handlowy, established in 1870 by businessman, political activist, newspaper publisher, and philanthropist Leopold Kronenberg, is Poland's oldest commercial bank and was one of the few banks supporting trade with Western Europe and Russia before World War I. After 1945, it became the main correspondent bank for foreign banks in Poland. Bank Handlowy returned to the Warsaw Stock Exchange in 1997, after an absence of almost 60 years. Citibank had established a Polish subsidiary in 1991. Under a deal completed in 2001, Citibank transferred all the assets of its Polish company to Bank Handlowy in exchange for a majority of Handlowy's shares. By 2011, Bank Handlowy was serving more than 20,000 corporate clients and more than a million individual customers. A wide range of corporate, investment, and retail banking services is offered under the Citi Handlowy brand.

2001
Mergers create banking giants abroad
In Mexico and Poland, old-established banks with their own histories and traditions join the Citigroup worldwide network

Under the leadership of Sandy Weill, Citigroup pursued an active program of acquisition. In 2001, the company acquired Mexico's Grupo Financiero Banamex-Accival for $12.5 billion, the largest U.S./ Mexico corporate merger to that date. Three months after the merger was completed, Banamex (now Citibanamex) celebrated its integration with Citigroup at an evening ceremony at its Santa Fe complex in Mexico City. Overnight, 35.9 million transactions had been transferred, 117 Citigroup systems had been interconnected, and 200 systems of both institutions had been closed down. The integrated operation comprised more than 1,400 branches and more than 4,200 ATMs. "While similar integration processes in our country between banks that are our competitors have required 12, 15 and up to 24 months to be completed, we completed the most important phase in three months," said Manuel Medina-Mora. "Today we are one single bank. And we are making history." Citibanamex was founded through the 1884 merger of Banco Nacional Mexicano and Banco Mercantil Mexicano, two banks that had operated independently since 1882. For the next 30 years, it had dual roles as both a commercial bank and a central bank, issuing banknotes and collecting taxes. It was nationalized at the onset of the Latin American debt crisis in 1982 (Mexico was one of the first countries to be seriously affected) and run as a state-owned credit association for nine years, before being reprivatized in 1991. Citigroup itself has very deep roots in Mexico. The International Banking Corporation, later acquired by National City Bank, set up its first branch in Mexico City in 1903 and a second in Monterrey the following year. Although both were closed during the revolution which began in 1910, National City Bank opened in 1929. Three years later, it was not affected by a government order banning foreign banks from opening branches. As a result, until 1994, Citibank was the only foreign deposit-taking institution in Mexico.

2005
Citi Inclusive Finance brings scale

Established in 2005, Citi Inclusive Finance (founded as Citi Microfinance) is a commercial initiative. It works with Citi's other businesses and across regions to provide products and services for microfinance institutions (MFIs) - networks and investors lending to the underserved. Citi Inclusive Finance serves more than 100 MFIs in over 40 countries around the world, and has helped make microfinance an integral part of the global financial infrastructure. Citi supports the commercial development of MFIs through:
• Local currency funding and transaction services
• Corporate finance and capital-markets solutions
• Credit, savings, insurance, and remittance products
• Innovation, financing, and product development with MFIs and other partners
• Encouraging transparency and proper risk management within the industry
Under a successful partnership launched in 2006, Citi and the U.S. Overseas Private Investment Corporation (OPIC) have provided more than $270 million in funding to 34 MFIs across 19 countries. The MFIs have created microloans for more than 900,000 borrowers, 92 percent of whom are women.

2007
Amid economic turmoil, Citi recapitalizes
As crisis hits the financial world, the U.S. government backs Citi

For the United States, the first years of the 21st century were a time of low interest rates and an inflow of investment funds from fast-growing emerging economies and oil-producing countries. One consequence was the widespread availability, and build-up, of low-cost private debt, which fueled over-expansion in the housing market. In late 2007, market conditions began to deteriorate, home prices started on what became a steep decline, and residential-mortgage defaults began to rise. The increasing defaults and subsequent drop in the values of mortgage-backed securities weakened many financial institutions, including Citi. Facing significant losses on its mortgage portfolio, Citigroup commenced raising capital through public and private offerings that raised more than $30 billion over two months in late 2007. However, in 2008, economic conditions deteriorated further, culminating in the collapse of the 158-year-old Lehman Brothers investment bank in September, and prompting further upheavals in the credit and equity markets. Amid widespread uncertainty in the banking sector, in October the U.S. government stepped in with the Troubled Asset Relief Program (TARP). Initially, this provided a combined $125 billion in preferred equity to nine major U.S. financial institutions in order to strengthen their capital positions and boost the broader economy. Citi received $25 billion in TARP capital in October and an additional $20 billion in capital in November 2008. Citi also entered into a loss-sharing program with the U.S. Treasury on $300 billion of loans and securities backed by residential and commercial real estate, consumer loans, and other assets. Citi issued $7 billion in preferred stock to the Treasury and the Federal Deposit Insurance Corporation in exchange for the loss-sharing agreement. In February 2009, Citi announced that it would issue common stock in exchange for certain third-party-owned preferred securities, to increase its tangible common equity without any additional U.S. government investment. As part of this exchange, $25 billion of the U.S. government's preferred shares were converted to common shares as well. In January 2009, Citi announced a reorganization that would allow it to focus on its core banking franchise while reducing non-core assets over time. The following month, chief executive Vikram Pandit appeared before the U.S. House Financial Services Committee with seven other CEOs of companies that had received TARP funds. Following public criticism of large Wall Street remuneration packages, he made his own position clear. He intended to take a mere $1 a year as salary and no bonus until Citi returned to profitability. "I get the new reality and I will make sure Citi gets it as well," he told the committee. At the end of 2009, Citi raised $20.5 billion in public equity, used the proceeds to repay the $20 billion of preferred shares owned by the U.S. Treasury, and terminated its loss-sharing agreement at the same time. By the end of 2010, the U.S. government had sold all of its common shares in Citi. In total, the U.S. Treasury netted a cumulative profit for taxpayers of $12 billion as a result of its investment in Citi. "We will always be grateful to the American people for their crucial support during the crisis," Pandit said. In March 2010, Pandit explained that Citi had become "a fundamentally different company than it was two years ago." Indeed, it had re-emerged as one of the best-capitalized major banks in the United States.

2010

Fresh faces come to the board
In the 1970s, the board of directors becomes more representative in terms of race and gender

When Walter Wriston became president of the bank in 1967 and chairman in 1970, the composition of the board was not exceptional for the time, in that it consisted largely of white American men. Most were captains of industry and other prominent business leaders. The only non-U.S. citizen was Lord Aldington, chairman of the British bank Grindlays, with which First National City Bank had recently forged a partnership. He became a director in 1969. Every chairman had in those days the opportunity to gradually renew the composition of the board as existing members retired, and Walter Wriston made full use of it. The 1970s were a decade of massive social and economic change, and gradually the board came to reflect Wriston's vision of the modern world. As John Reed put it, "He always liked to have on the board people whose opinion he respected, and with whom he liked to talk, not only with regard to Citibank things but more broadly." In 1970, for example, the academic world was represented on the board through the appointment of Dr. Laurence Fouraker, dean of Harvard Business School. The decade also saw women directors in the boardroom. This was not mere tokenism - it was widely accepted that Wriston judged people purely on their merits and what they would contribute as board members. According to Reed, one factor in opening Wriston's eyes to the potential of women in senior positions was the influence of his wife Kathy, herself a successful lawyer. In 1973 Citi appointed its first woman director, Eleanor Sheldon, a sociologist and president of the Social Science Research Council. Toward the end of the decade a second woman director was appointed - Juanita Kreps, a labor economist who went on to serve as U.S. Secretary of Commerce from 1977 to 1979, the first woman in that position. Wriston was blind not only to gender, but to color also. Among the first new members to be appointed during his tenure was 36-year-old African-American lawyer Franklin Thomas - despite the fact that Thomas had been close to the Democratic politician Robert Kennedy, with whose political stance Wriston was not in sympathy. Thomas was a former U.S. Attorney for the Southern District of New York and deputy police commissioner in New York City. At the time of his appointment he was running a non-profit community-development corporation. Thomas went on later to head the Ford Foundation. He would still be on the board in 2008, when he was a consultant for a non-profit institution in South Africa, a country Citicorp had left in 1987 to return seven years later upon the collapse of the apartheid regime. Thomas' knowledge of South African affairs helped form the bank's views as to what the private sector attitude to apartheid should be. Another notable appointee was Brazilian financial technocrat Mario Simonsen, who joined the board in 1980 when he was vice chairman of the Brazilian Institute of Economics. A finance minister of Brazil in the 1970s, Simonsen was credited with recognizing earlier than many other observers the need for Brazil to adopt policies to fight the inflation that afflicted the country during the crises of the 1980s. He remained a director until the mid-1990s. The spirit of openness that characterized these appointments was reflected at the same time in management appointments.

1974
Citicards

In late 1974, Citicorp pioneered the use of cards at its 230 branches in New York. Known as Citicards, they enabled customers to cash personal checks up to the full amount of their balances. They could swipe a card in a terminal and receive authorization in 10 seconds. Following a one-year trial, the system was extended in late 1975 to give customers with checking accounts the four most frequently sought pieces of information, including the account balance at 8:00 a.m., and the date the customer's last check had cleared the account. The cards could also be used to show how much credit was available to the customer through the bank's overdraft system and how much was owed, including interest. With 2,800 terminals in the bank's branches and another 2,000 in retail outlets around New York, the system was believed to be one of the largest networks of computer terminals in the United States at the time.

1976
Focus shifts to retail banking
The business is transformed as consumer banking becomes a priority, and the ATM delivers 24-hour service

In 1974, John Reed became head of the new Consumer Services Group. Believing that consumer banking would become a core business, he outlined a long-term vision. "We are creating something new," he wrote in 1976. "I refer to a fundamentally new business starting with a dedication to the consumer, and to the proposition that we can offer a set of services that will substantially satisfy a family's financial needs under terms and conditions that will earn the shareholders an adequate profit while creating a healthy, positive and straightforward relationship with the customer." Written on vacation, this document became known in Citicorp annals as the "Memo from the Beach." "Working in the consumer bank in the early years was like a political campaign internally, particular at the beginning," recalled Pam Flaherty, who, in 1973, as assistant to international banking chief George Vojta, had accompanied Reed on a six-month trip identifying promising consumer markets abroad. "It was a real sense of mission, a sense of ... creating a new kind of business that was really going to benefit the customer." Another strand in Reed's thinking proved very important in later decades: "One of the key thought processes around the consumer bank was called success transfer. The idea was that we would identify ideas and products in one business in one geography and transmit them to another. The most ubiquitous was the automatic teller machine, or ATM." "At the time, there were no customer-friendly ATMs available and only limited capability of developing the fully trustworthy online interactive computer system which was necessary to run them," Reed said. Citicorp tried unsuccessfully to procure supplies. "So we built our own hardware, wrote our own software and introduced the system. Our first was to introduce a complete system for the City of New York." The ATM was launched at a branch in Queens in 1977. By the end of that year, all the bank's New York branches would have at least two machines operating 24 hours a day, seven days a week. "From the beginning, John Reed insisted that there would be two ATMs in every place," Pam Flaherty said. "People thought this was ridiculous as it vastly increased the costs. His view was that machines are not infallible and our promise is 24 hours a day." This commitment was the origin of the slogan "Citi never sleeps," which dates back to that era.

1977
Ethical approach brings solution
When the structural engineer responsible for Citicorp's new headquarters proposes urgent modifications, the bank responds positively

The former Citicorp Center, completed in 1977, is one of the most distinctive features of the New York skyline, and one of the most robustly built. Behind this strength is a story of sound ethics and cooperation between professionals. A year or so after the building was finished, and after it was fully occupied, a New Jersey engineering student did some calculations on the effects of "quartering winds" - winds striking it on the diagonal - given the unconventional positioning of the tower's "feet," which are midway along the sides, rather than at the corners. The results were worrying. The project's structural consultant William J. LeMessurier, initially incredulous, uncovered a problem. It lay in the method by which the building's internal wind braces had been joined, following some decisions taken during the construction phase. Although there was no suggestion of failure to observe building regulations, LeMessurier decided silence was not an option, and Walter Wriston and John Reed were brought into the picture. The hurricane season was approaching fast. There was an urgent need for action. So, without disrupting the lives of the office workers, two-inch-thick steel plates were welded over more than 200 bolted joints. Each day from 5 p.m. to 8 p.m., plywood enclosures were built around the places where, from 8 p.m. to 4 a.m., an army of welders would get to work. Flying into LaGuardia Airport one Sunday night, LeMessurier could see the Citicorp Center lit up by sparks. "The welders were working up and down the building, fixing the joints," the New Yorker reported him as saying. "It was an absolutely marvelous thing to see." The construction professionals had accepted their social responsibilities. The bank had cooperated in finding a solution, accepting an offer of compensation without, as the New Yorker magazine put it, the "punitive impulse that often poisons such negotiations." Everyone involved emerged with enhanced reputations.

1980
Connecting the dots
With the aid of Citi's global network, a flourishing business provides processing and clearing for international customers

From its beginnings, the City Bank of New York was involved in international transactions and finance. In 1902, according an industry observer of the time, it was the only bank that could pay out "any sum of money in any currency in any city in the world within hours." This means that it had to establish effective transaction services. Like its peers, it had a front office where officers assessed risks and made loans, and it had a back office where transactions were cleared and settled, and all the paperwork was processed. The bank's early focus on corporate clients with large foreign operations afforded it a unique perspective on the cash management and trade finance needs of international corporations . The bank took on the role of trusted adviser and business enabler to an expanding, global client base. In the 1980s and 1990s, with the rise of outsourcing and offshore manufacturing, Citibank expanded its transaction services network. Branch operations were established to offer cash management and trade finance to clients as they entered new markets, set up foreign subsidiaries, or entered into joint ventures. As Citi became more locally embedded, the local currency deposits generated by this expanding business allowed the bank also to provide banking services to local clients. In turn, as these local clients from the emerging markets sought to grow beyond their domestic markets, they relied on Citi to facilitate their trade flows, optimize the flow of cash across their expanding operation, and integrate the financial operations of new businesses they acquired. Citi served financial institutions by providing access to local clearing, settlement, and custody services in countries where they did not have a presence, and consequently established the industry's largest proprietary network. This network was further leveraged as the investment industry expanded. In the first decade of the 21st century, Citi acquired ABN AMRO's custody network, as well as Forum Financial and Bisys, to extend its suite of middle- and back-office capabilities in fund services. Asset managers and institutional investors across the Americas, Europe, and Asia rely on Citi for market access and core processing, accounting, performance management, and compliance-monitoring services that enable them to focus on growing their business. Citi connects diverse counterparties and enables flows across a broad range of financial and non-financial transactions, from helping multinational corporations manage their working capital, to helping banks in Africa and Latin America efficiently connect with trade counterparties in Asia. In the United States, Citi processes some 13 million passport applications for the U.S. Department of State each year. Today, Citi's clients across the corporate, financial, and public sectors rely on Global Transaction Services not only to "connect the dots" across their network of business entities and subsidiaries, but to deliver services that form a vital part of their financial operation.

1982
Citigold: spreading affluence

The Citigold service was inaugurated in Hong Kong in 1982. It made Citi's global wealth-management expertise available to "mass affluent" individuals with $100,000 or more to invest. It was such a success that it was soon adopted, with local adjustments to the minimum investment required, by franchises around the world. By 2011, the service was available in more than 550 Citigold Centers in 36 countries and had just been introduced to Vietnam, where the bank's first retail branch in Ho Chi Minh City had recently opened. For Vietnam, which had a population of about 90 million, the minimum investment was set at $50,000. "The launch of the Citigold platform and the retail bank is a first step in what I think will be a many-step process of Citi entering the consumer space in a very big way," Vietnam country officer Brett Krause said. "The Citigold brand is fortuitous for us in Vietnam because gold is so important to the Vietnamese. It's a place where gold is central to people's wealth preservation. People trade gold, buy gold and store gold so to have a brand like Citigold is powerful in itself."

1986
Sowing the seeds for a modern private bank

Citi's private banking roots date back to the 1820s when a predecessor company of today's Citi Trust (a trust and estate-planning division) started managing the accounts of wealthy British and other European families domiciled in the United States. However, the private bank's modern form, as part of the Institutional Clients Group, can be traced back to an initiative by Walter Wriston, who formed the international services division. This merged all units within Citi that managed the financial-planning needs of wealthy individuals. Wriston's commitment to the business and its clientele was legendary. He was even known to have picked up a client or two flying into the airport at New York. These private-client relationships often brought in institutional business for Citi. In 1982, the division became the International Private Bank; and, in 1986, under John Reed, it was transformed into the Private Banking Group, with a business model that fundamentally continues to this day. It was in 1986 that the phrase "wealth management" was originally coined, and the decision made to be a private bank, as opposed to a brokerage business. The late 1980s and the 1990s saw rapid expansion to onshore centers from traditional offshore locations, such as Geneva and London, leading to the creation of a truly global private bank.

1987
The company does the right thing
Citi writes off developing-country debts in 1986, but stands by its customers, with long-term business benefits

When the United States raised interest rates to counter inflation in the early 1980s, the value of the dollar soared against other currencies. Several countries that had borrowed dollars during the second half of the 1970s began to face repayment difficulties, leading to what came to be known as the "Third World debt crisis." Looking back on the $3-billion write-off on debts of Brazil and other developing countries in 1987, Citicorp chairman John Reed said it took him more than a year to convince everyone that it was the right thing to do. A year later, the chairman was still convinced as to the correct course. "I went back to the board, and this time they felt much more comfortable," he said. The write-off led to a net loss of $1.1 billion in 1987, the bank's first since 1934. Reed was unperturbed. "We were the lead negotiator in Mexico, Brazil, Argentina and these were the big countries at the time. So it was natural for us to take that first step." Citicorp later wrote off a further $1.7 billion from its cross-border refinancing portfolio. By 1991, Reed was able to say, "We put the cross-border refinancing portfolio issue behind us ... indeed, our corporate and consumer businesses in Latin America are thriving - because, unlike some of our competitors, we didn't back away from our customers there." However, in 1990, the board faced a new challenge when a downturn, particularly in the U.S. real-estate market, led to a fresh write-off. The following year, to strengthen its balance sheet, Citicorp sold stock to Prince Al-Waleed bin Talal, a grandson of the founding king of Saudi Arabia. He injected more than $500 million into the company in exchange for a minority shareholding. At the same time, Citicorp decided to mark up its venture-capital fund from book value to market value, recognizing a $457-million increase in capital.

1998
Momentous encounter leads to merger
The leaders of two of the United States' financial services giants see the potential in a strategic merger, and Citigroup is born

One spring evening in 1998, Citibank's chairman, John Reed, sat down to dinner with Sanford I. Weill, the chief executive of Travelers Group. The two men were in Armonk, a small hamlet in Westchester County, New York, where Travelers Group had a conference center. The subject of their conversation was a $140-billion merger. Some weeks earlier, 20 of Weill's top executives had met to consider possible new acquisition targets. Someone proposed Citicorp. "As we talked, I saw that the idea really wowed the group," Weill wrote in his memoirs. "Citicorp stuck out like a strategic home run." After their dinner in Armonk, Reed and Weill met for a Friday morning breakfast with their respective teams. They looked at what each side might bring to the table. Citicorp had its unique global position and strengths in credit cards, foreign exchange, private banking, derivatives, and relationships with multinational companies. Travelers Group had leading franchises in consumer finance, insurance, asset management, investment banking and capital markets, as well as an array of distribution platforms. It was decided to arrange the combined organization in three broad areas - consumer businesses; corporate and investment banking; and private banking and asset management. The group agreed on 50:50 ownership and an 18-member board for the new company, which would take its name from the "Citi" in Citicorp and the "Group" in Travelers Group - to form "Citigroup." Discussions continued through Saturday. Agreement was reached on an arrangement whereby Reed and Weill would each have a veto over big decisions. According to Weill, the final decision to move ahead came on Sunday morning, when he received a call from Reed. Three days later, the Travelers Group board met to discuss the merger, with briefing papers that described the companies as "Jupiter" for Travelers and "Saturn" for Citicorp. News of the merger was released to the world on April 6, 1998. "Undoubtedly, putting together such giants would propel us into a universe of our own," Weill said. Crucial to the rationale underlying the merger was the prospective repeal of the Glass-Steagall Act (Banking Act) of 1933, which had stipulated the separation of commercial and investment banking in the United States. The repeal was signed into law by President Bill Clinton on November 12, 1999.

2000
A transatlantic merger

Sir Winfried Bischoff, former chairman of Schroders, explained that the decision to sell the investment bank to Citi came from a recognition that it needed capital to expand. "Between 1984, when I became chief executive, and 2000, the stock price of Schroders had gone up about a hundred times. So from a relatively small firm it became a sizable firm - from a $100-million firm it became a $10-billion firm. We had a half-way decent European business, we had an outstandingly good U.K. business and we had a very good Asian business ... the only possible buyer would have to be a large American firm." This meshed with Sandy Weill's strategy of expanding Citigroup by acquisition. Sir Win recalled, "I felt that Salomon together with Citibank together with Schroders would actually be a pretty complete entity."

2001
Investment in Poland

Among Citi's major transactions during the early years of the 21st century was an investment in Poland's Bank Handlowy w Warszawie, which joined the group in 2001. Bank Handlowy, established in 1870 by businessman, political activist, newspaper publisher, and philanthropist Leopold Kronenberg, is Poland's oldest commercial bank and was one of the few banks supporting trade with Western Europe and Russia before World War I. After 1945, it became the main correspondent bank for foreign banks in Poland. Bank Handlowy returned to the Warsaw Stock Exchange in 1997, after an absence of almost 60 years. Citibank had established a Polish subsidiary in 1991. Under a deal completed in 2001, Citibank transferred all the assets of its Polish company to Bank Handlowy in exchange for a majority of Handlowy's shares. By 2011, Bank Handlowy was serving more than 20,000 corporate clients and more than a million individual customers. A wide range of corporate, investment, and retail banking services is offered under the Citi Handlowy brand.

2001
Mergers create banking giants abroad
In Mexico and Poland, old-established banks with their own histories and traditions join the Citigroup worldwide network

Under the leadership of Sandy Weill, Citigroup pursued an active program of acquisition. In 2001, the company acquired Mexico's Grupo Financiero Banamex-Accival for $12.5 billion, the largest U.S./ Mexico corporate merger to that date. Three months after the merger was completed, Banamex (now Citibanamex) celebrated its integration with Citigroup at an evening ceremony at its Santa Fe complex in Mexico City. Overnight, 35.9 million transactions had been transferred, 117 Citigroup systems had been interconnected, and 200 systems of both institutions had been closed down. The integrated operation comprised more than 1,400 branches and more than 4,200 ATMs. "While similar integration processes in our country between banks that are our competitors have required 12, 15 and up to 24 months to be completed, we completed the most important phase in three months," said Manuel Medina-Mora. "Today we are one single bank. And we are making history." Citibanamex was founded through the 1884 merger of Banco Nacional Mexicano and Banco Mercantil Mexicano, two banks that had operated independently since 1882. For the next 30 years, it had dual roles as both a commercial bank and a central bank, issuing banknotes and collecting taxes. It was nationalized at the onset of the Latin American debt crisis in 1982 (Mexico was one of the first countries to be seriously affected) and run as a state-owned credit association for nine years, before being reprivatized in 1991. Citigroup itself has very deep roots in Mexico. The International Banking Corporation, later acquired by National City Bank, set up its first branch in Mexico City in 1903 and a second in Monterrey the following year. Although both were closed during the revolution which began in 1910, National City Bank opened in 1929. Three years later, it was not affected by a government order banning foreign banks from opening branches. As a result, until 1994, Citibank was the only foreign deposit-taking institution in Mexico.

2005
Citi Inclusive Finance brings scale

Established in 2005, Citi Inclusive Finance (founded as Citi Microfinance) is a commercial initiative. It works with Citi's other businesses and across regions to provide products and services for microfinance institutions (MFIs) - networks and investors lending to the underserved. Citi Inclusive Finance serves more than 100 MFIs in over 40 countries around the world, and has helped make microfinance an integral part of the global financial infrastructure. Citi supports the commercial development of MFIs through:
• Local currency funding and transaction services
• Corporate finance and capital-markets solutions
• Credit, savings, insurance, and remittance products
• Innovation, financing, and product development with MFIs and other partners
• Encouraging transparency and proper risk management within the industry
Under a successful partnership launched in 2006, Citi and the U.S. Overseas Private Investment Corporation (OPIC) have provided more than $270 million in funding to 34 MFIs across 19 countries. The MFIs have created microloans for more than 900,000 borrowers, 92 percent of whom are women.

2007
Amid economic turmoil, Citi recapitalizes
As crisis hits the financial world, the U.S. government backs Citi

For the United States, the first years of the 21st century were a time of low interest rates and an inflow of investment funds from fast-growing emerging economies and oil-producing countries. One consequence was the widespread availability, and build-up, of low-cost private debt, which fueled over-expansion in the housing market. In late 2007, market conditions began to deteriorate, home prices started on what became a steep decline, and residential-mortgage defaults began to rise. The increasing defaults and subsequent drop in the values of mortgage-backed securities weakened many financial institutions, including Citi. Facing significant losses on its mortgage portfolio, Citigroup commenced raising capital through public and private offerings that raised more than $30 billion over two months in late 2007. However, in 2008, economic conditions deteriorated further, culminating in the collapse of the 158-year-old Lehman Brothers investment bank in September, and prompting further upheavals in the credit and equity markets. Amid widespread uncertainty in the banking sector, in October the U.S. government stepped in with the Troubled Asset Relief Program (TARP). Initially, this provided a combined $125 billion in preferred equity to nine major U.S. financial institutions in order to strengthen their capital positions and boost the broader economy. Citi received $25 billion in TARP capital in October and an additional $20 billion in capital in November 2008. Citi also entered into a loss-sharing program with the U.S. Treasury on $300 billion of loans and securities backed by residential and commercial real estate, consumer loans, and other assets. Citi issued $7 billion in preferred stock to the Treasury and the Federal Deposit Insurance Corporation in exchange for the loss-sharing agreement. In February 2009, Citi announced that it would issue common stock in exchange for certain third-party-owned preferred securities, to increase its tangible common equity without any additional U.S. government investment. As part of this exchange, $25 billion of the U.S. government's preferred shares were converted to common shares as well. In January 2009, Citi announced a reorganization that would allow it to focus on its core banking franchise while reducing non-core assets over time. The following month, chief executive Vikram Pandit appeared before the U.S. House Financial Services Committee with seven other CEOs of companies that had received TARP funds. Following public criticism of large Wall Street remuneration packages, he made his own position clear. He intended to take a mere $1 a year as salary and no bonus until Citi returned to profitability. "I get the new reality and I will make sure Citi gets it as well," he told the committee. At the end of 2009, Citi raised $20.5 billion in public equity, used the proceeds to repay the $20 billion of preferred shares owned by the U.S. Treasury, and terminated its loss-sharing agreement at the same time. By the end of 2010, the U.S. government had sold all of its common shares in Citi. In total, the U.S. Treasury netted a cumulative profit for taxpayers of $12 billion as a result of its investment in Citi. "We will always be grateful to the American people for their crucial support during the crisis," Pandit said. In March 2010, Pandit explained that Citi had become "a fundamentally different company than it was two years ago." Indeed, it had re-emerged as one of the best-capitalized major banks in the United States.

2010
Helping small businesses develop

For small businesses operating in underprivileged communities, financing can be difficult to access. In 2010, Citi and the Citi Foundation launched the Communities at Work Fund, making capital to the tune of $200 million available to financial institutions with strong ties to underserved, hard-to-reach communities. One of the largest borrowers is IFF (formerly the Illinois Facilities Fund), based in Chicago and serving five states in the Middle West. It is the country's leading nonprofit facilities lender. Its loans have supported projects costing almost a billion dollars in all and creating 41,000 jobs. Citi and the Citi Foundation have also partnered with ACCION Texas, a nonprofit microenterprise development program that provides loans and business support to entrepreneurs - many of them from minority groups - who cannot get finance through conventional channels. Citi and the Citi Foundation's help has taken the form of philanthropic donations, volunteer support, and the leadership of the Citi Community Development team in Texas (including the chairmanship of the board of directors). Those supported by ACCION included the owner of the Sunshine Health Food Store. She started the business with just $2,300 from an income-tax rebate and her credit card. After a year, having been turned down by several banks, she went to ACCION, which was sufficiently impressed by her commitment and professionalism that they offered her a loan of $12,500. She seized the opportunity. Janie Barrera, president and CEO of ACCION Texas-Louisiana, said, "Citi is a community builder, a risk-taker and an entrepreneur. That's what we are. And so is Arga."

2010
Smart banking the way forward
Redesigning banking processes around customer needs boosts business growth and brand awareness in Tokyo

Following Citi's establishment of a new relationship with a mass-transit company in Singapore, the bank's Global Ventures and Innovation unit in New York was exploring the potential for a similar tie-up in Japan. It did not materialize, but the thinking behind it led to an alternative retail strategy for boosting growth and brand awareness. Realizing that product segmentation alone was not the best basis for getting to know customers, the bank conducted research into nine segments of the retail market. It was decided that Citi could serve four segments well. These were defined as baby boomers, the prosperous, the achievers, and the up-and-coming. With the aid of psychographics and behavioral analysis, a "smart banking" experience was built around the way in which these four types of customer wanted to interact with their financial institutions. For achievers and up-and-coming people, screens and technology were important. These customers generally worked long hours and had little time for finding a branch, queuing, filling out forms, and waiting to be served. The other two segments, baby boomers and prosperous people, were more traditional, preferring greater personal engagement with knowledgeable staff. They also placed greater emphasis on physical surroundings. For the development of a new look, Citi turned to an international design company responsible for the iconic look of many notable retail stores. After an initial try-out at the City Hall MRT station branch in Singapore, the Japanese pilot branches were launched in 2010. In central Tokyo, customers were now greeted by a huge "media wall," displaying local weather, news, and financial updates, tailored to the location and time of day. Touch screens offered a wide range of services, and staff were on hand to provide assistance either in the branch or via live video conferencing. By re-engineering more than 100 transactions, Citi was also able to reduce the space taken up by the back office, with the result that branches in prime locations made greater economic sense. After the introduction of the new branches, Citi was soon ranked as top retail bank in Japan by Nihon Keizai Shimbun, the financial newspaper, as compared with 57th place in 2009. By April 2011, Citi had rolled out 48 "smart banking" branches in 11 countries and territories. There were 21 in Taiwan. There were also 21 mini-smart-banking locations in five countries, including 14 in the Philippines and 11 in Singapore.

2010
Structuring Islamic transactions

In the 1980s, Citi's corporate finance team in London became aware of the demand for a range of banking products that was compliant with Islamic principles, one of which is that earning interest on an investment is not allowed. In 1996, the Citi Islamic Investment Bank was set up in Bahrain. It benefited from the services of a Sharia board, peopled by reputable Islamic scholars, who would endorse banking products as acceptable from a religious viewpoint. Citi took products such as bonds, derivatives, syndicated loans, and trade finance products and converted them into Sharia-compliant instruments. Over the years, the technology was exported from the Middle East to other markets such as Malaysia, Indonesia, Pakistan, and Turkey. By 2010, Malaysian Airports Holdings Bhd (MAHB) was operating 39 airports in Malaysia and also had a presence in India, Turkey, and the Maldives. In 2010, Citi arranged an inaugural offering of 1 billion ringgit in Islamic medium-term notes for the company. The issue was oversubscribed nine times, attracting a diverse group of investors from financial institutions and asset-management companies to pension funds, insurance companies, and even some corporates. Proceeds were used for the construction of the world's biggest low-cost carrier terminal and to refinance short-term borrowings. Citi was chosen for its "global expertise and strong credentials in structuring Islamic transactions," according to Faizal Mansor, the company's chief financial officer. "Overall, we're very pleased with Citi. They have helped us to achieve superb ratings for the company. Citi's expertise allowed us to tap the capital markets at the opportune time and gain enormous support in our future as a world-class airport business."

2012
Citi
June 16, 1812 to June 16, 2012

In 2012, Citi celebrated our 200th anniversary. Our principles - common purpose, responsible finance, ingenuity and leadership - are the bridge that connects our 200-year history with the future we want to create. When these principles guide our actions, we endure and thrive. Our anniversary provided us with an opportunity to reflect on our history and prepare for the future.
Copyright © 2021 Citigroup, Inc.
https://www.citigroup.com/citi/about/timeline/

 

 

citi timeline

Our History
OneMain Financial
Since 1912, OneMain Financial has been helping people realize their financial goals and dreams. With branches nationwide, we are part of the communities in which we serve. Our branches are staffed with friendly, knowledgeable loan specialists who live and work right in your neighborhood. They understand your needs and are available to meet with you one-on-one to discuss your loan options. Read on for more details about our company's history or see our visual timeline on Facebook.

A Pioneering Beginning
Founded by Alexander Duncan as Commercial Credit in 1912, our company was a pioneer in the consumer finance industry. In 1916, we offered an installment loan program to help people purchase what was then an exciting new invention - the automobile. That led to the development of installment buying plans for home appliances and other consumer goods.

Citigroup is a unique institution and in many ways is the world's bank. Few could even be mentioned in the same breath with its footprint in countries throughout the globe. C has been in China for over 100 years and maintains one of the largest banking operations in Latin America at the other end of the earth. At the same time C have an interest in Banamex. The footprint streches into locations in Poland and India. C has branches in more than 100 countries. It is the entity that safekeeps assets in the most frontier of markets with nearly every institution using its network in some fashion. Citi can clip a ticket nearly every time a transaction takes place in these locations, the equivalent of a financial toll road.

The path forward for C is to monetize its footprint making banking and transactions simpler for institutions seeking global solutions. What other institution can service a transaction form Sao Paulo to Beijing or to Mexico City, Warsaw, Bombay, and Capetown? Influential analyst Mike Mayo recently pointed to the high return on assets for C's transaction services business, exceeding 2%, that exemplifies C's ability to gain commercial value from a global footprint.

Corbat seems to be on the right track reducing the hobbies of old and winding down C's "bad bank." At the same time he is right sizing businesses and markets where Citi lacks a competitive advantage -- see domestic retail banking - C just doesn't stack up to the likes of Wells Fargo (WFC), Chase (JPM), and Bank of America (BAC) in the space.

The problem for Citi is the Fed seems to want small institutions that don't threaten the financial system. Consensus is building Citi was heavily penalized for its risks in emerging markets. Citi would be remiss to disassemble its global footprint the provide short term upside from appeasing the FED. Despite this setback, ultimately the high returns Citi can drive from its global footprint will drive the shares higher.

The only thing that can prevent it is Citi disassembling these key pieces as means to appease the Fed. We'll know soon enough if Corbat goes offtrack and decides to sell much of the international branch footprint or gut the transaction services businesses which in case the downward stock price may be prescient.
http://seekingalpha.com/article/2114303-a-defense-of-citi-easily-overlooked-and-misunderstood-franchise?isDirectRoadblock=true&uprof=82



A Defense Of Citi: Easily Overlooked And Misunderstood Franchise

Mar. 28, 2014 8:36 AM ET | About: C 
Citi first entered Russia on the eve of the Revolution. In 1916, Citi, named at that time National City Bank (NCB), underwrote bonds to support the government of the Russian Empire as World War I took its toll on the countries' resources. Believing that Russia would soon emerge from the war and embark on a period of rapid economic development, NCB executives established a branch in Petrograd on January 15, 1917. Just two months later, the tsar was forced to abdicate and a new, liberal government took power. Even as the battles raged in the streets of Petrograd, the bank established a new branch in Moscow in November. By December, the new Bolshevik government had taken control of the major cities of European Russia. On February 3, 1919, the bank established a branch in the city of Vladivostok in the Far East, a meeting point for retreating soldiers and refugees. On March 13, 1920, all three branches were closed.

Between 1920 and 1970, diplomatic and economic difficulties, followed by WWII and then the Cold War prevented the bank from re-entering the country. In the 1970s, however, during the period of detente US-Soviet trade increased and there was greater contact between the two countries. In June 1973, the Soviet government gave Citi permission to establish a limited presence in the USSR and, in 1974, the bank opened a representative office in Moscow on Karl Marx Avenue. Six years later, with the onset of the Afghanistan War and increasing tensions between the East and the West, the office was shut down.

In 1992, following the collapse of the Soviet Union and emergence of the Russian Federation on the global marketplace, Citi once again had the opportunity to open a representative office in Moscow. Having opened its office on October 1, 1992, by November 1, 1993, the bank had received all the necessary licenses to provide banking services in the Russian Federation, thus becoming one of the first international banks to enter the Russian market. In January 1994, Citi was inaugurated as a financial institution focused on corporate banking services, financing and trade. In 1995, Citi advised Mosenergo - the largest generating company operating on fossil fuel in Russia - on the first-ever ADR issue by a Russian company. It was Citi Russia's first major deal after its opening. On February 7, 1996, the bank opened a branch in St. Petersburg. Citi engaged in business and development financing for government bodies and a wide spectrum of corporate clients.

In 1998, Russia was hit by a financial crisis; although many other international banks left, Citi remained. As a result, Citi Russia became stronger and greatly expanded its presence in the Russian market. In November 2002, the bank launched a retail banking business and began to expand its presence with new branches and sales centers. By 2010, Citi's retail operations in Russia were serving more than one million Russian clients.

In 2010, Citi acted as the joint lead manager of a USD 5.5 billion bond placement for Russia, the second largest dollar debt placement by an emerging market and Russia's first placement in the global capital markets since 1998.

In 2011, Citi was chosen by HSBC as its preferred partner for winding down its retail operations in the country. HSBC's retail clients in Moscow and St. Petersburg have the option to transfer their current and deposit accounts to Citi Russia.

Today, Citi in Russia, represented by ZAO Citibank, is one of the largest and best capitalized banks in the country. More than 3,000 institutional clients and over one million retail customers, including 450,000 credit card holders, are served by Citi's 3,000 employees in more than 50 branches located in 12 cities across Russia.

http://www.citibank.ru/russia/citigroup/eng/history.htm

 

 


Growing With America
Over the next few decades, we acquired a major credit insurer and a casualty insurance company. In 1944, we organized an insurance unit that is now known as OneMain Assurance. In 1968, Commercial Credit became a wholly owned subsidiary of Control Data Corporation.
Events

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License Name: COMMERCIAL CREDIT CORPORATION
DBA Name:




License Type: Consumer Finance Company
Status: Terminated
Status Effective Date: 6/30/1998
Original Date of License: 6/27/1997
License Number: CF9700802
License Expiration Date: 12/31/1998





License Main Address:

Street: 6250 N FEDERAL HWY
City: FT LAUDERDALE
State: FL
Zip Code: 33308

License Mailing Address:

Street: 6250 N FEDERAL HWY
City: FT LAUDERDALE
State: FL
Zip Code: 33308




Phone Number: 305-928-0933
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License Search Results Detail


License Name: COMMERCIAL CREDIT CORPORATION
DBA Name:




License Type: Consumer Finance Company
Status: Terminated
Status Effective Date: 2/26/1998
Original Date of License: 2/22/1996
License Number: CF9700342
License Expiration Date: 12/31/1998





License Main Address:

Street: 5768 S SEMORAN BLVD
City: ORLANDO
State: FL
Zip Code: 32822

License Mailing Address:

Street: 300 ST PAUL PLACE /BSPO7B
City: BALTIMORE
State: MD
Zip Code: 21202




Phone Number: 410-332-3000
https://real.flofr.com/ConsumerServices/SearchLicensingRecords/SearchDetail.aspx?licNum=CF9700342&licDesc=CF

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License Name: COMMERCIAL CREDIT CORPORATION
DBA Name:




License Type: Consumer Finance Company
Status: Terminated
Status Effective Date: 10/22/1997
Original Date of License: 5/8/1997
License Number: CF9700789
License Expiration Date: 12/31/1998





License Main Address:

Street: 5758 S SEMORAN BLVD
City: ORLANDO
State: FL
Zip Code: 32822

License Mailing Address:

Street: 5758 S SEMORAN BLVD
City: ORLANDO
State: FL
Zip Code: 32822




Phone Number: 410-332-3000
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License Name: COMMERCIAL CREDIT CORPORATION
DBA Name:




License Type: Consumer Finance Company
Status: Terminated
Status Effective Date: 9/2/1997
Original Date of License: 6/27/1997
License Number: CF9700807
License Expiration Date: 12/31/1998





License Main Address:

Street: 7627 S ORANGE BLOSSOM TR
City: ORLANDO
State: FL
Zip Code: 32809

License Mailing Address:

Street: 7627 S ORANGE BLOSSOM TR
City: ORLANDO
State: FL
Zip Code: 33513-0000




Phone Number: 407-859-6200
https://real.flofr.com/ConsumerServices/SearchLicensingRecords/SearchDetail.aspx?licNum=CF9700807&licDesc=CF



License Search Results Detail


License Name: COMMERCIAL CREDIT CORPORATION
DBA Name:




License Type: Consumer Finance Company
Status: Terminated
Status Effective Date: 10/9/1997
Original Date of License: 6/27/1997
License Number: CF9700806
License Expiration Date: 12/31/1998





License Main Address:

Street: 147 S RIDGEWOOD DR
City: SEBRING
State: FL
Zip Code: 33870

License Mailing Address:

Street: 147 S RIDGEWOOD DR
City: SEBRING
State: FL
Zip Code: 33870




Phone Number: 941-385-5196



Search for Final Orders

https://real.flofr.com/ConsumerServices/SearchLicensingRecords/SearchDetail.aspx?licNum=CF9700806&licDesc=CF

License Search Results Detail


License Name: COMMERCIAL CREDIT CORPORATION
DBA Name:




License Type: Consumer Finance Company
Status: Terminated
Status Effective Date: 12/11/1997
Original Date of License: 6/27/1997
License Number: CF9700810
License Expiration Date: 12/31/1998





License Main Address:

Street: 2154 58 AVE
City: VERO BEACH
State: FL
Zip Code: 32966

License Mailing Address:

Street: 2154 58 AVE
City: VERO BEACH
State: FL
Zip Code: 32966




Phone Number: 561-562-1100

https://real.flofr.com/ConsumerServices/SearchLicensingRecords/SearchDetail.aspx?licNum=CF9700810&licDesc=CF

License Search Results Detail


License Name: COMMERCIAL CREDIT CORPORATION
DBA Name:




License Type: Consumer Finance Company
Status: Terminated
Status Effective Date: 6/30/1998
Original Date of License: 6/25/1992
License Number: CF9700320
License Expiration Date: 12/31/1998





License Main Address:

Street: 1320 N MILITARY TRAIL
City: WEST PALM BEACH
State: FL
Zip Code: 33416

License Mailing Address:

Street: 300 ST PAUL PLACE
City: BALTIMORE
State: MD
Zip Code: 21202


Note: This address belongs to Ciri-OneMain Financial's (Main Office)

Citi - OneMain Financial (Main Office) Attorneys


 

 



 


Growing With America
Over the next few decades, we acquired a major credit insurer and a casualty insurance company. In 1944, we organized an insurance unit that is now known as OneMain Assurance. In 1968, Commercial Credit became a wholly owned subsidiary of Control Data Corporation.
Events

License Search Results Detail


License Name: COMMERCIAL CREDIT CORPORATION
DBA Name:




License Type: Consumer Finance Company
Status: Terminated
Status Effective Date: 6/30/1998
Original Date of License: 6/27/1997
License Number: CF9700802
License Expiration Date: 12/31/1998





License Main Address:

Street: 6250 N FEDERAL HWY
City: FT LAUDERDALE
State: FL
Zip Code: 33308

License Mailing Address:

Street: 6250 N FEDERAL HWY
City: FT LAUDERDALE
State: FL
Zip Code: 33308




Phone Number: 305-928-0933
https://real.flofr.com/ConsumerServices/SearchLicensingRecords/SearchDetail.aspx?licNum=CF9700802&licDesc=CF
License Search Results Detail


License Name: COMMERCIAL CREDIT CORPORATION
DBA Name:




License Type: Consumer Finance Company
Status: Terminated
Status Effective Date: 2/26/1998
Original Date of License: 2/22/1996
License Number: CF9700342
License Expiration Date: 12/31/1998





License Main Address:

Street: 5768 S SEMORAN BLVD
City: ORLANDO
State: FL
Zip Code: 32822

License Mailing Address:

Street: 300 ST PAUL PLACE /BSPO7B
City: BALTIMORE
State: MD
Zip Code: 21202




Phone Number: 410-332-3000
https://real.flofr.com/ConsumerServices/SearchLicensingRecords/SearchDetail.aspx?licNum=CF9700342&licDesc=CF

License Search Results Detail


License Name: COMMERCIAL CREDIT CORPORATION
DBA Name:




License Type: Consumer Finance Company
Status: Terminated
Status Effective Date: 10/22/1997
Original Date of License: 5/8/1997
License Number: CF9700789
License Expiration Date: 12/31/1998





License Main Address:

Street: 5758 S SEMORAN BLVD
City: ORLANDO
State: FL
Zip Code: 32822

License Mailing Address:

Street: 5758 S SEMORAN BLVD
City: ORLANDO
State: FL
Zip Code: 32822




Phone Number: 410-332-3000
https://real.flofr.com/ConsumerServices/SearchLicensingRecords/SearchDetail.aspx?licNum=CF9700789&licDesc=CF

License Search Results Detail


License Name: COMMERCIAL CREDIT CORPORATION
DBA Name:




License Type: Consumer Finance Company
Status: Terminated
Status Effective Date: 9/2/1997
Original Date of License: 6/27/1997
License Number: CF9700807
License Expiration Date: 12/31/1998





License Main Address:

Street: 7627 S ORANGE BLOSSOM TR
City: ORLANDO
State: FL
Zip Code: 32809

License Mailing Address:

Street: 7627 S ORANGE BLOSSOM TR
City: ORLANDO
State: FL
Zip Code: 33513-0000




Phone Number: 407-859-6200
https://real.flofr.com/ConsumerServices/SearchLicensingRecords/SearchDetail.aspx?licNum=CF9700807&licDesc=CF



License Search Results Detail


License Name: COMMERCIAL CREDIT CORPORATION
DBA Name:




License Type: Consumer Finance Company
Status: Terminated
Status Effective Date: 10/9/1997
Original Date of License: 6/27/1997
License Number: CF9700806
License Expiration Date: 12/31/1998





License Main Address:

Street: 147 S RIDGEWOOD DR
City: SEBRING
State: FL
Zip Code: 33870

License Mailing Address:

Street: 147 S RIDGEWOOD DR
City: SEBRING
State: FL
Zip Code: 33870




Phone Number: 941-385-5196



Search for Final Orders

https://real.flofr.com/ConsumerServices/SearchLicensingRecords/SearchDetail.aspx?licNum=CF9700806&licDesc=CF

License Search Results Detail


License Name: COMMERCIAL CREDIT CORPORATION
DBA Name:




License Type: Consumer Finance Company
Status: Terminated
Status Effective Date: 12/11/1997
Original Date of License: 6/27/1997
License Number: CF9700810
License Expiration Date: 12/31/1998





License Main Address:

Street: 2154 58 AVE
City: VERO BEACH
State: FL
Zip Code: 32966

License Mailing Address:

Street: 2154 58 AVE
City: VERO BEACH
State: FL
Zip Code: 32966




Phone Number: 561-562-1100

https://real.flofr.com/ConsumerServices/SearchLicensingRecords/SearchDetail.aspx?licNum=CF9700810&licDesc=CF

License Search Results Detail


License Name: COMMERCIAL CREDIT CORPORATION
DBA Name:




License Type: Consumer Finance Company
Status: Terminated
Status Effective Date: 6/30/1998
Original Date of License: 6/25/1992
License Number: CF9700320
License Expiration Date: 12/31/1998





License Main Address:

Street: 1320 N MILITARY TRAIL
City: WEST PALM BEACH
State: FL
Zip Code: 33416

License Mailing Address:

Street: 300 ST PAUL PLACE
City: BALTIMORE
State: MD
Zip Code: 21202


Note: This address belongs to Ciri-OneMain Financial's (Main Office)

Citi - OneMain Financial (Main Office) Attorneys







Carroll, Richard Joseph Jr.
Associate General Counsel

Myers, Rebecca Dietz
Associate General Counsel

Sherrill, Kimberly Ann
Deputy General Counsel


Davis, Linda Susan
Deputy General Counsel

O'Brien, Ellen T.
Assistant General Counsel



Hayward, Michelle A.
Associate General Counsel

Park, April Oh
Associate General Counsel

http://pview.findlaw.com/view/3370866_1

Office Information





Address

300 St. Paul Place
Baltimore, MD 21202

Phones

(410) 332-3000


Faxes

(410) 332-3734


Websites

http://www.onemainfinancial.com



Other Offices
CITI
Main Office
399 Park Avenue, New York, New York 10043
(212) 559-1000
CITI
Metropolitan Square, 1400 G St. NW, Washington, District of Columbia 20005
(800) 627-3999
CITI
One Court Square, 45th Floor, Long Island City, New York 11120
(718) 248-2606
CITI
One Sansome St., San Francisco, California 94104
CITI - CITIBANK NA (BRANCH OFFICE)
Global Executive Banking, Customer Service Center, 3800 Citigroup Center A1-03, Tampa, Florida 33610-9122
(813) 604-3290
CITI
100 Citibank Drive, San Antonio, Texas 78245
CITI - CITIGROUP GLOBAL MARKETS INC (MAIN OFFICE)
388 Greenwich St., New York, New York 10013
(212) 816-6000
CITI PERSONAL WEALTH MANAGEMENT
111 Wall Street, New York, New York 10043
CITIGROUP
283 King George Rd., Warren, New Jersey 07059-5134
(908) 647-3430
CITI - CITICORP CREDIT SERVICES INC (MAIN OFFICE)
14000 Citi Cards Way, Jacksonville, Florida 32258
(904) 954-7500
CITI - CITIBANK NATIONAL ASSOCIATION - CITIMORTGAGE INC (BRANCH OFFICE)
1000 Technology Drive, O'Fallon, Missouri 63368-2240
(800) 667-8424
CITI - CITIBANK NATIONAL ASSOCIATION (MAIN OFFICE)
701 East 60th Street North, Sioux Falls, South Dakota 57104
(605) 331-2626
CITI - CITIBANK (BRANCH OFFICE)
750 Washington Blvd, #8, Stamford, Connecticut 06901
(203) 323-1011
CITI - CITIBANK (BRANCH OFFICE)
17400 Brookhurst St., Fountain Valley, California 92708
(877) 357-3399
CITIGROUP GLOBAL MARKETS INC
100 Light St, 4th Floor, Baltimore, Maryland 21202
CITI
Citigroup Centre, 33 Canada Square, Canary Wharf, LondonE14 5LB, United Kingdom
+44 20 7986 4000
CITI
Citi Indonesia, Citibank Tower, 7th Floor, Jalan Jendral Sudirman, Kav. 54 - 55, Jakarta12190, Indonesia
CITI
50/F, Citibank Tower, Citibank Plaza, 3 Garden Road, CentralGPO Box 14, Hong Kong
852-2868 8888
CITI - CITICORP INVESTMENT BANK SINGAPORE LTD (MAIN OFFICE)
3 Temasek Avenue, #17-00 Centennial Tower, Singapore039190, Singapore
CITI
Ortega y Gasset, 29. 1st Floor, 28006 Madrid, Spain
+ 34 91 538 42 60
CITI - CITIBANK CANADA (MAIN OFFICE)
Citigroup Place, 123 Front Street West, Suite 1900, Toronto, OntarioM5J 2M3, Canada
416-947-5500
CITI - CITIBANK NA (PUERTO RICO) (BRANCH OFFICE)
270 Munoz Rivera Ave., Piso 6, San Juan00918, Puerto Rico
1-787-766-3758
CITI - CITIBANK (UNITED KINGDOM) (MAIN OFFICE)
Citigroup Centre, 25 Canada Square, Canary Wharf, E14 5LB London, United Kingdom
0800 00 55 00
CITI ICG
Frankfurter Welle, Reuterweg 16, 60323 Frankfurt, Germany
+49-69-1366-0
CITI - CITIBANK NATIONAL ASSOCIATION - CITIBANK JAPAN LTD (BRANCH OFFICE)
Citigroup Center, 3-14 Higashi-Shinagawa 2-chome, Tokyo140-8639, Japan



Phone Number:
https://real.flofr.com/ConsumerServices/SearchLicensingRecords/SearchDetail.aspx?licNum=CF9700320&licDesc=CF



CITI


399 Park Avenue
New York, NY 10043

Phone: (212) 559-1000

View other locations »

Websites associated with this firm:

www.citigroup.com

Citi Attorneys

Aaron-DiGiovanni, Lizbeth C.
Executive Vice President - Mutual Funds & Insurance Compliance

Handelman, Edward Ira
Managing Director/Associate General Counsel

Moukarzel, Gonzalo Munoz
Lawyer


Adcock, David J.
Compliance Officer

Handleman, Edward I.
Managing Director/Associate General Counsel

Nick, Franz-Josef
Senior Lawyer


Agudo, Carlos Lopez
Senior Legal Counsel

Handler, Robert Arnold
Senior International Tax Counsel

O'Callaghan, Thomas E.
General Counsel


Alonso, Antonio Perez De La Riva
Legal Counsel

Harty, Martin
General Counsel

Olson, David P.
Lawyer


Alvarez Naim, Silvia C.
Lawyer

Harvey, Denise Jeanne
Senior Counsel

Orlandino, Bianca Boccalandro
Lawyer


Anderson, Michelle K.
Associate General Counsel

Hatcher, Kim M.
Lawyer

Ozkan, Burhan
Attorney


Antolino, Pasquale
Attorney

Hayes, Steven Robert
Senior Counsel

Papastylianou, Iro
Lawyer


Badr, Hatem Sayed
General Manager

Helfer, Michael S.
General Counsel & Corporate Secretary

Passas, Dimitris
Lawyer

 



SOUTHEASTERN EQUIPMENT RENTALS, INC.

Document Number P93000063603
Date Filed 09/07/1993
Effective Date
Status Inactive



Event Type

Filed Date

Effective Date

Description

NAME CHANGE AMENDMENT 07/27/2006 OLD NAME WAS : THE MOORINGS OF PENSACOLA BEACH, INC.
NAME CHANGE AMENDMENT 04/08/1994 OLD NAME WAS : FLEET FINANCIAL SERVICES, INC.
http://search.sunbiz.org/Inquiry/CorporationSearch/NameHistory?aggregateId=domp-p93000063603-b73bf8d6-4693-4433-bb45-d41e4268ead1&entityId=P93000063603&CurrentPage=1&SearchTerm=FLEET%20FINANCE%20INC&InquiryType=EntityName

Events

BLAZER FINANCIAL SERVICES, INC. OF MIAMI

Document Number 340377
Date Filed 01/20/1969
Effective Date None
Status Inactive



Event Type      Filed Date       Effective Date        Description

NAME CHANGE AMENDMENT 11/29/1973 OLD NAME WAS : BLAZER FINANCIAL SERVICES, INC.
NAME CHANGE AMENDMENT 05/03/1973 OLD NAME WAS : FAMILY FINANCE SERVICE, INC. OF ESCAMBIA COUNTY
http://search.sunbiz.org/Inquiry/CorporationSearch/NameHistory?aggregateId=domp-340377-41c731ae-bbce-47df-9f62-a335ee59b16c&entityId=340377&CurrentPage=2&SearchTerm=blazer&InquiryType=EntityName

Events

BLAZER FINANCIAL SERVICES, INC.

Document Number 151167
Date Filed 05/28/1947
Effective Date None
Status Inactive

Event Type      Filed Date        Effective Date       Description

NAME CHANGE AMENDMENT 12/20/1973 OLD NAME WAS : FAMILY FINANCE SERVICE, INC. OF TALLAHASSEE
NAME CHANGE AMENDMENT 09/23/1966 OLD NAME WAS : COMMUNITY FINANCE SERVICE, INC. OF TALLAHASSEE
NAME CHANGE AMENDMENT 12/30/1949 OLD NAME WAS : FAMILY FINANCE & ACCEPTANCE CORPORATION OF TALLAHASSEE
NAME CHANGE AMENDMENT 08/29/1947 OLD NAME WAS : FAMILY FINANCE SERVICE, INC. OF TALLAHASSEE

http://search.sunbiz.org/Inquiry/CorporationSearch/NameHistory?aggregateId=domp-151167-905c712f-a94d-458e-8d47-3145678e8b9b&entityId=151167&CurrentPage=2&SearchTerm=blazer&InquiryType=EntityName

BLAZER FINANCIAL SERVICES, INC.

Document Number 151167
Date Filed 05/28/1947
Effective Date None
Status Inactive

Event Type    Filed Date       Effective Date        Description

MERGER 05/22/2000 06/01/2000 MERGING: 151167 MERGED INTO: M00000000924
NAME CHANGE AMENDMENT 12/20/1973 OLD NAME WAS : FAMILY FINANCE SERVICE, INC. OF TALLAHASSEE
NAME CHANGE AMENDMENT 09/23/1966 OLD NAME WAS : COMMUNITY FINANCE SERVICE, INC. OF TALLAHASSEE
NAME CHANGE AMENDMENT 12/30/1949 OLD NAME WAS : FAMILY FINANCE & ACCEPTANCE CORPORATION OF TALLAHASSEE
NAME CHANGE AMENDMENT 08/29/1947 OLD NAME WAS : FAMILY FINANCE SERVICE, INC. OF TALLAHASSEE

http://search.sunbiz.org/Inquiry/CorporationSearch/EventHistory?aggregateId=domp-151167-905c712f-a94d-458e-8d47-3145678e8b9b&entityId=151167&CurrentPage=2&SearchTerm=blazer&InquiryType=EntityName

Detail by Document Number
Foreign Limited Liability Company
WASHINGTON MUTUAL FINANCE OF FLORIDA, LLC

Filing Information

Document Number
M00000000924
FEI/EIN Number
593637414
Date Filed
05/12/2000
State
DE
Status
INACTIVE
Last Event
WITHDRAWAL
Event Date Filed
05/18/2004
Event Effective Date
NONE

Principal Address
8900 GRAND OAK CIRCLE
TAMPA, FL 33637-1050

Mailing Address
8900 GRAND OAK CIRCLE
TAMPA, FL 33637-1050

Registered Agent Name & Address
NONE

Authorized Person(s) Detail
Name & Address

Title MGR
WASHINGTON MUTUAL FINANCE CORPORATION
8900 GRAND OAK CIRCLE
TAMPA, FL 33637-1050


Title FVPS
BURDITT, JERRY T
8900 GRAND OAK CIRCLE
TAMPA, FL 33637-1050

Title SVD
GARDNER E. WHITING, III
8900 GRAND OAK CIRCLE
TAMPA, FL 33637-1050

Title AS
THURSTON, BEVERLY
8900 GRAND OAK CIRCLE
TAMPA, FL 33637-1050

Annual Reports

Report Year Filed Date
2002 04/30/2002
2003 02/17/2003
2004 02/27/2004

Document Images
05/18/2004 -- Withdrawal View image in PDF format
03/03/2004 -- Reg. Agent Change View image in PDF format
02/27/2004 -- ANNUAL REPORT View image in PDF format
04/08/2003 -- Reg. Agent Change View image in PDF format
02/17/2003 -- LIMITED LIABILITY CORPORATION View image in PDF format
04/30/2002 -- ANNUAL REPORT View image in PDF format
06/18/2001 -- ANNUAL REPORT View image in PDF format
05/22/2000 -- Merger View image in PDF format
05/12/2000 -- Foreign Limited View image in PDF format

http://search.sunbiz.org/Inquiry/CorporationSearch/SearchResultDetail/DocumentNumber/forl-m00000000924-bb362ff0-41c4-4e5b-afb5-9ff2e98fa24a/M00000000924/Page1

Events

WASHINGTON MUTUAL FINANCE OF FLORIDA, LLC

Document Number M00000000924
Date Filed 05/12/2000
Effective Date None
Status Inactive

Event Type     Filed Date       Effective Date        Description

WITHDRAWAL 05/18/2004
MERGER 05/22/2000 06/01/2000 MERGING: 151167 MERGED INTO: M00000000924
http://search.sunbiz.org/Inquiry/CorporationSearch/EventHistory?aggregateId=forl-m00000000924-bb362ff0-41c4-4e5b-afb5-9ff2e98fa24a&entityId=M00000000924&CurrentPage=1&SearchTerm=M00000000924&InquiryType=DocumentNumber


WASHINGTON MUTUAL FINANCE OF FLORIDA, LLC

Document Number M00000000924
Date Filed 05/12/2000
Effective Date None
Status Inactive

Event Type     Filed Date       Effective Date      Description

WITHDRAWAL 05/18/2004
MERGER 05/22/2000 06/01/2000 MERGING: 151167 MERGED INTO: M00000000924
http://search.sunbiz.org/Inquiry/CorporationSearch/EventHistory?aggregateId=forl-m00000000924-bb362ff0-41c4-4e5b-afb5-9ff2e98fa24a&entityId=M00000000924&CurrentPage=1&SearchTerm=M00000000924&InquiryType=DocumentNumber

Foreign Profit Corporation
ARISTAR MORTGAGE COMPANY

Cross Reference Name
WASHINGTON MUTUAL FINANCE, INC.

Filing Information
Document Number
F00000001874
FEI/EIN Number
430607106
Date Filed
04/05/2000
State
CA
Status
INACTIVE
Last Event
WITHDRAWAL
Event Date Filed
11/01/2004
Event Effective Date
NONE

Principal Address
300 ST. PAUL PLACE
BALTIMORE, MD 21202
Changed: 11/01/2001

Mailing Address
300 ST. PAUL PLACE
BALTIMORE, MD 21202
Changed: 11/01/2001


Registered Agent Name & Address
NONE

Officer/Director Detail
Name & Address

Title S
BURDITT, JERRY T
8900 GRAND OAK CIRCLE
TAMPA, FL 33637

Title VD
WHITING, GARY E
8900 GRAND OAK CIRCLE
TAMPA, FL 33637-1050

Title V
VARDO, JOHN J
23861 EL TORO ROAD, 5TH FLOOR
LAKE FOREST, CA 92630

Annual Reports
Report Year Filed Date
2002 04/24/2002
2003 02/17/2003
2004 03/01/2004

Document Images
11/01/2004 -- Withdrawal View image in PDF format
03/01/2004 -- ANNUAL REPORT View image in PDF format
03/28/2003 -- Reg. Agent Change View image in PDF format
02/17/2003 -- ANNUAL REPORT View image in PDF format
04/24/2002 -- ANNUAL REPORT View image in PDF format
05/02/2001 -- ANNUAL REPORT View image in PDF format
05/23/2000 -- Name Change View image in PDF format
04/05/2000 -- Foreign Profit View image in PDF format
http://search.sunbiz.org/Inquiry/CorporationSearch/SearchResultDetail/EntityName/forp-f00000001874-54e2de15-3980-4526-a416-b31396f623e6/washington/Page26


Foreign Profit Corporation
WASHINGTON MUTUAL FINANCE CORPORATION

Filing Information
Document Number
F93000001823
FEI/EIN Number
954128205
Date Filed
04/14/1993
State
DE
Status
INACTIVE
Last Event
WITHDRAWAL
Event Date Filed
05/18/2004
Event Effective Date
NONE

Principal Address
300 ST. PAUL PLACE
BALTIMORE, MD 21202
Changed: 04/28/2004

Mailing Address
300 ST. PAUL PLACE
BALTIMORE, MD 21202
Changed: 04/28/2004

Registered Agent Name & Address
NONE

Officer/Director Detail
Name & Address

Title FVPS
BURDITT, JERRY T
8900 GRAND OAKD CIR
TAMPA, FL 33637

Title SVP
GODDARD, RICHARD E
8900 GRAND OAK CIRCLE
TAMPA, FL 33637

Title AS
THURSTON, BEVERLY
8900 GRAND OAK CIR
TAMPA, FL

Title VP
WHITING, GARY E
8900 GRAND OAK CIR
TAMPA, FL 33637

Annual Reports

Report Year Filed Date
2002 04/24/2002
2003 02/20/2003
2004 03/01/2004

Document Images

05/18/2004 -- Withdrawal View image in PDF format
04/28/2004 -- Reg. Agent Change View image in PDF format
03/01/2004 -- ANNUAL REPORT View image in PDF format
03/31/2003 -- Reg. Agent Change View image in PDF format
02/20/2003 -- ANNUAL REPORT View image in PDF format
04/24/2002 -- ANNUAL REPORT View image in PDF format
05/02/2001 -- ANNUAL REPORT View image in PDF format
03/17/2000 -- ANNUAL REPORT View image in PDF format
03/17/2000 -- Name Change View image in PDF format
04/22/1999 -- Merger View image in PDF format
03/17/1999 -- ANNUAL REPORT View image in PDF format
12/17/1998 -- Merger View image in PDF format
02/12/1998 -- ANNUAL REPORT View image in PDF format
02/03/1997 -- ANNUAL REPORT View image in PDF format
02/19/1996 -- ANNUAL REPORT View image in PDF format
02/14/1995 -- ANNUAL REPORT View image in PDF format 
http://search.sunbiz.org/Inquiry/CorporationSearch/SearchResultDetail/EntityName/forp-f93000001823-cd011f19-6a7b-4acb-9ca7-f9e51972ca8f/washington/Page26

ARISTAR MORTGAGE COMPANY

Events

WASHINGTON MUTUAL FINANCE CORPORATION

Document Number F93000001823
Date Filed 04/14/1993
Effective Date None
Status Inactive

Event Type       Filed Date      Effective Date       Description

NAME CHANGE AMENDMENT 03/17/2000 OLD NAME WAS : ARISTAR, INC.
                                                          http://search.sunbiz.org/Inquiry/CorporationSearch/NameHistory?aggregateId=forp-f93000001823-cd011f19-6a7b-4acb-9ca7-f9e51972ca8f&entityId=F93000001823&CurrentPage=26&SearchTerm=washington&InquiryType=EntityName
 

Going Public
Wall Street legend Sanford I. Weill assumed control of the operations of Commercial Credit in 1986 and took the company public. Within two years, the company acquired Primerica Corporation, the parent company of several investment, financial services and insurance firms, including the well-known Smith Barney.

Foreign Profit Corporation
CITICORP USA, INC.

Filing Information

Document Number
P33633
FEI/EIN Number
133535517
Date Filed
04/18/1991
State
DE
Status
ACTIVE


Principal Address

388 GREENWICH STREET
NEW YORK, NY 10013


Changed: 03/29/2011

Mailing Address

PO BOX 30509
TAX & REPORTING
TAMPA, FL 33631


Changed: 04/08/2009


Registered Agent Name & Address
CT CORPORATION SYSTEM
1200 S. PINE ISLAND ROAD
PLANTATION, FL 33324


Name Changed: 05/22/1992

Address Changed: 05/22/1992

Officer/Director Detail
Name & Address

Title VC

KIRCHEN, KAREN J
388 GREENWICH STREET
NEW YORK, NY 10013


Title VP/S

WOLLARD, JOSEPH B
425 PARK AVENUE
NEW YORK, NY 10022


Title VP/T

SPADAFORA, VICTOR
388 GREENWICH STREET
NEW YORK, NY 10013


Title D

ADELMAN, DEBORAH
388 GREENWICH STREET
NEW YORK, NY 10013


Title VP
HOFFMAN, LISA A
3800 CITIGROUP CENTER DRIVE
TAMPA, FL 33610


Title P
MOZER, PETER
388 GREENWICH STREET
NEW YORK, NY 10013

Annual Reports

Report Year Filed Date
2011 03/29/2011
2012 03/23/2012
2013 04/03/2013

Detail by Entity Name
Foreign Profit Corporation

Florida Limited Liability Company
CITIFINANCE, LLC

Filing Information

Document Number
L03000008589
FEI/EIN Number
NONE
Date Filed
03/10/2003
State
FL
Status
INACTIVE
Effective Date
03/10/2003
Last Event
CONVERSION
Event Date Filed
08/12/2008
Event Effective Date
NONE


Principal Address

1110 BRICKELL AVE.
SUITE 430
MIAMI, FL 33131


Changed: 01/22/2007

Mailing Address

1110 BRICKELL AVE.
SUITE 430
MIAMI, FL 33131


Changed: 01/22/2007


Registered Agent Name & Address
BUITRAGO, BEATRIZ H
3340 NE 190 ST
402
AVENTURA, FL 33180


Name Changed: 05/03/2006

Address Changed: 05/03/2006

Authorized Person(s) Detail
Name & Address

Title MS

BUITRAGO, BEATRIZ HMGR
3340 NE 190TH STREET # 402
AVENTURA, FL 33180 FL




Annual Reports

Report Year Filed Date
2006 05/03/2006
2007 01/22/2007
2008 03/09/2008


Detail by Entity Name
 


CITIGROUP TECHNOLOGY, INC.

Filing Information

Document Number
P40679
FEI/EIN Number
133108991
Date Filed
09/28/1992
State
DE
Status
ACTIVE
Last Event
NAME CHANGE AMENDMENT
Event Date Filed
03/14/2003
Event Effective Date
NONE
Foreign Profit Corporation
CITIFINANCIAL SERVICES, INC. (MA)

Cross Reference Name
CITIFINACIAL SERVICES, INC.

Filing Information

Document Number
F04000004268
FEI/EIN Number
043474891
Date Filed
07/26/2004
State
MA
Status
INACTIVE
Last Event
WITHDRAWAL
Event Date Filed
11/04/2013
Event Effective Date
NONE


Principal Address

300 ST. PAUL PLACE
BALTIMORE, MD 21202


Changed: 04/10/2009

Mailing Address

P.O. BOX 30509
TAX & REPORTING
TAMPA, FL 33631


Changed: 04/10/2009


Registered Agent Name & Address
NONE
Registered Agent Revoked: 11/04/2013

Officer/Director Detail
Name & Address

Title P/D

SCHNEIDER, JAMES W
300 ST. PAUL PLACE
BALTIMORE, MD 21202


Title T/D

LECHNER, GREGORY
300 ST. PAUL PLACE
BALTIMORE, MD 21202


Title VP/S

DAVIS, LINDA S
300 ST. PAUL PLACE
BALTIMORE, MD 21202


Title AS

HOFFMAN, LISA A
3800 CITIGROUP CENTER DRIVE
TAMPA, FL 33610




Annual Reports

Report Year Filed Date
2011 04/04/2011
2012 03/23/2012
2013 04/05/2013



Document Images

11/04/2013 -- Withdrawal View image in PDF format
04/05/2013 -- ANNUAL REPORT View image in PDF format
03/23/2012 -- ANNUAL REPORT View image in PDF format
04/04/2011 -- ANNUAL REPORT View image in PDF format
04/07/2010 -- ANNUAL REPORT View image in PDF format
04/10/2009 -- ANNUAL REPORT View image in PDF format
04/04/2008 -- ANNUAL REPORT View image in PDF format
04/16/2007 -- ANNUAL REPORT View image in PDF format
03/22/2006 -- ANNUAL REPORT View image in PDF format
03/28/2005 -- ANNUAL REPORT View image in PDF format
07/26/2004 -- Foreign Profit View image in PDF format

Events



Principal Address

388 GREENWICH ST.
NEW YORK, NY 10013


Changed: 03/28/2012

Mailing Address

195 Pomander Rd
ATTN THERESA RUSSELL
Mineola, NY 11501


Changed: 02/11/2013


Registered Agent Name & Address
C T CORPORATION SYSTEM
1200 SOUTH PINE ISLAND ROAD
PLANTATION, FL 33324



Officer/Director Detail
Name & Address

Title D/SV

TORKOS, MARK SVP
14000 CITI CARDS WAY
JACKSONVILLE, FL 32258


Title S/V

NIEHOFF, EDWARD
909 THIRD AVENUE
NEW YORK, NY 10043


Title T/V

FOSTER, PATTY
1919 PARK AVENUE, 5TH FLOOR
WEEHAWKEN, NJ 07086


Title D/SV

D'ONOFRIO, JOHN
388 GREENWICH ST.
NEW YORK, NY 10013


Title D/SV

RANDICH, STEVEN
388 GREENWICH ST
NEW YORK, NY 10013


Title D/SV

JAGDISH, RAO
388 Greenwich St
NEW YORK, NY 10013


Title VP

Russell, Theresa
195 Pomander Rd
ATTN THERESA RUSSELL
Mineola, NY 11501
Events

CITIGROUP TECHNOLOGY, INC.
Document Number P40679
Date Filed 09/28/1992
Effective Date None
Status Active

Event Type  Filed Date  Effective Date    Description

NAME CHANGE AMENDMENT 03/14/2003 OLD NAME WAS : CITICORP GLOBAL TECHNOLOGY, INC.
NAME CHANGE AMENDMENT 03/14/2003 OLD NAME WAS : CITICORP INTERNATIONAL COMMUNICATIONS, INC.



Joining the Travelers Group
In 1992, Primerica purchased 27% of Travelers Insurance, a company with one of the most recognizable logos in the U.S. - the red umbrella. Less than a year later, Primerica purchased the remaining 73% of Travelers, which later adopted the name Travelers Group. In subsequent years, Travelers Group acquired Shearson-Lehman's retail brokerage, Aetna's property and casualty business, Security Pacific Financial Services, and Salomon Brothers, creating the nation's third largest investment house - Salomon Smith Barney.

 

 On November 28, 1997, a newly formed wholly owned subsidiary of TRV merged
with and into Salomon Inc (Salomon) (the Salomon Merger). Thereafter, Smith
Barney Holdings Inc. (Smith Barney), a wholly owned subsidiary of TRV, was
merged with and into Salomon to form Salomon Smith Barney Holdings Inc.
(Salomon Smith Barney), which is the primary vehicle through which the
Company engages in investment banking, proprietary trading, retail brokerage
and asset management. The Salomon Merger was accounted for as a pooling of
interests and constituted a tax-free exchange. As a result of the Salomon
Merger, Salomon Smith Barney recorded in the fourth quarter of 1997 a
restructuring charge of $838 million ($496 million after tax). This
restructuring charge reflects severance and other termination-related costs
to be incurred in connection with staff reductions ($161 million), costs in
connection with planned abandonment of certain facilities, premises and
other assets ($663 million), and other costs related directly to the Salomon
Merger ($14 million). At March 31, 1998, the reserve balance associated with
the above charge was $729 million, reflecting $109 million of charges
principally related to severance costs.

The Creation of Citi
In 1998, Travelers Group merged with banking powerhouse Citicorp to create Citi, a global financial services company serving 20 million customers worldwide. Citi's businesses include asset management, banking, credit cards, insurance, investments, investment banking and trading.

In 1999, Citi purchased 128 offices of Texas-based Associates First Capital, giving us more than 1,800 offices in 45 states. In September of that year, our name was changed to CitiFinancial to recognize our affiliation with our parent company and to better reflect what we do today.

CitiFinancial Expands
In 2001, CitiFinancial acquired The Associates, including the network of 900 consumer finance branches in the U.S. and a significant presence in more than 20 countries, including Canada and Puerto Rico.Foreign Profit Corporation
 

STATE OF NEW YORK INSURANCE DEPARTMENT
REPORT ON EXAMINATION
OF THE
FIRST CITICORP LIFE INSURANCE COMPANY
AS OF
DECEMBER 31, 2001


The Company is a wholly owned subsidiary of Citicorp Life Insurance Company
(“CLIC”), which is wholly owned by Citigroup Inc., a financial services holding company.
Citigroup Inc. was formed in October 1998 as a result of the merger between Citicorp and
Travelers Group Inc.

http://www.dfs.ny.gov/insurance/exam_rpt/ny801c45.pdf

American Health And Life Insurance Company operates as a life and health insurance company and is based in Fort Worth, Texas. American Health And Life Insurance Company operates as a subsidiary of CitiFinancial Credit Company.

3001 Meacham Boulevard
Suite 200
Fort Worth, TX 76137-4697
United States
Phone:
817-348-7500
Fax:
817-348-75
OLDWICK, N.J.--(BUSINESS WIRE)--

A.M. Best Co. has affirmed the financial strength ratings (FSR) of A- (Excellent) and issuer credit ratings (ICR) “a-” of American Health and Life Insurance Company (AHLIC) and Sears Life Insurance Company (Sears Life). Concurrently, A.M. Best has affirmed the FSR of A (Excellent) and ICR of “a” of Triton Insurance Company (Triton). The outlook for all ratings is stable. These companies are ultimately owned by Citigroup Inc. [NYSE: C]. All companies are domiciled in Fort Worth, TX
http://finance.yahoo.com/news/m-best-affirms-ratings-american-141000425.html;_ylt=A0LEVvcibHVTbWEA.NUPxQt.;_ylu=X3oDMTByZHI5MXByBHNlYwNzcgRwb3MDNgRjb2xvA2JmMQR2dGlkAw--
 
Filing Information
CITICORP SERVICES INC.
Document Number
F01000001855
FEI/EIN Number
364190668
Date Filed
04/05/2001
State
DE
Status
ACTIVE
Last Event
REINSTATEMENT
Event Date Filed
01/31/2007
Event Effective Date
NONE


Principal Address

50 NORTHWEST POINT RD
ELK GROVE VILLAGE, IL 60007


Changed: 03/29/2012

Mailing Address

PO BOX 30509
ATTN: TAX AND REPORTING
TAMPA, FL 33631


Changed: 03/29/2012


Registered Agent Name & Address
C T CORPORATION SYSTEM
1200 SOUTH PINE ISLAND ROAD
PLANTATION, FL 33324



Officer/Director Detail
Name & Address

Title PD

BRABAZON, STEVEN
1 COURT SQUARE
LONG ISLAND CITY, NY 11101
 

Title T

COURTNEY, KATHLEEN
3800 CITIGROUP CENTER DR
TAMPA, FL 33610


Title VPS

BURGE, EDWARD
50 NORTHWEST POINT RD
ELK GROVE VILLAGE, IL 60007

Title D
KRANZ, LOREN
2859 PACES FERRY RD
ATLANTA, GA 30339

Title VP
HOFFMAN, LISA A
3800 CITIGROUP CENTER DR
TAMPA, FL 33610

Annual Reports

Report Year Filed Date
2011 02/18/2011
2012 03/29/2012
2013 04/03/2013
 



Then in 2004, CitiFinancial acquired Washington Mutual Financial, which provided direct real estate-secured loans and consumer installment loans through 426 branches in 26 states.

The acquisitions provided CitiFinancial with an expanded branch network in the U.S., Canada and Puerto Rico, as we became the leading community-based lender in North America.
For Immediate Release
Citigroup Inc. (NYSE: C)
December 8, 2010

Citi's Consumer Finance Unit Announces New Name, OneMain Financial

CitiFinancial to Re-Brand U.S. Full Service Network Stores by Summer 2011

Baltimore, MD - CitiFinancial, the consumer lending arm of Citigroup, today revealed a new identity for its U.S. Full Service Network business. In the summer of 2011, the business will begin operating under the new name OneMain Financial.

CitiFinancial, the largest consumer loan company in the U.S., is changing its name to distinguish itself with an identity that better fits who the company is and what it does. CitiFinancial's Chief Executive Officer Mary McDowell said, "We have a long history of helping consumers. The past couple of years have been difficult for a lot of people. Many lenders, in fact, have closed their doors altogether. But CitiFinancial has remained steadfast in support of our customers in more than 1300 communities across the country. As OneMain Financial, we'll continue our proud heritage of providing personal and home equity loans, and working face-to-face with our customers to provide straightforward, customized solutions that meet their needs."

Customers will receive information about the re-brand in their next monthly statement. When the name officially changes to OneMain Financial in the summer of 2011, customer loan payments and loan terms will remain the same and customers will continue to receive service in their local branch. Branch signs will change in the summer of 2011 to reflect the OneMain Financial name.

As the company enters its 100th year, CitiFinancial sees this as the perfect time to rename its U.S. Full Service Network. "The OneMain name reflects and reinforces our localized business model and commitment to our customers. It represents the communities in which we operate, both large and small. OneMain Financial will continue to focus on taking care of our customers and as always, we'll work one-on-one with them at every stage of the loan process; recommend the right solution for each person's unique needs; and remain just a phone call or short drive away when they need us," says Executive Vice President of Marketing, Jim Ryan.

CitiFinancial is part of Citi Holdings, formed in 2009, which includes businesses and assets that are non-core to the future of Citi. Earlier this year, CitiFinancial announced plans to reorganize its U.S. franchise into a full service network and financial servicing centers and to re-name the business. The Full Service Network continues to originate and service Personal, Refinance, and Home Equity loans through a streamlined branch network, and CitiFinancial Servicing is focused on providing specialized service to existing customers who would benefit from expanded support including loan modifications or restructurings.

"CitiFinancial's Full Service Network is an excellent business with a long tradition of serving its customers well. While it is not core to the future of Citi, we believe it has incredible value. As OneMain Financial, we are confident it will remain a strong franchise, critical to serving the credit needs of Middle America," said Michael Corbat, chief executive officer of Citi Holdings.

# # #

CitiFinancial
CitiFinancial is the premier community lender in North America. With more than 1,800 locations across the US, Canada, and Puerto Rico, CitiFinancial has been serving communities since 1912. Additional information may be found at www.citifinancial.com.

Citi
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.

Contacts

Media:

Shannon Bell (212) 793-6206
Mark Rodgers (212) 559-1719

Investors:

John Andrews (212) 559-2718

Fixed Income Investors:

Ilene Fiszel Bieler (212) 559-5091
http://www.onemainfinancial.com/USCFA/CFA/about-citifinancial/CustCopy.do?content_id=press_release_112010

A New Name. Same Dedicated People.
In 2011, CitiFinancial became OneMain Financial. We changed our name to distinguish ourselves with an identity that better fits who we are and what we do. OneMain Financial provides personal loans, which are serviced locally at neighborhood branches, and work with customers one-on-one to find a loan solution. We've been in business since 1912, and are proud to support our customers and communities.
http://www.onemainfinancial.com/USCFA/history.do

Florida Limited Liability Company
CITICORP GROUP LLC

Filing Information

Document Number
L11000112295
FEI/EIN Number
APPLIED FOR
Date Filed
09/30/2011
State
FL
Status
ACTIVE
Principal Address

1521 ALTON ROAD, #322
MIAMI BEACH, FL 33139

Mailing Address

1521 ALTON ROAD, #322
MIAMI BEACH, FL 33139

Registered Agent Name & Address
FLORIDA FILING & SEARCH SERVICES, INC.
155 OFFICE PLAZA DRIVE, SUITE A
TALLAHASSEE, FL 32301

Authorized Person(s) Detail
Name & Address
Title MGRM

1521 HOLDINGS LP
1521 ALTON ROAD, #322
MIAMI BEACH, FL 33139

Annual Reports

Report Year Filed Date
2012 04/11/2012
2013 04/17/2013
Detail by Entity Name
 

For Immediate Release
Citigroup Inc. (NYSE: C)
December 8, 2010

Citi's Consumer Finance Unit Announces New Name, OneMain Financial

CitiFinancial to Re-Brand U.S. Full Service Network Stores by Summer 2011

Baltimore, MD - CitiFinancial, the consumer lending arm of Citigroup, today revealed a new identity for its U.S. Full Service Network business. In the summer of 2011, the business will begin operating under the new name OneMain Financial.

CitiFinancial, the largest consumer loan company in the U.S., is changing its name to distinguish itself with an identity that better fits who the company is and what it does. CitiFinancial's Chief Executive Officer Mary McDowell said, "We have a long history of helping consumers. The past couple of years have been difficult for a lot of people. Many lenders, in fact, have closed their doors altogether. But CitiFinancial has remained steadfast in support of our customers in more than 1300 communities across the country. As OneMain Financial, we'll continue our proud heritage of providing personal and home equity loans, and working face-to-face with our customers to provide straightforward, customized solutions that meet their needs."

Customers will receive information about the re-brand in their next monthly statement. When the name officially changes to OneMain Financial in the summer of 2011, customer loan payments and loan terms will remain the same and customers will continue to receive service in their local branch. Branch signs will change in the summer of 2011 to reflect the OneMain Financial name.

As the company enters its 100th year, CitiFinancial sees this as the perfect time to rename its U.S. Full Service Network. "The OneMain name reflects and reinforces our localized business model and commitment to our customers. It represents the communities in which we operate, both large and small. OneMain Financial will continue to focus on taking care of our customers and as always, we'll work one-on-one with them at every stage of the loan process; recommend the right solution for each person's unique needs; and remain just a phone call or short drive away when they need us," says Executive Vice President of Marketing, Jim Ryan.

CitiFinancial is part of Citi Holdings, formed in 2009, which includes businesses and assets that are non-core to the future of Citi. Earlier this year, CitiFinancial announced plans to reorganize its U.S. franchise into a full service network and financial servicing centers and to re-name the business. The Full Service Network continues to originate and service Personal, Refinance, and Home Equity loans through a streamlined branch network, and CitiFinancial Servicing is focused on providing specialized service to existing customers who would benefit from expanded support including loan modifications or restructurings.

"CitiFinancial's Full Service Network is an excellent business with a long tradition of serving its customers well. While it is not core to the future of Citi, we believe it has incredible value. As OneMain Financial, we are confident it will remain a strong franchise, critical to serving the credit needs of Middle America," said Michael Corbat, chief executive officer of Citi Holdings.

# # #

CitiFinancial
CitiFinancial is the premier community lender in North America. With more than 1,800 locations across the US, Canada, and Puerto Rico, CitiFinancial has been serving communities since 1912. Additional information may be found at www.citifinancial.com .

Citi
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.

Contacts

Media:

Shannon Bell (212) 793-6206
Mark Rodgers (212) 559-1719

Investors:

John Andrews (212) 559-2718

Fixed Income Investors:

Ilene Fiszel Bieler (212) 559-5091
http://www.onemainfinancial.com/USCFA/CFA/about-citifinancial/CustCopy.do?content_id=press_release_112010
 

In 2010, Bank of America set up more than 200 subsidiaries in the Cayman Islands (which has a corporate tax rate of 0.0 percent) to avoid paying U.S. taxes. It worked. Not only did Bank of America pay nothing in federal income taxes, but it received a rebate from the IRS worth $1.9 billion that year. They are not alone. In 2010, JP Morgan Chase operated 83 subsidiaries incorporated in offshore tax havens to avoid paying some $4.9 billion in U.S. taxes. That same year Goldman Sachs operated 39 subsidiaries in offshore tax havens to avoid an estimated $3.3 billion in U.S. taxes. Citigroup has paid no federal income taxes for the last four years after receiving a total of $2.5 trillion in financial assistance from the Federal Reserve during the finan...
Pharmaceutical companies like Eli Lilly and Pfizer have fought to make it illegal for the American people to buy cheaper prescription drugs from Canada and Europe. But, during tax season, Eli Lilly and Pfizer shift drug patents and profits to the Netherlands and other offshore tax havens to avoid paying U.S. taxes.

Apple wants all of the advantages of being an American company, but it doesn't want to pay American taxes or American wages. It creates the iPad, the iPhone, the iPod, and iTunes in the United States, but manufactures most of its products in China so it doesn't have to pay American wages. Then it shifts most of its profits to Ireland, Luxembourg, the British Virgin Islands and other tax havens to avoid paying U.S. taxes. Without such maneuvers, Apple's federal tax bill in the United States would have been $2.4 billion higher in 2011.

Offshore tax schemes have become so absurd that one five-story office building in the Cayman Islands is now the "home" to more than 18,000 corporations.
cial crisis.

This tax avoidance does not just reduce the revenue that we need to pay for education, healthcare, roads, and environmental protection, it is also costing us millions of American jobs. Today, companies are using these same tax schemes to lower their tax bills by shipping American jobs and factories abroad. These tax breaks have contributed to the loss of more than 5 million U.S. manufacturing jobs and the closure of more than 56,000 factories since 2000. That also has got to change.http://www.huffingtonpost.com/rep-bernie-sanders/a-choice-for-corporate-am_b_2652176.html

Research firm Audit Analytics said in a report issued last week that the total of such earnings was up 93 percent from 2008 to 2013, citing federal financial filings for companies listed in the Russell 1000 index of U.S. corporations.

Conglomerate General Electric Co had the biggest pile of earnings stored abroad, at $110 billion, the firm said.

Next were software maker Microsoft Corp, with $76.4 billion; drugmakers Pfizer Inc, with $69 billion, and Merck & Co Inc, with $57.1 billion; and high-tech group Apple Inc, with $54.4 billion, it said.

In response, GE said in a statement: "GE operates in more than 170 countries, and most of these overseas earnings have been reinvested in active business operations like manufacturing facilities and loans to non-U.S. customers."

Microsoft, Merck and Pfizer were not immediately available for comment. Apple did not respond to requests for comment.

BAUCUS AND WYDEN

Congress has quarreled for years over the law that lets multinationals stash profits abroad tax-free. Some favor killing the law - known as offshore corporate income tax deferral - and some back a one-time tax holiday that would let companies bring foreign profits home, or "repatriate" them, at a low tax rate. http://www.reuters.com/article/2014/04/08/us-usa-tax-offshore-idUSBREA3729V20140408
 

In 2014, a dozen investors filed a joint lawsuit against 12 banks for allegedly conspiring to rig global foreign-exchange prices, according to a new consolidated complaint.
The investors accused the banks of communicating "with one another, including in chat rooms, via instant messages, and by emails, to carry out their conspiracy," and for rigging foreign-exchange rates as far back as January 2003, the lawsuit said.

The banks sued were Bank of America Corp., Barclays, BNP Paribas,Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs Group, HSBC Holdings, JP Morgan Chase, Morgan Stanley, Royal Bank of Scotland Group and UBS.

The private lawsuits followed an international regulatory probe into the manipulation of currency markets and constituted the latest headache for several major banks that have been scrutinised for their conduct relating to everything from global interest-rate benchmarks to credit derivatives trading.

Big banks embroiled in the forex probes have suspended or fired more than 20 traders, mostly in New York and London. Earlier this month, BNP and Bank of America became the latest to suspend staff. The Bank of England has suspended a staff member relating to the probe.

The investors behind the consolidated lawsuit are: Aureus Currency Fund, a Santa Rosa, Calif., investment fund; the City of Philadelphia and its board of pensions and retirement; the Employees' Retirement System for the Government of the Virgin Islands; the Employees' Retirement System of Puerto Rico Electric Power Authority; Fresno County Employees' Retirement Association; Haverhill Retirement System for the city of Haverhill, Mass.; Oklahoma Firefighters Pension and Retirement System; State-Boston Retirement System; Tiberius OC Fund, a Cayman Islands fund; Value Recovery Fund, a Delaware fund with offices in Connecticut; Syena Global Emerging Markets Fund, a hedge fund in Connecticut; and the United Food and Commercial Workers Union.

In the complaint, the investors accused the banks of controlling foreign-exchange rates via a "small and close-knit group of traders." They alleged it became possible for banks to rig the market because the traders "have strong ties formed by working with one another in prior trading positions" and by in many cases living "in the same neighbourhoods in the Essex countryside just northeast of London's financial district."

"They belong to the same social clubs, golf together, dine together and sit on many of the same charity boards," the complaint adds.

All of the investors had previously filed individual claims in recent months, before their claims were consolidated into the group lawsuit.

The damages the investors are seeking were unspecified in the complaint.

--write to katy.burne@wsj.com

This story was first published on The Wall Street Journal.

http://media.efinancialnews.com/story/2014-04-01/investors-sue-12-banks-allege-conspiracy-to-rig-forex-markets?mod=sectionheadlines-PE-TTmod=sectionheadlines-PE-TT&ea9c8a2de0ee111045601ab04d673622


Citigroup names new corporate banking head
Matt Turner View Social links for Matt Turner
Search View more content by Matt Turner
Email mturner@efinancialnews.com
Twitter Follow @_bmturner_

31 Mar 2014

Citigroup has handed a 23-year veteran of the bank the role of head of corporate banking in Europe, the Middle East and Africa – his second promotion in less than a year.

http://www.efinancialnews.com/story/2014-03-31/citigroup-names-zdenek-turek-corporate-banking-head?mod=TT-foreign-exchange-mostread


Citifinancial Mortgage Company (fl), LLC is a Florida Foreign Limited-Liability Company filed on January 9, 2002. The company's filing status is listed as Inactive and its File Number is M02000000073.

The Registered Agent on file for this company is C T Corporation System and is located at 1200 South Pine Island Road Plantation, FL 33324. The company's principal address is 300 St. Paul Place Baltimore 21202 and its mailing address is Po Box 30509 Attn Tax & Reporting Tampa, FL 33631.

The company has 6 principals on record. The principals are
William P Beckmann from Ofallon MO,
Barry W Hess from Irving TX,
Lisa Hoffman from Tampa FL,
Paul Ince from O'fallon MO,
Robert T Langston from Irving TX,
and Darin L Thomas from O'fallon MO.
Company Name: CITIFINANCIAL MORTGAGE COMPANY (FL), LLC
File Number: M02000000073
Filing State: Florida (FL)
Domestic State: Delaware (DE)
Filing Status: Inactive
Filing Date: January 9, 2002
Company Age: 12 Years, 3 Months

Registered Agent:

C T Corporation System
1200 South Pine Island Road
Plantation, FL 33324

Principal Address:
300 St. Paul Place
Baltimore, 21202


Mailing Address:
Po Box 30509
Attn Tax & Reporting
Tampa, FL 33631

Company Contacts

WILLIAM P BECKMANN
President, Director
1000 Technology Drive
Ofallon, MO 63368

BARRY W HESS
Executive Vice President
4000 Regent Blvd
Irving, TX 75063

LISA HOFFMAN
As
3800 Citigroup Center
Tampa, FL 33610


PAUL INCE
Treasurer, Director
1000 Technology Drive
O'fallon, MO 63368

ROBERT T LANGSTON
Vice President, Secretary
4000 Regent Blvd
Irving, TX 75063


DARIN L THOMAS
Director
1000 Technology Drive
O'fallon, MO 63368
http://www.bizapedia.com/fl/CITIFINANCIAL-MORTGAGE-COMPANY-FL-LLC.html Entity Type:
DOMESTIC BUSINESS CORPORATION

Current Entity Status:
INACTIVE - Merged Out (Apr 01, 2004)


Selected Entity Address Information


DOS Process (Address to which DOS will mail process if accepted on behalf of the entity)

C T CORPORATION SYSTEM
111 EIGHTH AVENUE
NEW YORK, NEW YORK, 10011

Chief Executive Officer

DANIEL J GILBERT
8900 GRAND OAK CIRCLE
TAMPA, FLORIDA, 33637-1050

Principal Executive Office

BLAZER FINANCIAL SERVICES, INC.
8900 GRAND OAK CIRCLE
TAMPA, FLORIDA, 33637-1050

Registered Agent

C T CORPORATION SYSTEM
111 EIGHTH AVENUE
NEW YORK, NEW YORK, 10011


This office does not record information regarding the names and addresses of officers, shareholders or directors of nonprofessional corporations except the chief executive officer, if provided, which would be listed above. Professional corporations must include the name(s) and address(es) of the initial officers, directors, and shareholders in the initial certificate of incorporation, however this information is not recorded and only available by viewing the certificate.


*Stock Information



# of Shares

Type of Stock

$ Value per Share

0 Capital Stock 1725000

*Stock information is applicable to domestic business corporations.


Name History



Filing Date

Name Type

Entity Name

NOV 23, 1973 Actual BLAZER FINANCIAL SERVICES, INC.
JUN 21, 1933 Actual FAMILY FINANCE CORPORATION

A Fictitious name must be used when the Actual name of a foreign entity is unavailable for use in New York State. The entity must use the fictitious name when conducting its activities or business in New York State.NOTE: New York State does not issue organizational identification numbers.
http://appext20.dos.ny.gov/corp_public/CORPSEARCH.ENTITY_INFORMATION?p_nameid=53852&p_corpid=45145&p_entity_name=%62%6C%61%7A%65%72%20%66%69%6E%61%6E&p_name_type=%25&p_search_type=%42%45%47%49%4E%53&p_srch_results_page=0



NYS Department of State
Division of Corporations
Entity Information
The information contained in this database is current through February 3, 2014.



Selected Entity Name: WASHINGTON MUTUAL FINANCE, LLC

Selected Entity Status Information


Current Entity Name:
WASHINGTON MUTUAL FINANCE, LLC

DOS ID #:
2569177

Initial DOS Filing Date:
OCTOBER 31, 2000

County:
NEW YORK

Jurisdiction:
DELAWARE

Entity Type:
FOREIGN LIMITED LIABILITY COMPANY

Current Entity Status:
INACTIVE - Termination (May 19, 2004)


Selected Entity Address Information


DOS Process (Address to which DOS will mail process if accepted on behalf of the entity)

C/O C T CORPORATION SYSTEM
111 EIGHTH AVENUE
NEW YORK, NEW YORK, 10011

Registered Agent

C T CORPORATION SYSTEM
111 EIGHTH AVENUE
NEW YORK, NEW YORK, 10011


This office does not require or maintain information regarding the names and addresses of members or managers of nonprofessional limited liability companies. Professional limited liability companies must include the name(s) and address(es) of the original members, however this information is not recorded and only available by viewing the certificate.


*Stock Information



# of Shares

Type of Stock

$ Value per Share

No Information Available

*Stock information is applicable to domestic business corporations.


Name History



Filing Date

Name Type

Entity Name

OCT 31, 2000 Actual WASHINGTON MUTUAL FINANCE, LLC

A Fictitious name must be used when the Actual name of a foreign entity is unavailable for use in New York State. The entity must use the fictitious name when conducting its activities or business in New York State.
NOTE: New York State does not issue organizational identification numbers.
http://appext20.dos.ny.gov/corp_public/CORPSEARCH.ENTITY_INFORMATION?p_nameid=2602142&p_corpid=2569177&p_entity_name=%77%61%73%68%69%6E%67%74%6F%6E%20%6D%75%74%75%61%6C&p_name_type=%25&p_search_type=%42%45%47%49%4E%53&p_srch_results_page=0
 

Institution History for WASHINGTON MUTUAL FINANCE OF FLORIDA, LLC (3236891)
2 institution history record(s) found. < Previous Page Next >
Event Date Historical Event
2004-01-09 WASHINGTON MUTUAL FINANCE OF FLORIDA, LLC located at TAMPA, FL was established as a Finance Company.
2004-04-01 WASHINGTON MUTUAL FINANCE OF FLORIDA, LLC was acquired by CITIFINANCIAL, INC..
http://www.ffiec.gov/nicpubweb/nicweb/InstitutionHistory.aspx?parID_RSSD=3236891&parDT_END=20040331


Institution History for CFNA RECEIVABLES (MD), INC. (2751986)
3 institution history record(s) found. < Previous Page Next >
Event Date Historical Event
1998-10-08 COMMERCIAL CREDIT CORPORATION located at BALTIMORE, MD was established as a Finance Company.
1999-05-20 COMMERCIAL CREDIT CORPORATION was renamed to CITIFINANCIAL, INC..
2013-10-01 CITIFINANCIAL, INC. was renamed to CFNA RECEIVABLES (MD), INC..
http://www.ffiec.gov/nicpubweb/nicweb/InstitutionHistory.aspx?parID_RSSD=2751986&parDT_END=99991231



CFNA RECEIVABLES (MD), INC.
BALTIMORE, MD, UNITED STATES 21202

Institution Type: Finance Company
RSSD ID: 2751986


Financial Data


Financial statements for this institution type are not available.
http://www.ffiec.gov/nicpubweb/nicweb/InstitutionProfile.aspx?parID_RSSD=2751986&pardt_end=99991231




CFNA RECEIVABLES (MD), INC. (2751986) as of 02/08/2014
Hierarchy report with the following institution types: Commercial Bank, Cooperative Bank, Credit Union, Edge/Agreement Corporation, Financial Holding Company, Holding Company, Industrial Bank, Insurance Co. Broker/Agent/Underwriter, Nondepository Trust Company, Other Company, Savings Bank, Savings and Loan Association, and the Securities Broker/Dealer/Underwriter
4 Institution(s) Found. < Previous Page Next >
Seq Num Name (RSSD ID) Parent Seq Num City State / Country Institution Type
1 * CFNA RECEIVABLES (MD), INC. (2751986) BALTIMORE MD Finance Company
2 -* CITIFINANCIAL SERVICES, INC. (2751995) 1 BALTIMORE MD Finance Company
3 -* CF NETWORK RECEIVABLES CORPORATION (4215781) 1 BALTIMORE MD Domestic Entity Other
4 --* CF NETWORK ISSUANCE TRUST 2010-1 (4215790) 3 BALTIMORE MD Domestic Entity Other
Page 1 of 1
* Institutions Matching Selection Rule
+ For purposes of Regulation Y, the top-tier reporter's ownership level in this banking organization does not meet the definition of "control"; however, the ownership level does meet the FY Y-10/10F reportability criteria as this banking relationship is regulated by the Federal Reserve. ^ Although this relationship is not governed by U.S. banking statutes, it is included because it is of interest to the Federal Reserve.
http://www.ffiec.gov/nicpubweb/nicweb/OrgHierarchySearchForm.aspx?parID_RSSD=2751986&parDT_END=99991231



CFNA RECEIVABLES (MD), INC. (2751986) as of 12/31/2013
Hierarchy report with the following institution types: HMDA Reporters
1 Institution(s) Found. < Previous Page Next >
Seq Num Name (RSSD ID) Parent Seq Num City State / Country Institution Type
1 CFNA RECEIVABLES (MD), INC. (2751986) BALTIMORE MD Finance Company
Page 1 of 1
* Institutions Matching Selection Rule
+ For purposes of Regulation Y, the top-tier reporter's ownership level in this banking organization does not meet the definition of "control"; however, the ownership level does meet the FY Y-10/10F reportability criteria as this banking relationship is regulated by the Federal Reserve. ^ Although this relationship is not governed by U.S. banking statutes, it is included because it is of interest to the Federal Reserve.
http://www.ffiec.gov/nicpubweb/nicweb/OrgHierarchySearchForm.aspx?parID_RSSD=2751986&parDT_END=99991231



search site i used:http://www.ffiec.gov/nicpubweb/nicweb/OrgHierarchySearchForm.aspx?parID_RSSD=2751986&parDT_END=99991231

 Bob Traficanti
Head of Accounting Policy and Deputy Controller Citigroup
Bob Traficanti is the Head of Accounting Policy and Deputy Controller for Citigroup. In this role Bob is responsible for establishing accounting policies for Citigroup and interfacing with the organization’s senior management and its business lines concerning accounting issues and policies. Bob joined Citigroup in January 2001 as the Managing Director of Accounting Policy for the Global Investment Bank.
Bob has over 30 years of diversified financial management experience. Prior to joining Citigroup, he was a Project Manager at the Financial Accounting Standards Board (FASB), where he was one of the members of the Derivatives Project Team and the Project Manager that drafted the FASB Derivatives Training Course. Prior to working at the FASB, Bob worked in the insurance and banking industries at Mass Mutual Life Insurance Company (formerly Ct. Mutual), Fleet Capital (formerly Barclays Business Credit) and Ernst & Young.
Bob earned a B.S. degree in Accounting from the University of Connecticut and an M.S. degree in Taxation from the University of Hartford. In addition, Bob is a CPA and CFA. Bob also co-authored a book entitled Investment Pricing Methods, A Guide For Accounting and Financial Professionals, published by John Wiley & Sons.
http://www.sec.gov/spotlight/fairvalue/marktomarket/traficantibio.pdf

Citigroup cuts 17,000 positions to bring costs in line with rivals
The largest financial institution in the United States, Citigroup Inc., has announced that it will reduce spending and cut 17,000 jobs – including approximately 270 across Canada.
By: Jen Gerson business reporter, Published on Thu Apr 12 2007
The largest financial institution in the United States, Citigroup Inc., has announced that it will reduce spending and cut 17,000 jobs – including approximately 270 across Canada.
Of the 5,400 positions here about 5 per cent will be eliminated, according to spokesperson Liz Fogarty.
That percentage is on par with cuts across the rest of the company: Citigroup has said it will cut about 5 per cent of its total workforce of 327,000 full- and part-time workers.
Citigroup is expecting to save about $2 billion (U.S.) this year, almost $4 billion next year and $4.6 billion by 2009.
Citigroup executives have faced pressure from investors and analysts to get a handle on the bank's burgeoning expenses, which grew 15 per cent last year, twice the pace of revenue growth.
As a result, its shares have lagged those of other big banks.
The cuts came as no shock to analysts, who said they are long overdue, and too small in scope.
"Don't get me wrong, those are big numbers, but in the grand scheme of things, when you have a workforce of that size, it's not very large," said Ian Nakamoto, director of research for financial consultants MacDougall, MacDougall & MacTier.
Citigroup has been operating in Canada for about 50 years through Citibank, CitiFinancial, CitiCapital, Citigroup Global Markets, Primerica and Diners Club franchises. The company offers corporate, investment and personal banking.
 

 

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Home » Document Catalog » Lease and Rental Agreements » Miscellaneous Agreements » Employee and Employment Agreements » Termination Agreement » Lease Termination Agreement
.
Termination Agreement by CITIGROUP INC

Submitted by system on Mon, 02/10/2014 - 10:48am

Processing Fee:
$24.99

Company: CITIGROUP INC
SEC CIK: 831001
SEC Type: EX-10.1
SIC Code: 6021
SIC Industry: NATIONAL COMMERCIAL BANKS
Date Filed: 2009-12-24

Last system update:2014-02-10 09:48:51

SKU: RDKD4B-9-1KLB-6

Exhibit 10.1
EXECUTION VERSION

TERMINATION AGREEMENT
relating to the
MASTER AGREEMENT
dated as of January 15, 2009 and amended as of November 30, 2009,
among
CITIGROUP INC.,
CERTAIN AFFILIATES OF CITIGROUP IDENTIFIED THEREIN,
UNITED STATES DEPARTMENT OF THE TREASURY,
FEDERAL DEPOSIT INSURANCE CORPORATION
and
FEDERAL RESERVE BANK OF NEW YORK

This Termination Agreement (this “Termination Agreement”) to the Master Agreement dated as of January 15, 2009 (as amended on November 30, 2009, the “Master Agreement”) among Citigroup Inc., a Delaware corporation (“Citigroup”), each Citigroup Ring-Fence Affiliate (as defined in the Master Agreement), the United States Department of the Treasury (“Treasury”), the Federal Deposit Insurance Corporation (“FDIC”) and the Federal Reserve Bank of New York (“FRBNY” and, together with Treasury and FDIC, the “U.S. Federal Parties”) is entered into this 23rd day of December, 2009, among Citigroup, the Citigroup Ring-Fence Affiliates and the U.S. Federal Parties.

RECITALS

WHEREAS, Citigroup, the Citigroup Ring-Fence Affiliates and the U.S. Federal Parties entered into the Master Agreement, whereby in support of financial market stability, the U.S. Federal Parties agreed to provide loss protection to Citigroup and certain of its Affiliates with respect to a pool of assets having a value of approximately $300,700,000,000 consisting primarily of residential and commercial mortgage-backed securities, mortgage loans, automobile loans and other consumer loans, highly leveraged finance loans, corporate loans and securities of structured investment vehicles;

WHEREAS, as consideration for the loss protection provided by Treasury and the FDIC to Citigroup and certain of its Affiliates under the Master Agreement, Citigroup issued (i) to Treasury 4,034 shares (the “Guarantee Preferred Shares”) of its preferred stock designated as “Fixed Rate Cumulative Perpetual Preferred Stock Series G”, having a liquidation amount of $1,000,000 per share (the “Guarantee Preferred Stock”), and a warrant (the “Guarantee Warrant”) to purchase 66,531,728 shares of Citigroup’s common stock, par value $0.01 per share (“Common Stock”), and (ii) to the FDIC 3,025 shares of the Guarantee Preferred Stock;

WHEREAS, Citigroup and Treasury entered into the Securities Purchase Agreement, dated as of December 31, 2008, relating to the Targeted Investment Program (the “TIP SPA”), whereby Treasury invested $20,000,000,000 in Citigroup and Citigroup issued to Treasury 20,000 shares (the “TIP Preferred Shares”) of its preferred stock designated as “Fixed Rate Cumulative Perpetual Preferred Stock, Series I”, having a liquidation amount of $1,000,000 per share, and a warrant (the “TIP Warrant”) to purchase 188,501,414 shares of Common Stock;

WHEREAS, Citigroup and Treasury entered into the Exchange Agreement, dated as of June 9, 2009 (the “Treasury Exchange Agreement”), pursuant to which, inter alia, Citigroup caused a newly-formed Delaware business trust (the “TruPs Issuer”) to (i) issue and sell the number of preferred shares calculated in accordance therewith and having the terms set forth in Schedule A thereto (the “TIP TruPs”) to Treasury in exchange for the surrender of the TIP Preferred Shares held by Treasury; and (ii) issue and sell the number of preferred shares calculated in accordance therewith and having the terms  set forth in Schedule A thereto (the “Treasury Guarantee TruPs”) to Treasury in exchange for the surrender of the Guarantee Preferred Shares held by Treasury, in each case on the terms and subject to the conditions set forth in the Treasury Exchange Agreement;

WHEREAS, Citigroup and the FDIC entered into the Exchange Agreement, dated as of June 9, 2009 (the “FDIC Exchange Agreement,” and together with the Treasury Exchange Agreement, the “Exchange Agreements”), pursuant to which Citigroup caused the TruPs Issuer to issue and sell the number of preferred shares calculated in accordance therewith and having the terms set forth in Schedule A thereto (the “FDIC Guarantee TruPs,” and together with the Treasury Guarantee TruPs, the “Guarantee TruPs”; and the Guarantee TruPs together with the TIP TruPs, the “TruPs Exchange Securities”) to the FDIC in exchange for the surrender of the Guarantee Preferred Shares held by the FDIC on the terms and subject to the conditions set forth in the FDIC Exchange Agreement;

WHEREAS, Citigroup and the FDIC entered into the FDIC’s Temporary Liquidity Guarantee Program (the “TLGP”), whereby one or more affiliates of Citigroup (the “Citigroup TLGP Issuers”) have issued debt instruments (the “TLGP Instruments”) which were guaranteed by the FDIC pursuant to the terms of the TLGP;

WHEREAS, on December 13, 2009, Citigroup notified the Board of Governors of the Federal Reserve System (“Board of Governors”) that, in view of improvements in its financial condition and in financial market stability, and subject to the consummation of certain actions including an offering of common stock and other securities, it wished to redeem or repurchase all the TIP TruPs and to terminate the Master Agreement;

WHEREAS, Citigroup, Treasury and the FDIC have agreed that, in connection with the early termination of the Master Agreement, Citigroup shall reduce the Liquidation Amount (as defined in the Amended and Restated Declaration of Trust of Citigroup Capital XXXIII, dated July 30, 2009) (“Liquidation Amount”) of Guarantee TruPs by $1,800,000,000 which shall be allocated as provided herein;

WHEREAS, on December 14, 2009, the Board of Governors granted approval for such repayment and termination provided that certain actions, including the offering of the Common Stock and other securities, were completed (the “Federal Reserve Conditional Approval”);

WHEREAS, on December 22, 2009, Citigroup completed an offering of common stock and mandatory convertible preferred stock as contemplated by the Federal Reserve Conditional Approval;

WHEREAS, simultaneously with the entry into this Termination Agreement, Citigroup is redeeming or repurchasing the TIP TruPs; reducing the Liquidation Amount of the Guarantee TruPs by $1,800,000,000; and paying a $50,000,000 termination fee to the FRBNY;

WHEREAS, the parties hereto agree that Citigroup and the Citigroup Ring-Fence Affiliates have received substantial benefit by virtue of the U.S. Federal Parties’ agreement to bear the risk of loss on the Covered Assets pursuant to the Master Agreement; and

WHEREAS, by this Termination Agreement, Citigroup, the Citigroup Ring-Fence Affiliates and the U.S. Federal Parties wish to terminate the Master Agreement.

2

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and in consideration of the mutual covenants herein contained, the parties hereto hereby agree as follows:

SECTION 1. Defined Terms. Terms used but not defined herein shall be as defined in the Master Agreement.

SECTION 2. Termination and Release.

(a) The parties acknowledge and agree that:

(i) the Master Agreement and each Program Document is hereby terminated effective as of the date hereof (the “Effective Date”), except as set forth in this Termination Agreement;

(ii) the U.S. Federal Parties shall have no further obligations as of the Effective Date to make any Treasury Advances, FDIC Advances or FRBNY Loan, as applicable;

(iii) no Citigroup Ring-Fence Affiliate shall make a claim for any Covered Loss on or after the Effective Date; and

(iv) each Citigroup Ring-Fence Entity hereby releases, discharges and acquits each of the U.S. Federal Parties, and each U.S. Federal Party hereby releases, discharges and acquits each Citigroup Ring-Fence Entity, from all Released Claims (as defined below), except for any rights and obligations under this Termination Agreement.

(b) “Released Claims” means all claims of any party, including but not limited to claims, demands, obligations, liabilities, cause or causes of action (whether at law or in equity), whensoever arising and occurring at any time up to and through the date hereof, whether known or unknown, suspected or unsuspected, liquidated or unliquidated, matured or unmatured, fixed or contingent, that arise out of or relate to the Master Agreement, any Program Document, the guarantee (in the case of Treasury and the FDIC) or the loan (in the case of the FRBNY) established thereunder.

(c) Notwithstanding the foregoing, the provisions of Sections 13.4 and 13.5 of the Master Agreement shall survive the termination of the Master Agreement. For the avoidance of doubt, the agreements in Section 13.5 survive to the same extent as if there had been a repayment of a Treasury Advance, a FDIC Advance and the FRBNY Loan. In addition Citigroup agrees to pay or reimburse the US Federal Parties for reasonable out-of-pocket costs and expenses, and to indemnify and hold harmless the US Federal Parties for any losses, incurred in connection with or as a result of this Termination Agreement. Moreover, in addition to the executive compensation provisions of the relevant Exchange Agreements (which require compliance with Section 111 of the Emergency Economic Stabilization Act of 2008, as amended by the American Recovery and Reinvestment Act of 2009), for 2010, the Board of Governors, in consultation with the Office of the Comptroller of the Currency and the FDIC, will review the actual incentive compensation arrangements for Citigroup’s top 30 earners (as opposed, for example, to simply reviewing the firm’s overall incentive

3










compensation policies and practices) to be sure they comport with the Board of Governor’s incentive compensation principles as set forth in the Board of Governor’s guidance.

SECTION 3. TruPs Exchange Securities and Warrant. The parties hereto agree that in connection with the termination and release set forth in Section 2 hereof,

(a) (i) Citigroup is simultaneously redeeming the TIP TruPs and (ii) the aggregate Liquidation Amount of the Treasury Guarantee TruPs shall be adjusted such that, as of the date hereof, the aggregate Liquidation Amount of the Treasury Guarantee TruPs held by Treasury shall be reduced from $4,034,000,000 to $2,234,000,000;

(b) Treasury shall retain (i) $2,234,000,000 Liquidation Amount of the Treasury Guarantee TruPs currently held by Treasury (and, to implement the foregoing, Treasury will deliver to Citigroup one or more certificates representing Treasury Guarantee TruPs and will transfer to Citigroup the title in $1,800,000,000 in aggregate Liquidation Amount of Treasury Guarantee TruPs (which may be cancelled by Citigroup), and Citigroup will deliver to Treasury new certificates representing $2,234,000,000 Liquidation Amount of the Treasury Guarantee TruPs), (ii) accrued interest on the reduced $1,800,000,000 in aggregate Liquidation Amount of Treasury Guarantee TruPs and (iii) all of the Guarantee Warrant and the TIP Warrant; and

(c) the FDIC:

(i) agrees that it waives any rights to pro rata redemption set forth in the Exchange Agreements of the FDIC Guarantee TruPs in connection with the redemption by Citigroup of the TIP TruPs; and

(ii) shall initially retain all FDIC Guarantee TruPs currently held by the FDIC and shall transfer to the Treasury $800,000,000 aggregate Liquidation Amount of Guarantee TruPs, subject to certain deductions and credits as set forth in the letter agreement between Treasury and the FDIC dated the date hereof which is attached in form as Annex A hereto and subject to and in accordance with the other terms and conditions set forth therein (and Treasury and the FDIC will deliver existing certificates, and Citigroup will deliver new certificates to Treasury and the FDIC, for Guarantee TruPs in connection with such transfer as requested by Treasury and the FDIC at such time).

SECTION 4. Termination Fee to the FRBNY. As partial consideration to the FRBNY in respect of the termination of the FRBNY’s obligations under the Master Agreement, Citigroup shall have wired $50,000,000 in immediately available funds prior to or on the Effective Date to a FRBNY account identified by FRBNY to Citigroup in writing.

SECTION 5. Power; Authorization; Enforceable Obligations. Each Citigroup Ring-Fence Entity hereby represents and warrants that: (a) it has the power and authority to enter into this Termination Agreement; (b) it has taken all necessary organizational action to authorize the execution, delivery and performance of this Termination Agreement to which it is a party; (c) no consent or authorization of, filing with, notice to or other act by or in respect of, any Governmental Authority or any other Person is required in connection with the execution, delivery, performance, validity or enforceability of this Termination Agreement to which any Citigroup Ring-Fence Entity is a party, except consents, authorizations, filings and notices as have been obtained or made and are in full force and effect; and (d) this Termination Agreement constitutes a legal, valid and binding obligation of such

4

Citigroup Ring-Fence Entity, enforceable against it in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).

SECTION 6. Information, Access and Confidentiality.

(a) Treasury and FDIC agree that notwithstanding the termination and release provided for in this Termination Agreement, their obligations under Section 13.16(d) of the Master Agreement shall survive the termination of the Master Agreement. FRBNY agrees that notwithstanding the termination and release provided for in this Termination Agreement, its obligations under Section 13.16(f) of the Master Agreement shall survive the termination of the Master Agreement. Citigroup and the Citigroup Ring Fence Affiliates agree that Section 13.17 of the Master Agreement governing their confidentiality obligations survive termination of the Master Agreement.

(b) Citigroup and the Citigroup Ring-Fence Affiliates each agree to continue to maintain their books and records, including electronic and physical documents, in respect of the creation, implementation and operation (it being understood that such implementation and operation are through the date hereof) of the Master Agreement as well as all electronic or physical documents created pursuant to the Master Agreement and to permit representatives of each of the U.S. Federal Parties to have access to and/or examine and make copies or abstracts of any such books, records or documents upon reasonable notice.

(c) Citigroup and the Citigroup Ring-Fence Affiliates each agree to cooperate, and to provide access to personnel and any books, papers, records or other data, with the (i) U.S. Federal Parties and their representatives (ii) the Special Inspector General of the Troubled Asset Relief Program (ii) the Comptroller General of the United States and (iii) any other entity that has statutory authority in respect of any investigations, inquiries, oversight requests and the like directed to any of the U.S. Federal Parties relating to the creation, implementation or operation of the Master Agreement.

SECTION 7. Entire Agreement; Amendment. This Termination Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof, and supersedes any prior oral or written agreements, commitments or understanding with respect to the matters provided for herein. No amendment, modification or discharge of this Termination Agreement shall be valid or binding unless set forth in writing and duly executed by the party against whom enforcement of the amendment, modification, or discharge was sought. Notwithstanding the foregoing, nothing in this Termination Agreement (unless otherwise noted) shall supersede the terms of the Exchange Agreements.

SECTION 8. Effectiveness and Citigroup Affiliates. This Termination Agreement shall be effective and binding against Citigroup and each and every Citigroup Ring-Fence Affiliate, upon the execution by any individual Citigroup Ring-Fence Entity without regard to any delay in execution by any other Citigroup Ring-Fence Entity.

SECTION 9. GOVERNING LAW. THIS TERMINATION AGREEMENT SHALL BE GOVERNED BY FEDERAL LAW, OR IN ABSENCE OF ANY CONTROLLING FEDERAL LAW, THE LAW OF THE STATE OF NEW YORK.

5

SECTION 10. Counterparts. This Termination Agreement may be executed by each of the parties hereto on any number of separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same instrument.

[Signature Pages Follow]

6

IN WITNESS WHEREOF, each of the undersigned parties to this Termination Agreement has caused this Termination Agreement to be duly executed in its name by one of its duly authorized officers, all as of the date of this Termination Agreement.


CITIGROUP INC.

By: /s/ John C. Gerspach
Name: John C. Gerspach
Title: Chief Financial Officer

UNITED STATES DEPARTMENT OF THE TREASURY

By: /s/ David N. Miller
Name: David N. Miller
Title: Acting Chief Investment Officer

FEDERAL DEPOSIT INSURANCE CORPORATION

By: /s/ Steven O. App
Name: Steven O. App
Title: Deputy to the Chairman and Chief Financial Officer

FEDERAL RESERVE BANK OF NEW YORK

By: /s/ Ari Cohen
Name: Ari Cohen
Title: Credit Investment and Payment Risk Officer


[Additional Signature Pages of Citigroup Ring-Fence Entities Follow]


CITIBANK, N.A.

By: /s/ Eric Aboaf
Name: Eric Aboaf
Title: Treasurer and Head of Corporate Finance

CITICORP NORTH AMERICA, INC.

By: /s/ Joseph J. Martinelli
Name: Joseph J. Martinelli
Title: Assistant Treasurer

CITICORP USA, INC.

By: /s/ Joseph J. Marenelli
Name: Joseph J. Marenelli
Title: Assistant Treasurer

CITICORP TRUST BANK, FSB

By: /s/ Sanjiv Das
Name: Sanjiv Das
Title: President

CITIGROUP GLOBAL MARKETS, INC.

By: /s/ Scott L. Flood
Name: Scott L. Flood
Title: Managing Director

CITIGROUP GLOBAL MARKETS REALTY CORP.

By: /s/ Scott L. Flood
Name: Scott L. Flood
Title: Assistant Secretary

CITIGROUP FINANCIAL PRODUCTS, INC.

By: /s/ Scott L. Flood
Name: Scott L. Flood
Title: Managing Director
 

LIQUIDATION PROPERTIES INC.

By: /s/ Scott L. Flood
Name: Scott L. Flood
Title: Assistant Secretary

HUWEST COMPANY L.L.C.

By: /s/ Scott L. Flood
Name: Scott L. Flood
Title: Secretary


CITICORP MUNICIPAL MORTGAGE INC.

By: Citicorp Capital Management LLC, as Manager

By: /s/ Eugene Kwon
Name: Eugene Kwon
Title: Secretary

NEWMAN CAPITAL I LLC

By: /s/ Eugene Kwon
Name: Eugene Kwon
Title: Secretary

NEWMAN CAPITAL III LLC

By: /s/ Eugene Kwon
Name: Eugene Kwon
Title: Secretary

CITICORP MUNICIPAL MORTGAGE TRUST

By: Citicorp Capital Management LLC, as Manager

By: /s/ Eugene Kwon
Name: Eugene Kwon
Title: Secretary

FM TAXABLE DEPOSITOR LLC

By: /s/ Eugene Kwon
Name: Eugene Kwon
Title: Secretary

FM DEPOSITOR LLC

By: /s/ Eugene Kwon
Name: Eugene Kwon
Title: Secretary


22


CITICORP FUNDING, INC.

By: /s/ Scott L. Flood
Name: Scott L. Flood
Title: Assistant Secretary

CITIBANK (SOUTH DAKOTA), NATIONAL ASSOCIATION

By: /s/ Douglas C. Morrison
Name: Douglas C. Morrison
Title: Vice President & CFO

MUNICIPAL HOLDINGS LLC

By: /s/ Eugene Kwon
Name: Eugene Kwon
Title: Secretary

MUNICIPAL REALTY CORP.

By: /s/ Eugene Kwon
Name: Eugene Kwon
Title: Secretary

CITICORP HOME MORTGAGE SERVICES, INC.

By: /s/ Linda S. Davis
Name: Linda S. Davis
Title: Vice President

CITIFINANCIAL AUTO CORPORATION

By: /s/ Calvin C. Balliet
Name: Calvin C. Balliet
Title: Senior Vice President

CITIFINANCIAL AUTO, LTD.

By: /s/ Calvin C. Balliet
Name: Calvin C. Balliet
Title: Senior Vice President

CITICAPITAL TECHNOLOGY FINANCE, INC.

By: /s/ Diane DiPaola
Name: Diane DiPaola
Title: Senior Vice President

CITIMORTGAGE, INC.

By: /s/ Sanjiv Das
Name: Sanjiv Das
Title: President

CITIFINANCIAL MORTGAGE COMPANY, LLC

By: Associates First Capital Corporation, its sole member

By: /s/ Linda S. Davis
Name: Linda S. Davis
Title: Vice President

CITIFINANCIAL MORTGAGE COMPANY (FL), LLC

By: Associates First Capital Corporation, its sole member

By: /s/ Linda S. Davis
Name: Linda S. Davis
Title: Vice President

Annex A

FDIC-UST Letter Agreement

[TREASURY LETTERHEAD]

December 23, 2009

Federal Deposit Insurance Corporation
550 17th Street, NW
Washington, DC 20429

Attn: [ ]

Re: Termination of the Citigroup Asset Guarantee Program

Dear [ ]:

This letter is intended to set forth certain understandings between the FDIC and the U.S. Department of the Treasury relating to the termination of the Citigroup Asset Guarantee Program (the “Citi AGP”). The Citi AGP was established pursuant to the Master Agreement dated as of January 15, 2009 (as amended on November 30, 2009, the “Master Agreement”) among Citigroup Inc., a Delaware corporation (“Citigroup”), each Citigroup Ring-Fence Affiliate (as defined in the Master Agreement), Treasury, the FDIC and the Federal Reserve Bank of New York (“FRBNY” and, together with Treasury and the FDIC, the “U.S. Federal Parties”). The Master Agreement is being terminated pursuant to the Termination Agreement dated December 23, 2009 (the “Termination Agreement”), among Citigroup, the Citigroup Ring-Fence Affiliates and the U.S. Federal Parties, a copy of which is attached as Exhibit A. Terms used but not defined in this letter are as defined in the Termination Agreement.

Citigroup participates in the FDIC’s Temporary Liquidity Guarantee Program (the “TLGP”), whereby Citigroup has issued debt instruments (the “Citigroup TLGP Instruments”), the timely payments of interest and principal on which are guaranteed by the FDIC pursuant to the terms of the TLGP. In the event that the FDIC is required to make and makes any payments under its guarantee of the Citigroup TLGP Instruments, such payments are referred to herein as the “TLGP Payments”.

As set forth in the Termination Agreement, Citigroup, each Citigroup Ring-Fence Affiliate, Treasury, the FDIC and the FRBNY have agreed that in connection with and as a result of the early termination of the Citi AGP:

(i) Citigroup shall reduce the Guarantee TruPs by $1,800,000,000 aggregate Liquidation Amount (as defined in the Amended and Restated Declaration of Trust of Citigroup Capital XXXIII, dated July 30, 2009) (“Termination Adjustment Amount”); (ii) on the Effective Date all such $1,800,000,000 Termination Adjustment Amount of TruPs shall consist of Treasury Guarantee TruPs and Treasury shall retain $2,234,000,000 Liquidation Amount of the Treasury Guarantee TruPs currently held by Treasury; and

(ii) the FDIC shall initially retain all FDIC Guarantee TruPs currently held by the FDIC and shall transfer $800,000,000 aggregate Liquidation Amount (“the “TLGP Allocated TruPs”) to Treasury subject to the terms and on the conditions of this agreement.


A-1

From the Effective Date until the date on which no Citigroup TLGP Instruments remain outstanding (the “Citigroup TLGP Maturity Date”), the FDIC shall, in accordance with and subject to the terms hereof, and for the benefit of the taxpayers:

(x) hold the TLGP Allocated TruPs, as well as any cash, securities or property received upon any redemption, sale or exchange thereof, as well as any dividends, interest or other payments on the TLGP Allocated TruPs or any such cash, securities or property, for the account of Treasury (all of the foregoing the “TLGP Allocated Property”); and

(y) be entitled to deduct any TLGP Payments, it being understood that insofar as the TLGP Allocated Property consists of cash or property other than TLGP Allocated TruPs, any such deduction shall be allocated against the securities and cash pro rata in a reasonable manner as agreed to between Treasury and the FDIC.

Within five business days of the Citigroup TLGP Maturity Date, the FDIC will transfer the TLGP Allocated Property, less the amount of any TLGP Payments deducted therefrom, free and clear of any liens or encumbrances. The FDIC shall provide reasonable documentation of any TLGP Payments so deducted in writing to Treasury.

Insofar as the TLGP Allocated Property includes cash, the FDIC shall credit interest to the Treasury on such cash commencing on the date of such receipt of cash (which interest shall be added to the TLGP Allocated Property) at the rate of interest customary from time to time for the FDIC’s Deposit Insurance Fund.

In the event of any redemption or repurchase of any FDIC Guarantee TruPs by Citigroup, or of any sale of FDIC Guarantee TruPs by the FDIC, at any time on or before the Citigroup TLGP Maturity Date, and at a price that is equal to par or that is otherwise approved by Treasury pursuant hereto, the amount of FDIC Guarantee TruPs that are redeemed, repurchased or sold shall be allocated pro rata, or as otherwise agreed by Treasury and the FDIC, between the (i) TLGP Allocated TruPs and (ii) the balance of the FDIC Guarantee TruPs less the TLGP Allocated TruPs (the “FDIC Allocated TruPs”). The FDIC shall not agree to redeem or tender in any repurchase, or sell, the TLGP Allocated TruPs at a price less than par (plus any accrued and unpaid interest) without the consent of Treasury.

In the event Citigroup offers to redeem, repurchase or exchange any FDIC Guarantee TruPs, or in the event there is an offer by any other party to purchase any FDIC Guarantee TruPs, the FDIC shall immediately notify Treasury of such offer and, if Treasury notifies FDIC that it wishes to have the TLGP Allocated TruPs redeemed, repurchased, exchanged or sold in such offer, the FDIC shall agree to redeem or tender for repurchase or exchange, or sell, all or such portion of the TLGP Allocated TruPs specified by Treasury, provided that if the FDIC also wishes to redeem, repurchase, exchange or sell FDIC Allocated TruPs in such offer, the amount of TLGP Allocated TruPs and FDIC Allocated TruPs so redeemed, repurchased, exchanged or sold shall be allocated pro rata based on the Liquidation Amounts then outstanding.

In the event Treasury shall exercise any registration rights to sell any of the Treasury Guarantee TruPs before the Citigroup TLGP Maturity Date, the FDIC shall, at the request of Treasury, register and sell the TLGP Allocated TruPs, provided that if the FDIC also wishes to sell FDIC Allocated TruPs in such registration and there is a limit to the amount that may be included, the amount of TLGP Allocated TruPs and FDIC Allocated TruPs shall be allocated pro rata, based on the Liquidation Amounts then outstanding.

A-2

The arrangements set forth in the immediately preceding three paragraphs shall also apply to any securities received in exchange for TLGP Allocated TruPs. The proceeds of any redemption, sale or exchange of TLGP Allocated TruPs shall be held as TLGP Allocated Property in accordance with this letter until the Citigroup TLGP Maturity Date.

[Signature Pages Follow]

A-3
This letter constitutes the entire agreement between the parties hereto with respect to the subject matter hereof, and supersedes any prior oral or written agreements, commitments or understanding with respect to the matters provided for herein. This letter may be executed by each of the parties hereto on any number of separate counterparts.


UNITED STATES DEPARTMENT OF THE TREASURY

By:
Name:
Title:

AGREED AND ACCEPTED:

FEDERAL DEPOSIT INSURANCE CORPORATION

By:     Name:     Title:
A-4
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Lease and Rental Agreements
Lease Termination Agreement
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Termination Agreement
CITIGROUP INC
831001
EX-10.1
6021
NATIONAL COMMERCIAL BANKS

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Citi, Wells Fargo repay 45 billion dollars in bailouts
Citigroup and Wells Fargo announced Wednesday they had repaid a combined 45 billion dollars to the US government from a massive program to bail out the banking system.

Citi said it repurchased 20 billion dollars in preferred shares from a US Treasury investment in the company through the Troubled Asset Relief Program (TARP), a massive 700 billion dollar effort to stabilize the financial system launched in 2008.

Wells Fargo said separately it redeemed the 25 billion dollars in preferred stock

issued to the US Treasury, and had paid dividends of 131.9 million dollars.

Wells Fargo said the total dividends paid to the US Treasury for the shares amounted to 1.441 billion dollars.

"With repayment of the TARP investment, we can intensify our focus on what we do best: helping consumers and businesses achieve financial success," said John Stumpf
, president and chief executive at Wells Fargo.

"We thank the US government and taxpayers for their support of our financial system at a critical time for our nation."

Citi, the largest recipient among banks of US bailout funds, said the government also cancelled additional state guarantees in a so-called loss-sharing agreement.

Citi, kept afloat by a series of state rescues during the financial crisis, sold some 20.5 billion dollars in new securities under the plan to replace the US government capital.

But after a lukewarm response to the share offering, the government scrapped plans to sell its common shares. Officials said the government, which holds a large stake in Citi, would likely sell those shares in 2010.

The rescue of Citigroup was the most extensive for the US banks hit by the financial crisis last year.

The government injected a total of 45 billion dollars in the firm, once the world's biggest banking group. It converted a portion of that to common stock earlier this year in exchange for a stake of around 34 percent in Citi.


Copyright 2009 AFP American Edition
No portion of this article can be reproduced without the express written permission from the copyright holder.

Copyright (c) Mochila, Inc.

Publication:
AFP American Edition

Date:
Dec 23, 2009

http://www.thefreelibrary.com/Citi%2c+Wells+Fargo+repay+45+billion+dollars+in+bailouts-a01612099507
Citi, Wells Fargo repay $45 billion in TARP money

Updated 12/23/2009 11:40 PM | Comment | Recommend E-mail | Print |

NEW YORK (AP) — Citigroup and Wells Fargo said Wednesday they have repaid the $45 billion in bailout money they received from the government.

Citi (C) said it paid for the previously announced repayment with a recent stock offering that raised $20.5 billion. The offering included $17 billion in common shares and $3.5 billion in what are called tangible equity units, which can be converted into common stock at a later date.

Citi said it also ended its $7.1 billion loss-sharing agreement with the government, which protected the company against defaults on some risky investments. To end the program, the government canceled $1.8 billion of what are called trust preferred securities, but still holds $5.3 billion in those securities, which are a type of debt instrument.

Earlier Wednesday, Wells Fargo (WFC) announced that it had repaid the $25 billion it received in bailout funds.

The company said in a statement that it redeemed the series D preferred stock that it issued to the Treasury in October last year, as part of the TARP program.


As part of the redemption of the preferred stock, Wells Fargo said it also paid accrued dividends of $131.9 million, bringing the total dividends paid to the Treasury Department to $1.44 billion since the stock was issued.

The repayment was made possible in part through Wells Fargo's recent public stock offering, which raised $12.25 billion. The bank sold 489.9 million shares of common stock at $25 per share. The offering was completed Dec. 18.

They are among the hundreds of banks that received bailout money through the Troubled Asset Relief Program. The Treasury Department extended a total of about $453 billion to banks, insurers, automakers and other companies under the program. The government has said it expects total bank repayments could reach $175 billion by the end of next year.

Repayment of the money frees banks from government restrictions, such as executive pay limitations.

The Treasury Department continues to hold warrants to buy Citi stock issued as part of the TARP investment. The government plans to sell its nearly 34% stake in the bank over the next year.

Wells Fargo noted that the Treasury Department still holds warrants to buy approximately 110 million shares of its common stock at a price of $34.01 a share.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
http://usatoday30.usatoday.com/money/industries/banking/2009-12-23-wells-fargo-tarp_N.htm
The Troubled Asset Relief Program (TARP) is a program of the United States government to purchase assets and equity from financial institutions to strengthen its financial sector that was signed into law by U.S. President George W. Bush on October 3, 2008. It was a component of the government's measures in 2008 to address the subprime mortgage crisis.

The TARP program originally authorized expenditures of $700 billion. The Dodd–Frank Wall Street Reform and Consumer Protection Act reduced the amount authorized to $475 billion. By October 11, 2012, the Congressional Budget Office (CBO) stated that total disbursements would be $431 billion and estimated the total cost, including grants for mortgage programs that have not yet been made, would be $24 billion
http://www.ffiec.gov/nicpubweb/nicweb/NicHome.aspx


Citigroup, AT&T Among 26 Companies That Paid Their CEOs More In 2011 Than In Taxes: Report
Reuters | Posted: 08/16/2012 12:01 am Updated: 08/16/2012 11:47 am
* Three companies cited take issue with study methodology
* Think tank: 4 pay-related tax breaks cost taxpayers $14 bln
By Nanette Byrnes

Aug 16 (Reuters) - Citigroup, Abbott Laboratories, and AT&T are among the 26 companies that paid more to their CEOs in 2011 than they did in U.S. federal taxes, according to a study released on Thursday.

Tax breaks on research and development, past losses, and foreign-held earnings were among those lightening the tax load for many companies on the list, said the Institute for Policy Studies, a left-leaning think tank in Washington, D.C.

Citi, Abbott and AT&T all took issue with the institute's methodology. All three said they paid all taxes owed in 2011.

During a presidential election cycle in which wealth and taxes are often debated, the study's authors said the U.S. tax code has become an enabler of large CEO pay, while also offering companies ways to reduce their tax bills.

Four pay-related tax breaks combined to cost taxpayers $14 billion in uncollected federal taxes, the report said.

The four included breaks dealing with performance-based chief executive pay and stock options, as well as the preferential 15 percent tax rate on carried interest enjoyed by private equity partners and other financiers, it said.

Compensation for the 26 CEOs whose pay surpassed their companies' corporate tax bills averaged $20.4 million, according to the study. That average was up 23 percent over last year.

The average was also significantly higher than pay tracked by separate studies of broader groups. For instance, $10.3 million was the average 2011 direct compensation for 300 large-company CEOs tracked by pay consultants Hay Group.


CURRENT U.S. TAXES PAID EYED

To get its list, the institute compared CEO pay to current U.S. taxes paid, excluding foreign and state and local taxes that may also have been paid, as well as deferred taxes that can often be far larger than current taxes paid.

The group's rationale was that U.S. taxes paid are the closest approximation available in public documents to what companies may have actually written in their checks for last year to the U.S. Internal Revenue Service.

Among companies topping the institute's list:

* Citigroup, the financial services giant, with a tax refund of $144 million based on prior losses, paid CEO Vikram Pandit $14.9 million in 2011, despite an advisory vote against it by 55 percent of shareholders.

* Telecoms group AT&T paid CEO Randall Stephenson $18.7 million, but was entitled to a $420 million tax refund thanks to billions in tax savings from recent rules accelerating depreciation of assets.

* Drugmaker Abbott Laboratories paid CEO Miles White $19 million, while garnering a $586 million refund. Abbott has 64 subsidiaries in 16 countries considered by authorities to be tax havens, the institute said.


ABBOTT TAKES ISSUE

"This is a blatant misrepresentation of the facts," Abbott spokesman Scott Stoffel said.

He said Abbott did not get a rebate, but paid the U.S. government $700 million in federal income taxes in 2011, and that the report's numbers reflect a non-cash accounting adjustment caused by the resolution of various tax matters.

A Citigroup spokeswoman said that, while the company did not pay federal income tax in 2011, that was due to substantial losses it recorded in 2008 and 2009, a break available to all businesses in similar straits.

She also noted that Citi paid on average $3.7 billion a year in federal income taxes from 2000 to 2006, and paid other taxes last year, including more than $3 billion in payroll taxes, and that Pandit voluntarily took a salary of just $1 in 2010.

AT&T said in a statement its CEO's pay was closely tied to performance and was fair, and that the accelerated deductions that lowered its federal taxes stemmed in part from $20 billion spent in support of the U.S. economy and jobs. The company reported paying $3.8 billion in other taxes last year, and hundreds of millions in federal income taxes in 2010.

All the tax breaks identified in the study are legal and shareholders generally expect companies to take advantage of any reasonable tax breaks they can, said David Wise, a senior principal with Hay Group.

If the tax code changed to eliminate pay-related deductions, like the stock option deduction, he said, "individual companies could navigate that fairly easily. But collectively, those dollars would add up and increase the tax base."

http://www.huffingtonpost.com/2012/08/16/citigroup-att-ceo-pay-taxes_n_1786492.html



Citigroup CEO Corbat's pay: $11.5 million
By Chris Isidore @CNNMoney February 22, 2013: 9:32 AM ET



NEW YORK (AP) — Citigroup Inc. is increasing the base salaries of many employees — reportedly by as much as 50 percent for some workers — as it restructures their compensation amid government restrictions on bonuses.

The higher salaries are not the equivalent of annual raises because bonuses are being lowered, according to a person familiar with the matter who requested anonymity because the plans have not been made public.

Employee compensation at financial companies, particularly in the form of bonuses, has brought criticism from members of Congress and the public after the government gave the banks hundreds of billions in bailout dollars. Citi and the other companies who still hold bailout funds face limits on bonuses as part of a new government compensation oversight plan. The Treasury Department had no immediate comment about Citi’s change in compensation plans.

The person said the changes would not affect the amount of an employee’s compensation. By shifting the mix in compensation packages, the change could allow Citi to pay most employees as much as they received in 2008 while adhering to bonus caps. The person said the employees included traders, who tend to be compensated more heavily with bonuses, and middle- and lower-level managers whose compensation is more heavily weighted toward salaries.

Not all employees will be affected equally by the change in compensation, according to the person. Only those who receive a base salary and bonus could see an adjustment. Even then, the adjustments will vary based on an employee’s position and current breakdown of pay between base salary and bonus.

A New York Times report Wednesday said some employees salaries will rise by as much as 50 percent because of the change in compensation structure.

Sen. Christopher Dodd, D-Conn., a critic of financial companies’ compensation, said of Citi in a statement, “they just don’t get it.” The statement called Citi’s compensation changes “pay hikes.”

But some analysts weren’t troubled by Citi’s moves.

“Assuming their increase is reasonable and can be explained by limitations on bonuses, I really think the increase in the base pay is justified,” said Sung Won Sohn, an economics professor at California State University, Channel Islands. “We should simply view this as a change in the composition of total compensation.”

Citi and other banks are likely reconfiguring their compensation to avoid losing talented workers to competitors. Some of the banks that received government loans during the mushrooming credit crisis last fall have already paid back their debt, and are no longer subject to compensation oversight, among them big banks like JPMorgan Chase & Co. and Goldman Sachs Group Inc. Those no longer under the government’s compensation oversight are able to offer lucrative deals to entice employees away from other banks.

Citi has seen some defections from its ranks in recent months. The latest was the departure of Ajay Banga, CEO of its Asia Pacific division, who left to take a position at MasterCard Inc.

Ravin Jesuthasan, global practice leader at the consultancy Towers Perrin, said that in general, when a company increases its guaranteed base pay, it will keep some employees from leaving. However, some high performers might see less incentive to stay because the bonuses that have helped drive their performance are lowered, he added.

“It a bit of a balancing act here,” Jesuthasan said.

The Obama administration recently named lawyer Kenneth Feinberg a “special master” to oversee compensation packages awarded to seven companies that have received the most government support, including Citigroup. Feinberg can reject pay plans he deems excessive and review compensation for the top 100 salaried employees at those companies.

The 100 highest paid employees at Citi will not be part of the bank’s revised compensation program because of the government’s additional review over that group’s pay.

“Citi continues to examine ways to ensure its employee compensation practices are competitive in this very challenging market environment,” Citi said in a statement Wednesday. “Any salary adjustments are not intended to increase total annual compensation, rather to adjust the balance between fixed and variable compensation.”

The New York-based bank has been among the hardest hit by the credit crisis and recession. Citi has reported six straight quarterly losses totaling nearly $30 billion. But, it would have posted a profit in the first quarter had it not been for dividend payments on preferred stock. The bank has reduced staff and sold assets to streamline operations and return to profitability.

The bank has received $45 billion from the government. A portion of those funds will soon be converted to common stock, giving the government a 34 percent stake in the bank.

Earlier this year, American International Group Inc. was criticized for bonuses it paid to employees at one of its most troubled divisions. AIG was rescued from the brink of collapse by the government last fall. The Obama administration has blamed compensation plans for encouraging excessive risk-taking that pushed the financial services sector into chaos last year.

David Wise, senior consultant at the management consulting firm Hay Group said banks had been relying too heavily on bonuses to drive total compensation.

“That may influence people to take risks on a short-term time horizon that they shouldn’t,” Wise said. “Increasing base salaries is one way to take some of the emphasis off of that large bonus opportunity and better align compensation with risk management.”

Charlotte, N.C.-based Bank of America Corp., which received $45 billion in government support, is among those facing additional scrutiny about bonuses and executive compensation.

“Bank of America looks forward to working cooperatively with Mr. Feinberg to ensure we comply with all applicable compensation regulation outlines by the Treasury,” said Bank of America spokesman Scott Silvestri.

Last month, during a speech in London, Bank of America’s CEO, Ken Lewis, said the financial industry must make reforms in compensation, including changes to performance-based pay that rewards long-term company growth and punishes inappropriate risk taking.



.......................................................

 

 

1993
The Travelers Inc. (the "Company") is a financial services holding

company engaged, through its subsidiaries, principally in four business

segments: (i) Investment Services; (ii) Consumer Finance Services; (iii) Life

Insurance Services; and (iv) Property & Casualty Insurance Services. In

December 1992, the Company, then known as Primerica Corporation, acquired

approximately 27% of the common stock of The Travelers Corporation, a

Connecticut corporation ("old Travelers"), in a series of related transactions.

See Note 1 of Notes to Consolidated Financial Statements. This acquisition was

accounted for as a purchase with an effective accounting date of December 31,

1992. During 1993, this investment was accounted for on the equity method.



On December 31, 1993, the Company acquired the approximately 73% of old

Travelers common stock it did not already own through the merger of old

Travelers into the Company (the "Merger"). In the Merger, each share of old

Travelers common stock (other than shares held by the Company, old Travelers or

shareholders who properly exercised dissenters' rights) was exchanged for

0.80423 of a share of the Company's common stock. The Company, as the

surviving corporation of the Merger, changed its name from Primerica

Corporation to The Travelers Inc. The Company also issued shares of its

preferred stock in exchange for outstanding shares of old Travelers preference

stock. The total purchase price in the Merger was approximately $3.4 billion.

The 1992 acquisition and the Merger are being accounted for as a step

acquisition. The assets and liabilities of old Travelers are reflected in the

Consolidated Statement of Financial Position at December 31, 1993 on a fully

consolidated basis at management's best estimate of their fair values based on

currently available information. See Note 1 of Notes to Consolidated Financial

Statements. The Company's results of operations for periods prior to the

Merger do not include those of old Travelers, other than for the equity in

earnings relating to the 27% previously owned. Accordingly, the Company's

Consolidated Financial Statements reflect the three business segments in which

the Company was engaged during 1993. For financial information of old

Travelers, provided on an historical accounting basis, see Exhibit 99.01 to

this Form 10-K.



In July 1993, the Company and certain of its subsidiaries acquired

substantially all of the assets and assumed certain of the liabilities of the

domestic retail brokerage business and the asset management business of

Shearson Lehman Brothers Holdings Inc. As a result of this acquisition, the

Company's subsidiary Smith Barney Shearson Inc. became one of the largest retail

brokerage firms in the United States. See "Investment Services -- Smith Barney

Shearson."



The periodic reports of Commercial Credit Company ("CCC"), Smith Barney

Shearson Holdings Inc. ("SBS Holdings"), and The Travelers Insurance Company

("TIC"), subsidiaries of the Company that make filings pursuant to the

Securities Exchange Act of 1934, as amended (the "Exchange Act"), provide

additional business and financial information concerning those companies and

their consolidated subsidiaries.



The principal executive offices of the Company are located at 65 East

55th Street, New York, New York 10022; telephone number 212-891-8900.

http://www.getfilings.com/o0000950112-94-000839.html


On July 25, 2013, The Travelers Companies, Inc. (the “Company”) entered into an Underwriting Agreement (the “Agreement”) with Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. and U.S. Bancorp Investments, Inc., as the representatives for the several underwriters named in Schedule 1 of the Agreement, for the issuance and sale by the Company of $500,000,000 aggregate principal amount of the Company’s 4.60% Senior Notes due 2043 (the “Notes”). The foregoing description is qualified by reference to the Agreement, a copy of which is attached hereto as Exhibit 1.1 and incorporated by reference herein. Further information concerning the Notes and related matters is set forth in the Company’s Prospectus Supplement, dated July 25, 2013, which was filed with the Securities and Exchange Commission on July 26, 2013.

Read more: http://www.getfilings.com/sec-filings/130801/TRAVELERS-COMPANIES-INC_8-K/#ixzz2zCVKepW2