Citigroup

File:Citi.svg

File:Citigroup.svg

Citigroup was formed on October 8, 1998, following the merger of Citicorp, the bank holding company for Citibank, and Travelers to create the world's largest financial services organization.{{Cite book | url=https://books.google.com/books?id=lkkGaIr3DQkC&pg=PA39 |title=Business Knowledge for IT in Retail Banking: A Complete Handbook for IT Professionals | date=2007 |publisher=Essvale Corporation Limited |isbn=978-0-9554124-2-4 | language=en}}

Citibank (formerly City Bank of New York) was chartered by the State of New York on June 16, 1812, with $2 million (~${{Format price|{{Inflation|index=US-GDP|value=2000000|start_year=1812}}}} in {{Inflation/year|US-GDP}}) of capital.{{Cite news | url=https://www.businessinsider.com/presenting-a-history-of-citi-2012-4 | title=The Dramatic Highlights From Citi's 200-Year History | last=Wile | first=Rob | work=Business Insider | date=April 4, 2012}}{{Cite web |url=https://www.cnbc.com/2009/06/16/today-in-fast-money-history-june-16th.html |title=Today In Fast Money History – June 16th | last=Shin | first=Sally | work=CNBC | date=June 16, 2009}} Serving a group of New York merchants, the bank opened for business on September 14 of that year,{{Citation needed|date=April 2020}} and Samuel Osgood was elected as the first President of the company. After the Panic of 1837, Moses Taylor acquired control of the company. The company's name was changed to The National City Bank of New York in 1865 after it converted its state charter into a federal charter and joined the new U.S. national banking system. After Taylor died in 1882, Percy Rivington Pyne I became president of the bank. He died nine years later and was replaced by James Stillman. The bank became the largest bank in New York City after the Panic of 1893 and the largest bank in the U.S. by 1895. It became the first contributor to the Federal Reserve Bank of New York in 1913, and the following year it inaugurated the first overseas branch of a U.S. bank in Buenos Aires,{{Cite book | last1=Jones | first1=Geoffrey |author-link=Geoffrey Jones (academic) | url=https://books.google.com/books?id=bmATDAAAQBAJ&q=1914+citicorp+first+overseas+branch+of+a+U.S.+bank+in+Buenos+Aires&pg=PA114 | title=Multinationals and Global Capitalism: From the Nineteenth to the Twenty First Century |date=2005 |publisher=OUP Oxford |isbn=978-0-19-927209-9 |language=en}} although the bank had been active in plantation economies, such as the Cuban sugar industry, since the mid-19th century.{{Citation needed|date=April 2020}} The purchase of U.S. overseas bank International Banking Corporation in 1918 helped it become the first American bank to surpass $1 billion in assets.{{Cite encyclopedia | url=https://www.encyclopedia.com/social-sciences-and-law/economics-business-and-labor/businesses-and-occupations/citigroup-inc | title=Citigroup Inc. | encyclopedia=Encyclopedia.com}} During the United States occupation of Haiti and the bank's income from Haiti's loan debt related to the Haiti indemnity controversy, the bank earned some of its largest gains in the 1920s due to debt payments from Haiti, becoming the largest commercial bank in the world in 1929.{{Cite news |url=https://www.nytimes.com/2022/05/20/world/haiti-wall-street-us-banks.html | last1=Gebrekidan |first1=Selam |last2=Apuzzo |first2=Matt |last3=Porter | first3=Catherine |last4=Méheut |first4=Constant | title=Invade Haiti, Wall Street Urged. The U.S. Obliged. | work=The New York Times |date=May 20, 2022 | url-access=limited |issn=0362-4331}} As it grew, the bank became an innovator in financial services, becoming the first major U.S. bank to offer compound interest on savings (1921); unsecured personal loans (1928); customer checking accounts (1936) and the negotiable certificate of deposit (1961).{{cite news | url=https://www.wsj.com/articles/SB10000872396390443854204578060280201488530 | title=Pandit Ousted As CEO Of Citi | last1=Enrich | first1=David | last2=Kapner | first2=Suzanne | last3=Fitzpatrick | first3=Dan

| work=The Wall Street Journal |date=October 17, 2012 | url-access=subscription}}{{cite news | url=https://www.cnbc.com/2012/10/16/citigroup-picks-veteran-to-replace-pandit-as-ceo.html | title=Citigroup picks veteran to replace Pandit as CEO | first=Matthew | last=Craft | agency=Associated Press | work=CNBC | date=October 16, 2012}}

The bank merged with First National Bank of New York in 1955, becoming the First National City Bank of New York in 1955. The "New York" was dropped in 1962 on the 150th anniversary of the company's foundation. The company organically entered the leasing and credit card sectors, and its introduction of U.S. dollar-denominated certificates of deposit in London marked the first new negotiable instrument in the market since 1888. The bank introduced its First National City Charge Service credit card—popularly known as the "Everything card" and later to become MasterCard—in 1967. Also in 1967, First National City Bank was reorganized as a one-bank holding company, First National City Corporation, or "Citicorp" for short. The bank had been nicknamed "Citibank" since the 1860s when it began using this as an eight-letter wire code address.[http://www.fundinguniverse.com/company-histories/citigroup-inc-history/ Citigroup] at Reference for Business

In 1974, under the leadership of CEO Walter B. Wriston, First National City Corporation changed its formal name to "Citicorp", with First National City Bank being formally renamed Citibank in 1976. Shortly afterwards, the bank launched the Citicard, which pioneered the use of 24-hour ATMs. John S. Reed was elected CEO in 1984, and Citi became a founding member of the CHAPS clearing house in London. Under his leadership, the next 14 years would see Citibank become the largest bank in the United States and the largest issuer of credit cards and charge cards in the world, and expand its global reach to over 90 countries.{{cite news |url=https://www.chicagotribune.com/news/ct-xpm-1992-04-17-9202040445-story.html| title=Citibank Bows to Trend, Cuts Credit Card Rate | first=Mike | last=Dorning |newspaper=Chicago Tribune |date=April 17, 1992 | url-access=limited}}{{cite news | url=https://www.nytimes.com/1986/11/22/business/citicorp-cuts-credit-card-rate.html | title=Citicorp Cuts Credit Card Rate | first=Robert A. | last=Bennett | newspaper=The New York Times |date=November 22, 1986 | url-access=limited}}

File:Travelers logo.png

Travelers Group, at the time of the merger, was a diverse group of financial concerns that had been brought together under CEO Sandy Weill. Its roots came from Commercial Credit, a subsidiary of Control Data Corporation that was taken private by Weill in November 1986 after taking charge of the company earlier that year. Two years later, Weill mastered the buyout of Primerica Financial Services—a conglomerate that had already bought life insurance company A L Williams as well as brokerage firm Smith Barney. The new company took the Primerica name, and employed a "cross-selling" strategy such that each of the entities within the parent company aimed to sell each other's services. Its non-financial businesses were spun off.

In September 1992, Travelers Insurance, which had suffered from poor real estate investments and sustained significant losses in the aftermath of Hurricane Andrew,{{cite news | url=http://content.time.com/time/magazine/article/0,9171,158008,00.html | title=Survival Insurance | magazine=Time | date=June 24, 2001}} formed a strategic alliance with Primerica that would lead to its amalgamation into a single company in December 1993. With the acquisition, the group became Travelers Inc. Property & casualty and life & annuities underwriting capabilities were added to the business. Meanwhile, the distinctive Travelers red umbrella logo, which was also acquired in the deal, was applied to all the businesses within the newly named organization. During this period, Travelers acquired Shearson Lehman—a retail brokerage and asset management firm that was headed by Weill until 1985—and merged it with Smith Barney.

In November 1997, Travelers Group (which had been renamed again in April 1995 when they merged with Aetna Property and Casualty, Inc.), acquired Salomon Brothers, a major bond dealer and bulge bracket investment bank, in a $9 billion (~${{Format price|{{Inflation|index=US-GDP|value=9000000000|start_year=1997}}}} in {{Inflation/year|US-GDP}}) transaction.{{cite web | url=http://edgar.secdatabase.com/2439/104746997006335/filing-main.htm | title=Travelers Group, Form 8-K, Current Report | publisher=U.S. Securities and Exchange Commission | date=November 28, 1997}} This deal complemented Travelers/Smith Barney well as Salomon was focused on fixed-income and institutional clients, whereas Smith Barney was strong in equities and retail. Salomon Brothers absorbed Smith Barney into the new securities unit termed Salomon Smith Barney; a year later, the division incorporated Citicorp's former securities operations as well. The Salomon Smith Barney name was abandoned in October 2003 after a series of financial scandals that tarnished the bank's reputation.{{cite news | url=http://www.businessinsider.com/the-slow-death-of-smith-barney-2012-6 | title=Morgan Stanley Is Killing 'Smith Barney' — Here's The Story Of How It Died | first=Ben | last=Duronio | work=Business Insider | date=June 12, 2012}}

On April 6, 1998, Citicorp and Travelers announced a merger. The deal would enable Travelers and Citicorp to access each other's customer base for the marketing of financial products.

In the transaction, Travelers Group acquired all Citicorp shares; existing shareholders of each company owned about half of the new firm. While the new company maintained Citicorp's "Citi" brand in its name, it adopted Travelers' distinctive "red umbrella" as the new corporate logo, which was used until 2007.{{cite news | url=https://money.cnn.com/2007/02/13/news/companies/citigroup/ | title=Travelers buys back its red umbrella | first=Keisha | last=Lamothe | work=CNN | date=February 13, 2007}}

The chairmen of both parent companies, John S. Reed and Sandy Weill respectively, were announced as co-chairmen and co-CEOs of the new company, Citigroup, Inc., although the vast difference in management styles between the two immediately presented question marks over the wisdom of such a setup.

The remaining provisions of the Glass–Steagall Act—enacted following the Great Depression—forbade banks to merge with insurance underwriters, and meant Citigroup had between two and five years to divest any prohibited assets. Weill stated at the time of the merger that they believed "that over that time the legislation will change ... we have had enough discussions to believe this will not be a problem". Indeed, the passing of the Gramm-Leach-Bliley Act in November 1999 vindicated Reed and Weill's views, opening the door to financial services conglomerates offering a mix of commercial banking, investment banking, insurance underwriting, and brokerage.{{cite web | url=http://www.investopedia.com/articles/03/071603.asp | title=What Was The Glass–Steagall Act? | first=Reem | last=Heakal | publisher=Investopedia | date=July 16, 2003}}

Joe J. Plumeri worked on the post-merger integration of the two companies and was appointed CEO of Citibank North America by Weill and Reed. He oversaw its network of 450 branches.{{cite news | url=https://www.wsj.com/articles/SB944183809998441272 | title=Joseph Plumeri to Leave Citigroup For Top Job at Nonfinancial Firm | work=The Wall Street Journal | date=December 3, 1999 | url-access=subscription}} J. Paul Newsome, an analyst with CIBC Oppenheimer, said: "He's not the spit-and-polish executive many people expected. He's rough on the edges. But Citibank knows the bank as an institution is in trouble—it can't get away anymore with passive selling—and Plumeri has all the passion to throw a glass of cold water on the bank."{{cite news | last=Nash | first=Jeff | url=http://www.investmentnews.com/article/19990419/SUB/904190722 | title=The Chief Preacher: Joe Plumeri – Citibank Finds Sales Religion | work=Investment News | date=April 19, 1999}} Plumeri boosted the unit's earnings from $108 million to $415 million in one year, an increase of nearly 300%.{{cite news | url=https://www.bizjournals.com/philadelphia/stories/2003/11/17/daily17.html | title=Commerce adds Plumeri to Board of Directors | work=American City Business Journals | date=November 19, 2003 | url-access=subscription}}{{cite press release | url=http://www.willis.com/Documents/Media_Room/Press_Releases/2004/4-1-04%20Risk%20Transfer.pdf | title=Breaking with Tradition: Willis Re-energized | work=Risk Transfer Magazine | date=April 1, 2004}} He unexpectedly retired from Citibank in January 2000.

{{anchor|Associates First Capital Corporation|Associates Corporation of North America|Associates National Bank|The Associates}}

In 2000, Citigroup acquired Associates First Capital Corporation for $31.1 billion in stock,{{cite news | url=https://www.nytimes.com/2000/09/07/business/citigroup-to-buy-associates-first-for-31-billion.html | title=Citigroup to Buy Associates First for $31 Billion | first=Patrick | last=Mcgeehan | work=The New York Times | date=September 7, 2000 | url-access=limited}} which, until 1989, had been owned by Gulf+Western (now part of National Amusements),{{cite web | url=http://edgar.secdatabase.com/1533/95017200001546/filing-main.htm | title=Citigroup, Form 8-K, Current Report | publisher=U.S. Securities and Exchange Commission | date=September 6, 2000}} and later by Ford Motor Credit Company.{{cite news | url=https://www.chicagotribune.com/news/ct-xpm-1989-08-13-8901040282-story.html | title=Associates Widens Ford's Road | first=Joe | last=Simnacher | work=Chicago Tribune | date=August 13, 1989 | url-access=limited}} The Associates was widely criticized for predatory lending practices and Citi eventually settled with the Federal Trade Commission by agreeing to pay $240 million to customers who had been victims of a variety of predatory practices, including "flipping" mortgages, "packing" mortgages with optional credit insurance, and deceptive marketing practices.{{cite web |url=http://edgar.secdatabase.com/1820/91205702038795/filing-main.htm |title=Citigroup, Form 8-K, Current Report, Filing Date Oct 16, 2002 |publisher=secdatabase.com |access-date =March 26, 2013}}{{cite press release | url=https://www.ftc.gov/news-events/press-releases/2002/09/citigroup-settles-ftc-charges-against-associates-record-setting | title=Citigroup Settles FTC Charges Against the Associates Record-Setting $215 million for Subprime Lending Victims | publisher=Federal Trade Commission | date=September 19, 2002}}

In 2001, Citigroup made additional acquisitions: European American Bank, in July, for $1.9 billion,{{cite news | url=https://www.nytimes.com/2001/02/13/business/eab-purchase-lets-citibank-expand-long-island-presence.html | title=E.A.B. Purchase Lets Citibank Expand Long Island Presence | first=Kenneth N. | last=Gilpin | work=The New York Times | date=February 13, 2001 | url-access=limited}}{{cite news | url=https://money.cnn.com/2001/02/12/deals/citibank/index.htm | title=Citibank to buy EAB | work=CNN | date=February 12, 2001}}{{cite news | url=https://www.latimes.com/archives/la-xpm-2001-feb-13-fi-24719-story.html | title=Citigroup to Buy European American Bank in Bid to Increase N.Y. Market Share | work=Los Angeles Times | date=February 13, 2001 | url-access=limited}}{{cite web | url=http://edgar.secdatabase.com/1031/91205701528176/filing-main.htm | title=Citigroup, Form 10-Q, Quarterly Report | publisher=U.S. Securities and Exchange Commission | date=August 13, 2001}} and Banamex in August, for $12.5 billion.{{cite web | url=http://edgar.secdatabase.com/1685/95010301500965/filing-main.htm | title=Citigroup, Form 8-K, Current Report | publisher=U.S. Securities and Exchange Commission | date=May 17, 2001}}{{cite news | url=https://www.nytimes.com/2001/05/18/business/citigroup-to-buy-mexican-bank-in-a-deal-valued-at-12.5-billion.html | title=Citigroup to Buy Mexican Bank In a Deal Valued at $12.5 Billion | first1=Riva D. | last1=Atlas | first2=Tim | last2=Weiner | work=The New York Times | date=May 18, 2001 | url-access=limited}}{{cite news | url=https://www.washingtonpost.com/archive/business/2001/05/18/citigroup-to-buy-mexicos-banamex/7f5a6951-7dae-42fd-91dd-ad14a0767b95/ | title=Citigroup to Buy Mexico's Banamex | first=Kathleen | last=Day | newspaper=The Washington Post | date=May 18, 2001}}

File:The Travelers Companies.svg

The company spun off its Travelers Property and Casualty insurance underwriting business in 2002.{{cite web | url=http://edgar.secdatabase.com/2826/91205702027805/filing-main.htm | title=Citigroup, Form 8-K, Current Report | publisher=U.S. Securities and Exchange Commission | date=July 18, 2002}} The spin-off was prompted by the insurance unit's drag on Citigroup stock price because Travelers earnings were more seasonal and vulnerable to large disasters and events such as the September 11 attacks. It was also difficult to sell insurance directly to its customers since most customers were accustomed to purchasing insurance through a broker.{{cite news | url=https://money.cnn.com/2001/12/19/ipo/citigroup/index.htm | title=Citigroup to spin Travelers | work=CNN | date=December 19, 2001}}{{cite news | url=https://www.latimes.com/archives/la-xpm-2001-dec-20-fi-16570-story.html | title=Citigroup to Spin Off Travelers Insurance | work=Los Angeles Times | date=December 20, 2001 | url-access=limited}}

Travelers merged with The St. Paul Companies Inc. in 2004 forming The St. Paul Travelers Companies.{{cite press release | url=https://investor.travelers.com/newsroom/press-releases/news-details/2004/St-Paul-Travelers-Merger-Complete/default.aspx | title=St. Paul Travelers Merger Complete | publisher=The Travelers Companies | date=April 1, 2004}}{{cite web | url=http://pdf.secdatabase.com/2809/0001104659-04-011724.pdf | title=Travelers Group, Form 8-K, Current Report, Filing Date | publisher=U.S. Securities and Exchange Commission | date=April 29, 2004}} Citigroup retained the life insurance and annuities underwriting businesses until it sold them to MetLife in 2005.{{cite web | url=http://edgar.secdatabase.com/1668/95012305000892/filing-main.htm | title=Citigroup, Form 8-K, Current Report | publisher=U.S. Securities and Exchange Commission | date=January 31, 2005}}

In spite of divesting Travelers Insurance, Citigroup retained Travelers' signature red umbrella logo as its own until February 2007, when Citigroup agreed to sell the logo back to St. Paul Travelers,{{cite web | url=http://pdf.secdatabase.com/2935/0001047469-08-011506.pdf | title=Citigroup, Form 10-Q, Quarterly Report | publisher=U.S. Securities and Exchange Commission | date=October 31, 2008}} which renamed itself Travelers Companies. Citigroup also decided to adopt the corporate brand "Citi" for itself and virtually all its subsidiaries, except Primerica and Banamex.

Heavy exposure to troubled mortgages in the form of collateralized debt obligation (CDOs), compounded by poor risk management, led Citigroup into trouble as the subprime mortgage crisis worsened in 2007. The company had used elaborate mathematical risk models which looked at mortgages in particular geographical areas, but never included the possibility of a national housing downturn or the prospect that millions of mortgage holders would default on their mortgages. Trading head Thomas Maheras was close friends with senior risk officer David Bushnell, which undermined risk oversight.{{cite news | url=https://www.nytimes.com/2008/01/27/business/yourmoney/27kim.html | title=What's $34 billion on Wall Street? | first=Landon Jr. | last=Thomas | work=The New York Times | date=January 27, 2008 | url-access=limited}}{{cite news | url=https://www.nytimes.com/2008/11/23/business/23citi.html | title=Citigroup Saw No Red Flags Even as It Made Bolder Bets | first1=Eric | last1=Dash | first2=Julie | last2=Creswell | work=The New York Times |date=November 23, 2008 | url-access=limited}} As Treasury Secretary, Robert Rubin was said to be influential in lifting the Glass–Steagall Act that allowed Travelers and Citicorp to merge in 1998. Then on the board of directors of Citigroup, Rubin and Charles Prince were said to be influential in pushing the company towards MBS and CDOs in the subprime mortgage market.

Starting in June 2006, Senior Vice President Richard M. Bowen III, the chief underwriter of Citigroup's Consumer Lending Group, began warning the board of directors about the extreme risks being taken on by the mortgage operation that could potentially result in massive losses. The group bought and sold $90 billion of residential mortgages annually. Bowen's responsibility was essential to serve as the quality control supervisor ensuring the unit's creditworthiness. When Bowen first became a whistleblower in 2006, 60% of the mortgages were defective. The number of bad mortgages began increasing throughout 2007 and eventually exceeded 80% of the volume. Many of the mortgages were not only defective but were a result of mortgage fraud. Bowen attempted to rouse the board via weekly reports and other communications. On November 3, 2007, Bowen emailed Citigroup chairman Robert Rubin and the bank's chief financial officer, head auditor, and the chief risk management officer to again expose the risk and potential losses, claiming that the group's internal controls had broken down and requesting an outside investigation of his business unit. The subsequent investigation revealed that the Consumer Lending Group had suffered a breakdown of internal controls since 2005. Despite the findings of the investigation, Bowen's charges were ignored, even though withholding such information from shareholders violated the Sarbanes–Oxley Act (SOX), which he had pointed out. Citigroup CEO Charles Prince signed a certification that the bank was in compliance with SOX despite Bowen revealing this wasn't so. Citigroup eventually stripped Bowen of most of his responsibilities and informed him that his physical presence was no longer required at the bank. The Financial Crisis Inquiry Commission asked him to testify about Citigroup's role in the mortgage crisis, and he did so, appearing as one of the first witnesses before the Commission in April 2010.{{cite news | url=https://www.cbsnews.com/news/prosecuting-wall-street/ | title=60 Minutes: Prosecuting Wall Street | work=CBS News | date=December 5, 2011}}

As the crisis began to unfold, Citigroup announced on April 11, 2007, that it would eliminate 17,000 jobs, or about 5% of its workforce, in a broad restructuring designed to cut costs and bolster its long underperforming stock.{{cite web | url=http://edgar.secdatabase.com/1759/110465907027668/filing-main.htm | title=Citigroup, Form 8-K, Current Report | publisher=U.S. Securities and Exchange Commission | date=April 11, 2007}} Even after securities and brokerage firm Bear Stearns ran into serious trouble in summer 2007, Citigroup decided the possibility of trouble with its CDOs was so tiny (less than 1/100 of 1%) that they excluded them from their risk analysis. With the crisis worsening, Citigroup announced on January 7, 2008, that it was considering cutting another 5 percent to 10 percent of its 327,000 member-workforce.{{cite news | url=https://www.reuters.com/article/businessNews/idUSN0738522020080107 | title=Citi mulls cutting work force by 5 to 10 percent: report |last=Plumb | first=Christian | work=Reuters |date=January 1, 2008}}

In 2007, Citigroup acquired 61% of Nikko Asset Management for $7.7 billion to take majority control in what was then the largest foreign buyout ever of a Japanese company.{{Cite news |last= |date=2007-04-27 |title=Citigroup Acquires Nikko |url=https://www.nytimes.com/2007/04/27/business/27nikko.html |access-date=2024-05-06 |work=The New York Times |language=en-US |issn=0362-4331 |agency=Reuters}} Citigroup attempted to buy out the remaining shares of Nikko later that year at a cost of $4.6 billion to take full control of the company.{{Cite news |last=Dolan |first=David |date=2007-10-03 |title=Citigroup to buy rest of Nikko in $4.6 bln deal |url=https://www.reuters.com/article/idUST146777/ |access-date=2024-05-06 |work=Reuters}} Two years later, Citigroup sold its stake to Sumitomo Trust and Banking Co, a subsidiary of Sumitomo Mitsui Trust Holdings, for $795 million as it retreated from Japan.{{Cite web |last=Bernard |first=Stephen |date=2009-07-30 |title=Citigroup sells stake in Japanese asset manager |url=https://www.sandiegouniontribune.com/sdut-us-citigroup-nikko-asset-management-073009-2009jul30-story.html |access-date=2024-05-06 |website=San Diego Union-Tribune |language=en-US |agency=AP}}{{Cite news |last=Hodo |first=Chikafumi |date=2009-07-30 |title=Citi sells Japan asset manager in $1.2 billion deal |url=https://www.reuters.com/article/idUSTRE56S11N/ |access-date=2024-05-06 |work=Reuters}}

By July 2008 Citigroup was described as struggling,{{cite magazine |magazine=InformationWeek

|title=Tomorrow's CIO: Citi Piles It On |author=John Soat |date=July 14, 2008 |page=24}} and by November they were insolvent, despite their receipt of $25 billion (~${{Format price|{{Inflation|index=US-GDP|value=25000000000|start_year=2008}}}} in {{Inflation/year|US-GDP}}) in taxpayer-funded federal Troubled Asset Relief Program funds. On November 17, 2008, Citigroup announced plans for about 52,000 new job cuts, on top of 23,000 cuts already made during 2008 in a huge job cull resulting from four-quarters of consecutive losses and reports that it was unlikely to be in profit again before 2010. The same day on Wall Street markets responded, with shares falling and dropping the company's market capitalization to $6 billion, down from $300 billion two years prior. Eventually staff cuts totaled over 100,000 employees.{{cite news |url=http://news.bbc.co.uk/1/hi/business/7733575.stm |title=Citigroup job cull to hit 75,000 |publisher=BBC News

|access-date=November 17, 2008 |date=November 17, 2008}} Its stock market value dropped to $20.5 billion, down from $244 billion two years earlier.

{{cite news |url=https://www.nytimes.com/2008/11/23/business/23citi.html

| title=Citigroup Saw No Red Flags Even as It Made Bolder Bets |last1=Dash | first1=Eric |last2=Creswell |first2=Julie

|work=The New York Times | date=November 22, 2008 | url-access=limited}} Shares of Citigroup common stock traded well below $1.00 on the New York Stock Exchange.

As a result, late in the evening on November 23, 2008, Citigroup and Federal regulators approved a plan to stabilize the company and forestall a further deterioration in the company's value. On November 24, 2008, the U.S. government announced a massive bailout for Citigroup designed to rescue the company from bankruptcy while giving the government a major say in its operations. A joint statement by the US Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) announced: "With these transactions, the U.S. government is taking the actions necessary to strengthen the financial system and protect U.S. taxpayers and the U.S. economy."{{cite news | url=https://www.wsj.com/articles/SB122747680752551447 | title=U.S. Agrees to Rescue Struggling Citigroup | first1=David | last1=Enrich | first2=Carrick | last2=Mollenkamp | first3=Matthias |last3=Rieker | first4=Damian | last4=Paletta | first5=Jon | last5=Hilsenrath | work=The Wall Street Journal | date=November 24, 2008 | url-access=subscription}}{{cite press release | url=http://www.federalreserve.gov/newsevents/press/bcreg/20081123a.htm | title=FRB: Press Release-Joint statement by Treasury, Federal Reserve, and the FDIC on Citigroup | publisher=Federal Reserve Board of Governors | date=November 23, 2008}}{{cite news | url=https://money.cnn.com/2008/11/23/news/companies/citigroup/index.htm | title=Citi dodges bullet | work=CNNMoney | date=November 23, 2008}}{{cite news | url=https://www.reuters.com/article/us-citigroup/citigroup-gets-massive-government-bailout-idUSTRE4AJ45G20081124 | title=Citigroup gets massive government bailout | first1=Dan | last1=Wilchins | first2=Jonathan | last2=Stempel | work=Reuters | date=November 23, 2008}}{{cite web | url=http://pdf.secdatabase.com/367/0000950123-08-016585.pdf | title=Citigroup, Form 8-K, Current Report | publisher=U.S. Securities and Exchange Commission | date=November 26, 2008}}

Citi received the largest amount of TARP funding, "a larger bailout than any other U.S. bank."{{cite news | url=https://www.bloomberg.com/news/articles/2021-02-26/citi-s-corbat-has-parting-words-banking-is-quickly-changing | title=Citi's Corbat Has Parting Words: 'Banking Is Quickly Changing' | first=Jennifer | last=Surane | work=Bloomberg News | date=February 26, 2021 | url-access=subscription}} The bailout called for the government to back about $306 billion in loans and securities and directly invest about $20 billion in the company. The Treasury provided $20 billion in Troubled Asset Relief Program (TARP) funds in addition to $25 billion given in October. The Treasury Department, the Federal Reserve and the FDIC agreed to cover 90% of the losses on Citigroup's $335 billion portfolio after Citigroup absorbed the first $29 billion in losses. The Treasury would assume the first $5 billion in losses; the FDIC would absorb the next $10 billion; then the Federal Reserve would assume the rest of the risk. The assets remained on Citigroup's balance sheet; the technical term for this arrangement is ring fencing.

In return, the bank gave the U.S. Treasury $27 billion of preferred shares and warrants to acquire common stock. The government obtained wide powers over banking operations. Citigroup agreed to try to modify mortgages, using standards set up by the FDIC after the collapse of IndyMac Bank, with the goal of keeping as many homeowners as possible in their houses. Executive salaries would be capped.{{cite news | url=https://www.nytimes.com/2008/11/24/business/24citibank.html |title=U.S. Approves Plan to Help Citigroup Weather Losses | last=Dash | first=Eric | work=The New York Times | date=November 23, 2008}} As a condition of the federal assistance, Citigroup's dividend payment was reduced to $0.01 per share.

In a New York Times op-ed, Michael Lewis and David Einhorn described the November 2008 $306 billion (~${{Format price|{{Inflation|index=US-GDP|value=306000000000|start_year=2008}}}} in {{Inflation/year|US-GDP}}) guarantee as "an undisguised gift" without any real crisis motivating it.{{cite news | url=https://www.nytimes.com/2009/01/04/opinion/04lewiseinhornb.html | title=How to Repair a Broken Financial World | author-link1=Michael Lewis | author-link2=David Einhorn (hedge fund manager) | first1=Michael | last1=Lewis | first2=David | last2=Einhorn | work=The New York Times | date=January 4, 2009 | url-access=limited}}

According to The Wall Street Journal, the government aid provided to Citi in 2008/2009 was provided to prevent a worldwide chaos and panic by the potential collapse of its Global Transactions Services (now TTS) division. According to the article, former CEO Pandit said if Citigroup was allowed to unravel into bankruptcy, "100 governments around the world would be trying to figure out how to pay their employees".{{cite news | last=Enrich | first=David | url=https://www.wsj.com/articles/SB126317001431624045 | title=Citi Unit Grows – With Feds' Help | work=The Wall Street Journal | date=January 12, 2010 | url-access=subscription}}{{cite news | last=Ovide | first=Shira | url=https://www.wsj.com/articles/BL-DLB-29290 | title=The Overlooked Gem Inside Citigroup | publisher=The Wall Street Journal | date=November 29, 2010 | url-access=subscription}}

According to New York Attorney General Andrew Cuomo, Citigroup paid hundreds of millions of dollars in bonuses to more than 1,038 of its employees after it had received its $45 billion (~${{Format price|{{Inflation|index=US-GDP|value=45000000000|start_year=2008}}}} in {{Inflation/year|US-GDP}}) TARP funds in late 2008. This included 738 employees each receiving $1 million in bonuses, 176 employees each receiving $2 million bonuses, 124 each receiving $3 million in bonuses, and 143 each receiving bonuses of $4 million to more than $10 million.{{cite news | url=https://www.wsj.com/articles/BL-DLB-12285 | title=Wall Street Compensation–'No Clear Rhyme or Reason | first=Stephen | last=Grocer | work=The Wall Street Journal | date=July 30, 2009 | url-access=subscription}} As a result of the criticism and the U.S. Government's majority holding of Citigroup's common stock, compensation and bonuses were restricted from February 2009 until December 2010.{{cite web | url=https://www.sigtarp.gov/Audit%20Reports/SIGTARP_ExecComp_Audit.pdf | title=The Special Master's Determinations for Executive Compensation of Companies Receiving Exceptional Assistance Under TARP | publisher=SIGTARP | date=January 23, 2012 | access-date=December 19, 2016 | archive-date=November 8, 2020 | archive-url=https://web.archive.org/web/20201108133730/https://www.sigtarp.gov/Audit%20Reports/SIGTARP_ExecComp_Audit.pdf | url-status=dead }}

In 2009, Jane Fraser, the CEO of Citi Private Bank, stopped paying its bankers with a commission for selling investment products, in a move to bolster Citi Private Bank's reputation as an independent wealth management adviser, as opposed to a product pusher.{{cite web | url=http://www.marketwatch.com/story/citi-private-bank-targets-doubled-growth-2010-11-18 | title=Citi private bank targets doubled growth | first=Katharina | last=Bart | work=Marketwatch | date=November 18, 2010}}

On January 16, 2009, Citigroup announced its intention to reorganize itself into two operating units: Citicorp for its retail and institutional client business, and Citi Holdings for its brokerage and asset management.{{cite press release | url=http://www.citigroup.com/citi/news/2009/090116b.htm | title=Citi to Reorganize into Two Operating Units to Maximize Value of Core Franchise | publisher=Citigroup | date=January 16, 2009}} Citigroup will continue to operate as a single company for the time being, but Citi Holdings managers will be tasked to "take advantage of value-enhancing disposition and combination opportunities as they emerge", and eventual spin-offs or mergers involving either operating unit were not ruled out.{{cite news | url=https://www.nytimes.com/2009/01/17/business/17citi.html | title=Citigroup Reports Big Loss and a Breakup Plan | first=Eric | last=Dash | work=The New York Times | date=January 17, 2009}} Citi Holdings consists of Citi businesses that Citi wants to sell and are not considered part of Citi's core businesses. The majority of its assets are U.S. mortgages. It was created in the wake of the financial crisis as part of Citi's restructuring plan. It consists of several business entities including remaining interests in local consumer lending such as OneMain Financial, divestitures such as Smith Barney, and a special asset pool. Citi Holdings represents $156 billion of GAAP assets, or ~8% of Citigroup; 59% represents North American mortgages, 18% operating businesses, 13% special asset pool, and 10% categorized as other. Operating businesses include OneMain Financial ($10B), PrimeRe ($7B), MSSB JV ($8B) and Spain / Greece retail ($4B), less associated loan loss reserves. While Citi Holdings is a mixed bag, its primary objective is to wind down some non-core businesses and reduce assets, and strategically "breaking even" in 2015.{{cite web|title=Citi: Focus on Execution|url= http://www.citigroup.com/citi/investor/data/p130305a.pdf|access-date=June 21, 2013}}

On February 27, 2009, Citigroup announced that the U.S. government would take a 36% equity stake in the company by converting US$25 billion in emergency aid into common stock with a United States Treasury credit line of $45 billion to prevent the bankruptcy of the company.{{cite web | url=http://edgar.secdatabase.com/642/95010309000421/filing-main.htm | title=Citigroup, Form 8-K, Current Report | publisher=U.S. Securities and Exchange Commission | date=February 27, 2009}} The government guaranteed losses on more than $300 billion of troubled assets and injected $20 billion immediately into the company. The salary of the CEO was set at $1 per year and the highest salary of employees was restricted to $500,000. Any compensation amount above $500,000 had to be paid with restricted stock that could not be sold by the employee until the emergency government aid was repaid in full.{{cite news | url=https://www.nytimes.com/2009/02/04/business/04pay.html | title=U.S. Plans $500,000 Cap on Executive Pay in Bailouts | first1=Edmund L. | last1=Andrews | first2=Vikas | last2=Bajaj | work=The New York Times | date=February 4, 2009 | url-access=limited}}{{cite news | url=https://www.wsj.com/articles/SB123375514020647787 | title=Obama Lays Out Limits on Executive Pay | first1=Jonathan | last1=Weisman | first2=Joann S. | last2=Lublin | publisher=The Wall Street Journal | date=February 4, 2009 | url-access=subscription}} The U.S. government also gained control of half the seats in the board of directors, and the senior management was subjected to removal by the US government if there were poor performance. By December 2009, the U.S. government stake was reduced from a 36% stake to a 27% stake, after Citigroup sold $21 billion of common shares and equity in the largest single share sale in U.S. history, surpassing Bank of America's $19 billion share sale 1 month prior. By December 2010, Citigroup repaid the emergency aid in full and the U.S. government had made a $12 billion (~${{Format price|{{Inflation|index=US-GDP|value=12000000000|start_year=2010}}}} in {{Inflation/year|US-GDP}}) profit on its investment in the company.{{cite news | url=https://www.reuters.com/article/us-citigroup-treasury-offering-idUSTRE6B55KP20101207 | title=U.S. exits Citigroup stake and earns $12 billion profit | first=David | last=Lawder | work=Reuters | date=December 7, 2010 | url-access=subscription}} Government restrictions on pay and oversight of the senior management were removed after the U.S. government sold its remaining 27% stake in December 2010.{{cite news | url=https://www.reuters.com/article/us-citigroup-pandit/citi-ceo-pandits-salary-soars-to-1-75-million-from-1-idUSTRE70K6YC20110121 | title=Citi CEO Pandit's salary soars to $1.75 million from $1 | first=Maria | last=Aspan | work=Reuters | date=January 21, 2011}}

On June 1, 2009, it was announced that Citigroup would be removed from the Dow Jones Industrial Average effective June 8, 2009, due to significant government ownership. Citigroup was replaced by Travelers Co.{{cite news | first=E.S. | last=Browning | title=Travelers, Cisco Replace Citi, GM in Dow | url=https://www.wsj.com/articles/SB124386244318072033 | work=The Wall Street Journal | date=June 1, 2009 | url-access=subscription}}{{cite news | url=https://money.cnn.com/2009/06/01/news/companies/dow_jones/index.htm?postversion=2009060117 | title=Dow kicks out GM and Citigroup | work=CNNMoney | date=June 1, 2009}}

Smith Barney, Citi's global private wealth management unit, provided brokerage, investment banking and asset management services to corporations, governments and individuals around the world. With over 800 offices worldwide, Smith Barney held 9.6 million domestic client accounts, representing $1.562 trillion in client assets worldwide.

On January 13, 2009, Citi announced the merger of Smith Barney with Morgan Stanley Wealth Management. Citi received $2.7 billion and a 49% interest in the joint venture.{{cite web | url=http://edgar.secdatabase.com/310/95010309000089/filing-main.htm | title=Citigroup, Form 8-K, Current Report | publisher=U.S. Securities and Exchange Commission | date=January 14, 2009}}{{cite news | url=https://www.cnbc.com/2009/01/13/citigroup-morgan-stanley-agree-to-merge-brokerages.html | title=Citigroup, Morgan Stanley Agree to Merge Brokerages | work=CNBC | date=January 13, 2009}}{{cite news | url=https://money.cnn.com/2009/01/13/news/companies/citigroup/index.htm | title=Citi and Morgan to merge brokerages | work=CNNMoney | date=January 13, 2009}}

In June 2013, Citi sold its remaining 49% stake in Smith Barney to Morgan Stanley Wealth Management for $13.5 billion following an appraisal by Perella Weinberg.{{cite news | url=https://www.bloomberg.com/news/articles/2013-06-28/morgan-stanley-completes-purchase-of-brokerage-venture | title=Morgan Stanley Completes Purchase of Smith Barney Venture | first=Michael J. | last=Moore | work=Bloomberg L.P. | date=June 29, 2013}}{{cite news | url=https://www.wsj.com/articles/BL-DLB-40237 | title=Pandit Missed Out on a Sweeter Smith Barney Deal | last=Lucchetti | first=Aaron | work=The Wall Street Journal | date=October 16, 2012 | url-access=subscription}}

In 2010, Citigroup achieved its first profitable year since 2007. It reported $10.6 billion in net profit, compared with a $1.6 billion loss in 2009.{{cite news | url=http://www.ft.com/cms/s/0/2e1f5e74-233f-11e0-b6a3-00144feab49a.html |archive-url=https://ghostarchive.org/archive/20221210/http://www.ft.com/cms/s/0/2e1f5e74-233f-11e0-b6a3-00144feab49a.html |archive-date=December 10, 2022 |url-access=subscription |url-status=live | title=Results mute celebrations at Citigroup | first=Francesco | last=Guererra | work=Financial Times | date=January 18, 2011}} Late in 2010, the government sold its remaining stock holding in the company, yielding an overall net profit to taxpayers of $12 billion (~${{Format price|{{Inflation|index=US-GDP|value=12000000000|start_year=2010}}}} in {{Inflation/year|US-GDP}}).{{cite news | url=https://www.washingtonpost.com/wp-dyn/content/article/2010/12/07/AR2010120700091.html | title=Government sells remaining shares in Citigroup; investment to net $12 billion total profit for taxpayers | last=Dennis | first=Brady | newspaper=The Washington Post | date=December 7, 2010}} A special IRS tax exception given to Citi allowed the US Treasury to sell its shares at a profit, while it still owned Citigroup shares, which eventually netted $12 billion. According to Treasury spokeswoman Nayyera Haq, "This (IRS tax) rule was designed to stop corporate raiders from using loss corporations to evade taxes and was never intended to address the unprecedented situation where the government owned shares in banks. And it was certainly not written to prevent the government from selling its shares for a profit."{{cite news | url=https://www.washingtonpost.com/wp-dyn/content/article/2009/12/15/AR2009121504534_2.html | title=U.S. gave up billions in tax money in deal for Citigroup's bailout repayment | last=Appelbaum | first=Binyamin | newspaper=The Washington Post | date=December 15, 2009}}

In 2011, Citi was the first bank to introduce digitized Smart Banking branches in Washington, D.C., New York, Tokyo and Busan (South Korea) while it continued renovating its entire branch network.{{cite press release | url=http://www.citigroup.com/citi/press/2011/110331a.htm | title=Citibank Opens Full-Service, Smart Banking Consumer Outlet at Chongqing Airport | publisher=Citigroup | date=March 31, 2011 | access-date=April 25, 2012 | archive-date=July 3, 2014 | archive-url=https://web.archive.org/web/20140703033413/http://www.citigroup.com/citi/press/2011/110331a.htm | url-status=dead }}{{cite press release| url=http://www.citigroup.com/citi/press/2010/100413a.htm| title=Citibank Japan Ltd. Announces Opening of First Smart Banking Branches in Citi's Global Network| publisher=Citigroup| date=April 9, 2010| access-date=April 25, 2012| archive-date=March 4, 2016| archive-url=https://web.archive.org/web/20160304051905/http://www.citigroup.com/citi/press/2010/100413a.htm| url-status=dead}} New sales and service centers were also opened in Moscow and St. Petersburg. Citi Express modules, 24-hour service units, were introduced in Colombia. Citi opened additional branches in China, expanding its branch presence to 13 cities in China.{{cite news | url=http://www.scmp.com/business/banking-finance/article/1936181/why-citi-closing-branches-china | title=Why is Citi closing branches in China? | first=Liz | last=Mak | work=South China Morning Post | date=April 15, 2016}}

Citi Branded Cards introduced several new products in 2011, including: Citi ThankYou, Citi Executive/AAdvantage and Citi Simplicity cards in the U.S. It also has Latin America partnership cards with Colombia-based airline Avianca and with Banamex and AeroMexico; and a merchant loyalty program in Europe. Citibank is also the first and currently the only international bank to be approved by Chinese regulators to issue credit cards under its own brand without cooperating with Chinese state-owned domestic banks.{{cite news | url=https://www.reuters.com/article/us-citi-china/citi-gets-approval-to-issue-credit-cards-in-china-idUSTRE8150LT20120206 | title=Citi gets approval to issue credit cards in China | first=Kazunori | last=Takada | work=Reuters | date=February 6, 2012}}

In 2012, the Global Markets division and Orient Securities formed Citi Orient Securities, a Shanghai-based equity and debt brokerage operating in the Chinese market.{{cite news | url=https://www.financemagnates.com/institutional-forex/technology/citi-ties-up-with-chinese-stock-brokerage-to-form-china-orient-securities/ | title=Citi Ties up With Chinese Stock Brokerage to Form Citi Orient Securities | first=Adil | last=Siddiqui | work=Finance Magnates | date=August 13, 2012}} In January 2019, Citigroup announced that it sold its stake in the business to its Chinese partner.{{Cite news |date=January 8, 2019 |title=Citigroup to end Chinese securities JV to set up majority-owned venture |language=en |work=Reuters |url=https://www.reuters.com/article/us-citigroup-china-jointventure-idUSKCN1P210O |access-date=October 9, 2023}}

The company failed the Comprehensive Capital Analysis and Review stress tests in 2012 due to Citi's high capital return plan and its international loans, which were rated by the Fed to be at higher risk than its domestic American loans.{{cite news | url=https://www.cbsnews.com/news/citigroup-other-big-us-banks-flunk-stress-tests/ | work=CBS News | title= Citigroup, other big US banks flunk 'stress tests' | date=November 15, 2012}}{{cite news | url=https://www.huffpost.com/entry/stress-tests-citibank_n_1342928| title=These Guys Just Can't Cut It | work=HuffPost | first=Mark | last=Gongloff | date=March 13, 2012}}{{cite news | url=https://blogs.wsj.com/deals/2012/03/13/stress-tests-official-statements-from-banks/ |title=Stress Tests: Official Statements From Banks | work=The Wall Street Journal | first=David | last=Benoit | date=March 13, 2012 | url-access=subscription}}{{cite news | url=http://www.marketwatch.com/story/citi-among-banks-that-fail-fed-stress-test-2012-03-13 | title=Citi among banks that fail Fed stress test | first=Ronald D. | last=Orol | work=MarketWatch | date=March 13, 2012}}{{cite news | url=https://www.forbes.com/sites/greatspeculations/2012/03/28/the-feds-stress-test-summary-results-and-implications/ | title=The Feds Stress Test Summary Results and Implications | work=Forbes | date=March 28, 2012}}{{cite news | url=https://www.nytimes.com/2012/04/09/business/taking-the-measure-of-citigroup-and-bank-of-america.html | title=Taking the Measure of Citigroup and Bank of America | first=Nelson D. | last=Schwartz | work=The New York Times | date=April 8, 2012 | url-access=limited}}

In 2013, Sanjiv Das was replaced as head of CitiMortgage with Jane Fraser, former head of Citi Private Bank.{{cite news | url=https://www.americanbanker.com/news/citi-replaces-das-with-fraser-in-possible-sign-of-mortgage-push | title=Citi Replaces Das with Fraser in Possible Sign of Mortgage Push | first=Maria | last=Aspan | work=American Banker | date=May 20, 2013 | url-access=subscription}}

The company failed the stress tests again in 2014, this time due to qualitative concerns.{{cite press release | url=https://www.federalreserve.gov/newsevents/press/bcreg/ccar_20140326.pdf | title=Comprehensive Capital Analysis and Review 2014: Assessment Framework and Results | publisher=Federal Reserve System | date=March 2014}}{{cite news | url= https://dealbook.nytimes.com/2014/03/27/failing-stress-test-is-another-stumble-for-citigroup/ | title=Failing Stress Test Is Another Stumble for Citigroup | first1=Michael | last1=Corkery | first2=Jessica |last2=Silver-Greenberg | work=The New York Times | date=March 27, 2014 | url-access=limited}}{{cite news | url=https://www.wsj.com/articles/citis-corbat-rushed-home-from-asian-trip-after-stress-test-failure-1395962880 | first1=Suzanne | last1=Kapner | first2=Stephanie | last2=Armour | first3=Julie | last3=Steinberg | title='Stress Test' Failure Sparked Scramble at Citigroup | work=The Wall Street Journal | date=March 27, 2014 | url-access=subscription}}

However, it passed the stress tests in 2015{{cite press release | url=https://www.federalreserve.gov/newsevents/press/bcreg/20150311a.htm| title=Federal Reserve releases results of Comprehensive Capital Analysis and Review (CCAR) | publisher=Federal Reserve System | date=March 11, 2015}}{{cite news | url=https://money.cnn.com/2015/03/11/investing/fed-stress-tests-citigroup-pass/index.html | title=Citi passes Fed stress test but BofA gets an incomplete | last=Monica | first=Paul R. La | work=CNN | date=March 11, 2015}} and in 2016.{{cite news | url=https://www.wsj.com/articles/fed-approves-citigroups-capital-plan-1467232215 | title=Citigroup More Than Triples Its Dividend After Passing Stress Test | last=Rexrode | first=Christina | work=The Wall Street Journal | issn=0099-9660 | date=June 29, 2016| url-access=subscription}}

In February 2016, the company was subject to a $1.1 billion fraud lawsuit filed by lender Rabobank and other investors as a result of the bankruptcy of Oceanografia SA, a Mexican oil services firm. The plaintiffs claimed that Citigroup conspired with Oceanografia to accept falsified work estimates.{{cite news | url=https://www.bloomberg.com/news/articles/2016-02-27/citigroup-faces-fraud-suit-claiming-1-1-billion-in-losses | title=Citigroup Faces Fraud Suit Claiming $1.1 Billion in Losses | first1=David | last1=Voreacos | first2=Dakin | last2=Campbell | work=Bloomberg News | date=February 27, 2016 | url-access=subscription}} The courts found in favor of Citigroup.{{Cite web | url=https://casetext.com/case/osuna-v-citigroup-inc | title=Osuna v. Citigroup Inc. | via=casetext}}

In April 2016, Citigroup announced that it would eliminate its bad bank, Citi Holdings.{{cite news | url=https://www.bloomberg.com/news/articles/2016-04-15/citigroup-plans-to-eliminate-shrinking-citi-holdings-unit-chart | title=Citigroup Plans to Eliminate Shrinking Citi Holdings Unit | first=Dakin | last=Campbell | work=Bloomberg L.P. | date=April 15, 2016}}

Under the leadership of CEO Michael Corbat, Citi Capital Advisors (CCA), formerly Citi Alternative Investments, was a hedge fund that offered various investment strategies across multiple asset classes. To comply with the Volcker Rule, which limits bank ownership in hedge funds to no more than 3%, Citi spun off its hedge fund unit in 2013 and gave a majority of the company to its managers.{{cite news | url=https://www.bloomberg.com/news/articles/2012-12-21/citigroup-said-to-give-cca-managers-75-stake-in-funds-for-free | title=Citigroup Said to Give CCA Managers 75% Fund Stake for Free | first=Donal | last=Griffin | work=Bloomberg L.P | date=February 28, 2012}} The spin-off of CCA created Napier Park Global Capital, a $6.8 billion hedge fund with more than 100 employees in New York and London and managed by Jim O'Brien and Jonathan Dorfman.{{cite news | title=A Citi Hedge Fund Business Prepares for Life on Its Own | url=https://dealbook.nytimes.com/2013/02/28/a-citi-hedge-fund-business-prepares-for-life-on-its-own/| work=The New York Times | date=February 28, 2013}}{{cite news | url=http://www.hedgeweek.com/2013/03/04/180971/napier-park-global-capital-completes-spinout-citigroup | title=Napier Park Global Capital completes spinout from Citigroup | work=Hedgeweek | date=March 4, 2013}}{{cite news | url=http://www.efinancialnews.com/digest/2013-03-03/citigroup-spins-off-alternative-asset-management-arm | title=Citigroup spins off alternative asset management arm | work=Efinancialnews.com | date=March 3, 2013}}{{cite press release | url=http://www.napierparkglobal.com/documents/FG/napierpark/news/18351_Napier_Park_Release_FINAL.pdf | title=Napier Park Global Capital Completes Spinout from Citigroup | publisher=Napier Park Global Capital | date=March 1, 2013}}

In October 2014, Citigroup announced its exit from consumer banking in 11 markets, including Costa Rica, El Salvador, Guatemala, Nicaragua, Panama, Peru, Japan, Guam, the Czech Republic, Egypt, South Korea (consumer finance only), and Hungary.{{cite news | url=https://www.bloomberg.com/news/articles/2014-10-14/citigroup-to-exit-consumer-banking-in-11-markets | title=Citigroup to Exit Consumer Banking in 11 Markets | first=Dakin | last=Campbell | work=Bloomberg L.P. | date=October 14, 2014}}{{cite news | url=https://www.reuters.com/article/us-citigroup-results/citi-pulls-out-of-consumer-banking-in-11-countries-profit-jumps-idINKCN0I326820141014 | title=Citi pulls out of consumer banking in 11 countries, profit jumps | first1=Anil | last1=D'Silva | first2=David | last2=Henry | work=Reuters | date=October 14, 2014}}

In May 2015, the bank announced the sale of its margin foreign exchange business, including CitiFX Pro and TradeStream, to FXCM and SAXO Bank of Denmark. Despite this deal, industry surveys pegged Citi as the biggest banking player in the forex market. The company's remaining foreign exchange sales & trading businesses continued operating in the wake of this deal under the leadership of James Bindler, who succeeded Jeff Feig as the firm's global head of foreign exchange in 2014.{{cite news | url=https://www.reuters.com/article/us-forex-citifxpro-sale/citigroup-selling-retail-online-fx-trading-platform-to-fxcm-saxo-bank-idUSKBN0O724N20150522 | title=Citigroup selling retail online FX trading platform to FXCM, Saxo Bank |first=Patrick | last=Graham | work=Reuters |date=May 22, 2015}}{{cite news |first=Anna | last=Prior | url=https://www.wsj.com/articles/citigroup-names-james-bindler-currencies-chief-1403281752 |title=Citigroup Names James Bindler Currencies Chief | work=The Wall Street Journal | date=June 20, 2014 | url-access=subscription}}

In November 2015, Springleaf acquired OneMain Financial from Citigroup.{{cite press release | url=http://www.businesswire.com/news/home/20150303005359/en/Springleaf-Financial-Acquire-OneMain-Financial | title=Springleaf Financial to Acquire OneMain Financial | publisher=Business Wire | date=March 3, 2015}}{{cite press release | url=http://www.businesswire.com/news/home/20151116006545/en/Springleaf-Holdings-Announces-Closing-OneMain-Acquisition-Ticker | title=Springleaf Holdings Announces Closing of OneMain Acquisition and Ticker Symbol Change | publisher=Business Wire | date=November 16, 2015}}

In February 2016, Citi sold its retail and commercial banking operations in Panama and Costa Rica to the Bank of Nova Scotia (Scotiabank) for $360 million (~${{Format price|{{Inflation|index=US-GDP|value=360000000|start_year=2016}}}} in {{Inflation/year|US-GDP}}). The operations sold include 27 branches serving approximately 250,000 clients. Citi continues to offer corporate and institutional banking and wealth management in Panama and Costa Rica.{{cite press release | url=http://www.marketwired.com/press-release/scotiabank-closes-deal-acquire-citigroups-retail-commercial-banking-operations-panama-tsx-bns-2092680.htm | title=Scotiabank Closes Deal to Acquire Citigroup's Retail and Commercial Banking Operations in Panama and Costa Rica |publisher=Marketwired | date=February 1, 2016}} On April 1, Citigroup became the exclusive issuer of Costco-branded credit cards.{{cite news | url=https://www.latimes.com/business/la-fi-costco-visa-20150302-story.html | title=Costco names Citi, Visa as new credit card partners after AmEx deal ends | first=Javier | last=Panzar | work=Los Angeles Times | date=March 2, 2015 | url-access=limited}} In April 2016, Citi was given regulatory approval for its "living will", its plans to shut down operations in the event of another financial crisis.{{cite news | url=https://www.nytimes.com/2016/04/14/business/dealbook/citigroups-living-will-passes-muster-but-offers-few-insights.html | title=Citigroup's 'Living Will' Passes Muster but Offers Few Insights | first=Steven J. | last=Lubben | work=The New York Times | date=April 13, 2016 | url-access=limited}}

In response to the COVID-19 pandemic, Citi provided support to cardholders including waiving late fees.{{Cite web|url=https://www.cnbc.com/select/citi-coronavirus-assistance/|title=Here's what Citi is doing for coronavirus assistance|last=White|first=Alexandria|date=March 20, 2020|website=CNBC|language=en|access-date=April 9, 2020}} It also announced that some lower paid employees would receive a one-off payment of US$1,000 to help them through the crisis.{{Cite web|url=https://www.cnbc.com/2020/03/23/citigroup-is-giving-some-employees-a-1000-bonus-amid-coronavirus.html|title=Citigroup is giving some employees a $1,000 bonus for working through the coronavirus pandemic|last=Son|first=Hugh|date=March 23, 2020 |website=CNBC| language=en |access-date=April 9, 2020}} This was not just limited to the US. In Singapore where Citi had a large operation, low paid staff would receive S$1,200.{{Cite web|url=https://www.straitstimes.com/business/banking/citi-singapore-employees-to-receive-1200-cash-in-april-as-covid-19-aid|title=Citi Singapore employees to receive $1,200 cash in April as Covid-19 aid |date=April 9, 2020|website=The Straits Times|language=en|access-date=April 9, 2020}}

In August 2020, Citi mistakenly wired $900 million (~${{Format price|{{Inflation|index=US-GDP|value=900000000|start_year=2020}}}} in {{Inflation/year|US-GDP}}) to the creditors of one of its clients, the American cosmetics corporation Revlon. Citi sued to get most of the money back but as of June 2022 had been unsuccessful.{{cite web |url=https://www.bloomberg.com/news/articles/2022-06-16/citi-s-900-million-revlon-gaffe-risks-getting-even-more-painful |title=Citi's $900 Million Revlon Gaffe Risks Getting Even More Painful |first1=Jeremy |last1=Hill |first2=Eliza |last2=Ronalds-Hannon |work=Bloomberg |date=June 16, 2022 |access-date=July 22, 2022}} In October, the same year, Citigroup was fined $400 million by the US bank regulators as a result of their risk in control systems and was ordered to update their technology. The company will have four months to make a new plan and submit it to the Federal Reserve.{{cite news |url=https://www.ft.com/content/84c831fb-5088-41cd-bcb6-0f0daf968c43 |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/84c831fb-5088-41cd-bcb6-0f0daf968c43 |archive-date=December 10, 2022 |url-access=subscription |url-status=live |title=Citigroup fined $400m over internal controls 'deficiencies' |work=Financial Times |date=October 9, 2020 |author=Robert Armstrong|access-date=October 8, 2020}}{{Update inline|date=November 2021}}

In November 2023, Citigroup began initiating layoffs as part of a corporate overhaul. The layoffs were part of a restructuring plan announced by CEO Jane Fraser, which includes the formation of five new divisions and the departure of several senior executives. The move was in response to Citigroup's stock performance and increased expenses. The full extent of the job cuts, referred to internally as "Project Bora Bora," were reported to involve a reduction of at least 10% or 20 000 of the workforce in several departments.{{Cite web |last=Son |first=Hugh |date=November 15, 2023 |title=Citigroup begins layoffs as part of CEO Jane Fraser's corporate overhaul |url=https://www.cnbc.com/2023/11/15/citigroup-layoffs-begin-in-jane-fraser-overhaul.html |access-date=November 15, 2023 |website=CNBC |language=en}}{{Cite web |last=Son |first=Hugh |date=2024-01-12 |title=Citigroup is cutting 10% of its workforce in CEO Jane Fraser's corporate overhaul |url=https://www.cnbc.com/2024/01/12/citigroup-cutting-10percent-of-workforce.html |access-date=2024-01-14 |website=CNBC |language=en}}

In 2019, Citi combined its Global Markets and Securities Services business into Markets & Securities Services, which includes broad trading and execution capabilities in addition to custody, clearing, financing and hedging services.{{Cite web|url=https://www.reuters.com/article/us-citigroup-markets-idUSKCN1UO22D|title=Citi combines its stock trading and prime brokerage business|last=Moise|first=Imani|date=July 30, 2019|website=Reuters|language=en|access-date=July 30, 2019}}

In February 2021, Jane Fraser, became CEO of the company, the first female CEO of a Big Four bank.{{cite news |url=https://www.wsj.com/articles/citigroup-ceo-michael-corbat-to-retire-in-february-jane-fraser-named-successor-11599742205 |title=Citigroup CEO Michael Corbat to Retire in February, Jane Fraser Named Successor |last=Sebastian |first=Dave |work=The Wall Street Journal |date=September 10, 2020 | url-access=subscription}}

In April 2021, Citi announced it would exit its consumer banking operations in 13 markets, including Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam. In January 2022, it was announced that UOB would purchase Citi's consumer banking business in Indonesia, Malaysia, Thailand, and Vietnam for approximately $4.9bn.{{Cite news |last1=Sreenivasan |first1=Ven |last2=Chern |first2=Kang Wan |date=January 14, 2022 |title=UOB to acquire Citi's consumer business in 4 Asean markets for almost $5b |language=en |work=The Straits Times |url=https://www.straitstimes.com/business/banking/uob-to-buy-citis-consumer-business-in-4-asean-countries-for-about-49-billion |access-date=October 9, 2023 |issn=0585-3923}} In August 2023, it was announced DBS Bank had acquired Citi's consumer banking business in Taiwan, Citi Consumer Taiwan, for a total consideration of $706m.{{Cite news |last=Li |first=Selena |date=August 14, 2023 |title=US bank Citi completes sale of Taiwan consumer unit to Singapore's DBS |language=en |work=Reuters |url=https://www.reuters.com/markets/deals/us-bank-citi-completes-sale-taiwan-consumer-unit-singapores-dbs-2023-08-14/ |access-date=August 14, 2023}} Citi will continue to operate its consumer banking businesses in the US, Canada, Europe and in only 4 other markets: Hong Kong, Singapore, London and the UAE across the entire APAC and EMEA regions.{{cite news |newspaper=BBC

|url=https://www.bbc.com/news/business-56755610 |title=Citigroup is closing its consumer banking operations in 13 markets across Asia, Europe and the Middle East. |date=April 16, 2021}}

In January 2022, Citi further announced its plan to exit consumer banking in Mexico, as well as small-business and middle-market banking operations.{{cite news

|url=https://www.reuters.com/business/citi-exit-mexican-consumer-banking-business-strategy-revamp-2022-01-11/|title= Citi to exit Mexican consumer business as part of strategy revamp

|work=Reuters |date=January 12, 2022 |author=David Henry |access-date=January 12, 2022}} On March 1, 2022, Citi disclosed an exposure of over $10bn in Russian assets, which may be materially affected by Russia's expulsion from the SWIFT banking system.{{Cite news |last1=Henry |first1=David |last2=Nishant |first2=Niket |date=February 28, 2022 |title=Citigroup says total Russian exposure nearly $10 billion |language=en |work=Reuters

|url=https://www.reuters.com/business/finance/citigroup-flags-54-bln-exposure-russian-assets-2022-02-28/ |access-date=March 1, 2022}}

In September 2022, Citi was planning to shutter its retail bank business in the United Kingdom.{{cite news |newspaper=Financial Times

| url=https://www.ft.com/content/176f3bd4-a953-43ba-ab5b-14ca1ec9b93d | archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/176f3bd4-a953-43ba-ab5b-14ca1ec9b93d |archive-date=December 10, 2022 |url-access=subscription |title=Citigroup to wind down UK retail bank |date=September 22, 2022}} In January 2024, Citi announced that it would be cutting 20,000 jobs from the company.{{Cite web |last=Fort |first=Hugh |date=2024-01-15 |title=Citigroup to cut 20,000 jobs |url=https://www.whatjobs.com/news/usa/us-business-news/citigroup-to-cut-20000-jobs/ |access-date=2024-01-17 |website=Employment & Business News |language=en-US}} In June 2024, at its biennial Investor Day, Jane focused the conversation on Citi's Securities Services business, the most profitable of its five business units.

In October 2024, it was reported that the company would move significant portions of its financial infrastructure to Google Cloud.{{Cite web |last=Castillo |first=Michael del |date=2024-10-29 |title=Citi moves infrastructure to Google Cloud as part of broader AI push |url=https://fortune.com/2024/10/28/citi-moves-vital-infrastructure-to-google-cloud-as-part-of-broader-ai-push/ |access-date=2024-10-29 |website=Fortune |language=en}}

In December 2024, Citigroup along with Bank of America announced that they are exiting the  Net-Zero Banking Alliance (NZBA).{{Cite news |date=January 1, 2025 |title=Citigroup, BofA join US lenders in exiting Net-Zero Banking Alliance |url=https://www.reuters.com/business/finance/citigroup-joins-us-lenders-exiting-net-zero-banking-alliance-2024-12-31/}}

In March 2025, Citigroup seeks to reduce reliance on external IT contractors, cutting their share by 20% to 50%. They intend to hire full-time employees instead, increasing their technology workforce to 50,000. Improved risk management, data governance after regulatory penalties, including a $136 million for data issues, have prompted such measures. A recent $22.9 million fraud case which involved external contractors is also cited by Citigroup as a reason for the shift. The bank intend to reduce its external suppliers from 144 to 50 and plans to shift IT operations from Rutherford, NJ, to Jersey City. The bank’s stock fell 0.7%, accumulating a 4.4% loss for the year.{{Cite news |date=March 13, 2025 |title=Exclusive: Citigroup plans to slash IT contractors, hire staff to improve controls |url=https://www.reuters.com/business/finance/citigroup-plans-slash-it-contractors-hire-staff-improve-controls-2025-03-13/#:~:text=LONDON%2FNEW%20YORK%2C%20March%2013,data%20governance%20and%20deficient%20controls}}

In 2018, The New York Times reported about Citi's actions, under the direction of CEO Michael Corbat, to intervene in the matter of gun control. In particular, their credit card policies were set to restrict the sale of guns below age 21.{{cite news |url=https://www.nytimes.com/2018/03/26/business/citigroup-guns.html |title=Citigroup Acted. Now, Two New Ideas on How Banks Can Limit Gun Sales. |first=Andrew Ross |last=Sorkin |work=The New York Times |date=March 26, 2018}}

File:Citigroup.canary.wharf.arp.500pix.jpg, Canary Wharf, London]]

File:Citigroup Centre.jpg]]

The company operates offices in the following buildings:

• 388 Greenwich Street (Manhattan), its global headquarters{{cite news | title=In $1B deal, Citi moves HQ downtown | url=http://www.crainsnewyork.com/article/20131219/REAL_ESTATE/131219836/in-1b-deal-citi-moves-hq-downtown | first=Daniel | last=Geiger | work=Crain Communications | date=December 19, 2013}}{{cite news | url=https://therealdeal.com/2016/06/13/citigroup-closes-on-1-8b-repurchase-of-tribeca-hq-from-sl-green/ | title=Citigroup closes on $1.8B buy of Tribeca HQ from SL Green | first=Konrad | last=Putzier | work=The Real Deal | date=June 13, 2016}}
• Citigroup Center, a diagonal-roof skyscraper in Midtown Manhattan
• 787 Seventh Avenue (Manhattan)
• 666 Fifth Avenue (Manhattan)
• 399 Park Avenue (Manhattan)
• 485 Lexington Avenue (Manhattan)
• One Court Square (Long Island City, Queens)

Citigroup Centre, Canary Wharf, London

{{Main|Citibank Vietnam}}

Citibank first opened a branch in Vietnam prior to 1975.{{Cite web |last=Ân |first=Tuyết |date=2022-01-14 |title=Citi bán khối ngân hàng cá nhân tại Việt Nam cho tập đoàn UOB |url=https://forbes.vn/citi-ban-khoi-ngan-hang-ca-nhan-tai-viet-nam-cho-tap-doan-uob/ |access-date=2024-06-27 |website=Forbes Việt Nam |language=vi}} In 1993, Citi returned to Vietnam and established a representative office in Hanoi.{{Cite web |last= |first= |date=2015-07-08 |title=Việt Nam chấp thuận thành lập ngân hàng 100% vốn Mỹ |url=https://tuoitre.vn/viet-nam-chap-thuan-thanh-lap-ngan-hang-100-von-my-774360.htm |access-date=2024-06-27 |website=TUOI TRE ONLINE |language=vi}} Citi established the first fully operational U.S. bank branch in Hanoi in 1994.{{Cite web |date=2015-07-08 |title=Citi bank sẽ thành lập ngân hàng 100% vốn tại Việt Nam |url=https://tienphong.vn/post-794774.tpo |access-date=2024-06-27 |website=Báo điện tử Tiền Phong |language=vi}}{{Cite web |last=P.V |date=2015-07-08 |title=Citi xin thành lập ngân hàng 100% vốn nước ngoài tại Việt Nam |url=https://vneconomy.vn/citi-xin-thanh-lap-ngan-hang-100-von-nuoc-ngoai-tai-viet-nam.htm |access-date=2024-06-27 |website=Nhịp sống kinh tế Việt Nam & Thế giới |language=vi}} Following the branch opening in Ho Chi Minh City in 1998, {{Cite web |last=Ân |first=Tuyết |date=2021-12-26 |title=Citi bổ nhiệm tân tổng giám đốc tại Việt Nam |url=https://forbes.vn/citi-bo-nhiem-tan-tong-giam-doc-tai-viet-nam/ |access-date=2024-06-27 |website=Forbes Việt Nam |language=vi}}{{Cite web |last=Ngoc Nu |first=Dang |date=2023-03-01 |title=secure spend |url=https://secure-spend.org/ |access-date=2024-06-27 |language=vi}}{{Cite web |last= |date=2020-12-29 |title=Giờ làm việc ngân hàng Citibank tại các hệ thống năm 2021 |url=https://vietnambiz.vn/gio-lam-viec-ngan-hang-citibank-tai-cac-he-thong-nam-2021-20201229175429139.htm |access-date=2024-06-27 |website=vietnambiz |language=vi}} Citi established its retail banking franchise in Vietnam in 2009.{{Cite web |title=Citibank triển khai dịch vụ ngân hàng bán lẻ tại Hà Nội |url=https://sbv.gov.vn/webcenter/portal/cds_sbv/menu/trangchu/tinmoinhat/tmn_chitiet?dDocName=CNTHWEBAP01162521953&p=8&_afrLoop=42519309420131023#%40%3F_afrLoop%3D42519309420131023%26centerWidth%3D100%2525%26dDocName%3DCNTHWEBAP01162521953%26leftWidth%3D0%26p%3D8%26rightWidth%3D0%26showFooter%3Dfalse%26showHeader%3Dfalse%26_adf.ctrl-state%3Dgdohu2c54_4 |access-date=2024-06-27}}{{Cite web |title=Citi sẽ thành lập ngân hàng 100% vốn nước ngoài tại Việt Nam |url=https://baodautu.vn/citi-se-thanh-lap-ngan-hang-100-von-nuoc-ngoai-tai-viet-nam-d29392.html |access-date=2024-06-27 |website=baodautu |language=vi}}

Citigroup owns the naming rights to Citi Field, the home ballpark of the New York Mets Major League Baseball team, via a $400 million (~${{Format price|{{Inflation|index=US-GDP|value=400000000|start_year=2009}}}} in {{Inflation/year|US-GDP}}), 20-year deal that commenced with the stadium opening in 2009.{{cite news | url=http://www.cnn.com/2009/US/04/13/mets.ballpark/ | title=Mets and the Citi: $400 million for stadium-naming rights irks some | first=Evan | last=Buxbaum | work=CNN | date=April 13, 2009}}{{cite news | url=https://www.forbes.com/2009/02/07/citi-mets-marketing-business-sports_0209_naming_rights.html | title=Why The Mets Deal Is Right For Citi | first=Tom | last=Van Riper | work=Forbes | date=February 7, 2009}}

Citibank moved its credit card operations to Sioux Falls, South Dakota, in 1981 after that state eliminated caps on interest rates.{{cite news | url=https://www.theatlantic.com/business/archive/2013/07/how-citibank-made-south-dakota-the-top-state-in-the-us-for-business/425661 | title=How Citibank Made South Dakota the Top State in the U.S. for Business | first=Amy | last=Sullivan |work=The Atlantic |date=July 10, 2013}}{{cite news | title=South Dakota: Credit Card Haven or the Cayman Islands for Banks? | url=https://www.paymentsjournal.com/south-dakota-credit-card-haven-or-the-cayman-islands-for-banks| first=Brian | last=Riley | date=October 14, 2021}}

In 2004, Japanese regulators took action against Citibank Japan loaning to a customer involved in stock manipulation. The regulator suspended bank activities in one branch and three offices and restricted their consumer banking division. In 2009, Japanese regulators again took action against Citibank Japan, because the bank had not set up an effective money laundering monitoring system. The regulators suspended sales operations within Citibank's retail banking for a month.{{cite news | url=https://archive.nytimes.com/dealbook.nytimes.com/2009/06/26/japanese-regulators-suspend-citibank-retail-ads/ | title=Japan Slaps Sanctions on Citibank | first=Chris | last=Nicholson | work=The New York Times | date=June 26, 2009}}

On March 23, 2005, the National Association of Securities Dealers, the former name of the American self-regulatory organization for broker-dealers, now known as the Financial Industry Regulatory Authority (FInRA) announced total fines of $21.25 million against Citigroup Global Markets, Inc., American Express Financial Advisors and Chase Investment Services regarding suitability and supervisory violations of their mutual fund sales practices between January 2002 and July 2003. The case against Citigroup involved recommendations and sales of Class B and Class C shares of mutual funds.{{cite press release | url=https://mondovisione.com/media-and-resources/news/nasd-fines-citigroup-global-markets-american-express-and-chase-investment-servic/ | title=NASD Fines Citigroup Global Markets, American Express and Chase Investment Services More Than $21 million for Improper Sales of Class B and C Shares of Mutual Funds | publisher=Financial Industry Regulatory Authority | date=March 23, 2005 | archive-url=https://web.archive.org/web/20180430114211/http://www.finra.org/newsroom/2005/nasd-fines-citigroup-global-markets-american-express-and-chase-investment-services | archive-date=April 30, 2018 | url-status=live}}

On June 6, 2007, FInRA announced more than $15 million (~${{Format price|{{Inflation|index=US-GDP|value=15000000|start_year=2007}}}} in {{Inflation/year|US-GDP}}) in fines and restitution against Citigroup Global Markets, Inc., to settle charges related to misleading documents and inadequate disclosure in retirement seminars and meetings for BellSouth Corp. employees in North Carolina and South Carolina. FInRA found that Citigroup did not properly supervise a team of brokers located in Charlotte, N.C., who used misleading sales materials during dozens of seminars and meetings for hundreds of BellSouth employees.{{cite press release | url=http://www.finra.org/newsroom/2007/citigroup-global-markets-pay-over-15-million-settle-charges-relating-misleading | title=Citigroup Global Markets to Pay Over $15 million to Settle Charges Relating to Misleading Documents and Inadequate Disclosure in Retirement Seminars, Meetings for BellSouth Employees | publisher=Financial Industry Regulatory Authority | date=June 6, 2006 | access-date=April 29, 2018 | archive-url=https://web.archive.org/web/20180430114026/http://www.finra.org/newsroom/2007/citigroup-global-markets-pay-over-15-million-settle-charges-relating-misleading | archive-date=April 30, 2018 | url-status=dead }}

In July 2010, Citigroup agreed to pay $75 million (~${{Format price|{{Inflation|index=US-GDP|value=75000000|start_year=2010}}}} in {{Inflation/year|US-GDP}}) to settle civil charges that it misled investors over potential losses from high-risk mortgages. The U.S. Securities and Exchange Commission said that Citigroup had made misleading statements about the company's exposure to subprime mortgages. In 2007, Citigroup indicated that its exposure was less than $13 billion, when in fact it was over $50 billion.{{cite news | url=https://www.bbc.co.uk/news/business-10812128 | work=BBC News | title=Citigroup agrees $75m fraud fine | date=July 29, 2010}}{{cite news | url=https://dealbook.nytimes.com/2012/08/29/citigroup-in-590-million-settlement-of-subprime-lawsuit/ | first=Jessica | last=Silver-Greenberg | work=The New York Times | title=Citigroup in $590 Million Settlement of Subprime Lawsuit | date=August 29, 2012}}

In April 2011, an arbitration panel ordered Citigroup Inc to pay $54.1 million for losses from municipal securities funds that cratered between 2007 and 2008.{{cite news | url=https://www.reuters.com/article/us-citigroup-arbitration/citi-ordered-by-panel-to-pay-investors-54-million-idUKTRE73B2RG20110412 | title=Citi ordered by panel to pay investors $54 million | first=Joseph A. | last=Giannone | work=Reuters | date=April 12, 2011}}

In August 2012, Citigroup agreed to pay almost $25 million (~${{Format price|{{Inflation|index=US-GDP|value=25000000|start_year=2012}}}} in {{Inflation/year|US-GDP}}) to settle an investor lawsuit alleging the bank misled investors about the nature of mortgage-backed securities. The lawsuit was on behalf of investors who purchased certificates in one of two mortgage-backed securities trusts from Citigroup Mortgage Loan Trust Inc in 2007.{{cite news | url=https://www.chicagotribune.com/2012/08/27/citigroup-to-settle-mbs-suit-for-249-million/ | title=Citigroup to settle MBS suit for $24.9 million| first=Jessica | last=Dye | work=Chicago Tribune | date=August 27, 2012}}

In February 2012, Citigroup agreed to pay $158.3 million (~${{Format price|{{Inflation|index=US-GDP|value=158300000|start_year=2012}}}} in {{Inflation/year|US-GDP}}) to settle claims that it falsely certified the quality of loans issued by its CitiMortgage unit over a period of more than six years, so that they would qualify for insurance from the Federal Housing Administration. The lawsuit was initially brought by Sherry Hunt, a CitiMortgage employee.{{cite web|title=Complaint, United States of America ex rel Sherry A. Hunt v. Citigroup, Inc. et al|url=https://www.pacermonitor.com/view/2IJT46A/United_States_of_America_ex_rel_v_Citigroup_Inc_et_al__nysdce-11-05473__0018.0.pdf|website=PacerMonitor|access-date=June 16, 2016}}{{cite news|url=http://in.reuters.com/article/citigroup-settlement-idINDEE81E0HG20120215|archive-url=https://web.archive.org/web/20160105034442/http://in.reuters.com/article/citigroup-settlement-idINDEE81E0HG20120215|url-status=dead|archive-date=January 5, 2016|title=Citigroup pays $158 mln in US mortgage fraud pact|publisher=Reuters|date=February 16, 2012}}

On February 9, 2012, it was announced that the five largest mortgage servicers (Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo) agreed to a historic settlement with the federal government and 49 states.{{cite web | url=http://www.nationalmortgagesettlement.com/faq|title=Joint State-Federal Mortgage Servicing Settlement FAQ|access-date=June 15, 2015}} The settlement, known as the National Mortgage Settlement (NMS), required the servicers to provide about $26 billion in relief to distressed homeowners and in-direct payments to the states and the federal government. This settlement amount makes the NMS the second largest civil settlement in U.S. history, only trailing the Tobacco Master Settlement Agreement.{{cite news | url=https://www.nytimes.com/2012/02/10/business/states-negotiate-26-billion-agreement-for-homeowners.html | title=Mortgage Plan Gives Billions to Homeowners, but With Exceptions | first1=Nelson D. | last1=Schwartz | first2=Julie | last2=Creswell | work=The New York Times | date= February 9, 2012 | url-access=limited}} The five banks were also required to comply with 305 new mortgage servicing standards. Oklahoma held out and agreed to settle with the banks separately.

In 2014, Citigroup agreed to pay $7 billion (~${{Format price|{{Inflation|index=US-GDP|value=7000000000|start_year=2014}}}} in {{Inflation/year|US-GDP}}) to resolve claims it misled investors about shoddy mortgage-backed securities in the run-up to the financial crisis. Attorney General Eric H. Holder Jr. said "The bank's misconduct was egregious. ... As a result of their assurances that toxic financial products were sound, Citigroup was able to expand its market share and increase profits" and that "the settlement did not absolve the bank or its employees from facing criminal charges."{{cite news| url=https://archive.nytimes.com/dealbook.nytimes.com/2014/07/14/citigroup-and-u-s-reach-7-billion-mortgage-settlement/ | title=Citigroup Settles Mortgage Inquiry for $7 Billion | work=The New York Times | first=Michael | last=Corkery | date=July 14, 2014 | url-access=limited}}

In July 2015, Citigroup was fined $70 million by the United States Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency, and ordered to pay $700 million to customers. Citigroup had conducted illegal practices in marketing add-on products for credit cards, including credit monitoring, debt-protection products and wallet-protection services.{{cite news | url=https://www.bloomberg.com/news/articles/2015-07-21/citigroup-to-pay-700-million-to-customers-in-card-settlement | title=Citigroup to Pay Customers $700 Million in Card Settlement | first=Dakin | last=Campbell | publisher=Bloomberg L.P. | date=July 22, 2015}}{{cite news | url=https://www.nytimes.com/2015/07/22/business/dealbook/citigroup-must-refund-700-million-in-credit-case.html | title=Citigroup Ordered to Refund $700 Million in Credit-Card Case | agency=Associated Press | work=The New York Times | date=July 21, 2015 | url-access=limited}}

In January 2017, Citigroup Global Markets Inc. was fined $25 million (~${{Format price|{{Inflation|index=US-GDP|value=25000000|start_year=2017}}}} in {{Inflation/year|US-GDP}}) by the Commodity Futures Trading Commission for order spoofing in U.S. Treasury futures markets, i.e., placing orders that were intended to be canceled before execution, and for failing to diligently supervise its employees with regard to spoofing.{{cite web | title=CFTC Orders Citigroup Global Markets Inc. to Pay $25 Million for Spoofing in U.S. Treasury Futures Markets and for Related Supervision Failures | date=January 19, 2017 | publisher=Commodity Futures Trading Commission | url=http://www.cftc.gov/PressRoom/PressReleases/pr7516-17}}

On October 22, 2001, Citigroup was sued for violating federal securities laws by misrepresenting Citigroup's Enron-related exposure in its 2001 Annual Report and elsewhere, and failing to disclose the true extent of Citigroup's legal liability arising out of its 'structured finance' deals with Enron.{{cite web |url=http://securities.stanford.edu/filings-case.html?id=102098 | title=Case Summary: Enron Corporation Securities Litigation | publisher=Stanford Law School}} In 2003, Citigroup paid $145 million (~${{Format price|{{Inflation|index=US-GDP|value=145000000|start_year=2003}}}} in {{Inflation/year|US-GDP}}) in fines and penalties to settle claims by the Securities and Exchange Commission and the Manhattan district attorney's office.{{cite web | url=http://edgar.secdatabase.com/705/95012303008593/filing-main.htm | title=Citigroup, Form 8-K, Current Report | publisher=U.S. Securities and Exchange Commission | date=July 28, 2003}}

In 2004, Citigroup paid $2.65 billion pre-tax, or $1.64 billion after-tax, to settle a lawsuit concerning its role in selling stocks and bonds for WorldCom, the second largest telecommunications company in the world, which collapsed after an accounting scandal.{{cite web | url=http://pdf.secdatabase.com/2634/0001047469-04-016537.pdf | title=Citigroup, Form 8-K, Current Report, Filing Date May 10, 2004 | publisher=U.S. Securities and Exchange Commission | date=May 10, 2004}}{{cite news | url=https://www.latimes.com/archives/la-xpm-2004-may-11-fi-citi11-story.html | title=Citigroup Settles WorldCom Case | work=Los Angeles Times | date=May 11, 2004}}{{cite press release | url=http://www.businesswire.com/news/home/20040510005424/en/Citigroup-Reaches-Settlement-WorldCom-Class-Action-Litigation | title=Citigroup Reaches Settlement on WorldCom Class Action Litigation for $1.64 Billion After-Tax | publisher=Business Wire | date=May 10, 2004}}{{cite news | url=https://www.nytimes.com/2004/05/11/business/citigroup-agrees-to-a-settlement-over-worldcom.html | title=Citigroup Agrees to a Settlement Over WorldCom | author-link=Gretchen Morgenson | first=Gretchen | last=Morgenson | work=The New York Times | date=May 11, 2004}}

On February 5, 2002, Citigroup was sued for violating federal securities laws and misleading investors by issuing false information about Global Crossing's revenues and financial performance. In 2005, Citigroup paid $75 million (~${{Format price|{{Inflation|index=US-GDP|value=75000000|start_year=2005}}}} in {{Inflation/year|US-GDP}}) to settle the lawsuit.{{cite web | url=http://edgar.secdatabase.com/301/95012305002524/filing-main.htm | title=Citigroup, Form 8-K, Current Report | publisher=U.S. Securities and Exchange Commission | date=March 2, 2005}} Citigroup was accused of issuing exaggerated research reports and not disclosing conflicts of interest.{{cite news | url=https://www.nytimes.com/2005/03/03/business/global-crossing-investors-settle-with-citigroup.html | title=Global Crossing Investors Settle With Citigroup | agency=Reuters | work=The New York Times | date=March 3, 2005 | url-access=limited}}{{cite news | url=https://www.marketwatch.com/story/citigroup-settles-global-crossing-suit-for-75-million | title=Citigroup settles Global Crossing suit for $75 million | first=Greg | last=Morcroft | work=MarketWatch | date=March 2, 2005 | url-access=limited}}

In 2005, Citigroup paid $2 billion (~${{Format price|{{Inflation|index=US-GDP|value=2000000000|start_year=2005}}}} in {{Inflation/year|US-GDP}}) to settle a lawsuit filed by investors in Enron.{{cite web | url=http://edgar.secdatabase.com/2011/95012305007233/filing-main.htm | title=Citigroup, Form 8-K, Current Report | publisher=U.S. Securities and Exchange Commission | date=June 10, 2005}}{{cite news | url=https://www.washingtonpost.com/wp-dyn/content/article/2005/06/10/AR2005061000532.html | title=Citigroup to Settle With Enron Investors | first=Carrie | last=Johnson | newspaper=The Washington Post | date=June 11, 2005}} In 2008, Citi also agreed to pay $1.66 billion (~${{Format price|{{Inflation|index=US-GDP|value=1660000000|start_year=2008}}}} in {{Inflation/year|US-GDP}}) to Enron creditors.{{cite news | url=https://www.reuters.com/article/us-citigroup-enron-idUSWNAS593320080326 | title=Citigroup to settle Enron claims | first=Michael | last=Erman | work=Reuters | date=March 26, 2008}}{{cite web | url=http://edgar.secdatabase.com/2230/114420408017607/filing-main.htm | title=Citigroup, Form 8-K, Current Report | publisher=U.S. Securities and Exchange Commission | date=March 26, 2008}}{{cite news | url=https://www.nytimes.com/2008/03/27/business/27enron.html | title=Citigroup Resolves Claims That It Helped Enron Deceive Investors | first=Eric | last=Dash | work=The New York Times | date=March 27, 2008 | url-access=limited}}

On November 8, 2007, Citigroup was sued for financial misrepresentations and omissions of what amounted to more than two years of income and an entire line of business. In 2012, the company paid $590 million (~${{Format price|{{Inflation|index=US-GDP|value=590000000|start_year=2012}}}} in {{Inflation/year|US-GDP}}) to settle the case.{{cite news | url=https://www.reuters.com/article/us-citigroup-settlement/citigroup-settles-shareholder-cdo-lawsuit-for-590-million-idUSBRE87S0UA20120830 | title=Citigroup settles shareholder CDO lawsuit for $590 million | first=Jonathan | last=Stempel | work=Reuters | date=August 30, 2012}}{{cite news | url=https://www.wsj.com/articles/SB10000872396390444914904577619410325528148 | title=Citi to Settle Suit for $590 Million | first=Suzanne | last=Kapner | work=The Wall Street Journal | date=August 30, 2012 | url-access=subscription}}

• Chairman: John Dugan (since January 2019)
• chief executive officer: Jane Fraser (since March 2021)
• chief financial officer: Mark Mason (since February 2019)

This list only contains chairmen since the formation of Citigroup in 1998; for a full list of chairmen including Citigroup's predecessors, please see List of chairmen of Citigroup.

1. John Reed and Sandy Weill (1998–2000)
2. Sandy Weill (2000–2006)
3. Charles Prince (2006–2007)
4. Sir Win Bischoff (2007–2009)
5. Dick Parsons (2009–2012)
6. Michael O'Neill (2012–2019)

This list only contains chief executives since the formation of Citigroup in 1998.

1. Sandy Weill (1998–2003)
2. Charles Prince (2003–2007)
3. Vikram Pandit (2007–2012)
4. Michael Corbat (2012–2021)

Note: Financial data in billions of US dollars and employee data in thousands. The data is sourced from the company's SEC Form 10-K from 2005 to 2024.{{Cite web |title=2009 Annual Report |url=https://www.citigroup.com/rcs/citigpa/storage/public/ar09c_en.pdf |website=Citibank}}{{Cite web |title=2014 Annual Report |url=https://www.citigroup.com/rcs/citigpa/storage/public/ar14c_en.pdf |website=Citibank}}{{Cite web |title=2019 Annual Report |url=https://www.citigroup.com/rcs/citigpa/storage/public/ar19_en.pdf |website=Citibank}}{{Cite web |title=2023 Annual Report |url=https://www.citigroup.com/rcs/citigpa/storage/public/Citi-2023-Annual-Report.pdf |website=Citibank}}

Citigroup is mainly owned by institutional investors, who own around 30% of shares. The 11 largest shareholders of Citigroup in December 2023 were:{{Cite web |title=Citigroup Inc. (C) Stock Major Holders – Yahoo Finance |url=https://finance.yahoo.com/quote/C/holders/ |access-date=2024-03-08 |website=finance.yahoo.com |language=en-US}}

• The Vanguard Group (8.71%)
• BlackRock (8.68%)
• State Street Corporation (4.34%)
• Berkshire Hathaway (2.89%)
• Kingdom Holding Company (2.2%){{cite web |last1=Al Sayegh |first1=Hadeel |title=Saudi's Kingdom Holding buys $450 mln stake in Citigroup from Alwaleed |url=https://www.reuters.com/markets/deals/saudis-kingdom-holding-buys-450-mln-stake-citigroup-alwaleed-2023-11-29/ |website=reuters.com |access-date=14 April 2024}}
• Geode Capital Management (1.95%)
• Morgan Stanley (1.49%)
• BNY Mellon (1.32%)
• Fisher Investments (1.30%)
• Massachusetts Financial Services (1.14%)
• Northern Trust (1.01%)

On June 1, 2018, the Australian Competition and Consumer Commission (ACCC) announced that criminal cartel charges were expected to be laid by the Commonwealth Director of Public Prosecutions (CDPP) against ANZ Bank, its Group Treasurer Rick Moscati, along with Deutsche Bank, Citigroup and a number of individuals.{{cite web|url=https://www.accc.gov.au/media-release/update-criminal-cartel-charges-to-be-laid-against-citigroup|title=Update: Criminal cartel charges to be laid against Citigroup|date=June 1, 2018|publisher=ACCC|access-date=August 4, 2018}}{{update section|reason=what was outcome?|date=June 2024}}

In December 2002, Citigroup paid fines totaling $400 million (~${{Format price|{{Inflation|index=US-GDP|value=400000000|start_year=2002}}}} in {{Inflation/year|US-GDP}}), to states and the federal government as part of a settlement involving charges that ten banks, including Citigroup, deceived investors with biased research. The total settlement with the ten banks was $1.4 billion. The settlement required that the banks separate investment banking from research, and ban any allocation of IPO shares.{{cite web | url=https://www.nytimes.com/2003/04/28/business/regulators-finalize-14-billion-wall-st-settlement.html | title=Regulators Finalize $1.4 Billion Wall St. Settlement | work=The New York Times | date=April 28, 2003}}

Citigroup was criticized for disrupting the European bond market by rapidly selling €11 billion worth of bonds on August 2, 2004, on the MTS Group trading platform, driving down the price and then buying it back at cheaper prices.{{cite news |title=Citigroup embroiled in bond selling scandal |url=https://www.theguardian.com/business/2005/feb/01/money1 |access-date=August 2, 2018 |work=The Guardian |date=February 1, 2005}}

A leaked 2005 plutonomy report prepared by Citi global strategists for its investor clients documented the imbalance of wealth between the top 1% and the bottom 60% of

Anglo-American (viz. United States, United Kingdom, and Canada) households. Six drivers and other economic measurements, such as income and savings rates were also studied and included, in what was described as "an ongoing [bio-]technological revolution; capitalist-friendly governments and tax regimes"

both powered by and consumed by the wealthy;Ajay Kapur, Niall Macleod, and Narendra Singh (2005): "Plutonomy: Buying Luxury, Explaining Global Imbalances".{{cite web | url=https://www.miraeassetdaewoo.com/bbs/download/2033657.pdf?attachmentId=2033657 | title=The Global Investigator

|date=October 7, 2009}}{{cite web | url=http://www.correntewire.com/sites/default/files/Citibank_Plutonomy_1.pdf

| title=Revisiting Plutonomy: The Rich Getting Richer | date=March 5, 2006 | access-date=April 29, 2017 | archive-url=https://web.archive.org/web/20170107022359/http://correntewire.com/sites/default/files/Citibank_Plutonomy_1.pdf

| archive-date=January 7, 2017 | url-status=dead }}{{cite news | url=http://www.businessinsider.com/bofa-merrill-lynch-backs-piketty-2014-5

| title=Bank Of America Merrill Lynch Is 'Comfortable With The Thrust' Of Piketty's Analysis | first=Myles | last=Udland | work=Business Insider | date=May 30, 2014}}

the middle class was not its focus.

In November 2007, it became public that Citigroup was heavily involved in the Terra Securities scandal.{{cite news | url=https://www.nytimes.com/2007/12/02/world/europe/02norway.html | title=U.S. Credit Crisis Adds to Gloom in Norway | last=Landler |first=Mark |work=The New York Times |date=December 2, 2007 | url-access=limited}}{{cite book | url=https://books.google.com/books?id=amDlDAAAQBAJ&pg=PT55| title=Redesigning the Stock Market: A Fractal Approach | first=Pravir | last=Malik |publisher=SAGE Publications | date=November 8, 2011 | isbn=9788132119326 }}

In August 2008, Citigroup agreed to pay nearly $18 million in refunds and fines to settle accusations by California Attorney General Jerry Brown that it wrongly took funds from the accounts of credit card customers. Citigroup paid $14 million of restitution to roughly 53,000 customers nationwide. A three-year investigation found that Citigroup from 1992 to 2003 used an improper computerized "sweep" feature to move positive balances from card accounts into the bank's general fund, without telling cardholders.{{cite news | url=https://www.reuters.com/article/sppage012-n26369737-oisbn-idUSN2636973720080826 | title=Citigroup to pay $18 mln over credit card practice | first=Jonathan | last=Stempel | work=Reuters | date=August 26, 2008}} Brown said that Citigroup "knowingly stole from its customers, mostly poor people and the recently deceased when it designed and implemented the sweeps ... When a whistleblower uncovered the scam and brought it to his superiors [in 2001], they buried the information and continued the illegal practice."

At Citi's 2012 annual shareholders' meeting on April 17, Citi's executive compensation package was rejected, with approximately 55% of the votes being against approval. One of the largest and most activist of the shareholders voting no, the California Public Employees' Retirement System, stated Citi "has not anchored rewards to performance".{{cite news

|url=http://articles.latimes.com/2012/apr/18/business/la-fi-exec-pay-20120419y

|title=Citigroup shareholders' vote on exec pay sends a message

|first=E. Scott |last=Reckard |work=Los Angeles Times

|date=April 18, 2012 }}{{dead link|date=September 2024|bot=medic}}{{cbignore|bot=medic}}{{cite news

|url=https://www.reuters.com/article/us-citigroup-pay-lawsuit-idUSBRE83J15720120420

|title=Citigroup CEO and directors sued over executive pay

|first=Jonathan |last=Stempel |work=Reuters

|date=April 20, 2012}}{{cite news

|url=https://dealbook.nytimes.com/2012/04/18/citigroup-has-few-options-after-pay-vote/

|title=Citigroup Has Few Options After Pay Vote

|first=Steven M. |last=Davidoff |work=The New York Times

|date=April 18, 2012}}{{subscription required}}{{cite news

|url=https://business.time.com/2012/04/24/citis-ceo-pay-revolt-capitalism-is-back-baby/

| title=Citis CEO Pay Revolt Capitalism is Back Baby

| first=Michael |last=Schuman

| magazine=Time

| date=April 24, 2012 | url-access=subscription}}{{cite news | url=https://abcnews.go.com/Business/citigroup-shareholder-sue-failed-pay-vote/story?id=16175078 | title=Citigroup Shareholder Sues After Failed 'Say-on-pay' Vote | first=Susanna |last=Kim |work=ABC News |date=April 20, 2012}}{{cite news

| url=https://www.wsj.com/articles/SB10001424052702303592404577361762087563238 | title=Memo to Citi Directors: Wake Up on Pay | first=Francesco | last=Guerrera |work=The Wall Street Journal| date=April 23, 2012 | url-access=subscription}}

In January 2017, bank regulators fined Citigroup $25 million on account of five traders from the bank having manipulated U.S. Treasury futures more than 2,500 times between July 2011 and December 2012. Citigroup was criticized for failing to adequately supervise its traders and for not having systems in place to detect spoofing, which involves entering fake orders designed to fool others into thinking prices are poised to rise or fall.{{cite news | url=https://www.bloomberg.com/news/articles/2017-01-19/citigroup-agrees-to-pay-25-million-over-spoofing-allegations | last=Leising | first=Matthew | title=Citigroup Punished for Treasury Market Spoofing by Five Traders| work=Bloomberg L.P. | date=January 19, 2017}}

In 1998, the General Accounting Office issued a report critical of Citibank's handling of funds received from Raul Salinas de Gortari, brother of Carlos Salinas, the former president of Mexico. The report, titled "Raul Salinas, Citibank and Alleged Money Laundering", indicated that Citibank facilitated the transfer of millions of dollars through complex financial transactions that hid the funds' paper trail. The report indicated that Citibank took on Salinas as a client without making a thorough inquiry as to how he made his fortune, an omission that a Citibank official called a violation of the bank's "know your customer" policy.{{cite news | url=https://www.washingtonpost.com/wp-srv/inatl/longterm/mexico/stories/981204.htm | title=Citibank Called Lax on Salinas Money Trail |first=Kathleen |last=Day | newspaper=The Washington Post |date=December 4, 1998}}{{cite news | url=https://www.wsj.com/articles/SB846798978902024000 | title=How Citicorp's Amy Elliott Served Mexico's Raul Salinas | first=Laurie | last=Hays | work=The Wall Street Journal |date=November 1, 1996 | url-access=subscription}}{{subscription required}}

In 2020, Citigroup agreed to pay $400 million (~${{Format price|{{Inflation|index=US-GDP|value=400000000|start_year=2020}}}} in {{Inflation/year|US-GDP}}) to federal regulators over long-standing concerns regarding Citigroup's failure to establish effective risk management.{{Cite news|last=Flitter|first=Emily|date=October 7, 2020|title=Citigroup is fined $400 million over 'longstanding' internal problems.|language=en-US|work=The New York Times|url=https://www.nytimes.com/2020/10/07/business/citigroup-fine-risk-management.html|access-date=February 24, 2022|issn=0362-4331}} The Federal Reserve and the Office of the Comptroller of the Currency said that Citi had engaged in "unsafe and unsound banking practices." According to them, Citi had failed to correct problems that had been known for years.

The bank has also been accused of failing to control the flow of dark money through its accounts. In 2017, prosecutors claimed drug smugglers were using Citigroup's Banamex USA unit to sneak dirty money into the United States from Mexico. The company agreed to pay more than $97 million to settle the allegations. In 2018, the O.C.C again indicted Citi for shortcomings in its anti-money laundering policies, Citi was required to pay $70M (~${{Format price|{{Inflation|index=US-GDP|value=70000000|start_year=2018}}}} in {{Inflation/year|US-GDP}}).{{Cite news|last=Rexrode|first=Christina|date=January 4, 2018|title=Citi Fined for Failing to Fix Money-Laundering Controls|language=en-US|work=The Wall Street Journal|url=https://www.wsj.com/articles/citi-fined-for-failing-to-fix-money-laundering-controls-1515100379|access-date=February 24, 2022|issn=0099-9660}}

In June 2024, agents from the United States Drug Enforcement Administration, citing recent investigations into the Sinaloa Cartel, said money launderers continually found ways to take advantage of Citibank's lax controls and oversight policies.{{cite web |title=Citi was money launderers’ favourite bank, US law enforcement officials say |url=https://www.ft.com/content/0187827b-f755-47fd-91ff-c3e755548097 |website=Financial Times |access-date=16 July 2024}}

In 2023, the Consumer Financial Protection Bureau (CFPB) ordered Citigroup to pay $24.5 million in fines and $1.4 million in restitution to Armenian Americans, alleging that the bank had illegally discriminated against members of the ethnic group and had unjustly denied them credit cards for which they had applied in a period beginning in 2015 and ending in 2021.{{Cite news |last1=Benoit |first1=David |last2=Feuer |first2=Will |date=November 8, 2023 |title=Citigroup Fined for Discriminating Against Armenian Americans |work=The Wall Street Journal |url=https://www.wsj.com/finance/regulation/citi-to-pay-25-9m-for-discriminating-against-armenian-american-credit-card-applicants-c5618771}}{{Cite news |last=Matthews |first=Chris |date=November 8, 2023 |title=CFPB fines Citi $26 million for 'intentional' discrimination against Armenian Americans |work=MarketWatch |url=https://www.marketwatch.com/story/cfpb-fines-citi-26-million-for-intentional-discrimination-against-armenian-americans-fd485d35}} According to the CFPB, Citigroup employees used the presence of -ian or -yan in applicant surnames as an indicator that a customer should undergo enhanced screening processes, while also deciding to avoid making mention of this screening method in emails. (The suffixes -ian and -yan are frequently found in Armenian surnames.){{Cite news |last=Saul |first=Derek |date=November 8, 2023 |title=Citigroup Fined $25.9 Million For Allegedly Discriminating Against Armenian Americans |work=Forbes |url=https://www.forbes.com/sites/dereksaul/2023/11/08/citigroup-fined-259-million-for-allegedly-discriminating-against-armenian-americans/?sh=27903cfe5b1e}}

Between 1998 and 2014, Citigroup spent nearly $100 million lobbying the federal government.{{cite web | url=http://www.opensecrets.org/lobby/clientsum.php?id=D000000071 | title=Citigroup Lobbying | publisher=OpenSecrets}} As of 2008, Citigroup was the 16th largest political campaign contributor in the US, out of all organizations, according to OpenSecrets. From 1989 to 2006, members of the firm donated over $23,033,490, 49% of which went to Democrats and 51% of which went to Republicans.{{cite web | url= http://www.opensecrets.org/orgs/summary.php?ID=D000000071&Name=Citigroup+Inc | title=Citigroup Inc: Summary | publisher=OpenSecrets}}

Matthew Vadum, a senior editor at the conservative Capital Research Center, acknowledged these figures, but pointed out that Citigroup had been "a longtime donor to left-wing pressure groups", and referred to a Capital Research Center Foundation Watch 2006 study of Fortune 100 foundation giving, where Citigroup's foundation gave "20 times more money to groups on the left than to groups on the right" during the tax year 2003.{{cite news | url=http://spectator.org/articles/42567/liberalism-never-sleeps | title=Liberalism Never Sleeps | first=Matthew | last=Vadum | work=The American Spectator | date=November 25, 2008 | access-date=December 20, 2014 | archive-url=https://web.archive.org/web/20141220041531/http://spectator.org/articles/42567/liberalism-never-sleeps | archive-date=December 20, 2014 | url-status=dead }}

File:Edificio Beatriz (Madrid) 01.jpg office. Citi has had a presence in Spain for more than a century, and serves as the headquarters of Southern Europe.[https://cincodias.elpais.com/cincodias/2020/03/13/companias/1584124578_411622.html El País: Citi traslada a Madrid su núcleo de banca privada del sur de Europa por el Brexit – Pablo Martín Simón, 16 March 2020]]]

In 2014 Citigroup's PAC contributed $804,000 (~${{Format price|{{Inflation|index=US-GDP|value=804000|start_year=2014}}}} in {{Inflation/year|US-GDP}}) to campaigns of various members of Congress, i.e. 162 members of the House, including 72 Democrats, where donations averaged about $5,000 per candidate. Of the 57 Democrats supporting the 2015 Spending bill, 34 had received campaign cash from Citigroup's PAC at some point since 2010.{{cite web | first=Russ | last=Choma | title=Wall Street's Omnibus Triumph, and Others | url=http://www.opensecrets.org/news/2014/12/wall-streets-omnibus-triumph-and-others/ | publisher=OpenSecrets | date=December 12, 2014}} Citigroup's 2014 donations favored Republicans only slightly. The bank's PAC had been nearly as generous to Democrats as Republicans – $30,000 to the Democratic Congressional Campaign Committee (the maximum) and $10,000 to the 'New Democrat Coalition', a group of moderate Democrats most of whom voted for the 2015 spending package. Citibank's PAC made donations to both the campaigns and the leadership PACs of many top Democrats who voted for the 2015 spending bill, including Steny Hoyer (Md.) House Democratic Whip and Representatives Jim Himes (D-Conn.) and Debbie Wasserman Schultz (D-Florida.).

In 2009, former chairman Richard Parsons hired long-time Washington, D.C. lobbyist Richard F. Hohlt to advise him and the company about relations with the U.S. government, though not to lobby for the company. While some speculated anonymously that the Federal Deposit Insurance Corporation (FDIC) would have been a particular focus of Hohlt's attention, Hohlt said he'd had no contact with the government insurance corporation. Some former regulators found room to criticize Hohlt's involvement with Citigroup, because of his earlier involvement with the financial services industry during the savings and loan crisis of the 1980s. Hohlt responded that though mistakes were made in the earlier episode he'd never been investigated by any government agency and his experience gave him a reason to be back in the "operating room" as parties address the more recent crisis.{{cite news | url=https://www.nytimes.com/2009/10/11/business/11hohlt.html|title=Citigroup Hires Mr. Inside | author-link1=Gretchen Morgenson | first1=Gretchen | last1=Morgenson | first2=Andrew | last2=Martin | work=The New York Times |date=October 10, 2009}}{{subscription required}}

In 2010, the company named Edward Skyler, formerly in New York City government and at Bloomberg L.P., to its senior public and governmental relations position.{{cite news | url=http://www.nydailynews.com/news/2010/03/31/2010-03-31_mikes_deputy_says_so_long_to_city_hall.html | title=Mayor Bloomberg deputy Edward Skyler says so long to City Hall | first=Adam |last=Lisberg | work=New York Daily News | date=March 31, 2010}} Before Skyler was named and before he began his job search, the company reportedly held discussions with three other individuals to fill the position: NY Deputy Mayor Kevin Sheekey, Mayor Michael Bloomberg's "political guru ... [who] spearheaded ... his short-lived flirtation with a presidential run ..., who will soon leave City Hall for a position at the mayor's company, Bloomberg L.P. ... After Mr. Bloomberg's improbable victory in the 2001 mayor's race, both Mr. Skyler and Mr. Sheekey followed him from his company to City Hall. Since then, they have been a part of an enormously influential coterie of advisers"; Howard Wolfson, the former communications director for Hillary Clinton's presidential campaign and Mr. Bloomberg's re-election bid; and Gary Ginsberg, now at Time Warner and formerly at News Corporation.{{cite news|url= https://www.nytimes.com/2010/03/31/nyregion/31skyler.html |title=Another Exit From Bloomberg's Inner Circle|first=Michael |last=Barbaro |work=The New York Times |date=March 30, 2010 |access-date=July 27, 2010}}

On March 21, 2018, it was announced that Citigroup changed its policy to forbid its business customers from performing certain firearm-related transactions. The policy doesn't affect clients who offer credit cards backed by Citigroup or borrow money, use banking services, or raise capital through the company.{{Cite news|url=https://www.nytimes.com/2018/03/22/business/citigroup-gun-control-policy.html|title=Citigroup Sets Restrictions on Gun Sales by Business Partners|last=Hsu|first=Tiffany|date=March 22, 2018|work=The New York Times|access-date=June 5, 2019|language=en-US|issn=0362-4331}}

• Jane Fraser is a Scottish-American banking executive. She was appointed CEO in March 2021 and was formerly president of Citi, and chief executive officer, Global Consumer Banking.{{Cite web|url=https://www.citigroup.com/citi/about/leaders/jane-fraser-bio.html|title=Leadership Team – Jane Fraser {{!}} Citi|website=citigroup.com|access-date=March 23, 2020}} Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. She has been promoted numerous times and acceded to four CEO posts, the latest being CEO of Citigroup Latin America in April 2015. She was included on Fortune{{'s}} "Most Powerful Women in Business" list in 2014, 2015 and 2021,{{cite magazine |url=https://fortune.com/most-powerful-women/ |title=Most Powerful Women |date= |magazine=Fortune}} and has been called the "Number 1 Woman to Watch" for two consecutive years by American Banker.
• Mark Mason is an American business executive, serving since 2019 as the chief financial officer (CFO) of Citigroup.{{Cite web|url=https://www.citigroup.com/global/about-us/leadership/mark-mason|title=Leadership Team – Mark Mason {{!}} Citi|website=citigroup.com|access-date=May 12, 2023}}
• Edward Skyler is an American politician and businessperson. He was deputy mayor for operations for New York City, the youngest deputy mayor in New York City's history. In 2010, he was named executive vice president, Global Public Affairs at Citigroup.{{Cite web|url=https://www.citigroup.com/citi/about/leaders/edward-skyler-bio.html|title=Leadership Team – Edward Skyler {{!}} Citi|website=citigroup.com|access-date=March 23, 2020}}
• Edward L. Morse has been the global head of commodities research since 2011.
• Catherine L. Mann has been the chief economist since 2018.
• Manuel Falcó has been the global head of investment banking since 2018

• Sanford I. Weill – was CEO from 1998 until October 1, 2003. He was also one of the 25 people that Time magazine blamed for the financial crisis.{{Cite news|url=https://content.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877329,00.html|title=25 People to Blame for the Financial Crisis |date=February 11, 2009|magazine=Time|access-date=March 21, 2020|language=en-US|issn=0040-781X}}
• Robert Rubin – was an advisor and from 1999 till 2009 served as a board member. Rubin received $126 million compensation from Citigroup between 1999 and 2009.{{Cite news|last1=Schwartz|first1=Nelson D.|last2=Dash|first2=Eric|date=April 27, 2008|title=Where Was the Wise Man?|language=en-US|work=The New York Times|url=https://www.nytimes.com/2008/04/27/business/27rubin.html|access-date=June 20, 2020|issn=0362-4331}}
• Charles Prince – was CEO from 2003 to November 2007. Prince was famously quoted as saying Citigroup was "still dancing" just as the financial crisis hit.{{Cite news|url=https://www.ft.com/content/80e2987a-2e50-11dc-821c-0000779fd2ac |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/80e2987a-2e50-11dc-821c-0000779fd2ac |archive-date=December 10, 2022 |url-status=live|title=Citigroup chief stays bullish on buy-outs |website=Financial Times|access-date=March 21, 2020|url-access=subscription}}
• Vikram Pandit – was CEO from December 2007 to October 2012.
• Willem Buiter – was the chief economist from 2010 until 2018.
• Michael Corbat – was CEO from October 2012 to February 2021.
• Karen Peetz – was Chief Administrative Officer from 2020 to 2023.{{Cite web |title=Leadership Team – Karen Peetz {{!}} Citi |url=https://www.citigroup.com/citi/about/leaders/karen-peetz-bio.html |access-date=2022-12-08 |website=www.citigroup.com}}[https://www.bankingdive.com/news/citi-names-selva-chief-operating-officer-fraser-peetz-transformation-occ-consent-order/645845/ Banking Dive website, Citi names 32-year vet Selva as its COO, article by Rajashree Chakravarty dated March 23, 2023]

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{{Reflist}}

• {{cite book |last=Langley |first=Monica |author-link=Monica Langley |title=Tearing Down the Walls|isbn=0-7432-4726-4|year=2004|publisher=Free Press|location=New York|url-access=registration|url=https://archive.org/details/isbn_9780743247269}}
• Schull, Joseph, 100 Years of Banking in Canada: A History of the Toronto-Dominion Bank. Illustrated by Brad Smith. Vancouver: Copp Clark, {{circa|1958}}. ix, 222 p.; ill.; 24 cm.

{{Commons category|Citigroup}}

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