Citibank

WASHINGTON, DC- On the heels of a strongly-worded letter to the CitiGroup CEO requesting major credit card companies, including Citigroup, avoid changing credit card account terms before federal regulations on the industry take effect early next year, U.S. Congressman John Boccieri (D-Alliance) today with 17 of his House colleagues sent a letter to the Chief Executive Officer of Wells Fargo bank, calling on him to reverse his bank's recent decision to suddenly increase rates on their customers by 3 percent, and join other credit card companies who have pledged to not increase rates in advance of the effective date of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit CARD Act).    » read more »

October 15, 2009 -- New York -- Citigroup today reported net income for the third quarter 2009 of $101 million, and a $0.27 loss per share, based on an average 12.1 billion shares outstanding2. Third quarter revenues were $20.4 billion. Results included $8.0 billion in net credit losses and an $802 million net loan loss reserve build.    » read more »

October 09, 2009 -- NEW YORK – Citi announced today that it will sell 100% of its interest in Phibro LLC to Occidental Petroleum Corporation for a purchase price equal to approximately the net asset value of the business. The sale is expected to close in the fourth quarter pending regulatory approvals.

Terms of the transaction were not disclosed and are not material to Citigroup's earnings. Certain executives of Phibro have agreed with Citi that their compensation for 2009 will be deferred and reinvested into Phibro and will be paid out in future years.    » read more »

August 25, 2009 -- Preet Bharara, the U.S. Attorney for the Southern District of New York, and Joseph M. Demarest, Jr., the Assistant Director-in-Charge of the New York Office of the FBI, announced the arrest this morning of Hassan Nemazee, the Chairman and Chief Executive Officer of Nemazee Capital Corporation, in connection with a scheme to defraud Citibank, N.A. (Citibank).    » read more »

Morgan Stanley Smith Barney Is New Industry-Leading Franchise With Over 18,500 Financial Advisors;

June 1, 2009 -- New York -- Morgan Stanley (NYSE: MS) and Citi (NYSE: C) today announced the closing of their Morgan Stanley Smith Barney joint venture, which will create a new global leader in wealth management. Originally targeted for the third quarter of 2009, the closing was achieved ahead of schedule.

As previously announced, Morgan Stanley Smith Barney combines Morgan Stanley's Global Wealth Management Group with Citi's Smith Barney in the U.S., Quilter in the UK, and Smith Barney Australia retail units into a new wealth management firm with over 130 years of experience.    » read more »

Citi's TARP Capital Initiatives Total $44.75 Billion As of March 31; New U.S. Credit Commitments Totaled $120.1 Billion in First Quarter

May 12, 2009 -- NEW YORK – Citi (NYSE: C) announced today that it will lend up to $5 billion to state and local governments, municipal agencies, universities and non-profit hospitals to fund projects that will help create jobs and spur economic growth.

The municipal program and three other new primary lending initiatives approved by Citi in the first quarter of 2009 are supported by capital the U.S. Treasury invested in the company as part of the Troubled Asset Relief Program, or TARP.    » read more »

Expanded Transaction Does Not Require Additional U.S. Government Investment or Conversion of Additional U.S. Government Preferred Shares

May 07, 2009 -- NEW YORK – Citi announced today that it will expand its previously disclosed public exchange offers by $5.5 billion. This increase reflects the results of the U.S. government's Supervisory Capital Assessment Program (SCAP).    » read more »

April 20, 2009 -- NEW YORK – The Board of Directors of Citigroup (NYSE:C) today declared dividends on preferred stock as follows:

* 6.5% Non-Cumulative Convertible Preferred Stock, Series T, payable May 15, 2009, to holders of record on May 5, 2009. Holders of depositary receipts, each representing one-thousandth of a full convertible preferred share, will be paid $.8125 for each receipt held.
* 8.125% Non-Cumulative Preferred Stock, Series AA, payable May 15, 2009, to holders of record on May 5, 2009. Holders of depositary receipts, each representing one-thousandth of a full preferred share, will be paid $.5078125 for each receipt held.    » read more »

Reaches Definitive Agreements with Private Preferred Shareholders

March 19, 2009 -- NEW YORK – Citi announced today it has filed a registration statement with the Securities and Exchange Commission (SEC) in connection with its proposed offer to issue its common stock in exchange for publicly held convertible and non-convertible preferred and trust preferred securities. Citi anticipates launching the public exchange offer in early April, subject to completion of the required SEC review process.    » read more »

March 19, 2009 -- New York – In response to numerous misleading media reports regarding the office consolidation at Citi's global headquarters at 399 Park Avenue, Citi issued the following points of clarification:

* The consolidation of our executive headquarters at 399 Park Avenue is part of an ongoing global effort to substantially reduce expenses.
* Over the last two quarters, reported premises and equipment expenses are down by $100 million, and Citi expects to realize significantly more savings in 2009.
* Globally, office density will be 120 usable sq. ft. per person by the end of 2009, down from 132 usable sq. ft. per person currently.    » read more »

March 16, 2009 -- New York – Citi's Board of Directors today announced that it has nominated four new independent director candidates to be voted on at Citi's annual shareholder meeting on April 21, 2009. The candidates are Jerry A. Grundhofer, Michael E. O'Neill, Anthony M. Santomero Ph.D., and William S. Thompson, Jr.    » read more »

For Third Consecutive Year, Citi Wins Majority of Internet Bank Awards in Asia

August 28, 2007, Singapore/Hong Kong – Citi has picked up the majority of awards for the World's Best Internet Banks in Asia Pacific from Global Finance magazine. This is the third year in a row that Citi has dominated the Global Finance magazine awards in Asia Pacific, underscoring Citi's continued commitment to invest in technology to meet the evolving needs of its clients.    » read more »

Innovative Backstopped Facility Allows BRAC to Leverage on Citibank's Strength

August 28, 2007, Bangladesh – BRAC, the world's largest national NGO with over five million borrowers, has entered into a backstopped facility with Citibank, N.A. Bangladesh and its partner banks to avail financing for rural development specially supporting its post-flood rehabilitation programs. The BDT 1.23 billion backstopped facility, coordinated by Citibank, is the first such facility ever done for a microfinance institution globally.    » read more »

August 28, 2007, Shanghai – Citibank ChinaCo., Ltd. ("Citibank") and Schroder Investment Management Ltd. ("Schroders") today announced the launch of a new offering in China, Citibank QDII Product – Schroder International Selection Fund. The launch sees Citibank become the first bank to offer global mutual funds in China. It is being launched under the Qualified Domestic Institutional Investor ("QDII") scheme.    » read more »

August 27, 2007, Jakarta – "Although micro, small and medium-sized enterprises account for 99% of Indonesia's 45 million businesses, growth in the micro business sector is largely confined to west Indonesia," said University of Indonesia, School of Economics Dean, Professor Bambang P.S. Brodjonegoro, Ph.D at the launch of the Citi Micro-Entrepreneurship Award (CMA) 2007.    » read more »