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The result of the 1998 merger of Citicorp and Travelers Group, valued at $140 billion dollars, Citigroup is among the world's largest financial service companies. Citigroup's business model is designed to provide customers with a wide range of financial services, including finance, stock brokerage, banking, and insurance, with the goal of providing more services for less money than specialized competitors.
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Fast Facts
- Stock symbol: C (NYSE)
- Annual revenue (2008): $130.01 billion Yahoo! Finance: Income Statement for Citigroup
- Year established: 1812
- Industry: Financial services
- Phone: (212) 559-1000
- Fax: (212) 793-3946
- HQ: New York, New York
- CEO: Vikram Pandit
- CFO: Gary Crittenden
- Other key people: Sir Win Bischoff, chairman
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First Quarter Results
Citigroup posted a first quarter profit of $1.6 billion on April 17, 2009. Although net-profit was higher than analysts expected, earnings-per-share remained at a loss. For the first quarter 2009, revenue nearly doubled to $24.79 billion as compared to the previous year.WSJ.com: Citigroup Swings To 1Q Profit On Fewer Write-Downs (April 17, 2009) -
Common Stock
On February 27, 2009, Citigroup announced a plan to convert preferred shares to common stock. The U.S. Treasury, which holds $45 billion of Citigroup preferred, has agreed to participate by converting up to $25 billion of its investment as long as private investors convert at least that much.. If the full $25 billion is converted, the U.S. government will own 40% of the company.The Washington Post: U.S. Plans Bigger Stake in Citigroup (February 27, 2009) -
Reorganization
In January 2009, it was reported that Citigroup was entering into a joint venture with Morgan Stanley to manage Citigroup's brokerage unit, Smith Barney. Under the terms disclosed, Morgan Stanley would be the majority partner in the joint venture.CNBC: Citigroup Moving to Shed Smith Barney Brokerage(January 9, 2009)After reporting a loss of almost $9 billion in the fourth quarter of 2008, Citigroup announced that it was reorganizing the company, for management purposes, into two core businesses. The Citicorp division will handle the company's traditional banking business, while the riskier investment business will be segregated in Citi Holdings. The same press release contained assurances that the company was putting the TARP funds it had received to work to increase the amount of credit available to U.S. households and businesses on "competitive terms."Official Site: ...Fourth Quarter Net Loss of $8.29 Billion, Loss Per Share of $1.72 (January 16, 2009)
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Jet Controversy
In January of 2009, the company canceled the purchase of a new $50 million corporate jet at the urging of President Barack Obama.ABC News: High-Flying Citigroup Grounds Plans for $50M Jet (January 27, 2009) -
Pawn Dispute
In February 2009, Citigroup filed a copyright infringement suit against a Brooklyn, New York pawnshop. The financial institution alleges that the pawnshop's logo closely resembles the company's "citi" logo and red arch.CNN Money: Citigroup sues pawnshop over logo -
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Page revenue is subject to change as we obtain data from our partners
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The Mahalo Top 7
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Official Site: Citigroup
citigroup.com -
MarketWatch: Citi files to launch exchange offer...
marketwatch.com (March 19, 2009) -
WashingtonPost.com: Citigroup Stock Sinks to $1 Per Share
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What was Citigroup credit card loses in 2008?
What was Citigroup credit card loses in 2008? What is Citigroup doing to switch from lose to profit?mahalo.com (June 02, 2009) -
Official Site: Citigroup Foundation
citigroup.com -
Wikipedia: Citigroup
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FOXNews.com: Citigroup Shares Fall Below $1 for First Time Ever
foxbusiness.com (March 05, 2009)
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Official Site: Citigroup
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Citigroup on Amazon | View All
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Puzzle 3D CitiGroup Center - $12.99
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A fascinating story of a legendary dealmaker who masterminded an unprecedented merger Citigroup CEO Sandy Weill orchestrated many deals over his legendary forty-five year career--none bigger than the 1998 epic merger of Travelers a...
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Citigroup on Twitter Powered by Twitter
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Citigroup – bought ABN AMRO Mortgage Group, acquired assets of Argent Mortgage http://snipurl.com/sm2eq
@quintonprime | November 09, 2009 07:12 AM -
Irving Kahn Buys Citigroup Inc., Pfizer Inc., Bristol-Myers Squibb Co., Astec Industries Inc. ...: Irving Kahn worked... http://bit.ly/hlzgq
@gurufocus | November 09, 2009 06:57 AM -
Reed Says ‘I’m Sorry’ for Role in Creating Citigroup (Update1) - Bloomberg.com: http://bit.ly/2xLiIG via @addthis
@ricelaker | November 09, 2009 06:54 AM -
Citigroup Mortgage – bought ABN AMRO Mortgage Group, acquired assets of Argent Mortgage http://bit.ly/a1Uz9
@earnestcorre | November 09, 2009 06:19 AM -
Citigroup – bought ABN AMRO Mortgage Group, acquired assets of Argent Mortgage http://snipurl.com/sm2eq
@elmerflagsta | November 09, 2009 06:00 AM
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Questions and Answers About Citigroup | View All | Ask a Question
View All Citigroup Questions (26) | Ask a QuestionWhat was Citigroup credit card loses in 2008? (2 Answers)There is no exact number, but Citigroup "lost $176 million in the second quarter packaging card loans into securities" read moreDoes Citigroup look debt heavy? (1 Answer)Citigroup is obviously not a healthy company right now. It does owe mountains of debt. That's clearly one of the reasons its stock price is so depressed and why it ... read moreHow much cash does Citigroup have? (1 Answer)As of March 31, 2009 ( latest published numbers available ) On a consolidated basis ( all subsidiaries ) the number for currency, coin, cash and "due from banks" was ... read moreHow many preferred shares of Citigroup does Singapore Investment Corp own? (1 Answer)Accordingt o their government website they own 8% of Citigroup. They also converted the preferred stock to common stock at an exhange price of 3.25 a share which will rise ... read more
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