History of Citigroup in Timeline
Citigroup (Citi) is a multinational investment bank and financial services corporation headquartered in New York City. It was created in 1998 through the merger of Citicorp, the holding company of Citibank, and Travelers Group. However, Travelers was later spun off in 2002. Citi operates globally, providing a wide range of financial products and services to individuals, corporations, and governments.
1918: First American bank to surpass $1 billion in assets
In 1918, Citibank purchased International Banking Corporation and became the first American bank to surpass $1 billion in assets.
1929: Largest Commercial Bank in the World
In 1929, Citibank became the largest commercial bank in the world.
1955: Merger with First National Bank of New York
In 1955, City Bank merged with First National Bank of New York, becoming the First National City Bank of New York.
1962: Name change
In 1962, on the 150th anniversary of the company's founding, the "New York" was dropped from the name.
1967: Introduction of First National City Charge Service credit card
In 1967, First National City Bank introduced its First National City Charge Service credit card, later known as MasterCard. Also, First National City Bank was reorganized as a one-bank holding company, First National City Corporation, or Citicorp.
1974: Name change to Citicorp
In 1974, First National City Corporation changed its formal name to "Citicorp" under the leadership of CEO Walter B. Wriston.
1975: Citibank Opens Branch in Vietnam
1981: Credit Card Operations Move to Sioux Falls
Citibank moved its credit card operations to Sioux Falls, South Dakota, in 1981 after that state eliminated caps on interest rates.
November 1986: Weill takes Commercial Credit private
In November 1986, Sandy Weill took Commercial Credit private after taking charge of the company earlier that year.
1989: Start of Firm Member Donations
From 1989, members of the firm donated over $23,033,490, 49% of which went to Democrats and 51% of which went to Republicans.
1989: Associates First Capital Corporation owned by Ford Motor Credit Company
In 1989, Associates First Capital Corporation was owned by Ford Motor Credit Company
September 1992: Strategic alliance between Travelers Insurance and Primerica
In September 1992, Travelers Insurance, which had suffered losses, formed a strategic alliance with Primerica.
1992: Start of Citigroup's Improper Computerized Sweep Feature
From 1992, Citigroup used an improper computerized 'sweep' feature to move positive balances from credit card accounts into the bank's general fund, without telling cardholders.
December 1993: Amalgamation of Travelers Insurance and Primerica
In December 1993, Travelers Insurance and Primerica amalgamated into a single company, Travelers Inc.
1993: Citibank Returns to Vietnam
In 1993, Citi returned to Vietnam and established a representative office in Hanoi.
1994: First US Bank Branch in Hanoi
In 1994, Citi established the first fully operational U.S. bank branch in Hanoi.
April 1995: Travelers Group renamed
In April 1995, Travelers Group was renamed again after merging with Aetna Property and Casualty, Inc.
November 1997: Travelers Group acquired Salomon Brothers
In November 1997, Travelers Group acquired Salomon Brothers in a $9 billion transaction.
April 6, 1998: Citicorp and Travelers announce merger
On April 6, 1998, Citicorp and Travelers announced a merger that would allow them to cross-market financial products to each other's customer base.
October 8, 1998: Citigroup Formation
On October 8, 1998, Citigroup was officially formed through the merger of Citicorp and Travelers, creating the world's largest financial services organization at the time.
1998: Branch in Ho Chi Minh City
Following the branch opening in Ho Chi Minh City in 1998, Citi established its retail banking franchise in Vietnam in 2009.
1998: Start of Citigroup's Lobbying Efforts
From 1998, Citigroup spent nearly $100 million lobbying the federal government.
1998: Formation of Citigroup through merger
In 1998, Citigroup Inc. was formed through the merger of Citicorp, the bank holding company for Citibank, and Travelers.
1998: Formation of Citigroup
In 1998, Citigroup was formed, marking the beginning of the list of chairmen since its creation.
1998: Citigroup's Formation
In 1998, Citigroup was formed, marking the beginning of the list of chief executives since its creation.
November 1999: Gramm-Leach-Bliley Act passed
In November 1999, the Gramm-Leach-Bliley Act was passed, opening the door to financial services conglomerates offering a mix of commercial banking, investment banking, insurance underwriting, and brokerage.
January 2000: Plumeri unexpectedly retires from Citibank
In January 2000, Joe J. Plumeri unexpectedly retired from Citibank after boosting the unit's earnings significantly.
2000: Citigroup acquired Associates First Capital Corporation
In 2000, Citigroup acquired Associates First Capital Corporation for $31.1 billion in stock. The Associates was later criticized for predatory lending practices.
October 22, 2001: Citigroup Sued for Enron-Related Misrepresentations
On October 22, 2001, Citigroup was sued for violating federal securities laws by misrepresenting its Enron-related exposure in its 2001 Annual Report and for failing to disclose the true extent of its legal liability from 'structured finance' deals with Enron.
2001: Bloomberg's Victory in Mayor's Race
Following Michael Bloomberg's victory in the 2001 mayor's race, Edward Skyler and Kevin Sheekey followed him from his company to City Hall.
2001: Citigroup made additional acquisitions
In 2001, Citigroup made additional acquisitions including European American Bank in July and Banamex in August.
2001: Whistleblower Uncovers Citigroup's Sweep Feature
In 2001, a whistleblower uncovered Citigroup's improper sweep feature, which moved positive balances from customer card accounts to the bank's general fund without telling cardholders. The information was allegedly buried by superiors, and the illegal practice continued.
January 2002: Mutual fund sales practices violations
Between January 2002 and July 2003, Citigroup Global Markets, Inc. was involved in suitability and supervisory violations of their mutual fund sales practices.
February 5, 2002: Citigroup Sued for False Information About Global Crossing
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.
December 2002: Citigroup Fined for Biased Research
In December 2002, Citigroup paid fines totaling $400 million to states and the federal government as part of a settlement involving charges that ten banks deceived investors with biased research.
2002: Travelers Property and Casualty spun off
In 2002, Citigroup spun off its Travelers Property and Casualty insurance underwriting business due to its negative impact on Citigroup's stock price.
2002: Travelers spun off from Citigroup
In 2002, Travelers was spun off from Citigroup, which had been formed by the merger of Citicorp and Travelers in 1998.
July 2003: Mutual fund sales practices violations
Between January 2002 and July 2003, Citigroup Global Markets, Inc. was involved in suitability and supervisory violations of their mutual fund sales practices.
October 2003: Salomon Smith Barney Name Abandoned
In October 2003, the Salomon Smith Barney name was abandoned after a series of financial scandals that tarnished the bank's reputation.
2003: End of Citigroup's Improper Computerized Sweep Feature
Citigroup's improper computerized 'sweep' feature which started in 1992, moving positive balances from card accounts, ended in 2003.
2003: Citigroup Foundation Giving to Left-Wing Groups
During the tax year 2003, Citigroup's foundation gave "20 times more money to groups on the left than to groups on the right".
August 2, 2004: Citigroup Criticized for Disrupting Bond Market
On August 2, 2004, Citigroup was criticized for disrupting the European bond market by rapidly selling €11 billion worth of bonds on the MTS Group trading platform, driving down the price and then buying it back at cheaper prices.
2004: Citigroup Settles WorldCom Lawsuit
In 2004, Citigroup paid $2.65 billion pre-tax to settle a lawsuit concerning its role in selling stocks and bonds for WorldCom, which collapsed after an accounting scandal.
2004: Travelers merged with The St. Paul Companies Inc.
In 2004, Travelers merged with The St. Paul Companies Inc. forming The St. Paul Travelers Companies.
March 23, 2005: $21.25 Million in Fines
On March 23, 2005, the National Association of Securities Dealers 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.
2005: Citigroup Settles Enron Investor Lawsuit
In 2005, Citigroup paid $2 billion to settle a lawsuit filed by investors in Enron.
2005: Citigroup Settles Global Crossing Lawsuit
In 2005, Citigroup paid $75 million to settle the lawsuit regarding false information about Global Crossing. Citigroup was accused of issuing exaggerated research reports and not disclosing conflicts of interest.
2005: Citigroup sells life insurance and annuities underwriting businesses to MetLife
In 2005, Citigroup sold the life insurance and annuities underwriting businesses to MetLife.
2005: Citi Plutonomy Report Documents Wealth Imbalance
In 2005, a leaked plutonomy report prepared by Citi global strategists documented the imbalance of wealth between the top 1% and the bottom 60% of Anglo-American households.
2005: Financial Data Sourced from SEC Form 10-K
In 2005, financial and employee data started being sourced from the company's SEC Form 10-K.
June 2006: Bowen Starts Warning of Mortgage Risks
In June 2006, Senior Vice President Richard M. Bowen III started warning Citigroup's board of directors about the high risks associated with the mortgage operation, noting that 60% of mortgages were defective at the time.
2006: End of Firm Member Donations
In 2006, firm members ended donating over $23,033,490, 49% of which went to Democrats and 51% of which went to Republicans, an effort that started in 1989.
February 2007: Citigroup sells red umbrella logo
In February 2007, Citigroup sold the Travelers' signature red umbrella logo back to St. Paul Travelers, adopting the corporate brand "Citi" for its subsidiaries, except Primerica and Banamex.
April 11, 2007: Citigroup Announces Job Cuts
On April 11, 2007, Citigroup announced it would eliminate 17,000 jobs, or about 5% of its workforce, as part of a restructuring effort to cut costs and improve stock performance.
June 6, 2007: Fines and Restitution for Misleading Documents
On June 6, 2007, FInRA announced more than $15 million 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.
November 3, 2007: Bowen Warns of Risks and Requests Investigation
On November 3, 2007, Richard M. Bowen III emailed Citigroup chairman Robert Rubin and other executives, warning them of the risks within the Consumer Lending Group, stating internal controls had broken down and requesting an outside investigation.
November 8, 2007: Citigroup Sued for Financial Misrepresentations
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.
November 2007: Citigroup Involved in Terra Securities Scandal
In November 2007, it became public that Citigroup was heavily involved in the Terra Securities scandal.
2007: Municipal securities funds
Between 2007 and 2008 losses from municipal securities funds cratered
2007: Certificates in one of two mortgage-backed securities trusts
In 2007 investors purchased certificates in one of two mortgage-backed securities trusts from Citigroup Mortgage Loan Trust Inc
2007: Citigroup Acquires Majority Stake in Nikko Asset Management
In 2007, Citigroup acquired 61% of Nikko Asset Management for $7.7 billion, marking the largest foreign buyout of a Japanese company at that time.
2007: Subprime Mortgage Crisis
In 2007, Citigroup faced trouble due to heavy exposure to troubled mortgages in the form of collateralized debt obligations (CDOs) and poor risk management, as the subprime mortgage crisis worsened.
2007: Misleading Statements about Mortgage Exposure
In 2007, Citigroup indicated that its exposure to subprime mortgages was less than $13 billion, when in fact it was over $50 billion.
2007: Citigroup Achieves First Profitable Year Since 2007
In 2010, Citigroup reported its first profitable year since 2007, with a net profit of $10.6 billion. Late in 2010, the government sold its remaining stock holding in the company, yielding an overall net profit to taxpayers of $12 billion.
January 7, 2008: Citigroup Considers Further Workforce Reduction
On January 7, 2008, Citigroup announced it was considering cutting another 5 to 10 percent of its 327,000 member-workforce due to the worsening financial crisis.
July 2008: Citigroup Described as Struggling
By July 2008, Citigroup was described as struggling financially.
August 2008: Citigroup Settles Credit Card Account Fund Misappropriation Accusations
In August 2008, Citigroup agreed to pay nearly $18 million in refunds and fines to settle accusations by the California Attorney General that it wrongly took funds from the accounts of credit card customers.
November 2008: Lewis and Einhorn Criticize Citigroup Guarantee
In November 2008, Michael Lewis and David Einhorn described the $306 billion guarantee provided to Citigroup as "an undisguised gift" lacking a genuine crisis motivation.
November 17, 2008: Citigroup Announces Massive Job Cuts Amidst Financial Struggles
On November 17, 2008, Citigroup announced plans to cut approximately 52,000 jobs, adding to the 23,000 cuts already made during 2008, due to consecutive losses and an uncertain outlook for profitability before 2010.
November 23, 2008: Citigroup and Regulators Approve Stabilization Plan
Late in the evening on November 23, 2008, Citigroup and Federal regulators approved a plan to stabilize the company and prevent further deterioration of its value.
November 24, 2008: U.S. Government Announces Bailout for Citigroup
On November 24, 2008, the U.S. government announced a large bailout for Citigroup to prevent bankruptcy and ensure the stability of the financial system, protecting taxpayers and the U.S. economy.
2008: Government Aid to Prevent Worldwide Chaos
According to The Wall Street Journal, in 2008, government aid was provided to Citi to prevent a worldwide chaos and panic due to the potential collapse of its Global Transactions Services (now TTS) division.
2008: Municipal securities funds
Between 2007 and 2008 losses from municipal securities funds cratered
2008: Citigroup Agrees to Pay Enron Creditors
In 2008, Citigroup also agreed to pay $1.66 billion to Enron creditors.
2008: Citigroup's Political Campaign Contributions
In 2008, Citigroup was the 16th largest political campaign contributor in the US, out of all organizations, according to OpenSecrets.
2008: Citigroup Pays Millions in Bonuses After Receiving TARP Funds
In late 2008, after receiving $45 billion in TARP funds, Citigroup paid hundreds of millions of dollars in bonuses to over 1,038 employees, including substantial bonuses to numerous individuals.
January 13, 2009: Citi Announces Merger of Smith Barney with Morgan Stanley Wealth Management
On January 13, 2009, Citi announced the merger of Smith Barney with Morgan Stanley Wealth Management, with Citi receiving $2.7 billion and a 49% interest in the joint venture.
January 16, 2009: Citigroup Announces Reorganization into Two Operating Units
On January 16, 2009, Citigroup announced its intention to reorganize into two operating units: Citicorp, focusing on retail and institutional client business, and Citi Holdings, managing brokerage and asset management with potential spin-offs or mergers.
February 2009: Compensation and Bonuses Restricted
From February 2009, as a result of criticism and the U.S. Government's majority holding of Citigroup's common stock, compensation and bonuses were restricted until December 2010.
February 27, 2009: U.S. Government Takes Equity Stake in Citigroup
On February 27, 2009, Citigroup announced that the U.S. government would take a 36% equity stake in the company by converting $25 billion in emergency aid into common stock and provide a $45 billion credit line, including restrictions on executive salaries.
June 1, 2009: Citigroup to be Removed from Dow Jones Industrial Average
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.
June 8, 2009: Citigroup Removed from Dow Jones Industrial Average
Effective June 8, 2009, Citigroup was removed from the Dow Jones Industrial Average due to significant government ownership. Citigroup was replaced by Travelers Co.
December 2009: U.S. Government Reduces Stake in Citigroup
By December 2009, the U.S. government reduced its stake in Citigroup from 36% to 27% after Citigroup sold $21 billion of common shares and equity in the largest single share sale in U.S. history.
2009: Government Aid to Prevent Worldwide Chaos
According to The Wall Street Journal, in 2009, government aid was provided to Citi to prevent a worldwide chaos and panic due to the potential collapse of its Global Transactions Services (now TTS) division.
2009: Naming Rights to Citi Field
Citigroup owns the naming rights to Citi Field, the home ballpark of the New York Mets Major League Baseball team, via a $400 million, 20-year deal that commenced with the stadium opening in 2009.
2009: Retail Banking Franchise in Vietnam
Following the branch opening in Ho Chi Minh City in 1998, Citi established its retail banking franchise in Vietnam in 2009.
2009: Citi Private Bank Ends Commission-Based Payments
In 2009, Jane Fraser, CEO of Citi Private Bank, ended commission-based payments for bankers selling investment products to improve the bank's reputation as an independent wealth management advisor.
2009: Richard Parsons Hired Richard F. Hohlt
In 2009, Richard Parsons hired Richard F. Hohlt as an advisor for relations with the U.S. government.
2009: Citigroup Achieves First Profitable Year Since 2007
In 2010, Citigroup reported its first profitable year since 2007, with a net profit of $10.6 billion. Late in 2010, the government sold its remaining stock holding in the company, yielding an overall net profit to taxpayers of $12 billion.
April 2010: Bowen Testifies Before Financial Crisis Inquiry Commission
In April 2010, Richard M. Bowen III testified before the Financial Crisis Inquiry Commission about Citigroup's involvement in the mortgage crisis.
July 2010: Settlement for Misleading Investors over Mortgages
In July 2010, Citigroup agreed to pay $75 million to settle civil charges that it misled investors over potential losses from high-risk mortgages. The U.S. Securities and Exchange Commission stated Citigroup made misleading statements about its exposure to subprime mortgages.
December 2010: Citigroup Repays Emergency Aid and U.S. Government Sells Remaining Stake
By December 2010, Citigroup fully repaid the emergency aid, and the U.S. government sold its remaining 27% stake, resulting in a $12 billion profit on its investment. Government restrictions on pay and oversight were subsequently removed.
December 2010: End of Compensation and Bonus Restrictions
Until December 2010, as a result of criticism and the U.S. Government's majority holding of Citigroup's common stock, compensation and bonuses were restricted since February 2009.
2010: Edward Skyler Named to Senior Public and Governmental Relations Position
In 2010, Citigroup appointed Edward Skyler to the senior public and governmental relations position. Before Skyler was named, discussions were held with Kevin Sheekey, Howard Wolfson, and Gary Ginsberg for the same position.
2010: Citigroup Achieves First Profitable Year Since 2007
In 2010, Citigroup reported its first profitable year since 2007, with a net profit of $10.6 billion. Late in 2010, the government sold its remaining stock holding in the company, yielding an overall net profit to taxpayers of $12 billion.
2010: Start Date for Citigroup's Campaign Cash to Democrats
Since 2010, 34 of the 57 Democrats supporting the 2015 Spending bill had received campaign cash from Citigroup's PAC.
April 2011: Arbitration Panel Orders Payment of $54.1 Million
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.
July 2011: Start of U.S. Treasury Futures Manipulation
In July 2011, five traders from Citigroup started manipulating U.S. Treasury futures.
2011: Citi Branded Cards Introduces New Products
In 2011, Citi Branded Cards introduced several new products, including Citi ThankYou, Citi Executive/AAdvantage and Citi Simplicity cards in the U.S. and partnership cards in Latin America. Citibank also became the first international bank approved to issue credit cards under its own brand in China.
2011: Citi Introduces Smart Banking Branches
In 2011, Citi introduced digitized Smart Banking branches in Washington, D.C., New York, Tokyo and Busan (South Korea) while renovating its branch network. Sales and service centers opened in Moscow and St. Petersburg, and Citi Express modules were introduced in Colombia. Citi also expanded its branch presence in China.
February 9, 2012: National Mortgage Settlement
On February 9, 2012, 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. 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.
February 2012: Settlement Over Falsely Certified Loans
In February 2012, Citigroup agreed to pay $158.3 million 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.
August 2012: Settlement of Investor Lawsuit
In August 2012, Citigroup agreed to pay almost $25 million 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.
December 2012: End of U.S. Treasury Futures Manipulation
In December 2012, five traders from Citigroup's manipulation of U.S. Treasury futures came to an end.
2012: Citigroup's Executive Compensation Package Rejected
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.
2012: Citigroup Fails Comprehensive Capital Analysis and Review Stress Tests
In 2012, Citigroup failed the Comprehensive Capital Analysis and Review stress tests due to its high capital return plan and risky international loans.
2012: Citigroup Settles Financial Misrepresentations Case
In 2012, Citigroup paid $590 million to settle the case regarding financial misrepresentations.
2012: Citi Forms Citi Orient Securities
In 2012, Citigroup's Global Markets division and Orient Securities established Citi Orient Securities, an equity and debt brokerage in Shanghai operating in the Chinese market.
June 2013: Citi Sells Remaining Stake in Smith Barney
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.
2013: Spin-off of Citi Capital Advisors
In 2013, Citigroup spun off its hedge fund unit, Citi Capital Advisors (CCA), to comply with the Volcker Rule, which limits bank ownership in hedge funds to no more than 3%. This spin-off created Napier Park Global Capital, a $6.8 billion hedge fund.
2013: Jane Fraser Replaces Sanjiv Das as Head of CitiMortgage
In 2013, Sanjiv Das was replaced as head of CitiMortgage with Jane Fraser, former head of Citi Private Bank.
October 2014: Exit from Consumer Banking in 11 Markets
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.
2014: Citigroup Fails Stress Tests Again
Citigroup failed the stress tests again in 2014, this time due to qualitative concerns.
2014: $7 Billion Settlement for Misleading Investors
In 2014, Citigroup agreed to pay $7 billion 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. stated the bank's misconduct was egregious but the settlement did not absolve the bank or its employees from facing criminal charges.
2014: End of Citigroup's Lobbying Efforts
In 2014, Citigroup ended nearly $100 million lobbying the federal government, an effort which had started in 1998.
2014: Citigroup's PAC Contributions to Congress Members
In 2014, Citigroup's PAC contributed $804,000 to campaigns of various members of Congress, including 72 Democrats, where donations averaged about $5,000 per candidate.
2014: James Bindler Succeeds Jeff Feig
In 2014, James Bindler succeeded Jeff Feig as Citigroup's global head of foreign exchange.
July 2015: Citigroup fined for illegal credit card practices
In July 2015, Citigroup was fined $70 million by the CFPB and OCC and ordered to pay $700 million to customers for illegal practices in marketing add-on products for credit cards like credit monitoring and debt protection.
November 2015: Springleaf Acquires OneMain Financial
In November 2015, Springleaf acquired OneMain Financial from Citigroup.
2015: Citi Holdings Aiming to Break Even
Citi Holdings had a primary objective to strategically "break even" in 2015 by winding down some non-core businesses and reduce assets.
2015: Start of Alleged Discrimination Against Armenian Americans
In 2015, Citigroup allegedly began illegally discriminating against Armenian Americans, by unjustly denying them credit cards.
2015: Citigroup Passes Stress Tests
In 2015, Citigroup passed the Comprehensive Capital Analysis and Review stress tests.
2015: Citigroup Donations to Democrats Supporting Spending Bill
Of the 57 Democrats supporting the 2015 Spending bill, 34 had received campaign cash from Citigroup's PAC at some point since 2010.
February 2016: Sale of Banking Operations in Panama and Costa Rica
In February 2016, Citigroup sold its retail and commercial banking operations in Panama and Costa Rica to the Bank of Nova Scotia (Scotiabank) for $360 million. The operations included 27 branches serving approximately 250,000 clients. Citigroup continued to offer corporate and institutional banking and wealth management in those countries.
February 2016: Fraud Lawsuit by Rabobank
In February 2016, Citigroup was subject to a $1.1 billion fraud lawsuit filed by lender Rabobank and other investors due to the bankruptcy of Oceanografia SA. The plaintiffs claimed Citigroup conspired with Oceanografia to accept falsified work estimates. The courts, however, found in favor of Citigroup.
April 2016: Elimination of Citi Holdings
In April 2016, Citigroup announced that it would eliminate its bad bank, Citi Holdings.
April 2016: Regulatory Approval for "Living Will"
In April 2016, Citigroup received regulatory approval for its "living will", which outlines its plans to shut down operations in the event of another financial crisis.
April 2016: Exclusive Issuer of Costco Credit Cards
On April 1, 2016, Citigroup became the exclusive issuer of Costco-branded credit cards.
2016: Citigroup Passes Stress Tests
In 2016, Citigroup passed the Comprehensive Capital Analysis and Review stress tests.
January 2017: Citigroup Global Markets Inc. fined for order spoofing
In January 2017, Citigroup Global Markets Inc. was fined $25 million by the Commodity Futures Trading Commission for order spoofing in U.S. Treasury futures markets and for failing to diligently supervise its employees.
January 2017: Citigroup Fined for Manipulating U.S. Treasury Futures
In January 2017, bank regulators fined Citigroup $25 million because five traders from the bank had manipulated U.S. Treasury futures more than 2,500 times between July 2011 and December 2012.
2017: Accusations of Failing to Control Dark Money Flow
In 2017, Citigroup was accused of failing to control the flow of dark money through its accounts, with prosecutors claiming drug smugglers were using Citigroup's Banamex USA unit to sneak dirty money into the United States from Mexico.
March 21, 2018: Citigroup Changes Policy on Firearm-Related Transactions
On March 21, 2018, Citigroup announced a change in its policy to forbid its business customers from performing certain firearm-related transactions.
June 1, 2018: Criminal Cartel Charges Expected Against Citigroup and Others
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, Deutsche Bank, Citigroup, and several individuals.
2018: Intervention in Gun Control Matter
In 2018, The New York Times reported on Citigroup's actions, under CEO Michael Corbat's direction, to intervene in gun control by setting credit card policies to restrict gun sales to individuals under 21.
2018: O.C.C. Indicts Citi for Anti-Money Laundering Shortcomings
In 2018, the O.C.C. indicted Citi for shortcomings in its anti-money laundering policies and was required to pay $70M.
January 2019: Citigroup Sells Stake in Citi Orient Securities
In January 2019, Citigroup announced it sold its stake in Citi Orient Securities to its Chinese partner.
2019: Combination of Global Markets and Securities Services
In 2019, Citigroup combined its Global Markets and Securities Services business into Markets & Securities Services, which includes trading, execution, custody, clearing, financing, and hedging services.
August 2020: $900 Million Mistaken Wire Transfer
In August 2020, Citigroup mistakenly wired $900 million to the creditors of Revlon, an American cosmetics corporation. Citigroup sued to recover the funds but had not been successful as of June 2022.
2020: Citigroup Fined for Risk Management Failures
In 2020, Citigroup agreed to pay $400 million to federal regulators over long-standing concerns regarding Citigroup's failure to establish effective risk management.
February 2021: Jane Fraser Becomes CEO
In February 2021, Jane Fraser became the CEO of Citigroup, marking the first time a woman has held that position in a Big Four bank.
2021: End of Alleged Discrimination Against Armenian Americans
In 2021, Citigroup allegedly ended illegally discriminating against Armenian Americans, which had started in 2015, by unjustly denying them credit cards.
January 2022: Plan to Exit Consumer Banking in Mexico
In January 2022, Citigroup further announced its plan to exit consumer banking in Mexico, as well as small-business and middle-market banking operations.
March 1, 2022: Disclosure of Exposure in Russian Assets
On March 1, 2022, Citigroup disclosed an exposure of over $10 billion in Russian assets, which may be materially affected by Russia's expulsion from the SWIFT banking system.
June 2022: Update on the $900 Million Mistaken Wire Transfer
As of June 2022, Citigroup had been unsuccessful in recovering the $900 million it mistakenly wired to Revlon's creditors in August 2020.
September 2022: Citigroup Plans to Shutter UK Retail Bank
In September 2022, Citigroup was planning to shutter its retail bank business in the United Kingdom.
November 2023: Citigroup Initiates Layoffs as Part of Overhaul
In November 2023, Citigroup initiated layoffs as part of a corporate overhaul announced by CEO Jane Fraser. The restructuring plan included the formation of five new divisions and the departure of senior executives, aiming to improve stock performance and reduce expenses. The job cuts, known as "Project Bora Bora," were reported to involve at least a 10% reduction in the workforce in several departments.
December 2023: Largest Shareholders of Citigroup
As of December 2023, Citigroup is mainly owned by institutional investors, who own around 30% of shares. The 11 largest shareholders of Citigroup were recorded.
2023: Citigroup's Forbes ranking
In 2023, Citigroup was ranked #24 in Forbes Global 2000.
2023: Citigroup Ordered to Pay for Discrimination Against Armenian Americans
In 2023, the 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 them by unjustly denying them credit cards.
January 2024: Citigroup Announces Job Cuts
In January 2024, Citigroup announced that it would be cutting 20,000 jobs from the company.
June 2024: Investor Day Focuses on Securities Services
In June 2024, at its biennial Investor Day, Jane Fraser focused the conversation on Citi's Securities Services business, the most profitable of its five business units.
June 2024: Money Launderers Exploit Citibank's Lax Controls
In June 2024, the DEA stated that money launderers continually found ways to take advantage of Citibank's lax controls and oversight policies, citing recent investigations into the Sinaloa Cartel.
December 2024: Exit from Net-Zero Banking Alliance
In December 2024, Citigroup along with Bank of America announced that they are exiting the Net-Zero Banking Alliance (NZBA).
2024: Estimated Value
In 2024, $15 million in 2007 is equivalent to about $21.8 million.
2024: Financial Data Sourced from SEC Form 10-K
In 2024, financial and employee data were sourced from the company's SEC Form 10-K.
2024: Value of 2003 fine Adjusted for Inflation in 2024
In 2024, the $145 million fine that Citigroup paid in 2003 is equivalent to $236 million when adjusted for inflation.
2024: Value of 2005 Enron Investor Settlement Adjusted for Inflation
In 2024, the $2 billion Citigroup paid in 2005 to settle a lawsuit filed by investors in Enron is equivalent to $3.08 billion when adjusted for inflation.
2024: Value of 2002 biased research fine Adjusted for Inflation in 2024
In 2024, the $400 million fine that Citigroup paid in December 2002 as part of a settlement involving charges that ten banks deceived investors with biased research is equivalent to $665 million when adjusted for inflation.
2024: Value of 2012 Financial Misrepresentations settlement adjusted for inflation
In 2024, the $590 million Citigroup paid in 2012 to settle the case regarding financial misrepresentations is equivalent to $794 million when adjusted for inflation.
2024: Value of 2005 Global Crossing settlement adjusted for inflation in 2024
In 2024, the $75 million settlement that Citigroup paid in 2005 regarding false information about Global Crossing is equivalent to $115 million when adjusted for inflation.
2024: Value of 2014 Citigroup PAC Contribution Adjusted for Inflation
In 2024, the $804,000 that Citigroup's PAC contributed in 2014 to campaigns of various members of Congress is equivalent to $1.05 million when adjusted for inflation.
March 2025: Reduced Reliance on External IT Contractors
In March 2025, Citigroup aims 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.
2025: Citigroup to Sell Wealth Alternatives Unit
In 2025, Citigroup agreed to sell its wealth alternatives unit, Citi Global Alternatives, to iCapital, a New York-based alternative investment solutions firm. The terms of the deal were not disclosed.
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