Corporate Governance at Citigroup
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Case Code: CGOX005 Case Length: 11 Pages Period: 2003 Pub Date: 2005 Teaching Note: Not Available |
Price: Rs.300 Organization: Citigroup Industry: Financial Services Countries: United States Themes: - |
Abstract Case Intro 1 Excerpts
Our Board's unanimous decision to create a distinct Committee to address corporate governance issues reflects our wholehearted dedication to maintaining best practice standards.
- Sanford. I Weill, CEO and Chairman, Citigroup
Introduction
In 2002, Citigroup, headquartered in New York, was the seventh largest company in the world according to the Fortune Global 500. The group generated net revenues of $71.3 billion and net income of $15.3 billion (8% growth over the previous year). Citigroup, formed by the merger of Travelers Group and Citicorp in 1998 had emerged as the largest financial services company in the world offering services to its clients through four global business groups across 100 countries. Citigroup was organized into various business segments.
Global Consumer Group (GCG) offered services like banking, lending and investment services; Credit cards and Charge cards such as MasterCard and VISA; truck financing, construction, material handling, healthcare and office equipment finance; and consumer finance and community-based lending services. Global Corporate and Investment Bank (GCIB) provided various services to corporate, institutional and retail investors - fixed income underwriting, syndicated loans, foreign exchange and futures; strategic and financial advisory services like acquisitions, mergers, financial restructurings and cash management; and trade and treasury services like integrated cash management, treasury, trade finance and e-commerce solutions. Citigroup Global Markets (CGM), a division of GCIB, oversaw global private wealth management and equity research, providing comprehensive financial planning and advisory services to high networth investors...
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