Friday, November 21, 2008


On 20 November 2008, shares in Citigroup fell yet further. (Citigroup meets to consider rescue options)

The board of Citigroup is to consider a possible merger.

Citigroup, once America's biggest bank, is now only the fifth largest.

The board may decide to sell parts of the bank or all of the business, the Wall Street Journal reported, adding that Morgan Stanley is not considering a bid.

Saudi Prince Alwaleed bin Talal said the shares were "dramatically undervalued".

Citigroup Brands:

Citibank, providing consumer banking products.

Banamex, second largest Mexican bank

Banco Cuscatlan, El Salvador biggest bank.

Banco Uno, Central America largest credit card bank.

Citimortgage, mortgage lender

CitiInsurance, insurance provider

Citicapital, Institutional financial services

Citifinancial, Consumer finance aka subprime lending

Citigroup Alternative Investments, Global Wealth Management

Primerica, engages in direct selling of financial services

Smith Barney, investment services, both retail full service brokerage, private client services, and formerly the brand name used for the investment bank

CitiCard, Credit Cards

Credicard Citi, credit card business in Brazil

Citigroup recently acquired the Egg brand when it purchased Egg Banking plc, the world's largest Internet bank.

Citigroup, from Wikipedia:

Citigroup Inc., doing business as Citi, is a major American financial services company based in New York City, NY. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate Travelers Group on April 7, 1998.[7]

Citigroup Inc. has the world's largest financial services network , spanning 107 countries with approximately 12,000 offices worldwide. The company employs approximately 358,000 staff around the world, and holds over 200 million customer accounts in more than 100 countries.

On 17th November 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. [8]

It is the world's largest bank by revenues as of 2008. It is a primary dealer in US Treasury securities[9] and its stock has been a component of the Dow Jones Industrial Average since March 17, 1997.[10]

Its single largest shareholder is Prince Al-Waleed bin Talal of Saudi Arabia, who has a 4.9% stake.[11] As of December 11, 2007, Vikram Pandit is Citigroup's current CEO, while Sir Win Bischoff the current chairman.[12]


1 comment:

Anonymous said...

This is a great blog! Thank you for posting! Did you know the Citigroup bailout is going to give more hard money to the people.

Bailout for Citizens

What do you think?

Site Meter