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Chuck Prince's Biggest Challenge: Saving Citi's Reputation



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Code : GOV0013

Year :
2005

Industry : Banking, Insurance and Financial Services

Region : USA

Teaching Note:Not Available

Structured Assignment :Not Available

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Sanford Weill and Citiís Culture It is a widely held opinion among Wall Street analysts that Citigroupís growth strategies and aggressive sales culture, which have become its hallmarks, have been shaped and fostered by its erstwhile CEO, Sanford I.Weill (Weill).Weill, the son of Polish immigrants to the US, had a humble begining. He attended Peekskill Military Academy in his teens, performing well enough to merit acceptance to Cornell University, to become the first member of his family to get a college degree. Enamoured by the working ofWall Streetís machinery,Weill decided to make a career in financial services....

Citiís Escalating Troubles Citiís troubles with regulatory authorities came into light in 2000, after its $31 billion acquisition ofAssociates First Capital. Charges by the NASD and FTC of predatory lending (deceptive marketing tactics through which consumers are lured into taking high-interest loans and the accompanying expensive loan insurance without their explicit knowledge) made Citi pay $215million in settlements. Then came the NewYork StateAttorneyGeneral, Eliot Spitzerís 2002 investigation of investment banking firms...

Can Chuck Prince Save Citiís Reputation? A lawyer by vocation who started his career by working as an attorney for US Steel, Prince was working as the corporate counsel for Commercial Credit in 1986. He metWeill when Commercial Credit broughtWeill to turn it around. Gradually, Prince became one ofWeillís trusted lieutenants within Citi. Prince played an important role in settling legal issues during all ofWeillís acquisitions, beginningwith the Travelerís-Citicorpmerger...

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Executive Summary of Citigroupís Code of Conduct The Citigroup Code of Conduct outlines the principles, policies and laws that govern the activities of the company, and to which our employees and others who work with, or represent us directly or indirectly, must adhere. All employees of Citigroup Inc., its subsidiaries and their affiliates (ďCitigroupĒ) are required to read and followthe Citigroup Code of Conduct. The Citigroup Code of Conduct offers guidance for professional conduct under six main headings, which include the following key points...

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