Corporate Governance at Citigroup
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ICMR HOME | Case Studies Collection
Case Details:
Case Code : CGOX005
Case Length : 11 Pages
Period : 2003
Pub Date : 2005
Teaching Note :Not Available
Organization : Citigroup
Industry : Financial Services
Countries : United States
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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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Our Board's unanimous decision to create a distinct Committee to address corporate governance issues reflects our wholehearted dedication to maintaining best practice standards.1
- Sanford. I Weill2, CEO and Chairman, Citigroup
Introduction
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In 2002, Citigroup, headquartered in New York, was the seventh largest company3 in the world according to the Fortune Global 500.
The group generated net revenues of $71.3 billion4 and net income of $15.3 billion5 (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.
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Global Consumer Group (GCG) offered services like banking, lending and investment services; Credit cards and Charge cards6 such as MasterCard and VISA; truck financing, construction, material handling, healthcare and office equipment finance; and consumer finance and community-based lending services.
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Global Corporate and Investment Bank (GCIB) provided various services to corporate, institutional and retail investors - fixed income underwriting, syndicated loans7, 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... |
Excerpts
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