Ethical Analysis of Citigroup
Company Assessment: An Analysis of CitiGroup
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Company Assessment: An Analysis of CitiGroup Introduction With origins dating back to 1812, Citigroup (Citi) is a global diversified financial services holding company providing both individuals and institutions with a broad range of financial products and services. These services include; consumer banking and credit; corporate and investment banking; securities brokerage; transaction services; and wealth management. Headquartered in Manhattan, NY, Citi currently has over 260,000 employees servicing 200 million customer accounts in more than 160 countries around the globe. Citi is organized into two divisions; Citicorp and Citi Holdings. Citicorp manages the consumer and institutional core client business, while Citi Holdings manages the brokerage and asset management divisions. Based on financial data obtained from the Citi website, the core st business (i.e. Citicorp), represents 92.9% of the $19.4 billion ($US) of the 1 quarter 2012 revenue. The total revenues of Citicorp are geographically diversified across the globe with North America representing 40% of the total, Asia at 22%, Latin America at 20% and Europe, Middle East and Africa (EMEA) accounting for the remaining 18% (Citi Financials, 2012) Over its 200 year history, Citi has been a leading innovator in financial services starting in the 1920’s by becoming the first major U.S. bank to offer compound interest on savings accounts. Also, through the acquisition of Second National Bank, Citi has the distinction of being the first bank in New York to provide separate banking services for women. Further innovations include; offering unsecured personal loans and customer checking accounts in 1928 and 1936 respectively (Citi Timeline, 2012). Citi’s original mission of offering traditional banking services evolved as they grew, however, since the financial crisis of 2008, Citi has been selling off many of the non-core operations to refocus on the traditional
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Company Assessment: An Analysis of CitiGroup Introduction With origins dating back to 1812, Citigroup (Citi) is a global diversified financial services holding company providing both individuals and institutions with a broad range of financial products and services. These services include; consumer banking and credit; corporate and investment banking; securities brokerage; transaction services; and wealth management. Headquartered in Manhattan, NY, Citi currently has over 260,000 employees servicing 200 million customer accounts in more than 160 countries around the globe. Citi is organized into two divisions; Citicorp and Citi Holdings. Citicorp manages the consumer and institutional core client business, while Citi Holdings manages the brokerage and asset management divisions. Based on financial data obtained from the Citi website, the core st business (i.e. Citicorp), represents 92.9% of the $19.4 billion ($US) of the 1 quarter 2012 revenue. The total revenues of Citicorp are geographically diversified across the globe with North America representing 40% of the total, Asia at 22%, Latin America at 20% and Europe, Middle East and Africa (EMEA) accounting for the remaining 18% (Citi Financials, 2012) Over its 200 year history, Citi has been a leading innovator in financial services starting in the 1920’s by becoming the first major U.S. bank to offer compound interest on savings accounts. Also, through the acquisition of Second National Bank, Citi has the distinction of being the first bank in New York to provide separate banking services for women. Further innovations include; offering unsecured personal loans and customer checking accounts in 1928 and 1936 respectively (Citi Timeline, 2012). Citi’s original mission of offering traditional banking services evolved as they grew, however, since the financial crisis of 2008, Citi has been selling off many of the non-core operations to refocus on the traditional
References: Citi, (2012). Our Company. Retrieved from http://www.citigroup.com/citi/about/our_businesses.html Citi Financials, (2012). Financial Information. Retrieved from http://www.citigroup.com/citi/investor/qer.htm Citi Governance, (2012). Corporate Governance Guidelines. Retrieved from http://www.citigroup.com/citi/investor/quarterly/2012/ar12cp.pdf?ieNocache=823 Citi Mission, (2012). Mission. Retrieved from http://www.citigroup.com/citi/about/mission_principles.html Citi Timeline, (2012). Timeline. Retrieved from http://citigroup.com/citi/press/mobile/ir/html/timeline/index-com.html Governance, (2012). Corporate Governance. Retrieved from http://www.businessdictionary.com/definition/corporate-governance.html Johnson, C.E., (2012). Meeting the Ethical challenges of Leadership: Casting Light or Shadow, 4 Edition. Thousand Oaks, California, Sage Publications Inc. Restoring Ethics, (2012). Citigroup: Restoring Ethics and Image Before Growth. Retrieved from http://www.awpagesociety.com/images/uploads/Citigroup.pdf th Appendix A Appendix B