Citibank

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Citibank, North America
Subsidiary of Citigroup
IndustryFinancial services
FoundedJune 16, 1812; 206 years ago (1812-06-16) (as City Bank of New York)
HeadquartersNew York City, New York
Key people
Michael E. O'Neill (Chairman of Citigroup)
Michael Corbat (CEO of Citigroup)[1]
ProductsCredit cards
Mortgages
Personal loans
Commercial loans
Lines of credit
ParentCitigroup
Websitewww.citi.com

Citibank is the consumer division of financial services multinational Citigroup.[2] Citibank was founded in 1812 as the City Bank of New York, and later became First National City Bank of New York. Citibank provides credit cards, mortgages, personal loans, commercial loans, and lines of credit.[1]

The bank has 2,649 branches in 19 countries, including 723 branches in the United States and 1,494 branches in Mexico.[1] The U.S. branches are concentrated in six metropolitan areas: New York City, Chicago, Los Angeles, San Francisco, Washington, D.C., and Miami.[1] In 2016, the United States accounted for 70% of revenue and Mexico accounted for 13% of revenue.[1] Aside from the U.S. and Mexico, most of the company's branches are in Poland, Russia, Pakistan, India and the United Arab Emirates.[1]

Citibank's private-label credit card division, Citi Retail Services, issues store-issued credit cards for such companies as: Costco, ConocoPhillips, ExxonMobil, The Home Depot, Staples Inc., Shell Oil and until January 2018, Hilton Hotels & Resorts.[3]

As a result of the financial crisis of 2007–2008 and huge losses in the value of its subprime mortgage assets, Citigroup, the parent of Citibank, received a bailout in the form of an investment from the U.S. Treasury. On November 23, 2008, in addition to an initial investment of $25 billion, a further $20 billion was invested in the company along with guarantees for risky assets of $306 billion [4] The guarantees were issued at a time markets were not confident Citi had enough liquidity to cover loses from those investments. Eventually the Citi shares the Treasury took over in return for the guarantees it issued were booked as net profit for the treasury as Citi had enough liquidity and guarantees did not have to be used. By 2010, Citibank had repaid the loans from the Treasury in full, including interest, resulting in a net profit for the U.S. federal government.[5]

History[edit]

View of the northeast corner of William and Wall streets. The house to the far right became City Bank of New York's first home at 38 Wall Street, later re-numbered as №52. (Painting by Archibald Robertson, c. 1798)
The National City Bank heritage located in the Bund of Wuhan, China.
52 Wall Street, Ca 1890

The City Bank of New York was founded on June 16, 1812.[6] The first president of the City Bank was the statesman and retired Colonel, Samuel Osgood. In August 1813, with Osgood's death, William Few became President of the Bank, staying until 1817, followed by Peter Stagg (1817–1825), Thomas Smith (1825–1827), Isaac Wright (1827–1832), and Thomas Bloodgood (1832–1843). Ownership and management of the bank was taken over by Moses Taylor in 1837, a protégé of John Jacob Astor and one of the giants of the business world in the 19th century. During Taylor's ascendancy, the bank functioned largely as a treasury and finance center for Taylor's own extensive business empire.[7] Later presidents of the bank included Gorham Worth (1843–1856), Moses Taylor himself (1856–1882), Taylor's son-in-law Patrick Pyne, and James Stillman (1891–1909).

In 1831 City Bank was the site of one of America's first bank heists when two thieves made off with tens of thousands of dollars' worth of bank notes, and 398 gold doubloons.[8][9]

The bank also has the distinguishable history of financing war bonds for the war of 1812, serving as a founding member of the financial clearing house in New York (1853), underwriting the Union, during the American Civil War with $50 million in war bonds, opens the first foreign exchange department of any bank (1897), and received a $5 million deposit to be given to Spain for the US acquisition of the Philippines (1899). In 1865, the bank joined the national banking system of the United States under the National Bank Act and became The National City Bank of New York. By 1868, it was one of the largest banks in the United States, by 1893 it was the largest bank in New York, and following year it was the largest within the United States. In later years it would help finance the Panama Canal (1904) and Stillman, then the bank's chairman, would intervene, along with J. P. Morgan and George Fisher Baker, in the Panic of 1907.

When the Federal Reserve Act allowed it,[10] National City Bank became the first U.S. national bank to open an overseas banking office when it opened a branch in Buenos Aires, Argentina, in 1914. Many of Citi's present international offices are older; offices in London, Shanghai, Calcutta, and elsewhere were opened in 1901 and 1902 by the International Banking Corporation (IBC), a company chartered to conduct banking business outside the U.S., which was forbidden to U.S. national banks. In 1918, IBC became a wholly owned subsidiary and was subsequently merged into the bank. The same year, the bank evacuated all of its employees from Moscow and Petrograd as the Russian Civil War had begun, but also established a branch in Puerto Rico. By 1919, the bank had become the first U.S. bank to have $1 billion in assets.

As of March 9, 1921, there were four national banks in New York City operating branch offices: Catham and Phoenix National, the Mechanics and Metals National, the Irving National, and National City Bank.[11]

Charles E. Mitchell, also called "Sunshine" Charlie Mitchell, was elected president in 1921. In 1929, he was made chairman, a position he held until 1933. Under Mitchell, the bank expanded rapidly and by 1930 had 100 branches in 23 countries outside the United States. The policies pursued by the bank under Mitchell's leadership are seen by many people as one of the prime causes of the stock market crash of 1929, which led ultimately to the Great Depression.[12][13][14][15][16][17][18][19][20][21]

In 1933, a Senate committee, the Pecora Commission, investigated Mitchell for his part in tens of millions of dollars in losses, excessive pay, and tax avoidance, later leading to his resignation.[22][23][24][25][26][27] Senator Carter Glass said of him: "Mitchell, more than any 50 men, is responsible for this stock crash."[28][29]

On December 24, 1927, its headquarters in Buenos Aires, Argentina, were blown-up by the Italian anarchist Severino Di Giovanni, in the frame of the international campaign supporting Sacco and Vanzetti.[30]

In 1940 and 1941, branches in Germany and Japan closed. In 1945, the bank handled $5.6 billion in Treasury securities for War and Victory Loan drives for the U.S. government.

In 1952, James Stillman Rockefeller was elected president and then chairman in 1959, serving until 1967. Stillman was a direct descendant of the Rockefeller family through the William Rockefeller (the brother of John D.) branch. In 1960, his second cousin, David Rockefeller, became president of Chase Manhattan Bank, National City's long-time New York rival for dominance in the banking industry in the United States.[31][32]

Following its merger with the First National Bank in 1955, the bank changed its name to The First National City Bank of New York, then shortened it to First National City Bank in 1962. It is also worth noting that the bank began recruiting at Harvard Business School in 1957, arranged the financing of the 1958 Hollywood film, South Pacific, and had its branches in Cuba nationalized in 1959 by the new socialist government, and has its first African-American director in 1969, Franklin A. Thomas.

The company organically entered the leasing and credit card sectors, and its introduction of US dollar denominated certificates of deposit in London marked the first new negotiable instrument in the market since 1888. Later to become part of MasterCard, the bank introduced its First National City Charge Service credit card—popularly known as the "Everything Card"—in 1967.

In 1967, Walter B. Wriston became chairman and chief executive officer of the bank.[33]

Citibank logo used from 1976 until 2001 in the United States, and internationally until 2002, designed by Dan Friedman from Anspach Grossman Portugal of New York.[34]

In 1968, Citicorp was set-up as a holding company and in 1976, First National City Bank was renamed Citibank, N.A. The name change also helped to avoid confusion in Ohio with Cleveland-based National City Corp., though the banks never had any significant overlapping areas except for Citi credit cards issued in National City territory. In addition, at the time of the name change to Citicorp, in 1998, National City of Ohio was mostly a Cleveland-area bank and had not gone on its acquisition spree that would occur in the 1990s and 2000s. Any possible name confusion had Citi not changed its name from National City eventually became completely moot when PNC Financial Services acquired National City in 2008 during the subprime mortgage crisis.

In 1987, the bank set aside $3 billion in reserves for loan losses in Brazil and other developing countries.[35] In 1990, the bank established a subsidiary in Poland. In 1994, it became the world's biggest card issuer.

Automated banking card[edit]

Shortly afterward, the bank launched the Citicard, which allowed customers to perform all transactions without a passbook. Branches also had terminals with simple one-line displays that allowed customers to get basic account information without a bank teller.

Credit card business[edit]

In the 1960s the bank entered into the credit card business. In 1965, First National City Bank bought Carte Blanche from Hilton Hotels. Three years later, the bank (under pressure from the U.S. government) sold this division. By 1968, the company created its own credit card. The card, known as "The Everything Card", was promoted as a kind of East Coast version of the BankAmericard. By 1969, First National City Bank decided that the Everything Card was too costly to promote as an independent brand and joined Master Charge (now MasterCard). Citibank unsuccessfully tried again from 1977 to 1987 to create a separate credit card brand, the Choice Card.

John S. Reed was selected CEO in 1984, and Citi became a founding member of the CHAPS clearing house in London. Under his leadership, the next 14 years would see Citibank become the largest bank in the United States, the largest issuer of credit cards and charge cards in the world, and expand its global reach to over 90 countries.

As the bank's expansion continued, the Narre Warren-Caroline Springs[dubious – discuss] credit card company was purchased in 1981. In 1981, Citibank chartered a South Dakota subsidiary to take advantage of new laws that raised the state's maximum permissible interest rate on loans to 25% (then the highest in the nation). In many other states, usury laws prevented banks from charging interest that aligned with the extremely high costs of lending money in the late 1970s and early 1980s, making consumer lending unprofitable. Currently, there is no maximum interest rate or usury restriction under South Dakota law when a written agreement is formed.[36] As of 2013, Citibank employed 2,900 people in Sioux Falls, South Dakota and contributed to the state holding more bank assets than any other state.[37]

In 2005, Federated Department Stores (now Macy's, Inc.), sold its consumer credit portfolio to Citigroup, which reissued its cards under the name Department Stores National Bank (DSNB).[38][39]

In 2013, Citibank purchased the credit card portfolio of Best Buy from Capital One.[40][41]

On April 1, 2016, Citigroup became the exclusive issuer of Costco's branded credit cards.[42][43]

Early technology adoption[edit]

Automatic teller machines[edit]

In the 1970s, Citibank was one of the first U.S. banks to introduce automatic teller machines (ATMs), which gave customers 24-hour access to cash. In April 2006, Citibank signed a deal with 7-Eleven to offer Citibank customers free access to ATMs in more than 5,500 convenience stores in the United States. The 7-Eleven deal ended in 2017.[44]

Online banking[edit]

The Citibank.com domain name was registered in 1991, and initially used only for email and other internet interactions.[45] As early as 1982, Citibank pioneered online access to accounts using 300-baud dial-up only.[46][better source needed] At first, access was through proprietary software distributed on a 5.25-inch floppy disk.[citation needed] Following the creation of the World Wide Web, Citibank offered browser-based access as well.

Expansion[edit]

Citibank footprint
Manhattan Chinatown Citibank branch (New York City)
Citibank branch on Michigan Avenue in Chicago

In 2002, Citigroup, the parent of Citibank, acquired Golden State Bancorp and its California Federal Bank, which was one-third owned by Ronald O. Perelman, for $5.8 billion.[47][48]

In 1999, Citibank was sued for improperly charging late fees on its credit cards.[49]

In August 2004, Citigroup entered the Texas market with the purchase of First American Bank of Bryan, Texas. The deal established Citi's retail banking presence in Texas, giving Citibank over 100 branches, $3.5 billion in assets and approximately 120,000 customers in the state.[50]

In 2006, Citibank entered the Philadelphia market, opening 23 branches in the metropolitan area. In 2013, Citibank closed these locations for "efficiency-driven" reasons.[51]

In 2006, the company announced a naming rights sponsorship deal for the new stadium of New York Mets, Citi Field, which opened in 2009. The deal reportedly required payments by Citi of $20 million per year for 20 years.[52]

2008–2009 losses and cost-cutting measures by parent Citigroup[edit]

On April 11, 2007, Citigroup, the parent of Citibank, announced layoffs of 17,000 employees, or 8% of its workforce.[53]

On November 4, 2007, Charles Prince resigned as the chairman and chief executive of Citigroup, the parent of Citibank, following crisis meetings with the board in New York in the wake of billions of dollars in losses related to subprime lending.[54] Former United States Secretary of the Treasury Robert Rubin took over as chairman, subsequently hiring Vikram Pandit as chief executive.[55]

On November 5, 2007, several days after Merrill Lynch announced that it too had been losing billions from the subprime mortgage crisis in the United States, Citi reported that it will lose between $8 billion and $11 billion in the fourth quarter of 2007, in addition to the $6.5 billion it lost in the third quarter of 2007.[56]

Effective November 30, 2007, Citibank sold its 17 Puerto Rico branches, along with $1.0 billion in deposits, to Banco Popular.[57]

In January 2008, Citigroup reported a $10 billion loss in the fourth quarter of 2007, after an $18.1 billion write down.[58]

In March 2008, Citibank set up Mobile Money Ventures, a joint venture with SK Telecom, to develop mobile apps for banking.[59] It sold the venture to Intuit in June 2011.[60]

In May 2008, the company closed an $87.5 million leaseback transaction for branches in New York City.[61]

In July 2008, Citibank Privatkunden AG & Co. KGaA, the company's German division, was sold to Crédit Mutuel.[62] On February 22, 2010, it was renamed to Targobank.

In August 2008, after a three-year investigation by the California Attorney General, Citibank was ordered to repay the $14 million that was removed from 53,000 customers accounts over an 11-year period from 1992 to 2003, plus an additional $4 million in interest and penalties. The money was taken under an electronic "account sweeping program" where any positive balances from over-payments or double payments were removed without notice to the customers.[63]

On November 23, 2008, during the financial crisis of 2007–2008, Citigroup was forced to seek federal financing to avoid a collapse similar to those suffered by its competitors Bear Stearns and AIG. The U.S. government provided $25 billion and guarantees to risky assets in exchange for Citigroup stock.

On January 16, 2009, Citigroup announced that it was separating Citi Holdings Inc., its non-core businesses such as brokerage, asset management, and local consumer finance and higher-risk assets, from Citicorp. The split was presented as allowing Citibank to concentrate on its core banking business.[64]

2010 to present[edit]

On October 19, 2011, Citigroup, the parent of Citibank, agreed to a $285 million civil fraud penalty after the U.S. Securities and Exchange Commission accused the company of betting against risky mortgage-related investments that it sold to its clients.[65][66][67]

In 2014, Citigroup announced it would exit retail banking in 11 markets, primarily in Europe and Central America.[68]

In September 2014, Citibank exited the Texas market with the sale of 41 branches to BB&T.[69]

In September 2015, Citibank announced that it would close its 17 branches in Massachusetts and end sponsorship of a theater in Boston.[70]

In 2015, the bank was ordered to pay $770 million in relief to borrowers for illegal credit card practices. The Consumer Financial Protection Bureau said that about 7 million customer accounts were affected by Citibank's "deceptive marketing" practices, which included misrepresenting costs and fees and charging customers for services they did not receive.[71]

On March 1, 2017, an article in The Economic Times of India stated that Citibank may close its 44 branches in India, as digital transactions made them less necessary. The articles wrote that Citibank was “India’s most profitable foreign lender”.[72]

On March 20, 2017, The Guardian reported that hundreds of banks had helped launder KGB-related funds out of Russia, as uncovered by an investigation named Russian Laundromat. Citibank was listed among the American banks that were named as having handled the laundered funds, with banks in the US processing around $63.7 million between 2010 and 2014. Citibank was listed as having processed $37 million of that amount, with others including Bank of America, which processed $14 million. as the bank “handled $113.1 million” in Laundromat cash.[73]

Controversies[edit]

Funding of Dakota Access Pipeline[edit]

Citibank is one of the lead lenders to the developers of the Dakota Access Pipeline project in North Dakota, a 1,172-mile-long (1,886 km) oil pipeline project.[74] The pipeline has been controversial regarding its potential environmental impacts and impacts to Siouan sacred lands and water supply.[74][75] According to a statement by Hugh MacMillan, a senior researcher on water, energy and climate issues, Citibank has been "running the books on this project, and that's the bank that beat the bushes and got other banks to join in."[76]

On December 13, 2016, students of Columbia University protested outside of the Citibank location on Broadway and 112th Street, by holding cardboard signs, chanting and passing flyers. Earlier that year, the university replaced the on-campus Citibank ATMs with ATMs from Santander Bank, a bank that has no ties to the Dakota Access Pipeline.[77]

Libor Index Settlement[edit]

Preceded by other banks involved in the Libor Scandal, Citibank in June 2018 reached a settlement with 42 U.S. states to pay a $100 million fine due to societary informative on over-night market-evaluations of the London Inter-bank Offered Rate.[78][79] Libor index is widely used as a reference rate for many financial instruments both in financial and commercial fields.

Sponsorship[edit]

Citibank sponsors Citi Field, home of the New York Mets baseball club [52] as well as the Washington Open tennis championship.[80]

Citibank became a sponsor of the Australian Rugby Union team in 2001 for a three-year deal,[81] and a major sponsor of the Sydney Swans in 2005, who play in the Australian Football League.[82]

In the late 1970s, First National City was heavily involved in Indy Car racing, sponsoring major drivers like Johnny Rutherford[83] and Al Unser, Sr. Unser won the 1978 Indianapolis 500 in First National City Travelers Checks livery.

In media[edit]

  • Referred to in Rock band Cake's "Short Skirt/Long Jacket" song on the album Comfort Eagle, "... at Citibank we will meet accidentally..."
  • Political cartoonist Michel Kichka satirized Citibank in his 1982 poster ...And I Love New York. The lettering above the entrance to a New York City branch read "Citibang." Meanwhile, a stocking-wearing bank robber exits and fires shots at NYPD officers responding to the robbery.[84]

See also[edit]

References[edit]

  1. ^ a b c d e f "Citigroup, Inc. 2016 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ Citigroup Material Legal Entities
  3. ^ Surane, Jennifer (June 1, 2017). "AmEx Outduels Citigroup for Exclusive Rights to Hilton Cards". Bloomberg News. Retrieved March 6, 2018.
  4. ^ Aversa, Jeannine (November 24, 2008). "Government unveils bold plan to rescue Citigroup". The Washington Post. Associated Press.
  5. ^ Barr, Colin (March 30, 2010). "Citi repaid its Troubled Asset Relief Program loans in December 2010". CNNMoney.
  6. ^ Fox, Justin (January 21, 2009). "Citibank: Teetering Since 1812". Time. ISSN 0040-781X. Retrieved January 20, 2018.
  7. ^ van B. Cleveland, Harold (January 1, 1985). Citibank, 1812-1970. Harvard University Press. ISBN 978-0674131750.
  8. ^ "City Bank Robber Taken". Connecticut Courant. New York Commercial Advertiser. April 5, 1831. Retrieved November 27, 2017.
  9. ^ America’s (Not Quite) First Bank Robbery, Jeff Nilsson, The Saturday Evening Post, March 16, 2013
  10. ^ "Extending our Foreign Commerce". The Independent. July 13, 1914. Retrieved August 14, 2012.
  11. ^ "National City Bank Buys a State Bank". The New York Times. March 9, 1921. p. 24.
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  31. ^ "Obituaries: James Stillman Rockefeller". The Daily Telegraph. London. August 16, 2004.
  32. ^ Saxon, Wolfgang (August 11, 2004). "James S. Rockefeller, 102; dies; Was a Banker and '24 Champion". The New York Times.
  33. ^ Sullivan, Patricia (January 21, 2005). "Walter B. Wriston, 85; Chairman of Citicorp". The Washington Post.
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  35. ^ Berg, Eric N. (December 15, 1987). "Bank of Boston In Big Write-Off Of Latin Loans". The New York Times.
  36. ^ South Dakota Statutes 54-3-1.1: Rate of Interest
  37. ^ The Atlantic: How Citibank Made South Dakota the Top State in the U.S. for Business
  38. ^ "Department store credit business sold to Citigroup". Chicago Tribune. June 3, 2005.
  39. ^ Fasig, Lisa Biank (June 2, 2005). "Federated to sell credit card business for $4.5 billion". Cincinnati Business Courier. (Subscription required (help)).
  40. ^ Murray, Lance (September 9, 2013). "Citi takes over Best Buy's credit card program". New York Business Journal.
  41. ^ Douglas, Danielle (February 19, 2013). "Capital One sells Best Buy credit card portfolio to Citigroup". The Washington Post.
  42. ^ Cannon, Ellen (June 23, 2016). "Costco's launch of new Citi Visa card leaves angry customers on hold". Los Angeles Times.
  43. ^ Panzar, Javier (March 2, 2015). "Costco names Citi, Visa as new credit card partners after AmEx deal ends". Los Angeles Times.
  44. ^ "Citibank and 7-Eleven, Inc. Sign Agreement to Offer Free ATM Access to Citibank Customers in More Than 5,500 Stores" (Press release). Citibank. April 4, 2006 – via Business Wire.
  45. ^ Whois: citibank.com
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  48. ^ Beckett, Paul (May 22, 2002). "Citigroup Will Buy Golden State In a $5.8 Billion Cash, Stock Deal". The Wall Street Journal.
  49. ^ "Citibank Sued Over Late Fees; Class-Action Status Sought". Los Angeles Times. Reuters. October 5, 1999.
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  51. ^ Blumenthal, Jeff (December 17, 2013). "Citibank closing all remaining Philadelphia branches". Philadelphia Business Journal.
  52. ^ a b Buxbaum, Evan (April 13, 2009). "Mets and the Citi: $400 million for stadium-naming rights irks some". CNN.
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  54. ^ DeCrow, Jason (November 4, 2007). "Citigroup's Prince Steps Down, Rubin Named Chairman". USA Today. Associated Press.
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  58. ^ Ellis, David (January 15, 2008). "Citigroup's $10 billion loss is worst ever". CNNMoney.
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  61. ^ "Markland Acquires 47 Citibank Branches in $100M Sale-Leaseback". Commercial Property Executive. May 14, 2008.
  62. ^ Moore, Matt (July 12, 2008). "Citi to sell German retail banking for $7.7B". ABC News.
  63. ^ Egelko, Bob (August 27, 2008). "Citibank settles with state, to repay millions". San Francisco Chronicle.
  64. ^ "Citi to Reorganize into Two Operating Units to Maximize Value of Core Franchise". Financial Times (Press release). January 16, 2009.
  65. ^ Wyatt, Edward (October 19, 2011). "Citigroup to Pay Millions to Close Fraud Complaint". The New York Times.
  66. ^ Eaglesham, Jean; Kapner, Suzanne (October 19, 2011). "Citigroup to Pay $285 Million to Settle Fraud Charges". The Wall Street Journal. (Subscription required (help)).
  67. ^ Eisinger, Jesse; Bernstein, Jake (October 20, 2011). "Did Citi Get a Sweet Deal? Bank Claims SEC Settlement on One CDO Clears It on All Others". ProPublica.
  68. ^ Sweet, Ken (October 15, 2014). "Citigroup to exit retail banking in 11 markets". The Boston Globe. Associated Press.
  69. ^ Cho, Hanah (September 2014). "BB&T acquires another 41 branches in Texas from Citibank". Dallas Morning News.
  70. ^ Ryan, Greg (September 24, 2015). "With Boston exit, Citi affirms it was always a 'fish out of water'". Boston Business Journal.
  71. ^ Naidu, Richa (July 21, 2015). "Citi ordered to pay $770 million over credit card practices". Reuters.
  72. ^ Rebello, Joel (March 1, 2017). "Citibank may get to 'sleep' now as tech obviates need for branches". The Economic Times.
  73. ^ Harding, Luke; Hopkins, Nick; Barr, Caelainn (March 20, 2017). "British banks handled vast sums of laundered Russian money". The Guardian.
  74. ^ a b Tabuchi, Hiroko (November 7, 2016). "Environmentalists Target Bankers Behind Pipeline". The New York Times.
  75. ^ Fuller, Emily (September 29, 2016). "How to Contact the 17 Banks Funding the Dakota Access Pipeline". YES!.
  76. ^ "Who Is Funding the Dakota Access Pipeline? Bank of America, HSBC, UBS, Goldman Sachs, Wells Fargo". Democracy Now!. September 9, 2016.
  77. ^ Holmes, Aaron (December 13, 2016). "Students protest Citibank for funding of Dakota Access Pipeline". Columbia Daily Spectator.
  78. ^ Morris, David Z. (June 16, 2018). "Citibank Fined $100 Million for Manipulating Key Global Interest Rate". Archived from the original on June 17, 2018. Retrieved August 6, 2018.
  79. ^ T. Visram (June 15, 2018). "Citibank fined $100 million for interest rate manipulation". cnn.com. Archived from the original on July 26, 2018. Retrieved August 6, 2018. Citibank will pay a huge fine for manipulating an important interest rate.
  80. ^ Clarke, Liz (April 24, 2012). "Legg Mason Tennis Classic getting new sponsor, venue upgrades". The Washington Post.
  81. ^ "Citibank in Australian Rugby Union Sponsorship Deal". Australian Rugby Union (Press release). October 17, 2001.
  82. ^ "Citi extends as major partner of Sydney Swans". Sport Business. June 7, 2017. (Subscription required (help)).
  83. ^ "Johnny Rutherford in 1978". Pintrest. Retrieved March 6, 2018.
  84. ^ "....And I Love New York". Rogallery.

Further reading[edit]

  • Cleveland, Harold van B. & Thomas F. Huertas. Citibank, 1812–1970. (Harvard Business History Studies, 1985).
  • Freeman, James, and Vern McKinley. Borrowed Time: Two Centuries of Booms, Busts, and Bailouts at Citi (2018) 365pp. online review
  • Wriston, Walter. Citibank, and the Rise and Fall of American Financial Supremacy. (1996).

External links[edit]

Retrieved from "https://en.wikipedia.org/w/index.php?title=Citibank&oldid=882538202"