Corporate Governance at Citigroup

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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

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.

Corporate Governance | Case Study in Management, Operations, Strategies, Corporate Governance, Case Studies

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.

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 >>

1] Citigroup Press Release, www.citigroup.com, September 2002.

2] Aged 70 years as on March 2003. Since 1986, he had given a consistent 22% return to shareholders and had a personal networth of $1.4 billion and ranked #387 in Forbes' world's richest people. In 2002, he was ranked #4 in the Fortune most powerful people in business.

3] Fortune Magazine, Global 500 list.

4] Citigroup Annual Report 2002.

5] Citigroup Annual Report 2002.

6] A card used for making payments. Similar to a credit card except that the balance was paid in full on receipt of the statement.

7] Loans offered to customers by a group of banks rather than a single bank.