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24-408: Subsidiary of Citigroup Citi Private Bank [REDACTED] Company type Subsidiary Industry Private banking Wealth management Area served Worldwide Key people Ida Liu , Global Head of Private Banking Parent Citigroup Website www .privatebank .citibank .com Citi Private Bank

48-405: A corporate , although this term can also apply to cooperating companies and their subsidiaries with varying degrees of shared ownership. A parent company does not have to be the larger or "more powerful" entity; it is possible for the parent company to be smaller than a subsidiary, such as DanJaq , a closely held family company, which controls Eon Productions , the large corporation which manages

72-487: A definition that provides that "control" is "the capacity of an entity to dominate decision-making, directly or indirectly, in relation to the financial and operating policies of another entity so as to enable that other entity to operate with it in pursuing the objectives of the controlling entity". This definition was adapted in the Australian Corporations Act 2001 : s 50AA. Furthermore, it can be

96-404: A joint arrangement (joint operation or joint venture) over which two or more parties have joint control (IFRS 11 para 4). Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The Companies Act 2006 contains two definitions: one of "subsidiary" and

120-432: A judgment against the parent if they can pierce the corporate veil and prove that the parent and subsidiary are mere alter egos of one another. Thus any copyrights, trademarks, and patents remain with the subsidiary until the parent shuts down the subsidiary. Ownership of a subsidiary is usually achieved by owning a majority of its shares . This gives the parent the necessary votes to elect their nominees as directors of

144-462: A subsidiary undertaking, if: The broader definition of "subsidiary undertaking" is applied to the accounting provisions of the Companies Act 2006, while the definition of "subsidiary" is used for general purposes. In Oceania , the accounting standards defined the circumstances in which one entity controls another. In doing so, they largely abandoned the legal control concepts in favour of

168-640: A trustee of New York University to promote academic relationships between Irish academia and NYU. He established a home in Cobh , County Cork in 1984 with his wife Loretta Brennan Glucksman and lived there from 1999. Glucksman directed much of his philanthropy towards projects of benefit to the promotion of culture in Ireland. These included the transfer of the Coastal and Marine Research Centre from UCC to waterfront premises at Cork Harbour ; his patronage of

192-408: A useful part of the company that allows every head of the company to apply new projects and latest rules. Lewis Glucksman Lewis L. Glucksman (December 22, 1925 – July 5, 2006) was a former Lehman Brothers trader and former chief executive officer and chairman of Lehman Brothers, Kuhn, Loeb Inc. Glucksman was born into a second generation Hungarian Jewish family that lived on

216-1002: Is a subsidiary/child company of the ultimate parent company, while a second-tier subsidiary is a subsidiary of a first-tier subsidiary: a "grandchild" of the main parent company. Consequently, a third-tier subsidiary is a subsidiary of a second-tier subsidiary—a "great-grandchild" of the main parent company. The ownership structure of the small British specialist company Ford Component Sales, which sells Ford components to specialist car manufacturers and OEM manufacturers, such as Morgan Motor Company and Caterham Cars , illustrates how multiple levels of subsidiaries are used in large corporations: The word "control" and its derivatives (subsidiary and parent) may have different meanings in different contexts. These concepts may have different meanings in various areas of law (e.g. corporate law , competition law , capital markets law ) or in accounting . For example, if Company A purchases shares in Company B, it

240-405: Is endowed by a grant from Lewis Glucksman, Stern MBA '1951. It offers faculty and student grants to support research on equities, bonds, futures, options, and other financial instruments and on the markets where they are traded. In 1987, Glucksman married Loretta Brennan an Irish American . She had three children from her first marriage. Glucksman died at his home in Cobh in 2006, aged 80. He

264-497: Is possible that the transaction is not subject to merger control (because Company A had been deemed to already control Company B before the share purchase, under competition law rules), but at the same time Company A may be required to start consolidating Company B into its financial statements under the relevant accounting rules (because it had been treated as a joint venture before the purchase for accounting purposes). Control can be direct (e.g., an ultimate parent company controls

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288-3915: Is the private banking division of Citibank; it provides banking services to high-net-worth individuals , family offices , law firms , and other institutions. According to the company's website, it has a minimum investment level of $ 10 million and a total net worth requirement of $ 25 million; however, in some cases, these minimums are waived. References [ edit ] ^ "Private Banking for Ultra-high net worth Individuals" . Citibank . External links [ edit ] [REDACTED] Banks portal Official website v t e Citigroup People Michael E. O'Neill Vikram Pandit Richard Parsons William R. Rhodes Lewis B. Kaden Al Waleed bin Talal Al Saud John Havens [REDACTED] Brands and companies Current Banamex Citibank Citigold Citi Private Bank Egg Metalmark Capital Red Roof Inn Former ClearBridge Investments Court Square Capital Partners CVC Capital Partners Diners Club International Morgan Stanley Wealth Management OneMain Financial Primerica The Travelers Companies Notable former executives Winfried Bischoff Michael Bloomberg Gary Crittenden Jamie Dimon Ahmed Fahour Stanley Fischer Lewis Glucksman Thomas W. Jones Sallie Krawcheck Victor Menezes George S. Moore Samuel Osgood Joe J. Plumeri Chuck Prince John Reed Robert Rubin James Stillman Rockefeller William Rockefeller Moses Taylor Sandy Weill Robert B. Willumstad Walter Wriston Corporate directors Michael Armstrong Alain Belda George David Kenneth T. Derr John M. Deutch Roberto Hernández Ramírez Manolo Falcó Jane Fraser Ann Jordan Klaus Kleinfeld Andrew N. Liveris Anne Mulcahy Richard Parsons Chuck Prince Judith Rodin Robert Rubin Franklin A. Thomas Sandy Weill Local entities Argentina Australia Bahrain Canada China Colombia Europe Hong Kong India Indonesia Japan South Korea Malaysia Mexico Philippines Russia Singapore Thailand Taiwan  [ zh ] Uganda United Arab Emirates United States of America Vietnam Predecessors ACC Capital California Federal Bank Franklin National Bank Headquarters : 388 Greenwich Street , New York City , New York 10043, United States [REDACTED] Category Authority control databases [REDACTED] International VIAF National United States Retrieved from " https://en.wikipedia.org/w/index.php?title=Citi_Private_Bank&oldid=1256323288 " Categories : Citigroup American corporate subsidiaries Financial services companies of

312-470: The James Bond franchise. Conversely, the parent may be larger than some or all of its subsidiaries (if it has more than one), as the relationship is defined by control of ownership shares, not the number of employees. The parent and the subsidiary do not necessarily have to operate in the same locations or operate the same businesses. Not only is it possible that they could conceivably be competitors in

336-1020: The Lewis Glucksman Gallery at UCC and the Glucksman Chair of Literature and the Glucksman Library and Reading Room at the University of Limerick ; his support for the Millennium Wing of the National Gallery of Ireland ; his 1993 founding of Glucksman Ireland House at New York University as a centre of Irish culture, language, literature and music; and his participation in The Ireland Funds . The Glucksman Institute for Research in Securities Markets (formed at NYU Stern )

360-657: The Upper West Side of Manhattan , New York City . He served as a teenage volunteer with the US Navy in World War II . Glucksman graduated from the College of William and Mary and later earned a Master's degree in business administration from New York University . The National University of Ireland granted him an honorary Ph.D. in 2002. Glucksman had a distinguished career on Wall Street . He joined

384-996: The United States Hidden categories: Articles with short description Short description matches Wikidata Official website different in Wikidata and Misplaced Pages Subsidiary The subsidiary can be a company (usually with limited liability ) and may be a government-owned or state-owned enterprise . They are a common feature of modern business life, and most multinational corporations organize their operations in this way. Examples of holding companies are Berkshire Hathaway , Jefferies Financial Group , The Walt Disney Company , Warner Bros. Discovery , or Citigroup ; more focused companies include IBM , Xerox , and Microsoft . These, and others, organize their businesses into national and functional subsidiaries, often with multiple levels of subsidiaries. Subsidiaries are separate, distinct legal entities for

408-500: The firm experienced a sharp drop in profits. That resulted in a forced sale by Lehman's partners to American Express in 1984. American Express paid $ 360 million for the firm. Glucksman joined Primerica Financial Services after Citigroup Inc. founder Sanford Weill acquired the company in 1988. He also served as Commissioner of the Port Authority of New York and New Jersey . He travelled to Ireland frequently in his role as

432-453: The first-tier subsidiary directly) or indirect (e.g., an ultimate parent company controls second and lower tiers of subsidiaries indirectly, through first-tier subsidiaries). Recital 31 of Directive 2013/34/EU stipulates that control should be based on holding a majority of voting rights, but control may also exist where there are agreements with fellow shareholders or members. In certain circumstances, control may be effectively exercised where

456-555: The marketplace, but such arrangements happen frequently at the end of a hostile takeover or voluntary merger. Also, because a parent company and a subsidiary are separate entities, it is entirely possible for one of them to be involved in legal proceedings, bankruptcy, tax delinquency, indictment or under investigation while the other is not. In descriptions of larger corporate structures, the terms "first-tier subsidiary", "second-tier subsidiary", "third-tier subsidiary", etc. describe multiple levels of subsidiaries. A first-tier subsidiary

480-482: The other "subsidiary undertaking". According to s.1159 of the Act, a company is a "subsidiary" of another company, its "holding company", if that other company: The second definition is broader. According to s.1162 of the Companies Act 2006, an undertaking is a parent undertaking in relation to another undertaking, a subsidiary undertaking, if: An undertaking is also a parent undertaking in relation to another undertaking,

504-471: The parent holds a minority or none of the shares in the subsidiary. According to Article 22 of the directive 2013/34/EU an undertaking is a parent if it: Additionally, control may arise when: Under the international accounting standards adopted by the EU a company is deemed to control another company only if it has all the following: A subsidiary can have only one parent; otherwise, the subsidiary is, in fact,

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528-430: The purposes of taxation , regulation and liability . For this reason, they differ from divisions which are businesses fully integrated within the main company, and not legally or otherwise distinct from it. In other words, a subsidiary can sue and be sued separately from its parent and its obligations will not normally be the obligations of its parent. However, creditors of an insolvent subsidiary may be able to obtain

552-421: The staff of privately held Lehman Brothers in 1963. After rising from head of sales and trading at Lehman to co-CEO, Glucksman, described then as "gruff and tough" beat Pete Peterson , a former United States Secretary of Commerce for control of the then-closely held firm in 1983, a battle documented in the 1986 book Greed and Glory on Wall Street by Ken Auletta . Shortly after Glucksman took control, however,

576-460: The subsidiary, and so exercise control. This gives rise to the common presumption that 50% plus one share is enough to create a subsidiary. There are, however, other ways that control can come about, and the exact rules both as to what control is needed, and how it is achieved, can be complex (see below). A subsidiary may itself have subsidiaries, and these, in turn, may have subsidiaries of their own. A parent and all its subsidiaries together are called

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