64-448: Ruding is a surname. Notable people with the surname include: Onno Ruding (born 1939), Dutch politician Rogers Ruding (1751–1820), English cleric, academic, and numismatist [REDACTED] Surname list This page lists people with the surname Ruding . If an internal link intending to refer to a specific person led you to this page, you may wish to change that link by adding
128-405: A whistleblower in 2006, 60% of the mortgages were defective. The number of bad mortgages began increasing throughout 2007 and eventually exceeded 80% of the volume. Many of the mortgages were not only defective but were a result of mortgage fraud . Bowen attempted to rouse the board via weekly reports and other communications. On November 3, 2007, Bowen emailed Citigroup chairman Robert Rubin and
192-515: A $ 1.6 billion loss in 2009. Late in 2010, the government sold its remaining stock holding in the company, yielding an overall net profit to taxpayers of $ 12 billion (~$ 16.4 billion in 2023). A special IRS tax exception given to Citi allowed the US Treasury to sell its shares at a profit, while it still owned Citigroup shares, which eventually netted $ 12 billion. According to Treasury spokeswoman Nayyera Haq, "This (IRS tax) rule
256-443: A Mexican oil services firm. The plaintiffs claimed that Citigroup conspired with Oceanografia to accept falsified work estimates. The courts found in favor of Citigroup. In April 2016, Citigroup announced that it would eliminate its bad bank , Citi Holdings. Citi Capital Advisors (CCA), formerly Citi Alternative Investments, was a hedge fund that offered various investment strategies across multiple asset classes. To comply with
320-636: A Shanghai-based equity and debt brokerage operating in the Chinese market. In January 2019, Citigroup announced that it sold its stake in the business to its Chinese partner. The company failed the Comprehensive Capital Analysis and Review stress tests in 2012 due to Citi's high capital return plan and its international loans, which were rated by the Fed to be at higher risk than its domestic American loans. In 2013, Sanjiv Das
384-550: A group of New York merchants , the bank opened for business on September 14 of that year, and Samuel Osgood was elected as the first President of the company. After the Panic of 1837 , Moses Taylor acquired control of the company. The company's name was changed to The National City Bank of New York in 1865 after it converted its state charter into a federal charter and joined the new U.S. national banking system. After Taylor died in 1882, Percy Rivington Pyne I became president of
448-713: A product pusher. On January 16, 2009, Citigroup announced its intention to reorganize itself into two operating units: Citicorp for its retail and institutional client business, and Citi Holdings for its brokerage and asset management. Citigroup will continue to operate as a single company for the time being, but Citi Holdings managers will be tasked to "take advantage of value-enhancing disposition and combination opportunities as they emerge", and eventual spin-offs or mergers involving either operating unit were not ruled out. Citi Holdings consists of Citi businesses that Citi wants to sell and are not considered part of Citi's core businesses. The majority of its assets are U.S. mortgages. It
512-475: A result of the criticism and the U.S. Government's majority holding of Citigroup's common stock , compensation and bonuses were restricted from February 2009 until December 2010. In 2009, Jane Fraser , the CEO of Citi Private Bank, stopped paying its bankers with a commission for selling investment products, in a move to bolster Citi Private Bank's reputation as an independent wealth management adviser, as opposed to
576-536: A retail bank, the third largest issuer of credit cards , as well as its wealth management business. Citigroup was formed on October 8, 1998, following the merger of Citicorp, the bank holding company for Citibank , and Travelers to create the world's largest financial services organization. Citibank , (formerly City Bank of New York) was chartered by the State of New York on June 16, 1812, with $ 2 million (~$ 43.4 million in 2023) of capital. Serving
640-520: A single company in December 1993. With the acquisition, the group became Travelers Inc. Property & casualty and life & annuities underwriting capabilities were added to the business. Meanwhile, the distinctive Travelers red umbrella logo, which was also acquired in the deal, was applied to all the businesses within the newly named organization. During this period, Travelers acquired Shearson Lehman —a retail brokerage and asset management firm that
704-402: Is a mixed bag, its primary objective is to wind down some non-core businesses and reduce assets, and strategically "breaking even" in 2015. On February 27, 2009, Citigroup announced that the U.S. government would take a 36% equity stake in the company by converting US$ 25 billion in emergency aid into common stock with a United States Treasury credit line of $ 45 billion to prevent
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#1732773193043768-665: Is a retired Dutch politician of the Christian Democratic Appeal (CDA) party and businessman. Ruding worked as student researcher at the Erasmus University Rotterdam from June 1964 until July 1969 and worked as a civil servant for the Ministry of Finance from February 1965 until June 1971 and as Deputy Director-General of the department for International Monetary Affairs from February 1965 until September 1966 and Director-General of
832-515: The Fortune 500 , and was ranked #24 in Forbes Global 2000 in 2023. Citigroup operates with two major divisions: Institutional Clients Group (ICG), which offers investment banking and corporate banking services, as well as treasury and trade solutions (TTS) and securities services such as custodian banking ; and Personal Banking and Wealth Management (PBWM), which includes Citibank ,
896-509: The New York Stock Exchange . As a result, late in the evening on November 23, 2008, Citigroup and Federal regulators approved a plan to stabilize the company and forestall a further deterioration in the company's value. On November 24, 2008, the U.S. government announced a massive bailout for Citigroup designed to rescue the company from bankruptcy while giving the government a major say in its operations. A joint statement by
960-563: The Tinbergen Institute ). Citigroup Citigroup Inc. or Citi ( stylized as citi ) is an American multinational investment bank and financial services company based in New York City . The company was formed in 1998 by the merger of Citicorp, the bank holding company for Citibank , and Travelers ; Travelers was spun off from the company in 2002. Citigroup is the third-largest banking institution in
1024-640: The US Treasury Department , the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) announced: "With these transactions, the U.S. government is taking the actions necessary to strengthen the financial system and protect U.S. taxpayers and the U.S. economy." Citi received the largest amount of TARP funding, "a larger bailout than any other U.S. bank." The bailout called for
1088-596: The private sector and public sector , in December 1989 Ruding was nominated as a Chairman of the Christian Employers' association (NCW), taking office on 1 January 1990. In February 1992 Ruding was nominated as Vice Chairman of the Board of directors of Citigroup , he resigned as Chairman of the Christian Employers' association on 21 March 1992 the same day he was installed as Vice Chairman of
1152-552: The " Everything card " and later to become MasterCard —in 1967. Also in 1967, First National City Bank was reorganized as a one-bank holding company, First National City Corporation, or "Citicorp" for short. The bank had been nicknamed "Citibank" since the 1860s when it began using this as an eight-letter wire code address. In 1974, under the leadership of CEO Walter B. Wriston , First National City Corporation changed its formal name to "Citicorp", with First National City Bank being formally renamed Citibank in 1976. Shortly afterwards,
1216-710: The AMRO Bank, he resigned as Executive Director of the International Monetary Fund on 31 December 1980 and was installed as CFO and Vice Chairman of the AMRO Bank on 1 January 1981. After the election of 1982 Ruding was appointed as Minister of Finance in the Cabinet Lubbers I , taking office on 4 November 1982. Ruding was elected as a Member of the House of Representatives after the election of 1986 , taking office on 3 June 1986. Following
1280-504: The Board of directors of Citigroup. In December 1999 Ruding was appointed as COO of Citibank Europe , serving from 1 January 2000 until 1 October 2003. Following his retirement Ruding remains active in the private sector and public sector and continues to occupy numerous seats as a corporate director and nonprofit director on several supervisory boards ( Centre for European Policy Studies , Society for Statistics and Operations Research , NIBC Bank , International Statistical Institute and
1344-611: The Cuban sugar industry, since the mid-19th century. The purchase of U.S. overseas bank International Banking Corporation in 1918 helped it become the first American bank to surpass $ 1 billion in assets. During the United States occupation of Haiti and the bank's income from Haiti's loan debt related to the Haiti indemnity controversy , the bank earned some of its largest gains in the 1920s due to debt payments from Haiti, becoming
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#17327731930431408-608: The Department for International Monetary Affairs from September 1966 until June 1971. Ruding worked as an investment banker for the AMRO Bank from June 1971 until January 1977. In December 1976 Ruding was nominated as an Executive Director of the International Monetary Fund (IMF), taking office on 1 January 1977. In December 1980 Ruding was nominated as CFO and Vice Chairman of the Board of directors of
1472-625: The FDIC after the collapse of IndyMac Bank , with the goal of keeping as many homeowners as possible in their houses. Executive salaries would be capped. As a condition of the federal assistance, Citigroup's dividend payment was reduced to $ 0.01 per share. In a New York Times op-ed, Michael Lewis and David Einhorn described the November 2008 $ 306 billion (~$ 425 billion in 2023) guarantee as "an undisguised gift" without any real crisis motivating it. According to The Wall Street Journal ,
1536-580: The First National City Bank of New York in 1955. The "New York" was dropped in 1962 on the 150th anniversary of the company's foundation. The company organically entered the leasing and credit card sectors, and its introduction of U.S. dollar-denominated certificates of deposit in London marked the first new negotiable instrument in the market since 1888. The bank introduced its First National City Charge Service credit card—popularly known as
1600-597: The Great Depression—forbade banks to merge with insurance underwriters, and meant Citigroup had between two and five years to divest any prohibited assets. Weill stated at the time of the merger that they believed "that over that time the legislation will change ... we have had enough discussions to believe this will not be a problem". Indeed, the passing of the Gramm-Leach-Bliley Act in November 1999 vindicated Reed and Weill's views, opening
1664-514: The Primerica name, and employed a " cross-selling " strategy such that each of the entities within the parent company aimed to sell each other's services. Its non-financial businesses were spun off . In September 1992, Travelers Insurance , which had suffered from poor real estate investments and sustained significant losses in the aftermath of Hurricane Andrew , formed a strategic alliance with Primerica that would lead to its amalgamation into
1728-637: The U.S. It also has Latin America partnership cards with Colombia-based airline Avianca and with Banamex and AeroMexico; and a merchant loyalty program in Europe. Citibank is also the first and currently the only international bank to be approved by Chinese regulators to issue credit cards under its own brand without cooperating with Chinese state-owned domestic banks. In 2012, the Global Markets division and Orient Securities formed Citi Orient Securities,
1792-660: The United States by assets; alongside JPMorgan Chase , Bank of America , and Wells Fargo , it is one of the Big Four banking institutions of the United States. It is considered a systemically important bank by the Financial Stability Board , and is commonly cited as being " too big to fail ". It is one of the eight global investment banks in the Bulge Bracket . Citigroup is ranked 36th on
1856-602: The bank launched the Citicard, which pioneered the use of 24-hour ATMs . John S. Reed was elected 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 and the largest issuer of credit cards and charge cards in the world, and expand its global reach to over 90 countries. Travelers Group, at
1920-485: The bank's chief financial officer , head auditor, and the chief risk management officer to again expose the risk and potential losses, claiming that the group's internal controls had broken down and requesting an outside investigation of his business unit. The subsequent investigation revealed that the Consumer Lending Group had suffered a breakdown of internal controls since 2005. Despite the findings of
1984-473: The bank's reputation. On April 6, 1998, Citicorp and Travelers announced a merger. The deal would enable Travelers and Citicorp to access each other's customer base for the marketing of financial products. In the transaction, Travelers Group acquired all Citicorp shares; existing shareholders of each company owned about half of the new firm. While the new company maintained Citicorp's "Citi" brand in its name, it adopted Travelers' distinctive "red umbrella" as
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2048-637: The bank. He died nine years later and was replaced by James Stillman . The bank became the largest bank in New York City after the Panic of 1893 and the largest bank in the U.S. by 1895. It became the first contributor to the Federal Reserve Bank of New York in 1913, and the following year it inaugurated the first overseas branch of a U.S. bank in Buenos Aires , although the bank had been active in plantation economies, such as
2112-406: The bankruptcy of the company. The government guaranteed losses on more than $ 300 billion of troubled assets and injected $ 20 billion immediately into the company. The salary of the CEO was set at $ 1 per year and the highest salary of employees was restricted to $ 500,000. Any compensation amount above $ 500,000 had to be paid with restricted stock that could not be sold by the employee until
2176-649: The cabinet formation of 1986 Ruding continued as Minister of Finance in the Cabinet Lubbers II , taking office on 14 July 1986. On 3 May 1989 the Cabinet Lubbers II fell and continued to serve in a demissionary capacity. In July 1989 Ruding announced that he would not stand for the election of 1989 . The Cabinet Lubbers II was replaced by the Cabinet Lubbers III on 7 November 1989. Ruding retired from active politics and returned to
2240-431: The chief underwriter of Citigroup's Consumer Lending Group, began warning the board of directors about the extreme risks being taken on by the mortgage operation that could potentially result in massive losses. The group bought and sold $ 90 billion of residential mortgages annually. Bowen's responsibility was essential to serve as the quality control supervisor ensuring the unit's creditworthiness. When Bowen first became
2304-399: The door to financial services conglomerates offering a mix of commercial banking, investment banking, insurance underwriting, and brokerage. Joe J. Plumeri worked on the post-merger integration of the two companies and was appointed CEO of Citibank North America by Weill and Reed. He oversaw its network of 450 branches . J. Paul Newsome, an analyst with CIBC Oppenheimer , said: "He's not
2368-571: The emergency aid in full and the U.S. government had made a $ 12 billion (~$ 16.4 billion in 2023) profit on its investment in the company. Government restrictions on pay and oversight of the senior management were removed after the U.S. government sold its remaining 27% stake in December 2010. On June 1, 2009, it was announced that Citigroup would be removed from the Dow Jones Industrial Average effective June 8, 2009, due to significant government ownership. Citigroup
2432-599: The emergency government aid was repaid in full. The U.S. government also gained control of half the seats in the board of directors, and the senior management was subjected to removal by the US government if there were poor performance. By December 2009, the U.S. government stake was reduced from a 36% stake to a 27% stake, after Citigroup sold $ 21 billion of common shares and equity in the largest single share sale in U.S. history, surpassing Bank of America's $ 19 billion share sale 1 month prior. By December 2010, Citigroup repaid
2496-637: The first $ 29 billion in losses. The Treasury would assume the first $ 5 billion in losses; the FDIC would absorb the next $ 10 billion; then the Federal Reserve would assume the rest of the risk. The assets remained on Citigroup's balance sheet; the technical term for this arrangement is ring fencing . In return, the bank gave the U.S. Treasury $ 27 billion of preferred shares and warrants to acquire common stock . The government obtained wide powers over banking operations. Citigroup agreed to try to modify mortgages, using standards set up by
2560-462: The form of collateralized debt obligation (CDOs), compounded by poor risk management, led Citigroup into trouble as the subprime mortgage crisis worsened in 2007. The company had used elaborate mathematical risk models which looked at mortgages in particular geographical areas, but never included the possibility of a national housing downturn or the prospect that millions of mortgage holders would default on their mortgages. Trading head Thomas Maheras
2624-887: The government aid provided to Citi in 2008/2009 was provided to prevent a worldwide chaos and panic by the potential collapse of its Global Transactions Services (now TTS) division. According to the article, former CEO Pandit said if Citigroup was allowed to unravel into bankruptcy, "100 governments around the world would be trying to figure out how to pay their employees". According to New York Attorney General Andrew Cuomo , Citigroup paid hundreds of millions of dollars in bonuses to more than 1,038 of its employees after it had received its $ 45 billion (~$ 62.5 billion in 2023) TARP funds in late 2008. This included 738 employees each receiving $ 1 million in bonuses, 176 employees each receiving $ 2 million bonuses, 124 each receiving $ 3 million in bonuses, and 143 each receiving bonuses of $ 4 million to more than $ 10 million. As
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2688-564: The government to back about $ 306 billion in loans and securities and directly invest about $ 20 billion in the company. The Treasury provided $ 20 billion in Troubled Asset Relief Program (TARP) funds in addition to $ 25 billion given in October. The Treasury Department, the Federal Reserve and the FDIC agreed to cover 90% of the losses on Citigroup's $ 335 billion portfolio after Citigroup absorbed
2752-481: The investigation, Bowen's charges were ignored, even though withholding such information from shareholders violated the Sarbanes–Oxley Act (SOX), which he had pointed out. Citigroup CEO Charles Prince signed a certification that the bank was in compliance with SOX despite Bowen revealing this wasn't so. Citigroup eventually stripped Bowen of most of his responsibilities and informed him that his physical presence
2816-399: The largest commercial bank in the world in 1929. As it grew, the bank became an innovator in financial services, becoming the first major U.S. bank to offer compound interest on savings (1921); unsecured personal loans (1928); customer checking accounts (1936) and the negotiable certificate of deposit (1961). The bank merged with First National Bank of New York in 1955, becoming
2880-523: The life insurance and annuities underwriting businesses until it sold them to MetLife in 2005. In spite of divesting Travelers Insurance, Citigroup retained Travelers' signature red umbrella logo as its own until February 2007, when Citigroup agreed to sell the logo back to St. Paul Travelers, which renamed itself Travelers Companies . Citigroup also decided to adopt the corporate brand "Citi" for itself and virtually all its subsidiaries, except Primerica and Banamex. Heavy exposure to troubled mortgages in
2944-503: The merger of Smith Barney with Morgan Stanley Wealth Management . Citi received $ 2.7 billion and a 49% interest in the joint venture. In June 2013, Citi sold its remaining 49% stake in Smith Barney to Morgan Stanley Wealth Management for $ 13.5 billion following an appraisal by Perella Weinberg. In 2010, Citigroup achieved its first profitable year since 2007. It reported $ 10.6 billion in net profit, compared with
3008-487: The new corporate logo, which was used until 2007. The chairmen of both parent companies, John S. Reed and Sandy Weill respectively, were announced as co-chairmen and co-CEOs of the new company, Citigroup, Inc., although the vast difference in management styles between the two immediately presented question marks over the wisdom of such a setup. The remaining provisions of the Glass–Steagall Act —enacted following
3072-438: The person's given name (s) to the link. Retrieved from " https://en.wikipedia.org/w/index.php?title=Ruding&oldid=1049109083 " Category : Surnames Hidden categories: Articles with short description Short description with empty Wikidata description All set index articles Monitored short pages Onno Ruding Herman Onno Christiaan Rudolf " Onno " Ruding (born 15 August 1939)
3136-403: The possibility of trouble with its CDOs was so tiny (less than 1/100 of 1%) that they excluded them from their risk analysis. With the crisis worsening, Citigroup announced on January 7, 2008, that it was considering cutting another 5 percent to 10 percent of its 327,000 member-workforce. In 2007, Citigroup acquired 61% of Nikko Asset Management for $ 7.7 billion to take majority control in what
3200-745: The spit-and-polish executive many people expected. He's rough on the edges. But Citibank knows the bank as an institution is in trouble—it can't get away anymore with passive selling—and Plumeri has all the passion to throw a glass of cold water on the bank." Plumeri boosted the unit's earnings from $ 108 million to $ 415 million in one year, an increase of nearly 300%. He unexpectedly retired from Citibank in January 2000. In 2000, Citigroup acquired Associates First Capital Corporation for $ 31.1 billion in stock, which, until 1989, had been owned by Gulf+Western (now part of National Amusements ), and later by Ford Motor Credit Company . The Associates
3264-526: The time of the merger, was a diverse group of financial concerns that had been brought together under CEO Sandy Weill . Its roots came from Commercial Credit, a subsidiary of Control Data Corporation that was taken private by Weill in November 1986 after taking charge of the company earlier that year. Two years later, Weill mastered the buyout of Primerica Financial Services —a conglomerate that had already bought life insurance company A L Williams as well as brokerage firm Smith Barney . The new company took
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#17327731930433328-547: Was close friends with senior risk officer David Bushnell, which undermined risk oversight. As Treasury Secretary, Robert Rubin was said to be influential in lifting the Glass–Steagall Act that allowed Travelers and Citicorp to merge in 1998. Then on the board of directors of Citigroup, Rubin and Charles Prince were said to be influential in pushing the company towards MBS and CDOs in the subprime mortgage market. Starting in June 2006, Senior Vice President Richard M. Bowen III ,
3392-701: Was created in the wake of the financial crisis as part of Citi's restructuring plan. It consists of several business entities including remaining interests in local consumer lending such as OneMain Financial, divestitures such as Smith Barney, and a special asset pool. Citi Holdings represents $ 156 billion of GAAP assets, or ~8% of Citigroup; 59% represents North American mortgages, 18% operating businesses, 13% special asset pool, and 10% categorized as other. Operating businesses include OneMain Financial ($ 10B), PrimeRe ($ 7B), MSSB JV ($ 8B) and Spain / Greece retail ($ 4B), less associated loan loss reserves. While Citi Holdings
3456-420: Was described as struggling, and by November they were insolvent, despite their receipt of $ 25 billion (~$ 34.7 billion in 2023) in taxpayer-funded federal Troubled Asset Relief Program funds. On November 17, 2008, Citigroup announced plans for about 52,000 new job cuts, on top of 23,000 cuts already made during 2008 in a huge job cull resulting from four-quarters of consecutive losses and reports that it
3520-1100: Was designed to stop corporate raiders from using loss corporations to evade taxes and was never intended to address the unprecedented situation where the government owned shares in banks. And it was certainly not written to prevent the government from selling its shares for a profit." In 2011, Citi was the first bank to introduce digitized Smart Banking branches in Washington, D.C., New York, Tokyo and Busan (South Korea) while it continued renovating its entire branch network. New sales and service centers were also opened in Moscow and St. Petersburg. Citi Express modules, 24-hour service units, were introduced in Colombia. Citi opened additional branches in China, expanding its branch presence to 13 cities in China. Citi Branded Cards introduced several new products in 2011, including: Citi ThankYou, Citi Executive/ AAdvantage and Citi Simplicity cards in
3584-408: Was focused on fixed-income and institutional clients, whereas Smith Barney was strong in equities and retail. Salomon Brothers absorbed Smith Barney into the new securities unit termed Salomon Smith Barney; a year later, the division incorporated Citicorp's former securities operations as well. The Salomon Smith Barney name was abandoned in October 2003 after a series of financial scandals that tarnished
3648-473: Was headed by Weill until 1985 —and merged it with Smith Barney. In November 1997, Travelers Group (which had been renamed again in April 1995 when they merged with Aetna Property and Casualty, Inc.), acquired Salomon Brothers , a major bond dealer and bulge bracket investment bank , in a $ 9 billion (~$ 15.9 billion in 2023) transaction. This deal complemented Travelers/ Smith Barney well as Salomon
3712-645: Was no longer required at the bank. The Financial Crisis Inquiry Commission asked him to testify about Citigroup's role in the mortgage crisis, and he did so, appearing as one of the first witnesses before the Commission in April 2010. As the crisis began to unfold, Citigroup announced on April 11, 2007, that it would eliminate 17,000 jobs, or about 5% of its workforce, in a broad restructuring designed to cut costs and bolster its long underperforming stock. Even after securities and brokerage firm Bear Stearns ran into serious trouble in summer 2007, Citigroup decided
3776-519: Was prompted by the insurance unit's drag on Citigroup stock price because Travelers earnings were more seasonal and vulnerable to large disasters and events such as the September 11 attacks . It was also difficult to sell insurance directly to its customers since most customers were accustomed to purchasing insurance through a broker. Travelers merged with The St. Paul Companies Inc. in 2004 forming The St. Paul Travelers Companies. Citigroup retained
3840-426: Was replaced as head of CitiMortgage with Jane Fraser , former head of Citi Private Bank. The company failed the stress tests again in 2014, this time due to qualitative concerns. However, it passed the stress tests in 2015 and in 2016. In February 2016, the company was subject to a $ 1.1 billion fraud lawsuit filed by lender Rabobank and other investors as a result of the bankruptcy of Oceanografia SA,
3904-419: Was replaced by Travelers Co. Smith Barney, Citi's global private wealth management unit, provided brokerage, investment banking and asset management services to corporations, governments and individuals around the world. With over 800 offices worldwide, Smith Barney held 9.6 million domestic client accounts, representing $ 1.562 trillion in client assets worldwide. On January 13, 2009, Citi announced
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#17327731930433968-403: Was then the largest foreign buyout ever of a Japanese company. Citigroup attempted to buy out the remaining shares of Nikko later that year at a cost of $ 4.6 billion to take full control of the company. Two years later, Citigroup sold its stake to Sumitomo Trust and Banking Co, a subsidiary of Sumitomo Mitsui Trust Holdings , for $ 795 million as it retreated from Japan. By July 2008 Citigroup
4032-448: Was unlikely to be in profit again before 2010. The same day on Wall Street markets responded, with shares falling and dropping the company's market capitalization to $ 6 billion, down from $ 300 billion two years prior. Eventually staff cuts totaled over 100,000 employees. Its stock market value dropped to $ 20.5 billion, down from $ 244 billion two years earlier. Shares of Citigroup common stock traded well below $ 1.00 on
4096-804: Was widely criticized for predatory lending practices and Citi eventually settled with the Federal Trade Commission by agreeing to pay $ 240 million to customers who had been victims of a variety of predatory practices, including "flipping" mortgages, "packing" mortgages with optional credit insurance, and deceptive marketing practices. In 2001, Citigroup made additional acquisitions: European American Bank , in July, for $ 1.9 billion, and Banamex in August, for $ 12.5 billion. The company spun off its Travelers Property and Casualty insurance underwriting business in 2002. The spin-off
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