• Citi releases second quarter 2010 earnings.

    By Citi July 16, 2010 05:17 PM

    Earlier this morning, Citi released its earnings report for the second quarter of 2010. Chief Financial Officer John Gerspach filmed the following message discussing the report.

    For more information and the full earnings report, visit the Investor Relations section of Citigroup's website.

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  • Financing affordable housing in New York City.

    By Citi July 13, 2010 05:09 PM

    A much-needed affordable housing development for low-income seniors in Brooklyn, New York, financed in part by Citi, is now open and occupied. The development, known as Crown Heights Apartments, has services such as home care, meals and transportation to enable elderly residents to "age in place."

    New York City has been on a major push to create and preserve more affordable housing. The city's initiative hit a milestone in May by completing the 100,000th unit towards its goal of creating or preserving 165,000 additional affordable homes before 2014. "We're proud to support the development of affordable housing for New York residents across the demographic spectrum," said Eileen Auld, State Director for Citi Community Development, "and the Crown Heights Apartments for seniors is a wonderful addition. Through our long-standing partnerships with the New York City Housing Development Corporation (HDC) and other agencies and nonprofits, we've been able to have a significant impact. Economic empowerment starts with having a decent, affordable place to live, and Citi will continue working hard to help provide affordable housing for underserved New Yorkers."

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  • Vikram Pandit's statement on financial reform legislation.

    June 29, 2010 12:09 PM

    Citi CEO Vikram Pandit made the following statement after Congressional conferees voted in support of comprehensive legislation to reform the U.S. financial regulatory system:

    "Throughout the legislative process, Citi has fully supported efforts to strengthen regulations and protect consumers. I have been outspoken about the need for banks to be banks, focused on their clients and not speculating with their own capital; I have fully supported ending the phenomenon of 'too big to fail'; and I believe we must have a level playing field--the same rules for everybody and real transparency into financial transactions. Many of the reforms in the bill are consistent with these important principles.

    "At the same time, we are working hard in the more than 100 countries where Citi operates to instill a culture of Responsible Finance by making sure our actions create economic value, are in our customers' interests, and are systemically responsible.


  • Resources toward recovery.

    By Sanjiv Das, President and CEO, CitiMortgage, Inc. June 23, 2010 05:49 PM

    We are watching closely the economic impact of the oil spill in the Gulf of Mexico. The full repercussions aren't known yet, but the crisis is already exerting a significant financial stress on many people in the region. When our customers began contacting us about the effect the spill is having on their jobs, businesses and finances, we looked at what we could do to ease the burden. That led us to announce on June 17 a three-month suspension on foreclosure sales and notices for eligible borrowers in the hardest-hit coastal areas. As I told reporters who covered the details of our announcement, Citi expects the program to benefit about 1,200 customers initially, though the number could climb. We hope to help as many eligible borrowers as possible with this initiative.

    Homeowners in Florida, Louisiana, Mississippi and Alabama, like many regions of the U.S., are also simply struggling with hardships of the recession. Since the housing crisis began in 2007, we have developed a range of homeowner assistance programs to help distressed borrowers in their efforts to avoid potential foreclosure and remain in their homes. To date, Citi has provided forbearance, extensions, modifications, repayment plans and other forms of assistance to more than 900,000 mortgage customers. What is more, it is our practice not to initiate or complete a foreclosure sale on any eligible borrower when the following criteria are met: CitiMortgage owns the mortgage; the borrower is seeking to stay in the home, which is his or her primary residence; the borrower is working in good faith with Citi; and, the borrower demonstrates sufficient income for affordable mortgage payments. It is an unsettling time, and we want to be an integral part of helping those in need. We remain focused on economic recovery and what Citi as a company can do to encourage it.

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  • Helping Gulf Coast residents.

    By Citi June 21, 2010 06:00 PM

    Last week, CitiMortgage announced a three-month foreclosure suspension program for its mortgage customers in Gulf Coast areas affected by the oil spill. For more information on the program, click here.

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  • Partnering on mortgage assistance outreach.

    By Citi June 11, 2010 09:53 AM

    Community-based organizations play an important role in helping struggling homeowners learn about all of the foreclosure prevention and mortgage assistance options available to them. For example, this spring, Neighborhood Housing Services of Chicago (NHS) organized a series of "Keep Your Home" and "Fix Your Mortgage" events guiding distressed borrowers through the process for modifying a mortgage under President Obama's Making Home Affordable Program.

    Citi is proud that NHS has served as a long-standing and important ally in our efforts around foreclosure prevention. Citi Community Development's Helen Hammond Redding has helped mobilize volunteers from Citi's retail branches and loss mitigation team to provide direct assistance to homeowners at events in Chicago and Grayslake, Illinois.


  • Women & Co. looks forward to another 10 years.

    By Linda Descano, President, Women and Company, Citi June 10, 2010 12:05 PM

    A decade of experience, countless conversations with women from all walks of life, leading subject matter experts, proprietary research, a vibrant online destination, years of insightful seminars held across the country... Finally, Women & Co., the place women can turn for the financial insight and community to help support their financial lives.

    As you've heard from my colleagues over the last few weeks, women are in a place of unprecedented ascendancy. They're moving themselves forward, their families forward and the global economy forward. Women & Co. has strived for 10 years to provide best-in-class financial insight for women. And, as their economic momentum grows, we're growing too so we can be there for the next 10 years and for the next generation of women.

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  • Empowering informed financial choices.

    By Brandee McHale, Director of Programs, Citi Foundation June 04, 2010 02:06 PM

    A recent major study by the FINRA Investor Education Foundation showed most Americans lack the knowledge and skills they need to make the right financial decisions for themselves and their families. These findings from the National Financial Capability Study are a cause of great concern at Citi because they showed, among other things, that most Americans aren't adequately saving for emergencies, college or retirement, and just 46 percent correctly answered two basic questions about interest rates and inflation. The study also found that more than one in five respondents use high-cost alternative borrowing methods such as a payday loans and pawn shops.

    As millions of Americans struggle to recover from the economic crisis, financial educators and financial services providers like Citi are searching for new ways to improve the financial skills of consumers. The traditional approach has been classroom-based, emphasizing accumulation of knowledge in a group setting. But there's a consensus building about shifting the focus to building financial capability and giving consumers the knowledge to help them make better-informed financial decisions.


  • Working to stabilize Europe's economy.

    By Citi June 04, 2010 01:54 PM

    In our increasingly interconnected global economy, events around the world can have serious impact here at home. And in the last several weeks, we have seen instability in European financial markets cause volatility on American exchanges. That instability, due largely to Greece's debt crisis, is being addressed in an aggressive and unprecedented way by the European Union and the European Central Bank (ECB).

    Still, much uncertainty remains. A core problem is the state of the euro-area government bond market, which is currently focused on the potential for some countries to default on their debts rather than bond yields. That focus has left many European financial institutions holding hundreds of billions of euros in risk assets that were previously considered free of risk. Remarking and recategorizing these assets as risky negatively impacts the ability of banks to hold these bonds, and therefore support the capital needs of some euro-zone countries. To improve the situation, our Institutional Clients Group (ICG) has proposed a new program, reported by Reuters among others, that would help stabilize the European bond market: the European Debt Assured Purchase Agreement program.

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  • Partnering for community development.

    By Citi June 01, 2010 12:19 PM

    Citi's corporate citizenship is founded on alliances that are long-lasting, comprehensive and constructive. For example, Citi has worked closely with ACCION Texas for more than ten years, as it has grown to have the largest small-business microloan portfolio in the U.S. Our alliance has included: a landmark deal in 2008, in which Citi's Commercial Bank and Citi Microfinance provided a financing structure that enabled ACCION to expand; development of industry-standard technology; ongoing financial support from the Citi Foundation; and ideas and strategic thinking by the Citi Community Development team in Texas.

    Citi also partners with the YWCA of Metropolitan Dallas to help that agency deliver essential financial education. With grant funding from the Citi Foundation and leadership and volunteer support provided by Citi Community Development, the YWCA is able to help many low-income women get access to tax credits and social benefits that can help ensure their well-being and that of their families.

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