• Citi appoints Corporate Fair Lending Director.

    By Citi July 28, 2010 06:27 PM

    Citi has appointed Irene Fang as Corporate Fair Lending Director for all of its U.S.-based businesses. Dr. Fang will be responsible for managing Citi's robust Fair Lending program to ensure consistency across businesses with regard to fair lending policies and practices. A thought leader in the fair lending field, Dr. Fang joins Citi after a 21-year career at the Office of the Comptroller of the Currency (OCC). Most recently she was head of the Compliance Risk Analysis Division in the Economics Department, which supports the annual fair lending reviews at every bank in the OCC's large bank program and a number of midsize and community banks.

    Vikram Pandit, Citi CEO, said, "'Fair Lending is a cornerstone of Responsible Finance. The addition of Irene Fang demonstrates our commitment to ensuring that our senior leadership embeds the industry's best and most innovative practices into all of our businesses."

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  • The M&A outlook.

    By Citi July 27, 2010 12:28 PM

    In a recent appearance on CNBC's The Strategy Session, Mark Shafir, Citi's global head of M&A, assessed the outlook for deals as flat in the near term, with an uptick -- potentially quick -- in 2011 and 2012. Companies holding record amounts of cash and valuation multiples at their lowest levels in 15 years, excluding 2008, are among the factors pointing to a rebound in M&A activity, he said.

    Deal flow will increase as CEOs and boards gain conviction in their own businesses. "A number of them are starting to feel that way," Shafir told the audience. "They wanted to see this [financial reform] legislation, they want to understand it a little better and they want to understand what credit availability is going to be."

    Check out the replay and summary of Shafir's appearance on CNBC.com.

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  • Americans' economic outlook isn't necessarily rising with the mercury.

    By Jonathan Clements, Citi's Director of Financial Education July 26, 2010 02:46 PM

    As summer heats up, Americans' outlook on the national economy seems to be cooling. A new nationwide survey issued by Citi, and conducted by Hart Research Associates, shows that nearly two-thirds of Americans believe the economy has yet to hit bottom. But while their view of the overall economy isn't all sunshine, many folks think their own personal financial outlook is a little brighter.

    Of those surveyed, 24 percent said their local economy is good or excellent, up from 19 percent in March. And the percentage of Americans who say their personal financial situation is better now than a year ago has improved slightly, to 17 percent today from 15 percent in March. Perhaps more important, 64 percent of Americans remain very or somewhat optimistic that their financial situation will improve in the next 12 months.

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  • Californians preach--and practice--fiscal discipline.

    By Rebecca Macieira-Kaufmann, President, Citibank California July 21, 2010 11:30 AM

    In a post this spring on new.citi.com, we wrote about how Californians were bouncing back from the economic crisis, despite misgivings about their state's economic future - including its budget gap. That phenomenon got us curious, and we set out to learn how folks think the state should improve its bottom line. Would people favor reducing spending? If so, what programs would they cut? What about raising taxes?

    We asked those questions in the latest Citi California Pulse™ survey, which revealed that most Californians would choose state spending cuts over increased taxes to help close the state's budget deficit.

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  • Citi wins 13 Euromoney honors.

    By Citi July 19, 2010 10:00 AM

    Earlier this month, Euromoney announced the winners of its 2010 Awards for Excellence. Citi was the proud recipient of 13 awards, each of which highlighted our growing strength, global capabilities--and the commitment and dedication of our employees around the world.

    Euromoney's inaugural Banker of the Year honor went to CEO Vikram Pandit, who dedicated the award to his colleagues, and accepted it on behalf of Citi employees. Citi's 12 institutional honors included awards for operations on five continents, and Best Global Transaction Banking House for our Global Transaction Services business, which processes over $3 trillion in worldwide transactions daily, serving 96 percent of the world's Fortune 500 companies.

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  • 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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