Word: citigroup
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Dates: during 1998-1998
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...world. But the affair has done more: it has opened a door on the multibillion-dollar profits and potential pitfalls that beckon in a slice of the global banking business little known to the general public--a slice of the business that is growing rapidly, and for which Citigroup and its giant international rivals are competing ferociously...
...least $1 million to invest. While this might seem to be an obscure part of Citibank--and indeed it was until just a few years ago--it is now the crown jewel in the financial giant's strategy for growth. That strategy calls for Citibank and its parent, Citigroup, to reduce their reliance on cyclical corporate and real estate lending, which tends to be high risk and relatively low profit. It will emphasize the lower-risk, higher-margin business of consumer banking--and especially one-stop financial shopping for the world's booming population of the newly rich...
...Citigroup and like-minded institutions around the world, folks with six- and seven-figure portfolios can find not only traditional banking services like checking and savings accounts but also strategic financial advice; introduction to high-yield investment vehicles like hedge funds; tax advice and accounting; estate planning and all manner of insurance. They can also get help in protecting their assets from potential claimants like creditors and ex-spouses, which can involve moving money discreetly from country to country...
...mark extends far beyond San Francisco, where his dogged determination and unusual focus on "the little people" helped build what was at his death the largest bank in the country, Bank of America, with assets of $5 billion. (It's now No. 2, with assets of $572 billion, behind Citigroup's $751 billion...
...duplicate branches and massive investments in technology. By now, pretty much every big bank that can be bought has been bought. That means no more new issuance of stock and, instead, a consistent plowing back of earnings to investors, mainly through aggressive stock buybacks. In the past few weeks Citigroup and First Union have announced buybacks for $2 billion each. And Chase is buying back even more...