...States. The Indian Headquarters are at Bandra Kurla Complex, a hub for multinational corporations in Mumbai. Currently, Citigroup, the owner of Citibank India, is the largest foreign direct investor in financial services in India with a total capital commitment of approximately US$4 Billion in its onshore banking and financial services business and its principal and alternate investment programmes.It operates 44 full-service Citibank branches in 31 cities and over 700 ATMs across the country. Citibank is an employer of about 7,500 people. Citi offers consumers and institutions a broad range of financial products and services,including consumerbanking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's franchise in India includes businesses such as equity brokerage, equities distribution, private banking (Citi Private Bank) and alternate investments and private equity (CVCI). Tagline/ Slogan: Citi Never Sleeps SWOT Analysis Strength 1. Strong brand name and good financial position 2. Extensive portfolio for the customers 3. Strong advertising and brand visibility 4. Low risk due to huge and...
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...the RESNET National Home Energy Rating Standards and must have an energy rating Certificate that documents the HERS Index score of 75 or less. Additionally, the VLB will no longer require the Energy Star Affidavit. A copy of the certificate is still required and must be included in the closed loan file. All loans purchased on or after July 26th will be eligible for the alternative rating. Questions or comments regarding this Bulletin may be directed to our group email box spa.dallas@citi.com. © 2012 CitiMortgage, Inc. First mortgage loans are originated by Citibank, N.A. First mortgage loans are serviced by CitiMortgage, Inc. CitiMortgage does business as Citicorp Mortgage in New Mexico. CitiMortgage, Inc. is an equal housing lender. Citi, Citi with the arc design, and CitiMortgage are registered service marks of Citigroup, Inc. Veterans Housing Assistance Program (VHAP) Program Bulletin Texas Veterans Land Board CitiMortgage Program Administrator Bulletin#12-01 | April 26, 2012 New VLB Loan Amount Effective April 27, 2012, the Texas Veterans Land Board (VLB) is increasing the maximum VLB Program Loan Amount to $417,000.00, the current maximum VA conforming loan amount. All new and currently active registrations, but not closed loans, will be eligible for the new increased loan...
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...New Leaders of Financial Giants – Case of Citi Group and Merrill Lynch: Question 1: Introduction This report will review the precarious positions of Citigroup Inc. and Merrill Lynch at the beginning of the subprime mortgage crisis. Both companies had been hit hard by the recent economic problems, and both had recently hired new management in an attempt to navigate through these difficult times. Since risk management failures were viewed as the primary catapult of the crisis, the thinking was that managers with risk management experience would be able to introduce innovative techniques to improve the respective company’s positions. The report will analyze some of the solutions that were proposed, and attempt to apply options analysis through binary trees to quantify these proposals. The Subprime Mortgage Crisis of 2008 Before analyzing the current predicaments of the two companies in the report, an understanding of the subprime mortgage crisis (which includes a discussion on MBS’s and CDO’s) is necessary. An entity, known as the ‘Servicer’, issues debt securities called Mortgage Backed Securities (MBS) and raises funds. The funds are used to grant home loans or mortgages. The borrowers or homeowners make monthly payments to the services. These payments include both principal and interest components. The servicer transfers these payments to Mortgage Backed Security Holders or the investors after deducting some spread which can be viewed as profit margin or...
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...not you believe that the compensation package is effective and any suggestions that you might have for improving the compensation package. ANSWERS Citigroup is a global financial organization that operates in hundreds of countries offering both institutional and consumer business services. For its institutional business, it offers full range of products from investment banking through sales, trading, transaction services, and private banking. For the consumer business services, it offers cards, retail banking and mortgages. It is a publicly traded organization with its symbol C in New York Stock Exchange. Citigroup Inc. has five legal structures: Citigroup Japan Holdings Corporation, Citigroup Global Market Holdings Incorporated, Citi GSCP Incorporated, Citicorp, Citicorp Banking Corporation, and Banamex USA. According to Brickley, Smith, and Zimmerman (2009), “an agency relationship consists of an agreement under which one party, the principal, engages another party, the agent, to perform some service on the...
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...Citi Research Equities 27 March 2014 │ 20 pages Western Europe New UK Auditor’s Reports A Review of the New Information What's New — UK auditor’s reports became (a bit more) interesting this year. Auditors are now required to provide company-specific information in their reports. We have reviewed some of the new reports and summarise key conclusions here. 3 new pieces of information: — Auditors are required to report on the materiality for the audit, the scope of the audit, and the work done on key areas of audit focus (ie key risks). Sarah Deans +44-20-7986-4156 sarah.deans@citi.com Terence Fisher +44-20-7986-5180 terence.fisher@citi.com Materiality typically 5% of PBT — Information is material if “omitting it or misstating it could influence decisions that users make on the basis of financial information”. The materiality amount is used by the auditor in planning and performing the audit and when assessing whether the financial statements give a true and fair view. In 78% of cases, materiality has been calculated as a percentage of pre-tax profit, usually around 5%, but sometimes as high as 10%. In our view, many analysts and investors will be surprised at this relatively high level of materiality. Large variation in length and quality — Reports we reviewed varied in length from 2 to 7 pages. We also noted very significant variations in quality, with some reports adding little or no value with largely boilerplate...
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...than their parents and are secure in their current jobs, reflecting a generally upbeat view of their financial future, according to the latest annual financial intelligence quotient study by American banking giant Citigroup. The results of the latest Cite Financial Quotient (Fin-Q) Survey released by Citibank Philippines on Friday showed, however, that Filipino consumers’ overall financial quotient or well-being still needs to improve from 48.9 versus to the maximum score of 100. The latest score, which was based on a 2010 survey, showed a slight dip from the score of 49 in 2009 but was much better than 46.6 in 2008 and 47.8 in 2007, when the survey was launched. The Citi Fin-Q for the Asia-Pacific region based on the latest survey was 54.6, up from 52.3 and 50 in the two preceding years, respectively. Citi carried out this latest survey through global research firm Big Picture Research (formerly CXC Research). The latest leg surveyed 5,500 people across 11 countries, including the Philippines. In each of the participating countries, including Australia, China, Hong Kong, India, Indonesia, South Korea, Malaysia, Singapore, Taiwan and Thailand, 500 interviews were conducted. All respondents were over 18 years of age with either a bank account or a major credit card. Respondents were scored on 11 different questions closely related to financial well-being for a maximum possible score of 100. The questionnaire consisted of over 40 questions and covered a range of topics closely...
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...com/article/BT-CO-20120405-708286.html * April 5, 2012, 10:23 a.m. ET By Alan Zibel Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--A U.S. bank regulator on Thursday cited Citigroup Inc. (C) for failing to comply with a federal law that requires banks to establish protections against money-laundering but didn't impose a fine. The Office of the Comptroller of the Currency said that Citi's U.S. banking unit showed deficiencies in its compliance with the bank-secrecy act, which requires banks to report on suspicious activities and maintain other protections against money laundering. Citi neither admitted nor denied the regulator's allegations and entered into a consent order with the regulator to fix the problems. Though the regulator didn't issue a fine, it still has the right to do so. The regulator said the bank had numerous weaknesses, including problems identifying and monitoring high-risk customers. In response, Citi said that the bank has "taken significant steps" in developing plans to manage the risk of money-laundering risks. "Because of these actions, many of the issues highlighted in the OCC's order have already been remediated or are in the process of being remediated," the bank said. "Furthermore, we are developing a plan to address the remaining OCC requirements. " -By Alan Zibel, Dow Jones Newswires; 202-862-9263; alan.zibel@dowjones.com 2 http://www.fool.com/investing/general/2010/07/22/citigroup-strengths-weaknesses-opportunities-threa.aspx Citigroup: Strengths...
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...Introduction to Case………………………………………………………………………10 The Industry Context: Global Financial Services and the Retail Consumer……………...12 Organization, E-Citi and Citi’s Global Consumer Strategy Product Market Segmentation, Cross-selling and International Leverage…………....24 Mobile Phone Basis Citi’s Future Global Retail Banking Strategy…………………..30 Products, Service Support and IT Selection Strategies……………………………….34 6 7 8 Japan, A Microcosm – Synergies, Affiliations and Reach ……………………………….36 Trust Bank, Complementary Services, and Interactive Strategic Benefits……………….55 Summary - Owning the Future of International Retail Banking……………………….…57 Appendix I - Summary Answers to Questions for Citigroup - IRB Strategy & Operations….65 Appendix II - Some Firm and Market Data Tables 1-6…………………………………………………………………………......73 Highlights from Citi’s Assessment of Global Consumer Business 1999 and 1998…..83 Bibliography and References………………………………………………………………….89 Introduction: Objectives of this Benchmarking Study This international retail banking study for Citigroup (CG)1 was completed under a three-year research grant from the Sloan Foundation. The project’s overall purpose has been to examine in a series of case studies how U.S. and Japanese firms who are recognized leaders in using information technology (IT)2 to achieve long-term sustainable advantage have organized and managed this process. While each case is complete in itself, each is part of this larger study.3 This case for a large international...
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...Submitted By Pritam Kumar Das Roll. No. – 1011356 Third Year Bachelor’s in Banking & Insurance PREFACE The project was undertaken to study the Indian Banking Industry in reference to one of the basic services provided by the Banks. Various theory and practical aspects were studied in regard to this project. The Project tries to highlight the role of today’s banking style. Various parameters were analyzed to know the current status of the Indian Banking Industry and the various products of the Citibank ACKNOWLEDGEMENT Nobody is born perfect in himself; it is some timely guidance, proper teaching and blessings by well wishers and seniors around us who give me perfection and skills to make myself prepared to walk on the path of success. My project work, which is the first step of mine in the fields of professionalism, has been successfully accomplished, due to co-operative efforts of friends and colleagues together. I would like to pay my sincere gratitude and thanks to those people, who directed me at every step in the project work. I would like to thank our respected director Mr.D D Chaturvedi, who allowed me to undertake this project and provided his valuable guidance in doing. I extend my sincere thank and gratitude to Dr. AMIT GUPTA, internal faculty, MAIMS, for her help and valuable support throughout the term of the project. It was a learning experience to work under his guidance. I would also like to thank the faculty member and staff member...
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...Department Counterparty Risk, Impact on Collateral Flows and Role for Central Counterparties Prepared by Manmohan Singh and James Aitken 1 Authorized for distribution by Inci Ötker-Robe August 2009 Abstract This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. Counterparty risk in the United States stemming from exposures to OTC derivatives payables (after netting) is now concentrated in five banks―Goldman Sachs, JPMorgan, Bank of America, Morgan Stanley and Citi. This note analyzes how such risks have shifted over the past year. We estimate that the adverse impact of counterparty risk on high-grade collateral flows and global liquidity due to decrease in rehypothecation, reduced securities lending, and hoarding of cash by major banks is at least $5 trillion. In order to mitigate counterparty risk, there have been regulatory initiatives to establish central counterparties (CCPs). From a policy perspective, counterparty risk remains large at present and recent experience has shown that OTC derivative positions are not supported by sufficient capital, constituting a major risk for participants in this market. JEL Classification Numbers: F37; G11; G15; G28 Keywords: Counterparty Risk, Large Complex Financial...
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...Faculty contact (Email-id and Mobile) : ravindra.dey@gmail.com +919820306565 Required text book : Human Resource Management: Text and Cases 7th Edition – K. Aswathappa Additional / Suggested Readings : 1. Human Resource Management – 12th Edition – Gary Dessler & Biju Varkkey 2. Strategic Human Resource Management: A Resource Driven Perspective 1st Edition – Pulak Das Course Objectives: • Developing an awareness and appreciation of the role of contribution of HRM in organizations • Understanding significance of various HRM activities such as Manpower Planning, Selection, Recruitment, Performance Evaluation, Learning and Development, Compensation & Benefits at the functional, operational and strategic levels of the organization • Analyzing the effectiveness of human resource policy and functions within the organization • Understanding the challenges of managing a global workforce to ensure engagement for high performance. Pedagogy: The teaching / learning methodology for the course is based on discussion of readings and cases supported with Role plays and Lectures through ppt. Session wise details: Session Coverage Case Studies Required Pre-Reading 1 Importance, scope and challenges of HRM in organizations (98204) Why doesn’t this HR Department get any respect? – Robert Galford Section 1: Chapter 1 – 3 - K. Aswathappa HBR Articles: (98111) 1. A new mandate for Human Resources –...
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...Week 09- Final Case Report Author Note: In 2000, Suneel Bakhshi was appointed the head of Citigroup’s CEEMEA sales and Trading division. Mr. Bakhshi developed a package that utilized their current information, personnel, and IT. The product provided their customers with a service that allowed them to effectually trade in global securities using real time information and communication at a lower cost. Not only did this knowledge help in trading, but it helped the company to provide excellent customer service which developed a trusting business relationship. Once traders began sharing trade information, CEEMEA began to realize an increase in profits by as much as 160%. Profits dropped in 2008 as the economy went into a recession e busted and the division had lost its top leadership. In more recent times, the division is working on restructuring once again, focusing on curtailing their products and services in emerging markets where 50% of profits are derived from. Citigroup CEEMEA has been in business since 1989. The CEEMEA was registered as a trademark in 1988 and it stands for Central & Eastern Europe, Middle East & Africa. They are a global leader in Web-based tools and diagnostics for validating business performance and information. In 2000, Citigroup CEEMEA division created a product package that offered a packaged product that helps their clientele to make educating decision in global trading using real time, accurate, and verifiable information...
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...COMPARATIVE PERFORMANCE APPRAISAL OF INDIA’S COMMERCIAL BANKS PRESENTED BY Gurlovleen Kaur ABSTRACT Commercial banks form the most important part of Indian financial landscape in terms of their role in channeling credit to the commercial sector and facilitating the process of financial inclusion. In the era of global competition, performance is the key factor for any subject, especially in banking. The Indian banking industry is made up of the Indian public sector banks and private sector banks. In this project an effort has been made to evaluate the financial performance of commercial banks by using key performance indicators as a benchmark, generally the financial performance of bank is evaluated by working out a number of ratios depending upon the data. This study has made use of five financial parameters ,i.e. ,Capital to Risk Weighted Assets Ratio( CRAR) ,Return on Assets ( ROA), Non Performing Asset (NPA),Net interest Margin (NIM), Profit Per Employee( PPE), as these are generally accepted ratios to evaluate the performance of banks ,in order of their performance. Research plan includes decision on data sources, research approaches, research instrument, sampling plan and contact method. The present study is based on secondary data. The data is collected through various journals, studies, websites and publications of banks. The collected data is analyzed to reach at conclusions regarding the various issues related to performance of commercial banks...
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...work in a heavy processing control environment, the volume of trades or the volume of credit card processing each day should be an important indicator of the quality of your operation, or how many fails you have in processing trades, how many people work in a certain department or how many amendments operation officers need to make in trades to make them OK to settle. These indicators – whether you call them KRIs, key control indicators or key performance indicators – assess how your control environment is at a certain point in time, and how this is linked to your losses and your operational risk overall. So, good KRIs are those that reflect how your control environment is at a certain moment, whether it is stressed or not. Theresa O’Rourke, Citi: I find the term KRI too constraining, so I...
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... Satendra Dubey Introduction:- The case ‘Citibank’s E-Business Strategy for Global Corporate Banking(2008)’ is all about the city bank which was incorporated in 1812 as a city bank of new work in the whole case is about the adaptation of E-Business strategy by city bank and how and in what sense the benefited by the E-Business Strategy, In 2000, intense competition and the dot com boom put pressure on Citibank and its competitors to transform their business in the new economy. In response to these challenges, Citibank made a serious push to deliver integrated solutions that would enable its corporate customers to conduct transactions on line. Citibank’s e-business strategy – Connect, Transform and Extend – was to Web-enable its core services, develop integrated solutions, and reach new markets. The ultimate goal was to build a single Web-enabled platform for all customers with similar needs. As per the case Citibank’s vision was to become the world’s leading e-business enabler. It aimed to empower local, regional and global customers and the B2B2C marketplace and provide solutions to help them take advantage of the efficiencies and opportunities created by e-commerce [pic]. As per the case Citibank’s challenge was how to manage the vendors and suppliers and ensure that they understand Citibank’s strategy and would not exploit the Bank’s strengths of the information base the main issue which I analyzed in case is that Citibank would need to make global transformation...
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