Citigroup
History:
Citigroup ' was founded as City Bank of New York in 1812 and remained a large regional bank until October 1998. Sandy Weill, then CEO of The Travelers Group an insurance company announced a $76 billion agreement to merge with Citigroup to form a new financial services conglomerate. It took only two years for the merger to pass federal law since the 1933 Glass-Steagall Act prevented banking and insurance companies from ever becoming one entity. As the new CEO of Citigroup, Sandy Weill was now at the helm of one of largest banking institutions in the world with over 300,000 employees and operations in over 120 countries. Popular brand names included CitiCards, CitiFinancial, CitiMortgage, Primerica, Salomon Brothers, Smith Barney, Diners Club and CitiCapital. Citigroup became the world’s first global financial supermarket where banking, brokerage and insurance were all held under the control of one organization. Citigroup is organized into four major segments; Consumer Banking, Global Cards, Institutional Client Group, and Global Wealth Management. Citigroup offers a wide range of products from retail banking, credit card services, and mortgage loans to global transaction services, M&A financing, and corporate lending. Citigroup is currently the largest bank in the United States with over US$600 billion in deposits and assets under management of over US$1.2 trillion.
Citigroup’s fortunes continued to blossom during Sandy Weill’s tenure and even during the market downturn in 2002. On October 1st, 2003 Chuck Prince replaced Sandy Weill as CEO of Citigroup and for the next several years successfully continued to grow the business and achieve record profits and earnings. Citigroup’s stock continued ...
... middle of paper ...
...sj.com/article/SB122747680752551447.html. Wall Street Journal. November 24th, 2008.
Joint Statement by Treasury, Fed, FDIC on Citi
http://blogs.wsj.com/economics/2008/11/24/joint-statement-by-treasury-fed-fdic-on-citi/. Wall Street Journal. February 3rd, 2009.
Largest US Banks by Deposits 2007. http://forbestadvice.com/Lists/Things/LargestUSBanksByDeposits2007.html. Forbes Magazine. Feb 29, 2008.
Financial Crisis Timeline. Jason Cox. University of Iowa. January 27, 2009. http://www.uiowa.edu/ifdebook/timeline/Credit_Crisis_Timeline.pdf.
HSBC in new sub-prime writedown. http://news.bbc.co.uk/2/hi/business/7395425.stm. BBC News. May 12th, 2008.
United States Congressional Budget Office. The Troubled Asset Relief Program:
Report on Transactions Through December 31, 2008. http://www.cbo.gov/ftpdocs/99xx/doc9961/01-16-TARP.pdf. February 2009.
The Savings and Loans Crisis of the 1980’s and early 90’s created the greatest banking collapse since the Great Depression in 1929. Over half the S & L’s failed, along with the FSLIC fund that was created to insure their deposits.
"COMPANY NEWS; CHAMPION ENTERPRISES HIRES A NEW CHIEF AS DEBT RISES." The New York Times, July 1, 2003.
Prior to Fuller’s transfer, management at the Carson’s location was poorly run using the classical approach. While this approach can be successful, management has to find a good middle ground between caring for the company and caring about their employees. A traditional classical approach recognizes that there are five important factors to running a successful business (Miller, 19). According to text, these factors are planning, organizing, command, coordination and control (Miller, 19-20). These factors can be seen when you look at Third Bank as a whole. In the study, the CEO saw the issues in his company and put a plan together to improve. He had meetings with management, like fuller, to organize a solution. He then commanded all locations
According to the Kohl’s Corporation Hoover Report (2014), in the late 1920s, a man named Max Kohl opened a grocery store in Milwaukee, Wisconsin (Hoover Report, 2014, pg. 9). By 1938, Max and his three sons had developed his store into a successful chain and incorporated the business. Max Kohl had experienced enough success by 1962 that he opened a department store right next to his Kohl’s grocery store. In 1972, Max Kohl and his family’s “65 food stores and five department stores were generating about $90 million in yearly sales” (pg. 9) In the same year, the British American Tobacco’s Brown & Williamson Industries (BATUS) purchased 80% of the Kohls’ two operations. Six years later, BATUS proceeded to purchase what remained of Kohl’s. In the early 1980s, BATUS decided that “Kohl’s discount image did not fit in with BATUS’s other retail operations” and decided to ultimately separate the two operations in order to put them up for sale (pg. 9). The president and chief executive officer at the time, William Kellogg, “and two other executives, with the backing of mall developers Herbert and Melvin Simon, led an LBO (leveraged buy-out) to acquire the chain’s 40 stores and a distribution center” (pg. 9). By the time Kohl’s managed to go public in the year 1992, they “had 81 stores in six states, and sales topped $1 billion” (pg. 9). At this time Kohl’s began its expansion and within the next five years managed to top sales at two billion dollars. Kohl’s then “acquired a former Bradlees store to enter New Jersey and opened stores in Washington, DC; Philadelphia; New York; and Delaware” (pg. 9). The following year Kohl’s managed to expand into Tennessee by adding new stores. The company named Larry Montgomery CEO in 1999 and short...
opened its first branch in Schwab’s hometown, Sacramento, California. It expanded across the state and cut its expenditures by putting a very large importance on automation. In 1981, Bank of America offered Schwab fifty three million dollars in stock for his thirty seven percent ownership. He sold, but remained as president of a semi-autonomous division. At this point the division had annual sales of forty one million dollars, six hundred employees, and two hundred twenty thousand customers over forty branches. Development was quick, reaching around one point six million customers in 1986, with sales of three hundred and eight million dollars. Bank of America, though, had its own separate problems, and its stock plunged. The Schwab division and Bank of America battle intensified until 1987, when the deal was cut for Schwab to buy back the company for two hundred and thirty million. Schwab made the firm public. In 1988, though, the company was forced to refund two million dollars to customers whose funds had been unlawfully
CenTrust, first called Dade Federal Savings and Loan, was founded in 1934 during the Great Depression and eventually became a stalwart of the South Florida business establishment. By the early 1980s, Miami had a corporate community that any city would envy. The companies were large and growing. They contributed mightily to local causes. They virtually invented a skyline where none existed as late as the early 1980s. CenTrust Bank and David Paul gave huge sums of money and much effort toward founding the New World Symphony in the 1980s. But the local corporate world was shaken badly at that time. In South Florida, home of fragile physical, social and economic climates, big business became an endangered species. Prominent in the downtown skyline were buildings built by financial institutions that had failed or were in serious trouble. By November 1983, CenTrust had losses of $500 million and was headed toward insolvency and federal takeover. David Paul, pledging little more than some real-estate holdings, gained control and quickly remade and personalized the institution. Before long, the company's stock-ticker symbol became DLP, Paul's initials. At the end, as senior managers deserted him, David Paul held the posts of chairman, president, chief executive officer and chief operating officer.
In 2002 Richard M. Schulze steps down as CEO and Vice-Chairman Brad Anderson takes over his position. Brad Anderson started as an employee with Best Buy in 1973. He had been serving as president and chief operating officer of Best Buy Co., Inc. since 1991. With roller coaster events and changing corporate officers throughout the years, as of 2012 to present day Hubert Joly presides as Chairman and Chief Executive Officer.
In October 1997, Elisabeth Robert assumed the title of President and Chief Executive Officer and began to cut costs and position the company for future growth.
It’s sad to say the founder CEO’s paved the way for a new CEO quite late. The reasoning behind this accusation is that the company had already lost-majority of its once devoted customers. Steps should have been put in place to handle such a loss before it occurred. The executive team should have had strategies put in place to handle the stock loss once they saw it declining.
Since Edward Samuel Rogers’ death in December of 2008, Rogers Communications has had two CEOs, surprisingly none of them were his son. Nadir Mohamed became CEO in 2009 and retired in 2013, when the torch was passed on to Guy Laurence, who was the head of Vodaphone U.K.
Under CEO Philip Purcell’s management, Morgan Stanley’s infrastructure and systems did not grow with the needs of employees and customers, nor did it apply future technologies to their current systems, it’s focus was reducing overheads to maximize profits in the short term. Many brokers resigned, taking with them valuable portfolios and profits. In June 2005 Purcell resigned, and John Mack provided new leadership. The firm then began to change its information systems and provide better services for clients, which saw stronger ethos and integrity within the employees.
Barclays group PLC is one of the largest financial providers in America, Europe, Asia, Australia, Africa and Middle East. , It which is mainly engaged deals with credit cards, retail banking, investment banking, corporate banking, and wealth management. The bank is made up of investment and corporate banking, global retail banking and wealth management, each of which has several business units (Burn, Cartwright &Maudsley, 2009).
One example would be Bank of America (BofA), the bank that I currently bank with. BofA has begun operations of combining ...
that with the establishment of Hubert Joly as CEO in 2012, the company has had better direction in
Later that year, Dennis Kozlowski resigned. In September of 2002 then-former CEO Dennis Kozlowski, former CFO Mark Swartz, and former General Counsel Mark Belnick were sued for accounting frauds. In 2005 both Dennis Kozlowski and Mark Swartz were sentenced to 8 to 25 years in prison.