CHAPTER 2

Citibank is a multinational bank and recruits individuals from all over the world keeping in respect their physical as well intellectual abilities. In fact they choose the best out of the world. They select the most talented people out of the world and for that they always have job openings on their site. They believe in having the right man for the right job. Citibank To Lay Off 53,000 Employees In a shocking development, one of the world's largest banks, Citibank has decided to lay off 53,000 employees, as part of its cost-cutting measures. Citibank is a subsidiary of Citigroup and is currently seen as the sickest bank on the Wall Street. The job cuts will take places in phases and will be completed by the early 2009, according to Citigroup sources. India employees at Citibank are likely to be worst affected by the layoff. Citibank's decision to lay off 53,000 employees is unprecedented. Never before, the bank slashed 20% of its work force. The global meltdown and imminent recession in the US has taken a toll on the US banks and Citibank is not the lone one to face the heat. Layoff has become a common phenomenon in the world because of the global economic crisis. The IBM had decided to lay off 60,000 of its staff in July 2008.

Ex employees review about Citibank: Unfortunately for me, I use to work at CitiBank, up until 2 week ago. They treat their employees like crap now way worse than ever before. As their stocks continue to drop, the management gets meaner and more demanding. They now watch you like a hawk to make sure you are on the phone at all times. We are expected to be 95% productive and encouraged not to get away from the phone even to use the bathroom. That's right, CitiBank FORCES you to list yourself as PRODUCTIVE when you go to the bathroom so they can HARASS you later about your productivity not being at 95%. They also force employees to reach unattainable

goals. The only ones reaching the goals are creative cheaters which CitiBank overlooks so that they can raise the goals higher. People are so concerned and stressed out about reaching these goals that they actually COMPLAIN when there are no one calls and ask the manager to get us more calls?! CitiBank has these employees brainwashed into thinking that WORKING MORE and being OVERWORKED will help them! We are all treated like SLAVES. CitiBank won't give you more than a 6% raise, and if you haven't been there for at least a year during their ANNUAL raise, you will have to wait a WHOLE year. I worked there for 1 year and 9 months before receiving a 6% raise. I also overheard the FLOOR manager James state that "Employees are easily replaceable. Unemployment is on the rise. Why should we care what these employees have to say?" He was speaking to my manager and didn't realize that I was in the cubicle next to them. The managers do quality on your calls and rip them apart. They have so much critism and negative comments and nothing nice to say. Don't get a card with CitiBank either because 1 missed payment and they default your APR to 32% and charge a $39 late fee. If you request a late fee removal, customer service reps are only allowed to refund the fee if you have a valid reason such as Medical. They aren't allowed to do anything as a courteousy. They are under a lot of pressure and would like to help you, but CitiBank monitors the calls and won't let them assist to you. Citi also forces them to try to sell you something at the end of the call. Don't buy it because its a scam. Also, the poor cust svc reps have sales goals with $10/hr pay and no commission. Let me tell you something else about CitiBank treats employees. Besides not letting us use the bathroom, they make it well know that we could be next out the door. Every week, all of the managers, their manager, and his manager sit and monitor phone calls and rip them apart. If you were one of the calls monitored, then your manager treats you like crap and his manager treats you like crap. They yell at you and make nasty comments such as, "How hard is it to answer a phone?" Well, I've got news for you. It is hard when you know that you are being constantly monitored and critized, when you can't even use the bathroom, and when you have to be on the phone taking back to back calls for 7 and a 1/2 hours. They really don't appreciate employees. Then employees are expected to participate in CITI FUNDRAISERS. Fundraisers so that CITIBANK can get credit for OUR contributions and a TAX deduction for THEM! You get treated really bad if you say that you are participating in your own causes and not interested in theirs.

Wall street journal and other newspapers review New York - Banking giant Citigroup is seeking US Treasury Department approval to pay special bonuses to key employees despite the public uproar over such payments from banks receiving taxpayer support, it was reported Wednesday.

The Wall Street Journal, citing 'people familiar with the matter,' said that Citigroup - which is soon to be one-third owned by the US government under massive bailout support - had asked for permission to pay the bonuses. The paper said that the bank is grappling with the government's broad pay restrictions which could lead to the energy-trading unit, Phibro, being broken apart. It said Phibro employees were threatening to leave because of the salary caps linked with the US bailout of Citigroup. So far, new Treasury Secretary Timothy Geithner has not made a decision on the Citigroup request. The request comes amid controversy in which President Barack Obama, members of Congress and the general public have expressed outrage at Wall Street's bonus practices, especially at institutes which have received massive government bailout support. Citigroup has received 50 billion dollars in US government support, with the Treasury Department soon to become the company's largest shareholder with a stake of up to 36 per cent.

(Additional text from the site so it might be helpful to extract important information but its all in the positive sense and doesnt show any weak point regarding citibanks performance overall) No of clients, tenure of existence and diversification As the pre-eminent global financial services company, we boast over 200 million diverse clients including some of the most influential names in the business world. The benefits of our size add up to a lot more than a collection of statistics though. The proportions of our business place us in a unique and eminent position. Because over 200 years weve brought together some of the worlds most successful and diverse financial companies to form one Citi with unparalleled strength across over 100 countries in four regions: North America, EMEA (Europe, Middle East and Africa), Asia-Pacific and Latin America.) Career at citibank When you join Citi, youre looking for more than a job. Youre looking for a career. With our global reach, the diversity of our clients, and our reputation for innovation, youll enjoy opportunities that never stop. Not to mention first-class training and the support of people who are experts in their fields. So, you wont just reach your goals: youll surpass them.

Commitment to the clients and global positioning

Were proud of our unique global positioning, our scale and our strength. Were even prouder of our people. Theyre the ones who make Citi work, every day surpassing our clients expectations and shaping our future. With a business that operates across over 100 countries, its no surprise that our people are incredibly diverse. We recognize that our differences make us stronger as we support and learn from one another. Every person has their own experiences at Citi and, together, those experiences make us richer as an organization. Recruiting of individuals all over the world As a truly global organization, were looking for people from all over the world to join us. As such, our website is designed to be a global resource. While its a great way to introduce ourselves, theres really no substitute for meeting us in person. Thats why we organize events at campuses, offices and careers events around the world where you can meet with the best people in the industry to learn more about financial services and life at Citi. Here, you can check when well be in your area.

CHAPTER 16
Bank too big to manage But Citi also shouldnt be allowed to continue as a bank too big to manage. If the bank is, in fact, too big too fail, its too big period. The company should be forced to shed some of its assets and morph into a firm capable of being controlled by top management. Citibank manager retired with 25 years of service to the bank said As a recent Citibank retiree with 25 years of service I came to the conclusion that the company was too big to effectively manage. With so many levels of management
separating top executives from the rank-and-file employees who deal with clients daily, any bad news from the grass-roots is filtered out as it goes up the chain, and good news is exagerated by those same managers. The result: Top management is clueless about things that are important to the banks clients. And any company that loses touch with clients and those who deal with them, is doomed to failure.

So we can say that the chain of command is weak Organizational Structure Of City Bank Organizational Structure: It is the formal arrangement of jobs within an organization Developing an organization structure manager go through the process called organizational design, that involves decision about six key elements i.e work specialization, departmentalization and formalization etc. Now we analyze the Citibanks organizational structure according to these factors. Work Specilization: As work specialization is used to describe the degree to which activities is organization are divided into separate jobs. This means that an entire task is not done by one individual but instead is broken down into jobs by different persons. In Citibank task are divided into different jobs according to the requirements and work specialization can be seen e.g. in the dealing of debit cards a single person is not involved in the process. There is a CRM (customer relation manager) and a CRO (customer relation officer) while CRM deals with validation of debit cards and CRO deals with the transaction relating debit cards. Departmentalization: The basis by which jobs are grouped together is called departmentalization. In case of Citibank you can see two major forms of departmentalization i.e. functional and geographical departmentalization. First of all they have divided into departments according to the functions i.e. dealing with cash, banking operation, sales and receive that they provide for each of the above categories there is a separate department as can be seen in organizational charts .then for the completion of these functions. They never further classified these departments. According to the geographical departmentalization. For that purpose there are regional as

well as are managers. This shows that Citibank is highly departmentalized organization however the two types i.e. product and process departmentalization is not present. In Citibank cross functional teams are not made... References http://www.oppapers.com/essays/Organizational-Structure-City-Bank/180187

CHAPTER 12
Leaders adpopt themselves to the situations and try to cope up with themFor a little more than a year, I have had the honor of leading Citi through some of the most challenging circumstances in its long history. Im acutely aware of the responsibility you our ownershave placed on me and the Citi leadership team, and I can assure you, we are committed to restoring Citi to profitability as quickly as possible. Leadership flaws: In September 2007... Citigroups chief executive, Charles O. Prince III, learned for the first time that the bank owned about $43 billion in mortgage-related assets.... [M]any Citigroup insiders say the banks risk managers never investigated deeply enough. Because of longstanding ties that clouded their judgment, the very people charged with overseeing deal makers... failed to rein them in.... Citigroups stock has plummeted to its lowest price in more than a decade, closing Friday at $3.77. At that price the company is worth just $20.5 billion, down from $244 billion two years ago.... The banks downfall was years in the making and involved many in its hierarchy, particularly Mr. Prince and Robert E. Rubin, an influential director and senior adviser.... For a time, Citigroups megabank model paid off handsomely, as it rang up billions in earnings each quarter from credit cards, mortgages, merger advice and trading. But when Citigroups trading machine began churning out billions of dollars in mortgage-related securities, it courted disaster.... From 2003 to 2005, Citigroup more than tripled its issuing of C.D.O.s, to more than $20 billion from $6.28 billion, and Mr. Maheras, Mr. Barker and others on the C.D.O. team helped transform Citigroup into one of the industrys biggest players. Firms issuing the C.D.O.s generated fees of 0.4 percent to 2.5 percent of the amount sold.... Citigroups risk models never accounted for the possibility of a national housing downturn, this person said, and the prospect that millions of homeowners could default on their mortgages. Such a downturn did come.... The slice of mortgage-related securities held by Citigroup was viewed by the rating agencies to have an extremely low probability of default (less than .01%), according to Citigroup slides used at the meeting.... Mr. Maheras continued to assure his colleagues that the bank would never lose a penny, according to an executive who spoke to him.... There is really no excuse for institutions that specialize in credit risk assessment, like large commercial banks, to rely solely on credit ratings in assessing credit risk, John C. Dugan, the head of the Office of the Comptroller of the Currency, the chief federal bank regulator, said in a speech earlier this year. But he noted that what caused the largest problem for some banks was that they retained dangerously big positions in certain securities like C.D.O.s rather than selling them off to other investors. What most differentiated the companies sustaining the biggest losses from the rest was their willingness to hold exceptionally large positions on their balance sheets which, in turn, led

to exceptionally large losses, he said.... Citigroup has suffered four consecutive quarters of multibillion-dollar losses as it has written down billions of dollars of the mortgage-related assets it held on its books... The narrative structure seems to be: They did not tell the bank to wash its hands! And it caught a cold! And then it died! The villains! This does not seem to me to be satisfactory... Look at it this way: A bank like Citigroup has a lot of assets--a lot of people have promised to pay it a lot of money in the future. Let's collapse all those dates in the future at which people have promised to pay Citi down to one point in time four years in the future, and let's collapse all the amounts promised in the pre-crisis situation in all their different configurations down to one number $1,263 billion. Citigroup thus has assets: in four years people will pay it $1,263 billion in cash. Citigroup also has liabilities in the pre-crisis situation. It has borrowed--i.e., accepted deposits (that is what a deposit is: the bank has borrowed money from you, but they call it a deposit rather than a borrowing so that you will think that what you put in the bank is still there) and issued notes to the tune of $800 billion. So Citigroup in this pre-crisis situation has assets of $1,263 and liabilities of $800 billion and thus is worth $463 billion right? Wrong. The $800 billion is essentially due tomorrow-if the depositors and creditors want to get it out rather than roll it over, they can do so. The assets are in the future and are uncertain. Future assets are worth less than current assets: this is the time discount on safe assets. Risky assets are worth less than safe assets: this is the risk discount. With a (safe) time premium of 4% per year and a risk premium of 2% per year, Citi's assets are worth 6% less on the open market today for each year they are in the future. Compound this over four years and you get a risk factor of 0.792. In this pre-crisis situation, Citi's assets could only be sold on the open market for $1,000 if they had to be sold immediately. But you still have a healthy bank: assets with a present value of $1,000; liabilities with a present value of $800; a net worth of $200 billion.

But things can go wrong:

1. You can learn that you were always mistaken about the value of your assets--that they were always really worth less than you thought they were. 2. You can learn bad news--that your assets used to be worth what you thought they were, but bad unexpected things have happened to your assets and they are worth less. (They are, after all, risky things to own: that's what "risky" means: bad things can happen and values can go down.) 3. The safe rate of time discount can go up because of a liquidity crunch: people suddenly value cash now more than cash later by a greater degree. This will push the discount factor down and make the present value of your assets less even if you have had no bad news of any kind about their long-run value. 4. The risk premium rate of time discount can go up because the market is no longer as tolerant of risk, or no longer as tolerant of your risks as it used to be. This will push the discount factor down and make the present value of your assets less even if you have had no bad news of any kind about their long-run value. So now you have the post-crisis balance sheet of Citi:

As best as I can guess, things (1), (2), and (4) have gone wrong: 1.Citi's (and everybody else's, it seems) risk models were wrong: assumed that the tails of distributions were much too thin--never mind what they were doing making calculations based on tail densities about which you inevitably have no information at all anyway). This seems to have cost Citi about $30 billion in impairing the future value of its assets. 1. We have gotten bad news about housing prices, independent of the erroneous distributional assumptions in the risk models. This seems to have cost Citi another $30 billion or so in impairing the future value of its assets. 2. Has been working for Citi, not against it: the Federal Reserve has pushed short- and medium-term safe interest rates down far to diminish the magnitude of the liquidity premium--the preference for cash now rather than cash later. This would have raised the value of Citi's assets but for... 3. ...the explosion of the risk premium. The risk premium on other investment banks's assets has gone from 2% to 6% or so. Citi's premium has gone up to 8% because it

right now bears the additional risk that the government will step in and nationalize it, confiscating much of the shareholders' equity stake in the process. Should Citi's management have planned for and guarded against this explosion in the risk premium? I certainly did not expect it--I did not think we could see this big a rise in the risk premium outside of a real cousin of the Great Depression, and I thought that modern tools of macroeconomic management would keep such a thing from happening. I never expected to see the unemployment rate hit 15% in my lifetime. I still don't. It's in the nature of a bank to get into trouble and be on (or over) the edge of failure in a financial crisis. Banks exist to provide liquidity and safety: to turn the long-term highlyrisky investments in plant, equipment, and infrastructure that are our social capital into the short-term liquid largely-safe assets that savers largely want. This means that banks are--if they are doing there job--long duration and long risk, and their values crater whenever there is a financial crisis because a financial crisis is a sharp fall in the value of longduration and high-risk assets. A bank that has not lost massive amounts of value in the past year and a half is either extremely nimble or extremely lucky: even the nimble and lucky JPMorgan Chase has lost 60% of its shareholder value in the past year and a half. The question of how much duration and risk a bank should assume per dollar of capital is a knotty one--if you match durations and assume no risk, then your stock value never crashes. But shareholders are paying you to be a bank, not to be a not-bank. Rubin has a lot of big wins in his career: as a risk-arbitrage trader, as head of Goldman Sachs, the 1993 budget, the 1995 Mexican rescue, the 1997-98 East Asia crisis--that suggest that his judgment is generally good, and that he takes aggressive but appropriate risks that are in the interests of his principals. You got to know when to hold 'em and know when to fold 'em, but even if you do you may still break even. The article says that Bob Rubin is racking his brain right now trying to think of what he could have known or could have learned back in 2005-6 that would have told him that Citigroup had taken on too much subprime mortgage risk, or that its internal riskmanagement controls were deficient: Asked then whether he had made any mistakes during his tenure at Citigroup, [Rubin] offered a tentative response. Ive thought a lot about that, he said. I honestly dont know. In hindsight, there are a lot of things wed do differently. But in the context of the facts as I knew them and my role, Im inclined to think probably not. Besides, he said, it was impossible to get a complete handle on Citigroups vulnerabilities unless you dealt with the trades daily. There is no way you would know what was going on with a risk book unless youre directly involved with the trading arena, he said. We had highly experienced, highly qualified people running the operation...

Some Case Synopsis to consider (optional) Citibank is the banking subsidiary of Citigroup, the largest US financial services company. The case describes a number of unwelcome international scandals involving money laundering and corruption, where Citibank is used by corrupt foreign politicians and others for parking their funds from dubious sources and transferring huge sums overseas. The recent case involving the former President of Philippines, Joseph Estrada, highlights the bank's apparent inability to prevent such recurring scandals. Most of these incidents have occurred in various emerging market countries, where the bank sees enormous growth potential and is expanding its operations rapidly. There are also instances where Citibank's US operations have been allegedly used for money laundering and transfer of illegal funds. The bank has steadfastly denied any wrongdoing and has also not been charged with any criminal conduct in the US or overseas. However, this has not saved the bank from criticism from a number of quarters. The most recent incidents occurred at the time when the bank was in the midst of obtaining approval for its acquisition of Banamex, one of the largest banking services company in Mexico, from both US and Mexican authorities. While the bank does not expect any problems for the Banamex acquisition, more adverse publicity has created an image problem for Citibank. MEASSAGE OF THE CEO FROM ANNUAL REPORT 2008 (Coping up with the situation and motivating the employees plus the shareholders) (Leader adopting himself to the situation) Explained below: I recognize the tremendous loss of value you and your fellow Citi shareholders have endured over the past months. My commitment to you is to rebuild value with all the energy and urgency that the times demand. I am equally sensitive to the enormous financial pressures that homeowners and consumers are under. Too many hard-working people find themselves in financial straits they never thought possible. At Citi, we are committed to helping those in urgent need and participating in industry reforms that will enable the financial system to recover its strength and health. Im mindful also of the investment made in Citi by the U.S. government and American taxpayers. Our commitment to them is to work with the Administration and our regulators to address the nations economic priorities and to do all we can to speed the recovery of our markets. More than ever, we are committed to helping our clients and customers navigate these markets. Even in the face of extreme uncertainty, Citis goal every day is to drive their success. Finally, we are also committed to creating a strong company where employeesthe people of Citicontinue to have opportunities to learn as well as the resources necessary to drive performance. Our teams are working together to ensure that the turnaround we all

anticipate happens quickly. Fulfilling all of these commitments would be ambitious even in the best of times. But history shows that Citi is at its best when circumstances call for vision, innovation, and bold action. I have no illusions about the impact of the severe financial turmoil. But I have no doubt that with continued hard work, Citi will again be at its best in these difficult times and beyond. 1. Global Rebalancing The environment in 2008 was significantly more challenging than expected. Four key economic cycleshousing, commodities, institutional leverage, and personal consumption needed to rebalance before global financial markets could stabilize. The result has been an unprecedented global economic disruption and severe challenges to the financial services industry. Regrettably, the burden of rebalancing has fallen most heavily on homeowners, consumers, and individual investors. Governments around the world have responded to this pressure with decisive action to ensure the availability of funding and capital for banks. By the beginning of 2009, the financial industry, policymakers, and the economy were all inextricably linked. The path to restoring economic strength, globally and nationally, is the same path that will restore profitability to the banking industry. We recognize that success depends on all of us working together. 2. Taking Action To Restore Confidence Investor confidence in financial institutions was shaken as the economy worsened considerably in the fourth quarter of 2008. We participated in the governments Troubled Asset Relief Program (TARP), which was designed to provide more capital to banks in light of this environment. In November, Citi received an additional investment from the U.S. government and purchased insurance against $301 billion of assets. These programs were designed to address issues of confidence. Statements of support by the U.S. Treasury and other regulators have reinforced this effort. The exchange offer we announced in February 2009 was structured to result in the conversion of a portion of the U.S. governments preferred stock investment under TARP, as well as a portion of our private preferred stock into common stock. This exchange offer was designed to strengthen our tangible common equity and increase confidence in our capital strength. But it was a very difficult decision because it was a trade-off between dilution for common shareholders versus the enhancement of our capital base from which to serve clients and grow our business with confidence. Ultimately, the trade-off we made will be in the best long-term interest of our shareholders. 3. Putting Tarp Funds To Work We take very seriously the responsibility to put TARP funds to work to help our customers and their communities through this difficult period. We are using the capital we received

through the TARP to increase lending to borrowers in need. We are committed to generating an exceptional return on all stakeholders capital and we have reported and will continue to report on our activities quarterly. We are also keenly aware of our responsibility to do all we can to rekindle the economy and renew productive activity. And we are working with individual customers to help relieve some of the pressure theyre experiencing. By using our databases and customer insight, we have been able to identify customers at risk of delinquency and reach out to them to restructure their loans before they slip into default. Our Citi Homeownership Assistance Program (CHAP) is a proactive program that helps avoid the loss of homes and protects credit scores and future borrowing potential. Through new assistance programs, we have helped about 440,000 homeowners weather the downturn. We are also pleased to support the Administrations approach to mortgage loan modifications. 4. 2008 Financial Results We reported a loss of $27.7 billion in 2008. This unacceptable result reflects the impact of a weak economy and a lack of market liquidity on various assets we carried into this downturn. As previously disclosed, our results included $32 billion of revenue mark-tomarket losses on assets in our Securities and Banking business. In addition, like all major banks, we are experiencing elevated credit losses as our customers struggle to repay loans. As credit quality deteriorated, we added to loan loss reserves. Our 2008 results reflect a net build of $14.7 billion to our loan loss reserves. We ended the year with total loan loss reserves of $30 billion. Our financial results this year were very disappointing. However, away from these losses, our core franchises are performing well and our customers remain active and engaged with Citi around the world. We will build on this to achieve our highest priorityreturning Citi to profitability. 5. Three-Stage Plan For Restoring Strength After being appointed CEO of Citi in December 2007, my management team and I conducted a comprehensive review of Citis operations. We found an incredible global franchise with material competitive advantages in many businesses. We discovered some of the most talented professionals in the industry. And we identified numerous opportunities for growth. However, we also inherited many high-risk assets that were not essential to our core business. We found that some of Citis resources were allocated to activities that did not create enough value for our clients and did not earn adequate riskadjusted returns for shareholders. At the same time, we uncovered an outsized cost structure and inefficient information technology systems that in many cases could not connect to one another. We devised a plan to attack all of these issues and in May 2008 we outlined our multiyear plan to restore strength and position the company for future growth in three stages: Get Fit, Restructure Citi, and Maximize Citi. Throughout 2008, in the midst of a global economic downturn and global financial crisis, we remained focused on Getting Fit. We have made and continue to make significant

progress in strengthening Citis capital and structural liquidity; reducing the balance sheet, expenses and headcount; and decreasing risk across the organization. We raised significant capital from private investors as well as through the TARP. We increased our Tier 1 capital ratio to approximately 11.9 percent at year end, making Citis Tier 1 among the highest in the industry. We increased our structural liquidity to 66 percent of total assets in the final quarter of 2008. We reduced our assets from a peak of almost $2.4 trillion down to about $1.9 trillion and completed 19 divestitures. In the fourth quarter of 2008, we reduced our business-as-usual expenses by 16 percent from the fourth quarter of 2007 to $12.8 billion. We made difficult but necessary decisions to reduce headcount and ended the year with headcount of 323,000, down from 375,000. We reorganized operations and technology and other functions to create a more streamlined organization with greater accountability for performance. And we added some of the most seasoned and experienced talent in the industry to Citis leadership ranks. Our ability to accomplish so much in such a short period in the midst of severe market dislocations is a testament to the hard work and focus of my Citi colleagues around the world. None of this would have been possible without their extraordinary perseverance and professionalism. 6. Conclusion In such challenging times it is worth taking stock of what is truly valuable about Citi. Im convinced there are some enduring truths that will stand the test of the coming years. The first is that our competitive advantage will remain our global presence, which is rich both in history and in client relationships. At the heart of Citi is an irreplaceable franchise built over nearly 200 years, with more than 200 million customer accounts in over 100 countries. Through this unique global network, we enable people to reach out and to work together across the world. Second, we will continue to build on our rich legacy of innovation: innovation to ensure that we can address the needs of a highly mobile population that is increasingly urban and international in outlook; innovation to help people and companies work more collaboratively across multiple networks and time zones; innovation to facilitate new ways of thinking about money and the role it plays in everyday life and business. Third, we will remain determined to build a culture of meritocracy where talent is recognized and rewarded with opportunity, where each employee has a chance to achieve his/her potential, and where the best do better. Fourth, well continue to make a difference in the communities where we work and live. In November, 50,000 Citi colleagues and friends came together in 550 cities around the world in a single day to repair schools, deliver food, and help people in need. With so many people now feeling pressure, Citi is more devoted than ever to improving society and the environment in the communities where we work through our philanthropy, volunteerism, public policy engagement, and our core business activities.

Every Citi employee is acutely aware of the challenges ahead. We all know people whose economic struggles are unprecedented and overwhelming. It is our commitment to Citis customers, shareholders, and employees to create solutions that mitigate the impact of these difficult times. With the top team in the industry, we will succeed.

( said by vikram Pandit CEO)