Citigroup Inc. or Citi is an American multinational investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking giant Citicorp and financial conglomerate Travelers Group in 1998; Travelers was subsequently spun off from the company in 2002. Citigroup owns Citicorp, the holding company for Citibank, as well as several international subsidiaries. Citigroup is incorporated in Delaware.
Citibank is the consumer division of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, and later became First National City Bank of New York. The bank has 2,649 branches in 19 countries, including 723 branches in the United States and 1,494 branches in Mexico operated by its subsidiary Banamex. The U.S. branches are concentrated in six metropolitan areas: New York, Chicago, Los Angeles, San Francisco, Washington, D.C., and Miami.
Robert Edward Rubin is an American retired banking executive, lawyer, and former government official. He served as the 70th United States Secretary of the Treasury during the Clinton administration. Before his government service, he spent 26 years at Goldman Sachs, eventually serving as a member of the board and co-chairman from 1990 to 1992.
Nouriel Roubini is an Iranian-American economist. He teaches at New York University's Stern School of Business and is chairman of Roubini Macro Associates LLC, an economic consultancy firm.
Sullivan & Cromwell LLP is an international white-shoe law firm headquartered in New York City. It is recognized as a leader in business law, and is known for its impact on international affairs, such as the financing of the Panama Canal. The firm handles high profile work such as complex mergers and acquisitions, securities litigation, and white-collar defense and government investigations. It is one of the most profitable law firms in the world, with 2020 profits per partner exceeding $5 million.
Henry Merritt "Hank" Paulson Jr. is an American banker who served as the 74th United States secretary of the treasury from 2006 to 2009. Prior to his role in the Department of the Treasury, Paulson was the chairman and chief executive officer (CEO) of Goldman Sachs.
The Museum of American Finance is the United States's only independent public museum dedicated to preserving, exhibiting and teaching about American finance and financial history. Located in the Financial District in Manhattan, New York City, it is an affiliate of the Smithsonian Institution. It is a tax-exempt 501(c)(3) organization chartered by the Board of Regents of the New York State Department of Education. With education at the core of its mission, it is an active national-level advocate on behalf of financial literacy.
Frank J. Aquila is an American corporate lawyer. His practice focuses on mergers and acquisitions and corporate governance matters.
Sheila Colleen Bair is an American civil servant who was the 19th Chair of the U.S. Federal Deposit Insurance Corporation (FDIC), during which time she assumed a prominent role in the government's response to the 2008 financial crisis. She was appointed to the post for a five-year term on June 26, 2006 by George W. Bush through July 8, 2011. She was also the 28th president of Washington College in Chestertown, MD, the first female head of the college in its 234-year history, a position she held from 2015 until her resignation in 2017.
Stuart A. Levey was the first Under Secretary for Terrorism and Financial Intelligence within the United States Department of the Treasury. He was sworn in on July 21, 2004 as a political appointee of President George W. Bush. President Barack Obama asked Levey to remain in his position and Levey was one of only a small number of Senate-confirmed Bush appointees who served in the Obama Administration.
The Emergency Economic Stabilization Act of 2008, often called the "bank bailout of 2008", was proposed by Treasury Secretary Henry Paulson, passed by the 110th United States Congress, and signed into law by President George W. Bush. The act became law as part of Public Law 110-343 on October 3, 2008, in the midst of the financial crisis of 2007–2008. The law created the $700 billion Troubled Asset Relief Program (TARP) to purchase toxic assets from banks. The funds for purchase of distressed assets were mostly redirected to inject capital into banks and other financial institutions while the Treasury continued to examine the usefulness of targeted asset purchases.
Peter J. Wallison is a lawyer and the Arthur F. Burns Fellow in Financial Policy Studies at the American Enterprise Institute. He specializes in financial markets deregulation. He was White House Counsel during the Tower Commission's inquiry into the Iran Contra Affair. He was a dissenting member of the 2010 Financial Crisis Inquiry Commission, frequent commentator in the mass media on the federal takeover of Fannie Mae and Freddie Mac and the financial crisis of 2007–2008 and wrote Hidden in Plain Sight (2015) about the crisis and its legacy.
The Great Recession in the United States was a severe financial crisis combined with a deep recession. While the recession officially lasted from December 2007 to June 2009, it took many years for the economy to recover to pre-crisis levels of employment and output. This slow recovery was due in part to households and financial institutions paying off debts accumulated in the years preceding the crisis along with restrained government spending following initial stimulus efforts. It followed the bursting of the housing bubble, the housing market correction and subprime mortgage crisis.
This article details the history of banking in the United States. Banking in the United States is regulated by both the federal and state governments.
The financial crisis of 2007–2008, or global financial crisis (GFC), was a severe worldwide economic crisis. It was the most serious financial crisis since the Great Depression. Predatory lending targeting low-income homebuyers, excessive risk-taking by global financial institutions, and the bursting of the United States housing bubble culminated in a "perfect storm." Mortgage-backed securities (MBS) tied to American real estate, as well as a vast web of derivatives linked to those MBS, collapsed in value. Financial institutions worldwide suffered severe damage, reaching a climax with the bankruptcy of Lehman Brothers on September 15, 2008, and a subsequent international banking crisis.
Robert "Bob" J. Giuffra Jr. is a prominent American attorney. He is currently a partner and Vice Chair of Sullivan & Cromwell in New York and a member of the firm's Management Committee.
Walter Joseph "Jay" Clayton III is an American attorney who served as the chairman of the U.S. Securities and Exchange Commission from May 4, 2017 until December 23, 2020. He was nominated for the position by President Donald Trump.
Heath Price Tarbert is an American lawyer and former government official who most recently served as the 14th Chairman and a Commissioner of the Commodity Futures Trading Commission (CFTC). Prior to leading the CFTC, he served as Assistant Secretary of the Treasury for International Markets and Development and as acting Under Secretary of the Treasury for International Affairs. As of April 6, 2021, he is the Chief Legal Officer of Citadel Securities.
Thomas A. Russo is an American attorney and former Wall Street executive. He served as vice chairman and chief legal officer of Lehman Brothers Holdings Inc. and as general counsel for American International Group (AIG), two of the companies central to the 2008-2009 global financial crisis.
