Word: city
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Dates: during 2000-2009
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...example, has about $850 billion in special purpose entities. That means to reincorporate those assets by the end of this year, Citigroup will have to come up with $42 billion in new capital - money that will have to come from Uncle Sam, which could further dilute the value of Citi's shares...
...time being, Citi's M&A team appears unaffected. Shafir says none of the hundred bankers who work in his division have left the firm on their own. And the firm is expected to rank among the top global M&A advisers when the so-called League Tables that rank investment banks come out for the first quarter of 2009 in the next week...
Shafir says despite the swirl of bad news surrounding Citi and Wall Street in general, he and his bankers have stayed focused. He also notes that last Thursday when the House resolution was passed to impose a special bonus tax on employees of many troubled financial institutions, including Citi, nothing out of the ordinary happened in Citi's offices. He says he hasn't had to spend a lot of time defending the firm, nor has he noticed any government intervention in running his part of the business. "In the last several months I have gotten calls from friends asking...
Shafir joined Citi last October from Lehman Brothers, shortly after that firm went bankrupt. Shafir says he in no way regrets the move, and has no plans to leave Citi anytime soon. "I'm here because I want to be," says Shafir. "I am very proud of this place...
...Lost in the argument about why there was not risk management in place when a bank like Citigroup moved to the brink of collapse was the fact that Citigroup had a committee of its board of directors charged with monitoring the risks taken by the bank. Citi also had an army of risk managers who probably reported to an executive who also ran a part of the company that was taking risks. Of course, it is fair to assume that the bank also had a chief financial officer who had an excellent idea of what Citi had on its balance...