Word: city
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Dates: during 2000-2009
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...well she meets her latest challenge: closing the credibility gap at financial-services giant Citigroup, after government inquiries put a cloud over the firm's reputation--and its stock. Krawcheck was hired in October from the independent stock-research firm Sanford C. Bernstein (where she was CEO) to be Citi's designated savior. Citigroup's proud CEO, Sanford Weill, personally wooed her, reorganizing a large chunk of Citi around her. Krawcheck is now CEO of a reconstituted Smith Barney, which encompasses Citi's stock-research and retail-brokerage operations...
Weill made a call on Grubman's behalf and pledged a $1 million donation from Citi to the 92nd Street Y. Linking that support to Grubman's upgrade of AT&T stock is "utter nonsense," Weill says. Yet last week Weill acknowledged for the first time that he had asked Grubman to "take a fresh look" at his neutral rating on AT&T just before Grubman turned bullish and AT&T awarded Citi a nearly $45 million investment-banking job taking public the company's wireless division. Investigators are interested in that link and the possibility that Weill sought Grubman...
Weill, says a longtime friend, has become "horrified and embarrassed" by the mud-spattered image of Citi, which stands accused of unethical and illegal behavior on multiple fronts. Among the alleged transgressions: doling out shares of hot IPO shares to WorldCom executives in a bribelike manner to win banking business, devising complex financing to help Enron conceal debt and having stock analysts hype the shares of companies that were investment-banking clients. While Salomon Smith Barney was making the VIPs rich, another Citi subsidiary was charging consumers high fees and above-market interest rates on loans, according to charges Citi...
...Citi, which denies doing anything illegal, remains under special scrutiny from at least five investigating bodies. Citi negotiators are now leading an effort to settle all matters regarding IPO allocations and analyst conflicts with all regulators and on behalf of all of Wall Street. The Citi team met with Spitzer last week and then had an initial "global" settlement session with the Securities and Exchange Commission (SEC). The National Association of Securities Dealers (NASD) and the New York Stock Exchange are in close contact with the discussions and will be part of any comprehensive deal. People close to those talks...
...accountant of the green-eyeshade era. But in his eight years as a merchant banker at Citibank Trinidad, he helped bring the island into the world of structured finance, which involved complex deals that aided Trinidadian businesses in minimizing their tax liabilities and hedging against swings in interest rates. "Citi had the reputation of being innovative, sailing close to the wind and dominating the capital market," says Richard Young, managing director of Scotiabank, a Canadian institution with a division in Trinidad. Seereeram rose to managing director at Citibank's merchant banking arm, but he left in 1998 after clashing with...