Citi Never Sleeps
From a market capitalization perspective, Citigroup ($243 billion in mid-June 2004) is the biggest financial services group in the world. With $1264 billion in assets, the US-based bank is not just a big bank but provides well-diversified financial services ranging from investment banking to insurance in more than 100 countries. According to The Banker, Citigroup earned pre-tax profits of $26.3 billion in 2003, up 15 per cent from previous year.
Despite its spectacular growth and performance, Citigroup has been in the news for its wrongdoings. Given the scale of financial scandals and market manipulations Citigroup have been recently involved, nothing appears more appropriate than its popular…