Global 500

1 2 Petrochina China Oil & gas producers 1.2 353,140.1
2 1 Exxon Mobil US Oil & gas producers 68.2 323,717.1
3 4 Microsoft US Software & computer services 30.5 270,635.4
4 3 Indl & Coml Bank of China China Banks 0.8 268,956.2
5 7 Wal-Mart Stores US General retailers 53.5 203,653.6
6 9 China Construction Bank China Banks 0.9 201,436.1
7 13 BHP Billiton Australia/UK Mining 38.8 201,248.0
8 5 HSBC UK Banks 11.5 199,254.9
9 8 Petrobras Brazil Oil & gas producers 23.9 199,107.9
10 16 Apple US Technology hardware & equipment 210.7 189,801.7
11 6 China Mobile Hong Kong Mobile telecommunications 9.4 188,472.8
12 10 Royal Dutch Shell UK Oil & gas producers 30.4 186,618.0
13 17 BP UK Oil & gas producers 9.7 181,805.8
14 15 Johnson & Johnson US Pharmaceuticals & biotechnology 64.4 177,713.5
15 21 Nestle Switzerland Food producers 48.6 177,253.1
16 14 Procter & Gamble US Household goods & home construction 60.6 177,144.6
17 19 IBM US Software & computer services 130.9 171,950.6
18 12 JP Morgan Chase US Banks 41.7 171,052.4
19 18 AT&T US Fixed line telecommunications 28.0 165,404.9
20 11 General Electric US General industrials 15.1 161,096.5
21 33 Sinopec China Oil & gas producers 0.9 159,262.6
22 24 Chevron US Oil & gas producers 77.0 154,462.4
23 23 Bank of China China Banks 0.5 153,957.1
24 20 Berkshire Hathaway US Nonlife insurance 99,200.0 153,624.2
25 27 Total France Oil & gas producers 64.6 151,544.4
26 36 Google US Software & computer services 620.0 150,654.7
27 26 Roche Holding Switzerland Pharmaceuticals & biotechnology 170.1 147,497.0
28 41 Pfizer US Pharmaceuticals & biotechnology 18.2 146,784.7
Page 1Global 500 December 2009
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29 30 Novartis Switzerland Pharmaceuticals & biotechnology 54.7 144,164.5
30 28 Toyota Motor Japan Automobiles & parts 41.7 143,704.8
31 37 Vale Brazil Industrial metals & mining 28.4 143,523.5
32 25 Gazprom Russia Oil & gas producers 6.0 142,985.1
33 31 Wells Fargo & Co US Banks 27.0 137,995.1
34 29 Cisco Systems US Technology hardware & equipment 23.9 137,716.8
35 32 Banco Santander Spain Banks 16.6 136,631.1
36 39 China Life Insurance China Life insurance 4.9 133,462.1
37 35 Coca Cola US Beverages 57.0 132,079.3
38 22 Bank of America US Banks 15.1 130,280.3
39 34 Telefonica Spain Fixed line telecommunications 28.0 127,817.3
40 50 Rio Tinto Australia/UK Mining 54.7 124,297.1
41 46 Oracle US Software & computer services 24.5 122,925.2
42 38 Vodafone Group UK Mobile telecommunications 2.3 122,078.3
43 40 Hewlett-Packard US Technology hardware & equipment 51.5 121,778.3
44 44 Intel US Technology hardware & equipment 20.4 112,648.7
45 133 Merck US Pharmaceuticals & biotechnology 36.5 111,610.4
46 42 Samsung Electronics South Korea Technology hardware & equipment 686.2 111,363.2
47 47 GlaxoSmithKline UK Pharmaceuticals & biotechnology 21.3 110,575.1
48 45 EDF France Electricity 59.6 110,241.6
49 51 Sanofi-Aventis France Pharmaceuticals & biotechnology 79.0 103,993.6
50 49 ENI Italy Oil & gas producers 25.5 102,288.3
51 56 China Shenhua Energy China Mining 4.9 100,764.8
52 48 GDF Suez France Gas, water & multiutilities 43.5 98,209.1
53 52 BNP Paribas France Banks 80.2 94,969.7
54 55 PepsiCo US Beverages 60.8 94,875.0
55 43 Citigroup US Banks 3.3 94,155.2
56 57 Verizon Communications US Fixed line telecommunications 33.1 94,110.6
57 53 Philip Morris International US Tobacco 48.2 91,786.7
58 62 Unilever Netherlands/UK Food producers 32.6 91,449.6
59 61 Itau Unibanco Brazil Banks 22.2 90,038.9
60 63 Rosneft Russia Oil & gas producers 8.3 88,121.4
Page 2Global 500 December 2009
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61 54 Goldman Sachs US Financial services 168.8 86,797.6
62 60 Siemens Germany General industrials 92.1 84,219.0
63 59 E On Germany Gas, water & multiutilities 41.9 83,915.2
64 68 Anheuser-Busch Inbev Belgium Beverages 52.2 83,721.3
65 64 Abbott Laboratories US Pharmaceuticals & biotechnology 54.0 83,508.4
66 70 Statoil Norway Oil & gas producers 25.1 79,925.9
67 69 Schlumberger US Oil equipment & services 65.1 78,157.8
68 66 Qualcomm US Technology hardware & equipment 46.3 77,268.6
69 58 Reliance Industries India Oil & gas producers 23.4 76,939.9
70 65 Royal Bank Canada Canada Banks 53.8 76,429.3
71 75 ConocoPhillips US Oil & gas producers 51.1 75,772.3
72 73 Commonwealth Bank of Australia Australia Banks 49.3 75,682.1
73 98 ArcelorMittal Netherlands Industrial metals & mining 46.2 72,065.9
74 91 CNOOC Hong Kong Oil & gas producers 1.6 70,281.0
75 86 Mitsubishi UFJ Financial Japan Banks 4.9 68,694.1
76 77 BBV Argentaria Spain Banks 18.3 68,452.4
77 82 AstraZeneca UK Pharmaceuticals & biotechnology 47.0 68,150.8
78 74 Westpac Banking Australia Banks 22.8 67,648.2
79 88 McDonald's US Travel & leisure 62.4 67,384.4
80 96 L'Oreal France Personal goods 111.9 66,970.6
81 84 Saudi Basic Industries Saudi Arabia Chemicals 22.0 66,586.6
82 100 Bayer Germany Chemicals 80.3 66,392.7
83 71 France Telecom France Fixed line telecommunications 25.0 66,233.4
84 85 Occidental Petroleum US Oil & gas producers 81.4 66,029.1
85 99 United Technologies US Aerospace & defence 69.4 65,074.6
86 87 British American Tobacco UK Tobacco 32.6 65,009.7
87 95 Deutsche Telekom Germany Mobile telecommunications 14.8 64,387.0
88 92 Bank of Communications China Banks 1.2 62,312.7
89 141 Sberbank of Russia Russia Banks 2.8 61,845.3
90 67 Nippon Telegraph & Telephone Japan Fixed line telecommunications 39.2 61,716.9
91 102 Honda Motor Japan Automobiles & parts 33.4 61,295.6
92 72 NTT DoCoMo Japan Mobile telecommunications 1,392.1 61,183.9
Page 3Global 500 December 2009
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93 97 BG Group UK Oil & gas producers 18.1 61,099.5
94 105 Ping An Insurance China Life insurance 8.8 61,061.7
95 120 Walt Disney US Media 32.3 60,146.6
96 78 Credit Suisse Group Switzerland Banks 49.5 58,682.4
97 118 3M US General industrials 82.7 58,526.9
98 107 Bradesco Brazil Banks 20.9 58,440.6
99 155 Amazon.Com US General retailers 134.5 58,244.8
100 93 SAP Germany Software & computer services 47.3 58,038.2
101 147 Anglo American UK Mining 43.8 57,634.2
102 125 Basf Germany Chemicals 62.4 57,269.6
103 89 Amgen US Pharmaceuticals & biotechnology 56.6 57,256.6
104 103 Allianz Germany Nonlife insurance 125.0 56,753.5
105 106 Intesa Sanpaolo Italy Banks 4.5 56,688.5
106 113 Daimler Germany Automobiles & parts 53.4 56,670.8
107 79 Unicredit Italy Banks 3.4 56,410.9
108 130 Ambev Brazil Beverages 100.1 56,394.3
109 111 Canon Japan Technology hardware & equipment 42.0 56,018.1
110 110 Suncor Energy Canada Oil & gas producers 35.5 55,350.5
111 81 UBS Switzerland Banks 15.5 55,244.4
112 123 LVMH France Personal goods 112.5 55,120.6
113 121 Tesco UK Food & drug retailers 6.9 54,928.4
114 94 Enel Italy Electricity 5.8 54,605.3
115 116 RWE Germany Gas, water & multiutilities 97.5 54,519.0
116 104 Axa France Nonlife insurance 23.7 54,340.0
117 114 Oil & Natural Gas India Oil & gas producers 25.3 54,123.2
118 108 Toronto-Dominion Bank Canada Banks 62.9 54,107.1
119 143 Xstrata UK Mining 18.1 53,203.3
120 Santander Brasil Brazil Banks 13.7 52,803.3
121 115 Taiwan Semiconductor Manufacturing Taiwan Technology hardware & equipment 2.0 52,232.7
122 138 Lloyds Banking Group UK Banks 0.8 52,203.7
123 101 National Australia Bank Australia Banks 24.6 52,203.2
124 112 ANZ Banking Australia Banks 20.6 52,119.3
Page 4Global 500 December 2009
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125 135 Teva Pharmaceutical Israel Pharmaceuticals & biotechnology 56.3 52,013.9
126 124 Societe Generale France Banks 70.2 51,956.0
127 122 Standard Chartered UK Banks 25.4 51,451.8
128 80 Barclays UK Banks 4.5 50,861.1
129 148 China Merchants Bank China Banks 2.6 50,482.7
130 119 Iberdrola Spain Electricity 9.6 50,262.3
131 137 Home Depot US General retailers 28.9 49,192.8
132 150 Alcon US Health care equipment & services 164.4 49,082.8
133 152 Medtronic US Health care equipment & services 44.0 48,582.5
134 136 AMX Mexico Mobile telecommunications 2.4 48,501.3
135 154 American Express US Financial services 40.5 48,185.1
136 132 Bank of Nova Scotia Canada Banks 47.0 48,120.2
137 109 Nokia Finland Technology hardware & equipment 12.8 47,926.6
138 134 Lukoil Russia Oil & gas producers 55.9 47,531.7
139 128 Comcast US Media 16.9 47,305.0
140 165 SabMiller UK Beverages 29.5 46,446.8
141 176 Posco South Korea Industrial metals & mining 530.7 46,271.0
142 117 CVS Caremark US Food & drug retailers 32.2 45,433.6
143 131 ABB Switzerland Industrial engineering 19.3 44,814.6
144 144 Monsanto US Food producers 81.8 44,579.2
145 129 Deutsche Bank Germany Banks 70.9 44,021.1
146 161 Diageo UK Beverages 17.5 43,828.0
147 240 Blackrock US Financial services 232.2 43,824.3
148 139 Banco Brasil Brazil Banks 17.0 43,755.9
149 140 Bristol Myers Squibb US Pharmaceuticals & biotechnology 25.3 43,220.3
150 149 US Bancorp US Banks 22.5 43,048.6
151 220 China Citic Bank China Banks 0.9 42,708.4
152 90 Volkswagen Germany Automobiles & parts 110.5 42,506.6
153 156 Generali Italy Nonlife insurance 27.0 42,037.4
154 188 Mitsubishi Japan Support services 24.8 41,998.8
155 173 NTPC India Electricity 5.1 41,763.3
156 153 Nordea Bank Sweden Banks 10.2 41,147.9
Page 5Global 500 December 2009
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157 126 Credit Agricole France Banks 17.7 41,133.2
158 166 Eli Lilly US Pharmaceuticals & biotechnology 35.7 41,031.6
159 163 Colgate-Palmolive US Personal goods 82.2 40,844.2
160 170 Altria Group US Tobacco 19.6 40,677.5
161 151 Hennes & Mauritz Sweden General retailers 55.7 40,648.8
162 187 Hon Hai Precision Industry Taiwan Electronic & electrical equipment 4.7 40,634.9
163 157 United Parcel Service US Industrial transportation 57.4 40,516.2
164 207 Visa US Financial services 87.5 40,242.7
165 146 Morgan Stanley US Financial services 29.6 40,239.2
166 160 Kraft Foods US Food producers 27.2 40,113.2
167 159 Danone France Food producers 61.4 39,756.8
168 231 Tencent Holdings Hong Kong Software & computer services 21.7 39,525.4
169 216 Nissan Motor Japan Automobiles & parts 8.7 39,333.7
170 158 Boeing US Aerospace & defence 54.1 39,330.8
171 174 Canadian Natural Resources Canada Oil & gas producers 72.5 39,314.3
172 184 Reckitt Benckiser UK Household goods & home construction 54.2 39,015.9
173 145 Gilead Sciences US Pharmaceuticals & biotechnology 43.3 38,939.7
174 169 Barrick Gold Canada Mining 39.6 38,881.4
175 179 Inditex Spain General retailers 62.3 38,803.7
176 167 Sun Hung Kai Properties Hong Kong Real estate investment & services 15.0 38,461.3
177 177 Telstra Australia Fixed line telecommunications 3.1 38,383.4
178 171 ING Netherlands Life insurance 9.9 37,921.2
179 162 Research In Motion Canada Technology hardware & equipment 67.8 37,732.6
180 238 Walmex Mexico General retailers 4.5 37,663.4
181 198 News Corp US Media 13.7 37,648.7
182 164 Vivendi France Media 29.8 36,661.6
183 182 Target US General retailers 48.4 36,389.4
184 168 Walgreen US Food & drug retailers 36.7 36,271.5
185 186 EMC US Technology hardware & equipment 17.5 35,635.7
186 206 Caterpillar US Industrial engineering 57.0 35,489.2
187 239 Unitedhealth US Health care equipment & services 30.5 35,418.3
188 190 Baxter International US Health care equipment & services 58.7 35,375.9
Page 6Global 500 December 2009
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189 194 Surgutneftegas Russia Oil & gas producers 0.9 35,316.5
190 172 Singapore Telecom Singapore Fixed line telecommunications 2.2 35,287.9
191 175 Panasonic Japan Leisure goods 14.2 34,913.7
192 212 Apache US Oil & gas producers 103.2 34,683.1
193 247 Freeport-McMoran Copper & Gold US Industrial metals & mining 80.3 34,514.9
194 210 Lowe's Companies US General retailers 23.4 34,430.9
195 191 Time Warner US Media 29.1 34,023.2
196 204 Carrefour France Food & drug retailers 48.1 33,940.3
197 180 Tokyo Electric Power Japan Electricity 25.1 33,932.4
198 178 Nintendo Japan Leisure goods 238.4 33,768.0
199 185 Bank of New York Mellon US Financial services 28.0 33,682.7
200 189 Japan Tobacco Japan Tobacco 3,362.2 33,621.5
201 257 Burlington Northern Santa Fe US Industrial transportation 98.6 33,573.7
202 202 Imperial Oil Canada Oil & gas producers 38.8 32,873.5
203 203 Novo Nordisk Denmark Pharmaceuticals & biotechnology 64.0 32,808.8
204 195 Repsol YPF Spain Oil & gas producers 26.9 32,798.5
205 224 Texas Instruments US Technology hardware & equipment 26.1 32,649.9
206 225 Devon Energy US Oil & gas producers 73.5 32,641.4
207 233 TeliaSonera Sweden Mobile telecommunications 7.3 32,608.9
208 258 Wesfarmers Australia General retailers 28.1 32,530.4
209 197 Takeda Pharmaceutical Japan Pharmaceuticals & biotechnology 41.1 32,487.4
210 315 Ford Motor US Automobiles & parts 10.0 32,362.5
211 192 Manulife Financial Canada Life insurance 18.4 32,348.3
212 China Pacific Insurance China Life insurance 4.0 32,341.9
213 183 Zurich Financial Services Switzerland Nonlife insurance 219.1 32,296.3
214 261 Potash Corporation of Saskatchewan Canada Chemicals 109.1 32,291.1
215 232 Union Pacific US Industrial transportation 63.9 32,240.7
216 200 Exelon US Electricity 48.9 32,223.8
217 235 Imperial Tobacco UK Tobacco 31.7 32,172.1
218 255 Infosys Technologies India Software & computer services 56.0 32,096.7
219 219 Emerson Electric US Electronic & electrical equipment 42.6 32,047.0
220 259 DirecTV US Media 33.4 31,911.2
Page 7Global 500 December 2009
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221 201 Woodside Petroleum Australia Oil & gas producers 42.4 31,777.0
222 284 Ogx Petroleo Brazil Oil & gas producers 9.8 31,704.5
223 227 Dow Chemical US Chemicals 27.6 31,601.2
224 276 Tata Consultancy Services India Software & computer services 16.1 31,533.8
225 222 Air Liquide France Chemicals 119.1 31,479.1
226 193 China Unicom (Hong Kong) Hong Kong Mobile telecommunications 1.3 31,237.6
227 205 Woolworths Australia Food & drug retailers 25.2 31,224.5
228 262 Itausa Brazil Financial services 6.8 31,165.1
229 242 State Bank of India India Banks 48.8 30,962.2
230 208 Munich Re Germany Nonlife insurance 155.9 30,776.8
231 289 Citic Securities China Financial services 4.7 30,738.8
232 265 Schneider Electric France Electronic & electrical equipment 117.3 30,733.0
233 214 Anadarko Petroleum US Oil & gas producers 62.4 30,680.1
234 266 Medco Health Solutions US Health care equipment & services 63.9 30,470.0
235 229 A P Moller - Maersk Denmark Industrial transportation 7,057.1 30,469.4
236 241 E I Du Pont de Nemours US Chemicals 33.7 30,428.6
237 217 Ebay US General retailers 23.5 30,423.4
238 199 Ericsson Sweden Technology hardware & equipment 9.2 30,178.7
239 295 Corning US Technology hardware & equipment 19.3 30,048.2
240 234 Cheung Kong Holdings Hong Kong Real estate investment & services 12.9 29,959.9
241 250 Honeywell International US General industrials 39.2 29,911.3
242 283 Industrial Bank China Banks 5.9 29,522.4
243 237 Vinci (Ex Sge) France Construction & materials 56.6 29,473.9
244 230 MTN Group South Africa Mobile telecommunications 16.0 29,468.6
245 253 Bank of Montreal Canada Banks 53.3 29,391.8
246 213 Hutchison Whampoa Hong Kong General industrials 6.9 29,360.6
247 244 Wilmar International Singapore Food producers 4.6 29,265.9
248 215 BMW Germany Automobiles & parts 45.6 29,191.2
249 209 Metlife US Life insurance 35.4 28,944.2
250 236 Goldcorp Canada Mining 39.4 28,924.4
251 181 Sumitomo Mitsui Financial Japan Banks 28.4 28,915.0
252 300 Philips Electronics Netherlands Leisure goods 29.7 28,851.3
Page 8Global 500 December 2009
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253 228 Sony Japan Leisure goods 28.7 28,810.4
254 221 Lockheed Martin US Aerospace & defence 75.4 28,692.0
255 223 Al Rajhi Bank Saudi Arabia Banks 19.0 28,294.3
256 254 Hang Seng Bank Hong Kong Banks 14.8 28,280.4
257 326 Mastercard US Financial services 256.0 28,099.9
258 226 Dell US Technology hardware & equipment 14.4 28,097.6
259 272 Shanghai Pudong Development Bank China Banks 3.2 28,053.8
260 264 Saint Gobain France Construction & materials 54.6 28,015.9
261 267 Southern Copper US Industrial metals & mining 32.9 27,973.5
262 252 KPN Netherlands Fixed line telecommunications 17.0 27,669.4
263 211 Telecom Italia Italy Fixed line telecommunications 1.6 27,570.1
264 281 Nippon Steel Japan Industrial metals & mining 4.0 27,419.5
265 249 Travelers Cos. US Nonlife insurance 49.9 27,242.2
266 431 Nomura Japan Financial services 7.3 27,205.8
267 218 Mizuho Financial Group Japan Banks 1.8 27,143.7
268 248 Carnival US/UK Travel & leisure 31.7 27,141.6
269 286 Halliburton US Oil equipment & services 30.1 27,139.0
270 290 XTO Energy US Oil & gas producers 46.5 27,003.1
271 297 National Grid UK Gas, water & multiutilities 11.0 26,982.3
272 251 Thomson Reuters Canada Media 32.4 26,860.3
273 196 Bharti Airtel India Mobile telecommunications 7.1 26,827.9
274 319 Wellpoint US Health care equipment & services 58.3 26,717.0
275 292 Norilsk Nickel Russia Industrial metals & mining 140.0 26,695.0
276 275 Southern US Electricity 33.3 26,663.0
277 331 Syngenta Switzerland Chemicals 281.2 26,603.1
278 256 Transocean US Oil equipment & services 82.8 26,590.8
279 127 Royal Bank of Scotland UK Banks 0.5 26,580.2
280 336 Mosaic US Chemicals 59.7 26,576.2
281 287 Kimberly-Clark US Personal goods 63.7 26,463.8
282 268 Denso Japan Automobiles & parts 29.9 26,400.0
283 282 General Dynamics US Aerospace & defence 68.2 26,300.1
284 311 Accenture US Support services 41.5 26,245.6
Page 9Global 500 December 2009
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285 288 Prudential UK Life insurance 10.3 26,168.0
286 301 Fedex US Industrial transportation 83.5 26,112.8
287 246 Westfield Group Australia Real Estate Investment Trusts 11.3 26,026.3
288 285 Costco Wholesale US General retailers 59.2 25,994.9
289 274 Nike US Personal goods 66.1 25,880.2
290 296 Sasol South Africa Oil & gas producers 40.5 25,837.0
291 291 Mitsui Japan Support services 14.1 25,758.8
292 309 Canadian National Railway Canada Industrial transportation 54.7 25,748.3
293 350 China Coal Energy China Mining 1.8 25,746.4
294 387 China Minsheng Banking China Banks 1.1 25,676.6
295 346 Anglo Platinum South Africa Mining 107.6 25,639.4
296 270 Celgene US Pharmaceuticals & biotechnology 55.7 25,590.6
297 321 Holcim Switzerland Construction & materials 77.9 25,471.6
298 345 Tenaris Argentina Industrial metals & mining 21.5 25,439.8
299 299 Bharat Heavy Electronics India Industrial engineering 51.7 25,310.7
300 245 CEZ Czech Republic Electricity 47.0 25,256.7
301 294 Softbank Japan Mobile telecommunications 23.3 25,232.2
302 243 East Japan Railway Japan Travel & leisure 63.1 25,221.5
303 334 DBS Group Holdings Singapore Banks 11.0 25,036.0
304 304 CIBC Canada Banks 65.0 24,966.0
305 342 Eog Resources US Oil & gas producers 97.3 24,869.6
306 277 Praxair US Chemicals 80.3 24,839.3
307 446 Baoshan Iron & Steel China Industrial metals & mining 1.4 24,778.9
308 324 Aluminum Corp.of China China Industrial metals & mining 1.1 24,654.9
309 279 Formosa Petrochemical Taiwan Oil & gas producers 2.6 24,540.8
310 142 Encana Canada Oil & gas producers 32.5 24,411.2
311 293 Husky Energy Canada Oil & gas producers 28.7 24,384.5
312 320 PNC Financial Services US Banks 52.8 24,351.5
313 263 Shin-Etsu Chemical Japan Chemicals 56.2 24,275.4
314 308 Siderurgica Nacional Brazil Industrial metals & mining 32.1 24,260.1
315 302 Great West Lifeco Canada Life insurance 25.6 24,222.4
316 313 Fortum Finland Electricity 27.2 24,178.2
Page 10Global 500 December 2009
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317 333 Danaher US Electronic & electrical equipment 75.2 24,156.9
318 306 Franklin Resources US Financial services 105.4 24,151.5
319 340 JFE Holdings Japan Industrial metals & mining 39.2 24,090.4
320 330 Covidien US Health care equipment & services 47.9 24,062.4
321 337 Illinois Tool Works US Industrial engineering 48.0 24,038.7
322 305 Boc Hong Kong Hong Kong Banks 2.3 23,997.8
323 VTB Bank Russia Banks 0.0 23,948.4
324 271 Lafarge France Construction & materials 82.9 23,758.2
325 273 KDDI Japan Mobile telecommunications 5,295.7 23,750.1
326 338 Express Scripts US Health care equipment & services 86.4 23,741.3
327 339 Transcanada Canada Oil equipment & services 34.5 23,606.5
328 335 QBE Insurance Group Australia Nonlife insurance 23.0 23,591.0
329 260 Saudi Telecom Saudi Arabia Fixed line telecommunications 11.8 23,568.6
330 278 Yahoo US Software & computer services 16.8 23,509.7
331 316 Deutsche Post Germany Industrial transportation 19.3 23,391.0
332 318 Heineken Netherlands Beverages 47.7 23,384.4
333 343 General Mills US Food producers 70.8 23,334.5
334 351 Centrica UK Gas, water & multiutilities 4.5 23,290.4
335 378 Telenor Norway Mobile telecommunications 14.0 23,260.6
336 322 Toshiba Japan General industrials 5.5 23,260.2
337 353 Dominion Resources US Electricity 38.9 23,244.6
338 341 Newmont Mining US Mining 47.3 23,189.9
339 435 Eletrobras Brazil Electricity 20.9 23,000.8
340 310 Prudential Financial US Life insurance 49.8 22,989.1
341 348 Hyundai Motor South Korea Automobiles & parts 103.9 22,888.8
342 398 Deere US Industrial engineering 54.1 22,860.5
343 354 Pernod-Ricard France Beverages 86.0 22,681.2
344 370 Simon Property Group US Real Estate Investment Trusts 79.8 22,639.9
345 312 Kweichow Moutai China Beverages 24.9 22,633.4
346 356 Duke Energy US Gas, water & multiutilities 17.2 22,452.3
347 355 CME Group US Financial services 336.0 22,347.7
348 332 Fanuc Japan Industrial engineering 92.7 22,202.6
Page 11Global 500 December 2009
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2009 Company Country Sector Price ($)
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349 317 Marathon Oil US Oil & gas producers 31.2 22,098.9
350 327 Mitsubishi Estate Japan Real estate investment & services 15.9 22,074.3
351 298 Emirates Telecom. UAE Fixed line telecommunications 3.0 22,013.4
352 418 Gerdau Brazil Industrial metals & mining 12.7 21,939.1
353 323 Charles Schwab US Financial services 18.8 21,871.3
354 303 Tokio Marine Holdings Japan Nonlife insurance 27.2 21,864.2
355 314 FPL Group US Electricity 52.8 21,833.0
356 352 Larsen & Toubro India Construction & materials 36.1 21,663.2
357 360 Aflac US Life insurance 46.3 21,640.3
358 366 Automatic Data Processing US Support services 42.8 21,608.3
359 361 Standard Bank South Africa Banks 13.9 21,584.4
360 269 State Street US Financial services 43.5 21,537.7
361 389 Wipro India Software & computer services 14.6 21,420.7
362 399 United Overseas Bank Singapore Banks 14.0 21,386.8
363 Steel Authority Of India India Industrial metals & mining 5.2 21,359.8
364 307 Kansai Electric Power Japan Electricity 22.6 21,347.1
365 382 BCE Canada Fixed line telecommunications 27.7 21,221.5
366 411 Oversea-Chinese Bkg. Singapore Banks 6.5 21,033.6
367 347 ICICI Bank India Banks 18.8 20,965.8
368 439 Henkel Germany Household goods & home construction 44.7 20,922.6
369 358 Power Financial Canada Life insurance 29.7 20,922.1
370 325 PTT Thailand Oil & gas producers 7.4 20,909.1
371 384 Komatsu Japan Industrial engineering 20.8 20,748.4
372 460 Teck Resources Canada Industrial metals & mining 35.1 20,689.7
373 365 Bae Systems UK Aerospace & defence 5.8 20,554.7
374 395 ITC India Tobacco 5.4 20,458.9
375 394 Linde Germany Chemicals 120.7 20,344.7
376 344 Alstom France Industrial engineering 70.4 20,343.8
377 403 Telekomunikasi Indonesia Indonesia Fixed line telecommunications 1.0 20,278.0
378 383 Kellogg US Food producers 53.2 20,185.4
379 349 Iberdrola Renovables Spain Electricity 4.8 20,120.3
380 390 Unibail-Rodamco France Real Estate Investment Trusts 220.5 20,118.5
Page 12Global 500 December 2009
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381 385 Archer Daniels Midland US Food producers 31.3 20,112.1
382 401 Stryker US Health care equipment & services 50.4 20,034.1
383 357 Gas Natural SDG Spain Gas, water & multiutilities 21.6 19,949.3
384 Fast Retailing Japan General retailers 187.7 19,905.5
385 376 Chunghwa Telecom Taiwan Fixed line telecommunications 1.9 19,842.3
386 388 Swisscom Switzerland Fixed line telecommunications 382.7 19,824.4
387 362 KB Financial Group South Korea Banks 51.3 19,807.4
388 363 MTR Hong Kong Travel & leisure 3.5 19,796.6
389 423 Hess US Oil & gas producers 60.5 19,787.8
390 386 Raytheon US Aerospace & defence 51.5 19,743.3
391 407 Christian Dior France Personal goods 103.0 19,562.3
392 444 Copec Chile Oil & gas producers 15.0 19,534.6
393 412 ThyssenKrupp Germany General industrials 37.9 19,487.0
394 409 Thermo Fisher Scientific US Health care equipment & services 47.7 19,472.5
395 391 Metro Germany General retailers 61.5 19,436.6
396 371 Hong Kong Exchanges & Clearing Hong Kong Financial services 18.0 19,347.4
397 470 Norfolk Southern US Industrial transportation 52.4 19,285.0
398 429 Adobe Systems US Software & computer services 36.8 19,263.9
399 375 Jardine Matheson Singapore General industrials 30.2 19,256.7
400 425 Allergan US Pharmaceuticals & biotechnology 63.0 19,151.4
401 413 Talisman Energy Canada Oil & gas producers 18.8 19,136.9
402 400 China Railway Group China Construction & materials 0.8 19,050.4
403 453 CSX US Industrial transportation 48.5 19,035.2
404 377 CRH Ireland Construction & materials 27.3 19,034.8
405 402 Eurasian Natural Resources UK Mining 14.8 19,027.6
406 397 Mediatek Taiwan Technology hardware & equipment 17.5 19,017.8
407 Cenovus Energy Canada Oil & gas producers 25.3 18,990.3
408 434 Reed Elsevier Netherlands/UK Media 8.3 18,949.9
409 427 Akbank Turkey Banks 6.3 18,913.5
410 420 Rogers Communications Canada Mobile telecommunications 31.2 18,864.7
411 372 Korea Electric Power South Korea Electricity 29.3 18,787.4
412 447 China Cosco China Industrial transportation 1.2 18,724.7
Page 13Global 500 December 2009
Global rank
December
2009
Global Rank
September
2009 Company Country Sector Price ($)
Market
value ($m)
413 440 Zijin Mining Group China Mining 1.0 18,709.9
414 443 Becton Dickinson US Health care equipment & services 78.9 18,684.1
415 408 Applied Materials US Technology hardware & equipment 13.9 18,592.0
416 379 Chubu Electric Power Japan Electricity 23.9 18,576.6
417 424 Bouygues France Construction & materials 52.3 18,495.4
418 328 Seven & I Holding Japan General retailers 20.4 18,470.6
419 404 National Oilwell Varco US Oil equipment & services 44.1 18,444.5
420 493 Johnson Controls US Automobiles & parts 27.2 18,286.6
421 373 Volvo Sweden Industrial engineering 8.6 18,275.2
422 Novolipetsk Steel Russia Industrial metals & mining 3.0 18,157.5
423 438 Viacom US Media 29.7 18,138.8
424 461 Cathay Financial Taiwan Life insurance 1.9 18,050.7
425 367 Motorola US Technology hardware & equipment 7.8 17,932.9
426 442 Swiss Re Switzerland Nonlife insurance 48.3 17,898.1
427 Grupo Mexico Mexico Industrial metals & mining 2.3 17,895.1
428 469 Svenska Handelsbanken Sweden Banks 28.6 17,827.4
429 441 Staples US General retailers 24.6 17,800.6
430 473 TKI Garanti Bankasi Turkey Banks 4.2 17,792.7
431 428 Snam Rete Gas Italy Gas, water & multiutilities 5.0 17,776.9
432 368 Aviva UK Life insurance 6.4 17,776.8
433 359 Inpex Japan Oil & gas producers 7,529.9 17,758.6
434 488 DnB Nor Norway Banks 10.9 17,692.7
435 369 Astellas Pharma Japan Pharmaceuticals & biotechnology 37.2 17,689.8
436 419 Cadbury UK Food producers 12.9 17,685.3
437 487 Fiat Italy Automobiles & parts 14.7 17,673.3
438 380 Shinhan Financial Group South Korea Banks 37.1 17,592.0
439 436 Swire Pacific Hong Kong General industrials 12.1 17,544.7
440 Richemont Switzerland Personal goods 33.6 17,537.7
441 449 Northrop Grumman US Aerospace & defence 55.9 17,523.0
442 494 Atlas Copco Sweden Industrial engineering 14.8 17,486.4
443 Enbridge Canada Oil equipment & services 46.4 17,475.8
444 416 BB&T US Banks 25.4 17,444.8
Page 14Global 500 December 2009
Global rank
December
2009
Global Rank
September
2009 Company Country Sector Price ($)
Market
value ($m)
445 Impala Platinum South Africa Mining 27.6 17,410.2
446 364 Yahoo Japan Japan Software & computer services 299.1 17,378.5
447 American Tower US Technology hardware & equipment 43.2 17,346.7
448 430 Scottish & Southern Energy UK Electricity 18.8 17,305.8
449 414 China Overseas Land & Inv Hong Kong Real estate investment & services 2.1 17,277.6
450 Capital One Financial US Financial services 38.3 17,238.0
451 457 Air Products & Chemicals US Chemicals 81.1 17,187.9
452 Industries Qatar Qatar General industrials 31.4 17,142.6
453 492 Starbucks US Travel & leisure 23.1 17,069.0
454 415 CSL Australia Pharmaceuticals & biotechnology 29.2 17,060.6
455 451 China Vanke China Real estate investment & services 1.3 16,977.9
456 405 Ace US Nonlife insurance 50.4 16,955.5
457 Tullow Oil UK Oil & gas producers 21.1 16,949.9
458 454 Tyco International US General industrials 35.7 16,936.3
459 462 BT Group UK Fixed line telecommunications 2.2 16,900.6
460 468 Public Service Enterprise US Electricity 33.3 16,823.8
461 Angang Steel China Industrial metals & mining 2.2 16,808.3
462 417 Chubb US Nonlife insurance 49.2 16,798.5
463 410 Kyocera Japan Electronic & electrical equipment 87.8 16,789.2
464 396 Chesapeake Energy US Oil & gas producers 25.9 16,762.7
465 471 McKesson US Food & drug retailers 62.5 16,748.9
466 ICL Israel Chemicals 13.2 16,708.4
467 Southwestern Energy US Oil & gas producers 48.2 16,643.2
468 HDFC Bank India Banks 36.5 16,634.4
469 American Electric Power US Electricity 34.8 16,617.7
470 Beiersdorf Germany Personal goods 65.9 16,605.9
471 PG & E US Electricity 44.7 16,563.4
472 Waste Management US Support services 33.8 16,555.1
473 Sysco US Food & drug retailers 27.9 16,536.0
474 426 Kohl's US General retailers 53.9 16,535.0
475 Naspers South Africa Media 40.7 16,533.7
476 393 EADS France Aerospace & defence 20.2 16,491.8
Page 15Global 500 December 2009
Global rank
December
2009
Global Rank
September
2009 Company Country Sector Price ($)
Market
value ($m)
477 450 Housing Development Finance India Financial services 57.5 16,449.5
478 481 Best Buy US General retailers 39.5 16,436.6
479 448 Hong Kong and China Gas Hong Kong Gas, water & multiutilities 2.5 16,420.1
480 477 China Railway Construction China Construction & materials 1.3 16,402.0
481 381 Veolia Environnement France Gas, water & multiutilities 33.2 16,376.5
482 491 Hang Lung Properties Hong Kong Real estate investment & services 3.9 16,366.2
483 475 Yum! Brands US Travel & leisure 35.0 16,355.5
484 Femsa Mexico Beverages 4.8 16,340.7
485 455 CLP Holdings Hong Kong Electricity 6.8 16,275.6
486 421 Sun Life Financial Canada Life insurance 28.9 16,230.6
487 467 Deutsche Boerse Germany Financial services 83.2 16,226.6
488 Henderson Land Development Hong Kong Real estate investment & services 7.5 16,168.2
489 452 Allstate US Nonlife insurance 30.0 16,115.8
490 437 Indian Oil India Oil & gas producers 6.6 15,981.1
491 445 Acs Activades Cons y Serv Spain Construction & materials 49.9 15,913.8
492 463 British Sky Broadcasting UK Media 9.1 15,907.8
493 392 Danske Bank Denmark Banks 22.8 15,899.5
494 433 Criteria Caixacorp Spain Financial services 4.7 15,897.6
495 Wharf Holdings Hong Kong General industrials 5.8 15,893.0
496 466 Abertis Infraestructuras Spain Industrial transportation 22.6 15,874.3
497 Ahold Netherlands Food & drug retailers 13.3 15,834.7
498 456 Mitsubishi Electric Japan Industrial engineering 7.4 15,799.2
499 Antofagasta UK Mining 16.0 15,792.7
500 329 National Bank of Greece Greece Banks 26.0 15,763.3

Citigroup

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Citigroup Inc. (NYSE: C) or Citi is an American multinational financial services corporation headquartered in Manhattan, New York City, New York, United States. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate Travelers Group on April 7, 1998.[3]
Citigroup Inc. has the world's largest financial services network in the world, spanning 140 countries with approximately 16,000 offices worldwide. The company currently employs approximately 260,000 staff around the world, which is down from 267,150 in 2010 according to Forbes.[4][5] It also holds over 200 million customer accounts in more than 140 countries. It is a primary dealer in US Treasury securities.[6] According to Forbes, at its height Citigroup used to be the largest company and bank in the world by total assets with 357,000 employees until the global financial crisis of 2008.[7] Today it is ranked 24th in terms of assets size compared to HSBC which now ranks as the largest company and bank by assets in the world as of 2011.[8]
Citigroup suffered huge losses during the global financial crisis of 2008 and was rescued in November 2008 in a massive stimulus package by the U.S. government.[9] Its largest shareholders include funds from the Middle East and Singapore.[10] According to the NYTimes, on February 23, 2009, Citigroup announced that the United States government would take a 36% equity stake in the company by converting $25 billion in emergency aid into common shares with a US Treasury credit line of $45 billion to prevent the bankruptcy of the largest bank in the world at the time. The government would also guarantee losses on more than $300 billion troubled assets and inject $20 billion immediately into the company. In exchange, the salary of the CEO is $1 per year and the highest salary of employees is restricted to $500,000 in cash and any amount above $500,000 must be paid with restricted stock that cannot be sold until the emergency government aid is repaid in full. The US government also gains control of half the seats in the Board of Directors, and the senior management is subjected to removal by the US government if there is poor performance. By December 2009, the US government stake was reduced to 27% majority stake from a 36% majority stake after Citigroup sold $21 billion of common shares and equity in the largest single share sale in US history, surpassing Bank of America's $19 billion share sale one month prior. Eventually by December 2010, Citigroup repaid the emergency aid in full and the US government received an additional $12 billion profit in selling its shares.[11][12][13][14][15] US Government restrictions on pay and oversight of the senior management are removed after the US government sold its remaining 27% stake as of December 2010. According to the WSJ, the government aid was provided to prevent a world-wide chaos and panic by the potential collapse of its Global Transactions Services division, which transports more than $3 trillion around the world each day for most of the Fortune 500 companies and over 80 national governments and 60 central banks around the world. According to the article, Mr. Pandit said if Citigroup was allowed to unravel into bankruptcy, "100 governments around the world would be trying to figure out how to pay their employees."[16][17][18][19][20]
Despite huge losses during the global financial crisis, Citigroup Inc. built up a enormous cash pile in the wake of the financial crisis with $247.6 billion in cash as of Q1 2011.[21] This was a result of selling its special assets placed in Citi Holdings, which were guaranteed from losses by the US Treasury while under federal majority ownership. Additionally, according to the Washington Post a special IRS tax exception given to Citi to allow the US Treasury to sell its shares at a profit while it still owned Citigroup shares, which eventually net $12 billion dollars. According to Treasury spokeswoman Nayyera Haq, "This (IRS tax) rule was designed to stop corporate raiders from using loss corporations to evade taxes, and was never intended to address the unprecedented situation where the government owned shares in banks. And it was certainly not written to prevent the government from selling its shares for a profit."[22]
Citigroup is one of the Big Four banks in the United States, along with Bank of America, JP Morgan Chase and Wells Fargo.[23][24][25][26][27][28][29]
Contents [hide]
1 History
1.1 Citicorp
1.2 Travelers Group
1.3 Citicorp and Travelers merger
1.4 Travelers spin off
1.5 Subprime mortgage crisis
1.6 Federal assistance
1.7 Return to profitability, non-governmental shareholder ownership
2 Organization
2.1 Citicorp
2.2 Citi Holdings
3 Divisions
3.1 Global Consumer Group
3.2 Global Wealth Management
3.3 Citi Institutional Clients Group
4 Brands
4.1 Citi
4.2 Citibank
4.3 One Main Financial
4.4 CitiMortgage
4.5 Citi Capital Advisors
4.6 Citi Cards
4.7 Citi Private Bank
4.8 Citi Institutional Clients Group
4.9 Citi Investment Research
4.10 Citi Microfinance
4.11 Banamex
4.12 Woman & Co.
5 Real estate
6 Criticism
6.1 Raul Salinas and alleged money laundering
6.2 Conflicts of interest on investment research
6.3 Plutonomy memo
6.4 Enron, WorldCom and Global Crossing bankruptcies
6.5 Citigroup proprietary government bond trading scandal
6.6 2005 "Revisiting Plutonomy: The Rich Getting Richer" equity strategy public investment advisory
6.7 Regulatory action
6.8 Terra Securities scandal
6.9 Theft from customer accounts
6.10 Federal rescue 2008
6.11 Terra Firma Investments lawsuit
7 Public and government relations
7.1 Political donations
7.2 Lobbying and political advice
7.3 Public and governmental relations
8 Notes
9 References
10 External links
[edit]History

Citigroup was formed on October 9, 1998, following the $140 billion merger of Citicorp and Travelers Group to create the world's largest financial services organization.[3] The history of the company is, thus, divided into the workings of several firms that over time amalgamated into Citicorp, a multinational banking corporation operating in more than 100 countries; or Travelers Group, whose businesses covered credit services, consumer finance, brokerage, and insurance. As such, the company history dates back to the founding of: the City Bank of New York (later Citibank) in 1812; Bank Handlowy in 1870; Smith Barney in 1873, Banamex in 1884; Salomon Brothers in 1910.[30]
[edit]Citicorp
The history begins with the City Bank of New York, which was chartered by New York State on June 16, 1812, with $2 million of capital. Serving a group of New York merchants, the bank opened for business on September 14 of that year, and Samuel Osgood was elected as the first President of the company.[31] The company's name was changed to The National City Bank of New York in 1865 after it joined the new U.S. national banking system, and it became the largest American bank by 1895.[31] It became the first contributor to the Federal Reserve Bank of New York in 1913, and the following year it inaugurated the first overseas branch of a U.S. bank in Buenos Aires, although the bank had, since the mid-nineteenth century, been active in plantation economies, such as the Cuban sugar industry. The 1918 purchase of U.S. overseas bank International Banking Corporation helped it become the first American bank to surpass $1 billion in assets, and it became the largest commercial bank in the world in 1929.[31] As it grew, the bank became a leading innovator in financial services, becoming the first major U.S. bank to offer compound interest on savings (1921); unsecured personal loans (1928); customer checking accounts (1936) and the negotiable certificate of deposit (1961).[31]
The bank changed its name to The First National City Bank of New York in 1955, which was shortened in 1962 to First National City Bank on the 150th anniversary of the company's foundation.[31] The company organically entered the leasing and credit card sectors, and its introduction of US$ certificates of deposit in London marked the first new negotiable instrument in market since 1888. Later to become MasterCard, the bank introduced its First National City Charge Service credit card – popularly known as the "Everything card" – in 1967.[31]
In 1976, under the leadership of CEO Walter B. Wriston, First National City Bank (and its holding company First National City Corporation) was renamed as Citibank, N.A. (and Citicorp, respectively). Shortly afterward, the bank launched the Citicard, which pioneered the use of 24-hour ATMs.[31] As the bank's expansion continued, the Narre Warren-Caroline Springs credit card company was purchased in 1981. John S. Reed was elected CEO in 1984, and Citi became a founding member of the CHAPS clearing house in London. Under his leadership, the next 14 years would see Citibank become the largest bank in the United States, the largest issuer of credit cards and charge cards in the world, and expand its global reach to over 90 countries.[31]
[edit]Travelers Group
Travelers Group, at the time of merger, was a diverse group of financial concerns that had been brought together under CEO Sandy Weill. Its roots came from Commercial Credit, a subsidiary of Control Data Corporation that was taken private by Weill in November 1986 after taking charge of the company earlier that year.[3][32] Two years later, Weill mastered the buyout of Primerica – a conglomerate that had already bought life insurer A L Williams as well as stock broker Smith Barney. The new company took the Primerica name, and employed a "cross-selling" strategy such that each of the entities within the parent company aimed to sell each other's services. Its non-financial businesses were spun-off.[32]


The corporate logo of Travelers Inc. (1993–1998) prior to merger with Citicorp.
In September 1992, Travelers Insurance, which had suffered from poor real estate investments[3] and sustained significant losses in the aftermath of Hurricane Andrew,[33] formed a strategic alliance with Primerica that would lead to its amalgamation into a single company in December 1993. With the acquisition, the group became Travelers Inc. Property & casualty and life & annuities underwriting capabilities were added to the business.[32] Meanwhile, the distinctive Travelers red umbrella logo, which was also acquired in the deal, was applied to all the businesses within the newly named organization. During this period, Travelers acquired Shearson Lehman – a retail brokerage and asset management firm that was headed by Weill until 1985[3] – and merged it with Smith Barney.[32]
[edit]Salomon Brothers
Finally, in November 1997, Travelers Group (which had been renamed again in April 1995 when they merged with Aetna Property and Casualty, Inc.), made the $9 billion deal to purchase Salomon Brothers, a major bond dealer and bulge bracket investment bank.[32] This deal complemented Travelers/Smith Barney well as Salomon was focused on fixed-income and institutional clients whereas Smith Barney was strong in equities and retail. Salomon Brothers absorbed Smith Barney into the new securities unit termed Salomon Smith Barney; a year later, the division incorporated Citicorp's former securities operations as well. The Salomon Smith Barney name was ultimately abandoned in October 2003 after a series of financial scandals that tarnished the bank's reputation.
[edit]Citicorp and Travelers merger
On April 6, 1998, the merger between Citicorp and Travelers Group was announced to the world, creating a $140 billion firm with assets of almost $700 billion.[3] The deal would enable Travelers to market mutual funds and insurance to Citicorp's retail customers while giving the banking divisions access to an expanded client base of investors and insurance buyers.
Although presented as a merger, the deal was actually more like a stock swap, with Travelers Group purchasing the entirety of Citicorp shares for $70 billion, and issuing 2.5 new Citigroup shares for each Citicorp share. Through this mechanism, existing shareholders of each company owned about half of the new firm.[3] While the new company maintained Citicorp's "Citi" brand in its name, it adopted Travelers' distinctive "red umbrella" as the new corporate logo, which was used until 2007.
The chairmen of both parent companies, John Reed and Sandy Weill respectively, were announced as co-chairmen and co-CEOs of the new company, Citigroup, Inc., although the vast difference in management styles between the two immediately presented question marks over the wisdom of such a setup.
The remaining provisions of the Glass–Steagall Act – enacted following the Great Depression – forbade banks to merge with insurance underwriters, and meant Citigroup had between two and five years to divest any prohibited assets. However, Weill stated at the time of the merger that they believed "that over that time the legislation will change...we have had enough discussions to believe this will not be a problem".[3] Indeed, the passing of the Gramm-Leach-Bliley Act in November 1999 vindicated Reed and Weill's views, opening the door to financial services conglomerates offering a mix of commercial banking, investment banking, insurance underwriting and brokerage.[34]
Joe Plumeri headed the integration of the consumer businesses of Travelers Group and Citicorp after the merger, and was appointed CEO of Citibank North America by Weill and Reed.[35][36] He oversaw its network of 450 retail branches.[36][37][38] J. Paul Newsome, an analyst with CIBC Oppenheimer, said: "He's not the spit-and-polish executive many people expected. He's rough on the edges. But Citibank knows the bank as an institution is in trouble-it can't get away anymore with passive selling-and Plumeri has all the passion to throw a glass of cold water on the bank."[39] It was conjectured that he might become a leading contender to run all of Citigroup when Weill and Reed stepped down, if he were to effect a big, noticeable victory at Citibank.[39] In that position, Plumeri boosted the unit's earnings from $108 million to $415 million in one year, an increase of nearly 400%.[40][41][42] He unexpectedly retired from Citibank, however, in January 2000.[43][44]
In 2000, Citigroup acquired Associates First Capital Corporation, which, until 1989, had been owned by Gulf+Western (now part of National Amusements). The Associates was widely criticized for predatory lending practices and Citi eventually settled with the Federal Trade Commission by agreeing to pay $240 million to customers who had been victims of a variety of predatory practices, including "flipping" mortgages, "packing" mortgages with optional credit insurance, and deceptive marketing practices.[45]
[edit]Travelers spin off


The current logo for Travelers Companies
The company spun off its Travelers Property and Casualty insurance underwriting business in 2002. The spin off was prompted by the insurance unit's drag on Citigroup stock price because Traveler's earnings were more seasonal and vulnerable to large disasters, particularly the September 11, 2001 attacks on the World Trade Center in downtown New York City. It was also difficult to sell this kind of insurance directly to customers since most industrial customers are accustomed to purchasing insurance through a broker.
The Travelers Property Casualty Corporation merged with The St. Paul Companies Inc. in 2004 forming The St. Paul Travelers Companies. Citigroup retained the life insurance and annuities underwriting business; however, it sold those businesses to MetLife in 2005. Citigroup still heavily sells all forms of insurance, but it no longer underwrites insurance.
In spite of their divesting Travelers Insurance, Citigroup retained Travelers' signature red umbrella logo as its own until February 2007, when Citigroup agreed to sell the logo back to St. Paul Travelers,[46] which renamed itself Travelers Companies. Citigroup also decided to adopt the corporate brand "Citi" for itself and virtually all its subsidiaries, except Primerica and Banamex.[46]
[edit]Subprime mortgage crisis
Heavy exposure to troubled mortgages in the form of Collateralized debt obligation (CDO's), compounded by poor risk management led Citigroup into trouble as the subprime mortgage crisis worsened in 2008. The company had used elaborate mathematical risk models which looked at mortgages in particular geographical areas, but never included the possibility of a national housing downturn, or the prospect that millions of mortgage holders would default on their mortgages. Indeed, trading head Thomas Maheras was close friends with senior risk officer David Bushnell, which undermined risk oversight.[47][48] As Treasury Secretary, Robert Rubin was said to be influential in lifting the regulations that allowed Travelers and Citicorp to merge in 1998. Then on the board of directors of Citigroup, Rubin and Charles Prince were said to be influential in pushing the company towards MBS and CDOs in the subprime mortgage market.
As the crisis began to unfold, Citigroup announced on April 11, 2007, that it would eliminate 17,000 jobs, or about 5 percent of its workforce, in a broad restructuring designed to cut costs and bolster its long underperforming stock.[49] Even after securities and brokerage firm Bear Stearns ran into serious trouble in summer 2007, Citigroup decided the possibility of trouble with its CDO's was so tiny (less than 1/100 of 1%) that they excluded them from their risk analysis. With the crisis worsening, Citigroup announced on January 7, 2008 that it was considering cutting another 5 percent to 10 percent of its work force, which totaled 327,000.[50]
[edit]Federal assistance
Over the past several decades, the United States government has engineered at least four different rescues of the institution now known as Citigroup.[51] During the most recent tax-payer funded rescue, by November 2008, Citigroup was insolvent, despite its receipt of $25 billion in federal TARP funds, and on November 17, 2008, Citigroup announced plans for about 52,000 new job cuts, on top of 23,000 cuts already made during 2008 in a huge job cull resulting from four quarters of consecutive losses and reports that it was unlikely to be in profit again before 2010. On the same day, Wall Street responded by dropping its stock market value to $6 billion, down from $300 billion two years prior.[52] As a result, Citigroup and Federal regulators negotiated a plan to stabilize the company and forestall a further deterioration in the company's value. The arrangement calls for the government to back about $306 billion in loans and securities and directly invest about $20 billion in the company. The assets remain on Citigroup's balance sheet; the technical term for this arrangement is ring fencing. In a New York Times op-ed, Michael Lewis And David Einhorn described the $306 billion guarantee as "an undisguised gift" without any real crisis motivating it.[53] The plan was approved late in the evening on November 23, 2008.[9] A joint statement by the US Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corp announced: "With these transactions, the U.S. government is taking the actions necessary to strengthen the financial system and protect U.S. taxpayers and the U.S. economy."
Citigroup in late 2008 held $20 billion of mortgage-linked securities, most of which have been marked down to between 21 cents and 41 cents on the dollar, and has billions of dollars of buyout and corporate loans. It faces potential massive losses on auto, mortgage and credit card loans if the economy worsens.[citation needed] [This paragraph requires a reference, particularly to the $20 billion figure quoted above. It is likely that this number is a severe underestimate of the value of CDO holdings held in off-balance sheet SIVs.]
On January 16, 2009, Citigroup announced its intention to reorganize itself into two operating units: Citicorp for its retail and institutional client business, and Citi Holdings for its brokerage and asset management.[54] Citigroup will continue to operate as a single company for the time being, but Citi Holdings managers will be tasked to "tak[e] advantage of value-enhancing disposition and combination opportunities as they emerge",[54] and eventual spin-offs or mergers involving either operating unit have not been ruled out.[55] On February 27, 2009 Citigroup announced that the United States government would be taking a 36% equity stake in the company by converting $25 billion in emergency aid into common shares. Citigroup shares dropped 40% on the news.
On June 1, 2009, it was announced that Citigroup Inc. would be removed from the Dow Jones Industrial Average effective June 8, 2009, due to significant government ownership. Citigroup Inc. was replaced by Travelers Co.[56]
[edit]Return to profitability, non-governmental shareholder ownership
In 2010, Citigroup achieved its first profitable year since 2007. It reported $10.6 billion in net profit, compared with a $1.6 billion loss in 2009.[57] Late in 2010, the government sold its remaining stock holding in the company, yielding an overall net profit to taxpayers of $12 billion.[58]
[edit]Organization

Citi is organized into two major segments – Citicorp and Citi Holdings.[59]
[edit]Citicorp
[edit]Regional Consumer Banking
Retail Banking, Local Commercial Banking and Citi Personal Wealth Management
North America, EMEA, Latin America and Asia; Residential real estate in North America
Citi-Branded Cards
North America, EMEA, Latin America and Asia
Latin America Asset Management
[edit]Institutional Clients Group
Securities and Banking
Investment banking
Debt and equity markets (including prime brokerage)
Lending
Private equity
Hedge funds
Real estate
Structured products
Private Bank
Equity and Fixed Income research
Transaction Services
Cash management
Trade services
Custody and fund services
Clearing services
Agency/trust
[edit]Citi Holdings
[edit]Brokerage and Asset Management
Largely includes investment in and associated earnings from Morgan Stanley Smith Barney joint venture
Retail alternative investments
[edit]Local Consumer Lending
North America
Consumer finance lending: residential and commercial real estate; auto, student and personal loans; and consumer branch lending
Retail partner cards
Certain international consumer lending (including Western Europe retail banking and cards)
[edit]Special Asset Pool
Certain institutional and consumer bank portfolios