Citigroup Global Markets, Inc.
From MarketsWiki
| Citigroup Global Markets, Inc. | |
| |
| Founded | 2003 |
|---|---|
| Headquarters | New York, NY |
| Employees | 39,000 |
| Products | Global securities and investment products, borkerage services |
| Web site | www.citigroupcib.com |
Citigroup Global Markets (CGM), the capital markets and investment banking arm of banking giant Citigroup, was created in 2003 from the remnants of scandal-ridden brokerage Salomon Smith Barney the group had purchased nearly a decade earlier. Along with trading and underwriting securities, CGM also finances business deals.
Contents |
History
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Citigroup Global Markets (CGM) was formed in April 2003 while its predecessor, SSB, was embroiled in litigation brought against it by the Securities and Exchange Commission (SEC) for the activities of SSB analyst Jack Grubman. That decision cost CGM a total of $300 million in SEC penalties.[1]
A few years later CGM again found itself on the hook for its former subsidiary's past activities when the New York Stock Exchange (NYSE) in July 2007 found SSB mutual fund brokers had broken the NYSE's market-timing rules over a period of years.[2] The decision cost CGM a further $50 million, one month after the National Association of Securities Dealers (NASD) ordered a CGM to pay $15 million over "misleading materials" used by some brokers.[3]
Products and Services
As the brokerage and securities branch of Citigroup, CGM operates under a range of investment-market brands, most notably Smith Barney in the U.S. and Nikko Cordial in Japan. It provides brokerage and investment services to corporations and wealthy individuals and competes mostly with bulge bracket Wall Street investment and brokerage house s like Goldman Sachs and Morgan Stanley. CGM revenue for 2007 was reported at $2.15 billion.[4]
Registration
- CITIGROUP GLOBAL MARKETS INC - NFA ID: 0002026xxx
References
- ↑ Securities and Exchange Commission v. Jack Benjamin Grubman. SEC. Retrieved on June 6, 2008.
- ↑ NYSE HEARING BOARD DECISION 07-105July 13, 2007 CITIGROUP GLOBAL MARKETS INC.. NYSE. Retrieved on June 6, 2008.
- ↑ Citigroup Global Markets to Pay Over $15 Million to Settle Charges Relating to Misleading Documents and Inadequate Disclosure in Retirement Seminars, Meetings for BellSouth Employees. NASD. Retrieved on June 6, 2008.
- ↑ Citigroup Global Markets Inc. Company Profile. Yahoo Business. Retrieved on June 6, 2008.
