What Happened at Citigroup? (A)
Synopsis
In 1998, the Travelers Group and Citicorp merged to create Citigroup Inc., considered the first true global "financial supermarket," and a business model to be envied, feared and emulated. By year-end 2006 the firm had a market capitalization of $274 billion, with $1.9 trillion in assets and $24.6 billion in earnings. But ten years after the merger it ended in tears. In July of 2009, the firm was effectively nationalized, with billions of dollars in bailout money converted into a 34% ownership stake for the U.S. government. Citigroup was worth less than $16 billion, having lost more than $250 billion in value from its peak. This case examines Citi's business model, challenges it faced, its leadership and key decisions to better understand what contributed to the failure of one of the most powerful financial firms in the world.
- Copyright:
- 2009 HBS
Book Details
- Book Quality:
- ISBN-13:
- Publisher:
- Harvard Business Publishing
- Date of Addition:
- 2016-08-03T03:56:19Z
- Language:
- English
- Categories:
- Usage Restrictions:
- This is a copyrighted book.