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November 27, 2015 9:58 PM ET


Company Overview of Citibank, National Association

Company Overview

Citibank, National Association provides commercial and consumer banking products and services. Its products and services include e-savings; checking, savings, and money market accounts; certificates of deposit; credit cards; mortgages and student loans; individual retirement accounts and rollovers; investments; insurance; and special relationship accounts. It also offers online banking, including bill payment, e-mail and wireless alerts, inter institution transfers, wire transfers, debit cards and reward programs, overdraft protection, and foreign currency with World Wallet services, as well as provides mobile banking services, such as viewing transactions, transferring funds, and paying bil...

399 Park Avenue

Front 1

New York, NY 10043

United States

Founded in 1812





Key Executives for Citibank, National Association

Chief Executive Officer
Age: 62
Chief Financial Officer and Director of Citibank Credit Services
Age: 73
Chief Executive Officer of Citi BahrainCiti Bahrain
Chief Executive Officer - Middle East
President of Citibank of San Diego
Compensation as of Fiscal Year 2015.

Citibank, National Association Key Developments

AIB's $872 Million Claim Against Citibank in Rusnak Case

John Mulligan AIB is seeking at least a staggering $872 million (EUR 823 million) in damages and interest from Citibank in its case against the US institution related to the activities of rogue trader John Rusnak over a decade ago. It had previously been anticipated that State-owned AIB would seek about $500 million in damages. But new court filings in the United States show that AIB is seeking $372 million in damages, and "at least" $500 million in punitive damages, trial costs, fees and expenses. The trial, which is due to begin in New York in January, is shaping up to be one of the most bruising and expensive rogue trader cases ever. The lawsuit was first filed against Citibank by AIB in 2003. AIB has alleged that Citibank effectively helped Mr. Rusnak cover up illicit trades that resulted in mounting losses at the US AIB subsidiary Allfirst, where the trader worked. The near-$700 million in losses racked up by Mr. Rusnak were among the any rogue trader case at the time. Citibank has robustly denied AIB's allegations and hired crack lawyer Ted Wells to defend it. Mr. Wells - considered one of the best trial lawyers in America - is also one of a number of lawyers representing oil giant BP in its battle against alleged securities fraud linked to its Deepwater Horizon disaster off Texas in 2010. In a pre-trial memo, it has been confirmed that Citibank will call Mr. Rusnak to give evidence during the trial, which the US bank expects to last up to four weeks. It said it will probe Mr. Rusnak on "the nature, scope and extent of his activities at First Maryland and Allfirst and the involvement and knowledge of others in them" as well as his "guilty plea and cooperation agreement with the US government". Mr. Trial shaping also being called as a 'live' witness by both Citibank and AIB at the trial will be Irishman David Cronin, who ran the treasury operation at Allfirst where Mr. Rusnak worked. He will testify about Allfirst's treasury department, the supervision of Mr. Rusnak's trading, and his decision to shut down Mr. Rusnak's trading in 2002, which quickly lead to the discovery of the trader's activity. Mr. Cronin was fired from Allfirst following the release of a report in 2002 by Eugene Ludwig into the fraud at the bank. Five other Allfirst employees were also sacked. AIB sold Allfirst in 2003 to US bank M&T. Other Allfirst and Citibank employees from the time will also be called to give evidence, while huge amounts of commentary previously made by or referring to individuals including former AIB chief executive Maurice Buckley will also be entered as evidence. Recordings of telephone calls, emails, memos and handwritten notes will also be presented to the court. A number of expert witnesses will be called by AIB and Citibank at the trial in January.

Orbis Approves Replacement of Citi Fund Services (Bermuda), Ltd. with Citibank International Limited, Luxembourg Branch as the Administrator, Registrar, Transfer Agent & Accountant and Replacement of Citibank Canada with Citibank N.A., New York Offices as the Custodian of Each of the Orbis Funds

Orbis announced that the Board of Directors of each the Orbis funds (Orbis Global Equity Fund Limited, Orbis Optimal SA Fund Limited, Orbis Institutional Funds Limited, Orbis Optimal (USD) Fund Limited, Orbis Japan Equity (USD) Fund Limited, and Orbis Optimal Overlay Funds Limited) has approved the replacement of Citi Fund Services (Bermuda), Ltd. with Citibank International Limited, Luxembourg Branch as the administrator, registrar, transfer agent and accountant, together with the replacement of Citibank Canada with Citibank N.A., New York Offices as the custodian of each of the Orbis Funds.

Citibank, National Association Presents at Marketplace Lending + Investing Conference, Nov-05-2015 04:25 PM

Citibank, National Association Presents at Marketplace Lending + Investing Conference, Nov-05-2015 04:25 PM. Venue: New York Hilton Midtown, 1335 Avenue of the Americas, New York, NY 10019, United States. Speakers: Jonathan Farber, Vice President, Citi Agency & Trust.

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