CitiGroup is a global financial company with over 1000 facilities in over 100 countries. It aims to provide banking services to over 2 million clients worldwide. CitiGroup utilizes globalization through adhering to local laws, expanding into new international markets, and maintaining a unified culture and values across locations. It has avoided negative press through complying with anti-terrorism and anti-money laundering policies. CitiGroup also analyzes local economic, political, and cultural factors to develop strategies tailored for each market. It strives to make a positive social impact through initiatives like reducing its environmental footprint internationally.
A presentation supported by a research report that focuses on development issues in Africa. The report is themed Innovation and Impact and is presented in three sections, hindsight, foresight and insight
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Keywords: social enterprise, emerging markets, hybrids, social entrepreneurship, social business models, India, Iran, Egypt
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The development of a viable and sustainable social enterprise (SE) sector can be a powerful driver of economic progress. But the development of an ecosystem conducive to social enterprise requires a shift in the approach for both business and development aims among governments and the societies they manage. Addition of low-cost policy mechanisms can go a long way towards addressing improved development needs through use of SEs. This paper considers how governments can define SEs as for-profit entities in which most of the profits are reinvested, and examines the positive role of government in the growth of SEs. The paper considers the existing literature and research in examining the cases of India, Iran, and Egypt as the basis for developing policy recommendations that can be applied globally. These recommendations include the development of effective legal and regulatory frameworks, incentives for SEs, training and awareness, and financing.
Keywords: social enterprise, emerging markets, hybrids, social entrepreneurship, social business models, India, Iran, Egypt
This paper considers that the most challenging needs facing the development of Microentrepreneurship, are the need to develop innovative socially-oriented banks that care about the ―unbankable‖ segment of the society. Family Bank is considered to be one of the ―social businesses‖ which are based entirely upon the partnership as well as social corporate responsibility (CSR) of private sector.
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Can stress cause heartburn? Visit the following site http://bit.do/heartburnnomore to discover how to prevent acid reflux with 1 weird trick that forces your body to eliminate acid reflux, heartburn, and most digestive problems in 48hs - Guaranteed!
1Running Head Case Analysis Assignment #2 ContiGroup Inc.PA.docxfelicidaddinwoodie
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Running Head: Case Analysis Assignment #2 ContiGroup Inc.
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Case Analysis Assignment Citigroup Inc.
Introduction
Citigroup Inc. was founded in 1812 by Samuel Osgood in New York City. To this day, the organization’s headquarters remain in its initial foundation however, the company has grown from its humble beginnings of a mere 2 million dollars in assets to a market capitalization of 162 billion dollars as of 2014. (David & David, 2017). Operating in more than 160 countries with over 900 million retail accounts and more than 250,000 employees in total, Citigroup is currently known as the “world’s largest credit card issuer and largest banking enterprise” (David & David, 2017). However, Citigroup has faced significant issues in terms of how it has been perceived by the US government, specifically regarding the bailouts and ethical issues surrounding the implications of Citigroup’s actions on the overall worldwide economy.
Mission Statement
Citigroup’s current mission statement has been defined as follows, “Citi works tirelessly to serve individual, communities, institutions and nations. With 200 years of experience meeting the world’s toughest challenges and seizing its greatest opportunities, we strive to create the best outcomes for our clients and customers with financial solutions that are simple, creative and responsible. An institution connecting over 1,000 cities, 160 countries and millions of people, we are your global bank, we are Citi” (David & David, 2017). Overall, this mission statement seems to be very detailed and effectively structured, as it outlines the reach of the organization as well as their accumulated experience and the sheer scale, number of employees and customers. However, perhaps what is missing from this statement is the concept of the causes that Citi cares about and what they are dedicated to/how they define themselves.
New Mission Statement
The new mission statement has been developed as per the textbook format (David & David, 2017). Citigroup serves a global (3) customer base, in over 160 countries (1). We provide “global banking, advisory services, derivative services, brokerage, mortgages and auto loans” (2) (David & David, 2017). Citigroup employs over 250,000 people and continuously invest in their career development and ensure that they provide the best services to our customers (9), representing values of professionalism and care (7)(6). At Citigroup, we are constantly innovating, leveraging technology (4) and striving (5)(6) to “create the best outcomes for our clients with financial solutions that are simple, creative and responsible” (David & David, 2017) (8).
Vision Statement
Currently, Citigroup does not have a defined vision statement (David & David, 2017).
New Vision Statement
Citigroup’s vision is to leverage our 200 years of experience to create and develop industry-leading, revolutionary and innovative financial solutions for our clients around the world.
SWOT Analysis
...
This document brings together a set
of latest data points and publicly
available information relevant for
Financial Services Industry. We are
very excited to share this content and
believe that readers will benefit from
this periodic publication immensely.
StartUp Health Insights Global Digital Health Funding Report: 2018 Year End R...StartUp Health
Welcome to the most-funded year ever in digital health. Investments topped hundreds of millions of US dollars for the first time, with funds funneling to a broader range of cities like Bengaluru and Nashville. Globally, investors are on track to nearly double their 2017 investments, demonstrating long-term commitments, as well as overall growth potential in the market. The digital health market is as potent as ever.
Bonnie Gibson Discussion 2 Chapter 5Suggest some cautions thJeniceStuckeyoo
Bonnie Gibson
Discussion 2
Chapter 5
Suggest some cautions that an individual from a relationship oriented culture should bear in mind when dealing with someone from an information orientated culture.
Relationship-oriented societies usually have a long shared history where networks of connections are passed on from generation to generation, generating more shared context among community members (Meyer, 2014). When dealing with someone from an information oriented culture they tend to be low-context. In low-context cultures, communication is simple, clear, and explicit in order to effectively pass the message. As globalization transforms the way we work, we need to have the ability to decode cultural differences in order to work effectively with clients, suppliers, and colleagues from around the world (Meyer, 2014).
Differentiate among the following: bribery, extortion, lubrication and subornation.
Bribery is the use of funds usually illegally, to influence decisions made by public employees and government officials. There are limitless variations grouped under bribery including; extortion, lubrication, and subordination. The difference between bribery and extortion is determined by whether the payment was volunteered (bribery) or demanded (extortion). Bribery is a volunteered payment by someone seeking an unlawful advantage. Extortion is payments extracted under duress by someone in authority from a person seeking only what he or she is lawfully entitled to. Lubrication and Subornation are two additional variations of bribery. Lubrication involves a relatively small sum amount of cash, gift, or service given to a low-ranking official where such offerings are not against the law. These offerings accompany a request for a person to be more efficient and complete a job faster. Subornation involves a larger sum of money that is not accounted for to entice an official to commit an illegal act. Subornation is often a request for officials to not do their jobs, turn their heads or break the law (Cateors et al., 2020).
Chapter 6
Expropriation is considered a major risk of foreign business. Discuss ways in which this particular type of risk can be minimized somewhat as a result of company activities. Explain how these risks have been minimized by the activities of the U.S. government.
Expropriation is the seizure of an investment by a government in which some reimbursement is made to the investment owner; the seized investment often becomes nationalized. Expropriation can lead to nationalized businesses that are inefficient, weak technologically, and noncompetitive in world markets. To minimize this risk today many countries often require prospective investors to agree to share ownership, use local content, have labor-management agreements, and share participation in export sales as a condition of entry. The U.S. government is motivated to encourage firms to seek business opportunities in other countries worldwide. It seeks to create a favorable ...
Other NGOs such as Dustho Shasthya Kendro (DSK), Nijera Kori, ASA etc should give an positive steps to follow BRAC, Grammen Bank and Gono Shasthya Kendro (GSK) to develop social business in order to earn fund in collaboration of overseas investors who consider the impact of their investment and profit. The local NGOs should change their mind and reform themselves to attract overseas investments.
Week 5 Discussion Responses – Financial Accounting
Discussion Response 1
BY: E,S
The CFO has more oversight and needs to make sure areas of ethics, integrity are not questioned “He or she is the last line defense in terms of the moral compass of the company and the accuracy of the financial statements” (John Draut, 2017). These are tried and true and keep lawlessness away! With that said there are laws that allow some room to move numbers such as depreciation, and the GAAP allows equipment to be one of those areas. In my company we use this method both on a District and Regional level but with rules of engagement. To me accounting calls for more ethics and integrity and honesty than most fields. Most fields have honest people but in the Business world the CFO in my eyes is a very important and upstanding person. I believe many organizations have CFO as their CEO because of the skill set and complexities that exist today.
“Depreciation begins when a taxpayer places property in service for use in a trade or business or for the production of income. The property ceases to be depreciable when the taxpayer has fully recovered the property’s cost or other basis or when the taxpayer retires it from service, whichever happens first” (IRS Gov).
“Depreciation is an income tax deduction that allows a taxpayer to recover the cost or other basis of certain property. It is an annual allowance for the wear and tear, deterioration, or obsolescence of the property” (IRS Gov.). So in reference to changing asset life does occur occasionally, the question is if it has always been five years and the CFO wants seven years for bonus reasons I do not feel this is appropriate and feel it takes a clear cut situation to a grey area I would not feel comfortable with. Would the IRS look the other way? Could be so for legal reason you may get by, then again there are rules for equipment and if you went from seven years to five you would have to explain the reasoning and tie it to the industry potentially.. What would I do? I would find other areas to generate the $750K they are looking for. The grey area doesn’t make me comfortable and there has to be other areas to generate revenue to gain the bonuses such as safety, turnover, overtime, double shifting, hiring etc. Not knowing the company or the business there generally are cost cutting initiatives that can help offset cost.
Side note: Last two weeks we have discussed Fraud and Ethics----Have you heard about the FBI investigation of NCAA Basketball programs tied to shoe manufactures? Do you think anyone in the accounting departments knew about the large sums being paid out? College sports are big business, and the corruption continues to amaze me.
References:
John Draut
https://www.irs.gov/.../a-brief-overview-of-depreciation
Discussion Response 2
BY: B,R
Ethics is typically not a black and white decision, it often lies in the gray area in between. In general, making an ethical decisi.
Navigating Downturn Alley - The PRactice May 2016 issueThe PRactice
The startup environment in India is still positive but there are some signs of trouble in this ‘paradise’. Our 4th Viewpoint Roundtable – Navigating Downturn Alley – was aimed at highlighting ways in which startups can build greater brand relevance in good times in order to make it through the not-so-good ones. But is all this talk of a recession and systemic issues in the startup ecosystem overblown? One of our guest writers explains why she thinks so. We also explore the links between CSR, charity and business cycles through past recessionary data and a conversation with the Bangalore head of a charitable trust.
Fintech in Latin America had an amazing year in 2019 with over US$ 2 billion in raised capital. This report analyzes the fintech investments in the region with the goal of shedding light on the fintech environment in the region and its huge potential.
1. Running head: COMPONENTS OF GLOBALIZATION WITHIN CITIGROUP 1
Citi Around the Globe: The Components of Globalization within CitiGroup
Shanequa R. Williams
Bellevue University
2. COMPONENTS OF GLOBALIZATION WITHIN CITIGROUP 2
Citi Around the Globe: The Components of Globalization within CitiGroup
CitiGroup is a financial based company with over 1000’s of employees located in each of
its facilities in over 100 countries. Its goal is to provide banking and provide financial options
through investments, mortgages, credit cards, personal and auto loans to its 2,000,000 clients.
CitiGroup strives to compete with competitors like Wells Fargo and Bank of America on the
customer service level by identifying the needs of the community it resides in. Part of this effort
in fulfilling the needs of the community involves globalization. Citi highly believes if it can
impact more people around the world positively then Citi’s name will be memorable and
associated with great customer service. The elements of globalization help show the methods Citi
aims to achieve positive community reviews.
Legalities and Globalization
Citi in the past has been known to be associated with financial crisis and bad news
because they are one of the major creditors people flock to therefore making them one of the
more noticeable names in the media. But Citi has since avoided any bad association in the media
and has shifted the way it deals with legal matters to promote themselves in a positive light by
strictly adhering to the laws. Citi firstly supports human rights around the world and has created
a statement of human rights acknowledging the differences in law between other countries. This
statement says there are different strategies in upholding local standards per country and that Citi
overall wants to ensure that the ethical standard is maintained through all of Citi subsidies. The
best statement to encompass their global mission in maintaining the law is,” We seek ways to
promote respect for human rights in a manner consistent with our own global internal policies
and standards while remaining mindful of the local context,” (CitiGroup, 2014). Keeping this
value in mind, Citi has been strict on its local laws to maintain order within the establishments.
3. COMPONENTS OF GLOBALIZATION WITHIN CITIGROUP 3
Citi has created policies to prevent anti-terrorism, and anti-money laundering which are frequent
acts committed within the financial services. Citi does so by creating sanctions through the U.S
Treasury department that only allows its entities to work with certain countries. Those countries
excluded would be Burma, Cuba, Iran, Sudan, and Syria due to turmoil and high frequency of
illegal acts through these countries. In addition, sanctions have been made to prevent narcotics
trafficking, diamond trading, and non-proliferation through the use of finances via Citi
(Citigroup, 2007). Citi is firm in its values and aims to prevent as many illegal actions as
possible by working with the government to promote good morals.
Citi Economics Around the Globe
Citi has a tendency to have its name heard during financial crisis not only because Citi is
struggling during that timeframe, but because Citi also manages to conquer financial crisis and
come up with feasible strategies to deal with economic changes swiftly to make a profit. All of
Citi’s overall profits include its entirety of global clients. Citi uses globalization as one of three
of its long term secular trends when thinking of its assets alongside urbanization and digitization.
Citi is ahead in the globalization field as it started beginning to expand into different countries
four years ahead of its competitors in 2009. Its global footprint allowed Citi to obtain a profit of
$3.8 billion in its first quarter of 2013 after an economic downturn in 2012. Because of the surge
in profits Citi has aimed to make their goals extremely high to profit more since it has a bigger
client base and aims to use globalization to its advantage (Corbat, 2013). Aside from the
financial success, Citi can be seen to have always participated in new markets and reaching out
globally to better impact its relations. Andrew Gelb (2008) Global Head of Direct Custody and
Hearing of Citi mentioned in 2008 that seven new markets were opened up overseas. Gelb
further states that Citi is geocentric and allows its sister countries to run financial operations thus
4. COMPONENTS OF GLOBALIZATION WITHIN CITIGROUP 4
promoting to their financial success. Because Citi is so diverse and allows different cultures to
negotiate deals in other countries and even become figure heads for Citi entities, it has been able
to almost triple its assets over the course of years and have a variety of different views
contributing to upkeeping its finances.
Citi Politics and Globalization. As mentioned before Citi has created policies based on
other governments that affect its overall protocol e.g anti-terrorism. In regards to politics, a lot of
current events have changed Citi’s tactics when creating strategies. A team of global analysts and
strategists of Citi came together in the beginning of 2016 to re-evaluate what is currently
happening in the world and how Citi would deal with such events. They formed a theory that
identified current crisis and plans to navigate around those by catering to clients in a different
approach. Those current complications would be the refugee crisis, terrorism, and developed
market political risk. They believe that there are more flash mob protests, less trust in those with
higher socioeconomic status, income inequality concerns, and support for non-mainstream
parties that affect clients decisions. They believe with these events happening that the banking
and markets will not grow. They are currently working on plans and have not created definite
strategic approaches as more and more turmoil seems to be happening and Citi has to
continuously adapt (Kawa, 2016). Citi like most markets are having to become flexible in
strategies as times change rapidly and new events come into the limelight. Citi has goals and to
conquer whatever comes their way and if they can fluctuate with economic downturn they can
also fluctuate with political happenings as well.
Citi CultureAround the Globe. CEO of CitiGroup, Michael Corbat (2016) once said,
“Maintaining, cultivating, and preserving a diverse and inclusive culture is paramount for us. We
know that diversity of thought, backgrounds, and perspective produce better outcomes for our
5. COMPONENTS OF GLOBALIZATION WITHIN CITIGROUP 5
clients and customers.” This statement upholds the universal values all Citi subsidies must
uphold. While many would think that values would change due to cultural values, in Citi’s book
they do not. The CitiBank in the Czech Republic outlines its values as serving its clients, being a
team player, and acting with integrity (CitiBank Czech, 2016). The CitiBank in Jordan outlines
its values as responsibility to the clients, responsibility to each other, and responsibility to the
franchise (CitiBank Jordan, 2016). As you can see company culture transcends geographic
location. No matter the location you can see the similarities in values that Citi represents. But
aside from the values different geographic locations maintain, Citi reaches out to the community
in a variety of different ways. One of the more notable ways Citi has reached out to communities
in different countries is via sustainable energy. Citi has assessed environmental and social risk
management in several countries and has collaborated with peers and clients to elevate the
environmental and social standards. Citi aims to reduce its footprint all over the world and reach
out to a new clientele. So far through its initiative it has reduced its emissions at a rate of 9.67%
every year and its water and waste usage by 30% (CitiGroup, 2015). Citi is actually reaching out
and making a physical change for their brand rather than just making statements and temporary
change. Their plans for change in geographic areas and understanding the communities they are
in are long term and they seek to gain the approval of a society before making remarks on their
impact.
Conclusion. Citi heavily indulges in the countries its company resides in. Citi does it
research and has knowledge of what is going on legally, economically, politically, and culturally.
They utilize this knowledge to make an impact. They live by the motto, “Be here now!” which
emphasizes the role their strategies play in the structure of the company. Being here now means
make a change now, not later. It means being involved now and not later. Citi is a rapid force to
6. COMPONENTS OF GLOBALIZATION WITHIN CITIGROUP 6
be reckoned with and its financial competitors have a lot of catching up to do it gain the positive
image that Citi has in regards to globalization. (Williams, 2016)
7. COMPONENTS OF GLOBALIZATION WITHIN CITIGROUP 7
References
CitiBank Czech. (2016). CitiBank from Another Angle. Retrieved from
http://www.citibank.com/czech/gcb/personal_banking/english/footer/citi_inak.htm
CitiBank Jordan. (2016). Why Work for Us? Retrieved from
http://www.citi.com/jordan/homepage/ww_us.htm
CitiGroup. (2007). Regulatory Compliance and Trade 2007. Retrieved from
http://www.citigroup.com/transactionservices/home/trade_svcs/trade_u/docs/regcomp_0
213.pdf?lid=regcompengpdf
CitiGroup. (2014, April). Statement of Human Rights. Retrieved from
http://www.citigroup.com/citi/citizen/data/citi_statement_on_human_rights.pdf
CitiGroup. (2015). Sustainable Progress Citi’s Five-Year Sustainability Strategy. Retrieved
from
http://www.citigroup.com/citi/environment/data/Corporate_Sustainability_Strategy.pdf
Corbat, M. (2013, April). Remarks by CEO Michael Corbat at Citi's 2013 Annual Meeting.
Retrieved from http://www.citigroup.com/citi/news/executive/130424Ea.htm
Corbat, M. (n.d.). CEO Message. Retrieved from citi.com/citi/about/citizenship/ceo-
statement.html
Gelb, A. (2008). On the Move. Retrieved from
https://www.citibank.com/mss/about_us/articles/docs/2008/icfa_feb08.pdf
Kawa, L. (2016, January 19). Citigroup: There's a Whole New Type of Political Risk to Worry
About - Bloomberg. Retrieved from http://www.bloomberg.com/news/articles/2016-01-
19/citigroup-there-s-a-whole-new-type-of-political-risk-to-worry-about
