Citigroup Inc., doing business as Citi, is a major American financial services company based in New York, NY. Citigroup was formed from a merger between Citicorp and financial conglomerate Travelers Group. Citigroup is active in 107 countries with approximately 12,000 offices worldwide.
Citigroup suffered huge losses during the global financial crisis of 2008 and was rescued in November 2008 in a massive bailout by the U.S. government.
ownership
listed on NYSE Euronext, Tokyo Stock Exchange
headquarters
399 Park Avenue
NY 10043 New York
United States
position top 1000 the Banker
In million US$. Ranking according to Tier 1 capital, as per definition Bank of International Settlements (BIS)
The CDP impels organisations to record their carbon footprint in daily activities. Encouraging enterprises to calculate and disclose their carbon impact, this initiative highlights the challenge for financial institutions to determine exactly how much carbon output can be attributed to financing.
Voluntary framework to guide the finance sector in tackling the challenge of climate change. They address the management of operational greenhouse gas (GHG) emissions and provide direction on managing climate change in research activities; asset management; retail banking; insurance & re-insurance; corporate banking; investment banking & markets; project finance.
The EPs are a set of guidelines, based upon the Performance Standards and guidelines from the IFC, the World Bank's private sector lending arm for private banks to asesses and mitigate risks in project finance. Banks use the Principles to guide internal operating procedures for transaction for specific projects. Although the EPs are an important step to raise overall standards of financiers and projects in the developing world, they currently fall short on transparency and governance requirements.
The verification and full publication of company payments and government revenues from oil, gas and mining is supported by the EITI. Financial institutions can participate and encourage resource-rich countries to support the initiative that aims to defeat poverty, corruption and conflict caused by weak transparency and accountability.
As the name suggests, the GRI aims to standardise good practice in transparency. GRI provides companies with guidelines to organise their annual report with reporting indices and standards addressing environmental, social and economic issues that business ought to address when telling the world about its performance.
The UN Global Compact is a set of ten principles that companies may sign voluntarily. Signatories promise to avoid complicity in human rights violations, adhere to labour standards, protect the environment and avoid corruption. The G8 countries urge companies to participate in this initiative, and with over 2900 companies signing up, the Global Compact has momentum. A voluntary and network based framework, the Global Compact actively promotes peer review and stakeholder participation.
UNEP is the 'voice of the environment' for the United Nations system, promoting international cooperation in the field of the environment. Issues concerning the financial community are addressed by the UNEP Finance Initiative which promotes investment in clean and renewable energy by financial institutions and other investors. Financial insititutions wishing to join must sign one of two Statements (for financial institutions and a separate one for the insurance industry).
UNPRI is a set of six principles direct institutional investors may adopt to consider environmental, social and corporate governance issues when investing. Voluntary and aspirational in nature, UNPRI has since its inception in 2006 attracted 200 signatories, representing US$8 trillion worth of investments.
Since the turn of the century a group of twelve banks known as the Wolfsberg Group have collaborated to improve ethical standards. The principles provide guidance on money laundering, corruption and the financing of terrorism. They have been produced to address deficiencies in areas 'yet to be fully articulated by lawmakers or regulators'.
Citi's Environmental and Social Risk Management
(ESRM) Policy is based on the standards of the Equator Principles, but
covers a broader range of financing. ESRM Covered Transactions are transactions
in emerging markets that meet a certain threshold amount per product type and must
be reviewed and receive the appropriate ESRM risk category. Those transactions with
sensitive environmental and social risks, require elevated review and approval
from appropriate senior credit officers. However, the ESRM policy will be
applied to part of the transaction and the policy itself is not shared with the
public. Citi's website about the ESRM policy and Citi's Citizenship Reports do not
provide enough detail about standards for different sectors. Criteria such as the
exclusion of activities or transactions that involve
significant conversion or degradation of critical habitat or utilize forced
labor or harmful child labor do not meet all essential elements of a good bank
policy. The ESRM policy is
therefore accredited with one point at the relevant issues and sectors.
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mining
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oil and gas
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power generation
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biodiversity
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climate change
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corruption
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human rights
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indigenous peoples
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labour
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operation in conflict zones
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taxation
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toxics
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accountability
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transparency
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headquarters
399 Park Avenue
NY 10043 New York
United States
position top 1000 the Banker
In million US$. Ranking according to Tier 1 capital, as per definition Bank of International Settlements (BIS)
Bill Barclay, Ranforest Action Network, United States Michelle Chan, Friends of the Earth US, United States
Bauxite mine Niyamgiri Hills
On October 5th, 2004 an official agreement was signed between the Orissa Mining Corporation (OMC) and Sterlite Industries, a subsidiary of Vedanta Resources plc, for the…
In the Canadian Boreal forest just downstream of the eastern foothills of the Rocky Mountains are the Canadian tar sands. The region contains some 2 trillion barrels of oil,…
Cluster munitions pose a serious threat to civilian populations during and after a conflict. Cluster munitions are designed to blanket a large area containing one or more…
The 1,200 MW Ilisu dam project is planned on the Tigris River in Southeast Turkey, some 50 km away from the border with Syria and Iraq. A 1,800 m-long wall will form a 313…
An offshore oil project in the north Caspian Sea, Kashagan is part of the North Caspian Sea Production Sharing Agreement (PSA), a 40-year contract that was signed in 1997…
TransCanada is proposing a 36-inch, 1,700 mile pipeline, that would carry 900,000 barrels of Tar Sands oil from Hardisy, Alberta to Port Arthur, Texas. The pipeline system,…
The building of Slovakia's Mochovce 3 and 4 nuclear reactors is the longest running nuclear construction project anywhere in Europe. The reactors were designed by the Soviet…
Mountain top removal mining is a form of strip mining in which coal companies use explosives to blast as much as 800 to 1000 feet off the tops of mountains order to reach…
HidroAysén - owned by European company Endesa and Chilean company Colbun - plans to dam two of Chile's most powerful and pristine rivers, the Baker and Pascua Rivers.…
The Browse Basin gas field off Western Australia's (WA's) north coast is estimated to contain 35 trillion cubic feet of gas. Woodside Petroleum Ltd and its joint venture…
Aracruz is the world's largest producer of bleached eucalyptus pulp, with a share of 27% of global production, and it is also Latin America's biggest pulp exporter. The company…
Ecuador's Yasuni National Park is threatened by planned oil development by the Brazilian oil company Petrobras. The oil development will take place in Block 31, two thirds…
Dynegy LS Power is currently planning to construct more new coal-fired power plants than any other company in the USA, which will result in very large increases in greenhouse…
The Grasberg mine, located in the indonesian province of Papua, on the island New Guinea, just north of Australia, is being run by the mining company Freeport McMoran. The…
Sesa Goa is the largest iron ore producer and exporter of Goa. Since 2007 Vedanta Resources is the majority shareholder of Sesa Goa. Sesa Goa's main mining operations are…
Bill Barclay, Ranforest Action Network, United States Michelle Chan, Friends of the Earth US, United States
BankTrack has identified controversial issues
with the companies listed below that require attention from Citi.
Alliant Techsystems
Alliant Techsystems (ATK) is the world's largest manufacturer of ammunition and a leading supplier of precision systems and electronic warfare. The company is also active…
Coal India Limited (Coal India) is the biggest coal producer worldwide, owned by the government of India (see paragraph 3.9). At the end of March 2010, Coal India operated…
E.ON is a German electricity company headquartered in Düsseldorf and is another of big beasts of energy production. E.ON operates along the entire value chain of power…
Elbit Systems is a military equipment producer with a focus on defense electronics like intelligence gathering systems. Elbit Systems and its subsidiaries contribute directly…
Founded in 1923, state-owned Eskom generates, transports and distributes approximately 95% of South Africa's electricity. That's a huge 60% of the total electricity consumed…
Freeport McMoRan is an international mining company with headquarters in Phoenix, Arizona. Freeport McMoran operates primarily in copper-, gold- and molybdenum mines.Freeport…
Lockheed Martin is a global security company that is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology…
As Europe's second largest electricity generator and one of Europe's five leading gas and electricity companies, this German utility is another of energy and gas production's…
Textron is a multi-industry company, consisting of numerous subsidiaries and operating units. One subsidiary is Textron Systems, which is active in the defence, homeland…
Sweden's state-owned Vattenfall is Europe's fifth largest generator of electricity and largest producer of heat. Vattenfall delivers electricity to around 7.4 million customers…
Vedanta Resources is a mining company. It produces aluminum, copper, lead and zinc. Vedanta has a strong position in India, where its founder Anil Agarwal was born, but is…
Bankers on Tenterhooks - Climate change : co-funded by banks operating in Belgium
Jun 02, 2010 | Netwerk Vlaanderen
Report on investments of BNP Paribas, KBC, Dexia, Citibank, Deutsche Bank, ING and AXA in climate-threatening activities including new coal plants, oil extracted from tar sands, or the decimation of rain forests.
Letter to BankTrack as a response to BT letter of February 11, 2010
Mar 29, 2010 | Equator Principles Financial Insititutions, Citi
The first response ever to one of the letters BankTrack sent to the Equator Principles Financial Insititutions. It is a response to the BankTrack follow up letter after the meeting in Zuerich, February 4.
Sep 07, 2009 - The British Channel Island of Jersey is a major European tax haven.
In March 2009, European activists visited Jersey to expose how tax havens affect the lives of ordinary people around the world.
Wise Up Dominion
Nov 05, 2008 - RAN joins its Appalachian allies to demand a clean energy future in Wise County, Virginia.
Demonstration at Citi AGM, 22 April 2008
May 08, 2008 - Demonstration against the involvement of Citi Group in financing mountain top removal coal mining
RAN Action at Citibank in Washington DC
Nov 07, 2007 - RAN action protests against Citibank's coal investments on November 5, 2007.
headquarters
399 Park Avenue
NY 10043 New York
United States
position top 1000 the Banker
In million US$. Ranking according to Tier 1 capital, as per definition Bank of International Settlements (BIS)
Bill Barclay, Ranforest Action Network, United States Michelle Chan, Friends of the Earth US, United States
Banksecrets
International website developed by BankTrack, CRBM, Les Amis de la Terre, Netwerk Vlaanderen, Platform, Setem and Urgewald.
Information in English, French, German, Italian, Dutch, Spanish.
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