[86][87], Travelers merged with The St. Paul Companies Inc. in 2004 forming The St. Paul Travelers Companies. Mark Manson is a talented American self-help book author, blogger, entrepreneur and personal development consultant who is known written several books with one of his 2019 books, The Subtle Art of Not Giving a F*ck: A Counterintuitive Approach to Living a . This settlement amount makes the NMS the second largest civil settlement in U.S. history, only trailing the Tobacco Master Settlement Agreement. He is also a member of Citi's Management Committee. [122], On June 1, 2009, it was announced that Citigroup would be removed from the Dow Jones Industrial Average effective June 8, 2009, due to significant government ownership. [221], On June 1, 2018, the Australian Competition and Consumer Commission (ACCC) announced that criminal cartel charges are expected to be laid by the Commonwealth Director of Public Prosecutions (CDPP) against ANZ Bank, its Group Treasurer Rick Moscati, along with Deutsche Bank, Citigroup and a number of individuals. Mark Mason is an American businessman and entrepreneur. $1 Million - $5 Million. While some speculated anonymously that the Federal Deposit Insurance Corporation (FDIC) would have been a particular focus of Hohlt's attention, Hohlt said he'd had no contact with the government insurance corporation. "[200], In July 2015, Citigroup was fined $70 million by the United States Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency, and ordered to pay $700 million to customers. [20] It has 223,400 employees,[20] although it had 357,000 employees before the financial crisis of 20072008,[25] when it was bailed out by a massive stimulus package from the U.S. [170] It also announced that some lower paid employees would receive a one-off payment of US$1,000 to help them through the crisis. Nowadays the site is visited by more than 15 million readers per year. Mark Mason Net Worth Mark Mason biography. It consists of several business entities including remaining interests in local consumer lending such as OneMain Financial, divestitures such as Smith Barney, and a special asset pool. Find contact details for 700 million professionals. But Citibank knows the bank as an institution is in troubleit can't get away anymore with passive sellingand Plumeri has all the passion to throw a glass of cold water on the bank. Mr. Mason was reluctant to be pegged an administrator, but the chance to work at the highest levels was too good to pass up. Mark is based out of New York, New York, United States and works in the Financial Services industry. With the acquisition, the group became Travelers Inc. Property & casualty and life & annuities underwriting capabilities were added to the business. [21] While the new company maintained Citicorp's "Citi" brand in its name, it adopted Travelers' distinctive "red umbrella" as the new corporate logo, which was used until 2007.[66]. Mason sat down for an interview with Diane Brady for an installment of "The C-Suite Interview," where he talked about his route to the CFO office at Citi. The group bought and sold $90 billion of residential mortgages annually. With over 800 offices worldwide, Smith Barney held 9.6 million domestic client accounts, representing $1.562 trillion in client assets worldwide. [114], On January 16, 2009, Citigroup announced its intention to reorganize itself into two operating units: Citicorp for its retail and institutional client business, and Citi Holdings for its brokerage and asset management. and bought an estimated value of $426.92M worth of shares. His unit thrived last yeara difficult time for Citiposting record net income of $2 billion, 37% more than in 2006. When that person got let go, I got let go, too., With Masons track record at Citi, the bigger concern these days is how to keep him. [223], Citigroup was criticized for disrupting the European bond market by rapidly selling 11billion worth of bonds on August 2, 2004, on the MTS Group trading platform, driving down the price and then buying it back at cheaper prices.[224]. [68], In 2000, Citigroup acquired Associates First Capital Corporation for $31.1 billion in stock,[72] which, until 1989, had been owned by Gulf+Western (now part of National Amusements),[73] and later by Ford Motor Credit Company. Prior to CItigroup, Mason spent three years at Lucent Technologies. Monthly Plan. It was also difficult to sell insurance directly to its customers since most customers were accustomed to purchasing insurance through a broker. Prior to being named Citi CFO, Mr. Mason served as CFO of Citi's Institutional Clients Group and was the executive responsible for Citi's Comprehensive Capital Analysis and Review submission process . He is responsible for the financial management of the company and also spearheads Citis Expense Management and Citi Ventures Initiatives. Citigroup is ranked 33rd on the Fortune 500 as of 2021. Subscribe. in finance and graduated with honors. Despite the findings of the investigation, Bowen's charges were ignored, even though withholding such information from shareholders violated the SarbanesOxley Act (SOX), which he had pointed out. In January 2017, bank regulators fined Citigroup $25 million on account of five traders from the bank having manipulated U.S. Treasury futures more than 2,500 times between July 2011 and December 2012. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. [55] During the United States occupation of Haiti and the bank's income from Haiti's loan debt related to the Haiti indemnity controversy, the bank earned some of its largest gains in the 1920s due to debt payments from Haiti, becoming the largest commercial bank in the world in 1929. He joined Citi in 2001 and has held several senior operational, strategic, and financial executive positions, including serving as CEO of Citi Holdings from December 2011 through May 2013. Whether youre just starting out in your career or youre looking for ways to take your businessto the next level, Mark Mason can provide you with valuable insights and advice. $7. The best way to improve your writing is to read as much as you can., 5. Over the last 6 years, insiders at Citigroup Inc have traded over $17,196,232 worth of Citigroup Inc stock. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. If youre looking for someone to help you take your social media to the next level, contact Mark Mason today. The salary of the CEO was set at $1 per year and the highest salary of employees was restricted to $500,000. The case against Citigroup involved recommendations and sales of Class B and Class C shares of mutual funds. Citigroup Inc executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Stocks and cryptocurrency portfolio tracker. Click below to see everything we have to offer. Mark Mason's largest sale order was 15,366 units , worth over Furthermore, Mason served as CFO and COO for Citigroup Real Estate Investments and was responsible for restructuring the business. It also has Latin America partnership cards with Colombia-based airline Avianca and with Banamex and AeroMexico; and a merchant loyalty program in Europe. Citigroup is the third largest banking institution in the United States; alongside JPMorgan Chase, Bank of America, and Wells Fargo, it is one of the Big Four banking institutions of the United States. Bowen's responsibility was essential to serve as the quality control supervisor ensuring the unit's creditworthiness. Last Updated: March 2023. We have estimated Mark Manson's net worth , money, salary, income, and assets. [136], In 2012, the Global Markets division and Orient Securities formed Citi Orient Securities, a Shanghai-based equity and debt brokerage operating in the Chinese market. Mason has been appointed Chief Financial Officer of the Company effective February 22, 2019. . Mark Mason usually trades in February and January, with the busiest year in 2021. In the last 3 years at Citigroup Inc, Mark Mason has sold an estimated value of $4.59M worth. . Citigroup Inc. or Citi (stylized as citi) is an American multinational investment bank and financial services corporation headquartered in New York City. Dentons Offices [143], By June 2012, the year of Citi's 200th anniversary, Citigroup had built up $420 billion in surplus cash reserves and government securities. Attorney General Eric H. Holder Jr. said "The bank's misconduct was egregious. Although we strive to provide accurate general information, the information presented here is not a substitute for any kind of professional advice, and you should not rely solely on this information. In total, Mark Mason has made about 9 transactions over 3 years of their time at Citigroup Inc. Coronavirus Tips Working and Protection. The oldest executive at Citigroup Inc. is Sanford I. Weill, 87, who is the Chairman Emeritus and Sr. Advisor. The Treasury provided $20 billion in Troubled Asset Relief Program (TARP) funds in addition to $25 billion given in October. It's hard to find out what his total net worth is, . Unlike in the failed stress test in 2012, Citigroup failed on qualitative concerns that were unresolved despite regulatory warnings. Under Review. In addition to his work as a writer and lecturer, Mason is also an active Freemason. If you want to learn more please read our Privacy policy. Travelers Group, at the time of the merger, was a diverse group of financial concerns that had been brought together under CEO Sandy Weill. [101] Its stock market value dropped to $20.5 billion, down from $244billion two years earlier. [157][158][159][160], In October 2014, Citigroup announced its exit from consumer banking in 11 markets, including Costa Rica, El Salvador, Guatemala, Nicaragua, Panama, Peru, Japan, Guam, the Czech Republic, Egypt, South Korea (consumer finance only), and Hungary. [176], In January 2022, Citi further announced its plan to exit consumer banking in Mexico, as well as small-business and middle-market banking operations. [241] In 2017, prosecutors claimed drug smugglers were using Citigroup's Banamex USA unit to sneak dirty money into the United States from Mexico. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); 2023 BloggersIdeas | All Rights Reserved | BloggersIdeas & SchemaNinja are part of Digiexe. House Democratic Whip and Representatives Jim Himes (D-Conn.) and Debbie Wasserman Schultz (D-Florida.). After Marks's graduation, he began coaching men on the approach to take so that they could attract women. Mason is a respected authority on Freemasonry and has appeared on numerous television shows and radio programs to discuss the topic. Citigroup Inc. (NYSE:NYSE:C.PK) Goldman Sachs 2021 US Financial Services Conference December 08, 2021 03:00 PM ET Company Participants Mark Mason - Chief Financial Officer Conference Call. You may opt-out by. He also offers a variety of affordable packages to suit any budget. Mr. Mason will replace John C. Gerspach, who . Mark Mason owns about 112,387 units of Citigroup Inc common stock. Here to talk about what Citi is doing to tackle the racial wealth gap and the role corporate America can play in addressing systemic racism is Mark Mason, Citi's chief financial officer. He is the author of several books including The New York Times bestseller The Secrets of Solomon (2010) and Freemasonry: A Journey Through Ritual and Symbol (2012). Citi Express modules, 24-hour service units, were introduced in Colombia. The proxy statement's main purpose is to alert shareholders to the annual meeting and provide them information about the issues that will be voted on during the annual meeting, including decisions such as electing directors, ratifying the selection of auditors, and other shareholder-related decisions, including shareholder-initiated initiatives. Many of the mortgages were not only defective but were a result of mortgage fraud. Purchase Lets Citibank Expand Long Island Presence", "Citi Swallows EAB Sandy Takes On J.P. Morgan Chase in NY", "Citigroup to Buy European American Bank in Bid to Increase N.Y. Market Share", "Citigroup to Buy Mexican Bank In a Deal Valued at $12.5 Billion", "Citigroup to Spin Off Travelers Insurance", "Travelers Group, Form 8-K, Current Report, Filing Date", "Citigroup Saw No Red Flags Even as It Made Bolder Bets", "Citi mulls cutting work force by 5 to 10 percent: report", "U.S. Agrees to Rescue Struggling Citigroup", "FRB: Press Release-Joint statement by Treasury, Federal Reserve, and the FDIC on Citigroup", "Citigroup gets massive government bailout", "Citi's Corbat Has Parting Words: 'Banking Is Quickly Changing', "U.S. Approves Plan to Help Citigroup Weather Losses", "Wall Street Compensation'No Clear Rhyme or Reason", "The Special Master's Determinations for Executive Compensation of Companies Receiving Exceptional Assistance Under TARP", "Citi private bank targets doubled growth", "Citi to Reorganize into Two Operating Units to Maximize Value of Core Franchise", "Citigroup Reports Big Loss and a Breakup Plan", "U.S. Plans $500,000 Cap on Executive Pay in Bailouts", "U.S. exits Citigroup stake and earns $12 billion profit", "Citi CEO Pandit's salary soars to $1.75 million from $1", "Travelers, Cisco Replace Citi, GM in Dow", "Citigroup, Morgan Stanley Agree to Merge Brokerages", "Morgan Stanley Completes Purchase of Smith Barney Venture", "Pandit Missed Out on a Sweeter Smith Barney Deal", "Government sells remaining shares in Citigroup; investment to net $12 billion total profit for taxpayers", "U.S. gave up billions in tax money in deal for Citigroup's bailout repayment", "Citibank Opens Full-Service, Smart Banking Consumer Outlet at Chongqing Airport", "Citibank Japan Ltd. Starting in June 2006, Senior Vice President Richard M. Bowen III, the chief underwriter of Citigroup's Consumer Lending Group, began warning the board of directors about the extreme risks being taken on by the mortgage operation that could potentially result in massive losses. . Weill stated at the time of the merger that they believed "that over that time the legislation will change we have had enough discussions to believe this will not be a problem". In 2005, Citigroup paid $75 million to settle the lawsuit. Theres something very powerful about words and stories they can change the world., 3. Pursuant to Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, publicly traded companies are required to disclose (1) the median total annual compensation of all employees other than the CEO and (2) the ratio of the CEO's annual total compensation to that of the median employee. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. [21] The deal would enable Travelers to market mutual funds and insurance to Citicorp's retail customers while giving the banking divisions access to an expanded client base of investors and insurance buyers. Citigroup is ranked 30th on the Fortune 500 as of 2019. 1:Financial Giants Unite", "The Dramatic Highlights From Citi's 200-Year History", "Today In Fast Money History -- June 16th", "Invade Haiti, Wall Street Urged. Anand Selvakesari. Citi will continue to operate its consumer banking businesses in the USA, Canada, Europe and in only 4 other markets: Hong Kong, Singapore, London and the UAE across the entire APAC and EMEA regions. [184][185], Citicorp Center in Chicago has a series of curved archways at its peak, and sits across the street from major competitor ABN AMRO's ABN AMRO Plaza. Mark works at Citi as Chief Financial Officer, Citi. [2], Mason was raised in Queens, New York, and as a teenager he worked for his grandparents, who ran carpentry and landscaping businesses. [203], On October 22, 2001, Citigroup was sued for violating federal securities laws by misrepresenting Citigroup's Enron-related exposure in its 2001 Annual Report and elsewhere, and failing to disclose the true extent of Citigroup's legal liability arising out of its 'structured finance' deals with Enron. He also served as CEO of Citi Private Bank from June 2013 through September 2014. [181][182], All of Citigroup's New York City real estate, excluding the company's Smith Barney division and Wall Street trading division, lies along the New York City Subway's IND Queens Boulevard Line, served by the E and M trains. Mark Mason is Citi's chief financial officer and one of Wall Street's highest-ranking Black executives. General Counsel & Corporate Secretary. The subsequent investigation revealed that the Consumer Lending Group had suffered a breakdown of internal controls since 2005. The regulator suspended bank activities in one branch and three offices and restricted their consumer banking division. He's rough on the edges. [96] Even after securities and brokerage firm Bear Stearns ran into serious trouble in summer 2007, Citigroup decided the possibility of trouble with its CDOs was so tiny (less than 1/100 of 1%) that they excluded them from their risk analysis. The most active traders at the company are Mark Mason is Chief Financial Officer at Citigroup Inc. See Mark Mason's compensation, career history, education, & memberships. The Best VPS Web Hosting Services in Australia, Best Managed WooCommerce Hosting For Your Online Business, Best Cheap Web Hosting That Accept Bitcoins, How to Find the Best WordPress Themes for Your Website, How to Register a Domain Name for Your Website. He is the executive responsible for Citis Comprehensive Capital Analysis and Review (CCAR) submission process and served as Chief Financial Officer of Citis Institutional Clients Group (ICG) from September 2014 through January 2019. Citigroup CEO Charles Prince signed a certification that the bank was in compliance with SOX despite Bowen revealing this wasn't so. [121] Government restrictions on pay and oversight of the senior management were removed after the U.S. government sold its remaining 27% stake in December 2010. [252], In 2010, the company named Edward Skyler, formerly in New York City government and at Bloomberg L.P., to its senior public and governmental relations position. Mark Manson Net Worth- As a business owner, you know that social media is a powerful tool to reach new customers and grow your business. This report is not for commercial use. The chart on this page features a breakdown of the total annual pay for Mark Mason, CFO at CITIGROUP INC as reported in their proxy statements. [112] As a result of the criticism and the U.S. Government's majority holding of Citigroup's common stock, compensation and bonuses were restricted from February 2009 until December 2010. He is responsible for the financial management of the company and also leads Citi's Strategy and M&A team as well as Citi . Of the 57 Democrats supporting the 2015 Spending bill, 34 had received campaign cash from Citigroup's PAC at some point since 2010. Most recently he sold 8,081,542 units of C stock worth $175,207,831 on 19 December 2011. As a result of their assurances that toxic financial products were sound, Citigroup was able to expand its market share and increase profits" and that "the settlement did not absolve the bank or its employees from facing criminal charges. Citigroup Inc's most recent insider trade came on February 21, 2023 by The company was formed by the merger of banking giant Citicorp and financial conglomerate Travelers Group in 1998; Travelers was subsequently spun off from the company in 2002. Obliged", "Citigroup picks veteran to replace Pandit as CEO", "Citibank Bows to Trend, Cuts Credit Card Rate", "South Dakota: Credit Card Haven or the Cayman Islands for Banks? On February 9, 2012, it was announced that the five largest mortgage servicers (Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo) agreed to a historic settlement with the federal government and 49 states. [205], In 2004, Citigroup paid $2.65 billion pre-tax, or $1.64 billion after-tax, to settle a lawsuit concerning its role in selling stocks and bonds for WorldCom, the second largest telecommunications company in the world, which collapsed after an accounting scandal. Mark Mason was named Chief Financial Officer of Citi in February 2019. I think that if youre going to be a writer, you have to be a bit of a rebel., 2. On January 13, 2009, Citi announced the merger of Smith Barney with Morgan Stanley Wealth Management. His best leadership training, he says, came from some of his toughest tasks from the . New York - Mark Mason, Chief Financial Officer of Citigroup, will present at the 2021 Goldman Sachs U.S. Financial Services Conference on Wednesday, December 8, 2021. Mark joined Citi in 2001 as Vice President of Corporate Development. [249], In 2014 Citigroup's PAC contributed $804,000 to campaigns of various members of Congress, i.e. [213][214] In 2008, Citi also agreed to pay $1.66 billion to Enron creditors. [210] Citigroup was accused of issuing exaggerated research reports and not disclosing conflicts of interest. Work Biography for Mark Mason, Citi. [238], In 1998, the General Accounting Office issued a report critical of Citibank's handling of funds received from Raul Salinas de Gortari, brother of Carlos Salinas, the former president of Mexico. [239][240], The bank has also been accused of failing to control the flow of dark money through its accounts. [68] J. Paul Newsome, an analyst with CIBC Oppenheimer, said: "He's not the spit-and-polish executive many people expected. bank. Mark Mason was named Chief Financial Officer of Citi in February 2019. For other uses, see, Ownership of Salomon Brothers (19972003), Merger of Citicorp and Travelers (19982001), Collapse and US government intervention (2008), Return to profitability, denationalization (2010), Expansion of retail banking operations (2011), Expansion of credit card operations (2011), Chinese investment banking joint venture (2012), Spin-off of Napier Park Global Capital (2013), Downsizing of consumer banking unit (2014), Combination of Markets & Securities Services (2019), Shrinking of consumer banking unit (20212022), Involvement in controlling the sale of guns, Regulatory action, lawsuits, and arbitration, Enron, WorldCom, and Global Crossing bankruptcies, Conflicts of interest on investment research, Citigroup proprietary government bond trading scandal of 2004, Accusations of futures market manipulation. His height is 1.7m tall, and his weight is 68 kg. Hunt v. Citigroup, Inc. et al", "Citigroup pays $158 mln in US mortgage fraud pact", "Joint State-Federal Mortgage Servicing Settlement FAQ", "Mortgage Plan Gives Billions to Homeowners, but With Exceptions", "Citigroup Settles Mortgage Inquiry for $7 Billion", "Citigroup to Pay Customers $700 Million in Card Settlement", "Citigroup Ordered to Refund $700 Million in Credit-Card Case", "CFTC Orders Citigroup Global Markets Inc. to Pay $25 Million for Spoofing in U.S. Treasury Futures Markets and for Related Supervision Failures", "Case Summary: Enron Corporation Securities Litigation", "Citigroup, Form 8-K, Current Report, Filing Date May 10, 2004", "Citigroup Reaches Settlement on WorldCom Class Action Litigation for $1.64 Billion After-Tax", "Citigroup Agrees to a Settlement Over WorldCom", "Global Crossing Investors Settle With Citigroup", "Citigroup settles Global Crossing suit for $75 million", "Citigroup to Settle With Enron Investors", "Citigroup Resolves Claims That It Helped Enron Deceive Investors", "Citigroup settles shareholder CDO lawsuit for $590 million", "H.R.4173 - Dodd-Frank Wall Street Reform and Consumer Protection Act", "Update: Criminal cartel charges to be laid against Citigroup", "Regulators Finalize $1.4 Billion Wall St. Settlement", "Citigroup embroiled in bond selling scandal", "Revisiting Plutonomy: The Rich Getting Richer", "Bank Of America Merrill Lynch Is 'Comfortable With The Thrust' Of Piketty's Analysis", "U.S. Credit Crisis Adds to Gloom in Norway", "Citigroup to pay $18 mln over credit card practice", "Citigroup shareholders' vote on exec pay sends a message", "Citigroup CEO and directors sued over executive pay", "Citigroup Has Few Options After Pay Vote", "Citis CEO Pay Revolt Capitalism is Back Baby", "Citigroup Shareholder Sues After Failed 'Say-on-pay' Vote", "Citigroup Punished for Treasury Market Spoofing by Five Traders", "Citibank Called Lax on Salinas Money Trail", "How Citicorp's Amy Elliott Served Mexico's Raul Salinas", "Citigroup is fined $400 million over 'longstanding' internal problems", "Citi Fined for Failing to Fix Money-Laundering Controls", "Citi S'pore extends paternity leave to 4 weeks", "Paternity Leave Has Long-Lasting Benefits. "No one outworks Mark.". Heavy exposure to troubled mortgages in the form of collateralized debt obligation (CDOs), compounded by poor risk management, led Citigroup into trouble as the subprime mortgage crisis worsened in 2007. Chief Executive Officer | Legacy Franchises, Chief Executive Officer, Citibank, N.A. By December 2010, Citigroup repaid the emergency aid in full and the U.S. government had made a $12 billion profit on its investment in the company. All proxy statements are public filings made available to the general public by the SEC. He is the executive responsible for Citis Comprehensive Capital Analysis and Review (CCAR) submission process and served as Chief Financial Officer of Citis Institutional Clients Group (ICG) from September 2014 through January 2019. It is one of the nine global investment banks in the Bulge Bracket. He also spent . He is the author of several books including The New York Times bestseller The Secrets of Solomon (2010) and Freemasonry: A Journey Through Ritual and Symbol (2012). The largest trade he's ever made was selling 12,000,000 units of Citigroup Inc stock on 20 April 2011 worth over $260,760,000. [59] Shortly afterwards, the bank launched the Citicard, which pioneered the use of 24-hour ATMs. Oklahoma held out and agreed to settle with the banks separately. Former Chief Executive Officer, Citibank, N.A. citi bank locations cheap accommodation near me. With the crisis worsening, Citigroup announced on January 7, 2008, that it was considering cutting another 5 percent to 10 percent of its 327,000 member-workforce.[97][98]. The death of George Floyd . [222], In December 2002, Citigroup paid fines totaling $400million, to states and the federal government as part of a settlement involving charges that ten banks, including Citigroup, deceived investors with biased research. [21] Indeed, the passing of the Gramm-Leach-Bliley Act in November 1999 vindicated Reed and Weill's views, opening the door to financial services conglomerates offering a mix of commercial banking, investment banking, insurance underwriting, and brokerage. [3], Mason joined Citigroup in 2001 and has held a number of executive positions at the firm, including Chief Financial Officer of Citis Institutional Clients Group, Chief Executive Officer of Citi Private Bank, Chief Executive Officer of Citi Holdings, and Chief Financial Officer and Head of Strategy and M&A for Citis Global Wealth Management Division. The lawsuit was on behalf of investors who purchased certificates in one of two mortgage-backed securities trusts from Citigroup Mortgage Loan Trust Inc in 2007. Citi received the largest amount of TARP funding, "a larger bailout than any other U.S. Crains New York Business is the trusted voice of the New York business communityconnecting businesses across the five boroughs by providing analysis and opinion on how to navigate New Yorks complex business and political landscape. In September 1992, Travelers Insurance, which had suffered from poor real estate investments[21] and sustained significant losses in the aftermath of Hurricane Andrew,[63] formed a strategic alliance with Primerica that would lead to its amalgamation into a single company in December 1993. Mr. Mason also has investment banking experience with Goldman, Sachs & Co. Mr. Mason serves as a Trustee of Howard University, where he received a B.B.A. CB Rank (Person) 688,636 Primary Job Title Chief Financial Officer; Primary Organization On November 17, 2008, Citigroup announced plans for about 52,000 new job cuts, on top of 23,000 cuts already made during 2008 in a huge job cull resulting from four quarters of consecutive losses and reports that it was unlikely to be in profit again before 2010. In a The New York Times op-ed, Michael Lewis and David Einhorn described the November 2008 $306 billion guarantee as "an undisguised gift" without any real crisis motivating it. It reported $10.6 billion in net profit, compared with a $1.6 billion loss in 2009. [64] This deal complemented Travelers/Smith Barney well as Salomon was focused on fixed-income and institutional clients, whereas Smith Barney was strong in equities and retail. In January, Mark Mason (MBA 1995) was named to the 2022 Forbes CEO Next list, an annual list of 50 executives who are likely to lead some of America's largest companies.