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Citigroup Inc. of the United States is to divest of most of its asset-management business and consolidate its brokerage operation. A deal is in the works with Legg Mason Inc., a swap of units plus approximately $1.5 billion of Legg Mason Inc. stock and a $550 million loan from Citigroup Inc.

General Augusto Pinochet, former dictator of Chile accused of illegalities and human-rights abuses, had set up a web of secret bank accounts with Citigroup Inc. and several other United States banking institutions according to a new United States congressional report, raising questions for both banks and regulators.

In light of the 'Dr. Evil' stock market manipulation case aganist Citigroup Inc., the Chief Executive Officer Charles Prince has formalized initiatives of fortified internal controls and staff training to improve the ethics of the company.

German Billionaire Michael Otto who controlled 89 percent of the shares of American Spiegel Inc. is being charged with $104 million in reparations. The United States Securities and Exchange Commission investigation concerned witholding financial information and the bankruptcy of Spiegel Inc. The United States Securities and Exchange Commission is considering whether to proceed with criminal charges against Mr. Otto.

Riggs National Corp. claims that PNC Financial Services Group tryed to get the company for a low price by changing its buyout offer after Riggs pleaded guilty to violating the Bank Secrecy Act.

PNC Financial Services Group's planned acquisition of Riggs National Corp. is in question after Riggs guilty plea to a violation of the Bank Secrecy Act of 1970.

Riggs Bank N.A. has agreed to plead guilty in its money-laundering case and may have to pay a fine of up to $18 million. The plan by PNC Financial Corp. to acquire the company for cash and stocks is now is some doubt as a result of the case.

A case of stock market manipulation by Citigroup Inc. has been referred by the German financial regulator for criminal prosecution.

Thomas W. Jones, the former chief executive of Citigroup investment and asset-management units, defends his role in the recent scandal involving Japanese private banking.

Edward Lampert, who owns the hedge-fund firm ESL Investments, which owns 43 million shares of Kmart, will be a key figure in the merger of Sears and Kmart.

Citigroup Inc. CEO Charles Prince announced the firing of Vice Chairman Deryck Maughan and two other company officers. The dismissals were a result of the recent scandal in Japan involving the company.

Charles O. Prince has completed his first year as CEO of Citigroup Inc. His management style favors internal growth to deal-making. Prince wants to change the corporate culture to reflect his strong code of ethics.

After a year as CEO of Citigroup Inc., Charles O. Prince's performance has been mixed. Despite his efforts to clean up the institution's image, it appears that the corporate culture of Citi remains a problem.

The Japanese government has ordered Citigroup Inc.'s Japanese subsidiary, Citibank NA, to close private banking operations. Regulators allege involvement in money laundering, misleading customers about the risk of various products and other illegal activities.

Kroll Zolfo Cooper, the firm contracted to handle the Enron Corp. bankruptcy reorganization, will apply to the U.S. bankruptcy for a 'success fee' of $25 million, which it claims is justified by its speedy handling of the process resulting in $6.2 billion more for creditors than they would have otherwise obtained.

Banks are making a healthy profit by increasing credit card rates on credit card customers who are considered greatest risk. Complaints against the banking industry are that it makes more and more money from customers who are in straitened financial circumstances and struggling to get by.