Citigroup

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Posted by bender 03/10/2009 @ 23:09

Tags : citigroup, banking, finance

News headlines
Citigroup chairman linked to model's baby - Chicago Tribune
Citigroup Board Chairman Richard Parsons has more on his mind than repairing the ailing company. It's about his marriage. The former Time Warner chairman, 61, is not commenting on the story that he has fathered a love child with...
Citigroup raises ratings on 3 fertilizer companies - Reuters
Citigroup raised its rating on Canada's Potash Corp and its US peer Mosaic Co to "buy" from "hold," while it raised its rating on Canada's Agrium to "hold" from "sell". The firm also raised its price targets on shares of all three companies....
Citigroup eyeing ways to trim IT costs - Economic Times
MUMBAI: Citigroup is believed to be looking at ways to trim its IT costs. This could spell good news for Indian IT vendors like TCS and Wipro who count Citi as their top client. The bank, which has been repeatedly bailed out by the US government,...
SEC to Step Up Internal Oversight - Washington Post
The announcement follows a report by the agency's inspector general that found that some of the agency's enforcement lawyers may have traded the stocks of Citigroup, United Health Group and other firms around the time the agency opened investigations...
Barclays May Hire Up to 65 Bankers for Europe M&A - Bloomberg
1 in European mergers, followed by Citigroup Inc., Deutsche Bank AG, Morgan Stanley and JPMorgan Chase & Co., Bloomberg data show. Goldman Sachs Group Inc. ranks seventh after Zurich-based UBS AG. “Barclays's strong brand in Europe coupled with its...
S.Korea bonds gain ahead of MSB auctions, maturity - Forbes
On Friday, bond prices trimmed losses, after the finance ministry said the government would hold global road shows in Singapore, Tokyo and major US cities in early June to enter the Citigroup ( C - news - people ) World Government Bond Index (WGBI)....
US may loosen pay caps for bankers - The News Journal
Lenders such as Citigroup Inc. and Bank of America Corp. that obtained money from the Troubled Asset Relief Program have been waiting since February for Treasury Department guidance on capping bonuses for their 25 highest-paid employees....
Archer Daniels Midland (ADM) NewsBite - ADM Upgraded By Citigroup - Market Intelligence Center
Archer Daniels Midland (ADM) was upgraded today by analysts at Citigroup and the stock is now at $27.35, up $1.50 (5.80%) on volume of 447842 shares traded. The analysts upped ADM to Hold from Sell. Over the last 52 weeks the stock has ranged from a...
Everonn gains 75% after Citigroup buys stake - Business Standard
The stock has gained over 75 per cent in the last week after foreign fund Citigroup Global Markets Mauritius acquired 0.66 per cent stake in the firm. The stock appreciated by 79 per cent from Rs 166.10 to Rs 296.55 on the Bombay Stock Exchange (BSE)...
Citigroup Ready to Right Itself - Barron's
By Singular Research ($3.77, May 20, 2009) AS ONE OF THE most troubled banks exiting 2008, Citigroup (ticker: C) is now one of the most optimally positioned to take advantage of new rules, regulations and reality. We are initiating coverage with a Buy...

Citigroup

Citigroup's world headquarters building, 399 Park Avenue, New York City.

Citigroup Inc., doing business as Citi, is a major American financial services company based in New York, NY. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate Travelers Group on April 7, 1998. Citigroup Inc. has the world's largest financial services network, spanning 107 countries with approximately 12,000 offices worldwide. The company employs approximately 300,000 staff around the world, and holds over 200 million customer accounts in more than 100 countries. It is the world's largest bank by revenues as of 2008. It is a primary dealer in US Treasury securities and its stock has been a component of the Dow Jones Industrial Average since March 17, 1997. 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. Its largest shareholders include funds from the Middle East and Singapore. On February 27, 2009 Citigroup announced that the United States government would be taking a 36% equity stake in the company by converting $25 billion in emergency aid into common shares.

Citigroup was formed on October 8, 1998, following the $140 billion merger of Citicorp and Travelers Group to create the world's largest financial services organization. The history of the company is, thus, divided into the workings of several firms that over time amalgamated into Citicorp, a multinational banking corporation operating in more than 100 countries; or Travelers Group, whose businesses covered credit services, consumer finance, brokerage, and insurance. As such, the company history dates back to the founding of: the City Bank of New York (later Citibank) in 1812; Bank Handlowy in 1870; Smith Barney in 1873, Banamex in 1884; Salomon Brothers in 1910.

The history begins with the City Bank of New York, which was chartered by New York State on June 16, 1812, with $2 million of capital. Serving a group of New York merchants, the bank opened for business on September 14 of that year, and Samuel Osgood was elected as the first President of the company. The company's name was changed to The National City Bank of New York in 1865 after it joined the new U.S. national banking system, and it became the largest American bank by 1895. It became the first contributor to the Federal Reserve Bank of New York in 1913, and the following year it inaugurated the first overseas branch of a U.S. bank in Buenos Aires, although the bank had, since the mid-nineteeth century, been active in plantation economies, such as the Cuban sugar industry. The 1918 purchase of U.S. overseas bank International Banking Corporation helped it become the first American bank to surpass $1 billion in assets, and it became the largest commercial bank in the world in 1929. As it grew, the bank became a leading innovator in financial services, becoming the first major U.S. bank to offer compound interest on savings (1921); unsecured personal loans (1928); customer checking accounts (1936) and the negotiable certificate of deposit (1961).

The bank changed its name to The First National City Bank of New York in 1955, which was shortened in 1962 to First National City Bank on the 150th anniversary of the company's foundation. The company organically entered the leasing and credit card sectors, and its introduction of USD certificates of deposit in London marked the first new negotiable instrument in market since 1888. Later to become MasterCard, the bank introduced its First National City Charge Service credit card - popularly known as the "Everything card" - in 1967.

In 1976, under the leadership of CEO Walter Wriston, First National City Bank (and its holding company First National City Corporation) was renamed as Citibank, N.A. (and Citicorp, respectively). Shortly afterward, the bank launched the Citicard, which pioneered the use of 24-hour ATMs. As the bank's expansion continued, the Narre Warren-Caroline Springs credit card company was purchased in 1981. John S. Reed was elected CEO in 1984, and Citi became a founding member of the CHAPS clearing house in London. Under his leadership, the next 14 years would see Citibank become the largest bank in the United States, the largest issuer of credit cards and charge cards in the world, and expand its global reach to over 90 countries.

Travelers Group, at the time of merger, was a diverse group of financial concerns that had been brought together under CEO Sandy Weill. Its roots came from Commercial Credit, a subsidiary of Control Data Systems that was taken private by Weill in November 1986 after taking charge of the company earlier that year. Two years later, Weill mastered the buyout of Primerica - a conglomerate that had already bought life insurer A L Williams as well as stock broker Smith Barney. The new company took the Primerica name, and employed a "cross-selling" strategy such that each of the entities within the parent company aimed to sell each other's services. Its non-financial businesses were spun-off.

In September 1992, Travelers Insurance, which had suffered from poor real estate investments and sustained significant losses in the aftermath of Hurricane Andrew, formed a strategic alliance with Primerica that would lead to its amalgamation into a single company in December 1993. With the acquisition, the group became Travelers Inc. Property & casualty and life & annuities underwriting capabilities were added to the business. Meanwhile, the distinctive Travelers red umbrella logo, which was also acquired in the deal, was applied to all the businesses within the newly named organization. During this period, Travelers acquired Shearson Lehman - a retail brokerage and asset management firm that was headed by Weill until 1985 - and merged it with Smith Barney. Finally, in November 1997, Travelers Group (which had been renamed again in April 1995 when they merged with Aetna Property and Casualty, Inc.), made the $9 billion deal to purchase Salomon Brothers, a major bond trader and investment bank.

On April 6, 1998, the merger between Citicorp and Travelers Group was announced to the world, creating a $140 billion firm with assets of almost $700 billion. 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.

Although presented as a merger, the deal was actually more like a stock swap, with Travelers Group purchasing the entirety of Citicorp shares for $70 billion, and issuing 2.5 new Citigroup shares for each Citicorp share. Through this mechanism, existing shareholders of each company owned about half of the new firm. 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.

The chairmen of both parent companies, John Reed and Sandy Weill respectively, were announced as co-chairmen and co-CEOs of the new company, Citigroup, Inc., although the vast difference in management styles between the two immediately presented question marks over the wisdom of such a setup.

The remaining provisions of the Glass-Steagall Act - enacted following the Great Depression - forbade banks to merge with insurance underwriters, and meant Citigroup had between two and five years to divest any prohibited assets. However, 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". 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.

The company spun off its Travelers Property and Casualty insurance underwriting business in 2002. The spin off was prompted by the insurance unit's drag on Citigroup stock price because Traveler's earnings were more seasonal and vulnerable to large disasters. It was also difficult to sell this kind of insurance directly to customers since most industrial customers are accustomed to purchasing insurance through a broker.

The Travelers Property Casualty Corporation merged with The St. Paul Companies Inc. in 2004 forming The St. Paul Travelers Companies. Citigroup retained the life insurance and annuities underwriting business; however, it sold those businesses to MetLife in 2005. Citigroup still heavily sells all forms of insurance, but it no longer underwrites insurance.

Despite their divesting Travelers Insurance, Citigroup retained Travelers' signature red umbrella logo as its own until February 2007, when Citigroup agreed to sell the logo back to St. Paul Travelers, which renamed itself Travelers Companies. Citigroup also decided to adopt the corporate brand "Citi" for itself and virtually all its subsidiaries, except Primerica and Banamex.

Heavy exposure to troubled mortgages in the form of Collateralized debt obligation (CDO's), compounded by poor risk management led Citigroup into trouble as the subprime mortgage crisis worsened in 2008. The company had used elaborate mathematical risk models which looked at mortgages in particular geographical areas, but never included the possibility of a national housing downturn, or the prospect that millions of mortgage holders would default on their mortgages. Indeed, trading head Thomas Maheras was close friends with senior risk officer David Bushnell, which undermined risk oversight.. As Treasury Secretary, Robert Rubin was said to be influential in lifting the regulations that allowed Travelers and Citicorp to merge in 1998. Then on the board of directors of Citigroup, Rubin and Charles Prince were said to be influential in pushing the company towards MBS and CDOs in the subprime mortgage market.

As the crisis began to unfold, Citigroup announced on April 11, 2007 that it would eliminate 17,000 jobs, or about 5 percent of its workforce, in a broad restructuring designed to cut costs and bolster its long underperforming stock. Even after securities and brokerage firm Bear Stearns ran into serious trouble in summer 2007, Citigroup decided the possibility of trouble with its CDO's was so tiny (less than 1/100 of 1%) that they excluded them from their risk analysis. With the crisis worsening, Citigroup announced on January 7, 2008 that it was considering cutting another 5 percent to 10 percent of its work force, which totaled 327,000.

Citigroup in late 2008 holds $20 billion of mortgage-linked securities, most of which have been marked down to between 21 cents and 41 cents on the dollar, and has billions of dollars of buyout and corporate loans. It faces potential massive losses on auto, mortgage and credit card loans if the economy worsens.

On January 16, 2009, Citigroup announced its intention to reorganize itself into two operating units: Citicorp for its retail and investment banking business, and Citi Holdings for its brokerage and asset management. Citigroup will continue to operate as a single company for the time being, but Citi Holdings managers will be tasked to "tak advantage of value-enhancing disposition and combination opportunities as they emerge", and eventual spin-offs or mergers involving either operating unit have not been ruled out.On February 27, 2009 Citigroup announced that the United States government would be taking a 36% equity stake in the company by converting $25 billion in emergency aid into common shares. Citigroup shares dropped 40% on the news.

Citigroup is divided into four major business groups: Consumer Banking, Global Wealth Management, Global Cards, and Institutional Clients Group.

Generating 55% of Citigroup's 2006 revenues, Global Consumer Group comprises four sub-divisions: Cards (credit cards), Consumer Lending Group (Real-Estate Lending, Auto Loans, Student Loans), Consumer Finance, and Retail Banking. Targeting individual consumers as well as small- to medium-sized businesses, GCG offers financial services across its worldwide branch network, including banking, loans, insurance, and investment services. On March 31, 2008, Citigroup announced that it will create 2 new global businesses - Consumer Banking and Global Cards out of the existing Global Consumer Group.

Citi Cards is responsible for around 40% of the profits with GCG, and represents the largest issuer of credit cards across the world as well as a 3,800-point ATM network across 45 countries.

The Consumer Finance division (branded "CitiFinancial") accounts for about 20% of GCG's profits, and offers personal loans and homeowner loans to consumers in 20 countries worldwide. There are over 2,100 branches in the U.S. and Canada. The takeover of Associates First Capital in September 2000 enabled CitiFinancial to expand its reach outside of the United States, particularly capitalizing on Associates' 700,000 customers in Japan and Europe. Citi ended its CitiFinancial operations in the UK in 2008 .

Finally, the retail bank encompasses the Citi's global branch network, branded Citibank. Citibank is the third largest retail bank in the United States, and it has Citibank branded branches in countries throughout the world, with the exception of Mexico; In Mexico Citigroup's bank operations are branded as Banamex is the country's second largest bank and a Citigroup subsidiary.

Global Wealth Management divides itself into Citi Private Bank, Citi Smith Barney and Citi Investment Research, and generated 7% of Citigroup's total revenue in 2006. As revenues are predominantly derived from investment income, Global Wealth Management is more sensitive to the direction and level of the equity and fixed-income markets than other divisions of the company.

Citi Private Bank provides banking and investment services to high net worth individuals, private institutions, and law firms. Acting as a gateway to all of Citigroup's products, Citi Private Bank offer traditional investment products and alternative choices, with all clients assigned a Private Banker to personally deal with their portfolio.

Citi Smith Barney is Citi's global private wealth management unit, providing brokerage, investment banking and asset management services to corporations, governments and individuals around the world. With over 800 offices worldwide, Smith Barney holds 9.6 million domestic client accounts, representing $1.562 trillion in client assets worldwide.

Citi announced on January 13, 2009 that they would give Smith Barney to Morgan Stanley investment bank to combine their brokerage firms in exchange for $2.7 billion and 49% interest in the joint venture. Citi's urgent need for cash is reputed to be a driving force in this deal. Many have speculated that this may be the beginning of the end of Citi's "financial supermarket" approach.

Citi Investment Research is Citi's equities research unit comprised of 390 research analysts across 22 countries. Citi Investment Research covers 3,100 companies, representing 90 percent of the market capitalization of the major global indices, providing macro and quantitative analysis of global markets and sector trends.

Citi announced on October 11, 2007 the formation of the new Institutional Clients Group comprising Citi Markets & Banking (CMB) and Citi Alternative Investments (CAI) with Vikram Pandit, 50, as its Chairman and CEO. Vikram Pandit was promoted to CEO of the entire company two months later.

Containing Citi's most market-sensitive divisions, "CMB" is divided into two primary businesses: "Global Capital Markets and Banking" and "Global Transaction Services" (GTS). Global Capital Markets and Banking provides investment- and commercial-banking services covering institutional brokerage, advisory services, foreign exchange, structured products, derivatives, loans, leasing, and equipment finance. Meanwhile, GTS offers cash-management, trade finance and securities services to corporations and financial institutions worldwide. CMB is responsible for around 32% of Citigroup's annual revenues, generating just under US $30 billion in 2006 financial year.

Citi Alternative Investments (CAI) is an alternative investment platform that manages assets across five classes - private equity, hedge funds, structured products, managed futures, and real estate. Across 16 "boutique investment centers", it offers various funds or separate accounts that utilize alternative investment strategies, as opposed to the mainstream mutual funds that it recently sold to Legg Mason. CAI manages Citigroup proprietary capital as well as institutional investments from third-parties and high-net-worth investors. As of June 30, 2007, CAI holds US$59.2 billion under capital management, and contributed 7% of Citigroup's 2006 income.

Citigroup recently acquired the Egg brand when it purchased Egg Banking plc, the world's largest Internet bank, from Prudential. Its first major act was to cease lending to around 7% of card holders who were considered to be undesirable. This also included some who regularly paid off balances in full, claiming this was due to "deteriorating credit profiles" but is widely believed to be due to the low profit margins obtained from responsible borrowers.

Citigroup's most famous office building is the Citigroup Center, a diagonal-roof skyscraper located in East Midtown, Manhattan, New York City, which despite popular belief is not the company's headquarters building. Citigroup has its headquarters across the street in an anonymous-looking building at 399 Park Avenue (the site of the original location of the City National Bank). The headquarters is outfitted with nine luxury dining rooms, with a team of private chefs preparing a different menu for each day. The management team is on the third and fourth floors above a Citibank branch. Citigroup also leases a building in the TriBeCa neighborhood in Manhattan at 388 Greenwich St, that serves as headquarters for its Investment and Corporate Banking operations and was the former headquarters of the Travelers Group.

Strategically, 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 V trains. Consequently, the company's Midtown buildings—including 787 Seventh Avenue, 666 Fifth Avenue, 399 Park Avenue, 485 Lexington, 153 East 53rd Street (Citigroup Center), and Citicorp Building in Long Island City, Queens, are all no more than two stops away from each other. In fact, every company building lies above or right across the street from a subway station served by the E or V.

Chicago also plays home to an architectural beauty operated by Citigroup. Citicorp Center has a series of curved archways at its peak, and sits across the street from major competitor ABN AMRO's ABN AMRO Plaza. It has a host of retail and dining facilities serving thousands of Metra customers daily via the Ogilvie Transportation Center.

Citigroup has obtained naming rights to Citi Field, the home ballpark of the New York Mets Major League Baseball team, who will begin playing their home games there in 2009.

Citigroup was criticized for disrupting the European bond market by rapidly selling €11 billion 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.

On March 23, 2005, the NASD announced total fines of $21.25 million against Citigroup Global Markets, Inc., American Express Financial Advisors and Chase Investment Services regarding suitability and supervisory violations relating to mutual fund sales practices between January 2002 and July 2003. The case against Citigroup involved recommendations and sales of Class B and Class C shares of mutual funds.

On June 6, 2007, the NASD announced more than $15 million in fines and restitution against Citigroup Global Markets, Inc., to settle charges related to misleading documents and inadequate disclosure in retirement seminars and meetings for BellSouth Corp. employees in North Carolina and South Carolina. NASD found that Citigroup did not properly supervise a team of brokers located in Charlotte, N.C., who used misleading sales materials during dozens of seminars and meetings for hundreds of BellSouth employees.

On August 26, 2008 it was announced that Citigroup agreed to pay nearly $18 million in refunds and fines to settle accusations by California Attorney General Jerry Brown that it wrongly took funds from the accounts of credit card customers. Citigroup would pay $14 million of restitution to roughly 53,000 customers nationwide. A three-year investigation found that Citigroup from 1992 to 2003 used an improper computerized "sweep" feature to move positive balances from card accounts into the bank's general fund, without telling cardholders.

On 24 November 2008 the U.S. government announced a massive bailout of Citigroup, designed to rescue the company from bankruptcy while giving the government a major say in its operations. The Treasury will provide another $20 billion in TARP funds in addition to $25 billion given in October. The Treasury Department, the Federal Reserve and the FDIC will cover 90% of the losses on its $335-billion portfolio after Citigroup absorbs the first $29 billion in losses. In return the bank will give Washington $27 billion of preferred shares and warrants to acquire stock. The government will obtain wide powers over banking operations. Citigroup has agreed to try to modify mortgages, using standards set up by the FDIC after the collapse of IndyMac Bank, with the goal of keeping as many homeowners as possible in their houses. Executive salaries will be capped.

As a condition of the bailout, Citigroup's dividend payment has been reduced to a mere 1 cent a share.

As the subprime mortgage crisis began to unfold, heavy exposure to toxic mortgages in the forms of Collateralized debt obligation (CDOs), compounded by poor risk management led the company into serious trouble. In early 2007 Citigroup began eliminating about 5 percent of its workforce, in a broad restructuring designed to cut costs and bolster its long underperforming stock. By November 2008, the ongoing crisis hit Citigroup hard and despite federal TARP bailout money, the company announced further cuts. Its stock market value dropped to $6 billion, down from $244 billion two years prior. As a result, Citigroup and Federal regulators negotiated a plan to stabilize the company. Its single largest shareholder is Prince Al-Waleed bin Talal of Saudi Arabia, who has a 4.9% stake. Vikram Pandit is Citigroup's current CEO, while Richard Parsons is the current chairman.

Citigroup is the 16th largest political campaign contributor, out of all organizations, according to the Center for Responsive Politics. Members of the firm have donated over $23,033,490 from 1989-2006, 49% of which went to Democrats and 51% of which went to Republicans. According to Matthew Vadum, a senior editor at the conservative Capital Research Center, Citigroup is also a heavy contributor to left of center political causes.

See also Citigroup, and Yahoo!

Associated · BancorpSouth · BancWest* · Bank of America · Bank of New York Mellon · BB&T · BBVA Compass* · BOK Financial · Capital One · Citigroup · Citizens Financial Group* · City National · Colonial · Commerce · Comerica · FBOP · Fifth Third · First BanCorp · First Citizens · First Horizon National · First National of Nebraska · Fulton · Harris* · HSBC Bank USA* · Huntington · JPMorgan Chase · Key · M&T · Marshall & Ilsley · New York Community · New York Private · Northern Trust · PNC · Popular · RBC* · Regions · South Financial Group · State Street · SunTrust · Susquehanna · Synovus · Taunus* · TCF · TD* · U.S. Bancorp · UnionBanCal* · W Holding · Webster · Wells Fargo · Zions * indicates the U.S. subsidiary of a non-U.S. bank. Inclusion on this list is based on U.S. assets only.

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Citigroup Tower

Oriental Pearl Tower.JPG

The Citigroup Tower is a 180 m, 42 storey high skyscraper in the Pudong financial district of Shanghai, China, completed in 2005. It is the headquarters building of the Citibank (China) Company Limited.

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List of Chief Executives of Citigroup

Following is a List of Chief Executives of Citigroup This lists the person or persons who were ultimately responsible for the company since its founding in 1812.

The chief was a president until 1909 when a chairman became the highest office.

The Chairman position was not filled on Stillman's death. Duties were handled by the President who acted on an interim basis.

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Citigroup Center (San Francisco)

The Citigroup Center, also known as One Sansome Street, formerly known as the Citicorp Center, is an office skyscraper located at the intersection of Sutter and Sansome Streets in San Francisco's Financial District near Market Street. The 551 foot (168 m), 39 floor tower houses offices for Citigroup. The tower was completed in 1984.

The 545,000 square-foot (50,600 square meter) building was acquired by Beacon Capital Partners LLC from BayernLB in 2005 for $217 million or $394.55 per square-foot ($4,247.32 per square meter). BayernLB bought the building in 1999 from subsidiaries of Citigroup and Dai-ichi Life Insurance Co. for between $170 million to $175 million, or $310 to $320 per square-foot ($3,337.14 to 3,444.79 per square meter).

The Consulate-General of Luxembourg in San Francisco is located in Suite 830.

The Consulate-General of the United Kingdom in San Francisco is located in Suite 850.

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Citigroup Center (Los Angeles)

The Citigroup Center (formerly named the 444 Flower Building) is a skyscraper located at 444 S. Flower Street in the Bunker Hill section of Los Angeles, California. It was completed in 1979, and stands 625 feet tall (48 floors). Upon completion, the skyscraper was the fifth-tallest in all of Los Angeles; as of 2009, it is the eleventh tallest building.

The building was prominently featured in the opening credits of, and establishing shots for, the 1980s television drama L.A. Law, as the office building in which the principal characters ostensibly worked.

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Citigroup Venture Capital

Citigroup Venture Capital is the name used by several private equity firms that had historical ties to Citigroup.

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Citigroup Centre, Sydney

Citigroup Centre is a 243 m (800 ft) skyscraper located in Sydney, New South Wales, Australia. The building is currently the 10th tallest building in Australia but upon completion in 2000 was the 8th tallest. Citigroup Centre is also the second tallest building in the city.

The architect is Crone and Associates, headed by Albert Speer. One of Sydney's major railway stations, Town Hall, is located opposite and is connected by a lower ground floor retail arcade link. A major bus interchange is located at the Queen Victoria Building providing bus services to many destinations around Sydney and is serviced by a monorail station, which provides easy access to other parts of the City, including Darling Harbour.

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Source : Wikipedia