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Citigroup Inc. (NYSE: C)
April 05, 2006
| To: All Employees From: Chuck Prince, CEO |
U.S. Federal Reserve News
I am very pleased to share with you that we have received a letter from the Federal Reserve informing Citigroup that due to our "significant progress" in implementing our compliance risk management program, the understanding that we would refrain from significant expansion is no longer in effect.
This accomplishment is a testament to your hard work and commitment to our company's success. We dedicated ourselves to our shared responsibilities to our clients, to each other and to our great franchise, and we strengthened our controls, compliance and culture through the Five Point Plan, which we continue to implement.
Importantly, we remain vigilant in our commitment to conduct business the right way, understanding that this is the only foundation for success.
We are fully focused on our strategic initiatives, which emphasize our organic growth opportunities, and build on our capabilities in attractive businesses and geographies.
Today we continue toward our goal of becoming the world's most respected global financial services company. I am confident of the course we have set, and excited about our future.
I'd like to thank the Board, our Business Heads and you, for all you do to help Citigroup realize its potential.
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