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OneMain Holdings, Inc. is an American financial services holding company headquartered in Evansville , Indiana , with central offices throughout the United States. The company wholly owns OneMain Finance Corporation and its subsidiaries, through which it operates in the consumer finance and insurance industries as OneMain Financial . Its business primarily focuses on providing personal loans and optional insurance products to customers with limited access to traditional lenders, such as banks and credit card companies.

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124-452: OneMain's roots stretch back to 1912 when it was founded by Alexander E. Duncan as Commercial Credit Company in Baltimore , Maryland . Through a series of mergers and acquisitions, Commercial Credit Company eventually became a subsidiary of Citigroup and was known as CitiFinancial. After the 2008 financial crisis , Citigroup reorganized its business, with the company regarding CitiFinancial as

248-405: A whistleblower in 2006, 60% of the mortgages were defective. The number of bad mortgages began increasing throughout 2007 and eventually exceeded 80% of the volume. Many of the mortgages were not only defective but were a result of mortgage fraud . Bowen attempted to rouse the board via weekly reports and other communications. On November 3, 2007, Bowen emailed Citigroup chairman Robert Rubin and

372-509: A $ 1.6 billion loss in 2009. Late in 2010, the government sold its remaining stock holding in the company, yielding an overall net profit to taxpayers of $ 12 billion (~$ 16.4 billion in 2023). A special IRS tax exception given to Citi allowed the US Treasury to sell its shares at a profit, while it still owned Citigroup shares, which eventually netted $ 12 billion. According to Treasury spokeswoman Nayyera Haq, "This (IRS tax) rule

496-443: A Mexican oil services firm. The plaintiffs claimed that Citigroup conspired with Oceanografia to accept falsified work estimates. The courts found in favor of Citigroup. In April 2016, Citigroup announced that it would eliminate its bad bank , Citi Holdings. Citi Capital Advisors (CCA), formerly Citi Alternative Investments, was a hedge fund that offered various investment strategies across multiple asset classes. To comply with

620-616: A Shanghai-based equity and debt brokerage operating in the Chinese market. In January 2019, Citigroup announced that it sold its stake in the business to its Chinese partner. The company failed the Comprehensive Capital Analysis and Review stress tests in 2012 due to Citi's high capital return plan and its international loans, which were rated by the Fed to be at higher risk than its domestic American loans. In 2013, Sanjiv Das

744-513: A Town on the North side of the Patapsco River." Surveyors began laying out the town on January 12, 1730. By 1752 the town had just 27 homes, including a church and two taverns. Jonestown and Fells Point had been settled to the east. The three settlements, covering 60 acres (24 ha), became a commercial hub, and in 1768 were designated as the county seat. The first printing press was introduced to

868-589: A clash between local youth and police that resulted in a state of emergency declaration and a curfew. Baltimore has seen the reopening of the Hippodrome Theatre in 2004, the opening of the Reginald F. Lewis Museum of Maryland African American History & Culture in 2005, and the establishment of the National Slavic Museum in 2012. On April 12, 2012, Johns Hopkins held a dedication ceremony to mark

992-593: A decline in major manufacturing, heavy industry , and restructuring of the rail industry , Baltimore has shifted to a service-oriented economy . Johns Hopkins Hospital and University are the top employers. Baltimore is home to the Baltimore Orioles of Major League Baseball , and the Baltimore Ravens of the National Football League . Many Baltimore neighborhoods have rich histories. The city

1116-546: 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. After the Panic of 1837 , Moses Taylor acquired control of the company. The company's name was changed to The National City Bank of New York in 1865 after it converted its state charter into a federal charter and joined the new U.S. national banking system. After Taylor died in 1882, Percy Rivington Pyne I became president of

1240-607: A minority. The Baltimore Council passed the ordinance, and it became law on December 20, 1910, with Democratic Mayor J. Barry Mahool 's signature. The Baltimore segregation ordinance was the first of its kind in the United States. Many other southern cities followed with their own segregation ordinances, though the US Supreme Court ruled against them in Buchanan v. Warley (1917). The city grew in area by annexing new suburbs from

1364-606: A noncore business that it renamed to OneMain Financial and sought to sell. Meanwhile, Interstate Finance Corporation was founded in Evansville in 1920 and experienced its own series of mergers and acquisitions until it became American General Finance, the consumer finance subsidiary of AIG . In November 2010, Fortress Investment Group purchased a majority stake in American General Finance and renamed it to Springleaf Financial

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1488-562: A part in the American Revolution . City leaders such as Jonathan Plowman Jr. led many residents to resist British taxes , and merchants signed agreements refusing to trade with Britain. The Second Continental Congress met in the Henry Fite House from December 1776 to February 1777, effectively making the city the capital of the United States during this period. Baltimore, Jonestown , and Fells Point were incorporated as

1612-600: A part of Citicorp in 1998 and in 2011 the name was changed to OneMain Financial. In 1920, Interstate Finance Corporation was founded in Evansville, Indiana, to underwrite sales of Inland Motor Truck vehicles. After several acquisitions, the company became a part of AIG in 2001. In 2010, Fortress Investment Group acquired the business from AIG. In 2011, the company changed its name to Springleaf Holdings, Inc. Its brand name became Springleaf Financial Services. In November 2015, Springleaf Holdings, Inc. acquired OneMain Financial from Citigroup for $ 4.25 billion. The new company kept

1736-722: A period of dormancy in Baltimore City archaeological findings which had persisted since the 1980s. During the Late Woodland period, the archaeological culture known as the Potomac Creek complex resided in the area from Baltimore south to the Rappahannock River in present-day Virginia . The city is named after Cecil Calvert, 2nd Baron Baltimore , an English peer, member of the Irish House of Lords and founding proprietor of

1860-713: A product pusher. 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. Citigroup will continue to operate as a single company for the time being, but Citi Holdings managers will be tasked to "take advantage of value-enhancing disposition and combination opportunities as they emerge", and eventual spin-offs or mergers involving either operating unit were not ruled out. Citi Holdings consists of Citi businesses that Citi wants to sell and are not considered part of Citi's core businesses. The majority of its assets are U.S. mortgages. It

1984-472: 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. In 2009, Jane Fraser , the CEO of Citi Private Bank, stopped paying its bankers with a commission for selling investment products, in a move to bolster Citi Private Bank's reputation as an independent wealth management adviser, as opposed to

2108-532: A retail bank, the third largest issuer of credit cards , as well as its wealth management business. Citigroup was formed on October 8, 1998, following the merger of Citicorp, the bank holding company for Citibank , and Travelers to create the world's largest financial services organization. Citibank , (formerly City Bank of New York) was chartered by the State of New York on June 16, 1812, with $ 2 million (~$ 43.4 million in 2023) of capital. Serving

2232-515: 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

2356-474: A unique skyline peppered with churches and monuments developed. Baltimore acquired its moniker "The Monumental City" after an 1827 visit to Baltimore by President John Quincy Adams . At an evening function, Adams gave the following toast: "Baltimore: the Monumental City—May the days of her safety be as prosperous and happy, as the days of her dangers have been trying and triumphant." Baltimore pioneered

2480-483: Is Baltimore's nonprofit historic and architectural preservation organization, which works to preserve and promote Baltimore's historic buildings and neighborhoods. Baltimore is officially divided into nine geographical regions: North, Northeast, East, Southeast, South, Southwest, West, Northwest, and Central, with each district patrolled by a respective Baltimore Police Department . Interstate 83 and Charles Street down to Hanover Street and Ritchie Highway serve as

2604-402: Is a mixed bag, its primary objective is to wind down some non-core businesses and reduce assets, and strategically "breaking even" in 2015. On February 27, 2009, Citigroup announced that the U.S. government would take a 36% equity stake in the company by converting US$ 25 billion in emergency aid into common stock with a United States Treasury credit line of $ 45 billion to prevent

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2728-583: Is a neoclassical design by Benjamin Latrobe, and one of the oldest Catholic cathedrals in the United States. In 1813, Robert Cary Long Sr. built for Rembrandt Peale the first substantial structure in the United States designed expressly as a museum. Restored, it is now the Municipal Museum of Baltimore, or popularly the Peale Museum . The McKim Free School was founded and endowed by John McKim. The building

2852-400: Is bordered by Anne Arundel County to the south. Baltimore exhibits examples from each period of architecture over more than two centuries, and work from architects such as Benjamin Latrobe , George A. Frederick , John Russell Pope , Mies van der Rohe , and I. M. Pei . Baltimore is rich in architecturally significant buildings in a variety of styles. The Baltimore Basilica (1806–1821)

2976-550: Is home to some of the earliest National Register Historic Districts in the nation, including Fell's Point , Federal Hill , and Mount Vernon . Baltimore has more public statues and monuments per capita than any other city in the country. Nearly one third of the buildings (over 65,000) are designated as historic in the National Register , more than any other US city. Baltimore has 66 National Register Historic Districts and 33 local historic districts. The historical records of

3100-443: Is one of few remaining structures of its kind. It was constructed without the use of exterior scaffolding. The Sun Iron Building, designed by R.C. Hatfield in 1851, was the city's first iron-front building and was a model for a whole generation of downtown buildings. Brown Memorial Presbyterian Church , built in 1870 in memory of financier George Brown , has stained glass windows by Louis Comfort Tiffany and has been called "one of

3224-654: Is one of the eight global investment banks in the Bulge Bracket . Citigroup is ranked 36th on the Fortune 500 , and was ranked #24 in Forbes Global 2000 in 2023. Citigroup operates with two major divisions: Institutional Clients Group (ICG), which offers investment banking and corporate banking services, as well as treasury and trade solutions (TTS) and securities services such as custodian banking ; and Personal Banking and Wealth Management (PBWM), which includes Citibank ,

3348-479: Is the most populous city in the U.S. state of Maryland . With a population of 585,708 at the 2020 census , it is the 30th-most populous US city . Baltimore was designated as an independent city by the Constitution of Maryland in 1851, and is the most populous independent city in the nation. As of 2020 , the population of the Baltimore metropolitan area was 2,838,327, the 20th-largest metropolitan area in

3472-444: Is the tallest equilateral pentagonal building in the world at 405 feet (123 m) tall. The Harbor East area has seen the addition of two new towers which have completed construction: a 24-floor tower that is the new world headquarters of Legg Mason , and a 21-floor Four Seasons Hotel complex. The streets of Baltimore are organized in a grid and spoke pattern, lined with tens of thousands of rowhouses . The mix of materials on

3596-715: The Baltimore Convention Center (1979). Harborplace , an urban retail and restaurant complex, opened on the waterfront in 1980, followed by the National Aquarium , Maryland's largest tourist destination, and the Baltimore Museum of Industry in 1981. In 1995, the city opened the American Visionary Art Museum on Federal Hill. During the epidemic of HIV/AIDS in the United States , Baltimore City Health Department official Robert Mehl persuaded

3720-461: The Baltimore Ravens football team moved into M&T Bank Stadium next to Camden Yards. Baltimore has had a high homicide rate for several decades, peaking in 1993, and again in 2015. These deaths have taken an especially severe toll within the black community. Following the death of Freddie Gray in April 2015, the city experienced major protests and international media attention, as well as

3844-477: The Midwest . By 1820 its population had reached 60,000, and its economy had shifted from its base in tobacco plantations to sawmilling , shipbuilding , and textile production. These industries benefited from war but successfully shifted into infrastructure development during peacetime. Baltimore had one of the worst riots of the antebellum South in 1835, when bad investments led to the Baltimore bank riot . It

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3968-460: The National Aquarium , Maryland Science Center , Pier Six Pavilion , and Power Plant Live . Citigroup Citigroup Inc. or Citi ( stylized as citi ) is an American multinational investment bank and financial services company based in New York City . The company was formed in 1998 by the merger of Citicorp, the bank holding company for Citibank , and Travelers ; Travelers

4092-740: The National Guard , leaving 10 dead and 25 wounded. The beginnings of settlement movement work in Baltimore were made early in 1893, when Rev. Edward A. Lawrence took up lodgings with his friend Frank Thompson, in one of the Winans tenements, the Lawrence House being established shortly thereafter at 814-816 West Lombard Street. On February 7, 1904, the Great Baltimore Fire destroyed over 1,500 buildings in 30 hours, leaving more than 70 blocks of

4216-499: The New York Stock Exchange . As a result, late in the evening on November 23, 2008, Citigroup and Federal regulators approved a plan to stabilize the company and forestall a further deterioration in the company's value. On November 24, 2008, the U.S. government announced a massive bailout for Citigroup designed to rescue the company from bankruptcy while giving the government a major say in its operations. A joint statement by

4340-592: The Province of Maryland . The Calverts took the title Barons Baltimore from Baltimore Manor , an English Plantation estate they were granted in County Longford , Ireland . Baltimore is an anglicization of the Irish name Baile an Tí Mhóir , meaning "town of the big house". In the early 1600s, the immediate Baltimore vicinity was sparsely populated, if at all, by Native Americans. The Baltimore County area northward

4464-608: The US Treasury Department , the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) announced: "With these transactions, the U.S. government is taking the actions necessary to strengthen the financial system and protect U.S. taxpayers and the U.S. economy." Citi received the largest amount of TARP funding, "a larger bailout than any other U.S. bank." The bailout called for

4588-687: The Union during the American Civil War , following the 55–12 vote by the Maryland General Assembly against secession. Later, the Union's strategic occupation of the city in 1861 ensured Maryland would not further consider secession. The Union's capital of Washington, D.C. was well-situated to impede Baltimore and Maryland's communication or commerce with the Confederacy . Baltimore experienced some of

4712-660: The United Arab Emirates , and Michael Bloomberg . In September 2016, the Baltimore City Council approved a $ 660 million bond deal for the $ 5.5 billion Port Covington redevelopment project championed by Under Armour founder Kevin Plank and his real estate company Sagamore Development. Port Covington surpassed the Harbor Point development as the largest tax-increment financing deal in Baltimore's history and among

4836-502: The WWII and post-war eras. By 1968, the company was the target of a hostile takeover by Loews Corporation , which had already owned 10% of the company's common stock. However, CCC's management sought a different buyer and was able to sway computer company Control Data Corporation (CDC) into acquiring them instead. CDC initially utilized CCC as a vehicle to assist customers in financing their computer leases and to stabilize earnings due to

4960-479: The assassination of Martin Luther King Jr. on April 4, 1968. Public order was not restored until April 12, 1968. The Baltimore uprising cost the city an estimated $ 10 million (US$ 88 million in 2024). A total of 12,000 Maryland National Guard and federal troops were ordered into the city. The city experienced challenges again in 1974 when teachers, municipal workers , and police officers conducted strikes. By

5084-402: The deep South and by white suburbanization , the relative size of the city's black population grew from 23.8% in 1950 to 46.4% in 1970. Encouraged by real estate blockbusting techniques, recently settled white areas rapidly became all-black neighborhoods, in a rapid process which was nearly total by 1970. The Baltimore riot of 1968 , coinciding with uprisings in other cities , followed

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5208-552: The " Everything card " and later to become MasterCard —in 1967. Also in 1967, First National City Bank was reorganized as a one-bank holding company, First National City Corporation, or "Citicorp" for short. The bank had been nicknamed "Citibank" since the 1860s when it began using this as an eight-letter wire code address. In 1974, under the leadership of CEO Walter B. Wriston , First National City Corporation changed its formal name to "Citicorp", with First National City Bank being formally renamed Citibank in 1976. Shortly afterwards,

5332-528: The Baltimore area and inhabited primarily the north bank of the Potomac River in what are now Charles and southern Prince George's counties in the coastal areas south of the Fall Line . European colonization of Maryland began in earnest with the arrival of the merchant ship The Ark carrying 140 colonists at St. Clement's Island in the Potomac River on March 25, 1634. Europeans then began to settle

5456-621: The City of Baltimore in 1796–1797. The city remained a part of surrounding Baltimore County and continued to serve as its county seat from 1768 to 1851, after which it became an independent city . The Battle of Baltimore against the British in 1814 inspired the U.S. national anthem, " The Star-Spangled Banner ", and the construction of the Battle Monument , which became the city's official emblem. A distinctive local culture started to take shape, and

5580-596: The Cuban sugar industry, since the mid-19th century. The purchase of U.S. overseas bank International Banking Corporation in 1918 helped it become the first American bank to surpass $ 1 billion in assets. 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

5704-698: The Europeans. In 1661 David Jones claimed the area known today as Jonestown on the east bank of the Jones Falls stream. The colonial General Assembly of Maryland created the Port of Baltimore at old Whetstone Point, now Locust Point , in 1706 for the tobacco trade . The Town of Baltimore, on the west side of the Jones Falls, was founded on August 8, 1729, when the Governor of Maryland signed an act allowing "the building of

5828-616: The FDIC after the collapse of IndyMac Bank , with the goal of keeping as many homeowners as possible in their houses. Executive salaries would be capped. As a condition of the federal assistance, Citigroup's dividend payment was reduced to $ 0.01 per share. In a New York Times op-ed, Michael Lewis and David Einhorn described the November 2008 $ 306 billion (~$ 425 billion in 2023) guarantee as "an undisguised gift" without any real crisis motivating it. According to The Wall Street Journal ,

5952-566: The First National City Bank of New York in 1955. The "New York" was dropped in 1962 on the 150th anniversary of the company's foundation. The company organically entered the leasing and credit card sectors, and its introduction of U.S. dollar-denominated certificates of deposit in London marked the first new negotiable instrument in the market since 1888. The bank introduced its First National City Charge Service credit card—popularly known as

6076-587: The Great Depression—forbade banks to merge with insurance underwriters, and meant Citigroup had between two and five years to divest any prohibited assets. 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

6200-631: The National Aquarium, Camden Yards have helped revive the Inner Harbor area from what once was an exclusively industrial district full of dilapidated warehouses into a bustling commercial district full of bars, restaurants, and retail establishments. After an international competition, the University of Baltimore School of Law awarded the German firm Behnisch Architekten 1st prize for its design, which

6324-509: 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

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6448-621: The U.S. It also has Latin America partnership cards with Colombia-based airline Avianca and with Banamex and AeroMexico; and a merchant loyalty program in Europe. Citibank is also the first and currently the only international bank to be approved by Chinese regulators to issue credit cards under its own brand without cooperating with Chinese state-owned domestic banks. In 2012, the Global Markets division and Orient Securities formed Citi Orient Securities,

6572-538: The United States today. Lexington Market was also a center of slave trading. Enslaved Black people were sold at numerous sites through the downtown area, with sales advertised in The Baltimore Sun . Both tobacco and sugar cane were labor-intensive crops. In 1774, Baltimore established the first post office system in what became the United States, and the first water company chartered in the newly independent nation, Baltimore Water Company, 1792. Baltimore played

6696-569: The area further north, in what is now Baltimore County . Since Maryland was a colony, Baltimore's streets were named to show loyalty to the mother country, e.g. King, Queen, King George and Caroline streets. The original county seat , known today as Old Baltimore, was located on Bush River within the present-day Aberdeen Proving Ground . The colonists engaged in sporadic warfare with the Susquehannock, whose numbers dwindled primarily from new infectious diseases, such as smallpox , endemic among

6820-589: The bank launched the Citicard, which pioneered the use of 24-hour ATMs . 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 and the largest issuer of credit cards and charge cards in the world, and expand its global reach to over 90 countries. Travelers Group, at

6944-410: The bank's chief financial officer , head auditor, and the chief risk management officer to again expose the risk and potential losses, claiming that the group's internal controls had broken down and requesting an outside investigation of his business unit. The subsequent investigation revealed that the Consumer Lending Group had suffered a breakdown of internal controls since 2005. Despite the findings of

7068-473: The bank's reputation. On April 6, 1998, Citicorp and Travelers announced a merger. The deal would enable Travelers and Citicorp to access each other's customer base for the marketing of financial products. In the transaction, Travelers Group acquired all Citicorp shares; 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

7192-443: The bank. He died nine years later and was replaced by James Stillman . The bank became the largest bank in New York City after the Panic of 1893 and the largest bank in the U.S. 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 been active in plantation economies, such as

7316-406: The bankruptcy of the company. The government guaranteed losses on more than $ 300 billion of troubled assets and injected $ 20 billion immediately into the company. The salary of the CEO was set at $ 1 per year and the highest salary of employees was restricted to $ 500,000. Any compensation amount above $ 500,000 had to be paid with restricted stock that could not be sold by the employee until

7440-431: The beginning of the 1970s, Baltimore's downtown area, known as the Inner Harbor, had been neglected and was occupied by a collection of abandoned warehouses. The nickname "Charm City" came from a 1975 meeting of advertisers seeking to improve the city's reputation. Efforts to redevelop the area started with the construction of the Maryland Science Center , which opened in 1976, the Baltimore World Trade Center (1977), and

7564-431: 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. The group bought and sold $ 90 billion of residential mortgages annually. Bowen's responsibility was essential to serve as the quality control supervisor ensuring the unit's creditworthiness. When Bowen first became

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7688-400: The city in 1765 by Nicholas Hasselbach , whose equipment was later used in the printing of Baltimore's first newspapers, The Maryland Journal and The Baltimore Advertiser , first published by William Goddard in 1773. Baltimore grew swiftly in the 18th century, its plantations producing grain and tobacco for sugar-producing colonies in the Caribbean . The profit from sugar encouraged

7812-426: The city's 1.6-mile-long (2.6 km) Francis Scott Key Bridge , which constituted a southeast portion of the Baltimore Beltway , was struck by a container ship and completely collapsed . A major rescue operation was launched with US authorities attempting to rescue people in the water. Eight construction workers, who were working on the bridge at the time, fell into the Patapsco River . Two people were rescued from

7936-433: The city's mayor to form a committee to address food problems. The Baltimore-based charity Moveable Feast grew out of this initiative in 1990. In 1992, the Baltimore Orioles baseball team moved from Memorial Stadium to Oriole Park at Camden Yards , located downtown near the harbor. Pope John Paul II held an open-air mass at Camden Yards during his papal visit to the United States in October 1995. Three years later

8060-433: The company public in October 2013. OneMain in its present form is the result of Springleaf Financial's acquisition of OneMain Financial (formerly CitiFinancial) from Citigroup in November 2015, with OneMain becoming the surviving brand. Both CitiFinancial and American General Finance have their own lines of history as consumer finance companies dating back to the 1910s and 1920s, respectively. Commercial Credit Company (CCC)

8184-411: The completion of one of the United States' largest medical complexes – the Johns Hopkins Hospital in Baltimore – which features the Sheikh Zayed Cardiovascular and Critical Care Tower and The Charlotte R. Bloomberg Children's Center. The event, held at the entrance to the $ 1.1 billion 1.6 million-square-foot-facility, honored the many donors including Sheikh Khalifa bin Zayed Al Nahyan , first president of

8308-409: The country. When combined the Washington–Baltimore combined statistical area (CSA) had a 2020 population of 9,973,383, the third-largest in the country. Though the city is not located within or under the administrative jurisdiction of any county in the state, it is part of the Central Maryland region, together with the surrounding county that shares its name . The land that is present-day Baltimore

8432-414: The cultivation of cane in the Caribbean and the importation of food by planters there. Since Baltimore was the county seat, a courthouse was built in 1768 to serve both the city and county. Its square was a center of community meetings and discussions. Baltimore established its public market system in 1763. Lexington Market , founded in 1782, is one of the oldest continuously operating public markets in

8556-399: The door to financial services conglomerates offering a mix of commercial banking, investment banking, insurance underwriting, and brokerage. Joe J. Plumeri worked on the post-merger integration of the two companies and was appointed CEO of Citibank North America by Weill and Reed. He oversaw its network of 450 branches . J. Paul Newsome, an analyst with CIBC Oppenheimer , said: "He's not

8680-569: The downtown area burned to the ground. Damages were estimated at $ 150 million in 1904 dollars. As the city rebuilt during the next two years, lessons learned from the fire led to improvements in firefighting equipment standards. Baltimore lawyer Milton Dashiell advocated for an ordinance to bar African-Americans from moving into the Eutaw Place neighborhood in northwest Baltimore. He proposed to recognize majority white residential blocks and majority black residential blocks and to prevent people from moving into housing on such blocks where they would be

8804-402: The downtown population grew 130 percent as old commercial properties have been replaced by residential property. Still the city's main commercial area and business district, it includes Baltimore's sports complexes: Oriole Park at Camden Yards , M&T Bank Stadium , and the Royal Farms Arena ; and the shops and attractions in the Inner Harbor: Harborplace , the Baltimore Convention Center ,

8928-457: The earliest violence associated with the American Civil War . The Baltimore and Ohio Railroad , the nation's oldest, was built in 1830 and cemented Baltimore's status as a transportation hub, giving producers in the Midwest and Appalachia access to the city's port . Baltimore's Inner Harbor was the second leading port of entry for immigrants to the US and a major manufacturing center. After

9052-511: The east–west dividing line and Eastern Avenue to Route 40 as the north–south dividing line; however, Baltimore Street is north–south dividing line for the U.S. Postal Service . Central Baltimore, originally called the Middle District, stretches north of the Inner Harbor up to the edge of Druid Hill Park . Downtown Baltimore has mainly served as a commercial district with limited residential opportunities; however, between 2000 and 2010,

9176-559: The emergency aid in full and the U.S. government had made a $ 12 billion (~$ 16.4 billion in 2023) profit on its investment in the company. 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. 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. Citigroup

9300-551: The emergency government aid was repaid in full. The U.S. government also gained control of half the seats in the board of directors, and the senior management was subjected to removal by the US government if there were poor performance. By December 2009, the U.S. government stake was reduced from a 36% stake to a 27% stake, after Citigroup sold $ 21 billion of common shares and equity in the largest single share sale in U.S. history, surpassing Bank of America's $ 19 billion share sale 1 month prior. By December 2010, Citigroup repaid

9424-407: The face of these rowhouses also give Baltimore its distinct look. The rowhouses are a mix of brick and formstone facings, the latter a technology patented in 1937 by Albert Knight. John Waters characterized formstone as "the polyester of brick" in a 30-minute documentary film, Little Castles: A Formstone Phenomenon . In The Baltimore Rowhouse , Mary Ellen Hayward and Charles Belfoure considered

9548-630: The first $ 29 billion in losses. The Treasury would assume the first $ 5 billion in losses; the FDIC would absorb the next $ 10 billion; then the Federal Reserve would assume the rest of the risk. The assets remained on Citigroup's balance sheet; the technical term for this arrangement is ring fencing . In return, the bank gave the U.S. Treasury $ 27 billion of preferred shares and warrants to acquire common stock . The government obtained wide powers over banking operations. Citigroup agreed to try to modify mortgages, using standards set up by

9672-544: The first casualties of Civil War on April 19, 1861, when Union Army soldiers en route from President Street Station to Camden Yards clashed with a secessionist mob in the Pratt Street riot . In the midst of the Long Depression that followed the Panic of 1873 , the Baltimore and Ohio Railroad company attempted to lower its workers' wages, leading to strikes and riots in the city and beyond . Strikers clashed with

9796-435: The following year. In November 2015, Springleaf Financial acquired OneMain Financial, with OneMain becoming the surviving brand. As of December 2020, OneMain had approximately 1,500 branch offices in 44 states. OneMain Financial was formed in November 2010, following Fortress Investment Group 's majority purchase of American General Finance from AIG . Fortress subsequently renamed the company to Springleaf Financial and took

9920-462: The form of collateralized debt obligation (CDOs), compounded by poor risk management, led Citigroup into trouble as the subprime mortgage crisis worsened in 2007. 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. Trading head Thomas Maheras

10044-887: The government aid provided to Citi in 2008/2009 was provided to prevent a worldwide chaos and panic by the potential collapse of its Global Transactions Services (now TTS) division. According to the article, former CEO Pandit said if Citigroup was allowed to unravel into bankruptcy, "100 governments around the world would be trying to figure out how to pay their employees". According to New York Attorney General Andrew Cuomo , Citigroup paid hundreds of millions of dollars in bonuses to more than 1,038 of its employees after it had received its $ 45 billion (~$ 62.5 billion in 2023) TARP funds in late 2008. This included 738 employees each receiving $ 1 million in bonuses, 176 employees each receiving $ 2 million bonuses, 124 each receiving $ 3 million in bonuses, and 143 each receiving bonuses of $ 4 million to more than $ 10 million. As

10168-762: The government of Baltimore are located at the Baltimore City Archives . The Baltimore area had been inhabited by Native Americans since at least the 10th millennium BC , when Paleo-Indians first settled in the region. One Paleo-Indian site and several Archaic period and Woodland period archaeological sites have been identified in Baltimore, including four from the Late Woodland period . In December 2021, several Woodland period Native American artifacts were found in Herring Run Park in northeast Baltimore, dating 5,000 to 9,000 years ago. The finding followed

10292-547: The government to back about $ 306 billion in loans and securities and directly invest about $ 20 billion in the company. The Treasury provided $ 20 billion in Troubled Asset Relief Program (TARP) funds in addition to $ 25 billion given in October. The Treasury Department, the Federal Reserve and the FDIC agreed to cover 90% of the losses on Citigroup's $ 335 billion portfolio after Citigroup absorbed

10416-400: The harbor to 480 feet (150 m) in the northwest corner near Pimlico . In the 2010 census, Baltimore has a total area of 92.1 square miles (239 km ), of which 80.9 sq mi (210 km ) is land and 11.1 sq mi (29 km ) is water. The total area is 12.1 percent water. Baltimore is almost surrounded by Baltimore County, but is politically independent of it. It

10540-481: The investigation, Bowen's charges were ignored, even though withholding such information from shareholders violated the Sarbanes–Oxley Act (SOX), which he had pointed out. Citigroup CEO Charles Prince signed a certification that the bank was in compliance with SOX despite Bowen revealing this wasn't so. Citigroup eventually stripped Bowen of most of his responsibilities and informed him that his physical presence

10664-399: The largest commercial bank in the world in 1929. As it grew, the bank became an 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 merged with First National Bank of New York in 1955, becoming

10788-399: The largest urban redevelopment projects in the country. The waterfront development that includes the new headquarters for Under Armour, as well as shops, housing, offices, and manufacturing spaces is projected to create 26,500 permanent jobs with a $ 4.3 billion annual economic impact. Goldman Sachs invested $ 233 million into the redevelopment project. In the early hours of March 26, 2024,

10912-523: The life insurance and annuities underwriting businesses until it sold them to MetLife in 2005. In spite of 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

11036-497: The merger of Smith Barney with Morgan Stanley Wealth Management . Citi received $ 2.7 billion and a 49% interest in the joint venture. In June 2013, Citi sold its remaining 49% stake in Smith Barney to Morgan Stanley Wealth Management for $ 13.5 billion following an appraisal by Perella Weinberg. In 2010, Citigroup achieved its first profitable year since 2007. It reported $ 10.6 billion in net profit, compared with

11160-430: The most significant buildings in this city, a treasure of art and architecture" by Baltimore magazine. The 1845 Greek Revival -style Lloyd Street Synagogue is one of the oldest synagogues in the United States . The Johns Hopkins Hospital , designed by Lt. Col. John S. Billings in 1876, was a considerable achievement for its day in functional arrangement and fireproofing. I.M. Pei's World Trade Center (1977)

11284-580: The name OneMain Financial. The United States Department of Justice required Springleaf to sell 127 branches and certain related assets to Lendmark Financial Services, LLC. before the merger. The sale was completed in May 2016. The brand migration from Springleaf Financial to OneMain Financial was completed in October 2016. A bill introduced in California legislation (Assembly Bill 539) that would limit interest rates notably excludes three lenders, OneMain being one of

11408-567: The nation's capital , before it returned to Philadelphia in March 1777. The Battle of Baltimore was pivotal during the War of 1812 , culminating in the failed British bombardment of Fort McHenry , during which Francis Scott Key wrote a poem that would become " The Star-Spangled Banner ", designated as the national anthem in 1931. During the Pratt Street Riot of 1861 , the city was the site of some of

11532-487: The new corporate logo, which was used until 2007. The chairmen of both parent companies, John S. 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

11656-403: The possibility of trouble with its CDOs 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 327,000 member-workforce. In 2007, Citigroup acquired 61% of Nikko Asset Management for $ 7.7 billion to take majority control in what

11780-406: The remaining 70% offered to the public. Weill brought in experienced management to prop up the business to success, exiting unprofitable segments and tripling operating profits within a year. In 1912, OneMain Financial was founded by Commercial Credit Company in Baltimore, Maryland to provide working capital to manufacturers and building contractors. After several acquisitions, the company became

11904-403: The right price. It subsequently withdrew CCC from the market and accepted Sandy Weill 's proposal to spin off CCC into its own public company in 1986. Weill, who had just left American Express after not being lined up as its next CEO, claimed to have pursued the deal for the fun and challenge. He and his associates invested their own money to own 10% of CCC, while CDC retained a 20% stake, with

12028-472: The rowhouse as the architectural form defining Baltimore as "perhaps no other American city". In the mid-1790s, developers began building entire neighborhoods of the British-style rowhouses, which became the dominant house type of the city early in the 19th century. Oriole Park at Camden Yards is a Major League Baseball park, which opened in 1992 and was built as a retro style baseball park. Along with

12152-433: The seasonality of the computer business. However, as the computer business became more cutthroat and computer leasing was falling in favor of purchasing, CDC's business began to wane in the next decade and a half. Meanwhile, CCC accounted for more and more of their profits as it expanded its financial services, but it was unable to keep up with industry peers. In 1984, CDC tried to find a buyer for CCC, but could not sell it for

12276-740: The spit-and-polish executive many people expected. He's rough on the edges. But Citibank knows the bank as an institution is in trouble—it can't get away anymore with passive selling—and Plumeri has all the passion to throw a glass of cold water on the bank." Plumeri boosted the unit's earnings from $ 108 million to $ 415 million in one year, an increase of nearly 300%. He unexpectedly retired from Citibank in January 2000. In 2000, Citigroup acquired Associates First Capital Corporation for $ 31.1 billion in stock, which, until 1989, had been owned by Gulf+Western (now part of National Amusements ), and later by Ford Motor Credit Company . The Associates

12400-492: The surrounding counties through 1918, when the city acquired portions of Baltimore County and Anne Arundel County . A state constitutional amendment, approved in 1948, required a special vote of the citizens in any proposed annexation area, effectively preventing any future expansion of the city's boundaries. Streetcars enabled the development of distant neighborhoods areas such as Edmonson Village whose residents could easily commute to work downtown. Driven by migration from

12524-949: The three lenders. The reason these lenders are exempt from the bill is because their interest is capped at 36 percent, however according to a Pew study the APR is understated due to the aggressive selling of add-on products. In April 2021, OneMain Acquired Financial Wellness fintech company Trim. In May 2023, the Consumer Financial Protection Bureau found that OneMain Financial engaged in unlawful activities related to interest charges and how it marketed optional add-on products to customers. The CFPB ordered OneMain Financial to pay at least $ 10 million in redress to 25,000 customers, an additional $ 10 million civil penalty, and to make changes to its add-on cancellation and interest refund practices. Baltimore Baltimore

12648-526: The time of the 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 Corporation 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 Financial Services —a conglomerate that had already bought life insurance company A L Williams as well as brokerage firm Smith Barney . The new company took

12772-415: The use of gas lighting in 1816, and its population grew rapidly in the following decades, with concomitant development of culture and infrastructure. The construction of the federally funded National Road , which later became part of U.S. Route 40 , and the private Baltimore and Ohio Railroad (B. & O.) made Baltimore a major shipping and manufacturing center by linking the city with major markets in

12896-740: The water, and the bodies of the remaining six were all found by May 7. Replacement of the bridge was estimated in May 2024 at a cost approaching $ 2 billion for a fall 2028 completion. Baltimore is in north-central Maryland on the Patapsco River , close to where it empties into the Chesapeake Bay . Baltimore is located on the fall line between the Piedmont Plateau and the Atlantic coastal plain , which divides Baltimore into "lower city" and "upper city". Baltimore's elevation ranges from sea level at

13020-543: 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 Glass–Steagall Act 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. Starting in June 2006, Senior Vice President Richard M. Bowen III ,

13144-644: Was created in the wake of the financial crisis as part of Citi's restructuring plan. 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. Citi Holdings represents $ 156 billion of GAAP assets, or ~8% of Citigroup; 59% represents North American mortgages, 18% operating businesses, 13% special asset pool, and 10% categorized as other. Operating businesses include OneMain Financial ($ 10B), PrimeRe ($ 7B), MSSB JV ($ 8B) and Spain / Greece retail ($ 4B), less associated loan loss reserves. While Citi Holdings

13268-420: Was described as struggling, and by November they were insolvent, despite their receipt of $ 25 billion (~$ 34.7 billion in 2023) in taxpayer-funded federal Troubled Asset Relief Program funds. 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

13392-1081: Was designed to stop corporate raiders from using loss corporations to evade taxes and was never intended to address the unprecedented situation where the government owned shares in banks. And it was certainly not written to prevent the government from selling its shares for a profit." In 2011, Citi was the first bank to introduce digitized Smart Banking branches in Washington, D.C., New York, Tokyo and Busan (South Korea) while it continued renovating its entire branch network. New sales and service centers were also opened in Moscow and St. Petersburg. Citi Express modules, 24-hour service units, were introduced in Colombia. Citi opened additional branches in China, expanding its branch presence to 13 cities in China. Citi Branded Cards introduced several new products in 2011, including: Citi ThankYou, Citi Executive/ AAdvantage and Citi Simplicity cards in

13516-516: Was erected by his son Isaac in 1822 after a design by William Howard and William Small. It reflects the popular interest in Greece when the nation was securing its independence and a scholarly interest in recently published drawings of Athenian antiquities. The Phoenix Shot Tower (1828), at 234.25 feet (71.40 m) tall, was the tallest building in the United States until the time of the Civil War, and

13640-460: Was established as a public company by Alexander Edward Duncan and eight businessmen in Baltimore, Maryland in 1912. It began as a lender of capital to companies with their accounts receivable as security. Over the course of several decades, CCC adapted to the changing times, expanding into auto financing and personal lending, maneuvering into insurance to provide coverage for the products it was financing, and even manufacturing war-related goods during

13764-408: Was focused on fixed-income and institutional clients, whereas Smith Barney was strong in equities and retail. Salomon Brothers absorbed Smith Barney into the new securities unit termed Salomon Smith Barney; a year later, the division incorporated Citicorp's former securities operations as well. The Salomon Smith Barney name was abandoned in October 2003 after a series of financial scandals that tarnished

13888-421: Was headed by Weill until 1985 —and merged it with Smith Barney. In November 1997, Travelers Group (which had been renamed again in April 1995 when they merged with Aetna Property and Casualty, Inc.), acquired Salomon Brothers , a major bond dealer and bulge bracket investment bank , in a $ 9 billion (~$ 15.9 billion in 2023) transaction. This deal complemented Travelers/ Smith Barney well as Salomon

14012-639: Was no longer required at the bank. The Financial Crisis Inquiry Commission asked him to testify about Citigroup's role in the mortgage crisis, and he did so, appearing as one of the first witnesses before the Commission in April 2010. As the crisis began to unfold, Citigroup announced on April 11, 2007, that it would eliminate 17,000 jobs, or about 5% 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

14136-514: Was prompted by the insurance unit's drag on Citigroup stock price because Travelers earnings were more seasonal and vulnerable to large disasters and events such as the September 11 attacks . It was also difficult to sell insurance directly to its customers since most customers were accustomed to purchasing insurance through a broker. Travelers merged with The St. Paul Companies Inc. in 2004 forming The St. Paul Travelers Companies. Citigroup retained

14260-426: Was replaced as head of CitiMortgage with Jane Fraser , former head of Citi Private Bank. The company failed the stress tests again in 2014, this time due to qualitative concerns. However, it passed the stress tests in 2015 and in 2016. In February 2016, the company was subject to a $ 1.1 billion fraud lawsuit filed by lender Rabobank and other investors as a result of the bankruptcy of Oceanografia SA,

14384-419: Was replaced by Travelers Co. Smith Barney, Citi's global private wealth management unit, provided brokerage, investment banking and asset management services to corporations, governments and individuals around the world. With over 800 offices worldwide, Smith Barney held 9.6 million domestic client accounts, representing $ 1.562 trillion in client assets worldwide. On January 13, 2009, Citi announced

14508-589: Was selected for the school's new home. After the building's opening in 2013, the design won additional honors including an ENR National "Best of the Best" Award. Baltimore's newly rehabilitated Everyman Theatre was honored by the Baltimore Heritage at the 2013 Preservation Awards Celebration in 2013. Everyman Theatre will receive an Adaptive Reuse and Compatible Design Award as part of Baltimore Heritage's 2013 historic preservation awards ceremony. Baltimore Heritage

14632-522: Was spun off from the company in 2002. Citigroup is the third-largest banking institution in the United States by assets; alongside JPMorgan Chase , Bank of America , and Wells Fargo , it is one of the Big Four banking institutions of the United States. It is considered a systemically important bank by the Financial Stability Board , and is commonly cited as being " too big to fail ". It

14756-403: Was then the largest foreign buyout ever of a Japanese company. Citigroup attempted to buy out the remaining shares of Nikko later that year at a cost of $ 4.6 billion to take full control of the company. Two years later, Citigroup sold its stake to Sumitomo Trust and Banking Co, a subsidiary of Sumitomo Mitsui Trust Holdings , for $ 795 million as it retreated from Japan. By July 2008 Citigroup

14880-486: Was these riots that led to the city being nicknamed "Mobtown". Soon after the city created the world's first dental college, the Baltimore College of Dental Surgery , in 1840, and shared in the world's first telegraph line , between Baltimore and Washington, D.C. , in 1844. Maryland, a slave state with limited popular support for secession , especially in the three counties of Southern Maryland, remained part of

15004-448: Was unlikely to be in profit again before 2010. The same day on Wall Street markets responded, with shares falling and dropping the company's market capitalization to $ 6 billion, down from $ 300 billion two years prior. Eventually staff cuts totaled over 100,000 employees. Its stock market value dropped to $ 20.5 billion, down from $ 244 billion two years earlier. Shares of Citigroup common stock traded well below $ 1.00 on

15128-811: Was used as hunting ground by Paleo-Indians . In the early 1600s, the Susquehannock began to hunt there. People from the Province of Maryland established the Port of Baltimore in 1706 to support the tobacco trade with Europe, and established the Town of Baltimore in 1729. During the American Revolutionary War , the Second Continental Congress , fleeing Philadelphia prior to its fall to British troops , moved their deliberations to Henry Fite House on West Baltimore Street from December 1776, to February 1777, permitting Baltimore to serve briefly as

15252-555: Was used as hunting grounds by the Susquehannock living in the lower Susquehanna River valley. This Iroquoian-speaking people "controlled all of the upper tributaries of the Chesapeake" but "refrained from much contact with Powhatan in the Potomac region " and south into Virginia. Pressured by the Susquehannock, the Piscataway tribe , an Algonquian-speaking people , stayed well south of

15376-786: Was widely criticized for predatory lending practices and Citi eventually settled with the Federal Trade Commission by agreeing to pay $ 240 million to customers who had been victims of a variety of predatory practices, including "flipping" mortgages, "packing" mortgages with optional credit insurance, and deceptive marketing practices. In 2001, Citigroup made additional acquisitions: European American Bank , in July, for $ 1.9 billion, and Banamex in August, for $ 12.5 billion. The company spun off its Travelers Property and Casualty insurance underwriting business in 2002. The spin-off

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