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NEWS
September 29, 2011 | BY GLORIA CAMPISI, campisg@phillynews.com 215-854-5935
A COMMUNITY-development arm of Citibank today announced a $125,000 grant to be split between two local nonprofits to provide microloans to entrepreneurs and small businesspeople. One of the nonprofits, Finanta, is based in the eastern part of North Philadelphia and has a large clientele in the Hispanic community, said Donald L. Haskin, senior vice president at Citi Community Development. The other non-profit, Entrepreneur Works, is based in Center City and has a large clientele in the African-American and African-Caribbean communities, he said.
BUSINESS
April 11, 2003 | By Joseph N. DiStefano INQUIRER STAFF WRITER
Vanguard Group has filed a civil fraud lawsuit against one of the world's largest banks, accusing Citibank of conspiring to sell Vanguard mutual funds $70 million of Enron Corp. bonds that turned out to be worthless. In a lawsuit filed in Chester County Court late Wednesday, Malvern-based Vanguard said Citibank "unjustly enriched itself" by setting up "complex financial schemes" in the Cayman Islands during the late 1990s. The point of the schemes, according to the suit, was to disguise Enron's mounting debts to Citibank as "normal" commodity investment accounts.
BUSINESS
January 23, 2004 | By Todd Mason INQUIRER STAFF WRITER
Citibank will close a former Sears, Roebuck & Co. credit-card operations center in Neshaminy, idling 930 workers, the bank confirmed yesterday. The collections and customer-service work done there will be transferred to other Citibank facilities, said Maria Mendler, a bank spokeswoman. Citigroup Inc., the bank's parent, paid $3 billion last year for Sears' credit-card portfolio. The deal was completed in November, and, Mendler said, "that's when you go in and decide how best to organize the business.
BUSINESS
April 8, 1997 | By Bob Fernandez, INQUIRER STAFF WRITER
ATM cards and personal identification numbers may become as obsolete as wax seals. Sensar Inc., of Moorestown, said yesterday that it has licensed to one of the nation's largest banks a technology that creates a "human bar code" from an individual's eye. Citibank, which has invested $3 million in Sensar as part of the deal, could install Sensar's iris-recognition technology in its ATM machines. Sensar's product, called IrisIdent, uses a standard video camera, military technology that points and zooms the camera at a customer's right eye, and a software program that digitally maps the eye and matches it with an eye on file.
NEWS
September 18, 2012
D EAR HARRY: I have written to you before concerning my reason for having more than two credit cards: I get a lot of frequent-flier miles by opening new credit cards. But this has now had an interesting twist. My accountant just informed me that those miles (really, their cash value) are going to be taxed by the high muckety-mucks at IRS. He said he'd get back to me when he got more info on just what I have to do. Is he on the ball here, or is he just setting me up for an additional fee?
BUSINESS
November 6, 2007 | By Harold Brubaker INQUIRER STAFF WRITER
The billions in losses at Citigroup Inc., which led to Sunday's departure of chief executive officer Charles O. Prince, will not derail Citibank's expansion plans in Philadelphia, a local executive said yesterday. "From my perspective, nothing changes" in terms of Citibank's effort to become "a leader in financial services here in Philadelphia," said William E. Brown, Citibank's marketplace leader. Brown said Citibank opened its 11th branch here last week on Cottman Avenue in Northeast Philadelphia and - after opening its first here last year - planned to have 22 open by the end of the year.
BUSINESS
July 18, 1990 | By Anthony R. Wood, Inquirer Staff Writer
Confronted with the threat of a plant shutdown, Heintz Corp. employees approved a contract agreement yesterday, one week after overwhelmingly voting down another contract, the company said. Details of the agreement between the company, which manufactures jet-engine parts at its plant in Northeast Philadelphia, and the United Auto Workers Local 834, which represents 420 of the 520 employees, were unavailable. The workers evidently had little choice but to accept the contract offered by RDK Capital, a limited partnership based in Cleveland that owns three other aerospace companies.
NEWS
March 27, 2001 | By Tom Avril INQUIRER TRENTON BUREAU
The state Senate Judiciary Committee postponed a confirmation hearing yesterday for the woman whom Acting Gov. Donald T. DiFrancesco nominated as state treasurer, after a published report said that she was fired from a former job for spending company funds on personal travel. At a brief news conference later, DiFrancesco and Isabel Miranda said the allegations were false and were generated by her ex-husband, with whom she had a difficult separation. The acting governor said he remained "definitely sure" about the nomination, adding that he was disappointed that the committee did not let Miranda speak yesterday.
BUSINESS
December 28, 1989 | The Inquirer Staff
Campeau Corp.'s stock price dropped sharply in Toronto yesterday, the first trading day after the Canadian company disclosed that Citibank had said it might soon call for full repayment of Campeau's $3.24 billion in loans. Campeau stock fell 60 U.S. cents to $3.07 on the Toronto Stock Exchange. In the U.S. over-the-counter market, Campeau fell 62.5 cents to $3 a share. Campeau's Federated Department Stores Inc. and Allied Stores Corp. retail units said late Friday that Citibank had warned them it could force early repayment of their loans unless they could prove solvency by Dec. 31. Citibank is Campeau's largest bank lender.
BUSINESS
January 16, 2014 | By Linda Loyd, Inquirer Staff Writer
In the cutthroat competition for credit-card travel perks, the US Airways-American Airlines merger has dealt a blow to American Express Platinum and Centurion cardholders. The day after the merger was approved, creating the world's largest airline, American announced that AmEx Platinum and Centurion cards would no longer provide free entry to US Airways and American's airport lounges, effective March 22. Only Citibank's Citi Executive AAdvantage "world elite" MasterCard will carry complimentary access to American Admirals and US Airways club lounges.
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BUSINESS
January 16, 2014 | By Linda Loyd, Inquirer Staff Writer
In the cutthroat competition for credit-card travel perks, the US Airways-American Airlines merger has dealt a blow to American Express Platinum and Centurion cardholders. The day after the merger was approved, creating the world's largest airline, American announced that AmEx Platinum and Centurion cards would no longer provide free entry to US Airways and American's airport lounges, effective March 22. Only Citibank's Citi Executive AAdvantage "world elite" MasterCard will carry complimentary access to American Admirals and US Airways club lounges.
BUSINESS
December 19, 2012 | By Joseph N. DiStefano, Inquirer Staff Writer
Citibank , which spent millions in the last decade building branch offices in prime East Coast locations to lure small-business borrowers and middle-class savers, is preparing to shut its branches on the Main Line and other suburban locations, and focus instead on "the world's great cities. " Central Philadelphia apparently qualifies as a "world's great city. " All five Center City Citi offices will stay open, including the one that occupies the space long held by the old Doc's Leisure Time porno shop across from the Convention Center.
NEWS
September 18, 2012
D EAR HARRY: I have written to you before concerning my reason for having more than two credit cards: I get a lot of frequent-flier miles by opening new credit cards. But this has now had an interesting twist. My accountant just informed me that those miles (really, their cash value) are going to be taxed by the high muckety-mucks at IRS. He said he'd get back to me when he got more info on just what I have to do. Is he on the ball here, or is he just setting me up for an additional fee?
NEWS
September 29, 2011 | BY GLORIA CAMPISI, campisg@phillynews.com 215-854-5935
A COMMUNITY-development arm of Citibank today announced a $125,000 grant to be split between two local nonprofits to provide microloans to entrepreneurs and small businesspeople. One of the nonprofits, Finanta, is based in the eastern part of North Philadelphia and has a large clientele in the Hispanic community, said Donald L. Haskin, senior vice president at Citi Community Development. The other non-profit, Entrepreneur Works, is based in Center City and has a large clientele in the African-American and African-Caribbean communities, he said.
BUSINESS
November 6, 2007 | By Harold Brubaker INQUIRER STAFF WRITER
The billions in losses at Citigroup Inc., which led to Sunday's departure of chief executive officer Charles O. Prince, will not derail Citibank's expansion plans in Philadelphia, a local executive said yesterday. "From my perspective, nothing changes" in terms of Citibank's effort to become "a leader in financial services here in Philadelphia," said William E. Brown, Citibank's marketplace leader. Brown said Citibank opened its 11th branch here last week on Cottman Avenue in Northeast Philadelphia and - after opening its first here last year - planned to have 22 open by the end of the year.
BUSINESS
January 23, 2004 | By Todd Mason INQUIRER STAFF WRITER
Citibank will close a former Sears, Roebuck & Co. credit-card operations center in Neshaminy, idling 930 workers, the bank confirmed yesterday. The collections and customer-service work done there will be transferred to other Citibank facilities, said Maria Mendler, a bank spokeswoman. Citigroup Inc., the bank's parent, paid $3 billion last year for Sears' credit-card portfolio. The deal was completed in November, and, Mendler said, "that's when you go in and decide how best to organize the business.
BUSINESS
April 11, 2003 | By Joseph N. DiStefano INQUIRER STAFF WRITER
Vanguard Group has filed a civil fraud lawsuit against one of the world's largest banks, accusing Citibank of conspiring to sell Vanguard mutual funds $70 million of Enron Corp. bonds that turned out to be worthless. In a lawsuit filed in Chester County Court late Wednesday, Malvern-based Vanguard said Citibank "unjustly enriched itself" by setting up "complex financial schemes" in the Cayman Islands during the late 1990s. The point of the schemes, according to the suit, was to disguise Enron's mounting debts to Citibank as "normal" commodity investment accounts.
NEWS
March 27, 2001 | By Tom Avril INQUIRER TRENTON BUREAU
The state Senate Judiciary Committee postponed a confirmation hearing yesterday for the woman whom Acting Gov. Donald T. DiFrancesco nominated as state treasurer, after a published report said that she was fired from a former job for spending company funds on personal travel. At a brief news conference later, DiFrancesco and Isabel Miranda said the allegations were false and were generated by her ex-husband, with whom she had a difficult separation. The acting governor said he remained "definitely sure" about the nomination, adding that he was disappointed that the committee did not let Miranda speak yesterday.
LIVING
February 24, 1998 | By W. Speers This story contains material from the Associated Press, Reuters, New York Daily News and Daily Mirror
Tom Cruise has sprung for a new airplane complete with a Jacuzzi that's put him back more than $30 mil. The top-of-the-line Gulfstream IV will allow the movie star and fam to travel between their American, European and Down Under homes in a style befitting. Among its other features: a movie viewing area with Dolby sound; a kitchen with microwave, refrigerator, and stove with a barbecuing grill; bedrooms and bathroom for the kids, Isabella, 4, and Connor, 3; plus a play area decorated in a Toy Story theme.
BUSINESS
July 9, 1997 | by April Adamson, Daily News Staff Writer
Tiger Woods will go head to head with golf legend Jack Nicklaus in the ultimate battle of the green: marketing mania. After more than 30 years of promoting golf balls, shirts and shoes, it took Nicklaus just months to add credit cards to his list of commercials after Woods inked a $13 million deal. On its new Citibank Jack Nicklaus Visa card, the credit company will call Nicklaus the "golfer of the century," pitting his reputation against the more recent success of Woods. Competing directly with American Express, where Woods is the spokesman, "The Bear's" Visa cards will earn him an undisclosed amount of money and a heap of free publicity for his Palm Beach, Fla., company, Golden Bear Golf Inc. While both golfers will inevitably attract credit customers of all ages and races, some sports marketers say Nicklaus was offered the contract only after Woods made golf a hot sport for Generation X crowds.
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