Citigroup, Inc (NYSE: C), the third largest bank in the United States by assets, may be the firm which manages’ BP (NYSE: BP)’s $20 billion Gulf of Mexico oil spill compensation fund along with a second, smaller bank in the South.
BP, formerly known as British Petroleum, is currently the largest European oil company in terms of production volume. The firm agreed to setup the compensation fund to help provide restitution to victims of the Gulf of Mexico oil spill at the request of the White House in June. According to media reports, the White House told BP that it plans to seek bids from several different banks and some Gulf Coast politicians aren’t terribly happy with the choice of Citigroup, Inc (NYSE: C), which is owned 18% by U.S. tax payers.
Senator David Vitter (R-LA), urged BP America to choose a Louisiana-based bank instead of one of the “Wall Street Banks” According to a report from Bloomberg News.
Citigroup Inc. (Citigroup) is a global diversified financial services holding company. The Company provides consumers, corporations, governments and institutions with a range of financial products and services. As of December 31, 2009, Citigroup had approximately 200 million customer accounts and did business in more than 140 countries. Citigroup operates through two primary business segments: Citicorp, consisting of its Regional Consumer Banking (RCB) businesses and Institutional Clients Group (ICG), and Citi Holdings, consisting of its Brokerage and Asset Management (BAM), Local Consumer Lending (LCL), and Special Asset Pool (SAP). In April 2010, Barclays PLC acquired Italian credit card business of Citibank International Bank plc. In May 2010, the Company announced the creation of a new Collateral Management Services unit within its Securities and Fund Services business.
Shares of Citigroup, Inc (NYSE: C) traded down 0.98% on Friday ending at $4.06 for the day.
