Citigroup, Inc (NYSE: C) spent $1.47 million in lobbying the federal government during the second quarter on a number of issues related to the financial regulatory overhaul.
Although there was a renewed focus on financial reform, Citigroup spent 12% less than the $1.67 million it spend during the same quarter a year ago. Citi spent $2.78 million on lobbying during the first half of the year. JPMorgan was the only large-cap bank to spend more than Citigroup on lobbying during the first half of the year.
The New York-based bank lobbied on a wide range of issues with legislators and officials of various federal agencies during the quarter, including reform of Wall Street, consumer overdraft protection, mortgage reform, student loans and credit card regulation. The company also lobbied the federal government on patent reform and tax-issues.
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 up 2.59% during mid-day trading on Tuesday.
