Banking-Merger

Federal Reserve Grants Citigroup Temporary Waiver for Glass-Steagall Violation

1998-09-01 00:00:00 +0000 UTC | Importance: 8/10

In September 1998, the Federal Reserve Board granted Citicorp a temporary waiver allowing its merger with Travelers Group, effectively circumventing the Glass-Steagall Act and Bank Holding Company Act. This strategic regulatory maneuver created Citigroup, the first ‘universal bank’ since …

Federal Reserve Alan Greenspan Citicorp Travelers Group Sandy Weill +4 more federal-reserve citigroup glass-steagall-violation regulatory-waiver systemic-corruption +3 more

Citicorp-Travelers $70 Billion Merger Directly Violates Glass-Steagall Act

1998-04-06 00:00:00 +0000 UTC | Importance: 9/10

Citicorp and Travelers Group announce a $70 billion merger creating Citigroup, directly violating Glass-Steagall Act provisions separating commercial banking from insurance and securities activities. The Federal Reserve provides conditional approval based on the expectation that Congress will repeal …

Citicorp Travelers Group Federal Reserve Board Sandy Weill John Reed +1 more citicorp-travelers-merger glass-steagall-violation regulatory-approval citigroup banking-merger