Presentation of business ethics about Citigroup

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Business Finance

Yale University

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You just need to finish part of the presentation that I post below for in ppt format.

Q: Consider the behavior of this company as described in the article linked below (and
please find other articles or sources to further learn about the actions).
a. Does this behavior reflect, or is it against, the company’s culture? How/why not?
b. What message(s) are the leaders sending by having taken this action?


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2/27/24, 2:18 PM Citigroup Sued Over Handling of Online Scams - WSJ This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/finance/investing/citigroup-sued-over-handling-of-online-scams-5eeb53c2 FINANCE INVESTING Citigroup Sued Over Handling of Online Scams New York Attorney General Letitia James wants bank to pay back defrauded customers By Justin Baer Follow and Dean Seal Follow Jan. 30, 2024 12:37 pm ET New York state is pressing Citi to enhance the bank’s antifraud defenses. PHOTO: JUTHARAT PINYODOONYACHET FOR THE WALL STREET JOURNAL New York Attorney General Letitia James sued a unit of Citigroup C 0.21% , alleging that the bank had failed to protect its customers from online scams and then illegally denied those account holders reimbursements. “The results are devastating,” James’s office wrote Tuesday in its civil complaint. “Consumers lose tens of thousands of dollars or more by doing nothing more than clicking on a link in a text that appears to be from a trusted source, providing information on a call with a purported representative of Citi, or answering security questions on a website that looks official.” The suit described the experiences of several unnamed New Yorkers who lost money through scams related to their Citi bank accounts. In one instance, a bank customer lost $40,000 after clicking on a link in a text message that appeared to be from Citi. https://www.wsj.com/finance/investing/citigroup-sued-over-handling-of-online-scams-5eeb53c2 1/2 2/27/24, 2:18 PM Citigroup Sued Over Handling of Online Scams - WSJ Citibank lacked robust security measures and didn’t respond to red flags, efforts that would have limited thefts by scammers who had infiltrated customers’ accounts to send fraudulent wire transfers, according to the complaint. Citi failed to take immediate action to recover money it had sent out to those swindlers, and frequently assured falsely “that their money and accounts are secure” while instructing clients to visit their local branches, the lawsuit said. When customers did visit branches, Citi employees allegedly coerced them into filling out affidavits and then used that paperwork against them by subjecting those claims to “narrow commercial laws governing wire transfers” rather than broader consumer projections. “Citi then summarily rejects claims for reimbursement and instead blames consumers,” relying on the information that the bank’s representatives encouraged consumers to share with Citi, the state prosecutors said in their suit. A Citi spokesman said the bank “closely follows all laws and regulations related to wire transfers and works extremely hard to prevent threats from affecting our clients and to assist them in recovering losses when possible.” The spokesman added: “Banks are not required to make clients whole when those clients follow criminals’ instructions and banks can see no indication the clients are being deceived.” At issue is whether customers victimized by online scams and illicit wire transfers are protected under the Electronic Fund Transfer Act, a federal law that set rights and liabilities for consumers and their financial institutions. James’s office is pressing Citi to pay back defrauded New Yorkers, pay fines and enhance its antifraud defenses. Citi has been in discussions with James’s office for months to resolve complaints individuals had brought to the prosecutors’ attention, people familiar with the matter said. Write to Justin Baer at justin.baer@wsj.com and Dean Seal at dean.seal@wsj.com Appeared in the January 31, 2024, print edition as 'Citigroup Unit Sued Over Handling of Online Scams'. https://www.wsj.com/finance/investing/citigroup-sued-over-handling-of-online-scams-5eeb53c2 2/2
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Explanation & Answer

Ola Buddy, How are you? 😊I managed to sprinkle some magic on the essay and here is the final 🙏Please check it out and Lmk your thoughtsIncase of revisions or changes donot hesitate to let me know 😜PS: Thanks a Mill for the opportunity to tutor you, 😉I only hope you can entrust me with more of your assignments in futureBless Uplapionic ❤

Business Ethics:
The Case of
Citigroup
Name:
Course:
Date:

Company Behavior (Citibank)
• A lawsuit has been instituted against Citigroup for
failure to protect its clients from online scams.
• Citibank then unlawfully denied reimbursement to
account holders who were victimized .
• The lawsuit claims that Citibank's lack of robus...


Anonymous
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