Citigroup Corporate and Investment Banking Appoints Raymond J. McGuire Co-Head of Investment Banking

Business Wire, May 23, 2005

NEW YORK -- Citigroup (NYSE: C) Corporate and Investment Banking today announced the appointment of Raymond J. McGuire as Global Co-Head of Investment Banking, effective July 6.

Along with Alberto Verme, Global Co-Head of Investment Banking, Mr. McGuire will report to Michael Klein, Chief Executive Officer and Head of Global Banking for Citigroup Corporate and Investment Banking (CIB). Mr. McGuire will join the CIB Global Banking Operating Committee, the CIB Executive Planning Group and the Citigroup Management Committee. Mr. McGuire joins Citigroup from Morgan Stanley, where he was Co-Head of Global Mergers & Acquisitions.

Mr. McGuire started his career in the industry leading Mergers & Acquisitions Group of The First Boston Corporation that later formed Wasserstein Perella & Co. Prior to joining Morgan Stanley, Mr. McGuire was a managing director in the Mergers & Acquisitions Group of Merrill Lynch. He holds a bachelor's degree, an MBA and a JD from Harvard University. He serves on numerous boards, including that of the International Center of Photography, New York Presbyterian Hospital, The Studio Museum in Harlem, and the Whitney Museum of American Art. He was the 2003 recipient of Harvard Business School's African-American Student Union's Professional Achievement Award and was recently honored as a distinguished "Patron of the Arts" by Pratt Institute.

"Citigroup is committed to best-in-class Corporate and Investment Banking," said Charles Prince, Chief Executive Officer of Citigroup Inc. "I would like to personally welcome Ray. His leadership talents, deal experience, and stature as a first-class trusted adviser to some of the world's most sophisticated corporate clients will only contribute further to our momentum in Investment Banking."

"I greatly look forward to joining Citigroup," Mr. McGuire said. "This represents a rare and wonderful opportunity to work with my partners to deliver this firm's unmatched global expertise to the world's most demanding clients."

"I am delighted to welcome Ray, whom I have known and respected for some 20 years, to be my partner," Mr. Verme said. "We will work side by side to continue our intense focus on providing our clients with cutting-edge ideas, strategic advice, and flawless execution everywhere in the world."

"As the top global debt and equity underwriter for 14 consecutive quarters, we are committed to establishing Citigroup as the leading global Investment Banking franchise," said Robert Druskin, President and Chief Executive Officer of Citigroup Corporate and Investment Banking. "That a professional of Ray's caliber was attracted to our firm underscores our momentum toward becoming the adviser-of-choice to clients around the world."

"This is a very exciting day for Citigroup and our entire Banking team as we look forward to our future and our achievements ahead," Mr. Klein said.

About Citigroup Corporate and Investment Banking

Our Corporate and Investment Banking group achieves the extraordinary for our clients around the world. No financial institution is more committed to understanding and advancing the goals of its clients - our diverse and talented staff in some 100 countries advises companies, governments, and institutional investors on the best way to realize their strategic objectives. We create solutions for and provide the broadest possible capital and market access to thousands of issuer and investor clients, and no institution better executes the increasingly complex payment and cash management solutions required in today's global economy.

About Citigroup

Citigroup, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at www.citigroup.com.