Citigroup has been facing several litigations for its accounting improprieties. This has caused severe damage to its reputation globally. To enhance its sagging image and strengthen its bottom line, Citibank under the leadership of Chuck Prince, has advocated new sets of cultural value and ethics to create greater transparency in corporate governance.

We have to take this crisis very seriously, and we have serious choice to make. As the leading financial-service institution, I think we need to set the standard for the industry. That's what I'm determined to do.

Citigroup, the world's largest financial services company, whose core value is reporting results with accuracy and objectivity, has been facing various regulatory pressures and litigations from the investigative agencies for its involvement in various accounting improprieties. It was accused of inappropriate transaction (including unauthorized selling of securities), myopic views for generating short-term profit, for exploiting its status in Europe, making structured-finance for Enron, underwriting of bond for WorldCom, use of inappropriate means for allocating IPO and predatory lending to retail customers. Due to these prosecution and litigation risks Sandy Weil's credibility was lost. Chuck Prince, a topnotch lawyer, known for his integrity was succeeded Sandy Weil on October 1, 2003. Since his succession, Citibank has been on a sticky path and is facing an identity crisis of sorts by struggling on three distinct fronts namelyscandals, declining bottom line and plummeting stocks globally. To enhance its sagging image and to streamline its bottom line, Citibank under Chuck Prince advocated new sets of training and development, communication and performance review initiatives. Furthermore, he is trying to establish a new set of cultural value of ethics for effective corporate governance to maintain its dominance amongst global financial institutions. His succession is being seen as a key instrument for improving corporate governance. But, it is a matter of great concern whether he will be successful in eliminating the deep-rooted corruption, which is already plaguing the system of governance.

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