(Bloomberg) -- Citigroup Inc. is being sued by an employee in a unit that serves hedge funds who says he was demoted for reporting harassment complaints about a new hire and discriminated against based on his sexual orientation.Thomas Krauss, who until recently led the firm’s capital introduction group for the Americas, accuses Citigroup of retaliating against him after he raised questions about the past behavior of the hire in its prime-brokerage unit. He filed a complaint against the bank on Monday in New York State Supreme Court in Manhattan.Krauss, who is gay and joined Citigroup in 2010, also alleges that he was denied a promotion to managing director because of his sexual orientation and for extra work he did on behalf of the company’s LGBTQ initiatives.“We take issues of this nature very seriously,” Citigroup spokeswoman Danielle Romero-Apsilos said in an emailed statement. “When Mr. Krauss’ concerns were first raised earlier this year, they were independently and thoroughly reviewed and not substantiated.”In the suit, Krauss says he was retaliated against because of action he took regarding Joseph Genovese, a Deutsche Bank veteran who had been offered a job at Citigroup as head of sales for the Americas at its prime-brokerage unit.Shortly after the hiring was announced, the suit says Krauss learned about alleged sexual harassment complaints previously made against Genovese. Concerned that Genovese’s hiring could put Citigroup at risk of creating a “hostile and offensive work environment,” the suit says Krauss disclosed what he learned to senior Citigroup managers. Citigroup later withdrew the offer made to Genovese.Genovese didn’t immediately respond to requests for comment.The suit says that despite Krauss’s disclosure being made in confidence, several executives pushed to find out who “‘blew the whistle” on Genovese. Once they became convinced it was Krauss, they began a campaign to punish him.Despite receiving consistently positive evaluations, Krauss’s 2019 year-end review reflected a decrease in his leadership rating, which led to a pay reduction and “effectively destroyed his Citi career,” according to the complaint.“It is easy to say you are not tolerant of discrimination but action, as is true with Citi, speaks louder than empty words,” said Daniel Kaiser, Krauss’s lawyer with the firm Kaiser, Saurborn & Mair, in a statement Monday(Adds Citi statement in fourth paragraph, more claims from lawsuit starting in fifth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Citi has been selected to provide custody and tax services by CAVALI S.A. ICLV S.A., the central securities depository (CSD) for the Lima Stock Exchange for $6 billion of dual-listed securities. The dual listing platform of the Lima Stock Exchange (BVL) and CAVALI provides investors with access to international securities and is critical to the development of the local capital markets.
(Bloomberg) -- Citigroup Inc. plans to let credit-card customers finance big purchases on Amazon.com over longer periods of time -- a deal that may spur sales at the e-commerce giant while boosting the bank’s interest-bearing balances.Cardholders who’ve shopped on Amazon in the past 12 months can choose to pay off transactions of at least $100 on a longer schedule and at a lower annual percentage rate, the lender said in an emailed statement. It’s meant to give borrowers more options “given the current environment,” said Anand Selva, head of Citigroup’s U.S. consumer bank.“Customers get the choice,” he said in an interview.For Amazon, it’s a way to increase so-called basket size, making sales more profitable. It may also give the retailer another edge on competitors, emerging just days after Congress held a hearing to examine the clout that the company and other tech giants wield in U.S. commerce.Citigroup has been looking at the $170 billion in lending balances its customers have with other banks, trying to find ways to earn more of that business, Selva said. A focus on Amazon makes sense: About one-third of Citigroup’s active cardholders made at least one purchase on the site in the past year.The new program is an expansion of the bank’s Flex Pay program, which lets customers choose a single purchase and pay it down over time at a lower interest rate. The firm introduced the perk last year, and more than two-thirds of customers who have tried it have become repeat users. While customers have typically designated Flex Pay purchases days after making them, Amazon will offer the financing option at checkout.On average, consumers use Flex Pay for purchases of about $900, Selva said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.