Citi’s special K

10 April 2013 By Daniel Indiviglio

The bank’s new boss is cutting the ribbon at a new Washington branch. It’s not just any old location, but on K Street, home to the city’s legions of lobbyists. It may symbolize a more engaged Citi. Shareholders might like that. For watchdogs, it’s a sign to stay on guard.

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Citigroup Chief Executive Officer Michael Corbat cut the ribbon at the opening of a new Citibank branch on K Street in Washington on April 10. The event consisted of a relatively small gathering, by invitation only. K Street is an area of the city where many firms that work to influence legislation on behalf of special interest groups are located. Several prominent lobbyists were in attendance.
In a short speech before the ceremony, Corbat announced the bank is to sponsor the National Symphony Orchestra at the Kennedy Center as well as provide a $65,000 grant to the Capital Area Asset Builders, a community organization that helps low- and moderate-income Americans improve their personal-finance skills.

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