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CitiBank,
World’s largest financial institution.
After the merger with Travelers Insurance, the Chicago office was out of balance
in their cash accounts by $22 billion. The Chicago office handles all of
the cash transactions for Illinois, California, Florida, Massachusetts, and Washingon D.C. This situation affected the cash transactions between
Citibank and the major financial institutions like: Harris Bank, LaSalle
Bank, Northern Trust, Wells Fargo, and the Federal Reserve Banks.
We developed and implemented a new Cash Reconciliation System that has enabled over
180 accountants to reconcile
cash
and related accounts on a daily basis. It
has facilitated the investigation of outstanding
items resulting in the reduction of the contingent liability from $22 billion to
$25 million. This success has given stability to over 240 department employees.
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Sandy Weil & John Reed - Co Chairs of CitiGroup |
Citibank - Madison Street, Chicago |
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Cash Management
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Access & Visual Basic
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 | CitiGroup, $700 billion financial services group.
Crisis & Challenge: After the merger of Citibank and Travelor's Insurance,
the Chicago office of Citibank was out of balance in their major cash
accounts by $22 billion with other financial institutions like: Harris Bank,
Northern Trust, LaSalle Bank, and the Federal Reserve banks.
The
Chicago office managed the cash accounts for Illinois, California,
Florida, Massachusetts, and Washington D.C.
The out of balance
condition created a contingent liability of over $22 billion. This
was a crisis situation.CitiGroup brought in five KPMG Sr. Managers
and fifteen KPMG staff accountants to help oversee the reconciliation of
the cash accounts. They also brought in three Sr. Executive
officers from CitiGroup in St. Louis to oversee the process.
 | Designed, Programmed and implemented new Cash Reconciliation
database system for the Cash Reconciliation Group. |
| Designed and programmed new Cash Reconciliation database using
Access and Visual Basic programming. |
| Managed four IT consultants in development of Cash
Reconciliation database. |
| Trained over 275 cash reconcilers, Citibank management, and KPMG
staff on new Cash Reconciliation system.
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| Cash Reconciliation system enabled over 180 accountants
to reconcile
their cash accounts on a daily basis.
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| Facilitated the
investigation of items outstanding items |
| Resulted in the reduction of contingent
liabilities from $22
billion to $25 million. |
| Brought job stability to over 240 Citibank employees. |
These systems have been developed using Microsoft Excel,
Access, MS Project, and Visual Basic. Extensive systems development has been done using Microsoft products. |
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