FOX Business Network’s (FBN) Charlie Gasparino reports that Citigroup has tasked their marketing team to “spy” on Senator Elizabeth Warren (D-MA), according to sources. Gasparino further reports that bank’s marketing team launched a program to keep close tabs on Warren’s anti-bank attacks,” in order to determine whether her comments damage Citigroup’s brand. In addition, Gasparino reports that sources say Citigroup is “particularly concerned about the spill-over effect of Warren’s attacks as they spread through social media,” and fear they might lead to “stricter bank regulations, and possibly break up the big banks into smaller units.”
On Citigroup’s efforts to “spy” on Senator Elizabeth Warren:
“The big New York-based bank—which barely survived the 2008 financial crisis—now has researchers monitoring comments and speeches made by the firebrand Massachusetts senator, particularly as they relate to financial regulation in general, and the future of Citigroup in particular, people inside the bank tell Fox Business. The surveillance effort is being conducted by Citigroup’s marketing department, which is worried about possible reputation damage given Warren’s well known animus toward the big banks. It began after comments Warren made about Citigroup on the Senate floor in December of last year where Democrat criticized Citigroup’s lobbying efforts to water down the Dodd Frank financial reform law, and its power in Washington.”
On what the Citigroup marketing team is investigating:
“With that, Citigroup’s marketing team launched a program to keep close tabs on Warren’s anti-bank attacks, and try and determine if it has caused any lasting damage to Citigroup’s brand. The bank is particularly concerned about the spill-over effect of Warren’s attacks as they spread through social media outlets, like Twitter…People inside the bank tell Fox Business it’s unclear if the damage from Warren’s broadsides is hurting Citigroup’s relationships with major clients. “This is a work in progress,” said one Citigroup executive with knowledge of the matter. This executive who spoke on the condition of anonymity out of fear of reprisal from her employer, said one big fear from senior executives at Citigroup, including chief executive Michael Corbat, is that Warren’s attacks might gain traction in the general public and she can prod Democrats including the likely 2016 presidential nominee Hillary Clinton to impose stricter bank regulations, and possibly break up the big banks into smaller units as she said should be done in her speech…A Citigroup spokeswoman would not deny that the bank is keeping close tabs on Warren since her December speech in the Senate floor. “As we have for years, and as most companies do, Citi follows many different topics that could impact our franchise, but we focus on issues, not personalities.”
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