Citigroup is one of the world's leading financial services companies with 200 million accounts in 160 countries. It operates Citibank, one of the world's leading banks.
The company reported revenues in 2014 of $76.9 billion, up 1% from the previous year. Net income was $7.3 billion, down 47%.
The company reported total assets of $1.8 trillion and deposits of $899 billion at the end of 2014, down 7% from the previous year.
Citi's Global Consumer Bank (GCB) serves 62 million clients in 35 countries with a strategic focus on markets and segments in which the bank's unique global network, brand, and customer-centric products and services provide a competitive advantage. GCB aims to deliver a remarkable experience to clients through industry-leading products and services, next-generation retail formats and world-class digital channels.
Operating across Citi's four regions – Asia Pacific; Europe, the Middle East and Africa; Latin America; and North America – the GCB's growth plan is aligned with Citi's long-term strategy to harness for customers the dominant secular trends of globalization, urbanization and digitization. Well-positioned and well-diversified, we serve high credit quality, globally minded consumers in the world's top cities.
GCB's primary business lines are Credit Cards, Retail Banking, Mortgages and Commercial Banking, which together generate nearly half their revenues outside North America.
Citi's Institutional Clients Group builds enduring relationships with clients by providing a full suite of strategic advisory and financing products to multinational and local corporations, financial and public sector institutions, governments, privately held businesses and many of the world's most successful and influential individuals and families in more than 160 countries and jurisdictions.
On June 16, 1812, New York State charters
City Bank of New York with $2 million in capital. It opened for
business on Sept. 14,1812 to serve a group of merchants. In 1865,
City Bank joins the new U.S. national banking system and becomes
The National City Bank of New York. By 1894, City Bank was the
largest bank in the country. The bank would introduce traveler's
checks in 1901 and moved to larger quarters at 55 Wall Street,
its headquarters until 1961. The company would move into its
current location at 399 Park Ave. in 1961.
In 1955, the bank changed its name to The
First National City Bank of New York. The company would become
Citibank, N.A. (for National Association) in 1976.
In 1998, the company would merge with Travelers Group to become
Other divisions of Citigroup include: Smith
Barney, founded in 1873; Banamex, formed in 1884 as a result
of the merger of Banco Nacional Mexicano and Banco Mercantil
Mexicano; and Salomon Brothers, which dates back to 1910 and
later merged with Smith Barney, a subsidiary of Travelers Group
at the time.
In January 2005, Citigroup announced that
MetLife would buy the Traveler's Life Insurance business for
In 2005, the company completed the sale
of its Asset Management business to Legg Mason, in exchange for
Legg Mason's broker-dealer business and other consideration.
Due to the financial crisis, Citigroup received $20 billion from the U.S. Treasury starting in 2008 under the Troubled Asset Relief Program (TARP) in exchange for preferred stock. Citigroup paid back this money by the end of 2009.
In the U.S., employees receive comprehensive medical, dental and vision-care coverage, flexible spending accounts, life insurance and disability coverage.
It also offers a 401(k) Plan, Employee
Stock Purchase Plan, Pension Plan and other select stock and
stock option programs.