Citigroup
Headquarters:
399 Park Ave.
New York, NY 10043
Phone: 212-559-1000
Employees: 259,000
CEO: Michael Corbat
Stock Symbol: C
Website: http://www.citigroup.com
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 2012 of $70.2 billion, down from $78.4 billion the previous year. Net income was $7.5 billion.
The company had total assets of $1.86 trillion at the end of 2012 and total deposits of $930.6 billion.
Citigroup announced in December 2012 it will cut up to 11,000 jobs to reduce expenses and close 80 bank branches in the world including 44 in the United States.
Citi is made up of two businesses, Citicorp and Citi Holdings.
In October 2012, Vikram Pandit resigned as CEO and was replaced by Michael Corbat, CEO of Citigroup for Europe, Middle East and Africa.
Citicorp
Citicorp is a global bank serving businesses and consumers.
Citicorp's Global Institutional Bank is made of:
* Global Transaction Services: an industry-leading business with a global network in about 140 countries.
* Corporate and Investment Bank: world-class relationship banking offering full range of advisory, underwriting, lending and market-making services; now re-focused with a lower risk profile.
* Citi Private Bank: global banking serving high-net-worth individuals, including about 30 percent of the world's billionaires.
Citicorp's Retail Bank consists of:
* Branded card businesses globally.
* Regional consumer and commercial banking franchises in the U.S., Asia, Latin America, Central and Eastern Europe, and the Middle East.
Citi Holdings
* Brokerage and asset management: including the 49 percent stake in Morgan Stanley Smith Barney and Primerica Financial Services.
* Local consumer finance: including CitiFinancial and CitiMortgage in the U.S., and consumer finance operations in Western Europe, Japan, India, Mexico, Brazil, Thailand and Hong Kong.
* Special asset pool: manage the assets covered by the loss-sharing agreement with the U.S. government parties in the ring-fenced portfolio; and other non-strategic assets.
History
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
Citigroup.
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 $11.5 billion.
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.
Benefits
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.