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Thursday, April 26, 2012

Citigroup


Citigroup Inc.or Citi is a Multi-National Financial Services Corporation Deadquartered in Manhattan, New York City, New York, United States.

Citigroup was formed from one of the World's Largest Mergers(on April 07,1998 creating a $140 billion firm with assets of almost $700 billion) in History
 by combining -
the Banking Giant Citicorp and
Financial Conglomerate Travelers Group
The chairmen of both Parent Companies,John Reed and Sandy Weillrespectively, were announced as Co-Chairmen and Co-CEOs of the New Company, Citigroup, Inc.

Citigroup has the world's largest financial services network, spanning 140 countries with approximately 16,000 offices worldwide and employs approximately 260,000 staff around the world.

Citigroup is one of the Big 4 Banks in USA alongwith -
Bank of America
JP Morgan Chase and
Wells Fargo

City Bank of New York was chartered by NY State on June 16, 1812, with $2 million of capital.
The 1918 purchase of U.S. overseas bank International Banking Corporation helped it become the first American bank to surpass $1 billion in assets, and it became the largest commercial bank in the world in 1929.

The bank changed its name to The First National City Bank of New York in 1955, which was shortened in 1962 to First National City Bank on the 150th anniversary of the company's foundation.

In 1976, under the leadership of CEO Walter B Wriston, First National City Bank (and its holding company First National City Corporation) was renamed as Citibank, N.A. (and Citicorp, respectively)

Citi bank launched the Citicard, which pioneered the use of 24-hour ATM's

The year 2012 marks Citi's 200th anniversary.

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