388 Greenwich Street from Battery Park City North Esplanade. American multinational investment bank and financial services corporation headquartered in Forex magnates q3 2014 quarterly industry report uk York City. Citigroup is ranked 30th on the Fortune 500.
Citigroup has over 200 million customer accounts and does business in more than 160 countries. Citigroup Global Markets Japan – broker dealers, including one of 24 primary dealers in United States Treasury securities. Investment Banking provides strategic and financing products and advisory services to multinational and local corporations, financial institutions, governments, and privately held businesses in more than 160 countries. Securities Services includes investor services and direct custody and clearing, hedge fund and private equity servicing, and issuer businesses.
Citi Private Bank advises professional investors, ultra high-net-worth individuals and families, and lawyers throughout the world. 3 trillion in global transactions daily. Grupo Financiero Banamex – the second largest bank in Mexico, it serves about 20 million clients. Citicorp – the holding company for Citibank as well as several international banks. Citicorp contains two core businesses, Global Consumer Banking and Institutional Clients Group. Citi Branded Cards is the world’s largest credit card issuer. Citi Retail Services is one of the largest providers of private label and co-branded credit cards, retail consulting services, and retail loyalty products in the U.
Citi Commercial Bank serves 100,000 small to medium-size companies in 32 countries. 140 billion merger of Citicorp and Travelers Group to create the world’s largest financial services organization. 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. The company organically entered the leasing and credit card sectors, and its introduction of U. In 1976, under the leadership of CEO Walter B. Shortly afterward, the bank launched the Citicard, which pioneered the use of 24-hour ATMs. The corporate logo of Travelers Inc.
Travelers Group, at the time of merger, was a diverse group of financial concerns that had been brought together under CEO Sandy Weill. Its roots came from Commercial Credit, a subsidiary of Control Data Corporation that was taken private by Weill in November 1986 after taking charge of the company earlier that year. April 1995 when they merged with Aetna Property and Casualty, Inc. The deal would enable Travelers to market mutual funds and insurance to Citicorp’s retail customers while giving the banking divisions access to an expanded client base of investors and insurance buyers. 70 billion in stock, issuing 2. 5 new Citigroup shares for each Citicorp share.
Existing shareholders of each company owned about half of the new firm. While the new company maintained Citicorp’s “Citi” brand in its name, it adopted Travelers’ distinctive “red umbrella” as the new corporate logo, which was used until 2007. The chairmen of both parent companies, John S. Reed and Sandy Weill respectively, were announced as co-chairmen and co-CEOs of the new company, Citigroup, Inc. Steagall Act—enacted following the Great Depression—forbade banks to merge with insurance underwriters, and meant Citigroup had between two and five years to divest any prohibited assets. Plumeri worked on the post-merger integration of the two companies and was appointed CEO of Citibank North America by Weill and Reed.
He oversaw its network of 450 branches. The company spun off its Travelers Property and Casualty insurance underwriting business in 2002. The spin off was prompted by the insurance unit’s drag on Citigroup stock price because Travelers earnings were more seasonal and vulnerable to large disasters and events such as the September 11 attacks. In spite of divesting Travelers Insurance, Citigroup retained Travelers’ signature red umbrella logo as its own until February 2007, when Citigroup agreed to sell the logo back to St. Paul Travelers, which renamed itself Travelers Companies. Citigroup into trouble as the subprime mortgage crisis worsened 2008.
Starting in June 2006, Senior Vice President Richard M. Bowen III, the chief underwriter of Citigroup’s Consumer Lending Group, began warning the board of directors about the extreme risks being taken on by the mortgage operation that could potentially result in massive losses. 90 billion of residential mortgages annually. As the crisis began to unfold, Citigroup announced on April 11, 2007, that it would eliminate 17,000 jobs, or about 5 percent of its workforce, in a broad restructuring designed to cut costs and bolster its long underperforming stock.
25 billion in taxpayer-funded federal Troubled Asset Relief Program funds. As a result, late in the evening on November 23, 2008, Citigroup and Federal regulators approved a plan to stabilize the company and forestall a further deterioration in the company’s value. On November 24, 2008, the U. Citigroup designed to rescue the company from bankruptcy while giving the government a major say in its operations. In return the bank gave the U. 27 billion of preferred shares and warrants to acquire common stock.