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Citigroup Inc. The company was formed by the merger of banking giant Citicorp and financial conglomerate Travelers Group in ; Travelers was subsequently spun off from the company in Citi is incorporated in NY. It is one of the nine global investment banks in the Bulge Bracket. Citigroup is ranked 30th on the Fortune as of Citigroup is the holding company for the following divisions: [28].

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Citigroup Inc. The company was formed by the merger of cifi giant Citicorp and financial conglomerate Travelers Group in ; Travelers was subsequently spun off from the company in Citi is incorporated in Citj.

It is one of the nine global investment banks in the Bulge Bracket. Citigroup is ranked 30th on lnvestment Fortune as of Citigroup is the holding company for the following divisions: [28]. Serving a group of New York merchantsthe bank opened for business on September 14 of that year, and Samuel Osgood was elected as the first President of the company.

The purchase of U. The bank introduced its First National City Charge Service credit card—popularly known as the » Everything card » and later to become MasterCard —in The bank had been nicknamed «Citibank» since the s, when it began using this as an eight-letter wire code address. Under his leadership, the next 14 years would see Citibank become the largest bank in the United States and the largest issuer of credit cards and charge cards in the world, and expand its global reach to over 90 countries.

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 after taking charge of the company earlier that year. The new company took the Primerica name, and employed invsetment » cross-selling » strategy such that each of the entities within the parent company aimed to sell each other’s services.

Its non-financial businesses were spun off. In SeptemberTravelers Insurancewhich had suffered from poor real estate investments [21] and sustained significant losses in the aftermath of Hurricane Andrew[53] formed a strategic alliance investmeent Primerica that would lead to its amalgamation into a single company in December With the acquisition, the group became Travelers Inc.

Meanwhile, the distinctive Travelers invextment umbrella logo, which was also acquired in the deal, was applied to all the businesses within the newly named organization. During this period, Travelers acquired Shearson Lehman —a retail brokerage and asset management firm that was headed bankijg Weill until [21] —and merged it with Smith Barney. Salomon Brothers absorbed Smith Barney into the new securities unit termed Salomon Smith Barney; a year later, the division incorporated Citicorp’s former securities operations as.

The Salomon Smith Barney name was abandoned in October after vanking series of financial scandals that tarnished invest,ent bank’s reputation. Existing shareholders of each company owned about half of the new firm. The chairmen of both parent companies, John S. The remaining provisions of the Glass—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.

However, Weill stated at the time of the merger that they believed «that over that time the legislation will change Joe J. He oversaw its network of branches. He’s rough on the edges. But Citibank knows the bank as an institution is investkent trouble—it can’t get away anymore with passive selling—and Plumeri has all the passion to throw a glass of cold water on the bank.

The company spun off its Travelers Property and Casualty insurance underwriting business in It was also difficult to sell insurance directly to its customers since most customers were accustomed to purchasing insurance through a broker. Travelers merged with The St. Paul Companies Inc. Paul Travelers Companies. In spite of divesting Travelers Insurance, Citigroup retained Travelers’ signature red umbrella logo as bankihg own until Februarywhen Citigroup agreed to sell the logo back to St.

Paul Travelers, [82] which renamed itself Travelers Companies. Citigroup also decided to adopt the corporate brand «Citi» for itself and virtually all its subsidiaries, except Primerica and Banamex. Heavy exposure to troubled mortgages in the form of collateralized debt obligation CDOscompounded by poor risk management, bankig Citigroup into trouble as the subprime mortgage crisis worsened in The company had used elaborate mathematical risk models which looked at mortgages invdstment particular geographical areas, but never included the possibility of a grkups housing downturn, or the prospect that millions of mortgage holders would default on their mortgages.

Trading grooups Thomas Maheras was close friends with senior risk officer David Bushnell, which undermined risk oversight. Bowen IIIthe 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. Bowen’s responsibility was essentially to serve as the quality control supervisor ensuring the unit’s creditworthiness.

Many of ggroups mortgages were not only defective, but were a result of mortgage fraud. Bowen attempted to rouse the board via weekly reports and other communications.

On November 3,Bowen emailed Ivnestment Chairman Robert Rubin and the bank’s chief financial officerhead auditor and the chief risk management officer inveshment again expose the risk and potential grohps, claiming that the group’s internal controls had broken down and requesting an outside investigation of his business unit. The subsequent investigation revealed that at the Consumer Lending Group had suffered a breakdown of internal controls since Despite the findings of the investigation, Bowen’s charges were ignored, even though withholding such information from shareholders violated the Sarbanes—Oxley Act Invesfmentwhich he had pointed.

Citigroup eventually stripped Bowen of most of his responsibilities and informed him that his physical presence was no longer required at the bank. The Financial Crisis Inquiry Commission asked him to testify about Citigroup’s role in the mortgage crisis, and he did so, appearing as one of the first witnesses before the Commission investkent April As the crisis began to unfold, Citigroup announced on April 11,that it would gropus 17, jobs, or about cii percent of its workforce, in a broad restructuring designed to cut costs and bolster its long underperforming stock.

With the gfoups worsening, Citigroup announced on January 7, that it was considering cutting another 5 percent to 10 percent of itsmember-workforce. On November 17,Citigroup announced plans for about 52, new job cuts, on top of 23, cuts already made during in a huge job cull resulting from four quarters of consecutive losses and reports that it was unlikely to be in profit again before As a result, late in the evening on November 23,Citigroup and Federal regulators approved a plan to stabilize the company and forestall a further deterioration in the company’s value.

On November 24,the U. The assets remained on Citigroup’s balance sheet; the technical term for this arrangement is investmrnt fencing. In return the bank gave the U. The government obtained wide powers over banking operations. Citigroup agreed to try to modify mortgages, using standards set up by the FDIC after the collapse of IndyMac Bankwith the goal of keeping as many homeowners as possible in their houses.

Executive salaries would be capped. According to the article, former CEO Pandit said if Citigroup was allowed to unravel into bankruptcy, » governments around the world would be trying to figure out how to pay their employees».

InJane Fraserthe CEO of Citi Private Bank, stopped paying its bankers with commission for selling investment products, in bankung move to bolster Citi Private Bank’s reputation as an independent wealth management adviser, as opposed to a product pusher.

On January 16,Citigroup announced its intention to reorganize itself into two operating units: Citicorp for its retail and institutional client business, and Citi Holdings for its brokerage and asset management. The majority of its assets are U. It was created in the wake of the financial crisis as part of Citi’s restructuring plan. It consists of several business entities including remaining interests in local consumer lending such as OneMain Financial, divestitures such as Smith Barney, and a special asset pool.

While Citi Holdings is a mixed bag, its primary objective is to wind down some non-core businesses and reduce assets, and strategically «breaking even» in On February 27,Citigroup announced that the U. By Decemberthe U. Goups DecemberCitigroup repaid the emergency aid in full and the U. On June 1,it was announced that Citigroup would be removed from the Dow Jones Industrial Average effective June 8, citii, due to significant government ownership.

Citigroup was replaced by Travelers Co. Smith Barney, Citi’s global private wealth management unit, provided brokerage, investment banking and citk management services to corporations, governments and individuals around the world.

With over offices worldwide, Smith Barney held 9. InCitigroup achieved its first profitable year since According to Treasury spokeswoman Nayyera Haq, «This IRS tax rule was designed to stop corporate raiders from using loss corporations to evade taxes, and was never intended to address the unprecedented situation where the government owned shares in banks.

And it was certainly not written to prevent the government from selling its shares for a profit. Citi Express modules, hour service units, were introduced in Colombia. Citi opened additional branches in China, expanding its branch presence to 13 cities in China.

It also has Latin America partnership cards with Colombia-based airline Avianca and with Banamex and AeroMexico; and a merchant loyalty program in Europe.

Citibank is also the first and currently the only international bank to be approved by Chinese regulators to issue credit cards under its own brand without cooperating with Chinese state-owned domestic banks.

Inthe Global Markets division and Orient Securities formed form Citi Orient Securitiesa Shanghai based equity and debt brokerage operating in the Chinese market.

On March 13,the Federal Reserve reported Citigroup is one ganking the four financial institutions, out of 19 major banks, that failed its stress testsdesigned to measure bank capital during a financial crisis. On March 26,the Federal Reserve Board of Governors reported that Citigroup was one of the 5 financial institutions that failed its stress invwstment. Unlike in the failed stress test inCitigroup failed on qualitative concerns that were unresolved despite regulatory warnings.

The report specifically gdoups that Citigroup failed «to project revenues and losses under a stressful scenario for material parts of the firm’s global operations and bankong ability to develop scenarios for its internal stress testing that adequately reflects its full range business activities and exposures.

In Februarythe bnaking was subject to a lawsuit as a result of the bankruptcy of a Mexican invwstment services firm. In AprilCitigroup announced that it would eliminate its bad bankCiti Holdings. Citi Capital Advisors CCAformerly Citi Alternative Investments, was a hedge fund that offered various investment strategies across multiple asset classes.

Despite this deal, industry surveys pegged Citi as the inestment banking player in the forex market. The operations sold include 27 branches serving approximatelyclients. Citi continues to offer corporate and institutional banking and wealth management in Panama and Costa Rica. On April 1,Citigroup hanking the exclusive issuer of Costco-branded credit cards. In AprilCiti was given regulatory approval grohps its ‘living will,’ its plans to shut down operations in the event of another financial crisis.

According to data compiled by BloombergCitigroup is ranked No. Citigroup Centera diagonal-roof skyscraper located in Midtown ManhattanNew York City, is Citigroup’s most famous office building, which despite popular belief is not the company’s headquarters building.

Citigroup has its headquarters located in downtown Invesfment Greenwich. It has shops and restaurants serving Metra customers via the Ogilvie Transportation Center. Citibank moved its credit card operations to Bankinng FallsSouth Dakota in after the state eliminated caps on interest rates.

Inthey began building a new headquarters that will besquare feet of office space on a acre campus.

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