Citigroup
Headquarters:
399 Park Ave.
New York, NY 10043
Phone: 212-559-1000
Employees: 332,000
Acting CEO: Vikram Pandit
Stock Symbol: C
Website: http://www.citigroup.com
Citigroup is the world's leading financial services company with 200 million accounts in 100 countries. It operates Citibank, the world's largest bank and also the leading issuer of credit cards with more than 120 million accounts.
In 2006, Citigroup generated record revenues of $89.6 billion and $21.54 billion in net income.
The company announced in November it will receive $7.5 billion in investments from Abu Dhabi Investment Authority in exchange for 4.9% stake in the company
In November, Charles Prince resigned as CEO following poor performance of the company and Vikram Pandit was announced as his replacement.
Citigroup sold its red umbrella logo to St. Paul's Travelers Corp. in February. It plans to unify its businesses under the Citi name.
Citigroup is organized into three major business groups Global Consumer, Corporate and Investment Banking, and Global Wealth Management in addition to one stand-alone business, Citigroup Alternative Investments:
Citigroup Global Consumer Group
The Citigroup Global Consumer businesses include banking services,
credit cards, loans and insurance.
- United States Cards
With nearly 120 million accounts, the United States Cards franchise
offers credit and charge cards such as MasterCard, VISA, and
private label.
- United States Retail Distribution
Retail Distribution business comprises four business: Citibank,
CitiFinancial, Primerica Financial Services and Citibank Direct.
Citibank provides personal and small business banking products
and services, as well as investment services, through our bank
branch network; CitiFinancial provides predominantly consumer
loan products and services; Primerica Financial Services provides
financial products and services through independent representatives;
and Citibank Direct, which provides bank services through the
internet.
Found in more than 100 countries worldwide, Citibank delivers
a wide array of banking, lending and investment services to individual
consumers, as well as to small businesses with up to $10 million
in annual sales. Citibank also offers a full range of financial
services products to serve the needs of small and large corporations,
governments, and institutional and individual investors.
CitiFinancial provides community-based lending services through
a strong branch network system. Decisions are made locally by
CitiFinancial team members who live and work in the locations
they serve. CitiFinancial's consumer loan services include real
estate-secured loans, unsecured and partially secured personal
loans, and loans to finance consumer goods.
Primerica Financial Services provides products and services through
independent representatives. Primerica has more than 100,000
licensed representatives who serve more than 6 million clients
in the U.S., Canada, Puerto Rico, Spain and the UK. Through a
Financial Needs Analysis, Primerica representatives provide a
snapshot of a family's financial picture and suggest a strategy
for financial security via Primerica's products and services.
Primerica's business opportunity is attractive to people from
many different backgrounds, including women, African-Americans,
Hispanics and young adults.
- United States Consumer Lending
United States Consumer Lending provides consumer loans through
various distribution channels.
Loan products are grouped into three categories:
- Real Estate Lending - Provides mortgage and home equity lending.
Loans are originated directly with consumers via the telephone,
internet, corporations, Smith Barney, Citibank branches and Primerica
agents, and indirectly through mortgage brokers, banks and mortgage
companies. CitiMortgage and My Home Equity
- Student Loans - Provides educational loans to students that
are typically sourced through financial aid offices at educational
institutions. Also provides government loan origination and servicing
capabilities to student loan providers, including academic and
financial institutions. The Student Loan Corporation
- Auto - Provides automobile financing through franchised and
independent auto dealers, auto manufacturers, and the internet.
·
- Commercial Business Group
The Commercial Business Group provides leasing, banking and real
estate products and services to small and medium-sized enterprises
across a broad range of industries.
- Banking
- Leasing
- Commercial Real Estate
- International Cards
International Cards operation offers an array of cards products
to 20.9 million accounts in 42 countries outside of the United
States.
- International Consumer Finance
Consumer finance and community-based lending services in 20 countries
outside the United States, operating under a number of brands
around the world.- CitiFinancial Canada
- International Retail Banking
Citibank offers a wide spectrum of market-leading financial products
and services, tailored to meet the needs of local customers,
in 40 countries around the world. - Banamex
·
- Women & Co.
Women and Company was created to address the unique financial
needs of women. It offers personal attention and special savings
on products and services suited to meet women's needs.
Corporate and Investment Banking
Our Corporate and Investment Banking (CIB) business achieves
the extraordinary for our clients around the world. No financial
institution is more committed to understanding and advancing
the goals of its clients our diverse and talented staff
in approximately 100 countries advise companies, governments,
and institutional investors on the best way to realize their
strategic objectives.
- Global Banking
Global Banking provides comprehensive, tailored and unique solutions
to top corporations, financial institutions and governments worldwide,
offering strategic and financial advisory services including
acquisitions, mergers, divestitures, financial restructurings,
loans, foreign exchange, cash management, and structuring, underwriting
and distributing equity, debt, and derivative securities.
- Global Capital Markets
Global Capital Markets provides global capabilities for corporate,
institutional and retail investors through our dominant equity
and debt sales and trading platforms, industry-leading research,
top-tier institutional distribution capabilities, and access
to the second-largest retail brokerage network in the U.S. We
are a global leader in underwriting, structuring, and sales and
trading across all asset classes, including equities, corporate
bonds, government and agency bonds, asset-backed and mortgage-backed
securities, syndicated loans, structured and futures products.
- Transaction Services
Transaction Services provides cash management, treasury, trade
finance, custody, clearing, depository receipt, agency trust
services, and fund services to financial institutions, corporations,
and governments that have assets and business in multiple countries
and require integrated reporting and management.
Global Wealth Management
The Global Wealth Management division at Citigroup comprises
three of the most respected brands in wealth management: The
Citigroup Private Bank, Smith Barney and Citigroup Investment
Research. Global Wealth Management is a top-tier global wealth
manager providing some of the best institutional capabilities
available today and serves both private and institutional clients.
- The Citigroup Private Bank
The Citigroup Private Bank, one of the largest private banking
businesses in the world, provides the wealth creators in today's
global economy with a full range of finance, banking, investment,
trust and advisory services through its nearly 470 private bankers
and 290 product specialists in more than 30 countries. Our clients
rely on us for comprehensive solutions, including access to capital,
sophisticated investment strategies and liquidity management,
as well as expertise from the Global Corporate and Investment
Bank.
- Smith Barney
Smith Barney is the global private wealth management unit of
Citigroup. It is a leading provider of comprehensive financial
planning and advisory services to high net worth investors, institutions,
corporations and private businesses, governments and foundations.
With approximately 13,000 financial consultants in over 600 offices,
Smith Barney offers a full suite of investment services, including
asset allocation, private investments and lending services, hedge
funds, cash and portfolio management, as well as retirement,
education and estate planning. A division of Citigroup Global
Capital Markets Inc., the firm currently has more than 8.8 million
client accounts, representing $1.173 trillion in client assets.
- Citigroup Investment Research
Citigroup Investment Research is a highly respected research
unit and is comprised of more than 300 research analysts in more
than 20 locations around the world. Citigroup Investment Research
covers more than 2,900 companies, representing 90 percent of
the market capitalization of the major global indices, and provides
macro and quantitative analysis of global markets and sector
trends. Combined with Citigroup's sales and trading capabilities
and Smith Barney's financial consultants, the core focus of the
group is to help investing clients make informed decisions by
providing value-added, independent, insightful analysis.
Citigroup Alternative Investments
Citigroup Alternative Investments delivers a broad offering of
alternative investments, including hedge funds, credit structures,
private equity, real estate, and other private placement and
special investment opportunities
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.
Benefits
Citigroup has 275,000 employees around the world. 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.
Updated January 10, 2008