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Citibank
Citibank
is the consumer division of financial services multinational Citigroup.[2] Citibank
Citibank
was founded in 1812 as the City Bank of New York, and later became First National City Bank of New York. Citibank provides credit cards, mortgages, personal loans, commercial loans, and lines of credit.[1] The bank has 2,649 branches in 19 countries, including 723 branches in the United States
United States
and 1,494 branches in Mexico.[1] The U.S. branches are concentrated in six metropolitan areas: New York City, Chicago, Los Angeles, San Francisco, Washington, D.C., and Miami.[1] In 2016, the United States
United States
accounted for 70% of revenue and Mexico
Mexico
accounted for 13% of revenue.[1] Aside from the U.S. and Mexico, most of the company's branches are in Poland, Russia,Pakistan, India
India
and the United Arab Emirates.[1] Citibank's private-label credit card division, Citi Retail Services, issues store-issued credit cards for such companies as: Costco, ConocoPhillips, ExxonMobil, The Home Depot, Staples Inc., Shell Oil and until January 2018, Hilton Hotels & Resorts.[3] As a result of the financial crisis of 2007–2008 and huge losses in the value of its subprime mortgage assets, Citigroup, the parent of Citibank, received a bailout in the form of an investment from the U.S. Treasury. On November 23, 2008, in addition to an initial investment of $25 billion, a further $20 billion was invested in the company along with guarantees for risky assets of $306 billion.[4] By 2010, Citibank
Citibank
had repaid the loans from the Treasury in full, including interest, resulting in a net profit for the U.S. federal government.[5]

Contents

1 History

1.1 Automated banking card 1.2 Credit card
Credit card
business 1.3 Early technology adoption

1.3.1 Automatic teller machines 1.3.2 Online banking

1.4 Expansion 1.5 2008–2009 losses and cost-cutting measures by parent Citigroup 1.6 2010 to present

2 Controversies

2.1 Funding of Dakota Access Pipeline

3 Sponsorship 4 In media 5 See also 6 References 7 Further reading 8 External links

History[edit]

View of the northeast corner of William and Wall streets. The house to the far right became City Bank of New York's first home at 38 Wall Street, later re-numbered as №52. (Painting by Archibald Robertson, c. 1798)

The National City Bank heritage located in the Bund of Wuhan, China.

52 Wall Street, Ca 1890

The City Bank of New York was founded on June 16, 1812.[6] The first president of the City Bank was the statesman and retired Colonel, Samuel Osgood. In August 1813, with Osgood's death, William Few
William Few
became President of the Bank, staying until 1817, followed by Peter Stagg (1817–1825), Thomas Smith (1825–1827), Isaac Wright (1827–1832), and Thomas Bloodgood (1832–1843). Ownership and management of the bank was taken over by Moses Taylor
Moses Taylor
in 1837, a protégé of John Jacob Astor and one of the giants of the business world in the 19th century. During Taylor's ascendancy, the bank functioned largely as a treasury and finance center for Taylor's own extensive business empire.[7] Later presidents of the bank included Gorham Worth (1843–1856), Moses Taylor
Moses Taylor
himself (1856–1882), Taylor's son-in-law Patrick Pyne, and James Stillman
James Stillman
(1891–1909). In 1831 City Bank was the site of one of America's first bank heists when two thieves made off with tens of thousands of dollars' worth of bank notes, and 398 gold doubloons.[8][9] The bank also has the distinguishable history of financing war bonds for the war of 1812, serving as a founding member of the financial clearing house in New York (1853), underwriting the Union, during the American Civil War
American Civil War
with $50 million in war bonds, opens the first foreign exchange department of any bank (1897), and received a $5 million deposit to be given to Spain for the US acquisition of the Philippines
Philippines
(1899). In 1865, the bank joined the national banking system of the United States
United States
under the National Bank Act
National Bank Act
and became The National City Bank of New York. By 1868, it was one of the largest banks in the United States, by 1893 it was the largest bank in New York, and following year it was the largest within the United States. In later years it would help finance the Panama Canal (1904) and Stillman, then the bank's chairman, would intervene, along with J. P. Morgan and George Fisher Baker, in the Panic of 1907. When the Federal Reserve Act
Federal Reserve Act
allowed it,[10] National City Bank became the first U.S. national bank to open an overseas banking office when it opened a branch in Buenos Aires, Argentina, in 1914. Many of Citi's present international offices are older; offices in London, Shanghai, Calcutta, and elsewhere were opened in 1901 and 1902 by the International Banking Corporation
Corporation
(IBC), a company chartered to conduct banking business outside the U.S., which was forbidden to U.S. national banks. In 1918, IBC became a wholly owned subsidiary and was subsequently merged into the bank. The same year, the bank evacuated all of its employees from Moscow
Moscow
and Petrograd as the Russian Civil War had begun, but also established a branch in Puerto Rico. By 1919, the bank had become the first U.S. bank to have $1 billion in assets. As of March 9, 1921, there were four national banks in New York City operating branch offices: Catham and Phoenix National, the Mechanics and Metals National, the Irving National, and National City Bank.[11] Charles E. Mitchell, also called "Sunshine" Charlie Mitchell, was elected president in 1921. In 1929, he was made chairman, a position he held until 1933. Under Mitchell, the bank expanded rapidly and by 1930 had 100 branches in 23 countries outside the United States. The policies pursued by the bank under Mitchell's leadership are seen by many people as one of the prime causes of the stock market crash of 1929, which led ultimately to the Great Depression.[12][13][14][15][16][17][18][19][20][21] In 1933, a Senate committee, the Pecora Commission, investigated Mitchell for his part in tens of millions of dollars in losses, excessive pay, and tax avoidance, later leading to his resignation.[22][23][24][25][26][27] Senator Carter Glass
Carter Glass
said of him: "Mitchell, more than any 50 men, is responsible for this stock crash."[28][29] On December 24, 1927, its headquarters in Buenos Aires, Argentina, were blown-up by the Italian anarchist Severino Di Giovanni, in the frame of the international campaign supporting Sacco and Vanzetti.[30] In 1940 and 1941, branches in Germany and Japan closed. In 1945, the bank handled $5.6 billion in Treasury securities for War and Victory Loan
Loan
drives for the U.S. government. In 1952, James Stillman
James Stillman
Rockefeller was elected president and then chairman in 1959, serving until 1967. Stillman was a direct descendant of the Rockefeller family
Rockefeller family
through the William Rockefeller
William Rockefeller
(the brother of John D.) branch. In 1960, his second cousin, David Rockefeller, became president of Chase Manhattan Bank, National City's long-time New York rival for dominance in the banking industry in the United States.[31][32] Following its merger with the First National Bank in 1955, the bank changed its name to The First National City Bank of New York, then shortened it to First National City Bank in 1962. It is also worth noting that the bank began recruiting at Harvard Business School
Harvard Business School
in 1957, arranged the financing of the 1958 Hollywood film, South Pacific, and had its branches in Cuba nationalized in 1959 by the new socialist government, and has its first African-American director in 1969, Franklin A. Thomas. The company organically entered the leasing and credit card sectors, and its introduction of US dollar denominated certificates of deposit in London
London
marked the first new negotiable instrument in the market since 1888. Later to become part of MasterCard, the bank introduced its First National City Charge Service credit card—popularly known as the "Everything Card"—in 1967. In 1967, Walter B. Wriston became chairman and chief executive officer of the bank.[33]

Citibank
Citibank
logo used from 1976 until 2001 in the United States, and internationally until 2002, designed by Dan Friedman from Anspach Grossman Portugal of New York.[34]

In 1968, Citicorp was set-up as a holding company and in 1976, First National City Bank was renamed Citibank, N.A. The name change also helped to avoid confusion in Ohio
Ohio
with Cleveland-based National City Corp., though the banks never had any significant overlapping areas except for Citi credit cards issued in National City territory. In addition, at the time of the name change to Citicorp, in 1998, National City of Ohio
Ohio
was mostly a Cleveland-area bank and had not gone on its acquisition spree that it would occur in the 1990s and 2000s. Any possible name confusion had Citi not changed its name from National City eventually became completely moot when PNC Financial Services acquired National City in 2008 during the subprime mortgage crisis. In 1987, the bank set aside $3 billion in reserves for loan losses in Brazil and other developing countries.[35] In 1990, the bank established a subsidiary in Poland. In 1994, it became the world's biggest card issuer. Automated banking card[edit] Shortly afterward, the bank launched the Citicard, which allowed customers to perform all transactions without a passbook. Branches also had terminals with simple one-line displays that allowed customers to get basic account information without a bank teller. Credit card
Credit card
business[edit] In the 1960s the bank entered into the credit card business. In 1965, First National City Bank bought Carte Blanche from Hilton Hotels. Three years later, the bank (under pressure from the U.S. government) sold this division. By 1968, the company created its own credit card. The card, known as "The Everything Card", was promoted as a kind of East Coast version of the BankAmericard. By 1969, First National City Bank decided that the Everything Card was too costly to promote as an independent brand and joined Master Charge (now MasterCard). Citibank unsuccessfully tried again from 1977 to 1987 to create a separate credit card brand, the Choice Card. John S. Reed was selected CEO in 1984, and Citi became a founding member of the CHAPS
CHAPS
clearing house in London. Under his leadership, the next 14 years would see Citibank
Citibank
become the largest bank in the United States, the largest issuer of credit cards and charge cards in the world, and expand its global reach to over 90 countries. As the bank's expansion continued, the Narre Warren-Caroline Springs[dubious – discuss] credit card company was purchased in 1981. In 1981, Citibank
Citibank
chartered a South Dakota
South Dakota
subsidiary to take advantage of new laws that raised the state's maximum permissible interest rate on loans to 25% (then the highest in the nation). In many other states, usury laws prevented banks from charging interest that aligned with the extremely high costs of lending money in the late 1970s and early 1980s, making consumer lending unprofitable. Currently, there is no maximum interest rate or usury restriction under South Dakota
South Dakota
law when a written agreement is formed.[36] In 2005, Federated Department Stores (now Macy's, Inc.), sold its consumer credit portfolio to Citigroup, which reissued its cards under the name Department Stores National Bank (DSNB).[37][38] In 2013, Citibank
Citibank
purchased the credit card portfolio of Best Buy
Best Buy
from Capital One.[39][40] On April 1, 2016, Citigroup
Citigroup
became the exclusive issuer of Costco's branded credit cards.[41][42] Early technology adoption[edit] Automatic teller machines[edit] In the 1970s, Citibank
Citibank
was one of the first U.S. banks to introduce automatic teller machines (ATMs), which gave customers 24-hour access to cash. In April 2006, Citibank
Citibank
signed a deal with 7-Eleven
7-Eleven
to offer Citibank
Citibank
customers free access to ATMs in more than 5,500 convenience stores in the United States.[43] Online banking[edit] The Citibank.com domain name was registered in 1991, and initially used only for email and other internet interactions.[44] As early as 1982, Citibank
Citibank
pioneered online access to accounts using 300-baud dial-up only.[45][better source needed] At first, access was through proprietary software distributed on a 5.25-inch floppy disk.[citation needed] Following the creation of the World Wide Web, Citibank
Citibank
offered browser-based access as well. Expansion[edit]

Citibank
Citibank
footprint

Manhattan Chinatown Citibank
Citibank
branch (New York City)

Citibank
Citibank
branch on Michigan Avenue in Chicago

In 2002, Citigroup, the parent of Citibank, acquired Golden State Bancorp and its California Federal Bank, which was one-third owned by Ronald O. Perelman, for $5.8 billion.[46][47] In 1999, Citibank
Citibank
was sued for improperly charging late fees on its credit cards.[48] In August 2004, Citigroup
Citigroup
entered the Texas market with the purchase of First American Bank of Bryan, Texas. The deal established Citi's retail banking presence in Texas, giving Citibank
Citibank
over 100 branches, $3.5 billion in assets and approximately 120,000 customers in the state.[49] In 2006, Citibank
Citibank
entered the Philadelphia market, opening 23 branches in the metropolitan area. In 2013, Citibank
Citibank
closed these locations for "efficiency-driven" reasons.[50] In 2006, the company announced a naming rights sponsorship deal for the new stadium of New York Mets, Citi Field, which opened in 2009. The deal reportedly required payments by Citi of $20 million per year for 20 years.[51] 2008–2009 losses and cost-cutting measures by parent Citigroup[edit] On April 11, 2007, Citigroup, the parent of Citibank, announced layoffs of 17,000 employees, or 8% of its workforce.[52] On November 4, 2007, Charles Prince
Charles Prince
resigned as the chairman and chief executive of Citigroup, the parent of Citibank, following crisis meetings with the board in New York in the wake of billions of dollars in losses related to subprime lending.[53] Former United States Secretary of the Treasury Robert Rubin
Robert Rubin
took over as chairman, subsequently hiring Vikram Pandit
Vikram Pandit
as chief executive.[54] On November 5, 2007, several days after Merrill Lynch
Merrill Lynch
announced that it too had been losing billions from the subprime mortgage crisis in the United States, Citi reported that it will lose between $8 billion and $11 billion in the fourth quarter of 2007, in addition to the $6.5 billion it lost in the third quarter of 2007.[55] Effective November 30, 2007, Citibank
Citibank
sold its 17 Puerto Rico branches, along with $1.0 billion in deposits, to Banco Popular.[56] In January 2008, Citigroup
Citigroup
reported a $10 billion loss in the fourth quarter of 2007, after an $18.1 billion write down.[57] In March 2008, Citibank
Citibank
set up Mobile Money Ventures, a joint venture with SK Telecom, to develop mobile apps for banking.[58] It sold the venture to Intuit
Intuit
in June 2011.[59] In May 2008, the company closed an $87.5 million leaseback transaction for branches in New York City.[60] In July 2008, Citibank
Citibank
Privatkunden AG & Co. KGaA, the company's German division, was sold to Crédit Mutuel.[61] On February 22, 2010, it was renamed to Targobank. In August 2008, after a three-year investigation by the California Attorney General, Citibank
Citibank
was ordered to repay the $14 million that was removed from 53,000 customers accounts over an 11-year period from 1992 to 2003, plus an additional $4 million in interest and penalties. The money was taken under an electronic "account sweeping program" where any positive balances from over-payments or double payments were removed without notice to the customers.[62] On November 23, 2008, during the financial crisis of 2007–2008, Citigroup
Citigroup
was forced to seek federal financing to avoid a collapse similar to those suffered by its competitors Bear Stearns
Bear Stearns
and AIG. The U.S. government provided $25 billion and guarantees to risky assets in exchange for Citigroup
Citigroup
stock. On January 16, 2009, Citigroup
Citigroup
announced that it was separating Citi Holdings Inc., its non-core businesses such as brokerage, asset management, and local consumer finance and higher-risk assets, from Citicorp. The split was presented as allowing Citibank
Citibank
to concentrate on its core banking business.[63] 2010 to present[edit] On October 19, 2011, Citigroup, the parent of Citibank, agreed to a $285 million civil fraud penalty after the U.S. Securities and Exchange Commission accused the company of betting against risky mortgage-related investments that it sold to its clients.[64][65][66] In 2014, Citigroup
Citigroup
announced it would exit retail banking in 11 markets, primarily in Europe
Europe
and Central America.[67] In September 2014, Citibank
Citibank
exited the Texas market with the sale of 41 branches to BB&T.[68] In September 2015, Citibank
Citibank
announced that it would close its 17 branches in Massachusetts and end sponsorship of a theater in Boston.[69] In 2015, the bank was ordered to pay $770 million in relief to borrowers for illegal credit card practices. The Consumer Financial Protection Bureau said that about 7 million customer accounts were affected by Citibank's "deceptive marketing" practices, which included misrepresenting costs and fees and charging customers for services they did not receive.[70] On March 1, 2017, an article in The Economic Times
The Economic Times
of India
India
stated that Citibank
Citibank
may close its 44 branches in India, as digital transactions made them less necessary. The articles wrote that Citibank
Citibank
was “India’s most profitable foreign lender”.[71] On March 20, 2017, The Guardian
The Guardian
reported that hundreds of banks had helped launder KGB-related funds out of Russia, as uncovered by an investigation named Russian Laundromat. Citibank
Citibank
was listed among the American banks that were named as having handled the laundered funds, with banks in the US processing around $63.7 million between 2010 and 2014. Citibank
Citibank
was listed as having processed $37 million of that amount, with others including Bank of America, which processed $14 million. as the bank “handled $113.1 million” in Laundromat cash.[72] Controversies[edit] Funding of Dakota Access Pipeline[edit] Citibank
Citibank
is one of the lead lenders to the developers of the Dakota Access Pipeline project in North Dakota, a 1,172-mile-long (1,886 km) oil pipeline project.[73] The pipeline has been controversial regarding its potential environmental impacts and impacts to Siouan
Siouan
sacred lands and water supply.[73][74] According to a statement by Hugh MacMillan, a senior researcher on water, energy and climate issues, Citibank
Citibank
has been "running the books on this project, and that's the bank that beat the bushes and got other banks to join in."[75] On December 13, 2016, students of Columbia University
Columbia University
protested outside of the Citibank
Citibank
location on Broadway and 112th Street, by holding cardboard signs, chanting and passing flyers. Earlier that year, the university replaced the on-campus Citibank
Citibank
ATMs with ATMs from Santander Bank, a bank that has no ties to the Dakota Access Pipeline.[76] Sponsorship[edit] Citibank
Citibank
sponsors Citi Field, home of the New York Mets
New York Mets
baseball club [51] as well as the Washington Open tennis championship.[77] Citibank
Citibank
became a sponsor of the Australian Rugby Union team in 2001 for a three-year deal,[78] and a major sponsor of the Sydney Swans
Sydney Swans
in 2005, who play in the Australian Football League.[79] In the late 1970s, First National City was heavily involved in Indy Car racing, sponsoring major drivers like Johnny Rutherford[80] and Al Unser, Sr. Unser won the 1978 Indianapolis 500
1978 Indianapolis 500
in First National City Travelers Checks livery. In media[edit]

Referred to in Rock band Cake's "Short Skirt/Long Jacket" song on the album Comfort Eagle, "... at Citibank
Citibank
we will meet accidentally..." Political cartoonist Michel Kichka
Michel Kichka
satirized Citibank
Citibank
in his 1982 poster ...And I Love New York. The lettering above the entrance to a New York City
New York City
branch read "Citibang." Meanwhile, a stocking-wearing bank robber exits and fires shots at NYPD officers responding to the robbery.[81]

See also[edit]

New York City
New York City
portal Companies portal

Citigroup
Citigroup
Center List of chairmen of Citigroup Sanford I. Weill Membership of ATM Industry Association (ATMIA)

References[edit]

^ a b c d e f "Citigroup, Inc. 2016 Form 10-K Annual Report". U.S. Securities and Exchange Commission.  ^ Citigroup
Citigroup
Material Legal Entities ^ Surane, Jennifer (June 1, 2017). "AmEx Outduels Citigroup
Citigroup
for Exclusive Rights to Hilton Cards". Bloomberg News. Retrieved March 6, 2018.  ^ Aversa, Jeannine (November 24, 2008). "Government unveils bold plan to rescue Citigroup". The Washington Post. Associated Press.  ^ Barr, Colin (March 30, 2010). "Citi repaid its Troubled Asset Relief Program loans in December 2010". CNNMoney.  ^ Fox, Justin (January 21, 2009). "Citibank: Teetering Since 1812". Time. ISSN 0040-781X. Retrieved 2018-01-20.  ^ van B. Cleveland, Harold (January 1, 1985). Citibank, 1812-1970. Harvard University Press. ISBN 978-0674131750.  ^ "City Bank Robber Taken". Connecticut Courant. New York Commercial Advertiser. April 5, 1831. Retrieved 27 November 2017.  ^ America’s (Not Quite) First Bank Robbery, Jeff Nilsson, The Saturday Evening Post, March 16, 2013 ^ "Extending our Foreign Commerce". The Independent. Jul 13, 1914. Retrieved August 14, 2012.  ^ "National City Bank Buys a State Bank". The New York Times. March 9, 1921. p. 24.  ^ The Crash of 1929 PBS
PBS
Documentary. PBS. YouTube.  ^ Palmer, Brian (January 25, 2011). "You're Under Arrest … for Causing the Great Depression: Very few people have been punished for the 2008 financial collapse. Did anyone go to jail in 1929?". Slate.  ^ Renshaw, Eric (October 4, 2016). "Looking Back: Citibank's South Dakota invite benefited both". Argus Leader. Sioux Falls, South Dakota.  ^ When the Jazz Age Crashed into the Great Depression
Great Depression
WLRN. ^ Stock Market Crash of 1929 Federal Reserve History. ^ PBS
PBS
makes a great lesson of the Great Depression
Great Depression
in 'American Experience' series New York Daily News. ^ Too Big to Fail. Not Too Strong The American Prospect. ^ 10 Reasons We'd Be Better off Without Ben Bernanke Alternet. ^ Norris, Floyd (October 17, 1999). "Looking Back at the Crash of '29". The New York Times.  ^ Fraser, Steve (February 10, 2009). "Tomgram: Steve Fraser, Locked into the Bailout
Bailout
State". Tom Engelhardt.  ^ The Hellhound of Wall Street: Michael Perino on Ferdinand Pecora and the Great Depression
Great Depression
New Jersey Council of the Humanities. ^ Can Angelides Panel Bring Justice to Wall Street? Newsweek. ^ Breslow, Jason M. (January 22, 2013). "Were Bankers Jailed In Past Financial Crises?". Frontline. PBS.  ^ When the Senate Went After Wall Street Bloomberg News#Bloomberg View. ^ Blomert, Reinhart (July 2012). "The Taming of Economic Aristocracies". Human Figurations. University of Michigan. 1 (2).  ^ Davis, Bruce (June 2016). "Corporate Governance – Woven into the Fabric of Capitalism". Business Law Today. American Bar Association.  ^ Damnation of Mitchell Time 1929. ^ "Guest Post: Review of Ferdinand Pecora's "Wall Street Under Oath"". Naked Capitalism. July 19, 2009.  ^ Aliano, David (August 31, 2012). Mussolini's National Project in Argentina. Fairleigh Dickinson University Press. p. 131. ISBN 978-1611475777.  ^ "Obituaries: James Stillman
James Stillman
Rockefeller". The Daily Telegraph. London. August 16, 2004.  ^ Saxon, Wolfgang (August 11, 2004). "James S. Rockefeller, 102; dies; Was a Banker and '24 Champion". The New York Times.  ^ Sullivan, Patricia (January 21, 2005). "Walter B. Wriston, 85; Chairman of Citicorp". The Washington Post.  ^ Cooper Hewitt, Smithsonian Design Museum. "Dan Friedman". Smithsonian Institution. Retrieved 25 January 2017.  ^ Berg, Eric N. (December 15, 1987). "Bank of Boston In Big Write-Off Of Latin Loans". The New York Times.  ^ South Dakota
South Dakota
Statutes 54-3-1.1: Rate of Interest ^ "Department store credit business sold to Citigroup". Chicago Tribune. June 3, 2005.  ^ Fasig, Lisa Biank (June 2, 2005). "Federated to sell credit card business for $4.5 billion". Cincinnati Business Courier. (Subscription required (help)).  ^ Murray, Lance (September 9, 2013). "Citi takes over Best Buy's credit card program". New York Business Journal.  ^ Douglas, Danielle (February 19, 2013). " Capital One
Capital One
sells Best Buy credit card portfolio to Citigroup". The Washington Post.  ^ Cannon, Ellen (June 23, 2016). "Costco's launch of new Citi Visa card leaves angry customers on hold". Los Angeles
Los Angeles
Times.  ^ Panzar, Javier (March 2, 2015). " Costco
Costco
names Citi, Visa as new credit card partners after AmEx deal ends". Los Angeles
Los Angeles
Times.  ^ " Citibank
Citibank
and 7-Eleven, Inc. Sign Agreement to Offer Free ATM Access to Citibank
Citibank
Customers in More Than 5,500 Stores" (Press release). Citibank. April 4, 2006 – via Business Wire.  ^ Whois: citibank.com ^ "Screenshot: Citibank
Citibank
Home Base".  ^ Atlas, RivaD. (May 22, 2002). " Citigroup
Citigroup
Pays $5.8 Billion For Bank Tied To Perelman". The New York Times.  ^ Beckett, Paul (May 22, 2002). " Citigroup
Citigroup
Will Buy Golden State In a $5.8 Billion Cash, Stock Deal". The Wall Street Journal.  ^ " Citibank
Citibank
Sued Over Late Fees; Class-Action Status Sought". Los Angeles Times. Reuters. October 5, 1999.  ^ " Citigroup
Citigroup
to Acquire First American Bank in Texas" (Press release). Citigroup. August 24, 2004 – via Business Wire.  ^ Blumenthal, Jeff (December 17, 2013). " Citibank
Citibank
closing all remaining Philadelphia branches". Philadelphia Business Journal.  ^ a b Buxbaum, Evan (April 13, 2009). "Mets and the Citi: $400 million for stadium-naming rights irks some". CNN.  ^ Kelley, Rob (April 11, 2007). " Citigroup
Citigroup
to hack 17,000 jobs". CNNMoney.  ^ DeCrow, Jason (November 4, 2007). "Citigroup's Prince Steps Down, Rubin Named Chairman". USA Today. Associated Press.  ^ "The Most Powerless Powerful Man on Wall Street". New York. March 9, 2009.  ^ Read, Madlen (November 5, 2007). " Citigroup
Citigroup
Seeks CEO, Takes More Losses". The Washington Post. Associated Press.  ^ "POPULAR, INC. 2007 Form 10-K Annual Report". U.S. Securities and Exchange Commission.  ^ Ellis, David (January 15, 2008). "Citigroup's $10 billion loss is worst ever". CNNMoney.  ^ " SK Telecom
SK Telecom
and Citi Launch Joint Venture to Provide Next Generation of Mobile Financial Services" (Press release). Citigroup. March 6, 2008 – via PRNewswire.  ^ " Intuit
Intuit
Buys Mobile Money Ventures Platform to Bolster Mobile Banking Capabilities" (Press release). Intuit. June 27, 2011 – via Business Wire.  ^ Pardy, Sasha M. (May 20, 2008). " Citibank
Citibank
Completes $87.5M Sale-Leaseback". CoStar Group.  ^ Moore, Matt (July 12, 2008). "Citi to sell German retail banking for $7.7B". ABC News.  ^ Egelko, Bob (August 27, 2008). " Citibank
Citibank
settles with state, to repay millions". San Francisco
San Francisco
Chronicle.  ^ "Citi to Reorganize into Two Operating Units to Maximize Value of Core Franchise". Financial Times
Financial Times
(Press release). January 16, 2009.  ^ Wyatt, Edward (October 19, 2011). " Citigroup
Citigroup
to Pay Millions to Close Fraud Complaint". The New York Times.  ^ Eaglesham, Jean; Kapner, Suzanne (October 19, 2011). " Citigroup
Citigroup
to Pay $285 Million to Settle Fraud Charges". The Wall Street Journal. (Subscription required (help)).  ^ Eisinger, Jesse; Bernstein, Jake (October 20, 2011). "Did Citi Get a Sweet Deal? Bank Claims SEC Settlement on One CDO Clears It on All Others". ProPublica.  ^ Sweet, Ken (October 15, 2014). " Citigroup
Citigroup
to exit retail banking in 11 markets". The Boston Globe. Associated Press.  ^ Cho, Hanah (September 2014). "BB&T acquires another 41 branches in Texas from Citibank". Dallas Morning News.  ^ Ryan, Greg (September 24, 2015). "With Boston exit, Citi affirms it was always a 'fish out of water'". Boston Business Journal.  ^ Naidu, Richa (July 21, 2015). "Citi ordered to pay $770 million over credit card practices". Reuters.  ^ Rebello, Joel (March 1, 2017). " Citibank
Citibank
may get to 'sleep' now as tech obviates need for branches". The Economic Times.  ^ Harding, Luke; Hopkins, Nick; Barr, Caelainn (March 20, 2017). "British banks handled vast sums of laundered Russian money". The Guardian.  ^ a b Tabuchi, Hiroko (November 7, 2016). "Environmentalists Target Bankers Behind Pipeline". The New York Times.  ^ Fuller, Emily (September 29, 2016). "How to Contact the 17 Banks Funding the Dakota Access Pipeline". YES!.  ^ "Who Is Funding the Dakota Access Pipeline? Bank of America, HSBC, UBS, Goldman Sachs, Wells Fargo". Democracy Now!. September 9, 2016.  ^ Holmes, Aaron (December 13, 2016). "Students protest Citibank
Citibank
for funding of Dakota Access Pipeline". Columbia Daily Spectator.  ^ Clarke, Liz (April 24, 2012). "Legg Mason Tennis Classic getting new sponsor, venue upgrades". The Washington Post.  ^ " Citibank
Citibank
in Australian Rugby Union Sponsorship Deal" (Press release). Australian Rugby Union. October 17, 2001.  ^ "Citi extends as major partner of Sydney Swans". Sport Business. June 7, 2017. (Subscription required (help)).  ^ "Johnny Rutherford in 1978". Pintrest. Retrieved March 6, 2018.  ^ "....And I Love New York". Rogallery. 

Further reading[edit]

Wriston: Walter Wriston, Citibank, and the Rise and Fall of American Financial Supremacy. Phillip L. Zweig, New York: Crown, 1996. Citibank, 1812–1970. Harold van B. Cleveland
Cleveland
& Thomas F. Huertas (Harvard Business History Studies), Boston: Harvard University Press, 1985.

External links[edit]

Wikimedia Commons has media related to Citibank.

v t e

Citigroup

Brands and companies

Banamex Citibank Citibank
Citibank
Syariah Citigold Citi Private Bank Egg Metalmark Capital Red Roof Inn

Key people

Michael E. O'Neill Vikram Pandit Richard Parsons William R. Rhodes Lewis B. Kaden Al-Waleed bin Talal John Havens

Notable former executives

Winfried Bischoff Michael Bloomberg Gary Crittenden Jamie Dimon Ahmed Fahour Stanley Fischer Lewis Glucksman Thomas W. Jones Sallie Krawcheck Victor Menezes George S. Moore Samuel Osgood Joe J. Plumeri Chuck Prince John Reed Robert Rubin James Stillman
James Stillman
Rockefeller William Rockefeller Moses Taylor Sandy Weill Robert B. Willumstad Walter Wriston

Corporate directors

Michael Armstrong Alain Belda George David Kenneth T. Derr John M. Deutch Roberto Hernández Ramírez Jane Fraser Ann Jordan Klaus Kleinfeld Andrew N. Liveris Anne Mulcahy Richard Parsons Chuck Prince Judith Rodin Robert Rubin Franklin A. Thomas Sandy Weill

Local entities

Argentina Australia Canada China Colombia Hong Kong India Indonesia Japan South Korea Malaysia Mexico Philippines Singapore Thailand Uganda United Arab Emirates Vietnam

Predecessors

ACC Capital California Federal Bank Franklin National Bank

Headquarters: 399 Park Avenue, New York City, New York 10043, United States

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50 largest banks and bank holding companies in the United States

Ally American Express Bank of America Bank of New York Mellon Barclays* BB&T BBVA* BMO Harris* BNP Paribas* Capital One Charles Schwab CIT Citigroup Citizens Comerica Credit Suisse* Deutsche Bank* Discover E-Trade Fifth Third First Horizon Goldman Sachs HSBC* Huntington JPMorgan Chase KeyBank M&T* Morgan Stanley MUFG Union Bank* Mutual of Omaha New York Community Northern Trust People's United PNC Popular RBC* Regions Banco Santander* State Farm State Street SunTrust SVB Synchrony TD* TIAA U.S. Bancorp UBS* USAA Wells Fargo Zions

* indicates the U.S. subsidiary of a non-U.S. bank. Inclusion on this list is based on U.S. assets only, and is current as of March 31, 2017.

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Members of Euro Banking Association

Austria

Allgemeine Sparkasse Oberosterreich Bank für Tirol und Vorarlberg AG BKS Bank AG Erste Group
Erste Group
Bank AG Oberbank AG Oesterreichische Nationalbank Raiffeisen Bank International AG Raiffeisenlandesbank Oberösterreich AG Raiffeisen-Landesbank Tirol AG Steiermärkische Bank und Sparkassen AG

Belgium

Dexia
Dexia
Bank NV KBC Bank
KBC Bank
NV Bank van De Post

Cyprus

Bank of Cyprus Hellenic Bank

Denmark

Amagerbanken A/S Arbejdernes Landsbank
Arbejdernes Landsbank
A/S Danske Andelskassers Bank A/S Danske Bank
Danske Bank
A/S DiBa Bank A/S Djurslands Bank A/S Jyske Bank
Jyske Bank
A/S Nordjyske Bank A/S Nørresundby Bank Østjydsk Bank A/S Ringkøbing Landbobank Roskilde Bank
Roskilde Bank
A/S Skjern Bank Spar Nord Bank Sparekassen Sjælland Sydbank
Sydbank
A/S Vestfyns Bank A/S Vestjysk Bank

Finland

Aktia Bank
Aktia Bank
PLC Bank of Åland
Bank of Åland
PLC Pohjola Bank PLC S-Bank
S-Bank
LTD. Tapiola Bank LTD

France

Banque Michel Inchauspé - BAMI Banque Palatine BNP Paribas
BNP Paribas
SA BPCE BRED Banque Populaire Crédit Agricole
Crédit Agricole
SA Crédit Coopératif Crédit du Nord Crédit Mutuel
Crédit Mutuel
Arkéa Credit Mutuel CIC Banque HSBC France La Banque postale Natixis Société Générale

Germany

Berenberg Bank BHF Bank Bremer Landesbank Commerzbank
Commerzbank
AG Deutsche Bank
Deutsche Bank
AG Deutsche Bundesbank Deutsche Postbank DZ Bank
DZ Bank
AG Europe
Europe
Arab Bank Frankfurt Hamburger Sparkasse AG J.P. Morgan Chase Bank
Chase Bank
AG Landesbank Baden-Württemberg Landesbank Berlin Holding Landesbank Hessen-Thüringen Oldenburgische Landesbank SECB Swiss EURO CLEARING Bank GmbH The Bank of New York Mellon, Frankfurt Branch VTB Bank
VTB Bank
(Deutschland) AG

Greece

Alpha Bank
Alpha Bank
SA Eurobank Ergasias
Eurobank Ergasias
SA National Bank of Greece
National Bank of Greece
SA Piraeus Bank
Piraeus Bank
SA

Hungary

Budapest Bank CIB Bank Erste Bank FHB Mortgage
Mortgage
Bank Hanwha
Hanwha
Bank Hungarian Development Bank Hungarian National Bank K&H Bank MagNet Bank MKB Bank OTP Bank Raiffeisen Bank Sberbank Europe
Europe
Group TakarékBank UniCredit

Ireland

Allied Irish Banks Bank of Ireland

Italy

Banca del Fucino Banca Monte dei Paschi di Siena Banca Nazionale del Lavoro Banca Popolare del Lazio Banca Popolare di Sondrio Banca Sella Banco BPM BPER Banca Cassa di Risparmio di Cesena Cassa di Risparmio di Fermo Cassa di Risparmio di Ravenna

Banca di Imola

Credito Emiliano Credito Valtellinese ICCREA Banca Intesa Sanpaolo Nexi Raiffeisen Landesbank Südtirol UBI Banca UniCredit

Luxembourg

Banque et Caisse d'Épargne de l'État Banque Raiffeisen Banque Internationale à Luxembourg
Banque Internationale à Luxembourg
SA KBL European Private Bankers Société Générale
Société Générale
Bank & Trust

Netherlands

ABN Amro Bank NV De Nederlandsche Bank ING Bank NV Rabobank
Rabobank
Nederland

Poland

Bank BPH SA Narodowy Bank Polski

Portugal

Banco BPI SA Banco Comercial Português Crédito Agrícola Caixa Geral de Depósitos Novo Banco

Slovenia

Banka Slovenije

Spain

Banco Bilbao Vizcaya Argentaria, S.A. Banco Popular Español, S.A. Banco Sabadell, S.A. Bankinter, S.A. Banco Santander, S.A. CaixaBank, S.A. (La Caixa) Catalunya Banc, S.A. (CatalunyaCaixa) Kutxabank, S.A. ABANCA Corporación Bancaria, S.A. (Abanca) Caja Laboral
Caja Laboral
Popular, Cooperativa de Crédito (Caja Laboral) Banco Cooperativo Español, S.A. (Caja Rural) CECABANK, S.A.

Sweden

Skandinaviska Enskilda Banken Svenska Handelsbanken Swedbank
Swedbank
AB Nordea
Nordea
Bank AB

United Kingdom

Bank of Tokyo-Mitsubishi UFJ Ltd. Barclays
Barclays
Bank PLC Citibank
Citibank
NA DNB Bank (NOR) HSBC Bank PLC JPMorgan Chase
JPMorgan Chase
Bank, N.A., London
London
Branch Kookmin Bank International Ltd. Lloyds Bank
Lloyds Bank
PLC MashreqBank psc (UAE) Royal Bank of Scotland
Royal Bank of Scotland
PLC UBS
UBS
AG Wells Fargo
Wells Fargo
Bank NA

Non-EU

B

.