Citigroup Inc Review
Citigroup is the third largest bank in the United States and, together with JPMorgan Chase, Bank of America and Wells Fargo, is one of the banks of the Big Four of the United States. It is a systemically important financial institution and is included in the list of systemically important banks that are too large to fail. It is one of nine global investment banks in the Bulge Bracket.
Citigroup Inc. is an American financial services corporation and multinational investment bank headquartered in New York. The company was formed as a result of the merger of the banking giant Citicorp and the financial conglomerate group Travelers Group in 1998; however, Travelers were separated from the company in 2002. Citigroup now owns Citicorp, a holding company of Citibank, as well as several international subsidiaries.
Citigroup is ranked 32nd in the Fortune 500 as of 2018; the bank has over 200 million customers and conducts business in more than 160 countries. It has 209,000 employees, although it had 357,000 employees before the financial crisis of 2007-2008 when the institution was rescued through a massive stimulus package from the US government.
The main divisions of Citigroup Inc.:
- Global Consumer Banking – retail banking and credit and debit card services; the main market is North America (USA and Canada), the bank also operates in Latin America (mainly in Mexico) and in Asia. Citicorp is a major credit card issuer. The bank issues credit cards even in countries where it does not have its own branches. Cards are issued both under Citi’s own brand and in partnership with retail chains and other companies (American Airlines, Costco, Sears, The Home Depot, Best Buy and Macy’s;
- Institutional Clients Group – serving corporations, governments and financial institutions; it operates in four regions: North America, Europe, the Middle East and Africa, Asia and Latin America. This division accounts for the bulk of assets and more than two-thirds of deposits accepted;
- Corporate center and other activities (Corporate / Other) – expenses for the maintenance of the corporate center, non-core assets, directions at the liquidation stage. Since 2017, this includes the activities of Citi Holdings.
Category: Finance Review