Citigroup, commonly known as Citi, is one of the largest global financial services corporations, with operations in over 160 countries. Here are the essential details about Citigroup:
Overview
- Founded: 1812 as City Bank of New York
- Headquarters: New York City, New York, USA
- CEO: Jane Fraser (as of 2024)
- Ticker Symbol: C (NYSE)
- Business Divisions: Institutional Clients Group, Global Consumer Banking, Corporate/Other
Core Businesses
- Institutional Clients Group (ICG):
- Investment Banking: Advisory and underwriting services for mergers and acquisitions (M&A), capital markets.
- Markets and Securities Services: Sales, trading, and distribution of a broad range of financial products including equities, fixed income, commodities, and currencies.
- Treasury and Trade Solutions: Cash management, trade finance, and liquidity services for corporate clients.
- Global Consumer Banking (GCB):
- Retail Banking: Branch banking, credit cards, loans, and deposits.
- Citi Private Bank: Wealth management services for high-net-worth individuals.
- Branded Cards: Credit card products and services.
- Corporate/Other:
- Includes legacy assets, treasury, and corporate functions.
Recent Developments
- Technology and Digital Banking: Emphasis on digital transformation, enhancing mobile banking capabilities, and investing in fintech.
- Environmental Initiatives: Commitments to sustainability and ESG (Environmental, Social, and Governance) principles, including financing green projects.
- Regulatory Compliance: Focus on improving compliance and risk management processes, especially post-financial crisis reforms.
Reputation and Challenges
- Reputation: Known for its vast international network and innovative financial solutions.
- Challenges: Regulatory scrutiny, adapting to digital disruption, and managing global economic fluctuations.
Key Statistics
- Employees: Over 200,000 globally.
- Revenue: Around $75 billion annually.
- Net Income: Typically between $15 billion and $20 billion, varying with market conditions.
- Assets: Over $2 trillion.
Historical Milestones
- 1998: Formation of Citigroup through the merger of Citicorp and Travelers Group.
- 2008: Significant impact from the global financial crisis, leading to substantial government aid and restructuring.
- 2011: Completed the sale of non-core businesses and re-focused on core financial services.
