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.
