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Citi Group

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

  1. 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.
  2. 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.
  3. 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.

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