On 7th April 1998 the merger of Citicorp and Travelers Group saw the emergence of Citigroup Inc – a major, 140 billion dollar financial Services Company based in New York. Citigroup employs approximately 358,000 staff worldwide and handles over 200 million customer accounts across the world.
The history of Citigroup is intricately linked with the histories of the two companies from which it was formed: Citicorp and Travelers Group
Citigroup Inc and Citicorp
The City Bank of New York was chartered by New York State in 1812 with a capital of 2 million dollars. After the bank joined the US national banking system in 1865 it became known as The National City Bank of New York. By 1895 it was the largest American bank.
The National City Bank of New York was the first US bank to offer compound interest on savings, unsecured personal loans, customer checking accounts and the negotiable certificate of deposit.
In 1955 the bank changed its name to The First National City Bank of New York. It was not until the 1970s that the bank and its holding company First National City Corporation became known as Citibank NA and Citicorp respectively.
Citigroup Inc and Travelers Group
At the time of merging with Citicorp, Travelers Group was a diverse group of financial concerns headed by Sandy Weill as Chairman.
Corporate Brand
In 2007 Citigroup adopted the corporate brand “Citi” for itself and most of its subsidiaries.
Citigroup Business Model
The company uses “The diversified financial services business model”.
In the formative years efforts were focussed on acquisitions within the areas of stock brokerage and investment banking. The years since the have seen a move from this focus to selling more products in order to increase revenue.
Citigroup Divisions
The Citigroup allegedly has the following group structure:-
- Global Consumer Group
- Cards
- Consumer lending
- Consumer Finance
- Retail Banking
- Global Wealth Management
- Citi Private Bank
- Citi Smith Barney
- Global Services
- Citi Investment Research
- Citi Institutional Clients Group
- Citi Markets And Banking
- Citi Alternative Investments
Citigroup Brands
Citigroup apparently owns the following brands:-
- Citibank
- Banamex
- Banco Cuscatlan
- Banco Uno
- Citimortgage
- CitiInsurance
- Citicapital
- Citifinancial
- Citigroup Alternative Investments
- Primerica
- Smith Barney
- Citicard
- Credicard Citi
- Egg – Citigroup acquired the Egg brand following the purchase of Egg Banking PLC from Prudential.
Citigroup Inc. Credit Cards
Citigroup operate numerous credit cards, which include the following:
- Citi Platinum Select Master Card
- Citi Diamond Preferred Rewards Card
- Citi CashReturns Mastercard
- CitiSelect /AAdvantage American Express
- Citi Premier Pass Card
- AT and T Universal Savings Card
- Citi Drivers Edge Options Platinum Select Mastercard