Citigroup
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Citigroup headquarters in Lower Manhattan
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| Public | |
| Traded as | |
| Industry | Banking, Financial services |
| Predecessor |
Citicorp Travelers Group |
| Founded | June 16, 1812 |
| Headquarters | 388-390 Greenwich Street, New York, NY 10013 U.S. |
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Area served
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Worldwide |
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Key people
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Michael E. O'Neill (Chairman) Michael Corbat (CEO) |
| Products | Credit cards, consumer banking, corporate banking, investment banking, global wealth management, financial analysis |
| Revenue |
 US$69.87 billion (2016) |
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US$21.47 billion (2016) |
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US$14.91 billion (2016) |
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| Total assets |
 US$1.792 trillion (2016) |
| Total equity |
US$225.1 billion (2016) |
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Number of employees
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220,000 (2016) |
| Subsidiaries | Citibank, Banamex, CitiMortgage, CitiBranded Cards, Citi Private Bank, Citibank India, Citi Securities & Banking, Nikko Citigroup, Railmark Holdings, Salomon BIG, Sedna Finance |
| Capital ratio | 10.1% (2015) |
| Website | Citigroup |
Citigroup Inc. or Citi (stylized as citi and pronounced like "city") is an American multinational investment banking and financial services corporation headquartered in Manhattan, New York City. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate Travelers Group in October 1998 (announced on April 7, 1998). As of January 2015, it is the third largest bank holding company in the US by assets. Its largest shareholders include funds from the Middle East and Singapore. At its height until the global financial crisis of 2008, Citigroup was the largest company and bank in the world as measured by total assets, with 357,000 employees. In 2007, Citigroup was one of the primary dealers in US Treasury securities. Citigroup had the world's largest financial services network, spanning 140 countries with approximately 16,000 offices worldwide. It holds over 200 million customer accounts in more than 140 countries. As of 2016, Citigroup is one of the Big Four banks in the United States, alongside JP Morgan Chase, Bank of America, and Wells Fargo.
Citigroup suffered huge losses during the global financial crisis of 2008 and was rescued in November 2008 in a massive stimulus package by the U.S. government. On February 27, 2009, Citigroup announced that the U.S. government would take a 36% stake in the company by converting US$25 billion in emergency aid into with a US Treasury credit line of $45 billion to prevent the bankruptcy of the largest bank in the world at the time. The government guaranteed losses on more than $300 billion troubled assets and injected $20 billion immediately into the company. In exchange, the salary of the CEO was set at $1 per year and the highest salary of employees was restricted to $500,000 in cash. Any compensation amount above $500,000 had to be paid with that could not be sold by the employee until the emergency government aid was repaid in full. The U.S. government also gained control of half the seats in the Board of Directors, and the senior management was subjected to removal by the US government if there were poor performance. By December 2009, the U.S. government stake was reduced from a 36% stake to a 27% stake, after Citigroup sold $21 billion of common shares and equity in the largest single share sale in U.S. history, surpassing Bank of America's $19 billion share sale 1 month prior. By December 2010, Citigroup repaid the emergency aid in full and the U.S. government received an additional $12 billion profit in selling its shares. US Government restrictions on pay and oversight of the senior management were removed after the US government sold its remaining 27% stake as of December 2010.
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