Citibank
Citibank logo used since 2001
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| Public company | |
| Founded | June 16, 1812 |
| Headquarters | New York City, United States |
| Parent | Citigroup |
| Website | https://citi.com |
Citibank is the consumer division of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, later First National City Bank of New York. The United States is the largest single market with approximately 26% of branches, generating 51% of revenues. Citibank's 983 North American branches are concentrated in major metropolitan areas including New York City, Chicago, Los Angeles, San Francisco, Washington, D.C., and Miami. Latin America markets make up 25% of revenues, Asia 20%, and Europe / Middle East / Africa 4%.
In addition to standard banking transactions, Citibank markets insurance, credit cards, and investment products. Their online services division is among the most successful in the field, claiming about 15 million users.
As a result of the global financial crisis of 2008–2009 and huge losses in the value of its subprime mortgage assets, Citibank was bailed out by aid from the U.S. government. On November 23, 2008, in addition to initial aid of $25 billion, a further $25 billion was invested in the corporation together with guarantees for risky assets amounting to $306 billion. Since this time, Citibank has repaid its government loans in full, resulting in a net profit for the U.S. government.
The City Bank of New York was founded on June 16, 1812. The first president of the City Bank was the statesman and retired Colonel, Samuel Osgood. Ownership and management of the bank was taken over by Moses Taylor, a protégé of John Jacob Astor and one of the giants of the business world in the 19th century. During Taylor's ascendancy, the bank functioned largely as a treasury and finance center for Taylor's own extensive business empire.
In 1863, the bank joined the U.S.'s new national banking system and became The National City Bank of New York. By 1868, it was one of the largest banks in the United States, and in 1897, it became the first major U.S. bank to establish a foreign department.
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