Citigroup ' was founded as City Bank of New York in 1812 and remained a large regional bank until October 1998. Sandy Weill, then CEO of The Travelers Group an insurance company announced a $76 billion agreement to merge with Citigroup to form a new financial services conglomerate. It took only two years for the merger to pass federal law since the 1933 Glass-Steagall Act prevented banking and insurance companies from ever becoming one entity. As the new CEO of Citigroup, Sandy Weill was now at the helm of one of largest banking institutions in the world with over 300,000 employees and operations in over 120 countries. Popular brand names included CitiCards, CitiFinancial, CitiMortgage, Primerica, Salomon Brothers, Smith Barney, Diners Club and CitiCapital. Citigroup became the world’s first global financial supermarket where banking, brokerage and insurance were all held under the control of one organization. Citigroup is organized into four major segments; Consumer Banking, Global Cards, Institutional Client Group, and Global Wealth Management. Citigroup offers a wide range of products from retail banking, credit card services, and mortgage loans to global transaction services, M&A financing, and corporate lending. Citigroup is currently the largest bank in the United States with over US$600 billion in deposits and assets under management of over US$1.2 trillion.
Citigroup’s fortunes continued to blossom during Sandy Weill’s tenure and even during the market downturn in 2002. On October 1st, 2003 Chuck Prince replaced Sandy Weill as CEO of Citigroup and for the next several years successfully continued to grow the business and achieve record profits and earnings. Citigroup’s stock continued ...
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...sj.com/article/SB122747680752551447.html. Wall Street Journal. November 24th, 2008.
Joint Statement by Treasury, Fed, FDIC on Citi
http://blogs.wsj.com/economics/2008/11/24/joint-statement-by-treasury-fed-fdic-on-citi/. Wall Street Journal. February 3rd, 2009.
Largest US Banks by Deposits 2007. http://forbestadvice.com/Lists/Things/LargestUSBanksByDeposits2007.html. Forbes Magazine. Feb 29, 2008.
Financial Crisis Timeline. Jason Cox. University of Iowa. January 27, 2009. http://www.uiowa.edu/ifdebook/timeline/Credit_Crisis_Timeline.pdf.
HSBC in new sub-prime writedown. http://news.bbc.co.uk/2/hi/business/7395425.stm. BBC News. May 12th, 2008.
United States Congressional Budget Office. The Troubled Asset Relief Program:
Report on Transactions Through December 31, 2008. http://www.cbo.gov/ftpdocs/99xx/doc9961/01-16-TARP.pdf. February 2009.
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