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Concept
Citigroup
Summary
Citigroup Inc. or Citi (stylized as citi) is an American multinational investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking giant Citicorp and financial conglomerate Travelers Group in 1998; Travelers was subsequently spun off from the company in 2002. Citigroup owns Citicorp, the holding company for Citibank, as well as several international subsidiaries. Citigroup is incorporated in Delaware.
Citigroup is the third largest banking institution in the United States; alongside JPMorgan Chase, Bank of America, and Wells Fargo, it is one of the Big Four banking institutions of the United States. It is considered a systemically important bank by the Financial Stability Board and is commonly cited as being too big to fail. It is one of the eight global investment banks in the Bulge Bracket.
Citigroup is ranked 33rd on the Fortune 500 as of 2021. Citigroup has approximately 200 million customer accounts and does business in more than 160 countries. It has 223,400 employees, although it had 357,000 employees before the financial crisis of 2007–2008, when it was bailed out by a massive stimulus package from the U.S. government.
In 2020 it was one of the largest securities services providers, having over $2.36 trillion in assets under custody (AUC).
In February 2021, CEO Michael Corbat was replaced by Jane Fraser, who became the first female CEO of a Big Four bank.
Citigroup is the holding company for the following divisions:
Citigroup Global Markets, Inc., Citigroup Global Markets Limited (UK), and Citigroup Global Markets Japan - broker-dealers, including one of 24 primary dealers in United States Treasury securities.
Citi's Institutional Clients Group (ICG) offers investment and corporate banking services and products for companies, governments, institutions, and ultra-high-net-worth investors. ICG consists of the following five main divisions:
Capital Markets Origination is focused on the capital-raising needs such as public offerings, private placements, and special purpose acquisition companies.
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