Citibank represents the consumer banking operations of financial services giant Citigroup. The unit has more than 1,000 branches in more than a dozen US states. California, New York, and Texas are its largest markets, but the bank also has a significant presence in the Northeast, as well as in Chicago and Miami. It has about 300 international locations in some 40 countries, with a focus on emerging markets in Asia, Latin America, and Central and Eastern Europe. Citibank provides standard banking fare such as deposit accounts, credit cards, and loans to consumers and small businesses, and utilizes its parent's breadth of financial services to also offer investment and financial planning services.
Officers:
CEO: Banks & Credit Unions
Competitors:
Bank of America
HSBC
JPMorgan Chase
Not to be confused with City Bank.
Citibank logo since January 1, 2002 - now |
|
Type | Public company |
---|---|
Founded | 1812 |
Headquarters | New York City, United States of America |
Parent | Citigroup |
Citibank has retail banking operations in more than 160 countries and territories around the world. More than half of its 1,400 offices are in the United States, mostly in New York City, Chicago, Los Angeles, the San Francisco Bay Area, Washington, D.C. and Miami. More recently, Citibank has expanded its operations in the Boston, Philadelphia, Houston, and Dallas metropolitan areas.
In addition to the standard banking transactions, Citibank offers insurance, credit cards and investment products. Their online services division is among the most successful in the field [2] 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 rescued by the U.S. government under plans agreed for Citigroup. 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.[3] Since this time, Citibank has repaid its government loans in full.
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