[WorldKings - Wowtimes - Almanac Events & Achievements 2023] Impressive milestones in 211 years of development of Citigroup Inc, the world's best digital bank (1812)

04-01-2023

(Worldkings.org) Citigroup Inc is a multinational financial services corporation headquartered in New York City. Citigroup was formed from one of the largest mergers in history, which is by Citicorp and Citibank. Currently, Citigroup is the third largest bank in the US by assets.

Citigroup Inc. or Citi is an American multinational investment bank and financial services corporation headquartered in Manhattan, New York City, New York State, USA. The company was formed by the merger of banking giant Citicorp and financial conglomerate Travelers Group in 1998. Nowadays, Citigroup owns Citicorp, the holding company for Citibank, as well as several international subsidiaries. Citigroup is incorporated in Delaware. Citigroup has approximately 200 million customer accounts and does business in more than 160 countries.

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. Citi has been named World's Best Digital Bank by Global Finance magazine for the 21st consecutive year. The bank was also recognized as Best Corporate/Institutional Digital Bank and received multiple regional and subcategory awards in addition to 135 country awards from Global Finance.

The company's history dates back to the founding of: The City Bank of New York (later Citibank) in 1812; Bank Handlowy in 1870; Smith Barney in 1873, Banamex in 1884; Salomon Brothers in 1910.

 

The company’s milestones:

On October 8, 1998: Citigroup was formed, following the $140 billion merger of Citicorp and Travelers Group to create the world's largest financial services organization.

In 2001: Citigroup made additional acquisitions including European American Bank, in July, for $1.9 billion, and Banamex in August, for $12.5 billion.

In 2004: Citigroup reportedly reaped $47 million in net profits a day and ruled the financial-services industry.

In November 2008: Citi received the largest amount of TARP funding from the United State government worth $306 billion, "a larger bailout than any other U.S. bank."

In 2009: After the introduction of the new branches, Citi was soon ranked as top retail bank in Japan by Nihon Keizai Shimbun, the financial newspaper, as compared with 57th place.

In 2010: Citigroup achieved its first profitable year since 2007. It reported $10.6 billion in net profit, compared with a $1.6 billion loss in 2009.

 

In 2011: Citi was the first bank to introduce digitized Smart Banking branches in Washington, D.C., New York, Tokyo and Busan (South Korea) while it continued renovating its entire branch network.

By June 2012: In the year of Citi's 200th anniversary, Citigroup had built up $420 billion in surplus cash reserves and government securities.

In 2020: It was one of the largest securities services providers, having over $23.6 trillion in assets under custody (AUC).

In 2021:

  • In February, CEO Michael Corbat was replaced by Jane Fraser, who became the first woman CEO of a Big Four bank.
  • Citigroup is ranked 33rd on the Fortune 500.

In 2022: Citi was named World's Best Digital Bank and Best Corporate/Institutional Digital Bank by Global Finance Magazine.

 

According to Wikipedia & zippia.com


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