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.[23][24] 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.[25] 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 nine global investment banks in the Bulge Bracket.
Citigroup is ranked 33rd on the Fortune 500 as of 2021.[26] Citigroup has approximately 200 million customer accounts and does business in more than 160 countries.[3] It has 223,400 employees,[3] although it had 357,000 employees before the financial crisis of 2007–2008,[27] when it was bailed out by a massive stimulus package from the U.S. government.[28]
In 2020 it was one of the largest securities services providers, having over $23.6 trillion in assets under custody (AUC) [29]
In February 2021 CEO Michael Corbat was replaced by Jane Fraser, who became the first woman CEO of a Big Four bank.[30]
Citigroup is the holding company for the following divisions:[31]
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.[32]
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:[33][34]
Capital Markets Origination is focused on the capital-raising needs such as public offerings, private placements, and special purpose acquisition companies.[35]
Corporate & Investment Banking provides strategic and financing products and advisory services to multinational and local corporations, financial institutions, governments, and privately held businesses in more than 160 countries. It also provides client services such as mergers & acquisitions advice and underwriting of initial public offerings.[36]
Markets & Securities Services integrates capabilities of Markets and Securities Services. It has over $13 trillion in assets under custody (AUC) with investor services and direct custody and clearing, hedge fund and private equity servicing, and issuer businesses. It provides financial products through underwriting, sales & trading of a range of investment assets. Products offered include servicing of equities, commodities, credit, futures, foreign exchange (FX), emerging markets, G10 rates, municipals, prime finance/brokerage services, and securitized markets, such as collateralized debt obligations and mortgage-backed securities.[37] Its Citi Research team provides equity and fixed income research, company, sector, economic and geographic market analysis, and product-specific analysis for Citi’s individual and institutional clients. Its flagship research reports include the following: Portfolio Strategist, Bond Market Roundup, U.S. Economics Weekly, International Market Roundup, Global Economic Outlook & Strategy and the Global Equity Strategist.[38]
Citi Private Bank advises professional investors, ultra high-net-worth individuals and families, and lawyers throughout the world. It uses an open architecture network of more than 800 private bankers and investment professionals across 46 countries and jurisdictions to provide clients access to global investment opportunities. It has over $250 billion in assets under management. The minimum net worth requirement is $25 million in liquid assets and is waived for only law firm groups and other clients under special circumstances.[39]
Treasury and Trade Solutions (TTS)[40] provides cash management, working capital and trade solutions to companies, governments, and other institutions in the U.S. and more than 140 countries. TTS intermediates more than $3 trillion in global transactions daily. It has about $377 billion in average liability balances, serves 99% of the world’s Fortune 100 companies and ~85% of the world’s Fortune 500 companies, and has 10 regional processing centers worldwide using global processes. Institutions use TTS to support their treasury operations with global solutions[buzzword] for payments, collections, liquidity, and investments by working in partnership with export credit agencies and development banks. It also sells supply chain financing products as well as medium- and long-term global financing programs across multiple industries. Clients doing business with Citi in 10 or more countries generate more than 60% of Transaction Services’ total revenues.
Citibanamex – the second largest bank in Mexico, purchased by Citigroup in 2001; it serves about 20 million clients.
Citicorp – the holding company for Citibank as well as several international banks. Citicorp contains two core businesses, Global Consumer Banking[41] and Institutional Clients Group.[42]
Citibank Retail banking encompasses Citi’s global branch network, branded Citibank. Citibank has more than 4,600 branches in the world and holds more than $300 billion in deposits. Citibank is the 4th largest retail bank in the United States based on deposits, and it has Citibank branded branches in countries throughout the world, with the exception of Mexico which is under a separate subsidiary called Banamex. Citibank offers checking and savings accounts, small business and commercial banking, and personal wealth management among its services. Citibank offers Citigold services worldwide to mass affluent clients with at least US$200,000 in liquid assets. In certain markets, Citigold Select is available for clients with at least US$500,000 in liquid assets.[43] Its highest level of service, Citigold Private Client, is for high-net-worth individuals with at least $1–$3 million in liquid assets (depending on the market region) and offers access to investments and ideas from Citi Private Bank.[44][45][46][47]
Citi Branded Cards is the world’s largest credit card issuer.[48]
Citi Retail Services is one of the largest providers of private label and co-branded credit cards, retail consulting services, and retail loyalty products in the U.S.[49]
Citi Commercial Bank serves 100,000 small to medium-size companies in 32 countries.[50]
CitiMortgage originates real estate mortgages.[51]