What is Citigroup Inc?
Citigroup Inc is a US global investment banking and financial services corporation. Alongside JP Morgan Chase, Bank of America, and Wells Fargo, Citigroup Inc it is one of the Big Four American banks.
Where have you heard about Citigroup Inc?
Citigroup Inc was hit extremely hard during the 2008 financial crisis. It was saved from bankruptcy in February 2009 after the US government took a 36% equity stake in the corporation and converted $25 billion in emergency aid into common stock.
In December 2009, Citigroup Inc made the largest single share sale in US history by selling $21 billion of common shares and equity, reducing the government shareholding from 36% to 27%.
A year later, Citigroup Inc had fully repaid the $25 billion of emergency aid. The US government sold its shares in the corporation and made $12 billion in profit.
What you need to know about Citigroup Inc.
Citigroup Inc was formed in 1998 when financial giants Citicorp and Travelers Group combined forces. This was one of the largest mergers in world history, worth $140 billion.
The corporation is structured into two core sectors - Citicorp and Citi Holdings. Citicorp is corncerned with:
Consumer banking, which includes services such as:
- Retail banking (Citibank)
- Credit cards
- Retail services
- Commercial banking
- Mortgages
Institutional Clients Group, which includes services such as:
- Citi Capital Markets Origination
- Market and security services
- Corporate and investment banking
- Private banking to high net-worth individuals
- Treasury and trade solutions
Citi Holdings manages the corporation’s non-core businesses which mainly involves US mortgages, as well as brokerage, asset management, consumer finance and special asset portfolios.
Related Terms
Latest video
