Citigroup is one of the Big Four banks in the United States. It is a multinational financial services company.
Citigroup was formed by the merger of Citicorp and Traveler’s Group in 1998.
Citicorp traces its roots to the 1812 founding of the City Bank of New York. Citicorp had become the largest bank in the U.S. by 1895 and was the first contributor to the Federal Reserve Bank of New York in 1913.
Traveler’s Group was a group of diverse financial concerns, including property, casualty and life insurance, retail brokerage, asset management, and annuities.
The merger created a firm worth $140 billion with assets of $700 billion. The deal enabled Traveler’s Group to market mutual funds and insurance to Citicorp’s customers, and allowed Citicorp access to a larger client base.
Citigroup had to be bailed out by the U.S. government during the global financial crisis of 2008 with $25 billion in emergency aid. The company eventually recovered and paid the government back. The U.S. government also received an additional $12 billion from selling the shares they acquired during the bailout.
Today Citigroup has the largest financial services network in the world, working in 140 countries with 16,000 worldwide offices and 260,000 employees.
Citigroup is part of the S&P 500, has 259,000 employees, and had $70.17 billion in revenue in 2012.