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Citibank N. A.
Type Subsidiary (of Citigroup)
Founded 1812
Headquarters Flag of the United States New York City, New York
Key people Adjoa — CEO;

Gary Crittenden — CFO;
John Ferderson — COO;

William R. Rhodes — Chairman
Industry Finance
Products Financial Services
Website www.CitiBank.com

Citibank is a major international bank It includes CitiCorp which means it is a trusted entity, founded in 1812 as the City Bank of New York, later First National City Bank of New York. The City of New York New York ( is a state in the Mid-Atlantic and Northeastern regions of the United States and is the nation's third most populous A chief executive officer ( CEO) or chief executive is typically the highest-ranking corporate officer ( executive) or administrator Gary Crittenden (born 1953 is the Chief financial officer of Citigroup, succeeding Sallie Krawcheck from 12 March 2007 A chief operating officer or chief operations officer ( COO) is a Corporate officer responsible for managing the day-to-day activities of the Corporation William R "Bill" Rhodes is the Senior Vice Chairman of Citigroup Inc For other uses of this term see Industry (disambiguation An industry (from Latin industrius, "diligent industrious" The field of finance refers to the concepts of Time, Money and Risk and how they are interrelated In Marketing, a product is anything that can be offered to a Market that might satisfy a want or need Financial services refer to services provided by the finance industry. A website (alternatively web site or Web site, a back-construction from the Proper noun World Wide Web) is a collection of Web pages A banker or bank is a Financial institution whose primary activity is to act as a payment agent for customers and to borrow and lend money Citibank is now the consumer and corporate banking arm of financial services giant Citigroup, one of the largest companies in the world. Financial services refer to services provided by the finance industry. As of March 2007, it is the largest bank in the United States by holdings. March 2007 is the third month of the year It began on a Thursday, and ended 31 days later on a Saturday. The United States of America —commonly referred to as the [1] Its single largest shareholder is Prince Al-Waleed bin Talal of Saudi Arabia, who has a 4. Khaled bin al-Walid Reem bint al-Walid 4% stake. [2]

Contents

History

Manhattan Chinatown Citibank branch (New York City)
Manhattan Chinatown Citibank branch (New York City)

Founded in 1812 as the City Bank of New York by a group of New York merchants, the bank's first head was Samuel Osgood, who had been the first United States Postmaster General. ||-||-||-||}The Chinatown neighborhood of Manhattan &mdash (紐約華埠 a borough of New York City &mdash is an Ethnic enclave with a large The City of New York Samuel Osgood ( February 3, 1747 &ndash August 12, 1813) was an American merchant and statesman from Andover, The United States Postmaster General is the executive head of the United States Postal Service. Subsequently, ownership and management of the bank was taken over by Moses Taylor, a protégé of John Jacob Astor and one of the giants of the business world in the 19th century. Moses Taylor ( January 11, 1806 - May 23, 1882) was a 19th century New York merchant and banker and one of the wealthiest men of that century For other pages relating to Astor see John Jacob Astor (disambiguation John Jacob Astor (born Johann Jakob or Johann Jacob Astor) ( July During Taylor's ascendancy, the bank functioned largely as a treasury and finance center for Taylor's own extensive business empire.

In 1865 the bank joined the U. S. 's new national banking system and became The National City Bank of New York. The National Bank Act (ch 58 12 Stat 665 February 25 1863) was a United States federal law that established a system of national charters for Banks The National City Bank (New York building at 55 Wall Street Manhattan, New York City, New York was originally the Merchants Exchange a Greek Revival By 1894, it was considered one of the largest banks in the United States, and in 1897, it became the first major U. The United States of America —commonly referred to as the S. bank to establish a foreign department. In 1913 it was the first contributor to the Federal Reserve Bank of New York. The Federal Reserve Bank of New York is the most important of the twelve Federal Reserve Banks of the United States.

National City became the first U. S. national bank to open an overseas banking office when its branch in Buenos Aires, Argentina was opened in 1914. Buenos Aires is the Capital and largest city of Argentina. It is geographically located on the southern shore of the Río de la Plata, on the southeastern For a topic outline on this subject see List of basic Argentina topics. Many of Citi's present international offices are older; offices in London, Shanghai, Calcutta and elsewhere were opened in 1901 and 1902 by the International Banking Corporation (IBC), a company chartered to conduct banking business outside the U. London ( ˈlʌndən is the capital and largest urban area in the United Kingdom. Shanghai ( 上[[wikt 海|海]] is the largest city in China in terms of population and one of the largest urban areas in the world with over 20 million S. , at that time an activity forbidden to U. S. national banks. In 1918, IBC became a wholly owned subsidiary and was subsequently merged into the bank. By 1919 the bank had become the first U. S. bank to have $ 1 billion in assets.

In 1910, National City bought a significant share of Haiti's National Bank (Banque de la Republique d'Haiti) which functioned as the country's treasury and had a monopoly on note issue. Haiti ( English: ˈheɪ·tiː or haɪ·ˈjiː·tiː French Haïti a·i·ti Haitian Creole: The Bank of the Republic of Haiti (Banque de la République d'Haïti (BRH is the Central bank of Haiti. [3] After the American invasion of Haiti, it bought all of the capital stock of the Banque de la Republique. The bank became the target of criticism for what were considered to be monopolistic and unfair banking practices. It initially did not pay the Haitian government interest on surplus money that it deposited in the treasury, which was loaned out by City Bank in New York. After 1922, it began paying interest, but only at a rate of 2% compared to the 3. 5% that it paid to similar depositors. Economist and Senator Paul Douglas estimated that this amounted to $1 million in lost interest at a time when Haiti's government revenues were less than $7 million. Paul Howard Douglas (March 26 1892 &ndash September 24 1976 was an American politician and University of Chicago economist. [4]

Charles E. Mitchell was elected president in 1921 and in 1929 was made chairman, a position he held until 1933. Charles Edwin Mitchell ( October 6, 1877 - December 14, 1955) was an American banker whose incautious Securities policies facilitated Under Mitchell the bank expanded rapidly and by 1930 had 100 branches in 23 countries outside the United States. In 1933 a Senate investigated Mitchell for his part in tens of millions dollars in losses, excessive pay, and tax avoidance. Senator Carter Glass said of him, "Mitchell more than any 50 men is responsible for this stock crash. Carter Glass ( January 4, 1858 &ndash May 28, 1946) was a Newspaper publisher and a American politician from Lynchburg The Wall Street Crash of 1929, also known as the ’29 Crash, the Crash of 1929, the Great Crash of 1929, the Great Crash of October 1929 "[5]

In 1952, James Stillman Rockefeller was elected president and then chairman in 1959, serving until 1967. James Stillman Rockefeller ( June 8, 1902 - August 10, 2004) was a member of the prominent U Stillman was a direct descendant of the Rockefeller family through the William Rockefeller (the brother of John D.) branch; in 1960 his second cousin, David Rockefeller, became president of Chase Manhattan Bank, National City's long-time New York rival for dominance in the banking industry in America. The Rockefeller family, the renowned Cleveland family of John D William Avery Rockefeller Jr ( May 31, 1841 - June 24, 1922) American financier was a co-founder with his older brother John D John Davison Rockefeller ( July 8, 1839 &ndash May 23, 1937) was an American Industrialist and philanthropist David Rockefeller Sr (born June 12, 1915) is a prominent American Banker, Statesman, Globalist and the current patriarch Chase is the consumer and commercial banking division of JPMorgan Chase.

Following its merger with the First National Bank, the bank changed its name to The First National City Bank of New York in 1955, then shortened it to First National City Bank in 1962, and ultimately changed it to Citibank in 1976. By that time, the bank had created its own "one-bank holding company" and had become a wholly owned subsidiary of that company, Citicorp (all shareholders of the bank had become shareholders of the new corporation, which became the bank's sole owner).

In the 1960s the bank entered into the credit card business. In 1965, First National City Bank bought Carte Blanche from Hilton Hotels. Diners Club International, originally founded as Diners Club, is a charge card company formed in 1950 by Frank X UH Hilton Hoteljpg|thumbnail|right|The Hilton University of Houston in Houston Texas, located on the campus of the University of Houston, contains the Hilton College of However after three years, the bank (under pressure from the U. S. government) was forced to sell this division. By 1968, the company created its own credit card. The card, known as "The Everything Card," was promoted as a kind of East Coast version of the BankAmericard. By 1969, First National City Bank decided that the Everything Card was too costly to promote as an independent brand and joined Master Charge (now MasterCard). MasterCard Worldwide ( is a multinational corporation based in Purchase, New York, USA. Citibank unsuccessfully tried again in 1977–1987 to create a separate credit card brand, the Choice Card. Choice was a Credit card Test marketed by Citibank in the United States, announced in 1977 and first issued in 1978

In 1981, Citibank chartered a South Dakota subsidiary to take advantage of new laws that raised the state's maximum permissible interest rate on loans to 25 percent (then the highest in the nation). South Dakota ( is a state located in the Midwestern region of the United States of America. In many other states, usury laws prevented banks from charging interest that aligned with the extremely high costs of lending money in the late 1970s and early 1980s, making consumer lending unprofitable.

1998 Citibank logo
1998 Citibank logo

Citibank was one of the first U. S. banks to introduce automatic teller machines in the 1970s, in order to give 24-hour access to accounts.

Citibank's major presence in California is fairly recent. California ( is a US state on the West Coast of the United States, along the Pacific Ocean. The bank had only a handful of branches in that state before acquiring the assets of California Federal Bank in 2002 with Citicorp's purchase of Golden State Bancorp. California Federal Bank, often abbreviated to "Cal Fed" was a Savings and loan bank in California.

In 2001, Citibank settled a $45 million class action lawsuit for improperly assessing late fees. Following this Citibank lobbied the United States Congress to pass legislation that would limit class action lawsuits to $5 million unless they were initiated on a federal level. The United States Congress is the bicameral Legislature of the federal government of the United States of America, consisting of two houses Some consumer advocate websites report that Citibank is still improperly assessing late fees.

In August 2004, Citibank entered the Texas market with the purchase of First American Bank of Bryan, Texas. Texas ( is a state geographically located in the South Central United States and is also known as the Lone Star State. Bryan is a city in Brazos County, Texas, United States. As of the 2000 census the city had a total population of 65660 The deal established Citi's retail banking presence in Texas, giving Citibank over 100 branches, $3. Retail banking refers to banking in which Banking institutions execute transactions directly with consumers rather than corporations or other banks 5 billion in assets and approximately 120,000 new customers in the state. First American Bank was renamed Citibank Texas after the take-over was completed on March 31, 2005. Events 307 - After divorcing his wife Minervina, Constantine marries Fausta, the daughter of the retired Roman Emperor Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar.

It is hoped that with both California and Texas markets, Citibank can appeal to both states' Latino population, and offer products on both sides of the border through Citibank in the U. S. , and Banamex (Citigroup's Mexican division) in Mexico. Grupo Financiero Banamex has its origins and is the owner of Banco Nacional de México or Banamex, Mexico 's second largest bank behind BBVA The United Mexican States ( or commonly Mexico (ˈmɛksɪkoʊ () is a federal constitutional Republic in North America.

Citibank has operations in more than 100 countries and territories around the world. More than half of its 1,400 offices are in the United States, mostly in the New York City, Chicago, Miami, and Washington DC metropolitan areas, as well as in California. The City of New York Chicago (ʃɪˈkɑːgoʊ is the largest City by population in the state of Illinois and the American Midwest of the United States. Washington DC ( formally the District of Columbia and commonly referred to as Washington, the District, or simply D

In addition to the standard banking transactions, Citibank offers insurance, credit card and investment products. Insurance, in Law and Economics, is a form of Risk management primarily used to hedge against the Risk of a contingent loss A credit card is part of a system of Payments named after the small Plastic card issued to users of the system Their online services division is among the most successful in the field, claiming about 15 million users.

In April 2006, Citibank struck a deal with 7-Eleven to put its automated teller machine (ATMs) in over 5,500 convenience stores in the U. 7-Eleven is a worldwide chain of Convenience stores It is since March 2007 the largest chain store in any category beating McDonald's by 1000 stores S. In the same month, it also announced it would sell all of its Buffalo and Rochester New York branches and accounts to M&T Bank.

It was announced on November 13, 2006 that Citibank would be the corporate sponsor of the new stadium for the New York Mets. Events 1002 - English king Ethelred orders the killing of all Danes in England, known today as the St Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. "Mets" redirects here For the medical term see Metastasis. The stadium will open in 2009 and be called Citi Field. Citi Field is the new Baseball park for the New York Mets that is being built in Willets Point in the New York City borough of

On April 11, 2007, the parent Citi announce the following staff cuts and relocations. Events 491 - Flavius Anastasius becomes Byzantine Emperor, with the name of Anastasius I. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. [6] On 4th November, 2007, Charles "Chuck" Prince quit as the chairman and chief executive of Citigroup, following crisis meetings with the board in New York in the wake of billions of dollars in losses related to subprime lending. Subprime lending ( near-prime, non-prime, or second chance lending is a financial term that was popularized by the media during the "credit crunch"

Citi is reportedly losing $8–11 billion, several days after Merrill Lynch announced that it too has been losing billions from the subprime mortgage mess in the US. Former United States Secretary of the Treasury Robert Rubin has been asked to replace ex-CEO Charles Prince to manage the losses Citi has amassed over the years of being over-exposed to subprime lending during the 2002–2007 surge in the real estate industry. The United States Secretary of the Treasury is the head of the United States Department of the Treasury, concerned with finance and monetary matters, and until Robert Edward Rubin (born August 29, 1938) is Director and Senior Counselor of Citigroup. Real estate is a legal term (in some jurisdictions notably in the USA, United Kingdom

Citibank subsidiaries

According to the Citigoup website, until October 2006, Citibank ran the following subsidiaries:

On October 1, 2006, a massive re-organization designed to streamline the various Citibank banking charters occurred. Events 331 BC - Alexander the Great defeats Darius III of Persia in the Battle of Gaugamela. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Under the new structure, the following divisions were consolidated into:

As of December 2006, these are the only two Citibank banking divisions: Citibank, N. A. and Citibank South Dakota, N. A. :

In addition to these divisions, Macy's Inc under its former corporate name Federated Department Stores, finalized an arrangement with Citigroup to sell its consumer credit portfolio, reissuing its cards under the Federated-Citigroup Alliance name Department Stores National Bank (DSNB) and allowing Federated to continue servicing the credit accounts from its Financial, Administrative and Credit Services Group (FACS Group Inc. Macy's Inc ( formerly Federated Department Stores Inc, is a Department store Holding company and owner of Macy's and Bloomingdale's Macy's Inc ( formerly Federated Department Stores Inc, is a Department store Holding company and owner of Macy's and Bloomingdale's ). The cards involved are Macy's and Bloomingdale's. Macy's is a chain of mid-range American Department stores Its Flagship store in Herald Square, New York City has been billed Bloomingdale's (or Bloomie's) is a chain of upscale American Department stores owned by Macy's Inc

Citibank's private-label credit card division, Citi Commerce Solutions, issues store-issued credit card for such companies as: Sears, ConocoPhillips, ExxonMobil, The Home Depot, Staples, Shell Oil, and others. Sears Roebuck and Company, commonly known as Sears, is an American mid-range chain of International Department stores founded by Richard ConocoPhillips Company ( is an international energy corporation with its headquarters located in Houston Texas. The Exxon Mobil Corporation, or ExxonMobil, is an American oil and gas Corporation and a direct descendant of John D The Home Depot ( is an American Retailer of Home improvement and construction products and services

In the early 1990s, Citibank opened a credit card payment processing center in Las Vegas, Nevada but would only open the center if it was allowed to use "The Lakes, Nevada" address located in The Lakes, Las Vegas to avoid the negative connotation associated with Las Vegas. Las Vegas ( Spanish: "The Meadows" is the most populous City in the state of Nevada, the seat of Clark County, and an internationally The Lakes is a 2 sq mi (52 km² Planned community located within the city limits of Las Vegas, Nevada. "The Lakes" is not actually an official township; rather, it's a small master planned community. However, the government approved the unusual address request citing the large number of jobs that it would bring to the area. The move angered some Las Vegas natives who felt that the bank was shunning the city's identity.

Humanware

Humanware refers to a now-defunct division of Citibank that designed the user interfaces for Citibank's electronic products. Founded in approximately 1987, Humanware was part of the Consumer Development Division and typically consisted of a core group of several dozen Citbank employees and several dozen freelance consultants. Before the Humanware department was disbanded around 1993 due to budget cuts, Humanware had designed interfaces for, among other things, customer service representative workstations, cash machines, Citiphone banking (bank by phone), and the Enhanced Telephone. The Enhanced Telephone is a telephone developed by Citibank in the late 1980s for customers to do banking and other financial transactions from their home

Citibank tested many of its products in videotaped focus groups held at The Lab, a full-size mock bank branch in a formerly secret midtown Manhattan location that included functional ATMs, mannequins in place of bank tellers, and one-way mirrors. About The LAB located in San Franciscos historic Redstone Building, is a Not-for-profit arts organization and performance space founded in 1984 Mannequin (alternately manikin, mannikin, manakin, dummy or lay figure) A bank teller is an employee of a Bank who deals directly with most customers [8]

Miscellaneous financials

Key people

See also

References

  1. ^ Top 50 bank holding companies Summary Page
  2. ^ Alwaleed: Businessman, Billionaire, Prince by Riz Khan
  3. ^ Schmidt, Hans. The Rockefeller family, the renowned Cleveland family of John D William Avery Rockefeller Jr ( May 31, 1841 - June 24, 1922) American financier was a co-founder with his older brother John D David Rockefeller Sr (born June 12, 1915) is a prominent American Banker, Statesman, Globalist and the current patriarch Vladimir Levin is a Russian -born Jewish individual famed for his involvement in the attempt to fraudulently transfer US$ 10 Citigold is the high net worth management group of Citibank, part of Citigroup. The United States Occupation of Haiti, 1915–1934. New Brunswick, NJ: Rutgers UP, 1971.
  4. ^ Douglas, Paul H. from Occupied Haiti, ed. Emily Greene Balch (New York, 1972), 15-52 reprinted in: Money Doctors, Foreign Debts, and Economic Reforms in Latin America. Wilmington, Delaware: Edited by Paul W. Wilmington is the largest city in the state of Delaware, United States and is located at the confluence of the Christina River and Brandywine Drake, 1994.
  5. ^ Damnation of Mitchell Time Magazine 1929. Time (trademarked in capitals as TIME) is a weekly American Newsmagazine, similar to Newsweek and
  6. ^ Citigroup job cuts could cut crucial revenue, too - Apr. 11, 2007
  7. ^ http://www.citibank.com/canada/homepage/english/index.htm
  8. ^ "Banking Futures: Somewhere in Gotham City a Bank is Testing Technology". (February, 1990). Scientific American.

Further reading

External links

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