Citigroup is a global investment banking and financial services corporation located in New York City. Citigroup was the result of a gigantic merger between Citicorp and Travelers Group. Citigroup has two major segments: Citicorp and Citi Holdings.
Citigroup was formed between the merger of Citicorp, a banking giant, and Travelers Group, an insurance company, in 1998. This merge was the product of Sanford Weil, serving as chief executive until he was ousted surrounded by a series of scandals in 2003.
Chuck Prince succeeded Weil as the chief executive and held the position for four years until his he resigned as Citigroup was engulfed in the sub-prime mortgage crisis.
In December 2007 Vikram Pandit took over and has since fought a losing battle to improving the company.
Citi has two major segments: Citicorp and Citi Holdings. Citicorp has two main businesses Global Consumer Banking and Intuitional Clients Group while Citi Holdings has Citigroup’s non-core businesses like Brokerage and Asset Management, Global Consumer Finance and Citi’s Special Asset Portfolios.
In the Global Market
Citigroup’s Global Consumer Bank serves more than 100 million customers across 24 countries worldwide.
It operates four businesses Branded Cards, Retail Services, Retail Banking and Commercial banking all throughout Citigroup’s four regions: Asia, the Middle East and Africa, Europe Latin America and North America.
Operating around three thousand branches in more than 100 cities around the world, Citigroup’s Global Consumer Bank has generated $9.8 billion earnings (before tax) which is about 43 percent of Citicorp’s total. The business had around $301 billion in deposits, $391 billion in average assets and $281.3 billion average loans in 2015.