Friday, August 17th 2018

C - Citigroup

CITIGROUP INC (NYSE: C) received its charter in New York state on June 16, 1812, and began business under the moniker of City Bank of New York. The company is headquartered in New York City.

As far as the name Citigroup, that came when the company engaged in one of the largest mergers in history when Citicorp and Travelers Group became one company on April 7, 1998. The merger was said to be worth approximately $140 billion.

Because of perceived and actual performance from Travelers, Citigroup spun them off as they considered them a hindrance to their bottom line, based on what they looked at as being vulnerable to major catastrophes; whether natural or man made.

Citigroup continues to be a financial services company and offers its variety of customers a full range of products including retail or consumer banking, brokerage for securities and investment banking.

The company operates two major segments: Citicorp and Citi Holdings.

Citicorp operates on the international level with consumers and businesses, specifically through regional consumer banks and its institutional clients group.

Citi Holdings has three businesses under its umbrella with Local Consumer Finance, Brokerage and Asset Management and Special Asset Pool.
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