Citibank Story - Profile, History, Founder, CEO information

Posted by Joe browns on November 12th, 2019

Citibank Story - Profile, History, Founder, CEO information

Citibank is more well-known for their online services. At least 15 million users are active on their online base and are known to utilize Citibank as their primary online banking partner.

Citibank is the consumer division of services New York, and later became First National City Bank of New York. The lender has 2,649 branches in 19 states, including 723 branches in the United States and Multinational Citigroup.  Citibank was founded in 1812 as the City Bank of 1,494 branches in Mexico operated by its subsidiary Banamex.

The U.S. branches are concentrated in six metropolitan areas: New York City, Chicago, Los Angeles, San Francisco, Washington, D.C., and Miami. In 2016, the United States accounted for 70% of earnings and Mexico accounted for 13 percent of earnings. Aside from the U.S. and Mexico, most of the Organization's branches are located in Poland, Russia, India and the United Arab Emirates.

Citibank Australia was opened in 1985 and was one of the first foreign banks to be granted a banking licence in Australia, besides being one of the largest international banks in the country. Since 2001, the national headquarters have been located at the Citigroup Centre, Sydney.

History

Originally, the City Bank of New York was founded in 1812 by Samuel Osgood, that was the City Bank's president. It was utilized as a financial and treasury support for the proprietor's business. Later, in 1863, Citi united US banking system and at 1868, became one of the biggest banks at the country.After the beginning of this Federal Act, Citibank was allowed to become the first bank to begin operating overseas; with offices in London, Shanghai and Calcutta.

Recession

Citibank was among the bank to be struck. The bank disclosed that it had to cut jobs so as to recover the money re-stabilize and lost. They needed to employ a good deal of solutions to make up for their losses and this comprised selling their business into Popular Inc., a Puerto Rican business.

Present day

Citibank recently announced that the bank would split into two companies; Citicorp- handling all the traditional banking work and Citi Holdings Inc. managing the non-banking part such as brokerage and asset management.