Citibank – Overview
Citibank is the consumer division of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, later First National City Bank of New York.
Citibank is a global bank with 3,777 branch locations in 36 countries. The United States is the largest single market with approximately 26% of branches, generating 51% of revenues. Citibank’s 983 North American branches are concentrated in major metropolitan areas including New York City, Chicago, Los Angeles, San Francisco, Washington, D.C., Miami, Boston, Houston, and Dallas. Latin America markets make up 25% of revenues, Asia 20%, and Europe / Middle East / Africa 4%.
In addition to standard banking transactions, Citibank markets insurance, credit cards, and investment products. Their online services division is among the most successful in the field, claiming about 15 million users.
As a result of the global financial crisis of 2008–2009 and huge losses in the value of its subprime mortgage assets, Citibank was bailed out by aid from the U.S. government. On November 23, 2008, in addition to initial aid of $25 billion, a further $25 billion was invested in the corporation together with guarantees for risky assets amounting to $306 billion. Since this time, Citibank has repaid its government loans in full, resulting in a net profit for the U.S. government.
Source : Wikipedia