Citibank

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Citibank, one of the major international banks, is the consumer banking arm of financial services giant Citigroup.

Type

Public company

Founded

1812

Headquarters

New York City, United States of America

Parent

Citigroup

Citibank has retail banking operations in more than 160 countries and territories around the world. More than half of its 1,400 offices are in the United States.

In addition to the standard banking transactions, Citibank offers insurance, credit cards and investment products.

their online services division is among the most successful in the field [2] 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 rescued by the U.S. government under plans agreed for Citigroup. 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.[3] Since this time, Citibank has repaid its government loans in full. [4]

The first president of the City Bank was the statesman and retired Colonel, Samuel Osgood,[5] 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. Customers could use their existing Citicard in this machine to withdraw cash and make deposits, and were already accustomed to using a machine with a card to get information that previously required a teller.[clarification needed] In April 2006, Citibank struck a deal with 7-Eleven to put its automated teller machine (ATMs) in more than 6,700 convenience stores in the United States. 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.

Joint ventures
• Mobile Money Ventures, a joint venture with SK Telecom

Citibank india

History
Established 109 years ago in Kolkata, Citibank has a long history in India. Currently it is the largest foreign direct investor in financial services in India with a total capital commitment of approximately US$ 4 Billion in its onshore banking and financial services business and its principal and alternateinvestment programs. It operates 41 full-service Citibank branches in 40 cities and over 700 ATMs across the country. Citibank is an employer of choice to about 7,500 people
Industry Finance

Founded

1902

Key people Pramit Jhaveri
(Citi Country Officer, India)

Anand Selva
Country Business Manager, Global Consumer Group, Citi India

Products

Credit Cards, Loans, Investments, Insurance and NRI Banking

Website

www.citibank.com/india

Products and services
Citi offers consumers and institutions a broad range of financial products and services, including consumer banking and credit, corporate andinvestment banking, securities brokerage, and wealth management. Citi's franchise in India includes businesses such as equity brokerage, equities distribution, private banking (Citi Private Bank) and alternate investments and private equity (CVCI).

Citi group
• •
Michael E. O'Neill (Chairman)

Key people

Michael Corbat (CEO)

Products

Credit cards, consumer banking, corporate banking,investment banking, global wealth management, financial analysis, private equity

Revenue

US$ 70.17 billion (2012)[2]

News
Updated: Dec. 5, 2012

Major Job Cuts Announced In early December, Citigroup announced that itwould cut 11,000 jobs, reducing its work force by roughly 4 percent in an effort to cut costs. Under the reduction, 1,900 jobs will be eliminated in the institutional clients division. Another 6,200 positions will be removed from the bank’s consumer banking business, along with 2,600 jobs in the operations and technology group. The reductions at Citigroup come after the bank’s powerful chairman, Michael E. O’Neill, engineered the ouster of its former chief executive, Vikram S. Pandit, and named a handpicked successor, Michael L. Corbat, according to several people close to the bank.

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