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Citibank is the consumer division of financial services multinational Citigroup.[1] Citibank was founded in 1812 as the City Bank of New York, later First National City Bank of New York. Citibank provides credit cards, mortgages, personal loans, commercial loans, and lines of credit.[2]
The bank has a total of 2,649 branches in 19 countries, including 723 branches in the United States and 1,494 branches in Mexico.[2] The U.S. branches are concentrated in six metropolitan areas: New York City, Chicago, Los Angeles, San Francisco, Washington, D.C., and Miami.[2] In 2016, the United States accounted for 70% of revenues and Mexico accounted for 13% of revenues.[2] Aside from the U.S. and Mexico, most of the company's branches are in Poland, Russia, India and the United Arab Emirates.[2]
Citibank's private-label credit card division, Citi Retail Services, issues store-issued credit card for such companies as: Sears, ConocoPhillips, ExxonMobil, The Home Depot, Staples Inc., and Shell Oil.
As a result of the financial crisis of 2007–2008 and huge losses in the value of its subprime mortgage assets, Citigroup, the parent of Citibank, was bailed out by aid from the U.S. Treasury. On November 23, 2008, in addition to an initial investment of $25 billion, a further $20 billion was invested in the company along with guarantees for risky assets of $306 billion.[3] By 2010, Citibank had repaid the loans from the Treasury in full, including interest, resulting in a net profit for the U.S. government.[4] |
