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Encyclopedia > Citibank
Citibank
Citibank logo
Type Subsidiary (of Citigroup)
Founded 1812
Headquarters Flag of United States New York, New York
Key people Flag of United States Chuck Prince, CEO & Director
Industry Finance
Products Financial Services
Slogan Let's get it done.
Website www.citibank.com

Citibank is a major international bank, founded in 1812 as the City Bank of New York. Citibank is now the consumer and corporate banking arm of financial services giant Citigroup, the second largest company of its kind in the world (after Industrial and Commercial Bank of China). As of March 2007, it is the largest bank in the United States by holdings. [1] Image File history File links Citibank. ... Citigroup Inc. ... For the overture by Tchaikovsky, see 1812 Overture; For the wars, see War of 1812 (USA - United Kingdom) or Patriotic War of 1812 (France - Russia) For the Siberia Airlines plane crashed over the Black Sea on October 4, 2001, see Siberia Airlines Flight 1812 1812 was a leap year starting... Image File history File links This is a lossless scalable vector image. ... Midtown Manhattan, looking north from the Empire State Building, 2005 New York City (officially named the City of New York) is the most populous city in the state of New York and the entire United States. ... Image File history File links This is a lossless scalable vector image. ... Charles Prince or Charles O. Prince, III, born January 13, 1950, is the chief executive officer of Citigroup. ... This article does not cite any references or sources. ... Financial services is a term used to refer to the services provided by the finance industry. ... Look up slogan in Wiktionary, the free dictionary. ... A website (alternatively, Web site or web site) is a collection of Web pages, images, videos and other digital assets that is hosted on one or several Web server(s), usually accessible via the Internet, cell phone or a LAN. A Web page is a document, typically written in HTML... “Banker” redirects here. ... For the overture by Tchaikovsky, see 1812 Overture; For the wars, see War of 1812 (USA - United Kingdom) or Patriotic War of 1812 (France - Russia) For the Siberia Airlines plane crashed over the Black Sea on October 4, 2001, see Siberia Airlines Flight 1812 1812 was a leap year starting... Financial services is a term used to refer to the services provided by the finance industry. ... Citigroup Inc. ... Industrial and Commercial Bank of China (ICBC) (Simplified Chinese: ; Traditional Chinese: ; Pinyin: , more commonly just 工行 Gōngháng) is the largest of Chinas Big Four state-owned commercial banks, the other 3 banks being the Bank of China, Agricultural Bank of China, and China Construction Bank, and one of...

Contents

History

Founded in 1812 as the City Bank of New York by a group of New York merchants, the bank's first head was Samuel Osgood, who had been the U.S.'s first Postmaster General. Subsequently, ownership and management of the bank was taken over by Moses Taylor, a protégé of John Jacob Astor and one of the giants of the business world in the 19th century. During Taylor's ascendancy, the bank functioned largely as a treasury and finance center for Taylor's own extensive business empire. Image File history File links Download high resolution version (2580x1636, 1112 KB)Citibank branch in Chinatown district of Lower Manhattan (New York City, New York, USA). ... Image File history File links Download high resolution version (2580x1636, 1112 KB)Citibank branch in Chinatown district of Lower Manhattan (New York City, New York, USA). ... Manhattans Chinatown in 1995, with 1 World Trade Center (the North Tower) in the background. ... New York, New York and NYC redirect here. ... Samuel Osgood (February 3, 1747– August 12, 1813) was an American merchant and statesman from Andover, Massachusetts. ... The United States Postmaster General is the executive head of the United States Postal Service. ... Moses Taylor (January 11, 1806 - May 23, 1882) was a 19th century New York merchant and banker and one of the wealthiest men of that century. ... John Jacob Astor, detail of an oil painting by Gilbert Stuart, 1794 John Jacob (originally either Johann Jakob or Johann Jacob) Astor (July 17, 1763 - March 29, 1848) was the first of the Astor family dynasty and the first millionaire in the United States, the creator of the first Trust...


In 1865 the bank joined the U.S.'s new national banking system and became The National City Bank of New York. By 1894, it was considered one of the largest banks in the United States, and in 1897, it became the first major U.S. bank to establish a foreign department. In 1913 it was the first contributor to the Federal Reserve Bank of New York. The National Bank Act (ch. ... The Federal Reserve Bank of New York, located at 33 Liberty Street in Manhattan. ...


National City became the first U.S. national bank to open an overseas banking office when its branch in Buenos Aires, Argentina was opened in 1914. Many of Citi's present international offices are older; offices in London, Shanghai, Calcutta and elsewhere were opened in 1901 and 1902 by the International Banking Corporation (IBC), a company chartered to conduct banking business outside the U.S., at that time an activity time forbidden to U.S. national banks. In 1918, IBC became a wholly owned subsidiary and was subsequently merged into the bank. By 1919 the bank had become the first U.S. bank to have $ 1 billion in assets.


Charles E. Mitchell was elected president in 1921 and in 1929 was made chairman, a position he held until 1933. Under Mitchell the bank expanded rapidly and by 1930 had 100 branches in 23 countries outside the United States.


In 1952, James Stillman Rockefeller was elected president and then chairman in 1959, serving until 1967. Stillman was a direct descendant of the Rockefeller family through the William Rockefeller (the brother of John D.) branch; in 1960 his second cousin, David Rockefeller, became president of Chase Manhattan Bank, National City's longtime New York rival for dominance in the banking industry in America. James Stillman Rockefeller (June 8, 1902 - August 10, 2004) was a member of the prominent U.S. Rockefeller family. ... The Rockefeller family, founded by John D. Rockefeller (1839-1937) (Senior) and his brother William Rockefeller (1841-1922), is an American industrial, banking, and philanthropic family of German American origin that made the worlds largest private fortune in the oil business during the late 19th and early 20th century... William Rockefeller (May 31, 1841-June 24, 1922), American financier, was a cofounder of the prominent United States Rockefeller family. ... John Davison Rockefeller, Sr. ... David Rockefeller, Sr. ... The Chase Manhattan Bank, now part of JPMorgan Chase, was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955. ...


Following its merger with the First National Bank, the bank changed its name to The First National City Bank of New York in 1955, then shortened it to First National City Bank in 1962, and ultimately changed it to Citibank in 1976. By that time, the bank had created its own "one-bank holding company" and had become a wholly owned subsidiary of that company, Citicorp (all shareholders of the bank had become shareholders of the new corporation, which became the bank's sole owner). Citibank was founded in 1812 as City Bank of New York. ...


In the 1960s the bank entered into the credit card business. In 1965, First National City Bank bought Carte Blanche from Hilton Hotels. However after three years, the bank (under pressure from the U.S. government) was forced to sell this division. By 1968, the company created its own credit card. The card, known as "The Everything Card," was promoted as a kind of East Coast version of the BankAmericard. By 1969, First National City Bank decided that the Everything Card was too costly to promote as an independent brand and joined Master Charge (now MasterCard). Citibank unsuccessfully tried again in 1977-1987 to create a separate credit card brand, the Choice Card. Diners Club International, originally founded as Diners Club, was formed in 1950 by Frank X. McNamara, Ralph Schneider and Alfred Bloomingdale. ... Entrance of the Beverly Hilton Hotel in Beverly Hills, California Beverly Hilton Hotel viewed from Wilshire Boulvard Hilton is a brand of the Hilton Hotels Corporation, based in Beverly Hills, California. ... VISA is a brand of credit card operated by the VISA International Service Association of USA owned by 21,000 financial institutions that issues and markets its own Visa products. ... MasterCard Worldwide (NYSE: MA) is a membership organization owned by the 25,000+ financial institutions that issue its card. ... Choice was a credit card test marketed by Citibank in the United States in the 1970s and 1980s. ...


In 1981, Citibank chartered a South Dakota subsidiary to take advantage of new laws that raised the state's maximum permissible interest rate on loans to 25 percent (then the highest in the nation). In many other states, usury laws prevented banks from charging interest that aligned with the extremely high costs of lending money in the late 1970s and early 1980s, making consumer lending unprofitable.

1998 Citibank logo
1998 Citibank logo

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. Image File history File links Citibankold. ... Image File history File links Citibankold. ... Outdoor ATMs may be free-standing, like this kiosk, or built into the side of banks or other buildings An automatic teller machine, automated teller machine (ATM) or cash machine is an electronic device that allows a banks customers to make cash withdrawals and check their account balances without...


Citibank's major presence in California is fairly recent. The bank had only a handful of branches in that state before acquiring the assets of California Federal Bank in 2002 with Citicorp's purchase of Golden State Bancorp. California Federal Bank, often abbreviated to Cal Fed, was a savings and loan bank in California. ...


In 2001, Citibank settled a $45 million class action lawsuit for improperly assessing late fees. Following this Citibank lobbied in Congress to pass legislation that would limit class action lawsuits to 5 million dollars unless they were initiated on a federal level. Some consumer advocate websites report that Citibank is still improperly assessing late fees.


In August of 2004, Citibank entered the Texas market with the purchase of First American Bank of Bryan, Texas. The deal established Citigroup's retail banking presence in Texas, giving Citibank over 100 branches, $3.5 billion in assets and approximately 120,000 new customers in the state. First American Bank was renamed Citibank Texas after the take-over was completed on March 31, 2005. Bryan is a city in Brazos County, Texas, United States. ...


It is hoped that with both California and Texas markets, Citibank can appeal to both states' Latino population, and offer products on both sides of the border through Citibank in the U.S., and Banamex (Citigroup's Mexican division) in Mexico. Banco Nacional de México or Banamex is Mexicos largest bank, belonging to the group that bears its name, Grupo Financiero Banamex. ... Citigroup Inc. ...


Citibank has operations in more than 100 countries and territories around the world. More than half of its 1,400 offices are in the United States, mostly in the New York City, Chicago, Miami, and Washington DC metropolitan areas, as well as in California. Midtown Manhattan, looking north from the Empire State Building, 2005 New York City (officially named the City of New York) is the most populous city in the state of New York and the entire United States. ... Flag Seal Nickname: The Windy City Motto: Urbs In Horto (Latin: City in a Garden), I Will Location Location in Chicagoland and northern Illinois Coordinates , Government Country State Counties United States Illinois Cook, DuPage Mayor Richard M. Daley (D) Geographical characteristics Area     City 606. ... For other uses, see Miami (disambiguation). ... Aerial photo (looking NW) of the Washington Monument and the White House in Washington, DC. Washington, D.C., officially the District of Columbia (also known as D.C.; Washington; the Nations Capital; the District; and, historically, the Federal City) is the capital city and administrative district of the United...


In addition to the standard banking transactions, Citibank offers insurance, credit card and investment products. Their online services division is among the most successful in the field, claiming about 15 million users. Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. ... Credit cards A credit card is a system of payment named after the small plastic card issued to users of the system. ...


In April of 2006, Citibank struck a deal with 7-Eleven to put its ATMs in over 5,500 convenience stores in the U.S. 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. 7-Eleven is an international franchiser, licensor, and operator of a chain of convenience stores. ... An NCR Personas 85-Series interior, multi-function ATM in the USA Smaller indoor ATMs dispense money inside convenience stores and other busy areas, such as this off-premise Wincor Nixdorf mono-function ATM in Sweden. ... M&T Bank (NYSE: MTB) is an American bank. ...


It was announced on November 13th, 2006 that Citibank would be the corporate sponsor of the new stadium for the New York Mets. The stadium will open in 2009 and be called Citi Field. Major league affiliations National League (1962–present) East Division (1969–present) Current uniform Retired Numbers 14, 37, 41, 42 Name New York Mets (1962–present) Other nicknames The Amazin Mets, The Amazins, The Metropolitans Ballpark Shea Stadium (1964–present) Polo Grounds (1962–1963) Major league titles World Series titles... Citi Field will be the new Major League Baseball stadium for the New York Mets that is being built in Willets Point in the New York City borough of Queens as a replacement for Shea Stadium, which was constructed in 1964 adjacent to the site of the 1964 Worlds...


On April 11, 2007, the parent Citigroup announce the following staff cuts and relocations.


Citibank subsidiaries

Information in this article or section has not been verified against sources and may not be reliable.
Please check for inaccuracies and modify as needed, citing the sources against which it was checked. Unverified sources should not be added.
This article has been tagged since July 2007.

According to the Citigoup website, until October 2006, Citibank ran the following subsidiaries:

  • Citibank, N.A.(National Association) - The "original" Citibank, primarily doing business in New York State and the tri-state New York City metropolitan area. Also the parent company of the other subsidiaries.
  • Citibank Canada. http://www.citibank.com/canada/homepage/english/index.htm
  • Citibank Texas, N.A. - The former First American bank.
  • Citibank (West), F.S.B. - The former Citicorp Savings (a savings and loan operating in California), as well as the former California Federal Bank and Golden State Bank.
  • Citibank, F.S.B. - The primary Citibank subsidiary serving all other states, based in Chicago.
  • Citibank Banamex USA - Formally California Commerce Bank, Banamex's U.S. banking division.
  • Citibank (South Dakota), N.A. - A credit card and lending-only bank based in Sioux Falls, South Dakota, including the former Associates National Bank.
  • Universal Financial Corp. - A credit card bank, purchased in 1997, that manages the AT&T Universal Card.

On October 1, 2006, a massive re-organization designed to streamline the various Citibank banking charters occurred. Under the new structure, the following divisions were consolidated into: Citibank Canada is a unit of Citigroup of New York City. ... A savings and loan association is a financial institution which specializes in accepting savings deposits and making mortgage loans. ... Sioux Falls (IPA: [su fɑlz]) is the largest city in the U.S. state of South Dakota, and the county seat of Minnehaha County. ...

  • Citibank, N.A.:
    • Citibank, FSB
    • Citibank (West), FSB
    • Citibank, Texas, N.A.
    • Citibank Delaware
    • Citibank Banamex USA
    • Citicorp Trust, N.A. (California)
  • Citibank South Dakota, N.A.:
    • Citibank, Nevada, N.A.
    • Citibank USA, N.A.
    • Universal Financial Corp.
    • Citibank South Dakota, FSB

As of December 2006, these are the only two Citibank banking divisions: Citibank, N.A. and Citibank South Dakota, N.A.:

  • Citi Bank ATM/ Debt Cards:
    • Citibank Debit Card with ThankYouSM Network-Free
    • Citibank® / AAdvantage® Debit Card--$25 annual fee for the Basic plan, which earns one mile for every $2 spent; $65 annual fee for the Premium plan, which earns one mile for every $1 spent (waived for CitiGold® clients).
    • Citibank® Banking Card with the MasterCard® Logo--Free
    • Citibank® Banking Card-Free
    • Citibank® PayPass-Free- To Upgrade to new PayPass Debit Card Contact 1-888-CITIBANK

Miscellaneous financials

  • Fiscal year end: December
  • 2005 Sales (in mil.) $83,642
  • 2005 Net Income (mil.) $24, 589
  • 2006 Employees 300,000
  • 2005 Year End Assets $1.50

Key people

William R. Rhodes (Bill) is the Chairman of Citicorp. ... A Chairman is the presiding officer of a meeting, organization, committee, or other deliberative body. ... Charles Price is the chief executive officer of Citigroup. ... A Chief Executive Officer (CEO), or Chief Executive, is the highest-ranking corporate officer, administrator, corporate administrator, executive, or executive officer, in charge of total management of a corporation, company, organization or agency. ... Citigroup Inc. ... Gary Crittenden (born 1953) is the Chief Financial Officer of Citigroup, succeeding Sallie Krawcheck from 12 March 2007. ... The Chief Financial Officer (CFO) of a company or public agency is the corporate officer primarily responsible for managing the financial risks of the business or agency. ... Shaukat Aziz (Urdu: شوکت عزیز), born March 6, 1949 Karachi, Pakistan is the current Prime Minister and Finance Minister of Pakistan. ... A prime minister is the most senior minister of a cabinet in the executive branch of government in a parliamentary system. ... HRH Price Alwaleed Bin Talal Bin Abdulaziz Al Saud HRH Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud, born in 1955 and usually known simply as Prince Alwaleed, is a member of the Saudi Royal Family who has amassed an independent fortune through investments in shares and property. ...

Further reading

  • Wriston: Walter Wriston, Citibank, and the Rise and Fall of American Financial Supremacy. Phillip L. Zweig, New York: Crown, 1996.
  • Citibank, 1812-1970. Harold van B. Cleveland & Thomas F. Huertas (Harvard Business History Studies), Boston: Harvard University Press, 1985.

See also

The Rockefeller family, founded by John D. Rockefeller (1839-1937) (Senior) and his brother William Rockefeller (1841-1922), is an American industrial, banking, and philanthropic family of German American origin that made the worlds largest private fortune in the oil business during the late 19th and early 20th century... William Rockefeller (May 31, 1841-June 24, 1922), American financier, was a cofounder of the prominent United States Rockefeller family. ... David Rockefeller, Sr. ... Vladimir Levin is the handle of the mathematician who is alleged to be the mastermind of the Russian cracker gang that stole US$10 million from Citibanks computer system. ... Citigroup Inc. ... Citigold is the wealth management Division of Citibank, part of Citigroup. ...

External links


  Results from FactBites:
 
Citibank NRI Services | Best way to send money (873 words)
Citibank, N.A. reserves the right to, without liability and without any prejudice to any of its other rights, at any time and from time to time, withdraw/suspend/amend/cancel any facilities or services, whether offered by itself or by any providers of goods or services, without assigning any reasons therefore.
Citibank does not endorse or guarantee the accuracy, adequacy or completeness of the content or any information on this webpage or contained in the hyperlinks to any other internet resources, except for such information as is communicated on the online chat platform by Citibank or third party appointed by Citibank.
Citibank is not responsible for any errors, omissions or results obtained from the use of information contained on Liveperson.com or from the hyperlinks to the exception of such information as mentioned herein.
Urban Legends Reference Pages: Inboxer Rebellion (Citibank) (928 words)
Citibank is sending out checking account suspension notices and asking customers to verify their acceptance of new terms and conditions.
Citibank is working with law enforcement to aggressively investigate a fraudulent email that has recently been sent as spam to numerous email addresses.
Customers who receive suspicious email purporting to be from Citibank are encouraged to report it to customer service at the number listed on their ATM card.
  More results at FactBites »

 
 

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