Headquartered in Manhattan, New York City Citigroup or Citi was largest company and bank in world until financial crisis of 2008 hit them hard.
Citibank, a subsidiary of Citicorp was founded in 1812 as City Bank of New York and later as First National City Bank of New York, and then it was renamed to Citibank. Merger of banking giant Citicorp and Travelers Group in 1998 formed Citigroup as one of the major players in financial services and banking sector.
Citibank is the consumer division of Citigroup. As the name suggests, US has been the largest single market for the bank where almost half of its revenue lies. Apart from that Citibank has its operations spread in Latin America, Asia, Europe, Middle East and Africa. Citibank got hard hit in the crisis of 2008 when US government had to bail it out. Government had also invested around $25 billion in the firm. This has been proved profitable to government as Citibank has paid all his loans taken since then due to its profitability. Citibank has various products including banking cards, credit cards which indicated early adoption of technology.
“City never sleeps” is the slogan of Citibank indicating nature of New York City. The bank has also sponsored several events to establish its presence worldwide.