Top 10 Banks in the World 2017

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8. Citigroup Inc

Headquartered in the city of New York, Citigroup is one of the 24 primary dealers of United States Treasury securities.


Image: Wikimedia

The company is a leader in the fields of investment banking and other such financial services, and it was formed in 1998, with the merger of Citicorp and Travellers Group. It was a $140 billion deal between Citicorp, a multinational banking corporation with branches in over 100 countries, and Travelers Group, a firm specializing in credit services, consumer finance, brokerage and insurance.

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The City Bank of New York, predecessor of Citicorp, was founded in 1812, with Samuel Osgood being elected the first President of the group. The company’s name was soon changed into The National City Bank of New York, in 1865. The firm grew rapidly in these initial years, and by 1895, it had become the largest bank in USA. Citicorp became the first American bank to open an overseas branch in 1913, with a branch being opened in Buenos Aires. The firm also became the first bank ever to offer compound interest on savings in 1921. A host of other initiatives were also taken, with Citicorp becoming the first bank to offer unsecured personal loans and customer checking accounts, in 1928 and 1936 respectively. 1929 witnessed Citicorp becoming the largest commercial bank in the USA, a couple of years after it purchased the International Banking Corporation. Citicorp launched what would later be known as the Mastercard in the year 1967. The card became popular among the masses as the “Everything Card”.

The firm was officially renamed as Citibank in 1976, and it simultaneously launched “Citicards” to enable its customers to use ATMs round the clock. The Citigroup was officially created in 1998, following the merger of Citibank and Travellers Group. In 2009, the firm decided to create two distinct business units – Citicorp and Citi Holding; where the former would handle the retail and institutional client business and the latter would specialize in brokerage and asset management. The current CEO of the company is Michael Corbat, and the firm currently serves over 200 million customer accounts, spread over 160 countries. Citigroup currently employs over 230,000 employees.

Revenue (in Billion of USD): 69.9

Net Profit (in Billion of USD): 14.9

Assets (in Billion of USD): 1792



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