#3. Citibank, National Association ($1,231,154,000,000)
Citibank, National Association
3900 Paradise Rd, Suite 127
Las Vegas, NV 89109 http://www.citibank.com
Background
Citibank is a major international bank, founded in 1812 as the City Bank of New York, later First National City Bank of New York. Citibank is now the consumer banking arm of financial services giant Citigroup, one of the largest companies in the world. 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, D.C. metropolitan areas, as well as in California.
As a result of the global financial crisis 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.
It is also known as one of Big Four Banks of United States along with JPMorgan Chase Bank, Bank of America, and Wells Fargo.
FDIC Certificate #
7213
Bank Charter Class
Commercial Bank
Asset Concentration
International Specialization
Product Specialty
Standard banking fare such as deposit accounts, credit cards, and loans to consumers and small businesses, and utilizes its parent's breadth of financial services by also offering insurance and investment products
Key Information & News
Number of Branches: 1,072 offices in the U.S.
Number of Employees: 176,003 employees.
Executives
CEO
Vikram Pandit
CFO
Gary L. Crittenden
COO
John Ferderson
2008 News
On November 23, 2008, Citigroup was forced to seek federal financing to avoid a collapse, in a way similar to its colleagues Bear Stearns and AIG. The US government provided $25 billion and guarantees to risky assets to Citigroup in exchange for stock. This was the latest bailout in a string of bailouts that began with bear stearns and peaked with the collapse of the GSE's, Lehman, AIG and the start of TARP.
2009 News
On January 16, 2009 Citigroup announced that it was splitting into two companies. Citicorp will continue with the traditional banking business while Citi Holdings Inc. will own the more risky investments, some of which will be sold to strengthen the balance sheet of the core business; Citicorp. The idea behind splitting into two companies is so Citigroup can dump "the dead weight" on Citicorp, allowing the prime assets of Citi to operate away from that of the toxic assets.
