Citigroup

Categories: Business & Finance | Companies | Economics

  • The result of the 1998 merger of Citicorp and Travelers Group, valued at $140 billion dollars, Citigroup is among the world's largest financial service companies. Citigroup's business model is designed to provide customers with a wide range of financial services, including finance, stock brokerage, banking, and insurance, with the goal of providing more services for less money than specialized competitors.

  • First Quarter Results

    Citigroup posted a first quarter profit of $1.6 billion on April 17, 2009. Although net-profit was higher than analysts expected, earnings-per-share remained at a loss. For the first quarter 2009, revenue nearly doubled to $24.79 billion as compared to the previous year.WSJ.com: Citigroup Swings To 1Q Profit On Fewer Write-Downs (April 17, 2009)

  • Key Dates

    • 1812: Citicorp founded as Bank of New York
    • 1853:Travelers Group founded as St. Paul Fire & Marine
    • 1998: Citicorp merges with Travelers Group

  • Common Stock

    On February 27, 2009, Citigroup announced a plan to convert preferred shares to common stock. The U.S. Treasury, which holds $45 billion of Citigroup preferred, has agreed to participate by converting up to $25 billion of its investment as long as private investors convert at least that much.. If the full $25 billion is converted, the U.S. government will own 40% of the company.The Washington Post: U.S. Plans Bigger Stake in Citigroup (February 27, 2009)

  • Reorganization

    In January 2009, it was reported that Citigroup was entering into a joint venture with Morgan Stanley to manage Citigroup's brokerage unit, Smith Barney. Under the terms disclosed, Morgan Stanley would be the majority partner in the joint venture.CNBC: Citigroup Moving to Shed Smith Barney Brokerage(January 9, 2009)

    After reporting a loss of almost $9 billion in the fourth quarter of 2008, Citigroup announced that it was reorganizing the company, for management purposes, into two core businesses. The Citicorp division will handle the company's traditional banking business, while the riskier investment business will be segregated in Citi Holdings. The same press release contained assurances that the company was putting the TARP funds it had received to work to increase the amount of credit available to U.S. households and businesses on "competitive terms."Official Site: ...Fourth Quarter Net Loss of $8.29 Billion, Loss Per Share of $1.72 (January 16, 2009)

  • Jet Controversy

    In January of 2009, the company canceled the purchase of a new $50 million corporate jet at the urging of President Barack Obama.ABC News: High-Flying Citigroup Grounds Plans for $50M Jet (January 27, 2009)

  • Pawn Dispute

    In February 2009, Citigroup filed a copyright infringement suit against a Brooklyn, New York pawnshop. The financial institution alleges that the pawnshop's logo closely resembles the company's "citi" logo and red arch.CNN Money: Citigroup sues pawnshop over logo

  • Product List

    • Consumer Banking
    • Corporate Banking
    • Investment Banking
    • Global Wealth Management
    • Private Equity
    • Investment Research

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