History of CitiBank
Citibank is the customer division of financial services multinational Citigroup. Citibank was founded in 1812 as the city bank of New York.. Some time later first National City bank of New York. The United States is the largest single market with almost 26% of branches, generating 51% of revenues.
Citibank 983 North American branches are fixed in major urban areas including New York City, Chicago, Los Angeles, San Francisco, Washington, D.C. Miami, Boston, Houston, and Dallas. Latin America markets make up 25% of revenues, Asia 20%, and Europe / Middle East / Africa 4%.
In addition to standard banking deal. Citibank markets insurance, credit cards, and investment products. Their online services division is among the most successful in the field.
As a result of the global financial crisis of 2008–2009 and huge losses in the value of its subprime contract assets. Citibank was lift out by service from the U.S. government.
On November 23, 2008, in addition to basic service of $25 billion, a more $25 billion was invested in the business together with security for risky assets number to $306 billion. Since this time, Citibank has repaid its government loans in full resulting in a net profit for the U.S. government.
Located key to dress Citibank customers at key commercial and residential hubs, the new state-of-the-art facilities offer round-the-clock facility of cash advances (all VISA and MasterCard credit cards) and cash withdrawal on all ATM cards on MNET/ 1Link networks.
Early history of Citibank
the City Bank of New York was founded on June 16, 1812. The first president of the City Bank was the statesman and retired Colonel,Samuel Osgood. Ownership and management of Banking Pk was taken over by Moses Taylor.
In 1863, Banking Pk joined the U.S new national banking system and became The National City Bank of New York. By 1868, it was one of the largest banks in the United States.
And in 1897 it became the first major U.S. bank to create a different department. National City Bank became the first U.S. national bank to open an away banking office. When it opened a branch in Buenos Aires Argentina in 1914. Many of Citi present international offices in London, Shanghai, Calcutta.
Charles E. Mitchell was elected president in 1921 and in 1929 was made chairman, a position he held before 1933. Banking Pk expanded fast and by 1930 had 100 branches in 23 countries outside the United States.
On December 24, 1927, its headquarters in Buenos Aires, Argentina, were blown up by the Italian anarchist Severino Di Giovanni, in the frame of the international fight supporting Sacco and Vanzetti.
In 1952, James Stillman Rockefeller was elected president and then chairman in 1959, serving until 1967. In 1960 his second relative David Rockefeller became president of Chase Manhattan Bank, National City’s long-time New York rival for control in the banking industry in the United States.
Following its merger with the First National Bank in 1955, Banking Pk changed its name to The First National City Bank of New York, then cut it to First National City Bank in 1962.
Barbara J. Desoer
Barbara J. Desoer is CEO for Citibank, N.A. top April 1, 2014, and was the COO for Citibank, N.A. from October 2013 to April 1, 2014. She was president of Bank of America Home Loans, a leading U.S. debt and servicer. She was a member of the senior management team of Bank of America Corporation.
To get already reporting to CEO Brian Moynihan. Desoer led a business accounting for about 20 percent of the U.S. debt origination market, with a $2 trillion servicing bag serving nearly 14 million customers nearly one in five debt in the U.S.
Desoer assumed her role in mid-2008. When she was asked to lead the integration of public Financial Corporation. Which Bank of America acquired July 1, 2008. She led the April 2009 launch of Banking Pk of America Home Loans brand.
In her previous 35 year career at Bank of America, Barbara’s most recent position was President, Bank of America Home Loans, a $7 billion/5 million customer/50,000 associate business
CEO, Citibank, N.A.