Citigroup is one of the world's largest financial conglomerates and a leader in financial customer service. In addition, this company is also the primary dealer of US Treasury securities.
Citigroup was founded relatively recently - in 1998, but its history goes back two hundred years. It was then, in 1812, that the City Bank of New York was founded in New York, which later became the largest bank in the country and changed its name to First National City Bank.
The bank gained its popularity thanks to foreign operations, which at that time not every banking institution could boast of, as well as the introduction of city credit cards. It was credit cards that later turned into one of the priority areas in City Bank, which was facilitated by businessman John Reed, who served as president of the bank from 1984 to 1996.
In 1998, City Bank management decided to merge the bank with Travelers Group, an insurance and real estate investment company. Thus, a new company with assets of about $700 billion was created. Citigroup took over its name from the name of City Bank, but took the Travelers Group logo - a red umbrella - as a corporate emblem. Subsequently, the logo was significantly simplified, only the red arc symbolizing it remained from the umbrella.
As a result of the global financial crisis, which affected Citigroup as well, on January 16, 2009, the company was reorganized into two operating units - Citicorp, engaged in retail sales and investments, and Citi Holdings, specializing in brokerage.