Citibank, N.A. is the consumer banking arm of financial services giant Citigroup & the fourth largest bank holding company in the United States by domestic deposits.
Citibank has retail banking 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 New York City, Chicago, Los Angeles, San Francisco/Silicon Valley, and Miami. More recently, Citibank has expanded its operations in the Boston, Philadelphia, Houston, Dallas, and Washington D.C. metropolitan areas, albeit with a mixed record of success.
In addition to the standard banking transactions, Citibank offers insurance, credit card and investment products.
Their online services division is among the most successful in the field, claiming about 15 million users. The
Chairman of Citibank is William R. Rhodes & the CEO is Vikram Pandit.
The ownership of Citibank is as follows
36.0 % – United States Government
11.1 % – Government of Singapore Investment Corporation (GIC)
6.0 % – Kuwait Investment Authority
4.9 % – Abu Dhabi Investment Authority (ADIA)
4.3 % – Kingdom Holding Company /Saudi Arabia
As a result of the Global financial crisis of 2008-2009 and huge losses in the value of its sub prime 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.
As on July 17 2009, Citigroup Inc. reported net income for the second quarter of 2009 of $4.3 billion, or $0.49 per diluted share. Second quarter revenues were $30.0 billion. These results include an $11.1 billion pre-tax ($6.7 billion after-tax) gain associated with the Morgan Stanley Smith Barney joint venture transaction, which closed on June 1, 2009.