Citibank is one of the world’s famous banks. It is the consumer banking division of financial services giant Citigroup. Citibank was established as the City Bank of New York in 1812, after which the City Bank of New York became the first bank of New York City. As of March 2010, it is the third largest bank by total assets in the United States, after Bank of America and JPMorgan Chase Bank.
Citibank’s retail banking business covers more than 160 countries and regions around the world, and more than half of its business is in the United States. In the United States, Citibank has 1,400 offices, mainly in: New York, Chicago, Los Angeles, San Francisco Bay Area, Washington DC and Miami. Recently, the bank has expanded its operations in the metropolitan areas of Boston, Philadelphia, Houston and Dallas.
In addition to standard banking transactions, Citibank also provides insurance, credit cards and investment products. The bank’s online services department is its most successful department, with approximately 15 million users.
Due to the global financial crisis of 2008-2009, Citibank suffered huge losses in the field of mortgage loans, and the US government agreed to rescue Citibank. On November 23, 2008, the US government provided Citibank with US$2.5 billion in initial assistance and US$306 billion in risky asset guarantees.
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