Citigroup is the financial services group with the largest assets, the most profits, the highest global chain linkage, and the most complete business categories in the world today. It was formed by the merger of Citigroup and Travelers Group in 1998 and was relisted at the same time. After the stock exchange and listing, Citigroup used methods such as issuing new shares to raise funds for stock market acquisitions or directional equity swaps to carry out large-scale equity operations and expansion, and carried out Citigroup-style strategic output and global business integration for the acquired companies, allowing Citigroup to expand in the short term. In just five years, the total assets have expanded by 7%, shareholders' equity has increased by 92%, and capital strength has continued to improve; total revenue has increased by 72%, and profits have increased 2.6 times, showing extraordinary profitability; its stock is undergoing a stock bonus (every 3 (1 share for every share) and 22 dividends (dividends per share of ***$3.82), the net value per share still doubled, and the price doubled. Citigroup stock is a well-known blue-chip stock in the New York stock market, as famous as its business brand.

Citigroup, as the world's preeminent financial services company, serves approximately 200 million customers in more than 100 countries around the world, including individuals, institutions, businesses and government departments, and provides a wide range of financial products and services from consumer banking Services and credit, corporate and investment banking services, as well as brokerage, insurance and asset management, are unmatched by any other financial institution. The main ones now brought together under Citigroup are Citibank, Travelers Life and Pension Insurance, Smith Barney, Citi-financial, Banamex and Primerica.

In the 2002 ranking of the world's top 1,000 banks by various indicators by the British "Banker" magazine, Citigroup ranked first with tier one capital of 59 billion, total assets of 1.097 billion, and profits of 15.28 billion US dollars. , the profit level accounts for 6.1% of the total profit of 1,000 large banks of US$252.4 billion. According to Citigroup's latest annual report, Citigroup's tier-one capital in 2003 reached 66.9 billion, total assets were 1.264 billion, and profits were 17.85 billion U.S. dollars, an increase of 13.4, 15.2, and 16.8 respectively over the previous year.

In the past 10 years, Citigroup's stock price, profitability and revenue have all achieved double-digit compound annual growth, and earnings growth has been higher than revenue growth. What particularly impressed peers was that despite a series of major events such as the 1998 Asian Financial Crisis, the 2001 Argentine Financial Crisis, and the War on Terror, when the overall profitability of the 1,000 major banks fell by 14.9 and 29.7 respectively, Citigroup still reached 3 and 3. The growth of 4.5 shows the extraordinary ability of Citigroup’s financial system to resist risks.

Citigroup is currently recognized as one of the most successful financial services groups in the world, not only because it continues to occupy a leading position among the companies with the highest profitability and growth rate in the global financial services industry, but also because it is the world's largest financial services company. The most globalized financial services chain company in the world. Citigroup serves more than 200 million customers in more than 100 countries. Every customer can get comprehensive financial services such as savings, credit, securities, insurance, trusts, funds, financial consulting, and asset management at any Citigroup business location. Services, the average number of products per customer ranks first among global peer companies, so Citigroup's customer relationship service network is an immeasurable resource for Citigroup. Sandy Weir once proudly said: "This network is The only real competitive advantage we have is that no matter where you go in the world, you are likely to find a Citibank institution that can serve you.”

[Edit this paragraph]Citigroup History

In the history of Citi, there are three important names: Citibank, Citicorp and Citigroup, which represent three different historical periods of Citi.

1. Citibank

Citibank was formed in 1955 through the merger of Citibank of New York and First National Bank of New York. After the merger, it was renamed First Citibank of New York. In 1962, it was renamed First Citibank. In 1976 It was changed to its current name in March January.

Citibank New York, formerly the City Bank of New York, was founded by the Stillman family in 1812 to engage in financial business related to Latin American trade. In 1865, the bank obtained a national bank charter and changed its name to Citibank of New York. At the end of the 19th century and the beginning of the 20th century, the Stillman and Rockefeller families firmly controlled the bank and used it as the financial dispatch center of the Mobil oil system. After the world economic crisis of 1929-1933, Citibank in New York broke away from the Rockefeller Group and formed its own system. At that time, due to the deteriorating business situation, it was once attached to Morgan Company. In the 1940s, Citibank in New York took advantage of the Second World War to vigorously restore and expand its business. After the war, Citibank in New York continued to expand its operations. In the 1950s, a wave of large-scale corporate mergers broke out in the United States. Citibank of New York grew in competition. In 1955, it merged with the Morgan consortium's second largest bank, the First National Bank of New York, and subsequently changed its name to First Citibank. At this time, the bank's assets expanded rapidly, its strength increased, and its status rose rapidly. It became the third largest bank in the United States at that time, second only to Bank of America and Chase Manhattan Bank in asset size.

2. Citigroup

Since the U.S. Banking Law implements strict separate management of banking and securities businesses, commercial banks are not allowed to purchase stocks and are not allowed to operate non-banking businesses. There are also strict restrictions on the opening of branches. In order to circumvent legal restrictions, Citibank took an important step in corporate strategic decision-making in 1968 - the establishment of a bank holding company as the parent company of Citibank. Citibank exchanged its own shares for shares of its holding company, Citicorp, and 99% of Citicorp's assets were Citibank's assets. Citibank has been Citigroup's "flagship bank" for decades. In the 1970s, Citibank's assets accounted for more than 95% of Citigroup's assets. After the 1980s, Citibank's assets declined, but were still around 85%. Citigroup has 13 subsidiaries under its jurisdiction, providing a variety of financial services such as banking, securities, investment trusts, insurance, and financial leasing (according to legal requirements at the time, non-bank financial services accounted for a small proportion). Through this development strategy, Citigroup embarked on the path of diversified financial services and became the largest single bank holding company in the United States in 1984.

3. Citigroup

On April 6, 1998, Citigroup and Travelers Group announced their merger. The new company formed by the merger was called "Citigroup", and its trademarks were Travelers Group's red umbrella and Citigroup's Blue wordmark.

The Travelers Life and Accident Insurance Company, the predecessor of Travelers Group, was founded in 1864. It has been mainly engaged in the insurance industry. After acquiring Smith Barney, Later, its business scope expanded to the fields of securities brokerage and investment financial services. At the end of 1997, it merged with Salomon Brothers, a famous American investment bank, for US$9 billion to establish Salomon Smith Barney Investment Company, which has ranked second among American investment banks.

Citigroup, formed by the merger of Citigroup and Travelers Group, became the first financial services company in the United States to integrate commercial banking, investment banking, insurance, mutual funds, securities trading and many other financial services. group. The combined Citigroup has total assets of US$700 billion, net income of US$50 billion, 100 million customers in 100 countries, and 60 million credit card consumer customers. Thus becoming one of the largest all-round financial groups in the world.

[Edit this paragraph] Citi Development

Citibank, headquartered at 399 Park Avenue, New York, USA, is one of the oldest commercial banks on Washington Street.

On July 16, 1812, Colonel Samuel Osgood, the first Commissioner of the U.S. Treasury of the Washington government, partnered with some New York businessmen to establish the City Bank of New York. New York) - the predecessor of today's Citigroup. At that time, the bank was still a bank registered in New York State. At its inception, City Bank of New York was primarily engaged in financial services related to Latin American trade. On July 17, 1865, in accordance with the National Bank Act of the United States, the City Bank of New York obtained the business license of a national bank and changed its name to National City Bank of New York. Since then, National City Bank of New York has rapidly developed into one of the largest banks in the United States.

At the beginning of the 20th century, the New York National Bank began to actively develop overseas business. In 1902, the bank opened its first foreign branch in London. By 1915, before holding the Universal Bank, the New York National Bank City Bank has established 37 branches in Latin America, the Far East and Europe (Muro, 1984, p. 47). Universal Bank was founded in 1901, mainly to develop trade with China and the Philippines. The following year, it established the first U.S. bank branch in China in Shanghai, and soon established 32 overseas branches in other parts of the Far East. . Through the acquisition of Universal Bank, New York City Bank's overseas branch network has nearly doubled. By 1939, Citibank (after 1927, the Chinese name of City National Bank of New York was changed to Citibank) had 100 overseas branches.

In the 1920s, Citibank began to develop retail banking business. In 1921, it established its first branch dedicated to personal services. In 1928, it became the first commercial bank to provide personal loans. In the 1970s, Citibank's retail banking business gained new development. It became the leading provider of VISA and MasterCard in the United States. One of the most important publishers. In 1977, Citibank took the lead in introducing ATM machines into the banking system on a large scale. Currently, Citibank is the largest credit card issuer in the United States. In order to globalize its retail financial business and expand distribution channels, Citigroup acquired Associates First Capital's 2,600 branches in 15 countries in November 2000, becoming the world's leading retail financial company.

In 1929 and 1930, Citibank acquired the Farmers Credit and Trust Company and the American National Association Bank of New York. On this basis, Citibank Farmers Trust Company was established. In 1959, Citibank Farmers Trust Company was renamed Citibank Farmers Trust Company. First National City Trust Co., which merged with First National City Bank two years later and became an integral part of its trust department.

In March 1955, Citibank merged with the First National City Bank of New York and changed its name to First National City Bank of New York. After the merger, First Citibank became the third largest bank in the United States after Bank of America and Chase Manhattan Bank. In 1962, First Citibank was renamed First National City Bank.

In 1961, First Citibank took the lead in launching a large-amount convertible certificate of deposit (CD) business. This business enabled Citibank to compete with government bonds for funds, and Citibank made new progress. At the same time, Citibank further internationalized. By the end of 1982, Citibank had more than 1,490 branches in 94 countries. The assets and income of overseas institutions accounted for 60% of Citibank's total assets and income.

In 1967, Citibank established a holding company, First National Corporation. In 1971, First National Corporation was reorganized into a multi-bank holding company and was renamed Citigroup on March 28, 1974. Company (Citicorp), Citibank also changed its name to Citibank, N.A. Citibank is the core subsidiary of Citicorp. Its assets accounted for more than 95% of the entire holding company's assets in the mid-1970s, and then declined. In the 1980s, the proportion increased to about 85%, and currently accounts for about 60%. The chairman and president of Citibank are also the chairman and president of Citicorp.

In the 1980s, Citigroup successively merged with Diner's Club, Fidelity Savings, First Federal of Chicago, and Biscayne Federal in Miami. , National Permanent Savings in Washington, D.C. At the same time, its transnational business has made further progress, and its overseas branches have expanded to Finland, New Zealand and other countries.

In the late 1980s, Citibank was in trouble due to bad loans in overseas and commercial real estate. In the three years from 1990 to 1992, the credit loss provision reached more than 10 billion US dollars, and in 1991 the after-tax profit loss was 914 million US dollars. However, after the three-year recovery plan (1992-1994) led by Reid, Citibank quickly adjusted its capital structure and restored its capital strength. In 1995, Citibank's net income reached a record high of US$3.5 billion, and its total capital also rose to US$27.7 billion. Citibank's Tier 1 capital rose to US$19.24 billion, accounting for 11.9% of total assets.

On April 6, 1998, Citigroup announced its merger with Travelers Group. Travelers Group was originally a life and property insurance company. Later, it expanded its business scope to investment banking, commercial credit, financing services and other fields by acquiring Smith Barney, an American investment bank. In 1997, the company merged with Salomon Brothers, the fifth largest investment bank in the United States, for US$9 billion. The newly formed Salomon Smith Barney Company became the second largest investment bank in the United States. The current business scope of Travelers Group mainly includes: life and property insurance, investment banking, commercial credit, private financial management, asset management, etc. The merger of Citibank and Travelers Group was the largest corporate merger in the history of the United States. The new company formed after the merger became "Citigroup", and its trademark was the red umbrella of Travelers Group. After the merger, Citigroup's total assets reached 700 billion. U.S. dollars, with net income of $50 billion and operating income of $75 billion. Through its merger with Travelers Group, Citigroup became one of the world's largest all-round financial groups. It jumped from 58th in the Fortune Global 500 in 1997 to 16th in 1998.

In 1999, Citigroup and Japan's third largest securities firm, Nikko Securities, formed a joint venture in Japan, Nikko Salomon Smith Barney. Since its establishment, the joint venture has made rapid progress in all rankings, and in 2000 it topped the list in the stock and related trading sectors. In the first half of 2001, Nikko Salomon Smith Barney's market share in arranging share placement transactions in the Japanese market was 55%, exceeding the sum of all competitors. In April 2000, the Group's investment banking flagship, Solomon Smith Barney, successfully acquired Baoyuan Investment and established a first-class pan-European investment bank, taking Citigroup's position in the European market to a higher level. In order to globalize its retail financial business and expand distribution channels, Citigroup acquired Associates First Capital in November 2000 with 2,600 branches in 15 countries, becoming the world's leading retail financial company.

In 2001, in order to strengthen its position and business performance in Mexico and other Latin American countries, Citigroup acquired Banamex, Mexico's second largest financial institution, for more than US$12 billion.

After nearly two centuries of dedicated development, Citigroup has become the world's largest financial services institution, with assets of US$1 trillion, employing 270,000 employees worldwide, and serving more than 100 The country's approximately 200 million consumers, businesses, governments and institutions provide a wide variety of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage and asset management services. The main brands of Citigroup, whose logo is represented by the red umbrella, include Citibank, Travelers Group, Salomon Smith Barney, CitiFinancial and Primerica Financial Services Company. The group's core revenue in 2000 reached US$14 billion, and its revenue in 2001 reached US$14.6 billion. It is one of the most profitable and financially sound companies in the world. Its total equity value reached US$88 billion (2001), and its general return on equity was 20. The strong capital enables the group to strategize, smoothly transition through adversity and achieve great success in different economic environments. In both 2001 and 2002, Citigroup ranked fifth in the ranking of the world's 1,000 companies selected by Business Week, ranking first in the global financial community.

[Edit this paragraph] Main business scope

Citibank, as the only bank that pursues a global business strategy, not only provides services to 50 million consumers in 56 countries, but also Serving multinational, cross-regional and local corporate customers in nearly 100 countries.

Except for Citibank, no other financial institution has the business and resources to meet so many needs in so many places. Citibank has become a world brand in financial services. Citibank's name means service, not only meeting customers' needs, but doing better than customers expect. The main business scope includes: Electronic banking business. Safe and convenient services are available 24 hours a day, 365 days a year, through Citibank computers, ATMs or Citibank phone banking.

Credit card business. Worldwide, Citibank's credit card customers can meet their consumption needs and adapt to their different financial situations through credit cards issued by Citibank, or credit cards jointly issued by Citibank and other well-known institutions. Citibank is the world's largest credit card issuer.

Private Banking. Citibank's private banking employees in 32 countries can use the bank's talent, products and strategic network to provide customers with first-hand information on global investment portfolios. Citibank helps them seek investment opportunities and identify investment risks.

Emerging market business. Citibank has been serving customers in emerging markets for nearly 100 years, with a long history and great development. Because Citibank is like a local commercial bank. It holds a business license, understands the local market, and has well-trained local employees. It uses its cross-regional advantages to provide customers with world-class banking services. This is why Citibank and from different vantage points.

Corporate banking. Currently, Citibank works with global, regional and local corporate clients in more than 100 countries. Citibank's depth and breadth of presence in markets around the world is the cornerstone of corporate banking. Whether in China or anywhere in the world, you can get quality services and professional advice from Citibank.

Multinational corporate business. Citibank's successful cooperation with many well-known multinational companies is based on Citibank's decades of banking relationships and experience. Most of these companies want to expand overseas, especially into emerging markets, where consumer and commodity markets are booming.

Citibank's far-reaching development around the world is its most competitive feature. Citibank is one step ahead of its competitors in terms of scale, products, capabilities, industry knowledge and experience. Citibank's goal is to promote Citibank's products and services to the world.

Simply put, Citibank's unique global network provides customers with the services they need, wherever and whenever they need them.

[Edit this paragraph] Citi Events

On June 16, 1812, the "City Bank of New York" (City Bank of New York), which later developed into Citibank, was established by the New York State Government. Franchise establishment, authorized capital (authorized capital) is US$2 million, and paid capital (paidin capital) is US$800,000. On September 14 of the same year, City Bank officially opened in New York City to serve New York merchants.

In 1865, it joined the newly established U.S. national banking system and changed its name to "The National City Bank of New York".

In 1894, it became the largest bank in the United States.

In 1897, it was the first major bank in the United States to set up a foreign business department and start foreign currency trading business.

In 1902, the business expanded to Asia, Europe, and India. And set up offices in Shanghai, Manila and other places.

In 1904, the traveler's checks business was launched. The bank's headquarters moved to 55 Wall Street, where it remained until 1961.

In 1913, he was the principal shareholder of the Federal Reserve Bank of New York.

On November 10, 1914, it opened a branch in Buenos Aires, Argentina, becoming the first U.S. national bank to set up a branch in a foreign country.

In 1915, an office was established in Rio de Janeiro, Brazil. Become the international bank with the largest overseas institution network in the United States.

In 1918, it acquired the International Banking Corporation, an American overseas bank.

In 1919, it became the first bank in the United States with assets exceeding US$1 billion.

In 1921, the first major bank in the United States adopted the compound interest method to calculate interest on savings accounts.

In 1928, it was the first major bank in America to provide unsecured personal loans to depositors.

In 1929, it became the world's largest commercial bank. Acquired Farmers' Loan and Trust Company and renamed it City Bank Farmers Trust Company.

In 1936, it was the first bank in New York City to open a checking account business that did not require a minimum balance

In 1939, it was the first to be distributed outside the United States. With 100 offices in 23 countries, it has become the largest international bank.

In 1945, in a series of war loans and victory loans, $5.6 billion in U.S. Treasury securities were sold.

In 1955, the name was changed to "The First National City Bank of New York" (The First National City Bank of New York)

In 1961, the negotiable certificate of deposit (negotiable certificate of deposit) was invented. . The "First National City Overseas Investment Corporation" was established as the holding company for overseas branches and affiliated institutions.

The new headquarters building at 399 Park Avenue was completed.

In 1962, on the occasion of the bank's 150th anniversary, it was renamed the shorter "First National City Bank".

In 1964, it entered the leasing business.

In 1965, it entered the credit card business.

In 1966, Dollar Certificates of Deposit was opened in the London market. It was the first negotiable instrument in the London market since 1888.

In 1967, Citibank launched its first credit card, the "First National City Charge Service", commonly known as the "Everything" card.

In 1968, a bank holding company, First National City Corporation (later renamed Citicorp), became the parent company of First National City Bank.

In 1969, "Nangkuo All Cards" was transformed into "Master Charge" (later renamed MasterCard).

In 1974, First National City Corporation was renamed Citicorp to facilitate its international business.

In 1976, First National City Bank became Citibank, N.A. (N.A. stands for National Association).

In 1977, Citibank opened the Citicard Banking Center to provide services using Citicard cards and automated teller machines (ATMs). 24-hour ATMs are no longer just for emergency cash withdrawals, but have become part of normal business.

In 1979, it became the world's leading foreign currency trading agent.

In 1981, "Diners Club" was acquired.

Between 1982 and 1984, Citigroup acquired savings and loan businesses in California, Florida, Illinois, and Washington, DC, making Citigroup the largest bank holding company in the United States.

In 1984, Citibank London Branch became one of the founding members of Chambers Clearing Company (CHAPS Clearing Company). Chambers Clearing Company is the world's second largest real-time gross settlement system after Fedwire in the United States.

In 1985, the "Direct Access?" service was launched in New York, connecting to Citibank through a personal computer.

In 1986, touch-screen automated teller machines were used for the first time in New York and Hong Kong.

In 1989, it became the leading issuer of secured credit card receivables. A new skyscraper is completed in Court Square, Long Island City, New York.

In 1992, Citibank became the largest bank in the United States. Citigroup has branches in more than 90 countries.

In 1993, it became the world's largest issuer and service provider of credit cards and debit cards. The various depository banks acquired in the 1980s were merged and operated under the name "Citibank Federal Savings Bank" (Citibank, FSB).

In 1994, the first wholly foreign-owned commercial bank in Russia was opened.

In 1995, after an absence of 45 years, the first full-service branch was opened in mainland China, and branches were opened in Vietnam and South Africa.

In 1996, it had the largest number of credit cards in Asia. Taiwan is the first region outside the United States to have more than 1 million credit cards.

On October 8, 1998, all subsidiaries of Citicorp and Travelers Group merged to form Citigroup Inc. Citibank continues to remain a strong brand under Citigroup.

On July 1, 2005, Citibank Hong Kong Branch was transferred to Citibank (Hong Kong) Limited, which was incorporated locally.

On April 1, 2007, Citibank’s Mainland China branch was transferred to Citibank (China) Co., Ltd., which was incorporated locally.

On April 9, 2007, Citibank announced the merger of Taiwan's Overseas Chinese Bank, with Citibank as the surviving bank and Oversea-Chinese Banking Corporation as the eliminated bank.

On November 27, 2007, the Abu Dhabi Investment Authority invested US$7.5 billion in 4.9% of Citigroup and became the single largest shareholder

On September 29, 2008, it acquired the fourth largest shareholder in the United States. As for the business of the big bank Wachovia, Citigroup will absorb US$312 billion in loans from Wachovia, but will only bear losses of no more than US$42 billion, becoming the largest retail bank in the United States, but on October 3 Wells Fargo The bank exchanged 0.1991 common shares for 1 common share of Wachovia Bank, which was equivalent to acquiring Wachovia at US$7 per share, involving an investment of US$11.7 billion, directly announcing that Citigroup's acquisition plan had failed.

[Edit this paragraph] Citicorp Corporate Culture

People-oriented: The core of corporate culture Citibank has established a "people-oriented" strategy since its inception, attaching great importance to the cultivation and use of talents. . Its human resources policy is mainly to continuously create a family-friendly corporate atmosphere of "retaining people with career, retaining people with benefits, and retaining people with love", allowing employees to grow simultaneously with the company, and giving employees a "sense of accomplishment" and "a sense of home" at Citi. . Citibank CEO Sandi Will's annual salary is as high as 152 million U.S. dollars, ranking among the top CEOs in the United States. Taking Citibank Shanghai Branch as an example, each functional department has a number of deputy manager positions. Generally, a college graduate with a bachelor's degree can work for 3 years. Can be promoted to deputy manager, and a master's degree graduate can be promoted to deputy manager in one year, and the income is several times or even dozens of times that of the same "rank" in my country.

Customer first: the soul of corporate culture. The best part of Citibank’s corporate culture is to regard improving service quality and customer-centeredness as the bank’s long-term strategy, and fully realize that the key to implementing this strategy is There must be a brand that attracts customers. After painstaking exploration, Citigroup achieved success. At present, Citibank's business market covers more than 100 million customers in more than 100 countries around the world, and its service brand is world-renowned. In the eyes of many customers, the word "Citi" represents a world-class financial service standard.

Pursuing innovation: Sublimation of corporate culture Citibank is constantly innovating in everything from development strategies to service forms. It believes that transformational and bold decisions are the key to breakthrough business growth, and that if you can foresee the future, you own the future. This means that companies must innovate endlessly and continuously.