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Citigroup Inc. or Citi (stylized as citi) is an American multinational investment bank and financial services company based in New York City.The company was formed in 1998 by the merger of Citicorp, the bank holding company for Citibank, and Travelers; Travelers was spun off from the company in 2002.
Citibank, N.A. ("N. A." stands for "National Association"; stylized as citibank) is the primary U.S. banking subsidiary of Citigroup, a financial services multinational corporation. [2] Citibank was founded in 1812 as City Bank of New York, and later became First National City Bank of New York. [3] The bank has branches in 19 countries.
In April 1998 Travelers Group announced an agreement to undertake a $76 billion ($142,069,416,088 today) merger between Travelers and Citicorp, creating Citigroup, which at the time of the merger was the largest single financial services company in the world.
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The high point of this model was an era-defining 1998 merger between Citicorp and Travelers that shattered a Depression-era division between retail banking and investment banking and cemented ...
Citi ballooned in size and complexity in the 1990s and early 2000s through a series of acquisitions and mergers in an effort at the time to make Citigroup a financial conglomerate that catered to ...
After the 2008 financial crisis, Citigroup reorganized its business, with the company regarding CitiFinancial as a noncore business that it renamed to OneMain Financial and sought to sell. Meanwhile, Interstate Finance Corporation was founded in Evansville in 1920 and experienced its own series of mergers and acquisitions until it became ...
Fleet Financial Group, Inc. Norstar Bank: Fleet/Norstar Financial Group, Inc. $1.3 billion [21] Bank of America: 1987 First Fidelity Bancorp. The Fidelity Bank (Fidelcor) First Fidelity Bancorp: $1.34 billion; largest ever at the time [21] [22] Wells Fargo: 1987 PNC Financial Corp. Central Bancorp. PNC Financial Corp. Nearly $700 million [21 ...