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Citigroup Inc. () is a major American financial services company based in New York City. According to Forbes Global 2000, it is the world's biggest company and the most profitable financial services firm. Its formation was announced on April 7, 1998 through a merger of Citicorp and Travelers Group. It was the first US company to combine banking with insurance underwriting since the Great Depression. The company has 300,000 employees and over 200 million customer accounts in more than 100 countries, with total assets of nearly 1.6 trillion USD. It is a primary dealer in U.S. Treasury securities and its stock is a component of the .
Market share
Although it is one of the largest companies in the world, Citigroup only had a 5% global market share of its industry in 2003 . The financial services sector, though the largest industry in terms of earnings, is also the most fragmented in terms of companies. Citigroup had a 10% share of the "capital markets & banking" (corporate and investment bank division) in 2003 (*). The Thomson Financial League Tables tracks the underwriting and M&A segment of that in more detail.
2003 global (except Retail Banking) market share:
- Capital Mrkts. & Banking: 10%
- Consumer Finance: 6%
- Private Client Services: 5%
- US Retail Banking: 4%
- Transaction Services: 2%
- Private Bank: 2%
Citigroup Separates Research Arm - The bank splits off its research arm in an effort to avoid potential conflicts of interest.
Meta Description: [ The world's biggest bank splits off its research arm in an effort to avoid potential conflicts of interest. ]
Citigroup Settles FTC Charges for Subprime Lending Victims - The Associates, acquired by Citigroup, engaged in systematic and widespread deceptive and abusive lending practices such as the packing of unwanted credit insurance on consumers' loans.
Citigroup Statement on Salomon Smith Barney Settlement with SEC, NASD, NYSE - All outstanding investigations into research, IPO allocation and distribution practices settled.
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Citigroup Target of Protests in 80 Cities Worldwide - Students worldwide protested Citibank's leading role in funding environmentally and socially destructive activities.
Citigroup's Involvement in Wood Products and Paper - Extensive report originally compiled by George Draffan of endgame.org for the Rainforest Action Network.
SEC Sues Citigroup for Research Analyst Conflicts of Interest - Research analysts at Salomon Smith Barney published false or misleading research reports that were exaggerated, unwarranted, or lacked a reasonable basis.
SEC: Citigroup Helped Enron Commit Fraud - Alleged that the firm mislead investors by characterizing loan proceeds as cash from operating activities.
The Citigroup Watch - News and commentary critical of the practices of the major banking and insurance group.
World's Largest Bank Makes Huge Step Toward Sustainability - Nearly four years of relentless campaigning by Rainforest Action Network and allies around the world seems to have paid off, as this press release by RAN indicates.
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