17 Facts About Citi


Citi's name was changed to The National City Bank of New York in 1865 after it joined the new U S national banking system, and it became the largest American bank by 1895.

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Citi organically entered the leasing and credit card sectors, and its introduction of U S dollar-denominated certificates of deposit in London marked the first new negotiable instrument in the market since 1888.

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John S Reed was elected CEO in 1984, and Citi became a founding member of the CHAPS clearing house in London.

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Citi had used elaborate mathematical risk models which looked at mortgages in particular geographical areas, but never included the possibility of a national housing downturn or the prospect that millions of mortgage holders would default on their mortgages.

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In 2011, Citi was the first bank to introduce digitized Smart Banking branches in Washington, D C, New York, Tokyo and Busan while it continued renovating its entire branch network.

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Citi Express modules, 24-hour service units, were introduced in Colombia.

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In 2012, the Global Markets division and Orient Securities formed Citi Orient Securities, a Shanghai-based equity and debt brokerage operating in the Chinese market.

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Citi failed the Fed stress tests due to Citi's high capital return plan and its international loans, which were rated by the Fed to be at higher risk than its domestic American loans.

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Citi received half of its revenues from its international businesses.

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Citi Capital Advisors, formerly Citi Alternative Investments, was a hedge fund that offered various investment strategies across multiple asset classes.

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In February 2016, Citi sold its retail and commercial banking operations in Panama and Costa Rica to the Bank of Nova Scotia for $360 million.

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Citi continues to offer corporate and institutional banking and wealth management in Panama and Costa Rica.

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Citi sued to get most of the money back but as of June 2022 had been unsuccessful.

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Citi will have four months to make a new plan and submit it to the Federal Reserve.

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Citi will continue to operate its consumer banking businesses in the USA, Canada, Europe and in only 4 other markets: Hong Kong, Singapore, London and the UAE across the entire APAC and EMEA regions.

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In January 2022, Citi further announced its plan to exit consumer banking in Mexico, as well as small-business and middle-market banking operations.

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In September 2022, Citi was planning to shutter its retail bank business in the United Kingdom.

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