Citibank, N.A. ("N. A." stands for " National Association"; stylized as citibank) is the primary U.S. banking subsidiary of

Citigroup Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services company based in New York City. The company was formed in 1998 by the merger of Citicorp, t ...

, a

financial services Financial services are service (economics), economic services tied to finance provided by financial institutions. Financial services encompass a broad range of tertiary sector of the economy, service sector activities, especially as concerns finan ...

multinational corporation. Citibank was founded in 1812 as City Bank of New York, and later became First National City Bank of New York. The bank has

branches A branch, also called a ramus in botany, is a stem that grows off from another stem, or when structures like veins in leaves are divided into smaller veins. History and etymology In Old English, there are numerous words for branch, includi ...

in 19 countries. The U.S. branches are concentrated in six metropolitan areas:

New York City New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...

Chicago Chicago is the List of municipalities in Illinois, most populous city in the U.S. state of Illinois and in the Midwestern United States. With a population of 2,746,388, as of the 2020 United States census, 2020 census, it is the List of Unite ...

Los Angeles Los Angeles, often referred to by its initials L.A., is the List of municipalities in California, most populous city in the U.S. state of California, and the commercial, Financial District, Los Angeles, financial, and Culture of Los Angeles, ...

San Francisco San Francisco, officially the City and County of San Francisco, is a commercial, Financial District, San Francisco, financial, and Culture of San Francisco, cultural center of Northern California. With a population of 827,526 residents as of ...

Washington, D.C. Washington, D.C., formally the District of Columbia and commonly known as Washington or D.C., is the capital city and federal district of the United States. The city is on the Potomac River, across from Virginia, and shares land borders with ...

, and

Miami Miami is a East Coast of the United States, coastal city in the U.S. state of Florida and the county seat of Miami-Dade County, Florida, Miami-Dade County in South Florida. It is the core of the Miami metropolitan area, which, with a populat ...

. As of 2023, Citibank is the third-largest bank in the United States in terms of assets.

History

Founding

19th century

The City Bank of New York was founded on June 16, 1812. The first president of the City Bank was the statesman and retired Colonel, Samuel Osgood. After Osgood's death in August 1813, William Few became President of the bank, staying until 1817, followed by Peter Stagg (1817–1825), Thomas Smith (1825–1827), Isaac Wright (1827–1832), and Thomas Bloodgood (1832–1843). After the

Panic of 1837 The Panic of 1837 was a financial crisis in the United States that began a major depression (economics), depression which lasted until the mid-1840s. Profits, prices, and wages dropped, westward expansion was stalled, unemployment rose, and pes ...

, Moses Taylor acquired control of the company. During Taylor's ascendancy, the bank functioned largely as a treasury and finance center for Taylor's own extensive business empire. Later presidents of the bank included Gorham A. Worth (1843–1856), Moses Taylor himself (1856–1882), Taylor's son-in-law Percy Rivington Pyne I, and James Stillman (1891–1909). In 1831, City Bank was the site of one of America's first bank heists when two burglars, James Honeyman and William J. Murray, made off with tens of thousands of dollars' worth of bank notes, and 398 gold doubloons, the equivalent of $52 million in 2013 currency. The bank financed war bonds for the

War of 1812 The War of 1812 was fought by the United States and its allies against the United Kingdom of Great Britain and Ireland, United Kingdom and its allies in North America. It began when the United States United States declaration of war on the Uni ...

, serving as a founding member of the financial clearinghouse in New York (1853), underwriting the Union during the

American Civil War The American Civil War (April 12, 1861May 26, 1865; also known by Names of the American Civil War, other names) was a civil war in the United States between the Union (American Civil War), Union ("the North") and the Confederate States of A ...

with $50 million in war bonds, opening the first foreign exchange department of any bank (1897), and receiving a $5 million deposit to be given to Spain for the US acquisition of the

Philippines The Philippines, officially the Republic of the Philippines, is an Archipelagic state, archipelagic country in Southeast Asia. Located in the western Pacific Ocean, it consists of List of islands of the Philippines, 7,641 islands, with a tot ...

(1899). In 1865, the bank joined the national banking system of the United States under the

National Bank Act The National Banking Acts of 1863 and 1864 were two United States federal banking acts that established a system of national banks chartered at the federal level, and created the United States National Banking System. They encouraged developmen ...

and became The National City Bank of New York. By 1868, it was one of the largest banks in the United States. The bank became the largest bank in New York City following the

Panic of 1893 The Panic of 1893 was an economic depression in the United States. It began in February 1893 and officially ended eight months later. The Panic of 1896 followed. It was the most serious economic depression in history until the Great Depression of ...

. Two years later, in 1895, it had become the largest bank in the U.S.

20th century

In 1904, the bank helped finance the

Panama Canal The Panama Canal () is an artificial waterway in Panama that connects the Caribbean Sea with the Pacific Ocean. It cuts across the narrowest point of the Isthmus of Panama, and is a Channel (geography), conduit for maritime trade between th ...

. Two years later, in 1906, 11% of the U.S. federal government's bank balances were held by National City. National City at this time was the banker of

Standard Oil Standard Oil Company was a Trust (business), corporate trust in the petroleum industry that existed from 1882 to 1911. The origins of the trust lay in the operations of the Standard Oil of Ohio, Standard Oil Company (Ohio), which had been founde ...

, and the Chicago banking factions accused U.S. Secretary of the Treasury

L. M. Shaw Leslie Mortier Shaw (November 2, 1848March 28, 1932) was an American businessman, lawyer, and politician. He served as the List of Governors of Iowa, 17th Governor of Iowa and was a Republican candidate in the 1908 United States presidential elect ...

of having too close of a relationship with National City and other Wall Street operators. In 1907, Stillman, then the bank's chairman, intervened, along with

J. P. Morgan John Pierpont Morgan Sr. (April 17, 1837 – March 31, 1913) was an American financier and investment banker who dominated corporate finance on Wall Street throughout the Gilded Age and Progressive Era. As the head of the banking firm that ...

and George Fisher Baker, in the

Panic of 1907 The Panic of 1907, also known as the 1907 Bankers' Panic or Knickerbocker Crisis, was a financial crisis that took place in the United States over a three-week period starting in mid-October, when the New York Stock Exchange suddenly fell almost ...

. Between 1910 and 1911, the

Department of State The United States Department of State (DOS), or simply the State Department, is an executive department of the U.S. federal government responsible for the country's foreign policy and relations. Equivalent to the ministry of foreign affairs ...

backed a consortium of American investors headed by Citibank to acquire control over the Banque Nationale de la République d'Haïti, which was the sole commercial bank of

Haiti Haiti, officially the Republic of Haiti, is a country on the island of Hispaniola in the Caribbean Sea, east of Cuba and Jamaica, and south of the Bahamas. It occupies the western three-eighths of the island, which it shares with the Dominican ...

and served as the Haitian government's treasury. Citibank then lobbied for the

United States occupation of Haiti The United States occupation of Haiti began on July 28, 1915, when 330 United States Marine Corps, US Marines landed at Port-au-Prince, Republic of Haiti (1859–1957), Haiti, after the Citibank, National City Bank of New York convinced the ...

, which began in 1915. During the occupation, Citibank imposed a US$30 million loan on the Haitian government, which was described by communist George Padmore as transforming Haiti into an "American slave colony". Citibank would go on to acquire some of its largest gains in the 1920s due to debt payments from Haiti, according to later filings to the Senate Finance Committee. When the

Federal Reserve Act The Federal Reserve Act was passed by the 63rd United States Congress and signed into law by President Woodrow Wilson on December 23, 1913. The law created the Federal Reserve System, the central banking system of the United States. After Dem ...

allowed it, National City Bank became the first U.S. national bank to open an overseas banking office when it opened a branch in

Buenos Aires Buenos Aires, controlled by the government of the Autonomous City of Buenos Aires, is the Capital city, capital and largest city of Argentina. It is located on the southwest of the Río de la Plata. Buenos Aires is classified as an Alpha− glob ...

, Argentina, in 1914. Many of Citi's present international offices are older; offices in London, Shanghai,

Calcutta Kolkata, also known as Calcutta (List of renamed places in India#West Bengal, its official name until 2001), is the capital and largest city of the Indian States and union territories of India, state of West Bengal. It lies on the eastern ba ...

, and elsewhere were opened in 1901 and 1902 by the International Banking Corporation (IBC), a company chartered to conduct banking business outside the U.S., which was forbidden to U.S. national banks. In 1918, IBC became a wholly owned subsidiary and was subsequently merged into the bank. The same year, the bank evacuated all of its employees from

Moscow Moscow is the Capital city, capital and List of cities and towns in Russia by population, largest city of Russia, standing on the Moskva (river), Moskva River in Central Russia. It has a population estimated at over 13 million residents with ...

and

Petrograd Saint Petersburg, formerly known as Petrograd and later Leningrad, is the second-largest city in Russia after Moscow. It is situated on the River Neva, at the head of the Gulf of Finland on the Baltic Sea. The city had a population of 5,601, ...

as the

Russian Civil War The Russian Civil War () was a multi-party civil war in the former Russian Empire sparked by the 1917 overthrowing of the Russian Provisional Government in the October Revolution, as many factions vied to determine Russia's political future. I ...

had begun, but also established a branch in

Puerto Rico ; abbreviated PR), officially the Commonwealth of Puerto Rico, is a Government of Puerto Rico, self-governing Caribbean Geography of Puerto Rico, archipelago and island organized as an Territories of the United States, unincorporated territo ...

. By 1919, the bank had become the first U.S. bank to have $1 billion in assets. As of March 9, 1921, there were four national banks in New York City operating branch offices: Chatham and Phenix National, the Mechanics and Metals National, the Irving National, and National City Bank.

Charles E. Mitchell Charles Edwin Mitchell (October 6, 1877 – December 14, 1955) was an American banker whose incautious securities policies facilitated the speculation which led to the Crash of 1929. First National City Bank's (now Citibank) controversial act ...

, also called "Sunshine" Charlie Mitchell, was elected president in 1921. In 1929, he was made chairman, a position he held until 1933. Under Mitchell, the bank expanded rapidly and by 1930 had 100 branches in 23 countries outside the United States. The policies pursued by the bank under Mitchell's leadership are seen by many people as one of the prime causes of the stock market crash of 1929, which led ultimately to the

Great Depression The Great Depression was a severe global economic downturn from 1929 to 1939. The period was characterized by high rates of unemployment and poverty, drastic reductions in industrial production and international trade, and widespread bank and ...

. In 1933, the

Pecora Commission The Pecora Investigation was an inquiry begun on March 4, 1932, by the United States Senate Committee on Banking and Currency to investigate the causes of the Wall Street crash of 1929. The name refers to the fourth and final chief counsel for t ...

, a

United States Senate The United States Senate is a chamber of the Bicameralism, bicameral United States Congress; it is the upper house, with the United States House of Representatives, U.S. House of Representatives being the lower house. Together, the Senate and ...

committee, investigated Mitchell for his part in tens of millions of dollars in losses, excessive pay, and tax avoidance, later leading to his resignation. U.S. Senator

Carter Glass Carter Glass (January 4, 1858 – May 28, 1946) was an American newspaper publisher and Democratic Party (United States), Democratic politician from Lynchburg, Virginia, Lynchburg, Virginia. He represented Virginia in both houses of United Stat ...

said of him, "Mitchell, more than any 50 men, is responsible for this stock crash." On December 24, 1927, its headquarters in

, Argentina, were blown up by the Italian anarchist Severino Di Giovanni, in the frame of the international campaign supporting

Sacco and Vanzetti Nicola Sacco (; April 22, 1891 – August 23, 1927) and Bartolomeo Vanzetti (; June 11, 1888 – August 23, 1927) were Italian immigrants and anarchists who were controversially convicted of murdering Alessandro Berardelli and Frederick Parm ...

. In 1940 and 1941, branches in Germany and Japan closed. In 1945, the bank handled $5.6 billion in Treasury securities for War and Victory Loan drives for the U.S. government. In 1952, James Stillman Rockefeller was elected president and then chairman in 1959, serving until 1967. Stillman was a direct descendant of the

Rockefeller family The Rockefeller family ( ) is an American Industrial sector, industrial, political, and List of banking families, banking family that owns one of the world's largest fortunes. The fortune was made in the History of the petroleum industry in th ...

through the William Rockefeller (the brother of John D.) branch. In 1960, his second cousin,

David Rockefeller David Rockefeller (June 12, 1915 – March 20, 2017) was an American economist and investment banker who served as chairman and chief executive of Chase Bank, Chase Manhattan Corporation. He was the oldest living member of the third generation of ...

, became president of

Chase Manhattan Bank JPMorgan Chase Bank, N.A., doing business as Chase, is an American national bank headquartered in New York City that constitutes the consumer and commercial banking subsidiary of the U.S. multinational banking and financial services holding ...

, National City's long-time New York rival for dominance in the banking industry in the United States. Following its merger with the First National Bank in 1955, the bank changed its name to The First National City Bank of New York, then shortened it to First National City Bank in 1962. It is also worth noting that the bank began recruiting at

Harvard Business School Harvard Business School (HBS) is the graduate school, graduate business school of Harvard University, a Private university, private Ivy League research university. Located in Allston, Massachusetts, HBS owns Harvard Business Publishing, which p ...

in 1957, arranged the financing of the 1958 Hollywood film, '' South Pacific'', and had its branches in Cuba

nationalized Nationalization (nationalisation in British English) is the process of transforming privately owned assets into public assets by bringing them under the public ownership of a national government or state. Nationalization contrasts with priv ...

in 1959 by the new

socialist Socialism is an economic ideology, economic and political philosophy encompassing diverse Economic system, economic and social systems characterised by social ownership of the means of production, as opposed to private ownership. It describes ...

government, and has its first

African-American African Americans, also known as Black Americans and formerly also called Afro-Americans, are an American racial and ethnic group that consists of Americans who have total or partial ancestry from any of the Black racial groups of Africa. ...

director in 1969, Franklin A. Thomas. The company organically entered the leasing and credit card sectors, and its introduction of US dollar-denominated

certificates of deposit A certificate of deposit (CD) is a time deposit sold by banks, thrift institutions, and credit unions in the United States. CDs typically differ from savings accounts because the CD has a specific, fixed term before money can be withdrawn with ...

in London marked the first new

negotiable instrument A negotiable instrument is a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time, whose payer is usually named on the document. More specifically, it is a document contemplated by or consisting of a ...

in the market since 1888. Later to become part of MasterCard, the bank introduced its '' First National City Charge Service'' credit card—popularly known as the "Everything Card"—in 1967. In 1967, Walter B. Wriston became chairman and chief executive officer of the bank. In the 1960s, the bank entered into the credit card business. In 1965, First National City Bank bought

Carte Blanche A blank cheque or blank check in the literal sense is a cheque that has no monetary value written in, but is already signed. In the figurative sense, it is used to describe a situation in which an agreement has been made that is open-ended or va ...

from

Hilton Hotels Hilton Hotels & Resorts (formerly known as Hilton Hotels) is a global brand of full-service hotels and resorts and the flagship brand of American multinational hospitality company Hilton Worldwide. The original company was founded by Conrad Hi ...

. Three years later, under pressure from the U.S. government, the bank sold this division. By 1968, the company created its own credit card. The card, known as " The Everything Card", was promoted as a kind of East Coast version of the

BankAmericard Visa Inc. () is an American multinational payment card services corporation headquartered in San Francisco, California. It facilitates electronic funds transfers throughout the world, most commonly through Visa-branded credit cards, debit c ...

. By 1969, First National City Bank decided that the Everything Card was too costly to promote as an independent brand and joined Master Charge (now MasterCard). Citibank unsuccessfully tried again from 1977 to 1987 to create a separate credit card brand, the Choice Card. In 1967, First National City Bank reorganized as a one-bank holding company, First National City Corporation, or "Citicorp" for short. However, the bank had been nicknamed "Citibank" since the 1860s, when City Bank of New York adopted it as an eight-letter wire code address. "Citicorp" became the holding company's formal name in 1974, and in 1976, First National City Bank was renamed Citibank, N.A.Citigroup
at Reference for Business The name change also helped to avoid confusion in

Ohio Ohio ( ) is a U.S. state, state in the Midwestern United States, Midwestern region of the United States. It borders Lake Erie to the north, Pennsylvania to the east, West Virginia to the southeast, Kentucky to the southwest, Indiana to the ...

with

Cleveland Cleveland is a city in the U.S. state of Ohio and the county seat of Cuyahoga County. Located along the southern shore of Lake Erie, it is situated across the Canada–U.S. maritime border and approximately west of the Ohio-Pennsylvania st ...

-based

National City Corp. National City Corporation was a regional bank holding company based in Cleveland, Ohio, founded in 1845; it was once one of the ten largest banks in America in terms of deposits, mortgages and home equity lines of credit. Subsidiary National Ci ...

, though the banks never had any significant overlapping areas except for Citi credit cards issued in National City territory. In addition, at the time of the name change to Citicorp, in 1968, National City of Ohio was mostly a Cleveland-area bank and had not gone on its acquisition spree that would occur in the 1990s and 2000s. Any possible name confusion had Citi not changed its name from National City eventually became completely moot when

PNC Financial Services The PNC Financial Services Group, Inc. is an American bank holding company and financial services corporation based in Pittsburgh, Pennsylvania. Its banking subsidiary, PNC Bank, operates in 27 states and the District of Columbia, with 2,629 ...

acquired National City in 2008 during the

subprime mortgage crisis The American subprime mortgage crisis was a multinational financial crisis that occurred between 2007 and 2010, contributing to the 2008 financial crisis. It led to a severe economic recession, with millions becoming unemployed and many busines ...

. In 1987, the bank set aside $3 billion in reserves for loan losses in Brazil and other

developing countries A developing country is a sovereign state with a less-developed Secondary sector of the economy, industrial base and a lower Human Development Index (HDI) relative to developed countries. However, this definition is not universally agreed upon. ...

. In 1990, the bank established a subsidiary in Poland. In 1994, it became the world's biggest card issuer. Also in the 1980s, the bank launched the Citicard, which allowed customers to perform all transactions without a

passbook A passbook or bankbook is a paper book used to record bank or building society transactions on a deposit account. Traditionally, a passbook was used for accounts with a low transaction volume, such as savings accounts. A bank teller or postm ...

. Branches also had terminals with simple one-line displays that allowed customers to get basic account information without a

bank teller A bank teller (often abbreviated to simply teller) is an employee of a bank whose responsibilities include the handling of customer cash and negotiable instruments. In some places, this employee is known as a cashier or customer representative. T ...

. John S. Reed was selected CEO in 1984, and Citi became a founding member of the

CHAPS Chaparreras or chaps () are a type of sturdy over-pants (overalls) or leggings of Mexican origin, made of leather, without a seat, made up of two separate legs that are fastened to the waist with straps or belt. They are worn over trousers and ...

clearing house Clearing house or Clearinghouse may refer to: Banking and finance * Clearing house (finance) * Automated clearing house * ACH Network, an electronic network for financial transactions in the U.S. * Bankers' clearing house * Cheque clearing * Cl ...

in London. Under his leadership, the next 14 years would see Citibank become the largest bank in the U.S., the largest issuer of credit cards and charge cards in the world, and expand its global reach to over 90 countries. As the bank's expansion continued, the Narre Warren-Caroline Springs credit card company was purchased in 1981. In 1981, Citibank chartered a

South Dakota South Dakota (; Sioux language, Sioux: , ) is a U.S. state, state in the West North Central states, North Central region of the United States. It is also part of the Great Plains. South Dakota is named after the Dakota people, Dakota Sioux ...

subsidiary to take advantage of new laws that raised the state's maximum permissible

interest rate An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed (called the principal sum). The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, ...

on loans to 25% (then the highest in the nation). In many other states, usury laws prevented banks from charging interest that aligned with the extremely high costs of lending money in the late 1970s and early 1980s, making consumer lending unprofitable. There is no current maximum interest rate or usury restriction under South Dakota law when a written agreement is formed.

21st century

In 2005, Federated Department Stores, now Macy's, Inc., sold its consumer credit portfolio to Citigroup, which reissued its cards under the name Department Stores National Bank (DSNB). As of 2013, Citibank employed 2,900 people in

Sioux Falls Sioux Falls ( ) is the most populous city in the U.S. state of South Dakota and the 117th-most populous city in the United States. It is the county seat of Minnehaha County and also extends into northern Lincoln County. The population was 192 ...

, South Dakota, and contributed to the state holding more bank assets than any other state. In 2013, Citibank purchased the credit card portfolio of

Best Buy Best Buy Co., Inc. is an American multinational consumer electronics retailer headquartered in Richfield, Minnesota. Originally founded by Richard M. Schulze and James Wheeler in 1966 as an audio specialty store called Sound of Music, it was r ...

from Capital One. On April 1, 2016, Citigroup became the exclusive issuer of

Costco Costco Wholesale Corporation is an American multinational corporation which operates a chain of membership-only big-box warehouse club retail stores. As of 2021, Costco is the third-largest retailer in the world, and as of August 2024, Cos ...

's branded credit cards. The bank's private-label credit card division, Citi Retail Services, issues store-issued credit cards for such companies as:

American Airlines American Airlines, Inc. is a major airlines of the United States, major airline in the United States headquartered in Fort Worth, Texas, within the Dallas–Fort Worth metroplex, and is the Largest airlines in the world, largest airline in the ...

ConocoPhillips ConocoPhillips Company is an American multinational corporation engaged in hydrocarbon exploration and production. It is based in the Energy Corridor district of Houston, Texas. The company has operations in 15 countries and has production in t ...

ExxonMobil Exxon Mobil Corporation ( ) is an American multinational List of oil exploration and production companies, oil and gas corporation headquartered in Spring, Texas, a suburb of Houston. Founded as the Successors of Standard Oil, largest direct s ...

The Home Depot The Home Depot, Inc., often referred to as Home Depot, is an American multinational corporation, multinational home improvement retail corporation that sells tools, construction products, appliances, and services, including fuel and transportat ...

Sears Sears, Roebuck and Co., commonly known as Sears ( ), is an American chain of department stores and online retailer founded in 1892 by Richard Warren Sears and Alvah Curtis Roebuck and reincorporated in 1906 by Richard Sears and Julius Rosen ...

Shell Oil Shell plc is a British multinational oil and gas company, headquartered in London, England. Shell is a public limited company with a primary listing on the London Stock Exchange (LSE) and secondary listings on Euronext Amsterdam and the New Y ...

, and Staples Inc.

Automatic teller machines

In the 1970s, Citibank was one of the first U.S. banks to introduce

automatic teller machine An automated teller machine (ATM) is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, funds transfers, balance inquiries or account ...

s (ATMs), which gave customers 24-hour access to cash.

Expansion

In 2002, Citigroup, the parent of Citibank, acquired Golden State Bancorp and its California Federal Bank, which was one-third owned by Ronald O. Perelman, for $5.8 billion. In 1999, Citibank was sued for improperly charging late fees on its credit cards. In August 2004, Citigroup entered the Texas market with the purchase of First American Bank of

Bryan, Texas Bryan is a city in and the county seat of Brazos County, Texas, United States. It is located in the heart of the Brazos Valley (East and Central Texas). As of the 2020 census, the city had a population of 83,980. Bryan borders the city of C ...

. The deal established the firm's

retail banking Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are often described as wholesale banking (corporate ...

presence in Texas, giving Citibank over 100 branches, $3.5 billion in assets and approximately 120,000 customers in the state. In 2006, the bank entered the Philadelphia market, opening 23 branches in the metropolitan area. In 2013, Citibank closed these locations for "efficiency-driven" reasons. In 2006, the company announced a naming rights sponsorship deal for the new stadium of

New York Mets The New York Mets are an American professional baseball team based in the Boroughs of New York City, New York City borough of Queens. The Mets compete in Major League Baseball (MLB) as a member club of the National League (baseball), National ...

Citi Field Citi Field is a baseball park, baseball stadium located in Flushing Meadows–Corona Park, in the Boroughs of New York, borough of Queens, New York City, United States. Opened in 2009, Citi Field is the home of Major League Baseball's New York M ...

, which opened in 2009. The deal reportedly required payments by Citi of $20 million per year for 20 years. As of September 2020, Citibank's US branches are located in the metropolitan areas of New York, Los Angeles, San Francisco, Sacramento, San Diego, Washington DC, Las Vegas, Miami, and Chicago. California is home to the majority of Citibank's US branches, with 292 branches located in the state.' Citi announced it may return its retail banking presence to Dallas in 2022. Citibank will take more than 9,000 square feet of space in the Berkshire Court building at Preston and Northwest Highway. Construction is scheduled to start on the new office early next year, according to planning documents filed with the state. The new Citibank office is described as an "experience center" in the planning documents. The plans identify the operation as "retail bank/office space". Citibank doesn't have a major retail banking presence in the Dallas area. A spokesman in the bank's New York office would not give details about what is planned in the North Dallas location. "We'll decline to comment on this," said Citibank's Drew Benson in an email.

2007–2009 losses and cost-cutting measures by parent Citigroup

On April 11, 2007, Citigroup, the parent of Citibank, announced layoffs of 17,000 employees, or 8% of its workforce. On November 4, 2007, Charles Prince resigned as the chairman and chief executive of Citigroup, the parent of Citibank, following crisis meetings with the board in New York in the wake of billions of dollars in losses related to

subprime lending In finance, subprime lending (also referred to as near-prime, subpar, non-prime, and second-chance lending) is the provision of loans to people in the United States who may have difficulty maintaining the repayment schedule. Historically, subpr ...

. Former

United States Secretary of the Treasury The United States secretary of the treasury is the head of the United States Department of the Treasury, and is the chief financial officer of the federal government of the United States. The secretary of the treasury serves as the principal a ...

Robert Rubin Robert Edward Rubin (born August 29, 1938) is an American retired banking executive, lawyer, and former Federal government of the United States, government official. He served as the 70th United States Secretary of the Treasury, U.S. secretary o ...

took over as chairman, subsequently hiring Vikram Pandit as chief executive. On November 5, 2007, several days after

Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated, doing business as Merrill, and previously branded Merrill Lynch, is an American investment management and wealth management division of Bank of America. Along with BofA Securities, the investm ...

announced that it too had been losing billions from the subprime mortgage crisis in the United States, Citi reported that it will lose between $8 billion and $11 billion in the fourth quarter of 2007, in addition to the $6.5 billion it lost in the third quarter of 2007. Effective November 30, 2007, Citibank sold its 17

branches, along with $1.0 billion in deposits, to Banco Popular. In January 2008, Citigroup reported a $10 billion loss in the fourth quarter of 2007, after an $18.1 billion write down. In March 2008, Citibank set up Mobile Money Ventures, a joint venture with

SK Telecom SK Telecom Co., Ltd., abbreviated as SKT ( or ) is a South Korean wireless telecommunications operator and former film distributor and is part of the SK Group, one of the country's largest chaebols. It leads the local market with 50.5 perce ...

, to develop

mobile app A mobile application or app is a computer program or software application designed to run on a mobile device such as a smartphone, phone, tablet computer, tablet, or smartwatch, watch. Mobile applications often stand in contrast to desktop appli ...

s for banking. It sold the venture to

Intuit Intuit Inc. is an American multinational business software company that specializes in financial software. The company is headquartered in Mountain View, California, and the CEO is Sasan Goodarzi. Intuit's products include the tax preparati ...

in June 2011. In May 2008, the company closed an $87.5 million

leaseback Leaseback, short for "sale-and-leaseback", is a financial transaction in which one sells an asset and leases it back for the long term; therefore, one continues to be able to use the asset but no longer owns it. The transaction is generally done fo ...

transaction for branches in New York City. In July 2008, ''Citibank Privatkunden AG & Co. KGaA'', the company's German division, was sold to Crédit Mutuel. On February 22, 2010, it was renamed to Targobank. In August 2008, after a three-year investigation by the

California Attorney General The attorney general of California is the state attorney general of the government of California. The officer must ensure that "the laws of the state are uniformly and adequately enforced" (Constitution of California, Article V, Section 13). The ...

, Citibank was ordered to repay the $14 million that was removed from 53,000 customers accounts over an 11-year period from 1992 to 2003, plus an additional $4 million in interest and penalties. The money was taken under an electronic "account sweeping program" where any positive balances from over-payments or double payments were removed without notice to the customers. As a result of the

2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...

and huge losses in the value of its

assets, Citigroup, the parent of Citibank, received a

bailout A bailout is the provision of financial help to a corporation or country which otherwise would be on the brink of bankruptcy. A bailout differs from the term ''bail-in'' (coined in 2010) under which the bondholders or depositors of global syst ...

in the form of an investment from the

U.S. Treasury The Department of the Treasury (USDT) is the Treasury, national treasury and finance department of the federal government of the United States. It is one of 15 current United States federal executive departments, U.S. government departments. ...

. On November 23, 2008, in addition to an initial investment of $25 billion, a further $20 billion was invested in the company along with guarantees for risky assets of $306 billion. The guarantees were issued at a time markets were not confident Citi had enough liquidity to cover losses from those investments. Eventually, the Citi shares the Treasury took over in return for the guarantees it issued were booked as net profit for the treasury as Citi had enough liquidity and guarantees did not have to be used. By 2010, Citibank had repaid the loans from the Treasury in full, including interest, resulting in a net profit for the U.S. federal government. On January 16, 2009, Citigroup announced that it was separating Citi Holdings Inc., its non-core businesses such as brokerage, asset management, and local consumer finance and higher-risk assets, from Citicorp. The split was presented as allowing Citibank to concentrate on its core banking business.

2010 to present

On October 19, 2011, Citigroup, the parent of Citibank, agreed to a $285 million civil fraud penalty after the

U.S. Securities and Exchange Commission The United States Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street crash of 1929. Its primary purpose is to enforce laws against market m ...

accused the company of betting against risky mortgage-related investments that it sold to its clients. In 2014, Citigroup announced it would exit retail banking in 11 markets, primarily in Europe and Central America. In September 2014, it exited the Texas market with the sale of 41 branches to

BB&T BB&T Corporation (previously known as the Branch Banking and Trust Company) was one of the largest banking and financial services firms in the United States, based in Winston-Salem, North Carolina. In 2019, BB&T announced its intentions to merge ...

. In September 2015, the bank announced that it would close its 17 branches in Massachusetts and end sponsorship of a theater in Boston. In 2015, the bank was ordered to pay $770 million in relief to borrowers for illegal credit card practices. The

Consumer Financial Protection Bureau The Consumer Financial Protection Bureau (CFPB) is an independent agency of the United States government responsible for consumer protection in the financial sector. CFPB's jurisdiction includes banks, credit unions, securities firms, Payday lo ...

said that about 7 million customer accounts were affected by Citibank's "deceptive marketing" practices, which included misrepresenting costs and fees and charging customers for services they did not receive. On March 1, 2017, an article in ''

The Economic Times ''The Economic Times'' is an Indian English-language business-focused daily newspaper. Owned by The Times Group, ''The Economic Times'' began publication in 1961 and it is sold in all major cities in India. As of 2012, it is the world's secon ...

'' of India stated that Citibank may close its 44 branches in India, as digital transactions made them less necessary. The articles wrote that Citibank was "India's most profitable foreign lender". On March 20, 2017, ''

The Guardian ''The Guardian'' is a British daily newspaper. It was founded in Manchester in 1821 as ''The Manchester Guardian'' and changed its name in 1959, followed by a move to London. Along with its sister paper, ''The Guardian Weekly'', ''The Guardi ...

'' reported that hundreds of banks had helped launder FSB-related funds out of Russia, as uncovered by an investigation named Russian Laundromat. Citibank was listed among the American banks that were named as having handled the laundered funds, with banks in the US processing around $63.7 million between 2010 and 2014. Citibank was listed as having processed $37 million of that amount, with others including

Bank of America The Bank of America Corporation (Bank of America) (often abbreviated BofA or BoA) is an American multinational investment banking, investment bank and financial services holding company headquartered at the Bank of America Corporate Center in ...

, which processed $14 million. as the bank "handled $113.1 million" in Laundromat cash. In March 2018, Citibank announced a new firearms policy, placing restrictions on financial transactions in the U.S. firearm industry. In April 2021, Citibank announced it would exit its consumer banking operations in 13 markets, including

Australia Australia, officially the Commonwealth of Australia, is a country comprising mainland Australia, the mainland of the Australia (continent), Australian continent, the island of Tasmania and list of islands of Australia, numerous smaller isl ...

Bahrain Bahrain, officially the Kingdom of Bahrain, is an island country in West Asia. Situated on the Persian Gulf, it comprises a small archipelago of 50 natural islands and an additional 33 artificial islands, centered on Bahrain Island, which mak ...

China China, officially the People's Republic of China (PRC), is a country in East Asia. With population of China, a population exceeding 1.4 billion, it is the list of countries by population (United Nations), second-most populous country after ...

India India, officially the Republic of India, is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area; the List of countries by population (United Nations), most populous country since ...

Indonesia Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania, between the Indian Ocean, Indian and Pacific Ocean, Pacific oceans. Comprising over List of islands of Indonesia, 17,000 islands, including Sumatra, ...

South Korea South Korea, officially the Republic of Korea (ROK), is a country in East Asia. It constitutes the southern half of the Korea, Korean Peninsula and borders North Korea along the Korean Demilitarized Zone, with the Yellow Sea to the west and t ...

Malaysia Malaysia is a country in Southeast Asia. Featuring the Tanjung Piai, southernmost point of continental Eurasia, it is a federation, federal constitutional monarchy consisting of States and federal territories of Malaysia, 13 states and thre ...

, the

Poland Poland, officially the Republic of Poland, is a country in Central Europe. It extends from the Baltic Sea in the north to the Sudetes and Carpathian Mountains in the south, bordered by Lithuania and Russia to the northeast, Belarus and Ukrai ...

Russia Russia, or the Russian Federation, is a country spanning Eastern Europe and North Asia. It is the list of countries and dependencies by area, largest country in the world, and extends across Time in Russia, eleven time zones, sharing Borders ...

Taiwan Taiwan, officially the Republic of China (ROC), is a country in East Asia. The main geography of Taiwan, island of Taiwan, also known as ''Formosa'', lies between the East China Sea, East and South China Seas in the northwestern Pacific Ocea ...

Thailand Thailand, officially the Kingdom of Thailand and historically known as Siam (the official name until 1939), is a country in Southeast Asia on the Mainland Southeast Asia, Indochinese Peninsula. With a population of almost 66 million, it spa ...

and

Vietnam Vietnam, officially the Socialist Republic of Vietnam (SRV), is a country at the eastern edge of mainland Southeast Asia, with an area of about and a population of over 100 million, making it the world's List of countries and depende ...

. In January 2022, Citi further announced its plan to exit consumer banking in

Mexico Mexico, officially the United Mexican States, is a country in North America. It is the northernmost country in Latin America, and borders the United States to the north, and Guatemala and Belize to the southeast; while having maritime boundar ...

(also known as Citibanamex), as well as small-business and middle-market banking operations. In September 2022, Citi announced plans to wind down retail banking in the UK. In January 2024, Citi reported a $1.8 billion loss in the fourth quarter of 2023 and announced plans to cut 20,000 jobs, roughly 8% of its workforce. At the bank's 2024 investor day, Citi highlighted its Services division, which produces income from " financial pipes". In March 2025, Citi paid out £215,000 in a discrimination settlement for a former employee after she lost out on an expected promotion when she returned from maternity leave.

Chairmen

Since the bank's founding in 1812, it has been led by a President, with Samuel Osgood being elected as the first President. In 1909, James Stillman became the first chairman of the company.

List of Chairmen

# Samuel Osgood (1812–1813) # William Few (1813–1817) # Peter Staff (1817–1825) # Thomas Smith (1825–1827) # Isaac Wright (1827–1832) # Thomas Bloodgood (1832–1844) # Gorham A. Worth (1844–1856) # Moses Taylor (1856–1882) # Percy Pyne (1882–1891) # James Stillman (1891–1918) # Frank A. Vanderlip (1918–1919) # James A. Stillman (1919–1921) #

(1921–1933) # James H. Perkins (1933–1940) # Gordon Sohn Rentschler (1940–1948) # William Gage Brady Jr. (1948–1952) # Howard C. Sheperd (1952–1959) # James Stillman Rockefeller (1959–1967) # George S. Moore (1967–1970) # Walter B. Wriston (1970–1984) # John S. Reed (1984–1998) # John S. Reed and Sandy Weill (1998–2000) # Sandy Weill (2000–2006) # Charles Prince (2006–2007) # Sir Win Bischoff (2007–2009) # Dick Parsons (2009–2012) # Michael O'Neill (2012–2019) # John Dugan (2019– )

Controversies

Alleged money laundering by Raul Salinas

In 1998, the

General Accounting Office The United States Government Accountability Office (GAO) is an independent, nonpartisan government agency within the legislative branch that provides auditing, evaluative, and investigative services for the United States Congress. It is the sup ...

issued a report critical of Citibank's handling of funds received from Raul Salinas de Gortari, brother of Carlos Salinas, the former president of Mexico. The report, titled "Raul Salinas, Citibank and Alleged Money Laundering", indicated that Citibank facilitated the transfer of millions of dollars through complex financial transactions that hid the funds' paper trail. The report indicated that Citibank took on Salinas as a client without making a thorough inquiry as to how he made his fortune, an omission that a Citibank official called a violation of the bank's "know your customer" policy.

Yakuza links

Citibank has been punished by the Japanese Financial Services Agency twice (2004 and 2009) for aiding and abetting

money laundering Money laundering is the process of illegally concealing the origin of money obtained from illicit activities (often known as dirty money) such as drug trafficking, sex work, terrorism, corruption, and embezzlement, and converting the funds i ...

yakuza , also known as , are members of transnational organized crime syndicates originating in Japan. The Japanese police and media (by request of the police) call them , while the yakuza call themselves . The English equivalent for the term ''yak ...

members; there was no punishment from the U.S. side. In 2004–2006, Immigration Customs Enforcement (ICE) seized close to $1 million worth of assets in the United States owned by Susumu Kajiyama, the so-called emperor of

loan shark A loan shark is a person who offers loans at Usury, extremely high or illegal interest rates, has strict terms of debt collection, collection, and generally operates criminal, outside the law, often using the threat of violence or other illegal, ...

s, and a

Yamaguchi-gumi is Japan's largest ''yakuza'' organization. It is named after its founder Harukichi Yamaguchi. Its origins can be traced back to a loose labor union for longshoreman, dockworkers in Kobe before World War II. It is one of the largest organized cr ...

Goryokai member. "In 2004, Citibank (Japan) lost their private banking license because they were allowing yakuza to do many complex transactions," Jake Adelstein, author of " Tokyo Vice" and an expert on Japan's mafia – known as the yakuza – told

CNN Cable News Network (CNN) is a multinational news organization operating, most notably, a website and a TV channel headquartered in Atlanta. Founded in 1980 by American media proprietor Ted Turner and Reese Schonfeld as a 24-hour cable ne ...

. "They got 'spanked' in 2009 for failing to update their databases and allowing yakuza to do business with them again."

Funding of the Dakota Access Pipeline

Citibank is one of the lead lenders to the developers of the

Dakota Access Pipeline The Dakota Access Pipeline (DAPL) or Bakken pipeline is a underground pipeline in the United States that has the ability to transport up to 750,000 barrels of light sweet crude oil per day. It begins in the shale oil fields of the Bakken For ...

project in

North Dakota North Dakota ( ) is a U.S. state in the Upper Midwest, named after the indigenous Dakota people, Dakota and Sioux peoples. It is bordered by the Canadian provinces of Saskatchewan and Manitoba to the north and by the U.S. states of Minneso ...

, a

oil pipeline A pipeline is a system of pipes for long-distance transportation of a liquid or gas, typically to a market area for consumption. The latest data from 2014 gives a total of slightly less than of pipeline in 120 countries around the world. The Un ...

project. The pipeline has been controversial regarding its potential environmental impacts and impacts to Siouan sacred lands and water supply. According to a statement by Hugh MacMillan, a senior researcher on water, energy and climate issues, Citibank has been "running the books on this project, and that's the bank that beat the bushes and got other banks to join in." On December 13, 2016, students of

Columbia University Columbia University in the City of New York, commonly referred to as Columbia University, is a Private university, private Ivy League research university in New York City. Established in 1754 as King's College on the grounds of Trinity Churc ...

protested outside of the Citibank location on Broadway and 112th Street, by holding cardboard signs, chanting and passing flyers. Earlier that year, the university replaced the on-campus Citibank ATMs with ATMs from Santander Bank, a bank that has no ties to the Dakota Access Pipeline.

Libor Index Settlement

Preceded by other banks involved in the

Libor Scandal The Libor scandal was a series of fraudulent actions connected to the Libor (London Inter-bank Offered Rate) and also the resulting investigation and reaction. Libor is an average interest rate calculated through submissions of interest rates ...

, Citibank in June 2018 reached a settlement with 42 U.S. states to pay a $100 million fine due to their manipulation of the London Inter-bank Offered Rate. Libor index is widely used as a reference rate for many financial instruments both in financial and commercial fields.

Sponsorships

Citibank sponsors

, home of the

baseball club as well as the Washington Open tennis championship. Citibank became the major sponsor of the

North Sydney Bears The North Sydney Bears are an Australian rugby league football club based in Cammeray on Sydney's North Shore (Sydney), North Shore. The club currently competes in the NSW Cup, having exited the National Rugby League following the 1999 NRL s ...

for the

1992 NSWRL season The 1992 New South Wales Rugby League Premiership season was the eighty-fifth season of professional rugby league football in Australia. Sixteen teams competed for the J.J. Giltinan Shield during the season which culminated in a grand final for ...

The firm became a sponsor of the Australian Rugby Union team in 2001 for a three-year deal, and a major sponsor of the

Sydney Swans The Sydney Swans are a professional Australian rules football club based in Sydney, New South Wales. The men's team competes in the Australian Football League (AFL), and the women's team in the AFL Women's (AFLW). The Swans also field a Austral ...

in 2005, who play in the

Australian Football League The Australian Football League (AFL) is the pre-eminent professional sports, professional competition of Australian rules football. It was originally named the Victorian Football League (VFL) and was founded in 1896 as a breakaway competition ...

. In the late 1970s, First National City was heavily involved in Indy Car racing, sponsoring major drivers like Johnny Rutherford and Al Unser, Sr. Unser won the 1978 Indianapolis 500 in First National City Travelers Checks livery. In Formula 1 First National City was the sponsor of team Tyrrell in 1977 and 1978, with the First National City Travelers Checks livery also. They're currently sponsoring

Fernando Alonso Fernando Alonso Díaz (; born 29 July 1981) is a Spanish racing driver who competes in Formula One for Aston Martin in Formula One, Aston Martin. Alonso has won two Formula One World Drivers' Championship titles, which he won in and with ...

in Formula 1 Citibank is the main sponsor of New York City's bike-share scheme Citi Bike since its launch in 2013.