Citigroup Inc. or Citi is an American multinational investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking giant Citicorp and financial conglomerate Travelers Group in 1998. Travelers was subsequently spun off from the company in 2002. Citigroup owns Citicorp, the holding company for Citibank, as well as several international subsidiaries.
Citigroup is ranked 3rd on the list of largest banks in the United States and, alongside JPMorgan Chase, Bank of America, and Wells Fargo, it is one of the Big Four banks of the United States. It is a systemically important financial institution and is on the list of systemically important banks that are too big to fail. It is one of the nine global investment banks in the Bulge Bracket.
Citigroup is ranked 32nd on the Fortune 500 as of 2018. Citigroup has over 200 million customer accounts and does business in more than 160 countries. It has 214,000 employees, although it had 357,000 employees before the financial crisis of 2007-2008, when it was rescued via a massive stimulus package by the US government.
Citigroup has intentions of trading Bitcoin futures contracts on the Chicago Mercantile Exchange. The move seems to be in response to an increase in clients requesting more crypto exposure.
Amid the government’s spendings and stimulus, the banks also reported a strong surge in consumer spending. The credit card spending for most of the banks has shot above the pre-pandemic levels.
