Credit Card and Finance Company
Citibank was founded in 1812 as City Bank
of New York. In 1894 it became the largest bank in the United States.
In 1902 it began expanding internationally and became the first major
US bank to establish a foreign department. By 1930 it became the
largest bank in the world with 100 branches in 23 countries outside
the United States. It changed its name to The First National City
Bank of New York in 1955, then again to First National City Bank
in 1962, and to Citibank in 1976. In 1981, Citibank rechartered itself
in South Dakota to take advantage of new laws that raised the state's
maximum permissible interest rate on loans to 25 percent (then the
highest in the nation).
Citibank was one of the first US banks to introduce Automatic teller
machines in the 1970s, in order to reduce the number of human
tellers and give 24-hour access to accounts.
Citibank's operations in California are fairly recent, since it
bought out Cal-Fed back in 2001. Also in 2001 Citibank settled
a lawsuit for improperly assessing late fees. The class action
lawsuit was for 45 million dollars. Following this Citibank lobbied
in Congress (who they give huge donations to), to pass legislation
that would limit class action lawsuits to 5 million dollars unless
they were initiated on a federal level. Many consumer advocate
websites report that Citibank is still improperly assessing late
Citibank is now the consumer and corporate banking arm of financial
services giant Citigroup, the largest company of its kind in
the world. Citibank has operations in more than 50 countries
around the world. More than half of its 1,400 offices are in
the United States, mostly in the New York, New York, Chicago,
Illinois, Miami, Florida, and Washington, DC metropolitan areas,
as well as in California.
In addition to the standard banking transactions, Citibank offers
insurance, Credit Card and investment products. Their online services
division is among the most successful in the field, claiming about
15 million users.
Citibank Fast Facts
» Fiscal year end: December
» 2002 Sales (in mil.) $45,883.0
» 2002 Net Income (mil.) $6,356.0
» 2002 Employees 129,545
» Chairman: William R. Rhodes
» President and CEO: Robert B. Willumstad
» Chief Financial Officer: Todd S. Thomson
top competitors include Bank of America, Deutsche Bank, J.P.
Chase, and Wachovia.
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