Citigroup

July 16, 2010US Companiesby EconomyWatch

0



In 2008, Forbes ranked Citigroup #24 in list of global, largest public companies. An American financial services company, Citigroup is headquartered in New York City.
High value of owned assets and strong sales performance were major reasons why Citigroup was ranked high in Forbes Global 2000 list. Citigroup operates from countries like Algeria, Egypt, Nigeria, South Africa, Australia, India, China, Hong Kong, Singapore, Japan, Thailand, El Salvador, Honduras, Jamaica, and Puerto Rico.

Brief history
Citigroup was established with a merger between Citicorp and Travelers Group divisions on April7,1998. Citicorp's history goes as far back as 1812 when it was founded with an initial capital of $2 million. Travelers Group was a group of different financial entities that were brought together by CEO Sandy Weill. Merger of these two groups formed a $140 billion firm that owned assets worth nearly $700 billion.

Products and services
Citigroup offers banking and financial services and products to individuals, businesses, corporations, governments, and institutional investors. Products and services offered by Citigroup include consumer banking, investment banking, private equity, wealth management, corporate banking and investment research. Popular brands of Citigroup include Citibank, Banamex, Citimortgage, CitiInsurance, Citifinancial, and Smith Barney.

Financials
In 2007, Citigroup conducted sales worth about $118.61 billion. Profits for this public company stood at around $20.254 billion. In 2007, Citigroup owned assets worth about $2050.131 billion. In 2007, total employee count was nearly 374,000.

Awards and recognition
In 2007, Citigroup won several awards for excellence in banking and financial services. This group has also won awards for its corporate social responsibility activities. Major awards won by Citigroup include CSR Recognition Award in Singapore, Best Corporate Citizen Award in Taiwan (Runner-up in foreign company category), Financial Times Sustainable Bankers Award for micro-finance, and US Green Building Council LEED Certification.

Current financial crisis
Current financial crisis has caused plenty of problems for this multi-national company. Citigroup has undertaken several cost-cutting measures to offset losses incurred during global financial crisis. So far, more than 23,000 Citigroup employees have been laid-off. Apart from layoffs, Citigroup may also look to increase interest rates as part of its strategy to counter challenges posed by current financial crisis.


blog comments powered by Disqus