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.
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 asessing late fees. The class action lawsuit was for 45 million dollars. Following this Citibank lobbied in Congress (who they give huge donations too), 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 accessing late fees.
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.
Fiscal year end: December
- 2002 Sales (in mil.) $45,883.0
- 2002 Net Income (mil.) $6,356.0
- 2002 Employees 129,545
Vladimir Levin is the pseudonym of the mastermind of a group of hackers that stole $10 million from Citibank
Citigroup is the mother company of Citibank
Last updated: 06-02-2005 17:39:04