Citibank
Citibank, a leading international bank, is the consumer banking arm of financial services giant Citigroup.
Citibank was founded in 1812 as the City Bank of New York, later First National City Bank of New York. As of March 2010, Citigroup is the third largest bank holding company in the United States by total assets, after Bank of America and JP Morgan Chase.
Citibank has retail banking operations in more than 100 countries and territories around the world. More than half of its 1,400 offices are in the United States, mostly in New York City, Chicago, Los Angeles, the San Francisco Bay Area, and Miami. More recently, Citibank has expanded its operations in the Boston, Philadelphia, Houston, Dallas, and Washington, D.C., metropolitan areas.
Citigroup and its predecessor companies use the “diversified financial services business model” first invented by Prudential in the late seventies. Simply put, this model attempts to conglomerate many types of finance companies, such as stock brokers, banks, insurance companies, and others.
This is done because each of those businesses do better or worse at different times of the business cycle, and so owning all of them balances things out and creates in theory less earnings volatility. This is also done because customers usually use many different kinds of financial products and attempting to convince them to use more products from the same company sells more products more cheaply, compared to those separate companies strictly selling products on their own.
In addition, Citibank offers a wide range of checking, savings, CD and retirement products and all come with many free services including online banking, convenient account access, and 24/7 support.
Call (800) 374-9700 or visit www.citibank.com for more information.
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