Office address: 388 Greenwich Street, New York, NY 10013
Website: citigroup.com
Year established: 1812
Company type: banking
Employees: 229,000+ (global)
Expertise: investment banking, capital markets and advisory, securities services and custody, wealth and private banking, asset management and alternatives, treasury and trade solutions, foreign exchange and derivatives, corporate and commercial lending
Parent company: N/A
Key people: Jane Fraser (CEO), Nadir Darrah (chief auditor), Sunil Garg (head of NA), Mark Mason (CFO), Anand Selvakesari (COO), Andy Sieg (head of wealth), Sara Wechter (CHRO)
Financing status: shareholder-owned company
Citigroup is a major bank based in New York that serves companies, governments, and investors. It runs trading, capital markets, and investment banking businesses across 94 markets worldwide. Citi moves nearly $5 trillion daily, while managing wealth for institutional and US personal clients.
Citigroup's origins began in 1812 after City Bank of New York was chartered to help the city rival older financial centers. The charter followed a long political battle involving merchants aligned with President James Madison and supporters of Vice President George Clinton.
Samuel Osgood became the first president, and Clinton's allies held almost half the board seats. That small New York bank later evolved over 200 years into the institution now known as Citi.
The bank opened a branch in Panama in 1904 at the US government's request and then expanded further. The National City Company sold bonds to ordinary investors, which helped fund companies and governments beyond Wall Street.
In the 1920s and 1930s, the bank built a broad New York branch network. It helped customers through the Great Depression and World War II, when women made up 43 percent of its almost 10,000 employees.
After 1945, the bank backed European rebuilding, financed major transport projects and expanded into the Middle East and Africa. In the 1960s and 1970s, it launched negotiable CDs, grew consumer banking and introduced ATMs for 24‑hour access.
From the 1980s, Citi expanded wealth and private banking services, including Citigold in Hong Kong. In 1998, a major merger created Citigroup, which later managed through the 2007–2008 crisis and reshaped its business mix.
It also supported the International Paralympic Committee through global sport partnerships. In 2021, Jane Fraser became Citi's CEO.
Citi has recently renewed its focus on investment banking under Viswas "Vis" Raghavan as head of banking. Since his arrival, the firm has hired at least 10 senior JPMorgan deal‑makers to strengthen M&A, equity capital markets, and technology coverage. This supports Jane Fraser's broader restructuring plans.
At the same time, Citigroup is pushing for growth in China as cross‑border activity increases. It has trimmed some consumer and technology roles, yet remains focused on Chinese companies expanding overseas and international clients. It's also pursuing a securities license and building on its existing capital markets permissions.
Citi offers a wide range of investment solutions that combine global reach and institutional‑grade platforms:
Citigroup also supports clients through its liquidity, risk, and cross‑border solutions that link investing to daily operations. Its global network and platforms help institutions and wealthy clients manage complex portfolios across markets.
Citigroup says that it aims to be a merit‑based workplace where people feel included and engaged. The bank says this culture supports its vision, expressed through these core fundamentals:
According to Citigroup, the firm offers benefits that support personal, professional and financial well‑being. Global opportunities, flexible work, and other resources help employees thrive in daily life:
Citigroup also has a $1 trillion sustainable finance goal through 2030 to support a low‑carbon, inclusive economy. It also targets net zero emissions by 2050 while helping clients with their own transitions.
Jane Fraser is chair of the board and CEO of Citigroup Inc. Fraser has spent more than 20 years at Citi in senior roles across its consumer and institutional businesses. She holds an MBA from Harvard Business School and an MA in economics from Cambridge University.
Citigroup's executive management team includes these key leaders and roles:
Together, these executives guide Citigroup's strategy, people, and day‑to‑day operations. Their decisions shape client service and long‑term shareholder returns.
Citigroup is using its global wealth arm to spot rich clients shifting assets from the US to the UK. Citi US stays central because those clients still need cross‑border advice, lending and portfolio management between American and British markets. This shift helps the bank grow international wealth revenue and refine its strategy for serving mobile, ultra‑wealthy families.
Elsewhere in Citi's ongoing transformation story, Citigroup hired outside counsel to review concerns about Andy Sieg, its head of Wealth. After the probe, the bank kept him in the role.
CEO Jane Fraser links that decision to strong results in the wealth unit and a broader turnaround that’s nearing its final phase. The bank also continues flexible work policies and sees clients more active in capital markets, which supports its long‑term wealth growth plans.
The record haul for the six big banks occurred as volatility juiced trading hauls, investment bankers rode a dealmaking boom and Donald Trump boosted bottom lines by slashing taxes.
Jeff takes the pod solo this week with his guest Gary Zimmerman, Founder of MaxMyInterest.com. Gary explains how MaxMyInterest was born from his experience during the financial crisis. Jeff and Gary discuss Gary's thoughts on why inflation is here to stay and may well be an indicator of future social and political instability, and how a recession may be our only hope of quelling inflation.
A team of four advisers in suburban New York is making the switch.
The bank will raise $4 billion to fund a years-long reshaping that includes carving out its investment bank and slashing its head count by 9,000.
Net interest income rose 24% in the third quarter as the bank reaps the benefits of the Fed's interest rate hikes.
The firm reaps rewards from the Federal Reserve's interest rate hike while expenses also came in lower than analysts expected, driving a profit beat.
In court documents, the SEC described at least a few senior managers at each firm who engaged in rampant texting with colleagues and clients.
The penalties levied against firms including Citigroup, Bank of America and Goldman Sachs constitute the largest-ever penalties against US banks for record-keeping lapses.
The bank remains committed to turning itself around after a series of scandals, but implementing all its plans will take time, Scharf said in prepared testimony for a congressional committee hearing.
The announcement that the bank hired law firm Covington & Burling to do an assessment comes as CEO Scharf prepares to appear at a pair of congressional hearings.
The new organization, which comprises about 3,500 employees, seeks to expand the firm's offerings for affluent clients increasingly sought by rivals.
A Finra arbitration panel said the firm owes Shlomo Salant compensation for 2014, the year he reached a settlement with the Commodity Futures Trading Commission for allegedly faking market interest in futures.
Goldman has been straining to prepare a feature that would let users set up direct deposits and pay their bills online, but it's constrained by the accelerating losses on its online platform, Marcus.
The global sell-off in bonds results in the second straight quarter in which the asset management company's clients pulled money from its funds.
The team is joining from Citigroup, where its members had managed more than $2 billion in client assets.
