View source for Citibank

{{Short description|American banking company}}
{{Distinguish|The City Bank|CIT Bank}}
{{Use American English|date=September 2022}}
{{Use mdy dates|date=April 2022}}
{{Infobox company
| name = Citibank, N.A.
| logo = Citibank.svg
| type = [[Subsidiary]]
| industry = [[Financial services]]
| founder=[[Samuel Osgood]]
| foundation = {{start date and age|1812|6|16}} (as City Bank of New York)
| hq_location = [[New York City]], U.S.
| key_people = {{ubl|[[Barbara J. Desoer|Barbara Desoer]] ([[chairwoman]])|Sunil Garg ([[Chief executive officer|CEO]])}}
| products = {{ubl|[[Credit card]]s|[[Mortgage]]s|[[Personal loan]]s|[[Commercial banking]]|[[Lines of credit]]}}
| parent = [[Citigroup]]
| subsid = 
| homepage = {{URL|citi.com}}
| footnotes = <ref name=10K>{{cite web|url=https://www.sec.gov/ix?doc=/Archives/edgar/data/831001/000083100123000037/c-20221231.htm |title=US SEC: 2022 Form 10-K Citigroup Inc. |publisher=[[U.S. Securities and Exchange Commission]] |date=February 27, 2023}}</ref>
}}

[[File:Adv08 Citigold 01.png|thumb|Citigold's branding, advertising additional benefits for customers with $200,000 at the firm]]
'''Citibank, N.A.''' ("N. A." stands for "[[National bank (United States)|National Association]]"; stylized as '''citi'''bank) is the primary U.S. banking subsidiary of [[Citigroup]], a [[financial services]] [[multinational corporation|multinational]] corporation.<ref>{{Cite web|url=http://www.citigroup.com/citi/fixedincome/data/corp_struct.pdf|title=Citigroup Material Legal Entities|access-date=April 10, 2017|archive-date=January 7, 2018|archive-url=https://web.archive.org/web/20180107170607/http://www.citigroup.com/citi/fixedincome/data/corp_struct.pdf|url-status=live}}</ref> Citibank was founded in 1812 as '''City Bank of New York''', and later became '''First National City Bank of New York'''.<ref>{{Cite web | title=Citigroup - American company | url=https://www.britannica.com/topic/Citigroup | website=[[Encyclopedia Britannica]]  |archive-url=https://web.archive.org/web/20200728141947/https://www.britannica.com/topic/Citigroup |archive-date=July 28, 2020 |url-status=live}}</ref> The bank has [[branch (banking)|branches]] in 19 countries.<ref name=10K/> The U.S. branches are concentrated in six metropolitan areas: [[New York City]], [[Chicago]], [[Los Angeles]], [[San Francisco]], [[Washington, D.C.]], and [[Miami]].<ref name=10K/>

As of 2023, Citibank is the third-largest bank in the United States in terms of assets.<ref>{{Cite web |date=8 February 2025 |title=Large Commercial Banks |url=https://www.federalreserve.gov/releases/lbr/current/ |website=Federal Reserve Statistical Release}}</ref>

==History==
===Founding===
[[File:New York, corner between Wall Street and William Street 1798.png|thumb|A late 18th century view of the northeast corner of William and Wall streets; the house to the far right became City Bank of New York's first home at 38 Wall Street, later renumbered as No.52.]]
[[File:Wuhan NY City Bank.jpg|thumb|Former [[Hankou]] offices of National City Bank in [[Wuhan]], China]]
[[File:(King1893NYC) pg719 NATIONAL CITY BANK OF NEW YORK. 52 WALL STREET, NORTH SIDE, BETWEEN PEARL AND WILLIAM STREETS.jpg|thumb|52 Wall Street, {{circa|1890}}]]
===19th century===
The City Bank of New York was founded on June 16, 1812.<ref>{{cite news| url=http://content.time.com/time/magazine/article/0,9171,1873125,00.html| title=Citibank: Teetering Since 1812| last=Fox| first=Justin| date=January 21, 2009| magazine=[[Time (magazine)|Time]]| access-date=January 20, 2018| language=en-US| issn=0040-781X| archive-date=October 12, 2017| archive-url=https://web.archive.org/web/20171012113547/http://content.time.com/time/magazine/article/0,9171,1873125,00.html| url-status=live}}</ref> The first president of the City Bank was the statesman and retired Colonel, [[Samuel Osgood]]. After Osgood's death in August 1813, [[William Few]] became President of the bank, staying until 1817, followed by Peter Stagg (1817–1825), Thomas Smith (1825–1827), [[Isaac Wright (investor)|Isaac Wright]] (1827–1832), and [[Thomas Bloodgood]] (1832–1843). After the [[Panic of 1837]], [[Moses Taylor]] acquired control of the company.<ref name=encyclopedia>{{Cite encyclopedia | url=https://www.encyclopedia.com/social-sciences-and-law/economics-business-and-labor/businesses-and-occupations/citigroup-inc | title=Citigroup Inc. | encyclopedia=[[Encyclopedia.com]]}}</ref> During Taylor's ascendancy, the bank functioned largely as a treasury and finance center for Taylor's own extensive business empire.<ref>{{cite book| url=https://archive.org/details/citibank181219700000clev| url-access=registration| title=Citibank, 1812–1970| publisher=Harvard University Press| first=Harold| last=van B. Cleveland| date=January 1, 1985| isbn=978-0674131750}}</ref> Later presidents of the bank included [[Gorham A. Worth]] (1843–1856), Moses Taylor himself (1856–1882), Taylor's son-in-law [[Percy Rivington Pyne I]], and [[James Stillman]] (1891–1909).<ref name=encyclopedia/>

In 1831, City Bank was the site of one of [[1831 City Bank of New York theft|America's first bank heists]] when two burglars, James Honeyman and William J. Murray,<ref name=":0">{{Cite web |last=Nilsson |first=Jeff |date=2013-03-16 |title=First Bank Robbery in United States |url=https://www.saturdayeveningpost.com/2013/03/first-bank-robbery-in-united-states/ |access-date=2024-06-16 |website=The Saturday Evening Post |language=en-US}}</ref> made off with tens of thousands of dollars' worth of bank notes, and 398 [[doubloon|gold doubloons]],<ref name="CityBankRobber">{{cite news |date=April 5, 1831 |title=City Bank Robber Taken |newspaper=[[Hartford Courant|Connecticut Courant]] |id={{ProQuest|548536442}} |agency=New York Commercial Advertiser}}</ref><ref name=":0" /> the equivalent of $52 million in 2013 currency.<ref>[http://www.saturdayeveningpost.com/2013/03/16/history/post-perspective/first-bank-robbery-in-united-states.html America’s (Not Quite) First Bank Robbery] {{Webarchive|url=https://web.archive.org/web/20170917080611/http://www.saturdayeveningpost.com/2013/03/16/history/post-perspective/first-bank-robbery-in-united-states.html |date=September 17, 2017 }}, Jeff Nilsson, ''[[The Saturday Evening Post]]'', March 16, 2013</ref>

The bank financed war bonds for the [[War of 1812]], serving as a founding member of the financial clearinghouse in New York (1853), underwriting the [[Union (American Civil War)|Union]] during the [[American Civil War]] with $50 million in war bonds, opening the first foreign exchange department of any bank (1897), and receiving a $5 million deposit to be given to Spain for the US acquisition of the [[Philippines]] (1899). In 1865, the bank joined the national banking system of the United States under the [[National Bank Act]] and became The [[National City Bank Building|National City Bank]] of New York. By 1868, it was one of the largest banks in the United States. The bank became the largest bank in New York City following the [[Panic of 1893]]. Two years later, in 1895, it had become the largest bank in the U.S.<ref name=encyclopedia/> 

===20th century===
[[File:Citibank old logo.svg|thumb|The Citibank logo, designed by Dan Friedman from Anspach Grossman Portugal of New York City and used by the bank from 1976 until 1999.<ref name=CH>{{cite web |url=https://collection.cooperhewitt.org/people/18041325/ |title=Dan Friedman |author=Cooper Hewitt, Smithsonian Design Museum |access-date=January 25, 2017 |publisher=[[Smithsonian Institution]] |archive-date=March 23, 2017 |archive-url=https://web.archive.org/web/20170323152913/https://collection.cooperhewitt.org/people/18041325/ |url-status=live }}</ref> The logo was gradually replaced worldwide with the current logo in early 2000s, with [[Argentina]] and [[Venezuela]] being the last countries to use this logo until 2007 and 2010, respectively.]]
In 1904, the bank helped finance the [[Panama Canal]]. Two years later, in 1906, 11% of the [[Federal government of the United States|U.S. federal government]]'s bank balances were held by National City. National City at this time was the banker of [[Standard Oil]], and the Chicago banking factions accused [[United States Secretary of the Treasury|U.S. Secretary of the Treasury]] [[L. M. Shaw]] of having too close of a relationship with National City and other Wall Street operators.<ref name="Lowenstein">{{cite book |first=Roger |last=Lowenstein|title=America's Bank: The Epic Struggle to Create the Federal Reserve |publisher=Penguin Press|date=2015|location=New York |isbn=9781594205491|page=53}}</ref> In 1907, Stillman, then the bank's chairman, intervened, along with [[J. P. Morgan]] and [[George Fisher Baker]], in the [[Panic of 1907]].

Between 1910 and 1911, the [[United States Department of State|Department of State]] backed a consortium of American investors headed by Citibank to acquire control over the [[Bank of the Republic of Haiti|Banque Nationale de la République d'Haïti]], which was the sole commercial bank of [[Haiti]] and served as the Haitian government's treasury. Citibank then lobbied for the [[United States occupation of Haiti]], which began in 1915. During the occupation, Citibank imposed a US$30 million loan on the Haitian government, which was described by communist<ref>{{Cite journal |last=Tunteng |first=P. Kiven |date=1974 |title=George Padmore's Impact on Africa: A Critical Appraisal |url=https://www.jstor.org/stable/274609 |journal=Phylon |volume=35 |issue=1 |pages=33–44 |doi=10.2307/274609 |jstor=274609 |issn=0031-8906 |access-date=October 20, 2022 |archive-date=October 20, 2022 |archive-url=https://web.archive.org/web/20221020161241/https://www.jstor.org/stable/274609 |url-status=live |url-access=subscription }}</ref> [[George Padmore]] as transforming Haiti into an "American slave colony".<ref>{{Cite journal|url=https://bostonreview.net/articles/peter-james-hudson-bankers-and-empire/|title=How Wall Street Colonized the Caribbean|journal=Boston Review|date=June 19, 2019 |access-date=May 11, 2022|archive-date=May 23, 2022|archive-url=https://web.archive.org/web/20220523113439/https://bostonreview.net/articles/peter-james-hudson-bankers-and-empire/|url-status=live |last1=Hudson |first1=Peter James }}</ref> Citibank would go on to acquire some of its largest gains in the 1920s due to debt payments from Haiti, according to later filings to the [[Senate Finance Committee]].<ref>{{Cite news |last1=Gebrekidan |first1=Selam |last2=Apuzzo |first2=Matt |last3=Porter |first3=Catherine |last4=Méheut |first4=Constant |date=2022-05-20 |title=Invade Haiti, Wall Street Urged. The U.S. Obliged. |language=en-US |work=[[The New York Times]] |url=https://www.nytimes.com/2022/05/20/world/haiti-wall-street-us-banks.html |access-date=2022-05-24 |issn=0362-4331 |archive-date=May 24, 2022 |archive-url=https://web.archive.org/web/20220524111036/https://www.nytimes.com/2022/05/20/world/haiti-wall-street-us-banks.html |url-status=live }}</ref>

When the [[Federal Reserve Act]] allowed it,<ref>{{cite news |title=Extending our Foreign Commerce |url=https://archive.org/stream/independen79v80newy#page/n54/mode/1up |newspaper=The Independent |date=July 13, 1914 |access-date=August 14, 2012}}</ref> National City Bank became the first U.S. national bank to open an overseas banking office when it opened a branch in [[Buenos Aires]], Argentina, in 1914. Many of Citi's present international offices are older; offices in London, Shanghai, [[Kolkata|Calcutta]], and elsewhere were opened in 1901 and 1902 by the '''International Banking Corporation''' (IBC), a company chartered to conduct banking business outside the U.S., which was forbidden to U.S. national banks. In 1918, IBC became a wholly owned subsidiary and was subsequently merged into the bank. The same year, the bank evacuated all of its employees from [[Moscow]] and [[Saint Petersburg|Petrograd]] as the [[Russian Civil War]] had begun, but also established a branch in [[Puerto Rico]]. By 1919, the bank had become the first U.S. bank to have $1 billion in assets.

As of March 9, 1921, there were four national banks in New York City operating branch offices: [[Chatham Phenix National Bank and Trust Company of New York|Chatham and Phenix National]], the [[Mechanics and Metals National Bank|Mechanics and Metals National]], the [[Irving Trust|Irving National]], and National City Bank.<ref name=citybank>{{cite news| url=https://www.nytimes.com/1921/03/09/archives/national-city-bank-buys-a-state-bank-negotiations-about-completed.html| title=National City Bank Buys a State Bank| newspaper=[[The New York Times]]| page=24| date=March 9, 1921| access-date=July 28, 2018| archive-date=July 26, 2018| archive-url=https://web.archive.org/web/20180726014354/https://www.nytimes.com/1921/03/09/archives/national-city-bank-buys-a-state-bank-negotiations-about-completed.html| url-status=live}}</ref>

[[Charles E. Mitchell]], also called "Sunshine" Charlie Mitchell, was elected president in 1921. In 1929, he was made chairman, a position he held until 1933. Under Mitchell, the bank expanded rapidly and by 1930 had 100 branches in 23 countries outside the United States. The policies pursued by the bank under Mitchell's leadership are seen by many people as one of the prime causes of the stock market crash of 1929, which led ultimately to the [[Great Depression]].<ref>{{cite video| url=https://www.youtube.com/watch?v=o2tkicC0evk| archive-url=https://web.archive.org/web/20170703172741/https://www.youtube.com/watch?v=o2tkicC0evk&gl=US&hl=en| archive-date=July 3, 2017| title=The Crash of 1929 PBS Documentary| work=[[PBS]]| publisher=[[YouTube]]}}</ref><ref>{{cite news| url=http://www.slate.com/articles/news_and_politics/explainer/2011/01/youre_under_arrest_for_causing_the_great_depression.html| title=You're Under Arrest … for Causing the Great Depression: Very few people have been punished for the 2008 financial collapse. Did anyone go to jail in 1929?| first=Brian| last=Palmer| journal=[[Slate (magazine)|Slate]]| date=January 25, 2011| access-date=March 17, 2017| archive-date=March 18, 2017| archive-url=https://web.archive.org/web/20170318091346/http://www.slate.com/articles/news_and_politics/explainer/2011/01/youre_under_arrest_for_causing_the_great_depression.html| url-status=live}}</ref><ref>{{cite news| url=http://www.argusleader.com/story/life/2016/10/04/looking-back-citibanks-south-dakota-invite-benefited-both/91548372/| title=Looking Back: Citibank's South Dakota invite benefited both| first=Eric| last=Renshaw| newspaper=[[Argus Leader]]| date=October 4, 2016| location=[[Sioux Falls, South Dakota]]}}</ref><ref>[http://wlrn.org/post/when-jazz-age-crashed-great-depression When the Jazz Age Crashed into the Great Depression] {{Webarchive|url=https://web.archive.org/web/20170318084206/http://wlrn.org/post/when-jazz-age-crashed-great-depression |date=March 18, 2017 }} [[WLRN-TV|WLRN]].</ref><ref>[http://www.federalreservehistory.org/Events/DetailView/74 Stock Market Crash of 1929] {{Webarchive|url=https://web.archive.org/web/20170120145735/http://www.federalreservehistory.org/Events/DetailView/74 |date=January 20, 2017 }} Federal Reserve History.</ref><ref>[http://www.nydailynews.com/entertainment/tv-movies/pbs-great-lesson-great-depression-american-experience-series-article-1.388331 PBS makes a great lesson of the Great Depression in 'American Experience' series] {{Webarchive|url=https://web.archive.org/web/20170318085845/http://www.nydailynews.com/entertainment/tv-movies/pbs-great-lesson-great-depression-american-experience-series-article-1.388331 |date=March 18, 2017 }} ''[[New York Daily News]]''.</ref><ref>[http://prospect.org/article/too-big-fail-not-too-strong Too Big to Fail. Not Too Strong] {{Webarchive|url=https://web.archive.org/web/20170318172951/http://prospect.org/article/too-big-fail-not-too-strong |date=March 18, 2017 }} [[The American Prospect]].</ref><ref>[http://www.alternet.org/story/149048/10_reasons_we%27d_be_better_off_without_ben_bernanke/ 10 Reasons We'd Be Better off Without Ben Bernanke] {{Webarchive|url=https://web.archive.org/web/20171121031734/https://www.alternet.org/story/149048/10_reasons_we%27d_be_better_off_without_ben_bernanke |date=November 21, 2017 }} [[Alternet]].</ref><ref>{{cite news| url=https://www.nytimes.com/learning/students/pop/floyd.html| title=Looking Back at the Crash of '29| first=Floyd| last=Norris| newspaper=[[The New York Times]]| date=October 17, 1999| access-date=August 25, 2017| archive-date=December 16, 2017| archive-url=https://web.archive.org/web/20171216212450/http://www.nytimes.com/learning/students/pop/floyd.html| url-status=live}}</ref><ref>{{cite news | url=http://www.tomdispatch.com/post/175032 | title=Tomgram: Steve Fraser, Locked into the Bailout State | first=Steve | last=Fraser | publisher=[[Tom Engelhardt]] | date=February 10, 2009 | access-date=March 17, 2017 | archive-date=March 23, 2019 | archive-url=https://web.archive.org/web/20190323105656/http://www.tomdispatch.com/post/175032 | url-status=live }}</ref>

In 1933, the [[Pecora Commission]], a [[United States Senate]] committee, investigated Mitchell for his part in tens of millions of dollars in losses, excessive pay, and tax avoidance, later leading to his resignation.<ref>[http://njch.org/humanities-connection/the-hellhound-of-wall-street/ The Hellhound of Wall Street: Michael Perino on Ferdinand Pecora and the Great Depression] {{Webarchive|url=https://web.archive.org/web/20170318085206/http://njch.org/humanities-connection/the-hellhound-of-wall-street/ |date=March 18, 2017 }} New Jersey Council of the Humanities.</ref><ref>[http://www.newsweek.com/can-angelides-panel-bring-justice-wall-street-79615 Can Angelides Panel Bring Justice to Wall Street?] {{Webarchive|url=https://web.archive.org/web/20170319023720/http://www.newsweek.com/can-angelides-panel-bring-justice-wall-street-79615 |date=March 19, 2017 }} ''[[Newsweek]]''.</ref><ref>{{cite episode| url=https://www.pbs.org/wgbh/frontline/article/were-bankers-jailed-in-past-financial-crises/| title=Were Bankers Jailed In Past Financial Crises?| network=PBS| series=[[Frontline (U.S. TV series)|Frontline]]| date=January 22, 2013| first=Jason M.| last=Breslow| access-date=August 25, 2017| archive-date=October 19, 2017| archive-url=https://web.archive.org/web/20171019043924/http://www.pbs.org/wgbh/frontline/article/were-bankers-jailed-in-past-financial-crises/| url-status=live}}</ref><ref>[https://www.bloomberg.com/view/articles/2013-05-24/when-the-senate-went-after-wall-street When the Senate Went After Wall Street] {{Webarchive|url=https://web.archive.org/web/20170405142903/https://www.bloomberg.com/view/articles/2013-05-24/when-the-senate-went-after-wall-street |date=April 5, 2017 }} ''[[Bloomberg News#Bloomberg View]]''.</ref><ref>{{cite journal| url=http://quod.lib.umich.edu/h/humfig/11217607.0001.203?view=text;rgn=main| title=The Taming of Economic Aristocracies| last=Blomert| first=Reinhart| volume=1| issue=2| journal=Human Figurations| date=July 2012| publisher=[[University of Michigan]]| access-date=March 17, 2017| archive-date=March 18, 2017| archive-url=https://web.archive.org/web/20170318084154/http://quod.lib.umich.edu/h/humfig/11217607.0001.203?view=text;rgn=main| url-status=live}}</ref><ref>{{cite journal| url=http://www.americanbar.org/publications/blt/2016/06/12_dravis.html| title=Corporate Governance&nbsp;– Woven into the Fabric of Capitalism| journal=Business Law Today| last=Davis| first=Bruce| date=June 2016| publisher=[[American Bar Association]]| access-date=March 17, 2017| archive-date=March 18, 2017| archive-url=https://web.archive.org/web/20170318093758/http://www.americanbar.org/publications/blt/2016/06/12_dravis.html| url-status=live}}</ref> U.S. Senator [[Carter Glass]] said of him, "Mitchell, more than any 50 men, is responsible for this [[Wall Street Crash of 1929|stock crash]]."<ref>[https://web.archive.org/web/20070905000359/http://www.time.com/time/magazine/article/0,9171,745272-1,00.html Damnation of Mitchell] ''Time'' 1929.</ref><ref>{{cite journal| url=http://www.nakedcapitalism.com/2009/07/guest-post-review-of-ferdinand-pecoras.html| title=Guest Post: Review of Ferdinand Pecora's "Wall Street Under Oath"| journal=[[Naked Capitalism]]| date=July 19, 2009| access-date=March 17, 2017| archive-date=March 18, 2017| archive-url=https://web.archive.org/web/20170318083446/http://www.nakedcapitalism.com/2009/07/guest-post-review-of-ferdinand-pecoras.html| url-status=live}}</ref>

On December 24, 1927, its headquarters in [[Buenos Aires]], Argentina, were blown up by the [[Anarchism in Italy|Italian anarchist]] [[Severino Di Giovanni]], in the frame of the international campaign supporting [[Sacco and Vanzetti]].<ref>{{cite book| last=Aliano| first=David| title=Mussolini's National Project in Argentina| url=https://books.google.com/books?id=myEsAwAAQBAJ&pg=PA131| publisher=[[Fairleigh Dickinson University Press]]| page=131| isbn=978-1611475777| date=August 31, 2012}}</ref>

In 1940 and 1941, branches in Germany and Japan closed. In 1945, the bank handled $5.6 billion in Treasury securities for War and Victory Loan drives for the U.S. government.

In 1952, [[James Stillman Rockefeller]] was elected president and then chairman in 1959, serving until 1967. Stillman was a direct descendant of the [[Rockefeller family]] through the [[William Rockefeller]] (the brother of [[John D. Rockefeller|John D.]]) branch. In 1960, his second cousin, [[David Rockefeller]], became president of [[Chase Bank|Chase Manhattan Bank]], National City's long-time New York rival for dominance in the banking industry in the United States.<ref>{{cite news| url=https://www.telegraph.co.uk/news/obituaries/1469477/James-Stillman-Rockefeller.html |archive-url=https://ghostarchive.org/archive/20220111/https://www.telegraph.co.uk/news/obituaries/1469477/James-Stillman-Rockefeller.html |archive-date=January 11, 2022 |url-access=subscription |url-status=live| title=Obituaries: James Stillman Rockefeller| newspaper=[[The Daily Telegraph]]| date=August 16, 2004| location=[[London]]}}{{cbignore}}</ref><ref>{{cite news| url=https://www.nytimes.com/2004/08/11/business/james-s-rockefeller-102-dies-was-a-banker-and-a-24-olympian.html| title=James S. Rockefeller, 102; dies; Was a Banker and '24 Champion| first=Wolfgang| last=Saxon| newspaper=[[The New York Times]]| date=August 11, 2004| access-date=August 25, 2017| archive-date=May 3, 2014| archive-url=https://web.archive.org/web/20140503101020/http://www.nytimes.com/2004/08/11/business/james-s-rockefeller-102-dies-was-a-banker-and-a-24-olympian.html| url-status=live}}</ref>

Following its merger with the First National Bank in 1955, the bank changed its name to The First National City Bank of New York, then shortened it to First National City Bank in 1962. It is also worth noting that the bank began recruiting at [[Harvard Business School]] in 1957, arranged the financing of the 1958 Hollywood film, ''[[South Pacific (1958 film)|South Pacific]]'', and had its branches in Cuba [[Nationalization|nationalized]] in 1959 by the new [[Socialism|socialist]] government, and has its first [[African Americans|African-American]] director in 1969, [[Franklin A. Thomas]].

The company organically entered the leasing and credit card sectors, and its introduction of US dollar-denominated [[Certificate of deposit|certificates of deposit]] in London marked the first new [[negotiable instrument]] in the market since 1888. Later to become part of [[MasterCard]], the bank introduced its ''[[First National City Charge Service]]'' credit card—popularly known as the "Everything Card"—in 1967.

In 1967, [[Walter Wriston|Walter B. Wriston]] became chairman and chief executive officer of the bank.<ref>{{cite news| url=https://www.washingtonpost.com/wp-dyn/articles/A25323-2005Jan20.html| title=Walter B. Wriston, 85; Chairman of Citicorp| first=Patricia| last=Sullivan| newspaper=[[The Washington Post]]| date=January 21, 2005| access-date=December 28, 2017| archive-date=December 22, 2017| archive-url=https://web.archive.org/web/20171222192804/http://www.washingtonpost.com/wp-dyn/articles/A25323-2005Jan20.html| url-status=live}}</ref>

In the 1960s, the bank entered into the credit card business. In 1965, First National City Bank bought [[Diners Club International#Carte Blanche|Carte Blanche]] from [[Hilton Worldwide|Hilton Hotels]]. Three years later, under pressure from the U.S. government, the bank sold this division. By 1968, the company created its own credit card. The card, known as "[[The Everything Card]]", was promoted as a kind of East Coast version of the [[BankAmericard]]. By 1969, First National City Bank decided that the Everything Card was too costly to promote as an independent brand and joined Master Charge (now [[MasterCard]]). Citibank unsuccessfully tried again from 1977 to 1987 to create a separate credit card brand, the [[Choice (credit card)|Choice Card]].

In 1967, First National City Bank reorganized as a one-bank holding company, First National City Corporation, or "Citicorp" for short. However, the bank had been nicknamed "Citibank" since the 1860s, when City Bank of New York adopted it as an eight-letter wire code address. "Citicorp" became the holding company's formal name in 1974, and in 1976, First National City Bank was renamed Citibank, N.A.<ref name="RefBiz">[http://www.fundinguniverse.com/company-histories/citigroup-inc-history/ Citigroup] {{Webarchive|url=https://web.archive.org/web/20190813020949/http://www.fundinguniverse.com/company-histories/citigroup-inc-history/ |date=August 13, 2019 }} at Reference for Business</ref> The name change also helped to avoid confusion in [[Ohio]] with [[Cleveland]]-based [[National City Corp.]], though the banks never had any significant overlapping areas except for Citi credit cards issued in National City territory. In addition, at the time of the name change to Citicorp, in 1968, National City of Ohio was mostly a Cleveland-area bank and had not gone on its acquisition spree that would occur in the 1990s and 2000s. Any possible name confusion had Citi not changed its name from National City eventually became completely moot when [[PNC Financial Services]] acquired National City in 2008 during the [[subprime mortgage crisis]].

In 1987, the bank set aside $3 billion in reserves for loan losses in Brazil and other [[Developing country|developing countries]].<ref>{{cite news| url=https://www.nytimes.com/1987/12/15/business/bank-of-boston-in-big-write-off-of-latin-loans.html| title=Bank of Boston In Big Write-Off Of Latin Loans| first=Eric N.| last=Berg| newspaper=The New York Times| date=December 15, 1987| access-date=December 28, 2017| archive-date=November 3, 2017| archive-url=https://web.archive.org/web/20171103012303/http://www.nytimes.com/1987/12/15/business/bank-of-boston-in-big-write-off-of-latin-loans.html| url-status=live}}</ref> In 1990, the bank established a subsidiary in Poland. In 1994, it became the world's biggest card issuer.

Also in the 1980s, the bank launched the Citicard, which allowed customers to perform all transactions without a [[passbook]].<ref>{{Cite web|title=The bankers that define the decades: John Reed, Citibank|url=https://www.euromoney.com/article/b1fpt94q2k4c10/the-bankers-that-define-the-decades-john-reed-citibank|access-date=June 30, 2020|website=Euromoney|date=June 18, 2019|language=en|archive-date=July 28, 2020|archive-url=https://web.archive.org/web/20200728172830/https://www.euromoney.com/article/b1fpt94q2k4c10/the-bankers-that-define-the-decades-john-reed-citibank|url-status=live}}</ref> Branches also had [[Computer terminal|terminals]] with simple one-line displays that allowed customers to get basic account information without a [[bank teller]].

[[John S. Reed]] was selected CEO in 1984, and Citi became a founding member of the [[CHAPS]] [[Clearing house (finance)|clearing house]] in London. Under his leadership, the next 14 years would see Citibank become the largest bank in the U.S., the largest issuer of credit cards and charge cards in the world, and expand its global reach to over 90 countries.

As the bank's expansion continued, the Narre Warren-Caroline Springs{{Dubious|date=February 2018|reason=This credit card company name sounds made up. Narre Warren and Caroline Springs are the names of two outer-Melbourne suburbs.}} credit card company was purchased in 1981. In 1981, Citibank chartered a [[South Dakota]] subsidiary to take advantage of new laws that raised the state's maximum permissible [[interest rate]] on loans to 25% (then the highest in the nation). In many other states, usury laws prevented banks from charging interest that aligned with the extremely high costs of lending money in the late 1970s and early 1980s, making [[consumer lending]] unprofitable. There is no current maximum interest rate or usury restriction under South Dakota law when a written agreement is formed.<ref>{{Cite web|url=https://sdlegislature.gov/Statutes/Codified_Laws/2072159|title=Loading...|website=South Dakota Legislature|access-date=May 11, 2022|archive-date=April 16, 2022|archive-url=https://web.archive.org/web/20220416030135/https://sdlegislature.gov/Statutes/Codified_Laws/2072159|url-status=live}}</ref> 

===21st century===
In 2005, Federated Department Stores, now [[Macy's, Inc.]], sold its consumer credit portfolio to Citigroup, which reissued its cards under the name Department Stores National Bank (DSNB).<ref>{{cite news| url=https://www.chicagotribune.com/2005/06/03/department-store-credit-business-sold-to-citigroup/| title=Department store credit business sold to Citigroup| newspaper=[[Chicago Tribune]]| date=June 3, 2005| access-date=April 10, 2017| archive-date=April 11, 2017| archive-url=https://web.archive.org/web/20170411135253/http://articles.chicagotribune.com/2005-06-03/business/0506030188_1_card-portfolio-credit-card-lord-taylor| url-status=live}}</ref><ref>{{cite news| url=http://www.bizjournals.com/cincinnati/stories/2005/05/30/daily22.html| title=Federated to sell credit card business for $4.5 billion| first=Lisa Biank| last=Fasig| newspaper=[[American City Business Journals|Cincinnati Business Courier]]| date=June 2, 2005| url-access=subscription| access-date=April 10, 2017| archive-date=April 11, 2017| archive-url=https://web.archive.org/web/20170411055107/http://www.bizjournals.com/cincinnati/stories/2005/05/30/daily22.html| url-status=live}}</ref>

As of 2013, Citibank employed 2,900 people in [[Sioux Falls]], South Dakota, and contributed to the state holding more bank assets than any other state.<ref>{{Cite web|url=https://www.theatlantic.com/business/archive/2013/07/how-citibank-made-south-dakota-the-top-state-in-the-us-for-business/425661/|title=How Citibank Made South Dakota the Top State in the U.S. for Business|first=Amy Sullivan, National|last=Journal|date=July 10, 2013|website=The Atlantic|access-date=February 8, 2019|archive-date=February 9, 2019|archive-url=https://web.archive.org/web/20190209180029/https://www.theatlantic.com/business/archive/2013/07/how-citibank-made-south-dakota-the-top-state-in-the-us-for-business/425661/|url-status=live}}</ref>

In 2013, Citibank purchased the credit card portfolio of [[Best Buy]] from Capital One.<ref>{{cite news| url=https://www.bizjournals.com/newyork/news/2013/09/09/citi-takes-over-best-buys-credit.html| title=Citi takes over Best Buy's credit card program| first=Lance| last=Murray| newspaper=[[American City Business Journals|New York Business Journal]]| date=September 9, 2013| access-date=October 26, 2017| archive-date=March 13, 2017| archive-url=https://web.archive.org/web/20170313140347/http://www.bizjournals.com/newyork/news/2013/09/09/citi-takes-over-best-buys-credit.html| url-status=live}}</ref><ref>{{cite news| url=https://www.washingtonpost.com/business/economy/capital-one-sells-best-buy-credit-card-portfolio-to-citigroup/2013/02/19/9b4ba18a-7ab6-11e2-a044-676856536b40_story.html| title=Capital One sells Best Buy credit card portfolio to Citigroup| first=Danielle| last=Douglas| newspaper=[[The Washington Post]]| date=February 19, 2013| access-date=April 10, 2017| archive-date=April 11, 2017| archive-url=https://web.archive.org/web/20170411135039/https://www.washingtonpost.com/business/economy/capital-one-sells-best-buy-credit-card-portfolio-to-citigroup/2013/02/19/9b4ba18a-7ab6-11e2-a044-676856536b40_story.html| url-status=live}}</ref>

On April 1, 2016, Citigroup became the exclusive issuer of [[Costco]]'s branded credit cards.<ref>{{cite news| url=http://www.latimes.com/business/la-fi-costco-visa-20160623-snap-story.html| title=Costco's launch of new Citi Visa card leaves angry customers on hold| first=Ellen| last=Cannon| newspaper=[[Los Angeles Times]]| date=June 23, 2016| access-date=October 26, 2017| archive-date=October 26, 2017| archive-url=https://web.archive.org/web/20171026110440/http://www.latimes.com/business/la-fi-costco-visa-20160623-snap-story.html| url-status=live}}</ref><ref>{{cite news| url=http://www.latimes.com/business/la-fi-costco-visa-20150302-story.html| title=Costco names Citi, Visa as new credit card partners after AmEx deal ends| first=Javier| last=Panzar| newspaper=Los Angeles Times| date=March 2, 2015| access-date=August 8, 2017| archive-date=July 3, 2015| archive-url=https://web.archive.org/web/20150703133135/http://www.latimes.com/business/la-fi-costco-visa-20150302-story.html| url-status=live}}</ref>

The bank's private-label credit card division, Citi Retail Services, issues store-issued credit cards for such companies as: [[American Airlines]], [[Best Buy]], [[ConocoPhillips]], [[Costco]], [[ExxonMobil]], [[The Home Depot]], [[Sears]], [[Royal Dutch Shell|Shell Oil]], and [[Staples Inc.]]

====Automatic teller machines====
In the 1970s, Citibank was one of the first U.S. banks to introduce [[automatic teller machine]]s (ATMs), which gave customers 24-hour access to cash.
===Expansion===
[[File:Citibank US Branches 2020.svg|thumb|Citibank's footprint as of mid-2020]]
[[File:Citibank Chinatown.jpg|thumb|Citibank's branch in [[Chinatown (Manhattan)|Manhattan Chinatown]] in New York City]]
[[File:20070509 Citibank.JPG|thumb|Citibank's branch on [[Michigan Avenue (Chicago)|Michigan Avenue]] in Chicago]]
In 2002, Citigroup, the parent of Citibank, acquired Golden State Bancorp and its [[California Federal Bank]], which was one-third owned by [[Ronald O. Perelman]], for $5.8 billion.<ref>{{cite news| url=https://www.nytimes.com/2002/05/22/business/citigroup-pays-5.8-billion-for-bank-tied-to-perelman.html| title=Citigroup Pays $5.8 Billion For Bank Tied To Perelman| first=RivaD.| last=Atlas| newspaper=The New York Times| date=May 22, 2002| access-date=August 25, 2017| archive-date=May 23, 2017| archive-url=https://web.archive.org/web/20170523154146/http://www.nytimes.com/2002/05/22/business/citigroup-pays-5.8-billion-for-bank-tied-to-perelman.html| url-status=live}}</ref><ref>{{cite news| url=https://www.wsj.com/articles/SB1022018370674342800| title=Citigroup Will Buy Golden State In a $5.8 Billion Cash, Stock Deal| first=Paul| last=Beckett| newspaper=[[The Wall Street Journal]]| date=May 22, 2002| access-date=April 10, 2017| archive-date=April 11, 2017| archive-url=https://web.archive.org/web/20170411054817/https://www.wsj.com/articles/SB1022018370674342800| url-status=live}}</ref>

In 1999, Citibank was sued for improperly charging late fees on its credit cards.<ref>{{cite news| url=https://www.latimes.com/archives/la-xpm-1999-oct-05-fi-19032-story.html| title=Citibank Sued Over Late Fees; Class-Action Status Sought| agency=[[Reuters]]| newspaper=Los Angeles Times| date=October 5, 1999| access-date=April 10, 2017| archive-date=April 11, 2017| archive-url=https://web.archive.org/web/20170411054954/http://articles.latimes.com/1999/oct/05/business/fi-19032| url-status=live}}</ref>

In August 2004, Citigroup entered the Texas market with the purchase of First American Bank of [[Bryan, Texas]]. The deal established the firm's [[retail banking]] presence in Texas, giving Citibank over 100 branches, $3.5 billion in assets and approximately 120,000 customers in the state.<ref>{{cite press release| url=http://www.businesswire.com/news/home/20040824005385/en/Citigroup-Acquire-American-Bank-Texas| title=Citigroup to Acquire First American Bank in Texas| publisher=Citigroup| via=Business Wire| date=August 24, 2004| access-date=April 10, 2017| archive-date=April 11, 2017| archive-url=https://web.archive.org/web/20170411055459/http://www.businesswire.com/news/home/20040824005385/en/Citigroup-Acquire-American-Bank-Texas| url-status=live}}</ref>

In 2006, the bank entered the Philadelphia market, opening 23 branches in the metropolitan area. In 2013, Citibank closed these locations for "efficiency-driven" reasons.<ref>{{cite news| url=http://www.bizjournals.com/philadelphia/news/2013/12/17/citibank-pulling-out-of-philadelphia.html| title=Citibank closing all remaining Philadelphia branches| first=Jeff| last=Blumenthal| publisher=[[American City Business Journals|Philadelphia Business Journal]]| date=December 17, 2013| access-date=September 23, 2016| archive-date=September 23, 2016| archive-url=https://web.archive.org/web/20160923112913/http://www.bizjournals.com/philadelphia/news/2013/12/17/citibank-pulling-out-of-philadelphia.html| url-status=live}}</ref>

In 2006, the company announced a naming rights sponsorship deal for the new stadium of [[New York Mets]], [[Citi Field]], which opened in 2009. The deal reportedly required payments by Citi of $20 million per year for 20 years.<ref name="Buxbaum">{{cite news| url=http://www.cnn.com/2009/US/04/13/mets.ballpark/| title=Mets and the Citi: $400 million for stadium-naming rights irks some| first=Evan| last=Buxbaum| publisher=[[CNN]]| date=April 13, 2009| access-date=April 10, 2017| archive-date=October 30, 2016| archive-url=https://web.archive.org/web/20161030194933/http://www.cnn.com/2009/US/04/13/mets.ballpark/| url-status=live}}</ref>

As of September 2020, Citibank's US branches are located in the metropolitan areas of New York, Los Angeles, San Francisco, Sacramento, San Diego, Washington DC, Las Vegas, Miami, and Chicago.  California is home to the majority of Citibank's US branches, with 292 branches located in the state.'

Citi announced it may return its retail banking presence to Dallas in 2022. Citibank will take more than 9,000 square feet of space in the Berkshire Court building at Preston and Northwest Highway. Construction is scheduled to start on the new office early next year, according to planning documents filed with the state. The new Citibank office is described as an "experience center" in the planning documents. The plans identify the operation as "retail bank/office space". Citibank doesn't have a major retail banking presence in the Dallas area. A spokesman in the bank's New York office would not give details about what is planned in the North Dallas location. "We'll decline to comment on this," said Citibank's Drew Benson in an email.

===2007–2009 losses and cost-cutting measures by parent Citigroup===
On April 11, 2007, Citigroup, the parent of Citibank, announced layoffs of 17,000 employees, or 8% of its workforce.<ref>{{cite news| url=https://money.cnn.com/2007/04/11/news/companies/citigroup/index.htm?postversion=2007041108| title=Citigroup to hack 17,000 jobs| first=Rob| last=Kelley| journal=[[CNNMoney]]| date=April 11, 2007| access-date=August 3, 2020| archive-date=September 19, 2020| archive-url=https://web.archive.org/web/20200919133540/https://money.cnn.com/2007/04/11/news/companies/citigroup/index.htm?postversion=2007041108| url-status=live}}</ref>

On November 4, 2007, [[Charles Prince]] resigned as the chairman and chief executive of Citigroup, the parent of Citibank, following crisis meetings with the board in New York in the wake of billions of dollars in losses related to [[subprime lending]].<ref>{{cite news| url=https://usatoday30.usatoday.com/money/industries/banking/2007-11-04-citigroup-ceo-resigns_N.htm| title=Citigroup's Prince Steps Down, Rubin Named Chairman| first=Jason| last=DeCrow| agency=[[Associated Press]]| newspaper=[[USA Today]]| date=November 4, 2007| access-date=April 10, 2017| archive-date=April 11, 2017| archive-url=https://web.archive.org/web/20170411061959/https://usatoday30.usatoday.com/money/industries/banking/2007-11-04-citigroup-ceo-resigns_N.htm| url-status=live}}</ref> Former [[United States Secretary of the Treasury]] [[Robert Rubin]] took over as chairman, subsequently hiring [[Vikram Pandit]] as chief executive.<ref>{{cite news| url=http://nymag.com/news/businessfinance/55035/index3.html| title=The Most Powerless Powerful Man on Wall Street| journal=[[New York (magazine)|New York]]| date=March 9, 2009| access-date=April 10, 2017| archive-date=April 11, 2017| archive-url=https://web.archive.org/web/20170411135602/http://nymag.com/news/businessfinance/55035/index3.html| url-status=live}}</ref>

On November 5, 2007, several days after [[Merrill Lynch]] announced that it too had been losing billions from the subprime mortgage crisis in the United States, Citi reported that it will lose between $8 billion and $11 billion in the fourth quarter of 2007, in addition to the $6.5 billion it lost in the third quarter of 2007.<ref>{{cite news| url=https://www.washingtonpost.com/wp-dyn/content/article/2007/11/05/AR2007110500270.html| title=Citigroup Seeks CEO, Takes More Losses| first=Madlen| last=Read| agency=Associated Press| newspaper=The Washington Post| date=November 5, 2007| access-date=August 25, 2017| archive-date=April 11, 2017| archive-url=https://web.archive.org/web/20170411181001/http://www.washingtonpost.com/wp-dyn/content/article/2007/11/05/AR2007110500270.html| url-status=live}}</ref>

Effective November 30, 2007, Citibank sold its 17 [[Puerto Rico]] branches, along with $1.0 billion in deposits, to [[Popular, Inc.|Banco Popular]].<ref>{{cite web| url=https://www.sec.gov/Archives/edgar/data/763901/000095014408001554/g11828e10vk.htm| title=POPULAR, INC. 2007 Form 10-K Annual Report| publisher=[[U.S. Securities and Exchange Commission]]| access-date=April 10, 2017| archive-date=April 11, 2017| archive-url=https://web.archive.org/web/20170411135132/https://www.sec.gov/Archives/edgar/data/763901/000095014408001554/g11828e10vk.htm| url-status=live}}</ref>

In January 2008, Citigroup reported a $10 billion loss in the fourth quarter of 2007, after an $18.1 billion write down.<ref>{{cite news| url=https://money.cnn.com/2008/01/15/news/companies/citigroup_earnings/| title=Citigroup's $10 billion loss is worst ever| first=David| last=Ellis| journal=CNNMoney| date=January 15, 2008| access-date=August 3, 2020| archive-date=October 29, 2020| archive-url=https://web.archive.org/web/20201029081246/https://money.cnn.com/2008/01/15/news/companies/citigroup_earnings/| url-status=live}}</ref>

In March 2008, Citibank set up Mobile Money Ventures, a joint venture with [[SK Telecom]], to develop [[mobile app]]s for banking.<ref>{{cite press release| url=http://www.businesswire.com/news/home/20080306005564/en/SK-Telecom-Citi-Launch-Joint-Venture-Provide| title=SK Telecom and Citi Launch Joint Venture to Provide Next Generation of Mobile Financial Services| publisher=Citigroup| via=PRNewswire| date=March 6, 2008| access-date=April 10, 2017| archive-date=April 11, 2017| archive-url=https://web.archive.org/web/20170411055522/http://www.businesswire.com/news/home/20080306005564/en/SK-Telecom-Citi-Launch-Joint-Venture-Provide| url-status=live}}</ref>  It sold the venture to [[Intuit]] in June 2011.<ref>{{cite press release| url=http://www.businesswire.com/news/home/20110627006856/en/Intuit-Buys-Mobile-Money-Ventures-Platform-Bolster| title=Intuit Buys Mobile Money Ventures Platform to Bolster Mobile Banking Capabilities| publisher=Intuit| via=Business Wire| date=June 27, 2011| access-date=April 10, 2017| archive-date=April 11, 2017| archive-url=https://web.archive.org/web/20170411135411/http://www.businesswire.com/news/home/20110627006856/en/Intuit-Buys-Mobile-Money-Ventures-Platform-Bolster| url-status=live}}</ref>

In May 2008, the company closed an $87.5 million [[leaseback]] transaction for branches in New York City.<ref>{{cite news | url=https://www.cpexecutive.com/post/markland-acquires-47-citibank-branches-in-100m-sale-leaseback/ | title=Markland Acquires 47 Citibank Branches in $100M Sale-Leaseback | work=Commercial Property Executive | date=May 14, 2008 | access-date=February 4, 2019 | archive-date=February 4, 2019 | archive-url=https://web.archive.org/web/20190204065729/https://www.cpexecutive.com/post/markland-acquires-47-citibank-branches-in-100m-sale-leaseback/ | url-status=live }}</ref>

In July 2008, ''Citibank Privatkunden AG & Co. KGaA'', the company's German division, was sold to [[Crédit Mutuel]].<ref>{{cite news| url=https://abcnews.go.com/Business/story?id=5365215| title=Citi to sell German retail banking for $7.7B| first=Matt| last=Moore| work=[[ABC News (United States)|ABC News]]| date=July 12, 2008| access-date=June 27, 2020| archive-date=July 28, 2020| archive-url=https://web.archive.org/web/20200728170744/https://abcnews.go.com/Business/story?id=5365215| url-status=live}}</ref> On February 22, 2010, it was renamed to [[Targobank]].

In August 2008, after a three-year investigation by the [[California Attorney General]], Citibank was ordered to repay the $14 million that was removed from 53,000 customers accounts over an 11-year period from 1992 to 2003, plus an additional $4 million in interest and penalties. The money was taken under an electronic "account sweeping program" where any positive balances from over-payments or double payments were removed without notice to the customers.<ref name=IPO>{{cite web| url=http://www.sfgate.com/business/article/Citibank-settles-with-state-to-repay-millions-3197565.php| title=Citibank settles with state, to repay millions| first=Bob| last=Egelko| newspaper=[[San Francisco Chronicle]]| date=August 27, 2008| access-date=April 10, 2017| archive-date=April 11, 2017| archive-url=https://web.archive.org/web/20170411055259/http://www.sfgate.com/business/article/Citibank-settles-with-state-to-repay-millions-3197565.php| url-status=live}}</ref>

As a result of the [[2008 financial crisis]] and huge losses in the value of its [[subprime lending]] assets, Citigroup, the parent of Citibank, received a [[bailout]] in the form of an investment from the [[United States Department of the Treasury|U.S. Treasury]].<ref>{{Cite web|title=Citigroup secures government lifeline - Nov. 23, 2008|url=https://money.cnn.com/2008/11/23/news/companies/citigroup/index.htm|access-date=June 30, 2020|website=money.cnn.com|archive-date=September 26, 2020|archive-url=https://web.archive.org/web/20200926160700/https://money.cnn.com/2008/11/23/news/companies/citigroup/index.htm|url-status=live}}</ref> On November 23, 2008, in addition to an initial investment of $25 billion, a further $20 billion was invested in the company along with guarantees for risky assets of $306 billion.<ref>{{cite news|last=Aversa|first=Jeannine|date=November 24, 2008|title=Government unveils bold plan to rescue Citigroup|newspaper=[[The Washington Post]]|agency=[[Associated Press]]|url=https://www.washingtonpost.com/wp-dyn/content/article/2008/11/23/AR2008112301864_pf.html|access-date=August 25, 2017|archive-date=March 25, 2017|archive-url=https://web.archive.org/web/20170325112923/http://www.washingtonpost.com/wp-dyn/content/article/2008/11/23/AR2008112301864_pf.html|url-status=live}}</ref> The guarantees were issued at a time markets were not confident Citi had enough liquidity to cover losses from those investments. Eventually, the Citi shares the Treasury took over in return for the guarantees it issued were booked as net profit for the treasury as Citi had enough liquidity and guarantees did not have to be used. By 2010, Citibank had repaid the loans from the Treasury in full, including interest, resulting in a net profit for the U.S. federal government.

On January 16, 2009, Citigroup announced that it was separating [[Citigroup#Creation of Citi Holdings (2009)|Citi Holdings Inc.]], its non-core businesses such as brokerage, asset management, and local consumer finance and higher-risk assets, from Citicorp. The split was presented as allowing Citibank to concentrate on its core banking business.<ref>{{cite press release| url=https://www.ft.com/content/44d895ca-e3c9-11dd-8274-0000779fd2ac |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/44d895ca-e3c9-11dd-8274-0000779fd2ac |archive-date=December 10, 2022 |url-access=subscription |url-status=live| title=Citi to Reorganize into Two Operating Units to Maximize Value of Core Franchise| newspaper=[[Financial Times]]| date=January 16, 2009}}</ref>

===2010 to present===
On October 19, 2011, Citigroup, the parent of Citibank, agreed to a $285 million civil fraud penalty after the [[U.S. Securities and Exchange Commission]] accused the company of betting against risky mortgage-related investments that it sold to its clients.<ref>{{cite news| url=https://www.nytimes.com/2011/10/20/business/citigroup-to-pay-285-million-to-settle-sec-charges.html| title=Citigroup to Pay Millions to Close Fraud Complaint| first=Edward| last=Wyatt| newspaper=The New York Times| date=October 19, 2011| access-date=August 25, 2017| archive-date=May 23, 2017| archive-url=https://web.archive.org/web/20170523154202/http://www.nytimes.com/2011/10/20/business/citigroup-to-pay-285-million-to-settle-sec-charges.html| url-status=live}}</ref><ref>{{cite news| url=https://www.wsj.com/articles/SB10001424052970204618704576640873051858568| title=Citigroup to Pay $285 Million to Settle Fraud Charges| first1=Jean| last1=Eaglesham| first2=Suzanne| last2=Kapner| newspaper=The Wall Street Journal| date=October 19, 2011| url-access=subscription| access-date=April 10, 2017| archive-date=November 24, 2017| archive-url=https://web.archive.org/web/20171124230312/https://www.wsj.com/articles/SB10001424052970204618704576640873051858568| url-status=live}}</ref><ref>{{cite journal| url=https://www.propublica.org/article/did-citi-get-a-sweet-deal-banks-says-sec-settlement-on-one-cdo-clears-it-on| title=Did Citi Get a Sweet Deal? Bank Claims SEC Settlement on One CDO Clears It on All Others| first1=Jesse| last1=Eisinger| first2=Jake| last2=Bernstein| journal=[[ProPublica]]| date=October 20, 2011| access-date=April 10, 2017| archive-date=April 11, 2017| archive-url=https://web.archive.org/web/20170411054541/https://www.propublica.org/article/did-citi-get-a-sweet-deal-banks-says-sec-settlement-on-one-cdo-clears-it-on| url-status=live}}</ref>

In 2014, Citigroup announced it would exit retail banking in 11 markets, primarily in Europe and Central America.<ref>{{cite news| url=https://www.bostonglobe.com/business/2014/10/14/citigroup-exit-retail-banking-markets/79kUW9Bsm7sH0tFccvlQeI/story.html| title=Citigroup to exit retail banking in 11 markets| first=Ken| last=Sweet| agency=Associated Press| newspaper=[[The Boston Globe]]| date=October 15, 2014| access-date=April 10, 2017| archive-date=April 11, 2017| archive-url=https://web.archive.org/web/20170411055543/https://www.bostonglobe.com/business/2014/10/14/citigroup-exit-retail-banking-markets/79kUW9Bsm7sH0tFccvlQeI/story.html| url-status=live}}</ref> In September 2014, it exited the Texas market with the sale of 41 branches to [[BB&T]].<ref>{{cite news| url=https://www.dallasnews.com/business/business/2014/09/03/bbt-acquires-another-41-branches-in-texas-from-citibank| title=BB&T acquires another 41 branches in Texas from Citibank| first=Hanah| last=Cho| newspaper=[[Dallas Morning News]]| date=September 2014| access-date=April 10, 2017| archive-date=April 11, 2017| archive-url=https://web.archive.org/web/20170411055410/https://www.dallasnews.com/business/business/2014/09/03/bbt-acquires-another-41-branches-in-texas-from-citibank| url-status=live}}</ref> In September 2015, the bank announced that it would close its 17 branches in Massachusetts and end sponsorship of a theater in Boston.<ref>{{cite web| url=http://www.bizjournals.com/boston/news/2015/09/24/with-boston-exit-citi-affirms-it-was-always-a-fish.html| title=With Boston exit, Citi affirms it was always a 'fish out of water'| first=Greg| last=Ryan| newspaper=[[American City Business Journals|Boston Business Journal]]| date=September 24, 2015| access-date=April 10, 2017| archive-date=April 11, 2017| archive-url=https://web.archive.org/web/20170411055143/http://www.bizjournals.com/boston/news/2015/09/24/with-boston-exit-citi-affirms-it-was-always-a-fish.html| url-status=live}}</ref>

In 2015, the bank was ordered to pay $770 million in relief to borrowers for illegal credit card practices. The [[Consumer Financial Protection Bureau]] said that about 7 million customer accounts were affected by Citibank's "deceptive marketing" practices, which included misrepresenting costs and fees and charging customers for services they did not receive.<ref>{{cite journal| last1=Naidu| first1=Richa| title=Citi ordered to pay $770 million over credit card practices| url=https://www.reuters.com/article/us-usa-banks-creditcard/citi-ordered-to-pay-770-million-over-credit-card-practices-idUSKCN0PV1PJ20150721| journal=[[Reuters]]| date=July 21, 2015| access-date=October 22, 2017| archive-date=October 22, 2017| archive-url=https://web.archive.org/web/20171022085104/https://www.reuters.com/article/us-usa-banks-creditcard/citi-ordered-to-pay-770-million-over-credit-card-practices-idUSKCN0PV1PJ20150721| url-status=live}}</ref>

On March 1, 2017, an article in ''[[The Economic Times]]'' of India stated that Citibank may close its 44 branches in India, as digital transactions made them less necessary. The articles wrote that Citibank was "India's most profitable foreign lender".<ref>{{cite news| url=https://economictimes.indiatimes.com/markets/stocks/news/citibank-may-get-to-sleep-now-as-tech-obviates-need-for-branches/articleshow/57410836.cms| title=Citibank may get to 'sleep' now as tech obviates need for branches| first=Joel| last=Rebello| newspaper=The Economic Times| date=March 1, 2017| access-date=October 22, 2017| archive-date=May 17, 2017| archive-url=https://web.archive.org/web/20170517132653/http://economictimes.indiatimes.com/markets/stocks/news/citibank-may-get-to-sleep-now-as-tech-obviates-need-for-branches/articleshow/57410836.cms| url-status=live}}</ref>

On March 20, 2017, ''[[The Guardian]]'' reported that hundreds of banks had helped launder [[Federal Security Service|FSB]]-related funds out of Russia, as uncovered by an investigation named [[Russian Laundromat]]. Citibank was listed among the American banks that were named as having handled the laundered funds, with banks in the US processing around $63.7 million between 2010 and 2014. Citibank was listed as having processed $37 million of that amount, with others including [[Bank of America]], which processed $14 million, as the bank "handled $113.1 million" in Laundromat cash.<ref>{{cite news| url=https://www.theguardian.com/world/2017/mar/20/british-banks-handled-vast-sums-of-laundered-russian-money| title=British banks handled vast sums of laundered Russian money| first1=Luke| last1=Harding| first2=Nick| last2=Hopkins| first3=Caelainn| last3=Barr| newspaper=The Guardian| date=March 20, 2017| access-date=March 25, 2017| archive-date=April 14, 2017| archive-url=https://web.archive.org/web/20170414031504/https://www.theguardian.com/world/2017/mar/20/british-banks-handled-vast-sums-of-laundered-russian-money| url-status=live}}</ref>

In March 2018, Citibank announced a new firearms policy, placing restrictions on financial transactions in the U.S. firearm industry.<ref>{{cite web| url=https://blog.citigroup.com/2018/03/announcing-our-us-commercial-firearms-policy/| title=Announcing Our U.S. Commercial Firearms Policy| first=Ed| last=Skyler| date=March 22, 2018| access-date=October 14, 2019| archive-date=September 29, 2019| archive-url=https://web.archive.org/web/20190929205934/https://blog.citigroup.com/2018/03/announcing-our-us-commercial-firearms-policy/| url-status=live}}</ref><ref>{{cite news |last1=Sorkin |first1=Andrew Ross |title=Citigroup Acted. Now, Two New Ideas on How Banks Can Limit Gun Sales. |url=https://www.nytimes.com/2018/03/26/business/citigroup-guns.html |work=The New York Times |date=March 26, 2018 |access-date=October 23, 2019 |archive-date=October 17, 2019 |archive-url=https://web.archive.org/web/20191017132721/https://www.nytimes.com/2018/03/26/business/citigroup-guns.html |url-status=live }}</ref>

In April 2021, Citibank announced it would exit its consumer banking operations in 13 markets, including [[Australia]], [[Bahrain]], [[China]], [[India]], [[Indonesia]], [[South Korea]], [[Malaysia]], the [[Philippines]], [[Poland]], [[Russia]], [[Taiwan]], [[Thailand]] and [[Vietnam]].<ref>{{cite web |title=Citigroup to exit consumer banking in 13 markets |url=https://www.bbc.com/news/business-56755610 |website=BBC |access-date=April 18, 2021 |date=April 16, 2021}}</ref>

In January 2022, Citi further announced its plan to exit consumer banking in [[Mexico]] (also known as Citibanamex), as well as small-business and middle-market banking operations.<ref>{{cite news|url=https://www.reuters.com/business/citi-exit-mexican-consumer-banking-business-strategy-revamp-2022-01-11/|title=Citi to exit Mexican consumer business as part of strategy revamp|work=[[Reuters]]|date=January 12, 2022|first1=David|last1=Henry|access-date=January 12, 2022|archive-date=July 14, 2022|archive-url=https://web.archive.org/web/20220714194050/https://www.reuters.com/business/citi-exit-mexican-consumer-banking-business-strategy-revamp-2022-01-11/|url-status=live}}</ref>

In September 2022, Citi announced plans to wind down retail banking in the UK.<ref>{{cite web |title=Citigroup to wind down retail bank in the UK |url=https://www.reuters.com/business/finance/citigroup-wind-down-uk-retail-bank-operation-2022-09-21/|website=Reuters |access-date=March 12, 2023 |date=September 21, 2022}}</ref>

In January 2024, Citi reported a $1.8 billion loss in the fourth quarter of 2023 and announced plans to cut 20,000 jobs, roughly 8% of its workforce.<ref>{{cite web | url=https://www.newsnationnow.com/business/citi-20000-jobs-1-8-billion-loss/ | title=Citi to cut 20,000 jobs, posts $1.8 billion loss in 'disappointing' quarter | date=January 16, 2024 }}</ref>

At the bank's 2024 investor day, Citi highlighted its Services division, which produces income from "[[plumbing (finance)|financial pipes]]".<ref>{{cite news |last1=Baer |first1=Justin |title=Inside Citigroup's Most Mysterious Business |url=https://www.wsj.com/finance/investing/citi-services-investors-day-ad5604f9 |access-date=28 June 2024 |work=The Wall Street Journal |date=18 June 2024}}</ref>

In March 2025, Citi paid out £215,000 in a discrimination settlement for a former employee after she lost out on an expected promotion when she returned from maternity leave.<ref>{{Cite news |last=O'Carroll |first=Lisa |date=2025-03-26 |title=Former Citibank exec settles maternity discrimination case for £215,000 |url=https://www.theguardian.com/money/2025/mar/26/former-citibank-exec-settles-maternity-discrimination-case-for-215000 |access-date=2025-03-26 |work=The Guardian |language=en-GB |issn=0261-3077}}</ref>

{| class="wikitable sortable"
|-
! data-sort-type="number" | Market
! Acquirer/status
! Announcement date
! Consideration<br />([[US$]])
! Ref.
|-
| Australia
| [[National Australia Bank]]
| 2021-08-09
| 882 million
|<ref>{{cite web|title=花旗8.8億美元出售澳洲消金事業|url=https://money.udn.com/money/story/5599/5662189|publisher=經濟日報|date=August 10, 2021|access-date=February 25, 2022|archive-date=July 14, 2022|archive-url=https://web.archive.org/web/20220714194437/https://money.udn.com/money/story/5599/5662189|url-status=dead}}</ref><ref>{{cite web|url=https://www.nab.com.au/about-us/citi-sale-notice|title=NAB's acquisition of Citigroup's Australian consumer business|access-date=January 28, 2024}}</ref>
|-
| Indonesia, Malaysia, Thailand and Vietnam
| [[United Overseas Bank]]
| 2022-01-13
| 3.36 billion
| <ref>{{cite press release|author=UOB Newsroom|date=November 1, 2022|title=UOB completes acquisition of Citigroup's consumer banking businesses in Malaysia and Thailand|url=https://www.uobgroup.com/uobgroup/newsroom/2022/uob-completes-acquisition-of-citigroups-consumer-banking-businesses-in-malaysia-and-thailand.page?path=data/uobgroup/2022/254&cr=segment|access-date=December 13, 2023}}</ref><ref>{{cite press release|author=UOB Newsroom|date=May 11, 2023|title=UOB's acquisition of Citigroup's consumer banking businesses in ASEAN leads the way to more credit card partnerships featuring renowned regional and global brands|url=https://www.uobgroup.com/uobgroup/newsroom/2023/uobs-acquisition-of-citigroups-consumer-banking-business-in-asean.page?path=data/uobgroup/2023/268|access-date=December 13, 2023}}</ref>
|-
| South Korea
| Winding down "in phases"
| 2021-10-25
| N/A
|<ref>{{cite news |title=Citibank Korea to close retail banking 'in phases' |url=https://en.yna.co.kr/view/AEN20211025003252320?section=search |access-date=2 July 2022 |work=[[Yonhap News Agency]] |date=25 October 2021 |language=en |archive-date=July 2, 2022 |archive-url=https://web.archive.org/web/20220702162830/https://en.yna.co.kr/view/AEN20211025003252320?section=search |url-status=live }}</ref>
|-
| Philippines
| [[UnionBank of the Philippines]]
| 2021-12-23
| 908 million
|<ref>{{cite web|title=花旗集團 出售菲律賓消金業務|url=https://www.chinatimes.com/realtimenews/20211223005555-260410?chdtv|publisher=中時媒體|date=December 23, 2021|access-date=February 25, 2022|archive-date=July 14, 2022|archive-url=https://web.archive.org/web/20220714194141/https://www.chinatimes.com/realtimenews/20211223005555-260410?chdtv|url-status=live}}</ref><ref>{{cite news |url=https://www.philstar.com/business/2021/12/23/2149687/edging-out-rivals-unionbank-acquire-citis-local-consumer-banking-business |title=Edging out rivals, UnionBank to acquire Citi's local consumer banking business |publisher=philstar.com |date=December 23, 2021 |access-date=December 23, 2021 |archive-date=December 23, 2021 |archive-url=https://web.archive.org/web/20211223031437/https://www.philstar.com/business/2021/12/23/2149687/edging-out-rivals-unionbank-acquire-citis-local-consumer-banking-business |url-status=live }}</ref>{{Better source needed|date=July 2022}}
|-
| Taiwan
| [[DBS Bank]]
| 2022-01-28
| 706.6 million
|<ref>{{cite news|url=https://www.reuters.com/business/finance/dbs-buy-citis-taiwan-retail-business-take-over-3500-staff-2022-01-28/|title=DBS buys Citi's Taiwan retail unit to bulk up regional presence|work=[[Reuters]]|date=January 28, 2022|first1=Anshuman|last1=Daga|first2=Indranil|last2=Sarkar|access-date=January 28, 2022|archive-date=July 15, 2022|archive-url=https://web.archive.org/web/20220715213835/https://www.reuters.com/business/finance/dbs-buy-citis-taiwan-retail-business-take-over-3500-staff-2022-01-28/|url-status=live}}</ref>
|-
|India
|[[Axis Bank]]
|2022-03-30
|1.6 billion
|
|-
| Bahrain
| [[Ahli United Bank]]
| 2022-04-06
| Unknown
|<ref>{{cite news|url=https://www.zawya.com/en/business/banking-and-insurance/citi-to-sell-bahrain-consumer-business-to-ahli-united-bank-c1zh3h5v|title=Citi to sell Bahrain consumer business to Ahli United Bank|agency=[[Reuters]]|date=April 6, 2022|first1=Sohini|last1=Podder|first2=Mehnaz|last2=Yasmin|access-date=April 6, 2022|archive-date=July 15, 2022|archive-url=https://web.archive.org/web/20220715203122/https://www.zawya.com/en/business/banking-and-insurance/citi-to-sell-bahrain-consumer-business-to-ahli-united-bank-c1zh3h5v|url-status=live}}</ref>
|}

== Chairmen ==
Since the bank's founding in 1812, it has been led by a President, with [[Samuel Osgood]] being elected as the first President. In 1909, [[James Stillman]] became the first chairman of the company.

=== List of Chairmen ===

# [[Samuel Osgood]] (1812–1813)
# [[William Few]] (1813–1817)
# Peter Staff (1817–1825)
# Thomas Smith (1825–1827)
# [[Isaac Wright (investor)|Isaac Wright]] (1827–1832)
# [[Thomas Bloodgood]] (1832–1844)
# [[Gorham A. Worth]] (1844–1856)
# [[Moses Taylor]] (1856–1882)
# [[Percy Pyne]] (1882–1891)
# [[James Stillman]] (1891–1918)
# [[Frank A. Vanderlip]] (1918–1919)
# [[James A. Stillman]] (1919–1921)
# [[Charles E. Mitchell]] (1921–1933)
# [[James H. Perkins]] (1933–1940)
# [[Gordon Sohn Rentschler]] (1940–1948)
# [[William Gage Brady Jr.]] (1948–1952)
# [[Howard C. Sheperd]] (1952–1959)
# [[James Stillman Rockefeller]] (1959–1967)
# [[George S. Moore]] (1967–1970)
# [[Walter B. Wriston]] (1970–1984)
# [[John S. Reed]] (1984–1998)
# [[John S. Reed]] and [[Sanford I. Weill|Sandy Weill]] (1998–2000)
# [[Sanford I. Weill|Sandy Weill]] (2000–2006)
# [[Charles Prince]] (2006–2007)
# [[Winfried Bischoff|Sir Win Bischoff]] (2007–2009)
# [[Richard Parsons (businessman)|Dick Parsons]] (2009–2012)
# [[Michael E. O'Neill|Michael O'Neill]] (2012–2019)
# [[John C. Dugan|John Dugan]] (2019– )

==Controversies==

=== Alleged money laundering by [[Raúl Salinas de Gortari|Raul Salinas]] ===
In 1998, the [[General Accounting Office]] issued a report critical of Citibank's handling of funds received from [[Raul Salinas de Gortari]], brother of [[Carlos Salinas]], the former president of Mexico. The report, titled "Raul Salinas, Citibank and Alleged Money Laundering", indicated that Citibank facilitated the transfer of millions of dollars through complex financial transactions that hid the funds' paper trail. The report indicated that Citibank took on Salinas as a client without making a thorough inquiry as to how he made his fortune, an omission that a Citibank official called a violation of the bank's "know your customer" policy.<ref>{{cite news |last=Day |first=Kathleen |date=December 4, 1998 |title=Citibank Called Lax on Salinas Money Trail |newspaper=[[The Washington Post]] |url=https://www.washingtonpost.com/wp-srv/inatl/longterm/mexico/stories/981204.htm |access-date=September 22, 2022 |archive-date=April 11, 2016 |archive-url=https://web.archive.org/web/20160411145633/http://www.washingtonpost.com/wp-srv/inatl/longterm/mexico/stories/981204.htm |url-status=live }}</ref><ref>{{cite news |date=November 1, 1996 |title=How Citicorp's Amy Elliott Served Mexico's Raul Salinas |work=[[The Wall Street Journal]] |url=https://www.wsj.com/articles/SB846798978902024000 |access-date=September 22, 2022 |archive-date=September 22, 2022 |archive-url=https://web.archive.org/web/20220922061109/https://www.wsj.com/articles/SB846798978902024000 |url-status=live }}{{subscription required}}</ref>

=== Yakuza links ===

Citibank has been punished by the [[Financial Services Agency|Japanese Financial Services Agency]] twice (2004 and 2009) for aiding and abetting [[money laundering]] by [[yakuza]] members; there was no punishment from the U.S. side. In 2004–2006, [[U.S. Immigration and Customs Enforcement|Immigration Customs Enforcement (ICE)]] seized close to $1 million worth of assets in the United States owned by [[Susumu Kajiyama]], the so-called emperor of [[loan shark]]s, and a [[Yamaguchi-gumi]] Goryokai member.<ref>{{cite web| url=http://www.japansubculture.com/president-obama-declares-war-on-the-yakuza-go-get-them-barry/| title=The US Declares War on the Yakuza| date=July 27, 2011| access-date=August 19, 2021| archive-date=July 17, 2021| archive-url=https://web.archive.org/web/20210717191058/http://www.japansubculture.com/president-obama-declares-war-on-the-yakuza-go-get-them-barry/| url-status=live}}</ref>

"In 2004, Citibank (Japan) lost their private banking license because they were allowing yakuza to do many complex transactions," [[Jake Adelstein]], author of "[[Tokyo Vice]]" and an expert on Japan's mafia – known as the yakuza – told [[CNN]]. "They got 'spanked' in 2009 for failing to update their databases and allowing yakuza to do business with them again."<ref>{{cite web| url=https://www.cnn.com/2013/11/01/business/japan-yakuza-banks-investigation/index.html| website=[[CNN]]| title=Japan yakuza and banks: Mobster connections? &#124; CNN Business| date=November 2013| access-date=August 19, 2021| archive-date=August 19, 2021| archive-url=https://web.archive.org/web/20210819065739/https://www.cnn.com/2013/11/01/business/japan-yakuza-banks-investigation/index.html| url-status=live}}</ref>

=== Funding of the Dakota Access Pipeline ===
Citibank is one of the lead lenders to the developers of the [[Dakota Access Pipeline]] project in [[North Dakota]], a {{Convert|1172|mi|km|-long|sp=us|adj=mid}} [[oil pipeline]] project.<ref name=pipeline>{{cite news| url=https://www.nytimes.com/2016/11/08/business/energy-environment/environmentalists-blast-bankers-behind-dakota-pipeline.html| title=Environmentalists Target Bankers Behind Pipeline| first=Hiroko| last=Tabuchi| author-link=Hiroko Tabuchi |newspaper=The New York Times| date=November 7, 2016| access-date=April 7, 2017| archive-date=April 8, 2017| archive-url=https://web.archive.org/web/20170408004948/https://www.nytimes.com/2016/11/08/business/energy-environment/environmentalists-blast-bankers-behind-dakota-pipeline.html| url-status=live}}</ref> The pipeline has been controversial regarding its potential environmental impacts and impacts to [[Siouan]] sacred lands and water supply.<ref name=pipeline/><ref>{{cite news| url=http://www.yesmagazine.org/people-power/how-to-contact-the-17-banks-funding-the-dakota-access-pipeline-20160929| title=How to Contact the 17 Banks Funding the Dakota Access Pipeline| last=Fuller| first=Emily| newspaper=[[Yes! (U.S. magazine)|YES!]]| date=September 29, 2016| access-date=December 18, 2016| archive-date=December 20, 2016| archive-url=https://web.archive.org/web/20161220062739/http://www.yesmagazine.org/people-power/how-to-contact-the-17-banks-funding-the-dakota-access-pipeline-20160929| url-status=live}}</ref> According to a statement by Hugh MacMillan, a senior researcher on water, energy and climate issues, Citibank has been "running the books on this project, and that's the bank that beat the bushes and got other banks to join in."<ref>{{cite journal| url=http://www.democracynow.org/2016/9/9/who_is_funding_the_dakota_access| title=Who Is Funding the Dakota Access Pipeline? Bank of America, HSBC, UBS, Goldman Sachs, Wells Fargo| journal=[[Democracy Now!]]| date=September 9, 2016| access-date=February 15, 2017| archive-date=February 15, 2017| archive-url=https://web.archive.org/web/20170215045727/https://www.democracynow.org/2016/9/9/who_is_funding_the_dakota_access| url-status=live}}</ref>

On December 13, 2016, students of [[Columbia University]] protested outside of the Citibank location on Broadway and 112th Street, by holding cardboard signs, chanting and passing flyers. Earlier that year, the university replaced the on-campus Citibank ATMs with ATMs from [[Santander Bank]], a bank that has no ties to the Dakota Access Pipeline.<ref>{{cite web| url=http://columbiaspectator.com/news/2016/12/13/students-protest-citibank-funding-dakota-access-pipeline/| title=Students protest Citibank for funding of Dakota Access Pipeline| first=Aaron| last=Holmes| newspaper=[[Columbia Daily Spectator]]| date=December 13, 2016| access-date=February 15, 2017| archive-date=December 21, 2016| archive-url=https://web.archive.org/web/20161221092907/http://columbiaspectator.com/news/2016/12/13/students-protest-citibank-funding-dakota-access-pipeline| url-status=live}}</ref>

=== Libor Index Settlement ===
Preceded by other banks involved in the [[Libor scandal#Breadth of scandal becomes apparent|Libor Scandal]], Citibank in June 2018 reached a settlement with 42 U.S. states to pay a $100 million fine due to their manipulation of the [[Libor#Scope|London Inter-bank Offered Rate]].<ref name="fortune.com">{{cite web|url= http://fortune.com/2018/06/16/citibank-fined-libor-settlement|title= Citibank Fined $100 Million for Manipulating Key Global Interest Rate|first1=David Z. |last1= Morris|date= June 16, 2018|access-date= August 6, 2018|archive-url= https://web.archive.org/web/20180617053218/http://fortune.com/2018/06/16/citibank-fined-libor-settlement|archive-date= June 17, 2018|url-status= live}}</ref><ref name= "money.cnn.com">{{cite web|url= https://money.cnn.com/2018/06/15/news/companies/citibank-libor/index.html|title= Citibank fined $100 million for interest rate manipulation|author1= T. Visram|date= June 15, 2018|website= cnn.com|language= en|access-date= August 6, 2018|quotation= Citibank will pay a huge fine for manipulating an important interest rate.|archive-url= https://web.archive.org/web/20180726233631/https://money.cnn.com/2018/06/15/news/companies/citibank-libor/index.html|archive-date= July 26, 2018|url-status= live}}</ref> Libor index is widely used as a reference rate for many financial instruments both in financial and commercial fields.

==Sponsorships==
Citibank sponsors [[Citi Field]], home of the [[New York Mets]] baseball club,<ref name="Buxbaum"/> as well as the [[Washington Open (tennis)|Washington Open]] tennis championship.<ref>{{cite news| url=https://www.washingtonpost.com/sports/othersports/legg-mason-tennis-classic-getting-new-sponsor-venue-upgrades/2012/04/24/gIQAfYFHeT_story.html| title=Legg Mason Tennis Classic getting new sponsor, venue upgrades| first=Liz| last=Clarke| newspaper=[[The Washington Post]]| date=April 24, 2012| access-date=October 22, 2017| archive-date=October 22, 2017| archive-url=https://web.archive.org/web/20171022141353/https://www.washingtonpost.com/sports/othersports/legg-mason-tennis-classic-getting-new-sponsor-venue-upgrades/2012/04/24/gIQAfYFHeT_story.html| url-status=live}}</ref>

Citibank became the major sponsor of the [[North Sydney Bears]] for the [[1992 NSWRL season]]<ref>{{Cite web |date=1991-11-22 |title=THE BEARS WILL PLAY FOR CITIBANK AND $1M |url=https://www.afr.com/politics/the-bears-will-play-for-citibank-and-1m-19911122-k4nc3 |access-date=2025-01-31 |website=Australian Financial Review |language=en}}</ref>

The firm became a sponsor of the Australian Rugby Union team in 2001 for a three-year deal,<ref>{{cite press release| url=http://www.sportcal.com/News/PressReleases/17776?sportID=225&size=25| title=Citibank in Australian Rugby Union Sponsorship Deal| date=October 17, 2001| work=[[Rugby Australia|Australian Rugby Union]]| access-date=September 20, 2017| archive-date=September 20, 2017| archive-url=https://web.archive.org/web/20170920141512/http://www.sportcal.com/News/PressReleases/17776?sportID=225&size=25| url-status=live}}</ref> and a major sponsor of the [[Sydney Swans]] in 2005, who play in the [[Australian Football League]].<ref>{{cite news| url=https://www.sportbusiness.com/sport-news/citi-extends-major-partner-sydney-swans| title=Citi extends as major partner of Sydney Swans| work=Sport Business| date=June 7, 2017| url-access=subscription| access-date=October 22, 2017| archive-date=October 22, 2017| archive-url=https://web.archive.org/web/20171022085531/https://www.sportbusiness.com/sport-news/citi-extends-major-partner-sydney-swans| url-status=live}}</ref>

In the late 1970s, First National City was heavily involved in Indy Car racing, sponsoring major drivers like Johnny Rutherford<ref>{{cite web| title=Johnny Rutherford in 1978| url=https://www.pinterest.com/pin/405675878912187678/| publisher=Pintrest| access-date=March 6, 2018| archive-date=August 23, 2016| archive-url=https://web.archive.org/web/20160823031920/https://www.pinterest.com/pin/405675878912187678/| url-status=live}}</ref> and Al Unser, Sr. Unser won the [[1978 Indianapolis 500]] in First National City Travelers Checks livery.

In Formula 1 First National City was the sponsor of team Tyrrell in 1977 and 1978, with the First National City Travelers Checks livery also. They're currently sponsoring [[Fernando Alonso]] in Formula 1

Citibank is the main sponsor of New York City's bike-share scheme [[Citi Bike]] since its launch in 2013.<ref>{{cite web |title=Citi Bike Partners & Sponsors |url=https://www.citibikenyc.com/partners |website=Citi Bike NYC |access-date=February 10, 2021 |language=en |archive-date=April 17, 2021 |archive-url=https://web.archive.org/web/20210417011939/https://www.citibikenyc.com/partners |url-status=live }}</ref>

==See also==
{{Portal|Banks|New York City|Companies}}
* [[Citigroup Center]]
* [[List of chairmen of Citigroup]]
* [[Sanford I. Weill]]
* [[ATMIA|ATM Industry Association]]

==References==
{{reflist|2}}

==Further reading==

* Bridges, Mary. ''Dollars and Dominion: US Bankers and the Making of a Superpower'' (Princeton University Press, 2024) [https://www.h-net.org/reviews/showpdf.php?id=61536 Online review of this book.]; emphasis on Citibank

* {{cite book |last1=Cleveland |first1=Harold van B. |last2=Huertas |first2=Thomas F. |title=Citibank, 1812–1970 |publisher= Harvard University Press |date=1985 |oclc=11867287}} [https://archive.org/details/citibank181219700000clev online]

* {{cite book |last=Zweig |first=Philip L.  |title=Wriston: Walter Wriston, Citibank and the Rise and Fall of American Financial Supremacy| date=1995 |publisher=Crown Publishers |oclc=232673245}}
* {{cite book |last1=Freeman |first1=James |last2=McKinley |first2=Vern |title= Borrowed Time: Two Centuries of Booms, Busts, and Bailouts at Citi |publisher=Harper Business |date=2018 |oclc=1028607879}}


{{Commons category}}

{{Citigroup}}
{{Members of Euro Banking Association}}
{{Authority control}}

[[Category:Citigroup]]
[[Category:1812 establishments in New York (state)]]
[[Category:Banks based in New York City]]
[[Category:Banks established in 1812]]
[[Category:American companies established in 1812]]
[[Category:Economy of Sioux Falls, South Dakota]]
[[Category:Rockefeller family]]
[[Category:American corporate subsidiaries]]