Founded: 16 June 1812
Headquartered in: New York, United States of America
Did you know?
- After the War between Britain and the United States ceased in 1814, the City Bank of New York received 33% of all federal deposits in the state as a reward for its wartime assistance to the government.
- The bank had 14 other founding directors other than Samuel Osgood. They came from diverse walks of life and represented a cross-section of the city’s commerce and trade community.
- The bank had its first female officer in Nathalie Laimbeer in 1925 and hired its first female page or messenger in 1941. Ann Gabriel became the bank’s first female branch manager in 1968 and Gladys Coupet was appointed its first female country officer in 1985.
- Citi codified its lending principles and policies in a small book called the Credit Doctrine for Lending Officers in 1976.
- The bank entered into an agreement with IBM in 2012 to use its IBM Watson artificial intelligence computers for providing a better digital banking experience to its customers.
In the later part of the 18th century, a need was felt for more banks in America because it had only 4 banks in the 1790s. The Bank of the United States, which was the country’s first effort at a central bank, was chartered into existence in 1791 by the Congress.
This bank received the giant share of the federal deposits, had the authority to print legal tender, and was even controlling the currency flow in the country to some extent. The state-chartered banks, on the other hand, had failed to branch out, and received almost no federal deposits. The currency circulated by them were not considered to be legal tender. These banks felt stifled.
So, when the 20-year old charter of the central bank came up for renewal in 1810, there was fierce opposition from various quarters.
While the senate vote on the issue of renewal of its charter ended in a tie and the deciding vote, cast by the then U.S. Vice-President, went in its favour, the members decided to dissolve its branches and liquidate the assets. More than 50% of the wealth generated by this, was used as startup capital for starting the City Bank of New York. It’s existence was chartered on 16 June 1812. Thus, began the next 200-plus glorious years of journey of Citibank.
The bank, after undergoing multiple name changes and location changes, continues to serve the United States and all the major markets in all the continents, with great purpose and devotion. Today, more than 50 years on, the global headquarters of the bank still remain at 399 Park Avenue, New York.
Citi not only continues to provide employment and innovative banking solutions, it also continues to act as a responsible corporate citizen throughout the world, upholding principles of sustainable growth and fair competition.
Citi has been present in Singapore since 1902. During this period, the bank has served businesses, corporates, and retail customers and investors across a panoply of asset classes.
The Global Consumer Banking business in Singapore was incorporated as Citibank Singapore Limited, a wholly owned subsidiary of the Citigroup on 1 January 2005. This became possible after the bank was granted a full qualifying bank license by the Monetary Authority of Singapore.
The bank is today the largest foreign banking employer in Singapore and employs more than 10,000 people in the country. It consists of strategically important business hubs and business verticals that add to the financial strength and stability of the bank in the area and indeed across other regions, too.
As a centre of excellence in the Asia-Pacific region, Citi Singapore supports and manages a number of key innovation hubs, advanced product development centres, and state-of-the-art data centres that serves businesses and other clients in 60 countries.
The bank offers client-focused services with the help of important groups such as the Citi Private Bank (Global), Global Subsidiaries Group (Asia), and the International Personal Bank (Global).
The bank supports its customer-focused and product-related innovation initiatives through strategic groups such as the ASEAN Investment Banking Hub, the Global Consumer Bank, the Treasury and Trade Hub, and the Markets Hub.
Some of its other globally recognised innovation and service-delivery centres include the Consumer Innovation Lab, the Citi Innovation Lab (TTS),Retail Banking & Cards Asia, the Asia Pacific Citi Service Centre, Citi Private Bank (Asia & Global), and Securities & Fund Services Asia.
Citigroup aims to make quality financial services and products available to a wide range of social stakeholders - retail customers, businesses, industries, and governments, to help them enjoy financial solvency and to help them meet their financial objectives.
The bank plays a special role in funding of infrastructure and urban developments across the globe. It has a presence in the following regions:
As of 2017, Citi has 209,203 employees spread across 160 countries and jurisdictions. It has 106,003 female employees, and 103,200 male employees. The bank has served more than 200 million customers over its 200-year old history.
Till 2017, the bank had more than 150 employee networks and was running 89 employee network programmes in North America, 19 in Asia Pacific, 15 in Latin America, and 35 in Europe, Middle East, and Africa.
The standout performance indicators of Citi Global till the end of Q4 2017 are as follows:
Global Consumer Banking Net Revenue: US$32.7 billion
Institutional Clients Group Net Revenue: US$35.7 billion
Corporate and Other Net Revenues: US$3.1 billion
Total Net Revenue: US$71.5 billion
Net Income: US$15.8 billion
Deposits: US$959.8 billion
The highlights from the latest results (Q2 2018) are as follows:
Return on Equity: 9.2%
Earnings Per Share: US$1.63
Net Income: US$4.5 billion
Revenue: US$18.5 billion
Return of Capital to Common Shareholders: US$3.1 billion
Local Currency Accounts:
Foreign Currency Accounts:
The following are some of the most prestigious awards that the bank has won globally in 2017 and 2018:
People’s Association Community Spirit Award (Community Partnership Excellence Award) for the years 2016 and 2017 in Singapore
Citi is one of the strongest proponents of financial inclusion and education of the young people in Singapore. Since 2002, the bank has invested more than S$17 million in various initiatives towards this cause.
In partnership with various NGOs, Citi Singapore has so far reached out to students and teachers from over 80% of the schools in the city-state. So far, 425,000 students have already benefited from such financial education campaigns.
Some of the well-known Citi CSR and philanthropic initiatives are as follows:
For the whole of 2017, more than 6,000 volunteers had participated in more than 100 social welfare events under the aegis of Citi.
The bank is also a founding member of The Company of Good, a programme that encourages businesses and corporate citizens to contribute holistically towards community development.
Citi has planned to launch a Professional Conversion Programme (PCP) to reskill more than 2,000 employees over the next 3 years as it plans to reposition itself in the market to capitalise on the opportunities presented by the changing dynamics in the financial services industry.
The programme will take off with 400 employees from the Operations & Technology, and Consumer Banking divisions of Citi. The participants, who will be selected from diverse departments such as customer care and operations, will be trained on areas such as design thinking, cybersecurity, customer journey mapping, and automation - skills which are seen to be integral to success in a digital economy.
This programme has been created by Citi Singapore in collaboration with Workforce Singapore, and the Institute of Banking and Finance Singapore (IBF). Successful candidates will be certified by IBF on successful completion of the programme.
The aptitude of candidates for the various areas will be assessed before they’re reassigned to new roles.
29 June 2018
The Private Bank division of Citi has recently released a new thought leadership piece on the family office industry, which is increasingly gaining popularity with the rich and the powerful for management of their family wealth, investments, and other affairs of familial nature.
The new piece claims to highlight industry best practices and critical insights, gleaned through careful research, by the bank’s Global Family Office Unit. The bank hopes that it will help family office executives because prior to the publication of this report, there was little research or data that managers could rely on.
The interactions and inputs from the bank’s 1,100 family office clients globally were used to create the content. It will be released in a series of white papers and articles over a 3-month period.
2 May 2018
The bank has informed that its credit card customers in Singapore can now enjoy the benefits and convenience of Apple Pay.
The bank has claimed that this will make digital and electronic payments even more secure. That’s because the card number doesn’t get stored on Apple servers or on the payment terminal. A transactional identifier, in the form of a Device Account Number, gets created, encrypted, and stored in a security element of your mobile or computing device.
Vikas Kumar, Head of Cards & Personal Loans, Citi, said that now the bank’s customers will be able to use compatible Apple devices to make retail transactions in a seamless and secure manner, even if they don’t have their credit card on them.
26 April 2018