Citibank represents the consumer banking operations of financial services giant Citigroup. The unit has more than 1,000 branches in more than a dozen US states. California, New York, and Texas are its largest markets, but the bank also has a significant presence in the Northeast, as well as in Chicago and Miami. It has about 300 international locations in some 40 countries, with a focus on emerging markets in Asia, Latin America, and Central and Eastern Europe. Citibank provides standard banking fare such as deposit accounts, credit cards, and loans to consumers and small businesses, and utilizes its parent's breadth of financial services to also offer investment and financial planning services.
In 2009 Citigroup restructured itself into two primary divisions -- Citicorp and Citi Holdings. Citicorp comprises the group's core regional consumer and institutional banking operations, including Citibank. Citi Holdings contains Citigroup's riskier operations that it plans to spin off or wind down, such as CitiMortgage and CitiFinancial.
Meanwhile, the bank has retrenched and placed more emphasis on retail banking, which has proven to be one of its more stable segments. It plans to focus on strengthening its presence in major metropolitan markets and moving more products such as its Citi-branded credit cards. The bank offers such conveniences as digital wallet capabilities, a tablet app, and digitized smart banking branches; it also boasts some 26,000 ATMs around the world.
As the financial crisis wanes, the bank is now investing in its technology infrastructure. It is building a more streamlined system to improve its customers' experiences with the bank. Citibank has also been investing in growing its card business. The company's strategy includes becoming the world's premier digital bank.
In 2011 the bank retreated from the student loan business after federal legislation made the industry less lucrative. It sold its 80% stake in Student Loan Corporation and, in separate transactions, part of its private student loan portfolio to Discover Financial Services and Sallie Mae.
Citibank was founded in New York in 1812. – less