
Citibank is owned by Citigroup Inc. (NYSE: C), a publicly traded financial services corporation headquartered in New York, New York. Citibank operates as Citigroup's consumer banking division, offering retail banking, credit cards, and wealth management services. Citigroup reported $24.8 billion in revenue for Q2 2026, its best quarterly revenue in a decade, and announced a 12% dividend increase alongside a $30 billion share buyback program. CEO Jane Fraser has led the company since 2021.
| Brand | Parent Company | Ownership Type |
|---|---|---|
| Citibank | Citigroup Inc. | Brand division |
Citibank traces its origins to June 16, 1812, when the City Bank of New York was founded in New York City. Samuel Osgood, a former U.S. Commissioner of Revenue, served as the bank's first president. The bank was established to provide banking services to merchants and traders in New York City, which was rapidly growing as a commercial center. William Few, a signer of the U.S. Constitution, was among the founding directors.
In 1865, the bank joined the national banking system and changed its name to the National City Bank of New York. The bank grew rapidly during the late 19th century, financing international trade and expanding its lending operations. By the 1890s, National City Bank had become the largest bank in the United States by deposits.
The bank's international expansion began in 1902, when it opened a branch in Buenos Aires, Argentina. This was the first overseas branch of any U.S. national bank. National City Bank subsequently opened branches in London, Shanghai, Calcutta, and other major financial centers. By 1915, the bank operated branches in 14 countries, establishing the international presence that would define Citibank for the next century.
In 1955, the bank changed its name to The First National City Bank of New York. In 1961, the bank introduced the negotiable certificate of deposit (CD), a financial innovation that transformed how banks manage deposits. In 1968, First National City Corporation was created as a bank holding company, and the bank became its primary subsidiary.
The Citibank name was adopted in 1976. The rebranding reflected the bank's global identity and its position as a leading international financial institution. During the 1970s, Citibank pioneered ATM networks, launching its first automated teller machines in 1977. By 1978, Citibank had installed ATMs across New York City, reducing the need for customers to visit branches for basic transactions.
In 1998, Citicorp (the renamed holding company) merged with Travelers Group in a $70 billion deal to form Citigroup. The merger, orchestrated by Citicorp CEO John Reed and Travelers CEO Sandy Weill, created the largest financial services company in the world at the time. The combination brought together Citibank's consumer banking with Travelers' insurance and investment banking operations (Salomon Smith Barney). The merger was controversial because it effectively repealed portions of the Glass-Steagall Act, which had separated commercial and investment banking. Congress formally repealed Glass-Steagall in 1999 with the Gramm-Leach-Bliley Act.
The 2008 financial crisis severely damaged Citigroup. The bank reported losses of $27.7 billion in 2008 and required $45 billion in federal bailout funds under the Troubled Asset Relief Program (TARP). The U.S. government took a 27% ownership stake in Citigroup. The bank repaid the TARP funds by 2010, and the government sold its stake by December 2010. The crisis led to significant restructuring, including the spin-off of Travelers in 2002 and the sale of Smith Barney to Morgan Stanley in 2009.
Under CEO Jane Fraser, who took over in 2021, Citigroup has undergone its most significant reorganization in decades. Fraser eliminated the consumer banking division's layered management structure and reorganized into five business lines. Citigroup has exited consumer banking in 14 international markets, including Mexico (Banamex, partially sold in 2025-2026), Poland (sold in 2026), and several Asian markets. The strategy focuses Citibank on wealth management, credit cards, and institutional services rather than traditional mass-market retail banking.
In Q2 2026, Citigroup reported net income of $5.8 billion on revenues of $24.8 billion, a 45% increase in net income year-over-year. The company announced a 12% quarterly dividend increase beginning in Q3 2026 and launched a $30 billion share buyback program. The bank's return on tangible common equity reached 13% for the quarter.
What does Citigroup own?
Citigroup owns Citibank (retail banking), Citi Cards (credit cards including Citi AAdvantage, Citi ThankYou, Citi Double Cash), Citi Private Bank (wealth management), Citi Global Markets (investment banking and securities trading), and wealth management operations. In 2025, Citi sold a 25% equity stake in Banamex, its Mexican banking subsidiary, with plans to IPO the remaining stake. Citi closed the sale of AO Citibank in Russia in February 2026.
Is Citigroup publicly traded?
Yes, Citigroup Inc. is publicly traded on the New York Stock Exchange under ticker symbol C. The company has been publicly traded since the merger in 1998, with predecessor companies having public trading histories dating back to the 19th century.
Who founded Citigroup?
Citigroup was formed on October 8, 1998, through the merger of Citicorp and Travelers Group. The merger was led by Travelers CEO Sanford Weill and Citicorp CEO John Reed. Citicorp traced its origins to 1812 with the founding of City Bank of New York, which later became Citibank.
Where is Citigroup headquartered?
Citigroup is headquartered in New York City, New York, USA. The company maintains major operational centers in London, Hong Kong, Singapore, Tokyo, and other financial hubs worldwide, operating in approximately 90 countries.
How many employees does Citigroup have?
Citigroup employs approximately 219,000 people worldwide as of 2025, down from approximately 230,000 a year earlier. The company announced plans in January 2024 to cut 20,000 jobs by the end of 2025 as part of its reorganization under CEO Jane Fraser.
Who owns Citigroup?
Citigroup is publicly owned with a dispersed shareholder base. Institutional investors hold the majority of shares, with no single controlling shareholder. Major institutional shareholders include Vanguard Group, BlackRock, and State Street Global Advisors, typical of large-cap financial institutions.
What is Citigroup's revenue?
For FY2025, Citigroup reported revenues of $85.2 billion, up 6% from $80.7 billion in 2024. Net income was $14.3 billion, or $6.99 per diluted share. Excluding notable items (Russia-related charge and Banamex goodwill impairment), net income was $16.1 billion, or $7.97 per share. Net interest income was $59.8 billion and non-interest revenue was $25.4 billion.
What is Citi's transformation program?
Citi's multiyear transformation, launched in response to 2020 FRB and OCC consent orders, focuses on modernizing technology, improving data governance, strengthening risk management, and simplifying operations. As of December 2025, over 80% of transformation programs were at or near target state. The OCC terminated its July 2024 amendment to the 2020 Consent Order in December 2025. Transformation expenses were approximately $3.3 billion in 2025.
Citibank and Citigroup have faced numerous regulatory actions and controversies. In 2020, the Federal Reserve and the Office of the Comptroller of the Currency issued consent orders against Citigroup, citing deficiencies in data governance, risk management, and regulatory reporting. The consent orders required Citigroup to make substantial investments in technology and compliance infrastructure. As of 2026, Fraser stated that remediation efforts are 90% complete, though the consent orders remain in effect. The bank has spent billions on transformation costs, which peaked at $3.3 billion annually.
In 2020, Citigroup agreed to pay $400 million in civil penalties related to the consent orders. The penalties addressed the bank's failure to implement and maintain an enterprise-wide risk management and data governance program. The OCC described Citigroup's deficiencies as "unsafe and unsound practices."
In 2021, Citigroup experienced an accidental $900 million wire transfer to Revlon creditors. The bank intended to send interest payments on a Revlon loan but mistakenly wired the principal amount to multiple creditors. Several hedge funds refused to return the funds, arguing the payment was an intentional loan payoff. A federal judge ruled in 2021 that the transfers were not final, and the creditors were ordered to return the funds. The incident highlighted Citigroup's operational and technology deficiencies and contributed to regulatory pressure on the bank.
In 2024, the Consumer Financial Protection Bureau (CFPB) ordered Citigroup to pay approximately $136 million in penalties for failing to make progress on addressing customer complaints related to billing and payment processing. The CFPB found that Citigroup had not implemented required remediation plans from a 2020 enforcement action.
Citigroup has also faced scrutiny over its job cuts. The company announced plans in January 2024 to cut 20,000 jobs by the end of 2026. As of mid-2026, the company has reduced headcount by approximately 20,000 from 2023 levels, spending $800 million on severance in the first half of 2026 alone. Labor groups and some politicians have criticized the scale of the layoffs, though Citigroup has stated the cuts are necessary to improve efficiency and fund strategic investments.
These competing brands operate in the same categories and provide similar products or services. Compare key attributes to understand market positioning and competitive landscape.
| Brand | Parent Company | Country | Founded | Market Position | Primary Market | Gender Target |
|---|---|---|---|---|---|---|
| Charles Schwab | USA | 1971 | Mass market | United states | All Genders | |
| Jpmorgan Chase | USA | 1877 | Mass market | United states | All Genders | |
| Bank Of America | USA | 1998 | Mass market | United states | Unisex | |
| Capital One | USA | 1994 | Mass market | United states | All Genders | |
| Capital One | USA | 1986 | Mass market | United states | All Genders | |
| Morgan Stanley | USA (Morgan Stanley) | 1982 | Market leader | United states | All-consumers |
Finance FintechOwned by The Charles Schwab Corporation
American brokerage and wealth management brand serving 38.5 million active accounts and $11.90 trillion in client assets, flagship of The Charles Schwab Corporation.
Finance FintechOwned by JPMorgan Chase & Co.
Chase is the U.S. consumer and commercial banking brand of JPMorgan Chase & Co., operating more than 5,000 branches and serving nearly 87 million consumers.
Finance FintechOwned by Bank of America Corporation
Consumer and commercial banking brand serving roughly 70 million clients through approximately 3,500 financial centers and industry-leading digital banking.
Finance FintechOwned by Capital One Financial Corporation
Capital One is the flagship consumer banking and credit card brand of Capital One Financial, the largest U.S. card issuer behind Venture, Savor, Quicksilver, and Capital One Cafes.
Finance FintechOwned by Capital One Financial Corporation
Discover is the credit card and payments network brand acquired by Capital One in May 2025, spanning Discover Card, the Discover Global Network, PULSE debit, and Diners Club.
Finance FintechOwned by Morgan Stanley
Morgan Stanley's digital retail brokerage brand, acquired in 2020 for approximately $13 billion, offering self-directed investing, trading, and banking to millions of clients.
Market Positioning: Citibank competes with 6 brands in the same categories, ranging from mass market to luxury positioning.
Geographic Distribution: Competitors are headquartered across multiple regions, indicating global competition in this market segment.
Brand Heritage: Competitor brands range from established heritage brands to newer market entrants, with founding years spanning several decades.
Looking for brands with different ownership structures? These similar brands are not owned by Citigroup Inc., giving you alternative choices that support different corporate structures.
Finance FintechOwned by The Charles Schwab Corporation
American brokerage and wealth management brand serving 38.5 million active accounts and $11.90 trillion in client assets, flagship of The Charles Schwab Corporation.
Charles Schwab operates independently without a large parent corporation.
Finance FintechOwned by TD Bank, N.A.
TD Bank is the U.S. retail banking brand of Toronto-Dominion Bank, operating about 1,100 East Coast branches as "America's Most Convenient Bank" under a federal asset cap since 2024.
TD Bank is privately owned, unlike Citibank which is under a publicly traded parent company.
Finance FintechOwned by Trove FS, LLC
Independent fee-only multi-family office serving ultra-high-net-worth families, headquartered in Stamford, Connecticut and rebranded from Maestro in 2023.
Trove is privately owned, unlike Citibank which is under a publicly traded parent company.
Finance FintechOwned by Bank of America Corporation
Consumer and commercial banking brand serving roughly 70 million clients through approximately 3,500 financial centers and industry-leading digital banking.
Bank of America operates independently without a large parent corporation.
Finance FintechOwned by Massachusetts Mutual Life Insurance Company (MassMutual)
Global asset management firm headquartered in Charlotte, North Carolina, and subsidiary of MassMutual, managing investments across fixed income, real estate, and private markets.
Barings is privately owned, unlike Citibank which is under a publicly traded parent company.
Finance FintechOwned by Bloomberg L.P.
Industry-standard financial data and analytics platform used by approximately 325,000 subscribers at banks, hedge funds, and institutional investors worldwide.
Bloomberg Terminal is privately owned, unlike Citibank which is under a publicly traded parent company.
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