Who Owns Citibank?

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 The merger was controversial because it effectively repealed portions of the Glass-Steagall Act, which had separated commercial and investment banking.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.