Citigroup

On June 16, 1812, Citibank was founded as the City Bank of New York. It was established in New York City as a financial institution to serve a growing urban economy. Over the years, it played a significant role in the expansion of the American financial system, providing banking services to a wide clientele.

On October 8, 1998, the merger of Citicorp and Travelers Group was completed, forming Citigroup Inc. This merger combined a bank with an insurance company, marking the largest corporate merger in history at the time. The move was seen as a strategic effort to offer a comprehensive array of financial services.

On November 24, 2008, the U.S. government bailed out Citigroup with a package that included $20 billion in capital and $306 billion in loan guarantees. This move was made to stabilize the financial system as Citigroup faced significant losses from the mortgage crisis and other credit market issues. It was one of the major interventions during the financial crisis of 2007-2008.

On June 1, 2009, Citigroup announced its plan to repay a portion of the Troubled Assets Relief Program (TARP) funds it received from the U.S. government during the financial crisis. The bank repaid $20 billion of the $45 billion it received, signaling its recovery and return to stability after the crisis. Citigroup's move was part of a broader effort to restore market confidence.

Fred Goodwin, known for his role with the Royal Bank of Scotland, joined Citigroup in an advisory role in March 2011. His experience in the financial sector was supposed to guide Citigroup's strategic operations in Europe. However, his appointment was met with controversy due to his previous involvement in RBS's near-collapse.

On April 18, 2012, Citigroup announced a series of reforms aimed at rebuilding trust with investors and regulators. These reforms included changes in management and strategy, with a focus on enhancing the bank's risk management practices. The announcement was part of Citigroup's effort to recover from the financial downturn and improve its regulatory compliance.

On July 14, 2014, Citigroup agreed to pay $7 billion in a settlement with the U.S. Department of Justice over the bank's sale of defective mortgage securities. The settlement, which addressed practices before the 2008 financial crisis, included fines and consumer relief. This was a significant legal repercussion for Citigroup related to the mortgage-backed securities debacle.

On December 4, 2015, Citigroup announced that it had passed the Federal Reserve's stress test, a routine check to assess the resilience of financial institutions. Passing the stress test indicated that Citigroup had the capital strength necessary to endure a severe economic downturn, demonstrating its improved financial health after the crisis.

On January 12, 2018, Citigroup announced that Michael Corbat, then CEO, would be stepping down, making way for new leadership. This change was part of a broader shift aimed at rejuvenating the bank's strategic direction and improving its competitive stance in the financial market. Citigroup sought to refine its operations under fresh leadership to enhance its global impact.

On September 10, 2020, Citigroup announced Jane Fraser as its new CEO, making her the first woman to lead a major Wall Street bank. Her appointment was a groundbreaking moment in the finance industry and marked a new era of leadership for Citigroup. Jane Fraser's role as CEO was expected to drive further innovation and combat challenges in the post-pandemic financial landscape.

On May 11, 2021, Citigroup announced its decision to exit the retail banking market in 13 countries across Asia and Europe. This strategic shift was aimed at simplifying operations and focusing on markets where the bank saw more potential for growth. The exit was part of Citigroup's broader plan to streamline its international presence and concentrate on profitable sectors.