2002 type public company founded june 16 1812 ; 204 years ago 1812 06 16 headquarters new york city united states parent citigroup website https citi.com citibank is the consumer division of financial services multinational citigroup . citibank was founded in 1812 as the city bank of new york later first national city bank of new york . the united states is the largest single market with approximately 26 % of branches generating 51 % of revenues . citibank s 983 north american branches are concentrated in major metropolitan areas including new york city chicago los angeles san francisco washington d.c. and miami . latin america markets make up 25 % of revenues asia 20 % and europe middle east africa 4 % . 1 in addition to standard banking transactions citibank markets insurance credit cards and investment products . their online services division is among the most successful in the field 2 claiming about 15 million users . as a result of the global financial crisis of 2008 2009 and huge losses in the value of its subprime mortgage assets citibank was bailed out by aid from the u.s. government . on november 23 2008 in addition to initial aid of 25 billion a further 25 billion was invested in the corporation together with guarantees for risky assets amounting to 306 billion . 3 since this time citibank has repaid its government loans in full 4 resulting in a net profit for the u.s. government . contents 1 history 1.1 automated banking card 1.2 credit card business 1.3 early technology adoption 1.3.1 automatic teller machines 1.3.2 online banking 1.4 nationwide expansion 1.5 citi field 1.6 2008 2009 losses and cost cutting measures 1.7 2010 to present 2 historical data 3 subsidiaries 3.1 joint ventures 4 international subsidiaries 4.1 latin america 5 sponsorship 6 key people 7 in media 8 see also 9 references 10 further reading 11 external links history edit view of the northeast corner of william and wall streets . the house to the far right became city bank of new york s first home at 38 wall street later re numbered as 52 . painting by archibald robertson c. 1798 the city bank of new york was founded on june 16 1812 . the first president of the city bank was the statesman and retired colonel samuel osgood . 5 ownership and management of the bank was taken over by moses taylor a prot g of john jacob astor and one of the giants of the business world in the 19th century . during taylor s ascendancy the bank functioned largely as a treasury and finance center for taylor s own extensive business empire . 6 in 1863 the bank joined the u.s. s new national banking system and became the national city bank of new york . by 1868 it was one of the largest banks in the united states and in 1897 it became the first major u.s. bank to establish a foreign department . when the federal reserve act allowed it 7 national city bank became the first u.s. national bank to open an overseas banking office when it opened a branch in buenos aires argentina in 1914 . many of citi s present international offices are older ; offices in london shanghai calcutta and elsewhere were opened in 1901 and 1902 by the international banking corporation ibc a company chartered to conduct banking business outside the u.s. which was forbidden to u.s. national banks . in 1918 ibc became a wholly owned subsidiary and was subsequently merged into the bank . by 1919 the bank had become the first u.s. bank to have 1 billion in assets . 8 charles e. mitchell was elected president in 1921 and in 1929 was made chairman a position he held until 1933 . under mitchell the bank expanded rapidly and by 1930 had 100 branches in 23 countries outside the united states . the policies pursued by the bank under mitchell s leadership are seen by historical economists as one of the prime causes of the stock market crash of 1929 which led ultimately to the great depression . citation needed in 1933 a senate committee the pecora commission investigated mitchell for his part in tens of millions of dollars in losses excessive pay and tax avoidance . senator carter glass said of him mitchell more than any 50 men is responsible for this stock crash . 9 on december 24 1927 its headquarters in buenos aires argentina were blown up by the italian anarchist severino di giovanni in the frame of the international campaign supporting sacco and vanzetti . 10 11 in 1952 james stillman rockefeller was elected president and then chairman in 1959 serving until 1967 . stillman was a direct descendant of the rockefeller family through the william rockefeller the brother of john d. branch . in 1960 his second cousin david rockefeller became president of chase manhattan bank national city s long time new york rival for dominance in the banking industry in the united states . citation needed following its merger with the first national bank in 1955 the bank changed its name to the first national city bank of new york then shortened it to first national city bank in 1962 . the company organically entered the leasing and credit card sectors and its introduction of us dollar denominated certificates of deposit in london marked the first new negotiable instrument in the market since 1888 . later to become part of mastercard the bank introduced its first national city charge service credit card popularly known as the everything card in 1967 . 12 in 1976 under the leadership of ceo walter b. wriston first national city bank and its holding company first national city corporation was renamed citibank n.a. and citicorp respectively . by that time the bank had created its own one bank holding company and had become a wholly owned subsidiary of that company citicorp all shareholders of the bank had become shareholders of the new corporation which became the bank s sole owner . the name change also helped to avoid confusion in ohio with cleveland based national city bank though the two would never have any significant overlapping areas except for citi credit cards being issued in the latter national city territory . in addition at the time of the name change to citicorp national city of ohio was mostly a cleveland area bank and had not gone on its acquisition spree that it would later go on in the 1990s and 2000s . any possible name confusion had citi not changed its name from national city eventually became completely moot when pnc financial services acquired the national city of ohio in 2008 as a result of the subprime mortgage crisis . automated banking card edit shortly afterward the bank launched the citicard which allowed customers to perform all transactions without a passbook . branches also had terminals with simple one line displays that allowed customers to get basic account information without a bank teller . when automatic teller machines atms were later introduced customers could use their existing citicard . citation needed credit card business edit in the 1960s the bank entered into the credit card business . in 1965 first national city bank bought carte blanche from hilton hotels . three years later the bank under pressure from the u.s. government sold this division . by 1968 the company created its own credit card . the card known as the everything card was promoted as a kind of east coast version of the bankamericard . by 1969 first national city bank decided that the everything card was too costly to promote as an independent brand and joined master charge now mastercard . citibank unsuccessfully tried again in 1977 1987 to create a separate credit card brand the choice card . john s. reed was selected ceo in 1984 and citi became a founding member of the chaps clearing house in london . under his leadership the next 14 years would see citibank become the largest bank in the united states the largest issuer of credit cards and charge cards in the world and expand its global reach to over 90 countries . 12 as the bank s expansion continued the narre warren caroline springs credit card company was purchased in 1981 . in 1981 citibank chartered a south dakota subsidiary to take advantage of new laws that raised the state s maximum permissible interest rate on loans to 25 percent then the highest in the nation . in many other states usury laws prevented banks from charging interest that aligned with the extremely high costs of lending money in the late 1970s and early 1980s making consumer lending unprofitable . currently there is no maximum interest rate or usury restriction under south dakota law when a written agreement is formed . 13 early technology adoption edit automatic teller machines edit in the 1970s citibank was one of the first u.s. banks to introduce automatic teller machines in order to give 24 hour access to accounts . customers could use their existing citicard in this machine to withdraw cash and make deposits . in april 2006 citibank struck a deal with 7 eleven to put its atms in more than 6 700 convenience stores in the united states . online banking edit citibank.com was registered in 1991 14 existing on the internet years before the world wide web was launched . at the time it was used for email and other internet interactions but as early as 1984 citibank pioneered online access to accounts using 300 baud dialup only 15 at first access was through proprietary software distributed on a 5.25 inch floppy . following the creation of the world wide web citibank offered browser based access as well . this makes citibank one of the longest term commercial financial residents of both the internet and the world wide web . nationwide expansion edit citibank footprint manhattan chinatown citibank branch new york city citibank branch on michigan avenue chicago citibank s major presence in california is fairly recent . the bank had only a handful of branches in that state before acquiring the assets of california federal bank in 2002 with citicorp s purchase of golden state bancorp which had earlier merged with first nationwide mortgage corp. in 2001 citibank settled a 45 million class action lawsuit for improperly assessing late fees . following this citibank lobbied the united states congress to pass legislation that would limit class action lawsuits to 5 million unless they were initiated on a federal level . some consumer advocate websites report that citibank is still improperly assessing late fees . in august 2004 citibank entered the texas market with the purchase of first american bank of bryan texas . the deal established citi s retail banking presence in texas giving citibank over 100 branches 3.5 billion in assets and approximately 120 000 new customers in the state . first american bank was renamed citibank texas after the take over was completed on march 31 2005 . in 2006 citibank entered the philadelphia market opening 23 branches in the metropolitan area . after early success the bank decided to cut the philadelphia locations for efficiency driven reasons in 2013 . 16 in 2008 citibank was crowned deal of the year securitisation deal of the year at the 2008 alb japan law awards . 17 in 2011 citigroup announced plans to expand into the metropolitan areas of atlanta and seattle . however to date these plans have not come to fruition . citi has not confirmed nor denied whether these plans were scrapped or are still in the works . in 2015 citibank announced it was exiting texas and massachusetts . as of late 2016 citibank s retail footprint in the united states is as follows new york city chicago los angeles san francisco bay area sacramento san diego las