CITIGROUP GLOBAL ORGANISATION

CITIGROUP GLOBAL ORGANISATION


Citigroup Inc., operating as City (pronounced Siti), is a major American financial services company based in New York City, formed from the merger of Citicorp and Travelers Group on April 7, 1998. The company employs approximately 358,000 staff around the world, and holds over 200 million customer accounts in more than 100 countries. It is the world's largest bank by revenues as of 2008. It is a primary dealer in US Treasury securities and its stock has been a component of the Dow Jones Industrial Average since March 17, 1997. Its single largest shareholder is Prince Al-Waleed bin Talal of Saudi Arabia, who has a 4.9% stake.
As of December 11, 2007, Vikram Pandit is Citigroup's current CEO, while Sir Win Bischoff the current chairman.


Citigroup Inc.


Type
Public (NYSE: C, TYO: 8710)

Founded New York, New York, USA (1812)

Headquarters New York, New York, USA

Key people Sir Win Bischoff, Chairman
Vikram Pandit, CEO
Gary Crittenden, CFO

Industry
Financial services

Products
Consumer Banking
Corporate Banking
Investment Banking
Global Wealth Management
Investment Research
Private Equity

Market cap
▼ US$140 billion (2008)

Revenue
▲ US$159.2 billion (2007)
Net income
▼ US$3.62 billion (2007)
Total assets
▲ US$2.2 trillion (2007)
Total equity
▼ US$113.6 billion (2007)
Employees
358,000 (2007)
Website
http://www.citigroup.com/






Citigroup's world headquarters building,
399 Park Avenue New York city.


History:
Citigroup was formed on October 8, 1998 following the $140 billion merger of Citicorp and Travelers Group to create the world's largest financial services organization. The history of the company is, thus, divided into the history of several firms that over time amalgamated into Citicorp, a multinational banking corporation operating in more than 100 countries; or Travelers Group, whose businesses covered credit services, consumer finance, brokerage, and insurance. As such, the company history dates back to the founding of: the City Bank of New York (later Citibank) in 1812; Bank Handlowy in 1870; Smith Barney in 1873, Banamex in 1884; Salomon Brothers in 1910.

Citigroup New York City


Citicorp:
The history begins with the City Bank of New York, which was chartered by New York State on June 16, 1812, with $2 million of capital. Serving a group of New York merchants, the bank opened for business on September 14 of that year, and Samuel Osgood was elected as the first President of the company. The company's name was changed to The National City Bank of New York in 1865 after it joined the new U.S. national banking system, and it became the largest American bank by 1895. It became the first contributor to the Federal Reserve Bank of New York in 1913, and the following year it inaugurated the first overseas branch of a U.S. bank in Buenos Aires. The 1918 purchase of U.S. overseas bank International Banking Corporation helped it become the first American bank to surpass $1 billion in assets, and it became the largest commercial bank in the world in 1929. As it grew, the bank became a leading innovator in financial services, becoming the first major U.S. bank to offer compound interest on savings (1921); unsecured personal loans (1928); customer checking accounts (1936) and the negotiable certificate of deposit (1961).
The bank changed its name to The First National City Bank of New York in 1955, which was shortened to First National City Bank on the 150th anniversary of the company's foundation in 1962. The company organically entered the leasing and credit card sectors, and its introduction of USD.Certificates of deposit in London marked the first new negotiable instrument in market since 1888. Later to become MasterCard, the bank introduced its First National City Charge Service credit card - popularly known as the "Everything card"
Citicorp and Travelers merger:
On April 6, 1998, the merger between Citicorp and Travelers Group was announced to the world creating a $140 billion firm with assets of almost $700 billion. The deal would enable Travelers to market mutual funds and insurance to Citicorp's retail customers while giving the banking divisions access to an expanded client base of investors and insurance buyers.




The first logo (1998-2007) of the merged company, incorporating the Travelers' "red umbrella".

Although presented as a merger, the deal was actually more like a stock swap, with Travelers Group purchasing the entirety of Citicorp shares for $70 billion, and issuing 2.5 new Citigroup shares for each Citicorp share. Through this mechanism, existing shareholders of each company owned about half of the new firm. While the new company maintained Citicorp's "Citi" brand in its name, it adopted Travelers' distinctive "red umbrella" as the new corporate logo, which was used until 2007.
The chairmen of both parent companies, John Reed and Sandy Weill respectively, were announced as co-chairmen and co-CEOs of the new company, Citigroup, Inc., although the vast difference in management styles between the two immediately presented question marks over the wisdom of such a setup.
The remaining provisions of the Glass-Steagall Act - enacted following the Great Depression - forbade banks to merge with insurance underwriters, and meant Citigroup had between two and five years to divest any prohibited assets. However, Weill stated at the time of the merger that they believed "that over that time the legislation will change...we have had enough discussions to believe this will not be a problem". Indeed, the passing of the Gramm-Leach-Bliley Act in November 1999 vindicated Reed and Weill's views, opening the door to financial services conglomerates offering a mix of commercial banking, investment banking, insurance underwriting and brokerage.
Travelers spin off:



The current logo for Travelers Companies

The company spun off its Travelers Property and Casualty insurance underwriting business in 2002. The spin off was prompted by the insurance unit's drag on Citigroup stock price because Traveler's earnings were more seasonal and vulnerable to large disasters. It was also difficult to sell this kind of insurance directly to customers since most industrial customers are accustomed to purchasing insurance through a broker.
The Travelers Property Casualty Corporation merged with The St. Paul Companies Inc. in 2004 forming The St. Paul Travelers Companies. Citigroup retained the life insurance and annuities underwriting business; however, it sold those businesses to MetLife in 2005. Citigroup still heavily sells all forms of insurance, but it no longer underwrites insurance.
Despite their divesting Travelers Insurance, Citigroup retained Travelers' signature red umbrella logo as its own until February 2007, when Citigroup agreed to sell the logo back to St. Paul Travelers, which renamed itself Travelers Companies. Citigroup also decided to adopt the corporate brand "Citi" for itself and virtually all its subsidiaries, except Primerica and Banamex.
On April 11, 2007 Citigroup said it will eliminate 17,000 jobs, or about 5 percent of its workforce, in a broad restructuring designed to cut costs and bolster its long underperforming stock.[15]
On January 7, 2008 Citigroup announced that it is considering cutting 5 percent to 10 percent of its work force, which totals 327,000.



REAL ESTATE:





Citigroup Center, Chicago:
Citigroup's most famous office building is the Citigroup Center, a diagonal-roof skyscraper located in East Midtown, Manhattan, New York City, which despite popular belief is not the company's headquarters building. Citigroup has its headquarters across the street in an anonymous-looking building at 399 Park Avenue (the site of the original location of the City National Bank). The headquarters is outfitted with nine luxury dining rooms, with a team of private chefs preparing a different menu for each day. The management team is on the third and fourth floors above a Citibank branch. Citigroup also leases a building in the TriBeCa neighborhood in Manhattan at 388 Greenwich St, that serves as headquarters for its Investment and Corporate Banking operations and was the former headquarters of the Travelers Group.
Strategically, all of Citigroup's New York City real estate, excluding the company's Smith Barney division and Wall Street trading division, lies along the New York City Subway's IND Queens Boulevard Line, served by the E and V trains. Consequently, the company's Midtown buildings—including 787 Seventh Avenue, 666 Fifth Avenue, 399 Park Avenue, 485 Lexington, 153 East 53rd Street (Citigroup Center), and Citicorp Building in Long Island City, Queens, are all no more than two stops away from each other. In fact, every company building lies above or right across the street from a subway station served by the E or V.
Chicago also plays home to an architectural beauty operated by Citigroup. Citicorp Center has a series of curved archways at its peak, and sits across the street from major competitor ABN AMRO's ABN AMRO Plaza. It has a host of retail and dining facilities serving thousands of Metra customers daily via the Ogilvie Transportation Center.


Current news of citigroup global organisation:

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Citi to divest BPO business - Citigroup Global Services:
The restructuring exercise at Citi may see its BPO business being transferred to a leading BPO in India. Though speculation is ripe yet we have very strong singals from people within the group that the deal may take shape as soon as 2-3 weeks.The deal size though unconfirmed by anyone, is put at a whopping $ 1 bn

Citi BPO sale put on hold :
The much speculated sale of Citigroup Global Services (CGSL) to Genpact has been put on indefinite hold. Since Vikram Pandit taking over as the CEO from Chuck Prince there have been many changes. This move is also attributed to the same. Some people who are familiar with Vikram’s style of functioning said that a hard look would be taken at the connect between global cost cutting (with job cuts) and all of its international outsourcing operations, before any decision can be arrived at. Sources also say that he delay will give Genpact time for a re- look at the $700 mn valuation which is believed to be on the higher side


Recruitment ad:





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Careers:
At Citigroup Global Services, we learn, grow, innovate, and enjoy – all while we work.
And we are looking for people with similar bent of mind. Think you share the same thoughts? Then this is the right place for you to kickstart your career.
Right from the word go in Citigroup Global Services, there’s no looking back. With every day, you will learn to create customer commitment, take initiative and create value to each function.
When you work with Citigroup Global Services, you will look forward to every working day.
At Citigroup Global Services, you will find a work culture that is professional yet informal. People address each other on a first name basis irrespective of hierarchy. Youngsters are encouraged to take a high degree of responsibility, even as they are rewarded for merit, innovation and initiative.

Our work culture is driven by our core values that put prime importance on Process Orientation and Culture; Focus on Quality and Productivity, Young and Well-Trained Workforce, a Friendly and Informal Atmosphere, Quality Focus and Innovation.
Human Capital
• Employee strength of 9000 with about 2000 being post-graduates (Masters/ CPA/ MBA)
• Strong “Employer of Choice” proposition
• “Equal opportunity employer”, with about 41% of its workforce being women
• Attractive source for talent for Citigroup worldwide; over 200 employees have joined various Citigroup entities globally
• Attrition managed to levels well below industry standards
• Innovation in HR
o Partnered with NMIMS and LIBA, premier business schools in Mumbai and Chennai, to conduct an annual, part-time MBA program exclusively for CGSL employees.
o Investment in Training: In house training academy CGSTA with over 1 million training hours per year.
o Structured career planning for employee
Apply now:
What's more, as you grow in a free boundary less environment where meritocracy prevails, you will learn to eliminate hierarchy. And lead through uncompromising compliance, integrity and professionalism. So what are you waiting for? Pump up the wheels and get
Citigroup Global Services is in one of the world’s most dynamic and growing business spaces. We bring you a range of career options in various business segments. Interested? Read about our current openings below.
Or , you can send your resumes to cgsl.careers@citigroup.com
S.No. Date Position Location
1 22 Sep Walk-in for Automation Testers on Saturday,27-Sept between 11-1pm
Mumbai, Mumbai Suburbs
2 16 Sep Walk-in-International Technical Voice Process on 22nd Sep Mon, 5pm-7pm
Mumbai
3 11 Sep Senior Manager USD Investigation
Mumbai, Mumbai
4 11 Sep Assistant Vice President Employee Relations (HR)
Mumbai, Mumbai Suburbs



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COMMENTS:
Citigroup is a major American financial services company based in New York City, form from the merger of Citicorp and traverlers corp having employs 358,000(app) staffing around the world.
It has covered credit services, consumer finance, brokerage and insurance.
As it was formed on Oct 8, 1998 following the $140 billion merger of citicorps and travelers group to create the world’s largest financial services organisation.it provides the excellent services to the customers.