BOA and CITI presentation

BOA and CITI presentation - in the world and expand its...

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Click to edit Master subtitle style 5/23/11 Bank of America Citigroup shleigh Hostert elly Legner ohn Vos
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5/23/11 Citigroup History 1812 Founded by City Bank of New York l 1863 Joined the United States new national banking system and became known as National City Bank of New York l 1896 First bank to contribute to the Federal Reserve of New York l 1897 First bank to have a foreign dept
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5/23/11 Citigroup History cont. By 1930 There were over a 100 branches in 23 countries outside the U.S. l 1960’s they start in the credit card business l In the mid 1970’s, under the leadership of CEO Walter Wriston, First National City Bank was renamed Citibank, N.A. By that time, the bank had created its own one-bank holding company and had
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5/23/11 Citigroup History cont. In 1984, John S. Reed was elected CEO and Citi became a founding member of the CHAPS clearing house in London. In the next 14 years, Citibank would become the largest bank in the United States, the largest issuer of credit cards
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Unformatted text preview: in the world and expand its global reach to over 90 different countries. l Citibank was one of the first U.S. banks 5/23/11 Citigroup Nationwide Citibank’s major presence in California is fairly recent. The bank had only a handful of branches in that state before acquiring the asset of California Federal Bank in 2002 with Citicorp’s purchase of Golden State Bancorp. l In August 2004, Citibank entered the Texas market with the purchase of First American Bank of Bryan, Texas. l 5/23/11 Recent Events Citi has reported that has lost between $8 –11 billion from the subprime mortgage crisis in the U.S. On April 11, 2007, the parent Citi announced the following staff cuts and relocations. l On November 11, 2007, Charles, “Chuck” Prince quit as the chairman and chief executive of Citigroup, following crisis meetings with the board in New York in the wake of billions of dollars in...
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This note was uploaded on 05/23/2011 for the course ACCT 815 taught by Professor Fontana during the Spring '09 term at Governors State University.

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BOA and CITI presentation - in the world and expand its...

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