Citigroup Inc. is one of the largest banks in the world, but it required a federal bailout in 2008-2009 to survive. When the company’s website went down in February 2009, website users questioned whether it was “citi.com” or “citi.gov.”
“Citigroup” began to be nicknamed “Citigov” (CITIgroup + GOVernment) by mid-2009.
Citigroup Inc. (branded Citi), is a major American financial services company based in New York, NY. Citigroup was formed from one of the world’s largest mergers in history by combining the banking giant Citicorp and financial conglomerate Travelers Group on April 7, 1998.
Citigroup Inc. has the world’s largest financial services network, spanning 140 countries with approximately 16,000 offices worldwide. The company employs approximately 322,000 staff around the world, and holds over 200 million customer accounts in more than 140 countries. It is the world’s largest bank by total customers & worldwide branch network as of 2009. It is a primary dealer in US Treasury securities.
Citigroup suffered huge losses during the global financial crisis of 2008 and was rescued in November 2008 in a massive bailout by the U.S. government. Its largest shareholders include funds from the Middle East and Singapore. On February 27, 2009, Citigroup announced that the United States government would be taking a 36% equity stake in the company by converting $25 billion in emergency aid into common shares.
Citigroup is one of the Big Four Banks of the United States with Bank of America, JP Morgan Chase and Wells Fargo.
February 25th, 2009 by alyx
Not that I really have any business haranguing anyone over website downtime, but I’ve received emails over the last couple days related to Citi’s outages on their consumer and business banking websites. It’s been down, I think, about an hour as of this post. Perhaps DDoS is part of the banking “stress test.”
(Widely repeated joke: citi.com? don’t you mean citi.gov?)
The Wall Street Journal
August 19, 2009, 9:33 AM ET
Deals of the Day: Citigroup’s Life Under the Government’s Thumb
By Stephen Grocer
Citigov: U.S. regulators pressured Citigroup to replace its finance chief only weeks before his surprise departure.
New York (NY) Post
‘Citigov’ scores a profit
By PAUL THARP
Posted: 12:50 AM, October 16, 2009
After shedding $515 billion in costs and bad loans this year from its once-pitiable balance sheet, Citigroup is finally showing a profit.
The troubled giant—dubbed “Citigov” in some circles because it’s 34 percent owned by Uncle Sam—yesterday surprised some analysts by posting a $101 million third-quarter profit. Including a one-time charge, it suffered a 27-cent per-share loss.
New York City • Banking/Finance/Insurance • (0) Comments • Saturday, October 17, 2009 • Permalink