History of Citigroup in Timeline
Citigroup (Citi) is a multinational investment bank and financial services corporation headquartered in New York City. It was established in 1998 through the merger of Citicorp (the holding company of Citibank) and Travelers. Travelers was later spun off in 2002. Citi provides a range of financial products and services to consumers, corporations, and governments globally.
2 hours ago : Citigroup integrates Bitcoin into $30T asset management, boosting institutional crypto adoption.
Citigroup is actively integrating Bitcoin into its $30 trillion asset management system, aiming to make Bitcoin native to institutional banking. This move reflects Wall Street's growing interest in native crypto infrastructure and expands crypto services.
1928: Introduction of unsecured personal loans
In 1928, Citibank pioneered unsecured personal loans, expanding its consumer credit services.
1936: Introduction of customer checking accounts
In 1936, Citibank introduced customer checking accounts, enhancing its banking services for a wider range of customers.
1961: Introduction of the negotiable certificate of deposit
In 1961, Citibank introduced the negotiable certificate of deposit, innovating its financial instruments.
1962: Name change to First National City Bank
In 1962, the "New York" was dropped from the bank's name on the 150th anniversary of the company's foundation, resulting in the name First National City Bank.
1967: Introduction of First National City Charge Service credit card and Reorganization as Citicorp
In 1967, First National City Bank introduced its First National City Charge Service credit card, later known as MasterCard, and was reorganized as a one-bank holding company, First National City Corporation, nicknamed "Citicorp".
1974: Name change to Citicorp
In 1974, First National City Corporation formally changed its name to "Citicorp" under the leadership of CEO Walter B. Wriston.
1975: Citibank Opens Branch in Vietnam
1981: Credit Card Operations Move to Sioux Falls, South Dakota
In 1981, Citibank moved its credit card operations to Sioux Falls, South Dakota, following the state's elimination of caps on interest rates.
November 1986: Weill takes Commercial Credit private
In November 1986, Sandy Weill took Commercial Credit, a subsidiary of Control Data Corporation, private after taking charge of the company earlier that year.
September 1992: Strategic alliance between Travelers Insurance and Primerica
In September 1992, Travelers Insurance formed a strategic alliance with Primerica due to losses from real estate investments and Hurricane Andrew.
December 1993: Amalgamation of Travelers Insurance and Primerica
In December 1993, Travelers Insurance and Primerica amalgamated into a single company named Travelers Inc., adding property & casualty and life & annuities underwriting capabilities.
1993: Citi Returns to Vietnam
In 1993, Citi returned to Vietnam and established a representative office in Hanoi.
1994: First Fully Operational U.S. Bank Branch in Hanoi
In 1994, Citi established the first fully operational U.S. bank branch in Hanoi.
November 1997: Travelers Group acquires Salomon Brothers
In November 1997, Travelers Group acquired Salomon Brothers for $9 billion, complementing Travelers/Smith Barney with its focus on fixed-income and institutional clients.
April 6, 1998: Citicorp and Travelers announce merger
On April 6, 1998, Citicorp and Travelers announced a merger, aiming to enable cross-marketing of financial products to each other's customer base.
October 8, 1998: Citigroup Formation
On October 8, 1998, Citigroup was formed by the merger of Citicorp and Travelers, creating the world's largest financial services organization at the time.
1998: Branch Opening in Ho Chi Minh City
Following the branch opening in Ho Chi Minh City in 1998, Citi established its retail banking franchise in Vietnam in 2009.
1998: Formation of Citigroup through merger
In 1998, Citigroup Inc. was formed through the merger of Citicorp, the bank holding company for Citibank, and Travelers. This created a multinational investment bank and financial services company.
1998: Formation of Citigroup
In 1998, Citigroup was formed, this list only contains chairmen since then.
1998: Citigroup Chief Executives
In 1998, Citigroup was formed, this list only contains chief executives since then.
1998: General Accounting Office Report on Citibank and Raul Salinas
In 1998, the General Accounting Office issued a report critical of Citibank's handling of funds received from Raul Salinas de Gortari, indicating that Citibank facilitated the transfer of millions of dollars through complex financial transactions that hid the funds' paper trail.
November 1999: Passing of the Gramm-Leach-Bliley Act
In November 1999, the Gramm-Leach-Bliley Act was passed, opening the door to financial services conglomerates offering a mix of commercial banking, investment banking, insurance underwriting, and brokerage.
January 2000: Joe J. Plumeri retires from Citibank
In January 2000, Joe J. Plumeri unexpectedly retired from Citibank after boosting the unit's earnings significantly.
2000: Citigroup acquires Associates First Capital Corporation
In 2000, Citigroup acquired Associates First Capital Corporation for $31.1 billion in stock. The Associates was later criticized for predatory lending practices.
October 22, 2001: Citigroup Sued for Enron-related Misrepresentations
On October 22, 2001, Citigroup was sued for violating federal securities laws by misrepresenting Citigroup's Enron-related exposure in its 2001 Annual Report and elsewhere, and failing to disclose the true extent of Citigroup's legal liability arising out of its 'structured finance' deals with Enron.
2001: Bloomberg's victory in the mayor's race
After Mr. Bloomberg's victory in the 2001 mayor's race, both Mr. Skyler and Mr. Sheekey followed him from his company to City Hall.
2001: Citigroup acquisitions
In 2001, Citigroup made additional acquisitions, purchasing European American Bank in July for $1.9 billion and Banamex in August for $12.5 billion.
2001: Whistleblower Uncovers Citigroup Scam
In 2001, a whistleblower uncovered a scam at Citigroup involving improper computerized 'sweep' feature to move positive balances from card accounts into the bank's general fund, without telling cardholders and brought it to his superiors who buried the information and continued the illegal practice.
January 2002: Mutual Fund Sales Practices Investigation
Between January 2002 and July 2003, Citigroup Global Markets, Inc. was investigated for suitability and supervisory violations of their mutual fund sales practices.
February 5, 2002: Citigroup Sued for Misleading Investors on Global Crossing
On February 5, 2002, Citigroup was sued for violating federal securities laws and misleading investors by issuing false information about Global Crossing's revenues and financial performance.
December 2002: Citigroup Fined in Biased Research Settlement
In December 2002, Citigroup paid fines totaling $400 million as part of a settlement involving charges that ten banks, including Citigroup, deceived investors with biased research. The total settlement with the ten banks was $1.4 billion.
2002: Spin-off of Travelers Property and Casualty insurance underwriting business
In 2002, Citigroup spun off its Travelers Property and Casualty insurance underwriting business due to its drag on the company's stock price.
2002: Travelers spun off from Citigroup
In 2002, Travelers was spun off from Citigroup, marking a change in the company's structure after its initial formation.
July 2003: Mutual Fund Sales Practices Investigation
Between January 2002 and July 2003, Citigroup Global Markets, Inc. was investigated for suitability and supervisory violations of their mutual fund sales practices.
October 2003: Abandonment of the Salomon Smith Barney name
In October 2003, the Salomon Smith Barney name was abandoned following financial scandals that tarnished the bank's reputation.
2003: Citigroup Foundation Giving
A Capital Research Center Foundation Watch 2006 study of Fortune 100 foundation giving, revealed that Citigroup's foundation gave "20 times more money to groups on the left than to groups on the right" during the tax year 2003.
August 2, 2004: Citigroup Criticized for Bond Market Disruption
On August 2, 2004, Citigroup was criticized for disrupting the European bond market by rapidly selling €11 billion worth of bonds on the MTS Group trading platform, driving down the price and then buying it back at cheaper prices.
2004: Citigroup Settles WorldCom Lawsuit
In 2004, Citigroup paid $2.65 billion pre-tax, or $1.64 billion after-tax, to settle a lawsuit concerning its role in selling stocks and bonds for WorldCom, which collapsed after an accounting scandal.
2004: Travelers merged with The St. Paul Companies Inc.
In 2004, Travelers merged with The St. Paul Companies Inc. forming The St. Paul Travelers Companies.
March 23, 2005: Fines for Mutual Fund Sales Violations
On March 23, 2005, the National Association of Securities Dealers (NASD) announced total fines of $21.25 million against Citigroup Global Markets, Inc., American Express Financial Advisors, and Chase Investment Services regarding suitability and supervisory violations of their mutual fund sales practices.
2005: Citigroup Settles Enron Investor Lawsuit
In 2005, Citigroup paid $2 billion to settle a lawsuit filed by investors in Enron.
2005: Citigroup Settles Global Crossing Lawsuit
In 2005, Citigroup paid $75 million to settle the lawsuit related to Global Crossing. Citigroup was accused of issuing exaggerated research reports and not disclosing conflicts of interest.
2005: Citigroup sold life insurance and annuities underwriting businesses to MetLife
In 2005, Citigroup sold its life insurance and annuities underwriting businesses to MetLife.
2005: Citigroup's Plutonomy Report
In 2005, a leaked plutonomy report prepared by Citi global strategists for its investor clients documented the imbalance of wealth between the top 1% and the bottom 60% of Anglo-American households.
June 2006: Bowen warns board about mortgage risks
In June 2006, Senior Vice President Richard M. Bowen III began warning Citigroup's board of directors about extreme risks taken by the mortgage operation.
2006: Citigroup Foundation Giving
A Capital Research Center Foundation Watch 2006 study of Fortune 100 foundation giving, revealed that Citigroup's foundation gave "20 times more money to groups on the left than to groups on the right" during the tax year 2003.
February 2007: Sale of Travelers' red umbrella logo and adoption of "Citi" brand
In February 2007, Citigroup sold the Travelers' red umbrella logo back to St. Paul Travelers and decided to adopt the "Citi" brand for itself and its subsidiaries, except Primerica and Banamex.
April 11, 2007: Citigroup announces job cuts
On April 11, 2007, Citigroup announced it would eliminate 17,000 jobs as part of a restructuring effort to cut costs and improve its stock performance.
June 6, 2007: Fines and Restitution for Misleading Retirement Seminars
On June 6, 2007, FINRA announced more than $15 million in fines and restitution against Citigroup Global Markets, Inc., to settle charges related to misleading documents and inadequate disclosure in retirement seminars and meetings for BellSouth Corp. employees in North Carolina and South Carolina.
November 3, 2007: Bowen emails Rubin and others to expose risk
On November 3, 2007, Richard M. Bowen III emailed Citigroup chairman Robert Rubin and other executives, exposing the risk and potential losses in the Consumer Lending Group, claiming internal controls had broken down and requesting an outside investigation.
November 8, 2007: Citigroup Sued for Financial Misrepresentations
On November 8, 2007, Citigroup was sued for financial misrepresentations and omissions of what amounted to more than two years of income and an entire line of business.
November 2007: Citigroup Involved in Terra Securities Scandal
In November 2007, it became public that Citigroup was heavily involved in the Terra Securities scandal.
2007: Losses from Municipal Securities Funds
Between 2007 and 2008, municipal securities funds experienced a decline in value, leading to an arbitration panel ordering Citigroup Inc. to pay $54.1 million in April 2011.
2007: Citigroup acquires majority stake in Nikko Asset Management
In 2007, Citigroup acquired 61% of Nikko Asset Management for $7.7 billion, gaining majority control.
2007: Trouble due to subprime mortgage crisis
In 2007, Citigroup faced trouble due to heavy exposure to troubled mortgages in the form of collateralized debt obligations (CDOs) and poor risk management as the subprime mortgage crisis worsened.
2007: Misleading Statements on Subprime Mortgage Exposure
In 2007, Citigroup indicated that its exposure to subprime mortgages was less than $13 billion, when in fact it was over $50 billion. Citigroup then agreed to pay $75 million to settle civil charges that it misled investors over potential losses from high-risk mortgages in July 2010.
2007: Purchase of Mortgage-Backed Securities
In 2007, investors purchased certificates in one of two mortgage-backed securities trusts from Citigroup Mortgage Loan Trust Inc. This then led to Citigroup agreeing to pay almost $25 million to settle an investor lawsuit alleging the bank misled investors about the nature of mortgage-backed securities in August 2012.
January 7, 2008: Citigroup considers further workforce reduction
On January 7, 2008, Citigroup announced that it was considering cutting another 5 to 10 percent of its 327,000-member workforce due to the worsening financial crisis.
July 2008: Citigroup described as struggling
By July 2008, Citigroup was described as struggling financially.
August 2008: Citigroup Settles Accusations of Improper Fund Transfers
In August 2008, Citigroup agreed to pay nearly $18 million in refunds and fines to settle accusations by California Attorney General Jerry Brown that it wrongly took funds from the accounts of credit card customers.
November 2008: Lewis and Einhorn describe guarantee as 'an undisguised gift'
In November 2008, Michael Lewis and David Einhorn described the $306 billion guarantee to Citigroup as "an undisguised gift" in a New York Times op-ed.
November 17, 2008: Citigroup announces job cuts and market capitalization falls
On November 17, 2008, Citigroup announced plans for about 52,000 new job cuts, adding to the 23,000 already made, and its market capitalization dropped significantly.
November 23, 2008: Citigroup and Federal regulators approve stabilization plan
Late in the evening on November 23, 2008, Citigroup and Federal regulators approved a plan to stabilize the company and forestall a further deterioration in the company's value.
November 24, 2008: U.S. government announces bailout for Citigroup
On November 24, 2008, the U.S. government announced a massive bailout for Citigroup to rescue the company from bankruptcy.
2008: Government provides aid to prevent worldwide chaos
According to The Wall Street Journal, in 2008, government aid was provided to Citigroup to prevent a worldwide chaos and panic by the potential collapse of its Global Transactions Services (now TTS) division.
2008: Citigroup Political Campaign Contributions
As of 2008, Citigroup was the 16th largest political campaign contributor in the US, out of all organizations, according to OpenSecrets.
2008: Losses from Municipal Securities Funds
Between 2007 and 2008, municipal securities funds experienced a decline in value, leading to an arbitration panel ordering Citigroup Inc. to pay $54.1 million in April 2011.
2008: Citigroup Pays Enron Creditors
In 2008, Citi also agreed to pay $1.66 billion to Enron creditors.
2008: Citigroup paid bonuses after receiving TARP funds
In late 2008, Citigroup paid hundreds of millions of dollars in bonuses to over 1,038 employees after receiving $45 billion in TARP funds.
January 13, 2009: Citi announces merger of Smith Barney with Morgan Stanley
On January 13, 2009, Citi announced the merger of Smith Barney with Morgan Stanley Wealth Management. Citi received $2.7 billion and a 49% interest in the joint venture.
January 16, 2009: Citigroup announces reorganization into two operating units
On January 16, 2009, Citigroup announced its intention to reorganize itself into two operating units: Citicorp and Citi Holdings.
February 2009: Compensation and bonuses were restricted
As a result of criticism and the U.S. Government's majority holding of Citigroup's common stock, compensation and bonuses were restricted from February 2009 until December 2010.
February 27, 2009: U.S. government to take equity stake in Citigroup
On February 27, 2009, Citigroup announced that the U.S. government would take a 36% equity stake in the company and implement salary restrictions.
June 1, 2009: Citigroup to be removed from Dow Jones Industrial Average
On June 1, 2009, it was announced that Citigroup would be removed from the Dow Jones Industrial Average effective June 8, 2009, due to significant government ownership.
June 8, 2009: Citigroup to be removed from Dow Jones Industrial Average
On June 8, 2009, Citigroup was removed from the Dow Jones Industrial Average.
December 2009: U.S. government stake reduced in Citigroup
By December 2009, the U.S. government stake in Citigroup was reduced from 36% to 27% after Citigroup sold $21 billion of common shares and equity.
2009: Government provides aid to prevent worldwide chaos
According to The Wall Street Journal, in 2009, government aid was provided to Citigroup to prevent a worldwide chaos and panic by the potential collapse of its Global Transactions Services (now TTS) division.
2009: Citi Establishes Retail Banking Franchise in Vietnam
In 2009, Citi established its retail banking franchise in Vietnam.
2009: Richard Parsons hired Richard F. Hohlt as advisor
In 2009, Citigroup's former chairman Richard Parsons hired Richard F. Hohlt to advise him and the company about relations with the U.S. government.
2009: Citi Field Naming Rights Deal
In 2009, Citigroup's naming rights deal for Citi Field, the home ballpark of the New York Mets, began. The deal was for $400 million over 20 years.
2009: Citi Private Bank stops paying commission for investment products
In 2009, Jane Fraser, the CEO of Citi Private Bank, stopped paying its bankers with a commission for selling investment products.
2009: Further Regulatory Action Against Citibank Japan
In 2009, Japanese regulators took action against Citibank Japan again, citing the bank's failure to establish an effective money laundering monitoring system. The regulators suspended sales operations within Citibank's retail banking for a month.
April 2010: Bowen testifies before Financial Crisis Inquiry Commission
In April 2010, Richard M. Bowen III testified before the Financial Crisis Inquiry Commission about Citigroup's role in the mortgage crisis.
July 2010: Settlement Over Misleading Statements on High-Risk Mortgages
In July 2010, Citigroup agreed to pay $75 million to settle civil charges that it misled investors over potential losses from high-risk mortgages. The SEC stated Citigroup made misleading statements regarding its exposure to subprime mortgages.
December 2010: Compensation and bonuses were restricted
As a result of criticism and the U.S. Government's majority holding of Citigroup's common stock, compensation and bonuses were restricted from February 2009 until December 2010.
December 2010: Citigroup repays emergency aid and government sells stake
By December 2010, Citigroup repaid the emergency aid in full, and the U.S. government had sold its remaining 27% stake, making a profit on its investment.
2010: Citigroup achieves first profitable year since 2007
In 2010, Citigroup achieved its first profitable year since 2007, reporting $10.6 billion in net profit.
2010: Edward Skyler named to senior position
In 2010, Citigroup named Edward Skyler to its senior public and governmental relations position.
2010: Citigroup's PAC and Democrats Supporting Spending Bill
In 2014, of the 57 Democrats supporting the 2015 Spending bill, 34 had received campaign cash from Citigroup's PAC at some point since 2010.
April 2011: Arbitration Panel Orders Citigroup to Pay $54.1 Million
In April 2011, an arbitration panel ordered Citigroup Inc. to pay $54.1 million for losses from municipal securities funds that cratered between 2007 and 2008.
July 2011: Citigroup Traders Manipulate U.S. Treasury Futures
Between July 2011 and December 2012, five traders from Citigroup manipulated U.S. Treasury futures more than 2,500 times. In January 2017, bank regulators fined Citigroup $25 million for this reason.
2011: Citi introduces digitized Smart Banking branches
In 2011, Citi was the first bank to introduce digitized Smart Banking branches in several cities and expanded its branch network globally.
February 9, 2012: National Mortgage Settlement Agreement
On February 9, 2012, the five largest mortgage servicers, including Citi, reached a historic settlement with the federal government and 49 states. The National Mortgage Settlement (NMS) required the servicers to provide approximately $26 billion in relief to distressed homeowners and indirect payments to the states and the federal government.
February 2012: Settlement for Falsely Certifying Loan Quality
In February 2012, Citigroup agreed to pay $158.3 million to settle claims that it falsely certified the quality of loans issued by its CitiMortgage unit over a period of more than six years, so that they would qualify for insurance from the Federal Housing Administration.
August 2012: Settlement of Investor Lawsuit Over Mortgage-Backed Securities
In August 2012, Citigroup agreed to pay almost $25 million to settle an investor lawsuit alleging that the bank misled investors about the nature of mortgage-backed securities. The lawsuit was on behalf of investors who purchased certificates in one of two mortgage-backed securities trusts from Citigroup Mortgage Loan Trust Inc in 2007.
December 2012: Citigroup Traders Manipulate U.S. Treasury Futures
Between July 2011 and December 2012, five traders from Citigroup manipulated U.S. Treasury futures more than 2,500 times. In January 2017, bank regulators fined Citigroup $25 million for this reason.
2012: Citi's Executive Compensation Package Rejected
At Citi's 2012 annual shareholders' meeting on April 17, Citi's executive compensation package was rejected, with approximately 55% of the votes being against approval. Shareholders stated Citi has not anchored rewards to performance.
2012: Company fails Comprehensive Capital Analysis and Review stress tests
In 2012, Citigroup failed the Comprehensive Capital Analysis and Review stress tests due to its high capital return plan and its international loans.
2012: Citigroup Settles Financial Misrepresentation Case
In 2012, Citigroup paid $590 million to settle the case related to financial misrepresentations and omissions.
2012: Citi Orient Securities formed
In 2012, the Global Markets division and Orient Securities formed Citi Orient Securities, a Shanghai-based equity and debt brokerage operating in the Chinese market.
June 2013: Citi sells remaining stake in Smith Barney
In June 2013, Citi sold its remaining 49% stake in Smith Barney to Morgan Stanley Wealth Management for $13.5 billion.
2013: Spin-off of Citi Capital Advisors
In 2013, Citigroup spun off its hedge fund unit, Citi Capital Advisors (CCA), to comply with the Volcker Rule, which limits bank ownership in hedge funds. The spin-off resulted in the creation of Napier Park Global Capital, a $6.8 billion hedge fund.
2013: Sanjiv Das replaced as head of CitiMortgage
In 2013, Sanjiv Das was replaced as head of CitiMortgage with Jane Fraser.
October 2014: Exit from Consumer Banking in 11 Markets
In October 2014, Citigroup announced its withdrawal from consumer banking operations in 11 markets, including Costa Rica, El Salvador, Guatemala, Nicaragua, Panama, Peru, Japan, Guam, the Czech Republic, Egypt, South Korea (consumer finance only), and Hungary.
2014: $7 Billion Settlement for Misleading Investors About Mortgage-Backed Securities
In 2014, Citigroup agreed to pay $7 billion to resolve claims that it misled investors about shoddy mortgage-backed securities in the run-up to the financial crisis. The Attorney General stated that the misconduct was egregious, allowing Citigroup to expand its market share and increase profits.
2014: Company fails stress tests again
In 2014, Citigroup failed the stress tests again, this time due to qualitative concerns.
2014: Citigroup's PAC Contributions to Congress
In 2014, Citigroup's PAC contributed $804,000 to campaigns of various members of Congress, i.e. 162 members of the House, including 72 Democrats, where donations averaged about $5,000 per candidate.
2014: James Bindler Appointed Global Head of Foreign Exchange
In 2014, James Bindler succeeded Jeff Feig as Citigroup's global head of foreign exchange. The company's remaining foreign exchange sales & trading businesses continued operating under his leadership.
July 2015: Citigroup fined for illegal credit card practices
In July 2015, Citigroup was fined $70 million by the United States Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency, and ordered to pay $700 million to customers for conducting illegal practices in marketing add-on products for credit cards.
November 2015: Springleaf Acquisition of OneMain Financial
In November 2015, Springleaf acquired OneMain Financial from Citigroup.
2015: Citi Holdings strategically 'breaking even'
Citi Holdings strategically aimed at "breaking even" in 2015 by winding down non-core businesses and reducing assets.
2015: Citigroup's PAC and Democrats Supporting Spending Bill
In 2014, of the 57 Democrats supporting the 2015 Spending bill, 34 had received campaign cash from Citigroup's PAC at some point since 2010.
2015: Company passes stress tests
In 2015, Citigroup passed the stress tests.
2015: Citigroup discriminated against Armenian Americans
In 2023, the Consumer Financial Protection Bureau (CFPB) ordered Citigroup to pay $24.5 million in fines and $1.4 million in restitution to Armenian Americans, alleging that the bank had illegally discriminated against members of the ethnic group and had unjustly denied them credit cards for which they had applied in a period beginning in 2015 and ending in 2021.
February 2016: Fraud Lawsuit and Citigroup Victory
In February 2016, Citigroup faced a $1.1 billion fraud lawsuit filed by Rabobank and other investors concerning the bankruptcy of Oceanografia SA. The plaintiffs alleged that Citigroup conspired with Oceanografia to accept falsified work estimates, but the courts ultimately ruled in favor of Citigroup.
February 2016: Sale of Retail and Commercial Banking Operations in Panama and Costa Rica
In February 2016, Citigroup sold its retail and commercial banking operations in Panama and Costa Rica to the Bank of Nova Scotia (Scotiabank) for $360 million. The sale included 27 branches serving approximately 250,000 clients. Citigroup continued to offer corporate and institutional banking and wealth management in both countries.
April 2016: Elimination of Citi Holdings
In April 2016, Citigroup announced its decision to eliminate Citi Holdings, its "bad bank" division.
April 2016: Exclusive Issuer of Costco-Branded Credit Cards and Regulatory Approval for "Living Will"
On April 1, 2016, Citigroup became the exclusive issuer of Costco-branded credit cards. Also in April 2016, Citi received regulatory approval for its "living will", detailing its plans to shut down operations in the event of another financial crisis.
2016: Company passes stress tests
In 2016, Citigroup passed the stress tests.
January 2017: Citigroup Global Markets Inc. Fined for Spoofing
In January 2017, Citigroup Global Markets Inc. was fined $25 million by the Commodity Futures Trading Commission for order spoofing in U.S. Treasury futures markets and for failing to diligently supervise its employees.
January 2017: Citigroup Fined for Trader Manipulation of U.S. Treasury Futures
In January 2017, bank regulators fined Citigroup $25 million on account of five traders from the bank having manipulated U.S. Treasury futures more than 2,500 times between July 2011 and December 2012. Citigroup was criticized for failing to adequately supervise its traders and for not having systems in place to detect spoofing.
2017: Citigroup Accused of Failing to Control Dark Money Flow
In 2017, prosecutors claimed drug smugglers were using Citigroup's Banamex USA unit to sneak dirty money into the United States from Mexico. The company agreed to pay more than $97 million to settle the allegations.
March 21, 2018: Citigroup changed its policy on firearm-related transactions
On March 21, 2018, Citigroup announced it changed its policy to forbid its business customers from performing certain firearm-related transactions.
June 1, 2018: Criminal Cartel Charges Expected Against ANZ Bank, Deutsche Bank, and Citigroup
On June 1, 2018, the Australian Competition and Consumer Commission (ACCC) announced that criminal cartel charges were expected to be laid by the Commonwealth Director of Public Prosecutions (CDPP) against ANZ Bank, its Group Treasurer Rick Moscati, along with Deutsche Bank, Citigroup and a number of individuals.
2018: O.C.C Indicts Citi for Anti-Money Laundering Shortcomings
In 2018, the O.C.C indicted Citi for shortcomings in its anti-money laundering policies, Citi was required to pay $70M.
January 2019: Citigroup sells stake in Citi Orient Securities
In January 2019, Citigroup announced that it sold its stake in Citi Orient Securities to its Chinese partner.
2019: Combination of Global Markets and Securities Services Business
In 2019, Citigroup combined its Global Markets and Securities Services business into Markets & Securities Services. This new entity included broad trading and execution capabilities in addition to custody, clearing, financing, and hedging services.
August 2020: $900 Million Mistaken Wire Transfer to Revlon Creditors
In August 2020, Citigroup mistakenly wired $900 million to the creditors of Revlon, an American cosmetics corporation. Citigroup sued to recover the funds, but had been unsuccessful as of June 2022.
2020: Citigroup to Pay $400 Million to Federal Regulators Over Risk Management Failures
In 2020, Citigroup agreed to pay $400 million to federal regulators over long-standing concerns regarding Citigroup's failure to establish effective risk management. The Federal Reserve and the Office of the Comptroller of the Currency said that Citi had engaged in "unsafe and unsound banking practices.
February 2021: Jane Fraser Becomes CEO
In February 2021, Jane Fraser became CEO of Citigroup, marking the first time a woman held the CEO position at a Big Four bank.
April 2021: Announcement to Exit Consumer Banking in 13 Markets
In April 2021, Citigroup announced its plan to exit its consumer banking operations in 13 markets, including Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand, and Vietnam.
2021: Citigroup discriminated against Armenian Americans
In 2023, the Consumer Financial Protection Bureau (CFPB) ordered Citigroup to pay $24.5 million in fines and $1.4 million in restitution to Armenian Americans, alleging that the bank had illegally discriminated against members of the ethnic group and had unjustly denied them credit cards for which they had applied in a period beginning in 2015 and ending in 2021.
January 2022: Plan to Exit Consumer Banking in Mexico
In January 2022, Citigroup announced its plan to exit consumer banking in Mexico, as well as small-business and middle-market banking operations.
March 1, 2022: Disclosure of Exposure in Russian Assets
On March 1, 2022, Citigroup disclosed an exposure of over $10 billion in Russian assets, which may be materially affected by Russia's expulsion from the SWIFT banking system.
June 2022: Ongoing Legal Battle Over Mistaken Wire Transfer
As of June 2022, Citigroup had been unsuccessful in its lawsuit to recover the $900 million it mistakenly wired to Revlon's creditors in August 2020.
September 2022: Planning to Shutter Retail Bank Business in the UK
In September 2022, Citigroup was planning to shutter its retail bank business in the United Kingdom.
August 2023: DBS Bank Acquires Citi's Consumer Banking Business in Taiwan
In August 2023, DBS Bank acquired Citigroup's consumer banking business in Taiwan, Citi Consumer Taiwan, for a total consideration of $706 million. Citigroup will continue to operate its consumer banking businesses in the US, Canada, Europe and in only 4 other markets: Hong Kong, Singapore, London and the UAE across the entire APAC and EMEA regions.
November 2023: Citigroup Initiates Layoffs as Part of Corporate Overhaul
In November 2023, Citigroup began initiating layoffs as part of a corporate overhaul, under a restructuring plan announced by CEO Jane Fraser. The plan includes forming five new divisions and the departure of several senior executives to address stock performance and expenses, potentially cutting 10% to 20% of the workforce.
2023: Citigroup ranking in Forbes Global 2000
In 2023, Citigroup was ranked #24 in Forbes Global 2000, highlighting its global financial standing.
2023: CFPB Orders Citigroup to Pay Fines and Restitution for Discrimination Against Armenian Americans
In 2023, the Consumer Financial Protection Bureau (CFPB) ordered Citigroup to pay $24.5 million in fines and $1.4 million in restitution to Armenian Americans, alleging that the bank had illegally discriminated against members of the ethnic group and had unjustly denied them credit cards for which they had applied in a period beginning in 2015 and ending in 2021.
January 2024: Citigroup Announces 20,000 Job Cuts
In January 2024, Citigroup announced that it would be cutting 20,000 jobs from the company.
June 2024: Money Launderers Exploit Citibank's Lax Controls
In June 2024, agents from the United States Drug Enforcement Administration, citing recent investigations into the Sinaloa Cartel, said money launderers continually found ways to take advantage of Citibank's lax controls and oversight policies.
June 2024: Investor Day Focuses on Securities Services
In June 2024, at its biennial Investor Day, Jane Fraser focused the conversation on Citi's Securities Services business, highlighting it as the most profitable of its five business units.
December 2024: Exit from Net-Zero Banking Alliance (NZBA)
In December 2024, Citigroup along with Bank of America announced that they are exiting the Net-Zero Banking Alliance (NZBA).
2024: Estimated Value of 2007 Fines and Restitution
As of 2024, the $15 million in fines and restitution announced against Citigroup in June 6, 2007 is estimated to be worth $21.8 million.
2024: Estimated Value of 2012 Settlement
As of 2024, the $158.3 million settlement Citigroup agreed to pay in February 2012 is estimated to be worth $213 million.
2024: Estimated value of February 2016 sale
As of 2024, the $360 million from the February 2016 sale of retail and commercial banking operations in Panama and Costa Rica to the Bank of Nova Scotia (Scotiabank) would be worth ~$460 million.
2024: Estimated Value of Citi Field Deal
As of 2024, the $400 million Citi Field naming rights deal that commenced in 2009 is estimated to be worth $567 million.
2024: Estimated value of $900 million wired in August 2020
As of 2024, the $900 million that Citigroup mistakenly wired in August 2020 is worth ~$1.07 billion.
March 2025: Citigroup to Reduce Reliance on External IT Contractors
In March 2025, Citigroup is set to reduce reliance on external IT contractors, cutting their share by 20% to 50%. They intend to hire full-time employees instead, increasing their technology workforce to 50,000. Improved risk management, data governance after regulatory penalties, including a $136 million for data issues, have prompted such measures.
2025: Agreement to Sell Citi Global Alternatives to iCapital
In 2025, Citigroup agreed to sell its wealth alternatives unit, Citi Global Alternatives, to iCapital, a New York-based alternative investment solutions firm. The terms of the deal were not disclosed.
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