Venture Capital Firms in Bay Area – Citi Ventures – Palo Alto, CA – 29/50
Venture Capital Firms in Bay Area – Citi Ventures – Palo Alto, CA – 29/50
All Stages
Other Areas of Focus: Big Data & Analytics, Commerce & Payments, Security & Enterprise IT
Total Capital: NA
Notable Investments: Chain, Betterment, DocuSign, Trade It
Citibank is the consumer division of financial services multinational Citigroup.[2] Citibank was founded in 1812 as the City Bank of New York, and later became First National City Bank of New York. Citibank provides credit cards, mortgages, personal loans, commercial loans, and lines of credit.
The bank has 2,649 branches in 19 countries, including 723 branches in the United States and 1,494 branches in Mexico operated by its subsidiary Banamex. The U.S. branches are concentrated in six metropolitan areas: New York City, Chicago, Los Angeles, San Francisco, Washington, D.C., and Miami.[1] In 2016, the United States accounted for 70% of revenue and Mexico accounted for 13% of revenue. Aside from the U.S. and Mexico, most of the company’s branches are in Poland, Russia, Pakistan, India and the United Arab Emirates.
Citibank’s private-label credit card division, Citi Retail Services, issues store-issued credit cards for such companies as: American Airlines, Best Buy, ConocoPhillips, Costco, ExxonMobil, The Home Depot, Sears, Shell Oil, Staples Inc. and until January 2018, Hilton Hotels & Resorts.
As a result of the financial crisis of 2007–2008 and huge losses in the value of its subprime mortgage assets, Citigroup, the parent of Citibank, received a bailout in the form of an investment from the U.S. Treasury. On November 23, 2008, in addition to an initial investment of $25 billion, a further $20 billion was invested in the company along with guarantees for risky assets of $306 billion The guarantees were issued at a time markets were not confident Citi had enough liquidity to cover loses from those investments. Eventually the Citi shares the Treasury took over in return for the guarantees it issued were booked as net profit for the treasury as Citi had enough liquidity and guarantees did not have to be used. By 2010, Citibank had repaid the loans from the Treasury in full, including interest, resulting in a net profit for the U.S. federal government.
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Type
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Subsidiary of Citigroup |
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| Industry | Financial services |
| Founded | June 16, 1812 (as City Bank of New York) |
| Headquarters | New York City, New York |
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Key people
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(CEO of Citigroup)(Chairman of Citigroup) Michael Corbat (COO of Citigroup)[1] |
| Products | Credit cards Mortgages Personal loans Commercial loans Lines of credit |
| Parent | Citigroup |
| Website | citi |
