Citibank's origins go back to the early years of the American Republic. Samuel Osgood, a friend and associate of George Washington, founded its predecessor, the City Bank of New York, in 1812. The Bank survived the social and economic upheavals of the early 19th century. In 1864, it was granted a national charter and its name was changed to The National City Bank of New York. In 1955, when the First National Bank of the City of New York was merged into the National City Bank of New York, the name became The First National City Bank of New York. In 1976, the present form of the Bank's name, Citibank, was adopted for simplicity and convenience. .
The formation of Citigroup in 1998 created a new model of financial services organization to serve its clients' financial needs. As the company continues to grow and evolve, it's increasingly evident that such a large, complex grouping of businesses can indeed succeed. With 270,000 employees working in more than 100 countries and territories, Citigroup's globality and diversity contribute to its continued success. (www.citibank.com).
II. Worldwide .
Via expansion, standardization of product offerings, and advertising, Citigroup is trying to build a global retail brand in financial services products. A basic assumption is that the financial services needs of individuals are similar worldwide. Citigroup branch office and product offerings can be essentially standardized worldwide.
III. Community .
Citibank takes leadership role partnering with community organizations to revitalize and strengthen the neighborhoods where it does businesses. The partners are as diverse as the people they serve, but all share the same common goal of building better communities. Citibank and its partners help create and implement innovative solutions to address the specific needs and concerns of different communities. Citibank accomplishes this throughout programs that support the development of affordable housing, childcare centers, health care facilities, and small business.
