Citigroup

About Citigroup

Founded as the City Bank of New York in 1812. Under Moses Taylor in the 19th century, City Bank became the largest bank in the US. The bank merged with Travelers Group in 1998 to form Citigroup, the largest financial services company in the world at the time. The merger was led by Sandy Weill and pushed through before legal clearance, effectively forcing repeal of Glass Steagall. Citigroup received 45 billion in TARP funds in 2008, the largest bank bailout. The bank sold Smith Barney and dozens of other businesses to simplify. Citigroup has been repeatedly fined for violations including the 1812 origins, LIBOR manipulation, and fraudulent account openings.