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Essay / Research Paper Abstract
This 11 page paper investigates Citigroup Inc, the name that emerged from the merger between Citicorp and Travelers. Sections include: a general overview of the banking industry, historical overview of Citicorp, the Board of Directors, major top executives of the new corporation, subsidiaries, a narrative describing the co-CEOs of this megacorporation, and the stock share prices for the first week of each month during 1998. Citicorp was already one of the world's largest credit card companies and Travelers Group was one of the largest insurance companies. Together they have formed one of the world's largest financial services company. The 'marriage,' which included the two CEOs to jointly lead the new corporation has not been without problems. Due to changes recently made, they may now be on the way, however, to a much smoother operation as well as to greater profits. 1 illustration. Bibliography lists 11 sources.
Page Count:
11 pages (~225 words per page)
File: MM12_PGciti.rtf
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Unformatted sample text from the term paper:
commercial banks. Interestingly, the consolidations seem to have spawned the founding of a new breed - the local bank that defies the impersonality of the huge national chains and caters
to the personal needs of its customers (Spain, 1999). The landscape of the industry is changing so rapidly that it is difficult to keep up with it. Just a
few years ago, banks merged to create megabanks. Today, however, many of the megabanks are merging to create gigabanks. Furthermore, the mergers often marry banks with other kinds of financial
institutions, such as financial services and even insurance companies. For instance, in 1998, NationsBank and BankAmerica merged to form the mega-size BankAmerica and CitiBank, a subsidiary of Citicorp merged with
Travelers to create Citigroup (Spain, 1999). In terms of assets, Savings banks and S & Ls have combined assets in excess of $1 trillion, banks have more than $5 trillion
in assets. The mergers continue to increase the assets of individual mega-corporations. While the industry is still heavily regulated, the structure has changed, which increases the assets of those corporations
that have merged. For example, insurance companies and brokerages are offering basic banking services while banks have moved into offering brokerage, securities underwriting and insurance products and services. There seems
to be no end in sight as to the companies within this industry merging to create humongous banking and financial corporations. Citibank Citibank was founded on June 16, 1812.
It was chartered in New York as the City Bank of New York with an authorized capital of $2 million. As the saying goes, it has come a long way
since then. Some more recent developments include: 1975: following a name change, First National City became the only bank with branches in all nine Common Market countries. 1976: name changed
...