Citigroup

Citigroup Inc., or Citi, is an American multinational investment bank and financial services corporation headquartered in New York City. Citi has over 200 million customer accounts and serves clients around the globe. It offers deposits and loans (mainly through Citibank), investment banking, brokerage, wealth management, and other financial services.

The company is led by chief executive officer Jane Fraser, who was appointed into the role in March 2021 following the retirement of former Citi CEO Michael Corbat. Fraser is the first female CEO of a major U.S. bank. She previously ran Citi’s mortgage business at a time of heightened government scrutiny of banks’ mortgage practices following the financial crisis.

Specifically in mortgages, Citi ranked as the 22nd largest retail lender in the nation by volume in the third quarter of 2021. It also ranked as the country’s No. 23 correspondent lender. In 2017, Citi made the decision to leave mortgage servicing, entering into a sub-servicing agreement with Cenlar.

In October 2021, Citi became the first Wall Street bank to agree to do a deep dive into its business to see if, and how, it contributes to racial discrimination. According to the company, the audit centered on its 2020 commitment to dedicate $1 billion toward initiatives it hoped would help close the persistent racial wealth gap in the U.S.

Latest Posts

Citi Posts $5.1 Billion Loss; Late Mortgages More than Double

Apr 18, 2008By Paul Jackson

The bleeding continued for a second straight quarter at Citigroup Inc. [stock C][/stock], who said Friday morning that it lost $5.11 billion, $1.02/share, during the first quarter of 2008, thanks to a total of $13.9 billion in write-downs spanning mortgages to leveraged loans. The loss was greater than most analysts had forecast, although the write-down total was less than expected and revenues were greater than expected — meaning that Citi saw shares bounce in early morning trading, as a result.