Monday, 24 November 2008

FACTBOX: Five facts about Citigroup

NEW YORK (Reuters) - Citigroup Inc is looking at putting risky assets in a government-supported "bad bank" -- a step to reassure investors that the rest of its assets were safe, reports said on Sunday.

Following are five facts about Citigroup, whose shares have plummeted 87 percent so far this year.

* City Bank of New York opened for business in New York City on June 16, 1812 with $2 million in capital. Today, Citigroup is New York City's second largest private employer.

* Citicorp merged with financier Sanford Weill's Travelers Group -- itself a combination of insurer Travelers, brokerages Salomon Brothers and Smith Barney and financial planner Primerica -- in 1998.

* Citigroup has 200 million customers in more than 100 countries across six continents. It is the world's largest provider of credit cards.

* Citigroup was the world's largest bank by market value as recently as 2007, when it was worth more than $250 billion. At Friday's close it was worth just $20.5 billion, making it smaller than each of Canada's top three banks.

* Citigroup had been the top U.S. bank by assets until it was overtaken by JPMorgan Chase & Co in October. Citigroup ended September with $2.05 trillion in assets, compared with $2.25 trillion at JPMorgan.

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DISCLAIMER: The author is not a registered stockbroker nor a registered advisor and does not give investment advice. His comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to buy or sell a stock, option, future, bond, commodity, index or any other financial instrument at any time. While he believes his statements to be true, they always depend on the reliability of his own credible sources. The author recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction, before making any investment decisions, and that you confirm the facts on your own before making important investment commitments.