The company was formed by the merger of banking giant Citicorp and financial conglomerate Travelers Group in 1998; however, Travelers was spun off from the company in 2002.[2][3]
Citigroup now owns Citicorp, holding company for Citibank, and several international subsidiaries.[4]
In 2016, Citigroup ranked 29th in size on the Fortune 500 list.[6]
Citigroup has over 200 million customer accounts and does business in more than 160 countries.[1] Citigroup has 219,000 employees,[1] although it had 357,000 employees at its height, before the financial crisis of 2007-2008.[7]
Citigroup suffered huge losses during the financial crisis of 2007-2008 and was rescued in November 2008 in a massive stimulus package by the U.S. government.[8]
