Citibank was founded as the Citibank of New York on June 16, 1812, and later became New York’s first National City Bank. The first president of Citibank was politician and retired Colonel Samuel Osgood. After Osgood’s death in August 1813, William Few became president of the bank, staying until 1817, followed by Peter Stagg (1817–1825), Thomas Smith (1825–1827), Isaac Wright (1827–1832), and Thomas Bloodgood ( 1832) -1843). Moses Taylor assumed ownership and management of the bank in 1837. During Teller’s dominance, the bank largely served as a treasury and finance center for Teller’s own extensive business empire. Later presidents of the bank included Gorham Worth (1843–1856), Moses Taylor himself (1856–1882), Taylor’s son-in-law Patrick Pine, and James Stillman (1891–1909). Citibank is the consumer division of the financial services multinational Citigroup. The bank has 2,649 branches in 19 countries, including 723 in the United States and 1,494 in Mexico, operated by its subsidiary Banmex. US branches are concentrated in six metropolitan areas: New York, Chicago, Los Angeles, San Francisco, Washington, DC, and Miami.
As a result of the 2007–2008 financial crisis and the huge loss in value of its subprime mortgaged assets, Citibank’s parent Citigroup was transferred to the U.S. Received a bailout in the form of an investment from the Treasury. On 23 November 2008, in addition to the initial investment of $25 billion, a further $20 billion was invested in the company with guaranteed risk assets of $306 billion. The guarantee was issued at a time when markets were not convinced that Citi had enough liquidity to cover losses from those investments. Eventually, Citi’s shares, in exchange for guarantees issued to the Treasury, were booked as a net profit to the Treasury because Citi had sufficient liquidity and the guarantees were not to be used. By 2010, Citibank had repaid the loan from the Treasury in full, including interest, resulting in the U.S. Net profit for the federal government.