CitigroupHistory:Citigroup' was founded as City Bank of New York in 1812 and remained a large regional bank until October 1998. Sandy Weill, then CEO of The Travelers Group, an insurance company, announced a $76 billion deal to merge with Citigroup to form a new financial services conglomerate. It took only two years for the merger to pass into federal law, since the Glass-Steagall Act of 1933 prevented banking and insurance companies from becoming a single entity. As Citigroup's new CEO, Sandy Weill was now at the helm of one of the world's largest banking institutions, with more than 300,000 employees and operations in more than 120 countries. Popular brands included CitiCards, CitiFinancial, CitiMortgage, Primerica, Salomon Brothers, Smith Barney, Diners Club and CitiCapital. Citigroup became the first global financial supermarket where banking, brokerage and insurance services were all held under the control of a single organization. Citigroup is organized into four main segments: Consumer Banking, Global Cards, Institutional Client Group and Global Wealth Management. Citigroup offers a wide range of products ranging from retail banking, credit card and mortgage services to global transaction services, mergers and acquisition financing and corporate lending. Citigroup is currently the largest bank in the United States, with more than $600 billion in deposits and assets under management of more than $1.2 trillion. Citigroup's fortunes continued to flourish during Sandy Weill's tenure and even during the market downturn of 2002. On October 1, 2003 Chuck Prince replaced Sandy Weill as CEO of Citigroup and, over the next few years, successfully continued to grow the business and achieve record profits and profits. Citigroup shares continued...... middle of paper......sj.com/article/SB122747680752551447.html. The Wall Street Journal. November 24, 2008. Joint statement by Treasury, the Fed and the FDIC on Citihttp://blogs.wsj.com/economys/2008/11/24/joint-statement-by-treasury-fed-fdic-on-citi /. The Wall Street Journal. February 3, 2009. Largest US Banks by Deposits 2007. http://forbestadvice.com/Lists/Things/LargestUSBanksByDeposits2007.html. Forbes Magazine. February 29, 2008. Timeline of the financial crisis. Jason Cox. University of Iowa. January 27, 2009. http://www.uiowa.edu/ifdebook/timeline/Credit_Crisis_Timeline.pdf.HSBC in the context of a new depreciation of subprimes. http://news.bbc.co.uk/2/hi/business/7395425.stm. BBC News. May 12, 2008. United States Congressional Budget Office. The Troubled Asset Relief Program: Transaction Report through December 31, 2008. http://www.cbo.gov/ftpdocs/99xx/doc9961/01-16-TARP.pdf. FEBRUARY 2009.