When was citibank founded

When it reconvened in , the assembly then faced petitions for the establishment of two more banks from merchants aligned with Clinton and associates of the former Bank of the United States. Enter one Samuel Osgood, elder statesman. He had a plan. The state lawmakers would support the original petition from He himself would be appointed president of the new bank.

The original merchants aligned with Madison would secure half the remaining seats on the board, while the rest would go to the new group of merchants who supported Clinton. Now with broader backing, the charter sailed through the state assembly and, on June 16, , City Bank of New York came into existence. Though Clinton had died of a heart attack three months earlier, his supporters now controlled almost half of the board of the new bank in his home state. With the passing of the charter, the year story of Citibank began.

He'd become president of American Express in the early 80s. Jamie Dimon is said to have been his protege. Source: Achievement. Travelers, Aetna and Shearson followed.

Salomon Smith Barney remained a wholly owned subsidiary. Source: BillMoyers. The law was officially repealed a year after the merger. Not coincidentally, former U. Treasury Secretary Robert E. Rubin had joined Citi as an adviser in Source: USA Today. And receives the first of three government bailouts. For you. World globe An icon of the world globe, indicating different international options. Get the Insider App. Click here to learn more. A leading-edge research firm focused on digital transformation.

Good Subscriber Account active since Shortcuts. Account icon An icon in the shape of a person's head and shoulders. It often indicates a user profile. Log out. US Markets Loading H M S In the news. Rob Wile. Citibank was born from anger. The bank's first big splash came from financing armaments during the War of Moses Taylor was the bank's most important president of the 19th century.

As with many titans of the age, Taylor did some good and bad. In , James Stillman is elected president of the bank and helps lead America onto the world stage. Yet it was seen by some as an lb. In , Charles E. Mitchell, the most controversial figure in the bank's history, is elected to head the bank. By November, a U. In , the bank began selling CDs. Paul Krugman has called this "the first step on on the road to the crisis of The bank's holding company changed its name to Citicorp in "to better suit its global businesses.

Around this time, Sandy Weill begins his collision course with Citi.