Topics: Bank, Financial services, Finance Pages: 1 (266 words) Published: March 1, 2013
Citibank has been known world wide for being one of the largest commercial banks and one of the major international banks. Besides that, it is also a public company- FIRST NATIONAL CITY BANK OF NEW YORK as well as the third largest foreign bank in BRUNEI but it has only two branches set up in BRUNEI. For more information, Citigroup has the world's largest financial services network, spanning 140 countries with approximately 16,000 offices worldwide. The company currently employs approximately 260,000 staff around the world, which is down from 267,150 in 2010 according to Forbes. It also holds over 200 million customer accounts in more than 140 countries. However, Citigroup suffered huge losses during the global financial crisis of 2008 and was rescued in November 2008 in a massive stimulus package by the U.S. government. It is the largest shareholders include funds from the Middle East and Singapore. According to Forbes, at its height Citigroup used to be the largest company and bank in the world by total assets with 357,000 employees until the global financial crisis of 2008. Today it is ranked 10th in size by composite index. Despite huge losses during the global financial crisis, Citigroup built up an enormous cash reserve in the wake of the financial crisis with $420 billion in surplus liquid cash and government securities as of June 2012. According to BRUNEI TIMES, Citibank has garnered awards around the world, including Euro money magazine's recent "Best Bank in Asia" for 2011 award, the bank's aim in Brunei is mainly to serve the corporate sector.
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