Citigroup Report

Topics: Citigroup, Citibank, Wall Street Crash of 1929 Pages: 4 (1612 words) Published: March 7, 2013
Sean McCarthy
Citigroup Report
MGMT 492

Citi Group History
In 1811 the largest bank in New your city was going to go out of business until a group of merchants stepped in and took the opportunity to established, at the time City Bank, Citigroup on June 16, 1812. One of its earliest noteworthy achievements was financing the arms needed for the war of 1812. One of the most influential presidents of Citigroup was Moses Taylor who joined Citigroup in 1937 and steadily began acquiring interest in the bank. In 1855 was promoted to president and began to use the bank and improve the bank “through his own investments of real estate, coal, iron, and began purchasing interest in the Delaware Lackawanna & Western Rail Road.” (An Old Merchant’s Death) He also used Citibank to assist the Union in the Civil War. Moses would serve until 1882. Nine years later in 1891 Citigroup elects James Stillman, who would help the company become an international bank. “Under Stillman the bank pioneered Foreign-exchange trading, providing major financing to Spain, japan and Latin America, becoming the first ever foreign branch in Buenos Aires.”(Texas State) Once the 20th century started Citibank has established itself as on of the biggest banks in America and had begun to spread globally thanks to men like Stillman. But between 1905-1961 Citi bank did not make the greatest decisions for the company. First In 1905 the bank cause a scandal when it gained a sweetheart deal wit the Secretary of Treasury because of his connections to Joh D. Rockefeller. Charles E. Mitchel would be the next president to be elected to the National City Bank of New York. In 1921. After a easy 1920s for the company, and the rest of the country. the stock market crash of 1929 hit Citi hard and most of the blame was put on Mitchel. He had been unloading toxic securities onto unsuspecting investors (200 Years of Citi)In 1933 he would hand over $1 million to the government from prior tax evasion. Mitchel...
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