Financial News (1884–1945)
The Financial News was a daily British newspaper published in London. It was founded in 1884 by Harry Marks, who had begun on United States newspapers, set up to expose fraudulent investments. Marks himself was key to the paper's early growth, when it had a buccaneering life fighting against corruption and competing with the Financial Times, but after Marks' death it declined. Bought by publishers Eyre & Spottiswoode in 1928 and run by Brendan Bracken, it merged with its great rival in 1945; the first four-page edition of the Financial and Mining News appeared on 23 January 1884. Founder Harry Marks imported techniques he had learned in the United States to target those offering questionable investment schemes, intending that his paper be known for campaigning; the newspaper scored an early significant success in exposing corruption in local government. Marks himself was one of the main authors of a series of articles that began appearing on 25 October 1886 and carried on for nearly a year; the newspaper uncovered the involvement of officials and members of the Metropolitan Board of Works, which ran local government services in London, in schemes to enrich themselves.
However the early years saw the company summoned to the law courts to defend libel actions. The paper gained a rival in 1888; the two papers attacked each other's advertisers, criticised the investment schemes the other promoted, until a truce was worked out after a bad-tempered dispute over "the Nitrate King" Colonel J. T. North, developing the Nitrate Railway in South America. After they continued to compete, but more in the nature of a friendly rivalry, it was a financially successful venture and in March 1898 Marks floated the company on the stock market, with the understanding that he would continue as editor. Its success continued and at the ordinary general meeting in January 1911, the company announced a dividend and bonus amounting to 35% on ordinary shares; the paper was among those. Handing over the editorship in 1909 to Ellis Powell, Marks remained the controlling influence as proprietor, he suffered increasing bouts of ill health due to gout and had at least one stroke in 1915, was forced to cease any active involvement in the newspaper.
Although he left his interest to a nephew, the existing board fought off his attempts to take control. The Marks estate was sold in 1919 and most of the Financial News shares were bought by John Jarvis. In 1926 it was sold again to the Trireme Trust, although with Jarvis remaining chairman. During this period, it absorbed the Financier and Bullionist; the new ownership was put together by Brendan Bracken, elected to the board of Eyre & Spottiswoode. Bracken persuaded the board to buy the Financial News and bought a number of other publications. In the early 1930s, circulation rose, but the Financial Times was still selling about three or four times as many copies. In Spring 1937 sales only briefly; when Adolf Hitler was appointed Chancellor of Germany, the Financial News leader was headed "Heil Hitler!". However, the paper soon changed its line, arguing at the time of the occupation of the Rhineland that a stand would have to be taken against German military aggression. Hargreaves Parkinson became editor in 1938.
During World War II, Bracken became close to Lord Camrose, the proprietor since 1919 of the Financial Times. The two agreed to raise their advertising rates to protect their finances, agreed that the other would have first refusal if one wanted to sell. Towards the end of the war, Camrose decided to sell the Financial Times, arrangements for a merger were put in place; the financial deal was a complex one: the Financial News raised the cost of buying a controlling interest in the Financial Times by selling its own offices and investments, by a share issue, but could only make up the full amount by selling to the Financial Times the copyright and goodwill of the Financial News. Camrose himself bought some Financial News shares to help the deal along; the Financial News ceased publication on 1 October 1945. The three top jobs in the new merged paper went to former Financial News employees, including Parkinson as editor. 1884: Harry Hananel Marks 1916: Ellis T. Powell 1921: Herbert O'Neill 1921: W. A.
Doman and William Lang 1924: Laming Worthington-Evans 1925: Hilton Young 1929: Oscar Rudolf Hobson 1934: Maurice Green 1938: Hargreaves ParkinsonSource: David Butler and Anne Sloman, British Political Facts, 1900-1979, p. 441 Griffiths, Dennis. Fleet Street: Five hundred years of the Press. British Library, 2006 Kynaston, David; the Financial Times: A Centenary History. Viking, 1988
China the People's Republic of China, is a country in East Asia and the world's most populous country, with a population of around 1.404 billion. Covering 9,600,000 square kilometers, it is the third- or fourth-largest country by total area. Governed by the Communist Party of China, the state exercises jurisdiction over 22 provinces, five autonomous regions, four direct-controlled municipalities, the special administrative regions of Hong Kong and Macau. China emerged as one of the world's earliest civilizations, in the fertile basin of the Yellow River in the North China Plain. For millennia, China's political system was based on hereditary monarchies, or dynasties, beginning with the semi-legendary Xia dynasty in 21st century BCE. Since China has expanded, re-unified numerous times. In the 3rd century BCE, the Qin established the first Chinese empire; the succeeding Han dynasty, which ruled from 206 BC until 220 AD, saw some of the most advanced technology at that time, including papermaking and the compass, along with agricultural and medical improvements.
The invention of gunpowder and movable type in the Tang dynasty and Northern Song completed the Four Great Inventions. Tang culture spread in Asia, as the new Silk Route brought traders to as far as Mesopotamia and Horn of Africa. Dynastic rule ended in 1912 with the Xinhai Revolution; the Chinese Civil War resulted in a division of territory in 1949, when the Communist Party of China established the People's Republic of China, a unitary one-party sovereign state on Mainland China, while the Kuomintang-led government retreated to the island of Taiwan. The political status of Taiwan remains disputed. Since the introduction of economic reforms in 1978, China's economy has been one of the world's fastest-growing with annual growth rates above 6 percent. According to the World Bank, China's GDP grew from $150 billion in 1978 to $12.24 trillion by 2017. Since 2010, China has been the world's second-largest economy by nominal GDP and since 2014, the largest economy in the world by purchasing power parity.
China is the world's largest exporter and second-largest importer of goods. China is a recognized nuclear weapons state and has the world's largest standing army and second-largest defense budget; the PRC is a permanent member of the United Nations Security Council as it replaced the ROC in 1971, as well as an active global partner of ASEAN Plus mechanism. China is a leading member of numerous formal and informal multilateral organizations, including the Shanghai Cooperation Organization, WTO, APEC, BRICS, the BCIM, the G20. In recent times, scholars have argued that it will soon be a world superpower, rivaling the United States; the word "China" has been used in English since the 16th century. It is not a word used by the Chinese themselves, it has been traced through Portuguese and Persian back to the Sanskrit word Cīna, used in ancient India."China" appears in Richard Eden's 1555 translation of the 1516 journal of the Portuguese explorer Duarte Barbosa. Barbosa's usage was derived from Persian Chīn, in turn derived from Sanskrit Cīna.
Cīna was first used including the Mahābhārata and the Laws of Manu. In 1655, Martino Martini suggested that the word China is derived from the name of the Qin dynasty. Although this derivation is still given in various sources, it is complicated by the fact that the Sanskrit word appears in pre-Qin literature; the word may have referred to a state such as Yelang. The meaning transferred to China as a whole; the origin of the Sanskrit word is still a matter of debate, according to the Oxford English Dictionary. The official name of the modern state is the "People's Republic of China"; the shorter form is "China" Zhōngguó, from zhōng and guó, a term which developed under the Western Zhou dynasty in reference to its royal demesne. It was applied to the area around Luoyi during the Eastern Zhou and to China's Central Plain before being used as an occasional synonym for the state under the Qing, it was used as a cultural concept to distinguish the Huaxia people from perceived "barbarians". The name Zhongguo is translated as "Middle Kingdom" in English.
Archaeological evidence suggests that early hominids inhabited China between 2.24 million and 250,000 years ago. The hominid fossils of Peking Man, a Homo erectus who used fire, were discovered in a cave at Zhoukoudian near Beijing; the fossilized teeth of Homo sapiens have been discovered in Fuyan Cave in Hunan. Chinese proto-writing existed in Jiahu around 7000 BCE, Damaidi around 6000 BCE, Dadiwan from 5800–5400 BCE, Banpo dating from the 5th millennium BCE; some scholars have suggested. According to Chinese tradition, the first dynasty was the Xia, which emerged around 2100 BCE; the dynasty was considered mythical by historians until scientific excavations found early Bronze Age sites at Erlitou, Henan in 1959. It remains unclear whether these sites are the remains of the Xia dynasty or of another culture from the same period; the succeeding Shang dynasty is the earliest to be confirmed by contemporary records. The Shang ruled the plain of the Yellow River in eastern China from the 17th to the 11th century BCE.
Their oracle bone script
Bank of China
Bank of China is one of the four biggest state-owned commercial banks in China. Bank of China is separate from its subsidiary Bank of China, although they maintain close relations in management and administration and co-operate in several areas including reselling BOC's insurance and securities services, it was founded in 1912 by the Republican government to replace the Daqing Bank. It is the oldest bank in mainland China still in existence. From its establishment until 1942, it issued banknotes on behalf of the Government along with the "Big Four" banks of the period: the Farmers Bank of China, Bank of Communications and Central Bank of the Republic of China, its headquarters are in Beijing. As of 31 December 2009, it was the second largest lender in China overall, the 5th largest bank in the world by market capitalization value; as of end 2017, it was the fourth largest bank in the world in terms of assets, ranked after the other 3 Chinese banks. The Bank of China's history began in 1905, when the Qing government established Daqing Hubu Bank in Beijing, in 1908 renamed to Daqing Bank.
When the Republic of China was established in 1912, it was further renamed as Bank of China by President Sun Yat-sen's government, adding a new role of the central bank. After the Chinese Civil War ended in 1949, the Bank of China split into two operations. Part of the bank relocated to Taiwan with the Kuomintang government, was privatized in 1971 to become the International Commercial Bank of China. In 2002, it merged with Chiao Tung Bank to become the Mega International Commercial Bank; the Mainland operation is the current entity known as the Bank of China. It is the second largest lender in China overall, the fifth largest bank in the world by market capitalization value. Once 100% owned by the central government, via China Central Huijin and National Council for Social Security Fund, an Initial public offering of its shares took place in June 2006, the free float is at present over 26%. In the Forbes Global 2000 it ranked as the 4th-largest company in the world, it is the most globally-active of China's banks, with branches on every inhabited continent.
Outside of mainland China, BOC operates in 27 countries and areas including Australia, United Kingdom, France, Italy, Russia, United States, Brazil, Republic of Korea, Taiwan, Vietnam, Thailand, Kazakhstan, Zambia, South Africa, a branch office in the Cayman Islands. In December 2010, the Bank of China New York branch began offering renminbi products for Americans, it was the first major Chinese bank. Although it is present in the above countries/territories, its operations outside China accounted for less than 4% of the activity of the bank by both profits and assets. Mainland China accounts for 60% of the bank by profits and 76% by assets as at December 2005. 1917: BOC opened a branch in Hong Kong. 1929: BOC opened its first overseas branch in London. The branch managed the government's foreign debt, became a center for the bank's management of its foreign exchange, acted as an intermediary for China's international trade. 1931: BOC opened a branch in Osaka. 1936: BOC opened a branch in Singapore to handle remittances to China of overseas Chinese.
It opened an agency in New York. 1937: On the outbreak of hostilities with Japan, Japanese forces blockaded China's major ports. BOC opened a number of branches in Batavia, Kuala Lumpur, Hanoi, Rangoon and Calcutta to facilitate the gathering of remittances and the flow of military supplies, it opened sub-agencies in Surabaya, Dabo, Batu Pahat, Mandalay, Lashio and Seremban. 1941-1942: The Japanese conquest of Southeast Asia forced BOC to close all overseas its branches, sub-branches and sub-agencies, except London, New York and Bombay. In 1942, it manages to set up six new overseas branches, such as in Sydney and Havana, Karachi. 1946: BOC reopened its branches and agencies in Hong Kong, Haiphong, Kuala Lumpur and Jakarta. It moved the Hanoi agency to Saigon. At the suggestion of the Allied Forces Headquarters, it liquidated the branch in Osaka and opened a sub-branch in Tokyo. 1947: BOC opened agencies in Bangkok and Tokyo. 1950: After victory of Communist forces in the civil war, some branches of Bank of China joined the bank headquartered in Beijing, while others opted to remain with the Bank of China headquartered in Taipei.
In 1971, this bank took the name International Commercial Bank of China. 1963: The Burmese government nationalized all banks and domestic, including the Bank of China's Rangoon branch. 1971: The Bank of China transferred its two branches in Karachi and Chittagong to the National Bank of Pakistan. 1975: The Republic of South Vietnam nationalized the Bank of China's branch in Saigon and the Khmer Rouge government nationalized its Phnom Penh branch. 1979: BOC opened a branch in Luxembourg, which became its European headquarters through the 1990s. 1981: BOC opened a branch in New York. 1985: BOC opened a branch in Paris 1987: BOC became an ordinary member of the LBMA. 1992: BOC opens a representative office in Toronto. 1993: Bank of China established to conduct business in Canada as a Schedule II bank. 2001: Kwangtung Provincial Bank was closed and m
J. P. Morgan Chase & Co. is an American multinational investment bank and financial services company headquartered in New York City. JPMorgan Chase is the largest bank in the United States, is ranked by S&P Global as the sixth largest bank in the world by total assets as of 2018, to the amount of $2.534 trillion. It is the world's most valuable bank by market capitalization; as a "Bulge Bracket" bank, it is a major provider of various investment banking and financial services. It is one of America's Big Four banks, along with Bank of America and Wells Fargo. JPMorgan Chase is considered to be a custodian bank; the J. P. Morgan brand known as Morgan, is used by the investment banking, asset management, private banking, private wealth management, treasury & securities services divisions. Fiduciary activity within private banking and private wealth management is done under the aegis of JPMorgan Chase Bank, N. A.—the actual trustee. The Chase brand is used for credit card services in the United States and Canada, the bank's retail banking activities in the United States, commercial banking.
Both the retail and commercial bank and the bank's corporate headquarters are located at 270 Park Avenue in Midtown Manhattan, New York City. The company was formed in 2000, when Chase Manhattan Corporation merged with J. P. Morgan & Co; as of 2017, the bank is one of the largest asset management companies in the world with US$2.789 trillion in assets under management and US$30 trillion in assets under custody. At US$47.7 billion in assets under management, the hedge fund unit of JPMorgan Chase is the fourth largest hedge fund in the United States. JPMorgan Chase, in its current structure, is the result of the combination of several large U. S. banking companies since 1996, including Chase Manhattan Bank, J. P. Morgan & Co. Bank One, Bear Stearns and Washington Mutual. Going back further, its predecessors include major banking firms among which are Chemical Bank, Manufacturers Hanover, First Chicago Bank, National Bank of Detroit, Texas Commerce Bank, Providian Financial and Great Western Bank.
The company's oldest predecessor institution, the Bank of the Manhattan Company, was the third oldest banking corporation in the United States, the 31st oldest bank in the world, having been established on September 1, 1799, by Aaron Burr. The Chase Manhattan Bank was formed upon the 1955 purchase of Chase National Bank by the Bank of the Manhattan Company, the company's oldest predecessor institution; the Bank of the Manhattan Company was the creation of Aaron Burr, who transformed The Manhattan Company from a water carrier into a bank. According to page 115 of An Empire of Wealth by John Steele Gordon, the origin of this strand of JPMorgan Chase's history runs as follows: At the turn of the nineteenth century, obtaining a bank charter required an act of the state legislature; this of course injected a powerful element of politics into the process and invited what today would be called corruption but was regarded as business as usual. Hamilton's political enemy—and eventual murderer—Aaron Burr was able to create a bank by sneaking a clause into a charter for a company, called the Manhattan Company, to provide clean water to New York City.
The innocuous-looking clause allowed the company to invest surplus capital in any lawful enterprise. Within six months of the company's creation, long before it had laid a single section of water pipe, the company opened a bank, the Bank of the Manhattan Company. Still in existence, it is today the largest bank in the United States. Led by David Rockefeller during the 1970s and 1980s, Chase Manhattan emerged as one of the largest and most prestigious banking concerns, with leadership positions in syndicated lending and securities services, credit cards and retail financial services. Weakened by the real estate collapse in the early 1990s, it was acquired by Chemical Bank in 1996, retaining the Chase name. Before its merger with J. P. Morgan & Co. the new Chase expanded the investment and asset management groups through two acquisitions. In 1999, it acquired San Francisco-based Quist for $1.35 billion. In April 2000, UK-based Robert Fleming & Co. was purchased by the new Chase Manhattan Bank for $7.7 billion.
The New York Chemical Manufacturing Company was founded in 1823 as a maker of various chemicals. In 1824, the company amended its charter to perform banking activities and created the Chemical Bank of New York. After 1851, the bank was separated from its parent and grew organically and through a series of mergers, most notably with Corn Exchange Bank in 1954, Texas Commerce Bank in 1986, Manufacturer's Hanover Trust Company in 1991. In the 1980s and early 1990s, Chemical emerged as one of the leaders in the financing of leveraged buyout transactions. In 1984, Chemical launched Chemical Venture Partners to invest in private equity transactions alongside various financial sponsors. By the late 1980s, Chemical developed its reputation for financing buyouts, building a syndicated leveraged finance business and related advisory businesses under the auspices of pioneering investment banker, Jimmy Lee. At many points throughout this history, Chemical Bank was the largest bank in the United States. In 1996, Chemical Bank acquired Chase Manhattan.
Although Chemical was the nominal survivor, it took the better-known Chase name. To this day, JPMorgan Chase retains Chemical's pre-1996 stock price history, as well as Chemical's former headquarters at 270 Park Avenue; the heritage of the House of Morgan traces its roots to the partnership of Drexel, Morgan & Co. which in 1895 was renamed J. P. Morgan & Co
Agricultural Bank of China
Agricultural Bank of China known as AgBank, is one of the "Big Four" banks in the People's Republic of China. It was founded in 1951, has its headquarters in Dongcheng District, Beijing, it has branches throughout mainland China, Hong Kong, Tokyo, New York, Sydney and Singapore. ABC has 320 million retail customers, 2.7 million corporate clients, nearly 24,000 branches. It is China's third largest lender by assets. ABC went public in mid-2010, fetching the world's biggest initial public offering at the time, since overtaken by another Chinese company, Alibaba. In 2011, it ranked eighth among the Top 1000 World Banks, by 2015, it ranked third in Forbes' 13th annual Global 2000 list and in 2017 it ranked fifth. Since the establishment of the People's Republic of China in 1949, ABC has been formed and abolished several times. In 1951, two banks of the Republic of China, Farmers Bank of China and Cooperation Bank, merged to form the Agricultural Cooperation Bank, which ABC regards as its ancestor.
However, the bank was merged into People's Bank of China, the central bank in 1952. The first bank bearing the name Agricultural Bank of China was founded in 1955, but it was merged into the central bank in 1957. In 1963 the Chinese government formed another agricultural bank, merged into the central bank two years later. Today's Agricultural Bank of China was founded in February 1979, it was restructured to form a holding company called Agricultural Bank of China Limited. It was listed on the Shanghai and Hong Kong stock exchanges in July 2010. In April 2007, ABC was the victim of the largest bank theft in Chinese history; this occurred when two vault managers at the Handan branch of the bank in Hebei province embezzled 51 million yuan. In 2012, ABC started a project to migrate to the Avaloq Banking System. During the 2013 Korean crisis, the Agricultural Bank of China halted business with a North Korean bank accused by the United States of financing Pyongyang's missile and nuclear programs. ABC was the last of the "big four" banks in China to go public.
In 2010, A shares and H shares of Agricultural Bank of China were listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange respectively. Each share was set to cost between 2.7 3.3 RMB per share. H shares were set to cost between HK$2.88 and HK$3.48 per share. The final share price for the IPO launch was issued on July 7, 2010. On completion in August 2010 it became the world's biggest initial public offering surpassing the one set by Industrial and Commercial Bank of China in 2006 of US$21.9 billion. This record has since been beaten by another Chinese company, Alibaba, in 2014. ABC raised US$19.21 billion in an IPO in Hong Kong and Shanghai on July 6, 2010, before overallotment options were exercised. On August 13, 2010, ABC completed the world's largest initial public offering, raising a total of $22.1 billion after both Shanghai and Hong Kong's over-allotments were exercised. The IPO was once thought to be able to raise US$30 billion, but weaker market sentiment dampened the value.
Despite a 15-month low for the Chinese benchmark index, the IPO was said to have gone smoothly. CICC, Goldman Sachs, Morgan Stanley led the Hong Kong offering, with JPMorgan, Deutsche Bank and ABC's own securities unit involved. CICC, Citic Securities and Guotai Junan Securities handled the Shanghai portion. ABC sold about 40% of the Shanghai offering to 27 strategic investors including China Life Insurance and China State Construction, they were subject to lock-up periods of 12–18 months. Eleven cornerstone investors were selected for its Hong Kong share offering, including Qatar Investment Authority and Kuwait Investment Authority, taking a combined $5.45 billion worth of shares. Asset management in China Banking in China Policy banks List of banks in China List of companies of the People's Republic of China Media related to Agricultural Bank of China at Wikimedia Commons
The United States of America known as the United States or America, is a country composed of 50 states, a federal district, five major self-governing territories, various possessions. At 3.8 million square miles, the United States is the world's third or fourth largest country by total area and is smaller than the entire continent of Europe's 3.9 million square miles. With a population of over 327 million people, the U. S. is the third most populous country. The capital is Washington, D. C. and the largest city by population is New York City. Forty-eight states and the capital's federal district are contiguous in North America between Canada and Mexico; the State of Alaska is in the northwest corner of North America, bordered by Canada to the east and across the Bering Strait from Russia to the west. The State of Hawaii is an archipelago in the mid-Pacific Ocean; the U. S. territories are scattered about the Pacific Ocean and the Caribbean Sea, stretching across nine official time zones. The diverse geography and wildlife of the United States make it one of the world's 17 megadiverse countries.
Paleo-Indians migrated from Siberia to the North American mainland at least 12,000 years ago. European colonization began in the 16th century; the United States emerged from the thirteen British colonies established along the East Coast. Numerous disputes between Great Britain and the colonies following the French and Indian War led to the American Revolution, which began in 1775, the subsequent Declaration of Independence in 1776; the war ended in 1783 with the United States becoming the first country to gain independence from a European power. The current constitution was adopted in 1788, with the first ten amendments, collectively named the Bill of Rights, being ratified in 1791 to guarantee many fundamental civil liberties; the United States embarked on a vigorous expansion across North America throughout the 19th century, acquiring new territories, displacing Native American tribes, admitting new states until it spanned the continent by 1848. During the second half of the 19th century, the Civil War led to the abolition of slavery.
By the end of the century, the United States had extended into the Pacific Ocean, its economy, driven in large part by the Industrial Revolution, began to soar. The Spanish–American War and World War I confirmed the country's status as a global military power; the United States emerged from World War II as a global superpower, the first country to develop nuclear weapons, the only country to use them in warfare, a permanent member of the United Nations Security Council. Sweeping civil rights legislation, notably the Civil Rights Act of 1964, the Voting Rights Act of 1965 and the Fair Housing Act of 1968, outlawed discrimination based on race or color. During the Cold War, the United States and the Soviet Union competed in the Space Race, culminating with the 1969 U. S. Moon landing; the end of the Cold War and the collapse of the Soviet Union in 1991 left the United States as the world's sole superpower. The United States is the world's oldest surviving federation, it is a representative democracy.
The United States is a founding member of the United Nations, World Bank, International Monetary Fund, Organization of American States, other international organizations. The United States is a developed country, with the world's largest economy by nominal GDP and second-largest economy by PPP, accounting for a quarter of global GDP; the U. S. economy is post-industrial, characterized by the dominance of services and knowledge-based activities, although the manufacturing sector remains the second-largest in the world. The United States is the world's largest importer and the second largest exporter of goods, by value. Although its population is only 4.3% of the world total, the U. S. holds 31% of the total wealth in the world, the largest share of global wealth concentrated in a single country. Despite wide income and wealth disparities, the United States continues to rank high in measures of socioeconomic performance, including average wage, human development, per capita GDP, worker productivity.
The United States is the foremost military power in the world, making up a third of global military spending, is a leading political and scientific force internationally. In 1507, the German cartographer Martin Waldseemüller produced a world map on which he named the lands of the Western Hemisphere America in honor of the Italian explorer and cartographer Amerigo Vespucci; the first documentary evidence of the phrase "United States of America" is from a letter dated January 2, 1776, written by Stephen Moylan, Esq. to George Washington's aide-de-camp and Muster-Master General of the Continental Army, Lt. Col. Joseph Reed. Moylan expressed his wish to go "with full and ample powers from the United States of America to Spain" to seek assistance in the revolutionary war effort; the first known publication of the phrase "United States of America" was in an anonymous essay in The Virginia Gazette newspaper in Williamsburg, Virginia, on April 6, 1776. The second draft of the Articles of Confederation, prepared by John Dickinson and completed by June 17, 1776, at the latest, declared "The name of this Confederation shall be the'United States of America'".
The final version of the Articles sent to the states for ratification in late 1777 contains the sentence "The Stile of this Confederacy shall be'The United States of America'". In June 1776, Thomas Jefferson wrote the phrase "UNITED STATES OF AMERICA" in all capitalized letters in the headline of his "original Rough draught" of the Declaration of Independence; this draft of the document did not surface unti
Citigroup Inc. or Citi is an American multinational investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking giant Citicorp and financial conglomerate Travelers Group in 1998. Citigroup owns Citicorp, the holding company for Citibank, as well as several international subsidiaries. Citigroup is ranked 3rd on the list of largest banks in the United States and, alongside JPMorgan Chase, Bank of America, Wells Fargo, it is one of the Big Four banks of the United States, it is a systemically important financial institution and is on the list of systemically important banks that are too big to fail. It is one of the nine global investment banks in the Bulge Bracket. Citigroup is ranked 32nd on the Fortune 500 as of 2018. Citigroup does business in more than 160 countries, it has 214,000 employees, although it had 357,000 employees before the financial crisis of 2007-2008, when it was rescued via a massive stimulus package by the U.
S. government. Citigroup is the holding company for the following divisions: Inc.. Citigroup Global Markets Limited, Citigroup Global Markets Japan - broker dealers, including one of 24 primary dealers in United States Treasury securities. Citi's Institutional Clients Group offers investment and corporate banking services and products for companies, governments and ultra high-net-worth investors. ICG consists of the following five main divisions:Capital Markets Origination is focused on the capital-raising needs such as public offerings, private placements, special purpose acquisition companies. Corporate & Investment Banking provides strategic and financing products and advisory services to multinational and local corporations, financial institutions and held businesses in more than 160 countries, it provides client services such as mergers & acquisitions advice and underwriting of initial public offerings. Markets & Securities Services includes investor services and direct custody and clearing, hedge fund and private equity servicing, issuer businesses.
It provides financial products through underwriting, sales & trading of a range of investment assets. Products offered include servicing of equities, credit, foreign exchange, emerging markets, G10 rates, prime finance/brokerage services, securitized markets, such as collateralized debt obligations and mortgage-backed securities, its Citi Research team provides equity and fixed income research, sector and geographic market analysis, product-specific analysis for Citi's individual and institutional clients. Its flagship research reports include the following: Portfolio Strategist, Bond Market Roundup, U. S. Economics Weekly, International Market Roundup, Global Economic Outlook & Strategy and the Global Equity Strategist. Citi Private Bank advises professional investors, ultra high-net-worth individuals and families, lawyers throughout the world, it uses an open architecture network of more than 800 private bankers and investment professionals across 46 countries and jurisdictions to provide clients access to global investment opportunities.
It has over $250 billion in assets under management. The minimum net worth requirement is $25 million in liquid assets and is waived for only law firm groups and other clients under special circumstances. Treasury and Trade Solutions provides cash management and securities services to companies and other institutions in the U. S. and more than 140 countries. TTS intermediates more than $3 trillion in global transactions daily, it has over $13 trillion assets under custody, about $377 billion in average liability balances, serves 99% of world's Fortune 100 companies and ~85% of the world's Fortune 500 companies, has 10 regional processing centers worldwide using global processes. Institutions use TTS to support their treasury operations with global solutions for payments, collections and investments by working in partnership with export credit agencies and development banks, it sells supply chain financing products as well as medium- and long-term global financing programs across multiple industries.
Clients doing business with Citi in 10 or more countries generate more than 60% of Transaction Services' total revenues. Grupo Financiero Banamex - the second largest bank in Mexico, it serves about 20 million clients. Citicorp - the holding company for Citibank as well as several international banks. Citicorp contains Global Consumer Banking and Institutional Clients Group. Citibank Retail banking encompasses Citi's global branch network, branded Citibank. Citibank holds more than $300 billion in deposits. Citibank is the 4th largest retail bank in the United States based on deposits, it has Citibank branded branches in countries throughout the world, with the exception of Mexico, under a separate subsidiary called Banamex. Citibank offers checking and savings accounts, small business and commercial banking and personal wealth management among its services. Citibank offers Citigold services worldwide to mass affluent clients with at least US$200,000 in liquid assets. In certain markets, Citigold Select is available for clients with at least US$500,000 in liquid assets.
Its highest level of service, Citigold Private Client, is for high-net-worth individuals with at least $1–$3 million in liquid assets and offers access to investments and ideas from Citi Private Bank. Citi Branded Cards is the world's largest credit card issuer. Citi Retail Services is one of the largest prov