Editing Citigroup (section)

===<span class="anchor" id="Citicorp"></span>Citicorp (1812–1985)===
[[Citibank]] (formerly City Bank of New York) was chartered by the [[State of New York]] on June 16, 1812, with $2&nbsp;million (~${{Format price|{{Inflation|index=US-GDP|value=2000000|start_year=1812}}}} in {{Inflation/year|US-GDP}}) of capital.<ref name=Dramatic>{{Cite news | url=https://www.businessinsider.com/presenting-a-history-of-citi-2012-4 | title=The Dramatic Highlights From Citi's 200-Year History | last=Wile | first=Rob | work=[[Business Insider]] | date=April 4, 2012}}</ref><ref>{{Cite web |url=https://www.cnbc.com/2009/06/16/today-in-fast-money-history-june-16th.html |title=Today In Fast Money History – June 16th | last=Shin | first=Sally | work=[[CNBC]] | date=June 16, 2009}}</ref> Serving a group of New York [[merchant]]s, the bank opened for business on September 14 of that year,{{Citation needed|date=April 2020}} and [[Samuel Osgood]] was elected as the first President of the company.<ref name=Dramatic/> After the [[Panic of 1837]], [[Moses Taylor]] acquired control of the company.<ref name=encyclopedia/> The company's name was changed to The National City Bank of New York in 1865 after it converted its state charter into a federal charter and joined the new U.S. national banking system.<ref name=Dramatic/> After Taylor died in 1882, [[Percy Rivington Pyne I]] became president of the bank.<ref name=encyclopedia/> He died nine years later and was replaced by [[James Stillman]].<ref name=encyclopedia/> The bank became the largest bank in New York City after the [[Panic of 1893]] and the largest  bank in the U.S. by 1895.<ref name=encyclopedia/> It became the first contributor to the [[Federal Reserve Bank of New York]] in 1913, and the following year it inaugurated the first overseas branch of a U.S. bank in [[Buenos Aires]],<ref>{{Cite book | last1=Jones | first1=Geoffrey |author-link=Geoffrey Jones (academic) | url=https://books.google.com/books?id=bmATDAAAQBAJ&q=1914+citicorp+first+overseas+branch+of+a+U.S.+bank+in+Buenos+Aires&pg=PA114 | title=Multinationals and Global Capitalism: From the Nineteenth to the Twenty First Century |date=2005 |publisher=OUP Oxford |isbn=978-0-19-927209-9 |language=en}}</ref> although the bank had been active in plantation economies, such as the Cuban sugar industry, since the mid-19th century.{{Citation needed|date=April 2020}} The purchase of U.S. overseas bank International Banking Corporation in 1918 helped it become the first American bank to surpass $1&nbsp;billion in assets.<ref name=encyclopedia>{{Cite encyclopedia | url=https://www.encyclopedia.com/social-sciences-and-law/economics-business-and-labor/businesses-and-occupations/citigroup-inc | title=Citigroup Inc. | encyclopedia=[[Encyclopedia.com]]}}</ref> During the [[United States occupation of Haiti]] and the bank's income from Haiti's loan debt related to the [[Haiti indemnity controversy]], the bank earned some of its largest gains in the 1920s due to debt payments from Haiti, becoming the largest commercial bank in the world in 1929.<ref name=encyclopedia/><ref>{{Cite news |url=https://www.nytimes.com/2022/05/20/world/haiti-wall-street-us-banks.html | last1=Gebrekidan |first1=Selam |last2=Apuzzo |first2=Matt |last3=Porter | first3=Catherine |last4=Méheut |first4=Constant  | title=Invade Haiti, Wall Street Urged. The U.S. Obliged. | work=[[The New York Times]] |date=May 20, 2022 | url-access=limited |issn=0362-4331}}</ref> As it grew, the bank became an innovator in financial services, becoming the first major U.S. bank to offer [[compound interest]] on [[saving]]s (1921); [[Unsecured loan|unsecured personal loans]] (1928); customer [[Cheque|checking accounts]] (1936) and the negotiable [[certificate of deposit]] (1961).<ref name=encyclopedia/><ref name=wsj20121017>{{cite news | url=https://www.wsj.com/articles/SB10000872396390443854204578060280201488530 | title=Pandit Ousted As CEO Of Citi  | last1=Enrich | first1=David | last2=Kapner | first2=Suzanne | last3=Fitzpatrick | first3=Dan
| work=[[The Wall Street Journal]] |date=October 17, 2012 | url-access=subscription}}</ref><ref name=veteran>{{cite news   | url=https://www.cnbc.com/2012/10/16/citigroup-picks-veteran-to-replace-pandit-as-ceo.html | title=Citigroup picks veteran to replace Pandit as CEO   | first=Matthew | last=Craft | agency=[[Associated Press]] | work=[[CNBC]] | date=October 16, 2012}}</ref>

The bank merged with First National Bank of New York in 1955, becoming the First National City Bank of New York in 1955. The "New York" was dropped in 1962 on the 150th anniversary of the company's foundation.<ref name=encyclopedia/> The company organically entered the leasing and credit card sectors, and its introduction of U.S. dollar-denominated certificates of deposit in [[London]] marked the first new negotiable instrument in the market since 1888. The bank introduced its First National City Charge Service credit card—popularly known as the "[[Everything card]]" and later to become [[MasterCard]]—in 1967.<ref name=encyclopedia/> Also in 1967, First National City Bank was reorganized as a one-bank holding company, First National City Corporation, or "Citicorp" for short. The bank had been nicknamed "Citibank" since the 1860s when it began using this as an eight-letter wire code address.<ref name="RefBiz">[http://www.fundinguniverse.com/company-histories/citigroup-inc-history/ Citigroup] at Reference for Business</ref>

In 1974, under the leadership of CEO [[Walter B. Wriston]], First National City Corporation changed its formal name to "Citicorp", with First National City Bank being formally renamed Citibank in 1976.<ref name="RefBiz"/> Shortly afterwards, the bank launched the Citicard, which pioneered the use of 24-hour [[Automated teller machine|ATMs]].<ref name=encyclopedia/> [[John S. Reed]] was elected CEO in 1984, and Citi became a founding member of the [[CHAPS]] clearing house in London. Under his leadership, the next 14 years would see Citibank become the largest bank in the United States and the largest issuer of credit cards and charge cards in the world, and expand its global reach to over 90 countries.<ref name=encyclopedia/><ref name="wsj20121017"/><ref name=veteran/><ref name=CitiBiggest>{{cite news |url=https://www.chicagotribune.com/news/ct-xpm-1992-04-17-9202040445-story.html| title=Citibank Bows to Trend, Cuts Credit Card Rate | first=Mike | last=Dorning |newspaper=[[Chicago Tribune]] |date=April 17, 1992 | url-access=limited}}</ref><ref name=NYbagelfalls/><ref>{{cite news | url=https://www.nytimes.com/1986/11/22/business/citicorp-cuts-credit-card-rate.html | title=Citicorp Cuts Credit Card Rate | first=Robert A. | last=Bennett | newspaper=[[The New York Times]] |date=November 22, 1986 | url-access=limited}}</ref>