Citibank, headquartered in New York City, calls itself the first global bank. With more than 4,600 branches in more than 160 countries, it certainly qualifies as a worldwide financial institution.
Founded in 1812 as the City Bank of New York, Citibank was instrumental in building the reputation of New York City as the financial capital of the world. Today, Citibank has more than 200 million customer accounts and deposits of more than $300 billion. Approximately 50 percent of the bank's loans, deposits, revenues and net income come from operations outside the U.S.
Citi Mortgage, one of the five largest mortgage lenders in the U.S., offers a range of fixed-rate and adjustable-rate mortgage loans for home purchasers and refinancing homeowners. In addition, the bank offers home equity loans and lines of credit. The bank has originated more than $63 billion in mortgage loans, and since 2007 has helped more than one million homeowners stay in their homes and avoid foreclosure. Customers can apply for a Citi Mortgage through a branch or directly online. In 2012, the amount of loans originated directly to consumers online surpassed $1 billion.
Citibank customers can open one of several checking accounts, savings accounts, money market accounts, certificates of deposit (CDs) and IRAs online or at a Citibank branch. In addition to these banking products, the bank offers credit cards, personal loans, lines of credit and student loans. Customers can also open an investment account with Citibank and find personal finance advice on the website.
All Citibank deposit accounts are fully FDIC-insured up to $250,000 per depositor.
Despite its long history, Citibank is also known as an innovative financial institution. In 1977, Citibank pioneered the introduction of ATMs by installing the first cash machine in Queens, New York. In 2001, Citibank teamed with Google and MasterCard PayPass to introduce Google Wallet, a service that allows customers to tap their phone to make mobile payments. Citibank introduced state-of-the-art digitized banking services at new Citi Smart Banking Branches in New York, Washington, D.C., Tokyo and South Korea in 2011.
Online banking and mobile banking are standard features of the consumer banking products offered by Citibank.