History of Citigroup: Citigroup was founded as the City Bank of New York in 1812 and remained a large regional bank until October 1998. Sandy Weill, then CEO of The Travelers Group, an insurance company, announced a billion-dollar deal to merge with Citigroup to form a new financial services conglomerate. It took only two years for the merger to pass federal law as the Glass-Steagall Act of 1933 prevented banking and insurance companies from becoming a single entity. As the new CEO of Citigroup, Sandy Weill was now at the helm of one of the largest banking institutions in the world with over 300,000 employees and operations in over 120 countries. The most popular brands included CitiCards, CitiFinancial, CitiMortgage, Primerica, Salomon Brothers, Smith Barney, Diners Club, and CitiCapital. Citigroup became the world's first global financial supermarket where banking, brokerage and insurance were all held under the control of a single organization. Citigroup is organized into four main segments; Consumer Banking, Global Cards, Institutional Client Group and Global Wealth Management. Citigroup offers a broad range of products, from retail banking, credit card services and mortgage lending, to global transaction services, mergers and acquisitions financing and corporate lending. Citigroup is currently the largest bank in the United States with over $600 billion in deposits and over $1,200 billion in assets under management. Citigroup's fortunes continued to flourish during Sandy Weill's tenure and even during the market crash in 2002. On October 1, 2003, Chuck Prince replaced Sandy Weill as CEO of Citigroup and over the next few years continued to successfully grow the company and achieve record profits and earnings. Citigroup shares continue… mid-paper… sj.com/article/SB122747680752551447.html. Wall Street Journal. November 24, 2008. Treasury, Fed, and FDIC Joint Statement on Citi http://blogs.wsj.com/economics/2008/11/24/joint-statement-by-treasury-fed-fdic-on-citi/ . Wall Street Journal. February 3, 2009. Largest US Banks by Deposits 2007. http://forbestadvice.com/Lists/Things/LargestUSBanksByDeposits2007.html. Forbes magazine. February 29, 2008. Timeline of the financial crisis. Jason Cox. University of Iowa. January 27, 2009. http://www.uiowa.edu/ifdebook/timeline/Credit_Crisis_Timeline.pdf.HSBC in new subprime mortgage write-down. http://news.bbc.co.uk/2/hi/business/7395425.stm. BBC News. May 12, 2008. United States Congressional Budget Office. The Troubled Asset Relief Program: Transaction Report through December 31, 2008. http://www.cbo.gov/ftpdocs/99xx/doc9961/01-16-TARP.pdf. February 2009.