Strategic Management: A Competitive Advantage Approach, Concepts and Cases, 16/e
by Fred R. David, Forest R. David
History
Citigroup traces its roots to 1812 when the Citi Bank of New York was formed with $2 million in assets. The bank was founded by Samuel Osgood, who served as the nation’s first postmaster-general as well as a soldier, and legislator, and is associated with the founding fathers of the United States. Osgood was keen on foreign trade with nations. His bank financed much of the War of 1812 against England and also the railroad advancement in the middle 1800s. Citi was instrumental in financing the transatlantic cable that brought New York and London instant communication in 1866. By 1895, the bank was the largest in the United States. Citi was the first American bank to surpass $1 billion in assets and eventually became the largest bank in ...
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