Citicorp

Citicorp is a multinational financial services holding company based in New York City. It was established in 1968 as the parent company of Citibank, N.A., created through the reorganization of the City Bank of New York and related entities. Citicorp served as the principal banking firm within the CitiGroup corporate structure for several decades, and after the 1998 merger with Travelers Group to form Citigroup, became the bank holding company for the group’s banking operations.

Citicorp’s operations span consumer banking, corporate and investment banking, credit cards, mortgages, and wealth management, conducted through Citigroup’s global network of subsidiaries. The most prominent subsidiary bank is Citibank, N.A., which operates in many countries and serves retail, corporate, and institutional clients. The Citigroup conglomerate positions Citicorp as its main banking platform, though the public-facing corporate name remains Citigroup, Inc.

Regulatory status: As a bank holding company in the United States, Citicorp is subject to oversight by the Federal Reserve and is governed by U.S. banking and securities laws as part of Citigroup’s risk and compliance framework.

Historical notes: During the 2007–2009 financial crisis, Citigroup received government support and subsequently restructured to simplify its legal and regulatory framework. Since then, Citicorp has remained the core banking arm of Citigroup, with operations conducted through various international subsidiaries.