This PESTEL analysis allows us to identify the impact of environmental factors on stakeholders banking and insurance:
• The regulatory environment of increasingly stringent, to protect the consumer
• Environment and economic situations: a disposable income that does not change, the U.S. remains cautious in times of low growth, they postpone theirprojects.
• Develop the Internet: New distribution channel and communication.
• The consumer credit are widely used for capital equipment, consumer electronics and automotive.
• A significant share of services in the consumer credit companies will take advantage of new consumer trends.
• In an economic environment, a priori unfavorable (stagnation of income, end of recession), the creditappears as a lever of consumption for households.
Citigroup Inc. has the world's largest financial services network, spanning 140 countries with approximately 16,000 offices worldwide. The company employs approximately 300,000 staff around the world, and holds over 200 million customer accounts in more than 140 countries. It is a primary dealer in US Treasury securities.Citigroup suffered huge losses during the global financial crisis of 2008 and was rescued in November 2008 in a massive bailout by the U.S. government. Its largest shareholders include funds from the Middle East and Singapore. On February 27, 2009, Citigroup announced that the United States government would take a 36% equity stake in the company by converting $25 billion in emergency aid into commonshares; the stake was reduced to 27% after Citigroup sold $21 billion of common shares and equity in the largest single share sale in US history , surpassing Bank of America's $19 billion share sale one month prior.
Citigroup is one of the Big Four banks in the United States, along with Bank of America,
Citigroup was formed on October 8, 1998, following the $140 billion merger of Citicorpand Travelers Group to create the world's largest financial services organization. The history of the company is, thus, divided into the workings of several firms that over time amalgamated into Citicorp, a multinational banking corporation operating in more than 100 countries; or Travelers Group, whose businesses covered credit services, consumer finance, brokerage, and insurance. As such, thecompany history dates back to the founding of: the City Bank of New York (later Citibank) in 1812; Bank Handlowy in 1870; Smith Barney in 1873, Banamex in 1884; Salomon Brothers in 1910.
The history begins with the City Bank of New York, which was chartered by New York State on June 16, 1812, with $2 million of capital. Serving a group of New York merchants, the bank opened forbusiness on September 14 of that year, and Samuel Osgood was elected as the first President of the company. The company's name was changed to The National City Bank of New York in 1865 after it joined the new U.S. national banking system, and it became the largest American bank by 1895. It became the first contributor to the Federal Reserve Bank of New York in 1913, and the following year it inauguratedthe first overseas branch of a U.S. bank in Buenos Aires, although the bank had, since the mid-nineteenth century, been active in plantation economies, such as the Cuban sugar industry. The 1918 purchase of U.S. overseas bank International Banking Corporation helped it become the first American bank to surpass $1 billion in assets, and it became the largest commercial bank in the world in1929. As it grew, the bank became a leading innovator in financial services, becoming the first major U.S. bank to offer compound interest on savings (1921); unsecured personal loans (1928); customer checking accounts (1936) and the negotiable certificate of deposit (1961).
The bank changed its name to The First National City Bank of New York in 1955, which was shortened in 1962 to First...