Citi Bank Celebrates 200 Years of Successful BankingWritten by Vuk Bojović / Featured in: Business, Digital / 05.04.2012.
One of the biggest bank groups on the United States market, Citi Bank, is celebrating 200 years of its existence this June. In the rich history of the bank, many significant events have happened that improved the business environment. So, for this special occasion, Citi has prepared an interesting campaign that includes photos, videos and Facebook apps showcasing what happened over the course of 200 years.
Photos: Citi Facebook
Formed in New York City in 1812, Citi Bank has a rich history of banking. In 1904, Citi Bank sponsored the funds for the Panama Canal, which made a small era in easy transportation in every-day business. Later on in 1948, they were a part f the Marshall Plan that had a major impact on the recovery of European economy after World War II. Also, Citi Bank is the patent owner of the ATM Machines all over the world. It is amazing that one bank has a history of 200 years, and that it still exists, knowing what happened in 20th century. After the World War I, Great Depression had no mercy over the USA economic market. With the high level of unemployment, and even higher interest rates, Federal Bank of Reserve had to decrease the money supply for the banks, which lead United States economy towards Keynesian economic development. However, the system could not function this way in the early seventies, when Nixon and Corter were in charge. Economy needed to bounce back up where it was, and that asked for some innovative ideas. Followed by the British example, new president Reagan went back to market economy with decreased taxes, which made another confusion in the interest rates and banks, including Citi bank, were the ones to take a hit.
According to Citi Group CEO, Vikram Pandit, “The central mission of the company is to support economic progress.”
His thoughts are that this multi-billion dollar corporation has been involved in many important events throughout its history such as the financing of transatlantic cable, Panama Canal, and the Jumbo Jet. What can be extracted from his words is that Citi Bank is dedicated to economic development, as well as the environment it is settled in.
After all that happened in the 20th century, we had the last recession hit in 2008. After the housing market collapse, many banks went bankrupt. Citi bank was not one of them, though. It remained where it was, with a little reservation towards money loans, and higher interest rates, simply because market is dictated by the competition. Today, four years after the housing market collapse, this economy is slowly recovering. It is not where it should have been if there no recession, but it is getting back on the track. Citi Bank is affected by this as much as other banks, but in its 200 years old history, I am sure they had ups and downs that were always solved.