When was citi created

The charter of the First Bank of the United States was allowed to lapse in thanks to opposition from Jefferson about centralization. In its stead, northern merchants, led by Alexander Hamilton, applied to charter their own banks, which they hoped would be large enough to replicate the FBUS' economy of scale. Samuel Osgood, a Revolutionary War hero who'd served alongside Hamilton in Washington's cabinet, was its first president.

Source: New York Times. It was one of the first to participate in lending efforts, a crucial decision at a time when Treasury had been caught flat-footed by the termination of the FBUS.

Source: Citi. He first became involved with the bank after the Panic of , and slowly acquired a controlling interest. In , he was named president, and served until Source: Encyclopedia of American business history, Vol.

He was a major financier of the Union war effort. But he was also associated with the corrupt Tammany Hall group. Stillman practically owned the state of Texas when he took over as head of the bank though he'd acquired most of his fortune through his father, a cotton baron.

Under Stillman, the bank pioneered foreign-exchange trading, providing major financing to Spain and Japan. It also began to build important connections in Latin America, opening the first-ever foreign branch of an American bank in Buenos Aires. In , the bank caused a scandal when it allegedly gained a sweetheart deal with the Secretary of the Treasury thanks to its connections with Joh D.

Source: Columbia Journalism Review. Mitchell was later accused, though acquitted, of tax evasion. Source: Time. Six years later, it completed its story world headquarters on Park Avenue, where it still stands. He views it as a technique the bank used to avoid interest rate limits, weakening the bank regulatory structure put in place by Roosevelt. He'd become president of American Express in the early 80s. Jamie Dimon is said to have been his protege.

Source: Achievement. Travelers, Aetna and Shearson followed. Salomon Smith Barney remained a wholly owned subsidiary. The colors are understated with clean, elegant lines, warm wood paneling, frosted glass partitioning and generous furnishings throughout.

Backlit floating walls of a warm—toned wood are positioned in front of cream—colored walls that provide the spaces with a sense of detail and luxury. The counters and tables are rounded for a softer feel that suggests friendliness and accessibility. As in the Blue environments, the Citigold environments feature the Citi logo behind the main customer service desk, although the sales messages that appear in the Blue environments are replaced by artwork that focuses the space more on client relationships that merchandising.

The artwork consists of modern, black and white photographs taken by well—known art photographers whose work is exhibited in galleries and museums all over the world.

Individual branches can select photographs from a portfolio of work specially commissioned from these artists such as the American Leo Rubinfien. In , a group of merchants takes the first steps towards setting up a new bank to help New York compete with rivals Philadelphia, Boston, and Baltimore. As debate on the renewal of the Bank of the United States charter continued into , some New York merchants who were aligned with U. President James Madison applied to set up a new bank. Noting that it was easier to do banking in Philadelphia, Boston, and Baltimore than in New York, they petitioned the state assembly on February 11, "praying to be incorporated as a banking company.

The first setback came on March Vice President George Clinton's faction in the state assembly defeated the petition.