Citigroup and JPMorgan Chase - Essay Example

(57 percent), Europe, the Middle East, and Africa (21 percent), Asia and the Pacific (13 percent), and Latin America (7 percent). Citibank is a major force in international finance, its consumer segment offers banking, lending, insurance, and investment services through a network of 8,110 branches, approximately 18,800 automated teller machines, 809 automated lending machines, and the Internet. The Corporate and Investment Banking segment provides various investment and commercial banking services and products, which comprise investment banking and advisory services, debt and equity trading, institutional brokerage, foreign exchange, structured products, derivatives, and lending.

It also offers cash management and trade finance for corporations and financial institutions; custody and fund services to insurance companies and pension funds; clearing services to intermediaries; and depository and agency/trust services to multinational corporations and government. The Global Wealth Management of Citigroup provides investment advisory services, financial planning, and brokerage services to wealthy individuals, companies, and non-profits organizations. Other services include investment management, such as investment funds management, capital markets solutions, trust, fiduciary, and custody services; investment finance that comprises credit services, such as real estate financing, commitments, and letters of credit; and banking services that consist of deposit, checking, and savings accounts, as well as cash management and other banking services.

Today Citigroup is the finest financial services company, with approximately 200 million customer accounts in more than 100 countries. In a news report / press release issued by the Citigroup that it has completed the purchase of Egg Banking plc (Egg), the world's largest pure online bank and one of the UK's leading online financial services providers, from Prudential PLC. In another press release, Citigroup on April 26th 2007 announced its successful completion of tender offer to become the majority shareholder of Nikko Cordial Corporation.

Citigroup will own in excess of 60% ownership in Nikko Cordial. Nikko Cordial is a premier Japanese financial institution based out of Tokyo. J. P Morgan ChaseA constituent of the Dow Jones Industrial Average, JPMorgan Chase has its corporate headquarters in New York and its U.S. retail financial services and commercial banking headquarters in Chicago. Under its JPMorgan and Chase brands, the firm serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients.

The company operates through six segments: Investment Bank, Retail Financial Services, Card Services, Commercial Banking, Treasury and Securities Services, and Asset Management. The Investment Bank segment offers investment banking products and services, such as advising on corporate strategy and structure, capital raising in equity and debt markets, risk management, market making in cash securities and derivative instruments, and research. It also serves corporations, financial institutions, governments, and institutional investors.

The Retail Financial Services provides regional banking services, including consumer and business banking, home equity lending, and education lending, as well as offers mortgage banking and auto finance services. The Card