Citigroup or Citi (Stylized Citi) is a U.S. multinational investment bank and financial services company based in New York City. The company was founded through the merger of banking giant Citicorp and Travel Group Financial Group in 1998. Passengers were later transported from the company in 2002. Citigroup Owns Citibank, Citibank's holding company, as well as several international subsidiaries. Citigroup is the third largest banking institution in the United States. Along with JPMorgan Chase, Bank of America, and Wells Fargo, one of the four largest banking institutions in the United States. It is a financial institution of systemic importance and is on the list of systemically important banks that are commonly referred to as too big to fail. It is one of nine global investment banks in the bulge bracket. Citigroup ranked 30th on the Fortune 500 list as of 2019. Citigroup has more than 200 million customer accounts and does business in more than 160 countries. It has 204,000 employees, although it had 357,000 employees before the financial crisis in 2007-2008, when it was rescued by a massive stimulus package from the U.S. government. Citigroup announced in September 2020 that CEO Michael Corbat will retire in February 2021 and Jane Fraser to become the first woman CEO of a major Wall Street bank.