Citigroup Historical Ties: Uncovering the Legacy of Finance and Slavery

Citigroup Historical Ties: Citigroup, a big financial company, says that its companies that came before it made money off of slavery in the 1800s. This comes at a time when institutions are looking into their past ties to slavery and figuring out what part they played in the US’s dark era.

Citi found that even though its forerunners didn’t directly take part in slavery, they may have gotten something out of it through business deals and relationships before 1866. Big banks, like Citigroup, began as smaller banks that merged to grow larger. Since 1812, Citi has been around.

Moses Taylor, who was the head of Citi in the 1800s, was involved in business in Cuba that used slaves to grow sugar. Citi confirmed that “Taylor and his businesses probably used slave labor in Cuba to make
money for the City Bank of New York.”

Citigroup Historical Ties

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The bank has a long history with Lehman Brothers, which has its roots in Alabama. This suggests that some of the bank’s leaders or founders may have owned slaves. Citigroup’s comment is important, but it’s not the first time a bank has done something similar. In 2005, JPMorgan Chase said that two of the banks that came before it were involved in the slave trade.

Two of the banks in Louisiana took slaves as protection. In 2005, Wachovia, a bank that is no longer in business and was bought by Wells Fargo, admitted that its predecessor, the Bank of Charleston and
Georgia Railroad and Banking Company, owned slaves.

As Citigroup and others deal with their pasts, these new details show how finance and slavery are linked. It’s important to be honest about the past if you want to have a useful conversation and see how slavery
still affects society today.

Our Reader’s Queries

What is Citibank background and history?

Citibank, also known as citibank, is the main banking subsidiary of Citigroup, a multinational financial services company. Established in 1812 as the City Bank of New York, it was later renamed First National City Bank of New York. As a leading U.S. bank, Citibank offers a wide range of financial services to its customers.

What banks participated in slavery?

In 2005, Wachovia, a bank based in Charlotte, North Carolina, acknowledged its connection to slavery. The Bank of Charleston and Georgia Railroad and Banking Company, which were predecessors of Wachovia, were found to have owned slaves. Wachovia later failed during the 2008 financial crisis and was acquired by Wells Fargo.

Who did Citigroup merge with?

Before merging with Citicorp, Travelers Group (1986-2007) (1993-1998) was a collection of various financial entities led by CEO Sandy Weill. The group was known for its diversity and range of financial services.

What happened to Citigroup in 2008?

During the 2008 financial crisis, Citigroup shares plummeted by a staggering 98%. Even as of September 2023, the shares remain more than 90% below their all-time highs set back in 2000.

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