Top MBA Recruiters: Citigroup
Many MBAs seek employment from top financial services firms following graduation, and one firm close to the top of any “Dream Job” lists is Citigroup Inc. As reported in our “Best Companies to Intern For In Chicago”, Citigroup has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. According to Forbes, Citigroup employs around 231,000 individuals.
The company provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management. According to Citi, the firm currently operates through two primary business segments: Citicorp, which represents core growth franchises, and Citi Holdings, which contains businesses and assets that are not necessarily core to the firm’s future.
A Little Bit of History
According to Citigroup, the City Bank of New York was chartered in 1812 when a group of merchants took the first steps toward setting up a new bank to help New York compete with rivals in Philadelphia, Boston and Baltimore. Citigroup in its current incarnation was formed from one of the world’s largest mergers when Citicorp and financial conglomerate Travelers Group merged in October 1998. As of recent, it is the third largest bank holding company in the US by asset value.
Despite suffering huge losses during the global financial crisis of 2008 and having to be rescued by a giant US federal stimulus package, as of June 2012—its 200th anniversary—Citigroup had stockpiled a hefty cash reserve. Just years after the crisis, the firm established $420 billion in surplus liquid cash and government securities.
On Citigroup’s 200th birthday, CEO Vikram Pandit offered a statement during Global Community Day—an annual event that serves as an opportunity for employees, alumni, family and friends around the world to gather to demonstrate a shared commitment to its communities.
“For two centuries, Citi colleagues have worked to enable economic progress and support our clients on their journey from ambition to achievement. There is no better way to celebrate our 200th anniversary than by honoring our history, embracing the future and working together to strengthen the communities where we live and work.”
Citigroup and MBAs
According to Bloomberg, Citigroup the biggest MBA employer in financial services, ahead of Bank of America, JPMorgan Chase, Goldman Sachs, Credit Suisse, Barclays (BARC:LN), Morgan Stanley and Deutsche Bank (DBK:GR).
Fortune also notes that Citigroup ranks as one of the 25 “Most Desirable MBA Employers”, with 4.75 percent of all MBA graduates wanting to work for the firm. The ranking states that Citigroup expects to hire about 235 new MBAs each year as associates and management associates, particularly favoring candidates “with a global mindset and strong analytical and communication skills.”
Bloomberg also listed some other business schools that Citigroup commonly hires from, including Cornell University’s Johnson School of Business (6.75 percent, 19 students), Olin School of Business (3.55 percent, 5 students), McDonough School of Business (2.38 percent, 6 students). Recruiters have also highlighted career opportunities in Korea and Japan at events with Northwestern’s Kellogg School, University of California-Berkeley’s Haas School and MIT’s Sloan School.
Getting a Foot in the Door
With major locations in New York, Los Angeles, San Francisco, Houston and Chicago, Citigroup ranks high on the list of MBA internships. According to TopMBA, Citigroup’s MBA interns participate in hands-on work alongside analysts and associates for 10 weeks.
“Citi’s programs give interns the opportunity to have a real impact while doing real work, and many of them return as full-time analysts and associates following graduation,” said Courtney Storz, Citigroup’s head of graduate recruitment and program management for North America.
The competitive internship program gives interns the chance to contribute as a member of the team to which you are assigned and have responsibilities similar to a first year professional. Citigroup utilizes the summer internship program as a primary source for hiring full-time employees.
Internships are available in investment banking, equities, fixed income currencies & commodities, global transaction services, technology and human resources. According to Citigroup, the firm offers a competitive salary for interns, similar to that of a full-time associate already hired in an entry-level position.
Former CEO of Citigroup to Speak at Davis Commencement
Sandy Weill, former Chairman and CEO of Citigroup will speak to the audience at the UC Davis Graduate School of Management commencement ceremony on June 14, 2014.
Mr. Weill is Chairman Emeritus of Citigroup and was recently appointed Chairman of Hamilton Insurance Group. He retired as CEO of Citigroup in 2003 and served as non-executive Chairman until April 2006.
Mr. Weill, who had been Chairman and CEO of Travelers, became Chairman of its predecessor, Commercial Credit Company, in 1986, successfully leading the company through a public stock offering by its then parent, Control Data Corporation. Commercial Credit acquired Primerica Corporation in 1988 and adopted its name until 1993, when Primerica acquired The Travelers Corporation and adopted the Travelers Group name. In 1997, the company acquired Salomon Inc. and combined it with its Smith Barney unit to form the global securities and investment firm, Salomon Smith Barney.
Prior to 1986, Mr. Weill had been President of American Express Company and Chairman and Chief Executive Officer of its Fireman’s Fund Insurance Company subsidiary. Mr. Weill became a Director of the Federal Reserve Bank of New York in 2001 and served in this capacity until December 31, 2006. He also served as a Director on the Boards of United Technologies Corp. from 1999 to 2003, AT&T Corp. from 1998 to 2002, and E. I. Du Pont Nemours and Company from 1998 to 2001.
The EastWest Institute awarded Mr. Weill their distinguished Corporate Leadership Award in December 2005 at an event in London with Prime Minister Tony Blair. Mr. Weill is a lifetime member of the Council on Foreign Relations; Director of Koç Holding, headquartered in Turkey; and a member of the Board of Advisors of the Baker Institute at Rice University.
President Bush asked Mr. Weill, along with four other private sector business leaders, to lead a nationwide effort to encourage private donations for relief and reconstruction in response to the South Asia earthquake that occurred on October 8, 2005. Working with the Committee Encouraging Corporate Philanthropy, a nonprofit forum of CEOs and Chairpersons, to which Mr. Weill was named Chairman of the Board in July 2004 and is now Honorary Chairman. Mr. Weill is also the 1997 recipient of the New York State Governor’s Art Award.
