While the Citibank Mission Statement seems to be straightforward and concise, it is not sufficiently detailed. To know if this is true, we need to analyze the mission statement with a variety of factors such as industry-specific competitive analysis, customer demographics and profitability issues.
Competitive Analysis
When we talk about this organization’s competition within the industry, Citibank cannot overlook its primary competitor: JPMorgan Chase & Co., which operates under JP Morgan Chase Bank NA. JP Morgan Chase has more than $2 trillion in assets on its balance sheet (Citigroup is at $1.6 trillion), and an annual revenue of over $100 billion (Citigroup had revenues of $71 billion).
Along with JP Morgan Chase, Citibank has more than 400 entities under its operations. These include wire services, travel and cruise firm, and investment banking services. Because these entities compete with each other for market share in the industry, Citibank needs to hone in on a set of strategies to reach out to a cross-section of customers or be perceived as just an added expense for its customers.
The mission statement is brief and lacks details on the types of products or services offered by Citibank. However, we can gather that Citibank has two clear primary responsibilities: 1) Providing bank accounts 2) Providing loans that help clients fulfill their objectives in business and personal lives.
What Is Citibank’s Mission Statement?
The mission statement of Citibank is to “help our clients and customers succeed.” The goal of the company is for its clients to be successful, which means it must meet their expectations. As a result, its mission statement ends up with a long-term strategic business objective: “to build relationships with our clients and customers that create value over the long term.”
What Does Citibank’s Mission Statement Tell Us?
From a marketing strategy perspective, Citibank is committed to building relationships with its clients and customers. These relationships will enable the organization to expand in numerous ways: by obtaining new business opportunities, tracking and improving customer service performance, and boosting earnings per share.
What Is Citibank’s Vision Statement?
The Citibank vision statement is “to be the best-known and most respected bank in the world.” The company’s vision statement is distinctive from its mission statement, which speaks to how Citibank interacts with its clients and customers. Its customers pay attention to what Citibank is doing because the bank has a reputation for excellence that it wants to preserve.
By contrast, its vision statement involves what it hopes to achieve: the goal of being considered one of the most well-known and respected entities in the world.
What Are Citibank’s Core Values?
The basic values of Citibank are shared by numerous other organizations, such as “responsibility,” “integrity,” and “tolerance for change.”
What Is Citigroup’s Commitment to Social Responsibility?
Social responsibility is a fundamental value of Citigroup, which means that the organization is committed to improving community life through its charitable efforts and economic support.
Citibank’s History
The Citibank brand was founded in 1812. The bank traces its origins to William H. Baldwin, who formed Baldwin & Burwell in 1812 and opened the firm’s first branch in Philadelphia. Two years later, he changed the firm’s name to Citbank.
In 1890, Citbank became a national institution, with branches all over the United States. This rapid growth continued across the 20th century until it reached its point of peak expansion at the end of World War II.
Conclusion
Although Citibank and Wells Fargo are both financial institutions, they are very different from each other. Citibank is a domestic investment bank that provides financial services to local banks in the United States. While Wells Fargo is an international bank that supports a broad range of business clients by offering loans, international transactions, and credit cards to people all over the world.
Wells Fargo also is involved with several types of industries as well as with its communities. For example, it offers car insurance services and has partnered with several customer service centers in order to provide excellent customer service.
Some of the insights into how Citibank can improve include:
- The vision statement for Citigroup encourages innovation and improvement.
- Citigroup is committed to generating positive change by partnering with customers and others to help solve important global issues.
- There are many different categories of business that Citigroup supports, including Charity, Environmental Sustainability, and Commitment to Diversity.
- Citigroup has a clear vision of doing well by doing good.
Key Takeaways
• Banks provide financial services for people and organizations to borrow money or make investments for future growth.
• The banking industry has changed over the last ten years due to mergers and acquisitions putting greater regulation on the banking system; however, banks continue to play an essential role in the economy by providing financial transaction services as well as long-term loans for businesses and individuals.