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Essay text:
The merger broke new ground in combining
commercial banking, investment banking, and insurance under one roof for the first time
in the US since federal legislation forced their separation in the 1930s.
Citicorp was incorporated as the City Bank of New York in 1812, became National City
Bank of New York in 1865, and was renamed Citicorp in 1974. At the dawn of the
twentieth century, the bank followed its corporate customers abroad, opening branches in
Europe (London in 1902, Genoa in 1916, Petrograd in 1917!), South America (Buenos
Aires in 1914, Rio de Janeiro and Montevideo in 1915), and Asia (Shanghai and
Singapore in 1902)...
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