Citigroup vs Goldman Sachs: Founders, CEOs and History

Company facts

Founders

CEOs and their tenures

Timeline: Citigroup and Goldman Sachs side by side

1. 1812Citigroup

   City Bank of New York Chartered

   City Bank of New York is chartered by the New York State legislature on June 16, 1812, with $2 million in authorized capital and Samuel Osgood as its first president.

2. 1865Citigroup

   Conversion to National Charter

   The bank converts from a state charter to a national bank charter under the National Bank Act, becoming The National City Bank of New York.

3. 1869Goldman Sachs

   Marcus Goldman Founds the Firm

   Marcus Goldman founded the firm in New York in 1869 as a commercial paper business. The early operation helped merchants turn short-term receivables into cash by selling notes to investors.

4. 1882Goldman Sachs

   Samuel Sachs Joins the Partnership

   Samuel Sachs joined the business in 1882, bringing family continuity, capital, and broader relationships. His arrival helped transform Marcus Goldman's one-man brokerage into a more durable partnership.

5. 1896Goldman Sachs

   New York Stock Exchange Membership

   Goldman Sachs joined the New York Stock Exchange in 1896. Membership gave the firm legitimacy inside organized securities markets and helped it move beyond commercial paper. It mattered because corporate finance was shifting toward public securities issuance.

6. 1906Goldman Sachs

   Sears IPO Establishes Investment Banking Franchise

   Goldman Sachs helped underwrite the Sears, Roebuck and Co. IPO in 1906. The transaction showed that the firm could handle important corporate securities offerings, not only short-term merchant finance.

7. 1914Citigroup

   First U.S. Bank to Open Overseas Branch

   Under president Frank Vanderlip, the bank opens a branch in Buenos Aires, Argentina the first overseas branch established by an U.S. National bank under the newly passed Federal Reserve Act.

8. 1929Goldman Sachs

   Crash and Reputation Damage

   The 1929 market crash badly damaged Goldman through the Goldman Sachs Trading Corporation episode and the collapse in valuation support.

9. 1955Citigroup

   Merger Creates First National City Bank of New York

   City Bank of New York merges with First National Bank of New York to form First National City Bank of New York, creating one of the largest banks in the United States at the time.

10. 1977Citigroup

    Large-Scale ATM Network Launch

    Under then-CEO Walter Wriston, Citicorp becomes one of the first major banks in the United States to deploy automated teller machines at scale in New York City, installing more than 400 units across the metropolitan area.

11. 1984Citigroup

    South Dakota Credit Card Relocation

    CEO John Reed completes the relocation of Citibank's credit card operations to South Dakota, where the state has repealed usury laws capping interest rates, allowing the bank to charge market-rate interest on revolving credit card balances.

12. 1998Citigroup

    Citicorp-Travelers Merger Creates Citigroup

    Sandy Weill and John Reed announce the $73 billion merger of Travelers Group and Citicorp on April 6, 1998 at the time the largest corporate merger in history creating Citigroup Inc. With assets exceeding $700 billion.

13. 1999Goldman Sachs

    Goldman Sachs Goes Public

    Goldman Sachs completed its initial public offering in 1999 under Henry Paulson's leadership. Going public gave the firm permanent capital and acquisition currency, but it also changed the partnership culture by adding public shareholders.

14. 2006Goldman Sachs

    Lloyd Blankfein Becomes CEO

    Lloyd Blankfein became CEO in 2006, just before the financial crisis changed Wall Street. His markets background shaped Goldman during a period when trading, risk management, liquidity, and counterparty confidence were decisive.

15. 2008Citigroup

    Financial Crisis: $45 Billion TARP Bailout

    Citigroup becomes the largest single recipient of U.S. Government bailout capital under the Troubled Asset Relief Program, receiving $25 billion in October 2008 and an additional $20 billion in November, accompanied by government guarantees on approximately $3…

16. 2008Goldman Sachs

    Goldman Becomes a Bank Holding Company

    In 2008, Goldman converted from a standalone investment bank into a bank holding company. The move gave it access to Federal Reserve liquidity and signaled a willingness to accept stricter oversight to protect the franchise.

17. 2010Citigroup

    Return to Profitability and TARP Repayment

    Citigroup returns to full-year profitability under CEO Vikram Pandit, reporting net income of approximately $10.6 billion the bank's first profitable year since 2007. After Citi repaid $20 billion of TARP preferred stock in December 2009, the U.S.

18. 2010Goldman Sachs

    Abacus Settlement

    Goldman settled the SEC's Abacus mortgage securities case in 2010 for $550 million. The case centered on disclosure and conflicts in a mortgage-linked product during the subprime crisis.

19. 2016Goldman Sachs

    Marcus Digital Bank Launches

    Goldman launched Marcus in 2016 to enter digital consumer banking with online savings and personal loans. The launch mattered because it was a major attempt to diversify beyond institutional clients and trading cycles.

20. 2018Goldman Sachs

    David Solomon Becomes CEO

    David Solomon became CEO in 2018 and inherited both a powerful institutional franchise and a growing consumer-banking experiment. He pushed for a more diversified revenue base through asset management, wealth, transaction banking, and platform businesses.

21. 2019Goldman Sachs

    United Capital Financial Partners Acquisition

    Goldman's 2019 United Capital Financial Partners acquisition added a registered investment adviser with $25 billion of assets under management, more than 220 financial advisers and about 22,000 clients.

22. 2020Citigroup

    OCC and Federal Reserve Consent Orders

    The Office of the Comptroller of the Currency and the Federal Reserve simultaneously issue consent orders against Citigroup in October 2020, citing deficiencies in enterprise-wide risk management, data governance, and internal controls.

23. 2021Citigroup

    Jane Fraser Becomes CEO First Woman to Lead a Major U.S. Bank

    Jane Fraser is appointed Chief Executive Officer of Citigroup on March 1, 2021, becoming the first woman to lead a major American bank.

24. 2022Goldman Sachs

    NN Investment Partners Acquisition

    Goldman completed the acquisition of NN Investment Partners in 2022 for approximately $1.92 billion (EUR 1.7 billion). The deal expanded Goldman's asset-management footprint in Europe and added capabilities in public markets and sustainable investing.

25. 2023Citigroup

    Sweeping Organizational Restructuring Announced

    Fraser announces Citigroup's most fundamental organizational restructuring since the formation of the conglomerate in 1998, eliminating the regional CEO model, compressing management layers, and reorganizing the bank into five client-facing segments: Services,…

26. 2023Goldman Sachs

    $46.3B Revenue

    In FY2023, Goldman reported $46.3 billion in net revenues after the capital-markets boom of 2021 faded. The result mattered because it exposed the pressure from weak investment banking activity and losses tied to consumer initiatives.

27. 2024Goldman Sachs

    $53.5B Revenue

    In FY2024, Goldman reported $53.5 billion in net revenues, showing recovery from the prior year's weaker environment. The result mattered because investment banking activity and markets performance improved while management continued simplifying the firm.

28. 2025Citigroup

    Decade-High Revenue and Banamex Stake Sale

    Citi reports 2025 revenue of $85.2 billion, its highest in more than a decade, and net income of $14.3 billion, and returns $17.6 billion to common shareholders.

29. 2025Goldman Sachs

    $58.3B Revenue

    In FY2025, Goldman reported $58.3 billion in net revenues and $17.2 billion in net earnings. The result mattered because it showed stronger returns after the consumer banking retreat and a healthier capital markets backdrop.

30. 2026Citigroup

    Investor Day Targets and Best Quarter in a Decade

    On May 7, 2026 Citi sets RoTCE targets of 11-13% for 2027-2028 and 14-15% for 2029-2031 and launches a $30 billion buyback. In Q2 2026 it reports $24.8 billion of revenue (up 14%), $5.8 billion of net income (up 45%) and a 13% RoTCE.

Acquisitions

Questions about Citigroup vs Goldman Sachs