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Citigroup was formed from the merger of Citicorp and Travelers Group on April 7, 1998.On September 29, 2008 it was announced that Citigroup would acquire the banking operations of Wachovia Corporation, via an all-stock transaction, with the aid of FDIC (Federal Deposit Insurance Corporation) loss limitations. The company employs approximately 358,000 staff around the world, and holds over 200 million customer accounts in more than 100 countries. It is a primary dealer in US Treasury securities and its stock has been a component of the Dow Jones Industrial Average since March 17, 1997. The purchase was proposed to close by the end of the 2008. According to the FDIC, the Wachovia Corporation "did not fail" and will continue to operate as a separate, publicly traded company as the owner of Wachovia Securities, AG Edwards and Evergreen Investments.As of December 11, 2007, Vikram Pandit is Citigroup's current CEO, while Sir Win Bischoff the current chairman. It is the world's largest bank by revenues as of 2008. Citi has challenged the Wachovia/Wells Fargo merger based on the details of the previous deal.. Its single largest shareholder is Prince Al-Waleed bin Talal of Saudi Arabia, who has a 4., doing business as Citi (pronounced Siti), is a major American financial services
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