As a result of the global financial crisis of 2008 – 2009 and huge losses in the value of its subprime mortgage assets, Citibank was rescued by the U. S. government under plans agreed for Citigroup.

As a result of the Global financial crisis of 2008, many traditional investment banks and finance corporations such as Goldman Sachs, Morgan Stanley, American Express, CIT Group and General Motors Acceptance Corporation successfully converted to bank holding companies in order to gain access to liquidity and funding.

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