Citigroup Coping with Identity Crisis

February 5, 2001 ( - It's all in the name, almost.

Looking to cut out some letters and put some distance from its origins, Citigroup said it is now calling its asset management group, ready for this, Citibank Asset Management.
The old name was “SSB Citi Asset Management” with the “SSB” referring to Salomon Smith Barney.  At the retail level, the name of “Citibank Private Bank” was changed to  “Citigroup Private Bank.”
The name changes are the result of the merger between Salomon Smith Barney, Travelers Insurance Group and Citigroup.
While the goal of the name changes is to “simplify” and “streamline” the business lines around the world, according to Thomas Jones, co-chairman and chief executive of Citigroup Asset Management, those simple changes are not cheap.
Citigroup is spending $100 million in advertising this year to promote the “Citi” name worldwide.
Citigroup Asset Management had $401 billion in assets under management as of year-end 2000.