Finance History|11 Wall Street — CCI Opened After Citicorp Became Two-and-a-Half

People treat Citigroup as a Greenwich Street bank that always printed C.

The first New York tape for the combined company printed CCI.

Citigroup's 8 October 1998 Form 8-K recorded that the merger of Citicorp into a Travelers subsidiary became effective at 12:01 a.m. Eastern time that day.

Common shares of Citigroup Inc. began trading on the New York and Pacific Stock Exchanges that morning under CCI.

Citicorp shares converted into 2.5 Citigroup shares. Each Travelers Group share became one Citigroup share.

The companies had announced the stock merger on 6 April 1998. Contemporary reports valued the exchange at 70 billion dollars in 1998 currency at the announcement.

The surviving letters later shortened to C, the ticker the bank still uses.

The mechanism is a holding-company combination that mixed a national bank with an insurer and a broker before Congress rewrote the statute.

Gramm-Leach-Bliley, which repealed the Glass-Steagall barriers the deal had tested, was signed on 12 November 1999.

The pin is the Broad Street facade of the Exchange, where CCI opened. Interior trading is not visitable from the sidewalk.

Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.