Founded in 1812 as the City Bank of New York, Citibank has evolved to provide traditional banking products, credit cards, insurance, and investment products. It became the first US bank to open a foreign office and was renamed Citibank in 1976. After experiencing significant losses during the 2008 financial crisis, the bank received a government bailout and has since recovered. Citibank is headquartered in New York City and was awarded Global Bank of the Year in 2013. Michael Corbat currently serves as the bank's Chief Executive Officer.