Twenty-seven years ago today, on April 6, 1998 (March 10, 1998 in the lunar calendar), Citigroup and Travelers announced their merger. Traveler's headquarters in new york On April 6, 1998, Citigroup and Traveler announced their merger, with a merger amount of 82 billion US dollars, which is the largest financial merger in the world so far. This merger will make the newly established Citigroup the second largest financial group in the United States after Chase Manhattan Bank. The newly established Citigroup will become the second largest financial group in the United States after Chase Manhattan Bank, with total assets of 700 billion dollars and annual operating income of 50 billion dollars. Its banking business will cover more than 100 million customers in more than 100 countries around the world, and it will continue to be among the best in the world credit card market. What is even more striking is that Citigroup integrates Citibank's business with the investment and insurance business of Traveler Company, creating a precedent for "one-stop service" in the American financial sector. Some see the merger as a serious challenge to peers in the global financial community. As soon as the news of Citigroup's merger appeared, the giants in the banking, securities and insurance industries seemed to hear the alarm: if they didn't try to expand their scale and stick to the routine of single operation, they would find it difficult to maintain their former position. It is estimated that the laws and regulations established in the 1930s in the United States that forbidden banks to also do insurance and securities businesses may soon become a thing of the past. Shortly after the decision was announced, a member of the U.S. Congress asked President Bill Clinton and other policy makers to block the planned merger of Citigroup and Travelers Group, because some people laundered money through their accounts with Citibank, and the U.S. Justice Department's investigation into it has not yet been completed. However, a spokesman for Citibank Group said that they had conducted a comprehensive internal investigation into Citibank and found no evidence that it had engaged in illegal activities.