Citigroup says some predecessor companies likely saw indirect financial benefits from slavery

By KEN SWEET
AP Business Writer

NEW YORK (AP) — Some of the companies that formed what is now Citigroup likely benefitted financially from slavery in the 1800’s, the financial giant acknowledged Thursday, an admission that comes at a time when numerous institutions are re-examining their historic roots and the roles they played in slavery in the U.S. In research conducted last year, Citi found that none of its predecessor companies directly purchased, sold, or held slaves. But the research did find that some of predecessor entities likely “indirectly profited” from the institution of slavery. Citi traces its founding back to 1812 when the City Bank of New York was created.