Citigroup admits its predecessors likely benefited from slavery

Citigroup has grown into the nation's third-largest financial institution in part because its predecessors in the 1800s indirectly profited from slavery, the company acknowledged in a blog post this week.

The admission came as the Wall Street firm, JPMorgan Chase and other big banks have re-examined their roots in years, looking to unearth what roles they may have played in creating today's racial inequities. 

Citi first explored its historic ties to slavery 20 years ago but "did not find records providing evidence of any direct involvement," Edward Skyler, Citigroup's head of public affairs, wrote in the post. But a second initiative conducted last year found that the bank's predecessors "likely profited from financial transactions and relationships with individuals and entities ...  involved in or connected to the U.S. slave trade," according to Citi's research summary, which Skyler linked to in his post.