Exhibit 99.1

                                                                [CITIGROUP LOGO]


FOR IMMEDIATE RELEASE
CITIGROUP INC. (NYSE SYMBOL: C)
MAY 21, 2002


                    CITIGROUP TO ACQUIRE GOLDEN STATE BANCORP

            GOLDEN STATE STOCKHOLDERS TO RECEIVE TOTAL CONSIDERATION
                          OF APPROXIMATELY $5.8 BILLION

      ACQUISITION ENABLES CITIBANK TO EXPAND RETAIL DISTRIBUTION FRANCHISE
                      IN KEY CALIFORNIA AND NEVADA MARKETS

New York, New York and San Francisco, California - Citigroup (NYSE: C) will
acquire Golden State Bancorp (NYSE: GSB) in a transaction in which Citigroup
will pay approximately $16.40 in cash and .5234 Citigroup shares for each share
of Golden State delivered at closing. Golden State stockholders will be entitled
to elect to receive the merger consideration in shares of Citigroup common stock
or cash, subject to certain limitations. Based on closing prices on May 21,
2002, the total transaction value is approximately $5.8 billion on a fully
diluted basis.

Golden State is the parent company of Cal Fed, the second largest thrift in the
U.S. and, through its First Nationwide Mortgage business, the eighth largest
mortgage servicer. It has $25 billion in deposits, $54 billion in assets and 352
branches, 335 in California and 17 in Nevada.

The transaction, which is expected to close in the fourth quarter of 2002, is
expected to be accretive to Citigroup's earnings in the first full year after
the deal closes, with contributions increasing over several years. It is subject
to a number of regulatory approvals and the approval of Golden State
stockholders. GSB Investments Inc. and Hunters Glen/Ford have agreed to vote
shares constituting approximately 32% of Golden State's outstanding shares in
favor of the merger.

Citigroup said the transaction will add approximately 1.5 million new customers
in California and Nevada. In California the combined franchise will be the
fourth largest institution in terms of deposits, with well over 400 branches.
The transaction will also significantly expand Citigroup's branch presence in
Nevada, where the combined entity will be the third largest retail bank
franchise in terms of deposits, with 21 branches. In addition, the acquisition
will enable Citigroup to expand its national prime mortgage business, which will
move from tenth to seventh in loan originations and from ninth to sixth in
servicing.

                                                                               2

"The acquisition of Golden State marks an important step in our efforts to
increase Citigroup's retail distribution franchise in the U.S., and in
particular significantly expand the scope and breadth of our services in
California and Nevada," said Sanford I. Weill, Chairman and Chief Executive
Officer of Citigroup. "We have indicated that building our retail banking
presence in the U.S. represents one of our most attractive opportunities to
build revenues and profits, and this transaction accomplishes this with a
quality player in two key growth markets."

"We are particularly excited to be building our franchise in California, a state
with 35 million people and the largest deposit base in the U.S., at $492
billion," said Robert B. Willumstad, President of Citigroup and Chairman and
Chief Executive Officer of Citigroup's Consumer Group. "As we increase
convenience for our own customers we will be able to expand the range of
products available to customers of Golden State. And by expanding our presence
in California, we are also increasing our access to the Hispanic community.

"We want this combination to be a good experience for Citibank and Golden State
customers and employees alike," continued Willumstad. "We will be working with
our customers and employees in California and Nevada during the integration
period to create a culture that combines the best of both branch systems. Cal
Fed is an excellent business that has been transitioning from a traditional
thrift to a full-service bank model. We hope to help Cal Fed complete this
transition and to retain within the combined organization Cal Fed's
extraordinary commitment to client service."

"We believe this transaction brings important benefits for the stockholders,
customers and employees of our company," said Gerald J. Ford, Chairman and Chief
Executive Officer of Golden State. "In order to continue to compete in our core
markets, our businesses need to be able to efficiently and effectively deliver
to our customers an ever broader range of offerings, supported by a company with
unparalleled financial strength. Even as this transaction brings our
stockholders attractive value for their investment and an ongoing stake in our
future as part of Citigroup, Citigroup's scale and complement of high quality
financial products and services will benefit customers in our markets."

Certain other public securities of Golden State and its subsidiaries will remain
outstanding and following the transaction will be exercisable and payable in
accordance with the terms (NASDAQ: CALGZ, NASDAQ: CALGL and NASDAQ: GSBNZ).

                                       ***
Citigroup (NYSE: C), the preeminent global financial services company with some
200 million customer accounts in more than 100 countries, provides consumers,
corporations, governments and institutions with a broad range of financial
products and services, including consumer banking and credit, corporate and
investment banking, insurance, securities brokerage, and asset management. Major
brand names under Citigroup's trademark red umbrella include Citibank,
CitiFinancial, Primerica, Salomon Smith Barney, Banamex, and Travelers.
Additional information may be found at: www.citigroup.com.

                                                                               3

Based in San Francisco, Golden State Bancorp (NYSE:GSB) is the publicly traded
parent of California Federal Bank. Cal Fed is one of the largest
California-based insured depository institutions, with $54 billion in assets,
8,800 employees and 352 branches in California and Nevada. The bank's primary
operating subsidiaries are First Nationwide Mortgage Corporation, Cal Fed
Investments and Auto One Acceptance Corporation. Cal Fed is a full-service,
community-oriented bank serving consumers and business customers. More
information on the companies is available online at www.goldenstate.com and
www.calfed.com.

In connection with the proposed transaction, Citigroup and Golden State will
file a proxy statement/prospectus with the U.S. Securities and Exchange
Commission (the "Commission"). Investors and security holders are advised to
read the proxy statement/prospectus when it becomes available, because it will
contain important information. Investors and security holders may obtain a free
copy of the proxy statement/prospectus (when available) and other documents
filed by Citigroup and Golden State with the Commission at the Commission's web
site at http://www.sec.gov. Free copies of Citigroup's filings may be obtained
by directing a request to Citigroup, attention Citigroup Document Services, 140
58th Street, Suite 5i, Brooklyn, NY 11220; (877) 936-2737 (toll free); (718)
765-6514 (outside the U.S.). Free copies of Golden State's filing may be
obtained by directing a request to Golden State, Shareholder Relations, 135 Main
Street, San Francisco, California 94105; Telephone: (415) 904-0188.

Citigroup, Golden State and their respective directors, executive officers and
other members of their management and employees may be soliciting proxies from
their respective stockholders in favor of the Merger. Information concerning
persons who may be considered participants in the solicitation of Citigroup's
stockholders under the rules of the Commission is set forth in the Annual Report
on Form 10-K and the Annual Meeting Proxy Statement on Form 14A, both filed by
Citigroup with the Commission on March 12, 2002: and information concerning
persons who may be considered participants in the solicitation of Golden State's
stockholders under the rules of the Commission is set forth in the Annual Report
on Form 10-K filed by Golden State with the commission on March 28, 2002, and in
the Annual Meeting Proxy Statement on Form 14A filed by Golden State with the
Commission on April 12, 2002.

This press release includes forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking statements
are based on our management's beliefs and assumptions and on information
currently available to our management. Forward-looking statements include
information concerning our possible or assumed future results of operations and
statements preceded by, followed by or that include the words "believes,"
"expects, "anticipated," "intends," "plans," "estimated" or similar expressions.
Forward-looking statements involve risks, uncertainties and assumptions. Actual
results may differ materially from those expressed in these forward-looking
statements. Factors that could cause actual results to differ from these
forward-looking statements include, but are not limited to, weakening global
economic conditions; the amount of refinancing activity in mortgage banking; the
effect of banking and financial services reforms, of rules governing the
regulatory treatment of merchant banking investments, and of rules regarding the
regulatory capital treatment of recourse, direct credit substitutes and residual
interest in asset securitizations; possible amendments to, and interpretations
of, risk-based capital guidelines and reporting instructions; the ability of
states to adopt more extensive consumer privacy protections through legislation
or regulation; the resolution of legal proceedings and related matters; and the
Company's success in managing the costs associated with the expansion of
existing distribution channels and developing new ones, and in realizing
increase revenues from such distribution channels, including cross-selling
initiatives and electronic commerce based efforts. You should not put undue
reliance on any forward-looking statements.