Citigroup Lets Employees Hail Rides With Uber for Business TripsDakin Campbell
Citigroup Inc. employees can now hail a ride using Uber Technologies Inc.’s mobile-phone application as the lender joins other banks in allowing workers to use the service on business trips.
“As a global company, it is critical that our employees have access to the most reliable and efficient travel options wherever we operate,” Kamran Mumtaz, a spokesman for the New York-based bank, said today in an e-mailed statement.
Citigroup, the top underwriter of U.S. equity offerings this year, joins Morgan Stanley, Deutsche Bank AG and Barclays Plc in supporting Uber, which may be among the next Silicon Valley firms to access the public markets. Uber, started by Chief Executive Officer Travis Kalanick and co-founder Garrett Camp in 2009, was close to raising a round of financing that would give it a valuation of as much as $40 billion, people familiar with the situation said last week.
Uber, which operates in more than 250 cities worldwide, is using a ride-hailing app on smartphones to move into transportation markets that have been dominated by taxis and limousine drivers. Barclays and Deutsche Bank were pilot customers for Uber’s business-travel service, and executives from those banks praised it in a blog post on the company’s website in July.