Filed by Golden State Bancorp, Inc.
                          Pursuant to Rule 425 under the Securities Act of 1933

                                   Subject Company:  Golden State Bancorp, Inc.
                                                  Commission File No. 000-29654


THE FOLLOWING IS A PRESS RELEASE ISSUED BY CITIGROUP INC. AND GOLDEN STATE
BANCORP INC. ON AUGUST 22, 2002:


For Immediate Release
Citigroup Inc. (NYSE Symbol: C)
Golden State Bancorp Inc. (NYSE Symbol: GSB)
August 22, 2002


                  CITIGROUP AND GOLDEN STATE BANCORP ANNOUNCE
        PRELIMINARY RESULTS OF ELECTION REGARDING MERGER CONSIDERATION

      New York, New York and San Francisco, California - The preliminary results
of elections made by Golden State stockholders as to the form of merger
consideration to be received in the pending merger of Golden State with and into
a subsidiary of Citigroup are:

     o    7.6% of the shares elected to receive cash;
     o    64.2% of the shares elected to receive Citigroup common stock; and
     o    28.2% of the shares did not make a valid election.


      Based on the preliminary election results and the closing price of
Citigroup common stock on August 21 of $34.35 per share, and applying the
proration provisions set forth in the merger agreement, the merger consideration
to be received would be as follows:

     o    stockholders making an election to receive cash would receive $35.68
          in cash;
     o    stockholders making an election to receive stock would receive 0.8210
          of a share of Citigroup common stock and $7.47 in cash, as a result of
          proration; and
     o    non-electing stockholders would receive $35.68 in cash.

      The actual merger consideration will be computed using the formula in the
merger agreement and will be based on, among other things, the actual number of
shares of Golden State common stock outstanding immediately prior to the closing
date, the results of the election process, and the value of Citigroup common
stock for the five days immediately preceding the second day prior to the
closing date. A press release


announcing the final merger consideration will be issued as soon as practicable
after the final merger consideration is determined.

                                     * * *

Citigroup (NYSE: C - News), 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
Life and Annuity. Additional information may be found at: www.citigroup.com.

Based in San Francisco, Golden State Bancorp (NYSE:GSB - News) 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 have
filed 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, because it contains important information.
Investors and security holders may obtain a free copy of the proxy
statement/prospectus 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 filings may be obtained by directing a
request to Golden State, Shareholder Relations, 135 Main Street, San Francisco,
California 94105; Telephone: (415) 904-0188.

Contacts:
CITIGROUP
Press:                   Leah Johnson         (212) 559-9446
                         Christina Pretto     (212) 793-8217

Investors:               Sheri Ptashek        (212) 559-4658

Fixed Income Investors:  John Randel          (212) 559-5091

GOLDEN STATE BANCORP
Investors:               Fred Cannon          (415) 904-1451

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