Filed by Citigroup 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 15, 2002:

For Immediate Release
Citigroup Inc. (NYSE Symbol: C)
Golden State Bancorp Inc. (NYSE Symbol: GSB)
August 15, 2002


       Citigroup and Golden State Bancorp Announce Election Deadline
                     in Connection with Pending Merger

         New York, New York and San Francisco, California - In connection
with the pending merger between Citigroup (NYSE: C) and Golden State
Bancorp (NYSE: GSB), as previously announced, Golden State stockholders
wishing to make an election to receive the merger consideration in cash or
shares of Citigroup common stock, subject to proration, must deliver to
Citibank, N.A., the Exchange Agent, properly completed Forms of Election,
together with their stock certificates or properly completed notices of
guaranteed delivery, by 5:00 P.M., Eastern Time, on Wednesday, August 21,
2002, the election deadline.

         Golden State stockholders who do not properly deliver such
documentation to Citibank (at the address specified in the Form of
Election) prior to the election deadline may not select the form of merger
consideration they would like to receive.

         Such non-electing stockholders will be entitled to receive
approximately equivalent value per share in cash or Citigroup common stock
to the amounts paid per share to holders making an election, but may be
paid all in cash, all in Citigroup common stock, or part in cash and part
in Citigroup common stock, depending on the remaining pool of cash and
Citigroup common stock available for paying the merger consideration after
honoring the cash and stock elections made by other stockholders. The final
election results regarding the merger consideration will be announced as
soon as possible after the election deadline.

         Golden State stockholders may obtain additional copies of the Form
of Election by contacting the Exchange Agent at 1-888-250-3985.

         Following the election deadline, until the closing of the merger,
Golden State stockholders who have made elections will be unable to revoke
their elections and will not have available their Golden State common stock
certificates. However, a Golden State stockholder who has elected to
receive shares of Citigroup common stock in exchange for his/her Golden
State shares in the merger may trade this entitlement to the shares of
Citigroup common stock in the Citigroup "when-issued" trading market on the
New York Stock Exchange (NYSE) beginning on August 22, 2002.

         This "when-issued" market is for shares of Citigroup common stock
that Citigroup anticipates to issue to Golden State stockholders in
exchange for their Golden State shares in the merger.

         The stock symbol for the Citigroup "when issued" trading shares
will be "CWD." All trades in the Citigroup "when-issued" market will settle
on a date to be determined by the NYSE after the closing date of the
merger. If the merger does not occur, all trades in the Citigroup "when
issued" market will be null and void.

         Citigroup and Golden State are working to complete the merger as
promptly as possible, and hope to complete the merger by the end of the
third quarter of 2002.

                                   * * *

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. 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