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First National City Bank's (now Citibank) abuses under his leadership brought an end to ownership of investment affiliates by commercial banks.
Mitchell was born in Chelsea, Massachusetts, where his father, George E. In 1916, he became vice-president of National City Company, which he reorganized into a private investment banking firm.
Mitchell, worked for a produce dealer and served as mayor from 1887 until 1888. Shortly after, he relocated to Tuxedo Park, New York.
Under his leadership, the bank expanded rapidly and, by 1930, had 100 branches in 23 countries outside the United States.
His salesmen sold millions of shares in the bank totaling 0 million, much of which would be lost in the Crash of 1929. Charges were brought following testimony by Mitchell in which he openly stated that he had sold his stake in National City Bank in order to avoid paying taxes.