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This excerpt taken from the C 8-K filed Sep 9, 2005. CIB net income decreased
in 2004 primarily as a result of the WorldCom and Litigation Reserve Charge in
North America (excluding Mexico), partially offset by increases in Asia
(excluding Japan), Mexico, Latin America, EMEA and Japan. Asia (excluding Japan) net income increased
$515 million in 2004 primarily due to increases in Fixed Income (mainly in
global distressed debt trading and strong foreign exchange trading results),
Transaction Services Cash Management revenues, loan loss reserve releases as a
result of improving credit quality and the acquisition of KorAm. Mexico net income increased $252 million in
2004 primarily due to loan loss reserve releases resulting from improving
credit quality. Latin America net income
increased $247 million in 2004 primarily due to loan loss reserve releases
resulting from improving credit quality, partially offset by strong prior-year
trading gains in Brazil. EMEA net income
increased $212 million in 2004 primarily due to the $378 million after-tax gain
on the sale of Samba, a lower provision for credit losses reflecting the
absence of prior-year credit losses related to exposure to Parmalat, strong
revenue growth in Transaction Services
and current period credit recoveries, partially offset by an increase in legal
reserves. Japan net income increased
$172 million in 2004, primarily driven by increases in Fixed Income and
Investment Banking revenue, a gain on the partial sale of Nikko Cordial shares,
and a lower provision for credit losses due to loan loss reserve releases.
This excerpt taken from the C 8-K filed Jun 7, 2005. CIB net income decreased
in 2004 primarily as a result of the WorldCom and Litigation Reserve Charge in
North America (excluding Mexico), partially offset by increases in Asia
(excluding Japan), Mexico, Latin America, EMEA and Japan. Asia (excluding Japan) net income increased
$515 million in 2004 primarily due to increases in Fixed Income (mainly in
global distressed debt trading and strong foreign exchange trading results),
Transaction Services Cash Management revenues, loan loss reserve releases as a
result of improving credit quality and the acquisition of KorAm. Mexico net income increased $252 million in
2004 primarily due to loan loss reserve releases resulting from improving
credit quality. Latin America net income
increased $247 million in 2004 primarily due to loan loss reserve releases
resulting from improving credit quality, partially offset by strong prior-year
trading gains in Brazil. EMEA net income
increased $213 million in 2004 primarily due to the $378 million after-tax gain
on the sale of Samba, a lower provision for credit losses reflecting the
absence of prior-year credit losses related to exposure to Parmalat, strong
revenue growth in Transaction Services and current period credit recoveries,
partially offset by an increase in legal reserves. Japan net income increased $172 million in
2004, primarily driven by increases in Fixed Income and Investment Banking
revenue, a gain on the partial sale of Nikko Cordial shares, and a lower
provision for credit losses due to loan loss reserve releases.
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