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These excerpts taken from the C 8-K filed Jan 19, 2010. Citi
Holdings fourth quarter revenues were $4.7 billion versus
$6.7 billion in the prior quarter.
Managed revenues were $5.5 billion during the quarter, down from $7.6
billion in the prior quarter. Key drivers of the decline included lower
positive net revenue marks within the Special Asset Pool (SAP) of $0.2 billion
versus $1.5 billion in the prior quarter (see Appendix A), as well as the prior
quarter’s $0.3 billion pre-tax gain on the sale of Citigroup’s Managed Futures
business, and lower net interest revenue within Local Consumer Lending. SAP
asset sales of approximately $10 billion resulted in $0.8 billion of pre-tax
gains during the quarter.
Citi Holdings fourth quarter operating
expenses were $3.3 billion, up 2% from the prior quarter, driven by higher
repositioning costs and increased collections expense, primarily in U.S.
mortgages.
Citi Holdings fourth quarter credit costs
were $6.6 billion, and included $5.6 billion of net credit losses, a $0.7
billion reserve build and a $0.3 billion provision for policyholder benefits
and claims. Managed net credit losses
were $6.7 billion, down 9% from the prior quarter.
· North America retail partner card managed net credit losses declined 2% sequentially to $2.0 billion, reflecting tightened underwriting standards and loss mitigation efforts.
· Net credit losses in North America residential real estate lending declined 7% sequentially to $2.1 billion due primarily to lower losses on second mortgages reflecting the impact of portfolio re-positioning and loss mitigation. In addition, increasing volumes of trial modifications of first mortgages under the HAMP contributed to the sequential decline in losses; the loan loss reserve was increased to offset this impact.
· International consumer net credit losses declined 18% sequentially to $0.8 billion driven by improvements in Asia and EMEA.
· Within the Special Asset Pool, net credit losses declined to $950 million from $1.3 billion in the prior quarter due to lower write-offs of corporate loans.
Citi Holdings fourth quarter net loss was $2.5 billion versus a
loss of $1.9 billion in the prior quarter as a sequential decline in credit
costs was more than offset by a reduction in positive revenue marks, lower net
interest revenue and the absence of the $0.2 billion after-tax gain on the sale
of Citigroup’s Managed Futures business in the quarter.
This excerpt taken from the C 8-K filed Oct 15, 2009. Citi
Holdings revenues were $6.7 billion versus $15.8 billion in
the prior quarter, which included the $11.1 billion gain from the Smith Barney
transaction. Managed revenues(3)
were $7.6 billion during the quarter, up 25% from the prior quarter excluding
the Smith Barney gain, driven primarily by positive net revenue marks within
the Special Asset Pool (see Appendix A).
The current quarter’s results include a $320 million pre-tax gain on the
sale of Citigroup’s managed futures business to the Smith Barney JV.
This excerpt taken from the C 8-K filed Jul 17, 2009. CITI HOLDINGS
Citi Holdings revenues were $15.8 billion, up from $2.1 billion in the prior year period on the Smith Barney gain on sale and favorable net revenue marks relative to the prior year period, partially offset by lower volumes and greater credit losses flowing through the card securitization trusts in North America. Operating expenses were $3.8 billion, down 28% from the second quarter of 2008 on reengineering initiatives, lower headcount, and reduced marketing, partially offset by higher real estate owned and collection expenses. Credit costs were $9.9 billion, up 86% from the prior year period as net credit losses increased significantly and $2.7 billion was added to reserves. Citi Holdings assets have declined 22% to $649 billion reflecting asset run-off and management actions. Net income was $1.4 billion versus a loss of $5.3 billion in the prior year period primarily due to Smith Barney gain on sale. Positive revenue marks and expense reductions also contributed, partially offset by credit deterioration and lower volumes.These excerpts taken from the C 10-K filed Feb 27, 2009. Citi Holdings Citi Holdings will have three primary segments: brokerage and asset management, local consumer finance and a special asset pool. Citigroup continues to believe that many of Citi Holdings’ businesses are attractive long-term businesses with strong market positions, but they do not sufficiently enhance the capabilities of Citigroup’s core businesses. Citi Holdings will continue to focus on risk management and credit quality as it seeks to build value in these businesses. Citi Holdings Citi Holdings will have three primary segments: brokerage and asset management, local consumer finance and a special asset pool. Citigroup continues to believe that many of Citi Holdings’ businesses are attractive long-term businesses with strong market positions, but they do not sufficiently enhance the capabilities of Citigroup’s core businesses. Citi Holdings will continue to focus on risk management and credit quality as it seeks to build value in these businesses. | EXCERPTS ON THIS PAGE:
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