These excerpts taken from the C 8-K filed Jan 19, 2010.
Citigroup fourth quarter revenues were $5.4 billion, or $15.5 billion excluding the loss on the repayment of TARP and exiting the loss-sharing agreement, down from $20.4 billion in the prior quarter which included a $1.4 billion gain from the extinguishment of debt associated with the exchange offers.
Citigroup fourth quarter operating expenses were $12.3 billion, up from $11.8 billion in the prior quarter.
Citigroup fourth quarter credit costs of $8.2 billion included net credit losses of $7.1 billion, a $0.7 billion net loan loss reserve build and a $0.3 billion provision for policyholder benefits and claims. Net credit losses were down 10% from the prior quarter. Total credit costs declined 10% sequentially, to the lowest level since the second quarter of 2008.
· Citigroup fourth quarter consumer managed net credit losses were $8.9 billion, down 6% sequentially, driven by lower losses across most consumer lending portfolios, due in part to loss mitigation efforts.
· Total corporate net credit losses declined sequentially to $1.1 billion in the fourth quarter, from $1.5 billion, reflecting continued stabilization in corporate credit quality, and declines in the size of the portfolio. The corporate loan portfolio declined by $13.3 billion in the fourth quarter to $167.4 billion
· Citigroups loan loss reserve build for the quarter was $0.7 billion, down from $0.8 billion in the prior quarter, and consisted of a build of $1.0 billion for consumer loans, and a release of $0.3 billion for corporate loans.
· The consumer loan loss reserve was $28.4 billion at year-end, representing 14.1 months of concurrent coverage, up from 13.3 months of coverage at the end of the third quarter.
· Citigroups total allowance for loan losses at year-end was $36.0 billion or 6.1% of total loans, compared to $36.4 billion or 5.9% of total loans in the prior quarter.
This excerpt taken from the C 10-Q filed Nov 6, 2009.
As a result of continued deleveraging, deposit growth, term securitization under government and non-government programs, and the issuance of long-term debt under government guarantees and non-guaranteed debt, over the last several quarters, Citigroup has substantially increased its cash balances and reduced its short-term borrowings. In addition, as of September 30, 2009, Citigroup had largely eliminated utilization of short-term government funding programs.
Beginning in October 2008, Citi and certain of its subsidiaries participated in the FDIC's TLGP pursuant to which certain qualifying senior unsecured debt issued by such entities is guaranteed, pursuant to the applicable time period, in amounts up to 125% of the qualifying debt for each qualifying entity (see "Government ProgramsFDIC's Temporary Liquidity Guarantee Program" above). As of September 30, 2009, Citigroup and its affiliates have issued a total of approximately $54.7 billion of long-term debt that is covered under the FDIC guarantee. Also as of September 30, 2009, Citigroup, through its subsidiaries, has issued approximately $4.37 billion in commercial paper and interbank deposits backed by the FDIC program.
The TLGP expired on October 31, 2009 and Citigroup and its affiliates have elected not to participate in any FDIC- approved extension of the program. In anticipation of the expiration of the program, and as market conditions began to improve, Citigroup and its first tier subsidiaries have issued $20 billion of non-guaranteed debt outside of TLGP over the past six months. Such issuances have been at various maturities, with a weighted average maturity of over 10 years, in multiple currencies. In addition, beginning October 1, 2009, Citigroup has been issuing commercial paper, of any tenor, outside of the TLGP and the Company currently anticipates that commercial paper will continue to be an important funding source during 2010, although not at 2008/2009 levels.
At September 30, 2009, long-term debt and commercial paper outstanding for Citigroup, CGMHI, Citigroup Funding Inc. (CFI) and other Citigroup subsidiaries, collectively, were as follows:
The table below details the long-term debt issuances of Citigroup during the past four quarters.
See Note 12 to the Consolidated Financial Statements for further detail on Citigroup's and its affiliates' long-term debt and commercial paper outstanding.
Outside of long-term debt funding, Citi has been actively building its structural liquidity in two important ways. First, Citi has focused on growing a geographically diverse retail and corporate deposit base which stood at approximately $833 billion as of September 30, 2009, up $28 billion compared to June 30, 2009. On a volume basis, deposit increases were noted in Regional Consumer Banking, particularly in North America, and in Transaction Services due to growth in all regions and strength in Treasury and Trade Solutions, excluding the impact of foreign exchange on a volume basis. Citi's deposit base has increased sequentially over each of the last five quarters. These deposits are diversified across products and regions, with approximately 61% outside of the U.S. This diversification provides the Company with an important and low-cost source of funding. A significant portion of these deposits has been, and is currently expected to be, long-term and stable and is considered to be core.
Second, total assets as of September 30, 2009 have declined 8% as compared to September 30, 2008. Loans, which are one of the Company's most illiquid assets, are down $107 billion, or approximately 15%.
As of September 30, 2009, Citigroup and affiliates liquidity portfolio and broker-dealer "cash box" totaled $76.0 billion as compared with $66.8 billion at December 31, 2008 and $50.5 billion at September 30, 2008, and Citigroup's bank subsidiaries had an aggregate of approximately $148.8 billion of cash on deposit with major Central Banks (including the U.S. Federal Reserve Bank of New York, the European Central Bank, Bank of England, Swiss National Bank and Bank of Japan), compared with approximately $72 billion at December 31, 2008. These amounts are in addition to cash deposited from the broker-dealer "cash box" noted above. Citigroup's bank subsidiaries also have significant additional liquidity resources through unencumbered highly liquid securities and other assets available for secured funding through private markets or that are, or could be, pledged to the major Central Banks and the U.S. Federal Home Loan Banks. The liquidity value of the liquid securities was $59.4 billion at September 30, 2009 compared with $53.3 billion at June 30, 2009. Significant amounts of cash and liquid securities are also available in other Citigroup entities.
As a result of the actions described above and the Company's current funding levels, management currently believes Citi is largely pre-funded heading into 2010, with a deliberately liquid and flexible balance sheet. The combined parent and broker-dealer entities maintain sufficient liquidity to meet all maturing unsecured debt obligations due within a one-year time horizon, without accessing the unsecured markets.
This excerpt taken from the C 8-K filed Oct 15, 2009.
Citigroup revenues were $20.4 billion, down from $30.0 billion in the prior quarter, which included an $11.1 billion gain from the Smith Barney transaction. Managed revenues(3) were $23.1 billion, down from $33.1 billion in the prior quarter. Third quarter managed revenues included a $1.4 billion gain from the extinguishment of debt associated with the exchange offers. Excluding the impact of this gain and the Smith Barney transaction from the prior quarter, managed revenues were down 1% sequentially.
This excerpt taken from the C 8-K filed Jul 17, 2009.
This excerpt taken from the C 8-K filed Jun 12, 2009.
Citigroup”) amended its Restated Certificate of Incorporation by filing a Certificate of Designation of Series R Participating Cumulative Preferred Stock with the Secretary of State of the State of Delaware. See the description set out under Items 1.01 and 3.03 of Citigroup’s Current Report on Form 8-K filed on June 10, 2009, which is incorporated herein by reference, for a more complete description of the rights and preferences of the Series R Participating Cumulative Preferred Stock. The Certificate of Designation is attached as Exhibit 3.1 to this Current Report on Form 8-K and is incorporated herein by reference in its entirety.
Item 9.01. Financial Statements and Exhibits.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
June 12, 2009