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C » Topics » 5. COMMISSIONS AND FEES

This excerpt taken from the C 10-Q filed Nov 6, 2009.

5.     COMMISSIONS AND FEES

        Commissions and fees revenue includes charges to customers for credit and bank cards, including transaction-processing fees and annual fees; advisory and equity and debt underwriting services; lending and deposit-related transactions, such as loan commitments, standby letters of credit, and other deposit and loan servicing activities; investment management-related fees, including brokerage services, and custody and trust services; and insurance fees and commissions.

        The following table presents commissions and fees revenue for the three and nine months ended September 30, 2009 and 2008:

 
   Three Months
Ended September 30, 		  Nine Months
Ended September 30, 		 
In millions of dollars   2009   2008   2009   2008  

Credit cards and bank cards

   $ 1,048   $ 1,113   $ 3,025   $ 3,504  

Investment banking

     774     545     2,659     2,337  

Smith Barney

     1     688     837     2,196  

ICG trading-related

     466     628     1,288     1,930  

Other Consumer

     323     235     935     870  

Transaction services

     337     359     980     1,076  

Checking-related

     261     282     773     868  

Other ICG

     176     338     364     582  

Primerica

     78     98     227     315  

Loan servicing(1)

     (339 )   (336 )   1,224     771  

Corporate finance(2)

     130     (649 )   551     (4,149 )

Other

     (37 )   (93 )   (40 )   48  
                   

Total commissions and fees

   $ 3,218   $ 3,208   $ 12,823   $ 10,348  
                   
(1)
Includes fair value adjustments on mortgage servicing assets. The mark-to-market on the underlying economic hedges of the MSRs is included in Other revenue.

(2)
Includes write-downs of approximately $24 million for the third quarter of 2009 and $508 million for the nine months ended September 30, 2009, and $792 million for the third quarter of 2008 and $4.3 billion for the nine months ended September 30, 2008, net of underwriting fees on funded and unfunded highly leveraged finance commitments. Write-downs were recorded on all highly leveraged finance commitments where there was value impairment, regardless of funding date.

103

Table of Contents

This excerpt taken from the C 10-Q filed Aug 7, 2009.

5.     COMMISSIONS AND FEES

        Commissions and fees revenue includes charges to customers for credit and bank cards, including transaction-processing fees and annual fees; advisory and equity and debt underwriting services; lending and deposit-related transactions, such as loan commitments, standby letters of credit, and other deposit and loan servicing activities; investment management-related fees, including brokerage services, and custody and trust services; and insurance fees and commissions.

        The following table presents commissions and fees revenue for the three and six months ended June 30, 2009 and 2008:

 
   Three Months
Ended June 30, 		  Six Months
Ended June 30, 		 
In millions of dollars   2009   2008(1)   2009   2008(1)  

Loan servicing(2)

   $ 1,367   $ 1,393   $ 1,563   $ 1,107  

Credit cards and bank cards

     1,000     997     1,977     1,792  

Investment banking

     1,071     1,186     1,885     2,391  

Smith Barney

     321     744     836     1,507  

ICG trading-related

     475     600     822     1,302  

Other Consumer

     324     320     612     635  

Transaction services

     327     364     643     717  

Checking-related

     249     298     512     585  

Other ICG

     80     114     188     244  

Primerica

     76     107     149     217  

Corporate finance(3)

     171     (389 )   421     (3,500 )

Other

     (24 )   65     (3 )   143  
                   

Total commissions and fees

   $ 5,437   $ 5,799   $ 9,605   $ 7,140  
                   
(1)
Reclassified to conform to the current period's presentation.

(2)
Includes fair value adjustments on mortgage servicing assets. The mark-to-market on the underlying economic hedges of the MSRs is included in Other revenue.

(3)
Includes write-downs of approximately $237 million for the second quarter of 2009 and $484 million for the six months ended June 30, 2009, and $428 million for the second quarter of 2008 and $3.5 billion for the six months ended June 30, 2008, net of underwriting fees on funded and unfunded highly leveraged finance commitments. Write-downs were recorded on all highly leveraged finance commitments where there was value impairment, regardless of funding date.

90

Table of Contents

This excerpt taken from the C 10-Q filed May 11, 2009.

5.     COMMISSIONS AND FEES

        Commissions and fees revenue includes charges to customers for credit and bank cards, including transaction-processing fees and annual fees; advisory, and equity and debt underwriting services; lending and deposit-related transactions, such as loan commitments, standby letters of credit, and other deposit and loan servicing activities; investment management-related fees, including brokerage services, and custody and trust services; and insurance fees and commissions.

        The following table presents commissions and fees revenue for the three months ended March 31, 2009 and 2008:

In millions of dollars   2009   2008(1)  

Credit cards and bank cards

   $ 977   $ 1,204  

Investment banking

     814     795  

Smith Barney

     515     763  

ICG trading-related

     347     702  

Other Consumer

     241     311  

Transaction services

     316     353  

Checking-related

     264     290  

Nikko Cordial-related(2)

     181     300  

Other ICG

     150     130  

Primerica

     73     110  

Loan servicing(3)

     196     (284 )

Corporate finance(4)

     250     (3,111 )

Other

     2     13  
           

Total commissions and fees

   $ 4,326   $ 1,576  
           
(1)
Reclassified to conform to the current period's presentation.

(2)
Commissions and fees for Nikko Cordial have not been detailed due to unavailability of the information.

(3)
Includes fair value adjustments on mortgage servicing assets. The mark-to-market on the underlying economic hedges of the MSRs is included in Other revenue.

(4)
Includes write-downs recorded in the first quarter of 2008 of approximately $3.1 billion, net of underwriting fees on funded and unfunded highly leveraged finance commitments. Write-downs were recorded on all highly leveraged finance commitments where there was value impairment, regardless of funding date.

77

6.     RETIREMENT BENEFITS

        The Company has several non-contributory defined benefit pension plans covering U.S. employees and has various defined benefit pension and termination indemnity plans covering employees outside the United States. The principal U.S. defined benefit plan, which formerly covered substantially all U.S. employees, is closed to new entrants and, effective January 1, 2008, no longer accrues benefits for most employees. Employees satisfying certain age and service requirements remain covered by a prior final pay formula.

        The Company also offers postretirement health care and life insurance benefits to certain eligible U.S. retired employees, as well as to certain eligible employees outside the United States. For information on the Company's retirement benefit plans and pension assumptions, see Citigroup's 2008 Annual Report on Form 10-K.

        The following tables summarize the components of the net expense recognized in the Consolidated Statement of Income for the three months ended March 31, 2009 and 2008.

These excerpts taken from the C 10-K filed Feb 27, 2009.

6. COMMISSIONS AND FEES

Commissions and fees revenue includes charges to customers for credit and bank cards, including transaction-processing fees and annual fees; advisory and equity and debt underwriting services; lending and deposit-related transactions, such as loan commitments, standby letters of credit and other deposit and loan servicing activities; investment management-related fees, including brokerage services and custody and trust services; and insurance fees and commissions.

The following table presents commissions and fees revenue for the years ended December 31:

 

In millions of dollars   2008     2007      2006

Investment banking

   $ 2,284     $ 5,228      $ 4,093

Credit cards and bank cards

     4,517       5,036        5,191

Smith Barney

     2,836       3,265        2,958

ICG trading-related

     2,322       2,706        2,464

Checking-related

     1,134       1,108        911

Transaction Services

     1,423       1,166        859

Other Consumer

     1,211       649        279

Nikko Cordial-related (1)

     1,086       834        —

Loan servicing (2)

     (1,731 )     560        660

Primerica

     415       455        399

Other ICG

     747       295        243

Other

     (141 )     71        58

Corporate finance (3)

     (4,876 )     (667 )      735

Total commissions and fees

   $ 11,227     $ 20,706      $ 18,850

 

(1) Commissions and fees for Nikko Cordial have not been detailed due to unavailability of the information.
(2) Includes fair value adjustments on mortgage servicing assets. The mark-to-market on the underlying economic hedges of the MSRs is included in Other revenue.
(3) Includes write-downs of approximately $4.9 billion in 2008 and $1.5 billion in 2007, net of underwriting fees, on funded and unfunded highly leveraged finance commitments, recorded at fair value and reported as loans held for sale in Other assets. Write-downs were recorded on all highly leveraged finance commitments where there was value impairment, regardless of funding date.

 

139

Table of Contents

 

6. COMMISSIONS AND FEES

Commissions and fees revenue includes charges to customers for credit and bank cards, including transaction-processing fees and annual fees; advisory and equity and debt underwriting services; lending and deposit-related transactions, such as loan commitments, standby letters of credit and other deposit and loan servicing activities; investment management-related fees, including brokerage services and custody and trust services; and insurance fees and commissions.

The following table presents commissions and fees revenue for the years ended December 31:

 

In millions of dollars   2008     2007      2006

Investment banking

   $ 2,284     $ 5,228      $ 4,093

Credit cards and bank cards

     4,517       5,036        5,191

Smith Barney

     2,836       3,265        2,958

ICG trading-related

     2,322       2,706        2,464

Checking-related

     1,134       1,108        911

Transaction Services

     1,423       1,166        859

Other Consumer

     1,211       649        279

Nikko Cordial-related (1)

     1,086       834        —

Loan servicing (2)

     (1,731 )     560        660

Primerica

     415       455        399

Other ICG

     747       295        243

Other

     (141 )     71        58

Corporate finance (3)

     (4,876 )     (667 )      735

Total commissions and fees

   $ 11,227     $ 20,706      $ 18,850

 

(1) Commissions and fees for Nikko Cordial have not been detailed due to unavailability of the information.
(2) Includes fair value adjustments on mortgage servicing assets. The mark-to-market on the underlying economic hedges of the MSRs is included in Other revenue.
(3) Includes write-downs of approximately $4.9 billion in 2008 and $1.5 billion in 2007, net of underwriting fees, on funded and unfunded highly leveraged finance commitments, recorded at fair value and reported as loans held for sale in Other assets. Write-downs were recorded on all highly leveraged finance commitments where there was value impairment, regardless of funding date.

 

139

Table of Contents

 

This excerpt taken from the C 10-Q filed Oct 31, 2008.

5.     COMMISSIONS AND FEES

        Commissions and fees revenue includes charges to customers for credit and bank cards, including transaction-processing fees and annual fees; advisory, and equity and debt underwriting services; lending and deposit-related transactions, such as loan commitments, standby letters of credit, and other deposit and loan servicing activities; investment management-related fees, including brokerage services, and custody and trust services; and insurance fees and commissions.

        The following table presents commissions and fees revenue for the three and nine months ended September 30, 2008 and 2007:

 
   Three Months Ended September 30,   Nine Months Ended September 30,  
In millions of dollars   2008   2007(1)   2008   2007(1)  

Credit cards and bank cards

   $ 1,113   $ 1,317   $ 3,504   $ 3,815  

Investment banking

     545     1,161     2,337     3,976  

Smith Barney

     688     817     2,196     2,394  

ICG trading-related

     628     717     1,930     2,001  

Other Consumer

     235     118     870     322  

Transaction services

     359     318     1,076     800  

Checking-related

     282     293     868     813  

Nikko Cordial-related(2)

     271     269     871     532  

Other ICG

     338     108     582     249  

Primerica

     98     112     315     341  

Loan servicing(3)

     (336 )   (268 )   771     1,219  

Corporate finance(4)

     (649 )   (1,076 )   (4,149 )   (595 )

Other

     (147 )   58     (127 )   91  
                   

Total commissions and fees

   $ 3,425   $ 3,944   $ 11,044   $ 15,958  
                   
(1)
Reclassified to conform to the current period's presentation.

(2)
Commissions and fees for Nikko Cordial have not been detailed due to unavailability of the information.

(3)
Includes fair value adjustments on mortgage servicing assets. The mark-to-market on the underlying economic hedges of the MSRs is included in Other revenue.

(4)
Includes write-downs of approximately $792 million and $4.3 billion net of underwriting fees, for the three and nine months ended September 30, 2008 on funded and unfunded highly leveraged finance commitments. Write-downs were recorded on all highly leveraged finance commitments where there was value impairment, regardless of funding date.

95

6.     RETIREMENT BENEFITS

        The Company has several non-contributory defined benefit pension plans covering U.S. employees and has various defined benefit pension and termination indemnity plans covering employees outside the United States. The principal U.S. defined benefit plan which formerly covered substantially all U.S. employees, is closed to new entrants and effective January 1, 2008 no longer accrues benefits for most employees. Employees satisfying certain age and service requirements remain covered by a prior final pay formula.

        The Company also offers postretirement health care and life insurance benefits to certain eligible U.S. retired employees, as well as to certain eligible employees outside the United States. For information on the Company's Retirement Benefit Plans and Pension Assumptions, see Citigroup's 2007 Annual Report on Form 10-K.

        The following tables summarize the components of the net expense recognized in the Consolidated Statement of Income for the three and nine months ended September 30, 2008 and 2007.

EXCERPTS ON THIS PAGE:

10-Q
Nov 6, 2009
10-Q
Aug 7, 2009
10-Q
May 11, 2009
10-K (2 sections)
Feb 27, 2009
10-Q
Oct 31, 2008

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