This excerpt taken from the C 8-K filed Jan 16, 2009.
NM Not Meaningful.
Revenues declined 22%, driven by a 47% decline in investment sales, lower mortgage servicing revenue, the impact of foreign exchange, lower volumes and spread compression. The decline in investment sales was driven by a general slowdown in global capital market activities. Average loans and deposits were down 6% and 7%, respectively. Expenses declined 3%, as benefits from re-engineering efforts and the impact of foreign exchange more than offset $384 million in restructuring charges. Credit costs increased 23% or $1.1 billion, reflecting a significant increase in net credit losses, up $1.7 billion. Credit costs also included a $2.3 billion net loan loss reserve build, mainly in North America across all portfolios, including additional reserves for increased numbers of loan modification adjustments to customer loans across all product lines.