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C » Topics » CONSUMER BANKING

This excerpt taken from the C 8-K filed Jan 16, 2009.

CONSUMER BANKING

 

 

 

Fourth Quarter Revenues

 

%

 

Fourth Quarter Net Income

 

%

 

(In Millions of Dollars)

 

2008

 

2007

 

Change

 

2008

 

2007

 

Change

 

North America

 

$

3,604

 

$

4,545

 

(21

)%

$

(2,165

)

$

(920

)

NM

 

Europe, Middle East and Africa

 

512

 

697

 

(27

)

(233

)

(64

)

NM

 

Latin America

 

858

 

1,172

 

(27

)

(76

)

206

 

NM

 

Asia

 

1,103

 

1,422

 

(22

)

796

 

200

 

NM

 

Total Consumer Banking

 

$

6,077

 

$

7,836

 

(22

)%

$

(1,678

)

$

(578

)

NM

 

 

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.

 

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