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C » Topics » CORPORATE/OTHER

This excerpt taken from the C 8-K filed Jan 19, 2010.
Corporate/Other fourth quarter revenues were negative $11.0 billion down from positive $0.7 billion in the prior quarter, due to the $10.1 billion pre-tax loss on the TARP repayment and exiting the loss-sharing agreement, and the prior quarter’s $1.4 billion pre-tax gain from the extinguishment of debt associated with the exchange offers.

 

This excerpt taken from the C 8-K filed Oct 15, 2009.
Corporate/Other revenues were $671 million versus a $741 million loss in the prior quarter, primarily due to the $1.4 billion gain on debt extinguishment associated with the exchange offers.

 

This excerpt taken from the C 8-K filed Jul 17, 2009.

CORPORATE/OTHER

 

Corporate/Other revenues of negative $741 million are largely due to hedging activities.  The net loss of $30 million is due to higher tax benefits held at Corporate.

 

DISCONTINUED OPERATIONS

 

Discontinued operations net loss was $142 million versus a loss of $94 million in the year-ago period.  The $142 million net loss largely reflects Nikko Cordial Securities, which is now classified as discontinued operations.

 

This excerpt taken from the C 8-K filed Apr 17, 2009.

CORPORATE/OTHER

 

Corporate/Other revenues of $496 million were mainly driven by hedging activities.  The net loss of $675 million was primarily driven by higher taxes held at Corporate, as well as higher expenses mainly due to the amortization of the cost of the loss-sharing agreement with the U.S. government.

 

A reconciliation of non-GAAP financial information contained in this press release is on page 14.

 

Ned Kelly, Chief Financial Officer, will host a conference call today at 8:30 AM (EDT).  A live webcast of the presentation, as well as financial results and presentation materials, will be available at http://www.citigroup.com/citigroup/fin.  A replay of the webcast will be available at http://www.citigroup.com/citigroup/fin/pres.htm.  Dial-in numbers for the conference call are as follows:
(877) 700-4194 in the U.S.; (706) 679-8401 outside of the U.S.  The passcode for all numbers is 93310396.

 

Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi’s major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.

 

Additional financial, statistical, and business-related information, as well as business and segment trends, is included in a Financial Supplement.  Both the earnings release and the Financial Supplement are available on Citi’s website at www.citigroup.com or www.citi.com.

 

Certain statements in this document are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act.  These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances.  Actual results may differ materially from those included in these statements due to a variety of factors.  More information about these factors is contained in Citigroup’s filings with the Securities and Exchange Commission.

 

Contacts:

 

Press:

 

Jon Diat

 

(212) 793-5462

 

Equity Investors:

 

John Andrews

 

(212) 559-2718

 

 

Michael Hanretta

 

(212) 559-9466

 

 

 

Scott Freidenrich

 

(212) 559-2718

 

 

Stephen Cohen

 

(212) 793-0181

 

Fixed Income Investors:

 

Craig Leslie

 

(212) 559-5091

 

9


 

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

CORPORATE/OTHER

 

Corporate/Other includes Treasury results, unallocated corporate expenses, offsets to certain line-item reclassifications reported in the business segments (inter-segment eliminations), the results of discontinued operations and unallocated taxes.

 

In millions of dollars   2008     2007      2006  

Net interest revenue

   $ (1,288 )   $ (461 )    $ (345 )

Non-interest revenue

     438       (291 )      (599 )

Revenues, net of interest expense

   $ (850 )   $ (752 )    $ (944 )

Operating expenses

     526       1,830        202  

Provisions for loan losses and for benefits and claims

     1       (2 )      4  

Loss from continuing operations before taxes and minority interest

   $ (1,377 )   $ (2,580 )    $ (1,150 )

Income tax benefits

     (421 )     (922 )      (498 )

Minority interest, net of taxes

     (2 )     3        2  

Loss from continuing operations

   $ (954 )   $ (1,661 )    $ (654 )

Income from discontinued operations

     4,410       628        1,087  

Net income (loss)

   $ 3,456     $ (1,033 )    $ 433  

2008 vs. 2007

Revenues, net of interest expense declined primarily due to the gain in 2007 on the sale of certain corporate-owned assets and higher inter-segment eliminations partially offset by improved Treasury hedging activities.

Operating expenses declined primarily due to lower restructuring charges in the current year as well as reductions in incentive compensation and benefits expense.

Discontinued operations represent the sale of Citigroup’s German Retail Banking Operations and CitiCapital. See Note 3 to the Consolidated Financial Statements on page 136 for a more detailed discussion.

 

2007 vs. 2006

Revenues, net of interest expense improved primarily due to improved Treasury results and a gain on the sale of certain corporate-owned assets, partially offset by higher inter-segment eliminations.

Operating expenses increased primarily due to restructuring charges, increased staffing, technology and other unallocated expenses, partially offset by higher inter-segment eliminations.

Income tax benefits increased due to a higher pretax loss in 2007, offset by a prior-year tax reserve release of $69 million relating to the resolution of the 2006 Tax Audits.

Discontinued operations represent the operations in the Sale of the Asset Management Business and the Sale of the Life Insurance and Annuities Business. For 2006, Income from discontinued operations included gains and tax benefits relating to the final settlement of the Life Insurance and Annuities and Asset Management Sale Transactions and a gain from the Sale of the Asset Management Business in Poland, as well as a tax reserve release of $76 million relating to the resolution of the 2006 Tax Audits.


 

38

Table of Contents

CORPORATE/OTHER

 

Corporate/Other includes Treasury results, unallocated corporate expenses, offsets to certain line-item reclassifications reported in the business segments (inter-segment eliminations), the results of discontinued operations and unallocated taxes.

 

In millions of dollars   2008     2007      2006  

Net interest revenue

   $ (1,288 )   $ (461 )    $ (345 )

Non-interest revenue

     438       (291 )      (599 )

Revenues, net of interest expense

   $ (850 )   $ (752 )    $ (944 )

Operating expenses

     526       1,830        202  

Provisions for loan losses and for benefits and claims

     1       (2 )      4  

Loss from continuing operations before taxes and minority interest

   $ (1,377 )   $ (2,580 )    $ (1,150 )

Income tax benefits

     (421 )     (922 )      (498 )

Minority interest, net of taxes

     (2 )     3        2  

Loss from continuing operations

   $ (954 )   $ (1,661 )    $ (654 )

Income from discontinued operations

     4,410       628        1,087  

Net income (loss)

   $ 3,456     $ (1,033 )    $ 433  

2008 vs. 2007

Revenues, net of interest expense declined primarily due to the gain in 2007 on the sale of certain corporate-owned assets and higher inter-segment eliminations partially offset by improved Treasury hedging activities.

Operating expenses declined primarily due to lower restructuring charges in the current year as well as reductions in incentive compensation and benefits expense.

Discontinued operations represent the sale of Citigroup’s German Retail Banking Operations and CitiCapital. See Note 3 to the Consolidated Financial Statements on page 136 for a more detailed discussion.

 

2007 vs. 2006

Revenues, net of interest expense improved primarily due to improved Treasury results and a gain on the sale of certain corporate-owned assets, partially offset by higher inter-segment eliminations.

Operating expenses increased primarily due to restructuring charges, increased staffing, technology and other unallocated expenses, partially offset by higher inter-segment eliminations.

Income tax benefits increased due to a higher pretax loss in 2007, offset by a prior-year tax reserve release of $69 million relating to the resolution of the 2006 Tax Audits.

Discontinued operations represent the operations in the Sale of the Asset Management Business and the Sale of the Life Insurance and Annuities Business. For 2006, Income from discontinued operations included gains and tax benefits relating to the final settlement of the Life Insurance and Annuities and Asset Management Sale Transactions and a gain from the Sale of the Asset Management Business in Poland, as well as a tax reserve release of $76 million relating to the resolution of the 2006 Tax Audits.


 

38

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

CORPORATE/OTHER

 

Corporate/Other revenues of $254 million were mainly driven by a $263 million pre-tax gain on sale of Citi Global Services Limited and effective hedging activities.  The net loss of $421 million reflected higher expenses mainly due to restructuring charges, and higher taxes held at Corporate.

 

DISCONTINUED OPERATIONS

 

Discontinued operations income of $3.8 billion primarily reflected a $3.9 billion after-tax gain on the sale of Citi’s German retail banking operations, including the fourth quarter impact of a benefit of a currency hedge put in place post-signing.

 

A reconciliation of non-GAAP financial information contained in this press release is on page 16.

 

Gary Crittenden, Chief Financial Officer, will host a conference call today at 8:00 AM (EST).  A live webcast of the presentation, as well as financial results and presentation materials, will be available at http://www.citigroup.com/citigroup/fin.  A replay of the webcast will be available at http://www.citigroup.com/citigroup/fin/pres.htm.  Dial-in numbers for the conference call are as follows: (877) 700-4194 in the U.S.; (706) 679-8401 outside of the U.S.  The passcode for all numbers is 78218371.

 

Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi’s major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.

 

Additional financial, statistical, and business-related information, as well as business and segment trends, is included in a Financial Supplement.  Both the earnings release and the Financial Supplement are available on Citi’s website at www.citigroup.com or www.citi.com.

 

Certain statements in this document are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act.  These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances.  Actual results may differ materially from those included in these statements due to a variety of factors.  More information about these factors is contained in Citigroup’s filings with the Securities and Exchange Commission.

 

Contacts:

 

Press:

 

Shannon Bell

 

(212) 793-6206

 

Equity Investors:

 

Scott Freidenrich

 

(212) 559-2718

 

 

Michael Hanretta

 

(212) 559-9466

 

Fixed Income Investors:

 

Maurice Raichelson

 

(212) 559-5091

 

8


 

 

This excerpt taken from the C 8-K filed Oct 16, 2008.

CORPORATE/OTHER

 

The improvement in Corporate/Other revenues was mainly due to lower funding costs and effective hedging activities, partially offset by funding of higher tax assets and enhancements to Citi’s liquidity position. Net income of $232 million reflected higher tax benefits held at Corporate.

 

DISCONTINUED OPERATIONS

 

Discontinued operations income of $608 million primarily reflected the impact of the sale of Citi’s German retail banking operations, including $112 million of net income from the business in the current quarter, a $213 million after-tax benefit related to foreign exchange hedging of the expected gain on the sale, and a tax benefit of $279 million related to German tax losses arising as a result of the sale.

 

A reconciliation of non-GAAP financial information contained in this press release is on page 13.

 

Gary Crittenden, Chief Financial Officer, will host a conference call today at 10:00 AM (EDT). A live webcast of the presentation, as well as financial results and presentation materials, will be available at http://www.citigroup.com/citigroup/fin. A replay of the webcast will be available at http://www.citigroup.com/citigroup/fin/pres.htm. Dial-in numbers for the conference call are as follows: (877) 700-4194 or (888) 633-9566 in the U.S.; (706) 679-8401 or (973) 532-4984 outside of the U.S. The passcode for all numbers is 63723407.

 

Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi’s major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.

 

Additional financial, statistical, and business-related information, as well as business and segment trends, is included in a Financial Supplement. Both the earnings release and the Financial Supplement are available on Citi’s website at www.citigroup.com or www.citi.com.

 

Certain statements in this document are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors. More information about these factors is contained in Citigroup’s filings with the Securities and Exchange Commission.

 

This excerpt taken from the C 8-K filed Jul 18, 2008.

CORPORATE/OTHER

 

Corporate/Other revenues were down significantly to negative $959 million, primarily due to inter-company transaction costs related to recent capital raises and the sale of CitiCapital.  Additionally, higher funding costs primarily related to an increase in the deferred tax asset, hedging, and enhancement of the liquidity position contributed to the decline in revenues.  The decline in revenues was partially offset by decreased taxes held at corporate.

 

A reconciliation of non-GAAP financial information contained in this press release is on page 12.

 

Gary Crittenden, Chief Financial Officer, will host a conference call today at 8:30 AM (EDT).  A live webcast of the presentation, as well as financial results and presentation materials, will be available at http://www.citigroup.com/citigroup/fin.  A replay of the webcast will be available at http://www.citigroup.com/citigroup/fin/pres.htm.

 

Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi’s major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.

 

Additional financial, statistical, and business-related information, as well as business and segment trends, is included in a Financial Supplement.  Both the earnings release and the Financial Supplement are available on Citi’s website at www.citigroup.com or www.citi.com.

 

Certain statements in this document are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act.  These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances.  Actual results may differ materially from those included in these statements due to a variety of factors.  More information about these factors is contained in Citigroup’s filings with the Securities and Exchange Commission.

 

This excerpt taken from the C 8-K filed Apr 18, 2008.

CORPORATE/OTHER

 

Corporate/Other income improved $248 million.  The current period included a $212 million pre-tax write-down of an equity investment held by Nikko Cordial.  The prior-year period included a $1.4 billion charge related to a structural expense review, partially offset by a gain on the sale of certain corporate-owned assets.

 

This excerpt taken from the C 10-K filed Feb 22, 2008.

CORPORATE/OTHER

 

Corporate/Other includes treasury results, unallocated corporate expenses, offsets to certain line-item reclassifications reported in the business segments (intersegment eliminations), the results of discontinued operations, the cumulative effect of accounting change and unallocated taxes.

 

In millions of dollars   2007     2006      2005  

Net interest revenue

   $ (471 )   $ (486 )    $ (342 )

Non-interest revenue

     (426 )     (463 )      (238 )

Revenues, net of interest expense

   $ (897 )   $ (949 )    $ (580 )

Restructuring expense

     1,528       —        —  

Operating expenses

     355       200        383  

Provisions for loan losses and for benefits and claims

     (1 )     6        (2 )

Loss from continuing operations before taxes, minority interest and cumulative effect of accounting change

   $ (2,779 )   $ (1,155 )    $ (961 )

Income tax benefits

     (1,077 )     (502 )      (309 )

Minority interest, net of taxes

     (58 )     1        15  

Loss from continuing operations before cumulative effect of accounting change

   $ (1,644 )   $ (654 )    $ (667 )

Income from discontinued operations

     —       289        4,832  

Cumulative effect of accounting change

     —       —        (49 )

Net income (loss)

   $ (1,644 )   $ (365 )    $ 4,116  
This excerpt taken from the C 8-K filed Jan 15, 2008.

CORPORATE/OTHER

 

Corporate/Other income increased slightly, as higher funding costs were offset by lower taxes held at Corporate.

 

 

8


This excerpt taken from the C 10-Q filed Nov 5, 2007.

CORPORATE/OTHER

        Corporate/Other includes treasury results, the 2007 restructuring charges, unallocated corporate expenses, offsets to certain line-item reclassifications reported in the business segments (inter-segment eliminations), the results of discontinued operations and unallocated taxes.

 
   Three Months Ended
September 30,
   Nine Months Ended
September 30,
  
In millions of dollars
  
  2007
   2006
   2007
   2006
  
Revenues, net of interest expense   $ (257 ) $ (299 ) $ (463 ) $ (791 )
Restructuring expense     35     —     1,475     —  
Other operating expense     157     (33 )   309     47  
Provision for loan losses     —     —     (1 )   —  
   
 
 
 
 
Loss from continuing operations before taxes and minority interest   $ (449 ) $ (266 ) $ (2,246 ) $ (838 )
Income tax benefits     (156 )   (137 )   (774 )   (381 )
Minority interest, net of taxes     (21 )   —     (15 )   1  
   
 
 
 
 
Loss from continuing operations   $ (273 ) $ (129 ) $ (1,457 ) $ (458 )
Income from discontinued operations     —     202     —     289  
   
 
 
 
 
Net income/(loss)   $ (273 ) $ 73   $ (1,457 ) $ (169 )
   
 
 
 
 

EXCERPTS ON THIS PAGE:

8-K
Jan 19, 2010
8-K
Oct 15, 2009
8-K
Jul 17, 2009
8-K
Apr 17, 2009
10-K (2 sections)
Feb 27, 2009
8-K
Jan 16, 2009
8-K
Oct 16, 2008
8-K
Jul 18, 2008
8-K
Apr 18, 2008
10-K
Feb 22, 2008
8-K
Jan 15, 2008
10-Q
Nov 5, 2007

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