This excerpt taken from the C 8-K filed Apr 15, 2005.
Expense growth of 12%. Approximately half of the increase in expenses was driven by repositioning costs and investment spending. The remaining growth was split equally between acquisitions/foreign exchange and organic growth. Expenses were flat versus the fourth quarter of 2004.
Continued favorable credit environment. Global consumer loss rates in the quarter improved to 2.62% on a managed basis, excluding commercial markets, representing an 11 basis point decline from the fourth quarter of 2004. In our corporate businesses, cash basis loans declined 9% from the prior quarter to $1.73 billion.