Citigroup 10-K 2009
Documents found in this filing:
CITIGROUPS 2008 ANNUAL REPORT ON FORM 10-K
At December 31, 2008, Citigroup was managed along the following segment and product lines (as noted above, on January 16, 2009, Citigroup announced a realignment of its businesses to be effective, for reporting purposes, in the second quarter of 2009):
The following are the four regions in which Citigroup operates. The regional results are fully reflected in the segment results.
NM Not Meaningful
We believe that credit costs are expected to increase during 2009.
A detailed review and outlook for each of our business segments, as of December 31, 2008, are included in the discussions that follow, and the risks are more fully discussed on pages 29 to 38.
ITEMS IMPACTING THE SECURITIES AND BANKING BUSINESS
SIGNIFICANT ACCOUNTING POLICIES AND SIGNIFICANT ESTIMATES
The Company is subject to legal, regulatory and other proceedings and claims arising from conduct in the ordinary course of business. These proceedings include actions brought against the Company in its various roles, including acting as a lender, underwriter, broker-dealer, investment advisor or reporting company. Reserves are established for legal and regulatory claims in accordance with applicable accounting requirements based upon the probability and estimability of losses. The Company reviews outstanding claims with internal counsel, as well as external counsel when appropriate, to assess probability and estimates of loss. The risk of loss is reassessed as new information becomes available, and reserves are adjusted as appropriate. The actual cost of resolving a claim may be substantially higher, or lower, than the amount of the recorded reserve. See Note 30 to the Consolidated Financial Statements on page 214 and the discussion under Legal Proceedings beginning on page 227.
ACCOUNTING CHANGES AND FUTURE APPLICATION OF ACCOUNTING STANDARDS
See Note 1 to the Consolidated Financial Statements on page 122 for a discussion of Accounting Changes and the Future Application of Accounting Standards.
SEGMENT AND REGIONALNET INCOME (LOSS) AND REVENUES
The following tables present net income (loss) and revenues for Citigroups businesses on a segment view and on a regional view for the respective periods:
CITIGROUP NET INCOME (LOSS)SEGMENT VIEW
NM Not meaningful
CITIGROUP NET INCOME (LOSS)REGIONAL VIEW
CITIGROUP REVENUESSEGMENT VIEW