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Citigroup 10-K 2010 Documents found in this filing:UNITED STATES
SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF
THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31,
2009
Commission file number
1-9924
Citigroup Inc.
(Exact name of registrant as specified in its charter)
Registrant’s telephone number, including area
code: (212) 559-1000
Securities registered pursuant to Section
12(b) of the Act: See Exhibit 99.02
Securities registered pursuant to Section
12(g) of the Act: none
Indicate by check mark if the Registrant is a
well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
X
Yes ¨ No
Indicate by check mark if the Registrant is not
required to file reports pursuant to Section 13 or Section 15(d) of the
Act. ¨ Yes X
No
Indicate by check mark whether the
Registrant (1) has filed all reports required to be filed by Section 13 or 15(d)
of the Securities Exchange Act of 1934 during the preceding 12 months (or for
such shorter period that the Registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days.
X
Yes ¨ No
Indicate by check mark whether the Registrant has
submitted electronically and posted on its corporate Web site, if any, every
Interactive Data File required to be submitted and posted pursuant to Rule 405
of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or
for such shorter period that the Registrant was required to submit and post such
files). X Yes
¨ No
Indicate by check mark if disclosure of delinquent
filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not
contained herein, and will not be contained, to the best of Registrant’s
knowledge, in definitive proxy or information statements incorporated by
reference in Part III of this Form 10-K or any amendment to this Form
10-K. ¨ >
Indicate by check mark whether the Registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer or a
smaller reporting company. See the definitions of “large accelerated filer,”
“accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the
Exchange Act.
Indicate by check mark whether the Registrant is a shell company (as
defined in Rule 12b-2 of the Exchange Act). ¨ Yes X No
>
The aggregate market value of Citigroup Inc. common stock held by
non-affiliates of Citigroup Inc. on June 30, 2009 was approximately $16.3
billion.
Number of shares of
common stock outstanding on January 31, 2010: 28,476,886,087
Documents Incorporated by Reference: Portions of the Registrant’s Proxy
Statement for the annual meeting of stockholders scheduled to be held on April
20, 2010, are incorporated by reference in this Form 10-K in response to Items
10, 11, 12, 13 and 14 of Part III.
1
10-K CROSS-REFERENCE INDEX
This Annual Report on Form 10-K incorporates the requirements of the accounting profession and the Securities and Exchange Commission, including a comprehensive explanation of 2009 results.
2
CITIGROUP’S 2009 ANNUAL REPORT ON FORM
10-K
3
OVERVIEW
Citigroup’s history
dates back to the founding of Citibank in 1812. Citigroup’s original corporate
predecessor was incorporated in 1988 under the laws of the State of Delaware.
Following a series of transactions over a number of years, Citigroup Inc. was
formed in 1998 upon the merger of Citicorp and Travelers Group
Inc.
Citigroup is now a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services. Citi has approximately 200 million customer accounts and does business in more than 140 countries. Citigroup currently operates, for management reporting purposes, via two primary business segments: Citicorp, consisting of our Regional Consumer Banking businesses and Institutional Clients Group; and Citi Holdings, consisting of our Brokerage and Asset Management and Local Consumer Lending businesses, and a Special Asset Pool. There is also a third segment, Corporate/Other. For a further description of the business segments and the products and services they provide, see “Citigroup Segments” below, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Note 4 to the Consolidated Financial Statements. Throughout this report, “Citigroup” and “Citi” refer to Citigroup Inc. and its consolidated subsidiaries. 4
 *Note: See
“Management’s Discussion and Analysis of Financial Condition and Results of
Operations—Results of Operations—Citi Holdings” for a discussion of certain
assets, totaling approximately $61 billion, that will be moved from Citi
Holdings to Citicorp during the first quarter of 2010.
The following are the four regions in
which Citigroup operates. The regional results are fully reflected in the
segment results above.>
 (1) Asia includes Japan, Latin America includes Mexico, and North America comprises the U.S., Canada and Puerto Rico. 5
OVERVIEW (Continued)
On December 23, 2009,
Citigroup repaid $20 billion of trust preferred securities held by the U.S.
Treasury under the U.S. government’s Troubled Asset Relief Program (TARP)
and exited from the loss-sharing agreement, which covered a specified
pool of assets, with the U.S. Treasury, FDIC and the Federal Reserve Bank of New
York. In connection with the exiting from the loss-sharing agreement,
$1.8 billion of the approximately $7.1 billion of additional trust preferred
securities held by the U.S. Treasury and FDIC was cancelled. As a result of the
repayment of TARP and the exit from the loss-sharing agreement,
effective in 2010, Citi is no longer deemed to be a beneficiary of “exceptional
financial assistance” under TARP.
Following these
transactions, as of December 31, 2009 (i) the U.S. Treasury continued to hold
approximately 7.7 billion shares, or approximately 27%, of Citi’s common stock,
(ii) the U.S. Treasury and FDIC continue to hold an aggregate of approximately
$5.3 billion of Citi’s trust preferred securities, and (iii) the U.S. Treasury
continues to hold three warrants exercisable for an aggregate of approximately
465.1 million shares of Citi’s common stock. See “Management’s Discussion and
Analysis of Financial Condition and Results of Operations—Executive
Summary—Repayment of TARP and Exit from Loss-Sharing Agreement; Common and
Preferred Stock Activities” for additional information.
At December 31, 2009,
Citi had approximately 265,300 full-time employees and 3,700 part-time
employees. At December 31, 2008, Citi had approximately 322,800 full-time and
4,100 part-time employees.
Additional
information about Citigroup is available on the company’s Web site at www.citigroup.com. Citigroup’s recent
annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on
Form 8-K, as well as its other filings with the Securities and Exchange
Commission (SEC) are available free of charge through the Web site by clicking
on the “Investors” page and selecting “All SEC Filings.” The SEC Web site also
contains reports, proxy and information statements, and other information
regarding Citi, at www.sec.gov.
Certain
reclassifications have been made to the prior periods’ financial statements to
conform to the current period’s presentation.
6
MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
EXECUTIVE SUMMARY
Introduction
Citigroup is a global
diversified financial services holding company whose businesses provide
consumers, corporations, governments and institutions with a broad range of
financial products and services, including consumer banking, credit cards,
corporate and investment banking, securities brokerage and wealth management.
Citigroup has approximately 200 million customer accounts and does business in
more than 140 countries.
In response to the
dramatic and profound changes in the market environment that became increasingly
apparent through 2008, in early 2009, Citigroup decided to increase the focus on
its core businesses and reorganized into three business segments for management
and reporting purposes: Citicorp (Regional Consumer Banking and
Institutional Clients Group); Citi Holdings (Brokerage and Asset Management, Local Consumer Lending, and Special Asset Pool); and Corporate/Other (Treasury, corporate
expenses). Citi believes the realignment allows it to enhance the capabilities
and performance of Citigroup’s core assets, through Citicorp, as well as to
tighten its focus on risk management and reduce and realize value from its
non-core assets, through Citi Holdings.
Citigroup reported a
net loss for 2009 of $1.6 billion, as compared to a $27.7 billion loss in 2008.
Diluted EPS was a loss of $0.80 per share in 2009, versus a loss of $5.63 per
share in 2008, and net revenue was $80.3 billion in 2009, versus $51.6 billion
in 2008. Net interest revenue declined by $4.8 billion to $48.9 billion in 2009,
generally as a result of lower average interest-earning assets, as the company
continued its focus on de-risking its balance sheet and decreasing its total
assets. Non-interest revenues improved by approximately $33.5 billion to $31.4
billion in 2009, primarily due to lower negative revenue marks in 2009. The
decrease in net loss from year to year was primarily attributable to lower
revenue marks in 2009 compared with 2008 (a pretax loss of $3.4 billion in 2009
versus a pretax loss of $38.5 billion in 2008), the $11.1 billion pretax Smith
Barney gain on sale recorded in the second quarter of 2009 and a $1.4 billion
pretax gain related to the exchange offers recognized in the third quarter of
2009. Partially offsetting these items were increasing credit loss provisions
during the year and a $10.1 billion pretax loss associated with the repayment of
TARP and the exit from the loss-sharing agreement with the U.S. government.
Additionally, 2008 included a $9.6 billion pretax goodwill impairment, a $0.9
billion pretax impairment related to Nikko Asset Management, and $3.3 billion
pretax of restructuring/repositioning charges. Continued strength of the core
Citi franchise was demonstrated by
strong revenues in
Securities and Banking (S&B) (up 23% from 2008 levels, excluding credit
value adjustments (CVA)) and continued stability in both the retail and
institutional deposit bases. At December 31, 2009, total deposits were $836
billion, up 8% from December 31, 2008.
Despite very
difficult market and economic conditions, Citicorp remained profitable with
$14.8 billion in income from continuing operations in 2009 versus $6.2 billion
in 2008, reflecting the strength of the underlying franchise, continued client
focus, cost management and strengthened risk management. Citi Holdings recorded
a loss of $8.2 billion in 2009 versus a $36.0 billion loss in 2008 as
substantial reductions in negative revenue marks, cost cuts and the Smith Barney
gain more than offset continued increases in credit costs within Local Consumer Lending. The gain related to the exchange offers and loss associated with TARP
repayment and exiting the loss-sharing agreement was recorded in Corporate/Other.
Citigroup’s 2009
financial results include the impact of 18 divestitures completed in 2009,
including Smith Barney, Nikko Cordial Securities and Nikko Asset Management, and
19 divestitures completed in 2008, including Citi’s German retail banking
operations, CitiCapital and Redecard. These divestitures were completed in
accordance with Citi’s strategy of exiting non-core businesses, while optimizing
value for shareholders.
Citi’s effective tax
rate on continuing operations in 2009 was 86%, versus 39% in 2008. The tax
provision reflected a benefit arising from a higher proportion of income earned
and indefinitely reinvested in countries with relatively lower tax rates, which
accounted for 26 percentage points of the differential between the
federal statutory tax rate and Citi’s effective tax rate in 2009, as well as a
higher proportion of income from tax-advantaged sources.
Repayment of TARP and Exit
from Loss-Sharing Agreement; Common and Preferred Stock Activities
Background
In October and December
2008, Citigroup raised $25 billion and $20 billion, respectively, through the
sale of preferred stock and warrants to purchase common stock to the U.S.
Treasury as part of TARP. In January 2009, Citi issued approximately $7.1
billion of preferred stock to the U.S. Treasury and FDIC, as well as a warrant
to purchase common stock to the U.S. Treasury, as consideration for the
loss-sharing agreement with the U.S. Treasury, FDIC and the Federal Reserve Bank
of New York covering a specified pool of Citigroup assets.
Pursuant to
Citigroup’s exchange offers consummated in July 2009, the $25 billion of TARP
preferred stock issued to the U.S. Treasury in October 2008 was exchanged for
approximately 7.7 billion shares of Citigroup common stock. At the same time,
the $20 billion of TARP preferred stock issued to the U.S. Treasury in December
2008 and the approximately $7.1 billion of
7
preferred stock issued
to the U.S. Treasury and FDIC as consideration for the loss-sharing agreement
were exchanged for trust preferred securities. Prior to the exchange of the
preferred stock held by the U.S. government pursuant to the exchange offers,
Citigroup paid the U.S. government approximately $2.2 billion in preferred
dividends on its investment in Citi, and has subsequently paid approximately
$800 million in interest on the trust preferred securities issued pursuant
to the exchange offers.
Repayment of TARP and Exit
from loss-sharing agreement
On December 23, 2009,
Citigroup repaid the $20 billion of TARP trust preferred securities held by the
U.S. Treasury and exited the loss-sharing agreement. In connection with the exit
of the loss-sharing agreement, $1.8 billion of the trust preferred securities
held by the U.S. Treasury out of the approximately $7.1 billion of trust
preferred securities issued in consideration for such agreement to the U.S.
Treasury and FDIC was cancelled.
In connection
with the repayment of TARP in December 2009, Citigroup raised an aggregate of
approximately $20.3 billion in common equity. On December 22, 2009
Citigroup issued $17.0 billion of common stock, or approximately 5.4 billion
shares, and $3.5 billion of tangible equity units (T-DECs) of which
approximately $2.8 billion was recorded as common equity and $0.7 billion was
recorded as long-term debt. On December 29, 2009, Citigroup raised an additional
approximate $0.6 billion of common stock, or approximately 185 million shares,
pursuant to exercise of the underwriters’ overallotment option. In addition, in
January 2010, Citigroup issued $1.7 billion of common stock equivalents to its
employees in lieu of cash compensation they would have otherwise received.
Subject to shareholder approval at Citi’s annual shareholder meeting scheduled
to be held on April 20, 2010, the common stock equivalents will be converted
into common stock.
Following the
repayment of TARP and exit from the loss-sharing agreement, as of
December 31, 2009, the U.S. Treasury continues to hold approximately 7.7 billion
shares, or approximately 27.0%, of Citi’s common stock, not including the
exercise of the warrants issued to the U.S. Treasury that remain outstanding, as
described below. The U.S. Treasury has indicated that it intends to sell its
holding in Citi common stock in 2010, subject to a 90-day lock-up period
expiring on March 16, 2010. In addition, the U.S. Treasury and FDIC continue to
hold an aggregate of approximately $5.3 billion of the trust preferred
securities originally issued by Citi as consideration for the loss-sharing
agreement.
As a result of Citi’s
repayment of the $20 billion of TARP trust preferred securities and the exit of
the loss-sharing agreement, effective in 2010, Citi is no longer deemed to be a
beneficiary of “exceptional financial assistance” under TARP.
Common stock warrants issued to the U.S.
Treasury
The three warrants
issued to the U.S. Treasury as part of TARP and the loss-sharing agreement
remain outstanding as of December 31, 2009 following Citi’s repayment of TARP
and exit from the loss-sharing agreement.
Each of the warrants
has a term of 10 years from the date of issuance. The warrant issued to the U.S.
Treasury in October 2008 has an exercise price of $17.85 per share and is
exercisable for approximately 210.1 million shares of common stock. The warrant
issued to the U.S. Treasury in December 2008 has an exercise price of $10.61 per
share and is exercisable for approximately 188.5 million shares of common stock.
The warrant issued to the U.S. Treasury as part of the loss-sharing agreement in
January 2009 also has an exercise price of $10.61 and is exercisable for
approximately 66.5 million shares of common stock.
8
The following table
summarizes Citigroup’s issuances, exchanges and repayments of preferred and
common stock and trust preferred securities during 2008 and 2009:
9
Business Environment
The business environment
for financial services firms continued to be challenging in 2009, particularly
for firms with significant exposure to consumer credit. U.S. unemployment
reached 10.1%, GDP continued to contract through the second quarter, housing
markets remained weak, and personal and business bankruptcies increased. These
factors drove substantial increases in credit costs across consumer and
corporate portfolios. Credit spreads continued to widen earlier in the year,
driving further declines in the value of credit-sensitive financial instruments.
Equity markets were also very weak during early 2009. At its low point in March
2009, the S&P 500 had declined 55% from December 31, 2007 levels.
While these trends
were negative for the economy and the financial services industry as a whole,
they were accompanied by very high levels of volatility and wide spreads within
fixed income markets during the first quarter of 2009, which provided
substantial trading opportunities. As a result, fixed income capital markets
businesses achieved high levels of revenue and profitability during the first
quarter, offsetting some of the substantial credit losses incurred in
consumer-oriented businesses, including mortgages and cards.
Beginning in late
2008, significant U.S. government actions were implemented to help stabilize the
U.S. economy and restore confidence in the capital markets. The U.S. government
had available over $700 billion to invest in financial institutions, including
$45 billion in Citi, through TARP. In early 2009, a $787 billion stimulus bill
was signed into law. A number of additional programs helped further stimulate
demand in 2009, including the U.S. government’s first-time home buyer credit
programs. The U.S. government also directly supported the capital markets
through various programs, including the Term Asset-Backed Securities Loan
Facility (TALF) and the Temporary Liquidity Guarantee Program (TLGP), and
through substantial direct purchases of mortgage-backed securities. These
actions, combined with continued accommodative monetary policy on the part of
the Federal Reserve Board, helped keep home mortgage rates near historic lows
and worked to facilitate the continued flow of credit to consumers.
Late in 2009, some
early positive economic signs were observed. U.S. GDP growth was positive in the
third and fourth quarters. The S&P 500 finished the year up 23% from
December 31, 2008, and up 67% from the trough level in March 2009, though still
down 24% from December 31, 2007. Credit spreads, while still elevated, tightened
significantly from peak levels in the early part of 2009. In the second half of
the year, Citi began to observe some very early signs of stabilization and, in
some areas, moderation in U.S. consumer credit trends as net credit losses
declined sequentially during the third and fourth quarters, though remaining
quite elevated. In addition,
improving economic and
market trends led to relatively stronger advisory and equity underwriting
volumes in the fourth quarter. On the other hand, lower levels of market
volatility and volumes resulted in diminished trading opportunities, which led
to significant sequential declines in S&B revenues in the second half of the
year. In certain key markets in Asia and
Latin America, improvement in the labor markets and overall
economic recovery was earlier, and somewhat stronger, than that observed in the
U.S. Citi observed improving credit trends in key markets including South Korea,
Mexico, Australia, Singapore and India, driven by improving economic conditions
as well as Citi’s loss mitigation efforts. Further, while EMEA continued to
be affected by a challenging economic environment, labor markets began to show
some improvement, particularly in Russia and Turkey, and there were some early
signs of financial stability returning to some of Citi’s key markets in the
region.
While some economic
and market improvements were observed in late 2009, Citi remains cautious,
particularly with respect to its North American businesses, as U.S. unemployment
remains high at 10.0% as of December 31, 2009, and housing markets remain
relatively weak. In addition, there remains significant uncertainty regarding
the pace of economic recovery and the impact of the U.S. government’s unwinding
of its extensive economic and market supports, which may accelerate in 2010. See
“2010 Business Outlook” below.
Citigroup's Actions in Response to Market
Challenges
During 2009, Citigroup
sought to respond to market challenges and the profound changes in the market
environment—changes in funding markets, operating models and client
needs—including:
Citi restructured into two primary operating segments—Citicorp and Citi
Holdings.
As described above,
Citicorp comprises Citi’s core franchise, while Citi Holdings consists of
non-core businesses and assets that Citi intends to exit as quickly
as practicable while seeking to optimize value
for shareholders.
Citigroup continued to reduce operating expenses and
headcount.
Citi’s ongoing operating
expenses in the fourth quarter of 2009 totaled $12.3 billion, down from $15.1
billion (excluding the goodwill impairment charge) in the fourth quarter of 2008
and $15.7 billion in the fourth quarter of 2007. The decline in expenses was
primarily driven by divestitures and re-engineering efforts. In addition, Citi
reduced headcount by over 100,000 to approximately 265,000 at December 31, 2009,
compared to 375,000 at peak levels in 2007.
10
Citigroup strengthened its balance sheet.
Citigroup increased its allowance for loan losses.
During 2009, Citi added
a net build of $8.0 billion to its allowance for loan losses. The allowance for
loan losses was $36 billion at December 31, 2009, or 6.1% of loans, compared to
$29.6 billion, or 4.3% of loans, at year-end 2008. With the adoption of SFAS 166
and 167 in the first quarter of 2010, loan loss reserves would have been $49.4
billion, or 6.6% of loans, each as of December 31, 2009 and based on current
estimates. The consumer loan loss reserve was $28.4 billion at December 31,
2009, representing 14.1 months of concurrent charge-off coverage, versus 13.1
months at December 31, 2008.
Citi began to make selected investments in its core businesses.
Within Regional Consumer Banking, Citi began making selected investments in its core businesses in the
latter part of 2009. For example, in Asia, Citi invested
in new customer acquisition in the emerging affluent segment and in card usage
promotion. In Latin America, Citi invested in card account acquisition,
with a focus on higher-quality new accounts, consistent with portfolio
repositioning objectives. Citigroup also continued to invest in consumer banking
technology, for example, in banking products in markets such as Singapore, Hong
Kong and South Korea, where mobile phones and mobile banking have intersected in
ways not yet seen in the U.S. Within Transaction Services, Citi continued to invest in technology to support its global network,
including its investor services suite of products, prepaid and commercial cards
offerings and launch of a new front end online banking technology that provides
a diverse set of functionality beyond traditional transaction management and
reporting. These and similar
investments have increased, and will likely continue to increase, Citi’s
operating expenses.
2010 BUSINESS OUTLOOK
While showing signs of
improvement, the macroeconomic environment going into 2010 remains challenging,
with U.S. unemployment still elevated. The U.S. government has indicated its
intention to continue scaling back programs put in place to support the market
during 2008 and 2009. The impact of the U.S. government’s exit from many of
these programs is a source of uncertainty in 2010, as is the future course of
monetary policy. In addition, the potential impact of new laws and regulations
(e.g., The Credit Card Accountability Responsibility and Disclosure Act of 2009
(CARD Act)), potential new capital standards, and other legislative and
regulatory initiatives is a source of significant additional uncertainty
regarding the business and market environment.
11
Citigroup is
maintaining a cautious stance in light of this uncertain market environment and
continued macroeconomic headwinds. As it enters 2010, Citi is focused on
maintaining high levels of capital and liquidity, rigorous risk management
practices and cost discipline. In Citi Holdings, Citi will continue to focus on
reducing assets, which could result in lower revenues and operating expenses in
2010. In Citicorp, the focus will remain on serving the company’s core
institutional, corporate and retail client base in the U.S. and around the
world. Citi will continue to focus on credit loss mitigation and expense
control, and may continue to invest in areas such as Asia and
Latin America, where economic recovery and growth appear to
be taking hold. Operating expenses may grow modestly in Citicorp in 2010, as a
portion of the cost reductions achieved in Citi Holdings is re-invested in the
core franchise.
Credit costs will
likely remain a significant driver of Citigroup’s results in 2010, particularly
in North America, where credit trends will largely depend on
the broader macroeconomic environment, as well as the impact
of industry factors such
as CARD Act implementation and the outcome of the Home Affordable Modification
Program (HAMP) and other loss mitigation efforts. See “Results of
Operations—Citicorp—North America Regional
Consumer Banking,” “—Citi
Holdings—Local Consumer Lending”
and “Managing Global
Risk—Credit Risk” for additional information. Citi expects U.S. consumer net
credit losses to increase modestly in the first quarter of 2010 from fourth
quarter 2009 levels, due in part to expected seasonal patterns, after which
there may be some slight improvement. However, net credit losses in the second
half of 2010 will be dependent on the macroeconomic environment and success of
the company’s ongoing loss mitigation efforts. Changes to Citigroup’s consumer
loan loss reserve balances will continue to reflect the losses embedded in
Citi’s consumer loan portfolio due to underlying credit trends as well as the
impact of Citi’s forbearance programs. Citi currently expects NIM to remain
under pressure due to its enhanced liquidity position and ongoing de-risking of
the balance sheet.
12
RESULTS OF OPERATIONS
13
SEGMENT, BUSINESS AND PRODUCT—INCOME (LOSS) AND REVENUES
The following tables
show the income (loss) and revenues for Citigroup on a segment, business and
product view:
CITIGROUP INCOME
(LOSS)
NM Not
meaningful
14
CITIGROUP REVENUES
NM Not
meaningful
15
CITICORP
Citicorp is the company’s global bank for consumers and businesses and
represents Citi’s core franchise. Citicorp is focused on providing best-in-class
products and services to customers and leveraging Citigroup’s unparalleled
global network. Citicorp is physically present in nearly 100 countries, many for
over 100 years, and offers services in over 140 countries. Citi believes this
global network provides a strong foundation for servicing the broad financial
services needs of large multinational clients and for meeting the needs of
retail, private banking and commercial customers around the world. Citigroup’s
global footprint provides coverage of the world’s emerging economies, which the
company believes represents a strong area of growth. As discussed in the
“Executive Summary,” Citicorp remained profitable in 2008 and 2009, despite very
difficult market conditions. At December 31, 2009, Citicorp had approximately
$1.1 trillion of assets and $731 billion of deposits, representing approximately
60% of Citi’s total assets and approximately 90% of its deposits.
Citicorp consists of the following
businesses: Regional Consumer
Banking (which includes retail banking and Citi-branded cards in four
regions—North America, EMEA, Latin
America and Asia) and Institutional Clients
Group (which includes Securities and
Banking and Transaction
Services).
NM Not
meaningful
16
REGIONAL CONSUMER BANKING
Regional Consumer
Banking (RCB) consists of
Citigroup’s four regional consumer banks that provide traditional banking
services to retail customers. RCB
also contains
Citigroup’s branded cards business and small commercial banking business.
RCB
is a globally
diversified business with nearly 4,000 branches in 39 countries around the
world. During 2009, 68% of total RCB
revenues were
from outside North
America. Additionally, the majority of international revenues and loans were
from emerging economies in Asia, Latin
America, and Central and Eastern Europe. At year-end 2009, RCB had $213 billion
of assets and $290 billion of deposits.
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