This excerpt taken from the C 10-K filed Feb 22, 2008.
Citigroups Global Consumer Group provides a wide array of banking, lending, insurance and investment services through a network of 8,527 branches, approximately 20,000 ATMs and 530 Automated Lending Machines (ALMs), the Internet, telephone and mail, and the Primerica Financial Services salesforce. Global Consumer serves more than 200 million customer accounts, providing products and services to meet the financial needs of both individuals and small businesses.
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This excerpt taken from the C 8-K filed Oct 1, 2007.
· An increase in credit costs of approximately $2.6 billion pre-tax versus the prior-year quarter due to continued deterioration in the credit environment, organic portfolio growth, and acquisitions. Approximately one-fourth of the increase in credit costs was due to higher net credit losses and approximately three-fourths was due to higher charges to increase loan loss reserves.
Despite unusually poor results in certain businesses this quarter, Citi continues to execute its growth strategy and generate momentum across many of its franchises. Citis international franchise continues to expand rapidly. Globally, revenues in equity underwriting, advisory, and transaction services are growing at a healthy double-digit pace, and customer volumes in the consumer business continue to show good growth. In Wealth Management, Citis ability to serve client needs through the market dislocations is generating solid results. The structural expense initiatives announced in early April 2007 are on track and delivering the cost savings projected, said Prince.
Citis estimated third quarter results include approximately $470 million of after-tax gain on the sale of Redecard shares.
RECORDED MESSAGE: This announcement and related third quarter information are discussed in a recorded message from Chuck Prince, Chairman and CEO, and Gary Crittenden, Chief Financial Officer, available on Citis investor relations website, http://www.citigroup.com/citigroup/fin.
NEW EARNINGS RELEASE DATE: The date for Citis third quarter 2007 earnings release has been moved from October 19, 2007 to October 15, 2007, at 6:30 am New York time. A full discussion of financial results will be provided via webcast at 8:30 am New York time on October 15, 2007. Please refer to the investor relations website, http://www.citigroup.com/citigroup/fin, for full details.
Citi is providing this preliminary information about its third quarter results prior to the scheduled earnings announcement date in light of the market events of recent months. Investors should not expect Citi to provide information about the results of future quarters in advance of scheduled quarterly earnings announcement dates. In addition, investors should not expect Citi to update the information provided in this release in advance of the scheduled announcement date for its third quarter 2007 earnings on October 15, 2007.
Certain statements in this document are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements are based on managements 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 Citis filings with the Securities and Exchange Commission.
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. Citis brand names include Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.