This excerpt taken from the C 8-K filed Oct 15, 2009.
· Citigroup revenues were $20.4 billion. Managed revenues(3) were $23.1 billion. Excluding a $1.4 billion gain from the impact of the exchange offers and the $11.1 billion Smith Barney gain on sale, managed revenues were stable versus the prior quarter.
· Citicorp revenues of $13.0 billion (managed revenues3 of $14.8 billion) included a negative $1.7 billion credit value adjustment (CVA).
· Citi Holdings revenues of $6.7 billion (managed revenues3 of $7.6 billion) included $1.5 billion of positive net revenue marks.
· Net credit losses remained elevated at $8.0 billion, but were down from $8.4 billion in the prior quarter. Managed net credit losses(3) were $11.0 billion, down from $11.5 billion in the prior quarter.
· Net loan loss reserve build was $802 million, down from $3.9 billion in the prior quarter.
· The allowance for loan losses increased to $36.4 billion, or 5.9% of total loans.
· Completion of exchange offers resulted in an additional $64 billion of Tier 1 Common and $60 billion of Tangible Common Equity(4). As a result, Tangible Common Equity and Tier 1 Common ratios improved during the third quarter to 10.3% and 9.1%, respectively. Tier 1 Capital remained stable at 12.7%. Tangible book value per share was $4.47.
· Deposits were $833 billion, up $28 billion from the second quarter of 2009. Deposit growth was strong in both Transaction Services and Regional Consumer Banking.
· Citi Holdings assets declined $32 billion to $617 billion during the quarter and are now down $281 billion from peak levels in the first quarter 2008.
· Enhanced liquidity position ended the quarter with $244 billion in cash and due from banks, and deposits with banks, up from $209 billion at June 30, 2009.
· Completed sales of Nikko Cordial Securities and Nikko Asset Management on October 1, 2009, which will result in a further approximate $25 billion decline in Citi Holdings assets in the fourth quarter of 2009.
· Completed more than 24,000 mortgage loan modifications during the quarter. In addition, at the end of the quarter, Citigroup had more than 63,000 loans in the trial modification period under the Home Affordable Modification Program (HAMP).
This excerpt taken from the C 8-K filed Jul 17, 2009.
· Closed Morgan Stanley Smith Barney joint venture transaction on June 1, 2009, ahead of schedule.
· Total revenues were $30.0 billion, up $12.4 billion from the second quarter of 2008, due primarily to the Smith Barney gain on sale and favorable net write-ups and gains (revenue marks) relative to the prior year period in Citi Holdings (see Appendix B), partially offset by the impact of foreign exchange changes on non-U.S. dollar items as they are converted to U.S. dollars for reporting purposes (the impact of foreign exchange) and declines in Regional Consumer Banking revenues, primarily in Cards.
· Managed revenues were $33.1 billion, or $22.0 billion excluding the Smith Barney gain.
· Institutional Clients Group had net income of $2.8 billion, up 17% from prior year levels on record net income from Transaction Services, and strong results in Securities and Banking.
· Regional Consumer Banking deposits grew in each region versus the prior quarter, with particular strength in North America, where deposits grew 6%.
· Total deposits were $805 billion, up 6% sequentially, and flat with prior year levels.
· Net interest margin was 3.24%, up 7 basis points from the prior year period as the benefit of lower cost of funds was largely offset by lower asset yields and the FDIC special assessment of $333 million.
· Credit costs increased to $12.4 billion, including an addition of $3.9 billion to loan loss reserves, bringing the total allowance for loan losses to 5.6% of total loans.
· Operating expenses were $12.0 billion, down 21% from the second quarter of 2008, reflecting ongoing re-engineering efforts, expense control, and the impact of foreign exchange.
· Headcount declined by approximately 30,000 from the first quarter of 2009, to 279,000, mainly driven by the Smith Barney transaction. Headcount is now approximately 96,000 below peak levels. June was the 20th consecutive month of headcount decline.
· Capital position continued to improve during the quarter. Tier 1 capital ratio was approximately 12.7%, versus 8.7% in the second quarter of 2008 and 11.9% in the first quarter 2009. Tangible common equity grew by $9.1 billion during the quarter.
· Since the beginning of 2007, Citi has worked successfully with approximately 625,000 homeowners to avoid potential foreclosure on combined mortgages totaling more than $67 billion.
This excerpt taken from the C 8-K filed Apr 17, 2009.
· Total revenues of $24.8 billion were up 99% compared to the first quarter of 2008, with sequential improvement across all regions.
· Net interest margin of 3.30% increased 50 and 8 basis points versus the first and fourth quarter 2008, respectively.
· Operating expenses were down $3.7 billion, or 23%, since the first quarter 2008.
· Headcount reduced by approximately 13,000 since the fourth quarter 2008 to 309,000 and approximately 65,000 since peak levels.
· Tier 1 capital ratio was approximately 11.8% versus 7.7% in the first quarter 2008.
· Deposit base remained relatively stable at $763 billion compared to the fourth quarter 2008, despite the challenging environment. Deposits declined 8% since the first quarter 2008, due to the sale of the German retail banking operations and the impact of foreign exchange. U.S. deposits increased $8 billion sequentially and $28 billion year-over-year.
· Closed sale of remaining Redecard position for an after-tax gain of $704 million.
This excerpt taken from the C 8-K filed Jan 16, 2009.
· Results reflect the negative impact from $7.8 billion in revenue marks in Securities and Banking, a $5.3 billion downward credit value adjustment on derivative positions, excluding monolines, $2.5 billion of losses in private equity and equity investments, $2.0 billion of restructuring costs, and a $6.0 billion net loan loss reserve build.
· Deposit base remained stable compared to the third quarter 2008 despite the challenging environment.
· Net interest margin increased 73 basis points versus the fourth quarter 2007.
· Expenses, excluding restructuring and repositioning charges were down 4% since the third quarter 2008 and 14% since the fourth quarter 2007.
· Headcount reduced by approximately 29,000 since the third quarter 2008 and approximately 52,000 in the full year 2008.
· Increased capital position by issuing $45 billion of preferred stock and warrants to the U.S. Treasury as part of the TARP. The Tier 1 capital ratio was approximately 11.8%.
· Closed sales of the German retail banking operations and Citi Global Services Limited for after-tax gains of $3.9 billion and $192 million, respectively.
The loss sharing program with the U.S. Government , closed on January 15, 2009, reduces risk and lowers the regulatory capital requirement on $301 billion of covered assets. Additionally, Citi closed on the issuance of $7.1 billion of liquidation preference perpetual preferred stock and warrants to the U.S. Treasury and FDIC.
On January 13, 2009, Citi announced the Morgan Stanley Smith Barney Joint Venture. Citi will exchange Smith Barney for a 49% stake in the JV and a $2.7 billion cash payment. Upon closing, expected to occur in the second half of 2009, this transaction will result in a pre-tax gain of approximately $9.5 billion (approximately $5.8 billion after-tax), an increase to tangible common equity of approximately $6.5 billion and an increase to Tier 1 capital of approximately $6.4 billion.