This excerpt taken from the C 8-K filed Jan 19, 2010.
Citigroups net loss was $7.6 billion in the fourth quarter versus $0.1 billion of net income in the third quarter. Excluding the impact of the TARP repayment and exiting the loss-sharing agreement in the fourth quarter and the gain on debt extinguishment associated with the exchange offers in the third quarter, net income was lower by $0.6 billion sequentially. The impact of the TARP repayment, exiting of the loss-sharing agreement and the gain on debt extinguishment were recorded in the Corporate/Other segment.
This excerpt taken from the C 8-K filed Oct 15, 2009.
Citigroups net income was $101 million versus $4.3 billion in the second quarter. Excluding the Smith Barney gain on sale, net income was up $2.5 billion sequentially, benefitting from lower credit costs and the gain on debt extinguishment associated with the exchange offers.
· Citicorps income from continuing operations was $2.3 billion, down $0.7 billion from the prior quarter, due primarily to a higher negative CVA and lower Securities and Banking revenues, partially offset by decreases in credit costs and a lower effective tax rate.
· Citi Holdings loss from continuing operations was $1.8 billion, versus a loss of $5.3 billion in the prior quarter excluding the Smith Barney gain on sale, driven by lower credit costs and positive net revenue marks.
This excerpt taken from the C 8-K filed Apr 17, 2009.
The 66% decline in net income was driven mainly by the significant increase in credit costs.
This excerpt taken from the C 8-K filed Jan 16, 2009.
· The $610 million net loss was mainly driven by the significant increase in credit costs.
This excerpt taken from the C 8-K filed Jul 18, 2008.
· The decline in net income reflected lower securitization revenues in North America and significantly higher credit costs globally.
These excerpts taken from the C 10-Q filed Aug 3, 2007.
Net Income was also affected by the absence of prior-year tax benefit impact of $190 million primarily resulting from APB 23 and the absence of a prior-year $75 million benefit from tax reserve releases related to the resolution of the Federal Tax Audit in the first quarter of 2006.
Net Income in the 2007 second quarter included a $65 million APB 23 benefit in Private Bank.
Net Income in the first six months 2006 reflects higher tax benefits including $58 million resulting from the resolution of the Federal Tax Audit in the first quarter of 2006.
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