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C » Topics » Other CIB

This excerpt taken from the C 10-K filed Feb 23, 2007.

OTHER CIB

Other CIB includes offsets to certain line items reported in other CIB segments, certain non-recurring items and tax amounts not allocated to CIB products.

 

In millions of dollars   2006     2005      2004  

Net interest revenue

   $ —     $ —      $ (9 )

Non-interest revenue

     (2 )     2        611  

Revenues, net of interest expense

   $ (2 )   $ 2      $ 602  

Operating expenses

     33       (684 )      7,725  

Income (loss) before income taxes (benefits)

   $ (35 )   $ 686      $ (7,123 )

Income taxes (benefits)

     27       253        (2,725 )

Net income (loss)

   $ (62 )   $ 433      $ (4,398 )

 

2006 vs. 2005

Net income declined due to the absence of the 2005 fourth quarter WorldCom/Research litigation reserve release of $375 million after tax and the $120 million after tax insurance recovery in 2005 related to WorldCom and Enron legal matters.

2005 vs. 2004

Net income of $433 million in 2005, compared to a net loss of $4.398 billion in 2004, is primarily the result of the $4.95 billion after-tax WorldCom and Litigation Reserve Charge recorded in 2004 and the release of WorldCom/ Research litigation reserves of $375 million after-tax in the 2005 fourth quarter. Results in 2004 included a $378 million after-tax gain on the sale of Samba recorded in EMEA. Results in 2005 included a $120 million after-tax insurance recovery related to WorldCom and Enron legal matters recorded in the 2005 fourth quarter.


 

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Table of Contents

 

This excerpt taken from the C 10-Q filed May 5, 2006.

Other CIB

        Other CIB includes offsets to certain line items reported in other CIB segments, certain non-recurring items and tax amounts not allocated to CIB products.

 
   First Quarter
  
In millions of dollars
  
  2006
   2005
  
Revenues, net of interest expense   $ 1   $ 1  
Operating expenses     5     6  
Provision for credit losses     —     3  
   
 
 
Income (loss) before income taxes (benefits)   $ (4 ) $ (8 )
Income taxes (benefits)     8     (3 )
   
 
 
Net income (loss)   $ (12 ) $ (5 )
   
 
 

1Q06 vs. 1Q05

        The net loss of $12 million in the 2006 first quarter, compared to a net loss of $5 million in the prior-year quarter, is primarily due to higher taxes, partially offset by lower credit provisions.

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EXCERPTS ON THIS PAGE:

10-K
Feb 23, 2007
10-Q
May 5, 2006

RELATED TOPICS for C:

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