2008 Re-engineering Projects for Citigroup (C)

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C » Topics » 2008 Re-engineering Projects

This excerpt taken from the C 10-Q filed Nov 6, 2009.

2008 Re-engineering Projects

	For the quarter ended September 30, 2009

*In millions of dollars*	Total restructuring reserve balance as of September 30, 2009		Restructuring charges recorded in the three months ended September 30, 2009		Total restructuring charges since inception(1)(2)
Citicorp	$	132	$	5	$	846
Citi Holdings		14		1		239
Corporate/Other		136		6		369

Total Citigroup (pretax)	$	282	$	12	$	1,454

(1): Excludes pension curtailment charges of $51 million recorded during the fourth quarter of 2008.
(2): Amounts shown net of $46 million, $57 million and $39 million related to changes in estimates recorded during the third, second and first quarters of 2009, respectively.

	For the year ended December 31, 2008

*In millions of dollars*	Total restructuring reserve balance as of December 31, 2008		Total restructuring charges(1)
Citicorp	$	789	$	890
Citi Holdings		184		267
Corporate/Other		338		373

Total Citigroup (pretax)	$	1,311	$	1,530

(1): Represents the total charges incurred since inception and excludes pension curtailment charges of $51 million recorded during the fourth quarter of 2008.

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This excerpt taken from the C 8-K filed Oct 13, 2009.

2008 Re-engineering Projects

	For the year ended December 31, 2008
In millions of dollars	Total restructuring reserve balance as of December 31, 2008		Total restructuring charges (1)
Citicorp	$	789	$	890
Citi Holdings	184		267
Corporate/Other	338		373
Total Citigroup (pretax)	$	1,311	$	1,530

(1) Represents the total charges incurred since inception and excludes pension curtailment charges of $51 million recorded during the fourth quarter of 2008.

This excerpt taken from the C 10-Q filed Aug 7, 2009.

2008 Re-engineering Projects

	For the quarter ended June 30, 2009

*In millions of dollars*	Total restructuring reserve balance as of June 30, 2009		Restructuring charges recorded in the three months ended June 30, 2009		Total restructuring charges since inception(1)(2)
Citicorp	$	198	$	10	$	859
Citi Holdings		34		10		246
Corporate/Other		178		5		383

Total Citigroup (pretax)	$	410	$	25	$	1,488

(1): Excludes pension curtailment charges of $51 million recorded during the fourth quarter of 2008.
(2): Amounts shown net of $57 million and $39 million related to changes in estimates recorded during the second quarter and first quarter of 2009, respectively.

	For the year ended December 31, 2008

In millions of dollars	Total restructuring reserve balance as of December 31, 2008		Total restructuring charges(1)
Citicorp	$	789	$	890
Citi Holdings		184		267
Corporate/Other		338		373

Total Citigroup (pretax)	$	1,311	$	1,530

(1): Represents the total charges incurred since inception and excludes pension curtailment charges of $51 million recorded during the fourth quarter of 2008.

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This excerpt taken from the C 10-Q filed May 11, 2009.

2008 Re-engineering Projects

	For the quarter ended March 31, 2009

*In millions of dollars*	Total restructuring reserve balance as of March 31, 2009		Restructuring charges recorded in the three months ended March 31, 2009		Total restructuring charges since inception(1)(2)
Consumer Banking	$	115	$	2	$	382
Global Cards		58		—		111
Institutional Clients Group		146		12		600
Global Wealth Management		48		—		302
Corporate/Other		267		15		392

Total Citigroup (pretax)	$	634	$	29	$	1,787

(1): Includes pension curtailment charges of $51 million recorded during the fourth quarter of 2008.
(2): Amounts shown net of $39 million related to changes in estimates recorded during the first quarter of 2009.

	For the year ended December 31, 2008

*In millions of dollars*	Total restructuring reserve balance as of December 31, 2008		Total restructuring charges, excluding pension curtailment		Pension curtailment charges		Total restructuring charges(1)
Consumer Banking	$	265	$	356	$	26	$	382
Global Cards		111		118		1		119
Institutional Clients Group		515		594		14		608
Global Wealth Management		293		300		5		305
Corporate/Other		343		378		5		383

Total Citigroup (pretax)	$	1,527	$	1,746	$	51	$	1,797

(1): Represents the total charges incurred since inception and pension curtailment charges of $51 million recorded during the fourth quarter of 2008.

These excerpts taken from the C 10-K filed Feb 27, 2009.

2008 Re-Engineering Projects

In the fourth quarter of 2008, the Company recorded restructuring charges of $1.797 billion pretax related to the implementation of a company-wide re-engineering plan. This initiative will generate a reduction in headcount of approximately 20,600. These charges are reported in the Restructuring line on the Company’s Consolidated Statement of Income, and are recorded in each segment.

In addition, during 2008, several businesses initiated their own re-engineering projects to reduce expenses. A total expense of $1.732 billion was incurred generating a reduction in headcount of 16,807. These repositioning charges are reported in the lines Compensation and benefits and Premises and equipment on the Company’s Consolidated Statement of Income. These charges were recorded in the individual segments.

2008 Re-Engineering Projects

2008 Re-engineering Projects


			For the year ended December 31, 2008
In millions of dollars	Total restructuring reserve balance as of December 31, 2008		Total restructuring charges, excluding pension curtailment		Pension curtailment charges		Total restructuring charges ⁽¹⁾
Consumer Banking	$	265	$	356	$	26	$	382
Global Cards		111		118		1		119
Institutional Clients Group		515		594		14		608
Global Wealth Management		293		300		5		305
Corporate/Other		343		378		5		383
Total Citigroup (pretax)	$	1,527	$	1,746	$	51	$	1,797

(1)	Represents the total charges incurred since inception.

151

2008 Re-engineering Projects


			For the year ended December 31, 2008
In millions of dollars	Total restructuring reserve balance as of December 31, 2008		Total restructuring charges, excluding pension curtailment		Pension curtailment charges		Total restructuring charges ⁽¹⁾
Consumer Banking	$	265	$	356	$	26	$	382
Global Cards		111		118		1		119
Institutional Clients Group		515		594		14		608
Global Wealth Management		293		300		5		305
Corporate/Other		343		378		5		383
Total Citigroup (pretax)	$	1,527	$	1,746	$	51	$	1,797

(1)	Represents the total charges incurred since inception.

151

EXCERPTS ON THIS PAGE:

10-Q	Nov 6, 2009

8-K	Oct 13, 2009

10-Q	Aug 7, 2009

10-Q	May 11, 2009

10-K (4 sections)	Feb 27, 2009

Citigroup (C)

C » Topics » 2008 Re-engineering Projects

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