This excerpt taken from the C 8-K filed Jan 16, 2009.
Retail Bank will consist of:
We anticipate that Citicorp will have assets of approximately $1.1 trillion and will be approximately 65 percent deposit funded.
Citi Holdings will be a group of non-core businesses that include attractive long-term businesses with strong market positions. However, they do not sufficiently enhance the capabilities of Citi’s core business, and in many ways compete for its resources.
The Citi Holdings management team will seek to maximize the value of these businesses by running them well, restructuring and managing them through this tough economic cycle, and taking advantage of value-enhancing disposition and combination opportunities as they emerge. These businesses and assets will initially include:
A search for a strong manager with operational experience and capital markets knowledge is currently underway to head Citi Holdings.
This plan has been discussed with Citi’s primary regulators at the Federal Reserve Board and the Office of the Comptroller of the Currency. Citi continues to be well-capitalized on a Tier 1 basis.
Mr. Pandit added, “The realignment will preserve what makes Citi unique – its global, universal banking footprint – and is consistent with the company’s announced strategy of positioning the company to capitalize on the best opportunities for global growth in a rapidly changing financial environment. We will continue to move aggressively to get Citi back on the right track and return it to a position of sustainable financial success.”
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. Citi’s major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.
Certain statements in this document are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. These statements are based on management’s 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 Citigroup’s filings with the Securities and Exchange Commission.