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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
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
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.
Forward-Looking
Statements
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.
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