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C » Topics » Third Quarter Revenue Impacting Citicorp-Securities and Banking

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

Third Quarter Revenue Impacting Citicorp—Securities and Banking

        While not as significant as in prior quarters, certain items continued to impact Securities and Banking revenues during the third quarter of 2009. These items are set forth in the table below.

 
   Pretax Revenue
(in millions) 		 
 
   Third
Quarter
2009 		  Third
Quarter
2008 		 

Private Equity and equity investments

   $ 79   $ (50 )

Alt-A Mortgages(1)(2)

     142     (221 )

Commercial Real Estate (CRE) positions(1)(3)

     20     130  

CVA on Citi debt liabilities under fair value option

     (955 )   1,526  

CVA on derivatives positions, excluding monoline insurers

     (722 )   1,178  
           

Total significant revenue items

   $ (1,436 ) $ 2,563  
           
(1)
Net of hedges.

(2)
For these purposes, Alt-A mortgage securities are non-agency residential mortgage-backed securities (RMBS) where (i) the underlying collateral has weighted average FICO scores between 680 and 720 or (ii) for instances where FICO scores are greater than 720, RMBS have 30% or less of the underlying collateral composed of full documentation loans. See "Loan and Credit Details—U.S. Consumer Mortgage Lending."

(3)
Securities and Banking's commercial real estate exposure is split into three categories of assets: held at fair value; held to maturity/held for investment; and equity. See "Exposure to Commercial Real Estate" below for a further discussion.
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