|
|
 | | | |
- close
- close
- close
- close
These excerpts taken from the C 10-Q filed Aug 3, 2007. Revenues, net of interest
expense, of $3.197 billion in
the second quarter of 2007 increased $705 million, or 28%, from the prior-year
period, primarily reflecting the acquisition of Nikko; an increase in fee-based
and recurring net interest revenue, reflecting the continued advisory-based
strategy; an increase in international revenues, driven by strong Capital Markets
activity in Asia; and strong domestic syndicate sales. Total assets
under fee-based management were $509 billion as of June 30, 2007, up $146
billion, or 40%, from the prior-year period. Total client assets, including
assets under fee-based management, of $1,788 billion in the second quarter of
2007 increased $467 billion, or 35%, compared to the prior-year quarter,
reflecting organic growth and the acquisition of Nikko and Quilter client assets,
as well as the transfer of CIS assets from U.S. Consumer on
June 30, 2007. Global Wealth Management had 15,595 financial advisors/bankers as of June 30,
2007, compared with 13,671 as of June 30, 2006, driven by the Nikko and Quilter
acquisitions, the CIS transfer, and hiring in the Private Bank. Annualized revenue per FA/banker of $878,000 increased 21% from the
prior-year quarter.
Operating expenses of $2.455 billion in the second quarter of 2007 increased $494 million from the prior-year 20 quarter. The expense increase in 2007 was mainly driven by the Nikko and Quilter acquisitions as well as higher variable compensation associated with increased business volumes. The provision for loan losses increased $4 million, or 50%. The provision of $12 million in the current quarter was driven by portfolio growth. Revenues, net of interest
expense, of $6.015 billion in
the first half of 2007 increased $1.040 billion, or 21%, from the prior-year
period, primarily due to a 77% increase in international revenues, driven by
the Nikko acquisition, strong Capital Markets activity in Asia and Latin America, and
higher domestic syndicate sales. Net
flows were $6 billion compared to ($1) billion in the prior-year first half.
Operating expenses of $4.557 billion in the first half of 2007 increased $541 million from the prior year. The expense increase in 2007 was favorably affected by the absence of the charge related to the initial adoption of SFAS 123(R) in the first quarter of 2006 of $145 million. Additionally, the increase in expenses was driven by the Nikko and Quilter acquisitions and higher variable compensation associated with increased business volumes. The provision for loan losses increased $16 million, primarily driven by portfolio growth. 21 Revenues, net of interest expense, of
$1.594 billion in the first six months of 2007 increased $335 million, or 27%.
Revenues,
net of interest expense, increased, primarily
due to improved treasury results, partially offset by higher intersegment
eliminations. Lower overall rates,
partially offset by higher funding balances, drove the improvement in treasury
revenues.
Revenues,
net of interest expense, increased, primarily
due to improved treasury results and a gain on the sale of certain
corporate-owned assets, partially offset by higher intersegment
eliminations. Lower overall rates drove
the improvement in treasury revenues.
This excerpt taken from the C 10-Q filed Nov 4, 2005. Revenues, Net of Interest Expense Total revenues, net of interest expense, of $21.5 billion and $62.9 billion in the 2005 third quarter and nine months, respectively, were up $2.8 billion, or 15%, and up $3.3 billion, or 6%, from the respective 2004 periods. Global Consumer revenues were up $451 million, or 4%, in the 2005 third quarter to $12.3 billion, led by a $409 million, or 9%, increase in Retail Banking, reflecting growth in average customer deposits and loans. There was also an increase of $43 million, or 2%, in Consumer Finance due to growth in loans both domestically and internationally, partially offset by spread compression. Global Consumer increased $710 million, or 2%, from the nine-month period in 2004 to $36.4 billion. CIB revenues of $6.4 billion in the 2005 third quarter increased $1.7 billion, or 35%, from the 2004 third quarter. Capital Markets and Banking increased $1.5 billion, or 39%, from the 2004 third quarter, reflecting improvement across all products, including a strong performance in interest rate products, foreign exchange and commodities. Transaction Services increased $201 million, or 19%, from the third quarter of 2004 to $1.2 billion due to higher customer volume, reflecting increased liability balances held on behalf of customers, assets under custody and the positive impact of rising short-term interest rates. CIB reported a $1.3 billion, or 8%, increase from the nine-month period of 2004 to $17.6 billion. Global Wealth Management revenues of $2.2 billion increased $164 million, or 8%, from the prior-year quarter. Smith Barney increased $200 million, or 13%, from the 2004 third quarter due to increased fee-based and transactional revenue, while Private Bank decreased $36 million, or 7%, from the prior-year third quarter due to the continued wind-down of the Japan business. Global Wealth Management reported a $45 million, or 1%, increase in revenue to $6.4 billion from the nine-month period of 2004. Alternative Investments in the 2005 third quarter increased $423 million from the same three-month period of 2004 and $1.7 billion from the nine-month period of the previous year. The increase in this quarter is primarily due to private equity gains and earnings on proprietary hedge fund investments. This excerpt taken from the C 10-Q filed Aug 4, 2005. Revenues, Net of Interest Expense Total revenues, net of interest expense, of $20.2 billion and $41.4 billion in the 2005 second quarter and six months, respectively, were down $686 million, or 3%, and up $578 million, or 1%, from the respective 2004 periods. Global Consumer revenues were down $208 million, or 2%, in the 2005 second quarter to $12.0 billion, led by a $587 million decrease in Other Consumer, reflecting the absence of a $584 million gain on the sale of Samba in the second quarter of 2004, offset by an increase of $359 million, or 8%, in Retail Banking due to improved results in Prime Home Finance, the benefit of foreign currency translation, and growth in average customer deposits and loans both domestically and internationally, partially offset by spread compression. Global Consumer increased $259 million, or 1%, from the six-month period in 2004 to $24.1 billion. Corporate and Investment Banking revenues of $5.2 billion in the 2005 second quarter decreased $911 million, or 15%, from the 2004 second quarter, including a $585 million decrease in Other Corporate, reflecting the absence of a $584 million gain on the sale of Samba in the second quarter of 2004. Additionally, Capital Markets and Banking decreased $530 million, or 12%, from the 2004 second quarter, primarily reflecting difficult capital market conditions and flattening yield curves which led to lower fixed income markets results. Corporate and Investment Banking reported a $348 million, or 3%, decrease from the six-month period of 2004 to $11.2 billion. Global Wealth Management revenues of $2.1 billion increased $13 million, or 1%, from the prior-year quarter. Smith Barney increased $65 million, or 4%, from the 2004 second quarter due to increased fee-based revenue, while Private Bank decreased $52 million, or 10%, from the prior-year second quarter due to the continued wind-down of the Japan business. Global Wealth Management reported a $119 million, or 3%, decrease in revenue to $4.3 billion from the six-month period of 2004. Alternative Investments in the 2005 second quarter increased $567 million from the same three-month period of 2004 and $1.2 billion from the six-month period of the previous year, primarily due to positive mark-to-market valuations and realized gains in the private equity portfolio. This excerpt taken from the C 10-Q filed May 4, 2005. Revenues, Net of Interest Expense Total revenues, net of interest expense, of $21.5 billion in the 2005 first quarter were up $1.3 billion, or 6%, from the 2004 first quarter. Global Consumer revenues were up $481 million, or 4%, in the 2005 first quarter to $12.1 billion, led by a $644 million, or 15%, increase in Retail Banking, reflecting the gain on the divestiture of CitiCapital's Transportation Finance Business and the gain on the resolution of Glendale litigation, as well as growth in customer volumes, and a $62 million, or 2%, increase in Consumer Finance, reflecting an increase in average loans partially offset by a decrease of $22 million in Cards due to spread compression driven by increased cost of funds and higher payment rates versus the prior-year period. Corporate and Investment Banking revenues of $6.0 billion in the 2005 first quarter increased $563 million, or 10%, from the 2004 first quarter, including a $368 million or 8% increase in Capital Markets and Banking, reflecting record fixed income market revenue and increased customer activity. Transaction Services increased $195 million or 21% from the 2004 first quarter primarily reflecting higher customer volumes. Global Wealth Management revenues of $2.2 billion decreased $132 million, or 6%, from the prior-year period. Smith Barney decreased $63 million, or 4%, from the 2004 first quarter due to the decline in transactional revenue resulting from lower client trading activity. Private Bank decreased $69 million or 12% from the prior year due to the continued wind-down of the Japan business and a decrease in transactional revenue. Asset Management decreased $48 million or 10% from the 2004 first quarter primarily due to a decrease in customer activity. Alternative Investments in the 2005 first quarter increased $686 million from a year ago, primarily due to positive mark-to-market valuations in the private equity portfolio. | EXCERPTS ON THIS PAGE:
RELATED TOPICS for C: |
| |||||||
