Citicorp income before restructuring charge was $1.067 billion in quarter, up 14%.

NEW YORK--(BUSINESS WIRE)--Oct. 21, 1997--

Per share earnings of $2.19 were up 18%;

Including the $889 million charge, net income was

$511 million, EPS $1.01

Earnings Analysis (A)     Third Quarter      %     Nine Months      %
(In Millions of           1997    1996 Change    1997    1996 Change
  Dollars)

Adjusted Revenue        $5,944   $5,362    11 $17,318  $15,795    10
Adjusted Operating       3,364    3,086     9   9,753    8,953     9
  Expense
Operating Margin         2,580    2,276    13   7,565    6,842    11
Consumer Credit Costs      856      803     7   2,672    2,271    18
Commercial Credit          (8)     (60)  (87)   (119)     (72)    65
  Benefits
Operating Margin Less    1,732    1,533    13   5,012    4,643     8
  Credit Costs
Additional Provision        25       50  (50)      75      150  (50)
Restructuring Charge       889        -    NM     889        -    NM
Income Before Taxes       $818   $1,483  (45)  $4,048  $ 4,493  (10)
Net Income                $511     $935  (45)  $2,530   $2,801  (10)
Earnings Per Share       $1.01    $1.85  (45)   $5.12    $5.45   (6)
(Fully Diluted)
Return on Common Equity    9.6     19.9     -    17.0     20.3     -
  (%)
Return on Assets (%)      0.68     1.39     -    1.16     1.40     -
Average Shares
  Outstanding            471.2    485.6   (3)   473.3    492.8   (4)
  (Fully Diluted) (In
  Millions)

Excluding Restructuring
Charge:

Net Income              $1,067     $935    14  $3,086   $2,801    10
Earnings Per Share       $2.19    $1.85    18   $6.30    $5.45    16
(Fully Diluted)
Return on Common Equity   20.8     19.9     -    20.8     20.3     -
  (%)
Return on Assets (%)      1.42     1.39     -    1.41     1.40     -

(A) See the Margin Basis Reconciliation table on page 17, which
reconciles the Consolidated Statement of Income on page 13 to the
adjusted numbers reported above.

NM   Not meaningful, as percentage equals or exceeds 100%.

    Citicorp today reported income for the 1997 third quarter of
$1.067 billion or $2.19 per fully diluted common share, up 14%, and
18% respectively, excluding the $556 million after-tax effect of a
restructuring charge ($889 million pretax).  Net income including the
charge was $511 million, down $424 million or 45% from the 1996
quarter.
    For the nine months, income excluding the charge was $3.086
billion, up $285 million or 10% from the 1996 period.  Including the
charge, nine-month net income was $2.530 billion or $5.12 per fully
diluted common share.
    John S. Reed, Citicorp Chairman, said: "Our results in the
quarter were good in the face of continued pressure on our margins
and pricing and an increasingly competitive environment in virtually
all markets.  Our customers, both consumer and corporate, demand that
we continuously improve the ways we serve them, even at reduced
prices.  We are responding to these conditions, which are not going
away, by pursuing aggressive and focused business strategies in all
markets, by giving central attention to quality, and by realigning
our business and processing structures to give them a global
configuration.
    "The actions to standardize and consolidate our operations and
technology platforms and improve our efficiency will take place over
the next 12 to 18 months, and we believe we can manage the dynamics
we confront while improving our growth opportunities."
    Commenting on the results in the quarter, he noted that the
effect of recent events in Southeast Asia was not significant,
although continued turmoil would likely affect business volumes and
credit quality in the region.
    The restructuring charge represents costs expected to be incurred
in connection with cost-management programs and customer service
initiatives to improve operational efficiency and productivity.
These programs include global operations and technology consolidation
and standardization, the reconfiguration of front-end distribution
processes, and the outsourcing of various technological functions.
Overall, these programs are estimated to achieve pay-back within two
years.
    The charge includes $496 million for severance benefits and $393
million primarily for equipment and premises writedowns.  Additional
program costs that do not qualify for recognition in the charge are
expected to be expensed as incurred in the implementation of these
programs over the next 12 to 18 months, but are not expected to be
material.  A portion of the expense savings generated by these
programs will be reinvested in new products, marketing programs, and
additional cost and quality initiatives to further increase revenues
and reduce costs.  Approximately 9,000 existing positions will be
reduced through the next 12 to 18 months, but about 1,500 positions
will be added as part of this program, resulting in a net reduction
of 7,500 jobs.
    Against Citicorp's Business Directions performance targets, and
excluding the restructuring charge, the nine month results achieved a
10% gain in net income (a 16% rise in fully diluted earnings per
share), a return on common equity of 20.8%, a ratio of incremental
revenue to expense of 1.9 to 1 (2.1 to 1 for the 1997 third quarter),
and the generation of an estimated $1.7 billion of free capital ($1.1
billion including the restructuring charge).  At September 30, 1997,
the Tier 1 capital ratio was estimated at 8.2%, within the target
range of 8.0%-8.3%, after the repurchase of 1.9 million shares of
common stock for $250 million during the quarter.  For the nine
months, Citicorp repurchased 12.7 million shares of common stock for
$1.5 billion.
    Adjusted revenue and adjusted operating expense for the 1997
third quarter grew by 11% and 9% over a year ago -- both reduced by
3% due to the effect of a strengthened dollar on foreign currency
translation.  Adjusted revenue growth was led by strong results in
Global Corporate Banking and solid performances by Citibanking and
the Private Bank, but was dampened by low growth in Cards.  Corporate
and Consumer revenue in the emerging markets was up 17% in total,
while revenue in the developed markets businesses grew by 8%.
Adjusted operating expense grew 12% in emerging markets reflecting
business expansion, while expense in the developed markets businesses
was up 7%.  Consumer credit costs increased $53 million from a year
ago, primarily attributable to U.S. bankcards, which reported credit
costs of $639 million or 5.58% of average managed loans for the
quarter (including an $11 million or 10 basis point benefit as a
result of the sale of certain charged-off accounts), up $89 million
from a year ago but down $44 million from the 1997 second quarter --
the first decrease in U.S. Bankcards credit costs since the third
quarter of 1994.  Global Corporate Banking credit costs remained low.
The Consumer businesses -- Citibanking, Cards, and the Private Bank
-- earned $130 million in the quarter ($481 million excluding the
restructuring charge) on adjusted revenue of $3.5 billion, up 5% from
a year ago, which included the 1996 $64 million assessment related to
the U.S. Savings Association Insurance Fund ("SAIF") and a $42
million gain on the sale of the consumer mortgage portfolio in the
United Kingdom.  Net income from Global Corporate Banking was $521
million in the quarter ($689 million excluding the restructuring
charge) on adjusted revenue of $2.2 billion, up 24%.
    Citicorp and Citibank received ratings upgrades sequentially in
the quarter from Moody's, Duff & Phelps, and Fitch.  In a strategic
move to solidify its global brand name, Citibank announced
consolidation of its worldwide advertising and direct marketing with
Young & Rubicam Inc.  Citibank also reached a conditional agreement
to acquire Confia, S.A., a consumer and corporate bank with
approximately 200 full-service branches in Mexico.  Agreements
related to electronic commerce were announced with The Mining
Company, MECA Software L.L.C., Security First Technologies, and the
Integrion Financial Network.
    Global Consumer earnings of $481 million, before the
restructuring charge, rose 4% from 1996 third quarter;
-0-

U.S. bankcards credit costs improved from the 1997 second quarter

Global Consumer Third Quarter % Nine Months % (In Millions of 1997 1996(A) Change 1997 1996(A) Change

Dollars)

Adjusted Revenue $3,513 $3,348 5 $10,530 $9,929 6 Adjusted Operating 1,946 1,842 6 5,728 5,410 6

Expense Operating Margin  1,567 1,506 4 4,802 4,519 6 Credit Costs (B) 856 803 7 2,672 2,271 18 Operating Margin Less 711 703 1 2,130 2,248 (5)

Credit Costs Additional Provision 25 50 (50) 75 150 (50) Restructuring Charge  580 - NM 580 - NM Income Before Taxes 106 653 (84) 1,475 2,098 (30) Income Taxes (Benefit) (24) 189 NM 377 641 (41) Net Income $ 130 $ 464 (72) $ 1,098 $1,457 (25) Average Assets (In $134 $127 6 $132 $126 5

Billions of Dollars) Return on Assets (%) 0.38 1.45 - 1.11 1.54 -

Excluding Restructuring

Charge:

Net Income $481 $464 4 $1,449 $1,457 (1) Return on Assets (%) 1.42 1.45 - 1.47 1.54 -

(A) Reclassified to conform to the latest quarter's presentation.

(B) Includes the effect of credit card securitization and, commencing with the 1997 first quarter, the effect related to credit card receivables held for sale.

NM Not meaningful, as percentage equals or exceeds 100%.

-0-

    -- The Global Consumer businesses -- Citibanking, Cards, and the
Private Bank -- recorded a pretax restructuring charge of $580
million ($351 million after-tax) for the consolidation of data
centers and operations processing and customer service facilities,
the reconfiguration of electronic and other distribution channels,
the outsourcing of various technological functions, and the
rationalization of administrative and management functions.
    -- The Global Consumer businesses reported net income of $481
million for the quarter (excluding the $351 million after-tax effect
of the restructuring charge), an increase of $17 million or 4% from
1996.  The Private Bank, up 42%, and Citibanking, up 16%, reported
strong increases, while Cards earnings were down 15%, largely
impacted by a 14% increase in credit costs.  Global Consumer net
income was $1.4 billion, excluding the restructuring charge, and $1.5
billion in the nine months of 1997 and 1996, respectively.
    -- Accounts grew to 56 million worldwide, up 1.3 million from the
1996 third quarter.  The U.S. bankcard business reported a 3%
decline in accounts, while the remaining consumer businesses grew
accounts by 7% from a year ago.
    -- Revenue increased 5% -- 9% adjusted for the foreign currency
translation effect of a stronger dollar -- driven by account growth
in Citibanking worldwide and Cards businesses in the emerging
markets, and by improvements in the Private Bank, primarily in its
fee-based businesses.  The 1996 quarter included a $64 million pretax
SAIF assessment and a $42 million revenue gain associated with the
sale of the consumer mortgage portfolio in the United Kingdom.
    -- Adjusted operating expense was up 6% -- 10% after taking
account of the stronger dollar on foreign currency translation --
reflecting account growth, certain additional strategic product
development costs, and expansion into new marketplaces.
    -- Credit costs in the quarter were $856 million, an increase
from $803 million in the 1996 third quarter, principally due to
higher credit costs in U.S. bankcards, partially offset by decreases
in Citibanking and the Private Bank.  Credit costs were down from
$922 million in the 1997 second quarter principally due to lower
credit costs in U.S. bankcards.  The ratio of net credit losses to
average managed loans was 2.50% in the quarter, compared with 2.40% a
year ago, and 2.73% in the preceding quarter.  Global Consumer
continued to build the allowance for credit losses, adding $25
million above net write-offs in the quarter.
    -- During the quarter Citibank introduced Poland's first
international credit card, Citibank Visa.  Citibank also launched
Citibank branded credit cards in Portugal, mutual funds in Turkey,
Hong Kong, and Indonesia, and opened eight minibranches at
Blockbuster Video outlets in Lima, Peru.  Citibank selected NCR to
construct its new generation of proprietary ATM machines.
    -- The CitiSelect funds reached $2.5 billion in balances in the
15 months since launch with strong performances in the U.S.  and
Asia.  The CitiSource account, which combines banking and mutual
funds investments, was test marketed in the U.S.  supported by direct
mail and TV and print advertising.
-0-

Citibanking Third Quarter % Nine Months % (In Millions of 1997 1996(A) Change 1997 1996(A) Change

Dollars)

Revenue $1,511 $1,419 6 $4,496 $4,295 5 Operating Expense  1,100 1,034 6 3,213 3,059 5 Operating Margin 411 385 7 1,283 1,236 4 Credit Costs 135 160 (16) 428 479 (11) Operating Margin Less 276 225 23 855 757 13

Credit Costs Additional Provision - 2 NM - 4 NM Restructuring Charge 457 - NM 457 - NM Income (Loss) Before (181) 223 NM 398 753 (47)

Taxes Income Taxes (Benefit) (91) 64 NM 92 239 (62) Net (Loss) Income $ (90) $ 159 NM $ 306 $ 514 (40) Average Assets (In $86 $84 2 $84 $83 1

Billions of Dollars) Return on Assets (%) -0.42 0.75 - 0.49 0.83 -

Excluding Restructuring

Charge:

Net Income $185 $159 16 $581 $514 13 Return on Assets (%) 0.85 0.75 - 0.92 0.83 -

(A) Reclassified to conform to the latest quarter's presentation. NM Not meaningful, as percentage equals or exceeds 100%.

-0-

    -- Net income from Citibanking activities -- delivering products
and services to customers through branches and electronic delivery
systems -- grew 16% to $185 million (excluding the $275 million
after-tax effect of the restructuring charge).  For the nine months
of 1997 net income was $581 million (excluding restructuring), up $67
million or 13% from 1996.
    -- Worldwide Citibanking accounts totaled 20 million as of
September 30, 1997, up 5% from a year ago.  Average customer deposits
of $94 billion were up 4% from a year-ago.
    -- Revenue grew 6% in the quarter -- 8% in the developed markets
and 4% in the emerging markets.  Revenue grew 11% excluding the
effect of a strong dollar on foreign currency translation and the
1996 SAIF assessment and UK mortgage sale, 12% in the developed
markets and 8% in the emerging markets.  Developed markets revenue
reflected strong growth in all regions.  Emerging markets revenue
reflected double-digit growth in Latin America and difficult economic
conditions in certain countries in Asia Pacific.
    -- Operating expense in the quarter was up 6% -- 6% in the
developed markets and 8% in the emerging markets.  Operating expense
increased 11% in both markets excluding the effect of a stronger
dollar on foreign currency translation.  The expense increase
primarily reflected account growth and additional strategic product
development costs.
    -- Credit costs in the quarter declined by $25 million or 16%
from a year ago, reflecting the effect of foreign currency
translation and improvements in the U.S., partially offset by higher
losses in certain countries in Asia Pacific.  The ratio of net credit
losses to average managed loans was 0.80% in the third quarter of
1997, down from 0.87% in the prior quarter and 0.95% in the 1996
third quarter.

Cards                     Third Quarter      %     Nine Months      %
(In Millions of            1997 1996(A) Change    1997 1996(A) Change
  Dollars)

Adjusted Revenue         $1,709  $1,678      2  $5,194  $4,887      6
Adjusted Operating          658     633      4   1,981   1,852      7
  Expense
Operating Margin          1,051   1,045      1   3,213   3,035      6
Credit Costs                729     639     14   2,254   1,797     25
Operating Margin Less       322     406   (21)     959   1,238   (23)
  Credit Costs
Additional Provision         25      48   (48)      75     146   (49)
Restructuring Charge         95       -     NM      95       -     NM
Income Before Taxes         202     358   (44)     789   1,092   (28)
Income Taxes                 55     117   (53)     229     351   (35)
Net Income               $  147  $  241   (39)  $  560  $  741   (24)
Average Assets (In          $32     $27     19     $31     $27     15
  Billions of Dollars)
Return on Assets (%)       1.82    3.55      -    2.42    3.67      -

Excluding Restructuring
  Charge:

Net Income                 $205    $241   (15)    $618    $741   (17)
Return on Assets (%)       2.54    3.55      -    2.67    3.67      -

(A)  Reclassified to conform to the latest quarter's presentation.
NM   Not meaningful, as percentage equals or exceeds 100%.
-0-

-- Net income from Cards worldwide -- bankcards, Diners Club, and private label cards -- was $205 million in the quarter and $618 million in the nine months (excluding the $58 million after-tax effect of the restructuring charge), down $36 million and $123 million from 1996, primarily due to higher losses in U.S. bankcards. Net income in the quarter, excluding restructuring, was up $15 million or 8% from the 1997 second quarter, primarily due to improved credit costs in U.S. bankcards. Cards worldwide return on managed assets, excluding the restructuring charge, in the third quarter was 1.43%, compared with 1.80% in the year-ago quarter.

-- Cards earnings in the developed markets declined 26% (excluding restructuring) from the 1996 third quarter as U.S. bankcards continued to operate in a challenging environment. Net income for Cards in the emerging markets, excluding restructuring, increased 12% in the quarter and represented approximately 38% of 1997 third quarter Cards earnings compared with 29% in 1996.

-- Card accounts worldwide totaled 36 million as of September 30, 1997. Cards in force, including those issued by affiliates, were 64 million at the end of the quarter, up 4 million from 1996. The number of cards in North America, Latin America, Asia, and Europe totaled 42 million, 10 million, 8 million, and 4 million, respectively. Cards, including Diners Club, operates in 44 countries and territories.

-- Cards revenue in the developed markets was essentially unchanged in the quarter. U.S. bankcards charge volumes increased from the year-ago quarter by $1.7 billion or 7% to $26.6 billion and managed receivables were up $2.5 billion or 6% to $46.5 billion. Third quarter revenue in emerging markets Cards grew 10% -- 17% excluding the effect of a stronger dollar on foreign currency translation, reflecting growth in both Asia Pacific and Latin America.

-- Adjusted operating expense increased 4% -- 11% in the emerging markets and 2% in the developed markets. Operating expense increased 7% excluding the foreign currency translation effect of a stronger dollar -- 17% in the emerging markets and 4% in the developed markets -- in support of higher loan volumes, as well as continued investment to expand the franchise with new launches in Poland and Portugal.

-- Credit costs in U.S. bankcards of $639 million or 5.58% of average managed loans increased from $550 million or 5.11% in the 1996 third quarter. Credit costs declined from $683 million or 6.13% in the 1997 second quarter - the first decrease in credit costs since the 1994 third quarter. The 12-month-lagged loss ratio was 5.93% in the quarter, compared with 6.51% in the prior quarter and 5.39% a year-ago. Credit costs in the 1997 third quarter reflected an $11 million and 10 basis point benefit from the sale of certain charged-off accounts. The percent of gross write-offs from bankruptcies in the quarter was 39.8%, compared with 40.2% in the prior quarter and 37.5% in 1996. Managed loans delinquent 90 days or more were $806 million or 1.76% at quarter-end, compared with $843 million or 1.86% for the second quarter and $809 million or 1.86% a year-ago.

-- Credit costs in non-U.S. bankcards portfolios were $90 million or 3.92% of average managed loans, compared with $95 million or 4.14% in the prior quarter and $89 million or 4.35% in the 1996 third quarter. Loans delinquent 90 days or more were $182 million or 1.98%, compared with $206 million or 2.18% in the prior quarter and $178 million or 2.13% a year-ago. -0-

Private Bank              Third Quarter      %     Nine Months      %
(In Millions of            1997 1996(A) Change    1997 1996(A) Change
  Dollars)

Adjusted Revenue           $293    $251     17    $840    $747     12
Adjusted Operating          188     175      7     534     499      7
  Expense
Operating Margin            105      76     38     306     248     23
Credit (Benefits) Costs     (8)       4     NM    (10)     (5)     NM
Operating Margin
  Less Credit               113      72     57     316     253     25
  (Benefits) Costs
Restructuring Charge         28       -     NM      28       -     NM
Income Before Taxes          85      72     18     288     253     14
Income Taxes                 12       8     50      56      51     10
Net Income                 $ 73    $ 64     14    $232    $202     15
Average Assets (In          $16     $16      -     $17     $16      6
  Billions of Dollars)
Return on Assets (%)       1.81    1.59      -    1.82    1.69      -

Excluding Restructuring
  Charge:

Net Income                  $91     $64     42    $250    $202     24
Return on Assets (%)       2.26    1.59      -    1.97    1.69      -

(A)  Reclassified to conform to the latest quarter's presentation.
NM   Not meaningful, as percentage equals or exceeds 100%.

-0-

-- Private Bank net income was $91 million for the quarter, excluding the $18 million after-tax effect of the restructuring charge, up $27 million or 42% from 1996 third quarter. For the nine months of 1997 earnings were $250 million (excluding the restructuring charge), up $48 million or 24% from 1996. Strong pretax income growth in the quarter was reduced by the return to a higher, more normal tax rate, as the 1996 quarter benefited from various tax refunds and adjustments.

-- Client business volumes under management at the end of the quarter reached $101 billion, up 9% from $93 billion a year earlier. Growth in all business lines was led by the discretionary and advisory investments areas in which custody, individually managed portfolios/special funds, trust and fiduciary, and mutual funds grew 20% and contributed substantially all of the increase.

-- Revenue reflected growth of 28% in the emerging markets and 9% in the developed markets. Emerging markets, led by Asia Pacific, accounted for 44% of Private Bank revenue, up from 40% in the prior year. Revenue was driven by higher business volumes and increased revenues from new investment products introduced during the quarter and earlier this year, complemented by an increase in client-related foreign exchange revenue.

-- Adjusted operating expense increased 7% -- 13% excluding the effect of foreign currency translation -- primarily reflecting increased spending on marketing and technology initiatives, as well as staffing needed to support higher business volumes. The incremental revenue to expense ratio was 3.2 to 1.

-- Credit costs were a benefit as a result of both recoveries and gains on sales of OREO combined with low credit losses. Overall credit trends continued to improve, with loans delinquent 90 days or more down to $146 million or 0.94% of loans, from $187 million or 1.19% in the preceding quarter, and $247 million or 1.61% in the third quarter of 1996, reflecting continued active portfolio management. -0-

Global Consumer in        Third Quarter      %     Nine Months      %
  Emerging Markets
(In Millions of            1997 1996(A) Change    1997 1996(A) Change
  Dollars)

Adjusted Revenue           $967    $888      9  $2,901  $2,652      9
Adjusted Operating          576     527      9   1,675   1,521     10
  Expense
Operating Margin            391     361      8   1,226   1,131      8
Credit Costs                 91      89      2     280     280      -
Operating Margin Less       300     272     10     946     851     11
  Credit Costs
Additional Provision         15       3     NM      26      14     86
Restructuring Charge        131       -     NM     131       -     NM
Income Before Taxes        $154    $269   (43)  $  789  $  837    (6)
Net Income                 $146    $207   (29)    $643    $649    (1)
Average Assets (In          $43     $39     10     $42     $38     11
  Billions of Dollars)
Return on Assets (%)       1.35    2.11      -    2.05    2.28      -

Excluding Restructuring
  Charge:

Net Income                 $228    $207     10    $725    $649     12
Return on Assets (%)       2.10    2.11      -    2.31    2.28      -

(A)  Reclassified to conform to the latest quarter's presentation.

NM  Not meaningful, as percentage equals or exceeds 100%.

-0-

-- Net income in the emerging markets was $228 million in the quarter, excluding the $82 million after-tax effect of the restructuring charge, up $21 million or 10% from 1996, as growth in the Private Bank, the Cards business in North Asia, and the Citibanking business in Latin America was offset by lower earnings in certain countries in South Asia and an increased additional provision. The emerging markets effective tax rate was 20% in the quarter, excluding the tax effect of the restructuring charge, down from 23% in 1996 reflecting changes in the nature and geographic mix of earnings.

-0-

Global Consumer in        Third Quarter      %     Nine Months      %
  Developed Markets
(In Millions of            1997 1996(A) Change    1997 1996(A) Change
  Dollars)
Adjusted Revenue         $2,546  $2,460      3  $7,629  $7,277      5
Adjusted Operating        1,370   1,315      4   4,053   3,889      4
  Expense
Operating Margin          1,176   1,145      3   3,576   3,388      6
Credit Costs                765     714      7   2,392   1,991     20
Operating Margin Less       411     431    (5)   1,184   1,397   (15)
  Credit Costs
Additional Provision         10      47   (79)      49     136   (64)
Restructuring Charge        449       -     NM     449       -     NM
Income (Loss) Before     $ (48)  $  384     NM  $  686  $1,261   (46)
  Taxes
Net (Loss) Income         $(16)    $257     NM    $455    $808   (44)
Average Assets (In          $91     $88      3     $90     $88      2
  Billions of Dollars)
Return on Assets (%)      -0.07    1.16      -    0.68    1.23      -

Excluding Restructuring
  Charge:

Net Income                 $253    $257    (2)    $724    $808   (10)
Return on Assets (%)       1.10    1.16      -    1.08    1.23      -

(A) Reclassified to conform to the latest quarter's presentation.

NM  Not meaningful, as percentage equals or exceeds 100%.

-0-

-- Developed markets net income of $253 million in the quarter, excluding the $269 million after-tax effect of the restructuring charge, was essentially unchanged from 1996 reflecting double-digit earnings growth in the Citibanking businesses in the U.S. and in the Private Bank, lower earnings in U.S. bankcards, and the net effect of the 1996 SAIF assessment and U.K. mortgage sale. The developed markets effective tax rate was 37% in the quarter, excluding the tax effect of the restructuring charge, up from 33% in 1996, reflecting changes in the nature and geographic mix of earnings. -0-

Global Corporate Banking income before restructuring charge
was $689 million in quarter, up 34%;
Revenue grew 24%

Global Corporate          Third Quarter      %     Nine Months      %
  Banking
(In Millions of            1997 1996(A) Change    1997 1996(A) Change
  Dollars)

Adjusted Revenue         $2,156  $1,745     24  $6,085  $5,156     18
Adjusted Operating        1,278   1,133     13   3,639   3,241     12
  Expense
Operating Margin            878     612     43   2,446   1,915     28
Credit Benefits             (8)    (60)   (87)   (119)    (72)     65
Operating Margin
  Plus Credit Benefits      886     672     32   2,565   1,987     29
Restructuring Charge        281       -     NM     281       -     NM
Income Before Taxes         605     672   (10)   2,284   1,987     15
Income Taxes                 84     158   (47)     450     370     22
Net Income               $  521  $  514      1  $1,834  $1,617     13
Average Assets (In         $160    $135     19    $153    $137     12
  Billions of Dollars)
Return on Assets (%)       1.29    1.51      -    1.60    1.58      -

Excluding Restructuring
  Charge:

Net Income                 $689    $514     34  $2,002  $1,617     24
Return on Assets (%)       1.71    1.51      -    1.75    1.58      -

(A)  Reclassified to conform to the latest quarter's presentation.

NM   Not meaningful, as percentage equals or exceeds 100%.

-0-

-- Global Corporate Banking recorded a pretax restructuring charge of $281 million in the quarter ($168 million after-tax) related to standardization and consolidation of operations, the outsourcing of various technological functions, the rationalization of support functions associated with the recently-announced Global Markets organization, and other organizational realignments designed to better serve target market customers.

-- Excluding the restructuring charge, net income was $689 million in the quarter, up $175 million or 34% from 1996, and $2.0 billion year-to-date, up $385 million or 24%.

-- Revenue in the quarter increased $411 million or 24% from the year-ago quarter, with $212 million of the increase attributable to the Emerging Markets business and $199 million attributable to Global Relationship Banking. Adjusted operating expense increased $145 million or 13% from 1996, with $65 million of the increase in the Emerging Markets business and $80 million in Global Relationship Banking. Credit costs were a net benefit of $8 million and compared with a net benefit of $60 million in 1996, which reflected recoveries of $54 million attributable to the refinancing agreements with Panama and Croatia. Excluding the refinancing recoveries, higher net write-offs in the Emerging Markets were offset by lower net write-offs in Global Relationship Banking.

-- In the quarter Citibank was authorized to upgrade its office in Ho Chi Minh City to a branch from a representative office. It also expanded its leasing services into Hungary and introduced same-day money transfers throughout the Mercosur region in South America.

-- Citibank Corporate Banking continued to win recognition in various customer polls, including top provider of emerging markets derivatives and foreign-exchange options ("Treasury & Risk" magazine), of foreign exchange ("Corporate Finance" and "Emerging Markets Investor"), and of custody and settlement ("Emerging Markets Investor"). In Latin America, Citibank was ranked the top underwriter of corporate loans and bonds, a leading provider of merger-and-acquisition services and the leader in custody ("Latin Finance"). -0-

Emerging Markets          Third Quarter      %     Nine Months      %
(In Millions of            1997 1996(A) Change    1997 1996(A) Change
  Dollars)

Adjusted Revenue         $1,028    $816     26  $2,941  $2,538     16
Adjusted Operating          503     438     15   1,431   1,232     16
  Expense
Operating Margin            525     378     39   1,510   1,306     16
Credit Costs (Benefits)      30    (47)     NM      18    (45)     NM
Operating Margin
  Less Credit Costs         495     425     16   1,492   1,351     10
  (Benefits)
Restructuring Charge         54      -      NM      54      -      NM
Income Before Taxes         441     425      4   1,438   1,351      6
Income Taxes                 51      89   (43)     177     199   (11)
Net Income               $  390    $336     16  $1,261  $1,152      9
Average Assets (In          $75     $61     23     $70     $58     21
  Billions of Dollars)
Return on Assets (%)       2.06    2.19      -    2.41    2.65      -

Excluding Restructuring
  Charge:

Net Income                 $422    $336     26  $1,293  $1,152     12
Return on Assets (%)       2.23    2.19      -    2.47    2.65      -

(A) Reclassified to conform to the latest quarter's presentation.

NM  Not meaningful, as percentage equals or exceeds 100%.

-0-

-- Excluding the $32 million after-tax impact of the restructuring charge, Emerging Markets 1997 third quarter net income of $422 million increased $86 million or 26% from 1996. Adjusted revenue growth outpaced adjusted operating expense increases and resulted in operating margin improvement of $147 million or 39%. Moderate credit costs in 1997 compared with a net credit benefit in the 1996 quarter. Net income for the quarter benefited from a lower effective income tax rate.

-- Revenue in the quarter increased $212 million or 26% from the year-ago third quarter. Excluding the effect of foreign currency translation, revenue rose 31% compared with the 1996 third quarter. The increase reflected growth across a broad range of products and customers, with particular strength in trading-related revenue, which grew to $291 million from $223 million, attributable to volatile currency markets in certain Asian countries. This increase was complemented by moderate growth in transaction banking services revenue. Higher asset levels across the franchise mitigated the effect on revenue growth of net interest spread compression. Aggregate securities transactions and asset gains were $113 million, compared with $28 million in the 1996 quarter, and included an $80 million gain in the 1997 quarter related to the sale of Brazil Brady bonds. About 20% of the revenue in the Emerging Markets business was attributable to business from multinational companies managed jointly with Global Relationship Banking, with that revenue having grown 20% from the 1996 third quarter.

-- Adjusted operating expense of $503 million in 1997 increased