Citigroup Reports First Quarter Core Income of $3.66 Billion--$0.71 Per Share, Diluted--vs. $3.94 Billion--$0.76 Per Share, Diluted--in the First Quarter of 2000.Business Editors NEW YORK--(BUSINESS WIRE)--April 16, 2001 Citigroup Citigroup U.S. holding company formed in 1998 from the merger of Citicorp (itself a holding company incorporated in 1967) and Travelers Group, Inc. The $70 billion merger included one of the largest U.S. investment banks, Salomon Smith Barney Inc. Inc.(NYSE NYSE See: New York Stock Exchange :C): Income From Investment Activities Declined by $497 Million, or $0.10 Per Share From the Prior Year, to $136 Million Core Income, Excluding Investment Activities, Up 7% From First Quarter of 2000 Citigroup Inc. (NYSE:C) today reported core income for the first quarter ended March 31, 2001, of $3.66 billion, a 7% decrease from the results recorded in the first quarter of 2000, which included exceptionally strong Investment Activities income. Excluding Investment Activities, core income increased 7% from the prior year first quarter. Income in the first quarter of 2001, prior to the cumulative effect of SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 133, was $3.58 billion, or $0.70 per share, fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. , reflecting an $80 million after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. charge for severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when and related costs associated with a reduction of staffing primarily in the Corporate businesses. Net income was $3.54 billion, or $0.69 per share, fully diluted, after a $42 million after-tax charge resulting from the adoption of SFAS 133, Accounting for Derivative Instruments Derivative instruments Contracts such as options and futures whose price is derived from the price of an underlying financial asset. and Hedging Activities. During the first quarter: - Revenues rose 6% to $21.0 billion; excluding Investment Activities, revenues grew 11%; - Each of Citigroup's major business segments generated double-digit revenue growth and achieved record revenues; - Citigroup generated a 22.5% return on equity; - Total equity (including trust preferred securities) increased to $73.6 billion, as of 3/31/01; - The Corporate and Investment Bank achieved significant market share gains in the quarter; - The businesses of Associates First Capital continued to be successfully integrated into Citigroup's operations. "This is precisely the kind of market that demonstrates the power of our franchise," said Sanford I. Weill Sanford I. Weill, commonly known as Sandy Weill (born March 16 1933) is a banker, financier and philanthropist. He was formerly the chief executive officer and chairman of Citigroup Inc. He served in those positions until October 1 2003 and April 18, 2006 respectively. , Chairman and Chief Executive Officer of Citigroup. "The strength and diversity of our earnings by business, geography, and customer helped to deliver a strong bottom line in a period of market uncertainty. We were exceptionally pleased with the growth in our consumer, emerging markets, private banking and insurance franchises, which helped us achieve solid results despite the challenging markets. We are also excited by the ability of our Corporate business to produce solid results in a difficult market and to continue to increase its market share. One of our key priorities is to be the low cost provider in each of our businesses and, given the recent changes in economic conditions, we are focused on making certain that the cost structures of each of our businesses are appropriate for the current market environment. This commitment was reflected in the severance provision we took this quarter." GLOBAL CONSUMER 1st Quarter Core Income: $1.78 Billion, up 18% from $1.51 Billion Revenues up 10% to $10.5 Billion Citigroup's Global Consumer businesses increased core income by 18% to $1.78 billion in the first quarter, led by continued strength in the company's U.S. banking and lending businesses, particularly in U.S. Cards, as well as growth in the company's businesses in Japan. Revenues rose 10%, to $10.5 billion, as strong loan and deposit volume growth offset slower investment sales, while expense growth was held to 3%. Credit costs rose 12% or $204 million, primarily in the U.S., driven by increased volumes as well as the impact of the slower economic environment. During the quarter Citigroup took steps to enhance its position in the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of metropolitan retail banking market place with the announcement that it will acquire European American A European American (Euro-American) is a person who resides in the United States and is either the descendant of European immigrants or from Europe him/herself.[1] Overall, as the largest group, European Americans have the lowest poverty rate [2] Bank. Citigroup has continued to expand its key products globally, as its Global Cards business grew to over 104 million card accounts in 46 countries, generating income of $598 million in the first quarter, up 25%. The Global Consumer Finance business earned $394 million in the quarter, rising 28% on the strength of 19% revenue growth. - Core income from Banking/Lending rose 21% to $922 million led by North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Cards, where income growth of 23% was driven by an expansion in the net interest margin of 77 basis points from the prior quarter, and receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed growth of 17% over the prior year. Income growth of 24% at Citibanking North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. reflected 10% deposit growth and stable margins, offset by lower investment product fees. Mortgage Banking income growth of 17% reflected strong origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real volume growth in mortgages, partly offset by spread compression for student loans. Income growth at CitiFinancial of 18% was driven by 17% growth in receivables over the prior year. - Insurance core income increased 11% to a record $422 million. Primerica's core income rose 5% as revenue growth of 4% was partly offset by continued expenditures related to international expansion. Production of SMART/SAFE loans was up 41%, and face amount of life insurance issued rose 9%, although mutual fund sales declined 17%. Travelers Life and Annuity annuity: see insurance. annuity Payment made at a fixed interval. A common example is the payment received by retirees from their pension plan. There are two main classes of annuities: annuities certain and contingent annuities. income grew by 12%, driven by strong business volumes and higher net investment income. Sales momentum increased for both the group annuities and life insurance. Travelers Property Casualty's Personal Lines income growth of 18% resulted from lower catastrophe Catastrophe, from the Greek Καταστροφή (katastrephein), literally means "to turn" (strephein) "downwards" (kata-). losses and the incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. earnings from the minority interest buyback Buyback The buying back of outstanding shares (repurchase) by a company in order to reduce the number of shares on the market. Companies will buyback shares either to increase the value of shares still available (reducing supply), or to eliminate any threats by shareholders who may in the second quarter of 2000, partly offset by continued higher loss cost trends, as well as less prior year favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. reserve development. Net written premium growth, excluding SECURE, was 11%. - International core income increased 9% to $515 million. In the developed markets of Western Europe Western Europe The countries of western Europe, especially those that are allied with the United States and Canada in the North Atlantic Treaty Organization (established 1949 and usually known as NATO). and Japan (which include the consumer finance and card operations of the former Associates), income rose 25% to $315 million. Income growth for Western Europe was 14%. Japan's income growth of 32% reflected the substantial volume growth in the core deposit and consumer finance businesses as well as the contribution of the Diners Club Diners Club International, originally founded as Diners Club, is a credit card company formed in 1950 by Frank X. McNamara, Ralph Schneider and Casey R. Taylor. When it first emerged, it became the first independent credit card company in the world. and Unimat acquisitions in that market. Income for Emerging Markets consumer declined 10% to $200 million, largely reflecting the 52% decrease in income in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. as a result of the negotiated settlement with the Mexican Mexican named after or originating in Mexico. Mexican axolotl see ambystomamexicanum. Mexican beaded lizard (Heloderma horridum government relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Confia, partly offset by lower credit costs in the region. Income for Asia (excluding Japan) rose 6% (or 19% excluding the negative impact of foreign currency translation) as lower investment products revenues were offset by a continued improvement in credit costs and by a gain on the contribution of Citigroup's insurance operations in Taiwan Taiwan (tī`wän`), Portuguese Formosa, officially Republic of China, island nation (2005 est. pop. 22,894,000), 13,885 sq mi (35,961 sq km), in the Pacific Ocean, separated from the mainland of S China by the 100-mi-wide (161-km) Taiwan to its joint venture with Fubon. CEEMEA CEEMEA Central Eastern Europe Middle East & Africa CEEMEA Central and Eastern Europe Middle East and Africa income growth of 27% resulted from increased loan and deposit volume across the region, partly offset by investments in new initiatives. GLOBAL CORPORATE 1st Quarter Core Income: $1.75 Billion, down 7% from $1.89 Billion Revenues Up 11% to $9.5 Billion Income for the Global Corporate business of Citigroup declined 7% from the prior year's record results, but increased 38% from the fourth quarter of 2000. During the quarter the business took steps to align align (  līn),v to move the teeth into their proper positions to conform to the line of occlusion. its cost structure with current market conditions, taking a $66 million charge for severance and related costs associated with a reduction in headcount head count or head·count n. 1. The act of counting people in a particular group. 2. The number of people counted in this way. Noun 1. . Net revenues were up 11% from one year ago, on broad-based broad-based Of or relating to an index or average that provides a good representation of the overall market. The S&P 500 and NYSE Composite are generally regarded as broad-based stock indexes, while the popular Dow Jones Industrial Average is biased market share gains, and Salomon Noun 1. Salomon - American financier and American Revolutionary War patriot who helped fund the army during the American Revolution (1740?-1785) Haym Salomon Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. remained the #2 Global Underwriter underwriter n. a company or person which/who underwrites an insurance policy, issue of corporate securities, business, or project. (See: underwrite) UNDERWRITER, insurances. One who signs a policy of insurance, by which he becomes an insurer. . During the quarter, the Corporate and Investment Bank led the industry in debt issuance, ranking #1 in U.S. and global investment grade corporate debt, and U.S. and global high yield. The firm also reinforced its leadership position in Japanese Japanese (jăp'ənēz`), language of uncertain origin that is spoken by more than 125 million people, most of whom live in Japan. There are also many speakers of Japanese in the Ryukyu Islands, Korea, Taiwan, parts of the United States, and equities through its joint venture, Nikko Nikko (nēk`kō), town (1990 pop. 20,128), Tochigi prefecture, central Honshu, Japan, in Nikko National Park. It is a tourist resort and religious center, famous for its ornate temples and shrines, dating from the Yedo period (1600–1868) Salomon Smith Barney, with a 65% market share. The continued success of Schroder Salomon Smith Barney was evidenced by substantial market share increases in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). and the
firm's #2 ranking in European Europeanemanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. fixed income, versus #4 one year ago. Among many notable transactions in the quarter was SSSB's role as joint book and joint lead manager on France Telecom's $16.4 billion corporate bond issue, the largest in history. In the 78 countries where Citibank CITIBANK First National City Bank operates its Emerging Markets corporate bank, the company continues to increase market share and garner recognition, as Global Finance Magazine just named Citibank "Best Bank in the World for Emerging Markets." - The Corporate and Investment Bank reported core income of $1.01 billion, declining 21% (15% excluding the equity earnings of Nikko Securities) from the very strong results achieved in the prior year quarter, but increasing 74% from the fourth quarter of 2000. Net revenues of $5.66 billion increased 7% over the year ago quarter and 21% over the fourth quarter. Expense growth of 22% over last year was attributable to the addition of Schroders Schroders plc is a British investment management company with its headquarters in the City of London. It is traded on the London Stock Exchange and is a constituent of the FTSE 100 Index. and Copelco (both acquired in the second quarter of 2000) and increased compensation costs and investment spending to expand product platforms. Compensation as a percentage of net revenues was comparable to the levels of the full year 2000, but higher than the year ago quarter. The business was also impacted by a $140 million increase in credit costs, to $230 million in the quarter, which included increased losses in CitiCapital. Income also reflected an $82 million year-over-year decline in the contribution from Nikko Securities (in which Citigroup has a 20.7% ownership position) due to the weak retail brokerage environment in Japan. Investment Banking revenue reached a record in the quarter, despite the decline in primary equity issuance In financial markets, an Equity Issuance is the sale of new equity or "stocks" by a firm to investors. Equity Issuance can involve a private sale, in which the transaction between investors and the firm takes place directly, or publicly, in which case the firm has to , as a result of the completion of several major transactions, including the AOL/Time Warner merger and record levels of fixed income underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. . Revenue for Global Fixed Income was also a record in the quarter driven by record new issuance and a substantial increase in market share, including a 24% market share for U.S. investment grade debt. Record revenue for Global Equities reflected market share gains and particularly strong performance in Japan and the U.S. The Nikko Salomon Smith Barney joint venture reported its best quarter since inception. Private client income fell 47% from the first quarter of 2000 and 8% from the fourth quarter of 2000, reflecting continued market volatility. Revenues declined 19% over the prior year period and 5% from the preceding quarter. While transactional revenues were down substantially from last year, fee-based revenues increased 5%, reflecting the Private Client group's continued emphasis on fee-based services. Assets under fee-based management remained stable at $186 billion. As a result of lower transactional activity, annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. gross production per Financial Consultant declined 27% to $439,000. During the quarter, the acquisition of Geneva Geneva, canton and city, Switzerland Geneva (jənē`və), Fr. Genève, canton (1990 pop. 373,019), 109 sq mi (282 sq km), SW Switzerland, surrounding the southwest tip of the Lake of Geneva. Companies was completed, further expanding Private Client's leadership in serving owners of closely-held adj. 1. owned by a relatively few shareholders; - of business organizations; as, a closely-held corporation s>. Adj. 1. closely-held - owned by a relatively few shareholders; "a closely-held corporation" companies. Salomon Smith Barney also successfully launched its FDIC-insured bank deposit program, with bank deposits reaching $17 billion at quarter end. The contribution from CitiCapital fell 67% from the first quarter as a result of higher loss rates, primarily stemming from the transportation portfolio. - Emerging Markets Corporate Banking and Transaction Services reported a 26% increase in core income, to a record $454 million, driven by strong trading-related revenues in all regions, double digit A single character in a numbering system. In decimal, digits are 0 through 9. In binary, digits are 0 and 1. digit - An employee of Digital Equipment Corporation. See also VAX, VMS, PDP-10, TOPS-10, DEChead, double DECkers, field circus. revenue growth in transaction services, as well as the contribution of Bank Handlowy acquired in 2000. Expenses increased 19% (or 15% excluding Bank Handlowy), which reflected the acquisition as well as infrastructure investments in all regions. Credit costs continued to improve in all regions, declining by $40 million over the prior year. - Travelers Property Casualty Commercial Lines core income growth of 13% reflected the continued increases in pricing across all segments, as well as the minority interest buyback in the second quarter of 2000, partly offset by lower net investment income, higher loss cost trends and catastrophe losses related to the Seattle Seattle (sēăt`əl), city (1990 pop. 516,259), seat of King co., W Wash., built on seven hills, between Elliott Bay of Puget Sound and Lake Washington; inc. 1869. earthquake. Net written premiums increased 28%, which resulted from strong production in all channels as well as the impact of Reliance Surety An individual who undertakes an obligation to pay a sum of money or to perform some duty or promise for another in the event that person fails to act. surety n. and the purchase of renewal rights for Reliance's middle market business and Frontier specialty business. GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING 1st Quarter Core Income: $193 Million, up 11% from $174 Million Revenues up 14% to $906 Million Record core income for Citigroup's Global Investment Management and Private Banking Group reflected continued momentum in the Private Bank, strong net asset flows in Asset Management and expansion of activities in the retirement services market. The group recorded strong share gains through proprietary distribution channels throughout Citigroup, building market share in most categories. Revenues for the quarter rose 14%, led by the increased ownership stakes in Garante and Siembra in Retirement Services and improved revenues in the Private Bank. - Asset Management core income (including Retirement Services) was $96 million, up 2% from the prior year quarter, reflecting strong net asset flows which offset the impact of negative market activity on the group's assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. . Revenues rose 19%, primarily due to the inclusion of pension fund acquisitions in Latin America completed over the past year. The 29% increase in expenses was attributable to the continued development of the group's sales and marketing capacity as well as its research, quantitative and technology platforms, the build-out Build-out is an urban planner’s estimate of the amount and location of potential development for an area. Build-out is one step of the land use planning process. Evaluation of potential development impacts begins with a build-out analysis. of which is approximately 85% complete. Assets under management rose 1% to $393 billion. The group's long term mutual funds and managed account products sold through the Salomon Smith Barney retail channel rose 66% to $7.7 billion, representing 58% of this channel, and net flows were $4.8 billion in the quarter. The group's share of the Primerica channel rose to 59%, with $480 million in Citigroup Asset Management mutual and money funds sold. Sales through Citibank's global retail banking network reached $3.3 billion in the quarter. Share of the U.S. branch channel reached 75%, following the successful launch of the Smith Barney mutual funds in the third quarter of 2000. Institutional client assets rose to $156 billion, including $6 billion in assets raised from Corporate customers in the fourth quarter. - Core income for the Private Bank increased 21% to a record $97 million. Revenue growth of 7%, as compared to a very strong prior year quarter, was driven by higher fees on investment products, partly offset by a 10% increase in expenses, primarily related to sales infrastructure. A significant decline in credit costs also contributed to income growth. Client business volumes rose 1% to $146 billion. CORPORATE/OTHER, E-CITI, AND INVESTMENT ACTIVITIES The loss from Corporate/Other decreased over the first quarter of 2000, as a result of improved treasury results and the absence of Year 2000-related expenses which were included in the prior year quarter. Expenses in e-Citi continued to decline, at $7 million in the quarter. Income from Investment Activities was $136 million, a sharp reduction from the exceptionally strong results of the first quarter of 2000, and included realized gains Realized Gain A gain resulting from selling an asset at a price higher than the original purchase price. Notes: There may be tax consequences for a realized profit. in the company's insurance portfolio offset by negative mark-to-market Mark-to-market Adjustment of the book value or collateral value of a security to reflect current market value. adjustments in the company's venture capital portfolio. Citigroup (NYSE: C), the preeminent pre·em·i·nent or pre-em·i·nent adj. Superior to or notable above all others; outstanding. See Synonyms at dominant, noted. [Middle English, from Latin prae global financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company, provides some 120 million consumers, corporations, governments and institutions in over 100 countries with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage and asset management. Major brand names under Citigroup's trademark umbrella are Citibank, CitiFinancial, Primerica, Salomon Smith Barney, and Travelers. Additional information may be found at www.citigroup.com. A financial summary follows. Additional financial, statistical and business-related information, as well as business and segment trends, is included in a Financial Supplement. Both the earnings release and the Financial Supplement are available on Citigroup's web site (http://www.citigroup.com). This document can also be obtained by calling 1-800-853-1754 within the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. or 732-935-2771 outside the United States.
Citigroup Segment Income
(In Millions of Dollars) First Quarter %
2001 2000 Change
Global Consumer
Citibanking North America $ 164 $ 132 24
Mortgage Banking 77 66 17
North America Cards 469 382 23
CitiFinancial 212 179 18
----------------------
Banking / Lending 922 759 21
----------------------
Travelers Life and Annuity 210 187 12
Primerica Financial Services 125 119 5
Personal Lines 87 74 18
----------------------
Insurance 422 380 11
----------------------
Western Europe 111 97 14
Japan 204 155 32
Emerging Markets
Consumer Banking 200 222 (10)
----------------------
Total International 515 474 9
----------------------
e-Consumer (39) (68) 43
Other Consumer (43) (39) (10)
----------------------
Total Global Consumer 1,777 1,506 18
----------------------
Global Corporate
Corporate Finance 804 862 (7)
Private Client 191 359 (47)
CitiCapital 19 57 (67)
----------------------
Corporate and Investment Bank 1,014 1,278 (21)
----------------------
Emerging Markets Corporate
Banking & Global
Transaction Services 454 361 26
Commercial Lines Insurance 278 247 13
----------------------
Total Global Corporate 1,746 1,886 (7)
----------------------
Global Investment Management
and Private Banking
Citigroup Asset Management 96 94 2
The Citigroup Private Bank 97 80 21
----------------------
Total Global Investment Management
and Private Banking 193 174 11
----------------------
Investment Activities 136 633 (79)
Corporate / Other (192) (260) 26
Core Income 3,660 3,939 (7)
Restructuring and Merger
Related Items -- After-Tax (A) (80) (83) 4
----------------------
Income Before Cumulative Effect
of Adopting SFAS No. 133 3,580 3,856 (7)
Effect of Adopting SFAS No. 133 (42) - NM
----------------------
Net Income $ 3,538 $ 3,856 (8)
---------------------------------
Diluted Earnings Per Share:
Core Income $ 0.71 $ 0.76 (7)
Income Before Cumulative Effect
of Adopting SFAS No. 133 $ 0.70 - NM
Net Income $ 0.69 $ 0.75 (8)
---------------------------------
Core Diluted Earnings Per Share
Excluding Goodwill Amortization $ 0.73 $ 0.78 (6)
(A) Restructuring-related items in the 2001 first quarter includes $66
million of severance and other costs associated with the reduction
of staff primarily at the Corporate and Investment Bank, and $14
million of accelerated depreciation. Restructuring related-items
in the 2000 first quarter includes $71 million related to the
discontinuation of the loan origination operations of Associates
and $12 million of accelerated depreciation.
Core Income Supplemental Disclosure First Quarter %
(In Millions of Dollars) 2001 2000 Change
Citigroup Emerging Markets
(excluding Investment Activities)
Asia
Consumer Banking $ 150 $ 140 7
Corporate 159 148 7
Asset Management
& Private Banking 28 21 33
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Total Asia $ 337 $ 309 9
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Latin America
Consumer Banking $ 34 $ 67 (49)
Corporate 184 173 6
Asset Management &
Private Banking 38 29 31
------------------
Total Latin America $ 256 $ 269 (5)
------------------
Central and Eastern Europe,
Middle East and Africa
Consumer Banking $ 18 $ 15 20
Corporate 158 93 70
Asset Management &
Private Banking 5 7 (29)
------------------
Total Central and Eastern Europe,
Middle East and Africa $ 181 $ 115 57
------------------
Other (17) 7 NM
------------------
Total Emerging Markets $ 757 $ 700 8
-------------------------
Global Wealth Management
Private Client $ 191 $ 359 (47)
Citigroup Asset Management 96 94 2
The Citigroup Private Bank 97 80 21
Global Consumer Investment,
Life Insurance
and Annuity Products 349 349 -
------------------
Total Global Wealth Management $ 733 $ 882 (17)
-------------------------
Global Cards
North America $ 469 $ 382 23
International 129 96 34
------------------
Total Global Cards $ 598 $ 478 25
-------------------------
Global Consumer Finance
North America $ 212 $ 179 18
International 182 130 40
------------------
Total Global Consumer Finance $ 394 $ 309 28
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