Citigroup Third Quarter Core Income of $3.26 Billion, Reflecting $700 Million After-Tax Impact of September 11 Events.Business Editors NEW YORK--(BUSINESS WIRE)--Oct. 17, 2001 Revenue Growth of 5% to $20.29 Billion; Expenses Down 2% Revenue Growth of 8% Excluding Investment Activities Core EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. of $0.63 Per Share 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) today reported core income for the third quarter ended September September: see month. 30, 2001 of $3.26 billion, or $0.63 per share, 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. , a 7% decline from the prior year period. Results included $502 million, or $0.10 per share, in 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. losses related to insurance claims, as well as approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $200 million, or $0.04 per share as a result of the disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. to our businesses in connection with the September 11 terrorist attacks. Excluding these items, core income increased 12%. The sharp reduction in equity values during September also resulted in a loss for Citigroup's Investment Activities of $120 million in the quarter. Net income for the third quarter of $3.18 billion, or $0.61 per share, included an $85 million after tax restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. primarily related to the acquisition of Grupo Financiero Banamex-Accival ("Banamex"). "During and after the events of September 11, Citigroup continued to serve our customers, even as we were forced to evacuate e·vac·u·ate v. 1. To empty or remove the contents of. 2. To excrete or discharge waste matter, especially of the bowels. 16,000 people from seven sites and as we witnessed the total collapse of 7 World Trade Center, which was headquarters to our Asset Management business. Our back-up In cartography, an image printed on the reverse side of a map sheet already printed on one side. Also the printing of such images. sites were immediately functional, enabling us to provide seamless See seamless integration. service to our customers. We are proud of our employees, who reacted to this tragedy in an exemplary manner," 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 diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. of our business and our market-leading franchises allowed us to perform well, even in this time of significant economic stress. Our consumer businesses generated exceptional growth, posting earnings increases of 45% for CitiFinancial, 25% for 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. , and 16% in North America Cards. Our Corporate and Investment Bank, where earnings declined 2% in a challenging environment, continued to build share in debt and equity 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. , and assumed a leadership role in the hours and days following the World Trade Center attack with an active market presence, providing liquidity to our clients. Our Emerging Markets franchise posted earnings growth of 40%. The future earnings potential of our property casualty company looks bright as pricing for the industry continues to firm. We are very pleased that on October October: see month. 11, Moody's Moody's Corporation (NYSE: MCO) is the holding company for Moody's Investors Service which performs financial research and analysis on commercial and government entities. The company also ranks the credit-worthiness of borrowers using a standardized ratings scale. recognized the financial strength of our company by upgrading the ratings of Citigroup from "Aa2" to "Aa1" and of Citicorp, 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. and 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. from "Aa3" to "Aa1." "With more than $85 billion in total equity, we have the balance sheet strength to make timely acquisitions to expand our franchises. We remain committed to our goals of building market share, controlling costs and maintaining credit quality. "The diversity and strength of our businesses give us confidence that, assuming a stable market environment, we will deliver 15% earnings growth in the fourth quarter," said Weill. Highlights of the quarter included: - Market share increases in key businesses: - Citigroup's Emerging Markets business completed the acquisition of Banamex, creating a 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. leader in Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. and adding nearly 15 million customer accounts. Citigroup continues to increase its share of its target market in key countries and was recently named "Best Bank in Asia," "Best Bank in Latin Lat·in n. 1. a. The Indo-European language of the ancient Latins and Romans and the most important cultural language of western Europe until the end of the 17th century. b. America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. ," and "Best Bank in Africa" by Euromoney Features Euromoney magazine (ISSN 0014-2433) is a monthly publication focusing on international banking and capital markets. Euromoney covers banks, institutional investors and financial institutions; economy, national, regional, supra-regional banking and finance; fixed . - Citigroup's Corporate and Investment Bank ranked in the top three in every category of global debt and equity underwriting, and was the no.1 underwriter of U.S. investment grade bonds. For the first time, Salomon Smith Barney's U.S. equity research team attained the no.1 spot in Institutional Investor's "All America Research Team" survey, moving up from no.3 last year. CIB continued to build share in global equities, reaching 11.1% market share versus 5.1% one year ago. The company's joint venture in Japan, Nikko Salomon Smith Barney, continues to lead the Japanese equity market with market share in excess of 40%. Once again, Citigroup led the industry in disclosed fees for global stock and bond underwriting for the quarter and year to date, and investment banking revenues topped the industry year to date. - Global Cards income growth accelerated to 22%, driven by 22% revenue growth and expense growth of only 2%. Receivables were up 8% globally, with international growth driven by the acquisition of Banamex. - Core income for Citigroup's Global Consumer Finance business increased 40%. Revenues rose 20%, driven by receivables growth of 12% in North America and 7% internationally. Expense growth was limited to 1%, reflecting continuing cost savings from the integration of Associates. - Citigroup Asset Management now ranks no.9 in U.S. long-term mutual fund flows, versus no.148 one year ago. - An absolute reduction in expenses, as total company expenses declined 2% from the prior year, to $9.39 billion. Excluding the impact of EAB and Banamex, which were acquired during the third quarter, expenses decreased 4% from the prior quarter and 6% from the prior year period. - Modest net credit loss rate increases across most of Citigroup's consumer portfolios. While the loss ratio for the North American Cards business increased 153 basis points from the prior year period, it improved by 3 basis points from the second quarter. For the corporate portfolio, loss rates remained stable since the end of the second quarter. Commercial cash basis loans increased from $2.6 billion to $3.4 billion, the majority of the increase arising in the emerging markets and from the acquisition of Banamex. - Progress on a variety of cross-marketing initiatives through Citigroup's distribution channels. On a year-to-date basis, revenues for investment banking products sold to commercial banking customers increased 11% from the prior year to approximately $1.8 billion. The sale of Travelers Life and Annuity products through the Citibank branch channel rose 11%, while the market share of Citigroup's investment products sold through proprietary channels increased to 59% from 44% one year ago. - Strengthening capital, as Citigroup's total equity, including trust preferred securities, grew to $85.5 billion at September 30, 2001. Citigroup's return on common equity for the quarter was 17.5%, or 21.3%, excluding the $700 million impact of September 11th events. Citigroup repurchased a total of $649 million worth of stock in the quarter, despite being restricted for four weeks from repurchasing shares during the Banamex tender period. Yesterday, the Board of Directors of Citigroup authorized an additional $5 billion stock repurchase program. GLOBAL CONSUMER Core income of $2.20 billion, up 26%. Highlights included: - Global Consumer revenue increased 19% to $11.7 billion, while expense growth was held to 8%. - CitiFinancial income increased 45% driven by cost savings from the Associates integration, as well as 11% 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 and a lower cost of funds Cost of Funds The interest rate paid on an outstanding loan. Notes: Money isn't free! Cost of funds is the cost of borrowing money. See also: Interest Rate Cost of funds Interest rate associated with borrowing money. . - Citibanking income increased 25%, benefiting from higher spread income and 24% deposit growth, driven by the addition of EAB EAB Emerald Ash Borer (insect) EAB Environmental Appeals Board (EPA) EAB Educational Activities Board (IEEE) EAB Environmental Advisory Board EAB Egyptian American Bank , which was acquired during the quarter. - North America Cards income rose 16%. Revenues increased 22%, as 9% receivables growth, pricing initiatives and lower cost of funds led to a 172 basis point increase in the net interest margin, which more than offset the impact of a 153 basis point increase in the net credit loss ratio. - Emerging Markets consumer income rose 81%, reflecting a 54% increase in revenues. This segment now includes the results of all operations for Banamex and Citibank CITIBANK First National City Bank Mexico, which together contributed $124 million in income, as compared to a loss of $3 million in the prior year for Citibank Mexico. Growth was experienced across all products, with particular strength in cards, primarily in Asia. - Income for Travelers Life and Annuity was down 1% from the prior year period as lower net investment income and the impact from the World Trade Center attack was partly offset by strong growth in group annuity and life volumes. - Travelers Property Casualty Personal Lines income fell 57%, reflecting $42 million in after-tax catastrophe Catastrophe, from the Greek Καταστροφή (katastrephein), literally means "to turn" (strephein) "downwards" (kata-). losses associated with the World Trade Center attack, offsetting 9% premium growth driven by improving rates. GLOBAL CORPORATE Core income of $1.16 billion, down 27%. Highlights included: - Global Corporate revenues of $8.0 billion decreased 5%, while expenses fell 10%. - Income from Emerging Markets Corporate Banking and Global Transaction Services increased 15%, driven by strong trading-related revenues. Expense growth was held to 4% and credit costs increased by $13 million, or 68% from the prior year, although declining from the second quarter. - The Corporate & Investment Bank's income decreased 2%, as significantly lower principal transactions, investment banking and commission revenues were offset by continued expense reductions. Expenses declined 18% from the prior year and 8% from the second quarter of 2001. Despite a weaker environment, the Private Client Group maintained a 20% margin, with net flows of $9 billion in the quarter, more than double the level experienced in the second quarter. - Travelers Property Casualty Commercial Lines posted a loss of $136 million, which included $448 million in after tax catastrophe losses related to the World Trade Center attack, as well as lower net investment income. Percentage increases for commercial lines insurance rates continued to be in the high-teens. GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING Core income of $186 million, up 8%. Highlights included: - Private Bank income rose 18%, with revenue growth of 8% reflecting increased fee revenue resulting from 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 the sales platform and continued expense management. - Asset Management and Retirement Services income was unchanged from the prior year period. Revenues increased 11%, driven primarily by growth in Retirement Services in the emerging markets. Expense growth was held to 8%, or 3% excluding recent Retirement Services acquisitions. 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. rose by 1% to $400.6 billion, as strong net flows of $15 billion were offset by negative market action. - Asset Management market share increased in nearly all proprietary channels, with market shares of 59% in the Smith Barney retail channel, 71% at Primerica Financial Services Primerica Financial Services, a wholly owned subsidiary of Citigroup, is a multi-level marketing[1] company headquartered in Duluth, Georgia. It is the largest financial services marketing organization in North America, with more than 100,000 licensed independent and 77% in the Citibank North America channel. INVESTMENT ACTIVITIES AND CORPORATE/OTHER Despite 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 Citigroup's fixed income portfolios, Investment Activities posted a loss of $120 million, reflecting the sharp decline in equity values following September 11th. Expenses in Corporate/Other were $159 million, aided by lower borrowing costs and expense reduction initiatives. 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 company with some 190 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. , and asset management. Major brand names under Citigroup's trademark red umbrella umbrella, a small canopy used as a protection against the sun in China, Egypt, and elsewhere in remote antiquity. It was often an emblem of rank. During the Middle Ages the umbrella became almost extinct in Europe; its usefulness was not rediscovered until the late include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, 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 Revenue
(in Million of Dollars)
Third Quarter % Nine Months %
2001 2000 Change 2001 2000 Change
Global Consumer
Citibanking
North America $ 714 $ 566 26 $ 1,989 $ 1,711 16
Mortgage Banking 260 225 16 770 674 14
North
America Cards 3,352 2,737 22 9,455 7,845 21
CitiFinancial 1,436 1,262 14 4,165 3,753 11
---------------- -----------------
Banking/Lending 5,762 4,790 20 16,379 13,983 17
---------------- -----------------
Travelers Life
and Annuity 875 899 (3) 2,980 2,892 3
Primerica
Financial Services 493 474 4 1,480 1,425 4
Personal Lines 1,132 1,058 7 3,318 3,142 6
---------------- -----------------
Insurance 2,500 2,431 3 7,778 7,459 4
---------------- -----------------
Western Europe 651 579 12 1,875 1,797 4
Japan 859 713 20 2,502 1,966 27
Mexico 683 119 NM 995 452 NM
Other Emerging
Markets Consumer
Banking 1,090 1,034 5 3,246 3,135 4
---------------- -----------------
Emerging Markets
Consumer Banking 1,773 1,153 54 4,241 3,587 18
---------------- -----------------
Total International 3,283 2,445 34 8,618 7,350 17
---------------- -----------------
e-Consumer 54 76 (29) 136 135 1
Other Consumer 62 95 (35) 127 111 14
---------------- -----------------
Total
Global Consumer 11,661 9,837 19 33,038 29,038 14
---------------- -----------------
Global Corporate
Corporate Finance 2,887 3,249 (11) 10,197 9,753 5
Private Client 1,451 1,681 (14) 4,516 5,288 (15)
----------------
Corporate and
Investment Bank 4,338 4,930 (12) 14,713 15,041 (2)
Emerging Markets
Corporate Banking
and Global
Transaction
Services 1,699 1,578 8 5,273 4,586 15
Commercial Lines
Insurance 1,977 1,928 3 5,965 5,435 10
---------------- -----------------
Total Global
Corporate 8,014 8,436 (5) 25,951 25,062 4
---------------- -----------------
Global Investment
Management and
Private Banking
Citigroup Asset
Management 523 471 11 1,505 1,355 11
The Citigroup
Private Bank 365 337 8 1,130 1,039 9
---------------- -----------------
Total Global
Investment
Management and
Private Banking 888 808 10 2,635 2,394 10
---------------- -----------------
Investment Activities (164) 496 NM 429 1,964 (78)
Corporate / Other (105) (169) 38 (397) (417) 5
---------------- -----------------
Total Adjusted
Revenue 20,294 19,408 5 61,656 58,041 6
Citigroup Segment Income Third Quarter
(in Millions of Dollars, --------------------
except per share data) 2001 2000 %Change
-------- -------- --------
Global Consumer
Citibanking North America $ 151 $ 121 25
Mortgage Banking 92 77 19
North America Cards 573 492 16
CitiFinancial 308 213 45
Banking / Lending 1,124 903 24
Travelers Life and Annuity 178 179 (1)
Primerica Financial Services 125 124 1
Personal Lines 29 68 (57)
Insurance 332 371 (11)
Western Europe 124 94 32
Japan 244 204 20
Mexico 124 (3) NM
Other Emerging
Markets Consumer Banking 247 208 19
Emerging Markets Consumer Banking 371 205 81
Total International 739 503 47
e-Consumer (14) (31) 55
Other Consumer 15 (7) NM
------ ------ ------
Total Global Consumer 2,196 1,739 26
------ ------ ------
Global Corporate
Corporate Finance 688 637 8
Private Client 179 251 (29)
Corporate and Investment Bank 867 888 (2)
Emerging Markets Corporate Banking
and Global Transaction Services 428 372 15
Commercial Lines Insurance (136) 317 NM
------- ------ ------
Total Global Corporate 1,159 1,577 (27)
------- ------ ------
Global Investment
Management and Private Banking
Citigroup Asset Management 93 93 -
The Citigroup Private Bank 93 79 18
------- ------ ------
Total Global Investment
Management and Private Banking 186 172 8
------- ------ ------
Investment Activities (120) 284 NM
Corporate / Other (159) (243) 35
Core Income 3,262 3,529 (8)
Restructuring and Merger
Related Items -- After Tax (A) (85) (45) (89)
Income Before Cumulative
Effect of Accounting Changes $ 3,177 $ 3,484 (9)
Cumulative Effect of
Accounting Changes (B) - - -
Net Income $ 3,177 $ 3,484 (9)
------- ------- ------
Diluted Earnings Per Share:
Core Income $ 0.63 $ 0.68 (7)
Income Before Cumulative
Effect of Accounting Changes $ 0.61 $ 0.67 (9)
Net Income $ 0.61 $ 0.67 (9)
------- ------- ------
Core Diluted Earnings Per Share
Excl. Goodwill Amortization $ 0.65 $ 0.70 (7)
------- ------- ------
Citigroup Segment Income Nine Months
(in Millions of Dollars, --------------------
except per share data) 2001 2000 %Change
-------- -------- --------
Global Consumer
Citibanking North America $ 440 $ 368 20
Mortgage Banking 257 214 20
North America Cards 1,495 1,260 19
CitiFinancial 806 597 35
Banking / Lending 2,998 2,439 23
Travelers Life and Annuity 619 568 9
Primerica Financial Services 378 368 3
Personal Lines 155 224 (31)
Insurance 1,152 1,160 (1)
Western Europe 340 281 21
Japan 671 527 27
Mexico 139 46 NM
Other Emerging
Markets Consumer Banking 703 635 11
Emerging Markets Consumer Banking 842 681 24
Total International 1,853 1,489 24
e-Consumer (60) (127) 53
Other Consumer 11 (80) NM
Total Global Consumer 5,954 4,881 22
Global Corporate
Corporate Finance 2,231 2,207 1
Private Client 577 864 (33)
Corporate and Investment Bank 2,808 3,071 (9)
Emerging Markets Corporate Banking
and Global Transaction Services 1,293 996 30
Commercial Lines Insurance 428 836 (49)
----- ----- ----
Total Global Corporate 4,529 4,903 (8)
----- ----- ----
Global Investment Management
and Private Banking
Citigroup Asset Management 262 273 (4)
The Citigroup Private Bank 283 238 19
----- ----- ----
Total Global Investment
Management and Private Banking 545 511 7
Investment Activities 251 1,189 (79)
Corporate / Other (572) (675) 15
Core Income 10,707 10,809 (1)
Restructuring and Merger
Related Items -- After Tax (A) (298) (130) NM
Income Before Cumulative
Effect of Accounting Changes $ 10,409 $ 10,679 (3)
Cumulative Effect of
Accounting Changes (B) (158) - -
Net Income $ 10,251 $ 10,679 (4)
Diluted Earnings Per Share:
Core Income $ 2.07 $ 2.09 (1)
Income Before Cumulative
Effect of Accounting Changes $ 2.01 $ 2.07 (3)
Net Income $ 1.98 $ 2.07 (4)
Core Diluted Earnings Per Share
Excl. Goodwill Amortization $ 2.13 $ 2.15 (1)
(A) Restructuring and merger-related items in the 2001 first quarter
related principally to severance and costs associated with the
reduction of staff in the Global Corporate businesses, and in the
2001 second quarter related principally to severance and costs
associated with the reduction of staff in the Corporate and Global
Consumer businesses, and in the 2001 third quarter primarily
related to the acquisition of Banamex and the integration of its
operations within the Global Consumer business.
(B) Accounting Changes refer to the first quarter 2001 adoption of
Statement of Financial Accounting Standards No.133, "Accounting
for Derivative Instruments and Hedging Activities," as amended and
the second quarter 2001 adoption of EITF issue 99-20 "Recognition
of Interest Income and Impairment on Purchased and Retained
Beneficial Interests in Securitized Financial Assets."
Core Income Supplemental Disclosure
(In Millions of Dollars)
Third Quarter % Nine Months %
2001 2000 Change 2001 2000 Change
Citigroup Emerging
Markets (excluding
Investment Activities)
Asia
Consumer Banking $158 $137 15 $453 $413 10
Corporate 150 138 9 512 398 29
Asset Management &
Private Banking 17 11 55 58 49 18
Total Asia 325 286 14 1,023 860 19
Mexico 124 (3) NM 139 46 NM
Latin America
Consumer Banking 71 60 18 204 180 13
Corporate 171 123 39 480 388 24
Asset Management &
Private Banking 48 31 55 134 94 43
Total Latin America 290 214 36 818 662 24
Central and Eastern
Europe, Middle East
and Africa
Consumer Banking 24 11 NM 63 40 58
Corporate 123 109 13 389 295 32
Asset Management &
Private
Banking 5 4 25 15 11 36
Total Central and
Eastern Europe,
Middle East and
Africa 152 124 23 467 346 35
Other (4) 12 NM (31) 1 NM
Total Emerging
Markets $887 $633 40 $2,416 $1,915 26
Global Wealth Management
Private Client $179 $251 (29) $577 $864 (33)
Citigroup Asset
Management 93 93 - 262 273 (4)
The Citigroup
Private Bank 93 79 18 283 238 19
Global Consumer
Investment, Life
Insurance and
Annuity
Products 322 334 (4) 1,048 1,035 1
Total Global Wealth
Management $687 $757 (9) $2,170 $2,410 (10)
Global Cards
North America $573 $492 16 $1,495 1,260 19
International 163 112 46 404 331 22
Total Global
Cards $736 $604 22 $1,899 $1,591 19
Global Consumer Finance
North America $308 $213 45 $806 $597 35
International 228 170 34 612 447 37
Total Global Consumer
Finance $536 $383 40 $1,418 $1,044 36
--30--mj/ny* kk eb
CONTACT: Citigroup Inc., New York
Press:
Leah Johnson, 212/559-9446
Christina Pretto, 212/793-8217
or
Investors:
Sheri Ptashek, 212/559-4658
KEYWORD: NEW YORK
INDUSTRY KEYWORD: BANKING INSURANCE EARNINGS
SOURCE: Citigroup Inc.
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