Citigroup reported record earnings for the first quarter of 2000, with core income rising 49% to $3.6 billion compared to the same period last year. Several of Citigroup's business lines saw double-digit earnings growth, including Global Consumer (up 23%), Global Corporate and Investment Bank (up 36%), and Global Investment Management (up 26%). Strong performance across all regions and business segments was driven by favorable global market conditions. Return on equity was 30% and the company repurchased $1.2 billion in stock during the quarter.
Citigroup reported strong financial results for the second quarter and first half of 2000. Core income rose 21% to $3.0 billion for the second quarter and 35% to $6.6 billion for the first half of the year. All of Citigroup's major business segments experienced double-digit income growth, led by the Global Consumer Group and Global Corporate and Investment Bank. Citigroup continued making acquisitions and investments to expand its global businesses and presence on the internet. Chairman and CEO Sanford Weill stated the results demonstrated the impact of the company's market share gains and consistent growth across its businesses.
Citigroup reported its third quarter 2000 financial results. Key highlights include:
- Core income for 3Q 2000 was $3.11 billion, up 27% from 3Q 1999. Year-to-date core income through 3Q 2000 was $9.72 billion, up 32% from the same period in 1999.
- Net income for 3Q 2000 was $3.088 billion, up 27% from 3Q 1999. Year-to-date net income through 3Q 2000 was $9.683 billion, up 34% from the same period in 1999.
- Basic earnings per share for core income in 3Q 2000 was $0.69, up 28% from 3Q 1999.
Citigroup reported financial results for the second quarter of 2000. Core income increased 21% compared to the second quarter of 1999 to $3.007 billion. Total revenues for the quarter were $16.373 billion, a 10% increase year-over-year. Most of Citigroup's business segments saw revenue and core income growth compared to the previous year. Global Consumer revenues were $7.473 billion, up 6% from the second quarter of 1999. Global Corporate and Investment Bank revenues were $7.855 billion, a 13% increase. Citigroup's preliminary Tier 1 capital ratio was 8.6% for the second quarter of 2000.
Citibanking North America reported a 14% increase in total revenues and a 92% increase in core income for Q1 2000 compared to Q1 1999. Key drivers included an 86% increase in core income before taxes due to higher non-interest revenue and lower loan loss provisions. Average loans declined 5% while average deposits grew 5%. Asset quality improved with delinquencies and net credit losses declining.
This document provides quarterly financial data for Citigroup, including:
- Consolidated financial summaries showing metrics like core income, net income, earnings per share, capital ratios, assets, and returns on equity.
- Segment net revenues and core income broken down by Citigroup's main business segments - Global Consumer, Global Corporate and Investment Bank, and Global Investment Management.
- More detailed financial results for the major businesses within Global Consumer like North America Cards, Mortgage Banking, and International.
- Supplemental financial details including consolidated statements of income, earnings analysis, loan delinquency amounts, and insurance investment portfolio information.
The document contains quarterly and year-to-
Citigroup reported strong third quarter results for 2000, with core income rising 27% to $3.1 billion compared to the third quarter of 1999. Key highlights included:
- Global Consumer core income rose 17% to $1.32 billion, driven by growth in North American cards, mortgage banking, and Asia.
- Global Corporate and Investment Bank core income increased 40% to $1.59 billion, with strong performances from Salomon Smith Barney and emerging markets banking.
- Global Investment Management and Private Banking core income grew 14% to $176 million, with increased revenues across asset management, private banking, and retirement services.
This document provides quarterly financial data for Citigroup, including income statements, balance sheets, ratios, and other metrics. Some key details:
- For Q3 2003, income from continuing operations was $4.691 billion, up 27% from Q3 2002. Net income was $4.691 billion, up 20% from a year ago.
- Capital ratios like Tier 1 and Total Capital were all above requirements at the end of Q3 2003, with Tier 1 at 9.5% and Total Capital at 12.6%.
- Total assets increased to over $1.208 trillion in Q3 2003, up 17% from a year ago. Stockholders' equity rose
Citigroup reported strong financial results for the second quarter of 2003, with net income of $4.30 billion, up 12% from the previous year. Income per share was $0.83, rising 14% over 2002. Several business lines saw significant income growth, including Retail Banking income up 63% and the Private Bank's sixth consecutive record quarter. However, some international operations struggled, with income down 24% in Japan. Overall, Citigroup achieved record revenues of $19.4 billion for the quarter, up 8% from the prior year, demonstrating continued strong performance.
Citigroup reported strong financial results for the second quarter and first half of 2000. Core income rose 21% to $3.0 billion for the second quarter and 35% to $6.6 billion for the first half of the year. All of Citigroup's major business segments experienced double-digit income growth, led by the Global Consumer Group and Global Corporate and Investment Bank. Citigroup continued making acquisitions and investments to expand its global businesses and presence on the internet. Chairman and CEO Sanford Weill stated the results demonstrated the impact of the company's market share gains and consistent growth across its businesses.
Citigroup reported its third quarter 2000 financial results. Key highlights include:
- Core income for 3Q 2000 was $3.11 billion, up 27% from 3Q 1999. Year-to-date core income through 3Q 2000 was $9.72 billion, up 32% from the same period in 1999.
- Net income for 3Q 2000 was $3.088 billion, up 27% from 3Q 1999. Year-to-date net income through 3Q 2000 was $9.683 billion, up 34% from the same period in 1999.
- Basic earnings per share for core income in 3Q 2000 was $0.69, up 28% from 3Q 1999.
Citigroup reported financial results for the second quarter of 2000. Core income increased 21% compared to the second quarter of 1999 to $3.007 billion. Total revenues for the quarter were $16.373 billion, a 10% increase year-over-year. Most of Citigroup's business segments saw revenue and core income growth compared to the previous year. Global Consumer revenues were $7.473 billion, up 6% from the second quarter of 1999. Global Corporate and Investment Bank revenues were $7.855 billion, a 13% increase. Citigroup's preliminary Tier 1 capital ratio was 8.6% for the second quarter of 2000.
Citibanking North America reported a 14% increase in total revenues and a 92% increase in core income for Q1 2000 compared to Q1 1999. Key drivers included an 86% increase in core income before taxes due to higher non-interest revenue and lower loan loss provisions. Average loans declined 5% while average deposits grew 5%. Asset quality improved with delinquencies and net credit losses declining.
This document provides quarterly financial data for Citigroup, including:
- Consolidated financial summaries showing metrics like core income, net income, earnings per share, capital ratios, assets, and returns on equity.
- Segment net revenues and core income broken down by Citigroup's main business segments - Global Consumer, Global Corporate and Investment Bank, and Global Investment Management.
- More detailed financial results for the major businesses within Global Consumer like North America Cards, Mortgage Banking, and International.
- Supplemental financial details including consolidated statements of income, earnings analysis, loan delinquency amounts, and insurance investment portfolio information.
The document contains quarterly and year-to-
Citigroup reported strong third quarter results for 2000, with core income rising 27% to $3.1 billion compared to the third quarter of 1999. Key highlights included:
- Global Consumer core income rose 17% to $1.32 billion, driven by growth in North American cards, mortgage banking, and Asia.
- Global Corporate and Investment Bank core income increased 40% to $1.59 billion, with strong performances from Salomon Smith Barney and emerging markets banking.
- Global Investment Management and Private Banking core income grew 14% to $176 million, with increased revenues across asset management, private banking, and retirement services.
This document provides quarterly financial data for Citigroup, including income statements, balance sheets, ratios, and other metrics. Some key details:
- For Q3 2003, income from continuing operations was $4.691 billion, up 27% from Q3 2002. Net income was $4.691 billion, up 20% from a year ago.
- Capital ratios like Tier 1 and Total Capital were all above requirements at the end of Q3 2003, with Tier 1 at 9.5% and Total Capital at 12.6%.
- Total assets increased to over $1.208 trillion in Q3 2003, up 17% from a year ago. Stockholders' equity rose
Citigroup reported strong financial results for the second quarter of 2003, with net income of $4.30 billion, up 12% from the previous year. Income per share was $0.83, rising 14% over 2002. Several business lines saw significant income growth, including Retail Banking income up 63% and the Private Bank's sixth consecutive record quarter. However, some international operations struggled, with income down 24% in Japan. Overall, Citigroup achieved record revenues of $19.4 billion for the quarter, up 8% from the prior year, demonstrating continued strong performance.
Citigroup reported strong 4th quarter and full-year 2000 earnings. 4th quarter core income was $3.33 billion, an 11% increase, and full-year core income was a record $14.14 billion, up 25%. All of Citigroup's major business segments saw growth in the 4th quarter, led by the Global Consumer Group at 25% growth. For the full year, net income was $13.52 billion. Chairman and CEO Sanford Weill cited the company's global strength and leadership across business lines. Citigroup continued investments in growing markets and internet capabilities.
Citigroup reported a 23% increase in third quarter net income to $3.92 billion. Core income, which excludes certain one-time items, rose 17% to $3.79 billion. Revenues increased 10% for the quarter. Global Consumer business core income rose 13% to a record $2.22 billion, driven by strong growth in cards and retail banking. Global Corporate and Investment Bank core income fell 7% to $1.20 billion due to higher credit losses, despite expense reductions.
Citigroup will introduce format changes to its financial supplement accompanying its first quarter earnings release on April 14th. The changes relate to the presentation of existing business segments and do not reflect changes to the underlying businesses. Major changes include presenting Global Consumer products from a North America and International perspective, consolidating Cards and Consumer Finance disclosure, combining Consumer Assets with Retail Banking, excluding Private Client Services from the Corporate and Investment Bank, and adding detail to Private Client Services disclosure. The changes also include identifying realized gains and losses for different business lines and consolidating geographic regions for Europe, Middle East, Africa, India, and Asia into single reporting units.
JPMorgan Chase reported third quarter 2008 net income of $527 million, down significantly from the previous year due to losses from mortgage and leveraged lending positions. The company acquired Washington Mutual's banking operations during the quarter, adding over 2,200 branches. While losses reduced earnings, JPMorgan Chase maintained a strong capital position and welcomed Washington Mutual employees as part of continuing to serve clients.
Citigroup reported a 13% increase in core income to $3.79 billion for Q2 2001 compared to Q2 2000. Revenue grew 8% to $20.3 billion led by 12% growth in the Global Consumer segment. Core EPS grew 14% to $0.74 per share. Several business segments saw strong growth including 40% growth for CitiFinancial, 17% for North America Cards, and 18% for the Private Bank. Despite difficult market conditions, Corporate Finance delivered 12% earnings growth through increased market share.
Citigroup reported first quarter 2022 core income of $3.86 billion, up 5% from the first quarter of 2021. However, core income included an $816 million pre-tax charge related to economic conditions in Argentina. Revenue for the quarter increased 5% to $22 billion. Net income, including a $1.06 billion gain from the Travelers IPO, was $4.84 billion, up 37% from the prior year. The CEO commented that core businesses delivered strong results despite difficult economic conditions and charges related to Argentina. Key highlights included strong performance in global consumer businesses and the investment bank.
Citigroup reported record income from continuing operations of $4.10 billion for Q1 2003, an 18% increase over Q1 2002. Global Consumer income increased 26% to $2.15 billion due to strong growth in cards, retail banking, and Asia consumer businesses. The Global Corporate and Investment Bank rebounded with a 22% income increase to $1.43 billion, driven by improved results in capital markets and transaction services. Overall, most Citigroup businesses produced double-digit income growth, demonstrating the strength of the company's diversified business model.
Citi reported a $5.1 billion net loss for Q1 2008, driven by write-downs in fixed income due to sub-prime exposures and losses in highly leveraged finance. Revenues fell 48% to $13.2 billion due to these losses, though transaction services grew 42% and wealth management grew 16%. Credit costs increased $3 billion as consumer delinquencies rose in the weakening US economy. Management is taking actions to strengthen the balance sheet through capital raises and divestitures of non-core assets.
JPMorgan Chase Second Quarter 2008 Financial Results Conference Callfinance2
JPMorgan Chase reported net income of $2.0 billion for Q2 2008, down 55% from the prior year. Earnings per share were $0.54. While several businesses saw growth, losses increased significantly in the mortgage and credit card portfolios, and markdowns were taken on leveraged loans and mortgage-related positions. The firm also completed its acquisition of Bear Stearns during the quarter.
Morgan Stanley Dean Witter announced record full-year and fourth quarter results. For the full year, net income was $5.5 billion, up 14% from the prior year. Fourth quarter net income was $1.2 billion, down 26% from the previous year's fourth quarter. The company's securities, asset management, and credit services businesses all achieved record annual net income. The board also declared a 15% increase in the quarterly dividend to $0.23 per share.
Merrill Lynch reported second quarter net earnings of $1 billion, their second-best quarterly earnings ever. Net revenues for the quarter were $5.3 billion, a 7% increase over the previous year. The pre-tax profit margin of 27.6% was the highest in over 25 years. Global Markets and Investment Banking saw a 25% increase in revenues compared to the previous year and achieved a record pre-tax profit margin. Global Private Client revenues declined 6% from the previous year due to reduced transaction activity, but the pre-tax profit margin increased. Merrill Lynch continues initiatives to diversify revenues and leverage client relationships across business segments.
Merrill Lynch reported a net loss of $4.6 billion for Q2 2008 compared to net earnings of $2 billion in Q2 2007. Key drivers of the loss included $3.5 billion in losses from US super senior ABS CDOs and $2.9 billion in credit valuation adjustments from hedges with financial guarantors. Merrill Lynch completed the sale of its stake in Bloomberg for $4.4 billion and announced an expected sale of Financial Data Services for over $3.5 billion to bolster its capital position. Core businesses performed well but revenue declined to negative $2.1 billion from $9.5 billion last year due to losses in fixed income currencies and commodities.
Morgan Stanley Dean Witter announced its third quarter 2000 financial results. Net income increased 28% to $1.246 billion compared to the third quarter of 1999. Earnings per share were up 31% to $1.09. Net revenues grew 18% to $6.294 billion. All business segments saw increases in net income compared to the prior year quarter, with particularly strong growth in Asset Management (+62%) and Credit Services (+10%). For the first nine months of the year, net income increased 35% and earnings per share grew 38% compared to the same period in 1999.
- Morgan Stanley Dean Witter reported net income of $1.075 billion for Q1 2001, down 30% from $1.544 billion in Q1 2000. Diluted earnings per share were $0.94, down 30% from $1.34 in Q1 2000.
- Revenues decreased 14% to $6.385 billion due to difficult markets negatively impacting several businesses, though fixed income and equity trading performed well.
- Return on equity was 23% and the company remains focused on reducing expenses while maintaining client services in challenging market conditions.
Morgan Stanley reported first quarter net income of $848 million, down 21% from the previous year. Revenue was $5.3 billion, down 16% year-over-year. While costs were well-controlled, declining 17% from last quarter and 19% year-over-year, business continued to be slow in investment banking and retail securities. The company achieved a return on equity of 16% for the quarter.
Merrill Lynch reported a net loss of $1.97 billion for Q1 2008 compared to net earnings of $2.03 billion in Q1 2007. Revenues fell 69% to $2.9 billion due to write-downs related to US ABS CDOs and credit valuation adjustments on hedges with financial guarantors. However, Global Wealth Management saw record quarterly revenues with strong fee income and $9 billion in annuity inflows. While investment banking revenues fell 40% due to lower deal volumes, the business pipeline was only down 5% overall from year-end levels.
Citigroup reported third quarter core income of $3.26 billion, down 7% from the prior year due to $700 million in losses from the September 11th attacks. Revenue grew 5% to $20.29 billion while expenses declined 2%. The diversification of Citigroup's businesses allowed growth in many areas, including a 45% increase in CitiFinancial income and a 25% rise in Citibanking income, despite challenges in the market environment from the attacks. Sanford Weill, CEO, expressed confidence that Citigroup would deliver 15% earnings growth in the fourth quarter assuming a stable market.
Morgan Stanley reported second quarter results, with net revenues of $6.5 billion, down 38% from the previous year. Earnings per share were $0.95. The annualized return on equity was 12%. Business highlights included solid results in wealth management and equity derivatives, but fixed income revenues declined significantly. Total client assets grew to $739 billion and the firm strengthened its capital and liquidity positions during the quarter.
Morgan Stanley reported second quarter net income of $797 million, down 14% from the previous year. Net revenues decreased 17% to $4.965 billion due to declines across most business segments. However, the company maintained a return on equity of 15% and benefited from strength in its Discover credit card segment. Going forward, Morgan Stanley will continue exercising expense discipline while serving client needs in challenging markets.
JPMorgan Chase reported first quarter 2009 net income of $2.1 billion, down from $2.4 billion in the first quarter of 2008. Revenue was a record $26.9 billion driven by strong performance in the Investment Bank. The Investment Bank generated record revenue and net income due to #1 rankings in debt and equity underwriting. Retail Financial Services income was $474 million, improved from a loss the prior year, due to the Washington Mutual acquisition partially offset by higher credit costs. Credit costs increased across portfolios as housing prices declined and delinquencies rose. The company remains well capitalized with a Tier 1 capital ratio of 11.3% and loan loss reserves of $28 billion to withstand
DECIDE es una compañía especializada en sistemas de ayuda a la toma de decisiones, como sistemas basados en reglas de negocio y optimización. Ofrece expertos cualificados en tecnologías como programación lineal entera, programación por restricciones y técnicas de búsqueda local, y ha aplicado estas tecnologías a problemas de asignación de recursos, rutas óptimas y producción. DECIDE también tiene experiencia en desarrollo de software, arquitecturas SOA y plataformas J2EE.
Citigroup reported strong 4th quarter and full-year 2000 earnings. 4th quarter core income was $3.33 billion, an 11% increase, and full-year core income was a record $14.14 billion, up 25%. All of Citigroup's major business segments saw growth in the 4th quarter, led by the Global Consumer Group at 25% growth. For the full year, net income was $13.52 billion. Chairman and CEO Sanford Weill cited the company's global strength and leadership across business lines. Citigroup continued investments in growing markets and internet capabilities.
Citigroup reported a 23% increase in third quarter net income to $3.92 billion. Core income, which excludes certain one-time items, rose 17% to $3.79 billion. Revenues increased 10% for the quarter. Global Consumer business core income rose 13% to a record $2.22 billion, driven by strong growth in cards and retail banking. Global Corporate and Investment Bank core income fell 7% to $1.20 billion due to higher credit losses, despite expense reductions.
Citigroup will introduce format changes to its financial supplement accompanying its first quarter earnings release on April 14th. The changes relate to the presentation of existing business segments and do not reflect changes to the underlying businesses. Major changes include presenting Global Consumer products from a North America and International perspective, consolidating Cards and Consumer Finance disclosure, combining Consumer Assets with Retail Banking, excluding Private Client Services from the Corporate and Investment Bank, and adding detail to Private Client Services disclosure. The changes also include identifying realized gains and losses for different business lines and consolidating geographic regions for Europe, Middle East, Africa, India, and Asia into single reporting units.
JPMorgan Chase reported third quarter 2008 net income of $527 million, down significantly from the previous year due to losses from mortgage and leveraged lending positions. The company acquired Washington Mutual's banking operations during the quarter, adding over 2,200 branches. While losses reduced earnings, JPMorgan Chase maintained a strong capital position and welcomed Washington Mutual employees as part of continuing to serve clients.
Citigroup reported a 13% increase in core income to $3.79 billion for Q2 2001 compared to Q2 2000. Revenue grew 8% to $20.3 billion led by 12% growth in the Global Consumer segment. Core EPS grew 14% to $0.74 per share. Several business segments saw strong growth including 40% growth for CitiFinancial, 17% for North America Cards, and 18% for the Private Bank. Despite difficult market conditions, Corporate Finance delivered 12% earnings growth through increased market share.
Citigroup reported first quarter 2022 core income of $3.86 billion, up 5% from the first quarter of 2021. However, core income included an $816 million pre-tax charge related to economic conditions in Argentina. Revenue for the quarter increased 5% to $22 billion. Net income, including a $1.06 billion gain from the Travelers IPO, was $4.84 billion, up 37% from the prior year. The CEO commented that core businesses delivered strong results despite difficult economic conditions and charges related to Argentina. Key highlights included strong performance in global consumer businesses and the investment bank.
Citigroup reported record income from continuing operations of $4.10 billion for Q1 2003, an 18% increase over Q1 2002. Global Consumer income increased 26% to $2.15 billion due to strong growth in cards, retail banking, and Asia consumer businesses. The Global Corporate and Investment Bank rebounded with a 22% income increase to $1.43 billion, driven by improved results in capital markets and transaction services. Overall, most Citigroup businesses produced double-digit income growth, demonstrating the strength of the company's diversified business model.
Citi reported a $5.1 billion net loss for Q1 2008, driven by write-downs in fixed income due to sub-prime exposures and losses in highly leveraged finance. Revenues fell 48% to $13.2 billion due to these losses, though transaction services grew 42% and wealth management grew 16%. Credit costs increased $3 billion as consumer delinquencies rose in the weakening US economy. Management is taking actions to strengthen the balance sheet through capital raises and divestitures of non-core assets.
JPMorgan Chase Second Quarter 2008 Financial Results Conference Callfinance2
JPMorgan Chase reported net income of $2.0 billion for Q2 2008, down 55% from the prior year. Earnings per share were $0.54. While several businesses saw growth, losses increased significantly in the mortgage and credit card portfolios, and markdowns were taken on leveraged loans and mortgage-related positions. The firm also completed its acquisition of Bear Stearns during the quarter.
Morgan Stanley Dean Witter announced record full-year and fourth quarter results. For the full year, net income was $5.5 billion, up 14% from the prior year. Fourth quarter net income was $1.2 billion, down 26% from the previous year's fourth quarter. The company's securities, asset management, and credit services businesses all achieved record annual net income. The board also declared a 15% increase in the quarterly dividend to $0.23 per share.
Merrill Lynch reported second quarter net earnings of $1 billion, their second-best quarterly earnings ever. Net revenues for the quarter were $5.3 billion, a 7% increase over the previous year. The pre-tax profit margin of 27.6% was the highest in over 25 years. Global Markets and Investment Banking saw a 25% increase in revenues compared to the previous year and achieved a record pre-tax profit margin. Global Private Client revenues declined 6% from the previous year due to reduced transaction activity, but the pre-tax profit margin increased. Merrill Lynch continues initiatives to diversify revenues and leverage client relationships across business segments.
Merrill Lynch reported a net loss of $4.6 billion for Q2 2008 compared to net earnings of $2 billion in Q2 2007. Key drivers of the loss included $3.5 billion in losses from US super senior ABS CDOs and $2.9 billion in credit valuation adjustments from hedges with financial guarantors. Merrill Lynch completed the sale of its stake in Bloomberg for $4.4 billion and announced an expected sale of Financial Data Services for over $3.5 billion to bolster its capital position. Core businesses performed well but revenue declined to negative $2.1 billion from $9.5 billion last year due to losses in fixed income currencies and commodities.
Morgan Stanley Dean Witter announced its third quarter 2000 financial results. Net income increased 28% to $1.246 billion compared to the third quarter of 1999. Earnings per share were up 31% to $1.09. Net revenues grew 18% to $6.294 billion. All business segments saw increases in net income compared to the prior year quarter, with particularly strong growth in Asset Management (+62%) and Credit Services (+10%). For the first nine months of the year, net income increased 35% and earnings per share grew 38% compared to the same period in 1999.
- Morgan Stanley Dean Witter reported net income of $1.075 billion for Q1 2001, down 30% from $1.544 billion in Q1 2000. Diluted earnings per share were $0.94, down 30% from $1.34 in Q1 2000.
- Revenues decreased 14% to $6.385 billion due to difficult markets negatively impacting several businesses, though fixed income and equity trading performed well.
- Return on equity was 23% and the company remains focused on reducing expenses while maintaining client services in challenging market conditions.
Morgan Stanley reported first quarter net income of $848 million, down 21% from the previous year. Revenue was $5.3 billion, down 16% year-over-year. While costs were well-controlled, declining 17% from last quarter and 19% year-over-year, business continued to be slow in investment banking and retail securities. The company achieved a return on equity of 16% for the quarter.
Merrill Lynch reported a net loss of $1.97 billion for Q1 2008 compared to net earnings of $2.03 billion in Q1 2007. Revenues fell 69% to $2.9 billion due to write-downs related to US ABS CDOs and credit valuation adjustments on hedges with financial guarantors. However, Global Wealth Management saw record quarterly revenues with strong fee income and $9 billion in annuity inflows. While investment banking revenues fell 40% due to lower deal volumes, the business pipeline was only down 5% overall from year-end levels.
Citigroup reported third quarter core income of $3.26 billion, down 7% from the prior year due to $700 million in losses from the September 11th attacks. Revenue grew 5% to $20.29 billion while expenses declined 2%. The diversification of Citigroup's businesses allowed growth in many areas, including a 45% increase in CitiFinancial income and a 25% rise in Citibanking income, despite challenges in the market environment from the attacks. Sanford Weill, CEO, expressed confidence that Citigroup would deliver 15% earnings growth in the fourth quarter assuming a stable market.
Morgan Stanley reported second quarter results, with net revenues of $6.5 billion, down 38% from the previous year. Earnings per share were $0.95. The annualized return on equity was 12%. Business highlights included solid results in wealth management and equity derivatives, but fixed income revenues declined significantly. Total client assets grew to $739 billion and the firm strengthened its capital and liquidity positions during the quarter.
Morgan Stanley reported second quarter net income of $797 million, down 14% from the previous year. Net revenues decreased 17% to $4.965 billion due to declines across most business segments. However, the company maintained a return on equity of 15% and benefited from strength in its Discover credit card segment. Going forward, Morgan Stanley will continue exercising expense discipline while serving client needs in challenging markets.
JPMorgan Chase reported first quarter 2009 net income of $2.1 billion, down from $2.4 billion in the first quarter of 2008. Revenue was a record $26.9 billion driven by strong performance in the Investment Bank. The Investment Bank generated record revenue and net income due to #1 rankings in debt and equity underwriting. Retail Financial Services income was $474 million, improved from a loss the prior year, due to the Washington Mutual acquisition partially offset by higher credit costs. Credit costs increased across portfolios as housing prices declined and delinquencies rose. The company remains well capitalized with a Tier 1 capital ratio of 11.3% and loan loss reserves of $28 billion to withstand
DECIDE es una compañía especializada en sistemas de ayuda a la toma de decisiones, como sistemas basados en reglas de negocio y optimización. Ofrece expertos cualificados en tecnologías como programación lineal entera, programación por restricciones y técnicas de búsqueda local, y ha aplicado estas tecnologías a problemas de asignación de recursos, rutas óptimas y producción. DECIDE también tiene experiencia en desarrollo de software, arquitecturas SOA y plataformas J2EE.
Exposició sobre l'experiència pràctica de posada en funcionament de CoP dins el programa Compartim de gestió del coneixement del Departament de Justícia
El documento habla sobre diferentes tipos de comunicación oral como el diálogo, el discurso, el debate y la entrevista. Explica que el diálogo es la base de las relaciones sociales y características como escuchar y respetar al otro. También describe que un discurso busca persuadir a un público, mientras que un debate presenta puntos de vista antagónicos sobre un tema. Por último, define una entrevista como un diálogo entre entrevistador y entrevistado con consejos para prepararse y tener éxito en ella.
Citigroup reported core income of $3.66 billion for Q1 2001, a 7% decrease from Q1 2000. Excluding investment activities, core income rose 7% year-over-year. Global Consumer saw core income increase 18% to $1.78 billion driven by growth in US banking and lending. Global Corporate core income declined 7% to $1.75 billion due to weaker investment markets, though revenues grew 11%. Overall, Citigroup achieved solid results despite challenging markets due to the strength and diversity of its businesses.
Citigroup reported a 23% increase in third quarter net income to $3.92 billion compared to the prior year. Core income, which excludes certain one-time items, rose 17% to $3.79 billion. Earnings per share increased 25% and 19% respectively. Revenues increased 10% for the quarter driven by strong performance across business segments, though credit costs remained high. For the first nine months of the year, net income rose 25% while core income increased 14% on 10% higher revenues.
Morgan Stanley Dean Witter announced record quarterly and full year net income. For the quarter, net income increased 86% to $1.633 billion and diluted earnings per share increased 91% to $2.84. For the full fiscal year, net income increased 57% to a record $4.791 billion and diluted earnings per share increased 66% to $8.20. The company also announced a 2 for 1 stock split, a 67% increase in dividends, and authorization to repurchase an additional $1 billion in stock.
Morgan Stanley reported record fourth quarter and full year results from continuing operations for 2006. Net revenues, net income, and earnings per share all reached record highs. The Board approved a plan to spin off Discover to enhance shareholder value by allowing each business to focus independently on growth. Institutional Securities achieved record results across fixed income, equity trading, and advisory. Global Wealth Management and Asset Management made progress but lagged Institutional Securities.
Citigroup reported record net income of $15.28 billion for 2002, an 8% increase over 2001. Net income per share also rose 8% to $2.94. Core income for the year was a record $13.65 billion, or $2.63 per share. However, fourth quarter net income declined 37% to $2.43 billion due to a $1.55 billion legal settlement charge. Core income fell 32% to $2.44 billion. Revenue grew 7% for the full year to $75.76 billion but was flat in the fourth quarter at $18.93 billion.
Morgan Stanley reported strong financial results for Q3 2006, with net income up 59% and EPS up 61% compared to Q3 2005. Returns on equity also increased substantially. Revenues increased 15% to a record $8 billion for the quarter, driven by record results in several Institutional Securities businesses including fixed income sales and trading. While market conditions were challenging, Morgan Stanley achieved its best third quarter ever in revenues, net income, and EPS, demonstrating progress on its strategic plan to improve performance.
Morgan Stanley reported record quarterly results for Q2 2006, with earnings per share up 115% year-over-year. Net revenues were a record $8.9 billion, up 48% from Q2 2005, driven by strong performance across institutional securities, wealth management, asset management, and Discover. All business segments achieved record or highest quarterly results. The company saw significant revenue growth in areas like fixed income, equity trading, and investment gains.
- Morgan Stanley reported $1.2 billion in net income for Q2 2004, a 104% increase over Q2 2003. Diluted earnings per share were $1.10.
- Institutional Securities saw a 184% increase in pre-tax income due to record revenues in fixed income and strong results in equities and investment banking.
- The Individual Investor Group more than doubled pre-tax income from the prior year's second quarter.
- Morgan Stanley's Chairman and CEO said all businesses performed well, with Institutional Securities achieving near record revenues and continued market share gains, positioning the firm strongly for long term growth.
Morgan Stanley reported record quarterly and annual earnings in its fourth quarter and full year 2005 results. Quarterly net income was up 49% to $1.78 billion and annual net revenues were up 13% to a record $26.8 billion. Institutional Securities achieved record quarterly revenues of $4.2 billion, up 47%, driven by strong fixed income and equity trading. Retail Brokerage quarterly net revenues were up 21% to $1.3 billion. Asset Management quarterly pre-tax income increased 66% due to higher private equity investment gains.
This document brings together a set of latest data points and publicly available information relevant for Banking. We are very excited to share this content and believe that readers will benefit immensely from this periodic publication immensely.
Morgan Stanley reported record first quarter results for 2006, with net revenues of $8.5 billion, up 24% from the previous year. Net income was $1.6 billion, a 17% increase, while diluted earnings per share were $1.54. All of Morgan Stanley's major business segments achieved record or near-record results, including Institutional Securities which saw a 36% rise in net revenues. The company directed additional resources to areas seeing major growth like emerging markets and leveraged finance. Morgan Stanley also continued international expansion and reorganized some business divisions to drive better performance.
- Morgan Stanley Dean Witter reported net income of $970 million for the third quarter of 1999, up 55% from $626 million in the third quarter of 1998. Diluted earnings per share were $1.65, up 63% from the prior year.
- Net revenues increased 39% to $5.3 billion driven by strong performance in institutional securities, asset management, and credit services.
- Results were boosted by record investment banking revenues, higher trading activity, and strong growth in assets under management. Credit quality also continued to improve.
Morgan Stanley reported record first quarter results for 2007, with net income up 70% from the previous year. Revenue was $11 billion, up 29%, driven by record sales and trading in both fixed income and equities. Return on equity was 29.9%, up from 21.3% the previous year. All business segments achieved record or higher results, with institutional securities delivering a 71% rise in pre-tax income on the back of strong fixed income and equities trading.
Morgan Stanley reported a 20% increase in 1st quarter earnings to $1.5 billion, with revenues up 10% across all businesses. Net revenues were $6.8 billion, a 10% increase from the previous year. Return on equity was 21%. Fixed income sales and trading revenues reached a record $2 billion, up 21% from the prior year. Individual Investor Group revenues increased 2% to $1.2 billion, while expenses fell 15%. Investment Management pre-tax income rose 69% to $287 million on an 8% increase in revenues.
Merrill Lynch reported record quarterly earnings for Q3 2005, with net earnings per share of $1.40, up 51% from the prior year. Net revenues were $6.7 billion, up 38% year-over-year. All three business segments - Global Markets and Investment Banking, Global Private Client, and Merrill Lynch Investment Managers - saw revenue and earnings increases. Merrill Lynch's performance was driven by strong growth across its businesses and the benefits of investments made over the past two years.
Morgan Stanley reported third quarter net income of $1.3 billion, up 108% from the third quarter of 2002. Earnings per share were $1.15. Revenue increased 13% to $5.3 billion due to strong performances in fixed income and improved equity underwriting. The return on equity was 22.0%. For the first nine months of 2003, net income increased 23% to $2.8 billion while revenues rose 6% and return on equity was 16.3%.
Morgan Stanley reported strong financial results for both the fourth quarter and full year 2004. Net income for the full year was $4.5 billion, an 18% increase from 2003. Return on equity was 16.8% for the year. In the fourth quarter, net income was $1.2 billion, up 18% from the same period last year. Institutional Securities saw record results in fixed income and significant increases in advisory and equities. Investment Management assets under management reached $424 billion, up 19% from 2003. Credit Services pre-tax income was a record $1.272 billion, up 16% from 2003. The company also announced an 8% increase in its quarterly dividend to $0.27 per
Merrill Lynch reported second quarter 2005 earnings per share of $1.14, up 9% from the second quarter of 2004. This was the highest earnings per share Merrill Lynch has achieved in a second quarter. Net revenues increased 20% compared to the prior year quarter. All three of Merrill Lynch's business segments - Global Markets and Investment Banking, Global Private Client, and Merrill Lynch Investment Managers - saw increases in net revenues and pre-tax earnings compared to the second quarter of 2004. Merrill Lynch had record first half earnings per share, pre-tax earnings, and net earnings for the first six months of 2005.
Morgan Stanley reported full year net revenues of $28.0 billion and earnings per share of $2.37. However, the firm recognized $9.4 billion in mortgage-related writedowns in the fourth quarter, resulting in a net loss of $3.588 billion for the quarter. While most businesses had record results, fixed income sales and trading losses were over $7.9 billion due to the writedowns. Morgan Stanley further bolstered its capital position with a $5 billion investment from China Investment Corporation.
- JPMorgan Chase reported net income of $9.1 billion for Q3 2019, up 8% from the prior year. Revenue was $30.1 billion, up 8%, driven by growth in consumer and investment banking.
- Consumer & Community Banking revenue was $14.3 billion, up 7%, helped by higher deposits and auto/credit card volumes, though home lending revenue fell due to loan sales.
- Corporate & Investment Bank revenue was $9.3 billion, up 6%, with record investment banking fees and strong fixed income markets, though equity markets fell.
Similar to citigroup April 17, 2000 - First Quarter Press Release (20)
- Citigroup reported quarterly financial results for 3Q 2000, with net income of $3.088 billion, up 27% from 3Q 1999. Core income was $3.111 billion for the quarter, also up 27% year-over-year.
- Total revenues for Citigroup's Global Consumer segment were $7.515 billion in 3Q 2000, up 5% from 3Q 1999. The Global Corporate and Investment Bank segment reported revenues of $8.097 billion, a 26% increase.
- Total assets reached $805 billion in 3Q 2000, up from $686.8 billion in 3Q 1999. Book value per share increased to $11.55 from $9
Citigroup reported its quarterly financial results. Some key highlights:
- Core income for Q4 2000 was $3.331 billion, up 11% from Q4 1999.
- Net income for Q4 2000 was $2.84 billion, down 6% from Q4 1999 due to restructuring charges.
- Global Consumer segment revenues grew 9% to $10.243 billion in Q4 2000.
- Global Corporates and Institutions segment revenues grew 16% to $8.464 billion in Q4 2000.
Citigroup reported its quarterly financial results. Core income decreased 7% from the prior year quarter to $3.66 billion. Total revenues declined across most business segments, with the exception of the Global Consumer segment which increased revenues slightly. Overall, Citigroup saw lower earnings due to weaker market conditions impacting its trading and investment banking businesses. Capital ratios and credit quality metrics remained strong however, positioning Citigroup well despite the challenging environment.
Citigroup reported its financial results for the first quarter of 2001. Net income decreased 8% compared to the first quarter of 2000. Core income, which excludes restructuring and accounting items, decreased 7%. Within its Global Consumer segment, Banking/Lending revenues increased 14% driven by growth in North America Cards, CitiFinancial, and Mortgage Banking. Core income for Banking/Lending increased 21% led by gains in North America Cards, CitiFinancial, and Citibanking North America. Overall, Citigroup's Global Consumer business saw revenues increase 10% and core income rise 18% compared to the first quarter of the prior year.
Citigroup, the largest global financial services company, reported quarterly financial results. Core income decreased 7% year-over-year to $3.66 billion, while net income decreased 8% to $3.54 billion. Revenues increased 6% to $21.05 billion driven by strong growth in North America Cards, Corporate Finance, and emerging markets. Citibanking North America revenues increased 6% to $613 million with core income before taxes up 24% to $271 million.
Citigroup reported its financial results for the first quarter of 2001. Net income decreased 8% compared to the first quarter of 2000. Core income, which excludes restructuring and accounting items, decreased 7%. Within Global Consumer, Banking/Lending revenues increased 14% driven by growth in North America Cards, CitiFinancial, and Mortgage Banking. Core income for Banking/Lending increased 21% led by gains in North America Cards, CitiFinancial, and Citibanking North America.
Citigroup reported quarterly financial data for 3Q 2001. Some key highlights:
- Core income was $3.262 billion for 3Q 2001, down 8% from 3Q 2000. Year-to-date core income was $10.707 billion, down 1% from the same period in 2000.
- Total revenues for 3Q 2001 were $20.294 billion, up 5% from 3Q 2000. Year-to-date total revenues were $61.656 billion, up 6% from the same period in 2000.
- Global Consumer revenues grew 19% to $11.661 billion in 3Q 2001, driven by strength in North America Cards and Banking/L
Citigroup reported financial results for the third quarter of 2001. Citigroup is a global financial services company with operations in over 100 countries. Some key highlights:
- Core income for 3Q 2001 was $3.26 billion, down 8% from 3Q 2000. Year-to-date core income was $10.7 billion, down 1% from the same period in 2000.
- Total revenues for Global Consumer operations were $11.66 billion for 3Q 2001, up 19% from 3Q 2000, driven by growth in North America Cards and Mortgage Banking.
- Revenues for Global Corporate were $8.01 billion for 3Q 2001, down 5% from 3
Citigroup reported its quarterly financial results. Net income for 4Q 2001 was $3.875 billion, up 36% from 4Q 2000. Core income, which excludes certain items, was $3.862 billion for 4Q 2001, up 16% from the prior year. Total revenues for Global Consumer increased 20% to $11.207 billion compared to 4Q 2000, driven by growth in North America Cards, Citibanking North America, and Mortgage Banking. Revenues for Global Corporate were relatively flat compared to the prior year.
Citigroup reported quarterly financial results. Global core income was $3.859 billion for Q1 2002, up 5% from Q1 2001. By segment, global consumer core income grew 20% to $1.812 billion, while global corporate and investment banking core income fell 13% to $1.286 billion. On a regional basis, core income from North America grew 20% to $2.479 billion, while core income from Western Europe fell 41% to $171 million.
Citigroup reported financial results for the first quarter of 2002, with the following highlights:
- Core income increased 5% compared to first quarter 2001 to $3.859 billion. Net income increased 37% to $4.843 billion, helped by a gain on sale of stock by a subsidiary.
- Global Consumer segment saw increases in core income for Cards (2%), Consumer Finance (35%), and Retail Banking (29%) compared to first quarter 2001.
- Capital ratios improved, with Tier 1 capital ratio at 9.13% versus 8.56% in first quarter 2001, reflecting Citigroup's overall financial strength.
- Total assets were $1.057 trillion
Citigroup reported quarterly financial results, with net income of $3.92 billion for 3Q 2002, a 23% increase over 3Q 2001. Core income, which excludes certain items, was $3.79 billion for 3Q 2002, up 17% from the prior year. Diluted earnings per share on net income were $0.76 for the quarter, rising 25% year-over-year, while diluted EPS on core income increased 19% to $0.74. Citigroup operates as a global financial services company with over 200 million customer accounts in more than 100 countries.
This document provides quarterly financial data for Citigroup, including:
1) Income statements for Citigroup's major business segments broken down by product and region, showing revenues, expenses, profits.
2) Key metrics for Citigroup as a whole, including revenues, income, earnings per share, assets, equity.
3) Specific data on performance of Citigroup's Global Consumer credit card business, including revenues, expenses, profits, and effects of securitization activities.
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citigroup April 17, 2000 - First Quarter Press Release
1. FOR IMMEDIATE RELEASE
Citigroup Reports Record Core Income for the First Quarter
First Quarter Core Income Rises 49% to $3.6 Billion from $2.4 Billion
Revenues up 19% to $17.5 Billion from $14.7 Billion
DILUTED EPS $1.04, UP BY MORE THAN 50% FROM $0.68
New York, NY, April 17, 2000 – Citigroup Inc. (NYSE:C) today reported record core
income of $3.6 billion for the first quarter ended March 31, 2000. Core income per
share, fully diluted, was $1.04, a 51% increase over the 1999 first quarter. A robust
global market environment and the strength of Citigroup’s individual businesses resulted
in:
• Record earnings for each of Citigroup’s major lines of business.
• Adjusted net revenue growth of 19% outpacing expense growth of 11%.
• Core earnings growth of 23% for Global Consumer, 36% for the Global Corporate
and Investment Bank and 26% for the Global Investment Management and Private
Banking segment, with two-thirds of Citigroup’s businesses generating greater than
15% earnings growth.
• Strong performance from the company’s portfolio of equity investments.
• Return on equity of 30%.
• The repurchase of 22.5 million shares at a cost of $1.2 billion.
• Substantial capital levels, with total equity capital and trust securities of $55.2 billion
at the end of the first quarter. The Tier I capital ratio is 9.7%.
“Our very strong first quarter provides tremendous momentum to our fiscal year, with all
of our businesses realizing the full advantage from favorable business conditions
worldwide,” said Sanford I. Weill, Chairman and Co-Chief Executive Officer. “Our results
underscore the ability of our businesses to execute in ways that benefit our customers
and shareholders.”
“As economic expansion continues throughout the world, we are seizing opportunities to
build our capabilities and share in both well-established and emerging markets,”
continued Weill. “Our Nikko Salomon Smith Barney joint venture celebrated its first
anniversary by attaining the number one position in Japanese M&A and number two
position in equities. This quarter alone, we announced a number of transactions that
strengthen our strategic presence in key markets. Our acquisition of the investment
banking business of Schroders, expected to close in the second quarter, will enhance
our ability to benefit from the major structural changes occurring in Europe, and the
benefits are already apparent to the clients of both organizations. Our purchase of
Reliance’s surety business will enable us to expand our insurance presence, as will our
pending tender offer to purchase the remaining 15% of Travelers Property Casualty that
we do not own. Consolidating ownership of pension fund companies in Argentina and
2. Mexico and the launch of our CitiStreet joint venture will enable us to more fully benefit
from the growth in the retirement services business globally.”
“We believe that those companies with brand and distribution will be the winners on the
Internet, and we are committed to being a leader in electronic payments and commerce
on the Web. This quarter, we took significant steps towards our goal by introducing new
internet-based applications to our consumer, retail brokerage, Private Banking and
institutional clients around the world. We look forward to continuing to build our
capability on the Internet through the leadership of our new Internet Operating Group,
headed by Deryck Maughan, working closely with Ed Horowitz at e-Citi,” concluded
Weill.
GLOBAL CONSUMER
1st Quarter Core Income: $1.21 billion, up 23% from $981 million
Revenues Increase 12% to $7.6 billion from $6.8 billion
Citigroup’s Global Consumer business achieved its seventh consecutive quarter of
record earnings, increasing income by 23% on the strength of 12% revenue growth, and
a continued improvement in operating margin as a result of cost-reduction programs put
into place throughout 1999. Expense growth of 10% included charges related to the
termination of certain contracts and other initiatives at e-Citi. Excluding the results of e-
Citi, expense growth for Global Consumer was 7% while income rose 28%.
The Global Consumer business also benefited from stable to improving credit quality
across nearly all segments as well as growth in the international segment. Both long-
standing and new cross-marketing programs contributed to results in the quarter,
including strong individual annuity sales and investment sales globally. Also contributing
to growth was Citigroup’s worldwide cards business, which includes operations in 47
countries, and which generated income growth of 15% over the prior year period.
Consumer usage of the company’s Internet products and services continued to grow
during the quarter, bringing the total number of customers accessing Citigroup on-line to
over four million worldwide. e-Citi also continued to pioneer innovative delivery methods
to reach both new and existing Citigroup customers. In the fast-growing mobile phone
market of Poland, Citigroup is testing cell-phone banking, which already has 37,000
customers.
• Banking/Lending core income rose 27%, to $610 million, led by the performance of
Citibanking North America, where revenue growth of 14%, driven by higher deposit
spreads and volumes as well as 54% growth in investment product fees, combined
with a 6% expense reduction led to 92% income growth. During the quarter, the
business successfully launched Citipro, a consultative sales tool, and continued to
license and train salespeople. Mortgage banking core income increased 3% as the
impact of rising rates on the level and mix of originations was offset by the
contribution from Source One and higher Student Loan earnings. Core income
growth for Cards rose 8%. U.S. bankcard sales volume growth of 15% and
receivables growth of 6%, combined with flat expenses, offset compressed margins.
The charge-off rate for U.S. cards continued to improve, at 4.35%. Core income for
CitiFinancial increased 58% in the quarter, as receivables rose by 24% and credit
quality continued to improve.
• Insurance core income increased by 12% to $381 million. Core income for
Travelers Life and Annuity rose 27%, driven by higher volumes in group and
2
3. individual annuities and higher net investment income. At Primerica, core income
rose 8% with strong mutual funds sales and net investment income partly offset by
increased infrastructure investment including international expansion scheduled for
later this year. Income at Travelers Property Casualty’s Personal Lines fell 10% in
the quarter, as higher catastrophe losses offset increased net investment income.
Net written premiums decreased as a result of the curtailment of the SECURE
product and a mandated rate decrease in New Jersey.
• International consumer core income growth accelerated in the quarter, increasing
57% to $335 million. In Europe, Middle East and Africa, core income rose 48%
fueled by investment product sales and loan growth, increases in the cards business
across the region, along with controlled expense levels. Core income in Asia Pacific
increased 64%, driven by investment product sales and higher cards and deposit
volumes, as well as improved credit costs. Revenue and expense growth also
reflected the contribution of the Diners Club franchise in Japan, acquired in the
quarter. Latin America core income rose 52%, driven by improvements at the
company’s Brazilian credit card affiliate Credicard, stabilizing credit costs in the
region, and gain on the sale of the Puerto Rico auto portfolio.
GLOBAL CORPORATE AND INVESTMENT BANK
1st Quarter Core Income: $1.84 billion, up 36% from $1.36 billion
Revenues Increase 15% to $8.2 billion from $7.1 billion
The Global Corporate and Investment Bank posted record earnings in the quarter as a
result of the strength of the capital markets worldwide and the enhanced customer
service and value provided by the Citibank/SSB organization. The strong platform
created by the merger and the business’s ability to benefit from market trends was
evident in the number of leadership positions earned during the quarter in global
underwriting, M&A advisory, foreign exchange and derivatives. The Nikko Salomon
Smith Barney joint venture continues to post strong results. During the quarter, the
Company increased its ownership in Nikko Securities from 9.5% to approximately 20%,
reflecting its commitment to Japan and to its strategic partnership with Nikko. The
results of this investment are now reported together with Salomon Smith Barney.
• Salomon Smith Barney reported a second consecutive quarter of record earnings,
with core income rising to $957 million, increasing 48% from the first quarter of 1999,
and 44% from the fourth quarter, reflecting continued benefits from the merger and a
favorable operating environment. Total revenues exceeded $4 billion, with record
revenue from commissions, investment banking and fee-based Private Client
revenues. Salomon Smith Barney generated an annualized return on equity, on a
legal entity basis, of 41%. The Private Client business performed exceptionally well,
with the value of client assets rising 26% to $1.032 trillion, and annualized gross
production per financial consultant reaching a record $598,000. Over one million
accounts now regularly use Access, Salomon Smith Barney’s Web site and on-line
trading service. During the quarter, Salomon Smith Barney achieved the #2 ranking
in both U.S. and global debt and equity volume. It also topped the league tables in
Euro corporate issuance for the quarter and took the #1 position in both Asia and
Japan M&A.
• The Global Corporate Bank reported record core income of $643 million, up 24%
from the strong 1999 first quarter. Revenues increased 8% to a record $2.4 billion,
as 17% revenue growth in transaction services was partially offset by lower trading
revenues, primarily in Latin America, which reported exceptional trading results in the
3
4. 1999 quarter resulting from economic volatility in the region. The business produced
its seventh consecutive quarter of declining expense, as lower Year 2000 and EMU-
related expenses, the impact of previous restructuring actions, as well as ongoing
expense initiatives drove a 2% reduction. During the quarter, the business was
recognized as the “Best Emerging Markets Bank” by Global Finance magazine, and
the number one derivatives dealer by Institutional Investor.
• Travelers Property Casualty Commercial Lines core income rose 27% based on
higher net investment income, and a firming pricing environment. In addition, the
business experienced increased favorable prior-year reserve development and lower
weather-related costs.
GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING
1st Quarter Core Income: $172 million, up 26% from $137 million
Revenues Increase 26% to $790 million from $629 million
The Global Investment Management and Private Banking business continues to
strengthen its organization and position itself to capture significant asset flows. The
business segment reported strong growth in revenue and core income from both the
Private Bank and Asset Management. The Group continued to build its position in
Retirement Services, increasing its ownership in Garante in Mexico and announcing its
intention to acquire the remaining 50% of Siembra in Argentina, and launched the
CitiStreet joint venture on April 1, 2000.
• Asset Management core income rose 13% over the prior year period to $90 million
with an 11% increase in assets under management and a 21% rise in revenues.
This growth was offset by higher costs associated with building the business’s global
sales and marketing capabilities and continued investment in research, quantitative
and technology expertise, as well as higher expenses associated with the Garante
acquisition.
Institutional client assets rose 7% to $151 billion aided by cross-selling efforts
including $4 billion in client assets raised through the Global Corporate and
Investment Bank channel. Sales of the Group's long-term mutual funds and
managed account products through the SSB retail sales channel rose 22% to $4.7
billon although market share declined to 29%, the result of a mix shift towards sector-
based funds, which were introduced later in the quarter. In addition, Primerica sold
$465 million of the Group’s U.S. mutual and money funds in the quarter, representing
48% of Primerica’s sales. The Group sold $684 million of mutual and money funds
through the Citibank consumer bank in Europe for the quarter and $347 million of
mutual and money funds through the Citibank consumer bank and non-proprietary
channels in Japan.
• Core income for the Private Bank rose 44% to $82 million in the quarter. Revenues
increased 32%, driven by higher investment product sales and increased banking
and lending activity across all regions, which more than offset higher costs primarily
associated with sales force expansion and technology investments. Client business
volumes, which comprise loans, deposits and client assets under fee-based
management and custody accounts, rose to $144 billion.
4
5. CORPORATE/OTHER AND INVESTMENT ACTIVITIES
The loss from Corporate/Other was 67% higher than the prior year period, as increased
treasury and technology costs offset reduced corporate staff expenses. The loss also
included a $108 million pre-tax contribution of appreciated venture capital securities to
the company’s Foundation, which had minimal impact on Citigroup’s earnings after
related tax benefits and investment gains, reflected in Investment Activities.
Income from Investment Activities rose to $634 million, due to strong results from
Citigroup’s Venture Capital business, and gains on a number of investments in other
proprietary investment portfolios, reflecting strong equity markets. These gains were
reduced by losses relating to the repositioning of certain securities in the insurance
portfolio and writedowns in the refinancing portfolios.
Citigroup (NYSE: C), the most global financial services company, provides some 100 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
The 1998 merger of Citicorp and Travelers Group brought together such brand names as Citibank, Travelers, Salomon
Smith Barney, CitiFinancial and Primerica under Citigroup’s trademark red umbrella. Additional information may be found
at www.citigroup.com
A finanacial 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 or 732-935-2771 outside the United States.
5
6. %
Citigroup Segment Income First Quarter
1999 Change
(In Millions of Dollars) 2000
Global Consumer
Citibanking North America ......................................................................................................... $ 72 92
$ 138
Mortgage Banking ....................................................................................................................... 61 3
63
Cards............................................................................................................................................ 276 8
297
CitiFinancial ................................................................................................................................ 71 58
112
Banking/Lending 480 27
610
Travelers Life and Annuity ......................................................................................................... 147 27
187
Primerica Financial Services ....................................................................................................... 110 8
119
Personal Lines ............................................................................................................................. 83 (10)
75
Insurance 340 12
381
Total North America 820 21
991
Europe, Middle East, & Africa ....................................................................................................... 67 48
99
Asia Pacific ..................................................................................................................................... 101 64
166
Latin America ................................................................................................................................. 46 52
70
Total International 214 57
335
e-Citi ................................................................................................................................................... (35) (166)
(93)
Other Consumer ................................................................................................................................. (18) (44)
(26)
981 23
Total Global Consumer ................................................................................................................... 1,207
Global Corporate and Investment Bank
Salomon Smith Barney ....................................................................................................................... 648 48
957
Emerging Markets 324 22
396
Global Relationship Banking 196 26
247
Total Global Corporate Bank 520 24
643
Commercial Lines Insurance .............................................................................................................. 189 27
240
1,357 36
Total Global Corporate and Investment Bank.............................................................................. 1,840
Global Investment Management and Private Banking
SSB Citi Asset Management Group ................................................................................................... 80 13
90
Private Bank ....................................................................................................................................... 57 44
82
137 26
Total Global Investment Management and Private Banking...................................................... 172
(150) (67)
Corporate/Other............................................................................................................................... (251)
90 604
Investment Activities........................................................................................................................ 634
2,415 49
Core Income...................................................................................................................................... 3,602
Restructuring-Related Items -- After Tax (A) .................................................................................. 74 (116)
(12)
Cumulative Effect of Accounting Changes (B).................................................................................. (127) NM
-
$2,362 52
Net Income ........................................................................................................................................ $3,590
Diluted Earnings Per Share:
$0.69 51
Core Income...................................................................................................................................... $1.04
0.68 53
Net Income ........................................................................................................................................ 1.04
(A) The restructuring-related items in the 2000 first quarter included $12 million of accelerated depreciation. The 1999 first quarter included a
credit for reversal of prior charges of $125 million and $51 million of accelerated depreciation.
(B) Refers to adoption of Statement of Position “SOP” 97-3, “Accounting by Insurance and Other Enterprises for Insurance-Related Assessments”
of ($135) million; adoption of SOP 98-7, “Deposit Accounting: Accounting for Insurance and Reinsurance Contracts That Do Not Transfer
Insurance Risk” of $23 million; and the adoption of SOP 98-5, “Reporting on the Costs of Start-Up Activities” of ($15) million.
NM Not meaningful.