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 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 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.
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 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 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.
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.
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.
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 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.
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 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 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.
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.
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.
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.
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 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 $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.
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.
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.
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.
Morgan Stanley reported $837 million in net income for Q3 2004, down 34% from Q3 2003 and 32% from Q2 2004. Net revenues were up 3% over Q3 2003 but down 18% from Q2 2004. While investment banking divisions performed well, completing large deals, reduced trading revenues resulted in lower quarterly earnings. For the first nine months of 2004, net income was $3.286 billion, an 18% increase over the same period in 2003.
Morgan Stanley reported strong financial results for fiscal year 2003. Net income increased 28% to $3.8 billion and earnings per share rose 29%. In the 4th quarter, net income increased 42% year-over-year to $1 billion, though it was 18% lower than the previous quarter. The company also announced a 9% increase to its quarterly dividend.
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.
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-
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.
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%.
- 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.
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.
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
Morgan Stanley reported financial results for the third quarter of 2008. Net revenues were $8.0 billion, a 1% increase from the third quarter of 2007. Earnings per share were $1.32. Business lines like commodities, foreign exchange and equity trading performed strongly, with record results in prime brokerage. However, mortgage trading incurred losses of $640 million. Overall, the company saw solid performance despite challenging market conditions.
Morgan Stanley reported a 35% increase in earnings per share for the first quarter of 2004 compared to the first quarter of 2003. Net income for the quarter was $1.2 billion, up 35% from the prior year. Revenues were $6.2 billion for the quarter, a 14% increase from the first quarter of 2003, driven by strong performance in sales and trading businesses. The company saw record revenues and market share gains in investment banking during the quarter.
Yahoo reported financial results for Q2 2008 with the following highlights:
- Revenues were $1.8 billion, up 6% year-over-year, driven by a 14% increase in marketing services revenues from owned and operated sites.
- Operating income was $101 million, down 45% due to $22 million in costs related to strategic initiatives.
- Operating cash flow (before depreciation, amortization, and stock compensation) was $427 million, down 10% year-over-year.
- Net income was $131 million, down 18% year-over-year.
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
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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.
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 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 $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.
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.
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.
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.
Morgan Stanley reported $837 million in net income for Q3 2004, down 34% from Q3 2003 and 32% from Q2 2004. Net revenues were up 3% over Q3 2003 but down 18% from Q2 2004. While investment banking divisions performed well, completing large deals, reduced trading revenues resulted in lower quarterly earnings. For the first nine months of 2004, net income was $3.286 billion, an 18% increase over the same period in 2003.
Morgan Stanley reported strong financial results for fiscal year 2003. Net income increased 28% to $3.8 billion and earnings per share rose 29%. In the 4th quarter, net income increased 42% year-over-year to $1 billion, though it was 18% lower than the previous quarter. The company also announced a 9% increase to its quarterly dividend.
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.
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-
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.
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%.
- 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.
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.
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
Morgan Stanley reported financial results for the third quarter of 2008. Net revenues were $8.0 billion, a 1% increase from the third quarter of 2007. Earnings per share were $1.32. Business lines like commodities, foreign exchange and equity trading performed strongly, with record results in prime brokerage. However, mortgage trading incurred losses of $640 million. Overall, the company saw solid performance despite challenging market conditions.
Morgan Stanley reported a 35% increase in earnings per share for the first quarter of 2004 compared to the first quarter of 2003. Net income for the quarter was $1.2 billion, up 35% from the prior year. Revenues were $6.2 billion for the quarter, a 14% increase from the first quarter of 2003, driven by strong performance in sales and trading businesses. The company saw record revenues and market share gains in investment banking during the quarter.
Yahoo reported financial results for Q2 2008 with the following highlights:
- Revenues were $1.8 billion, up 6% year-over-year, driven by a 14% increase in marketing services revenues from owned and operated sites.
- Operating income was $101 million, down 45% due to $22 million in costs related to strategic initiatives.
- Operating cash flow (before depreciation, amortization, and stock compensation) was $427 million, down 10% year-over-year.
- Net income was $131 million, down 18% year-over-year.
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
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Covalent bonds form when atoms share electrons to achieve a full outer shell, giving the molecule an overall charge of zero. Hydrogen always forms covalent bonds because it has only one electron to share. Examples of covalent bonds include hydrogen gas (H2) and hydrogen chloride (HCl), which can be represented using electron-dot diagrams showing the shared electrons. Molecules are combinations of atoms held together by covalent bonds, such as polyatomic ions.
The digestive system begins in the mouth where mechanical and chemical digestion starts breaking down starches. Food then moves to the pharynx and esophagus through peristalsis. In the stomach, food is further broken down chemically and mechanically by HCl and pepsin over 3-6 hours. The partially digested food, now called chyme, spends 3-5 hours in the small intestine where nutrients are absorbed and enzymes from the liver, gallbladder and pancreas aid digestion. Undigested waste spends 18-24 hours in the large intestine where water is absorbed before moving to the rectum and anus to be excreted from the body.
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.
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 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 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.
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 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.
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 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.
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- 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.
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.
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.
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
JPMorgan Chase reported first quarter 2009 net income of $2.1 billion, down from $2.4 billion in the first quarter of 2008. While credit costs were high at $10 billion, record firmwide revenue was generated. The Investment Bank achieved record revenue and net income through strong performance in debt and equity markets. Retail Banking saw growth in deposits and checking accounts due to the Washington Mutual integration. The balance sheet remained strong with a Tier 1 capital ratio of 11.3% and loan loss reserves of $28 billion. JPMorgan Chase continued lending activities and foreclosure prevention efforts during the quarter.
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 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.
Merrill Lynch reported record quarterly net revenues of $8.0 billion for Q1 2006, up 28% from Q1 2005. Net earnings were $475 million, though excluding one-time compensation expenses earnings were $1.7 billion, up 36% from Q1 2005. All three business segments saw increased net revenues both sequentially and year-over-year. Global Markets revenues rose 37% to $4.6 billion due to strong performance across equity, debt, and investment banking. Global Private Client revenues increased 13% to $2.9 billion on higher fees and client assets. Merrill Lynch Investment Managers revenues grew 38% to $570 million on higher assets under management.
JPMorgan Chase reported third quarter 2009 net income of $3.6 billion, an increase from $527 million in third quarter 2008. Revenue was $28.8 billion, a record year-to-date. Credit costs remained high at $31.5 billion and the firm added $2 billion to consumer credit reserves. The firm's capital levels were strengthened with Tier 1 Common at $101 billion and ratios of 8.2% and 10.2% respectively. While signs of credit stability emerged, continued uncertainty led to higher reserves. The firm's strong capital position will enable continued investment despite this uncertainty.
JPMorgan Chase reported third quarter 2009 net income of $3.6 billion, an improvement from $527 million in the third quarter of 2008. Revenue was $28.8 billion, a record level for the year to date. Credit costs remained high at $2 billion added to consumer credit reserves, bringing the total to $31.5 billion. The firm's capital levels were strengthened with Tier 1 Common Capital reaching $101 billion, or 8.2% of the total. While signs of stability were seen in consumer credit, continued uncertainty remains around the economy. JPMorgan Chase aims to continue investing in its businesses through the challenging environment.
Similar to citigroup January 16, 2001 - Fourth 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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OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
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citigroup January 16, 2001 - Fourth Quarter Press Release
1. FOR IMMEDIATE RELEASE
CITIGROUP REPORTS 4th QUARTER AND FULL-YEAR EARNINGS
4th QUARTER CORE INCOME OF $3.33 BILLION, Up 11%, NET OF $146 MILLION CHARGE FOR
TRANSPORTATION LOSS PROVISION AND CONFORMING ADJUSTMENTS FOR ASSOCIATES;
DILUTED CORE EPS UP 12% TO $0.65
th
4 QUARTER REVENUE INCREASED 11%
2000 CORE INCOME UP 25% TO RECORD $14.14 BILLION, NET OF $298 MILLION CHARGE FOR
TRANSPORTATION LOSS PROVISION AND CONFORMING ADJUSTMENTS FOR ASSOCIATES;
DILUTED CORE EPS OF $2.74
FULL-YEAR REVENUE UP 14%
th
4 Quarter Net Income of $2.84 Billion, Net of $491 Million in Restructuring and Merger-Related Items
Full-Year Net Income of $13.52 Billion, Net of $621 Million in Restructuring and Merger-Related Items
New York, NY, January 16, 2001 – Citigroup Inc. (NYSE:C) today reported core income for the fourth quarter
of $3.33 billion, or $0.65 per share, diluted, increasing 12%, after an aggregate charge of $146 million (or
$0.03/share) relating to a transportation loss provision for the Associates’ truck loan and leasing portfolio and
adjustments to reflect the timing differences of conforming Associates’ accounting policies to those of
Citigroup. Core income for the full year was a record $14.14 billion, or $2.74 per share, diluted, for the year
ended December 31, 2000, a 25% increase over the prior year. These results are after an aggregate charge
of $298 million (or $0.06/share) relating to the aforementioned items. Net income of $13.52 billion for the year
ended December 31, 2000, was also reduced by $621 million in restructuring and merger-related items
primarily related to the acquisition of the Associates.
• Each of Citigroup’s business segments continued strong performance in the quarter, with growth
of 25% in the Global Consumer Group, 10% in the Global Corporate and Investment Bank, and
8% for Global Investment Management and Private Banking;
• Total revenue increased 14%;
• Return on common equity was 24% for the full year;
• Total equity (including trust preferred securities) increased to $71.2 billion at December 31,
2000;
• The Global Corporate and Investment Bank was named “Bank of the Year” by International
Financial Review, for the second consecutive year;
• Citibank Online, the company’s recently launched Internet banking product, was ranked number
one by Gomez and Forrester Research.
“This has been a year of enormous accomplishment for Citigroup and we are delighted with the
strength of our performance company-wide,” said Sanford I. Weill, Chairman and Chief Executive
Officer of Citigroup. “We are among the top earning companies in the world, with all of our major
business segments contributing to our success, and we continue to increase our base of recurring
and predictable earnings. We are taking steps to assure that our footprint in rapidly growing
markets is significant enough to take full advantage of the developing potential in these areas,
and tailoring our investment, insurance and consumer finance products to the needs of the emerging
middle class around the world.
“The acquisitions of Schroders and Associates are contributing to our core earnings even as
they build our business capabilities in strategically important markets. In addition, we have made
significant progress on our Internet strategy, with the launch of several new and well-accepted
products into the consumer and corporate markets, including the number-one ranked Internet banking
product.”
1
2. GLOBAL CONSUMER
4th Quarter Core Income: $1.47 Billion, up 25% from $1.17 Billion
2000 Core Income: $5.29 Billion, up 22%
Citigroup’s Global Consumer businesses contributed $1.47 billion in core income in the fourth quarter,
rising 25% on the strength of North America Cards’ and Travelers Life and Annuity’s performance,
controlled expense growth, and generally stable credit trends across most businesses. Citigroup’s
global cards business, spanning 46 countries with 100 million accounts, increased receivables to $117.7
billion, generating core income of $650 million. During the year, Citigroup also launched a number of
significant Internet-based products designed to meet a full spectrum of consumer financial needs,
including MyCiti.com, the first account aggregation site to be offered by a major financial services firm,
as well as c2it, one of the first person-to-person payments capabilities over the Internet. More than 8.2
million on-line accounts now access Citigroup’s products and services over the Internet. Cross-
marketing programs throughout the Global Consumer business continue to increase their contribution to
results, as both SSB mortgage referrals and the sale of Travelers individual annuities were strong in the
quarter, and sales of CitiFinancial home equity loans surged 43%.
• Core income from Banking/Lending rose 27% to $761 million, led by North America Cards, where
managed receivables increased 5% or $4 billion from the third quarter and 17% from one year ago.
The net interest margin improved by 19 basis points in the quarter, accelerating revenue growth to
6% and driving core income growth of 26% to $408 million from the prior year period. Citibanking
North America benefited from 8% deposit growth and expense controls which offset spread
compression and lower investment product fees, driving a 27% increase in core income. Mortgage
Banking core income growth of 38% reflected volume growth in both mortgages and student loans,
offset by lower spreads. CitiFinancial continued to generate strong production rates, with
receivables totaling more than $18 billion, up 18%, leading to core income growth of 22% in the
quarter.
• Insurance core income increased 22% to $419 million. Primerica’s core income rose 8%. Production was
strong, reflecting a 28% increase in loans, 15% growth in mutual fund sales, and 16% in face amount of
insurance issued, accompanied by strong recruitment and licensing. Revenue growth was partly offset by
investment in international expansion. Travelers Life and Annuity core income grew by 55%, driven by
strong business volumes, higher net investment income and the absence of certain expenses occurring in
the prior year quarter. Strong individual annuity sales continued in both proprietary and non-proprietary
channels, yielding the highest net sales in five quarters. Travelers Property Casualty’s Personal Lines
income decline of 9% reflected a continuation of higher loss costs as well as lower favorable prior year
reserve development partly offset by the incremental earnings from the minority interest buyback earlier in
2000. Net written premium growth, excluding SECURE, was 8% in the quarter.
• International core income increased 23%. In the developed markets of Western Europe and
Japan, income rose 43% to $129 million, led by substantial volume growth in Japan and the
contribution of the Diners Club acquisition, completed earlier in 2000, as well as growth in loans and
investment products across Europe. Emerging Markets Consumer core income of $218 million grew
14%. Excluding Japan, Asia core income increased 36%, reflecting volume growth in cards and
deposits and improvements in credit costs. CEEMEA core income increased 40%, due to increased
volumes throughout the region. Latin America core income fell 16%, reflecting revenue weakness in
certain Latin American markets, and lower earnings in Mexico. Results in Mexico were impacted by
the loss of a subsidy related to the Confia acquisition which was partially restored as a result of the
recent agreement with the Mexican Government. The agreement resulted in the recognition of $27
million of after-tax gains in the quarter, in addition to ongoing interest income.
2
3. GLOBAL CORPORATE AND INVESTMENT BANK
4th Quarter Core Income: $1.41 Billion, up 10% from $1.28 Billion
2000 Core Income: $6.37 Billion, up 28%
The Global Corporate and Investment Bank’s core income rose 10% in the quarter, with 14% revenue
growth, boosted by strong performance in the emerging markets. In addition to naming Citigroup as the
“Bank of the Year” for the second year in a row, with particular emphasis on Salomon Smith Barney’s
successful build-out in Europe and Japan, International Financing Review also named Citibank/SSB
“Global Loan House of the Year,” and Citigroup “Latin American Bank of the Year.” Citigroup was also
named “Bank of the Year” by Finance Asia magazine. Citibank’s product capabilities in the emerging
markets were recognized by Global Custodian magazine, which named Citibank the top-rated custody
bank in 19 emerging markets. In addition, Citibank was awarded “Best Bank” by Corporate Finance for
project finance, cash management and foreign exchange, and named “Best Emerging Markets Bank in
the World” by Global Finance. Citibank/SSB’s global derivatives and securitization businesses also
received top accolades from Global Finance. Salomon Smith Barney was further recognized for its lead
advisory role in the “Deal of the Year,” the merger of AOL and Time Warner, by Investment Dealers’
Digest. Salomon Smith Barney continues to demonstrate leadership in capital markets, ranking #1 in
global underwriting, and has made substantial strides in global mergers and acquisitions, moving to #4
from #7 one year ago.
• Reflecting the successful integration of these businesses, Salomon Smith Barney and The Global
Relationship Bank are now reported on a combined basis. For the full year, core income rose 23% with a
net revenue increase of 20%. In the fourth quarter, an industry-wide slowdown in several areas of
investment banking and securities brokerage activities drove a 13% decline in core income from the 1999
period, to $716 million. Results were also affected by higher expenses due to the Schroders and Copelco
acquisitions in 2000, and a substantial increase in compensation costs in response to competitor practices
and investment spending. Fees and commissions rose 3% in the quarter, primarily reflecting an increase
in institutional securities commissions. Asset management and administration fees retained in this
segment increased 29% largely in the Private Client wrap fee business where the firm continues its #1
position. Principal transactions revenue rose 2% reflecting higher equities and foreign exchange trading
income offset by a decline in fixed income trading. Investment banking revenue increased 8%, as record
merger and acquisition fees as well as increased fees from loans and structured products were partly
offset by a significant decline in high-margin equity underwriting.
Private client results reflected substantial growth for 2000, as the firm added a record 800 Financial
Consultants and gross production per FC exceeded $500,000 for the year. For the full year, Private Client
core income rose 17%, passing the $1 billion mark. However, for the quarter, core income declined to
$199 million, as the business invested substantially in additional branches as well as in technology
upgrades across the branch system. The number of accounts using Salomon Smith Barney’s on-line
Access service reached 1.5 million, almost tripling the household penetration from a year ago.
• Emerging Markets Corporate Banking reported record core income of $448 million, a 72% increase over
the 1999 quarter, driven by strong business conditions in all regions, tight expense control management as
well as credit improvements. Revenue growth of 24% reflected growth in transaction services and trading
results, as well as the contribution of Bank Handlowy, acquired earlier in 2000. Expense growth was held
to 9% (a 2% improvement over the 1999 quarter excluding the impact of the Handlowy acquisition). The
provision for loan losses continued to improve, down $90 million, primarily in the Asia region.
• Travelers Property Casualty Commercial Lines core income increased 25% driven by continued
pricing improvements across all market segments, as well as the minority interest buyback earlier in
2000, partly offset by increased loss cost trends and lower net investment income. Net written
premiums increased 22%, including the impact of Reliance Surety and the purchase of renewal
rights for Reliance’s middle market business and Frontier specialty business.
3
4. GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING
4th Quarter Core Income: $163 Million, up 8% from $151 Million
2000 Core Income: $685 Million, up 15%
During the quarter, Citigroup’s Global Investment Management and Private Banking Group continued to
invest in developing its global research platform, improving investment performance and expanding its
activities in the retirement services market, while increasing sales through proprietary distribution
channels throughout the company. Revenues for the quarter rose 16%, with double-digit growth
experienced in the Private Bank and across Asset Management and Retirement Services, led by the
increased ownership stakes in Garante and Siembra.
• Asset Management core income (including Retirement Services) was $78 million, unchanged from
the prior year period, as revenue growth of 19% was offset by continued investment spending to
build the business’ global sales and marketing capacity as well as its research, quantitative and
technology platforms. Assets under management increased 6% to $401 billion, as net flows were
offset by declines in market values.
Sales of the group’s long-term mutual funds and managed account products through the Salomon
Smith Barney retail channel rose 71% to $6.5 billion, representing 56% of this channel in the
quarter. The group’s share of the Primerica channel was 54%, with $429 million in SSB Citi Asset
Management U.S. mutual and money funds sold. Sales through Citibank’s global retail banking
network reached $3.0 billion in the quarter. Share of the U.S. branch channel reached 74%,
following the successful launch of the Smith Barney mutual funds in the third quarter. Institutional
client assets rose to $154 billion, including $5.5 billion in assets raised from Global Corporate and
Investment Bank customers in the fourth quarter.
• Core income for the Private Bank rose 16% to $85 million. Revenues increased 11% with stronger
asset management fees as well as higher interest income, partly offset by continued investment in
sales infrastructure. Client business volumes rose 9%, reaching $153 billion.
ASSOCIATES FIRST CAPITAL
th
4 Quarter Core Income: $289 million,
Including $135 Million in Transportation Loss Provision and $11 Million in Conforming
Adjustments
2000 Core Income: $1.38 Billion, down 1%
Including Transportation Loss Provision and $163 Million in Conforming Adjustments
Associates First Capital core income for the fourth quarter was $289 million, versus $394 million in the prior
year period, reflecting an aggregate charge of $146 million relating to a transportation loss provision for the
truck loan and leasing portfolio and adjustments reflecting the timing differences of conforming Associates’
accounting policies to those of Citigroup. Full year core income of $1.38 billion also included $298 million for
these items. Net income for Citigroup also reflects $459 million in restructuring and merger-related items in
the fourth quarter as a result of the Associates acquisition. Revenue growth was 22%, driven by higher net
interest income as a result of 17% receivables growth. Expenses in the quarter rose 19%.
4
5. CORPORATE/OTHER, E-CITI, AND INVESTMENT ACTIVITIES
The loss from Corporate/Other decreased in the quarter primarily reflecting lower Y2K costs at the
corporate level partially offset by higher funding costs. Losses in e-Citi, the remainder of internet-
related development activities not allocated to the individual businesses, improved from the prior year
quarter. Income from Investment Activities was $203 million, down from the prior year and the prior
quarter, reflecting realized and unrealized gains in a number of private equity investments offset by
lower market values in the company’s public equity securities.
Citigroup (NYSE: C), the preeminent global financial services company, provides some 120 million consumers, corporations, governments and
institutions in more than 100 countries with a broad range of financial products and services, including consumer banking and credit, corporate and
investment banking, insurance, securities brokerage and asset management. Major brand names under Citigroup’s trademark red umbrella are
Citibank, CitiFinancial, Primerica, Salomon Smith Barney, and Travelers. Additional information may be found at www.citigroup.com.
A financial summary follows. Additional financial, statistical and business-related information, as well as business and segment trends, is
included in a Financial Supplement. Both the earnings release and the Financial Supplement are available on Citigroup’s web site
(http://www.citigroup.com). This document can also be obtained by calling 1-800-853-1754 within the United States or 732-935-2771 outside
the United States.
This document may contain forward-looking information subject to risks, uncertainties and information subject to risks, uncertainties and other
factors that could materially affect results. For further information, please see Citigroup’s reports filed with the SEC pursuant to the Securities
Exchange Act of 1934 which are available at the SEC’s website (www.sec.gov).
Press: Leah Johnson (212) 559-9446 Dick Howe (212) 559-9425
Investors: Sheri Ptashek (212) 559-4658
5
6. Citigroup Segment Income Fourth Quarter % Year Ended %
(In Millions of Dollars) 2000 1999 Change 2000 1999 Change
Global Consumer
Citibanking North America……………………………………………… $ 146 $ 115 27 $ 566 $ 398 42
Mortgage Banking………………………………………………………… 76 55 38 272 225 21
North America Cards……………………………………………………… 408 324 26 1,381 1,182 17
CitiFinancial……………………………………………………………… 131 107 22 481 388 24
Banking / Lending………………………………………………………….. 761 601 27 2,700 2,193 23
Travelers Life and Annuity………………………………………………… 209 135 55 777 623 25
Primerica Financial Services……………………………………………. 124 115 8 492 452 9
Personal Lines……………………………………………………………… 86 94 (9) 311 279 11
Insurance……………………………………………………………………… 419 344 22 1,580 1,354 17
Western Europe…………………………………………………………… 94 72 31 345 275 25
Japan……………………………………………………………………… 35 18 94 139 87 60
Emerging Markets Consumer Banking…………………………………… 218 191 14 830 624 33
Total International…………………………………………………………… 347 281 23 1,314 986 33
e-Consumer…………………………………………………………………… (45) (33) (36) (202) (111) (82)
Other Consumer……………………………………………………………… (16) (22) 27 (98) (75) (31)
Total Global Consumer…………………………………………………… 1,466 1,171 25 5,294 4,347 22
Global Corporate and Investment Bank
Salomon Smith Barney and The Global Relationship Bank 716 824 (13) 3,688 2,989 23
Emerging Markets Corporate Banking……………………………………… 448 260 72 1,610 1,162 39
Commercial Lines Insurance……………………………………………. 250 200 25 1,072 845 27
Total Global Corporate and Investment Bank…………………………… 1,414 1,284 10 6,370 4,996 28
Global Investment Management and Private Banking
SSB Citi Asset Management Group………………………………………… 78 78 - 361 328 10
Global Private Bank………………………………………………………… 85 73 16 324 269 20
Total Global Investment Management and Private Banking……….. 163 151 8 685 597 15
Associates Before Transportation Loss Provision (A)…………………… 424 394 8 1,516 1,402 8
Transportation Loss Provision……………………………………………… (135) - NM (135) - NM
Total Associates……….….…...……………………………………… 289 394 (27) 1,381 1,402 (1)
Investment Activities……………………………………………………… 203 213 (5) 1,363 658 107
Corporate / Other……………………………………………………….. (195) (201) 3 (888) (605) (47)
E-Citi…………………………………………………………………….. (9) (14) 36 (65) (50) (30)
Total Corporate / Other…………………………………………………… (204) (215) 5 (953) (655) (45)
Core Income (B)…………………………………………………………… 3,331 2,998 11 14,140 11,345 25
Restructuring and Merger Related Items -- After Tax (C)…………………… (491) 17 NM (621) 25 NM
Cumulative Effect of Accounting Changes (D)……………………………… - - NM - (127) NM
Net Income……………………………………………………………………$ 2,840 $ 3,015 (6) $ 13,519 $ 11,243 20
Diluted Earnings Per Share:
Core Income (E)…………………………………………………………… $ 0.65 $ 0.58 12 $ 2.74 $ 2.19 25
Net Income…………………………………………………………………… 0.55 0.58 (5) 2.62 2.17 21
(A) The transportation loss provision of $135 million (after-tax) and conforming accounting adjustments of $11 million (after-tax) in the 2000 fourth
quarter and $163 million in the full year reduced core income earnings per share by $0.03 and $0.06, respectively. Conforming accounting adjustments
of $14 million in the 1999 fourth quarter had no impact on core earnings per share and adjustments of $110 million in the 1999 full year reduced
core income earnings per share by $0.02.
(B) Core Income Before Transportation Loss Provision is $3.466 billion and $2.998 billion in the 2000 and 1999 fourth quarters, respectively, and
$14.275 billion and $11.345 billion in the 2000 and 1999 full years, respectively.
(C) Restructuring and merger-related items in the 2000 fourth quarter related to the acquisition of Associates First Capital Corporation include a
restructuring charge of $340 million for business improvement and integration initiatives and $119 million for merger-related expenses.
(D) Refers to adoption of Statement of Position quot;SOPquot; 97-3, quot;Accounting by Insurance and Other Enterprises for Insurance-Related Assessmentsquot; 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.
7. Core Income Supplemental Disclosure Fourth Quarter % Year Ended %
(In Millions of Dollars) 2000 1999 Change 2000 1999 Change
Global Corporate and Investment Bank
Global Corporate Finance………………………………………………… $ 829 $ 750 11 $ 3,617 $ 3,019 20
Transaction Services……………………………………………………… 130 58 124 512 195 163
Private Client……………………………………………………………… 199 264 (25) 1,070 918 17
Commercial Lines Insurance……………………………………………… 250 200 25 1,072 845 27
Other……………………………………………………………………… 6 12 (50) 99 19 NM
Total Global Corporate and Investment Bank……………………………$ 1,414 $ 1,284 10 6,370 4,996 28
Emerging Markets Consumer and Corporate Banking
Asia…………………………………………………………………………… $ 270 $ 183 48 $ 1,164 $ 821 42
Latin America………………………………………………………………… 245 217 13 956 866 10
Central and Eastern Europe, Middle East and Africa………………………… 137 81 69 491 305 61
Other………………………………………………………………………… 41 7 NM 63 (3) NM
Total Emerging Markets……………………………………………………$ 693 $ 488 42 $ 2,674 $ 1,989 34
Global Wealth Management
Private Client…………………………………………………………………$ 199 264 (25) 1,070 918 17
SSB Citi Asset Management Group………………………………………… 78 78 - 361 328 10
Global Private Bank………..……………………………….………..… 85 73 16 324 269 20
Global Consumer Investment, Life Insurance
and Annuity Products……………………………………………………… 353 269 31 1,414 1,122 26
Total Global Wealth Management……………………………………………$ 715 $ 684 5 $ 3,169 $ 2,637 20
Global Cards
North America…………………………………………………………… $ 408 $ 324 26 $ 1,381 $ 1,182 17
International…………………………………………………………… 115 91 26 433 238 82
Associates……………….…...…...…………………………………… 127 83 53 380 268 42
Total Global Cards………..….….…...…………………………………… $ 650 $ 498 31 $ 2,194 $ 1,688 30