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 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 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.
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.
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 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.
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 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 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.
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.
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 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.
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 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 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 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.
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 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 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.
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.
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 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.
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.
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.
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.
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.
Morgan Stanley reported net income of $735 million for Q3 2001, down 41% from $1.246 billion in Q3 2000. Net revenues were $5.3 billion, down 16% year-over-year. The annualized return on equity was 15% for the quarter. While global economic concerns increased, Morgan Stanley believes in long-term growth opportunities and will increase share repurchases. Securities net income was $414 million, down 50% from last year's strong third quarter due to lower market activity. Credit services net income was $196 million, down 14%, with higher net charge-offs offsetting increases in interest income and fees.
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%.
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 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.
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.
Morgan Stanley reported second quarter net income of $599 million, including a $287 million pre-tax impairment charge related to its aircraft financing business. Net revenues were $5 billion, up 2% from the prior year's second quarter but down 8% from the first quarter of 2003. Fixed income sales contributed strongly to earnings while challenging market conditions negatively impacted advisory and equity revenues. For the first half of 2003, net income was $1.5 billion with net revenues of $10.5 billion, up 3% from the prior year.
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.
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 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 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 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.
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 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 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.
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.
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 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.
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.
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.
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.
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.
Morgan Stanley reported net income of $735 million for Q3 2001, down 41% from $1.246 billion in Q3 2000. Net revenues were $5.3 billion, down 16% year-over-year. The annualized return on equity was 15% for the quarter. While global economic concerns increased, Morgan Stanley believes in long-term growth opportunities and will increase share repurchases. Securities net income was $414 million, down 50% from last year's strong third quarter due to lower market activity. Credit services net income was $196 million, down 14%, with higher net charge-offs offsetting increases in interest income and fees.
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%.
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 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.
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.
Morgan Stanley reported second quarter net income of $599 million, including a $287 million pre-tax impairment charge related to its aircraft financing business. Net revenues were $5 billion, up 2% from the prior year's second quarter but down 8% from the first quarter of 2003. Fixed income sales contributed strongly to earnings while challenging market conditions negatively impacted advisory and equity revenues. For the first half of 2003, net income was $1.5 billion with net revenues of $10.5 billion, up 3% from the prior year.
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.
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 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 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 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 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 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 $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 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.
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.
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
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 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.
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.
Sterling Bancorp reported financial results for full year and fourth quarter 2009. Net income for 2009 was $9.4 million, down from $16 million in 2008, due to a higher provision for loan losses and increased expenses, which offset higher net interest income and noninterest income. For the fourth quarter, net income was $2.6 million, down from $4 million a year ago. Sterling's pre-tax, pre-provision income rose 26% for the full year and 29% for the fourth quarter, driven by loan and deposit growth, increased noninterest income, and expense management. Credit quality improved as nonaccrual loans decreased in the third and fourth quarters.
JPMorgan Chase reported first quarter 2010 net income of $3.3 billion, up from $2.1 billion in the first quarter of 2009. The Investment Bank generated strong results driven by fixed income markets revenue. Retail Financial Services reported a net loss due to high credit costs, though Retail Banking saw higher profits. While credit costs remained elevated, the firm saw signs of stabilization and improvement in some consumer credit portfolios.
Similar to citigroup July 19, 2000 - Second 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.
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
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My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
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citigroup July 19, 2000 - Second Quarter Press Release
1. FOR IMMEDIATE RELEASE
CITIGROUP SECOND QUARTER CORE INCOME RISES 21% TO $3.0 BILLION
First Half Core Income up 35% to $6.6 Billion
Revenues up 10% to $16.4 Billion from $15.0 Billion
DILUTED EPS $0.87, UP 23% FROM $0.71
New York, NY, July 19, 2000 – Citigroup Inc. (NYSE:C) today reported core income of
$3.0 billion for the second quarter ended June 30, 2000. Core income per share, diluted,
was $0.87, a 23% increase over that reported in the 1999 second quarter. For the first
six months of 2000, Citigroup’s core income was a record $6.6 billion, or $1.91 per share
rising 36%, from the first half of 1999. The diversity and strength of Citigroup’s
businesses and continued emphasis on expense and risk management during the
second quarter delivered:
• Core earnings growth of 22% in the Global Consumer Group, 24% in the
Global Corporate and Investment Bank, and 11% for Global Investment
Management and Private Banking;
• Return on equity of 24.8%;
• Total capital (including trust preferred securities) increased to $56.5 billion at
6/30/00.
“Our outstanding results for the quarter demonstrate the impact of our market share gains
around the world, the consistent growth of our consumer businesses, the company’s discipline
in managing risk and our continued investment in our future,” said Sanford I. Weill, Chairman
and Chief Executive Officer. “We have invested substantially this quarter in acquisitions and
partnerships that meaningfully expand our global businesses. We not only completed the
acquisition of Schroders, but we made tremendous headway in the integration of that business
and the resulting organization, Schroder Salomon Smith Barney, has quickly become a leading
investment and corporate banking force throughout Europe. We further strengthened our
presence in Central Europe with the acquisition of a majority interest in Bank Handlowy, one of
Poland’s leading commercial banks, and continued to build our presence in Asia through an
alliance with the Fubon Group in Taiwan. We also acquired the remaining 15% of Travelers
Property Casualty that we did not own.
“We continue to build our capabilities on the Internet and other new media,” continued Weill.
Yesterday, we announced a wide-ranging alliance with America Online under which we will
integrate our payments and money transfer capabilities into all AOL brands and broaden
access to our products among millions of online consumers. We were also the first global
financial services firm to launch account aggregation capabilities at our new MyCiti.com site.
These are critical steps toward our goals of, over time, making available a comprehensive suite
of consumer financial services accessible at any time, through any device, and strengthening
our position as the payments engine of the Internet. We are also involved in a number of
initiatives that make it easier for our corporate customers to do business on the Web,
and are actively participating in Internet- based capital markets.”
GLOBAL CONSUMER
nd
2 Quarter Core Income: $1.28 Billion, up 22% from $1.05 Billion
2. Citigroup’s Global Consumer Group achieved record earnings for the eighth consecutive
quarter, driven by growth in global cards and continued strong sales of investment
products around the world. Citigroup’s global cards business, with 55 million accounts
and almost $92 billion in receivables across 46 countries, posted 31% income growth
and 13% receivables growth in the second quarter. Cross marketing programs also
contributed to results, with Salomon Smith Barney generating strong demand for
Travelers individual annuities and mortgage referrals to the consumer and Private Bank.
Credit trends across all of Citigroup’s global consumer businesses were stable-to-
improving in the quarter. Results for the quarter include e-Consumer, representing the
portion of Internet development investment directly related to Citigroup’s consumer
businesses.
• Banking/Lending core income rose 23% to $629 million. Higher deposit spreads
and increased sales of deposit and investment products drove 10% revenue growth
and 35% income growth at Citibanking North America. Mortgage Banking core
income rose 27% as higher servicing revenue and both internal and acquired student
loan growth offset flat mortgage originations. The North America Cards business
generated sales volume and receivables growth of 19% and 13%, respectively, while
adding 1 million new accounts. This growth, combined with a continued decline in
loss rates to 3.96% in the second quarter, offset margin compression to produce a
10% increase in core income. At CitiFinancial, receivables growth of 23% and
continued emphasis on expense discipline and credit quality led to a 50% increase in
income.
• Core income from the Insurance businesses rose 12% to $409 million. Travelers
Life and Annuity’s income increased 17% driven by 20% growth in individual annuity
volumes, higher net investment income, and lower expenses. Income growth of 11%
at Primerica Financial Services reflected 42% higher mutual fund sales and increased
net investment income partly offset by continued spending for infrastructure, including
international expansion, compliance and sales support. Travelers Property Casualty
Personal Lines income increased 4%, as incremental earnings from the minority
purchase and increased net investment income were partly offset by increased loss
trends.
• International income increased 42%. Income in Europe, Middle East and Africa rose
26% in the quarter. Excluding the net currency translation impact, income would have
risen 47%. Revenue growth in the region of 2% (14% excluding net currency
translation) was led by volume increases in lending products, including cards, and
investment product sales. Income growth of 69% in Asia Pacific reflected 27%
revenue growth, fueled by cards (including the recent acquisition of Diners Club
Japan), as well as deposits and investment product revenues, which doubled from
the prior year. Latin America income was unchanged in the quarter, although
excluding the net currency translation impact, income would have risen 9%.
Improving credit loss trends and increased earnings from Credicard, the company’s
one third owned Brazilian credit card subsidiary were offset by the reduction in
interest income related to Confia.
GLOBAL CORPORATE AND INVESTMENT BANK
nd
2 Quarter Core Income: $1.54 Billion, up 24% from $1.24 Billion
Global Corporate and Investment Bank earnings for the second quarter of 2000 rose
24% from the comparable period last year, with revenue growth of 13%. The successful
integration of the Citibank and Salomon Smith Barney platforms was underscored by the
3. business’ market share gains, as Salomon Smith Barney achieved the #1 ranking in
global debt and equity underwriting in the quarter, and was #1 in all international debt
issuance year to date. The business made substantial progress in Europe, with the
formation of Schroder Salomon Smith Barney, ranking #4 in European mergers and
acquisitions and equity underwriting year to date. In addition, Nikko Salomon Smith
Barney, the company’s Japanese joint venture, ranked #1 in equity underwriting and #1
in mergers and acquisitions for the first half of 2000. During the quarter, the Global
Corporate and Investment Bank also increased its market share in a key emerging
market through Citibank’s acquisition of 66% of Bank Handlowy, Poland’s largest
corporate bank, and strengthened its position in the U.S. leasing market through
Citibank’s purchase of Copelco, a leader in small ticket vendor leasing. The Global
Corporate and Investment Bank also won in more than 50 categories in the recent
Euromoney Awards for Excellence, including Best Bank in Asia, Best Foreign Bank in the
Eurozone and Best Corporate Bond Firm.
• Salomon Smith Barney’s core income was $641 million for the second quarter, 5%
above the second quarter of 1999. Revenues increased 13% from the second
quarter of 1999, with higher commissions and investment banking revenues and a
record level of revenue from the portion of asset management revenue retained in the
segment. Principal transactions revenue fell 9% from the prior year period, and was
down $224 million from the first quarter of 2000, primarily as a result of less robust
conditions in fixed income markets. The Private Client business continued to perform
well, generating 18% growth in income, and with the value of client assets rising 21%
to $1.032 trillion, with assets under fee-based management increasing 36%. More
than 1.4 million accounts, or 20% of total accounts, now use Access, Salomon Smith
Barney’s web site and on-line trading product. Expenses increased 19% over
the1999 quarter due to increased compensation expense and the Schroders
acquisition. Income also reflected the company’s 20.7% ownership in Nikko
Securities.
• The Global Corporate Bank reported core income of $629 million, up 45% from the
1999 second quarter. Excluding the Bank Handlowy and Copelco acquisitions,
double-digit growth in Transaction Services and improved trading-related revenues
combined to produce a 17% improvement in revenues. On the same basis,
expenses rose 3% as investment spending in the emerging markets and higher
incentive compensation were offset by lower Year 2000 expenses, the impact of
previous restructuring actions, and ongoing expense initiatives. Net write-offs rose
$20 million to $131 million, reflecting higher write-offs in North America and Latin
America.
• Continued pricing improvements in the middle market segment, higher net investment
income, and the purchase of the minority interest led to a 33% increase in core
income for Travelers Property Casualty Commercial Lines. Higher net written
premiums reflected stronger pricing and the impact of the Reliance Surety acquisition
which closed in the second quarter.
GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING
nd
2 Quarter Core Income: $172 Million, up 11% from $155 Million
During the quarter, Citigroup’s Global Investment Management and Private Banking
Group continued to make substantial progress in expanding its distribution of its products
through proprietary and third party channels globally. The Group also enhanced its
position in the growing retirement services market, with the purchase of additional
4. interest in Siembra in Argentina in the second quarter, and by launching the CitiStreet
joint venture. Revenues for the quarter increased 24%.
• Asset Management income rose 11% to $93 million in the quarter. Revenues
increased 34%, as the impact of increased ownership in Siembra and Garante and
growth in its core business more than offset higher expenses related to continued
investment in the global sales and marketing and research platform. Assets under
management rose 8% over the prior year period, to $389 billion.
Sales of the Group’s long-term mutual funds and managed account products through
the Salomon Smith Barney retail channel rose 13% to $4.8 billion, representing 38%
of all such products distributed through the retail channel. Primerica sold $469 million
of the Group’s U.S. money and mutual funds in the quarter, equal to 46% of all
Primerica’s sales. The Group also sold $3.5 billion in mutual and money funds
through Citibank’s global consumer channels, raising $506 million in Europe and
$322 million in Japan. In the U.S., successful mutual fund launches included the
Premier Selections funds, which added $755 million in sales during the quarter.
Institutional client assets rose 6% to $153 billion, including $6 billion in assets raised
from Global Corporate and Investment Bank customers in the second quarter.
• Core income for the Private Bank rose 11% to $79 million. Client business volumes,
which include loans, deposits and client assets under fee-based management and
custody accounts, rose 19% to $149 billion. Revenue growth of 12% was driven by
increased volumes in discretionary investment management as well as in banking
and lending products. Expenses grew 13%, as the Private Bank continued to invest in
its sales processes, adding 85 bankers and product specialists year to date.
CORPORATE/OTHER, E-CITI, AND INVESTMENT ACTIVITIES
The increased loss from Corporate/Other in the quarter primarily reflected higher
funding costs. Net investment in e-Citi, the remainder of internet-related development
activities not allocated to the individual businesses, rose $6 million to $17 million. Income
from Investment Activities was $234 million in the quarter, up 44% over the prior year
although down substantially from the first quarter.
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 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.
Contacts:
Press: Leah Johnson (212) 559-9446 Dick Howe (212) 559-9425
Investors: Sheri Ptashek (212) 559-4658
5. % %
Citigroup Segment Income Second Quarter Six Months
1999 Change 1999 Change
(In Millions of Dollars) 2000 2000
Global Consumer
Citibanking North America....................................................... $ 102 35 $ 173 59
$ 138 $ 275
Mortgage Banking..................................................................... 52 27 111 14
66 127
North America Cards ................................................................ 279 10 557 8
308 604
CitiFinancial.............................................................................. 78 50 149 54
117 229
Banking/Lending .......................................................................... 511 23 990 25
629 1,235
Travelers Life and Annuity ....................................................... 173 17 320 22
202 389
Primerica Financial Services..................................................... 113 11 223 9
125 244
Personal Lines........................................................................... 79 4 162 (3)
82 157
Insurance ...................................................................................... 365 12 705 12
409 790
Europe, Middle East, and Africa............................................... 73 26 141 38
92 194
Asia Pacific ............................................................................... 108 69 210 70
183 357
Latin America ........................................................................... 41 - 88 26
41 111
Total International ........................................................................ 222 42 439 51
316 662
e-Consumer (A) ............................................................................ (28) (64) (51) (125)
(46) (115)
Other Consumer ........................................................................... (23) (22) (39) (44)
(28) (56)
1,047 22 2,044 23
Total Global Consumer ............................................................. 1,280 2,516
Global Corporate and Investment Bank
Salomon Smith Barney ................................................................. 610 5 1,258 27
641 1,598
Emerging Markets..................................................................... 286 29 601 27
370 762
Global Relationship Banking .................................................... 147 76 334 49
259 499
Total Global Corporate Bank ....................................................... 433 45 935 35
629 1,261
Commercial Lines Insurance ........................................................ 201 33 390 30
267 507
1,244 24 2,583 30
Total Global Corporate and Investment Bank........................ 1,537 3,366
Global Investment Management and Private Banking
SSB Citi Asset Management Group ............................................. 84 11 165 12
93 185
Global Private Bank...................................................................... 71 11 126 27
79 160
155 11 291 19
Total Global Investment Management and Private Banking 172 345
Corporate/Other............................................................................ (120) (66) (261) (74)
(199) (455)
e-Citi (A)....................................................................................... (11) (55) (16) (94)
(17) (31)
(131) (65) (277) (75)
Total Corporate/Other............................................................... (216) (486)
162 44 251 246
Investment Activities.................................................................. 234 868
2,477 21 4,892 35
Core Income................................................................................ 3,007 6,609
Restructuring-Related Items -- After Tax (B) ............................ (29) 93 45 NM
(2) (14)
Cumulative Effect of Accounting Changes (C)............................ - - (127) NM
- -
$2,448 23 $4,810 37
Net Income .................................................................................. $3,005 $6,595
Diluted Earnings Per Share:
$0.71 23 $1.40 36
Core Income................................................................................ $0.87 $1.91
0.70 24 1.38 38
Net Income .................................................................................. 0.87 1.90
Supplemental Information:
Worldwide Cards.......................................................................... $328 31 $663 23
$429 $813
(A) Previously shown as a part of e-Citi and presented in the Global Consumer segment.
(B) The restructuring-related items in 2000 included a credit for the reversal of prior charges of $31 million, $19 million of accelerated depreciation,
and $14 million of charges in the second quarter and $12 million of accelerated depreciation in the first quarter. The 1999 second quarter
included $29 million of accelerated depreciation and the 1999 first quarter included a credit for reversal of prior charges of $125 million and $51
million of accelerated depreciation.
(C) 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.
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6. % %
Supplemental GCIB Disclosure Second Quarter Six Months
1999 Change 1999 Change
(In Millions of Dollars) 2000 2000
Global Corporate and Investment Bank
Global Corporate Finance ......................................................... 755 12 1,581 20
842 1,904
Transaction Services ................................................................. 40 225 79 182
130 223
Private Client ............................................................................ 225 18 436 47
265 641
Commercial Lines Insurance .................................................... 201 33 390 30
267 507
Other ......................................................................................... 23 43 97 (6)
33 91
1,244 24 2,583 30
Total Global Corporate and Investment Bank........................ 1,537 3,366
Five quarters of history are available on page 29 of the Quarterly Financial Data Supplement.
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