Citigroup reported strong third quarter results for 2000, with core income rising 27% to $3.1 billion compared to the third quarter of 1999. Key highlights included:
- Global Consumer core income rose 17% to $1.32 billion, driven by growth in North American cards, mortgage banking, and Asia.
- Global Corporate and Investment Bank core income increased 40% to $1.59 billion, with strong performances from Salomon Smith Barney and emerging markets banking.
- Global Investment Management and Private Banking core income grew 14% to $176 million, with increased revenues across asset management, private banking, and retirement services.
This is a more recent slide for the career forums that I speak at. This one was particular was for parents and their high school kids, and I also used this same presentation in a more recent Aboriginal Career Day event at the Convention Centre in Winnipeg.
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.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
The European Unemployment Puzzle: implications from population aging
citigroup October 17, 2000 - Third Quarter Press Release
1. FOR IMMEDIATE RELEASE
CITIGROUP THIRD QUARTER CORE INCOME RISES 27% TO $3.1 BILLION
First Nine Months Core Income up 32% to a Record $9.7 Billion
Revenues up 15% to $16.8 Billion from $14.6 Billion
DILUTED EPS $0.67, UP 26% FROM $0.53
New York, NY, October 17, 2000 – Citigroup Inc. (NYSE:C) today reported core income of $3.1 billion
th
for the third quarter ended September 30 , 2000. Core income per share, diluted, was $0.67, a 26%
increase over that reported in the 1999 third quarter. For the first nine months of 2000, Citigroup’s core
income was a record $9.7 billion, or $2.10 per share rising 33%, from the first nine months of 1999.
Continued revenue momentum across the company’s businesses, combined with expense and risk
discipline resulted in:
• Income growth of 17% in the Global Consumer Group, 40% in the Global Corporate and
Investment Bank, and 14% for Global Investment Management and Private Banking;
• Revenue growth of 15%;
• Return on equity of 24%;
• Total equity (including trust preferred securities) increasing to $58.6 billion at 9/30/00.
“Our continued management discipline, business diversification and geographic reach enable us to deliver
consistently strong results for our shareholders,” said Sanford I. Weill, Chairman and Chief Executive Officer.
“We are creating greater efficiencies within our company, extending our capabilities on the internet and
strengthening our balance sheet. We continue to invest our substantial capital to expand our leadership in key
areas, enhance our long-term growth and build our base of stable, recurring earnings. Our recently
announced plan to merge with Associates First Capital Corp. will greatly expand our global consumer finance
business and further solidify our place as the number one card company, both in the U.S. and globally. It will
also strengthen our position in commercial finance. In addition, we are pleased that Associates’ CEO Keith
Hughes and CFO Roy Guthrie will be joining our management team.“
GLOBAL CONSUMER
rd
3 Quarter Core Income: $1.32 Billion, up 17% from $1.13 Billion
Citigroup’s Global Consumer Group once again reported record earnings, driven by improvements in
the North American card business and strong performance across Asian marketplaces. The global
cards business, which spans 46 countries with 56.8 million accounts, posted income of $476 million, up
32%, and had managed receivables of $95.6 billion. Credit across all of Citigroup’s global consumer
businesses continued its favorable trend in the quarter. Cross marketing programs continue to
generate incremental sales across Citigroup’s consumer distribution channels. Mortgage products, sold
through Salomon Smith Barney financial consultants totaled $469 million, and sales of SSB Citi Asset
Management investment products through the Consumer Group businesses were $3.5 billion in the
quarter.
• Banking/Lending income rose 17% to $706 million. Citibanking North America increased income
34% in the quarter as substantial growth in mutual fund and annuity sales, as well as higher deposit
volumes, drove a 9% increase in revenues. Mortgage Banking results, which include the Student
Loan business, rose 19% as higher loan volumes and continued mortgage credit improvements
were partly offset by spread compression. Income for North America Cards increased 23%.
Revenue growth of 4% reflected 18% receivables growth and sales volume increases of 17%, partly
offset by continued spread compression. Accounts rose by 1.2 million (including the Canada Trust
acquisition) and net loss rates continued to improve, falling to 3.50%. CitiFinancial’s income fell 8%,
due in part to a $15 million (after-tax) release of a litigation reserve resulting from the settlement of a
claim in the prior year quarter. Receivables growth continued its strong pace, at 19% and loss rates
remained stable, at 1.91%.
1
2. • Income from the Insurance businesses rose 22% to $371 million. Travelers Life and Annuity income rose
7% driven by strong business volume growth, and expense management. Sales momentum continued with
increases of 17% for individual annuities and 22% for group annuities. Income growth of 9% at Primerica
Financial Services reflected a 31% increase in mutual fund sales and increased net investment income
partly offset by continued investment in international expansion. Personal Lines income increased 196%
over the third quarter of 1999 when the business incurred a $33 million (after-tax) charge for the
curtailment of SECURE in addition to catastrophe losses related to Hurricane Floyd. Higher loss cost
trends and lower prior year favorable reserve development were partly offset by the lower catastrophe
losses and incremental income from the minority interest buyback.
• International income increased 17%. Western Europe income increased 24%, driven by lending
products, including cards, as well as strong investment product sales. CEEMEA income declined
44% due to the prior year inclusion of a $16 million (after tax) gain related to an investment in an
affiliate as well as increased expenses for expansion in new countries. In Japan, income rose 44%
to $36 million as revenues increased 57%. Revenue growth was driven by cards, including the
impact of Diners Club Japan acquired in the first quarter, as well as foreign currency deposits and
investment product sales. Excluding Japan, Asia income increased 54% reflecting volume growth in
cards, deposits and investment product sales, and credit improvements. Latin America income fell
38% as lower credit costs throughout the region were more than offset by lower earnings in Mexico.
Results in Mexico were impacted by the loss of an interest subsidy related to the Confia acquisition.
GLOBAL CORPORATE AND INVESTMENT BANK
rd
3 Quarter Core Income: $1.59 Billion, up 40% from $1.13 Billion
Global Corporate and Investment Bank earnings for the third quarter of 2000 rose 40% from the
comparable period last year, with revenue growth of 26%. Citigroup continued to expand in the
emerging markets, with the opening of branches in Israel and Bulgaria. Global Finance Magazine
named Citigroup the Best Emerging Markets Bank, and Euromoney awarded the company with the Best
Bank in Asia and Best Foreign Bank in 20 emerging market countries. Citigroup was also named the
top Project Finance bank in the world by Global Finance magazine. The Global Corporate and
Investment bank continued to build its position in Europe, ranking #1 in European syndicated lending.
Salomon Smith Barney again topped the league tables in a number of categories, ranking #1 in
investment grade debt underwriting and #2 in global underwriting, and in Japan, Nikko Salomon Smith
Barney, the company’s joint venture, was #1 in Japanese equity underwriting. In addition, Salomon
Smith Barney’s equity research team ranked third in Institutional Investor magazine’s “All America
Research Team” survey. During the quarter, Salomon Smith Barney closed the acquisition of AST
Stock Plan, Inc., which enhances its leading position in stock option execution and administrative
services, and announced the purchase of The Geneva Companies, which extends its capabilities in
advisory services to small and mid-sized companies.
• Salomon Smith Barney’s income was $622 million, a 44% increase from the 1999 quarter. Income for
SSB excludes certain items booked on Citibank legal vehicles and reflected in the Global Relationship
Bank results. Revenues rose 39% from the prior year quarter, with record investment banking revenues
resulting from record merger and acquisition fees. Asset management revenue retained in the segment
was also a quarterly record. Commission revenues increased 22% from the 1999 quarter to $992 million
primarily as a result of growth in listed commissions. Revenues from principal transactions increased to
$763 million reflecting increases in institutional fixed income and equities revenues. The Private Client
business continued to perform well, generating 14% growth in income, with the value of client assets rising
24% to $1.047 trillion, and assets under fee-based management increasing 40% to $202 billion. More
than 1.7 million accounts, or 24% of the total, now use Access, Salomon Smith Barney’s web site and on-
line trading product. Expenses increased 37% in the quarter, reflecting an increase in compensation
expense and the Schroders acquisition. Income also reflects the company’s 20.7% equity ownership in
Nikko.
• The Global Relationship Bank (in the developed markets of North America, Europe and Japan)
reported income of $250 million, up 75% from the 1999 third quarter. Revenue growth of 19% was
driven by double-digit increases in transaction services, lending and structured products and the
acquisition of Copelco, combined with improved principal transactions. Expenses increased by 3%
2
3. as higher incentive compensation and the impact of Copelco was partially offset by the absence of
Year 2000 expenses and ongoing expense initiatives. Net-write offs rose $7 million, to $13 million in
the quarter, reflecting the acquisition of Copelco, which closed in the second quarter.
• Emerging Markets Corporate Banking reported record income of $401 million, up 32%.
Revenues rose 20% reflecting double-digit growth in transaction services and improved principal
transactions revenue, and the acquisition of Bank Handlowy, which closed in the second quarter. All
regions within the Emerging Markets experienced revenue growth in the quarter. Expenses rose
12%, including the impact of Bank Handlowy, and net write-offs of $22 million fell to their lowest
level since the first quarter of 1997, with lower losses experienced across most regions. The 1999
third quarter included a lower provision for credit losses due to an improved credit outlook in the
Emerging Markets.
• Continued pricing improvements across all market segments and the incremental earnings from the
minority interest buyback led to a 24% increase in income for Travelers Property Casualty
Commercial Lines, offsetting increased loss cost trends and lower prior year favorable reserve
development. Premium growth of 19% reflected the increases in rates as well as the impact of the
Reliance Surety acquisition and the purchase of renewal rights for Reliance’s middle market
business.
GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING
rd
3 Quarter Core Income: $176 Million, up 14% from $154 Million
During the quarter, Citigroup's Global Investment Management and Private Banking Group continued to
develop its global research platform, improve investment performance and build share in proprietary
distribution channels. Revenues for the quarter increased 22%, with growth across Asset Management,
Private Banking and Retirement Services.
• Asset Management income rose 14% to $96 million in the quarter. Revenues increased 32%,
reflecting ownership in Siembra and Garante in the retirement services market, and growth in its
core business, which offset higher expenses related to continued investment in the global sales,
marketing and research platform. Assets under management rose 9% over the prior year period, to
$397 billion.
Sales of the Group's long-term mutual funds and managed account products through the Salomon
Smith Barney retail channel rose 21% to $5.2 billion, representing 43% of all such products
distributed through the retail channel. SSB Citi Asset Management products accounted for 53% of
Primerica’s sales of U.S. mutual and money funds in the quarter, totaling $449 million. The Group
also sold $3.0 billion in mutual and money funds through Citibank's global consumer channels,
raising $327 million in Europe and $385 million in Japan. In the U.S., SSB Citi Asset Management
funds became the top selling fund group in the Citibank channel (up from #5) following the launch of
the Smith Barney fund family this quarter. Institutional client assets rose to $151 billion, including
$4.9 billion in assets raised from Global Corporate and Investment Bank customers in the third
quarter.
• Income for the Private Bank rose 14% to $80 million. Client business volumes, which include loans,
deposits and client assets under fee-based management and custody accounts, rose 20% to $154
billion. Increased volumes in discretionary investment management as well as in banking and
lending products drove revenue growth of 10%. Expenses grew 13%, as the Private Bank continued
to invest in its sales processes.
CORPORATE/OTHER, E-CITI, AND INVESTMENT ACTIVITIES
The increased loss from Corporate/Other in the quarter primarily reflected higher funding costs. The
net loss in e-Citi, the remainder of internet-related development activities not allocated to the individual
businesses, rose $4 million to $23 million. Income from Investment Activities was $292 million in the
quarter, which included $199 million in after-tax gains on the exchange of certain Latin American bonds
during the quarter.
3
4. 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
4
5. % %
Citigroup Segment Income Third Quarter Nine Months
(In Millions of Dollars) 1999 Change 1999 Change
2000 2000
Global Consumer
Citibanking North America ....................................................... $ 107 34 $ 283 48
$ 143 $ 420
Mortgage Banking ..................................................................... 59 19 170 15
70 196
North America Cards................................................................. 301 23 858 13
369 973
CitiFinancial .............................................................................. 135 (8) 284 24
124 353
Banking/Lending 602 17 1,595 22
706 1,942
Travelers Life and Annuity........................................................ 168 7 488 16
179 568
Primerica Financial Services ..................................................... 114 9 337 9
124 368
Personal Lines ........................................................................... 23 196 185 22
68 225
Insurance 305 22 1,010 15
371 1,161
Western Europe ......................................................................... 71 24 203 24
88 251
Japan.......................................................................................... 25 44 69 51
36 104
Emerging Markets Consumer Banking...................................... 171 11 433 41
189 612
Total International 267 17 705 37
313 967
e-Consumer ................................................................................... (29) (48) (78) (101)
(43) (157)
Other Consumer ............................................................................ (12) (108) (53) (55)
(25) (82)
1,133 17 3,179 21
Total Global Consumer .............................................................. 1,322 3,831
Global Corporate and Investment Bank
Salomon Smith Barney.................................................................. 432 44 1,690 31
622 2,220
Global Relationship Banking 143 75 473 59
250 751
Emerging Markets Corporate Banking 303 32 904 29
401 1,163
Commercial Lines Insurance......................................................... 255 24 645 27
315 822
1,133 40 3,712 34
Total Global Corporate and Investment Bank ......................... 1,588 4,956
Global Investment Management and Private Banking
SSB Citi Asset Management Group .............................................. 84 14 250 13
96 283
Global Private Bank ...................................................................... 70 14 196 22
80 239
154 14 446 17
Total Global Investment Management and Private Banking.. 176 522
194 51 445 161
Investment Activities................................................................... 292 1,160
Corporate/Other ............................................................................ (145) (68) (404) (72)
(244) (693)
e-Citi ............................................................................................. (19) (21) (36) (56)
(23) (56)
(164) (63) (440) (70)
Total Corporate/Other ............................................................... (267) (749)
2,450 27 7,342 32
Core Income................................................................................. 3,111 9,720
Restructuring-Related Items -- After Tax (A) ............................. (15) 53 30 NM
(23) (37)
Cumulative Effect of Accounting Changes (B) ............................. - - (127) NM
- -
$2,435 27 $7,245 34
Net Income ................................................................................... $3,088 $9,683
Diluted Earnings Per Share:
$0.53 26 $1.58 33
Core Income................................................................................. $0.67 $2.10
0.52 29 1.55 35
Net Income ................................................................................... 0.67 2.09
(A) The restructuring-related items in the 2000 third quarter included a charge of $15 million and accelerated depreciation of $8 million. The 2000
year-to-date period included a credit for the reversal of prior charges of $31 million, $39 million of accelerated depreciation, and $29 million of
charges. The 1999 third quarter included a credit for the reversal of prior charges of $41 million, a $31 million charge, and $25 million of
accelerated depreciation. The 1999 year-to-date period included a credit for reversal of prior charges of $166 million, a charge of $31 million,
and $105 million of accelerated depreciation.
(B) Refers to adoption of Statement of Position “SOP” 97-3, “Accounting by Insurance and Other Enterprises for Insurance-Related Assessments”
of ($135) million; adoption of SOP 98-7, “Deposit Accounting: Accounting for Insurance and Reinsurance Contracts That Do Not Transfer
Insurance Risk” of $23 million; and the adoption of SOP 98-5, “Reporting on the Costs of Start-Up Activities” of ($15) million.
NM Not meaningful
5
6. % %
Core Income Supplemental Disclosure Third Quarter Nine Months
(In Millions of Dollars) 1999 Change 1999 Change
2000 2000
Global Corporate and Investment Bank
Global Corporate Finance $ 698 27 $2,269 23
$ 883 $2,800
Transaction Services 54 170 137 180
146 384
Private Client 216 14 654 32
247 865
Commercial Lines Insurance 255 24 645 27
315 822
Other (90) 97 7 NM
(3) 85
$1,133 40 $3,712 34
Total Global Corporate and Investment Bank ........................ $1,588 $4,956
Emerging Markets Consumer and Corporate Banking (1)
Asia $237 20 $ 638 41
$285 $ 899
Latin America 177 19 644 9
210 703
Central and Eastern Europe, Middle East, and Africa .............. 106 20 224 58
127 353
Other 25 (24) (11) NM
19 21
$545 18 $1,495 32
Total Emerging Markets ........................................................... $641 $1,976
Global Wealth Management
Private Client $216 14 $ 654 32
$247 $ 865
SSB Citi Asset Management Group 84 14 250 13
96 283
Global Private Bank 70 14 196 22
80 239
Global Consumer Investment, Life Insurance & Annuity
Products 293 14 853 23
335 1,045
$663 14 $1,953 25
Total Global Wealth Management ........................................... $758 $2,432
Global Cards
North America $301 23 $ 858 13
$369 $ 973
International 59 81 166 92
107 318
$360 32 $1,024 26
Total Global Cards..................................................................... $476 $1,291
(1) Also includes Global Investment Management and Private Banking. Excludes Investment Activities.
NM Not meaningful
Prior quarters data can be found on pages 28 through 31 of the Quarterly Financial Data Supplement.
6