Citigroup Inc.

FINANCIAL STATEMENTS AND NOTES TABLE OF CONTENTSCONSOLIDATED FINANCIAL STATEMENTSConsolidated Statement of Income—For the Years Ended December 31, 2010, 2009 and 2008 151Consolidated Balance Sheet—December 31, 2010 and 2009 152Consolidated Statement of Changes in Stockholders’ Equity—For the Years Ended December 31, 2010, 2009 and 2008 154Consolidated Statement of Cash Flows—For the Years Ended December 31, 2010, 2009 and 2008 156Citibank Consolidated Balance Sheet—Citibank, N.A. and Subsidiaries—December 31, 2010 and 2009 157NOTES TO CONSOLIDATED FINANCIALSTATEMENTSNote 1 – Summary of Significant Accounting Policies 159Note 2 – Business Developments 178Note 3 – Discontinued Operations 179Note 4 – Business Segments 182Note 5 – Interest Revenue and Expense 183Note 6 – Commissions and Fees 183Note 7 – Principal Transactions 184Note 8 – Incentive Plans 184Note 9 – Retirement Benefits 191Note 10 – Income Taxes 199Note 11 – Earnings per Share 203Note 12 – Federal Funds/Securities Borrowed, Loaned, and Subject toRepurchase Agreements 204Note 13 – Brokerage Receivables and Brokerage Payables 205Note 14 – Trading Account Assets and Liabilities 205Note 15 – Investments 206Note 16 – Loans 215Note 17 – Allowance for Credit Losses 222Note 18 – Goodwill and Intangible Assets 223Note 19 – Debt 226Note 20 – Regulatory Capital 229Note 21 – Changes in Accumulated Other Comprehensive Income (Loss) 230Note 22 – Securitizations and Variable Interest Entities 231Note 23 – Derivatives Activities 250Note 24 – Concentrations of Credit Risk 259Note 25 – Fair Value Measurement 259Note 26 – Fair Value Elections 271Note 27 – Fair Value of Financial Instruments 276Note 28 – Pledged Securities, Collateral, Commitments and Guarantees 277Note 29 – Contingencies 283Note 30 – Citibank, N.A. Stockholder’s Equity 289Note 31 – Subsequent Event 290Note 32 – Condensed Consolidating Financial Statement Schedules 290Note 33 – Selected Quarterly Financial Data (Unaudited) 299149