INSTITUTIONAL CLIENTS GROUPInstitutional Clients Group (ICG) includes Securities and Banking and Transaction Services. ICG provides corporate, institutional, public sector andhigh-net-worth clients with a full range of products and services, including cash management, trade finance and services, securities services, trading,underwriting, lending and advisory services, around the world. ICG’s international presence is supported by trading floors in approximately 75 countries and aproprietary network within Transaction Services in over 95 countries. At December 31, 2010, ICG had $953 billion of assets and $451 billion of deposits.In millions of dollars 2010 2009 2008% Change2010 vs. 2009% Change2009 vs. 2008Commissions and fees $ 4,266 $ 4,194 $ 5,136 2% (18)%Administration and other fiduciary fees 2,747 2,850 3,178 (4) (10)Investment banking 3,520 4,687 3,334 (25) 41Principal transactions 5,567 5,626 6,102 (1) (8)Other 1,442 1,513 (1,129) (5) NMTotal non-interest revenue $17,542 $18,870 $16,621 (7)% 14%Net interest revenue (including dividends) 15,576 18,028 18,053 (14) —Total revenues, net of interest expense $33,118 $36,898 $34,674 (10)% 6%Total operating expenses 19,405 17,599 21,007 10 (16)Net credit losses 568 745 916 (24) (19)Provision (release) for unfunded lending commitments (28) 138 (191) NM NMCredit reserve build (release) (624) 896 1,314 NM (32)Provisions for loan losses and benefits and claims $ (84) $ 1,779 $ 2,039 NM (13)%<strong>Inc</strong>ome from continuing operations before taxes $13,797 $17,520 $11,628 (21)% 51%<strong>Inc</strong>ome taxes 3,544 4,599 2,209 (23) NM<strong>Inc</strong>ome from continuing operations $10,253 $12,921 $ 9,419 (21)% 37%Net income attributable to noncontrolling interests 131 68 18 93 NMNet income $10,122 $12,853 $ 9,401 (21)% 37%Average assets (in billions of dollars) $ 946 $ 846 $ 1,057 12% (20)%Return on assets 1.07% 1.52% 0.89%Revenues by regionNorth America $11,875 $11,359 $12,982 5% (13)%EMEA 10,198 13,438 9,640 (24) 39Latin America 4,022 4,794 3,813 (16) 26Asia 7,023 7,307 8,239 (4) (11)Total $33,118 $36,898 $34,674 (10)% 6%<strong>Inc</strong>ome from continuing operations by regionNorth America $ 3,081 $ 3,000 $ 2,718 3% 10%EMEA 3,056 4,713 1,834 (35) NMLatin America 1,725 2,140 1,701 (19) 26Asia 2,391 3,068 3,166 (22) (3)Total $10,253 $12,921 $ 9,419 (21)% 37%Average loans by region (in billions of dollars)North America $ 66 $ 52 $ 58 27% (10)%EMEA 38 45 56 (16) (20)Latin America 22 22 25 — (12)Asia 36 28 37 29 (24)Total $ 162 $ 147 $ 176 10% (16)%NM Not meaningful42
SECURITIES AND BANKINGSecurities and Banking (S&B) offers a wide array of investment and commercial banking services and products for corporations, governments, institutionaland retail investors, and high-net-worth individuals. S&B includes investment banking and advisory services, lending, debt and equity sales and trading,institutional brokerage, foreign exchange, structured products, cash instruments and related derivatives, and private banking. S&B revenue is generatedprimarily from fees for investment banking and advisory services, fees and interest on loans, fees and spread on foreign exchange, structured products, cashinstruments and related derivatives, income earned on principal transactions, and fees and spreads on private banking services.In millions of dollars 2010 2009 2008% Change2010 vs. 2009% Change2009 vs. 2008Net interest revenue $ 9,927 $12,377 $12,568 (20)% (2)%Non-interest revenue 13,157 14,732 12,160 (11) 21Revenues, net of interest expense $23,084 $27,109 $24,728 (15)% 10%Total operating expenses 14,537 13,084 15,851 11 (17)Net credit losses 563 742 898 (24) (17)Provisions for unfunded lending commitments (28) 138 (185) NM NMCredit reserve build (release) (560) 892 1,291 NM (31)Provisions for loan losses and benefits and claims $ (25) $ 1,772 $ 2,004 NM (12)%<strong>Inc</strong>ome before taxes and noncontrolling interests $ 8,572 $12,253 $ 6,873 (30)% 78%<strong>Inc</strong>ome taxes 1,993 3,068 807 (35) NM<strong>Inc</strong>ome from continuing operations 6,579 9,185 6,066 (28) 51Net income (loss) attributable to noncontrolling interests 110 55 (13) 100 NMNet income $ 6,469 $ 9,130 $ 6,079 (29)% 50%Average assets (in billions of dollars) $ 875 $ 786 $ 986 11% (20)%Return on assets 0.74% 1.16% 0.62%Revenues by regionNorth America $ 9,392 $ 8,833 $10,821 6% (18)%EMEA 6,842 10,049 5,963 (32) 69Latin America 2,532 3,421 2,374 (26) 44Asia 4,318 4,806 5,570 (10) (14)Total revenues $23,084 $27,109 $24,728 (15)% 10%Net income from continuing operations by regionNorth America $ 2,537 $ 2,385 $ 2,395 6% —EMEA 1,832 3,426 588 (47) NMLatin America 1,072 1,536 1,113 (30) 38%Asia 1,138 1,838 1,970 (38) (7)Total net income from continuing operations $ 6,579 $ 9,185 $ 6,066 (28)% 51%Securities and Banking revenue detailsTotal investment banking $ 3,828 $ 4,767 $ 3,251 (20)% 47%Lending 932 (2,480) 4,771 NM NMEquity markets 3,501 3,183 2,878 10 11Fixed income markets 14,075 21,296 13,606 (34) 57Private bank 2,004 2,068 2,326 (3) (11)Other Securities and Banking (1,256) (1,725) (2,104) 27 18Total Securities and Banking revenues $23,084 $27,109 $24,728 (15)% 10%NM Not meaningful43
- Page 1 and 2: UNITED STATESSECURITIES AND EXCHANG
- Page 3 and 4: CITIGROUP’S 2010 ANNUAL REPORT ON
- Page 5 and 6: As described above, Citigroup is ma
- Page 7 and 8: Operating ExpensesCitigroup operati
- Page 9 and 10: FIVE-YEAR SUMMARY OF SELECTED FINAN
- Page 11 and 12: CITIGROUP REVENUESIn millions of do
- Page 13 and 14: REGIONAL CONSUMER BANKINGRegional C
- Page 15 and 16: 2009 vs. 2008Revenues, net of inter
- Page 17 and 18: 2009 vs. 2008Revenues, net of inter
- Page 19 and 20: 2009 vs. 2008Revenues, net of inter
- Page 21: 2009 vs. 2008Revenues, net of inter
- Page 25 and 26: TRANSACTION SERVICESTransaction Ser
- Page 27 and 28: BROKERAGE AND ASSET MANAGEMENTBroke
- Page 29 and 30: Japan Consumer FinanceCitigroup con
- Page 31 and 32: The following table provides detail
- Page 33 and 34: CORPORATE/OTHERCorporate/Other incl
- Page 35 and 36: During 2010, average Consumer loans
- Page 37 and 38: SEGMENT BALANCE SHEET AT DECEMBER 3
- Page 39 and 40: Citigroup Regulatory Capital Ratios
- Page 41 and 42: Capital Resources of Citigroup’s
- Page 43 and 44: Regulatory Capital Standards Develo
- Page 45 and 46: DepositsCiti continues to focus on
- Page 47 and 48: Secured financing is primarily cond
- Page 49 and 50: Each of the credit rating agencies
- Page 51 and 52: RISK FACTORSThe ongoing implementat
- Page 53 and 54: The emerging markets in which Citi
- Page 55 and 56: is largely uncertain. However, any
- Page 57 and 58: a short-term Liquidity Coverage Rat
- Page 59 and 60: understanding or cause confusion ac
- Page 61 and 62: MANAGING GLOBAL RISKRISK MANAGEMENT
- Page 63 and 64: CREDIT RISKCredit risk is the poten
- Page 65 and 66: [This page intentionally left blank
- Page 67 and 68: (1) 2010 primarily includes an addi
- Page 69 and 70: Non-Accrual Loans and AssetsThe tab
- Page 71 and 72: Renegotiated LoansThe following tab
- Page 73 and 74:
Citi’s first mortgage portfolio i
- Page 75 and 76:
Consumer Mortgage FICO and LTVData
- Page 77 and 78:
Second Mortgages: December 31, 2010
- Page 79 and 80:
Interest Rate Risk Associated with
- Page 81 and 82:
North America Cards—FICO Informat
- Page 83 and 84:
CONSUMER LOAN DETAILSConsumer Loan
- Page 85 and 86:
Consumer Loan Modification Programs
- Page 87 and 88:
North America CardsNorth America ca
- Page 89 and 90:
Payment deferrals that do not conti
- Page 91 and 92:
Repurchase ReserveCiti has recorded
- Page 93 and 94:
Securities and Banking-Sponsored Pr
- Page 95 and 96:
The following table presents the co
- Page 97 and 98:
MARKET RISKMarket risk encompasses
- Page 99 and 100:
Trading PortfoliosPrice risk in tra
- Page 101 and 102:
INTEREST REVENUE/EXPENSE AND YIELDS
- Page 103 and 104:
AVERAGE BALANCES AND INTEREST RATES
- Page 105 and 106:
ANALYSIS OF CHANGES IN INTEREST EXP
- Page 107 and 108:
[This page intentionally left blank
- Page 109 and 110:
As required by SEC rules, the table
- Page 111 and 112:
The credit valuation adjustment amo
- Page 113 and 114:
The fair values shown are prior to
- Page 115 and 116:
Key Controls over Fair Value Measur
- Page 117 and 118:
The following table reflects the in
- Page 119 and 120:
The results of the July 1, 2010 tes
- Page 121 and 122:
As a result of the losses incurred
- Page 123 and 124:
MANAGEMENT’S ANNUAL REPORT ON INT
- Page 125 and 126:
• an “ownership change” under
- Page 127 and 128:
REPORT OF INDEPENDENT REGISTERED PU
- Page 129 and 130:
FINANCIAL STATEMENTS AND NOTES TABL
- Page 131 and 132:
CONSOLIDATED FINANCIAL STATEMENTSCO
- Page 133 and 134:
CONSOLIDATED BALANCE SHEET(Continue
- Page 135 and 136:
CONSOLIDATED STATEMENT OF CHANGES I
- Page 137 and 138:
CITIBANK CONSOLIDATED BALANCE SHEET
- Page 139 and 140:
NOTES TO CONSOLIDATED FINANCIAL STA
- Page 141 and 142:
Repurchase and Resale AgreementsSec
- Page 143 and 144:
ecoveries are added. Securities rec
- Page 145 and 146:
Consumer Mortgage Representations a
- Page 147 and 148:
Transfers of Financial AssetsFor a
- Page 149 and 150:
ACCOUNTING CHANGESChange in Account
- Page 151 and 152:
The following table reflects the in
- Page 153 and 154:
Measuring Liabilities at Fair Value
- Page 155 and 156:
Revisions to the Earnings-per-Share
- Page 157 and 158:
FUTURE APPLICATION OF ACCOUNTING ST
- Page 159 and 160:
3. DISCONTINUED OPERATIONSSale of T
- Page 161 and 162:
CitiCapitalOn July 31, 2008, Citigr
- Page 163 and 164:
5. INTEREST REVENUE AND EXPENSEFor
- Page 165 and 166:
Stock Award ProgramsCitigroup issue
- Page 167 and 168:
In January 2009, members of the Man
- Page 169 and 170:
Information with respect to stock o
- Page 171 and 172:
9. RETIREMENT BENEFITSThe Company h
- Page 173 and 174:
The following table shows the chang
- Page 175 and 176:
A one-percentage-point change in th
- Page 177 and 178:
Level 3 Roll ForwardThe reconciliat
- Page 179 and 180:
10. INCOME TAXESIn millions of doll
- Page 181 and 182:
The Company is currently under audi
- Page 183 and 184:
11. EARNINGS PER SHAREThe following
- Page 185 and 186:
13. BROKERAGE RECEIVABLES AND BROKE
- Page 187 and 188:
The table below shows the fair valu
- Page 189 and 190:
Debt Securities Held-to-MaturityThe
- Page 191 and 192:
Evaluating Investments for Other-Th
- Page 193 and 194:
The following is a 12-month roll-fo
- Page 195 and 196:
16. LOANSCitigroup loans are report
- Page 197 and 198:
Residential Mortgage Loan to Values
- Page 199 and 200:
The following table presents Corpor
- Page 201 and 202:
Included in the Corporate and Consu
- Page 203 and 204:
18. GOODWILL AND INTANGIBLE ASSETSG
- Page 205 and 206:
Intangible AssetsThe components of
- Page 207 and 208:
CGMHI has committed long-term finan
- Page 209 and 210:
20. Regulatory CapitalCitigroup is
- Page 211 and 212:
22. SECURITIZATIONS AND VARIABLE IN
- Page 213 and 214:
In millions of dollars As of Decemb
- Page 215 and 216:
Funding Commitments for Significant
- Page 217 and 218:
Credit Card SecuritizationsThe Comp
- Page 219 and 220:
Managed Loans—Citi HoldingsThe fo
- Page 221 and 222:
Key assumptions used in measuring t
- Page 223 and 224:
Mortgage Servicing RightsIn connect
- Page 225 and 226:
The Company administers one conduit
- Page 227 and 228:
Key Assumptions and Retained Intere
- Page 229 and 230:
Municipal InvestmentsMunicipal inve
- Page 231 and 232:
Derivative NotionalsIn millions of
- Page 233 and 234:
activities together with gains and
- Page 235 and 236:
Cash Flow HedgesHedging of benchmar
- Page 237 and 238:
The range of credit derivatives sol
- Page 239 and 240:
24. CONCENTRATIONS OF CREDIT RISKCo
- Page 241 and 242:
Trading account assets and liabilit
- Page 243 and 244:
The internal valuation techniques u
- Page 245 and 246:
In millions of dollars at December
- Page 247 and 248:
Changes in Level 3 Fair Value Categ
- Page 249 and 250:
In millions of dollarsDecember 31,2
- Page 251 and 252:
26. FAIR VALUE ELECTIONSThe Company
- Page 253 and 254:
The following table provides inform
- Page 255 and 256:
Certain structured liabilitiesThe C
- Page 257 and 258:
28. PLEDGED SECURITIES, COLLATERAL,
- Page 259 and 260:
The repurchase reserve estimation p
- Page 261 and 262:
CollateralCash collateral available
- Page 263 and 264:
29. CONTINGENCIESOverviewIn additio
- Page 265 and 266:
pursuant to which Citigroup agreed
- Page 267 and 268:
court filings under docket number 0
- Page 269 and 270:
30. CITIBANK, N.A. STOCKHOLDER’S
- Page 271 and 272:
Condensed Consolidating Statements
- Page 273 and 274:
Condensed Consolidating Statements
- Page 275 and 276:
Condensed Consolidating Balance She
- Page 277 and 278:
Condensed Consolidating Statements
- Page 279 and 280:
33. SELECTED QUARTERLY FINANCIAL DA
- Page 281 and 282:
SUPERVISION AND REGULATIONCitigroup
- Page 283 and 284:
Citigroup continues to evaluate its
- Page 285 and 286:
CORPORATE INFORMATIONCITIGROUP EXEC
- Page 287 and 288:
SignaturesPursuant to the requireme