Citigroup Inc.

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OVERVIEWIntroductionCitigroup’s history dates back to the founding of Citibank in 1812.Citigroup’s original corporate predecessor was incorporated in 1988 underthe laws of the State of Delaware. Following a series of transactions over anumber of years, Citigroup Inc. was formed in 1998 upon the merger ofCiticorp and Travelers Group Inc.Citigroup is a global diversified financial services holding company whosebusinesses provide consumers, corporations, governments and institutionswith a broad range of financial products and services. Citi has approximately200 million customer accounts and does business in more than 160 countriesand jurisdictions.Citigroup currently operates, for management reporting purposes, via twoprimary business segments: Citicorp, consisting of Citi’s Regional ConsumerBanking businesses and Institutional Clients Group; and Citi Holdings,consisting of Citi’s Brokerage and Asset Management and Local ConsumerLending businesses, and a Special Asset Pool. There is also a third segment,Corporate/Other. For a further description of the business segments andthe products and services they provide, see “Citigroup Segments” below,“Management’s Discussion and Analysis of Financial Condition and Resultsof Operations” and Note 4 to the Consolidated Financial Statements.Throughout this report, “Citigroup”, “Citi” and “the Company” refer toCitigroup Inc. and its consolidated subsidiaries.Additional information about Citigroup is available on the company’s Website at www.citigroup.com. Citigroup’s recent annual reports on Form 10-K,quarterly reports on Form 10-Q, current reports on Form 8-K, as well as itsother filings with the SEC are available free of charge through the company’sWeb site by clicking on the “Investors” page and selecting “All SEC Filings.”The SEC’s Web site also contains periodic and current reports, proxy andinformation statements, and other information regarding Citi at www.sec.gov.Within this Form 10-K, please refer to the tables of contents on pages 23and 149 for page references to Management’s Discussion and Analysis ofFinancial Condition and Results of Operations and Notes to ConsolidatedFinancial Statements, respectively.At December 31, 2010, Citi had approximately 260,000 full-timeemployees compared to approximately 265,300 full-time employees atDecember 31, 2009.Impact of Adoption of SFAS 166/167As previously disclosed, effective January 1, 2010, Citigroup adoptedAccounting Standards Codification (ASC) 860, Transfers and Servicing,formerly SFAS No. 166, Accounting for Transfers of FinancialAssets, an amendment of FASB Statement No. 140 (SFAS 166), andASC 810, Consolidations, formerly SFAS No. 167, Amendments to FASBInterpretation No. 46(R) (SFAS 167). Among other requirements, theadoption of these standards includes the requirement that Citi consolidatecertain of its credit card securitization trusts and cease sale accountingfor transfers of credit card receivables to those trusts. As a result, reportedand managed-basis presentations are comparable for periods beginningJanuary 1, 2010. For comparison purposes, prior period revenues, net creditlosses, provisions for credit losses and for benefits and claims and loans arepresented where indicated on a managed basis in this Form 10-K. Managedpresentations were applicable only to Citi’s North American brandedand retail partner credit card operations in North America RegionalConsumer Banking and Citi Holdings—Local Consumer Lendingand any aggregations in which they are included. See “Capital Resourcesand Liquidity” and Note 1 to the Consolidated Financial Statements foran additional discussion of the adoption of SFAS 166/167 and its impacton Citigroup.Please see “Risk Factors” below for a discussion ofcertain risks and uncertainties that could materially impactCitigroup’s financial condition and results of operations.Certain reclassifications have been made to the prior periods’ financialstatements to conform to the current period’s presentation.24
As described above, Citigroup is managed pursuant to the following segments:CITIGROUP SEGMENTSCiticorpCiti HoldingsCorporate/OtherRegionalConsumerBanking- Retail banking, localcommercial bankingand branch-basedfinancial advisorsin North America,EMEA, Latin Americaand Asia; Residentialreal estate- Citi-branded cardsin North America,EMEA, Latin Americaand Asia- Latin America assetmanagementInstitutionalClientsGroup• Securities andBanking- Investmentbanking- Debt and equitymarkets (includingprime brokerage)- Lending- Private equity- Hedge funds- Real estate- Structuredproducts- Private Bank- Equity and fixedincome research• Transaction Services- Treasury and tradesolutions- Securities and fundservices• Brokerage and AssetManagement- Primarily includesinvestment in andassociated earningsfrom MorganStanley SmithBarney joint venture- Retail alternativeinvestments• Local ConsumerLending- Consumer financelending: residentialand commercialreal estate; auto,personal andstudent loans; andconsumer branchlending- Retail partner cards- Investment inPrimerica FinancialServices- Certain internationalconsumer lending(including WesternEurope retailbanking and cards)• Special Asset Pool- Certain institutionaland consumer bankportfolios- Treasury- Operations andtechnology- Global stafffunctions and othercorporate expenses- DiscontinuedoperationsThe following are the four regions in which Citigroup operates. The regional results are fully reflected in the segment results above.CITIGROUP REGIONS (1)NorthAmericaEurope,Middle East andAfrica(EMEA)Latin AmericaAsia(1) Asia includes Japan, Latin America includes Mexico, and North America comprises the U.S., Canada and Puerto Rico.25
Page 1 and 2: UNITED STATESSECURITIES AND EXCHANG
Page 3: CITIGROUP’S 2010 ANNUAL REPORT ON
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 23 and 24: SECURITIES AND BANKINGSecurities an
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
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is largely uncertain. However, any
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a short-term Liquidity Coverage Rat
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understanding or cause confusion ac
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MANAGING GLOBAL RISKRISK MANAGEMENT
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CREDIT RISKCredit risk is the poten
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(1) 2010 primarily includes an addi
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Non-Accrual Loans and AssetsThe tab
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Renegotiated LoansThe following tab
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Citi’s first mortgage portfolio i
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Consumer Mortgage FICO and LTVData
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Second Mortgages: December 31, 2010
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Interest Rate Risk Associated with
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North America Cards—FICO Informat
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CONSUMER LOAN DETAILSConsumer Loan
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Consumer Loan Modification Programs
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North America CardsNorth America ca
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Payment deferrals that do not conti
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Repurchase ReserveCiti has recorded
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Securities and Banking-Sponsored Pr
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The following table presents the co
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MARKET RISKMarket risk encompasses
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Trading PortfoliosPrice risk in tra
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INTEREST REVENUE/EXPENSE AND YIELDS
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AVERAGE BALANCES AND INTEREST RATES
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ANALYSIS OF CHANGES IN INTEREST EXP
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As required by SEC rules, the table
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The credit valuation adjustment amo
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The fair values shown are prior to
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Key Controls over Fair Value Measur
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The following table reflects the in
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The results of the July 1, 2010 tes
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As a result of the losses incurred
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MANAGEMENT’S ANNUAL REPORT ON INT
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• an “ownership change” under
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REPORT OF INDEPENDENT REGISTERED PU
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FINANCIAL STATEMENTS AND NOTES TABL
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CONSOLIDATED FINANCIAL STATEMENTSCO
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CONSOLIDATED BALANCE SHEET(Continue
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CONSOLIDATED STATEMENT OF CHANGES I
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CITIBANK CONSOLIDATED BALANCE SHEET
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NOTES TO CONSOLIDATED FINANCIAL STA
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Repurchase and Resale AgreementsSec
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ecoveries are added. Securities rec
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Consumer Mortgage Representations a
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Transfers of Financial AssetsFor a
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ACCOUNTING CHANGESChange in Account
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The following table reflects the in
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Measuring Liabilities at Fair Value
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Revisions to the Earnings-per-Share
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FUTURE APPLICATION OF ACCOUNTING ST
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3. DISCONTINUED OPERATIONSSale of T
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CitiCapitalOn July 31, 2008, Citigr
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5. INTEREST REVENUE AND EXPENSEFor
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Stock Award ProgramsCitigroup issue
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In January 2009, members of the Man
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Information with respect to stock o
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9. RETIREMENT BENEFITSThe Company h
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The following table shows the chang
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A one-percentage-point change in th
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Level 3 Roll ForwardThe reconciliat
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10. INCOME TAXESIn millions of doll
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The Company is currently under audi
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11. EARNINGS PER SHAREThe following
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13. BROKERAGE RECEIVABLES AND BROKE
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The table below shows the fair valu
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Debt Securities Held-to-MaturityThe
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Evaluating Investments for Other-Th
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The following is a 12-month roll-fo
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16. LOANSCitigroup loans are report
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Residential Mortgage Loan to Values
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The following table presents Corpor
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Included in the Corporate and Consu
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18. GOODWILL AND INTANGIBLE ASSETSG
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Intangible AssetsThe components of
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CGMHI has committed long-term finan
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20. Regulatory CapitalCitigroup is
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22. SECURITIZATIONS AND VARIABLE IN
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In millions of dollars As of Decemb
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Funding Commitments for Significant
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Credit Card SecuritizationsThe Comp
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Managed Loans—Citi HoldingsThe fo
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Key assumptions used in measuring t
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Mortgage Servicing RightsIn connect
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The Company administers one conduit
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Key Assumptions and Retained Intere
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Municipal InvestmentsMunicipal inve
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Derivative NotionalsIn millions of
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activities together with gains and
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Cash Flow HedgesHedging of benchmar
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The range of credit derivatives sol
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24. CONCENTRATIONS OF CREDIT RISKCo
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Trading account assets and liabilit
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The internal valuation techniques u
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In millions of dollars at December
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Changes in Level 3 Fair Value Categ
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In millions of dollarsDecember 31,2
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26. FAIR VALUE ELECTIONSThe Company
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The following table provides inform
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Certain structured liabilitiesThe C
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28. PLEDGED SECURITIES, COLLATERAL,
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The repurchase reserve estimation p
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CollateralCash collateral available
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29. CONTINGENCIESOverviewIn additio
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pursuant to which Citigroup agreed
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court filings under docket number 0
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30. CITIBANK, N.A. STOCKHOLDER’S
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Condensed Consolidating Statements
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Condensed Consolidating Balance She
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33. SELECTED QUARTERLY FINANCIAL DA
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SUPERVISION AND REGULATIONCitigroup
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Citigroup continues to evaluate its
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CORPORATE INFORMATIONCITIGROUP EXEC
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SignaturesPursuant to the requireme
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Citigroup Inc.

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