Citibank 2005 Annual Report Download - page 11

9 | Citigroup 2005
Among some of the issues that our
business faced last year were bankruptcy
spikes from the new U.S. law, and the
impact of Hurricane Katrina, both
of which affected our bottom line.
Nonetheless, we produced net income
of $10.9 billion on revenues of
$48.2 billion.
Whether helping a CitiGold® client
make investments in Moscow, a small
business obtain a loan in Hong Kong,
a fi rst-time borrower use CitiFinancial
for a scooter loan in India, or new
immigrants open their fi rst checking
accounts in New York, our businesses
offer more to the world’s consumers
than any other fi nancial institution.
Among other innovations in 2005, we
introduced the PayPass debit product
in the United States, the fi rst Cards
rewards program in Egypt, mobile
phone banking in Australia, and
CitiFinancial transaction windows
in post offi ces throughout Romania.
FOCUS ON OUR CLIENTS
2005 was a year of transition, as we
made major structural and managerial
changes. We reorganized our businesses
along client lines to capitalize on the
different opportunities that the retail
consumer markets offer.
Our U.S. Consumer business is
organized as follows: U.S. Retail
Distribution, composed of our
branch-based consumer businesses
and Primerica Financial Services; U.S.
Consumer Lending, which includes our
mortgage, auto, and student loan busi-
nesses; U.S. Cards; and U.S. Commercial
Business. This new structure allows us
to better integrate products and services
to meet the needs of our clients and
deepen our relationships with them.
PRODUCT BREADTH
In our Cards business, U.S. Cards offers
innovative products and services that
make us the world’s leading cards issuer.
Among our many initiatives in 2005,
we launched the SimplicitySM Card in
the United States in response to our
clients’ aversion to late fees and their
desire for swift, live, one-on-one service;
a Platinum Card in Singapore that
offers card holders extensive insurance
options; and the Citi Ultima Card in
Russia, aimed at meeting the needs of
the growing number of affl uent people
in that country.
We also extended the reach of existing
products. We expanded our CitiGold
offerings for affl uent individuals by
launching the product in Spain, open-
ing a CitiGold Center in Hong Kong,
and introducing CitiGold Member
Rewards in Indonesia. In the United
States, CitiGold is adding clients at the
fastest rate in many years.
Also in 2005, U.S. Cards announced that
for the fi rst time it will issue Citi prod-
ucts on the American Express Network.
The Citi American Express Cards will
be accepted at millions of locations and
at more than 1,700 American Express
Travel Services locations.
Despite some challenges in 2005, the Global Consumer Group remains
a leader in the financial services industry. With its unmatched size and
geographic reach, innovative products and services, and the industry’s
most valuable brand, our consumer business is poised for growth in
North America and around the world.
Global Consumer Group
Homeowners...Small Businesses...College Students...Retirees