Citibank 2005 Annual Report Download - page 4

Download and view the complete annual report

Please find page 4 of the 2005 Citibank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 32

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32

We were once again the most profi table fi nancial
services company in the world in 2005 and we
returned the most capital to our shareholders of
any fi nancial services company, while continuing
to invest in our businesses.
Income from continuing operations was $19.8
billion; our equity base increased to $118.8 billion;
and our balance sheet topped $1.49 trillion. In
2006, we announced an 11 percent increase to
our quarterly dividend, our 21st consecutive year
of common dividend increases.
I am proud of our achievements in 2005. In the
aftermath of our problems in Japan and Europe
in 2004, we took a long, hard look at ourselves
and developed our Five Point Plan that focused
on employee training, talent development, perfor-
mance reviews, improved communications, and
stronger controls. We committed ourselves to our
three Shared Responsibilities—to our clients, each
other, and our franchise. We met with our regula-
tors throughout the year and updated them on our
actions to strengthen Citigroup’s culture. By year-
end, we were confi dent our results were favorably
received and we will continue to work together
on areas of mutual interest and concern. And we
promoted a new generation of leaders, encouraging
the innovative thinking and fresh ideas that have
been hallmarks of our company.
2005 REVIEW
In 2005 we took a number of steps to prepare for
the future and lay a foundation for growth:
We allocated capital to highest-return and growth
opportunities and shifted our business mix toward
distribution. This was refl ected, for example, in the
sale of our Life Insurance and Annuities business as
well as the sale of our Asset Management business
for Legg Mason’s Wealth Management business.
Dear Shareholders,
2005 was one of Citigroup’s most important years. It was a year in which
we concentrated on how we do business and how we conduct ourselves as
employees of a great global institution. As a result, I fi rmly believe that we
are entering a renewed period of growth that will further fulfi ll the promise
on which our company was founded.