Citibank 2005 Annual Report Download - page 7

5 | Citigroup 2005
I am also very proud of the hard work of Sandy
and our employees on behalf of the victims of the
earthquake that struck south Asia last October. Along
with four other private sector business leaders, Sandy
was asked by U.S. President George W. Bush to lead
a campaign to encourage private donations for relief
and reconstruction. In part through their efforts, the
private sector has raised more than $100 million in
cash and in-kind services.
Finally, we were once again named to the
Dow Jones Sustainability World Index and the
FTSE4Good Index, which recognize companies
that lead in setting standards for sustainable growth
and that demonstrate superior environmental,
social, and economic performance.
OUR PEOPLE
We are a demanding organization whose employees
exceed even our own high expectations. In 2005, we
asked even more from them—to stay focused on
their business responsibilities while also reshaping
our culture through our Five Point Plan. It required
an enormous commitment of time and energy,
but our employees succeeded in building a strong
foundation for our future growth, and moving
us closer to our goal of being the most respected
global fi nancial services company.
SANDY
Let me say a few words about my mentor, my great
friend, and a man whose vision revolutionized the
fi nancial services industry, Sandy Weill, who will
retire as Chairman of Citigroup in April of this year.
For the past 20 years, I have had the privilege and
good fortune to work alongside Sandy, one of the
20th century’s towering business leaders.
Sandy’s vision was straightforward—to give as many
people as possible the opportunity to participate in
the economic mainstream and, at the same time,
to give shareholders the most value for their trust.
Sandy achieved what he set out to do with one
bold stroke after another, building Travelers, a com-
pany that would one day merge with another great
fi rm, Citicorp, to create the world’s most successful
fi nancial institution, Citigroup.
Others have tried to emulate what Sandy built, but
none have come close. Sandy’s achievement will
have its own chapter in the history books.
So now we bid farewell to our Chairman and
former CEO. We will miss his uncanny sense of
timing, his indomitable will to succeed, his candor,
his integrity, and his concern for his colleagues and
the global community. Fortunately, Sandy will con-
tinue to assist us and for that we are all grateful.
WHAT WE EXPECT
Looking ahead, we will measure ourselves by the
progress we make against our strategic initiatives,
including the long-term fi nancial goals I out-
lined at our Citigroup Investor/ Analyst Day on
December 16, 2005.
Strong returns on equity, 18-20 percent;
Mid-to-high single-digit organic revenue growth,
understanding that this can be affected by volatility
in the capital markets; and
We expect to achieve organic income growth that
exceeds organic revenue growth through expense
discipline and effective credit management.
The impact of any acquisitions and share buybacks
will be incremental to these goals.
In 2005, we refocused the company on its core
businesses, put together a clear set of strategic
initiatives, strengthened our culture, and laid the
foundation for future growth.
In 2006, we will execute on our growth plans.
Chuck Prince