Citibank 2008 Annual Report Download - page 157
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The total balance as of December 31, 2008, the gross restructuring
charges for the year then ended and the cumulative net restructuring
expense incurred to date for the 2007 restructuring initiative are presented
below by business segment. These net charges were included in the
Corporate/Other segment because this company-wide restructuring was a
corporate initiative.
2007 Structural Expense Review
In millions of dollars
Total
restructuring
reserve
balance as of
December 31,
2008
Total
restructuring
charges for
the year
ended
December 31,
2008
Total
restructuring
charges
since
inception (1)
Consumer Banking $ 27 $23 $ 815
Global Cards 5 1 142
Institutional Clients Group 2 3 286
Global Wealth Management 17 4 98
Corporate/Other 49 42 156
Total Citigroup (pretax) $100 $73 $1,497
(1) Amounts shown net of $158 million related to changes in estimates recorded during the fourth quarter of 2007 and second, third, and fourth quarters of 2008.
The total restructuring reserve balance and total charges as of
December 31, 2008 related to the 2008 Re-engineering Projects Restructuring
Initiatives are presented below by business segment in the following table.
These charges are reported in the Restructuring line on the Company’s
Consolidated Statement of Income and are recorded in each segment.
2008 Re-engineering Projects
For the year ended December 31, 2008
In millions of dollars
Total
restructuring
reserve
balance as of
December 31,
2008
Total
restructuring
charges,
excluding
pension
curtailment
Pension
curtailment
charges
Total
restructuring
charges (1)
Consumer Banking $ 265 $ 356 $26 $ 382
Global Cards 111 118 1 119
Institutional Clients Group 515 594 14 608
Global Wealth Management 293 300 5 305
Corporate/Other 343 378 5 383
Total Citigroup (pretax) $1,527 $1,746 $51 $1,797
(1) Represents the total charges incurred since inception.
151