Citibank 2008 Annual Report Download - page 7

Download and view the complete annual report

Please find page 7 of the 2008 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 252

  • 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
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192
  • 193
  • 194
  • 195
  • 196
  • 197
  • 198
  • 199
  • 200
  • 201
  • 202
  • 203
  • 204
  • 205
  • 206
  • 207
  • 208
  • 209
  • 210
  • 211
  • 212
  • 213
  • 214
  • 215
  • 216
  • 217
  • 218
  • 219
  • 220
  • 221
  • 222
  • 223
  • 224
  • 225
  • 226
  • 227
  • 228
  • 229
  • 230
  • 231
  • 232
  • 233
  • 234
  • 235
  • 236
  • 237
  • 238
  • 239
  • 240
  • 241
  • 242
  • 243
  • 244
  • 245
  • 246
  • 247
  • 248
  • 249
  • 250
  • 251
  • 252

CITIGROUP’S 2008 ANNUAL REPORT ON FORM 10-K
THE COMPANY 2
Citigroup Segments 3
Citigroup Regions 3
FIVE-YEAR SUMMARY OF SELECTED FINANCIAL
DATA 4
MANAGEMENT’S DISCUSSION AND ANALYSIS 6
2008 in Summary 6
Outlook for 2009 7
Events in 2008 9
Events in 2007 15
SIGNIFICANT ACCOUNTING POLICIES AND
SIGNIFICANT ESTIMATES 18
SEGMENT AND REGIONAL—NET INCOME (LOSS) AND
REVENUES 25
Citigroup Net Income (Loss)—Segment View 25
Citigroup Net Income (Loss)—Regional View 26
Citigroup Revenues—Segment View 27
Citigroup Revenues—Regional View 28
GLOBAL CARDS 29
Global Cards Outlook 30
CONSUMER BANKING 31
Consumer Banking Outlook 33
INSTITUTIONAL CLIENTS GROUP (ICG) 34
Institutional Clients Group Outlook 35
GLOBAL WEALTH MANAGEMENT 36
Global Wealth Management Outlook 37
CORPORATE/OTHER 38
REGIONAL DISCUSSIONS 39
North America 39
EMEA 40
Latin America 41
Asia 42
TARP AND OTHER REGULATORY PROGRAMS 44
RISK FACTORS 47
MANAGING GLOBAL RISK 51
Risk Management 51
Risk Aggregation and Stress Testing 51
Risk Capital 52
Credit Risk Management Process 52
Loans Outstanding 53
Details of Credit Loss Experience 54
Non-Performing Assets 55
Renegotiated Loans 56
Foregone Interest Revenue on Loans 56
Loan Maturities and Fixed/Variable Pricing 57
Consumer Credit Risk 57
Consumer Portfolio Review 57
Corporate Credit Risk 65
Global Corporate Portfolio Review 67
Exposure to U.S. Real Estate in Securities and Banking 68
Market Risk Management Process 72
Operational Risk Management Process 76
Country and FFIEC Cross-Border Risk Management Process 77
BALANCE SHEET REVIEW 78
Segment Balance Sheet at December 31, 2008 81
Average Balances and Interest Rates—Assets 83
Average Balances and Interest Rates—Liabilities and Equity, and
Net Interest Revenue 84
Analysis of Changes in Interest Revenue 85
Analysis of Changes in Interest Expense and Net Interest Revenue 86
Reclassification of Financial Assets 87
DERIVATIVES 90
CAPITAL RESOURCES AND LIQUIDITY 94
Capital Resources 94
Funding 98
Liquidity 102
Off-Balance-Sheet Arrangements 104
Pension and Postretirement Plans 106
FAIR VALUATION 107
CORPORATE GOVERNANCE AND CONTROLS AND
PROCEDURES 108
FORWARD-LOOKING STATEMENTS 108
GLOSSARY OF TERMS 109
MANAGEMENT’S REPORT ON INTERNAL CONTROL
OVER FINANCIAL REPORTING 112
REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM—INTERNAL CONTROL OVER
FINANCIAL REPORTING 113
REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM—CONSOLIDATED FINANCIAL
STATEMENTS 114
FINANCIAL STATEMENTS AND NOTES TABLE OF
CONTENTS 115
CONSOLIDATED FINANCIAL STATEMENTS 116
NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS 122
FINANCIAL DATA SUPPLEMENT (Unaudited) 226
Ratios 226
Average Deposit Liabilities in Offices Outside the U.S. 226
Maturity Profile of Time Deposits ($100,000 or more) in U.S. Offices 226
Short-Term and Other Borrowings 226
LEGAL AND REGULATORY REQUIREMENTS 227
Securities Regulation 228
Capital Requirements 228
General Business Factors 229
Properties 229
Legal Proceedings 229
Unregistered Sales of Equity Securities and Use of Proceeds 236
10-K CROSS-REFERENCE INDEX 239
CORPORATE INFORMATION 240
Exhibits and Financial Statement Schedules 240
CITIGROUP BOARD OF DIRECTORS 242
1