Citibank 2009 Annual Report Download - page 16

6
OVERVIEW (Continued)
On December 23, 2009, Citigroup repaid $20 billion of trust preferred
securities held by the U.S. Treasury under the U.S. government’s Troubled
Asset Relief Program (TARP) and exited from the loss-sharing agreement,
which covered a specified pool of assets, with the U.S. Treasury, FDIC and
the Federal Reserve Bank of New York. In connection with the exiting from
the loss-sharing agreement, $1.8 billion of the approximately $7.1 billion
of additional trust preferred securities held by the U.S. Treasury and FDIC
was cancelled. As a result of the repayment of TARP and the exit from the
loss-sharing agreement, effective in 2010, Citi is no longer deemed to be a
beneficiary of “exceptional financial assistance” under TARP.
Following these transactions, as of December 31, 2009 (i) the
U.S. Treasury continued to hold approximately 7.7 billion shares, or
approximately 27%, of Citi’s common stock, (ii) the U.S. Treasury and
FDIC continue to hold an aggregate of approximately $5.3 billion of Citi’s
trust preferred securities, and (iii) the U.S. Treasury continues to hold three
warrants exercisable for an aggregate of approximately 465.1 million shares
of Citi’s common stock. See “Management’s Discussion and Analysis of
Financial Condition and Results of Operations—Executive Summary—
Repayment of TARP and Exit from Loss-Sharing Agreement; Common and
Preferred Stock Activities” for additional information.
At December 31, 2009, Citi had approximately 265,300 full-time
employees and 3,700 part-time employees. At December 31, 2008, Citi had
approximately 322,800 full-time and 4,100 part-time employees.
Additional information about Citigroup is available on the company’s
Web site at www.citigroup.com. Citigroup’s recent annual reports on Form
10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, as well
as its other filings with the Securities and Exchange Commission (SEC) are
available free of charge through the Web site by clicking on the “Investors”
page and selecting “All SEC Filings.” The SEC Web site also contains reports,
proxy and information statements, and other information regarding Citi, at
www.sec.gov.
Please see “Risk Factors” below for a discussion of
certain risks and uncertainties that could materially impact
Citigroup’s financial condition and results of operations.
Certain reclassifications have been made to the prior periods’ financial
statements to conform to the current period’s presentation.