Citibank 2009 Annual Report Download - page 48

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CORPORATE/OTHER
Corporate/Other includes global staff functions (includes finance, risk, human resources, legal and compliance) and other corporate expense, global operations
and technology (O&T), residual Corporate Treasury and Corporate items. At December 31, 2009, this segment had approximately $230 billion of assets,
consisting primarily of the Company’s liquidity portfolio, including $110 billion of cash and cash equivalents.
In millions of dollars 2009 2008 2007
Net interest revenue $ (1,663) $(2,680) $(2,008)
Non-interest revenue (8,893) 422 (302)
Total revenues, net of interest expense $(10,556) $(2,258) $(2,310)
Total operating expenses $ 1,420 $ 510 $ 1,813
Provisions for loan losses and for benefits and claims (1) 1 (3)
(Loss) from continuing operations before taxes $(11,975) $(2,769) $(4,120)
Income taxes (benefits) (4,369) (587) (1,446)
(Loss) from continuing operations $ (7,606) $(2,182) $(2,674)
Income (loss) from discontinued operations, net of taxes (445) 4,002 708
Net income (loss) before attribution of noncontrolling interests $ (8,051) $ 1,820 $(1,966)
Net income attributable to noncontrolling interests —— 2
Net income (loss) $ (8,051) $ 1,820 $(1,968)
2009 vs. 2008
Revenues, net of interest expense declined, primarily due to the pretax
loss on debt extinguishment related to the repayment of the $20 billion of
TARP trust preferred securities and the pretax loss in connection with the exit
from the loss-sharing agreement with the U.S. government. Revenues also
declined, due to the absence of the 2008 sale of Citigroup Global Services
Limited recorded in O&T. This was partially offset by a pretax gain related to
the exchange offers, revenues and higher intersegment eliminations.
Operating expenses increased, primarily due to intersegment
eliminations and increases in compensation, partially offset by lower
repositioning reserves.
2008 vs. 2007
Revenues, net of interest expense increased primarily due to the gain in
2007 on the sale of certain corporate-owned assets and higher intersegment
eliminations, partially offset by improved Treasury hedging activities.
Operating expenses declined, primarily due to lower restructuring
charges in 2008 as well as reductions in incentive compensation and benefits
expense.