Citibank 2010 Annual Report Download - page 26

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OVERVIEW
Introduction
Citigroup’s history dates back to the founding of Citibank in 1812.
Citigroup’s original corporate predecessor was incorporated in 1988 under
the laws of the State of Delaware. Following a series of transactions over a
number of years, Citigroup Inc. was formed in 1998 upon the merger of
Citicorp and Travelers Group Inc.
Citigroup is a global diversified financial services holding company whose
businesses provide consumers, corporations, governments and institutions
with a broad range of financial products and services. Citi has approximately
200 million customer accounts and does business in more than 160 countries
and jurisdictions.
Citigroup currently operates, for management reporting purposes, via two
primary business segments: Citicorp, consisting of Citi’s Regional Consumer
Banking businesses and Institutional Clients Group; and Citi Holdings,
consisting of Citi’s Brokerage and Asset Management and Local Consumer
Lending businesses, and a Special Asset Pool. There is also a third segment,
Corporate/Other. For a further description of the business segments and
the products and services they provide, see “Citigroup Segments” below,
“Management’s Discussion and Analysis of Financial Condition and Results
of Operations” and Note 4 to the Consolidated Financial Statements.
Throughout this report, “Citigroup”, “Citi” and “the Company” refer to
Citigroup Inc. and its consolidated subsidiaries.
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 SEC are available free of charge through the company’s
Web site by clicking on the “Investors” page and selecting “All SEC Filings.”
The SEC’s Web site also contains periodic and current reports, proxy and
information statements, and other information regarding Citi at www.sec.gov.
Within this Form 10-K, please refer to the tables of contents on pages 23
and 149 for page references to Management’s Discussion and Analysis of
Financial Condition and Results of Operations and Notes to Consolidated
Financial Statements, respectively.
At December 31, 2010, Citi had approximately 260,000 full-time
employees compared to approximately 265,300 full-time employees at
December 31, 2009.
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.
Impact of Adoption of SFAS 166/167
As previously disclosed, effective January 1, 2010, Citigroup adopted
Accounting Standards Codification (ASC) 860, Transfers and Servicing,
formerly SFAS No. 166, Accounting for Transfers of Financial
Assets, an amendment of FASB Statement No. 140 (SFAS 166), and
ASC 810, Consolidations, formerly SFAS No. 167, Amendments to FASB
Interpretation No. 46(R) (SFAS 167). Among other requirements, the
adoption of these standards includes the requirement that Citi consolidate
certain of its credit card securitization trusts and cease sale accounting
for transfers of credit card receivables to those trusts. As a result, reported
and managed-basis presentations are comparable for periods beginning
January 1, 2010. For comparison purposes, prior period revenues, net credit
losses, provisions for credit losses and for benefits and claims and loans are
presented where indicated on a managed basis in this Form 10-K. Managed
presentations were applicable only to Citi’s North American branded
and retail partner credit card operations in North America Regional
Consumer Banking and Citi Holdings—Local Consumer Lending
and any aggregations in which they are included. See “Capital Resources
and Liquidity” and Note 1 to the Consolidated Financial Statements for
an additional discussion of the adoption of SFAS 166/167 and its impact
on Citigroup.