first quarter 2011 earnings review - citigroup.com · ntc ditlnet credit losses 23182,318 26622,662...

First Quarter 2011 Earnings ReviewApril 18, 2011

Highlights

Continued making progress in 1Q’11

C $– Citigroup earned $3.0B

– Sequentially, revenues were up 7% and expenses down 1%

– Emerging markets represented over 50% of Citicorp’s EBTEmerging markets represented over 50% of Citicorp s EBT

– Citi Holdings assets represent approximately 17% of the total

Continue to invest in the franchise

Strong balance sheet – Tier 1 Common ratio of 11.3%, up 220bps from last year– Tangible book value per share(1) of $4.69, up 15% from last year

Expect to begin returning capital to shareholders in 2012 – Announced a 1-for-10 reverse stock split, to be followed by the

re-instatement of a dividend of $0.01 per share in 2Q’11

1

p

(1) Tangible book value per share is a non-GAAP measure. For a reconciliation of this measure to the most directly comparable GAAP measure, see slide 36.

Citigroup – Summary Income Statement

($MM, Except EPS) 1Q'11 4Q'10 1Q'10 % QoQ % YoY

Net Revenues $19,726 $18,371 $25,421 7% (22)%, , , ( )

Operating Expenses 12,326 12,471 11,518 (1)% 7%

Net Credit Losses 6,269 6,854 8,384 (9)% (25)%Net LLR Build (Release) (1) (3,345) (2,252) (53) (49)% NMPB&CPB&C 260 238 287 9% (9)%

Credit Losses, Claims and Benefits 3,184 4,840 8,618 (34)% (63)%

Income Taxes 1,185 (313) 1,036 NM 14%

N t I f C t O $ $1 373 $4 249 NM (29)%Net Income from Cont. Ops. $3,031 $1,373 $4,249 NM (29)%

Net Income $2,999 $1,309 $4,428 NM (32)%

Diluted EPS $0.10 $0.04 $0.15 NM (33)%

EOP Assets ($B) $1,948 $1,914 $2,002 2% (3)%

EOP Loans ($B) 637 649 722 (2)% (12)%

EOP Deposits ($B) 866 845 828 2% 5%

2

(1) Includes provision for unfunded lending commitments. Note: Totals may not sum due to rounding. NM: Not meaningful.

Citicorp & Citi Holdings – Financial Summary

($MM) Citicorp Citi Holdings1Q'11 4Q'10 1Q'10 1Q'11 4Q'10 1Q'10

Net Revenues $16,504 $14,260 $18,522 $3,283 $3,965 $6,550

Operating Expenses 9,601 9,442 8,595 2,019 2,379 2,573

N t C dit L 2 318 2 662 3 142 3 950 4 191 5 241Net Credit Losses 2,318 2,662 3,142 3,950 4,191 5,241 Net LLR Build (Release) (1) (1,254) (741) (367) (2,091) (1,510) 314 PB&C 44 42 44 216 196 243

Credit Losses, Claims and Benefits 1,108 1,963 2,819 2,075 2,877 5,798

Income Before Taxes 5,795 2,855 7,108 (811) (1,291) (1,821)

Net Income $4,084 $2,421 $5,068 $(608) $(1,019) $(886)

EOP A t ($B) $1 330 $1 284 $1 236 $337 $359 $503EOP Assets ($B) $1,330 $1,284 $1,236 $337 $359 $503

EOP Loans ($B) 418 407 379 219 242 343

EOP Deposits ($B) 784 760 730 77 79 86

3

(1) Includes provision for unfunded lending commitments. Note: Corporate/Other and Discontinued Operations, which had net income of $(477)MM in 1Q’11, $(93)MM in 4Q’10 and $246MM in 1Q’10, are

not shown. Corporate/Other assets were $281B in 1Q’11, $271B in 4Q’10, and $263B in 1Q’10 (for more details please refer to slide 15).

Citicorp – Key Financial Metrics ($B)

ExpensesManaged Revenues (1) (ex-CVA)($B)

S&B CVA: 2.6 (0.9) (1.8) (1.9) 0.3 0.3 0.1 (1.0) (0.2)

19.818.0 17.0 15.6

18.216.2 16.2 15.3 16.7

7 5 8.1 8.4 8.7 8.6 9.2 8.9 9.4 9.6

Managed Net Credit Losses (1) and LLR Earnings Before Taxes (ex CVA)

1Q'09 2Q'09 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11

7.5 8.1

1Q'09 2Q'09 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11

Managed Net Credit Losses (1) and LLR Earnings Before Taxes (ex-CVA)

1.0 1.3 0.5

LLRs NCLs

8.56 8

2.7 3.4 3.6 3.3 3.1 3.0 3.0 2.7 2.3

(0.0) (0.4) (0.7) (0.4) (0.7)(1 3)

5.34.5

3.5

6.8

4.7 4.63.9

6.0

4(1) Periods prior to 1Q'10 are on a managed basis. For additional information, see Citigroup's Fourth Quarter 2010 Quarterly Financial Data Supplement furnished as an exhibit to Form 8-K filed with the U.S. Securities and Exchange Commission on January 18, 2011.Note: Credit Value Adjustment (CVA) on Citi liabilities at fair value option and Derivatives, net of hedges.

(1.3)1Q'09 2Q'09 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 1Q'09 2Q'09 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11

Citicorp – EM/DM Key Financial Metrics ($B) E i M k t D l d M k t

Earnings Before Taxes (ex-CVA)Managed Revenues (1) (ex-CVA)($B)

19.8 18 0 18 2

Emerging Markets Developed Markets

12.6 11.2 10.1 8.5 11.2 9.2 8.8 7.8 9.3

18.0 17.0 15.6 18.2

16.2 16.2 15.3 16.7

5.7 3 7 2 6

3.9 1.7 1.2 1 02.9

8.5

5.3 4.5 3.5

6.8 4.7 4.6 3.9

6.0

7.1 6.8 6.9 7.1 7.0 7.0 7.4 7.5 7.4

1Q'09 2Q'09 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11

2.8 1.6 1.9 2.3 3.0 3.0 3.4 2.9 3.23.7 2.6 1.2 1.7 1.2 1.0

1Q'09 2Q'09 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11

A D it A M d L (1)Average Deposits Average Managed Loans (1)

645 668 713 745 725 724 743 760 768 370 368 361 362 379 378 384 396 408

262 282 298 314 315 312 316 332 341

383 386 415 431 410 412 427 428 427

153 152 154 157 159 163 172 183 192

217 216 207 204 220 215 212 213 216

5(1) Periods prior to 1Q'10 are on a managed basis For additional information, see Citigroup's Fourth Quarter 2010 Quarterly Financial Data Supplement furnished as an exhibit to Form 8-K filed with the U.S. Securities and Exchange Commission on January 18, 2011. Note: Credit Value Adjustment (CVA) on Citi liabilities at fair value option and Derivatives, net of hedges (please see slide 4 for the information). Totals may not sum due to rounding.

1Q'09 2Q'09 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 1Q'09 2Q'09 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11

Citicorp – North America Consumer Banking

Revenues – YoY reduction driven primarily by

lower receivables and the impact of

($MM) 1Q'11 4Q'10 % 1Q'10 %

Revenues $3,334 $3,556 (6)% $3,801 (12)% Cards 2,147 2,206 (3)% 2,521 (15)%

the CARD Act, while lower mortgage related revenues dampened retail banking results

Expenses

Retail Banking 1,187 1,350 (12)% 1,280 (7)%

Expenses 1,689 1,574 7% 1,621 4%

Credit Costs 797 1,425 (44)% 2,169 (63)% p– Higher spending in marketing and

technology

Credit costs

N.I. from Cont. Ops. $551 $403 37% $15 NM Cards 460 220 NM (150) NM

Retail Banking 91 183 (50)% 165 (45)%

(1)– NCLs declined 33% YoY to $1.4B,

driven by continued improvement in cards

– LLR release of $649MM in cards

E l d l t t d

Net Credit Margin(1) $1,888 $1,783 6% $1,636 15%

Key Indicators ($B):

Accounts (MM) 34.1 34.3 (1)% 35.3 (3)%

RB Avg. Deposits $143.6 $144.5 (1)% $144.2 (0)% – Early and later-stage cards delinquencies continued to improve

RB Avg. Deposits $143.6 $144.5 (1)% $144.2 (0)%

RB Avg. Loans 31.9 29.7 7% 32.2 (1)%

Cards Avg. Loans 73.9 75.3 (2)% 79.2 (7)%

Purchase Sales 36.3 40.4 (10)% 36.2 0%

6

(1) Net Credit Margin represents total revenues, net of interest expense, less net credit losses and provision for benefits and claims.Note: Totals may not sum due to rounding. NM: Not meaningful.

Citicorp – International Consumer Banking

Revenues

– Sustained growth in business volumes across all regions and positive

($MM) 1Q'11 4Q'10 % 1Q'10 %

Revenues $4,608 $4,611 (0)% $4,281 8% EMEA 398 381 4% 405 (2)% Latin America 2,309 2,300 0% 2,076 11% volumes across all regions and positive

FX impact, partly offset by spread compression and a $70MM reduction related to the anticipated repurchase of certain securities in Asia

Asia 1,901 1,930 (2)% 1,800 6%

Expenses 2,793 2,869 (3)% 2,377 18%

Credit Costs 493 593 (17)% 735 (33)%

Expenses

– Continued investment in the franchise, FX impact and increased business volumes, partially offset by productivity

Net Income $996 $944 6% $963 3% EMEA 49 1 NM 24 NM Latin America 486 434 12% 372 31% Asia 461 509 (9)% 567 (19)%

volumes, partially offset by productivity saves

Credit costs

YoY improvement mainly due to a 24%

Product Revenues: Cards $1,888 $1,862 1% $1,747 8% Retail Banking 2,720 2,749 (1)% 2,534 7%

Net Credit Margin(1) $3,902 $3,814 2% $3,362 16%– YoY improvement mainly due to a 24%

NCL reduction despite portfolio growth

– NCL improvement continued to be driven by Mexico cards and India

Key Indicators ($B):Accounts (MM) 77.0 76.5 1% 75.2 2%Avg. Deposits $163.4 $157.4 4% $145.0 13%RB Avg. Loans 89.5 85.5 5% 77.3 16%Investment Sales 25.4 23.7 7% 24.1 5%

7(1) Net Credit Margin represents total revenues, net of interest expense, less net credit losses and provision for benefits and claims.Note: Totals may not sum due to rounding. NM: Not meaningful.

Cards Avg. Loans 36.4 35.3 3% 32.8 11%Purchase Sales 28.6 30.1 (5)% 23.9 20%

Citicorp – International Consumer Banking

Accounts (MM) Average Loans & Deposits ($B)

78.2 157 4 163.4 Avg Loans Avg Deposits

77.4

76.6 75.9

75.2 75.1

76.4 76.5 77.0

96 3 99.5 103.5 107.5 110.1 110.9 115.3 120.8 125.9 125.5 132.6 136.6 142.4 145.0 145.9 150.7

157.4

1Q'09 2Q'09 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11

96.3

1Q'09 2Q'09 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11

Sales (12 Month Trailing $B) Financial Metrics (12 Month Trailing $B)

95 4 94 1 97.5 100.8 105.1

109.8 Purchase Sales Investment Sales

14.0 12.8 11.8 11.9 12.3 13.0 13.7 14.3 14.9

95.4 89.9 87.0 89.7

94.1 97.5

80.5 79.8 79.7 84.8

93.6 92.0 90.4 92.5 93.8

2.1 1.5 1.4 1.6 2.2 3.0 3.6 4.1 4.1 Net Income NCM

(2)(1)

8


(1) Excluding the 4Q’08 $4.1B after-tax goodwill impairment charge. (2) Net Credit Margin represents total revenues, net of interest expense, less net credit losses and provision for benefits and claims.

Citicorp – Securities and BankingRevenues

– Investment Banking: Lower YoYdebt underwriting activity

($MM) 1Q'11 4Q'10 % 1Q'10 %

Product Revenues Ex-CVA: Investment Banking $851 $1,167 (27)% $1,057 (19)%Eq it Markets 1 103 808 37% 1 218 (9)%

– Equity Markets: Lower YoY trading revenues on principal positions, partly offset by higher cash revenues. QoQstrength in cash and derivatives

Equity Markets 1,103 808 37% 1,218 (9)% Fixed Income Markets 3,986 2,302 73% 5,088 (22)% Lending 244 185 32% 243 0% Private Bank 520 506 3% 496 5%Other (463) (397) (17)% (384) (21)% – Fixed Income Markets: Lower YoY

revenues across most products, particularly rates and currencies. QoQstronger due to market-making activity

E

Other (463) (397) (17)% (384) (21)%

Regional Revenues Ex-CVA: North America $2,392 $1,552 54% $3,384 (29)% EMEA 2,200 1,298 69% 2,500 (12)%Latin America 575 678 (15)% 564 2% Expenses

– Higher YoY due to the absence of a reserve release in 1Q’10, investment spending and volume-related costs, partially offset by productivity saves

Latin America 575 678 (15)% 564 2% Asia 1,074 1,044 3% 1,270 (15)%

Total Revenues Ex-CVA $6,241 $4,571 37% $7,718 (19)%

CVA (1) (229) (1,038) 78% 285 NMpartially offset by productivity saves

Credit costs

– Corporate credit environment continued to improve; higher LLR

Revenues 6,012 3,533 70% 8,003 (25)%

Expenses 3,802 3,678 3% 3,437 11%

Credit Costs (189) (62) NM (68) NM

9

releases for specific counterparties

(1) CVA on Citi liabilities at fair value option and Derivatives, net of hedges. Note: Totals may not sum due to rounding. NM: Not meaningful.

Net Income $1,696 $209 NM $3,160 (46)%

Citicorp – Transaction ServicesRevenues

– TTS: Strong YoY growth in Trade and higher volumes, partly offset by spread compression

($MM) 1Q'11 4Q'10 % 1Q'10 %

Revenues $2,550 $2,560 (0)% $2,437 5% North America 610 588 4% 639 (5)%EMEA 836 840 (0)% 833 0% p

– SFS: YoY growth in business volumes

Expenses– Higher YoY reflecting strong business

EMEA 836 840 (0)% 833 0% Latin America 408 406 0% 344 19% Asia 696 726 (4)% 621 12%

Expenses 1,317 1,321 (0)% 1,160 14%volumes and sustained investment spending, partially offset by productivity saves

Credit costs

Credit Costs 7 7 0% (17) NM

N.I. from Cont. Ops. $845 $871 (3)% $935 (10)% North America 113 85 33% 161 (30)%EMEA 278 296 (6)% 303 (8)% – Higher mainly due to 1Q’10 reserve

releases; the credit environment remained benign

Average assets up 2% QoQ and 23% Y Y d i b T d

EMEA 278 296 (6)% 303 (8)% Latin America 170 172 (1)% 152 12% Asia 284 318 (11)% 319 (11)%

Product Revenues:(1) YoY, driven by Trade

Assets under custody and average deposits and other liability balances continued to increase during the quarter

TTS (1) 1,832 1,830 0% 1,781 3% SFS (2) 718 730 (2)% 656 9%

Key Indicators:Avg. Deposits (3) ($B) 355 353 1% 319 11%

10

quarter

(1) TTS: Treasury and Trade Solutions.(2) SFS: Securities and Fund Services.(3) Average deposits and other customer liability balances.

Note: Totals may not sum due to rounding. NM: Not meaningful.

EOP AUCs ($T) 13.0 12.6 3% 11.8 10%

Citi Holdings – Asset SummaryEOP Assets ($B)

1Q’11 4Q’10 %∆Brokerage & Asset Mgmt. $27 $27 (1.8) %

827 $(490)B(1)

• MSSB JV 25 25 (1.0)• Retail Alt. Investments 2 2 (13.0)

Local Consumer Lending $237 $252 (5.6) %• North America 212 226 (6.0)

Mortgages 123 129 (4 4)

503465

– Mortgages 123 129 (4.4)– Cards (Retail Partners) 45 49 (9.1)– Personal 12 12 (3.8)– Student 8 8 (3.8)– Auto 6 7 (12.5)– Commercial Real Estate 2 4 (34 1)421

359 337

Commercial Real Estate 2 4 (34.1)– Other 16 17 (2.3)

• EMEA 19 19 0.1• Asia 6 7 (9.7)

Special Asset Pool $73 $80 (9.4) %• Securities at HTM 14 27 (48.4)• Loans, Leases & LCs 8 12 (30.2)• Securities at AFS 8 9 (9.2)• Trading MTM 29 20 43.4• Other 14 13 8.1

11(1) Peak quarter. Note: The adoption of SFAS 166/167 brought $43B on balance sheet as of January 1, 2010.

Totals may not sum due to rounding.

1Q'08 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 Total $337 $359 (6.2) %

Impact of SAP Assets Transfer

Transferred $12.7B of SAP assets from Held-To-Maturity to Trading at the end of 1Q’11

– To date sold nearly 75% of these assets, mostly at or above marks

Non-interest revenue impact of $(709) million in 1Q’11

Positive net impact of $1.0 billion to Accumulated Other Comprehensive Income (AOCI)

– Due to the recognition of unrealized net losses on investment securities previously reflected in AOCI

12

Citi Holdings – Key Financial Metrics ($B)

ExpensesManaged Revenues (1)

($B)

Net Revenue Marks:(5.0) 0.5 1.5 0.2 1.4 1.0 0.5 0.4 0.6

7 2 6 62

16.8

11.1

Managed Net Credit Losses (1) and LLR Net Income

4.1 5.7 7.2 5.2 6.6 4.9 3.9 4.0 3.3

1Q'09 2Q'09 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11

4.2 3.7 3.1 3.1 2.6 2.4 2.2 2.4 2.0

1Q'09 2Q'09 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11

Managed Net Credit Losses (1) and LLR Net Income

1.72.7

0.3 0.8

LLRs NCLs

1.2

7.1 8.1 7.4 6.7 5.2 5.0 4.6 4.2 4.0

0.3

(0.8) (1.5) (1.5) (2.1) (5.5)

(5.5)(2.1) (2.6)

(0.9) (1.2) (1.1) (1.0) (0.6)2

13

1Q'09 2Q'09 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11

( )

1Q'09 2Q'09 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11

(1) Periods prior to 1Q'10 are on a managed basis. For additional information, see Citigroup's Fourth Quarter 2010 Quarterly Financial Data Supplement furnished as an exhibit to Form 8-K filed with the U.S. Securities and Exchange Commission on January 18, 2011. (2) Excluding 2Q’09 $11.1B pre-tax ($6.7B after tax) gain on sale of Smith Barney.

Citi Holdings – FinancialsRevenues

– Included $(709)MM impact arising from SAP asset transfer

– BAM: Absence of 1Q’10 gain on the

($MM) 1Q'11 4Q'10 % 1Q'10 %

Revenues $3,283 $3,965 (17)% $6,550 (50)%

BAM 137 136 1% 340 (60)%BAM: Absence of 1Q 10 gain on the sales of AFP Habitat and Colfondos

– LCL: Declining volumes, divestitures, and higher Japan refund reserve and mortgage repurchase reserve builds

– SAP: Excluding marks and the asset

LCL 3,153 3,403 (7)% 4,670 (32)%

SAP (7) 426 NM 1,540 NM

Expenses 2,019 2,379 (15)% 2,573 (22)%– SAP: Excluding marks and the asset

transfer, down due to lower YoY gains on asset sales

Expenses– Down $0.6B YoY due to divestitures

Credit Costs 2,075 2,877 (28)% 5,798 (64)%

Net Income $(608) $(1,019) 40% $(886) 31%

BAM (12) (58) 79% 81 NMand lower volumes

Credit costs– YoY lower by $3.7B– NCLs fell by $1.3B, mainly due to

continued improvement in Retail

BAM (12) (58) 79% 81 NM

LCL (599) (1,104) 46% (1,829) 67%

SAP 3 143 (98)% 862 NM

continued improvement in Retail Partner Cards and NA mortgages

– LLR: Release of $2.1B, a $2.5B YoYimprovement, mainly driven by Retail Partner Cards and SAP (better credit environment and releases for specific

Key Indicators ($B):

EOP Deposits $77.1 $79.2 (3)% $85.5 (10)%

EOP Loans 218.8 242.1 (10)% 342.5 (36)%

LCL EOP Loans 207 1 224 9 (8)% 308 9 (33)%

14

environment and releases for specific counterparties)

Note: Totals may not sum due to rounding. NM: Not meaningful.

LCL EOP Loans 207.1 224.9 (8)% 308.9 (33)%

Corporate / Other

Revenues: YoY decrease mainly due to losses on hedging activities and lower investment yields

($MM) 1Q'11 4Q'10 % 1Q'10 %

R $(61) $146 NM $349 NMg g y

Net income: Reduction in revenues and higher legal and related expenses

Assets: Cash and deposits with banks plus liquid AFS investments represent approximately 80% of

Revenues $(61) $146 NM $349 NM

N.I. from Cont. Ops. $(517) $(188) NM $35 NM

Balance Sheet (EOP $B):AFS investments represent approximately 80% of Corporate / Other assets

Assets $281 $271 4% $263 7%

Deposits 5 6 (21)% 13 (62)%

15

Citigroup – Net Credit Losses and Reserves ($B)($B)

CorporateNet Credit Losses (1)

9.811.5 11.0 10.0

8.4 8.0 7.7 6.9 6.3 0.9 0.7 0.8

(0 6)

0.3 (0.3) (0.5)

Consumer1Q'09 2Q'09 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11

(0.6) (0.9) (1.4)3Q'10 4Q'10 1Q'11

2.74.0

0 8 0 8 6.7 6.2 5.4

3.44.95.3Loan Loss Reserves (2)

0.8 0.8

(0.1)(1.5) (2.0) (2.3) (3.3)

1Q'09 2Q'09 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11

(1.4) (1.3) (2.0)3Q'10 4Q'10 1Q'11

16

1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11

(1) Periods prior to 1Q'10 are on a managed basis. For additional information, see Citigroup's Fourth Quarter 2010 Quarterly Financial Data Supplement furnished as an exhibit to Form 8-K filed with the U.S. Securities and Exchange Commission on January 18, 2011.

(2) Loan Loss Reserves include provision for unfunded lending commitments and credit reserve builds/releases. Note: Totals may not sum due to rounding.

Citigroup – Consumer Credit Trends(1)

NCLs Holdings ($B) NCLs Citicorp ($B)LLR ratio NCL Ratio

6.70%

7.84% 7.87%8.16%

7.77% 7.47%

5.81%

7.00% 6.78%

6 51%

8 39.7 9.4 8.9

5.29%

6.25% 6.44% 6.51%6.11% 5.79% 5.52% 5.33%

4.89%

5.66.5 6.1 5.8 5.0 4.6 4.0 3.7 3 3

8.3 8.0 7.56.7 6.2

5.4

2.7 3.2 3.3 3.1 3.0 2.9 2.7 2.5 2.1

3.3

1Q'09 2Q'09 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11

17


Note: LLR and NCL ratios exclude loans recorded at fair value since 1Q’10.Totals may not sum due to rounding.

Citigroup – Int’l Consumer Credit Trends($B)

Citicorp – Asia Consumer Banking Citicorp – Latin America Consumer Banking($B)

$1.03

90+DPD NCL

$0 71

90+DPD NCL EOP 1Q’10 4Q’10 1Q’11Loans $72.3 $81.6 $84.1

EOP 1Q’10 4Q’10 1Q’11Loans $31.5 $35.0 $37.0

$0.85 $0.88 $0.88 $0.83 $0.79 $0.76$0.67 $0.69

$0.54$0.61 $0.66 $0.63

$0.51 $0.46 $0.45 $0.45 $0.41

$0.68 $0.71$0.65

$0.54 $0.51$0.45 $0.47 $0.47 $0.47

$0.29$0.37 $0.37

$0.32 $0.28 $0.25 $0.25 $0 24 $0 21

Citi EMEA C B ki H ldi I t ti l LCL

$0.41

1Q'09 2Q'09 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11

$0.25 $0.24 $0.21

1Q'09 2Q'09 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11

Citicorp – EMEA Consumer Banking Holdings – International LCL

$1.38$1.55 $1.47

$1.36

$0 95$0 96 $0 96

90+DPD NCL

$0 18

$0.25 $0.23 $0.21$0.19 $0 19 $0 18

90+DPD NCL EOP 1Q’10 4Q’10 1Q’11Loans $7.8 $7.2 $7.6

$0.95$0.72 $0.71 $0.66

$0.57$0.82

$0.96 $0.96$0.78

$0.61

$0.50 $0.44 $0.38 $0.34

$0.18 $0.19 $0.19 $0.18$0.15 $0.15

$0.09$0.12

$0.14 $0.14$0.10 $0.09

$0.07 $0.07$0.05 EOP 1Q’10 4Q’10 1Q’11

Loans $27.7 $21.9 $18.1

18

1Q'09 2Q'09 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'111Q'09 2Q'09 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11

Citigroup – N.A. Cards Credit Trends(1)

$2.31 $2.37$2.19

$2.37 $2.30$2.13

$ $2 08$1.88

$1 67

90+DPD NCLs

Citicorp – Citi-Branded Cards ($B) EOP Loans: ▪ 1Q’10: $77.7 ▪ 4Q’10: $77.5 ▪ 1Q’11: $73.2

$1.81$1.60

$1.43$1.69

$2.06 $2.08 $1.95 $2.08 $2.05 $1.67

$1.35

1Q'09 2Q'09 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11

$2.79 $2 68 90+DPD NCLs

Citi Holdings – Retail Partner Cards ($B) EOP Loans: ▪ 1Q’10: $54.5 ▪ 4Q’10: $46.4 ▪ 1Q’11: $41.3

$2.79$2.59 $2.59 $2.68

$2.39$2.00

$1.75 $1.61$1.31$1.96

$2.15 $2.00 $1.96 $1.93 $1.77

90+DPD NCLs

$1.50 $1.35$1.11

1Q'09 2Q'09 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11

19

8.5% 9.5% 9.8% 10.0% 9.7% 9.5% 9.6% 9.4% 8.8%Unemployment Rate


Citi Holdings – N.A. Mortgage Credit Trends

$7.64 $8.05

$10.40 $10.80$9.53

$7.92$6.90

90+DPD NCLs

EOP Loans: ▪ 1Q’10: $96.1 ▪ 4Q’10: $80.1 ▪ 1Q’11: $76.0Residential 1st Mortgages ($B)

$6.90$5.56

$4.53

$0.91 $1.19 $1.01 $0.99 $0.75 $0.69 $0.59 $0.50 $0.55

1Q'09 2Q'09 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11

$ 90+DPD NCLs

EOP Loans: ▪ 1Q’10: $51.6 ▪ 4Q’10: $45.5 ▪ 1Q’11: $43.8Home Equity Loans ($B)

$1.84 $1.83$1.68 $1.60

$1.40 $1.37 $1.33 $1.30$1.17$1.06

$1.28 $1.24$1.10

$0.95 $0.86 $0 79 $0 77

90+DPD NCLs

$0.86 $0.79 $0.77 $0.71

1Q'09 2Q'09 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11

20

(18.9)% (14.6)% (8.6)% (2.4)% 2.3% 3.8% (1.4)% (4.1)% n/aS&P/Case-Shiller Home Price Index (1)

(1) Year-over-year change in the S&P/Case-Shiller U.S. National Home Price Index. First Quarter 2011 not yet available.Note: Loans 90+ Days Past Due exclude U.S. mortgage loans that are guaranteed by U.S. government-sponsored agencies, because the potential

loss predominantly resides with the U.S. agencies, and loans recorded at fair value since 1Q’10.

Citigroup – Key Capital Metrics

Tier 1 Capital Total Capital Tier 1 Common

11 9%12.7% 12.8%

12 0% 12.5% 12.9% 13.3%

15.6%16.6% 16.6%

15.3% 14.9%15.6% 16.1% 16.6% 17.0%

11.9% 11.7% 11.3%12.0%

9.1% 9.6% 9.1%9.7% 10.3% 10.8% 11.3%

2.2% 2.7%

1Q'09 2Q'09 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11(1)

Risk-Weighted Assets ($B)

21

(1) Preliminary. Note: The adoption of SFAS 166/167 in 1Q'10 reduced Tier 1 Common, Tier 1 Capital and Total Capital ratios by 138, 141 and 142 basis points,

respectively, and increased risk-weighted assets by $24B. The exiting of the loss-sharing agreement with the U.S. Government increased 4Q’09 risk-weighted assets by approximately $136B.

$1,023 $995 $990 $1,089 $1,064 $1,025 $1,004 $978 $990

Conclusions

Citigroup: Net income of $3.0Bg p $

Revenues: Lower trading, but international RCB and GTS up YoY– Strong growth in our international revenue drivers

Expenses: Investments in Citicorp, decline in Holdings

Credit costs declined for the seventh consecutive quarter– Expect US to continue to improve as long as the economic recovery is

sustained– International credit costs likely to begin to increase in 2011

Continued to de-risk: Holdings at 17% of total Citi assets, down gnearly 60% from 1Q’08 peak

Strong balance sheet – Tier 1 Common ratio of 11.3%, up 220bps since 1Q’10

22

Tier 1 Common ratio of 11.3%, up 220bps since 1Q 10

APPENDIX

24 Citigroup – Net Interest Margin 30 Citi Holdings – Assets by Segment

Table of Contents24. Citigroup Net Interest Margin

25. Citigroup – Allowance forLoan Losses

30. Citi Holdings Assets by Segment

31. Citi Holdings – LCL EBT by Business

26. Citigroup – International Consumer Credit

27. Citicorp RCB – EM/DM Key

32. Citi Holdings – N.A. Residential 1st

Mortgage Delinquencies

33. Citi Holdings – N.A. Home Equity p yFinancial Metrics

28. Citicorp ICG – EM/DM KeyFinancial Metrics

g q yLoan Delinquencies

34. Citi Holdings – SAP Assets

29. Citigroup – Consumer Mortgage Reps & Warranties

35. Citi Holdings – SAP AFS/HTM Assets

36. Non-GAAP Financial Metrics

23

Citigroup – Net Interest Margin

Average Interest-Earning Assets ($T) NIM

3.38% 3.29%2.99%

2.68%

3.34% 3.18% 3.09% 2.97% 2.91%

1.57 1.59 1.62 1.67 1.78 1.79 1.71 1.73 1.72

1Q'09 2Q'09 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11(1)

24

1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11

(1) Preliminary.

Citigroup – Allowance for Loan Losses

Holdings Allowance ($B) Citicorp Allowance ($B) LLR ratio

4 82%5.60% 5.85% 6.09%

6.80% 6.72% 6.73%6.31%

5.79%

35 9 36.4 36 0

48.7 46.2 43.740.7

36.6

4.82%

22.6 25.3 25.5 25.3

30.2 28.7 26.3 23.6 21.0

31.735.9 36.4 36.0 36.6

9.1 10.7 11.0 10.718.5 17.5 17.4 17.1 15.6

1Q'09 2Q'09 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11(1)

25

(1) Preliminary.Note: LLR ratio excludes loans recorded at fair value since 1Q’10.

The adoption of SFAS 166/167 increased allowances by $13.4B as of January 1, 2010.

1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11

Citigroup – International Consumer Credit

ANR % of Total % of Total ($B) ANR 1Q'11 4Q'10 1Q'11 4Q'10 NCLs

Citicorp

1Q'11 90+DPD Ratio NCL Ratio

pKorea $26.3 20.9% 0.3% 0.3% 0.7% 0.8% 7.1%Mexico 22.0 17.4% 1.5% 1.7% 4.2% 4.8% 34.5%Australia 13.2 10.5% 0.9% 0.7% 1.6% 1.6% 7.6%Singapore 8.6 6.8% 0.2% 0.2% 0.4% 0.4% 1.2%B il 8 0 6 3% % % 6 1% 6 4% 17 8%Brazil 8.0 6.3% 2.9% 2.7% 6.1% 6.4% 17.8%Hong Kong 6.9 5.5% 0.1% 0.1% 0.4% 0.5% 1.1%India 6.8 5.4% 0.9% 0.9% 1.0% 1.5% 2.6%Taiwan 6.0 4.7% 0.3% 0.3% 0.2% 0.4% 0.5%Malaysia 5.5 4.4% 1.5% 1.6% 1.0% 1.1% 2.0%Malaysia 5.5 4.4% 1.5% 1.6% 1.0% 1.1% 2.0%Japan 2.6 2.1% 0.7% 0.8% 3.0% 3.1% 3.0%

84.1% 1.0% 1.1% 2.2% 2.5% 77.4%

HoldingsUK $6 4 28 9% 2 5% 2 5% 0 8% 3 0% 3 5%UK $6.4 28.9% 2.5% 2.5% 0.8% 3.0% 3.5%Spain 3.5 15.8% 4.7% 4.9% 4.9% 4.6% 12.4%Japan 3.4 15.4% 1.9% 1.9% 16.9% 12.7% 42.1%Belgium 3.2 14.5% 1.0% 0.9% 2.1% 2.5% 5.0%Greece 2.3 10.3% 5.0% 5.3% 16.5% 16.4% 27.3%

26

Note: For 1Q’11, Citicorp total Average Net Receivables of $125.9B and total Net Credit Losses of $0.7B, Citi Holdings total ANR of $22.3B and total NCLs of $0.3B.

84.9% 3.1% 3.1% 6.2% 6.1% 90.3%

Citicorp RCB – EM/DM Key Financial Metrics ($B)

Earnings Before TaxesManaged Revenues (1)

($B)

7 8 7 8 7 9 7 9 8 1 8 0 8 2 8 2 7 9 2.2


4.3 4.2 4.2 4.0 4.2 4.1 4.2 4.0 3.8

7.8 7.8 7.9 7.9 8.1 8.0 8.2 8.2 7.9

1 3

0.20.2 0.4 0.7

1.0

0.9

0 4 0 5 0.5

1.2 1.5

1.7 1.7

(1)

3.5 3.6 3.7 3.9 3.9 3.9 4.0 4.1 4.1

1Q'09 2Q'09 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11

0.3 0.0 0.2 0.41.0 1.2 1.3 1.0 1.20.6

0.4 0.3 0.10.4 0.5 0.5

1Q'09 2Q'09 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11

Average Deposits Average Managed Loans (1)

256 272 279 292 289 291 296 302 307 214 216 220 225 222 218 221 226 232

102 108 111 115 119 119 121 125 131

155 165 169 177 172 173 175 177 177

86 88 91 94 96 97 101 105 110

128 128 130 130 126 121 120 120 122

214 216 8

27


(1) Periods prior to 1Q'10 are on a managed basis. For additional information, see Citigroup's Fourth Quarter 2010 Quarterly Financial Data Supplement furnished as an exhibit to Form 8-K filed with the U.S. Securities and Exchange Commission on January 18, 2011. Note: Totals may not sum due to rounding.

Citicorp ICG – EM/DM Key Financial Metrics ($B)

Earnings Before Taxes (ex-CVA)Revenues (ex-CVA)

($B)

11 9


8.37.0 5.9 4.4

7.0 5.1 4.6 3.7 5.5

11.9 10.1 9.1

7.7 10.2

8.2 8.0 7.1 8.8

5.1 3 3 3.7

7.6

4.9 4.0

3.0

5.6

3.3 2.9 2 23.9

3.6 3.1 3.2 3.3 3.2 3.1 3.4 3.4 3.3

1Q'09 2Q'09 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11

2.5 1.6 1.7 1.9 1.9 1.8 2.1 1.9 2.0

3.3 2.3 1.1 3.7

1.5 0.8 0.3 1.9 2.2

1Q'09 2Q'09 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11

Average Deposits Average Loans

388 395 434 452 435 432 446 458 461

156 152 141157 160 163 170 176

160 174 188 198 196 193 195 206 210

227 222 246 254 238 239 252 251 251

67 65 63 63 64 66 71 78 82

89 87 78 74 95 94 92 93 94

156 152 141 137

28


Note: Credit Value Adjustment (CVA) on Citi liabilities at fair value option and Derivatives, net of hedges (please see slide 4 for the information).Totals may not sum due to rounding.

Citigroup – Consumer Mortgage Reps & Warranties

$952 $969 $944

Repurchase Reserve Balance ($MM)

(Number of Loans ‘000)

Claims (1) Repurchases (2)

$450

$727 $952 $969 $944

10.1

GSEsPrivate Investors

23.9

1Q'10 2Q'10 3Q'10 4Q'10 1Q'11

0.3

6.6 9.0$MM 4Q’10 1Q’11

Beginning balance $952 $969

Additions for new sales (3) 4 46 2

9.8

0.5

0.4

0 4

3.7 3.5 0.2

02.5

3.7

Additions for new sales 4 4

Change in estimate (3) 248 122

Losses realized (235) (151)

3.3

6.2

3.1

0.4

1.2 2.3

3.5 1.4

0.2 0.2

01.3

2.5

1.4

29

(1) Claims are net of indemnifications. (2) Includes loans repurchased and make-whole payments.(3) Flows through the profit and loss statement (contra-revenue item).Note: Totals may not sum due to rounding

Ending balance $969 $9442008 2009 2010 1Q'11 2008 2009 2010 1Q'11

Citi Holdings – Assets by SegmentEOP $BEOP $B

Local Consumer Lending: $237BCiti Holdings

827BAM LCL SAP

59%4% 1%

International

Primerica CRE

442346 323

323

126 112 95 80 73

503 465 421 359 337 19%

3%11%

46%Retail PartnersCards

CitiMortgage

Student Loans

Brokerage & Asset Management: $27B Special Asset Pool: $73B

62 31 30 28 27 27

346 323 298 252 237

1Q'08 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11

14%

3% AutoCitiFinancial

Brokerage & Asset Management: $27B Special Asset Pool: $73B

RetailAlternative

Investments19%

11%3%

4% Securities at HTMOther

Consumer/SMEs Securitiest AFS

MS Smith Barney JV

94% 4%1%

Investments

LatAmAssetMgmt.

11%

39%11%1%

12%

TradingMTM

Equity

Loans, Leases& L tt f

Highly Lev Fin. Commit.

at AFS

30Note: Totals may not sum due to rounding.

& Letters ofCredit at HFI/HFS

Citi Holdings – LCL EBT by Business ($MM)

1Q'11 4Q'10 3Q'10 2Q'10 1Q'10 4Q'09

Earnings Before Taxes

1Q 11 4Q 10 3Q 10 2Q 10 1Q 10 4Q 09

Local Consumer Lending- Retail Partner Cards $697 $168 $605 $155 $(422) $121- CitiFinancial N.A. 40 (70) (73) (228) 4 (580) - Real Estate Lending (1,162) (1,060) (1,391) (1,790) (1,530) (2,837) - Commercial Real Estate (90) (157) (394) (152) (247) (115) - Auto 78 30 58 128 30 44 - Student Loans (34) (33) (106) 14 (7) 65

P i i 170 143 145 214 174 171- Primerica 170 143 145 214 174 171 - LCL NA Other (183) (222) (138) (115) (118) (199)

North America (483) (1,201) (1,294) (1,773) (2,116) (3,330) EMEA (24) (114) (5) (129) (667) (561) Asia (475) (282) (207) (220) (263) (477) Latin America (6) 3 2 (1) (7) (10)

Local Consumer Lending $(987) $(1,594) $(1,505) $(2,123) $(3,053) $(4,377)

31

Note: Totals may not sum due to rounding.

Citi Holdings – N.A. Mortgage Delinquencies

Days Past Due: 180+ 90 179 30 89 30+ DPD

Residential 1st Mortgage Delinquencies(1) ($B)

Days Past Due:

14 31

16.91 16.74

14 40

180+ 90-179 30-89 30+ DPD

3.82 4.71

5.82 6.14

5.785 05

13.51 14.31 14.40

12.46 11.43

9.75

3.82 3.354.59 4.66

3.752.87 2.66 2.06

1 61

5.05 4.253.50

2.92

7.84

5.87 6.25 6.50 5.93 4.87 4.54 4.53 4.18 3.30

1.61

1Q'09 2Q'09 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11

32

(1) Days Past Due exclude U.S. mortgage loans that are guaranteed by U.S. government-sponsored agencies, because the potential loss predominantly resides with the U.S. agencies, and loans recorded at fair value since 1Q’10.


1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11

Citi Holdings – N.A. Mortgage Delinquencies

Days Past Due: 180+ 90 179 30 89 30+ DPD

Home Equity Loan Delinquencies(1) ($B)

Days Past Due:

0 253.24 3.17 3.04 3.11

180+ 90-179 30-89 30+ DPD

1.59 1.50 1.37 1.281 12

0.25 0.32 0.31 0.330.28

0.32 0.31 0.330 32

2.81 2.61 2.56 2.49

2.15

1 50

1.37 1.121.05 1.01 0.97

0.86

0.32

1.40 1.35 1.36 1.50 1.41 1.24 1.24 1.19 0.97

1Q'09 2Q'09 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11

33

(1) Days Past Due exclude U.S. mortgage loans that are guaranteed by U.S. government-sponsored agencies, because the potential loss predominantly resides with the U.S. agencies, and loans recorded at fair value since 1Q’10.


1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11

Citi Holdings – SAP Assets EOP Assets 1Q’11

($B) Face EOP Assets1Q’11 4Q’10 3Q’10 2Q’10 Value (% of Face)

Total Securities at AFS/HTM $22 1 $35 9 $39 4 $55 1 $28 2 79%Total Securities at AFS/HTM $22.1 $35.9 $39.4 $55.1 $28.2 79%

Loan, leases & LC at HFI/HFS (1) $8.1 $11.6 $16.1 $18.0 $9.3 87%Corporates 5.0 8.1 9.6 11.1 5.2 96%Commercial Real Estate 2.8 3.6 7.1 8.0 2.9 97%Other (2) 1.3 1.7 2.0 2.1 1.2 107%Loan Loss Reserves (1.0) (1.8) (2.5) (3.2) - NM

Trading Mark-to-Market $28.7 $20.0 $24.5 $23.7 NM NM Subprime Securities 0.2 0.2 0.2 0.8 2.2 9%Other Securities (3) 18.8 7.3 8.7 5.8 37.4 50%Derivatives 4 0 4 6 6 8 7 2 NM NMDerivatives 4.0 4.6 6.8 7.2 NM NM Loans, Leases and Letters of Credit 2.3 2.4 3.1 3.7 3.2 73%Repurchase Agreements 3.3 5.5 5.7 6.2 NM NM

Highly Lev. Fin. Commitments 0.8 1.9 2.0 2.0 1.2 67%

Equities (excludes ARS at AFS) 8 4 5 7 5 8 5 9 NM NMEquities (excludes ARS at AFS) 8.4 5.7 5.8 5.9 NM NM

Monolines - 0.4 0.5 0.4 NM NM

Consumer and Other (4) 4.7 4.9 6.6 6.7 NM NM

Total $72.8 $80.4 $94.8 $111.7

34

(1) HFS accounts for approximately $1.0B of the 1Q’11 total. (2) Includes $0.4B of Leases and $0.2B of Subprime in 1Q’11. (3) Includes $4.6B of Alt-A, $4.4B of Corporates, $4.1B of ARS and $3.2B of Prime in 1Q’11. (4) Includes $1.2B of Small Business Banking & Finance loans and $0.8B of personal loans in 1Q’11. Note: SAP had total CRE assets of $5.6B and Subprime assets of $1.5B as of 1Q’11. Assets in the SIVs have been allocated to their corresponding asset categories. Excludes Discontinued Operations. Totals may not sum due to rounding.

Citi Holdings – SAP AFS/HTM Assets

EOP Assets 1Q’11($B) Face EOP Assets

1Q’11 4Q’10 3Q’10 2Q’10 Value (% of Face)1Q 11 4Q 10 3Q 10 2Q 10 Value (% of Face)

Securities at AFS $8.3 $9.1 $11.6 $27.0 $9.0 91%Corporates 5.0 5.4 7.1 7.7 5.0 99%Prime and Non-U.S. MBS 1.4 1.4 1.7 7.1 1.6 83%Auction Rate Securities 1 8 2 0 2 0 6 2 2 2 81%Auction Rate Securities 1.8 2.0 2.0 6.2 2.2 81%Alt-A mortgages - - - 0.6 - NMGovernment Agencies 0.0 0.0 0.0 0.0 0.0 89%Other Securities 0.1 0.1 0.7 5.3 0.1 79%

Securities at HTM $13.9 $26.9 $27.8 $28.1 $19.1 72%$ $ $ $ $Corporates 2.6 6.1 6.3 6.1 2.7 97%Prime and Non-U.S. MBS 4.8 8.0 8.5 8.3 5.8 83%Auction Rate Securities 0.0 0.9 1.0 1.0 0.0 100%Alt-A mortgages 4.2 8.8 9.0 9.4 7.9 52%Government Agencies - - - - - NM

(1) 1Q’11 includes assets previously held by SIVs ($1.6B of ABS, CDOs/CLOs and government bonds).

Government Agencies NMOther Securities (1) 2.3 3.0 3.1 3.3 2.7 82%

Total Securities at AFS/HTM $22.1 $35.9 $39.4 $55.1 $28.2 79%

35

Note: Assets in the SIVs have been allocated to their corresponding asset categories. Totals may not sum due to rounding.

Non-GAAP Financial MeasuresRECONCILIATION OF NON GAAP FINANCIAL MEASURESRECONCILIATION OF NON-GAAP FINANCIAL MEASURES

PreliminaryPreliminary(in millions, except per share amounts) March 31,

2011Citigroup's Total Stockholders' Equity $171,037 Less: Preferred Stock 312Common Stockholders' Eq it 170 725Common Stockholders' Equity 170,725Less: Goodwill - as reported 26,339 Intangible Assets (other than Mortgage Servicing Rights) - as reported 7,280

Goodwill and Intangible Assets recorded as assets of disc ops Held for Sale 165Goodwill and Intangible Assets - recorded as assets of disc. ops. Held for Sale 165 Net Deferred Tax Assets Related to Goodwill and Intangible Assets 53Tangible Common Equity (TCE) $136,888 Common Shares Outstanding at Quarter-end 29,206.4 Tangible Book Value Per Share $4.69 g (Tangible Common Equity / Common Shares Outstanding)

36

Certain statements in this document are “forward-looking statements”

within the meaning of the rules and regulations of the U S Securitieswithin the meaning of the rules and regulations of the U.S. Securities

and Exchange Commission. These statements are based on

t’ t t ti d bj t t t i t dmanagement’s current expectations and are subject to uncertainty and

changes in circumstances. Actual results may differ materially from

those included in these statements due to a variety of factors,

including the precautionary statements included in this document and

those contained in Citigroup’s filings with the U.S. Securities and

Exchange Commission, including without limitation the “Risk Factors”

37

section of Citigroup’s 2010 Form 10-K.

first quarter 2011 earnings review - citigroup.com · ntc ditlnet credit losses 23182,318 26622,662...

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