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Press Release :: Citigroup

Logo CitigroupCitigroup today reported a full year 2009 net loss of $1.6 billion, or $0.80 per share. Managed revenues were $91.1 billion for the year. The fourth quarter 2009 net loss was $7.6 billion, or $0.33 per share. Excluding the $6.2 billion after-tax loss associated with TARP repayment and exiting the loss-sharing agreement, the fourth quarter net loss was $1.4 billion or $0.06 per share.

The provision for loan losses3 in the fourth quarter was $8.2 billion, down 36% from the prior year and 10% from the prior quarter.

"We have made enormous progress in 2009," said Vikram Pandit, Chief Executive Officer of Citigroup. "It was our responsibility to get our own house in order. We greatly improved Citi's capital strength, reduced the size and scope of the company, and refocused our business strategy to take advantage of our unmatched global network. We created Citi Holdings to rationalize non-strategic businesses, totally overhauled risk management, cut costs by over $13 billion annually, reduced headcount by 100,000, and reduced assets by $500 billion from peak levels. And to take advantage of all these changes, we assembled a talented new management team focused on the new Citicorp franchise to move us forward.

"We also completed the repayment of $20 billion invested in the company by the U.S. government through the Troubled Asset Relief Program (TARP) and exited the loss-sharing agreement with the government," said Mr. Pandit. "As we enter 2010, we are strongly capitalized, significantly more efficient, and are executing on a clear strategy that is focused on clients. With the commitment and dedication of our people, we have created a strong foundation for the future."

Mr. Pandit concluded: "In the near term, we will continue to focus on sustainable profitability and growth, and supporting the global economic recovery. I believe we are positioned for long-term success, and have a strategy that combines our international footprint, global talent and unique capabilities to serve our clients and customers here and around the world. We serve nearly every Fortune 500 company and 85% of the top global companies, enabling liquidity and capital flows by providing the financial infrastructure that facilitates these companies' international operations. Citi is one of the great franchises in financial services, and with our renewed financial strength and strategy, we can now completely focus on executing this strategy."

Commenting on Citi's financial results, John Gerspach, Chief Financial Officer of Citigroup, said: "We have made significant progress in 2009. While the environment continues to be challenging, we have a strong capital base and client franchise. Although we remain cautious and continue to monitor the future impacts of our current loss mitigation efforts, we continue to see indications that credit may be stabilizing or improving, particularly in Asia and Latin America."

Source: Citigroup
Date: 20.01.2010
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