B amazonaws com
On February 9, 2012, Citi announced an adjustment to its fourth quarter and full year 2011 financial results to reflect an additional $209 million of after-tax ($275 million pre-tax) charges to increase its litigation reserves related to the announced agreement in principle with the United States and with the Attorneys General for 49 states and the District of Columbia to settle a number of related investigations into residential loan servicing and origination practices, as well as the resolution of related mortgage litigation. These charges are not reflected in the investor presentation dated January 24, 2012. These charges will be reflected in Citi's 2011 Annual Report on Form 10-K, to be filed with the U.S. Securities and Exchange Commission on or about February 24, 2012.
Fixed Income Investor Review John Gerspach Chief Financial Officer
Eric Aboaf Treasurer January 24, 2012
Highlights Difficult capital markets environment in 4Q’11 – Substantial macro uncertainty drove lower market activity
Consumer Banking and Transaction Services continued to grow Citi Holdings continued to shrink – Holdings assets declined $90B in 2011 to $269B – Further $45B of assets in Retail Partner Cards to move to Citicorp in 1Q’12
Going forward, European sovereign debt crisis remains an overhang Citi remains focused on expenses – Largely through the current investment cycle – Expenses currently expected to decline in 2012
1
Summary Income Statement ($MM, except EPS) Revenues Operating Expenses Net Credit Losses (1) Net LLR Build (Release) PB&C Credit Losses, Losses Claims and Benefits
4Q'11
3Q'11
4Q'10
%QoQ %YoY
$17,174
$20,831
$18,371
(18)%
(7)%
12,936
12,460
12,471
4%
4%
4,108
4,514
6,854
(9)%
(40)%
(1,468)
(1,422)
(2,252)
(3)%
35%
234
259
238
(10)%
(2)%
2 874 2,874
3 351 3,351
4 840 4,840
(14)%
(41)%
1,364
5,020
1,060
(73)%
29%
157
1,278
(88)%
NM
Net Income from Cont. Ops.
$1 207 $1,207
$3 742 $3,742
$1 373 $1,373
(68)%
(12)%
Net Income
$1,165
$3,771
$1,309
(69)%
(11)%
Diluted EPS
$0.38
$1.23
$0.43
(69)%
(12)%
$0.39 $
$0.84 $
$0.66 $
((53)% )
((41)% )
$1,875
$1,936
$1,914
(3)%
(2)%
647 867
637
649
2%
(0)%
851
845
2%
3%
Earnings Before Taxes Income Taxes
(2)
Diluted EPS ((Ex-CVA / DVA)) EOP Assets ($B) EOP Loans ($B) EOP Deposits ($B) (1) (2)
Note:
(313)
Includes provision for unfunded lending commitments. Credit valuation adjustment (CVA) on derivatives, net of hedges, and debt valuation adjustment (DVA) on Citigroup's fair value option debt. Citigroup pre-tax CVA / DVA recorded in Securities and Banking and Special Asset Pool totaled $(1,102)MM, $1,938MM, and $(40)MM in 4Q’10, 3Q’11, and 4Q’11, respectively. Assumes tax rates of 38.3%, 37.9%, and 46.3% for 4Q’10, 3Q’11, and 4Q’11, respectively. Totals may not sum due to rounding.
2
Foundation for Sustainable Growth Strong capital base – Tier 1 Common of 11.8% Ample liquidity – $311B aggregate liquidity resources De-risking of balance sheet – Holdings is now 14% of balance sheet; g the $45B transfer of Retail Partner Cards to Citicorp, p Holdings g considering would comprise only 12% of the balance sheet Continued improvement in credit trends – Net credit losses down 40% YoY Well reserved – $30.1B of loan loss reserves, 4.7% of total loans Strength in Citicorp’s core businesses – Citicorp total loans up 14% YoY
3
Net Credit Losses and Reserves ($B) Net Credit Losses
2.5 2.0
Corporate
1.5
12.5 10.5
84 8.4
8.5
1.0
8.0
7.7
6.9
6.5
6.3
0.5
5.1
4.5
4.5
4.1
0.0 (0.5) (1.0)
2.5
(0 1) (0.1) 0.4 (0.5)
0.1 0.3 (0.2)
(0.2) 0.1 (0.3)
2Q'11
3Q'11
4Q'11
05 0.5 (1.5) 12.0 10.0 8.0 6.0 4.0 2.0 0.0 (2.0) (4.0) (6.0) (8.0)
1Q'10
2Q'10
3Q'10
4Q'10
1Q'11
2Q'11
3Q'11
4Q'11
11.0
Consumer
9.0
Loan Loss Reserves
(1)
7.0
3.3
30 3.0
28 2.8
4.8
4.2
4.0
(1.0)
(1.5)
(1.2)
(1.2)
(3.0)
2Q'11 2Q 11
3Q'11 3Q 11
4Q'11 4Q 11
0 5.0 3.0 1.0
(0.1) 1Q'10
(1.5)
(2.0)
((2.3))
2Q'10
3Q'10
4Q'10
(3.3) (3 3) 1Q'11
(2.0)
(1.4)
(1.5)
2Q'11
3Q'11
4Q'11
36.6
34.4
32.1
30.1
Allowance for Loan Losses ($B) 48.7
46.2
43.7
40.7
(1) Loan loss reserves include provision for unfunded lending commitments and credit reserve builds / releases. Note: The adoption of SFAS 166/167 increased the allowance by $13.4B as of January 1, 2010. Totals may not sum due to rounding.
4
N.A. Consumer Mortgages & Cards ($B) N.A. Citi-Branded Cards – Citicorp 90+ DPD
$2 30 $2.30
EOP Loans
NCLs
N.A. Retail Partner Cards – Holdings
4Q’10 3Q’11 4Q’11 $77.5 $73.8 $75.9
90+ DPD
3Q’11 4Q’11 $41.1 $42.8
$2.00 $1.74
$2.05
$1.67 $1.81
$1.43
2Q'10
3Q'10
4Q'10
$1.93 $1.23
$1.60 $1.35
1Q'10
4Q’10 $46.4
$2.37 $2.13 $1.88
$2.08
EOP Loans
NCLs
1Q'11
$1.21
2Q'11
$1.09 $1 05 $1.05
3Q'11
NCLs
EOP Loans
4Q’10 $99.6
$1.51
$1.06
4Q'11
$1.11
1Q'10
2Q'10
3Q'10
4Q'10
3Q’11 4Q’11 $95.1 $95.4
90+ DPD
$1.38
NCLs
$1.34
$1.32
$7.02 $4.68
$4.08
$3.99
$4.27
$0.75
$0.70
$0.60
$0.51
$0.57
$0.48
$0.46
$0.43
1Q'10
2Q'10
3Q'10
4Q'10
1Q'11
2Q'11
3Q'11
4Q'11
$1.05
1Q'11
$0 96 $0.96
$0.78
$0.76
2Q'11
3Q'11
4Q'11
Home Equity Loans – Citigroup ($B)
$1.41
$5.70
$1.02
$1.35
$0.98
$9.59 $8 03 $8.03
$1.30
$1.78
$1.00
Residential 1st Mortgages – Citigroup ($B) 90+ DPD
$1.60
$0.95
1Q'10
$0.86
2Q'10
$0.80
3Q'10
$0.77
4Q'10
EOP Loans
$1 19 $1.19
$0.72
1Q'11
4Q’10 $49.4
$1.05
$0.63
2Q'11
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.
3Q’11 4Q’11 $44.9 $43.5
$1.03
$1.02
$0.55
$0.54
3Q'11
4Q'11
5
Balance Sheet Trends Assets A t (1) ($B)
Cash and Deposits w/ Banks Investments Fed funds sold & securities borrowed
3%
$1,555 186
267
$1 611 $1,611 186
$1,649
$1,647
179
186
$1 606 $1,606
Trading Account Assets Loans, net of reserves
183
Brokerage Receivables Other assets (3)
288
241
257
301
296
273
253
280
286
310
306
263
273
279
(25)% 389
403
425
430
20
30
30
27
151
150
152
159
4Q'10 Q
1Q'11 Q
2Q'11 Q
3Q'11 Q
Citicorp & Corp/Other
453
17 139 (2)
4Q'11 Q
$359
$337
51
39
$308
$289
36
33
$269 30
219
198
188
175
164
51
53
51
48
45
4Q'10 Q
1Q'11 Q
2Q'11 Q
3Q'11 Q
4Q'11 Q
Holdings
(1) Quarterly segment balance sheet data is disclosed in Citigroup’s Forms 10-Q filed with the U.S. Securities and Exchange Commission. (2) Preliminary. (3) Includes goodwill, intangibles, MSRs and assets related to discontinued operations held for sale. Note: Totals may not sum due to rounding.
6
(2)
Loan Trends (1) Citi Citigroup Loans L
($B EOP Loans)
Citi Holdings
Citicorp p
$649
$637
$648
$637
$647
242
219
208
194
182
QoQ (%) YoY (%) $440
$444 58
$465
$407
$418
44
47
53
133
139
146
149
159
81 34
84
87
85
87
7
36
7
38
8
35
7
38
106
108
110
115
4Q'10 4Q 10
1Q'11 1Q 11
2Q'11 2Q 11
3Q'11 3Q 11
4Q'11 4Q 11
$641 $
Total Citicorp 5% 14%
60
108
RCB North America Securities & Banking(2)
Growth (%)
RCB EMEA RCB Latin America Global Transaction Services(3)
Total Citigroup Loans in Constant Dollars(4) $625 $ $631 $ $636 $
Citicorp Corporate 6% 24%
7
Citicorp Consumer 4% 7%
RCB Asia Citi Holdings
QoQ (%) YoY (%) $647 $
2%
Reported loans net of unearned income as disclosed in Citigroup's Fourth Quarter 2011 Quarterly Financial Data Supplement furnished as an exhibit to Form 8-K filed with the U.S. Securities and Exchange Commission on January 17, 2012. Regional Consumer Banking numbers include both credit cards and retail banking. (2) Corporate loans. (3) Includes trade finance loans. (4) Loans excluding foreign exchange translation (FX) show non-USD loans expressed at December 31, 2011 foreign exchange rates. Note: Totals may not sum due to rounding.
1%
(1)
7
Citicorp Drivers in Constant Dollars(1) North America ($B)
Asia
4Q'10
3Q'11
4Q'11
YoY %
65 6 65.6
69 9 69.9
74 0 74.0
13%
Corporate Avg Loans
Retail Bank Avg Loans
29.7
35.2
37.3
26%
Cards Avg Loans
75.3
72.8
73.1
C d P Cards Purchase h S Sales l
40 4 40.4
39 6 39.6
Retail Avg Deposits
144.5
145.4
Corporate Avg Loans
(2)
($B)
4Q'10
3Q'11
4Q'11
YoY %
42 0 42.0
53 6 53.6
57 4 57.4
37%
Retail Bank Avg Loans
58.8
63.1
65.8
12%
(3%)
Cards Avg Loans
19.6
20.0
20.4
4%
41 2 41.2
2%
C d P Cards Purchase h S Sales l
18 0 18.0
18 2 18.2
19 2 19.2
7%
147.0
2%
Retail Avg Deposits
105.9
108.7
109.5
3%
(2)
EMEA ($B)
Latin America
4Q'10
3Q'11
4Q'11
YoY
($B)
39.4
46.6
50.0
27%
Corporate Avg Loans
Retail Bank Avg Loans
3.8
4.0
4.2
9%
Cards Avg Loans
2.5
2.6
2.7
Cards Purchase Sales
2.5
2.6
Retail Avg Deposits
8.7
9.0
Corporate Avg Loans
(2)
4Q'10
3Q'11
4Q'11
YoY %
23.8
29.4
31.9
34%
Retail Bank Avg Loans
18.2
20.9
23.0
26%
7%
Cards Avg Loans
12.1
12.5
13.5
11%
2.7
8%
Cards Purchase Sales
8.8
9.3
10.7
21%
9.2
5%
Retail Avg Deposits
39.7
42.6
44.6
12%
(1) Constant dollars based on December 31, 2011 foreign exchange rates. (2) Loans in Institutional Clients Group include Private Bank. Note: Totals may not sum due to rounding.
(2)
8
Deposits ($B) $
1 50% 1.50% A Average Rate R t on Total T t l Deposits D it
1.03%
1.03%
0.85%
0.86%
0.85%
0.80%
$845
$866
$866
$851
$867
82 11 87
79 6 87
77 5 86
73 5 83
71 5 78
64 5 76
127
169
145
121
125
138
233
232
237
222
228
1.02%
1.00%
1.01%
0.99%
0.96%
0 91% 0.91%
0 88% 0.88%
0 90% 0.90%
0.86%
$828
$814
$850
1.00%
0.50% 900 800
86
700Retail
13 92
0 00% 0.00% Time deposits
Average Rate on Total Deposits (2)
(excluding deposit insurance and FDIC assessment) (1)
600 Corporate
183
82 13 86 166
500 400
Retail
Operating accounts
214
0.96%
Citi Holdings Corp/Other
Citicorp
203
205
252
261
288
313
325
345
346
360
1Q'10
2Q'10
3Q'10
4Q'10
1Q'11
2Q'11
3Q'11
4Q'11
Total Deposits ex-FX ex FX(4) $842 $834 $845 $841
$849
$867
300 200 C Corporate
100 -
$825
$826
(3)
(1)
Average rate is calculated as annualized interest (excluding deposit insurance and FDIC assessment) divided by average deposits. (2) Average rate is calculated as annualized interest (including deposit insurance and FDIC assessment) divided by average deposits. As previously disclosed, Citi’s FDIC assessment increased significantly in 2Q’11. (3) Preliminary. (4) Deposits expressed at December 31, 2011 foreign exchange rates. Note: There is not a standard industry definition for operating accounts; numbers reflect Citigroup’s internal assessments. Totals may not sum due to rounding.
9
7.50%
Net Interest Margin
6.50% 5.50%
($Tr)
Net Interest Margin
4.50% 3.50% 3 50% 2 00 2.00 1.80 2.50% 1.60 1.40 1.20 1.00 0.80 0.60 0.40 0.20 -
3.32%
3.15% 3 5%
3 06% 3.06%
2 95% 2.95%
2.88%
2.82%
2.83%
2.90%
$1 78 $1.78
$1.79
$1.71 $
$1.73
$1.72
$1.75
$1.72 $
$1 67 $1.67
1Q'10
2Q'10
3Q'10
4Q'10
1Q'11
2Q'11
3Q'11
4Q'11
37%
38%
39%
Average Long-Term Debt as a % of Average Interest-Earning Assets 24% 23% 21% 21% 21% 21%
19%
19%
Average Interest-Earnings Assets
Average Loans (1) as a % of Average Interest-Earning Assets 41% 40% 38% 37% 37%
(1)
Net of unearned income.
10
Business Balance Sheets Assets (1) ($B)
(2)% 1800
1600
$1 556 $1,556
$1,611
$1,649
$1,647
$1,606
Growth (%) QoQ YoY
1400
728
749
737
686
138
144
153
154
161
5%
17%
Global Transaction Services 600
123
128
136
138
133
(4)%
8%
Regional Consumer 400 Banking
328
330
341
335
340
1%
4%
272
281
269
283
286
4Q'10
1Q'11
2Q'11
3Q'11
4Q'11
Global
Securities & Banking
(2) 1200 Markets
695
(7)% (1)%
1000
Portfolio 800 & Lending
200
Corp / Other 0
(3)
Citicorp & Corp/Other (1) Quarterly segment balance sheet data is disclosed in Citigroup’s Forms 10-Q filed with the U.S. Securities and Exchange Commission. (2) Includes other Securities & Banking. (3) Preliminary. Note: Totals may not sum due to rounding.
11
Country Risk Exposure Summary GIIPS
As of December 31, 2011 Gross Funded Credit Exposure
(2)
(1)
$20.2
(3)
Less: Margin and Collateral
France & Belgium $13.2
(4.2)
(6.3)
(9.6)
(5.2)
(13.8)
(11.5)
$6 $6.5
$1 $1.7
Net Trading and AFS Exposure
1.3
0.6
Net Current Funded Exposure
$7.8
$2.4
($4.2)
($4.7)
Sovereigns Financial Institutions Corporations
$0.7 $0 7 1.6 4.2
$0.1 $0 1 2.0 (0.3)
Net Funded Credit Exposure
6.5
1.7
Less: Purchased Credit Protection
(4)
N F Net Funded d d Credit C di Exposure E
Additional Collateral Received Not Netted
Net Funded Credit Exposure Detail:
Note: Information based on Citi’s internal risk management measures. (1) Greece, Ireland, Italy, Portugal, and Spain. (2) Includes the net credit exposure arising from secured financing transactions, such as repos and reverse repos. Does not include unfunded commitments. For additional details on unfunded commitments, see slide 31. (3) Margin posted under legally-enforceable margin agreements and collateral pledged under bankruptcy-remote structures. (4) Credit protection purchased from financial institutions predominately outside of GIIPS, France, and Belgium. Credit protection may not be effective to protect against all types of losses.
12
Citi Holdings Asset Summary EOP Assets ($B) Brokerage & Asset Mgmt.
4Q'10
1Q'11
2Q'11
3Q'11
4Q'11
$27
$27
$27
$26
$27
25 2
25 2
25 1
25 1
25 1
Local Consumer Lending
$252
$237
$228
$218
$201
● North America – Mortgages – Retail Partner Cards (1) – Personal – Student – Auto – Commercial Real Estate – Other ● EMEA ● Asia
226 130 49 11 8 6 4 18 19 7
212 125 45 10 8 5 2 17 19 6
205 119 45 10 8 5 2 16 18 5
197 117 44 10 4 4 2 17 16 4
186 109 46 10 3 0 1 17 12 4
$80
$73
$53
$45
$41
27 12 9 20 13
14 8 8 29 14
13 7 6 13 14
11 4 6 15 9
10 4 5 14 8
$359
$337
$308
$289
$269
● MS Smith Barney JV ● Retail Alt. Investments
Special Asset Pool ● ● ● ● ●
Total
Securities at HTM Loans, Leases & LCs Securities at AFS Trading MTM Other
% ∆ YoY (0) % (0) (24)
(20) % (18) (16) (7) ((8)) (60) (100) (71) (4) (40) (43)
(49) % (63) (70) (39) (31) (35)
(25) %
Adjusted for the transfer of $45 billion of Retail Partner Cards into Citicorp, Holdings assets would be approximately $225 billion (1) In 1Q’12, $45 billion of Retail Partner Cards will be transferred to Citicorp. Note: Totals may not sum due to rounding.
13
Liquidity & Funding Strategy
Liquidity Buffer
Funding Components
Bank
Non-Bank
Maintain ample cash and readily marketable, highly liquid securities on hand to meet short-term funding obligations
Maintain ample cash and readily marketable, highly liquid securities on hand to meet short-term funding obligations
Largely use cost-effective deposits to fund both liquid assets and loans
Use modest amount of shortterm funding for highly liquid assets
Supplement the funding of bank entities with secured long-term debt and equity
Continue to primarily fund nonbank businesses with long-term g unsecured debt and equity
14
Liquidity Resources On Balance Sheet Aggregate Liquidity Resources (1) (EOP $B) 355
$316
$320
$349
$331
$311
$334
$322
$311
$ $301
305 255 205 155
$200
229
229
238
253
227
237
213
201
128
105 55
241
26
25
27
30
22
23
20
72
87
82
82
90
95
96
96
100
98
2008
2009
1Q'10 1Q 10
2Q'10 2Q 10
3Q'10 3Q 10
4Q'10 4Q 10
1Q'11 1Q 11
2Q'11 2Q 11
3Q'11 3Q 11
4Q'11 4Q 11
(2)
5 (3)
‐45 (4)
Non-Bank
23A Lending Capacity
Signif icant Bank Entities
(1)
Aggregate liquidity resources reflect balances of cash at major central banks as well as unencumbered highly liquid securities for the parent holding company (Citigroup Inc.), broker-dealer (CGMHI) and significant bank entities, including Citibank, N.A. (2) Qualifying collateral consisting of unencumbered assets and securities sold under repurchase agreements (repos). Some securities currently encumbered by repos are anticipated to be available as collateral in a stress scenario. (3) Preliminary. In addition to the amounts shown above, Citi estimates that its other entities and subsidiaries held approximately $103B of cash on deposit with banks and unencumbered liquid securities as of December 31, 2011. (4) “Non-Bank” includes the parent holding company (Citigroup Inc.) and the broker-dealer (CGMHI). Note: These totals do not include Citigroup’s borrowing capacity at the Federal Reserve discount window and from various Federal Home Loan Banks, which capacity is maintained by pledged collateral to all such banks. Totals may not sum due to rounding.
15
Liquidity Investment Strategy Cash and Available-for-Sale Securities ($B)
$465
$451
(1)
Basel III LCR Liquid Assets: L Level l1A Assets: t
41%
41%
13%
11%
Cash US Treasuries Foreign Government Bonds Level 1 or Level 2 Assets:
8%
9% 6% 6% 4%
11%
21%
19%
US Agency MBS (awaiting final guidance) US Agency Securities (awaiting final guidance)
5% 4%
Level 2 Assets: 4Q'10
4Q'11
(2)
Cash and Deposits with Banks U.S. Treasury securities U.S. Federal Agency securities Mortgage-backed securities (primarily U.S. Agencies) Corporate & Municipal securities (3) ABS & other securities Foreign Government
Investment Grade Corporate and Municipal Securities Covered Bonds Certain ABS Securities (awaiting final guidance)
(4)
(1)
Aggregate cash, deposits with banks, and available-for-sale securities per Citigroup’s Consolidated Balance Sheet. Available-for-sale portfolio shown excludes non-marketable equity securities, as disclosed in the “Investments” note of Citigroup Inc.’s Third Quarter 2011 Form 10-Q, filed with the Securities and Exchange Commission on November 4, 2011 (3Q’11 Form 10-Q). (2) Preliminary. (3) Includes asset-backed securities and other debt securities per Citigroup’s quarterly disclosures, including the 3Q’11 Form 10-Q. (4) Exposure to GIIPS, Belgium and France foreign government bonds as of December 31, 2011 was not material. Note: Totals may not sum due to rounding.
16
Long-Term Debt Outstanding By Product: $B
$381
167
Bank B k vs. Non-Bank:
$377
166
$352
$334
$324
158
157
27 51
25 44
23 38
51 11 16 29
49 11 16 29
3Q'11
4Q'11
161
26
26
58
57
66
64
18 18 28
18 18 28
53 16 16 28
4Q'10
1Q'11
2Q'11
Senior (Fixed & Floating)
Structured Notes
FHLB
TruPS
$381 113
$377 109
(1)
$352
~$250-260
Securitizations
Subordinated
Projected Outstandings (2)
$334
$324
96
81
77
267
257
253
247
4Q'10
1Q'11
2Q'11
3Q'11
4Q'11
Non-Bank
4Q'12E
TLGP
268
Bank
250
~$250-260
4Q'12E
Projected Outstandings (2)
(1) Includes long-term (original maturity greater than one year) fixed/floating rate debt obligations that have been selected for fair value accounting and structured notes. (2) Preliminary forecast balances; not actual. Note: Totals do not include subordinated capital notes, capital lease obligations and employee deferred awards; in total, there was less than $1 billion of these obligations outstanding for all periods shown. Totals may not sum due to rounding.
17
Maturities & Issuance of Long-Term Debt $B
70.0 $60.7 60.0 $50 6 $50.6 50.0
40.0
38.0
20.3
$28 7 $28.7
30.0
20.0 30.4
~$15-20
$15.1
10 0 10.0
-
28.7
22 6 22.6
TBD
Maturities
Issuance
Maturities
FY 2011 (1)
Issuance
FY 2012 (2) Non-TLGP
TLGP
Maturities
Issuance
FY 2013 (2) Projected Issuance
(1)
Maturities data for 2011 is preliminary. Issuance data for 2011 includes $8.0B for parent holding company (Citigroup Inc.) and $7.1B of Citigroup Funding Inc. (CFI) gross structural issuance; gross structural issuance for CFI excludes debt that, based on Citigroup’s internal assessment, may not have an expected life greater than one year. (2) 2012 and 2013 maturities data reflects estimated maturities. Note: Maturities and issuance data is for total Citigroup Inc., excluding (a) securitizations; (b) FHLB issuance of $6.0B in 2011, and estimated maturities of $2.7B and $5.3B in 2012 and 2013, respectively; and (c) local country issuance of $6.0B in 2011, and estimated maturities of $2.8B and $4.5B in 2012 and 2013, respectively. Estimated aggregate annual maturities for total Citigroup Inc., as disclosed in Citigroup’s 2010 Annual Report of Form 10-K filed with the Securities and Exchange Commission on February 25, 2011, were $71.5B for 2011, $94.2B for 2012, and $37.2B for 2013. Totals may not sum due to rounding.
18
Long-Term Debt Issuance: Year in Review 90 9.0
I Issuance V l Volumes -- Benchmark B h k & St Structured t d
8.0
$B 7.0
$5.9
6.0
$5.1
4.0
$5.3
$4.7
5.0
$3.8
$3.2
4.5
3.7
3.0
1.0
3.6
1.4
1.4
2Q'10
3Q'10
09 0.9
0.0
1Q'10
(1)
11 1.1
1.6
1.7
4Q'10
1Q'11
2Q'11
Tenor & Currency -- Benchmark Issuance 2010: $14.1B total
9.0
$8.1
7.0
1.7
2011: $8.0B total
2.3 2.6 1.2
3Q'11
4Q'11
Benchmark 11.0
9.0
Tenor & Currency --Structured Issuance 2010: $4.8B total
2011: $7.1B total
7.0 50 5.0
$3.7
6.4
3.0
$3.6 0.1
$2.3
3.7
3.5 2.3
1.0 (1.0)
$2.6
2.2
Structured
5.0
$3.4
3.6
2.3
2.0
11.0
Total Benchmark 2011: $8.0B Total Structured 2011: $7.1B $15.1B
10 Yrs
USD
10 Yrs(1.0)
$3.2
$3.1
1.2
1.7
10 1.0
$1.2 0.1 1.1
2.0
1.5
4-9 Yrs
>10 Yrs
Fixed Income Investor Review John Gerspach Chief Financial Officer
Eric Aboaf Treasurer January 24, 2012
Highlights Difficult capital markets environment in 4Q’11 – Substantial macro uncertainty drove lower market activity
Consumer Banking and Transaction Services continued to grow Citi Holdings continued to shrink – Holdings assets declined $90B in 2011 to $269B – Further $45B of assets in Retail Partner Cards to move to Citicorp in 1Q’12
Going forward, European sovereign debt crisis remains an overhang Citi remains focused on expenses – Largely through the current investment cycle – Expenses currently expected to decline in 2012
1
Summary Income Statement ($MM, except EPS) Revenues Operating Expenses Net Credit Losses (1) Net LLR Build (Release) PB&C Credit Losses, Losses Claims and Benefits
4Q'11
3Q'11
4Q'10
%QoQ %YoY
$17,174
$20,831
$18,371
(18)%
(7)%
12,936
12,460
12,471
4%
4%
4,108
4,514
6,854
(9)%
(40)%
(1,468)
(1,422)
(2,252)
(3)%
35%
234
259
238
(10)%
(2)%
2 874 2,874
3 351 3,351
4 840 4,840
(14)%
(41)%
1,364
5,020
1,060
(73)%
29%
157
1,278
(88)%
NM
Net Income from Cont. Ops.
$1 207 $1,207
$3 742 $3,742
$1 373 $1,373
(68)%
(12)%
Net Income
$1,165
$3,771
$1,309
(69)%
(11)%
Diluted EPS
$0.38
$1.23
$0.43
(69)%
(12)%
$0.39 $
$0.84 $
$0.66 $
((53)% )
((41)% )
$1,875
$1,936
$1,914
(3)%
(2)%
647 867
637
649
2%
(0)%
851
845
2%
3%
Earnings Before Taxes Income Taxes
(2)
Diluted EPS ((Ex-CVA / DVA)) EOP Assets ($B) EOP Loans ($B) EOP Deposits ($B) (1) (2)
Note:
(313)
Includes provision for unfunded lending commitments. Credit valuation adjustment (CVA) on derivatives, net of hedges, and debt valuation adjustment (DVA) on Citigroup's fair value option debt. Citigroup pre-tax CVA / DVA recorded in Securities and Banking and Special Asset Pool totaled $(1,102)MM, $1,938MM, and $(40)MM in 4Q’10, 3Q’11, and 4Q’11, respectively. Assumes tax rates of 38.3%, 37.9%, and 46.3% for 4Q’10, 3Q’11, and 4Q’11, respectively. Totals may not sum due to rounding.
2
Foundation for Sustainable Growth Strong capital base – Tier 1 Common of 11.8% Ample liquidity – $311B aggregate liquidity resources De-risking of balance sheet – Holdings is now 14% of balance sheet; g the $45B transfer of Retail Partner Cards to Citicorp, p Holdings g considering would comprise only 12% of the balance sheet Continued improvement in credit trends – Net credit losses down 40% YoY Well reserved – $30.1B of loan loss reserves, 4.7% of total loans Strength in Citicorp’s core businesses – Citicorp total loans up 14% YoY
3
Net Credit Losses and Reserves ($B) Net Credit Losses
2.5 2.0
Corporate
1.5
12.5 10.5
84 8.4
8.5
1.0
8.0
7.7
6.9
6.5
6.3
0.5
5.1
4.5
4.5
4.1
0.0 (0.5) (1.0)
2.5
(0 1) (0.1) 0.4 (0.5)
0.1 0.3 (0.2)
(0.2) 0.1 (0.3)
2Q'11
3Q'11
4Q'11
05 0.5 (1.5) 12.0 10.0 8.0 6.0 4.0 2.0 0.0 (2.0) (4.0) (6.0) (8.0)
1Q'10
2Q'10
3Q'10
4Q'10
1Q'11
2Q'11
3Q'11
4Q'11
11.0
Consumer
9.0
Loan Loss Reserves
(1)
7.0
3.3
30 3.0
28 2.8
4.8
4.2
4.0
(1.0)
(1.5)
(1.2)
(1.2)
(3.0)
2Q'11 2Q 11
3Q'11 3Q 11
4Q'11 4Q 11
0 5.0 3.0 1.0
(0.1) 1Q'10
(1.5)
(2.0)
((2.3))
2Q'10
3Q'10
4Q'10
(3.3) (3 3) 1Q'11
(2.0)
(1.4)
(1.5)
2Q'11
3Q'11
4Q'11
36.6
34.4
32.1
30.1
Allowance for Loan Losses ($B) 48.7
46.2
43.7
40.7
(1) Loan loss reserves include provision for unfunded lending commitments and credit reserve builds / releases. Note: The adoption of SFAS 166/167 increased the allowance by $13.4B as of January 1, 2010. Totals may not sum due to rounding.
4
N.A. Consumer Mortgages & Cards ($B) N.A. Citi-Branded Cards – Citicorp 90+ DPD
$2 30 $2.30
EOP Loans
NCLs
N.A. Retail Partner Cards – Holdings
4Q’10 3Q’11 4Q’11 $77.5 $73.8 $75.9
90+ DPD
3Q’11 4Q’11 $41.1 $42.8
$2.00 $1.74
$2.05
$1.67 $1.81
$1.43
2Q'10
3Q'10
4Q'10
$1.93 $1.23
$1.60 $1.35
1Q'10
4Q’10 $46.4
$2.37 $2.13 $1.88
$2.08
EOP Loans
NCLs
1Q'11
$1.21
2Q'11
$1.09 $1 05 $1.05
3Q'11
NCLs
EOP Loans
4Q’10 $99.6
$1.51
$1.06
4Q'11
$1.11
1Q'10
2Q'10
3Q'10
4Q'10
3Q’11 4Q’11 $95.1 $95.4
90+ DPD
$1.38
NCLs
$1.34
$1.32
$7.02 $4.68
$4.08
$3.99
$4.27
$0.75
$0.70
$0.60
$0.51
$0.57
$0.48
$0.46
$0.43
1Q'10
2Q'10
3Q'10
4Q'10
1Q'11
2Q'11
3Q'11
4Q'11
$1.05
1Q'11
$0 96 $0.96
$0.78
$0.76
2Q'11
3Q'11
4Q'11
Home Equity Loans – Citigroup ($B)
$1.41
$5.70
$1.02
$1.35
$0.98
$9.59 $8 03 $8.03
$1.30
$1.78
$1.00
Residential 1st Mortgages – Citigroup ($B) 90+ DPD
$1.60
$0.95
1Q'10
$0.86
2Q'10
$0.80
3Q'10
$0.77
4Q'10
EOP Loans
$1 19 $1.19
$0.72
1Q'11
4Q’10 $49.4
$1.05
$0.63
2Q'11
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.
3Q’11 4Q’11 $44.9 $43.5
$1.03
$1.02
$0.55
$0.54
3Q'11
4Q'11
5
Balance Sheet Trends Assets A t (1) ($B)
Cash and Deposits w/ Banks Investments Fed funds sold & securities borrowed
3%
$1,555 186
267
$1 611 $1,611 186
$1,649
$1,647
179
186
$1 606 $1,606
Trading Account Assets Loans, net of reserves
183
Brokerage Receivables Other assets (3)
288
241
257
301
296
273
253
280
286
310
306
263
273
279
(25)% 389
403
425
430
20
30
30
27
151
150
152
159
4Q'10 Q
1Q'11 Q
2Q'11 Q
3Q'11 Q
Citicorp & Corp/Other
453
17 139 (2)
4Q'11 Q
$359
$337
51
39
$308
$289
36
33
$269 30
219
198
188
175
164
51
53
51
48
45
4Q'10 Q
1Q'11 Q
2Q'11 Q
3Q'11 Q
4Q'11 Q
Holdings
(1) Quarterly segment balance sheet data is disclosed in Citigroup’s Forms 10-Q filed with the U.S. Securities and Exchange Commission. (2) Preliminary. (3) Includes goodwill, intangibles, MSRs and assets related to discontinued operations held for sale. Note: Totals may not sum due to rounding.
6
(2)
Loan Trends (1) Citi Citigroup Loans L
($B EOP Loans)
Citi Holdings
Citicorp p
$649
$637
$648
$637
$647
242
219
208
194
182
QoQ (%) YoY (%) $440
$444 58
$465
$407
$418
44
47
53
133
139
146
149
159
81 34
84
87
85
87
7
36
7
38
8
35
7
38
106
108
110
115
4Q'10 4Q 10
1Q'11 1Q 11
2Q'11 2Q 11
3Q'11 3Q 11
4Q'11 4Q 11
$641 $
Total Citicorp 5% 14%
60
108
RCB North America Securities & Banking(2)
Growth (%)
RCB EMEA RCB Latin America Global Transaction Services(3)
Total Citigroup Loans in Constant Dollars(4) $625 $ $631 $ $636 $
Citicorp Corporate 6% 24%
7
Citicorp Consumer 4% 7%
RCB Asia Citi Holdings
QoQ (%) YoY (%) $647 $
2%
Reported loans net of unearned income as disclosed in Citigroup's Fourth Quarter 2011 Quarterly Financial Data Supplement furnished as an exhibit to Form 8-K filed with the U.S. Securities and Exchange Commission on January 17, 2012. Regional Consumer Banking numbers include both credit cards and retail banking. (2) Corporate loans. (3) Includes trade finance loans. (4) Loans excluding foreign exchange translation (FX) show non-USD loans expressed at December 31, 2011 foreign exchange rates. Note: Totals may not sum due to rounding.
1%
(1)
7
Citicorp Drivers in Constant Dollars(1) North America ($B)
Asia
4Q'10
3Q'11
4Q'11
YoY %
65 6 65.6
69 9 69.9
74 0 74.0
13%
Corporate Avg Loans
Retail Bank Avg Loans
29.7
35.2
37.3
26%
Cards Avg Loans
75.3
72.8
73.1
C d P Cards Purchase h S Sales l
40 4 40.4
39 6 39.6
Retail Avg Deposits
144.5
145.4
Corporate Avg Loans
(2)
($B)
4Q'10
3Q'11
4Q'11
YoY %
42 0 42.0
53 6 53.6
57 4 57.4
37%
Retail Bank Avg Loans
58.8
63.1
65.8
12%
(3%)
Cards Avg Loans
19.6
20.0
20.4
4%
41 2 41.2
2%
C d P Cards Purchase h S Sales l
18 0 18.0
18 2 18.2
19 2 19.2
7%
147.0
2%
Retail Avg Deposits
105.9
108.7
109.5
3%
(2)
EMEA ($B)
Latin America
4Q'10
3Q'11
4Q'11
YoY
($B)
39.4
46.6
50.0
27%
Corporate Avg Loans
Retail Bank Avg Loans
3.8
4.0
4.2
9%
Cards Avg Loans
2.5
2.6
2.7
Cards Purchase Sales
2.5
2.6
Retail Avg Deposits
8.7
9.0
Corporate Avg Loans
(2)
4Q'10
3Q'11
4Q'11
YoY %
23.8
29.4
31.9
34%
Retail Bank Avg Loans
18.2
20.9
23.0
26%
7%
Cards Avg Loans
12.1
12.5
13.5
11%
2.7
8%
Cards Purchase Sales
8.8
9.3
10.7
21%
9.2
5%
Retail Avg Deposits
39.7
42.6
44.6
12%
(1) Constant dollars based on December 31, 2011 foreign exchange rates. (2) Loans in Institutional Clients Group include Private Bank. Note: Totals may not sum due to rounding.
(2)
8
Deposits ($B) $
1 50% 1.50% A Average Rate R t on Total T t l Deposits D it
1.03%
1.03%
0.85%
0.86%
0.85%
0.80%
$845
$866
$866
$851
$867
82 11 87
79 6 87
77 5 86
73 5 83
71 5 78
64 5 76
127
169
145
121
125
138
233
232
237
222
228
1.02%
1.00%
1.01%
0.99%
0.96%
0 91% 0.91%
0 88% 0.88%
0 90% 0.90%
0.86%
$828
$814
$850
1.00%
0.50% 900 800
86
700Retail
13 92
0 00% 0.00% Time deposits
Average Rate on Total Deposits (2)
(excluding deposit insurance and FDIC assessment) (1)
600 Corporate
183
82 13 86 166
500 400
Retail
Operating accounts
214
0.96%
Citi Holdings Corp/Other
Citicorp
203
205
252
261
288
313
325
345
346
360
1Q'10
2Q'10
3Q'10
4Q'10
1Q'11
2Q'11
3Q'11
4Q'11
Total Deposits ex-FX ex FX(4) $842 $834 $845 $841
$849
$867
300 200 C Corporate
100 -
$825
$826
(3)
(1)
Average rate is calculated as annualized interest (excluding deposit insurance and FDIC assessment) divided by average deposits. (2) Average rate is calculated as annualized interest (including deposit insurance and FDIC assessment) divided by average deposits. As previously disclosed, Citi’s FDIC assessment increased significantly in 2Q’11. (3) Preliminary. (4) Deposits expressed at December 31, 2011 foreign exchange rates. Note: There is not a standard industry definition for operating accounts; numbers reflect Citigroup’s internal assessments. Totals may not sum due to rounding.
9
7.50%
Net Interest Margin
6.50% 5.50%
($Tr)
Net Interest Margin
4.50% 3.50% 3 50% 2 00 2.00 1.80 2.50% 1.60 1.40 1.20 1.00 0.80 0.60 0.40 0.20 -
3.32%
3.15% 3 5%
3 06% 3.06%
2 95% 2.95%
2.88%
2.82%
2.83%
2.90%
$1 78 $1.78
$1.79
$1.71 $
$1.73
$1.72
$1.75
$1.72 $
$1 67 $1.67
1Q'10
2Q'10
3Q'10
4Q'10
1Q'11
2Q'11
3Q'11
4Q'11
37%
38%
39%
Average Long-Term Debt as a % of Average Interest-Earning Assets 24% 23% 21% 21% 21% 21%
19%
19%
Average Interest-Earnings Assets
Average Loans (1) as a % of Average Interest-Earning Assets 41% 40% 38% 37% 37%
(1)
Net of unearned income.
10
Business Balance Sheets Assets (1) ($B)
(2)% 1800
1600
$1 556 $1,556
$1,611
$1,649
$1,647
$1,606
Growth (%) QoQ YoY
1400
728
749
737
686
138
144
153
154
161
5%
17%
Global Transaction Services 600
123
128
136
138
133
(4)%
8%
Regional Consumer 400 Banking
328
330
341
335
340
1%
4%
272
281
269
283
286
4Q'10
1Q'11
2Q'11
3Q'11
4Q'11
Global
Securities & Banking
(2) 1200 Markets
695
(7)% (1)%
1000
Portfolio 800 & Lending
200
Corp / Other 0
(3)
Citicorp & Corp/Other (1) Quarterly segment balance sheet data is disclosed in Citigroup’s Forms 10-Q filed with the U.S. Securities and Exchange Commission. (2) Includes other Securities & Banking. (3) Preliminary. Note: Totals may not sum due to rounding.
11
Country Risk Exposure Summary GIIPS
As of December 31, 2011 Gross Funded Credit Exposure
(2)
(1)
$20.2
(3)
Less: Margin and Collateral
France & Belgium $13.2
(4.2)
(6.3)
(9.6)
(5.2)
(13.8)
(11.5)
$6 $6.5
$1 $1.7
Net Trading and AFS Exposure
1.3
0.6
Net Current Funded Exposure
$7.8
$2.4
($4.2)
($4.7)
Sovereigns Financial Institutions Corporations
$0.7 $0 7 1.6 4.2
$0.1 $0 1 2.0 (0.3)
Net Funded Credit Exposure
6.5
1.7
Less: Purchased Credit Protection
(4)
N F Net Funded d d Credit C di Exposure E
Additional Collateral Received Not Netted
Net Funded Credit Exposure Detail:
Note: Information based on Citi’s internal risk management measures. (1) Greece, Ireland, Italy, Portugal, and Spain. (2) Includes the net credit exposure arising from secured financing transactions, such as repos and reverse repos. Does not include unfunded commitments. For additional details on unfunded commitments, see slide 31. (3) Margin posted under legally-enforceable margin agreements and collateral pledged under bankruptcy-remote structures. (4) Credit protection purchased from financial institutions predominately outside of GIIPS, France, and Belgium. Credit protection may not be effective to protect against all types of losses.
12
Citi Holdings Asset Summary EOP Assets ($B) Brokerage & Asset Mgmt.
4Q'10
1Q'11
2Q'11
3Q'11
4Q'11
$27
$27
$27
$26
$27
25 2
25 2
25 1
25 1
25 1
Local Consumer Lending
$252
$237
$228
$218
$201
● North America – Mortgages – Retail Partner Cards (1) – Personal – Student – Auto – Commercial Real Estate – Other ● EMEA ● Asia
226 130 49 11 8 6 4 18 19 7
212 125 45 10 8 5 2 17 19 6
205 119 45 10 8 5 2 16 18 5
197 117 44 10 4 4 2 17 16 4
186 109 46 10 3 0 1 17 12 4
$80
$73
$53
$45
$41
27 12 9 20 13
14 8 8 29 14
13 7 6 13 14
11 4 6 15 9
10 4 5 14 8
$359
$337
$308
$289
$269
● MS Smith Barney JV ● Retail Alt. Investments
Special Asset Pool ● ● ● ● ●
Total
Securities at HTM Loans, Leases & LCs Securities at AFS Trading MTM Other
% ∆ YoY (0) % (0) (24)
(20) % (18) (16) (7) ((8)) (60) (100) (71) (4) (40) (43)
(49) % (63) (70) (39) (31) (35)
(25) %
Adjusted for the transfer of $45 billion of Retail Partner Cards into Citicorp, Holdings assets would be approximately $225 billion (1) In 1Q’12, $45 billion of Retail Partner Cards will be transferred to Citicorp. Note: Totals may not sum due to rounding.
13
Liquidity & Funding Strategy
Liquidity Buffer
Funding Components
Bank
Non-Bank
Maintain ample cash and readily marketable, highly liquid securities on hand to meet short-term funding obligations
Maintain ample cash and readily marketable, highly liquid securities on hand to meet short-term funding obligations
Largely use cost-effective deposits to fund both liquid assets and loans
Use modest amount of shortterm funding for highly liquid assets
Supplement the funding of bank entities with secured long-term debt and equity
Continue to primarily fund nonbank businesses with long-term g unsecured debt and equity
14
Liquidity Resources On Balance Sheet Aggregate Liquidity Resources (1) (EOP $B) 355
$316
$320
$349
$331
$311
$334
$322
$311
$ $301
305 255 205 155
$200
229
229
238
253
227
237
213
201
128
105 55
241
26
25
27
30
22
23
20
72
87
82
82
90
95
96
96
100
98
2008
2009
1Q'10 1Q 10
2Q'10 2Q 10
3Q'10 3Q 10
4Q'10 4Q 10
1Q'11 1Q 11
2Q'11 2Q 11
3Q'11 3Q 11
4Q'11 4Q 11
(2)
5 (3)
‐45 (4)
Non-Bank
23A Lending Capacity
Signif icant Bank Entities
(1)
Aggregate liquidity resources reflect balances of cash at major central banks as well as unencumbered highly liquid securities for the parent holding company (Citigroup Inc.), broker-dealer (CGMHI) and significant bank entities, including Citibank, N.A. (2) Qualifying collateral consisting of unencumbered assets and securities sold under repurchase agreements (repos). Some securities currently encumbered by repos are anticipated to be available as collateral in a stress scenario. (3) Preliminary. In addition to the amounts shown above, Citi estimates that its other entities and subsidiaries held approximately $103B of cash on deposit with banks and unencumbered liquid securities as of December 31, 2011. (4) “Non-Bank” includes the parent holding company (Citigroup Inc.) and the broker-dealer (CGMHI). Note: These totals do not include Citigroup’s borrowing capacity at the Federal Reserve discount window and from various Federal Home Loan Banks, which capacity is maintained by pledged collateral to all such banks. Totals may not sum due to rounding.
15
Liquidity Investment Strategy Cash and Available-for-Sale Securities ($B)
$465
$451
(1)
Basel III LCR Liquid Assets: L Level l1A Assets: t
41%
41%
13%
11%
Cash US Treasuries Foreign Government Bonds Level 1 or Level 2 Assets:
8%
9% 6% 6% 4%
11%
21%
19%
US Agency MBS (awaiting final guidance) US Agency Securities (awaiting final guidance)
5% 4%
Level 2 Assets: 4Q'10
4Q'11
(2)
Cash and Deposits with Banks U.S. Treasury securities U.S. Federal Agency securities Mortgage-backed securities (primarily U.S. Agencies) Corporate & Municipal securities (3) ABS & other securities Foreign Government
Investment Grade Corporate and Municipal Securities Covered Bonds Certain ABS Securities (awaiting final guidance)
(4)
(1)
Aggregate cash, deposits with banks, and available-for-sale securities per Citigroup’s Consolidated Balance Sheet. Available-for-sale portfolio shown excludes non-marketable equity securities, as disclosed in the “Investments” note of Citigroup Inc.’s Third Quarter 2011 Form 10-Q, filed with the Securities and Exchange Commission on November 4, 2011 (3Q’11 Form 10-Q). (2) Preliminary. (3) Includes asset-backed securities and other debt securities per Citigroup’s quarterly disclosures, including the 3Q’11 Form 10-Q. (4) Exposure to GIIPS, Belgium and France foreign government bonds as of December 31, 2011 was not material. Note: Totals may not sum due to rounding.
16
Long-Term Debt Outstanding By Product: $B
$381
167
Bank B k vs. Non-Bank:
$377
166
$352
$334
$324
158
157
27 51
25 44
23 38
51 11 16 29
49 11 16 29
3Q'11
4Q'11
161
26
26
58
57
66
64
18 18 28
18 18 28
53 16 16 28
4Q'10
1Q'11
2Q'11
Senior (Fixed & Floating)
Structured Notes
FHLB
TruPS
$381 113
$377 109
(1)
$352
~$250-260
Securitizations
Subordinated
Projected Outstandings (2)
$334
$324
96
81
77
267
257
253
247
4Q'10
1Q'11
2Q'11
3Q'11
4Q'11
Non-Bank
4Q'12E
TLGP
268
Bank
250
~$250-260
4Q'12E
Projected Outstandings (2)
(1) Includes long-term (original maturity greater than one year) fixed/floating rate debt obligations that have been selected for fair value accounting and structured notes. (2) Preliminary forecast balances; not actual. Note: Totals do not include subordinated capital notes, capital lease obligations and employee deferred awards; in total, there was less than $1 billion of these obligations outstanding for all periods shown. Totals may not sum due to rounding.
17
Maturities & Issuance of Long-Term Debt $B
70.0 $60.7 60.0 $50 6 $50.6 50.0
40.0
38.0
20.3
$28 7 $28.7
30.0
20.0 30.4
~$15-20
$15.1
10 0 10.0
-
28.7
22 6 22.6
TBD
Maturities
Issuance
Maturities
FY 2011 (1)
Issuance
FY 2012 (2) Non-TLGP
TLGP
Maturities
Issuance
FY 2013 (2) Projected Issuance
(1)
Maturities data for 2011 is preliminary. Issuance data for 2011 includes $8.0B for parent holding company (Citigroup Inc.) and $7.1B of Citigroup Funding Inc. (CFI) gross structural issuance; gross structural issuance for CFI excludes debt that, based on Citigroup’s internal assessment, may not have an expected life greater than one year. (2) 2012 and 2013 maturities data reflects estimated maturities. Note: Maturities and issuance data is for total Citigroup Inc., excluding (a) securitizations; (b) FHLB issuance of $6.0B in 2011, and estimated maturities of $2.7B and $5.3B in 2012 and 2013, respectively; and (c) local country issuance of $6.0B in 2011, and estimated maturities of $2.8B and $4.5B in 2012 and 2013, respectively. Estimated aggregate annual maturities for total Citigroup Inc., as disclosed in Citigroup’s 2010 Annual Report of Form 10-K filed with the Securities and Exchange Commission on February 25, 2011, were $71.5B for 2011, $94.2B for 2012, and $37.2B for 2013. Totals may not sum due to rounding.
18
Long-Term Debt Issuance: Year in Review 90 9.0
I Issuance V l Volumes -- Benchmark B h k & St Structured t d
8.0
$B 7.0
$5.9
6.0
$5.1
4.0
$5.3
$4.7
5.0
$3.8
$3.2
4.5
3.7
3.0
1.0
3.6
1.4
1.4
2Q'10
3Q'10
09 0.9
0.0
1Q'10
(1)
11 1.1
1.6
1.7
4Q'10
1Q'11
2Q'11
Tenor & Currency -- Benchmark Issuance 2010: $14.1B total
9.0
$8.1
7.0
1.7
2011: $8.0B total
2.3 2.6 1.2
3Q'11
4Q'11
Benchmark 11.0
9.0
Tenor & Currency --Structured Issuance 2010: $4.8B total
2011: $7.1B total
7.0 50 5.0
$3.7
6.4
3.0
$3.6 0.1
$2.3
3.7
3.5 2.3
1.0 (1.0)
$2.6
2.2
Structured
5.0
$3.4
3.6
2.3
2.0
11.0
Total Benchmark 2011: $8.0B Total Structured 2011: $7.1B $15.1B
10 Yrs
USD
10 Yrs(1.0)
$3.2
$3.1
1.2
1.7
10 1.0
$1.2 0.1 1.1
2.0
1.5
4-9 Yrs
>10 Yrs
