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2002 Form 10-K

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2002 Form 10-K FINANCIAL INFORMATION THE COMPANY 28 MANAGING GLOBAL RISK 63 Global Consumer 28 Credit Risk Management Process 63 Global Corporate and Investment Bank 29 Loans Outstanding 64 Private Client Services 29 Other Real Estate Owned Global Investment Management 29 and Other Repossessed Assets 64 Proprietary Investment Activities 30 Details of Credit Loss Experience 65 Corporate/Other 30 Cash-Basis, Renegotiated, and Past Due Loans 66 International 30 Foregone Interest Revenue on Loans 66 FIVE-YEAR SUMMARY OF Consumer Credit Risk 66 SELECTED FINANCIAL DATA 31 Consumer Portfolio Review 66 MANAGEMENT’S DISCUSSION Corporate Credit Risk 68 AND ANALYSIS 32 Global Corporate Portfolio Review 70 Results of Operations 32 Loan Maturities and Sensitivity EVENTS IN 2002 33 to Changes in Interest Rates 71 Accounting Changes in 2002 34 Market Risk Management Process 71 EVENTS IN 2001 35 Operational Risk Management Process 73 Accounting Changes in 2001 35 Country and Cross-Border Risk Management Process 74 SIGNIFICANT ACCOUNTING POLICIES AND BALANCE SHEET REVIEW 76 SIGNIFICANT ESTIMATES 36 Assets 76 FUTURE APPLICATION OF Liabilities 77 ACCOUNTING STANDARDS 39 LIQUIDITY AND CAPITAL RESOURCES 78 PENSION ASSUMPTIONS 41 Off-Balance Sheet Arrangements 79 BUSINESS FOCUS 42 CAPITAL 81 Citigroup Net Income—Product View 42 CONTROLS AND PROCEDURES 85 Citigroup Net Income—Regional View 42 GLOSSARY OF TERMS 86 Selected Revenue and Expense Items 43 REPORT OF MANAGEMENT 88 GLOBAL CONSUMER 44 INDEPENDENT AUDITORS’ REPORT 88 Cards 45 CONSOLIDATED FINANCIAL STATEMENTS 89 Consumer Finance 46 Consolidated Statement of Income 89 Retail Banking 47 Consolidated Statement of Financial Position 90 Other Consumer 48 Consolidated Statement of Changes Global Consumer Outlook 49 in Stockholders’ Equity 91 GLOBAL CORPORATE AND Consolidated Statement of Cash Flows 92 INVESTMENT BANK 50 NOTES TO CONSOLIDATED Capital Markets and Banking 51 FINANCIAL STATEMENTS 93 Transaction Services 51 FINANCIAL DATA SUPPLEMENT 130 Other Corporate 52 Average Balances and Interest Rates, Global Corporate and Investment Bank Outlook 52 Taxable Equivalent Basis—Assets 130 PRIVATE CLIENT SERVICES 53 Average Balances and Interest Rates, Private Client Services Outlook 53 Taxable Equivalent Basis—Liabilities and GLOBAL INVESTMENT MANAGEMENT 54 Stockholders’ Equity 131 Life Insurance and Annuities 55 Analysis of Changes in Net Interest Revenue, Private Bank 57 Taxable Equivalent Basis 132 Asset Management 57 Ratios 133 Global Investment Management Outlook 58 Average Deposit Liabilities in Offices PROPRIETARY INVESTMENT ACTIVITIES 59 Outside the U.S. 133 CORPORATE/OTHER 61 Maturity Profile of Time Deposits FORWARD-LOOKING STATEMENTS 62 ($100,000 or more) in U.S. Offices 133 Short-Term and Other Borrowings 133 10-K CROSS-REFERENCE INDEX 141 CORPORATE INFORMATION 142 Exhibits, Financial Statement Schedules, and Reports on Form 8-K 142 CERTIFICATIONS 145 CITIGROUP BOARD OF DIRECTORS 146 27 THE COMPANY Citigroup Inc. (Citigroup and, together with its subsidiaries, the Company) is GLOBAL CONSUMER a diversified global financial services holding company whose businesses Global Consumer delivers a wide array of banking, lending, insurance and provide a broad range of financial services to consumer and corporate investment services through a network of local branches, offices and customers with some 200 million customer accounts in over 100 countries electronic delivery systems, including ATMs, Automated Lending Machines and territories. Citigroup was incorporated in 1988 under the laws of the State (ALMs) and the World Wide Web. The Global Consumer businesses serve of Delaware. individual consumers as well as small businesses. Global Consumer includes The Company’s activities are conducted through the Global Consumer, Cards, Consumer Finance and Retail Banking. Global Corporate and Investment Bank (GCIB), Private Client Services, Cards provides MasterCard, VISA and private label credit and charge cards. Global Investment Management (GIM) and Proprietary Investment Activities North America Cards includes the operations of Citi Cards, the company’s business segments. primary brand in North America, as well as Diners Club N.A. and Mexico The Company has completed certain strategic business acquisitions Cards. International Cards provides credit and charge cards to customers in during the past three years, details of which can be found in Note 2 to the Western Europe, Japan, Asia, Central and Eastern Europe, Middle East and Consolidated Financial Statements. Africa (CEEMEA) and Latin America. The Company is a bank holding company within the meaning of the U.S. Consumer Finance provides community-based lending services through Bank Holding Company Act of 1956 (BHC Act) registered with, and subject to branch networks, regional sales offices and cross-selling initiatives with other examination by, the Board of Governors of the Federal Reserve System (FRB). Citigroup businesses. The business of CitiFinancial is included in North Certain of the Company’s subsidiaries are subject to supervision and America Consumer Finance. As of December 31, 2002, North America examination by their respective federal and state authorities. Additional Consumer Finance maintained 2,411 offices, including 2,186 CitiFinancial information on the Company’s regulation and supervision can be found offices in the U.S. and Canada, while International Consumer Finance within the Regulation and Supervision section beginning on page 134. maintained 1,134 offices, including 884 in Japan. Consumer Finance offers At December 31, 2002, the Company had approximately 131,000 full-time real estate-secured loans, unsecured and partially secured personal loans, and 5,000 part-time employees in the United States and approximately auto loans and loans to finance consumer goods purchases. In addition, 119,000 employees outside the United States. CitiFinancial, through certain subsidiaries and third parties, makes available The periodic reports of Citicorp, Salomon Smith Barney Holdings Inc., various credit-related and other insurance products to its U.S. customers. The Student Loan Corporation (STU), The Travelers Insurance Company Retail Banking provides banking, lending, investment and insurance (TIC) and Travelers Life and Annuity Company (TLAC), subsidiaries of the services to customers through retail branches and electronic delivery systems. Company that make filings pursuant to the Securities Exchange Act of 1934, In North America, Retail Banking includes the operations of Citibanking as amended (the Exchange Act), provide additional business and financial North America, Consumer Assets, Primerica Financial Services (Primerica) information concerning those companies and their consolidated subsidiaries. and Mexico Retail Banking. Citibanking North America delivers banking, The principal executive offices of the Company are located at 399 Park lending, investment and insurance services through 812 branches in the U.S. Avenue, New York, New York 10043, telephone number 212 559 1000. and Puerto Rico and through Citibank Online, an Internet banking site on Additional information about Citigroup is available on the Company’s website the World Wide Web. The Consumer Assets business originates and services at http://www.citigroup.com. Citigroup’s annual report on Form 10-K, mortgages and student loans for customers across the U.S. The business its quarterly reports on Form 10-Q and its current reports on Form 8-K and operations of Primerica involve the sale, mainly in North America, of life all amendments to these reports are available free of charge through the insurance and other products manufactured by its affiliates, including Smith Company’s website by clicking on the “Investor Relations” page and selecting Barney mutual funds, CitiFinancial mortgages and personal loans and the “SEC Filings.” The Securities and Exchange Commission (SEC) website products of our Life Insurance and Annuities business within the GIM contains reports, proxy and information statements, and other information segment. The Primerica sales force is composed of over 100,000 independent regarding the Company at http://www.sec.gov. representatives. Mexico Retail Banking consists of the branch banking operations of Banamex. International Retail Banking provides full-service banking and investment services in Western Europe, Japan, Asia, CEEMEA and Latin America. 28 GLOBAL CORPORATE AND INVESTMENT BANK GLOBAL INVESTMENT MANAGEMENT Global Corporate and Investment Bank provides corporations, governments, Global Investment Management offers a broad range of life insurance, institutions and investors in over 100 countries and territories with a broad annuity, asset management and personalized wealth management products range of financial products and services. Global Corporate and Investment and services distributed to institutional, high-net-worth and retail clients. Bank includes Capital Markets and Banking and Transaction Services. Global Investment Management includes Life Insurance and Annuities, Capital Markets and Banking offers a wide array of investment banking Private Bank and Asset Management. and commercial banking services and products, including investment Life Insurance and Annuities includes Travelers Life and Annuity (TLA) banking, institutional brokerage, advisory services, foreign exchange, and International Insurance Manufacturing (IIM). TLA offers individual structured products, derivatives, loans, leasing and equipment finance. annuity, group annuity, individual life insurance and
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