Citigroup Q1 2009

Citigroup Q1 2009 --Rev: 24.8 bil --NI 1.63 bil (-0.18 EPs) --major driver is FI trading --but allowance/NPA decreased to 115.74% from 124.40% Q4 08 and 158.50% Q1 08 Key Items · Total revenues of $24.8 billion were up 99% compared to the first quarter of 2008, with sequential improvement across all regions. · Net interest margin of 3.30% increased 50 and 8 basis points versus the first and fourth quarter 2008, respectively. · Operating expenses were down $3.7 billion, or 23%, since the first quarter 2008. · Headcount reduced by approximately 13,000 since the fourth quarter 2008 to 309,000 and approximately 65,000 since peak levels. · Tier 1 capital ratio was approximately 11.8% versus 7.7% in the first quarter 2008. · Deposit base remained relatively stable at $763 billion compared to the fourth quarter 2008, despite the challenging environment. Deposits declined 8% since the first quarter 2008, due to the sale of the German retail banking operations and the impact of foreign exchange. U.S. deposits increased $8 billion sequentially and $28 billion year-over-year. · Closed sale of remaining Redecard position for an after-tax gain of $704 million. In the Institutional Clients Group, Securities and Banking revenues were $7.2 billion (vs -5bil Q1 08), mainly due to strong trading results. --Fixed Income Markets rev: 4,688 vs (7,023) --Fixed income markets revenues of $4.7 billion reflected strong trading performance, as high volatility and wider spreads in many products created favorable trading opportunities. Interest rates and currencies and credit products had strong revenue growth.