GLOBAL CONSUMER
Global Consumer delivers a wide array of banking, lending, insurance and investment
services through a network of local branches, offices and electronic delivery
systems, including ATMs, Automated Lending Machines (ALMs) and the World Wide
Web. The Global Consumer businesses serve individual consumers as well as small
businesses. Global Consumer includes Cards, Consumer Finance and Retail Banking.
Cards provides MasterCard, VISA and private label credit and charge cards.
North America Cards includes the operations of Citi Cards, the Company's primary
brand in North America, and Mexico Cards. International Cards provides credit
and charge cards to customers in Europe, the Middle East and Africa (EMEA),
Japan, Asia and Latin America.
Consumer Finance provides community-based lending services through branch networks,
regional sales offices and cross-selling initiatives with other Citigroup businesses.
The business of CitiFinancial is included in North America Consumer Finance.
Consumer Finance offers real-estate-secured loans, unsecured and partially secured
personal loans, auto loans and loans to finance consumer-goods purchases. In
addition, CitiFinancial, through certain subsidiaries and third parties, makes
available various credit-related and other insurance products to its U.S. customers.
Retail Banking provides banking, lending, investment and insurance services
to customers through retail branches and electronic delivery systems. In North
America, Retail Banking includes the operations of Citibanking North America,
Consumer Assets, CitiCapital, Primerica Financial Services (Primerica), and
Mexico Retail Banking. Citibanking North America delivers banking, lending,
investment and insurance services through 779 branches in the U.S. and Puerto
Rico and through Citibank Online, an Internet banking site on the World Wide
Web. The Consumer Assets business originates and services mortgages and student
loans for customers across the U.S. The CitiCapital business provides leasing
and equipment financing products to small- and middle-market businesses. The
business operations of Primerica involve the sale, mainly in North America,
of life insurance and other products manufactured by its affiliates, including
Smith Barney mutual funds, CitiFinancial mortgages and personal loans and the
products of our Life Insurance and Annuities business. The Primerica sales force
is composed of over 100,000 independent representatives. Mexico Retail Banking
consists of the branch banking operations of Banamex. International Retail Banking
provides full-service banking and investment services in EMEA, Japan, Asia,
and Latin America. The Commercial Markets Group is included in Retail Banking
and consists of the operations of CitiCapital, as well as middle-market lending
operations in North America and the international regions.
GLOBAL CORPORATE AND INVESTMENT BANK
Global Corporate and Investment Bank (GCIB) provides corporations, governments,
institutions and investors in approximately 100 countries with a broad range
of financial products and services. GCIB includes Capital Markets and Banking,
Transaction Services and Other Corporate.
Capital Markets and Banking offers a wide array of investment and commercial
banking services and products, including investment banking, debt and equity
trading, institutional brokerage, advisory services, foreign exchange, structured
products, derivatives, and lending.
Transaction Services is composed of Cash Management, Trade Services and Global
Securities Services (GSS). Cash Management and Trade Services provide comprehensive
cash management and trade finance for corporations and financial institutions
worldwide. GSS provides custody services to investors such as insurance companies
and pension funds, clearing services to intermediaries such as broker/dealers
and depository and agency/trust services to multinational corporations and governments
globally.
PRIVATE CLIENT SERVICES
Private Client Services provides investment advice, financial planning and
brokerage services to affluent individuals, small and mid-size companies, non-profits
and large corporations primarily through a network of more than 12,200 Smith
Barney Financial Consultants in more than 500 offices worldwide. In addition,
Private Client Services provides independent client-focused research to individuals
and institutions around the world.
A significant portion of Private Client Services revenue is generated from
fees earned by managing client assets as well as commissions earned as a broker
for its clients in the purchase and sale of securities. Additionally, Private
Client Services generates net interest revenue by financing customers' securities
transactions and other borrowing needs through security-based lending. Private
Client Services also receives commissions and other sales and service revenues
through the sale of proprietary and third-party mutual funds. As part of Private
Client Services, Global Equity Research produces equity research to serve both
institutional and individual investor clients. The majority of expenses for
Global Equity Research are allocated to the Global Equities business within
GCIB and Private Client Services businesses.
GLOBAL INVESTMENT MANAGEMENT
Global Investment Management (GIM) offers a broad range of life insurance,
annuity, asset management and personalized wealth management products and services
distributed to institutional, high-net-worth and retail clients. Global Investment
Management includes Life Insurance and Annuities, Private Bank and Asset Management.
Life Insurance and Annuities comprises Travelers Life and Annuity (TLA) and
International Insurance Manufacturing (IIM). TLA offers individual annuity,
group annuity, individual life insurance and Corporate Owned Life Insurance
(COLI) products. The individual products include fixed and variable deferred
annuities, payout annuities, and term, universal, and variable life insurance.
These products are primarily distributed through CitiStreet Retirement Services
(CitiStreet), Smith Barney, Primerica, Citibank and affiliates, and a nationwide
network of independent agents and the outside broker dealer channel. The COLI
products are variable universal life products distributed through independent
specialty brokers. The group products include institutional pensions, including
guaranteed investment contracts (GICs), payout annuities, group annuities sold
to employer-sponsored retirement and savings plans, structured settlements and
funding agreements. IIM provides annuities, credit, life, health, disability
and other insurance products internationally, leveraging the existing distribution
channels of the Consumer Finance, Retail Banking and Asset Management (retirement
services) businesses. IIM has operations in Mexico, Asia, EMEA, Latin America
and Japan. TLA and IIM include the realized investment gains/(losses) from sales
on certain insurance-related investments.
Private Bank provides personalized wealth management services for high-net-worth
clients through 126 offices in 37 countries and territories, generating fee
and interest income from investment funds management, client trading activity,
trust and fiduciary services, custody services, and traditional banking and
lending activities. Through its Private Bankers and Product Specialists, Private
Bank leverages its extensive experience with clients' needs and its access to
Citigroup to provide clients with comprehensive investment and banking services.
Asset Management includes Citigroup Asset Management, Citigroup Alternative
Investments Institutional business, Banamex asset management and retirement
services businesses and Citigroup's other retirement services businesses in
North America and Latin America. These businesses offer institutional, high-net-worth
and retail clients a broad range of investment alternatives from investment
centers located around the world. Products and services offered include mutual
funds, closed-end funds, separately managed accounts, unit investment trusts,
alternative investments (including hedge funds, private equity and credit structures),
variable annuities through affiliated and third-party insurance companies, and
pension administration services.
PROPRIETARY INVESTMENT ACTIVITIES
Proprietary Investment Activities is comprised of Citigroup's proprietary Private
Equity investments and Other Investment Activities which includes Citigroup's
proprietary investments in hedge funds and real estate investments, investments
in countries that refinanced debt under the 1989 Brady Plan or plans of a similar
nature, ownership of Travelers Property Casualty Corp. shares and Citigroup's
Alternative Investments (CAI) business.