January 20, 2004, 10:59
|
#1
|
|
Deity
Local Time: 12:25
Local Date: November 2, 2010
Join Date: Dec 1969
Location: Not your daddy's Benjamins
Posts: 10,737
|
Just A Normal $18 Billion Year...
Citigroup just posted a profit of $18 billion in 2003. Oh yeah, that's a whole lot of money.
http://news.ft.com/servlet/ContentSe...=1012571727088
|
Quote:
|
Citigroup earnings hit $17.85bn full-year record
By Paul J Davies
Published: January 20 2004 13:12 | Last Updated: January 20 2004 13:12
Citigroup illustrated its position as the world's most profitable bank on Tuesday, reporting full-year net income from continuing operations up 33 per cent to a record $17.85bn after strong performances from both retail and investment banking.
Chuck Prince, who formally took over as chief executive from Citigroup founder Sandy Weill in October last year, said the bank's ability to grow and evolve "even as we completed a seamless transition to new leadership" was its most important acheivement.
"With the blueprint established under Sandy Weill, we've continued to forge a new model of a highly successful, global financial services company, capable of delivering consistent growth," Mr Prince said.
He added that the bank was starting 2004 in an excellent position. "Customer volumes remain strong, as they were throughout 2003. We [also] maintained the number-one position in global debt and equity underwriting as well as global disclosed fees," he said.
Fourth-quarter earnings also hit a record rising 96 per cent to $4.76bn after a $242m after-tax charge for losses related to the fraud announced last month at Parmalat, the Italian milk group. The bank said its remaining credit exposure to Parmalat was $302m and its remaining marked-to-market trading exposure was $15m.
The fourth quarter last year included a $1.3bn after tax charge for reserves related to the Wall Street settlement of conflicts of interest and related civil litigation.
The Global Corporate and Investment Banking arm, which Mr Prince ran before becoming group chief executive, saw full-year income of $5.39bn up 71 per cent over last year.
At the consumer arm, full-year income rose 17 per cent to $9.6bn on revenues up 9 per cent, bolstered by a record performance for credit cards. The bank said the acquisitions last year of the Sears and Home Depot card businesses helped drive a growth in card receivables in North America up 24 per cent.
With the Diners Europe acquisition, Citigroup said it now serves more than 145m credit card accounts worldwide with $163bn in recievables.
In private client services, a strong final quarter with income of $237m could not stop the unit posting a 3 per cent fall in income for the full year to $778m. However, total client assets passed the $1,000bn mark in the final quarter.
Group revenues were up 9 per cent for the year to $77.4bn, while expenses increased 5 per cent due to investment sales forces, branches and marketing as well as the costs of expensing stock options.
|
Don't tell me you could pull that off.
__________________
I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891
|
|
|
|
|
January 20, 2004, 11:09
|
#2
|
|
Emperor
Local Time: 12:25
Local Date: November 2, 2010
Join Date: Mar 1999
Location: San Antonio, TX
Posts: 4,264
|
|
|
|
|
|
|
January 20, 2004, 11:11
|
#3
|
|
Prince
Local Time: 16:25
Local Date: November 2, 2010
Join Date: Jan 2003
Location: Please make all cheques payable to Whaleboy
Posts: 853
|
__________________
"I work in IT so I'd be buggered without a computer" - Words of wisdom from Provost Harrison
"You can be wrong AND jewish" - Wiglaf :love:
|
|
|
|
|
|
January 20, 2004, 11:13
|
#4
|
|
Emperor
Local Time: 12:25
Local Date: November 2, 2010
Join Date: Mar 1999
Location: San Antonio, TX
Posts: 4,264
|
|
Quote:
|
|
Don't tell me you could pull that off.
|
Just wait until the end of our FY! 
|
|
|
|
|
|
January 20, 2004, 11:17
|
#5
|
|
Deity
Local Time: 12:25
Local Date: November 2, 2010
Join Date: Dec 1969
Location: Not your daddy's Benjamins
Posts: 10,737
|
And take off about 6 zeroes from results. 
__________________
I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891
|
|
|
|
|
|
January 20, 2004, 11:20
|
#6
|
|
Emperor
Local Time: 12:25
Local Date: November 2, 2010
Join Date: Jun 2000
Location: Fort LOLderdale, FL Communist Party of Apolyton
Posts: 9,091
|
And with all those bad debts and fraud too. Plus Sandy Weil being in trouble with the law. Guess there's something to be said about huge, bureaucratic, unweildy organizations. Citibank has got to be the most head up its own arse company for which I've ever worked. 
__________________
Christianity: The belief that a cosmic Jewish Zombie who was his own father can make you live forever if you symbolically eat his flesh and telepathically tell him you accept him as your master, so he can remove an evil force from your soul that is present in humanity because a rib-woman was convinced by a talking snake to eat from a magical tree...
|
|
|
|
|
|
January 20, 2004, 11:32
|
#7
|
|
Deity
Local Time: 12:25
Local Date: November 2, 2010
Join Date: Dec 1969
Location: Not your daddy's Benjamins
Posts: 10,737
|
You should write a tell all book, che: A Commie Life In Capitalist Nirvana
__________________
I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891
|
|
|
|
|
|
January 20, 2004, 11:32
|
#8
|
|
Emperor
Local Time: 12:25
Local Date: November 2, 2010
Join Date: Mar 1999
Location: San Antonio, TX
Posts: 4,264
|
|
Quote:
|
Originally posted by DanS
And take off about 6 zeroes from results.
|
 You laugh now...
|
|
|
|
|
|
January 20, 2004, 11:45
|
#9
|
|
Emperor
Local Time: 16:25
Local Date: November 2, 2010
Join Date: Aug 2001
Location: Minion of the Dominion
Posts: 4,607
|
Profits: 
__________________
Rethink Refuse Reduce Reuse
Do It Ourselves
|
|
|
|
|
|
January 20, 2004, 11:51
|
#10
|
Local Time: 03:25
Local Date: November 3, 2010
Join Date: Aug 2001
Location: Skanky Father
Posts: 16,530
|
/me buys shares... 
__________________
I'm building a wagon! On some other part of the internets, obviously (but not that other site).
|
|
|
|
|
|
January 20, 2004, 12:04
|
#11
|
|
King
Local Time: 16:25
Local Date: November 2, 2010
Join Date: Aug 1999
Location: Mill Valley
Posts: 2,887
|
Actually, I think I could
If I was given the same resources and infrastructure that Mr. Prince had with Citigroup.
__________________
That's not the real world. Your job has little to do with the sort of thing most people do for a living. - Agathon
If social security were private, it would be prosecuted as a Ponzi scheme.
|
|
|
|
|
|
January 20, 2004, 12:05
|
#12
|
Local Time: 16:25
Local Date: November 2, 2010
Join Date: Oct 2002
Location: Oxford or Northampton, England
Posts: 8,116
|
Citigroup  While that's an impressive set of figures in anyone's book, with a market cap of 254 Billion USD, they really *should* be posting 18 Bill USD in profits.
__________________
Smile
For though he was master of the world, he was not quite sure what to do next
But he would think of something
"Hm. I suppose I should get my waffle a santa hat." - Kuciwalker
|
|
|
|
|
|
January 20, 2004, 12:08
|
#13
|
|
Deity
Local Time: 12:25
Local Date: November 2, 2010
Join Date: Dec 1969
Location: Not your daddy's Benjamins
Posts: 10,737
|
|
Quote:
|
|
If I was given the same resources and infrastructure that Mr. Prince had with Citigroup.
|
Mr. Prince was from investment banking, meaning to me that he works 24/7. Could you do that?
__________________
I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891
|
|
|
|
|
|
January 20, 2004, 12:09
|
#14
|
|
King
Local Time: 08:25
Local Date: November 2, 2010
Join Date: Oct 1999
Location: of Aptos, CA
Posts: 2,596
|
|
Quote:
|
Originally posted by Whaleboy
Chuck Prince!
|
I used to work with Chuck once upon a time.
Looks like he has done well.
__________________
http://tools.wikimedia.de/~gmaxwell/jorbis/JOrbisPlayer.php?path=John+Williams+The+Imperial+M arch+from+The+Empire+Strikes+Back.ogg&wiki=en
|
|
|
|
|
|
January 20, 2004, 12:14
|
#15
|
|
Emperor
Local Time: 12:25
Local Date: November 2, 2010
Join Date: Mar 1999
Location: San Antonio, TX
Posts: 4,264
|
|
Quote:
|
Originally posted by DanS
Mr. Prince was from investment banking, meaning to me that he works 24/7. Could you do that?
|
Why Dan, don't you know from your readings here that corp. executives do no work? Just ask Sava, Kid, etc.
|
|
|
|
|
|
January 20, 2004, 12:18
|
#16
|
|
Deity
Local Time: 00:25
Local Date: November 3, 2010
Join Date: May 1999
Location: The City State of Noosphere, CPA special envoy
Posts: 14,606
|
|
Quote:
|
Bill Parish says there's less to Citigroup's income statement and market value than investors realize. ......
Parish, a self-employed financial adviser in Portland, Oregon contends that Citi's numbers are misleading. He says Citigroup is a "watered stock" because it issued billions of shares during the past three years to fund the acquisitions that created it. The stock-based purchases let Citigroup escape goodwill costs for the buying spree, he contends. Without those costs, Citi's earnings look better than they are, spurring investors to bid up the shares.
|
He wrote that in 2001, BTW.
__________________
(\__/) 07/07/1937 - Never forget
(='.'=) "Claims demand evidence; extraordinary claims demand extraordinary evidence." -- Carl Sagan
(")_(") "Starting the fire from within."
|
|
|
|
|
|
January 20, 2004, 12:22
|
#17
|
|
Emperor
Local Time: 12:25
Local Date: November 2, 2010
Join Date: Mar 1999
Location: San Antonio, TX
Posts: 4,264
|
.... looks at calendar....
Of course, stock price and P/L statements are totally different creatures, but yeah, whatever.
|
|
|
|
|
|
January 20, 2004, 12:30
|
#18
|
|
King
Local Time: 16:25
Local Date: November 2, 2010
Join Date: Aug 1999
Location: Mill Valley
Posts: 2,887
|
|
Quote:
|
Originally posted by DanS
Mr. Prince was from investment banking, meaning to me that he works 24/7. Could you do that?
|
I already do.
__________________
That's not the real world. Your job has little to do with the sort of thing most people do for a living. - Agathon
If social security were private, it would be prosecuted as a Ponzi scheme.
|
|
|
|
|
|
January 20, 2004, 12:40
|
#19
|
|
Deity
Local Time: 12:25
Local Date: November 2, 2010
Join Date: Dec 1969
Location: Not your daddy's Benjamins
Posts: 10,737
|
Hah! You Apolyton poster, you! 
Do you put in 120 hour weeks? Be honest!
__________________
I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891
|
|
|
|
|
|
January 20, 2004, 12:50
|
#20
|
|
King
Local Time: 08:25
Local Date: November 2, 2010
Join Date: Oct 1999
Location: of Aptos, CA
Posts: 2,596
|
Chuck is a lawyer. He and I worked together at one of Citigroups predecessors on the legal staff.
__________________
http://tools.wikimedia.de/~gmaxwell/jorbis/JOrbisPlayer.php?path=John+Williams+The+Imperial+M arch+from+The+Empire+Strikes+Back.ogg&wiki=en
|
|
|
|
|
|
January 20, 2004, 12:57
|
#21
|
|
Deity
Local Time: 16:25
Local Date: November 2, 2010
Join Date: Apr 1999
Location: Oregon Coast, USA! or Bohol, Philippines!
Posts: 16,064
|
Tax them! TAX THEM!
__________________
I'm not profane, I type the stars.
|
|
|
|
|
|
January 20, 2004, 13:08
|
#22
|
|
Deity
Local Time: 12:25
Local Date: November 2, 2010
Join Date: Dec 1969
Location: Not your daddy's Benjamins
Posts: 10,737
|
We already have! That's $18 billion after tax!
__________________
I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891
|
|
|
|
|
|
January 20, 2004, 13:17
|
#23
|
|
Deity
Local Time: 16:25
Local Date: November 2, 2010
Join Date: Apr 1999
Location: Oregon Coast, USA! or Bohol, Philippines!
Posts: 16,064
|
"We already have! That's $18 billion after tax!"
Dirty capitalists 
__________________
I'm not profane, I type the stars.
|
|
|
|
|
|
January 20, 2004, 13:21
|
#24
|
|
Deity
Local Time: 12:25
Local Date: November 2, 2010
Join Date: Dec 1969
Location: Not your daddy's Benjamins
Posts: 10,737
|
They're filthy rich!
__________________
I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891
|
|
|
|
|
|
January 20, 2004, 13:25
|
#25
|
|
Emperor
Local Time: 16:25
Local Date: November 2, 2010
Join Date: Jun 2002
Location: Mu Mu Land
Posts: 6,570
|
|
Quote:
|
|
Chuck is a lawyer. He and I worked together at one of Citigroups predecessors on the legal staff.
|
Kewl... Lawyers make some of the best CEOs and buisness owners imo... Accountants are right up there too. Strange, that when I think of getting an MBA I also think that maybe I should go into law or accounting instead.
My wives company went bankrupt about a year ago. Since then a bankrupt attorney has been running the show and he has tripled revenue, increased earnings by more than 10 fold, and they are now think about going public again... The board of her company offered him the CEO job, but he turned it down. He likes rebuilding companies.
|
|
|
|
|
|
January 20, 2004, 13:27
|
#26
|
|
Deity
Local Time: 16:25
Local Date: November 2, 2010
Join Date: Apr 1999
Location: Oregon Coast, USA! or Bohol, Philippines!
Posts: 16,064
|
"They're filthy rich!"
To me a million is the same as a billion.
-Out of reach.
__________________
I'm not profane, I type the stars.
|
|
|
|
|
|
January 20, 2004, 13:34
|
#27
|
|
King
Local Time: 16:25
Local Date: November 2, 2010
Join Date: Aug 1999
Location: Mill Valley
Posts: 2,887
|
|
Quote:
|
Originally posted by DanS
Hah! You Apolyton poster, you!
Do you put in 120 hour weeks? Be honest!
|
For the last 3 weeks I have been travelling constantly on business. I have returned home at about midnite on Fri. night only to leave again on Sunday afternoon. On Satudays, I am writing up reports of what happened the previous week and taking conference calls.
__________________
That's not the real world. Your job has little to do with the sort of thing most people do for a living. - Agathon
If social security were private, it would be prosecuted as a Ponzi scheme.
|
|
|
|
|
|
January 20, 2004, 13:38
|
#28
|
|
Emperor
Local Time: 12:25
Local Date: November 2, 2010
Join Date: Jun 2000
Location: Fort LOLderdale, FL Communist Party of Apolyton
Posts: 9,091
|
|
Quote:
|
Originally posted by pchang
For the last 3 weeks . . .
|
Your job sux!
__________________
Christianity: The belief that a cosmic Jewish Zombie who was his own father can make you live forever if you symbolically eat his flesh and telepathically tell him you accept him as your master, so he can remove an evil force from your soul that is present in humanity because a rib-woman was convinced by a talking snake to eat from a magical tree...
|
|
|
|
|
|
January 20, 2004, 13:40
|
#29
|
|
Emperor
Local Time: 16:25
Local Date: November 2, 2010
Join Date: Jun 2002
Location: Mu Mu Land
Posts: 6,570
|
|
Quote:
|
To me a million is the same as a billion.
-Out of reach.
|
Money's value is based on it's worth, or what it can get you... What can $1 get you in the phillipines, or where ever it is you want to retire?
|
|
|
|
|
|
January 20, 2004, 13:52
|
#30
|
|
Deity
Local Time: 16:25
Local Date: November 2, 2010
Join Date: Apr 1999
Location: Oregon Coast, USA! or Bohol, Philippines!
Posts: 16,064
|
Japher, you're right. I'm a millionaire a something like dozen times over...in the Philippines. 
Right now it's something like 55 PHP to the USD, which means that it's fairly easy to be a millionaire there, and being a millionaire still means you're fairly rich.
__________________
I'm not profane, I type the stars.
|
|
|
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is On
|
|
|
All times are GMT -4. The time now is 12:25.
|
|
