Sent: Friday, November 14, 2008 12:48 PM
Subject: Global Town Hall on Monday, November 17
Dear Citi colleagues,
Please join me at a Town Hall meeting at 8 a.m. on Monday morning (complete Town Hall viewing locations below).
I want to talk with you about our accomplishments over the last eleven months and why despite the major challenges currently facing our industry and the economy I continue to be optimistic about the future.
Our capital is plentiful, we have abundant liquidity, and our revenue is
strong. Moreover, we have great businesses in the most profitable
markets run by the most talented people in the industry.
* We now have $75 billion in new capital and another $10 billion from
* We've reduced our assets by 13 percent and our legacy assets by 35
* We have $24 billion in loan loss reserves up from $8 billion a year
* We've doubled our cash position this year.
* We've grown our core deposit base by 19 percent to nearly $800 billion
* Our structural liquidity is on par or better than that of our industry
* We've reduced our risk exposure and our marks have declined
* Our revenues are strong and stable. So far this year our core run rate
is $95 billion. That's only $2 billion less than last year which was a
record breaking year and a very different environment than today's.
Let's take firm hold of what we can control about Citi -- the money we
spend, the time we invest, the way we do business -- and use them all to
our advantage. By working smarter and more efficiently, we have the
opportunity to build operating leverage and position us for sustained
growth when the markets recover.
I'll discuss all this and more on Monday. If you have a question, please
submit it in advance. I'll answer as many as time allows. Until then,
thanks for your hard work and for your unshakable commitment to Citi.