Citi reports financial data from separated units

NEW YORK - Citigroup Inc. said Friday it will begin reporting separate financial data for its three newly formed operating units, starting with second-quarter results, and posted historical data for the businesses going back to the first quarter of 2007.

In February, the troubled New York-based back reorganized into Citicorp, Citi Holdings and a third unit called Corporate/Other. The first focuses on traditional banking operations around the world, while the second holds the company's riskier assets and tougher-to-manage ventures, which caused many of the bank's losses and forced it to take government aid.

"Our focus is to grow Citicorp while managing our long term exit from the non-core businesses and assets held in Citi Holdings," CEO Vikram Pandit said in a statement.

The three units are not legally separated, but Citigroup said it is providing the separate data in order to reflect the company's new structure — and underline to investors the health of some of its businesses.

Citigroup has been among the hardest hit banks by the credit crisis and ongoing recession. Citigroup has received $45 billion in aid from the government since last fall, part of which is being converted to a 34 percent stake in the bank.

It has been struggling to remake itself and return to profitability. The bank has been selling assets, remaking its board, and shuffling other executives to different roles while under intense scrutiny from the government.

In Friday's report, Citi showed that its Citicorp business had 2008 revenue of $60.56 billion and first-quarter revenue of $20.57 billion. Citicorp's net income for 2008 totaled $6.13 billion, including a fourth-quarter loss of $5.5 billion, but 2009 first-quarter profit totaled $7.69 billion.

However, the battered Citi Holdings segment — which includes brokerage and asset management, local consumer lending and special asset pool operations — reported negative 2008 revenue of $6.7 billion, and first-quarter revenue of just $3.45 billion. Citi Holdings reported a loss of $35.64 billion for 2008, and a loss of $5.32 billion for the first quarter of 2009.

Citigroup as a whole started reporting quarterly losses in the final period of 2007, and lost money during all of 2008, posting a full-year loss of $27.68 billion. In the 2009 first quarter, it returned to a small profit of $1.59 billion.

The company plans to announce second-quarter results on July 17.

Citi shares fell 9 cents, or 3.4 percent, to $2.60 in midday trading.

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