Item 1 Business..................................... 4-17, 21-33, 36-39, 84-86 Item 2
Item 2 Properties.......................................................... 86 Item 3
Item 3 Legal Proceedings................................................... 71 Item 4
Item 4 Not Applicable - -------------------------------------------------------------------------------- PART II Item 5
Item 5 Market for the Registrant's Common Equity and Related Stockholder Matters............................. 72, 74, 91 Item 6
Item 6 Selected Financial Data............................................. 41 Item 7
Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations................................. 4-17, 22-46, 72, 73, 83, 86 Item 8
Item 8 Financial Statements and Supplementary Data...................... 48-83 Item 9
Item 9 Not Applicable - -------------------------------------------------------------------------------- PART III Item 10
Item 10 Directors and Executive Officers of the Registrant.......................................................... * Item 11
Item 11 Executive Compensation.............................................. * Item 12
Item 12 Security Ownership of Certain Beneficial Owners and Management............................................... * Item 13
Item 13 Certain Relationships and Related Transactions...................... * - -------------------------------------------------------------------------------- PART IV Item 14
Item 14 Exhibits, Financial Statement Schedules, and Reports on Form 8-K............................................ 87 - -------------------------------------------------------------------------------- * Citicorp's 1995 Proxy Statement is incorporated herein by reference. Such incorporation by reference shall not include the information referred to in Item 402(a)(8) of Regulation S-K.
FINANCIAL DATA SUPPLEMENT
AVERAGE BALANCES AND INTEREST RATES, Taxable Equivalent Basis(1)(2)[continued on next page]
(1) The taxable equivalent adjustment is based on the U.S. federal statutory tax rate of 35% for 1994 and 1993 and 34% for 1992. (2) Interest rates and amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories. (3) Loans and interest-bearing deposits in the table above include cash-basis loans and cash-basis bank placements, respectively. (4) Average rates in offices outside the U.S. may reflect prevailing local interest rates, including the effects of inflation and monetary correction in certain Latin American countries. (5) Reclassified to conform to the 1994 presentation.
AVERAGE BALANCES AND INTEREST RATES, Taxable Equivalent Basis(1)(2)[continued from previous page]
(1) The taxable equivalent adjustment is based on the U.S. federal statutory tax rate of 35% for 1994 and 1993 and 34% for 1992. (2) Interest rates and amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories. (3) Loans and interest-bearing deposits in the table above include cash-basis loans and cash-basis bank placements, respectively. (4) Average rates in offices outside the U.S. may reflect prevailing local interest rates, including the effects of inflation and monetary correction in certain Latin American countries. (5) Reclassified to conform to the 1994 presentation. (6) 1994 amounts reflect the effect of adopting SFAS No. 115. (7) Gross unrealized gains and losses on off-balance sheet trading positions related to the implementation of FASB Interpretation No. 39 in the 1994 period are reported in non-interest-earning assets and non-interest bearing liabilities, respectively. (8) Savings deposits consist of Insured Money Market Rate accounts, NOW accounts, and other savings deposits. (9) Includes appropriate allocations for capital and funding costs based on the location of the asset.
ANALYSIS OF CHANGES IN NET INTEREST REVENUE
(1) The taxable equivalent adjustment is based on the U.S. federal statutory tax rate of 35% for 1994 and 1993 and 34% for 1992. (2) Rate/volume variance is allocated based on the percentage relationship of changes in volume and changes in rate to the total "net change."
LOANS OUTSTANDING
(1) Loans secured primarily by real estate. (2) Includes commercial real estate loans related to community banking and private banking activities. (3) Includes loans not otherwise separately categorized.
CASH-BASIS, RENEGOTIATED AND PAST DUE LOANS(1)
(1) Loan commitments and standby letters of credit to North America Commercial Real Estate borrowers or projects experiencing financial difficulties are not included in this table. Refer to discussion on page 31. (2) Refer to discussion of cash-basis and renegotiated commercial loans on pages 29 through 31. (3) Refer to Cross-Border Refinancing portfolio on page 32. (4) Primarily consumer loans. Refer to discussion of consumer loan portfolio on pages 27 and 28.
Cross-Border and Non-Local Currency Outstandings In Countries with Outstandings Exceeding 1% of Total Assets(1)(2)(3)(4)
(1) Cross-border and non-local currency outstandings are presented on a regulatory basis and include cross-border and non-local currency claims on third parties (including local-dollar claims funded with locally generated dollar liabilities) as well as investments in and funding of local Citicorp franchises. (2) Cross-border and non-local currency claims on third parties (trade, short- term and medium- and long-term claims) include loans, securities, deposits at interest with banks, and other monetary assets, as well as investments in affiliates. Adjustments have been made to assign externally guaranteed outstandings to the country of the guarantor and outstandings for which tangible, liquid collateral is held outside of the obligor's country to the country in which the collateral is held. For securities received as collateral, outstandings are assigned to the domicile of the issuer of the securities. (3) Legally binding cross-border and non-local currency commitments, including irrevocable letters of credit and commitments to extend credit, after adjustments to assign externally guaranteed commitments to the country of the guarantor, amounted to $5.3 billion in the United Kingdom, $0.1 billion in Brazil, $0.9 billion in Japan, and $0.9 billion in Canada at December 31, 1994. Commitments were less than $0.1 billion in Mexico. (4) At December 31, 1994, cross-border and non-local currency outstandings in Argentina ($2.5 billion), Australia ($2.2 billion), Singapore ($2.0 billion), and Japan were between .75% and 1.0% of total assets. At December 31, 1993, the only such countries were Canada, Germany ($2.1 billion), and Argentina ($2.0 billion). At December 31, 1992, the only such countries were Germany ($2.1 billion), and Argentina ($1.7 billion). (5) Includes local currency claims funded with non-local currency liabilities where the funds provider agrees that, in the event their claim cannot be repaid in U.S. dollars or other non-local currency due to a sovereign event, they will accept payment in local currency or wait to receive the non-local currency until such time as it becomes available. Such amounts at December 31, 1994 were $0.6 billion in Mexico and $0.3 billion in Brazil.
Cross-Border and Non-Local Currency Claims on Third Parties
(1) Includes Mexico as an OECD country in 1994 ($3.2 billion at year-end 1994) and as a non-OECD country in 1993 and 1992 ($2.6 billion at year-ends 1993 and 1992). Includes medium- and long-term claims on the public sector of $2.0 billion for all periods presented. (2) Includes $3.3 billion in Brazil at December 31, 1994 ($1.8 billion and $1.6 billion at year-end 1993 and 1992, respectively). Amounts at year-end 1994 include $2.0 billion of securities received in exchange for outstandings pursuant to the refinancing agreement completed in the year. The increase during 1994 principally reflects securities received, increased values recognized, and New Money Bonds purchased as a result of the refinancing agreement, as well as subsequent increases in the fair value of available- for-sale securities and higher trade and short-term claims. (3) Includes $2.2 billion in Argentina at December 31, 1994 ($1.7 billion and $1.2 billion at year-end 1993 and 1992, respectively). Amounts at year-end 1994 include $1.3 billion of local-dollar claims funded by local-dollar liabilities ($0.9 billion and $0.6 billion at year-end 1993 and 1992, respectively). (4) Total amounts include investments in affiliates of $1.1 billion at December 31, 1994 ($1.0 billion and $0.6 billion at year-end 1993 and 1992, respectively).
DETAILS OF CREDIT LOSS EXPERIENCE
(1) Consumer credit losses and recoveries primarily relate to installment and revolving credit loans. (2) Includes foreign exchange effects and net transfers (to) from the reserve for Global Consumer sold portfolios. NM For 1994 not meaningful as recoveries result in a negative percentage.
LOAN MATURITIES AND SENSITIVITY TO CHANGES IN INTEREST RATES Maturities of the Gross Commercial Loan Portfolio as of December 31, 1994
(1) Includes loans not otherwise separately categorized. (2) Loans secured primarily by real estate.
AVERAGE DEPOSIT LIABILITIES IN OFFICES OUTSIDE THE U.S.
(1) Rates reflect the impact of the local interest rates prevailing in certain Latin American countries. (2) Primarily consists of time certificates of deposit and other time deposits in denominations of $100,000 or more.
TIME DEPOSITS IN U.S. OFFICES AS OF DECEMBER 31, 1994
PURCHASED FUNDS AND OTHER BORROWINGS Original Maturities of Less Than One Year
(1) Weighted-average interest rate was 4.86% during 1994, 6.08% during 1993, and 5.43% during 1992; 5.36% at year-end 1994, 3.38% at year-end 1993, and 3.10% at year-end 1992. Rates reflect the impact of the local interest rates prevailing in certain Latin American countries. (2) Weighted-average interest rate was 4.44% during 1994, 3.27% during 1993, and 3.90% during 1992; 5.53% at year-end 1994, 3.31% at year-end 1993, and 3.39% at year-end 1992. (3) Amounts outstanding at December 31, 1994 and 1993 include $462 million and $671 million, respectively of commercial paper issued by The Student Loan Corporation which began issuing commercial paper in November 1993. (4) Weighted-average interest rate was 40.06% during 1994, 47.71% during 1993, and 34.92% during 1992; 13.51% at year-end 1994, 470.07% at year-end 1993, and 78.41% at year-end 1992. Rates reflect the impact of the local interest rates prevailing in certain Latin American countries.
CONSENT OF INDEPENDENT AUDITORS
[KPMG LOGO APPEARS HERE] Certified Public Accountants
The Board of Directors Citicorp:
We consent to incorporation by reference of our report dated January 17, 1995 relating to the consolidated balance sheets of Citicorp and subsidiaries as of December 31, 1994 and 1993, the related consolidated statements of income, changes in stockholders' equity, and cash flows for each of the years in the three-year period ended December 31, 1994, and the related consolidated balance sheets of Citibank, N.A. and subsidiaries as of December 31, 1994 and 1993, which report appears on page 47 of the 1994 Citicorp Annual Report and Form 10- K, in the following Registration Statements: of Citicorp Nos. 2-47648, 2-58678, 2-82298, 33-21332, 33-21331, 33-41751, 33-52601, and 33-53261 on Form S-8, and Nos. 33-38589, 33-64574, and 33-66094 on Form S-3; and of Citicorp Mortgage Securities, Inc., Citibank, N.A., and other affiliates, No. 33-66222 on Form S- 3, and Nos. 33-6979, 33-6358, 33-36313, and 33-34670 on Form S-11.
New York, New York February 24, 1995
REGULATION AND SUPERVISION
Citicorp is a bank holding company within the meaning of the U.S. Bank Holding Company Act of 1956 ("BHC Act"), and is registered as such with, and subject to examination by, the FRB. Citibank, N.A. ("Citibank") is a national bank primarily regulated by the OCC. Citicorp is also regulated by the Office of Thrift Supervision ("OTS"), which is the primary regulator of Citicorp's U.S. savings association subsidiary. The Federal Deposit Insurance Corporation ("FDIC") insures deposits at Citicorp's U.S. depository institution subsidiaries and, in that capacity, also regulates those institutions. See Note 14 to the consolidated financial statements for a discussion of the limitations on the ability of Citicorp's subsidiaries to dividend undistributed earnings to Citicorp.
The earnings of Citicorp are affected by legislation and the actions of various regulatory authorities, including the FRB, the OCC, the FDIC, and the OTS. Citicorp's earnings are also affected by local legislative and administrative bodies in all of the jurisdictions in which Citicorp, Citibank, and their affiliates conduct business. For example, Citibank's credit card and consumer businesses in the United States are subject to numerous federal and state consumer protection laws that impose requirements on the making, enforcement, and collection of consumer loans.
The U.S. federal and state governments may enact laws and amendments to existing laws to regulate further the banking and financial services industries or to reduce finance charges or other fees or charges applicable to such activities. For example, legislative proposals were introduced in Congress in 1994, but not acted upon, that would have imposed restrictions on the ability of U.S. banking organizations to engage in derivatives activities. Citicorp and its subsidiaries are subject to such legislative and administrative developments in all of the jurisdictions in which they conduct business. Accordingly, there can be no assurance as to whether any legislation or regulations will be adopted in the U.S. or its political subdivisions or in any other jurisdiction in which Citicorp conducts businesses that will impose additional limitations on Citicorp's operations or adversely affect its earnings. Citicorp is also affected by decisions of courts in the jurisdictions in which its subsidiaries conduct business.
In addition, U.S. federal law imposes certain restrictions on transactions between Citicorp and its nonbank subsidiaries, on the one hand, and its federally insured depository institutions and their subsidiaries, including Citibank, on the other. Citicorp is subject, with certain exceptions, to provisions of federal law imposing limitations on, and requiring collateral for, extensions of credit by Citibank and other U.S. insured depository institutions to their nonbank affiliates.
Within the U.S., the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 (the "Interstate Banking Act") authorizes the FRB to approve an application by a bank holding company to acquire a bank in another state (in addition to acquisitions of failing banks or of banks in states currently authorizing acquisitions by out-of-state holding companies) commencing on September 29, 1995, subject to certain deposit concentration limits and the ability of states to establish minimum age requirements for banks that may be acquired by an out-of-state bank holding company. The Interstate Banking Act also authorizes banks having different home states to merge, subject to certain deposit concentration limits, with the approval of the appropriate federal bank regulatory agency. The merger authority is effective June 1, 1997, unless the home state of one of the banks, prior to that date, enacts a law that expressly prohibits interstate bank mergers, or if a home state of each participating bank expressly permits such mergers prior to that date. The Interstate Banking Act eliminated a restriction that prohibited a national bank, such as Citibank, from establishing a de novo interstate branch; such branching is permissible if the state in which the branch is to be located has expressly permitted any out-of- state bank to branch de novo into that state.
Citicorp may acquire banks, or interests in banks, in other countries, subject to (i) local law, (ii) U.S. laws prohibiting U.S. companies from conducting business in certain countries, and (iii) FRB regulations requiring prior consent of the FRB before investing more than specified amounts in such banks or interests. Citibank is also permitted to establish branches outside the U.S., subject to local law, to U.S. laws prohibiting U.S. companies from conducting business in certain countries, and to FRB regulations requiring prior notice before establishing a branch in a country in which Citibank does not already operate a branch.
Under the BHC Act, a bank holding company is, with limited exceptions, prohibited from (i) acquiring direct or indirect ownership or control of more than 5% of the voting shares of any company that engages in business in the U.S. and is not a bank, or (ii) engaging in any activity other than managing or controlling banks. With the prior approval of the FRB, however, a bank holding company may own more than 5% of the voting shares of a company engaged in activities that the FRB determines to be so closely related to banking or managing or controlling banks as to be a proper incident thereto. In general, a bank holding company is permitted to acquire less than 20% of the voting shares of any company that does not engage in business in the U.S., and may own 20% or more of the voting shares of any such company that engages in activities that the FRB determines are usual in connection with the transaction of banking or other financial operations outside the U.S., all subject to FRB regulations that require prior consent for investments exceeding specified amounts. As a national bank, Citibank's U.S. activities are generally limited to those that the OCC determines to be banking or incidental to banking. In the U.S., Citibank and its affiliates are able to underwrite and deal in specific categories of government- issued securities and may advise and sell as broker, but may not sponsor or distribute, mutual funds. In addition, Citicorp Securities, Inc., a non-bank subsidiary of Citicorp, is authorized by the FRB to underwrite and deal, to a limited extent, subject to certain conditions, in certain other categories of debt securities. Outside the U.S., Citicorp subsidiaries are able to sponsor, distribute, and advise mutual funds and to underwrite and deal in equity securities to a limited extent, and in other securities without limitation, subject to the laws of the country in which the securities activities are conducted. The FRB, OCC, and OTS have adopted guidelines imposing restrictions on the manner in which Citicorp engages in derivatives activities and in which Citicorp sells uninsured investment products, such as mutual funds, to customers.
Citicorp continues to provide its U.S. regulators with reports information, including its capital and operating plans, in accordance with the closer working relationship which has evolved with such regulators.
In 1989, the Financial Institutions Reform, Recovery and Enforcement Act ("FIRREA") was enacted, which, among other things, provided that a financial institution insured by the FDIC under common ownership with a failed FDIC- insured institution can be required to indemnify the FDIC for its losses resulting from the insolvency of the failed institution, even if such indemnification causes the affiliated institution also to become insolvent. Any obligations or liability owed by a subsidiary depository institution to its parent company is subordinate to the
subsidiary depository institution's cross-guarantee liability with respect to commonly controlled insured depository institutions and to the rights of depositors.
Under longstanding policy of the FRB, a bank holding company is expected to act as a source of financial strength for its subsidiary banks and to commit resources to support such banks. As a result of such policy, Citicorp may be required to commit resources to its subsidiary banks in circumstances where it might not do so, absent such policy.
Citicorp and its insured depository institution subsidiaries are subject to risk-based capital and leverage guidelines issued by U.S. banking industry regulators for banks and bank holding companies in the United States. Pursuant to provisions of FDICIA, which, among other things, requires the federal depository institution regulatory agencies to take specific prompt actions with respect to institutions that do not meet minimum capital standards, the agencies have adopted regulations creating and defining five capital tiers, the highest of which is "well-capitalized". As of December 31, 1994, Citicorp's bank and thrift subsidiaries, including Citibank were "well capitalized." See capital analysis on pages 39 and 40.
Legislation enacted as part of the Omnibus Budget Reconciliation Act of 1993 provides that deposits in U.S. offices and certain claims for administrative expenses and employee compensation against a U.S. insured depository institution which has failed will be afforded a priority over other general unsecured claims, including deposits in offices outside the U.S. and claims under non-depository contracts in all offices, against such an institution in the "liquidation or other resolution" of such institution by any receiver. Accordingly, such priority creditors (including the FDIC, which succeeds to the position of insured depositors) of Citicorp's insured depository institution subsidiaries will be entitled to priority over unsecured creditors in the event of a "liquidation or other resolution" of such institution. Pursuant to the Community Development and Regulatory Improvement Act of 1994, a bank is not required to repay a deposit at a branch outside the U.S. if the branch cannot repay the deposit due to an act of war, civil strife, or action taken by the government in the host country that occurred prior to September 23, 1994, unless the bank has expressly agreed in writing to effect repayment under those circumstances.
The earnings of Citibank and its bank affiliates, and therefore the earnings of Citicorp, are affected by general economic conditions, and the conduct of monetary fiscal policy by the U.S. government in the United States and by governments in other countries in which Citicorp conducts business.
COMPETITION
Citicorp, Citibank, and their subsidiaries and affiliates are subject to intense competition in all aspects of their businesses from both bank and non-bank institutions that provide financial services and, in some of their activities, from government agencies.
PROPERTIES
The principal offices of Citicorp and Citibank are located at 399 Park Avenue, New York, New York, a 39-story building of which two thirds is owned by Citibank. Citibank also owns one third of Citicorp Center, a 59-story building located at 153 East 53rd Street across Lexington Avenue from 399 Park Avenue. Citicorp occupies all of the space it owns in both buildings. Citibank also owns Citicorp at Court Square in Long Island City, New York and 111 Wall Street in New York City, which are totally occupied by Citicorp. In addition, Citicorp has major domestic real estate holdings in San Francisco; Chicago; St. Louis; Tampa; Sioux Falls, South Dakota; Hagerstown, and Silver Spring, Maryland; New Castle, Delaware; and The Lakes, Nevada.
Internationally, Citicorp owns major corporate premises in various cities throughout the world including Paris; London; Milan; Dusseldorf; Buenos Aires; Rio de Janeiro; Sao Paulo; Mexico City; San Juan; Caracas; Hong Kong; Manila; Seoul; Taipei; Tokyo and Madrid. Approximately 50% of the space Citicorp occupies worldwide is owned.
EFFECTS OF INFLATION
The impact of inflation on Citicorp and other financial institutions is significantly different from that on industries that require a high proportion of investment in fixed assets. The assets and liabilities of a financial institution are primarily monetary in nature. During periods of inflation, monetary assets lose value in terms of purchasing power, and monetary liabilities have corresponding purchasing power gains. The financial statements and other data appearing in this annual report, and in particular the discussion of price risk management on pages 35 and 36, illustrate how Citicorp operates in an environment of changing interest rates and inflationary trends.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CITICORP (Registrant)
Charles E. Long Executive Vice President and Secretary
February 24, 1995
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed on February 24, 1995 by the following persons in the capacities indicated.
Paul J. Collins Thomas E. Jones Vice Chairman Executive Vice President Principal Financial Officer Principal Financial Officer(1)
(1) Primary responsibility for financial control, tax, accounting, and reporting.
John S. Reed (Citicorp's Principal Executive Officer) and the Directors of Citicorp (listed below) executed a power of attorney appointing Charles E. Long their attorney-in-fact, empowering him to sign this report on their behalf.
D. Wayne Calloway H. Onno Ruding Colby H. Chandler Robert B. Shapiro Pei-yuan Chia Frank A. Shrontz Paul J. Collins Mario H. Simonsen Kenneth T. Derr Roger B. Smith H.J. Haynes Christopher J. Steffen William R. Rhodes Franklin A. Thomas Rozanne L. Ridgway Edgar S. Woolard, Jr.
EXHIBITS, FINANCIAL STATEMENTS, SCHEDULES, AND REPORTS ON FORM 8-K
Financial Statements filed for Citicorp and Subsidiaries:
Consolidated Statement of Income Consolidated Balance Sheet Consolidated Statement of Changes in Stockholders' Equity Consolidated Statement of Cash Flows
Citicorp filed a Current Report on Form 8-K dated October 18, 1994 (Item 5), which report included a summary of the consolidated operations of Citicorp for the three- and nine-month periods ended September 30, 1994. Citicorp filed a Current Report on Form 8-K dated January 17, 1995 (Item 5), which report included a summary of the consolidated operations of Citicorp for the year ended December 31, 1994.
Calculation of Ratio of Income to Fixed Charges is filed herewith.
Citicorp's significant subsidiaries (as defined) and their place of incorporation or organization include:
Citibank, N.A. United States Citibank (Nevada), N.A. United States Citibank (South Dakota), N.A. United States Citibank Overseas Investment Corporation United States Citicorp Holdings, Inc. Delaware
Other subsidiaries of Citicorp and their place of incorporation or organization include:
Citicorp Mortgage, Inc. Delaware Citicorp Real Estate, Inc. Delaware Citibank Delaware Delaware Citibank (New York State) New York Citibank Privatkunden A.G. Germany Aspiration, Inc. Delaware Citibank A.G. Germany Citibank Canada Canada Citibank, Federal Savings Bank United States Citibank International plc United Kingdom Citibank Limited Australia Citibank Mexico, S.A. Groupo Financiero Citibank Mexico Citibank (Switzerland) Switzerland Citicorp Banking Corporation Delaware Citicorp Securities, Inc. Delaware Citicorp North America, Inc. Delaware Citicorp Venture Capital Ltd. New York Court Square Capital Limited Delaware The Student Loan Corporation Delaware
Citicorp's Restated Certificate of Incorporation, as amended, By-Laws, Instruments Defining the Rights of Securities Holders, and certain other material contracts, including employee benefit plans and indentures and constituent instruments, have been previously filed with the Securities and Exchange Commission as exhibits to various Citicorp registration statements and periodic reports.
Stockholders may obtain copies of such documents by writing to Citicorp, Corporate Governance Department, 399 Park Avenue, Mezzanine, New York, New York 10043 .
Powers of Attorney of Messrs. Reed, Calloway, Chandler, Chia, Collins, Derr, Haynes, Rhodes, Ruding, Shapiro, Shrontz, Simonsen, Smith, Steffen, Thomas, and Woolard and Amb. Ridgway as Directors and/or officers of Citicorp are filed herewith.
CITICORP AND CITIBANK DIRECTORS' COMMITTEES
Audit Committees: supervise independent audits and oversee the establishment of appropriate accounting policies for Citicorp and Citibank, N.A.
Members, Citicorp: D. Wayne Calloway, Chairman; Kenneth T. Derr, H.J. Haynes, Rozanne L. Ridgway, Mario H. Simonsen and Roger B. Smith.
Members, Citibank, N.A.: D. Wayne Calloway, Chairman; H.J. Haynes and Rozanne L. Ridgway.
The Audit Committees of Citicorp and Citibank, N.A. (the "committee"), whose members are all independent outside directors, meet with members of senior management as the committee deems appropriate.
Its principal functions include reviews of: the audit plans, scope of audit and audit findings of both independent auditors and the corporation's internal corporate audit group; significant tax and legal matters; credit portfolios; and internal control. Further, it is the responsibility of this committee to recommend to the Board the annual appointment of the independent auditors. The Board accepted the recommendation that KPMG Peat Marwick LLP be retained for 1995 and this proposal will be presented to the stockholders for approval at the Annual Meeting.
The findings of internal and independent auditors, financial controllers and external regulatory agencies are reviewed. Responses to their findings and corrective action plans are monitored to ensure that appropriate follow-up measures are taken in a timely manner. These are reviewed with and without the presence of management. The committee also meets privately with KPMG Peat Marwick LLP and the Chief Auditor.
It is also the function of this committee to review the accounting policies used in preparing the financial statements of Citicorp and Citibank, N.A.
D. WAYNE CALLOWAY
Committee on Directors: recommends qualified candidates for membership on the Boards of Directors of Citicorp and Citibank, N.A.
Members: John S. Reed, Chairman; Colby H. Chandler, H.J. Haynes and Frank A. Shrontz.
The Committee on Directors actively solicits recommendations for prospective directors from their current members and stockholders and, consistent with the needs of the corporation and representation of the various services and customers, recommends the approval of a candidate. The nominees are then presented to the full Board, which proposes the slate of directors to be submitted to the stockholders at the Annual Meeting. In addition, the committee is charged with keeping current and recommending changes in directors' compensation.
JOHN S. REED
Committee on Subsidiaries and Capital (Citicorp)
Members: Paul J. Collins, Chairman; D. Wayne Calloway, Colby H. Chandler, H.J. Haynes, Rozanne L. Ridgway, Mario H. Simonsen and Franklin A. Thomas.
The Committee is responsible for reviewing 1) the corporation's capital structure, position and planning; 2) the financial position of the principal subsidiaries of Citicorp including, but not limited to, Citibank, N.A.; 3) the corporation's subsidiary structure and processes for managing subsidiaries; 4) the adequacy of corporate insurance coverage; and 5) the conduct of Citicorp's subsidiaries and affiliates in providing fiduciary and investment services. The Chairman of the committee reports periodically to the Citicorp and Citibank, N.A. Boards of Directors.
PAUL J. COLLINS
Consulting Committee (Citibank, N.A.)
Members: Colby H. Chandler, Kenneth T. Derr, H. Onno Ruding, Robert B. Shapiro, Mario H. Simonsen, Roger B. Smith and Edgar S. Woolard, Jr.
This committee, composed of those Citicorp directors who are not also directors of Citibank, N.A., attends all meetings of the Board of Directors of Citibank, N.A. and remains available to Citibank's Board as consultants on an "as needed" basis.
JOHN S. REED
Executive Committee: provides backup for the Boards of Directors of Citicorp and Citibank, N.A.
Members, Citicorp: H.J. Haynes, Frank A. Shrontz, Roger B. Smith and Franklin A. Thomas.
Members, Citibank, N.A.: Any three directors in attendance at a regular meeting of the Board where a quorum is not present.
These committees act on behalf of the Boards of Directors should an urgent matter arise that requires a decision before the Board is next scheduled to meet. The Executive Committee has nearly all the powers of the Boards, except for certain powers expressly reserved to the Boards. The Chairman and the Vice Chairmen are ex-officio members.
JOHN S. REED
Personnel Committee: oversees employee policies and programs of Citicorp and Citibank, N.A.
Members: Frank A. Shrontz, Chairman; Kenneth T. Derr, H.J. Haynes, Franklin A. Thomas and Edgar S. Woolard, Jr.
The Personnel Committee reviews and approves compensation policy and other personnel-related programs to maintain an environment at Citicorp and Citibank, N.A. that attracts and retains people of high capability, commitment and integrity. In addition, the committee oversees succession planning.
FRANK A. SHRONTZ
Public Issues Committee: reviews Citicorp's policies and performance on matters of public concern.
Members: Franklin A. Thomas, Chairman; Rozanne L. Ridgway, Frank A. Shrontz and Roger B. Smith.
The Public Issues Committee's mission is to assure that the public interest is maintained in the performance of our business roles and in achieving a more competitive business environment. The committee reviews the corporation's policy, posture, practices, and programs relating to public issues of significance to Citicorp and the public at large.
FRANKLIN A. THOMAS
CITICORP AND CITIBANK DIRECTORS
The Boards of Directors of Citicorp and Citibank, N.A. meet on the third Tuesday of the month to administer the affairs of the organizations. Certain specific operations and areas of the Corporation and the Bank are regularly monitored by the Directors' committees, whose activities are described on the preceding pages.
+Director of Citicorp *Director of Citibank, N.A.
D. Wayne Calloway+* Chairman and Chief Executive Officer PepsiCo, Inc.
Colby H. Chandler+ Former Chairman and Chief Executive Officer Eastman Kodak Company
Pei-yuan Chia+* Vice Chairman Citicorp and Citibank, N.A.
Paul J. Collins+* Vice Chairman Citicorp and Citibank, N.A.
Kenneth T. Derr+ Chairman and Chief Executive Officer Chevron Corporation
H.J. Haynes+* Senior Counselor Bechtel Group, Inc.
John S. Reed+* Chairman Citicorp and Citibank, N.A.
William R. Rhodes+* Vice Chairman Citicorp and Citibank, N.A.
Rozanne L. Ridgway+* Co-Chair The Atlantic Council of the United States
H. Onno Ruding+ Vice Chairman Citicorp and Citibank, N.A.
Robert B. Shapiro+ President and Chief Operating Officer Monsanto Company
Frank A. Shrontz+* Chairman and Chief Executive Officer The Boeing Company
Mario H. Simonsen+ Vice Chairman Brazilian Institute of Economics The Getulio Vargas Foundation
Roger B. Smith+ Former Chairman and Chief Executive Officer General Motors Corporation
Christopher J. Steffen+* Vice Chairman Citicorp and Citibank, N.A.
Franklin A. Thomas+* President The Ford Foundation
Edgar S. Woolard, Jr.+ Chairman and Chief Executive Officer E.I. du Pont de Nemours & Company
SENIOR MANAGEMENT
John S. Reed Chairman
Pei-yuan Chia
Paul J. Collins
William R. Rhodes
H. Onno Ruding
Christopher J. Steffen
Roberta J. Arena
Shaukat Aziz
James L. Bailey
David J. Browning
Ernst W. Brutsche
Colin Crook
Alvaro A. C. de Souza
David E. Gibson
Dennis O. Green
Guenther E. Greiner
Thomas E. Jones
Charles E. Long
Alan S. MacDonald
Dennis R. Martin
Robert H. Martinsen
Robert A. McCormack
Victor J. Menezes
Lawrence R. Phillips
John J. Roche
Hubertus M. Rukavina
Rana S. Talwar
David S. Van Pelt
Alan J. Weber
Masamoto Yashiro
COUNTRY CORPORATE OFFICERS
Algeria Kamal Driss
Argentina Jorge A. Bermudez
Aruba Thomas J. Charters
Australia Brian T. Clayton
Austria Patrick Dewilde
Bahamas David A. Tremblay
Bahrain Mohammed Al-Shroogi
Bangladesh S. Sridhar
Belgium Lode G. Beckers
Bolivia Fernando Anker
Brazil Roberto V. do Valle
Brunei Stephen J. Lawrence
Canada Richard E. Lint
Cayman Islands David A. Tremblay
Chile Rodrigo Trevino
Colombia Michael A. Contreras
Costa Rica Douglas L. Peterson
Cote d'Ivoire Robert Thornton
Czech Republic Karl Swoboda
Denmark Chris Devries
Dominican Republic Juan de Dianous
Ecuador Eric R. Mayer
Egypt Ahmed M. El Bardai
El Salvador Juan Miro
Finland Stephen W. McClintock
France Claude Jouven
Gabon Rudolph Thomson
Germany Richard J. Srednicki
Greece Dimitri P. Krontiras
Guam Rashid M. Habib
Guatemala Antonio Uribe
Haiti Gladys M. Coupet
Honduras Edward L. Wess
Hong Kong Antony K.C. Leung
Hungary John D. McGloughlin
India Robert S. Eichfeld
Indonesia Maarten J. Hulshoff
Ireland Aidan Brady
Italy Sergio Ungaro
Jamaica Peter Moses
Japan Masamoto Yashiro
Jersey, Channel Islands Ronald L. Mitchell
Jordan Walid Alamuddin
Kenya Paul Fletcher
Korea John M. Beeman
Luxembourg Thomas Seale
Malaysia Sunil Sreenivasan
Mexico Julio A. de Quesada
Monaco Miklos I. Vasarhelyi
Morocco Abdel Jelil Ayed
Nepal Mahim Mehra
Netherlands Romeo Van Der Borch
New Zealand Richard Wilks
Nigeria Naveed Riaz
Norway Per Etholm, Jr.
Oman, Sultanate of Steven A. Pinto
Pakistan Shaukat Tarin
Panama, Republic of Eduardo C. Urriola
Paraguay Gustavo Marin
People's Republic of China Chung Peng Cheng
Peru Rafael W. Venegas
Philippines William W. Ferguson
Poland Allan J. Hirst
Portugal David Kyle
Puerto Rico Franklin G. Burnside
Russia Miljenko Horvat
Saudi Arabia James J. Collins
Senegal Michel A. Accad
Singapore David P. Conner
South Africa Terrence M. Davidson
Spain Amador Huertas
Sri Lanka Nihal Welikala
Sudan Adnan A. Mohamed
Sweden James E. Morrow
Switzerland Philippe Holderbeke
Taiwan Thomas M. McKeon
Thailand David L. Hendrix
Trinidad and Tobago Suresh Maharaj
Tunisia William A. Thomas
Turkey Anjum Z. Iqbal
United Arab Emirates Ahmed Saeed S. Bin Brek
United Kingdom Ian D. Cormack
Uruguay Carlos M. Fedrigotti
Venezuela Thomas J. Charters
Vietnam Bradley C. Lalonde
Virgin Islands Franklin G. Burnside
Zaire, Republic of Mulongo Masangu
Zambia Kandolo Kasongo
Countries where Citicorp has offices but no designated Country Corporate Officer are not reflected in the above list.
STOCKHOLDER INFORMATION
NOTICE OF THE ANNUAL MEETING
The Annual Meeting of stockholders will be held on Tuesday, April 18, 1995, at 9:00 a.m., in the auditorium of Citicorp Headquarters at 399 Park Avenue, New York, NY 10043.
A formal notice of this meeting, together with a proxy and a proxy statement, has been included with this annual report. Stockholders are urged to sign and return their proxies promptly to assure that the stock of the corporation will be represented as fully as possible at the meeting.
Citicorp has approximately 54,000 common stockholders of record. About 82% of the Citicorp shares entitled to vote were voted in person or by proxy at the last annual stockholders' meeting on April 19, 1994.
Additional copies of this annual report are available. Write to Citicorp, Corporate Affairs, 850 Third Avenue, 13th Floor, New York, NY 10043.
Copies of the written transcript and tape recordings of the proceedings at Citicorp stockholders' meetings are available to Citicorp stockholders at cost from Citicorp, Corporate Governance Department, 399 Park Avenue, Mezzanine, New York, NY 10043.
Supplemental financial data are published quarterly and are available from Citicorp, Corporate Affairs, 850 Third Avenue, 13th Floor, New York, NY 10043.
TRANSFER AGENT AND REGISTRAR
Citibank, N.A., Issuer Services, Box 4855, New York, NY 10043
CO-TRANSFER AGENTS AND CO-REGISTRARS
First Interstate Bank of California 26610 West Agoura Road Calabasas, CA 91302
The First National Bank of Chicago Corporate Trust Department One First National Plaza Chicago, IL 60670
Montreal Trust Company 15 King Street West Toronto, Ontario Canada M5H 1B4
JAPANESE SHAREHOLDER SERVICE ORGANIZATION AND PAYING BANK
The Yasuda Trust and Banking Company, Limited Stock Transfer Department 1-17-7, Saga, Koto-ku, Tokyo, Japan
CITICORP STOCK LISTED
New York Stock Exchange Zurich Stock Exchange Midwest Stock Exchange Geneva Stock Exchange Pacific Stock Exchange Basel Stock Exchange London Stock Exchange Toronto Stock Exchange Amsterdam Stock Exchange Dusseldorf Stock Exchange Tokyo Stock Exchange Frankfurt Stock Exchange
Securities and Exchange Commission Washington, DC 20549 Form 10-K
Annual Report pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 for the fiscal year ended December 31, 1994 Commission File Number 1-5738
[LOGO OF CITICORP APPEARS HERE] - -------------------------------------------------------------------------------- Incorporated in the State of Delaware IRS Employer Identification Number: 13-2614988 Address: 399 Park Avenue, New York, NY 10043 Telephone: (800) 285-3000
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
A list of Citicorp securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 is available from Citicorp, Corporate Governance Department, 399 Park Avenue, Mezzanine, New York, NY 10043.
As of December 31, 1994, Citicorp had 395,080,849 shares of common stock outstanding.
Citicorp (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Based on its review of the reports furnished to Citicorp for 1994 pursuant to Section 16 of the Securities Exchange Act of 1934, Citicorp believes all of the reports required to be filed under Section 16 were filed on a timely basis except that the reports on Form 5 for Messrs. Calloway, Chandler, Derr, Haynes, Shrontz, Simonsen, Smith, Thomas and Woolard and Amb. Ridgway were filed approximately five weeks late due to a delay in the calculation of the number of shares of Citicorp common stock held by such directors under the Directors Deferred Compensation Plan.
The aggregate market value of Citicorp common stock held by non-affiliates of Citicorp on January 31, 1995 was approximately $16.0 billion.
Certain information has been incorporated by reference as described herein into Part III of this annual report from Citicorp's proxy statement relating to its annual meeting of stockholders to be held on April 18, 1995.
CITICORP SERVICE
We continue to build a worldwide organization dedicated to serving our customers and take pride in the quality of service we deliver. The following addresses and phone numbers are part of our service commitment to help you obtain needed information and prompt assistance.
STOCKHOLDERS - -------------------------------------------------------------------------------- For general questions about Citicorp stock, contact: Citicorp Investor Relations, 399 Park Avenue, 2nd Floor, New York,NY 10043. (800) 342-6690 - -------------------------------------------------------------------------------- For questions about your Dividend Reinvestment Account, Lost Stock Certificates, Stock Transfer, Estate Inquiries/Transfer Requirements, contact: Citibank, N.A., % Citicorp Data Distribution, Inc., Customer Service Unit, P.O. Box 308, Paramus, NJ 07653. (800) 422-2066 - -------------------------------------------------------------------------------- For all other stockholder concerns, contact: Citicorp Corporate Governance, 399 Park Avenue, New York, NY 10043. (212) 559-4822 - -------------------------------------------------------------------------------- GENERAL INFORMATION
For general information or other inquiries. (800) 285-3000 - --------------------------------------------------------------------------------
CUSTOMERS - -------------------------------------------------------------------------------- For information or inquiries on accounts, credit cards, mortgages, CDs or other financial services and investments, contact your local branch office, or use the address or phone number on the front of your customer statement.
Mortgage/Co-op Loan Service (800) 283-7918 MasterCard/VISA (800) 950-5114 Outside of U.S. call collect: (605) 335-2222 Preferred MasterCard/VISA (800) 950-5114 Outside of U.S. call collect: (605) 335-2222 Diners Club/Carte Blanche (800) 234-6377 Outside of U.S. call collect: (303) 799-1504 CHOICE MasterCard/VISA (800) 950-5114 Outside of U.S. call collect: (605) 335-2222 Citicorp Travelers Checks (800) 645-6556 Outside of U.S. call collect: (813) 623-1709 Citicorp Money Orders or Official Checks (800) 223-7520 Student Loans (800) 967-2400 Citicorp Investments Services (800) 846-5200 In New York City (212) 736-8170 Citicorp Insurance Services (800) 237-4365 Citicorp Life Insurance Co. (800) 237-4365 First Citicorp Life Insurance Co. (800) 613-5973 Citicorp Insurance Agency (800) 497-4854 - -------------------------------------------------------------------------------- For information regarding personalized investment management services, custody, specialized lending to individuals, jumbo mortgages, trust and estate planning, and art advisory services, contact The Citibank Private Bank. (212) 559-5959 - --------------------------------------------------------------------------------
(R) CITICORP AND CITIBANK ARE REGISTERED TRADEMARKS (C) COPYRIGHT 1995 BY CITICORP * 415M * 1994 PRINTED IN THE U.S.A.
A. Graph of Earnings* ($ in Billions) (Page 1).
1990 1991 1992 1993 1994 ---- ---- ---- ---- ----
0.5 (0.5) 0.7 2.2 3.4
--------- * After Accounting Changes.
B. Graph of Capital ($ in Billions) (Page 1).
1990 1991 1992 1993 1994 ---- ---- ---- ---- ----
Tier 1 8.0 8.5 10.3 13.4 16.9 Tier 2 8.0 8.6 9.8 9.8 9.2 ---- ---- ---- ---- ---- Total 16.0 17.1 20.1 23.2 26.1
C. Graph of Reserves ($ in Billions) (Page 1).
1990 1991 1992 1993 1994 ---- ---- ---- ---- ---- Consumer 0.9 1.1 1.3 1.6 1.8 Commercial* 3.6 2.2 2.6 2.8 3.4 ----- ----- ----- ----- ----- Total 4.5 3.3 3.9 4.4 5.2
--------- * Including Cross-Border Refinancing
D. Graph of CCI Monthly Common Stock Price (1969 - 1994) (In Dollars) (Page 2). Split adjusted
E. Graph of Price/Earnings Ratios (Page 2). (% of S&P 500)
1969 1974 1979 1984 1989 1994 ---- ---- ---- ---- ---- ----
CCI 93% 145% 75% 60% 44%* 39%
S&P Money Center Index 85% 101% 70% 58% 44% 41%
------ * Adjusted for earnings impact of LDC reserve additions.
1. Photo of Senior Management - Photo of John S. Reed, Chairman; Pei-yuan Chia, Vice Chairman; Paul J. Collins, Vice Chairman; William R. Rhodes, Vice Chairman; Christopher J. Steffen, Vice Chairman; and H. Onno Ruding, Vice Chairman (Page 3).
2. Two photos of Citibank branch in Taipei, Taiwan (Page 4).
3. Graph of Global Consumer Revenue by Region* (Page 4).
North America 59%
Europe 17%
Asia Pacific 14%
Latin America 10% __________ * Adjusted for credit-related items
4. One photo of Citibank branch in Athens, Greece (Page 5).
5. One photo of Citibank branch in London, England (Page 5).
6. Photo of Citibank branch in Mexico City, Mexico (Page 6).
7. Photo of Citibank branch in Madrid, Spain (Page 6).
8. Photo of customer using the new Citibank Screen Phone banking product (Page 7).
9. Photo of various Citibank credit and charge card products (Page 7).
10. Photo of a couple at a cafe (Page 8).
11. Photo of various employees at work stations (Page 8).
12. Two photos depicting Private Banking customers (Page 9).
13. Photo of trolley advertising Citibank 24-Hour Banking in Brussels, Belgium (Page 10).
14. Photo of a CitiGold branch entrance (Page 10).
15. Photo of a Citicard in use (Page 10).
16. Photo of Citibank branch signage (Page 11).
17. Photo of a Citibank advertisement with a sports car (Page 11).
18. Graph of Global Finance Revenue by Region* (Page 12).
Developed Economies: 58% Emerging Economies: 42%
__________ * Adjusted for credit-related items
19. Photo of barrels and foreman (Page 12).
20. Photo of the Singapore container port (Page 12).
21. Graph of Global Finance Revenue in Asia Pacific (Excluding Japan) ($ in Millions) (Page 12).
1992 1993 1994 ---- ---- ----
749 812 821
22. Graph of Global Finance Revenue in Latin America ($ in Millions) (Page 13).
1992 1993 1994 ---- ---- ----
715 885 923
23. Photo of Rio de Janeiro, Brazil (Page 13).
24. Photo of bridge in Budapest, Hungary (Page 14).
25. Graph of Global Finance Revenue in Central and Eastern Europe, Middle East and Africa ($ in Millions) (Page 14).
1992 1993 1994 ---- ---- ----
438 471 570
26. Photo of a customer service representative viewing a computer screen (Page 14).
27. Photo of Citibank building in Dubai, United Arab Emirates (Page 14).
28. Photo of Paris, France with a Citibank building (Page 15).
29. Photo of docks in Japan (Page 15).
30. Graph of Global Finance Revenue by Business* ($ in Billions) (Page 15).
Transactions Services 1.8 Trading 1.2 Lending 1.2 Capital Markets/Corporate Finance/Other 1.3
__________ * Adjusted for credit-related items
31. Night photo of Hong Kong (Page 16).
32. Photo of computer factory (Page 16).
33. Graph of Global Finance Revenue in North America, Europe and Japan ($ in Millions) (Page 16).
1992 1993 1994 ---- ---- ----
3,524 3,901 3,193
34. Photo of Citibank branch in London, England (Page 17).
35. Photo of women in Jaipur, Rajasthan, India (Page 17).
36. Photo of do-it-yourselfers in Florida (Page 18).
37. Photo of Operation Smile patient and mom (Page 18).
38. Photo of Computer Lab at Hope Community Academy, a Citi-Leaders school in Chicago (Page 19).
39. Photo of Hong Kong Citibankers taking part in annual charity walk (Page 19).
40. Photo of orchestra reception in Tokyo, Japan during New York Philharmonic's Asia Tour (Page 20).
41. Photo of Citibank mentor and student (Page 20).
42. Graph of Net Income (Loss)/Return on Total Stockholders' Equity (Page 22).
1990 1991 1992 1993 1994 ---- ---- ---- ---- ----
Net Income(Loss) ($ in Millions) 458 (457) 722 2,219 3,366
Return on Total Stockholders' Equity (%) 4.4% (4.5%) 7.2% 17.7% 21.4%
43. Graph of Capital ($ in Billions and %) (Page 22).
44. Graph of Operating Margin ($ in Billions) (Page 23).
1990 1991 1992 1993 1994 ---- ---- ---- ---- ----
4.8 5.8 7.1 7.7 7.4
45. Graph of Credit Costs ($ in Billions) (Page 23).
1990 1991 1992 1993 1994 ---- ---- ---- ---- ----
2.9 5.1 5.8 3.8 2.6
46. Graph of Operating Margin Less Credit Costs ($ in Billions) (Page 23).
1990 1991 1992 1993 1994 ---- ---- ---- ---- ----
1.9 0.6 1.4 3.9 4.9
47. Graph of Employees (Page 24).
U.S. 36,300 Outside U.S. 46,300
Total 82,600
48. Graph of Offices (Page 24).
U.S. 1,300 Outside U.S. 2,100
Total 3,400
49. Graph of Global Consumer Adjusted Revenue ($ in Billions) (Page 25).
1992 1993 1994 ---- ---- ----
Emerging Economies 1.8 2.2 2.6
North America, Europe and Japan 8.8 8.6 8.7
Total 10.6 10.8 11.3
50. Graph of Global Consumer Adjusted Expense ($ in Billions) (Page 26).
1992 1993 1994 ---- ---- ----
Emerging Economies 1.1 1.2 1.5
North America, Europe and Japan 4.7 4.7 4.7
Total 5.8 5.9 6.2
51. Graph of Global Consumer Credit Costs ($ in Billions) (Page 26).
1992 1993 1994 ---- ---- ----
Emerging Economies 0.1 0.1 0.2
North America, Europe and Japan 3.2 2.6 2.1
Total 3.3 2.7 2.3
52. Graph of Average Consumer Loans (Page 26).
Emerging Economies 27% U.S. Credit Cards 12%
U.S. Mortgages 20% U.S. Other 19%
Other North America, Europe and Japan 22%
53. Graph of Average Loans in Emerging Economies ($ in Billions) (Page 26).
1992 1993 1994 ---- ---- ----
16.3 18.9 23.2
54. Graph of Average U.S. Mortgage Loans ($ in Billions) (Page 26).
1992 1993 1994 ---- ---- ----
24.8 19.1 17.3
55. Graph of Global Finance Adjusted Revenue ($ in Billions) (Page 29).
1992 1993 1994 ---- ---- ----
Emerging Economies 1.9 2.2 2.3
North America, Europe and Japan 3.5 3.9 3.2
Total 5.4 6.1 5.5
56. Graph of Global Finance Adjusted Expense ($ in Billions) (Page 29).
1992 1993 1994 ---- ---- ----
Emerging Economies 0.9 1.1 1.2
North America, Europe and Japan 2.2 2.2 2.3
Total 3.1 3.3 3.5
57. Graph of Global Finance Credit Costs ($ in Billions) (Page 29).
1992 1993 1994 ---- ---- ----
Emerging Economies 0.1 .05 0.0
North America, Europe and Japan 0.6 .15 (0.1)
Total 0.7 0.2 (0.1)
58. Graph of Global Consumer Deposits by Region - December 31, 1994 (% of Total) (Page 35).
North America 45% Latin America 6% Asia Pacific 27% Europe 22%
59. Graph of Global Finance Deposits by Region - December 31, 1994 (% of Total) (Page 35).
North America 23% Europe 24% Latin America 18% Asia Pacific 27% CEEMEA* 8%
__________ * Central and Eastern Europe, Middle East and Africa
60. Graph of Net Interest Revenue (Adjusted for the effect of credit card securitization) ($ in Billions) (Page 42).
1992 1993 1994 ---- ---- ----
Outside U.S. 3.9 4.3 5.0
U.S. 5.7 5.7 5.9
Total 9.6 10.0 11.0
61. Graph of Net Rate Spread (Adjusted for the effect of credit card securitization) (Page 42).
1992 1993 1994 ---- ---- ----
Outside U.S. 4.2% 4.3% 4.5%
U.S. 4.4% 4.7% 4.7%
Total 4.3% 4.5% 4.6%