Exhibit 99.3
Summary of Press Release Disclosed Items
Net Income Impact ($MM)
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| 2Q04 |
| 2Q05 |
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Global Consumer |
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Cards |
| $ | 44 | (1) | $ | (90 | )(8),(9) |
Consumer Finance |
| 3 | (1) | — |
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Retail Banking |
| 18 | (1,2,3) | (10 | )(9,10,11) | ||
Other |
| 378 | (4) | — |
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Corporate & Investment Banking |
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Capital Markets and Banking |
| 186 | (1) | (37 | )(9,11,12) | ||
Transaction Services |
| 53 | (1) | 0 | (9,12) | ||
Other |
| (4,572 | )(4,5) | — |
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Global Wealth Management |
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Smith Barney |
| — |
| — |
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Private Bank |
| — |
| 2 | (9) | ||
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Alternative Investments |
| — |
| 3 | (9) | ||
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Corporate/Other |
| — |
| — |
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Discontinued Operations |
| (25 | )(6) | — |
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Unallocated to products |
| (73 | )(7) |
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(1) |
| Release of reserves for credit losses reflecting continued improvement in credit quality of $562 pre-tax ($376 after-tax comprised of $44 in Cards, $3 in Consumer Finance, $90 in Retail Banking, $186 in CM&B and $53 in GTS). |
(2) |
| Implementation of SAB105 resulted in a pre-tax deferral of ($35) (($24) after-tax) of securitization gains in Retail Banking. |
(3) |
| Losses on mortgage servicing hedges of ($80) pre-tax (($48) after-tax) due to the volatile rate environment in Retail Banking. |
(4) |
| Gain on sale of the company’s 20% stake in the Samba Financial Group of $1,168 pre-tax ($756 after-tax comprised of $378 in Global Consumer Other and $378 in CIB Other). |
(5) |
| WorldCom class action settlement and increased litigation reserves of ($7,915) pre-tax (($4,950) after-tax) in GCIB Other. |
(6) |
| Reserves for net claims and operating losses in Argentina retirement services of ($25) in Discontinued Operations. |
(7) |
| Higher expenses related to options, pension and legal of ($108) pre-tax (($73) after-tax) not allocated to products. |
(8) |
| Temporary increase in bankruptcy filings resulted in approximately ($175) pre-tax (($114) after-tax) increase in credit costs in Cards. |
(9) |
| Tax benefit related to resolution of an audit of $65 comprised of $24 in Cards, $21 in Retail Banking, $12 in CM&B, $3 in GTS, $2 in Private Bank and $3 in Alternative Investments. |
(10) |
| Increase loan loss reserves in Germany primarily reflecting increased experience with the effects of bankruptcy law liberalization of ($127) pre-tax (($81) after-tax) in Retail Banking. |
(11) |
| Restructuring of Mexico government notes of $98 pre-tax ($63 after-tax) comprised of $78 pre-tax ($50 after-tax) in Retail Banking and $20 pre-tax ($13 after-tax) in CM&B. |
(12) |
| Increase in the allowance for unfunded commitments to corporate clients of ($96) pre-tax (($62) after-tax) in CM&B and ($4) pre-tax (($3) after-tax) in GTS. |
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