Exhibit 99.3
Summary of Press Release Disclosed Items
Net Income Impact ($MM)
| 3Q04 | 3Q05 | ||||||
---|---|---|---|---|---|---|---|---|
Global Consumer | ||||||||
Cards | $ | 128 | (1) | $ | (143 | )(6, 7, 9, 12, 13) | ||
Consumer Finance | 44 | (1) | (126 | )(9, 10, 13) | ||||
Retail Banking | 109 | (1) | (115 | )(8, 9, 10, 12, 13) | ||||
Other | — | — | ||||||
Corporate & Investment Banking | ||||||||
Capital Markets and Banking | 85 | (1, 3, 4) | (10 | )(7, 12, 13) | ||||
Transaction Services | 33 | (1) | 23 | (7, 12, 13) | ||||
Other | — | 54 | (11) | |||||
Global Wealth Management | ||||||||
Smith Barney | — | — | ||||||
Private Bank | — | — | ||||||
Alternative Investments | — | — | ||||||
Corporate/Other | 147 | (2) | (4 | )(9) | ||||
Discontinued Operations | 47 | (5) | 2,123 | (13, 14) |
- 1.
- Release of reserve for credit losses to reflect continued improvement in credit quality of $686 pre-tax ($450 after tax). After-tax comprised of $128 in Cards, $109 in Retail Banking (includes build of $66 pre-tax—$44 after-tax), $44 in Consumer Finance, $136 in CM&B and $33 GTS). After-tax regional breakdown: releases of $238 in North America, $103 in Mexico, $15 in Japan, $30 in Asia, $99 in Latin America and build of $35 in EMEA.
- 2.
- Tax reserve release of $147 in Corporate/Other.
- 3.
- Increase in legal reserve of ($100) pre-tax (($64) after-tax) in CM&B.
- 4.
- Gain on sale of part of Nikko Cordial stake of $20 pre-tax ($13 after-tax) in CM&B.
- 5.
- Tax benefit related to Argentina of $47 in Discontinued Operations.
- 6.
- Temporary increase in bankruptcy filings resulted in approximately ($200) pre-tax (($124) after-tax) increase in credit costs in Cards.
- 7.
- LLR build of $150 pre-tax ($94 after-tax), comprised of $143 pre-tax ($89 after-tax) in CM&B and $7 pre-tax ($5 after-tax) in GTS.
- 8.
- Settlement of litigation regarding the purchase of Copelco of $185 pre-tax ($108 after-tax).
- 9.
- Impact of Hurricane Katrina of ($357) pre-tax (($222) after-tax) comprised of ($110) pre-tax (($69) after-tax) in Cards, ($180) pre-tax (($113) after-tax) in Consumer Finance, ($60) pre-tax (($36) after-tax) in Retail Banking, and ($7) pre-tax (($4) after-tax) in Corporate Other.
- 10.
- Standardization of loan write-off policies in EMEA increased credit costs ($490) pre-tax (($332) after-tax) comprised of ($14) pre-tax (($9) after-tax) in Consumer Finance and ($476) pre-tax (($323) after-tax) in Retail Banking.
- 11.
- Global Crossing and other insurance recoveries of $90 pre-tax ($54 after-tax) in CIB other.
- 12.
- Mexico VAT credit of $182 pre-tax ($117 after-tax) comprised of $42 pre-tax ($27 after-tax) in Cards, $122 pre-tax ($79 after-tax) in Retail Banking, $14 pre-tax ($9 after-tax) in CM&B and $4 pre-tax ($2 after-tax) in GTS.
- 13.
- HIA tax benefit of $188 comprised of $37 in Cards (comprised of $41 in Mexico, offset by a net ($4) in other regions), ($4) in Consumer Finance, $57 in Retail Banking (comprised of $66 in Mexico, offset by a net ($9) in other regions), $70 in CM&B, $26 in GTS and $3 in Discontinued Operations.
- 14.
- Gain on sale of Life Insurance & Annuities of $2.12Bn and retention bonus of ($33) in Discontinued Operations.