Exhibit 99.3
Summary of Press Release Disclosed Items
Net Income Impact ($MM)
| 4Q04 | 4Q05 | |||||
---|---|---|---|---|---|---|---|
US Consumer | |||||||
Cards | $ | 329 | (1,2) | $ | (408 | )(8,9,10) | |
Retail Distribution | 14 | (2) | (99 | )(8,9,10) | |||
Consumer Lending | 16 | (2) | — | ||||
Commercial Business Group | 29 | (1) | 19 | (10) | |||
Other | — | — | |||||
International Consumer | |||||||
Cards | 36 | (1,2,3) | 35 | (10,11) | |||
Consumer Finance | — | — | |||||
Retail Banking | 20 | (1,2) | (32 | )(10) | |||
Other | — | — | |||||
Corporate & Investment Banking | |||||||
Capital Markets and Banking | 153 | (2,4) | 101 | (10,12,14) | |||
Transaction Services | 29 | (2,4) | (4 | )(10) | |||
Other | 120 | (5) | 375 | (13) | |||
Global Wealth Management | |||||||
Smith Barney | — | — | |||||
Private Bank | (235 | )(2,6) | (8 | )(10) | |||
Alternative Investments | 9 | (2) | — | ||||
Corporate/Other | — | — | |||||
Discontinued Operations | (130 | )(2,7) | 2,082 | (15) |
- 1.
- Release of reserve for credit losses comprised of $195 pre-tax for general releases and $260 pre-tax related to securitization gains (total of $290 after-tax, comprised of $269 in US Cards, $29 in Commercial Business Group, ($1) in International Cards and ($7) in International Retail Banking)
- 2.
- Tax credit related to the American Jobs Creation Act of $234 comprised of $60 in US Cards, $14 in Retail Distribution, $16 in Consumer Lending, $10 in International Cards, $27 in International Retail Banking, $71 in CM&B, $17 in GTS, $9 in Private Bank, $9 in Alternative Investments and $1 in Discontinued Operations
- 3.
- Gain on sale of 50% ownership of Orbitall of $42 pre-tax ($27 after-tax) in International Cards
- 4.
- Release of reserve for credit losses to reflect continued improvement in credit quality of $150 pre-tax ($94 after-tax comprised of $82 in CM&B and $12 in GTS)
- 5.
- Legal insurance recovery of $200 pre-tax ($120 after-tax) in CIB Other
- 6.
- Private Bank discontinuation charge for Japan operations of ($400) pre-tax (($244) after-tax)
- 7.
- Asset Management transfer agency settlement of ($171) pre-tax (($131) after-tax) in Discontinued Operations
- 8.
- Charge to conform accounting practice for customer rewards of ($545) pre-tax (($342) after-tax) in US Cards and ($20) pre-tax (($12) after-tax) in Retail Distribution
- 9.
- Impact on revenues and net credit losses (excludes changes to loan loss reserves) from increased consumer bankruptcy filings due to new legislation of ($393) pre-tax (($252) after-tax) comprised of ($300) pre-tax (($192) after-tax) in US Cards and ($93) pre-tax (($60) after-tax) in Retail Distribution
- 10.
- LLR release of $3 pre-tax ($1 after-tax) comprised of $126 in US Cards, ($28) in Retail Distribution, $19 in Commercial Business Group, ($22) in International Cards, ($32) in International Retail Banking, ($50) in CM&B, ($4) in GTS and ($8) in Private Bank
- 11.
- Gain on sale of card merchant acquiring business of $89 pre-tax, $57 after-tax in International Cards
- 12.
- Increased reserve for previously disclosed legal matters of ($160) pre-tax, ($97) after-tax in CM&B
- 13.
- Release of WorldCom/Research litigation reserves of $600 pre-tax, $375 after-tax in CIB Other
- 14.
- Gain on sale of Nikko Cordial Stock of $386 pre-tax, $248 after-tax in CM&B
- 15.
- Gain on sale of Asset Management of $2.08B in Discontinued Operations