NYSE, C-H - Citigroup Inc
During the second half of 2007, the Company?s Securities and Banking (S&B)
business recorded unrealized losses of $19.6 billion pretax, net of hedges, on
subprime-related direct exposures.
The Company?s remaining $37.3 billion in U.S. subprime net direct exposure in
S&B at December 31, 2007 consisted of (a) approximately $8.0 billion of
subprime-related exposures in its lending and structuring business and
(b) approximately $29.3 billion of net exposures to the super senior tranches of
collateralized debt obligations, which are collateralized by asset-backed
securities, derivatives on asset-backed securities or both. See ?Exposure to
Real Estate? on page 48 for a further discussion.
Write-Downs on Highly Leveraged Loans and Commitments
During the second half of 2007, Citigroup recorded write-downs of approximately
$1.5 billion pretax, net of underwriting fees, on funded and unfunded highly
leveraged finance commitments in the S&B business. ...
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