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Exhibit 12.01

CITIGROUP INC.
CALCULATION OF RATIO OF INCOME TO FIXED CHARGES

											Nine Months Ended September 30,
	Year ended December 31,
In millions of dollars, except for ratios
	2003		2002(2)		2001(2)		2000(1)(2)		1999(1)(2)		2004		2003(3)
EXCLUDING INTEREST ON DEPOSITS:
Fixed Charges
Interest expense (other than interest on deposits)	$	10,364	$	12,659	$	20,090	$	23,072	$	17,687	$	9,114	$	7,618
Interest factor in rent expense		466		451		444		416		292		367		346
Total fixed charges	$	10,830	$	13,110	$	20,534	$	23,488	$	17,979	$	9,481	$	7,964
Income
Income from continuing operations before taxes, minority interest and cumulative effect of accounting changes	$	26,333	$	20,537	$	20,519	$	19,297	$	16,247	$	16,653	$	19,420
Fixed charges (excluding preferred stock dividends)		10,830		13,110		20,534		23,488		17,979		9,481		7,964
Total income	$	37,163	$	33,647	$	41,053	$	42,785	$	34,226	$	26,134	$	27,384
Ratio of income to fixed charges excluding interest on deposits		3.43		2.57		2.00		1.82		1.90		2.76		3.44
INCLUDING INTEREST ON DEPOSITS:
Fixed Charges
Interest expense (other than interest on deposits)	$	17,271	$	21,248	$	31,793	$	36,459	$	28,498	$	15,367	$	13,085
Interest factor in rent expense		466		451		444		416		292		367		346
Total fixed charges	$	17,737	$	21,699	$	32,237	$	36,875	$	28,790	$	15,734	$	13,431
Income
Income from continuing operations before taxes, minority interest and cumulative effect of accounting changes	$	26,333	$	20,537	$	20,519	$	19,297	$	16,247	$	16,653	$	19,420
Fixed charges (excluding preferred stock dividends)		17,737		21,699		32,237		36,875		28,790		15,734		13,431
Total income	$	44,070	$	42,236	$	52,756	$	56,172	$	45,037	$	32,387	$	32,851
Ratio of income to fixed charges including interest on deposits		2.48		1.95		1.64		1.52		1.56		2.06		2.45

(1)

On November 30, 2000, Citigroup completed its acquisition of Associates First Capital Corporation (Associates) in a transaction accounted for as a pooling of interests.

(2)

On Aug 20, 2002, Citigroup completed the distribution to its stockholders of a majority portion of its remaining ownership interest in Travelers Property Casualty Corp. (TPC) (an indirect wholly-owned subsidiary of Citigroup on Dec 31, 2001). Following the distribution, Citigroup began reporting TPC separately as discontinued operations in the Company's Consolidated Statement of Income. The calculation of the ratio of income to fixed charges excludes discontinued operations. Prior periods have been restated on a comparable basis.

(3)

Reclassified to conform to the current period's presentation.

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CITIGROUP INC. CALCULATION OF RATIO OF INCOME TO FIXED CHARGES