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Exhibit 12.02

CITIGROUP INC.
CALCULATION OF RATIO OF INCOME TO FIXED CHARGES
INCLUDING PREFERRED STOCK DIVIDENDS

	Year ended December 31,
In millions of dollars, except for ratios	2004		2003		2002(2)		2001(2)		2000(1)(2)
EXCLUDING INTEREST ON DEPOSITS:
Fixed Charges
Interest expense (other than interest on deposits)	$	13,262	$	10,364	$	12,659	$	20,090	$	23,072
Interest factor in rent expense		493		466		451		444		416
Dividends—Preferred Stock		95		103		126		168		180
Total fixed charges	$	13,850	$	10,933	$	13,236	$	20,702	$	23,668
Income
Income from continuing operations before taxes, minority interest and cumulative effect of accounting changes	$	24,182	$	26,333	$	20,537	$	20,519	$	19,297
Fixed charges (excluding preferred stock dividends)		13,755		10,830		13,110		20,534		23,488
Total income	$	37,937	$	37,163	$	33,647	$	41,053	$	42,785
Ratio of income to fixed charges excluding interest on deposits		2.74		3.40		2.54		1.98		1.81
INCLUDING INTEREST ON DEPOSITS:
Fixed Charges
Interest expense (other than interest on deposits)	$	22,086	$	17,271	$	21,248	$	31,793	$	36,459
Interest factor in rent expense		493		466		451		444		416
Dividends—Preferred Stock		95		103		126		168		180
Total fixed charges	$	22,674	$	17,840	$	21,825	$	32,405	$	37,055
Income
Income from continuing operations before taxes, minority interest
and cumulative effect of accounting changes	$	24,182	$	26,333	$	20,537	$	20,519	$	19,297
Fixed charges (excluding preferred stock dividends)		22,579		17,737		21,699		32,237		36,875
Total income	$	46,761	$	44,070	$	42,236	$	52,756	$	56,172
Ratio of income to fixed charges including interest on deposits		2.06		2.47		1.94		1.63		1.52

(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.

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Exhibit 12.02