EX-99.3 4 a2160944zex-99_3.htm EXHIBIT 99.3

Exhibit 99.3

Summary of Press Release Disclosed Items

Net Income Impact ($MM)

		2Q04			2Q05

Global Consumer
Cards		$	44	⁽¹⁾	$	(90	)^(8),(9)
Consumer Finance		3		⁽¹⁾	—
Retail Banking		18		^(1,2,3)	(10		)^(9,10,11)
Other		378		⁽⁴⁾	—

Corporate & Investment Banking
Capital Markets and Banking		186		⁽¹⁾	(37		)^(9,11,12)
Transaction Services		53		⁽¹⁾	0		^(9,12)
Other		(4,572		)^(4,5)	—

Global Wealth Management
Smith Barney		—			—
Private Bank		—			2		⁽⁹⁾

Alternative Investments		—			3		⁽⁹⁾

Corporate/Other		—			—

Discontinued Operations		(25		)⁽⁶⁾	—

Unallocated to products		(73		)⁽⁷⁾

⁽¹⁾		Release of reserves for credit losses reflecting continued improvement in credit quality of $562 pre-tax ($376 after-tax comprised of $44 in Cards, $3 in Consumer Finance, $90 in Retail Banking, $186 in CM&B and $53 in GTS).
⁽²⁾		Implementation of SAB105 resulted in a pre-tax deferral of ($35) (($24) after-tax) of securitization gains in Retail Banking.
⁽³⁾		Losses on mortgage servicing hedges of ($80) pre-tax (($48) after-tax) due to the volatile rate environment in Retail Banking.
⁽⁴⁾		Gain on sale of the company’s 20% stake in the Samba Financial Group of $1,168 pre-tax ($756 after-tax comprised of $378 in Global Consumer Other and $378 in CIB Other).
⁽⁵⁾		WorldCom class action settlement and increased litigation reserves of ($7,915) pre-tax (($4,950) after-tax) in GCIB Other.
⁽⁶⁾		Reserves for net claims and operating losses in Argentina retirement services of ($25) in Discontinued Operations.
⁽⁷⁾		Higher expenses related to options, pension and legal of ($108) pre-tax (($73) after-tax) not allocated to products.
⁽⁸⁾		Temporary increase in bankruptcy filings resulted in approximately ($175) pre-tax (($114) after-tax) increase in credit costs in Cards.
⁽⁹⁾		Tax benefit related to resolution of an audit of $65 comprised of $24 in Cards, $21 in Retail Banking, $12 in CM&B, $3 in GTS, $2 in Private Bank and $3 in Alternative Investments.
⁽¹⁰⁾		Increase loan loss reserves in Germany primarily reflecting increased experience with the effects of bankruptcy law liberalization of ($127) pre-tax (($81) after-tax) in Retail Banking.
⁽¹¹⁾		Restructuring of Mexico government notes of $98 pre-tax ($63 after-tax) comprised of $78 pre-tax ($50 after-tax) in Retail Banking and $20 pre-tax ($13 after-tax) in CM&B.
⁽¹²⁾		Increase in the allowance for unfunded commitments to corporate clients of ($96) pre-tax (($62) after-tax) in CM&B and ($4) pre-tax (($3) after-tax) in GTS.

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