Operator: Hello and welcome to Citi's First Quarter 2014 Earnings Review with Chief Executive Officer, Mike Corbat and Chief Financial Officer, John Gerspach. Today's call will be hosted by Susan Kendall, Head of Citi Investor Relations.
We ask that you please hold all questions until the completion of the formal remarks, at which time you will be given instructions for the question-and-answer session. Also, as a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time.
Ms. Kendall, you may begin.
Susan Kendall - IR: Thank you, Brent. Good morning and thank you all for joining us. On our call today are CEO, Mike Corbat will speak first; then, John Gerspach, our CFO will take you through the earnings presentation which is available for download on our website, citigroup.com. Afterwards, we will be happy to take questions.
Before we get started, I would like to remind you that today's presentation may contain forward-looking statements, which are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results and capital and other financial conditions may differ materially from these statements due to a variety of factors, including the precautionary statements referenced in our discussion today and those included in our SEC filings, including without limitation the Risk Factors section of our 2013 Form 10-K.
With that said, let me turn it over to Mike.
Michael L. Corbat - CEO: Thank you, Susan. Good morning, everyone. Earlier today, we reported earnings of $3.9 billion for the first quarter and excluding CVA/DVA and the tax item net income was $4.1 billion, a 4% increase over last year translating to $1.30 a share. I will discuss these results and then turn to two other significant items in the quarter, the Fed's objection to our capital plan and the discovery of the fraud in Mexico.
During the first quarter, our institutional business performed well across all products and geographies. While lower on a year-over-year basis, market revenues rebounded from the fourth quarter and our equities business grew its revenues and continued to make progress. Higher volumes in Treasury and Trade Solutions lead to revenue growth despite the ongoing low rate environment. Our Consumer Bank again posted growth internationally generating positive operating leverage year-over-year, revenues in Asia grew and while we continue to execute our repositioning plans in Korea we believe revenues in that market have now largely stabilized.
In the U.S. loan mortgage refinancing activity continued to impact our Retail Banking business while retail services revenues strengthened year-over-year showing the positive impact of the Best Buy portfolio acquisition.
In a challenging revenue environment, we made progress towards several key priorities during the quarter. Overall, we grew both loans and deposits while focusing on improving our efficiency. We continue to optimize our branch network, reduce our real estate footprint and simplify our product offerings. We reduced our headcount by about 3,000 people to 248,000 which helped lower our expenses by over a quarter of $1 billion year-on-year.