Conducted by Greenwald & Associates and Synovate
Citigroup Smith Barney has announced the results of a new monthly poll of affluent investors. The poll was conducted with investors who have at least $100,000 in financial assets (excluding real estate and employer retirement plans), a definition that describes approximately one-quarter of all U.S. households. Investors with $1 million or more represent 44% of the interviews.
Investor Poll Highlights
-- Nearly half of affluent investors feel today's investment climate is better than a year ago, and almost two-thirds are optimistic about the next six months. Those investors with portfolios greater than $1 million have a particularly positive take on today's economy and the future performance of their personal investment portfolio.
-- Investors name health care as the biggest economic problem facing America today, followed by the federal budget deficit and energy costs.
-- Investors are reassessing which sectors of the economy they believe will be strong in 2006. For example, while half of investors claim real estate was 2005's strongest growth sector, less than one-third think it will perform as well in the new year.
-- Energy costs are beginning to encroach on investors' sense of financial security, with many having changed their driving behavior or lowered the thermostat in their homes to save money. However, 85% say these rising costs have little or no impact on their savings or investments.
-- The majority of investors predict U.S. energy companies will see even higher profits in the upcoming year; yet, many think energy costs will have a negative impact on the overall stock market.
Investors are Upbeat about the Current Investment Climate
Nearly half of the investors surveyed in the Citigroup Smith Barney Affluent Investor Poll believe that the investment climate in this country is better today compared to a year ago, and almost two-thirds maintain a positive outlook for the next six months. Investors predict energy and technology will see the strongest growth over the next 12 months; health care and real estate are also identified as solid prospects. The survey respondents, individual investors with at least $100,000 in investable assets, report that only a small portion of their investments have performed worse then expected over the last 12 months. About three-quarters say that in 2005 their personal investments performed either on par or better than their initial expectations, and an equal proportion believe they will be in even better shape financially six months from now than they are today.
Rising Interest Rates and Inflation
Although investors are optimistic about the value of their portfolio keeping pace with their expectations, three-quarters believe interest rates will increase and more than half expect that inflation will rise in 2006. Over the next 12 months, only about one-third of investors foresee an increase in overall economic growth.
Less than 5% of all investors say that the inflation rate will be lower at this time next year, and few also believe interest rates and prices on consumer goods will decrease. There are a portion of investors who believe the unemployment rate will have decreased by this time next year (24%), however, about half say it will remain about the same.
Still, given their encouraging personal forecasts, it follows that about two-thirds of investors believe today's climate is good for buying major products like big screen televisions and furniture for their home.
Positive Outlook for Wealthiest Respondents
The Poll's wealthiest respondents express particularly positive views regarding today's economy. The Citigroup Smith Barney Affluent Investor Poll included 255 investors who have at least $1 million in financial assets, and more than half of them believe the investment climate is better now than a year ago, and more than two-thirds believe the climate will be right for investing over the next six months. 60% of investors with more than $1 million say they are getting along better financially today compared to one year ago.
Many of this group expect that they will continue to experience financial growth over the long term. Over the past year, 44% say their investments have done better than they expected, and 57% say they will be better off financially six months from now when compared to their financial status today. Eight out of ten describe themselves as at least somewhat optimistic regarding the future of their overall investment portfolio, including one in seven who feel very optimistic. Only 16% of this segment are pessimistic about their financial successes in the year ahead, compared with 26% among all investors.
The wealthiest respondents provide a more positive outlook regarding specific factors that influence the U.S. economy. The outlook for the stock market in 2006 (58% higher) is somewhat higher among this set compared to all investors (41%), and they believe economic growth will be higher than what the other investor groups perceive. The wealthiest also expect that inflation and the unemployment rate will be lower this time next year, and most expect overall economic growth to increase over the next 12 months.
President Bush's Impact on the Economy
Investors provide mixed reviews of President Bush's management of the economy. Nearly half of all investors are dissatisfied with his financial stewardship and, among those, 27% describe themselves as very dissatisfied. Though nearly as many report being either satisfied (10%), or somewhat satisfied (30%) with the President.
Specifics of "financial stewardship" include the fact that nearly three-quarters are dissatisfied with the way he is handling the federal budget deficit, and about half say they are dissatisfied with his handling of the issues relating to personal income tax. Many investors also express dissatisfaction with spending on Iraq (57%) and homeland security (44%).
Economic Problems
Investors feel that health care is the biggest economic problem facing the United States right now. Nearly three-quarters of all investors believe health care is among the top three economic problems in the United States, followed by the federal budget deficit (58%) and energy costs (51%). About one quarter see military spending and taxes as being a problem for today's economy.
Among the Poll's most affluent, the federal budget deficit surpasses health care as the biggest economic problem facing the United States today. Three-quarters of this group mention the budget deficit followed closely by health care and energy costs, with nearly one-third mentioning military spending.
New Areas of Strength
Last year's investments are just that; the strongest growing investment sectors from 2005 are not necessarily seen as the best places to invest in the upcoming year. Investors point to real estate (49%) as the strongest growth sector of the U.S. economy in 2005, but less than one-third believe it will be a good place to invest their money in the coming months. Likewise, only 11% see home construction as a strong future investment opportunity, compared to the 30% who saw it as one of the strongest economic sectors for 2005.
Still, energy is believed to be an area of continued strength; investors saw it as one of the fastest growing sectors last year and also believe that it will be among the strongest sectors in the U.S. in 2006. In fact, energy stocks, along with high tech companies such as Microsoft, dominate the list of what affluent investors consider to be the best buy and hold stocks of 2006.
Manufacturing and health care are considered to be the two weakest sectors of the U.S. economy. About 40% say health care and manufacturing have been the weakest over the past year, while less than one-third say energy and transportation. Wealthiest respondents believe transportation is a weaker economic sector than health care, but still see manufacturing as the biggest problem.
Investment Opportunities in Asia
China is the region of the world that investors believe will have the fastest growing economy over the next 12 months, named twice as often as India (37%), Japan (22%), or any other region. Only 15% of the investor population believes North America will be among the fastest growing economies throughout 2006. China also tops the list of regions seen as growing strongly five years from now (selected by 67%).
The survey's most affluent believe India to be among the fastest growing economies over the next 12 months compared to all investors (63% wealthiest group, 37% all investors), and similar numbers foresee this being the case over the next five years.
A small group of investors say that North America will be among the slowest growing economies in the next 12 months (22%). Investors believe that the Middle East, Latin America and Western Europe lead the list of slowest growing economies for 2006.
Half of the most affluent respondents say they will change their investment strategies in order to take advantage of what they are seeing based on these regional trends.
Changing Investment Behavior
In making financial resolutions for the new year, investors express mixed feelings regarding changing their investment behavior. Many mention the need to "become a little more conservative", and even mention specific vehicles like fixed income assets or mutual funds to help them achieve their goals.
Others have set themselves a goal of becoming "more aggressive" in their investment strategies, specifically regarding retirement portfolios. Some have identified appropriate vehicles that are more aggressive, while also setting targets in which to increase their overall portfolio value.
One common resolution for the new year is the desire to pay closer attention to their portfolio and work on preserving capitol in the long term. In many cases, investors regret holding on to a particular investment product for too long. Not cashing out early enough on some of the winning opportunities, along with identifying loosing opportunities early enough, are both issues investors hope to change for the better in 2006.
In Their Own Words: Personal Finance Resolutions for 2006 -- Be more conservative; invest in mutual funds -- Don't take chances; have realistic expectations -- Be as aggressive as possible -- Earn a minimum of an 8% return across my portfolio -- Invest 15% more than last year -- Pay more attention to my investments and financial news; save more aggressively -- Stick to the strategy and not lose sight of the goal
In describing their biggest investment mistake in 2005, numerous investors express frustration at not having stayed the course with past investment strategies that have been successful. Others lament on not moving forward on some opportunities they knew to be profitable.
A number of investors mention their inability to get in on the Google IPO as one of their regrets from 2005, along with not being more aggressive with their portfolio and not putting sufficient funds into their savings plans. Having too much of their portfolio in cash is another area frequently mentioned by investors where they hope to make changes in the coming years.
In Their Own Words: Biggest Investment Mistake of 2005 -- Keeping too much in low paying safe funds -- Not buying into certain stocks I liked that ended up doing very well for the year -- Not paying enough attention to my portfolio -- Not pulling the trigger when I felt it was time to buy or sell -- Holding on to big winners too long -- Not investing in Google -- Staying in a small cap fund for too long
Energy Costs Impacting Investors Near Term
Rising energy costs seem to be affecting investors' short-range financial experiences without having significant influence on longer term plans. For nearly two-thirds of investors, energy costs are having at least a minor impact on overall feelings of financial security and day-to-day lifestyle, while having little or no impact on most investors' ability to set aside money for savings or investments (85% say little or no impact on savings and investments).
Considering half of investors identify energy costs as one of the top three problems facing the U.S., it's not surprising that three-quarters are taking at least small, simple steps to help mitigate the impact of increasing energy costs. Among the most common actions undertaken, half of investors are cutting back on their driving and another half are lowering their thermostats; one-quarter are not taking any steps as a result of current energy costs.
When surveyed in early December, most investors had experienced no more than two months of winter weather in 2005. Nevertheless, more than half of investors indicate that the cost to heat their home has risen, but by less than 50%, over the past year. Looking forward, however, 85% expect their heating costs to increase over the next 12 months.
In comparison, investors seem slightly more optimistic about the price they pay for gasoline. Although nearly all have experienced an increase in the amount spent on gas in the past year (94%), fewer believe gas prices will continue to increase (59%); this is also fewer than believe heating costs will increase.
Impact on the Economy
Two-thirds expect U.S. energy companies will be even more profitable over the next 12 months, but nearly half predict this will have a negative impact on the overall stock market; a quarter believe energy companies' profitability will have little or no impact on the stock market. Regardless, two-thirds suggest they will not change the allocation of energy investments in their portfolios as a result.
In light of their experiences with mounting energy costs, investors are ready and willing to see the country reduce its dependence on foreign oil. Many suggest stepping up domestic production of energy through increased domestic and Arctic drilling, cutting the red tape, regulations and restrictions, and building new refineries nationwide. Others emphasize the need for alternative fuels, particularly more fuel-efficient automobiles. Some also point to conservation as a growing, even absolute, necessity.
In Their Own Words: How the U.S. Should Reduce Dependence on Foreign Oil -- Allow oil companies to drill in ANWR and reduce environmental regulations on companies willing to invest in additional refineries -- Auto companies should make more fuel-efficient cars, like using... electric cars. Get rid of the big gas burning vehicles. We don't have a need for them -- Conserve, conserve, conserve. If every citizen would make a concerted effort to use less gasoline and look for ways to conserve energy in our homes, then the immutable law of supply and demand will kick in and moderate things -- Find new sources of energy. Solar and wind energy have proven to be effective; all we need to do is make it more cost-efficient -- Find alternative sources of energy, and give tax deductions for people that use them -- Significantly more expensive fuel will force Americans to find new ways to accomplish what they want, will force us to be innovative in coming up with ways to conserve
Background and Methodology
Greenwald & Associates and Synovate conducted the Citigroup Smith Barney Affluent Investor Poll December 8 to December 13. Interviewing was conducted online with 577 investors who are members of the Synovate Consumer Opinion Panel. In order to qualify for participation, panel members had to have at least $100,000 in financial assets (excluding real estate and employer retirement plans), a definition that describes approximately one-quarter of all U.S. households. Survey results include 159 interviews with households that have $100,000 to $499,999 in savings and investments, 163 interviews with those in the $500,000 to $999,999 asset range, and 255 interviews with investors who have $1 million or more. Survey results have been weighted by age and asset level to reflect national population norms. The results of the Citigroup Smith Barney Investor Poll have a maximum margin of sampling error (at the 95% confidence level) of plus or minus four percentage points.
All results are specifically from those investors interviewed for the Citigroup Smith Barney Affluent Investor Poll between December 8 and December 15. Poll does not reflect Citigroup Smith Barney predictions or recommendations.
(C) 2006 Citigroup Global Markets, Inc. Member SIPC, Smith Barney is a division and service mark of Citigroup Global Markets, Inc. and its affiliates and is used and registered throughout the world. CITIGROUP and the Umbrella Device are trademarks and service marks of Citigroup, Inc. or its affiliates and are used and registered throughout the world.
Citigroup Inc. (NYSE symbol: C)
Mathew Greenwald & Associates, Inc. is a leading full service public opinion and market research firm that has been conducting customized research for our clients for over 20 years. Specializing in serving the research needs of financial services organizations, Greenwald & Associates has earned a reputation for extensive research knowledge, industry expertise, and commitment to serving the needs of our clients. For more information about Mathew Greenwald & Associates, call (202) 686-0300 or visit www.greenwaldresearch.com.
Synovate, the market research arm of Aegis Group plc, generates consumer insights that drive competitive marketing solutions. The network provides clients with cohesive global support and a comprehensive suite of research solutions. Synovate employs over 5,000 staff in 107 offices across 50 countries. More information on Synovate can be found at www.synovate.com or call (508) 655-0777.
Citigroup Smith Barney has announced the results of a new monthly poll of affluent investors. The poll was conducted with investors who have at least $100,000 in financial assets (excluding real estate and employer retirement plans), a definition that describes approximately one-quarter of all U.S. households. Investors with $1 million or more represent 44% of the interviews.
Investor Poll Highlights
-- Nearly half of affluent investors feel today's investment climate is better than a year ago, and almost two-thirds are optimistic about the next six months. Those investors with portfolios greater than $1 million have a particularly positive take on today's economy and the future performance of their personal investment portfolio.
-- Investors name health care as the biggest economic problem facing America today, followed by the federal budget deficit and energy costs.
-- Investors are reassessing which sectors of the economy they believe will be strong in 2006. For example, while half of investors claim real estate was 2005's strongest growth sector, less than one-third think it will perform as well in the new year.
-- Energy costs are beginning to encroach on investors' sense of financial security, with many having changed their driving behavior or lowered the thermostat in their homes to save money. However, 85% say these rising costs have little or no impact on their savings or investments.
-- The majority of investors predict U.S. energy companies will see even higher profits in the upcoming year; yet, many think energy costs will have a negative impact on the overall stock market.
Investors are Upbeat about the Current Investment Climate
Nearly half of the investors surveyed in the Citigroup Smith Barney Affluent Investor Poll believe that the investment climate in this country is better today compared to a year ago, and almost two-thirds maintain a positive outlook for the next six months. Investors predict energy and technology will see the strongest growth over the next 12 months; health care and real estate are also identified as solid prospects. The survey respondents, individual investors with at least $100,000 in investable assets, report that only a small portion of their investments have performed worse then expected over the last 12 months. About three-quarters say that in 2005 their personal investments performed either on par or better than their initial expectations, and an equal proportion believe they will be in even better shape financially six months from now than they are today.
Rising Interest Rates and Inflation
Although investors are optimistic about the value of their portfolio keeping pace with their expectations, three-quarters believe interest rates will increase and more than half expect that inflation will rise in 2006. Over the next 12 months, only about one-third of investors foresee an increase in overall economic growth.
Less than 5% of all investors say that the inflation rate will be lower at this time next year, and few also believe interest rates and prices on consumer goods will decrease. There are a portion of investors who believe the unemployment rate will have decreased by this time next year (24%), however, about half say it will remain about the same.
Still, given their encouraging personal forecasts, it follows that about two-thirds of investors believe today's climate is good for buying major products like big screen televisions and furniture for their home.
Positive Outlook for Wealthiest Respondents
The Poll's wealthiest respondents express particularly positive views regarding today's economy. The Citigroup Smith Barney Affluent Investor Poll included 255 investors who have at least $1 million in financial assets, and more than half of them believe the investment climate is better now than a year ago, and more than two-thirds believe the climate will be right for investing over the next six months. 60% of investors with more than $1 million say they are getting along better financially today compared to one year ago.
Many of this group expect that they will continue to experience financial growth over the long term. Over the past year, 44% say their investments have done better than they expected, and 57% say they will be better off financially six months from now when compared to their financial status today. Eight out of ten describe themselves as at least somewhat optimistic regarding the future of their overall investment portfolio, including one in seven who feel very optimistic. Only 16% of this segment are pessimistic about their financial successes in the year ahead, compared with 26% among all investors.
The wealthiest respondents provide a more positive outlook regarding specific factors that influence the U.S. economy. The outlook for the stock market in 2006 (58% higher) is somewhat higher among this set compared to all investors (41%), and they believe economic growth will be higher than what the other investor groups perceive. The wealthiest also expect that inflation and the unemployment rate will be lower this time next year, and most expect overall economic growth to increase over the next 12 months.
President Bush's Impact on the Economy
Investors provide mixed reviews of President Bush's management of the economy. Nearly half of all investors are dissatisfied with his financial stewardship and, among those, 27% describe themselves as very dissatisfied. Though nearly as many report being either satisfied (10%), or somewhat satisfied (30%) with the President.
Specifics of "financial stewardship" include the fact that nearly three-quarters are dissatisfied with the way he is handling the federal budget deficit, and about half say they are dissatisfied with his handling of the issues relating to personal income tax. Many investors also express dissatisfaction with spending on Iraq (57%) and homeland security (44%).
Economic Problems
Investors feel that health care is the biggest economic problem facing the United States right now. Nearly three-quarters of all investors believe health care is among the top three economic problems in the United States, followed by the federal budget deficit (58%) and energy costs (51%). About one quarter see military spending and taxes as being a problem for today's economy.
Among the Poll's most affluent, the federal budget deficit surpasses health care as the biggest economic problem facing the United States today. Three-quarters of this group mention the budget deficit followed closely by health care and energy costs, with nearly one-third mentioning military spending.
New Areas of Strength
Last year's investments are just that; the strongest growing investment sectors from 2005 are not necessarily seen as the best places to invest in the upcoming year. Investors point to real estate (49%) as the strongest growth sector of the U.S. economy in 2005, but less than one-third believe it will be a good place to invest their money in the coming months. Likewise, only 11% see home construction as a strong future investment opportunity, compared to the 30% who saw it as one of the strongest economic sectors for 2005.
Still, energy is believed to be an area of continued strength; investors saw it as one of the fastest growing sectors last year and also believe that it will be among the strongest sectors in the U.S. in 2006. In fact, energy stocks, along with high tech companies such as Microsoft, dominate the list of what affluent investors consider to be the best buy and hold stocks of 2006.
Manufacturing and health care are considered to be the two weakest sectors of the U.S. economy. About 40% say health care and manufacturing have been the weakest over the past year, while less than one-third say energy and transportation. Wealthiest respondents believe transportation is a weaker economic sector than health care, but still see manufacturing as the biggest problem.
Investment Opportunities in Asia
China is the region of the world that investors believe will have the fastest growing economy over the next 12 months, named twice as often as India (37%), Japan (22%), or any other region. Only 15% of the investor population believes North America will be among the fastest growing economies throughout 2006. China also tops the list of regions seen as growing strongly five years from now (selected by 67%).
The survey's most affluent believe India to be among the fastest growing economies over the next 12 months compared to all investors (63% wealthiest group, 37% all investors), and similar numbers foresee this being the case over the next five years.
A small group of investors say that North America will be among the slowest growing economies in the next 12 months (22%). Investors believe that the Middle East, Latin America and Western Europe lead the list of slowest growing economies for 2006.
Half of the most affluent respondents say they will change their investment strategies in order to take advantage of what they are seeing based on these regional trends.
Changing Investment Behavior
In making financial resolutions for the new year, investors express mixed feelings regarding changing their investment behavior. Many mention the need to "become a little more conservative", and even mention specific vehicles like fixed income assets or mutual funds to help them achieve their goals.
Others have set themselves a goal of becoming "more aggressive" in their investment strategies, specifically regarding retirement portfolios. Some have identified appropriate vehicles that are more aggressive, while also setting targets in which to increase their overall portfolio value.
One common resolution for the new year is the desire to pay closer attention to their portfolio and work on preserving capitol in the long term. In many cases, investors regret holding on to a particular investment product for too long. Not cashing out early enough on some of the winning opportunities, along with identifying loosing opportunities early enough, are both issues investors hope to change for the better in 2006.
In Their Own Words: Personal Finance Resolutions for 2006 -- Be more conservative; invest in mutual funds -- Don't take chances; have realistic expectations -- Be as aggressive as possible -- Earn a minimum of an 8% return across my portfolio -- Invest 15% more than last year -- Pay more attention to my investments and financial news; save more aggressively -- Stick to the strategy and not lose sight of the goal
In describing their biggest investment mistake in 2005, numerous investors express frustration at not having stayed the course with past investment strategies that have been successful. Others lament on not moving forward on some opportunities they knew to be profitable.
A number of investors mention their inability to get in on the Google IPO as one of their regrets from 2005, along with not being more aggressive with their portfolio and not putting sufficient funds into their savings plans. Having too much of their portfolio in cash is another area frequently mentioned by investors where they hope to make changes in the coming years.
In Their Own Words: Biggest Investment Mistake of 2005 -- Keeping too much in low paying safe funds -- Not buying into certain stocks I liked that ended up doing very well for the year -- Not paying enough attention to my portfolio -- Not pulling the trigger when I felt it was time to buy or sell -- Holding on to big winners too long -- Not investing in Google -- Staying in a small cap fund for too long
Energy Costs Impacting Investors Near Term
Rising energy costs seem to be affecting investors' short-range financial experiences without having significant influence on longer term plans. For nearly two-thirds of investors, energy costs are having at least a minor impact on overall feelings of financial security and day-to-day lifestyle, while having little or no impact on most investors' ability to set aside money for savings or investments (85% say little or no impact on savings and investments).
Considering half of investors identify energy costs as one of the top three problems facing the U.S., it's not surprising that three-quarters are taking at least small, simple steps to help mitigate the impact of increasing energy costs. Among the most common actions undertaken, half of investors are cutting back on their driving and another half are lowering their thermostats; one-quarter are not taking any steps as a result of current energy costs.
When surveyed in early December, most investors had experienced no more than two months of winter weather in 2005. Nevertheless, more than half of investors indicate that the cost to heat their home has risen, but by less than 50%, over the past year. Looking forward, however, 85% expect their heating costs to increase over the next 12 months.
In comparison, investors seem slightly more optimistic about the price they pay for gasoline. Although nearly all have experienced an increase in the amount spent on gas in the past year (94%), fewer believe gas prices will continue to increase (59%); this is also fewer than believe heating costs will increase.
Impact on the Economy
Two-thirds expect U.S. energy companies will be even more profitable over the next 12 months, but nearly half predict this will have a negative impact on the overall stock market; a quarter believe energy companies' profitability will have little or no impact on the stock market. Regardless, two-thirds suggest they will not change the allocation of energy investments in their portfolios as a result.
In light of their experiences with mounting energy costs, investors are ready and willing to see the country reduce its dependence on foreign oil. Many suggest stepping up domestic production of energy through increased domestic and Arctic drilling, cutting the red tape, regulations and restrictions, and building new refineries nationwide. Others emphasize the need for alternative fuels, particularly more fuel-efficient automobiles. Some also point to conservation as a growing, even absolute, necessity.
In Their Own Words: How the U.S. Should Reduce Dependence on Foreign Oil -- Allow oil companies to drill in ANWR and reduce environmental regulations on companies willing to invest in additional refineries -- Auto companies should make more fuel-efficient cars, like using... electric cars. Get rid of the big gas burning vehicles. We don't have a need for them -- Conserve, conserve, conserve. If every citizen would make a concerted effort to use less gasoline and look for ways to conserve energy in our homes, then the immutable law of supply and demand will kick in and moderate things -- Find new sources of energy. Solar and wind energy have proven to be effective; all we need to do is make it more cost-efficient -- Find alternative sources of energy, and give tax deductions for people that use them -- Significantly more expensive fuel will force Americans to find new ways to accomplish what they want, will force us to be innovative in coming up with ways to conserve
Background and Methodology
Greenwald & Associates and Synovate conducted the Citigroup Smith Barney Affluent Investor Poll December 8 to December 13. Interviewing was conducted online with 577 investors who are members of the Synovate Consumer Opinion Panel. In order to qualify for participation, panel members had to have at least $100,000 in financial assets (excluding real estate and employer retirement plans), a definition that describes approximately one-quarter of all U.S. households. Survey results include 159 interviews with households that have $100,000 to $499,999 in savings and investments, 163 interviews with those in the $500,000 to $999,999 asset range, and 255 interviews with investors who have $1 million or more. Survey results have been weighted by age and asset level to reflect national population norms. The results of the Citigroup Smith Barney Investor Poll have a maximum margin of sampling error (at the 95% confidence level) of plus or minus four percentage points.
All results are specifically from those investors interviewed for the Citigroup Smith Barney Affluent Investor Poll between December 8 and December 15. Poll does not reflect Citigroup Smith Barney predictions or recommendations.
(C) 2006 Citigroup Global Markets, Inc. Member SIPC, Smith Barney is a division and service mark of Citigroup Global Markets, Inc. and its affiliates and is used and registered throughout the world. CITIGROUP and the Umbrella Device are trademarks and service marks of Citigroup, Inc. or its affiliates and are used and registered throughout the world.
Citigroup Inc. (NYSE symbol: C)
Mathew Greenwald & Associates, Inc. is a leading full service public opinion and market research firm that has been conducting customized research for our clients for over 20 years. Specializing in serving the research needs of financial services organizations, Greenwald & Associates has earned a reputation for extensive research knowledge, industry expertise, and commitment to serving the needs of our clients. For more information about Mathew Greenwald & Associates, call (202) 686-0300 or visit www.greenwaldresearch.com.
Synovate, the market research arm of Aegis Group plc, generates consumer insights that drive competitive marketing solutions. The network provides clients with cohesive global support and a comprehensive suite of research solutions. Synovate employs over 5,000 staff in 107 offices across 50 countries. More information on Synovate can be found at www.synovate.com or call (508) 655-0777.
© 2006 Business Wire
