8-KEarnings & ResultsExhibits & Filings

CITIGROUP INC 8-K Report, Financial Results (Apr 5, 2013)

Filed April 5, 2013For Securities:CC-PNC-PR

Summary

Citigroup Inc. (C) filed a Form 8-K on April 5, 2013, primarily to announce the filing of a revised Historical Quarterly Financial Data Supplement. This revision reclassifies certain administrative and funding costs between Citi's business segments, effective January 1, 2013. Importantly, the company stated that these reclassifications do not alter consolidated total revenues, expenses, credit costs, net income, or earnings per share for any periods presented. The revised supplement is being provided to enable easier comparison with the upcoming first quarter 2013 results, which are scheduled to be reported on April 15, 2013. Investors should note that this filing is furnished, not filed, meaning it does not carry the same legal implications as a standard filing under Section 18 of the Exchange Act.

Key Highlights

  • 1Citigroup Inc. is providing a revised Historical Quarterly Financial Data Supplement (Exhibit 99.1).
  • 2The revision involves re-allocating certain administrative and funding costs between business segments, effective January 1, 2013.
  • 3Consolidated total revenues, expenses, credit costs, net income, and earnings per share remain unchanged by these reclassifications.
  • 4The updated supplement aims to facilitate comparison with the company's upcoming Q1 2013 financial results.
  • 5Citigroup's 2013 First Quarter Results are scheduled for release on April 15, 2013.
  • 6This Form 8-K filing is furnished, not filed, under the Securities Exchange Act of 1934.

Frequently Asked Questions

The primary purpose of this filing is to provide investors with a revised Historical Quarterly Financial Data Supplement. This document reclassifies certain internal costs to provide a more consistent reporting format for future periods, specifically for the upcoming first quarter 2013 results.

No, Citigroup explicitly states that these reclassifications of administrative and funding costs do not change the company's consolidated total revenues, expenses, credit costs, net income, or earnings per share for any periods presented.

Citigroup plans to announce its 2013 First Quarter Results on April 15, 2013. This 8-K filing is intended to help investors compare those upcoming results with historical data presented in the revised supplement.

When a filing is 'furnished' (as this 8-K is), it means the company is providing the information to the SEC but it is not subject to the same liability provisions as a 'filed' document under Section 18 of the Securities Exchange Act of 1934. This is a technical distinction regarding the legal implications of the information provided.