8-KOther EventsExhibits & Filings

CITIGROUP INC 8-K Report, Corporate Update (Jun 13, 2014)

Filed June 13, 2014For Securities:CC-PNC-PR

Summary

Citigroup Inc. (Citi) filed an 8-K report on June 13, 2014, to provide updated historical audited consolidated financial statements. These updated statements reflect a realignment of business activities within the Institutional Clients Group (ICG) segment, effective January 1, 2014, which aggregated certain previously separate business activities. The report also details reclassifications made in the first quarter of 2014 concerning the allocation of administrative, operations, and technology costs, as well as certain immaterial reclassifications between revenues and expenses affecting ICG. These changes were previously disclosed in Citi's First Quarter 2014 Form 10-Q. Importantly, the filing emphasizes that these realignments and reclassifications did not impact Citigroup's total consolidated net income or earnings per share for any presented periods. The updated financial statements, provided as Exhibit 99.01, are intended to conform to the presentation in the First Quarter 2014 Form 10-Q and will be used for future filings until the company's 2014 Form 10-K is filed. Investors should review this exhibit alongside Citi's 2013 Form 10-K and First Quarter 2014 Form 10-Q for a comprehensive understanding.

Key Highlights

  • 1Citigroup is providing updated historical audited consolidated financial statements as of December 31, 2013.
  • 2The updated statements reflect a business realignment within the Institutional Clients Group (ICG) segment, effective January 1, 2014.
  • 3Reclassifications of administrative, operational, and technology costs were made in Q1 2014.
  • 4Immaterial reclassifications between revenues and expenses affecting ICG are also included.
  • 5Crucially, these changes did not affect Citigroup's total consolidated net income or earnings per share.
  • 6The updated financial statements (Exhibit 99.01) will be used for future SEC filings until the 2014 10-K.
  • 7Investors are advised to read these updated financials in conjunction with the 2013 10-K and Q1 2014 10-Q.

Frequently Asked Questions

The main purpose of this 8-K filing is to provide updated historical audited consolidated financial statements for Citigroup Inc. These updated statements reflect a realignment of certain business activities within the Institutional Clients Group (ICG) and reclassifications of costs and revenues that were previously disclosed in the company's First Quarter 2014 Form 10-Q.

No, the filing explicitly states that these realignments and reclassifications had no impact on Citigroup's total consolidated net income or earnings per share for any periods presented.

The updated historical audited consolidated financial statements in Exhibit 99.01 are conformed to reflect the realignment and reclassifications for the fiscal year ended December 31, 2013. They will be used for future filings until Citigroup files its Annual Report on Form 10-K for the fiscal year ended December 31, 2014.

The changes include the aggregation of certain business activities within the ICG segment (formerly Securities and Banking and Transaction Services), re-allocation of administrative, operations, and technology costs among businesses, and certain immaterial reclassifications between revenues and expenses affecting ICG. The updated statements conform to the presentation in the First Quarter 2014 Form 10-Q.