8-KExhibits & Filings

CITIGROUP INC 8-K Report, Exhibit Filing (May 28, 2015)

Filed May 28, 2015For Securities:CC-PNC-PR

Summary

Citigroup Inc. (Citi) filed an 8-K report on May 27, 2015, to disclose the filing of reclassified historical financial statements for the fiscal year ended December 31, 2014. These reclassifications, which include business realignments and an accounting change adopted in the first quarter of 2015, are intended to conform prior periods' financial reporting to the current period's presentation, as per ASC 280, Segment Reporting. Investors should note that these updated audited consolidated financial statements for fiscal year 2014, attached as Exhibit 99.02, will serve as Citi's historical audited consolidated financial statements for future filings under the Securities Act of 1933 until the filing of its 2015 Annual Report. This filing provides updated historical data that will be used for comparative analysis in subsequent financial reports, impacting how investors view year-over-year performance trends.

Key Highlights

  • 1Citigroup is filing reclassified historical audited consolidated financial statements for the fiscal year ended December 31, 2014.
  • 2The reclassifications are due to a business realignment and an accounting change adopted in Q1 2015.
  • 3These changes aim to align prior financial periods with the current presentation standards.
  • 4The updated 2014 financial statements (Exhibit 99.02) will be used for future filings under the Securities Act of 1933 until the 2015 10-K is filed.
  • 5The report references prior disclosures regarding these reclassifications in Citi's Q1 2015 10-Q and an April 8, 2015, 8-K filing.
  • 6Exhibit 99.01 provides a five-year summary of selected financial data and segment/business income and revenues.
  • 7The filing includes XBRL-formatted financial statements for the fiscal year ended December 31, 2014.

Frequently Asked Questions

Citigroup is filing reclassified historical financial statements for the fiscal year ended December 31, 2014, to conform prior periods' presentation to the current period's standards, following a business realignment and an accounting change adopted in the first quarter of 2015.

These updated audited consolidated financial statements for 2014 will serve as the official historical data for future filings. This means that when comparing performance over time, investors will be using these reclassified figures, ensuring consistency in financial reporting and analysis.

Further details on these reclassifications and the accounting change can be found in Citigroup's Quarterly Report on Form 10-Q for the period ended March 31, 2015, filed on May 11, 2015, and in a previous Current Report on Form 8-K filed on April 8, 2015. Additionally, specific notes within the financial statements attached to this 8-K provide further information.

Exhibit 99.02 contains the Historical Audited Consolidated Financial Statements of Citigroup Inc. reflecting the reclassifications and accounting change for the fiscal year ended December 31, 2014. Exhibit 99.01 provides a five-year summary of selected financial data and segment information, and Exhibit 101 contains XBRL-formatted financial statements for the same period.