8-KExhibits & Filings

CITIGROUP INC 8-K Report, Exhibit Filing (Jun 17, 2016)

Filed June 17, 2016For Securities:CC-PNC-PR

Summary

This Current Report on Form 8-K filed by Citigroup Inc. on June 17, 2016, serves primarily to provide updated historical financial statements reflecting certain reclassifications made effective in the first quarter of 2016. These reclassifications involve a realignment of certain businesses and have been applied retrospectively to prior periods' financial statements for presentation consistency. Importantly, the company states that these reclassifications do not change Citigroup's consolidated results for any periods presented. The filing includes Exhibit 99.02, which contains the historical audited consolidated financial statements for the fiscal year ended December 31, 2015, conformed to these reclassifications, and these will be used for future filings until the next annual report. Investors should note that this report is illustrative of structural changes and does not present new financial performance information or events occurring after the filing of the 2015 10-K, directing readers to the First Quarter 2016 10-Q for subsequent developments.

Key Highlights

  • 1Citigroup is filing an 8-K to present historical audited consolidated financial statements reflecting business reclassifications made in Q1 2016.
  • 2These reclassifications involve a realignment of certain business segments for presentation consistency.
  • 3The company explicitly states that the reclassifications do not alter the overall consolidated financial results for any presented periods.
  • 4Exhibit 99.02 provides the conformed historical financial statements for the fiscal year ended December 31, 2015.
  • 5These conformed financial statements will be used for future SEC filings until the FY 2016 10-K is filed.
  • 6The filing clarifies that this report does not include events or updates beyond the filing of the 2015 10-K.
  • 7Investors are directed to the First Quarter 2016 10-Q for developments subsequent to the 2015 10-K.

Frequently Asked Questions

The primary purpose of this 8-K filing is to present updated historical audited consolidated financial statements for Citigroup Inc. that reflect certain business reclassifications and segment realignments implemented in the first quarter of 2016. These reclassifications are applied retrospectively for consistency in financial reporting.

No, Citigroup explicitly states in the filing that these reclassifications do not change the company's consolidated financial results for any periods presented. The changes are related to how businesses are reported and categorized, not the underlying financial performance.

The filing includes Exhibit 99.02, which contains the historical audited consolidated financial statements for the fiscal year ended December 31, 2015, and for the three years ended December 31, 2015. These statements have been conformed to reflect the Q1 2016 reclassifications and will be used in future filings until Citigroup's 2016 Annual Report on Form 10-K is filed.

No, this filing is primarily an informational update regarding the presentation of historical financial data. It clarifies that the report does not reflect events occurring after the filing of the 2015 Form 10-K and does not modify or update disclosures therein, other than illustrating the organizational realignment. For subsequent developments, investors should refer to Citigroup's First Quarter 2016 Form 10-Q.