Summary
Citigroup Inc. (C) filed an 8-K on April 6, 2017, to provide investors with a revised 4Q16 Historical Quarterly Financial Data Supplement. This supplement reflects updated reporting structures and reclassifications that will be in effect for the first quarter of 2017. The primary change is the integration of the Citi Holdings segment into the 'Corporate/Other' category, meaning Citi Holdings will no longer be reported as a distinct business segment going forward. Additionally, the company is re-attributing certain treasury costs between its Global Consumer Banking and Institutional Clients Group (ICG) segments, as well as re-classifying regional revenues within ICG. Further income statement line item disclosures for ICG's Markets businesses are also included, aligning with the company's 2016 Annual Report. Importantly, Citigroup states that these changes and reclassifications do not alter its consolidated results for any periods presented. This filing is intended to provide a comparative basis for the upcoming 1Q17 financial results, scheduled for release on April 13, 2017.
Key Highlights
- 1Citigroup is revising its 4Q16 financial data supplement to reflect upcoming reporting changes for Q1 2017.
- 2Citi Holdings will no longer be a separately reported business segment and will be included in 'Corporate/Other' starting Q1 2017.
- 3Reclassifications include treasury costs between Global Consumer Banking and ICG, and regional revenue adjustments within ICG.
- 4Enhanced income statement disclosures for ICG's Markets businesses are being implemented.
- 5Citigroup emphasizes that these reclassifications do not change its overall consolidated financial results for any presented periods.
- 6The revised data is provided to aid in comparing Q1 2017 results against prior periods.
- 7The company announced its Q1 2017 results are scheduled to be released on April 13, 2017.