8-KEarnings & ResultsExhibits & Filings

CITIGROUP INC 8-K Report, Financial Results (Apr 9, 2018)

Filed April 9, 2018For Securities:CC-PNC-PR

Summary

Citigroup Inc. (Citi) filed a Form 8-K on April 9, 2018, primarily to furnish investors with a revised 4Q17 Historical Quarterly Financial Data Supplement. This supplement is intended to facilitate the comparison of the upcoming first quarter 2018 financial results with prior periods, reflecting changes in presentation format. The key changes incorporated into the supplement include the adoption of the Revenue Recognition accounting standard (ASU No. 2014-09), which became effective on January 1, 2018. Additionally, there were re-attributions of certain costs between business segments like Global Consumer Banking and Institutional Clients Group, and the Corporate/Other segment. While these adjustments alter the presentation format and cost allocations, Citigroup explicitly states that its consolidated net income for all periods presented in its 2017 Annual Report on Form 10-K remains unchanged.

Key Highlights

  • 1Citigroup furnished a revised 4Q17 Historical Quarterly Financial Data Supplement as of December 31, 2017.
  • 2The supplement is provided to aid in the comparison of Q1 2018 financial results with prior periods.
  • 3The revised supplement reflects the adoption of the Revenue Recognition accounting standard (ASU No. 2014-09), effective January 1, 2018.
  • 4Certain costs have been re-attributed between 'Corporate/Other' and 'Global Consumer Banking'/'Institutional Clients Group'.
  • 5Other immaterial reclassifications have also been made.
  • 6Citigroup's consolidated net income for all periods presented in its 2017 10-K remains unchanged despite these changes.
  • 7This 8-K filing is considered 'furnished' and not 'filed', meaning it doesn't carry the same legal implications as a filed document for purposes of Section 18 of the Exchange Act.

Frequently Asked Questions

The primary purpose of this 8-K filing is to provide investors with a revised 4Q17 financial data supplement. This is being done to help them compare Citigroup's upcoming Q1 2018 financial results with historical data, due to changes in accounting standards and internal reporting.

No, according to the filing, Citigroup's consolidated net income reported in its 2017 Annual Report on Form 10-K remains unchanged for all periods presented, despite the adoption of the Revenue Recognition accounting standard and other reclassifications.

The key changes include the adoption of the new Revenue Recognition accounting standard (ASU No. 2014-09), a re-attribution of certain costs between business segments (Global Consumer Banking, Institutional Clients Group, and Corporate/Other), and other immaterial reclassifications. These changes are primarily for presentation and comparison purposes.

No, this Form 8-K, including Exhibit 99.1, is being 'furnished' rather than 'filed'. This means it is provided for informational purposes but does not trigger the same legal liabilities or incorporation-by-reference into other filings as a 'filed' document would, particularly under Section 18 of the Exchange Act.