Summary
Citigroup Inc. (Citi) has filed an amendment to its Current Report on Form 8-K to reflect changes in its reportable operating segments. This filing, dated May 11, 2022, aligns with the company's new financial reporting structure implemented starting in the first quarter of 2022. The primary change involves the restatement of historical financial data to reflect three operating segments: Institutional Clients Group, Personal Banking and Wealth Management, and Legacy Franchises, replacing the previous two-segment structure (Institutional Clients Group and Global Consumer Banking).
Key Highlights
- 1Citigroup is updating its financial reporting structure to reflect three operating segments: Institutional Clients Group, Personal Banking and Wealth Management, and Legacy Franchises.
- 2This change impacts how historical financial statements and related disclosures are presented, conforming them to the new segment reporting structure.
- 3The amendment does not alter Citi's consolidated financial condition or overall results of operations.
- 4The revised segment information is consistent with the Form 10-Q filing for the quarter ended March 31, 2022.
- 5Exhibit 99.1 contains the updated Management's Discussion and Analysis, Historical Consolidated Financial Statements, and Notes for the year ended December 31, 2021, reflecting the new segment structure.
- 6This filing serves to make historical data consistent for future reporting until the full 2022 Annual Report on Form 10-K is filed.