Current Report Filing (8-k)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) October 30, 2014

Citigroup Inc.

(Exact name of registrant as specified in its charter)



Delaware (State or other jurisdiction of incorporation or organization)		52-1568099 (I.R.S. Employer Identification No.)
399 Park Avenue, New York, NY (Address of principal executive offices)		10022 (Zip code)
(212) 559-1000 (Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

CITIGROUP INC.

Current Report on Form 8-K

Item 2.02 Results of Operations and Financial Condition.

Item 8.01 Other Events.

On October 30, 2014, Citigroup Inc. issued a press release announcing that it is adjusting downward its third quarter 2014 financial results, from those reported on October 14, 2014. A copy of the press release, filed as Exhibit 99.01 to this Form 8-K, is incorporated herein by reference in its entirety and shall be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, as amended.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.



Exhibit Number
99.01		Press Release, dated October 30, 2014, issued by Citigroup Inc.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



		CITIGROUP INC.

Dated: October 30, 2014
	By:	/s/ Jeffrey R. Walsh
		Name: Jeffrey R. Walsh
		Title: Controller and Chief Accounting Officer

EXHIBIT INDEX



Exhibit Number
99.01		Press Release, dated October 30, 2014, issued by Citigroup Inc.

For Immediate Release

Citigroup Inc. (NYSE: C)

October 30, 2014

Citigroup Adjusts Third Quarter 2014 Financial Results

New York — Citi announced today that it is adjusting downward its third quarter 2014 financial results, from those reported on October 14, 2014, due to a $600 million increase in legal accruals. The increase resulted from rapidly-evolving regulatory inquiries and investigations, including very recent communications with certain regulatory agencies related to previously-disclosed matters. The financial impact lowers Citi’s third quarter 2014 net income from $3.4 billion to $2.8 billion.

The table below sets forth Citi’s summary financial results for the third quarter 2014, as reported on October 14, 2014 and as adjusted. Citi’s Third Quarter 2014 Quarterly Report on Form 10-Q, to be filed with the U.S. Securities and Exchange Commission on October 30, 2014, will reflect these adjustments. Citi also intends to release a revised Third Quarter of 2014 Quarterly Financial Data Supplement reflecting these adjustments.



	Citigroup Inc. and Consolidated Subsidiaries
In millions of dollars, except per-share amounts and ratios	3Q14 As previously reported			3Q14 Adjustments			3Q14 As adjusted
Revenues, net of interest expense	$	19,604		$ —			$	19,604
Operating expenses	12,355			600			12,955
Income from continuing operations before income taxes	5,499			(600		)	4,899
Income taxes	1,985			—			1,985
Citigroup’s net income	$	3,439		$	(600	)	$	2,839
Net income for:
Citicorp	$	3,201		$	(600	)	$	2,601
Diluted earnings per share
Income from continuing operations	$	1.08		$	(0.20	)	$	0.88
Net income	1.07			(0.19		)	0.88
Performance Metrics: Return on average assets	0.72		%	(13) bps			0.59		%
Efficiency Ratio	63			300 bps			66
Return on average common stockholders’ equity	6.5			(120) bps			5.3
Basel III Ratios—Full Implementation: Common Equity Tier 1 Capital⁽¹⁾	10.74		%	(8) bps			10.66		%
Tier 1 Capital⁽¹⁾	11.51			(8) bps			11.43
Total Capital⁽¹⁾	12.85			(8) bps			12.77
Estimated Supplementary Leverage Ratio⁽²⁾	6.02			(3) bps			5.99
Book value per common share	$	67.31		$	(0.20	)	$	67.11
Tangible book value per common share	57.73			(0.20		)	57.53

Note: Citi’s Basel III ratios, tangible book value per common share and tangible common equity are non-GAAP financial measures. For additional information, see Citi’s Third Quarter 2014 Quarterly Report on Form 10-Q, filed with the U.S. Securities and Exchange Commission on October 30, 2014.


(1)	Capital ratios based on the final U.S. Basel III rules, with full implementation assumed for capital components; risk-weighted assets based on the Advanced Approaches for determining total risk-weighted assets.


(2)	Citi’s estimated Supplementary Leverage ratio based on the revised final U.S. Basel III rules.

A reconciliation of Citigroup’s total stockholders’ equity to tangible book value per share is as follows:



In millions of dollars, except per share amounts and ratios	Sept. 30, 2014 As reported		Adjustments			Sept. 30, 2014 As adjusted
Citigroup’s Total Stockholders’ Equity		$212,872	$	(600	)		$212,272
Less: Preferred Stock	8,968		—			8,968
Common Stockholders’ Equity		$203,904	$	(600	)		$203,304
Less:
Goodwill	24,500		—			24,500
Intangible Assets (other than Mortgage Servicing Rights)	4,525		—			4,525
Tangible Common Equity (TCE)		$174,879	$	(600	)		$174,279
Common Shares Outstanding at period end	3,029.5		—			3,029.5
Tangible Book Value Per Share		$57.73	$	(0.20	)		$57.53
(Tangible Common Equity/Common Shares Outstanding)

# # #

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Contacts:

Press: Mark Costiglio (212) 559-4114

Jennifer Lowney (212) 793-3141

Investors: Susan Kendall (212) 559-2718

Fixed Income Investors: Peter Kapp (212) 559-5091

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