Citigroup Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Citigroup Inc. has filed its 2023 annual report (10-K), detailing its financial performance and business operations for the year ending December 31, 2023.</b>

AI Summary

CITIGROUP INC (C-PR) filed a Annual Report (10-K) with the SEC on February 23, 2024. Citigroup Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is 388 Greenwich Street, New York, NY 10013. Citigroup Inc. was formerly known as Travelers Group Inc., Travelers Inc., and Primerica Corp /New/. The filing references various accounting standards and financial statement line items, including fair value measurements and different portfolio segments.

Why It Matters

For investors and stakeholders tracking CITIGROUP INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Citigroup's financial health, strategic initiatives, and risk factors for investors and stakeholders. The detailed financial data and disclosures within the report are crucial for understanding the company's performance in the national commercial banking sector and its market position.

Risk Assessment

Risk Level: medium — CITIGROUP INC shows moderate risk based on this filing. The company operates in the highly regulated financial services industry, which presents ongoing compliance and market risks that could impact its financial performance.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Citigroup's performance and future outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period of report)
• 2024-02-23 — Filing Date (Date the report was filed)
• 1995-05-19 — Date of Name Change (From Travelers Group Inc.)
• 1994-01-03 — Date of Name Change (From Travelers Inc.)
• 1992-07-03 — Date of Name Change (From Primerica Corp /New/)

Key Players & Entities

• CITIGROUP INC (company) — Filer name
• TRAVELERS GROUP INC (company) — Former company name
• TRAVELERS INC (company) — Former company name
• PRIMERICA CORP /NEW/ (company) — Former company name
• 388 GREENWICH STREET (address) — Business and mailing address
• NEW YORK (location) — City for business and mailing address
• DE (location) — State of incorporation
• 2125591000 (phone) — Business phone number

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-23: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document filed by Citigroup Inc. to report its annual financial results.)

Fiscal Year End

The last day of a company's accounting year. (Indicates the period covered by the financial statements in the 10-K.)

Key Financial Figures

• $1.9 billion — nues, primarily driven by approximately $1.9 billion in aggregate translation losses (includ
• $880 million — slation losses (including approximately $880 million in the fourth quarter) due to devaluati
• $1.7 billion — quarter pretax charges of approximately $1.7 billion associated with the FDIC special assess
• $780 million — IC special assessment and approximately $780 million of restructuring charges. Excluding bot
• $9.2 billion — ses" below). Citi's cost of credit was $9.2 billion versus $5.2 billion in the prior year.
• $5.2 billion — cost of credit was $9.2 billion versus $5.2 billion in the prior year. The increase was pri
• $1.3 billion — and Argentina (including approximately $1.3 billion in the fourth quarter), as well as buil
• $6.1 billion — rds and Retail Services. Citi returned $6.1 billion to common shareholders in the form of d
• $4.1 billion — shareholders in the form of dividends ($4.1 billion) and share repurchases ($2.0 billion).
• $2.0 billion — s ($4.1 billion) and share repurchases ($2.0 billion). Citi's Common Equity Tier 1 (CET1) C
• $9.2 b — group Citigroup reported net income of $9.2 billion, or $4.04 per share, compared to
• $4.04 — reported net income of $9.2 billion, or $4.04 per share, compared to net income of $1
• $14.8 b — 04 per share, compared to net income of $14.8 billion, or $7.00 per share in the prior
• $7.00 — ared to net income of $14.8 billion, or $7.00 per share in the prior year. Net income
• $1.0 billion — titure-related impacts of approximately $1.0 billion (approximately $659 million after-tax),

Filing Documents

• c-20231231.htm (10-K) — 15890KB
• citi-exh31x12312023.htm (EX-3.1) — 3241KB
• citi-exh432x12312023.htm (EX-4.32) — 181KB
• citi-exh2101x12312023.htm (EX-21.01) — 48KB
• citi-exh2201x12312023.htm (EX-22.01) — 5KB
• citi-exh2301x12312023.htm (EX-23.01) — 5KB
• citi-exh2401x12312023.htm (EX-24.01) — 48KB
• citi-exh3101x12312023.htm (EX-31.01) — 11KB
• citi-exh3102x12312023.htm (EX-31.02) — 10KB
• citi-exh3201x12312023.htm (EX-32.01) — 6KB
• citi-exh9701x12312023.htm (EX-97.01) — 15KB
• c-20231231_d2.htm (EX-99.01) — 27KB
• c-20231231_g1.jpg (GRAPHIC) — 110KB
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• c-20231231_g9.jpg (GRAPHIC) — 20KB
• image2.jpg (GRAPHIC) — 4KB
• image_0.jpg (GRAPHIC) — 2KB
• 0000831001-24-000033.txt (&nbsp;) — 76705KB
• c-20231231.xsd (EX-101.SCH) — 309KB
• c-20231231_cal.xml (EX-101.CAL) — 362KB
• c-20231231_def.xml (EX-101.DEF) — 2019KB
• c-20231231_lab.xml (EX-101.LAB) — 3208KB
• c-20231231_pre.xml (EX-101.PRE) — 2521KB
• c-20231231_htm.xml (XML) — 18237KB

FORWARD-LOOKING STATEMENTS 135

FORWARD-LOOKING STATEMENTS 135 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB ID # 185 ) 136

FINANCIAL STATEMENTS AND NOTES

FINANCIAL STATEMENTS AND NOTES TABLE OF CONTENTS 140 CONSOLIDATED FINANCIAL STATEMENTS 141 NOTES TO CONSOLIDATED FINANCIAL FINANCIAL DATA SUPPLEMENT 311 SUPERVISION, REGULATION AND OTHER 312 OTHER INFORMATION 314 CORPORATE INFORMATION 316 Executive Officers 316 Citigroup Board of Directors 318 GLOSSARY OF TERMS AND ACRONYMS 320 3 OVERVIEW Citigroup's history dates back to the founding of the City Bank of New York in 1812. Citigroup is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad, yet focused, range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, trade and securities services and wealth management. Citi does business in nearly 160 countries and jurisdictions. Citi's vision is to be the preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in the U.S. At December 31, 2023, Citi had approximately 239,000 full-time employees, largely unchanged from December 31, 2022. For additional information, see "Human Capital Resources and Management" below. Throughout this report, "Citigroup," "Citi" and "the Company" refer to Citigroup Inc. and its consolidated subsidiaries. For a list of certain terms and acronyms used herein, see "Glossary of Terms and Acronyms" at the end of this report. All "Note" references correspond to the Notes to the Consolidated Financial Statements. Additional Information Additional information about Citigroup is available on Citi's website at www.citigroup.com. Citigroup's annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and proxy statements, as well as other filings with the U.S. Securities and Exchange Commission (SEC) are available free of charge through Citi's website by clicking on "SEC Filings" und

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS EXECUTIVE SUMMARY As described further throughout this Executive Summary, Citi demonstrated substantial progress across the franchise during 2023, despite the impact of several notable items in the fourth quarter: Citi's revenues increased 4% versus the prior year, reflecting an increase in net interest income in Services and U.S. Personal Banking (USPB) , driven by higher interest rates, as well as loan growth in cards. The increase in revenues was partially offset by lower non-interest revenues, primarily driven by approximately $1.9 billion in aggregate translation losses (including approximately $880 million in the fourth quarter) due to devaluations of the Argentine peso during the year, the impact of lower volatility in Markets and the contraction of the global investment banking wallet in Investment Banking. Citi's expenses increased 10% versus the prior year. The increase included fourth-quarter pretax charges of approximately $1.7 billion associated with the FDIC special assessment and approximately $780 million of restructuring charges. Excluding both of these charges, expenses increased 5%, driven by increased investments in other risk and controls and technology, elevated business-as-usual severance costs and additional transformation and business-led investments. The increase was partially offset by productivity savings and expense reductions from the exited markets and continued wind-downs (see "Expenses" below). Citi's cost of credit was $9.2 billion versus $5.2 billion in the prior year. The increase was primarily driven by higher cards net credit losses in Branded Cards and Retail Services, reflecting normalization from historically low levels. The increase was also due to net builds in the allowance for credit losses (ACL), including approximately $1.9 billion in builds related to increases in transfer risk associated with exposures in Russia and Argentina

View Full Filing

View this 10-K filing on SEC EDGAR