Citibank 2009 Annual Report Download - page 124

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FORWARD-LOOKING INFORMATION
Certain statements in this Form 10-K, including but not limited to statements
included within the Management’s Discussion and Analysis of Financial
Condition and Results of Operations, are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
Generally, forward-looking statements are not based on historical facts but
instead represent only Citigroup’s and management's beliefs regarding future
events. Such statements may be identified by words such as believe, expect,
anticipate, intend, estimate, may increase, may fluctuate, and similar
expressions, or future or conditional verbs such as will, should, would and
could.
Such statements are based on management's current expectations and
are subject to uncertainty and changes in circumstances. Actual results may
differ materially from those included in these statements due to a variety of
factors, including but not limited to the factors listed and described under
“Risk Factors” in this Form 10-K and those factors described below:
the impact of the economic recession and disruptions in the global •฀
financial markets on Citi’s business and results of operations;
the impact of previously enacted and potential future legislation on Citi’s •฀
business practices, costs of operations or otherwise (including without
limitation the CARD Act);
Citi’s participation in U.S. government programs to modify first and •฀
second lien mortgage loans, as well as Citi’s own loss mitigation and
forbearance programs, and their effect on the amount and timing of Citi’s
earnings and credit losses related to those loans;
the expiration of a provision of the U.S. tax law allowing Citi to defer U.S. •฀
taxes on certain active financial services income and its effect on Citi’s tax
expense;
risks arising from Citi’s extensive operations outside the U.S.;•฀
potential reduction in earnings available to Citi’s common stockholders •฀
and return on Citi’s equity due to future issuances of Citi common stock
and preferred stock;
the effect of the U.S. Treasury’s sale of its stake in Citi on the market price •฀
of Citi common stock;
an “ownership change” under the Internal Revenue Code and its effect •฀
on on Citi’s ability to utilize its deferred tax assets to offset future taxable
income;
the impact of increases in FDIC insurance premiums and other proposed •฀
fees on banks on Citi’s earnings;
Citi’s ability to hire and retain qualified employees;•฀
Citi’s ability to maintain the value of the Citi brand;•฀
Citi’s ability to maintain sufficient capitalization consistent with its risk •฀
profile and robust relative to future capital requirements;
Citi’s continuing ability to obtain financing from external sources and •฀
maintain adequate liquidity;
reduction in Citi’s or its subsidiaries’ credit ratings and its effect on the •฀
cost of funding from, and access to, the capital markets;
market disruptions and their impact on the risk of customer or •฀
counterparty delinquency or default;
failure to realize all of the anticipated benefits of the realignment of Citi’s •฀
business;
volatile and illiquid market conditions, which could lead to further write-•฀
downs of Citi’s financial instruments;
the elimination of QSPEs from the guidance in SFAS 140 and changes in •฀
FIN 46(R) and its impact on Citi’s Consolidated Financial Statements;
the accuracy of Citi’s assumptions and estimates used to prepare its •฀
financial statements;
changes in accounting standards and its impact on how Citi records and •฀
reports its financial condition and results of operations;
the effectiveness of Citi’s risk management processes and strategies;•฀
the exposure of Citi to reputational damage and significant legal and •฀
regulatory liability as a member of the financial services industry; and
a failure in Citi’s operational systems or infrastructure, or those of •฀
third parties.