Citibank 2012 Annual Report Download - page 157

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FORWARD-LOOKING STATEMENTS
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 rules and regulations of the SEC. In addition,
Citigroup also may make forward-looking statements in its other documents
filed or furnished with the SEC, and its management may make forward-
looking statements orally to analysts, investors, representatives of the media
and others.
Generally, forward-looking statements are not based on historical facts but
instead represent Citigroup’s and its 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
and capital and other financial condition may differ materially from those
included in these statements due to a variety of factors, including without
limitation the precautionary statements included throughout this Form 10-K
and the factors and uncertainties listed and described under “Risk Factors”
above and summarized below:
•฀ the impact of the significant regulatory changes and uncertainties faced
by Citi in the U.S. and non-U.S. jurisdictions in which it operates, and the
possibility of additional regulatory requirements or changes beyond those
already proposed, adopted or contemplated by U.S. or non-U.S. regulators;
•฀ the uncertainty regarding the timing and implementation of future
regulatory capital requirements, including the potential impact these
requirements could have on Citi’s businesses, results of operations and
financial condition, and Citi’s ability to meet the requirements as it
projects or as required;
•฀ the impact of derivatives regulation, including the “push-out” provision,
under the Dodd-Frank Act, as well as other international derivatives
regulations, on Citi’s competitiveness, compliance costs and risks and
results of operations;
•฀ the potential impact of the proposed restrictions of the “Volcker Rule”
provisions under the Dodd-Frank Act on Citi’s market-making activities,
the significant compliance costs and risks associated with those proposals,
and the potential inconsistent regulatory regimes and increased
compliance and other costs resulting from non-U.S. proposals;
•฀ the potential impact to Citi’s business structures, activities and
practices as a result of regulatory requirements in the U.S. and in
non-U.S. jurisdictions to facilitate the future orderly resolution of large
financial institutions;
•฀ the potential impact to Citi and its businesses of additional regulations
with respect to securitizations;
•฀ the potential impact of the ongoing Eurozone debt and economic crisis,
directly or indirectly, on Citi’s businesses, results of operations or financial
condition, including the exit of one or more countries from the European
Monetary Union;
•฀ the uncertainty relating to the sustainability and pace of economic
recovery in the U.S. and globally and the impact any continued
uncertainty could have on Citi’s businesses results of operations and
financial condition;
•฀ any significant global economic downturn or disruption, including a
significant decline in global trade volumes, on Citi’s businesses, results
of operations and financial condition, particularly as compared to
Citi’s competitors;
•฀ the uncertainty regarding the level of U.S. government debt and potential
downgrade of the U.S. government credit rating on Citi’s businesses,
results of operations, capital, funding and liquidity;
•฀ risks arising from Citi’s extensive operations outside of the U.S.,
particularly in emerging markets, including among others foreign
exchange controls, limitations on foreign investments, sociopolitical
instability, nationalization, closure of branches or subsidiaries and
confiscation of assets, as well as increased compliance and regulatory
risks and costs;
•฀ the potential impact on Citi’s liquidity and/or costs of funding as a result
of external factors, such as market disruptions and changes in Citi’s
credit spreads;
•฀ the potential impact on Citi’s funding and liquidity, as well as the results
of operations for certain of its businesses, resulting from a reduction in
Citi’s or its more significant subsidiaries’ credit ratings;
•฀ the potential impact on Citi’s businesses, business practices, reputation,
financial condition or results of operations from the extensive legal and
regulatory proceedings, investigations and inquiries to which Citi is
subject, including among others those related to Citi’s U.S. mortgage-
related activities, interbank offered rates submissions and anti-money
laundering programs;
•฀ the impact of Citi Holdings on Citi’s results of operations, and its ability
to utilize the capital supporting the remaining assets of Citi Holdings for
more productive purposes;
•฀ Citi’s ability to return capital to shareholders and the potential market
impact if it is not able to do so, whether as a result of the CCAR process,
required supervisory stress tests or otherwise;