Citibank 2013 Annual Report Download - page 161

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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 U.S. Private Securities Litigation Reform Act of
1995. 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 risks, uncertainties and changes in circumstances. Actual results
and capital and other financial conditions 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 risks and uncertainties listed and described under “Risk Factors”
above and summarized below:
• regulatory changes and uncertainties faced by Citi in the U.S. and
non-U.S. jurisdictions in which it operates and the potential impact
these changes and uncertainties could have on Citi’s business planning,
compliance risks and costs and overall results of operations;
• continued uncertainty arising from numerous aspects of the regulatory
capital requirements applicable to Citi, including Citi’s continued
implementation of the final U.S. Basel III rules and the ongoing
regulatory review of Citi’s risk models, and the potential impact these
uncertainties could have on Citi’s ability to meet its capital requirements
as it projects or as required;
• the potential impact of U.S. and international derivatives regulation on
Citi’s competitiveness, compliance costs and regulatory and reputational
risks and results of operations;
• ongoing implementation of proprietary trading restrictions under the
“Volcker Rule” and similar international proposals and the potential
impact of these reforms on Citi’s global market-making businesses, results
of operations and compliance risks and costs;
• the potential impact to Citi’s businesses and capital and funding
structure 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;
• additional regulations with respect to securitizations and the potential
impact to Citi and its businesses;
• continued uncertainty relating to the sustainability and pace of economic
recovery and growth in the U.S. and globally and the potential impact
fiscal and monetary actions taken by U.S. and non-U.S. authorities may
have on economic recovery and growth, global trading markets, and the
emerging markets, as well as Citi’s businesses and results of operations;
• 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;
• uncertainty arising from the level of U.S. government debt or a potential
U.S. government default or 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.,
including in the emerging markets, including foreign exchange controls,
limitations on foreign investments, sociopolitical instability, fraud,
nationalization, closure of branches or subsidiaries and confiscation of
assets, as well as increased compliance and regulatory risks and costs;
• ongoing economic and fiscal issues in the Eurozone and the potential
outcomes that could occur, including the exit of one or more countries
from the European Monetary Union and any resulting redenomination/
revaluation, and the potential impact, directly or indirectly, on Citi’s
businesses, results of operations or financial condition;
• uncertainty regarding the future quantitative liquidity requirements
applicable to Citi and the potential impact these requirements could have
on Citi’s liquidity ratios, planning, management and funding;
• potential impacts on Citi’s liquidity and/or costs of funding as a result
of external factors, such as market disruptions, governmental fiscal and
monetary policies and changes in Citi’s credit spreads;
• reductions in Citi’s or its more significant subsidiaries’ credit ratings and
the potential impact on Citi’s funding and liquidity, as well as the results
of operations for certain of its businesses;
• 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 those related to Citi’s U.S. mortgage-related activities,
Citi’s contribution to, or trading in products linked to, various rates or
benchmarks, and its anti-money laundering programs;