For Immediate Release Citigroup Inc. (NYSE: C)

Statement from Citi CEO Jane Fraser on Regulatory Actions

July 10, 2024

New York Citi today released the following statement from CEO Jane Fraser regarding the Federal Reserve Board and the Office of the Comptroller of the Currency’s regulatory actions in connection with its 2020 Consent Orders.

"We have acknowledged that, despite making good progress in simplifying our firm and addressing our Consent Orders, there are areas where we have not made progress quickly enough, such as in our data quality management. We’ve intensified our focus and increased our investment in those areas over the last several months.  We will get these areas where they need to be, as we have done in other areas of the Transformation. As we’ve said from the beginning of this multi-year effort, we’re committed to spending what is necessary to address our consent orders, as our agreement with the OCC demonstrates. We’re confident that we have the financial resources to support both our Transformation and investment in our businesses as well as meet our strategic and financial goals, including the capital distribution we described in late June.  We’ve always said that progress wouldn’t be linear, and we have no doubt that we will be successful in getting our firm where it needs to be in terms of our Transformation.”

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Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.  

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Certain statements in this release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. These statements are not guarantees of future results or occurrences. Actual results and capital and other financial condition may differ materially from those included in these statements due to a variety of factors, including, among others, the ongoing or forecasted impacts to Citigroup's results of operations and financial condition related to or resulting from Russia’s military action in Ukraine, including the imposition of additional sanctions and export controls, as well as the broader impacts to financial markets and the global macroeconomic and geopolitical environments; higher inflation and its impacts; higher interest rates and the impacts on macroeconomic conditions, customer and client behavior, as well as Citi’s funding costs; regulatory requirements; macroeconomic and other challenges and uncertainties related to the COVID-19 pandemic, such as the impacts to the U.S. and global economies; consummation of Citi’s exits and wind-down, and the impact of any additional CTA or other losses; and the precautionary statements included in this release. These factors also consist of those contained in Citi's filings with the U.S. Securities and Exchange Commission, including without limitation the "Risk Factors" section of Citi's 2021 Form 10-K. Any forward-looking statements made by or on behalf of Citi speak only as to the date they are made, and Citi does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.

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