Citi Statement on Independent Foreclosure Review Agreement in Principle

  Citi Statement on Independent Foreclosure Review Agreement in Principle

Business Wire

NEW YORK -- January 7, 2013

Citi today released the following statement on the agreement in principle
reached with the Office of the Comptroller of the Currency (OCC) and the
Federal Reserve Board regarding the Independent Foreclosure Review process.

“We are pleased to have the matter resolved and believe this agreement is a
positive development that will provide benefits for homeowners.”

Citi expects to record a pre-tax charge of approximately $305 million in the
fourth quarter of 2012 for its cash payment portion of the settlement. In
addition, Citi expects its approximately $500 million share of the loss
mitigation or other foreclosure prevention actions in connection with the
agreement will be covered by existing loan loss reserves and thus there will
be no incremental financial impact to Citi.

Citi will issue its fourth quarter results on Thursday, January 17, 2013.

Citi, the leading global bank, has approximately 200 million customer accounts
and does business in more than 160 countries and jurisdictions. Citi provides
consumers, corporations, governments and institutions with a broad range of
financial products and services, including consumer banking and credit,
corporate and investment banking, securities brokerage, transaction services,
and wealth management.

Certain statements in this document, including the expected financial impact
to Citi resulting from the agreement in principle, are "forward-looking
statements" within the meaning of the rules and regulations of the U.S.
Securities and Exchange Commission. These statements are based on management's
current expectations and are subject to uncertainty and changes in
circumstances. Actual results may differ materially from those expressed in or
implied by these statements due to a variety of factors, including but not
limited to the completion of the final analysis of the financial impact to
Citi as well as the successful execution of the agreement in principle. More
information about these and other factors is contained in Citi's filings with
the U.S. Securities and Exchange Commission, including without limitation the
"Risk Factors" section of Citi's 2011 Annual Report on Form 10-K.
Precautionary statements included in such filings should be read in
conjunction with this document. 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.

Additional information may be found at http://www.citigroup.com | Twitter:
@Citi | YouTube: http://www.youtube.com/citi | Blog: http://new.citi.com |
Facebook: http://www.facebook.com/citi | LinkedIn:
www.linkedin.com/company/citi.

Contact:

Citi
Media:
Mark Costiglio, 212-559-4114
or
Investors:
Susan Kendall, 212-559-2718
or
Fixed Income Investors:
Jennifer Hendricks, 212-559-5091
 
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