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美國
證券交易委員會
華盛頓特區20549
形式 10-Q
(Mark一)
根據1934年《證券交易法》第13或15(d)條的季度報告
截至季度 2024年9月30日

根據1934年《證券交易所法》第13或15(d)條提交的過渡報告
從 到
委員會檔案編號 1-9924
花旗集團.
(章程中規定的註冊人的確切名稱)
德拉瓦52-1568099
(成立或組織的州或其他司法管轄區)(國稅局僱主識別號)
格林威治街388號 紐約NY10013
(主要行政辦公室地址)(Zip代碼)
(212559-1000
(註冊人的電話號碼,包括地區代碼)

根據1934年《證券交易法》第12(b)條註冊的證券,格式為Inline MBE:見圖表99.01
通過勾選標記標明註冊人是否(1)在過去12個月內(或在註冊人被要求提交此類報告的較短期限內)提交了1934年證券交易法第13或15(d)條要求提交的所有報告,以及(2)在過去90天內是否已遵守此類提交要求。 是的  沒有
通過勾選標記檢查註冊人是否已在過去12個月內(或在註冊人被要求提交此類文件的較短期限內)以電子方式提交了根據S-t法規第405條(本章第232.405條)要求提交的所有交互數據文件。 是的 沒有
通過複選標記來確定註冊人是大型加速申報人、加速申報人、非加速申報人、小型報告公司還是新興成長型公司。請參閱《交易法》第120條第2條中「大型加速申報人」、「加速申報人」、「小型報告公司」和「新興成長型公司」的定義。
大型加速文件夾加速編報公司非加速歸檔小型上市公司
新興成長型公司

如果是新興成長型公司,請通過勾選標記表明註冊人是否選擇不利用延長的過渡期來遵守根據《交易法》第13(a)條規定的任何新的或修訂的財務會計準則。     
通過勾選標記檢查註冊人是否是空殼公司(定義見《交易法》第120條第2款)。 是的 沒有
花旗集團股份數2024年9月30日流通普通股: 1,891,264,803

可在www.citigroup.com上獲取



























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花旗集團2024年第三季度-表格10-Q

概述
花旗集團須報告的運營部門
管理層的討論和
財務狀況分析
行動的結果
執行摘要
花旗的多年轉型
選定財務數據摘要
分部收入和收入(虧損)

按分部選擇資產負債表項目
服務
市場
銀行
美國個人銀行業務
財富
所有與資產剝離相關的影響
(登記物品)
所有員工管理基礎
資本資源
應對全球風險目錄
應對全球風險
重要會計政策和
重大估計
披露控制及程式
根據第219條披露
伊朗減少威脅和敘利亞
人權法
前瞻性陳述
財務報表及附註
目錄
綜合財務報表
綜合財務報告附註
聲明(未經審計)
未經登記的股票證券銷售,
股票證券的回購和
紅利
其他信息
展覽索引
術語和首字母縮略詞



概述

本Form 10-Q季度報告應與花旗集團截至2023年12月31日的Form 10-K年度報告(本文稱為花旗2023年Form 10-K)、花旗集團截至2024年3月31日的季度報告(2024年第一季度Form 10-Q)以及花旗集團截至2024年6月30日的Form 10-Q季度報告(2024年第二季度Form 10-Q)一併閱讀。
在本報告中,“花旗”、“花旗”和“公司”指的是花旗集團及其合併子公司。除另有說明外,所有“附註”均與本報告綜合財務報表附註相符。
有關本季度報告中關於Form 10-Q和花旗集團其他演示文稿中使用的某些術語和縮略語的列表,請參閱本報告末尾的“術語和縮略語辭彙表”。
有關花旗集團的更多資訊,請訪問花旗集團網站www.citigroup.com。花旗集團的10-k表格年度報告、10-Q表格季度報告、當前的8-k表格報告和委託書以及其他提交給美國證券交易委員會(美國證券交易委員會)的檔案均可通過花旗網站免費獲取,方法是點擊“投資者”選項卡下的“美國證券交易委員會檔案”。美國證券交易委員會的網站也包含這些備案檔案和其他有關花旗的資訊,網址為www.sec.gov。
前一期間的財務報表和披露已進行了某些重新分類,以符合本期的列報,包括某些重新分類,以與花旗所有列報期間的轉型和戰略保持一致。


有關可能影響花旗集團業務、經營業績和財務狀況的重大風險和不確定性的討論,請參閱花旗2023年Form 10-k中的“風險因素”。

非gaap財務指標
花旗根據美國公認會計原則(GAAP)編制其財務報表,並提出了某些非GAAP財務指標(非GAAP指標),其中排除了某些專案或包括不同於根據美國GAAP計算的最直接可比指標的組成部分。花旗認為,這些非GAAP指標的公佈為投資者、行業分析師和其他人提供了對期間間經營業績的基本基本面的有意義的描述,包括提高了花旗業績的透明度和清晰度,提高了對管理層決策及其對經營業績的影響的可見性;使花旗能夠更好地與同行公司進行比較;並使花旗能夠提供其業務和未來業績的長期戰略視角。這些非GAAP衡量標準並不打算作為GAAP的替代品
財務指標的定義或計算方式不得與其他公司使用的名稱類似的非GAAP指標相同。
花旗在本表格10-Q中的非GAAP財務衡量標準包括:

不包括資產剝離相關影響的收入
·管理費用,不包括聯盟存款保險公司(FDIC)特別評估和資產剝離相關影響
所有其他 (管理基礎),不包括與資產剝離相關的影響
有形普通股權益(TCE)、有形普通股權益回報率(RoTCE)和每股有形賬面價值(TBVPS)
銀行和企業貸款收入,不包括貸款套期保值的收益(損失)
服務扣除阿根廷披索貶值影響的非利息收入
市場淨利息收入

花旗的業績不包括與資產剝離相關的影響,不包括已發生和確認的專案,這些專案完全且必然是採取行動出售(包括通過公開募股)、處置或結束與花旗之前宣佈的退出市場相關的業務活動所有其他-遺產特許經營權。花旗首席執行官,首席運營決策者,定期審查財務資訊所有其他在管理的基礎上,排除這些與資產剝離相關的影響。有關不包括資產剝離相關影響的花旗業績的更多資訊,請參閱《執行摘要》和《所有其他-與資產剝離有關的影響(對賬專案)“。
有關TCE、RoTCE和TBVPS的更多資訊,請參閱下面的“資本資源-有形普通股權益、每股賬面價值、每股有形賬面價值和股本回報率”。
有關以下內容的更多資訊服務非利息收入,不包括阿根廷披索貶值的影響,見“執行摘要”和“服務」下面。
有關以下內容的更多資訊銀行和企業貸款收入,不包括貸款套期保值的收益(損失),請參閱“執行摘要”和“銀行」下面。
有關非的更多信息市場 淨利息收入,請參閱「市場風險-非市場 淨利息收入」如下。
2


花旗集團按照五個運營部門進行管理: 服務, 市場, 銀行, 美國個人銀行業務財富 未分配給經營分部的活動包含在 所有其他.有關更多信息,請參閱下文「管理層對財務狀況和經營結果的討論和分析」中每個經營分部的經營結果。



Updated financial reporting structure - FOR 2Q 2024.jpg
註:墨西哥包含在國際範圍內的LATOM中。
(1) 在國際範圍內,花旗分為六個集群:英國;日本、亞洲北部和澳大利亞(JANA);拉丁美洲(LATOM);亞洲南部;歐洲;以及中東和非洲(EMA)。儘管首席運營決策者(CODM)並未按集群管理花旗的可報告運營部門,但花旗在下文中提供了國際內六個集群的額外選定財務信息(收入和某些企業信用指標)。






3


管理層對財務狀況的討論與分析
以及行動的結果

執行摘要

2024年第三季度--在戰略執行和其他優先事項方面繼續取得進展
如本《執行摘要》所述,在2024年第三季度:

在報告的基礎上,花旗的收入比去年同期增長了1%。剔除與資產剝離相關的影響,包括上一年出售臺灣個人銀行業務帶來的約40000美元的萬收益,收入增長3%,這是由於所有可報告的運營部門的增長,部分被年收入下降所抵消所有其他(管理基礎)。
花旗的支出較上年同期下降了2%。不包括本季度和去年同期與資產剝離相關的影響,以及本季度5,600美元的萬聯盟存款保險公司特別評估福利,支出下降了1%。這一下降主要是由於與花旗簡化組織和擱淺成本削減相關的節省,部分被與數量相關的費用以及對花旗轉型和其他風險和控制措施的持續投資所抵消。(請參閱下面的“費用”部分。)
花旗的信貸成本約為27美元億,而去年同期為18美元億。這一增長主要是由於#年品牌卡和零售服務業的信用卡淨信貸虧損增加所致。美國個人銀行業務 (USPB)和更高的信貸損失撥備(ACL)構建。較高的信用卡淨信貸損失主要反映了近年來產生的多張信用卡貸款年份的持續成熟,受到疫情期間前所未有的政府刺激措施的影響。此外,更高的ACL構建主要是由於公司投資組合中投資組合的變化以及與持續不斷的公司股息相關的轉移風險準備金的增加。
花旗以普通股股息和股票回購的形式向普通股股東返還了21美元的億。
截至2024年9月30日,花旗集團在巴塞爾III標準化方法下的普通股一級資本充足率(CET1)增至13.7%,而截至2023年9月30日為13.6%(見下文“資本資源”)。相比之下,根據巴塞爾III標準化方法,花旗集團截至2024年9月30日的監管CET1資本比率為12.3%,截至2023年9月30日的CET1資本比率為12.0%。自2024年10月1日起,花旗集團要求的監管CET1資本充足率從標準化方法下的12.3%降至12.1%,反映出壓力資本緩衝(SCB)要求從4.3%降至4.1%(見下文“資本資源-壓力資本緩衝”)。
花旗還繼續在分離其在墨西哥的消費者銀行業務、小企業銀行業務和中端市場銀行業務方面取得進展,為計劃中的首次公開募股(IPO)和清盤做準備
韓國和中國的消費者銀行業務以及俄羅斯的消費者、當地商業和機構業務。

2024年第三季度業績摘要

花旗集團
花旗集團公佈的淨收益為32億美元,合每股1.51美元,而去年同期淨收益為35億美元,合每股1.63美元。淨收入較上年同期下降9%,原因是信貸成本上升,但收入增加和支出減少部分抵消了這一影響。花旗集團本季度的有效稅率約為25%,與去年同期相比相對持平。平均稀釋後的流通股下降了1%。
在報告的基礎上,花旗集團203億美元的億收入比去年同期增長了1%。剔除這兩個時期與資產剝離相關的影響,億的收入增長了3%,這是由於所有可報告的運營部門的增長,部分被所有其他(管理基礎)。(有關資產剝離相關影響的更多資訊,請參閱所有其他-資產剝離相關影響(對賬專案)“。(正如在本10-Q表格中使用的那樣,花旗的運營結果和財務狀況(不包括與資產剝離相關的影響)是非GAAP財務衡量標準。)
服務收入主要是由證券服務和財政部和貿易解決方案(TTS)的非利息收入增加推動的。市場收入在很大程度上是由股票市場的強勁推動的,而銀行收入在很大程度上反映了投資銀行業務的增長。USPB收入受益於信用卡貸款的增長,以及合作夥伴付款的減少,以及財富收入主要由較高的投資手續費收入推動。
花旗集團的期末貸款為6,0美元億,較上年同期增長3%,主要反映#年信用卡貸款增長。USPB和更高的貸款市場服務.
花旗集團的期末存款約為1.3兆美元兆,比去年同期增長3%,這主要是由於服務受客戶關係持續加深和TTC和證券服務的營運存款增長的推動。有關按業務劃分的花旗存款的更多信息,包括驅動因素和存款趨勢,請參閱每個適用業務的運營運績和下面的「流動性風險-存款」。

費用
花旗集團的運營費用為133美金,較上年同期下降2%。2024年第三季度的支出包括6700美金的剝離相關影響(而上年同期為11400美金)。剔除這兩個時期與資產剝離相關的影響以及本季度5600美金的SEARCH FDIC特別評估福利,費用下降了1%,這是由於花旗組織簡化和擱淺成本削減相關的節省而導致的,但部分被量相關費用和
4


繼續投資於轉型和其他風險和控制舉措。在2024年剩餘時間及以後,花旗的轉型計劃將繼續需要大量投資。欲瞭解更多有關花旗轉型的資訊,請參閱下面的“花旗多年轉型”。(正如在本10-Q表格中使用的那樣,花旗的運營結果和財務狀況(不包括與資產剝離相關的影響)和增量FDIC特別評估福利是非GAAP財務衡量標準。)

信貸成本
花旗為信貸損失以及福利和索賠撥備的總成本為27億,而去年同期為18億。這一增長主要是由於#年品牌卡和零售服務淨信貸虧損增加所致。USPB和更高的ACL版本。較高的信用卡淨信貸損失主要是由於受疫情期間前所未有的政府刺激措施的影響,近年來產生的多張信用卡貸款年份繼續成熟。此外,這一增長是由於與通脹和利率環境上升有關的宏觀經濟壓力影響了兩張卡的投資組合,較低的FICO頻段客戶主要推動了增長。淨利息收入的增加是由於公司投資組合的組合變化、與持續不斷的公司股息相關的轉移風險準備金的增加以及消費者投資組合的貸款增長所致。
有關花旗信用損失準備金的更多資訊,請參閱下面的“重要會計政策和重大估計--花旗信貸損失撥備(ACL)”。
億的淨信貸損失為22美元,比上年同期增長了33%。消費信貸淨損失為21美元,億增加了33%,主要反映了信用卡淨信貸損失的增加。企業淨信貸損失從5,800美元萬增至7,400美元萬。花旗繼續預計,2024年第四季度消費者淨信貸損失將會增加。
有關花旗的消費者和企業信貸成本的更多資訊,請參閱下面各自業務的經營業績和“信貸風險”。

資本
根據巴塞爾III確定風險加權資產(RWA)的標準方法,截至2024年9月30日,花旗集團的CET1資本比率為13.7%,而截至2023年9月30日為13.6%。這一增長主要是由於#年確認的可供出售證券的淨收入和未實現收益。累計其他綜合收益(AOCI)部分被支付普通股和優先股息、普通股回購和RWA增加所抵消。
在2024年第三季度,花旗支付了約11億的普通股股息,回購了約10億的普通股(見下文“股權證券的未登記銷售、股權證券的回購和股息”)。鑑於未來監管資本要求的不確定性,花旗將繼續按季度確定普通股回購水準。有關與資本有關的風險、趨勢和不確定性的更多資訊,請參閱下面的“資本資源--監管資本標準和發展”和
花旗2023年Form 10-k中的“風險因素-戰略風險”、“運營風險”和“合規風險”。
花旗集團截至2024年9月30日的補充槓桿率為5.8%,而截至2023年9月30日的補充槓桿率為6.0%。這一下降是由於總槓桿敞口的增加和一級資本的減少。有關花旗資本比率及相關組成部分的更多資訊,請參閱下文“資本資源”。

服務
服務億的淨收入為17美元,比上一年同期增長23%,原因是收入增加,但部分被更高的支出和更高的信貸成本抵消。服務 26美元的億費用增長了3%,主要是由於在技術、其他風險和控制以及產品創新方面的持續投資。信貸成本為12700美元萬,而去年同期為9,500美元萬。當前季度的ACL構建主要是由於在美國銀行法下出於安全和穩健考慮,代表客戶持有美國以外的持續不斷的公司股息帶來的轉移風險增加。
服務億的收入為50美元,增長了8%,主要反映了整個證券行業的持續勢頭
服務和TTS。非利息收入增長33%,這是由於阿根廷貨幣貶值的影響較小,以及潛在費用驅動因素的持續強勁。剔除阿根廷披索貶值的影響(本季度約為4,200美元萬,上年同期約為27300美元萬),非利息收入增長了11%。淨利息收入基本保持不變,因為阿根廷利率下降抵消了存款增加的好處。(如在本10-Q表格中使用的,服務扣除阿根廷披索貶值影響的非利息收入是一項非公認會計準則的財務指標。)
億的收入為36美元,比去年同期增長了4%。TTS非利息收入增長41%,主要是由於阿根廷貨幣貶值的影響較小,跨境交易額增加了8%,美元清算量增加了7%,商業卡消費額增加了8%。非利息收入的增加被淨利息收入下降5%所部分抵消,這是由阿根廷利率下降帶動的,但被更高的存款額所部分抵消。
14美元億的證券服務收入增長了24%,這主要是由於淨利息收入增加了23%,主要是由於存款利差和交易量的增加,以及非利息收入增加了24%。非利息收入的增長主要是由於AUC/AUA餘額增加22%而導致的費用增加,受益於新客戶的加入、與現有客戶關係的加深和市場估值的提高。
有關花旗在阿根廷風險敞口的更多資訊,請參閱下文“管理全球風險--其他風險--國家風險--阿根廷”。有關以下專案的運營結果的其他資訊服務2024年第三季度,見“服務」下面。

5


市場
市場淨收入為11美元的億比上一年同期增長2%,原因是收入增加和信貸成本降低,但部分被更高的費用所抵消。市場 33美元的億費用增加了1%,主要是因為與銷量相關的費用增加。信貸成本為14100美元萬,而去年同期為16200美元萬。當前季度的淨ACL構建主要是由價差產品的投資組合組成變化推動的。
市場億的收入為48美元,在股票市場增長32%的推動下增長了1%,但部分被固定收益市場下降6%所抵消。股票市場受益於優質服務的增長和股票衍生品的更高波動性,以及更高的現金股票交易量。固定收益市場的下降在很大程度上反映了利率和貨幣收入的下降,但利差產品和其他固定收益收入的增加部分抵消了這一下降。利率和貨幣收入下降了10%,反映出前一年的強勁表現。價差產品和其他固定收益收入增長5%,這是由於資產擔保融資、證券化活動和承銷費的增長,部分抵消了大宗商品收入因天然氣波動性降低而下降的影響。
有關以下專案的運營結果的其他資訊市場2024年第三季度,見“市場」下面。

銀行
銀行淨收益為23800美元萬,而上一年同期的淨收益為15600美元萬,這是由於收入增加和支出減少所推動的,但信貸成本增加部分抵消了這一影響。銀行11美元的億費用下降了9%,主要是由於之前的重新定位行動帶來的好處。信貸成本為17700美元萬,而去年同期的收益為5,600美元萬,這是由於投資組合構成發生變化而導致的淨ACL構建。
銀行16美元的億收入增長了16%,這主要得益於投資銀行業務的增長。投資銀行業務收入增長31%,反映出債務資本市場(DCM)的強勁表現,這得益於本季度強勁的發行活動,諮詢業務的增長是由於今年早些時候宣佈的交易量強勁,隨著這些交易的完成,以及股權資本市場(ECM)的增長反映了更強勁的後續活動,但由於季度中期市場波動導致首次公開募股(IPO)活動減少,部分抵消了這一增長。企業貸款收入基本沒有變化,包括收益(虧損)對貸款對沖的影響。剔除貸款對沖的收益(虧損),企業貸款收入增長5%,主要是由於阿根廷貨幣貶值的影響較小。(正如在本10-Q表格中使用的那樣,花旗的經營業績和財務狀況(不包括收益(虧損)對貸款對沖的影響)是非GAAP財務指標。
有關以下專案的運營結果的其他資訊銀行2024年第三季度,見“銀行」下面。


美國個人銀行業務
USPB萬的淨收入為52200美元,比上一年同期下降了31%,原因是信貸成本上升,但收入增加和支出減少部分抵消了這一影響。USPB25美元億的費用下降了1%,這是由於持續的生產力節約,但與產量相關的費用增加部分抵消了這一影響。信貸成本增加到19美元億,而去年同期為15美元億,這是由於淨信貸損失增加,部分被較低的淨ACL構建所抵消。信貸損失淨額增加39%,主要是受疫情期間政府前所未有的刺激措施的影響,近年來產生的多張信用卡貸款的年份繼續成熟。此外,這一增長是由於與通脹和利率環境上升有關的宏觀經濟壓力影響了兩張卡的投資組合,較低的FICO頻段客戶主要推動了增長。價值4,500美元的萬建設主要是由貸款增長推動的。
USPB億的收入為50美元,增長了3%,原因是信用卡貸款增長帶來的淨利息收入增加,以及合作夥伴付款減少導致的非利息收入增加。在利息餘額增長8%的推動下,品牌卡收入為27美元億增長了8%,原因是支付率繼續放緩,而信用卡消費量增長了3%。零售服務收入為17美元億,下降1%,主要是由於利息收入餘額增速放緩以及淨信貸損失的利息沖銷增加所致。零售銀行業務收入為59900美元的萬下降了8%,主要是由於某些關係和相關存款轉移到財富.
有關以下專案的運營結果的其他資訊USPB2024年第三季度,見“美國個人銀行業務」下面。

財富
財富淨收入為28300美元萬,而上一年同期為13200美元萬,反映出收入增加和支出減少,但部分被較高的信貸成本所抵消。財富 費用下降4%至16美金,主要是由於之前的重新定位和重組行動帶來的好處。信貸成本為3,300加元,而上一年的收益為200加元,主要是由於ACL為貸款建立,而上一年的發放則是如此。
財富 受非利息收入增長15%的推動,20美金的收入增長了9%,反映了客戶投資資產勢頭導致的投資費收入增加,以及由於存款量和利差增加,淨利息收入增加了6%。私人銀行收入為61400澳元,與上年同期基本持平。由於存款利差改善和投資費收入增加,Wealth at Work收入為24400美金,增長了4%,但部分被抵押貸款融資成本增加所抵消。受投資費收入增加和存款量增加的推動,花旗集團11澳元的收入增長了17%。
有關運營結果的更多信息 財富2024年第三季度,見“財富」下面。


6


All Other (Managed Basis)
All Other (managed basis) net loss was $483 million, compared to a net loss of $101 million in the prior-year period, driven by lower revenues and higher cost of credit, partially offset by lower expenses. All Other (managed basis) expenses of $2.1 billion decreased 5%, primarily driven by lower expenses from the closed exits and wind-downs, partially offset by a legal reserve. Cost of credit of $289 million increased 45%, largely reflecting a net ACL build driven by Mexico Consumer, compared to an ACL release in the prior-year period.
All Other (managed basis) revenues decreased 18% from the prior-year period, primarily driven by lower revenues in Corporate/Other and Legacy Franchises (managed basis). Legacy Franchises (managed basis) revenues were $1.7 billion, a decline of 6% from the prior-year period, largely driven by lower revenues in Asia Consumer (managed basis) due to the closed exits and wind-downs. Corporate/Other revenues decreased to $86 million, from $397 million in the prior-year period, largely driven by margin compression on mortgage securities in the investment portfolio that have extended.
For additional information on the results of operations of All Other (managed basis) in the third quarter of 2024, see “All Other—Divestiture-Related Impacts (Reconciling Items)” and “All Other (Managed Basis)” below.

Macroeconomic and Other Risks and Uncertainties
Various geopolitical, macroeconomic and regulatory challenges and uncertainties continue to pose risks to economic conditions in the U.S. and globally, including, among others, potential policy and other changes resulting from the incoming U.S. administration and Congress, central bank interest rate policies, unemployment levels, economic growth rates, conflicts in the Middle East, economic conditions and tensions involving China and the Russia–Ukraine war. These and other factors could negatively impact global economic growth rates, result in disruptions and volatility in financial markets and cause a recession in various regions and countries globally. These and other factors could also adversely affect Citi’s customers, clients, businesses, funding costs, cost of credit and overall results of operations and financial condition during the remainder of 2024. For a further discussion of trends, uncertainties and risks that will or could impact Citi’s businesses, results of operations, capital and other financial conditions during the remainder of 2024, see “Third Quarter of 2024 Results Summary” above and each respective business’s results of operations, “Managing Global Risk,” including “Managing Global Risk—Other Risks—Country Risk—Russia” and “—Argentina,” and “Forward-Looking Statements” below and “Risk Factors” in Citi’s 2023 Form 10-K.

CITI’S MULTIYEAR TRANSFORMATION

As previously disclosed, Citi’s transformation, including the remediation of its 2020 consent orders with the Board of Governors of the Federal Reserve System (FRB) and Office of the Comptroller of the Currency (OCC) and the amendment to the 2020 OCC consent order, is a multiyear endeavor that is not linear. Citi is modernizing and simplifying the Company in order to lead in a dynamic, competitive and digital world. Citi’s transformation is addressing decades of underinvestment in its infrastructure, going beyond remedying regulatory concerns to intentionally transform how the organization operates, and making investments that not only support current needs, but also benefit the Company over the long term. For additional information on Citi’s transformation, including focus areas and status, consent order compliance, governance and transformation bonus program, see “Citi’s Multiyear Transformation” in Citi’s Second Quarter of 2024 Form 10-Q.
Transformation efforts of this scale involve significant complexities and uncertainties, including ongoing regulatory challenges and risks. Citi’s transformation initiatives will take several years to complete, and, as previously disclosed, Citi may continue to experience significant challenges in satisfying the regulators’ expectations in both sufficiency and timing. For additional information about regulatory risks related to Citi’s transformation initiatives, see “Risk Factors—Compliance Risks” in Citi’s 2023 Annual Report on Form 10-K.
The transformation’s target outcomes remain focused on changing Citi’s business and operating models such that they simultaneously (i) strengthen controls, enhance data quality, reduce risk and improve Citi’s regulatory compliance and its culture, and (ii) enhance Citi’s value to customers, clients and shareholders. Examples of Citi’s transformation progress through the third quarter of 2024 include:

Closed the 2013 consent order with the FRB related to anti-money laundering and Bank Secrecy Act deficiencies
Retired approximately 450 legacy applications through third-quarter 2024 year-to-date, and over 1,250 since 2022, as Citi continued to modernize its technology infrastructure
Launched a strategic operations capacity planning tool, which is assisting Citi to streamline and replace various systems and forecast resources needed for expected processing volumes
Continued implementation of a strategic loan servicing platform, with live transactions on the platform increasing to approximately $25 billion in notional value
Reduced data center consumption through migration of workload to a private cloud and streamlined and reduced the time involved in the cloud onboarding process from over seven weeks to two weeks
Upgraded 100% of Citi’s over 2,300 ATMs in North America, Singapore, Hong Kong and the UAE to next-generation software for better customer security and monitoring

7


RESULTS OF OPERATIONS
SUMMARY OF SELECTED FINANCIAL DATA
Citigroup Inc. and Consolidated Subsidiaries

Third QuarterNine Months
In millions of dollars, except per share amounts20242023% Change20242023% Change
Net interest income$13,362 $13,828 (3)%$40,362 $41,076 (2)%
Non-interest revenue6,953 6,311 10 21,196 19,946 6 
Revenues, net of interest expense$20,315 $20,139 1 %$61,558 $61,022 1 %
Operating expenses13,250 13,511 (2)40,798 40,370 1 
Provisions for credit losses and for benefits and claims2,675 1,840 45 7,516 5,639 33 
Income from continuing operations before income taxes$4,390 $4,788 (8)%$13,244 $15,013 (12)%
Income taxes1,116 1,203 (7)3,299 3,824 (14)
Income from continuing operations$3,274 $3,585 (9)%$9,945 $11,189 (11)%
Income (loss) from discontinued operations, net of taxes(1)NM(2)—  
Net income before attribution of noncontrolling interests$3,273 $3,587 (9)%$9,943 $11,189 (11)%
Net income attributable to noncontrolling interests35 41 (15)117 122 (4)
Citigroup’s net income$3,238 $3,546 (9)%$9,826 $11,067 (11)%
Earnings per share 
Basic 
Income from continuing operations$1.53 $1.64 (7)%$4.67 $5.19 (10)%
Net income1.53 1.64 (7)4.67 5.19 (10)
Diluted
Income from continuing operations$1.51 $1.63 (7)%$4.61 $5.14 (10)%
Net income1.51 1.63 (7)4.61 5.14 (10)
Dividends declared per common share 0.56 0.53 6 1.62 1.55 5 
Common dividends $1,089 $1,038 5 %$3,143 $3,042 3 %
Preferred dividends277 333 (17)798 898 (11)
Common share repurchases1,000 500 NM1,500 1,500  

Table continues on the next page, including footnotes.

8


SUMMARY OF SELECTED FINANCIAL DATA
(Continued)
Citigroup Inc. and Consolidated Subsidiaries

In millions of dollars, except per share amounts,
ratios and direct staff
Third QuarterNine Months
20242023% Change20242023% Change
At September 30:
Total assets$2,430,663 $2,368,477 3 %
Total deposits 1,309,999 1,273,506 3 
Long-term debt299,081 275,760 8 
Citigroup common stockholders’ equity192,733 190,008 1 
Total Citigroup stockholders’ equity209,083 209,503  
Average assets2,492,080 2,413,779 3 $2,466,302 $2,447,212 1 %
Direct staff (in thousands)
229 240 (5)%
Performance metrics
Return on average assets
0.52 %0.58 %0.53 %0.60 %
Return on average common stockholders’ equity(1)
6.2 6.7 6.4 7.3 
Return on average total stockholders’ equity(1)
6.2 6.7 6.3 7.1 
Return on tangible common equity (RoTCE)(2)
7.0 7.7 7.2 8.3 
Efficiency ratio (total operating expenses/total revenues, net)65.2 67.1 66.3 66.2 
Basel III ratios
CET1 Capital(3)
13.71 %13.59 %
Tier 1 Capital(3)
15.24 15.40 
Total Capital(3)
15.21 15.78 
Supplementary Leverage ratio5.85 6.04 
Citigroup common stockholders’ equity to assets7.93 %8.02 %
Total Citigroup stockholders’ equity to assets8.60 8.85 
Dividend payout ratio(4)
37 33 35 %30 %
Total payout ratio(5)
71 48 51 45 
Book value per common share$101.91 $99.28 3 %
Tangible book value per share (TBVPS)(2)
89.67 86.90 3 

(1)    The return on average common stockholders’ equity is calculated using net income less preferred stock dividends divided by average common stockholders’ equity. The return on average total Citigroup stockholders’ equity is calculated using net income divided by average Citigroup stockholders’ equity.
(2)    RoTCE and TBVPS are non-GAAP financial measures. For information on RoTCE and TBVPS, see “Capital Resources—Tangible Common Equity, Book Value Per Share, Tangible Book Value Per Share and Return on Equity” below.
(3)    Citi’s binding CET1 Capital and Tier 1 Capital ratios were derived under the Basel III Standardized Approach, whereas Citi’s binding Total Capital ratio was derived under the Basel III Advanced Approaches framework for both periods presented. As of September 30, 2024, the Total Capital ratio under the Basel III Advanced Approaches framework became the most binding ratio. In prior quarters, the Common Equity Tier 1 Capital ratio under the Basel III Standardized Approach was the most binding ratio.
(4)    Dividends declared per common share as a percentage of net income per diluted share.
(5)    Total common dividends declared plus common share repurchases as a percentage of net income available to common shareholders (Net income less preferred dividends). See “Consolidated Statement of Changes in Stockholders’ Equity,” Note 10 and “Equity Security Repurchases” below for the component details.
NM Not meaningful


9


SEGMENT REVENUES AND INCOME (LOSS)

REVENUES

Third QuarterNine Months
In millions of dollars20242023% Change20242023% Change
Services$5,028 $4,636 8 %$14,474 $13,585 7 %
Markets4,817 4,748 1 15,260 15,283  
Banking1,597 1,373 16 4,960 3,737 33 
USPB5,045 4,917 3 15,142 14,247 6 
Wealth2,002 1,831 9 5,509 5,357 3 
All Other—managed basis(1)
1,825 2,238 (18)6,191 7,405 (16)
All Other—divestiture-related impacts (Reconciling Items)(1)
1 396 (100)22 1,408 (98)
Total Citigroup net revenues$20,315 $20,139 1 %$61,558 $61,022 1 %



INCOME

Third QuarterNine Months
In millions of dollars20242023% Change20242023% Change
Income (loss) from continuing operations
Services$1,683 $1,355 24 %$4,696 $3,894 21 %
Markets1,089 1,065 2 3,979 4,066 (2)
Banking236 157 50 1,172 265 NM
USPB522 756 (31)990 1,619 (39)
Wealth283 132 NM668 398 68 
All Other—managed basis(1)
(494)(94)NM(1,389)177 NM
All Other—divestiture-related impacts (Reconciling Items)(1)
(45)214 NM(171)770 NM
Income from continuing operations $3,274 $3,585 (9)%$9,945 $11,189 (11)%
Discontinued operations$(1)$NM$(2)$—  %
Less: Net income attributable to noncontrolling interests35 41 (15)%117 122 (4)
Citigroup’s net income$3,238 $3,546 (9)%$9,826 $11,067 (11)%

(1)    All Other (managed basis) excludes divestiture-related impacts (Reconciling Items) related to (i) Citi’s divestitures of its Asia Consumer businesses and (ii) the planned IPO of Mexico consumer banking and small business and middle-market banking within Legacy Franchises. The Reconciling Items are fully reflected in the various line items in Citi’s Consolidated Statement of Income. See “All Other—Divestiture-Related Impacts (Reconciling Items)” below.
NM Not meaningful
10


SELECT BALANCE SHEET ITEMS BY SEGMENT(1)—SEPTEMBER 30, 2024

In millions of dollarsServicesMarketsBankingUSPBWealth
All Other
and
consolidating
eliminations(2)
Citigroup
parent company-
issued long-term
debt(3)
Total
Citigroup
consolidated
     
Cash and deposits with banks, net of allowance$14,002 $90,727 $340 $3,208 $1,837 $192,980 $ $303,094 
Securities borrowed and purchased under agreements to resell, net of allowance7,032 278,165 1  350 380  285,928 
Trading account assets77 446,184 623 266 1,049 9,873  458,072 
Investments, net of allowance638 132,337 1,237  3 356,456  490,671 
Loans, net of unearned income and allowance for credit losses on loans 88,376 119,166 83,372 199,221 150,466 29,965  670,566 
     
Deposits$825,694 $13,391 $546 $85,149 $316,251 $68,968 $ $1,309,999 
Securities loaned and sold under agreements to repurchase804 275,084 123  153 2,213  278,377 
Trading account liabilities22 141,665 18 121 308 400  142,534 
Short-term borrowings208 36,877 1  1 4,253  41,340 
Long-term debt(3)
 96,437   406 31,589 170,649 299,081 

(1)The information presented in the table above reflects select GAAP balance sheet items by reportable segment and component. This table does not include intersegment funding.
(2)Consolidating eliminations for total Citigroup and Citigroup parent company items are recorded within All Other.
(3)The majority of long-term debt of Citigroup is reflected on the Citigroup parent company balance sheet (see Notes 18 and 28). Citigroup allocates stockholders’ equity and long-term debt to its businesses.


11


SERVICES

Services includes Treasury and Trade Solutions (TTS) and Securities Services. TTS provides an integrated suite of tailored cash management, trade and working capital solutions to multinational corporations, financial institutions and public sector organizations. Securities Services provides cross-border support for clients, including on-the-ground local market expertise, post-trade technologies, customized data solutions and a wide range of securities services solutions that can be tailored to meet clients’ needs.
Services revenue is generated primarily from spreads and fees associated with these activities. Services earns spread revenue through generating deposits, as well as interest on loans. Revenue generated from these activities is primarily recorded in Net interest income. Fee income is earned for assisting clients with transactional services and clearing. Revenue generated from these activities is recorded in Commissions and fees. Revenue is also generated from assets under custody and administration and is recognized when the associated service is satisfied, which normally occurs at the point in time the service is requested by the client and provided by Citi. Revenue generated from these activities is primarily recorded in Administration and other fiduciary fees. For additional information on these various types of revenues, see Note 5. Services revenues also include revenues earned by Citi that are subject to a revenue sharing arrangement with Banking—Corporate Lending for Investment Banking, Markets and Services products sold to Corporate Lending clients.
At September 30, 2024, Services had $608 billion in assets and $826 billion in deposits. Securities Services managed $26.3 trillion in assets under custody and administration, of which Citi provided both custody and administrative services to certain clients related to $2.1 trillion of such assets.

Third QuarterNine Months
In millions of dollars, except as otherwise noted20242023% Change20242023% Change
Net interest income (including dividends)$3,435 $3,440  %$9,977 $9,809 2 %
Fee revenue
Commissions and fees847 782 8 2,511 2,310 9 
Fiduciary and administrative, and other701 630 11 2,081 1,895 10 
Total fee revenue$1,548 $1,412 10 %$4,592 $4,205 9 %
Principal transactions266 267  696 735 (5)
All other(1)
(221)(483)54 (791)(1,164)32 
Total non-interest revenue$1,593 $1,196 33 %$4,497 $3,776 19 %
Total revenues, net of interest expense$5,028 $4,636 8 %$14,474 $13,585 7 %
Total operating expenses$2,588 $2,520 3 %$7,988 $7,435 7 %
Net credit losses on loans14 27 (48)20 46 (57)
Credit reserve build (release) for loans7 17 (59)(80)26 
Provision for credit losses on unfunded lending commitments7 23 (70)21 NM
Provisions for credit losses on other assets and HTM debt securities99 39 NM182 334 (46)
Provision (release) for credit losses$127 $95 34 %$164 $304 (46)%
Income from continuing operations before taxes$2,313 $2,021 14 %$6,322 $5,846 8 %
Income taxes630 666 (5)1,626 1,952 (17)
Income from continuing operations$1,683 $1,355 24 %$4,696 $3,894 21 %
Noncontrolling interests32 16 100 84 45 87 
Net income$1,651 $1,339 23 %$4,612 $3,849 20 %
Balance Sheet data (in billions of dollars)
EOP assets$608 $552 10 %
Average assets
591 566 4 $582 $583  %
Efficiency ratio51 %54 %55 %55 %
Revenue by component
Net interest income$2,731 $2,868 (5)%$8,083 $8,198 (1)%
Non-interest revenue909 645 41 2,504 2,074 21 
Treasury and Trade Solutions (TTS)$3,640 $3,513 4 %$10,587 $10,272 3 %
Net interest income$704 $572 23 %$1,894 $1,611 18 %
Non-interest revenue684 551 24 1,993 1,702 17 
Securities Services$1,388 $1,123 24 %$3,887 $3,313 17 %
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Total Services
$5,028 $4,636 8 %$14,474 $13,585 7 %
Revenue by geography
North America$1,367 $1,333 3 %$3,908 $3,832 2 %
International
3,661 3,303 11 10,566 9,753 8 
Total$5,028 $4,636 8 %$14,474 $13,585 7 %
International revenue by cluster
United Kingdom$498 $438 14 %$1,446 $1,341 8 %
Japan, Asia North and Australia (JANA)708 623 14 1,952 1,828 7 
LATAM676 668 1 2,115 2,041 4 
Asia South641 539 19 1,771 1,575 12 
Europe559 568 (2)1,673 1,642 2 
Middle East and Africa (MEA)579 467 24 1,609 1,326 21 
Total$3,661 $3,303 11 %$10,566 $9,753 8 %
Key drivers(2)
Average loans by reporting unit (in billions of dollars)
TTS$86 $82 5 %$83 $80 4 %
Securities Services1  1  
Total$87 $83 5 %$84 $81 4 %
ACLL as a percentage of EOP loans(3)
0.38 %0.33 %
Average deposits by reporting unit and selected component (in billions of dollars)
TTS$690 $677 2 %$683 $691 (1)%
Securities Services135 120 13 129 123 5 
Total$825 $797 4 %$812 $814  %

(1)    Includes revenues earned by Citi that are subject to a revenue sharing arrangement with Banking—Corporate Lending for Investment Banking, Markets and Services products sold to Corporate Lending clients.
(2)    Management uses this information in reviewing the segment’s results and believes it is useful to investors concerning underlying segment performance and trends.
(3)    Excludes loans that are carried at fair value for all periods.
NM Not meaningful

3Q24 vs. 3Q23
Net income of $1.7 billion increased 23%, driven by higher revenues, partially offset by higher expenses and higher cost of credit.
Revenues increased 8%, primarily reflecting higher revenues in Securities Services and TTS. The increase in revenues was driven by higher non-interest revenue (up 33%), largely due to a smaller impact of the Argentine peso devaluation. Excluding the impact of the Argentine peso devaluation (approximately $42 million in the current quarter and approximately $273 million in the prior-year period), non-interest revenue increased 11%, driven by continued strength across underlying fee drivers in TTS and Securities Services. Net interest income was largely unchanged, as the benefit of higher deposit volumes was offset by a decline in interest rates in Argentina. Average deposits increased 4%, driven by growth in both Securities Services and TTS, as Citi continued to increase operating deposits in both businesses.
TTS revenues increased 4%, as a 41% increase in non-interest revenues was partially offset by a 5% decrease in net interest income. The increase in non-interest revenue was driven by the smaller impact from currency devaluation in Argentina, as well as growth in underlying fee drivers, including cross-border transaction value (up 8%), U.S. dollar clearing volume (up 7%) and commercial card spend volume (up 8%). The decrease in net interest income was driven by the
decline in interest rates in Argentina, partially offset by higher deposit volumes. Average deposits increased 2%, driven by growth in both North America and International. For additional information about Citi’s exposure in Argentina, see “Managing Global Risk—Other Risk—Country Risk—Argentina” below.
Securities Services revenues increased 24%, largely driven by a 23% increase in net interest income, primarily driven by higher deposit spreads and volumes, and a 24% increase in non-interest revenue. Average deposits increased 13%, driven by growth in both North America and International. The growth in non-interest revenue was primarily driven by the increase in volume-related fees due to a 22% increase in AUC/AUA balances, benefiting from new client onboarding, deepening relationships with existing clients and higher market valuations, as well as continued elevated levels of corporate activity in Issuer Services.
Expenses increased 3%, primarily driven by continued investments in technology, other risk and controls and product innovation.
Provisions were $127 million, compared to $95 million in the prior-year period. The current-quarter net ACL build of $113 million, compared to $68 million in the prior-year period, was largely due to an increase in transfer risk associated with unremittable corporate dividends outside the U.S. being held on behalf of clients, driven by safety and
13


soundness considerations under U.S. banking law. See “Significant Accounting Policies and Significant Estimates” below.
For additional information on Services’ corporate credit portfolio, see “Managing Global Risk—Credit Risk—Corporate Credit” below.
For additional information on trends in Services’ deposits and loans, see “Managing Global Risk—Credit Risk—Loans” and “Managing Global Risk—Liquidity Risk—Deposits” below.
For additional information about trends, uncertainties and risks related to Services’ future results, see “Executive Summary” above and “Managing Global Risk—Other Risks—Country Risk—Argentina” and “—Russia” below, and “Risk Factors” in Citi’s 2023 Form 10-K.

3Q24 YTD vs. 3Q23 YTD
Net income of $4.6 billion increased 20%, primarily driven by higher revenues and lower cost of credit, partially offset by higher expenses.
Revenues increased 7%, driven by higher revenues in both Securities Services and TTS, reflecting higher non-interest revenue and higher net interest income.
TTS revenues increased 3%, driven by a 21% increase in non-interest revenue, partially offset by a 1% decrease in net interest income, largely driven by the same factors described above. The increase in non-interest revenue was driven by the smaller impact from currency devaluation in Argentina, as well as continued growth in underlying fee drivers, including higher cross-border transaction value (up 8%), U.S. dollar clearing volume (up 6%) and commercial card spend volume (up 6%).
Securities Services revenues increased 17%, driven by 18% growth in net interest income and 17% growth in non-interest revenue. The increase in net interest income was driven by spread improvement from higher interest rates across currencies and deposit mix. The increase in non-interest revenue was driven by the same factors described above.
Expenses were up 7%, primarily driven by continued investments in technology, other risk and controls and product innovation, as well as an Argentina-related transaction tax expense and a legal settlement expense in the second quarter of 2024.
Provisions were $164 million, compared to $304 million in the prior-year period. Net credit losses decreased to $20 million, compared to $46 million in the prior-year period. The net ACL build was $144 million, compared to $258 million in the prior-year period. The net ACL build in the current period was primarily driven by an increase in transfer risk associated with unremittable corporate dividends outside the U.S. being held on behalf of clients, driven by safety and soundness considerations under U.S. banking law, partially offset by an improved macroeconomic outlook.

14


MARKETS

Markets provides corporate, institutional and public sector clients around the world with a full range of sales and trading services across equities, foreign exchange, rates, spread products and commodities. The range of services includes market-making across asset classes, risk management solutions, financing, prime brokerage, research, securities clearing and settlement.
As a market maker, Markets facilitates transactions, including holding product inventory to meet client demand, and earns the differential between the price at which it buys and sells the products. These price differentials and the unrealized gains and losses on the inventory are recorded in Principal transactions. Other primarily includes realized gains and losses on available-for-sale (AFS) debt securities, gains and losses on equity securities not held in trading accounts and other non-recurring gains and losses. Interest income earned on assets held, less interest paid on long- and short-term debt, secured funding transactions and customer deposits, is recorded as Net interest income.
The amount and types of Markets revenues are impacted by a variety of interrelated factors, including market liquidity; changes in market variables such as interest rates, foreign exchange rates, equity prices, commodity prices and credit spreads, as well as their implied volatilities; investor confidence; and other macroeconomic conditions. Markets revenues include revenues earned by Citi that are subject to a revenue sharing arrangement with Banking—Corporate Lending for Investment Banking, Markets and Services products sold to Corporate Lending clients.
Assuming all other market conditions do not change, increases in client activity levels or bid/offer spreads generally result in increases in revenues. However, changes in market conditions can significantly impact client activity levels, bid/offer spreads and the fair value of product inventory. Management of the Markets businesses involves daily monitoring and evaluation of the above factors.
Markets’ international presence is supported by trading floors in approximately 80 countries and a proprietary network in 95 countries and jurisdictions.

Third QuarterNine Months
In millions of dollars, except as otherwise noted20242023% Change20242023% Change
Net interest income (including dividends)$1,405 $1,695 (17)%$5,149 $5,246 (2)%
Fee revenue
Brokerage and fees391 337 16 1,073 1,053 2 
Investment banking fees(1)
118 103 15 322 289 11 
Other(2)
64 31 NM188 101 86 
Total fee revenue$573 $471 22 %$1,583 $1,443 10 %
Principal transactions2,847 2,853  8,721 9,260 (6)
All other(2)
(8)(271)97 (193)(666)71 
Total non-interest revenue$3,412 $3,053 12 %$10,111 $10,037 1 %
Total revenues, net of interest expense(3)
$4,817 $4,748 1 %$15,260 $15,283  %
Total operating expenses$3,339 $3,310 1 %$10,028 $9,822 2 %
Net credit losses (recoveries) on loans24 (4)NM168 NM
Credit reserve build (release) for loans37 119 (69)46 162 (72)
Provision (release) for credit losses on unfunded lending commitments47 NM48 (7)NM
Provisions for credit losses for other assets and HTM debt securities33 42 (21)67 72 (7)
Provision (release) for credit losses$141 $162 (13)%$329 $229 44 %
Income (loss) from continuing operations before taxes$1,337 $1,276 5 %$4,903 $5,232 (6)%
Income taxes (benefits)248 211 18 924 1,166 (21)
Income (loss) from continuing operations$1,089 $1,065 2 %$3,979 $4,066 (2)%
Noncontrolling interests17 15 13 58 55 5 
Net income (loss)$1,072 $1,050 2 %$3,921 $4,011 (2)%
Balance Sheet data (in billions of dollars)
EOP assets$1,002 $1,009 (1)%
Average assets
1,082 1,026 5 $1,065 $1,024 4 %
Efficiency ratio69 %70 %66 %64 %
Revenue by component
Fixed Income Markets$3,578 $3,806 (6)%$11,272 $12,065 (7)%
15


Equity Markets1,239 942 32 3,988 3,218 24 
Total$4,817 $4,748 1 %$15,260 $15,283  %
Rates and currencies$2,465 $2,747 (10)%$7,731 $9,057 (15)%
Spread products/other fixed income1,113 1,059 5 3,541 3,008 18 
Total Fixed Income Markets revenues$3,578 $3,806 (6)%$11,272 $12,065 (7)%
Revenue by geography
North America$1,773 $1,901 (7)%$5,871 $5,612 5 %
International3,044 2,847 7 9,389 9,671 (3)
Total$4,817 $4,748 1 %$15,260 $15,283  %
International revenue by cluster
United Kingdom$1,007 $948 6 %$3,086 $3,814 (19)%
Japan, Asia North and Australia (JANA)703 564 25 2,049 1,820 13 
LATAM398 438 (9)1,458 1,212 20 
Asia South433 341 27 1,212 1,098 10 
Europe229 272 (16)740 859 (14)
Middle East and Africa (MEA)274 284 (4)844 868 (3)
Total$3,044 $2,847 7 %$9,389 $9,671 (3)%
Key drivers(4) (in billions of dollars)
Average loans$119 $108 10 %$119 $109 9 %
NCLs as a percentage of average loans0.08 %(0.01)%0.19 %— %
ACLL as a percentage of EOP loans(5)
0.77 %0.77 %
Average trading account assets$462 $393 18 $432 $375 15 
Average deposits19 23 (17)23 23  

(1)    Investment banking fees are primarily composed of underwriting, advisory, loan syndication structuring and other related financing activity.
(2)    Includes revenues earned by Citi that are subject to a revenue sharing arrangement with Banking—Corporate Lending for Investment Banking, Markets and Services products sold to Corporate Lending clients.
(3)    Citi assesses its Markets business performance on a total revenue basis, as offsets may occur across revenue line items. For example, securities that generate Net interest income may be risk managed by derivatives that are recorded in Principal transactions revenue within Non-interest revenue. For a description of the composition of these revenue line items, see Notes 4, 5 and 6.
(4)    Management uses this information in reviewing the segment’s results and believes it is useful to investors concerning underlying segment performance and trends.
(5)    Excludes loans that are carried at fair value for all periods.
NM Not meaningful

3Q24 vs. 3Q23
Net income of $1.1 billion increased 2%, driven by higher revenues and lower cost of credit, partially offset by higher expenses.
Revenues increased 1%, driven by higher Equity Markets revenues, partially offset by lower Fixed Income Markets revenues.
Fixed Income Markets revenues decreased 6%, reflecting a decline in rates and currencies revenues, partially offset by higher revenues in spread products and other fixed income. Rates and currencies revenues decreased 10% on strong prior-year performance, partially offset by growth in FX on higher corporate client activity. Spread products and other fixed income revenues increased 5%, driven by growth in asset-backed financing, securitization activity and underwriting fees. This revenue growth was partially offset by a decline in commodities revenues on lower overall volatility.
Equity Markets revenues increased 32%, driven by growth in prime services, higher volatility in equity derivatives and higher cash equity volumes. Equity Markets continued to grow prime balances.
Expenses increased 1%, driven by higher volume-related expenses, partially offset by efficiency savings.
Provisions were $141 million, compared to $162 million in the prior-year period, driven by a lower net ACL build of $117 million, compared to $166 million in the prior-year period, partially offset by higher net credit losses. The net ACL build in the current quarter was primarily driven by changes in portfolio composition in spread products. For additional information on Citi’s ACL, see “Significant Accounting Policies and Significant Estimates” below.
For additional information on Markets corporate credit portfolio, see “Managing Global Risk—Credit Risk—Corporate Credit” below.
For additional information on trends in Markets’ deposits and loans, see “Managing Global Risk—Credit Risk—Loans” and “Managing Global Risk—Liquidity Risk—Deposits” below.
For additional information about trends, uncertainties and risks related to Markets’ future results, see “Executive Summary” above and “Managing Global Risk—Other Risks—Country Risk—Argentina” and “—Russia” below, and “Risk Factors” in Citi’s 2023 Form 10-K.



16


3Q24 YTD vs. 3Q23 YTD
Net income of $3.9 billion decreased 2%, driven by higher expenses and higher cost of credit.
Revenues were largely unchanged, as lower Fixed Income Markets revenues were offset by higher Equity Markets revenues.
Fixed Income Markets revenues decreased 7%, reflecting a decline in rates and currencies revenues, partially offset by higher revenues in spread products and other fixed income. Rates and currencies revenues decreased 15%, largely reflecting lower volatility and a strong prior-year performance. Spread products and other fixed income revenues increased 18%, largely driven by increased client activity, driven by the same factors described above. These increases were partially offset by a decline in commodities revenues on lower overall volatility.
Equity Markets revenues increased 24%, driven by continued growth in equity derivative revenues on higher volatility, which also includes the impact from an episodic gain related to the Visa B exchange. The increase was also driven by growth in prime services and cash trading due to higher volumes and trading activity. Equity Markets also continued to experience an increase in prime balances.
Expenses increased 2%, primarily driven by legal settlement reserves and higher volume-related expenses, partially offset by productivity savings.
Provisions were $329 million, compared to $229 million in the prior-year period, primarily driven by higher net credit losses, partially offset by a lower net ACL build.

17


BANKING

Banking includes Investment Banking, which supports clients’ capital-raising needs to help strengthen and grow their businesses, including equity and debt capital markets-related strategic financing solutions and loan syndication structuring, as well as advisory services related to mergers and acquisitions, divestitures, restructurings and corporate defense activities; and Corporate Lending, which includes corporate and commercial banking, serving as the conduit for Citi’s full product suite to clients.
Banking revenues include revenues earned by Citi that are subject to a revenue sharing arrangement for Investment Banking, Markets and Services products sold to Corporate Lending clients.
At September 30, 2024, Banking had $151 billion in assets including $85 billion in loans and $0.5 billion in deposits.

Third QuarterNine Months
In millions of dollars, except as otherwise noted20242023% Change20242023% Change
Net interest income (including dividends)$527 $555 (5)%$1,636 $1,610 2 %
Fee revenue
Investment banking fees(1)
999 694 44 2,906 2,007 45 
Other31 40 (23)123 122 1 
Total fee revenue$1,030 $734 40 %$3,029 $2,129 42 %
Principal transactions(197)(164)(20)(550)(715)23 
All other(2)
237 248 (4)845 713 19 
Total non-interest revenue$1,070 $818 31 %$3,324 $2,127 56 %
Total revenues, net of interest expense1,597 1,373 16 4,960 3,737 33 
Total operating expenses$1,116 $1,225 (9)%$3,426 $3,716 (8)%
Net credit losses on loans36 29 24 142 98 45 
Credit reserve build (release) for loans62 (22)NM(78)(182)57 
Provision (release) for credit losses on unfunded lending commitments59 (64)NM(46)(291)84 
Provisions (releases) for credit losses for other assets and HTM debt securities20 NM(2)48 NM
Provisions (releases) for credit losses$177 $(56)NM$16 $(327)NM
Income (loss) from continuing operations before taxes$304 $204 49 %$1,518 $348 NM
Income taxes (benefits)68 47 45 346 83 NM
Income (loss) from continuing operations$236 $157 50 %$1,172 $265 NM
Noncontrolling interests(2)NM4  %
Net income (loss)$238 $156 53 %$1,168 $261 NM
Balance Sheet data (in billions of dollars)
EOP assets$151 $146 3 %
Average assets
152 151 1 $153 $154 (1)%
Efficiency ratio70 %89 %69 %99 %
Revenue by component
Total Investment Banking$934 $711 31 %$2,712 $1,945 39 %
Corporate Lending (excluding gain (loss) on loan hedges)(2)(3)
742 709 5 2,422 2,104 15 
Total Banking revenues (excluding gain (loss) on loan hedges)(2)(3)
$1,676 $1,420 18 %$5,134 $4,049 27 %
Gain (loss) on loan hedges(2)(3)
(79)(47)(68)(174)(312)44 
Total Banking revenues (including gain (loss) on loan hedges)(2)(3)
$1,597 $1,373 16 %$4,960 $3,737 33 %
Business metrics—investment banking fees
Advisory$394 $299 32 %$892 $731 22 %
Equity underwriting (Equity Capital Markets (ECM))129 123 5 474 390 22 
Debt underwriting (Debt Capital Markets (DCM))476 272 75 1,540 886 74 
Total$999 $694 44 %$2,906 $2,007 45 %
18


Revenue by geography
North America$837 $623 34 %$2,359 $1,496 58 %
International760 750 1 2,601 2,241 16 
Total$1,597 $1,373 16 %$4,960 $3,737 33 %
International revenue by cluster
United Kingdom$158 $144 10 %$547 $479 14 %
Japan, Asia North and Australia (JANA)152 161 (6)472 469 1 
LATAM159 166 (4)566 443 28 
Asia South97 94 3 332 320 4 
Europe135 130 4 477 377 27 
Middle East and Africa (MEA)59 55 7 207 153 35 
Total$760 $750 1 %$2,601 $2,241 16 %
Key drivers(4) (in billions of dollars)
Average loans$88 $89 (1)%$89 $92 (3)%
NCLs as a percentage of average loans0.16 %0.13 %0.21 %0.14 %
ACLL as a percentage of EOP loans(5)
1.54 %1.75 %
Average deposits$1 $ $1 $ 

(1)    Investment banking fees are primarily composed of underwriting, advisory, loan syndication structuring and other related financing activity.
(2)    Includes revenues earned by Citi that are subject to a revenue sharing arrangement with Banking—Corporate Lending for Investment Banking, Markets and Services products sold to Corporate Lending clients.
(3)    Credit derivatives are used to economically hedge a portion of the corporate loan portfolio that includes both accrual loans and loans at fair value. Gain (loss) on loan hedges includes the mark-to-market on the credit derivatives, partially offset by the mark-to-market on the loans in the portfolio that are at fair value. Hedges on accrual loans reflect the mark-to-market on credit derivatives used to economically hedge the corporate loan accrual portfolio. The fixed premium costs of these hedges are netted against the corporate lending revenues to reflect the cost of credit protection. Citigroup’s results of operations excluding the impact of gain (loss) on loan hedges are non-GAAP financial measures.
(4)    Management uses this information in reviewing the segment’s results and believes it is useful to investors concerning underlying segment performance and trends.
(5)    Excludes loans that are carried at fair value for all periods.
NM Not meaningful


The discussion of the results of operations for Banking below excludes (where noted) the impact of any gain (loss) on hedges of accrual loans, which are non-GAAP financial measures. For a reconciliation of these metrics to the reported results, see the table above.

3Q24 vs. 3Q23
Net income was $238 million, compared to net income of $156 million in the prior-year period, driven by higher revenues and lower expenses, partially offset by an increase in cost of credit.
Revenues increased 16% (including losses on loan hedges), reflecting higher Investment Banking revenues, largely driven by continued strong issuance activity in Debt Capital Markets (DCM) and strong deal volume in Advisory. The losses on loan hedges increased to $79 million, compared to $47 million in the prior-year period. Excluding the impact of losses on loan hedges, Banking revenues increased 18%.
Investment Banking revenues increased 31%, reflecting overall higher banking fees revenue. DCM underwriting fees increased 75%, benefiting from strong issuance activity in the quarter, primarily in investment-grade activity, as clients pulled forward activity ahead of the U.S. election. Citi expects normalization and ordinary seasonality in investment-grade activity in the fourth quarter of 2024. Advisory fees increased 32%, due to strong announced deal volume from earlier this year coming to fruition as those transactions close. ECM underwriting fees increased 5%, due to stronger follow-on activity, partially offset by less IPO activity amid market volatility mid quarter.
Corporate Lending revenues were largely unchanged, including the impact of losses on loan hedges. Excluding the impact of losses on loan hedges, Corporate Lending revenues increased 5%, primarily driven by a smaller impact from currency devaluation in Argentina.
Expenses decreased 9%, primarily driven by benefits of prior repositioning actions and other actions to lower the expense base.
Provisions were $177 million, compared to a benefit of $56 million in the prior-year period, driven by a net ACL build of $141 million, compared to a net release of $85 million in the prior-year period. The ACL build in the current quarter was primarily driven by changes in portfolio composition. For additional information on Citi’s ACL, see “Significant Accounting Policies and Significant Estimates” below.
For additional information on Banking’s corporate credit portfolio, see “Managing Global Risk—Credit Risk—Corporate Credit” below.
For additional information on trends in Banking’s deposits and loans, see “Managing Global Risk—Credit Risk—Loans” and “Managing Global Risk—Liquidity Risk—Deposits” below.

19


For additional information about trends, uncertainties and risks related to Banking’s future results, see “Executive Summary” above and “Managing Global Risk—Other Risks—Country Risk—Argentina” and “—Russia” below, and “Risk Factors” in Citi’s 2023 Form 10-K.

3Q24 YTD vs. 3Q23 YTD
Net income was $1.2 billion, compared to net income of $261 million in the prior-year period, driven by higher revenues and lower expenses, partially offset by an increase in cost of credit.
Revenues increased 33% (including loss on loan hedges), primarily reflecting higher Investment Banking revenues driven by the same factors described above, higher revenues in Corporate Lending and lower losses on loan hedges ($174 million versus $312 million in the prior-year period). Excluding the impact of losses on loan hedges, Banking revenues increased 27%.
Investment Banking revenues increased 39%, primarily driven by the DCM business, as improved market sentiment led to an increase in issuance activity. DCM underwriting fees increased 74%, driven by the same factors described above. Fees from ECM underwriting and Advisory each increased 22%, driven by favorable market conditions and the same factors described above.
Corporate Lending revenues increased 25%, including the impact of losses on loan hedges. Excluding the impact of losses on loan hedges, Corporate Lending revenues increased 15%, largely driven by higher revenue share.
Expenses decreased 8%, primarily driven by benefits of prior repositioning actions and other actions to lower the expense base.
Provisions were $16 million, compared to a benefit of $327 million in the prior-year period. Net credit losses increased to $142 million, compared to $98 million in the prior-year period. The net ACL release was $126 million, compared to $425 million in the prior-year period. The net ACL release in the current period was primarily driven by an improved macroeconomic outlook.

20


U.S. PERSONAL BANKING

U.S. Personal Banking (USPB) includes Branded Cards and Retail Services, with proprietary credit card portfolios (Value, Rewards and Cash) and co-branded card portfolios (including Costco and American Airlines) within Branded Cards, and co-brand and private label relationships within Retail Services (including, among others, The Home Depot, Best Buy, Macy’s and Sears). USPB also includes Retail Banking, which provides traditional banking services to retail and small business customers.
At September 30, 2024, USPB had 641 retail bank branches concentrated in the six key metropolitan areas of New York, Chicago, Los Angeles, San Francisco, Washington, D.C. and Miami. USPB had $164 billion in outstanding credit card balances, $85 billion in deposits, $44 billion in mortgages and $5 billion in personal and small business loans. For additional information on USPB’s end-of-period consumer loan portfolios and metrics, see “Managing Global Risk—Credit Risk—Consumer Credit” below.

Third QuarterNine Months
In millions of dollars, except as otherwise noted20242023% Change20242023% Change
Net interest income$5,293 $5,175 2 %$15,622 $14,912 5 %
Fee revenue
Interchange fees2,469 2,434 1 7,345 7,193 2 
Card rewards and partner payments(2,839)(2,777)(2)(8,266)(8,194)(1)
Other(1)
110 75 47 329 251 31 
Total fee revenue$(260)$(268)3 %$(592)$(750)21 %
All other(2)
12 10 20 112 85 32 
Total non-interest revenue$(248)$(258)4 %$(480)$(665)28 %
Total revenues, net of interest expense5,045 4,917 3 15,142 14,247 6 
Total operating expenses$2,457 $2,481 (1)%$7,418 $7,508 (1)%
Net credit losses on loans1,864 1,343 39 5,659 3,635 56 
Credit reserve build (release) for loans41 114 (64)760 993 (23)
Provision for credit losses on unfunded lending commitments (1)100  —  
Provisions for benefits and claims (PBC), and other assets4 33 9 80 
Provisions for credit losses and PBC$1,909 $1,459 31 %$6,428 $4,633 39 %
Income from continuing operations before taxes$679 $977 (31)%$1,296 $2,106 (38)%
Income taxes157 221 (29)306 487 (37)
Income from continuing operations$522 $756 (31)%$990 $1,619 (39)%
Noncontrolling interests —   —  
Net income$522 $756 (31)%$990 $1,619 (39)%
Balance Sheet data (in billions of dollars)
EOP assets
$245 $231 6 %
Average assets
244 230 6 $239 $230 4 %
Efficiency ratio49 %50 %49 %53 %
Revenue by component
Branded Cards$2,731 $2,539 8 %$7,908 $7,368 7 %
Retail Services1,715 1,728 (1)5,361 4,981 8 
Retail Banking599 650 (8)1,873 1,898 (1)
Total$5,045 $4,917 3 %$15,142 $14,247 6 %
Average loans and deposits(3) (in billions of dollars)
Average loans$210 $196 7 %$207 $189 10 %
ACLL as a percentage of EOP loans(4)
6.52 %6.36 %
Average deposits
85 110 (23)93 111 (16)

(1)    Primarily related to retail banking and credit card-related fees.
(2)    Primarily related to revenue incentives from card networks and partners.
(3)    Management uses this information in reviewing the segment’s results and believes it is useful to investors concerning underlying segment performance and trends.
(4)    Excludes loans that are carried at fair value for all periods.

21


3Q24 vs. 3Q23
Net income was $522 million, compared to $756 million in the prior-year period, driven by higher cost of credit, partially offset by higher revenues and lower expenses.
Revenues increased 3%, due to higher net interest income (up 2%), driven by loan growth in cards, as well as higher non-interest revenue (up 4%). The increase in non-interest revenue was largely driven by lower partner payments in Retail Services, due to higher net credit losses.
Cards revenues increased 4%. Branded Cards revenues increased 8%, driven by interest-earning balance growth (up 8%), as payment rates continued to moderate, and card spend volume growth. Branded Cards average loans increased 8%, also reflecting the lower card payment rates and higher card spend volume. Branded Cards card spend volume increased 3%, driven by higher FICO band customers.
Retail Services revenues decreased 1%, primarily driven by a slowing growth rate in interest-earnings balances and higher reversals of interest from net credit losses. The decrease in revenues was partially offset by higher non-interest revenue due to the lower partner payments, driven by the higher net credit losses (see “Provisions” below and Note 5). Retail Services average loans increased 2%, largely reflecting lower card payment rates, partially offset by lower card spend volume. Card spend volume decreased 7%, primarily due to continued lower in-store foot traffic.
Retail Banking revenues decreased 8%, primarily driven by the impact of the transfers of certain relationships and the associated deposit balances to Wealth. Average deposits decreased 23%, largely reflecting the transfers of certain relationships and the associated deposits to Wealth ($26 billion at the time of transfer over the last 12 months).
Expenses decreased 1%, driven by continued productivity savings, partially offset by higher volume-related expenses.
Provisions were $1.9 billion, compared to $1.5 billion in the prior-year period, driven by higher net credit losses, partially offset by a lower net ACL build for loans. Net credit losses of $1.9 billion increased 39%, primarily reflecting the continued maturation of multiple cards loan vintages originated in recent years, impacted by unprecedented levels of government stimulus during the pandemic. In addition, the increase was driven by macroeconomic pressures related to the elevated inflationary and interest rate environment impacting both cards portfolios, with lower FICO band customers primarily driving the increase. Branded Cards net credit losses of $1.0 billion increased 41%, and Retail Services net credit losses of $0.8 billion increased 38%.
The net ACL build was $45 million, compared to $116 million in the prior-year period. The net ACL build in the current quarter primarily reflected loan growth. For additional information on Citi’s ACL, see “Significant Accounting Policies and Significant Estimates” below.
For additional information on USPB’s Branded Cards, Retail Services and Retail Banking loan portfolios, see “Managing Global Risk—Credit Risk—Consumer Credit” below.
For additional information about trends, uncertainties and risks related to USPB’s future results, see “Executive Summary” above and “Risk Factors—Strategic Risks” in Citi’s 2023 Form 10-K.
3Q24 YTD vs. 3Q23 YTD
Year-to-date, USPB experienced similar trends to those described above. Net income was $1.0 billion, compared to $1.6 billion in the prior-year period, reflecting higher cost of credit, partially offset by higher revenues and lower expenses.
Revenues increased 6%, reflecting the same factors described above.
Cards revenues increased 7%. Branded Cards revenues increased 7%, reflecting the same factors described above.
Retail Services revenues increased 8%, driven by higher non-interest revenue due to lower partner payments, driven by higher net credit losses, as well as higher net interest income on higher interest-earning balances.
Retail Banking revenues decreased 1%, driven by the impact of the transfers of certain relationships and the associated deposit balances to Wealth, partially offset by higher deposit spreads, as well as mortgage and installment loan growth.
Expenses decreased 1%, driven by continued productivity savings and lower technology costs, partially offset by higher volume-related expenses.
Provisions were $6.4 billion, compared to $4.6 billion in the prior-year period, largely driven by higher net credit losses, partially offset by a lower ACL build for loans. Net credit losses of $5.7 billion increased 56%, driven by the same factors described above. Branded Cards net credit losses of $3 billion increased 63% and Retail Services net credit losses of $2.4 billion were up 50%.
The net ACL build was $0.8 billion, compared to $1.0 billion in the prior-year period. The net ACL build in the current period primarily reflected the impact of macroeconomic pressures related to the elevated inflationary and interest rate environment.

22


WEALTH

Wealth includes the Private Bank, Wealth at Work and Citigold businesses and provides financial services to a range of client segments including affluent, high net worth and ultra-high net worth clients through banking, lending, mortgages, investment, custody and trust product offerings in 20 countries, including the U.S., Mexico and four wealth management centers: Singapore, Hong Kong, the UAE and London. Private Bank provides financial services to ultra-high net worth clients through customized product offerings. Wealth at Work provides financial services to professional industries (including law firms, consulting groups, accounting and asset management) through tailored solutions. Citigold and Citigold Private Client provide financial services to affluent and high net worth clients through elevated product offerings and financial relationships.
At September 30, 2024, Wealth had $316 billion in deposits and $151 billion in loans, including $92 billion in mortgage loans, $28 billion in margin loans, $26 billion in personal, small business and other loans and $5 billion in outstanding credit card balances. For additional information on Wealth’s end-of-period consumer loan portfolios and metrics, see “Managing Global Risk—Credit Risk—Consumer Credit” below.

Third QuarterNine Months
In millions of dollars, except as otherwise noted20242023% Change20242023% Change
Net interest income$1,233 $1,164 6 %$3,261 $3,371 (3)%
Fee revenue
Commissions and fees349 300 16 1,042 908 15 
Other(1)
241 215 12 704 593 19 
Total fee revenue$590 $515 15 %$1,746 $1,501 16 %
All other(2)
179 152 18 502 485 4 
Total non-interest revenue$769 $667 15 %$2,248 $1,986 13 %
Total revenues, net of interest expense2,002 1,831 9 5,509 5,357 3 
Total operating expenses$1,601 $1,669 (4)%$4,785 $4,862 (2)%
Net credit losses on loans27 24 13 91 67 36 
Credit reserve build (release) for loans8 (19)NM(225)(58)NM
Provision (release) for credit losses on unfunded lending commitments(1)(8)88 (9)(13)31 
Provisions for benefits and claims (PBC), and other assets(1)NM(3)(3) 
Provisions (releases) for credit losses and PBC$33 $(2)NM$(146)$(7)NM
Income from continuing operations before taxes$368 $164 NM$870 $502 73 %
Income taxes85 32 NM202 104 94 
Income from continuing operations$283 $132 NM$668 $398 68 %
Noncontrolling interests —  % —  
Net income$283 $132 NM$668 $398 68 %
Balance Sheet data (in billions of dollars)
EOP assets
$230 $233 (1)%
Average assets
229 238 (4)$232 $248 (6)%
Efficiency ratio80 %91 %87 %91 %
Revenue by component
Private Bank$614 $617  %$1,796 $1,790  %
Wealth at Work244 234 4 620 651 (5)
Citigold
1,144 980 17 3,093 2,916 6 
Total$2,002 $1,831 9 %$5,509 $5,357 3 %
Revenue by geography
North America$1,000 $953 5 %$2,620 $2,757 (5)%
International
1,002 878 14 2,889 2,600 11 
Total$2,002 $1,831 9 %$5,509 $5,357 3 %
23


International revenue by cluster
United Kingdom$89 $74 20 %$245 $225 9 %
Japan, Asia North and Australia (JANA)365 304 20 1,016 881 15 
LATAM33 32 3 96 94 2 
Asia South351 298 18 1,024 892 15 
Europe67 76 (12)223 245 (9)
Middle East and Africa (MEA)97 94 3 285 263 8 
Total$1,002 $878 14 %$2,889 $2,600 11 %
Key drivers(3) (in billions of dollars)
EOP client balances
Client investment assets(4)
$580 $469 24 %
Deposits316 302 5 
Loans151 151  
Total$1,047 $922 14 %
ACLL as a percentage of EOP loans0.36 %0.53 %

(1)    Primarily related to fiduciary and administrative fees.
(2)    Primarily related to principal transactions revenue including FX translation.
(3)    Management uses this information in reviewing the segment’s results and believes it is useful to investors concerning underlying segment performance and trends.
(4)    Includes assets under management, and trust and custody assets.
NM Not meaningful

3Q24 vs. 3Q23
Net income was $283 million, compared to $132 million in the prior-year period, driven by higher revenues and lower expenses, partially offset by higher cost of credit.
Revenues increased 9%, driven by higher non-interest revenue (up 15%), reflecting higher investment fee revenues on momentum in client investment assets, as well as an increase in net interest income (up 6%), driven by higher deposit volumes and spreads.
Client balances increased 14%, primarily driven by higher client investment assets (up 24%), reflecting higher market valuations and strong net new assets generation.
Average deposits increased 4%, reflecting the transfers of relationships and the associated deposits from USPB ($26 billion at the time of transfer over the last 12 months), partially offset by a shift in deposits to higher-yielding investments on Citi’s platform. Average loans decreased 1%, as Wealth continued to optimize capital usage.
Private Bank revenues were largely unchanged, as the higher investment fee revenues and improved deposit spreads were offset by higher mortgage funding costs.
Wealth at Work revenues increased 4%, driven by improved deposit spreads and the higher investment fee revenues, partially offset by higher mortgage funding costs.
Citigold revenues increased 17%, driven by the higher investment fee revenues and higher deposit volumes.
Expenses decreased 4%, primarily driven by the benefits of prior repositioning and restructuring actions.
Provisions were a cost of $33 million, compared to a benefit of $2 million in the prior-year period, largely driven by a net ACL build for loans, compared to a release in the prior-year period. For additional information on Citi’s ACL, see “Significant Accounting Policies and Significant Estimates” below.
For additional information on Wealth’s loan portfolios, see “Managing Global Risk—Credit Risk—Consumer Credit” below.
For additional information about trends, uncertainties and risks related to Wealth’s future results, see “Executive Summary” above and “Risk Factors—Strategic Risks” in Citi’s 2023 Form 10-K.

3Q24 YTD vs. 3Q23 YTD
Net income was $668 million, compared to $398 million in the prior-year period, reflecting higher revenues, lower expenses and lower cost of credit.
Revenues increased 3%, largely driven by an increase in non-interest revenue (up 13%), reflecting higher investment fee revenues, partially offset by lower net interest income (down 3%), mainly due to lower deposit spreads and higher mortgage funding costs.
Private Bank revenues were largely unchanged. Wealth at Work revenues decreased 5%, driven by higher mortgage funding costs and lower deposit spreads, partially offset by higher investment fee revenues. Citigold revenues increased 6%, driven by higher investment fee revenues and higher deposit volumes.
Expenses decreased 2%, mainly driven by benefits from prior repositioning and restructuring actions, partially offset by higher volume-related expenses and technology investments focused on risk and controls and platform enhancements.
Provisions were a benefit of $146 million, compared to a benefit of $7 million in the prior-year period, largely driven by a higher net ACL release. The higher net ACL release was primarily driven by a change in the ACL associated with the margin lending portfolio.
24


ALL OTHER—Divestiture-Related Impacts (Reconciling Items)

All Other includes activities not assigned to the reportable operating segments (Services, Markets, Banking, USPB and Wealth), including Legacy Franchises and Corporate/Other. For additional information about Legacy Franchises and Corporate/Other, see “All Other (Managed Basis)” below.
All Other (managed basis) results exclude divestiture-related impacts (see the “Reconciling Items” column in the table below) related to (i) Citi’s divestitures of its Asia consumer banking businesses and (ii) the planned IPO of Mexico consumer banking and small business and middle-market banking, within Legacy Franchises. Legacy Franchises (managed basis) results also exclude these divestiture-related impacts. Certain of the results of operations of All Other (managed basis) and Legacy Franchises (managed basis) are non-GAAP financial measures (see “Overview—Non-GAAP Financial Measures” above).
The table below presents a reconciliation from All Other (U.S. GAAP) to All Other (managed basis). All Other (U.S. GAAP), less Reconciling Items, equals All Other (managed basis). The Reconciling Items are fully reflected on each respective line item in Citi’s Consolidated Statement of Income.

25


Third Quarter
20242023
In millions of dollars, except as otherwise notedAll Other
(U.S. GAAP)
Reconciling Items(1)
All Other
(managed basis)
All Other
(U.S. GAAP)
Reconciling Items(2)
All Other
(managed basis)
Net interest income$1,469 $ $1,469 $1,799 $— $1,799 
Non-interest revenue357 1 356 835 396 439 
Total revenues, net of interest expense$1,826 $1 $1,825 $2,634 $396 $2,238 
Total operating expenses$2,149 $67 $2,082 $2,306 $114 $2,192 
Net credit losses on loans207 (1)208 218 (19)237 
Credit reserve build (release) for loans55  55 (19)(21)
Provision for credit losses on unfunded lending commitments(7) (7)(9)— (9)
Provisions for benefits and claims (PBC), other assets and HTM debt securities33  33 (8)— (8)
Provisions (benefits) for credit losses and PBC$288 $(1)$289 $182 $(17)$199 
Income (loss) from continuing operations before taxes$(611)$(65)$(546)$146 $299 $(153)
Income taxes (benefits)(72)(20)(52)26 85 (59)
Income (loss) from continuing operations$(539)$(45)$(494)$120 $214 $(94)
Income (loss) from discontinued operations, net of taxes(1) (1)— 
Noncontrolling interests(12) (12)— 
Net income (loss)$(528)$(45)$(483)$113 $214 $(101)
Asia Consumer revenues$194 $1 $193 $685 $396 $289 
Nine Months
20242023
In millions of dollars, except as otherwise notedAll Other
(U.S. GAAP)
Reconciling Items(3)
All Other
(managed basis)
All Other
(U.S. GAAP)
Reconciling Items(4)
All Other
(managed basis)
Net interest income$4,717 $ $4,717 $6,128 $— $6,128 
Non-interest revenue1,496 22 1,474 2,685 1,408 1,277 
Total revenues, net of interest expense$6,213 $22 $6,191 $8,813 $1,408 $7,405 
Total operating expenses$7,153 $262 $6,891 $7,027 $266 $6,761 
Net credit losses on loans678 7 671 595 (39)634 
Credit reserve build (release) for loans(39) (39)36 34 
Provision for credit losses on unfunded lending commitments(15) (15)(37)— (37)
Provisions for benefits and claims (PBC), other assets and HTM debt securities101  101 213 — 213 
Provisions (benefits) for credit losses and PBC$725 $7 $718 $807 $(37)$844 
Income (loss) from continuing operations before taxes$(1,665)$(247)$(1,418)$979 $1,179 $(200)
Income taxes (benefits)(105)(76)(29)32 409 (377)
Income (loss) from continuing operations$(1,560)$(171)$(1,389)$947 $770 $177 
Income (loss) from discontinued operations, net of taxes(2) (2)— — — 
Noncontrolling interests(29) (29)18 — 18 
Net income (loss)$(1,533)$(171)$(1,362)$929 $770 $159 
Asia Consumer revenues$689 $22 $667 $2,675 $1,408 $1,267 

(1)    The three months ended September 30, 2024 includes approximately $67 million in operating expenses (approximately $46 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets.
(2)    The three months ended September 30, 2023 includes an approximate $403 million gain on sale recorded in revenue (approximately $284 million after various taxes) related to Citi’s sale of the Taiwan consumer banking business and approximately $114 million in operating expenses (approximately $78 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets. For additional information, see Citi’s Quarterly Report on Form 10-Q for the period ended September 30, 2023.
(3)    The nine months ended September 30, 2024 includes approximately $262 million in operating expenses (approximately $181 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets. 
(4)    The nine months ended September 30, 2023 includes an approximate $1.059 billion gain on sale recorded in revenue (approximately $727 million after various taxes) related to Citi’s sale of the India consumer banking business and an approximate $403 million gain on sale recorded in revenue (approximately $284 million after various taxes) related to Citi’s sale of the Taiwan consumer banking business. In addition, the nine months ended September 30, 2023 includes approximately $266 million in operating expenses (approximately $188 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets. For additional information, see Citi’s Quarterly Report on Form 10-Q for the period ended September 30, 2023.
26


ALL OTHER—Managed Basis

At September 30, 2024, All Other (managed basis) had $195 billion in assets, primarily related to Mexico Consumer/SBMM and Asia Consumer reported within Legacy Franchises (managed basis), as well as Corporate Treasury investment securities and Citi’s deferred tax assets (DTAs) reported within Corporate/Other.

Legacy Franchises (Managed Basis)
Legacy Franchises (managed basis) includes (i) Mexico Consumer Banking (Mexico Consumer) and Mexico Small Business and Middle-Market Banking (Mexico SBMM), collectively Mexico Consumer/SBMM, (ii) Asia Consumer Banking (Asia Consumer), representing the consumer banking operations of the remaining three exit countries (Korea, Poland and Russia), as well as residual China portfolios being wound down, and (iii) Legacy Holdings Assets, primarily legacy consumer mortgage loans in North America, as well as the U.K. retail banking business, both of which Citi continues to wind down.
Mexico Consumer/SBMM operates in Mexico through Citibanamex and provides traditional retail banking and branded card products to consumers and small business customers and traditional middle-market banking products and services to commercial customers. As previously disclosed, Citi intends to pursue an IPO of Mexico Consumer/SBMM operations in Mexico. Citi will retain its Services, Markets, Banking and Wealth businesses in Mexico. Citi currently expects that the separation of the businesses will be completed in the fourth quarter of 2024 and that Mexico Consumer/SBMM will be ready for an IPO by the end of 2025, subject to market conditions and regulatory approvals.
Legacy Franchises (managed basis) also included the following five Asia Consumer businesses prior to their sales: India and Vietnam, until their closings in March 2023; Taiwan, until its closing in August 2023; Indonesia until its closing in November 2023; and China until the completion of the sales of substantially all portfolios in July 2024.
Citi has continued to make progress on its wind-downs in Korea and Russia. In addition, Citi has restarted the sales process of its consumer banking business in Poland. See Note 2 for additional information on Legacy Franchises’ consumer banking business sales and wind-downs. For additional information about Citi’s continued efforts to reduce its operations and exposures in Russia, see “Managing Global Risk—Other Risks—Country Risk—Russia” below and “Risk Factors” in Citi’s 2023 Form 10-K.
At September 30, 2024, on a combined basis, Legacy Franchises (managed basis) had 1,320 retail branches, $17 billion in retail banking loans and $43 billion in deposits. In addition, Legacy Franchises (managed basis) had $8 billion in outstanding credit card balances, while Mexico SBMM had $6 billion in outstanding corporate loans.

Corporate/Other
Corporate/Other includes certain unallocated costs of global staff functions (including finance, risk, human resources, legal and compliance-related costs), other corporate expenses and unallocated global operations and technology expenses and income taxes, as well as results of Corporate Treasury investment activities and discontinued operations.


27


Third QuarterNine Months% Change
In millions of dollars, except as otherwise noted20242023% Change20242023
Net interest income$1,469 $1,799 (18)%$4,717 $6,128 (23)%
Non-interest revenue356 439 (19)1,474 1,277 15 
Total revenues, net of interest expense$1,825 $2,238 (18)%$6,191 $7,405 (16)%
Total operating expenses$2,082 $2,192 (5)%$6,891 $6,761 2 %
Net credit losses on loans208 237 (12)671 634 6 
Credit reserve build (release) for loans55 (21)NM(39)34 NM
Provision (release) for credit losses on unfunded lending commitments(7)(9)22 (15)(37)59 
Provisions (release) for benefits and claims (PBC), other assets and HTM debt securities33 (8)NM101 213 (53)
Provisions for credit losses and PBC$289 $199 45 %$718 $844 (15)%
Income (loss) from continuing operations before taxes$(546)$(153)NM$(1,418)$(200)NM
Income taxes (benefits)(52)(59)12 %(29)(377)92 %
Income (loss) from continuing operations$(494)$(94)NM$(1,389)$177 NM
Income (loss) from discontinued operations, net of taxes(1)NM(2)—  %
Noncontrolling interests(12)NM(29)18 NM
Net income (loss)$(483)$(101)NM$(1,362)$159 NM
Balance Sheet data (in billions of dollars)
EOP assets
$195 $197 (1)%
Average assets
194 203 (4)$195 $208 (6)%
Revenue by reporting unit and component
Mexico Consumer/SBMM$1,526 $1,527  %$4,737 $4,233 12 %
Asia Consumer193 289 (33)667 1,267 (47)
Legacy Holdings Assets20 25 (20)(109)99 NM
Corporate/Other86 397 (78)896 1,806 (50)
Total$1,825 $2,238 (18)%$6,191 $7,405 (16)%
Mexico Consumer/SBMMkey indicators (in billions of dollars)
EOP loans$23.5 $24.0 (2)%
EOP deposits34.6 38.3 (10)
Average loans23.9 24.0  $24.7 $22.5 10 %
NCLs as a percentage of average loans (Mexico Consumer only)4.36 %4.12 %4.44 %3.90 %
Loans 90+ days past due as a percentage of EOP loans (Mexico Consumer only)1.37 1.32 
Loans 30–89 days past due as a percentage of EOP loans (Mexico Consumer only)
1.47 1.33 
Asia Consumer—key indicators(1) (in billions of dollars)
EOP loans$5.5 $8.0 (31)%
EOP deposits8.4 10.8 (22)
Average loans5.6 8.6 (35)$6.2 $10.1 (39)%
Legacy Holdings Assetskey indicators (in billions of dollars)
EOP loans$2.5 $2.8 (11)%

Note: Certain reclassifications have been made to the prior periods’ financial statements to conform to the current period’s presentation effective as of the second quarter of 2024, for all periods presented. During the second quarter of 2024, Citi made certain reclassifications to align with Citi’s transformation and strategy. In connection therewith, Citi transferred the retail banking business in the U.K., which is being wound down, from Wealth to Legacy Franchises (managed basis) within All Other (managed basis).
(1)    The key indicators for Asia Consumer reflect the reclassification of loans and deposits to Other assets and Other liabilities under HFS accounting on Citi’s Consolidated Balance Sheet.
NM Not meaningful

28


3Q24 vs. 3Q23
Net loss was $483 million, compared to a net loss of $101 million in the prior-year period, driven by lower revenues and higher cost of credit, partially offset by lower expenses.
All Other (managed basis) revenues decreased 18%, driven by lower revenues in Corporate/Other and Legacy Franchises (managed basis).
Legacy Franchises (managed basis) revenues decreased 6%, mainly due to lower revenues in Asia Consumer (managed basis).
Mexico Consumer/SBMM (managed basis) revenues were largely unchanged, as higher revenues driven mainly by higher loan volumes and higher fee revenues were offset by the depreciation of the Mexican peso. Asia Consumer (managed basis) revenues decreased 33%, primarily driven by the closed exits and wind-downs.
Corporate/Other revenues decreased to $86 million, compared to $397 million in the prior-year period, largely driven by margin compression on mortgage securities in the investment portfolio that have extended.
Expenses decreased 5%, primarily driven by lower expenses from the closed exits and wind-downs, partially offset by a legal reserve.
Provisions were $289 million, compared to $199 million in the prior-year period, largely reflecting a net ACL build driven by Mexico Consumer, compared to an ACL release in the prior-year period. Net credit losses of $208 million decreased 12%, primarily driven by the impact from the wind-downs.
For additional information on Citi’s ACL, see “Significant Accounting Policies and Significant Estimates” below.
For additional information about trends, uncertainties and risks related to All Other’s (managed basis) future results, see “Executive Summary” above and “Managing Global Risk—Other Risks—Country Risk—Russia” below, and “Risk Factors” in Citi’s 2023 Form 10-K.

3Q24 YTD vs. 3Q23 YTD
Net loss was $1.4 billion, compared to net income of $159 million in the prior-year period, driven by lower revenues, higher expenses and lower income tax benefits, partially offset by lower cost of credit.
All Other (managed basis) revenues decreased 16%, driven by lower revenues in Corporate/Other and Legacy Franchises (managed basis).
Legacy Franchises (managed basis) revenues decreased 5%, mainly due to lower revenues in Asia Consumer (managed basis) and Legacy Holdings Assets, partially offset by higher revenues in Mexico Consumer/SBMM (managed basis).
Mexico Consumer/SBMM (managed basis) revenues increased 12%, primarily due to higher loan balances in retail banking, cards and SBMM and higher deposits in SBMM.
Asia Consumer (managed basis) revenues decreased 47%, primarily driven by the closed exits and wind-downs.
Legacy Holdings Assets revenues decreased to $(109) million, compared to $99 million in the prior-year period, primarily due to higher funding costs related to the transfer of the retail banking business in the U.K.
Corporate/Other revenues decreased to $896 million, compared to $1.8 billion in the prior-year period, largely driven by higher funding costs.
Expenses increased 2%, primarily driven by restructuring charges (see Note 9), the net incremental FDIC special assessment and an aggregate of $136 million of civil money penalties imposed by the FRB and OCC in the second quarter of 2024, partially offset by the closed exits and wind-downs.
Provisions were $718 million, compared to $844 million in the prior-year period, largely driven by a lower net ACL build, partially offset by a 6% increase in net credit losses, primarily due to higher lending volumes in Mexico Consumer.





29


CAPITAL RESOURCES

For additional information about capital resources, including Citi’s capital management, regulatory capital buffers, the stress testing component of capital planning and current regulatory capital standards and developments, see “Capital Resources” and “Risk Factors” in Citi’s 2023 Form 10-K.
During the third quarter of 2024, Citi returned a total of $2.1 billion of capital to common shareholders in the form of dividends and share repurchases. For additional information, see “Unregistered Sales of Equity Securities, Repurchases of Equity Securities and Dividends” below.
Citi paid common dividends of $0.56 per share for the third quarter of 2024, and on October 23, 2024, declared common dividends of $0.56 per share for the fourth quarter of 2024. Citi plans to maintain a quarterly common dividend of $0.56 per share, subject to financial and macroeconomic conditions as well as its Board of Directors’ approval. In addition, Citi repurchased approximately $1.0 billion of common shares during the third quarter of 2024. Citi will continue to determine the level of common share repurchases on a quarter-by-quarter basis given the uncertainty regarding future regulatory capital requirements. For additional information, see “Regulatory Capital Standards and Developments” below.

Common Equity Tier 1 Capital Ratio
Citi’s Common Equity Tier 1 (CET1) Capital ratio under the Basel III Standardized Approach was 13.7% as of September 30, 2024, compared to 13.6% as of June 30, 2024 and 13.4% as of December 31, 2023, relative to a required regulatory CET1 Capital ratio of 12.3% as of such dates under the Standardized Approach. Citi’s CET1 Capital ratio under the Basel III Advanced Approaches was 12.2% as of September 30, 2024 and June 30, 2024, and 12.1% as of December 31, 2023, relative to a required regulatory CET1 Capital ratio of 10.5% as of such dates under the Advanced Approaches framework.
Citi’s CET1 Capital ratio increased under the Standardized Approach from June 30, 2024, driven primarily by net income and unrealized gains on available-for-sale securities recognized in AOCI, partially offset by an increase in Standardized Approach RWA, the payment of common and preferred dividends and common share repurchases. The CET1 Capital ratio under the Advanced Approaches framework remained largely unchanged from June 30, 2024, as net income and unrealized gains on available-for-sale securities recognized in AOCI were offset by the payment of common and preferred dividends and common share repurchases, as well as an increase in Advanced Approaches RWA. Citi’s CET1 Capital ratio increased under both the Standardized Approach and Advanced Approaches from year-end 2023, primarily driven by year-to-date net income of $9.8 billion and unrealized gains on available-for-sale securities recognized in AOCI, partially offset by the payment of common and preferred dividends, common share repurchases and an increase in RWA.
Stress Capital Buffer
In August 2024, the FRB confirmed Citi’s Stress Capital Buffer (SCB) requirement of 4.1%, decreased from 4.3%, for the four-quarter window from October 1, 2024 to September 30, 2025.
Accordingly, effective October 1, 2024, Citi’s required regulatory CET1 Capital ratio decreased to 12.1% from 12.3% under the Standardized Approach, incorporating the 4.1% SCB through September 30, 2025 and Citi’s current GSIB surcharge of 3.5%. Citi’s required regulatory CET1 Capital ratio under the Advanced Approaches (using the fixed 2.5% Capital Conservation Buffer) remains unchanged at 10.5%. The SCB applies to Citigroup only; the regulatory capital framework applicable to Citibank, including the Capital Conservation Buffer, is unaffected by Citigroup’s SCB.
For additional information regarding regulatory capital buffers, including the SCB and GSIB surcharge, see “Capital Resources—Regulatory Capital Buffers” in Citi’s 2023 Form 10-K.
30


Citigroup’s Capital Resources
The following table presents Citi’s required risk-based capital ratios as of September 30, 2024, June 30, 2024 and December 31, 2023:

Advanced Approaches
Standardized Approach(2)
September 30,
2024
June 30,
2024
December 31,
2023
September 30,
2024
June 30,
2024
December 31,
2023
CET1 Capital ratio(1)
10.5 %10.5 %10.5 %12.3 %12.3 %12.3 %
Tier 1 Capital ratio(1)
12.0 12.0 12.0 13.8 13.8 13.8 
Total Capital ratio(1)
14.0 14.0 14.0 15.8 15.8 15.8 

(1)Citi’s required risk-based capital ratios included the 2.5% Capital Conservation Buffer and 3.5% GSIB surcharge under the Advanced Approaches, and the 4.3% SCB and 3.5% GSIB surcharge under the Standardized Approach (all of which must be composed of CET1 Capital). These requirements were applicable through September 30, 2024. See “Stress Capital Buffer” above for more information.
(2)Effective October 1, 2024, Citi’s required regulatory CET1 Capital ratio decreased from 12.3% to 12.1% under the Standardized Approach, incorporating the SCB of 4.1% and its current GSIB surcharge of 3.5%.



The following tables present Citi’s capital components and ratios as of September 30, 2024, June 30, 2024 and December 31, 2023:

Advanced ApproachesStandardized Approach
In millions of dollars, except ratios
September 30,
2024
June 30,
2024
December 31,
2023
September 30,
2024
June 30,
2024
December 31,
2023
CET1 Capital(1)
$158,106 $154,357 $153,595 $158,106 $154,357 $153,595 
Tier 1 Capital(1)
175,788 173,783 172,504 175,788 173,783 172,504 
Total Capital (Tier 1 Capital + Tier 2 Capital)(1)
197,784 195,494 191,919 206,434 204,204 201,768 
Total Risk-Weighted Assets
1,300,152 1,268,878 1,268,723 1,153,150 1,135,750 1,148,608 
Credit Risk(1)
$918,595 $907,266 $910,226 $1,085,499 $1,080,960 $1,087,019 
Market Risk
67,269 54,196 61,194 67,651 54,790 61,589 
Operational Risk
314,288 307,416 297,303  — — 
CET1 Capital ratio(2)
12.16 %12.16 %12.11 %13.71 %13.59 %13.37 %
Tier 1 Capital ratio(2)
13.52 13.70 13.60 15.24 15.30 15.02 
Total Capital ratio(2)
15.21 15.41 15.13 17.90 17.98 17.57 
In millions of dollars, except ratios
Required
Capital Ratios
September 30, 2024June 30, 2024December 31, 2023
Quarterly Adjusted Average Total Assets(1)(3)
$2,455,486 $2,419,126 $2,394,272 
Total Leverage Exposure(1)(4)
3,005,709 2,949,534 2,964,954 
Leverage ratio
4.0 %7.16 %7.18 %7.20 %
Supplementary Leverage ratio
5.0 5.85 5.89 5.82 

(1)Citi’s regulatory capital ratios and components reflect certain deferrals based on the modified regulatory capital transition provision related to the current expected credit losses (CECL) standard. See “Capital Resources—Regulatory Capital Treatment—Modified Transition of the Current Expected Credit Losses Methodology” in Citi’s 2023 Form 10-K.
(2)Citi’s binding CET1 Capital and Tier 1 Capital ratios were derived under the Basel III Standardized Approach, whereas Citi’s binding Total Capital ratio was derived under the Basel III Advanced Approaches framework for all periods presented. As of September 30, 2024, the Total Capital ratio under the Basel III Advanced Approaches framework became the most binding ratio. In prior quarters, the Common Equity Tier 1 Capital ratio under the Basel III Standardized Approach was the most binding ratio.
(3)Leverage ratio denominator. Represents quarterly average total assets less amounts deducted from Tier 1 Capital.
(4)Supplementary Leverage ratio denominator.

As indicated in the table above, Citigroup’s capital ratios at September 30, 2024 were in excess of the regulatory capital requirements under the U.S. Basel III rules. In addition, Citi was “well capitalized” under current federal bank regulatory agencies definitions as of September 30, 2024.
31


Components of Citigroup Capital

In millions of dollars
September 30,
2024
December 31,
2023
CET1 Capital
Citigroup common stockholders’ equity(1)
$192,796 $187,937 
Add: Qualifying noncontrolling interests
168 153 
Regulatory capital adjustments and deductions:
Add: CECL transition provision(2)
757 1,514 
Less: Accumulated net unrealized gains (losses) on cash flow hedges, net of tax
(773)(1,406)
Less: Cumulative unrealized net gain (loss) related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax
(906)(410)
Less: Intangible assets:
Goodwill, net of related DTLs(3)
18,397 18,778 
Identifiable intangible assets other than MSRs, net of related DTLs
3,061 3,349 
Less: Defined benefit pension plan net assets and other
1,447 1,317 
Less: DTAs arising from net operating loss, foreign tax credit and general business credit
carry-forwards(4)
11,318 12,075 
Less: Excess over 10%/15% limitations for other DTAs, certain common stock investments
and MSRs(4)(5)
3,071 2,306 
Total CET1 Capital (Standardized Approach and Advanced Approaches)
$158,106 $153,595 
Additional Tier 1 Capital
Qualifying noncumulative perpetual preferred stock(1)
$16,287 $17,516 
Qualifying trust preferred securities(6)
1,420 1,413 
Qualifying noncontrolling interests
32 29 
Regulatory capital deductions:
Less: Other
57 49 
Total Additional Tier 1 Capital (Standardized Approach and Advanced Approaches)
$17,682 $18,909 
Total Tier 1 Capital (CET1 Capital + Additional Tier 1 Capital)
(Standardized Approach and Advanced Approaches)
$175,788 $172,504 
Tier 2 Capital
Qualifying subordinated debt
$17,543 $16,137 
Qualifying noncontrolling interests
41 37 
Eligible allowance for credit losses(2)(7)
13,710 13,703 
Regulatory capital deduction:
Less: Other
648 613 
Total Tier 2 Capital (Standardized Approach)
$30,646 $29,264 
Total Capital (Tier 1 Capital + Tier 2 Capital) (Standardized Approach)
$206,434 $201,768 
Adjustment for excess of eligible credit reserves over expected credit losses(2)(7)
$(8,650)$(9,849)
Total Tier 2 Capital (Advanced Approaches)
$21,996 $19,415 
Total Capital (Tier 1 Capital + Tier 2 Capital) (Advanced Approaches)
$197,784 $191,919 

(1)Issuance costs of $63 million and $84 million related to outstanding noncumulative perpetual preferred stock at September 30, 2024 and December 31, 2023, respectively, were excluded from common stockholders’ equity and netted against such preferred stock in accordance with FRB regulatory reporting requirements, which differ from those under U.S. GAAP.
(2)Citi’s regulatory capital ratios and components reflect certain deferrals based on the modified regulatory capital transition provision related to the CECL standard. See “Capital Resources—Regulatory Capital Treatment—Modified Transition of the Current Expected Credit Losses Methodology” in Citi’s 2023 Form 10-K.
(3)Includes goodwill “embedded” in the valuation of significant common stock investments in unconsolidated financial institutions.
(4)Of Citi’s $30.0 billion of net DTAs at September 30, 2024, $11.3 billion of net DTAs arising from net operating loss, foreign tax credit and general business credit tax carry-forwards, as well as $3.1 billion of DTAs arising from temporary differences that exceeded 10%/15% limitations, were excluded from Citi’s CET1 Capital as of September 30, 2024. DTAs arising from net operating loss, foreign tax credit and general business credit tax carry-forwards are required to be entirely deducted from CET1 Capital under the U.S. Basel III rules. DTAs arising from temporary differences are required to be deducted from capital only if they exceed 10%/15% limitations under the U.S. Basel III rules.

Footnotes continue on the following page.
32


(5)Assets subject to 10%/15% limitations include MSRs, DTAs arising from temporary differences and significant common stock investments in unconsolidated financial institutions. At September 30, 2024 and December 31, 2023, this deduction related only to DTAs arising from temporary differences that exceeded the 10% limitation.
(6)Represents Citigroup Capital XIII trust preferred securities, which are permanently grandfathered as Tier 1 Capital under the U.S. Basel III rules.
(7)Under the Standardized Approach, the allowance for credit losses is eligible for inclusion in Tier 2 Capital up to 1.25% of credit risk-weighted assets, with any excess allowance for credit losses being deducted in arriving at credit risk-weighted assets, which differs from the Advanced Approaches framework, in which eligible credit reserves that exceed expected credit losses are eligible for inclusion in Tier 2 Capital to the extent that the excess reserves do not exceed 0.6% of credit risk-weighted assets. The total amount of eligible credit reserves in excess of expected credit losses that were eligible for inclusion in Tier 2 Capital, subject to limitation, under the Advanced Approaches framework were $5.1 billion and $3.9 billion at September 30, 2024 and December 31, 2023, respectively.

33


Citigroup Capital Rollforward

In millions of dollars
Three Months Ended
September 30, 2024
Nine Months Ended September 30, 2024
CET1 Capital, beginning of period
$154,357 $153,595 
Net income
3,238 9,826 
Common and preferred dividends declared
(1,366)(3,940)
Treasury stock
(998)(602)
Common stock and additional paid-in capital
174 (7)
CTA net of hedges, net of tax
417 (2,270)
Unrealized gains (losses) on debt securities AFS, net of tax
1,334 1,396 
Defined benefit plans liability adjustment, net of tax
49 305 
Adjustment related to change in fair value of financial liabilities attributable to own creditworthiness, net of tax(1)
(4)40 
Other Accumulated other comprehensive income (loss) (AOCI)
(26)(5)
Goodwill, net of related DTLs
(82)381 
Identifiable intangible assets other than MSRs, net of related DTLs
77 288 
Defined benefit pension plan net assets
(26)(99)
DTAs arising from net operating loss, foreign tax credit and general business credit carry-forwards
377 757 
Excess over 10%/15% limitations for other DTAs, certain common stock investments and MSRs
581 (765)
CECL transition provision
 (757)
Other
4 (37)
Net change in CET1 Capital
$3,749 $4,511 
CET1 Capital, end of period (Standardized Approach and Advanced Approaches)
$158,106 $158,106 
Additional Tier 1 Capital, beginning of period
$19,426 $18,909 
Qualifying perpetual preferred stock
(1,740)(1,229)
Qualifying trust preferred securities2 7 
Other
(6)(5)
Net change in Additional Tier 1 Capital
$(1,744)$(1,227)
Tier 1 Capital, end of period (Standardized Approach and Advanced Approaches)
$175,788 $175,788 
Tier 2 Capital, beginning of period (Standardized Approach)
$30,421 $29,264 
Qualifying subordinated debt
173 1,406 
Eligible allowance for credit losses
51 7 
Other
1 (31)
Net change in Tier 2 Capital (Standardized Approach)
$225 $1,382 
Tier 2 Capital, end of period (Standardized Approach)
$30,646 $30,646 
Total Capital, end of period (Standardized Approach)
$206,434 $206,434 
Tier 2 Capital, beginning of period (Advanced Approaches)
$21,711 $19,415 
Qualifying subordinated debt
173 1,406 
Excess of eligible credit reserves over expected credit losses
111 1,206 
Other
1 (31)
Net change in Tier 2 Capital (Advanced Approaches)
$285 $2,581 
Tier 2 Capital, end of period (Advanced Approaches)
$21,996 $21,996 
Total Capital, end of period (Advanced Approaches)
$197,784 $197,784 

(1)    Includes the changes in Citigroup (own credit) credit valuation adjustments (CVA) attributable to own creditworthiness, net of tax.

34


Citigroup Risk-Weighted Assets Rollforward (Basel III Standardized Approach)

In millions of dollars
Three Months Ended
September 30, 2024
Nine Months Ended September 30, 2024
Total Risk-Weighted Assets, beginning of period$1,135,750 $1,148,608 
General credit risk exposures(1)
5,001 823 
Derivatives(2)
641 (2,356)
Repo-style transactions(3)
(2,026)5,821 
Securitization exposures
(1,064)611 
Equity exposures(4)
(519)(8,176)
Other exposures(5)
2,506 1,757 
Net change in Credit Risk-Weighted Assets
$4,539 $(1,520)
Net change in Market Risk-Weighted Assets(6)
$12,861 $6,062 
Total Risk-Weighted Assets, end of period
$1,153,150 $1,153,150 

(1)General credit risk exposures include cash and balances due from depository institutions, securities, and loans and leases. General credit risk exposures increased during the three months ended September 30, 2024, primarily due to an increase in lending exposures and bank deposits.
(2)Derivatives decreased during the nine months ended September 30, 2024, mainly driven by changes in exposures.
(3)Repo-style transactions include repurchase and reverse repurchase transactions, as well as securities borrowing and securities lending transactions. Repo-style transactions decreased during the three months ended September 30, 2024 and increased during the nine months ended September 30, 2024, both primarily driven by business activities.
(4)Equity exposures decreased during the nine months ended September 30, 2024, primarily driven by activities related to the Visa B exchange completed in the second quarter of 2024.
(5)Other exposures increased during the three and nine months ended September 30, 2024, mainly due to accounts receivable and other broad-based increases.
(6)Market risk increased during the three and nine months ended September 30, 2024, primarily due to model changes, model parameter updates and changes in exposures.
35


Citigroup Risk-Weighted Assets Rollforward (Basel III Advanced Approaches)

In millions of dollars
Three Months Ended
September 30, 2024
Nine Months Ended September 30, 2024
Total Risk-Weighted Assets, beginning of period$1,268,878 $1,268,723 
General credit risk exposures(1)
13,773 21,091 
Derivatives
(81)(1,407)
Repo-style transactions(2)
(3,928)(6,730)
Securitization exposures
(880)679 
Equity exposures(3)
(372)(8,504)
Other exposures(4)
2,817 3,240 
Net change in Credit Risk-Weighted Assets
$11,329 $8,369 
Net change in Market Risk-Weighted Assets(5)
$13,073 $6,075 
Net change in Operational Risk-Weighted Assets(6)
$6,872 $16,985 
Total Risk-Weighted Assets, end of period
$1,300,152 $1,300,152 

(1)General credit risk exposures include cash and balances due from depository institutions, securities, and loans and leases. General credit risk exposures increased during the three and nine months ended September 30, 2024, primarily due to an increase in lending exposures and bank deposits.
(2)Repo-style transactions include repurchase and reverse repurchase transactions, as well as securities borrowing and securities lending transactions. Repo-style transactions decreased during the three and nine months ended September 30, 2024, primarily driven by business activities.
(3)Equity exposures decreased during the nine months ended September 30, 2024, primarily driven by activities related to the Visa B exchange completed in the second quarter of 2024.
(4)Other exposures increased during the three and nine months ended September 30, 2024, mainly due to accounts receivable and other broad-based increases.
(5)Market risk increased during the three and nine months ended September 30, 2024, primarily due to model changes, model parameter updates and changes in exposures.
(6)Operational risk increased during the three months ended September 30, 2024, primarily driven by loss frequency increases, and increased during the nine months ended September 30, 2024, mainly due to both loss frequency and loss severity increases.


36


Supplementary Leverage Ratio
The following table presents Citi’s Supplementary Leverage ratio and related components as of September 30, 2024, June 30, 2024 and December 31, 2023:

In millions of dollars, except ratiosSeptember 30, 2024June 30, 2024December 31, 2023
Tier 1 Capital$175,788 $173,783 $172,504 
Total Leverage Exposure
On-balance sheet assets(1)(2)
$2,515,063 $2,457,399 $2,432,146 
Certain off-balance sheet exposures(3)
Potential future exposure on derivative contracts150,462 151,155 164,148 
Effective notional of sold credit derivatives, net(4)
34,420 32,488 33,817 
Counterparty credit risk for repo-style transactions(5)
22,072 20,777 22,510 
Other off-balance sheet exposures321,043 325,988 350,207 
Total of certain off-balance sheet exposures$527,997 $530,408 $570,682 
Less: Tier 1 Capital deductions37,351 38,273 37,874 
Total Leverage Exposure$3,005,709 $2,949,534 $2,964,954 
Supplementary Leverage ratio5.85 %5.89 %5.82 %

(1)Represents the daily average of on-balance sheet assets for the quarter.
(2)Citi’s regulatory capital ratios and components reflect certain deferrals based on the modified regulatory capital transition provision related to the CECL standard. See “Capital Resources—Regulatory Capital Treatment—Modified Transition of the Current Expected Credit Losses Methodology” in Citi’s 2023 Form 10-K.
(3)Represents the average of certain off-balance sheet exposures calculated as of the last day of each month in the quarter.
(4)Under the U.S. Basel III rules, banking organizations are required to include in Total Leverage Exposure the effective notional amount of sold credit derivatives, with netting of exposures permitted if certain conditions are met.
(5)Repo-style transactions include repurchase and reverse repurchase transactions as well as securities borrowing and securities lending transactions.

As presented in the table above, Citigroup’s Supplementary Leverage ratio was 5.8% at September 30, 2024, compared to 5.9% at June 30, 2024 and 5.8% at December 31, 2023. The quarter-over-quarter decrease was primarily driven by an increase in Total Leverage Exposure, net redemption of qualifying perpetual preferred stock, the payment of common and preferred dividends and common share repurchases, partially offset by net income and unrealized gains on available-for-sale securities recognized in AOCI.
37


Capital Resources of Citigroup’s Subsidiary U.S. Depository Institutions
Citigroup’s subsidiary U.S. depository institutions are also subject to regulatory capital standards issued by their respective primary bank regulatory agencies, which are similar to the standards of the FRB.

The following tables present the capital components and ratios for Citibank, Citi’s primary subsidiary U.S. depository institution, as of September 30, 2024, June 30, 2024 and December 31, 2023:



Advanced ApproachesStandardized Approach
In millions of dollars, except ratios
Required Capital Ratios(1)
September 30,
2024
June 30,
2024
December 31,
2023
September 30,
2024
June 30,
2024
December 31,
2023
CET1 Capital(2)
$153,533 $149,176 $147,109 $153,533 $149,176 $147,109 
Tier 1 Capital(2)
155,665 151,305 149,238 155,665 151,305 149,238 
Total Capital (Tier 1 Capital + Tier 2 Capital)(2)(3)
167,687 163,176 160,706 175,165 170,679 168,571 
Total Risk-Weighted Assets
1,101,907 1,053,103 1,057,194 993,917 972,719 983,960 
Credit Risk(2)
$803,333 $774,672 $769,940 $949,115 $939,488 $937,319 
Market Risk
44,710 33,138 46,540 44,802 33,231 46,641 
Operational Risk
253,864 245,293 240,714  — — 
CET1 Capital ratio(4)(5)
7.0 %13.93 %14.17 %13.92 %15.45 %15.34 %14.95 %
Tier 1 Capital ratio(4)(5)
8.5 14.13 14.37 14.12 15.66 15.55 15.17 
Total Capital ratio(4)(5)
10.5 15.22 15.49 15.20 17.62 17.55 17.13 
In millions of dollars, except ratios
Required
Capital Ratios
September 30, 2024June 30, 2024December 31, 2023
Quarterly Adjusted Average Total Assets(2)(6)
$1,721,363 $1,683,770 $1,666,609 
Total Leverage Exposure(2)(7)
2,185,316 2,149,808 2,166,334 
Leverage ratio(5)
5.0 %9.04 %8.99 %8.95 %
Supplementary Leverage ratio(5)
6.0 7.12 7.04 6.89 

(1)Citibank’s required risk-based capital ratios are inclusive of the 2.5% Capital Conservation Buffer (all of which must be composed of CET1 Capital).
(2)Citibank’s regulatory capital ratios and components reflect certain deferrals based on the modified regulatory capital transition provision related to the CECL standard. See “Capital Resources—Regulatory Capital Treatment—Modified Transition of the Current Expected Credit Losses Methodology” in Citi’s 2023 Form 10-K.
(3)Under the Standardized Approach, the allowance for credit losses is eligible for inclusion in Tier 2 Capital up to 1.25% of credit risk-weighted assets, with any excess allowance for credit losses being deducted in arriving at credit risk-weighted assets, which differs from the Advanced Approaches framework, in which eligible credit reserves that exceed expected credit losses are eligible for inclusion in Tier 2 Capital to the extent that the excess reserves do not exceed 0.6% of credit risk-weighted assets.
(4)Citibank’s binding CET1 Capital, Tier 1 Capital and Total Capital ratios were derived under the Basel III Advanced Approaches framework for all periods presented.
(5)Citibank must maintain required CET1 Capital, Tier 1 Capital, Total Capital and Leverage ratios of 6.5%, 8.0%, 10.0% and 5.0%, respectively, to be considered “well capitalized” under the revised Prompt Corrective Action (PCA) regulations applicable to insured depository institutions as established by the U.S. Basel III rules. Citibank must also maintain a required Supplementary Leverage ratio of 6.0% to be considered “well capitalized.”
(6)Leverage ratio denominator. Represents quarterly average total assets less amounts deducted from Tier 1 Capital.
(7)Supplementary Leverage ratio denominator.

As presented in the table above, Citibank’s capital ratios at September 30, 2024 were in excess of the regulatory capital requirements under the U.S. Basel III rules. In addition, Citibank was “well capitalized” as of September 30, 2024.
Citibank’s Supplementary Leverage ratio was 7.1% at September 30, 2024, compared to 7.0% at June 30, 2024 and 6.9% at December 31, 2023. The quarter-over-quarter increase was primarily driven by net income and unrealized gains on available-for-sale securities recognized in AOCI, partially offset by an increase in Total Leverage Exposure and the payment of common and preferred dividends. The ratio increased from the fourth quarter of 2023, primarily driven by year-to-date net income of $10.6 billion, partially offset by the payment of common and preferred dividends and an increase in Total Leverage Exposure.
38


Impact of Changes on Citigroup and Citibank Capital Ratios
The following tables present the hypothetical sensitivity of Citigroup’s and Citibank’s capital ratios to changes of $100 million in CET1 Capital, Tier 1 Capital and Total Capital (numerator), and changes of $1 billion in Advanced Approaches and Standardized Approach RWA and quarterly adjusted average total assets, as well as Total Leverage Exposure (denominator), as of September 30, 2024. This information is provided for the purpose of analyzing the
impact that a change in Citigroup’s or Citibank’s financial position or results of operations could have on these ratios. These sensitivities only consider a single change to either a component of capital, RWA, quarterly adjusted average total assets or Total Leverage Exposure. Accordingly, an event that affects more than one factor may have a larger basis point impact than is reflected in these tables.


CET1 Capital ratio
Tier 1 Capital ratio
Total Capital ratio
In basis points
Impact of
$100 million
change in
CET1 Capital
Impact of
$1 billion
change in RWA
Impact of
$100 million
change in
Tier 1 Capital
Impact of
$1 billion
change in RWA
Impact of
$100 million
change in
Total Capital
Impact of
$1 billion
change in RWA
Citigroup
Advanced Approaches
0.80.90.81.00.81.2
Standardized Approach
0.91.20.91.30.91.6
Citibank
Advanced Approaches
0.91.30.91.30.91.4
Standardized Approach
1.01.61.01.61.01.8
Leverage ratio
Supplementary Leverage ratio
In basis points
Impact of
$100 million
change in
Tier 1 Capital
Impact of
$1 billion change in quarterly adjusted average total assets
Impact of
$100 million
change in
Tier 1 Capital
Impact of
$1 billion change in Total Leverage Exposure
Citigroup
0.40.30.30.2
Citibank
0.60.50.50.3

39


Citigroup Broker-Dealer Subsidiaries
At September 30, 2024, Citigroup Global Markets Inc., a U.S. broker-dealer registered with the SEC that is an indirect wholly owned subsidiary of Citigroup, had net capital, computed in accordance with the SEC’s net capital rule, of $17 billion, which exceeded the minimum requirement by $12 billion.
Moreover, Citigroup Global Markets Limited, a broker-dealer registered with the United Kingdom’s Prudential Regulation Authority (PRA) that is also an indirect wholly owned subsidiary of Citigroup, had total regulatory capital of $27 billion at September 30, 2024, which exceeded the PRA’s minimum regulatory capital requirements.
In addition, certain of Citi’s other broker-dealer subsidiaries are subject to regulation in the countries in which they do business, including requirements to maintain specified levels of net capital or its equivalent. Citigroup’s other principal broker-dealer subsidiaries were in compliance with their regulatory capital requirements at September 30, 2024.

Total Loss-Absorbing Capacity (TLAC)
The table below details Citi’s eligible external TLAC and long-term debt (LTD) amounts and ratios, and each TLAC and LTD regulatory requirement, as well as the surplus amount in dollars in excess of each requirement:

September 30, 2024
In billions of dollars, except ratiosExternal TLACLTD
Total eligible amount$336 $148 
% of Advanced Approaches risk-
weighted assets
25.8 %11.4 %
Regulatory requirement(1)(2)
22.5 9.5 
Surplus amount$43 $24 
% of Total Leverage Exposure11.2 %4.9 %
Regulatory requirement9.5 4.5 
Surplus amount$50 $13 

(1)    External TLAC includes method 1 GSIB surcharge of 2.0%.
(2)    LTD includes method 2 GSIB surcharge of 3.5%.

As of September 30, 2024, Citi exceeded each of the TLAC and LTD regulatory requirements, resulting in a $13 billion surplus above its binding TLAC requirement of LTD as a percentage of Total Leverage Exposure.
For additional information on Citi’s TLAC-related requirements, see “Capital Resources—Total Loss-Absorbing Capacity (TLAC)” in Citi’s 2023 Form 10-K.
40


Capital Resources (Full Adoption of CECL)
The following tables present Citigroup’s and Citibank’s capital components and ratios under a hypothetical scenario where the full impact of CECL is reflected as of September 30, 2024(1):

CitigroupCitibank
Required Capital Ratios, Advanced ApproachesRequired Capital Ratios, Standardized ApproachAdvanced ApproachesStandardized Approach
Required Capital Ratios(2)
Advanced ApproachesStandardized Approach
CET1 Capital ratio
10.5 %12.3 %12.09 %13.63 %7.0 %13.87 %15.38 %
Tier 1 Capital ratio
12.0 13.8 13.45 15.17 8.5 14.06 15.59 
Total Capital ratio14.0 15.8 15.15 17.83 10.5 15.16 17.56 
Required Capital RatiosCitigroupRequired Capital RatiosCitibank
Leverage ratio
4.0 % 7.12 %5.0 % 9.00 %
Supplementary Leverage ratio
5.0 5.816.0 7.09

(1)The capital effects resulting from adoption of the CECL methodology will be fully reflected in Citi’s regulatory capital as of January 1, 2025. See footnote 2 to the “Components of Citigroup Capital” table above.
(2)Citibank’s required capital ratios were the same under the Standardized Approach and the Advanced Approaches framework.


Regulatory Capital Standards and Developments

Basel III Revisions
On July 27, 2023, the U.S. banking agencies issued a notice of proposed rulemaking, known as the Basel III Endgame (capital proposal), that would amend U.S. regulatory capital requirements. Citi continues to monitor developments related to this rulemaking.
The capital proposal would maintain the current capital rule’s dual-requirement structure for RWA, but would eliminate the use of internal models to calculate credit risk and operational risk components of RWA. The capital proposal would also replace the current market risk framework with a new standardized methodology and a new models-based methodology for calculating RWA for market risk. Large banking organizations, such as Citi, would be required to calculate their risk-based capital ratios under both the new expanded risk-based approach and the Standardized Approach and use the lower of the two for each risk-based capital ratio for determining the binding constraints.
The expanded risk-based approach is designed to align with the international capital standards adopted by the Basel Committee on Banking Supervision (Basel Committee). The Basel Committee finalized the Basel III reforms in December 2017, which included revisions to the methodologies to determine credit, market and operational RWA amounts.
If adopted as proposed, the capital proposal’s impact on RWA amounts would also affect several other requirements including TLAC, external long-term debt and the short-term wholesale funding score included in the GSIB surcharge under method 2 (see “GSIB Surcharge” below). The proposal has a three-year transition period that would begin on July 1, 2025. If finalized as proposed, the capital proposal would materially increase Citi’s required regulatory capital.

For information about risks related to changes in regulatory capital requirements, see “Risk Factors—Strategic Risks,” “—Operational Risks” and “—Compliance Risks” in Citi’s 2023 Form 10-K.

GSIB Surcharge
Separately on July 27, 2023, the FRB proposed changes to the GSIB surcharge rule that aim to make it more risk sensitive. Proposed changes include measuring certain systemic indicators on a daily versus quarterly average basis, changing certain of the risk indicators and shortening the time to come into compliance with each year’s surcharge. In addition, the proposal would narrow surcharge bands under method 2 from 50 bps to 10 bps to reduce cliff effects when moving between bands.

Long-Term Debt Requirements
On August 29, 2023, the FRB issued a notice of proposed rulemaking to amend the TLAC rule to change the haircuts (i.e., the percentage reductions) that are applied to eligible long-term debt. Under the proposed rule, only 50% of eligible long-term debt with a maturity of one year or more but less than two years would count toward the TLAC requirement, instead of the current 100%. These proposed revisions are estimated to decrease the TLAC percentage of Advanced Approaches RWA as well as the TLAC percentage of Total Leverage Exposure. The proposed rule in its current form has no proposed transition period for its implementation and is not expected to be material to Citi.
41


Tangible Common Equity, Book Value Per Share, Tangible Book Value Per Share and Return on Equity
Tangible common equity (TCE), as defined by Citi, represents common stockholders’ equity less goodwill and identifiable intangible assets (other than mortgage servicing rights (MSRs)). Return on tangible common equity (RoTCE) represents annualized net income available to common shareholders as a percentage of average TCE. Tangible book value per share (TBVPS) represents average TCE divided by average common shares outstanding. Other companies may calculate these measures differently. TCE, RoTCE and TBVPS are non-GAAP financial measures.














In millions of dollars or shares, except per share amounts
September 30,
2024
December 31,
2023
Total Citigroup stockholders’ equity
$209,083 $205,453 
Less: Preferred stock
16,350 17,600 
Common stockholders’ equity
$192,733 $187,853 
Less:
Goodwill
19,691 20,098 
Identifiable intangible assets (other than MSRs)
3,438 3,730 
Goodwill and identifiable intangible assets (other than MSRs) related to
businesses held-for-sale (HFS)
16 — 
Tangible common equity (TCE)
$169,588 $164,025 
Common shares outstanding (CSO)
1,891.3 1,903.1 
Book value per share (common stockholders’ equity/CSO)
$101.91 $98.71 
Tangible book value per share (TCE/CSO)
89.67 86.19 

Three Months Ended September 30,Nine Months Ended September 30,
In millions of dollars
2024202320242023
Net income available to common shareholders
$2,961 $3,213 $9,028 $10,169 
Average common stockholders’ equity
$191,444 $189,158 $189,552 $187,160 
Less:
Average goodwill19,669 19,830 19,491 19,731 
Average intangible assets (other than MSRs)3,478 3,853 3,580 3,865 
Average goodwill and identifiable intangible assets
(other than MSRs) related to businesses HFS
8 148 4 376 
Average TCE
$168,289 $165,327 $166,477 $163,188 
Return on average common stockholders’ equity
6.2 %6.7 %6.4 %7.3 %
RoTCE
7.0 7.7 7.2 8.3 


42


Managing Global Risk Table of Contents



MANAGING GLOBAL RISK
CREDIT RISK(1)
Loans
Corporate Credit
Consumer Credit
Additional Consumer and Corporate Credit Details
Loans Outstanding
Details of Credit Loss Experience
Allowance for Credit Losses on Loans (ACLL)58
Non-Accrual Loans and Assets
LIQUIDITY RISK
Overview63
High-Quality Liquid Assets (HQLA)64
Liquidity Coverage Ratio (LCR)64
Deposits65
Long-Term Debt66
Secured Funding Transactions and Short-Term Borrowings68
Credit Ratings69
MARKET RISK(1)
Market Risk of Non-Trading Portfolios
Market Risk of Trading Portfolios
OTHER RISKS
Country Risk
Russia
Ukraine
Argentina

(1)    For additional information regarding certain credit risk, market risk and other quantitative and qualitative information, refer to
Citi’s Pillar 3 Basel III Advanced Approaches Disclosures, as required by the rules of the FRB, on Citi’s Investor Relations website.
Citi’s Pillar 3 Basel III Advanced Approaches Disclosures on Citi’s Investor Relations website are not incorporated by reference into,
and do not form any part of, this Form 10-Q.

43


MANAGING GLOBAL RISK

For Citi, effective risk management is of primary importance to its overall operations. Accordingly, Citi’s risk management process has been designed to monitor, evaluate and manage the principal risks it assumes in conducting its activities. Specifically, the activities that Citi engages in, and the risks those activities generate, must be consistent with Citi’s Mission and Value Proposition and the key Leadership Principles that support it, as well as Citi’s risk appetite. For more information on managing global risk at Citi, see “Managing Global Risk” in Citi’s 2023 Form 10-K.

CREDIT RISK

For more information on credit risk, including Citi’s credit risk management, measurement and stress testing, and Citi’s consumer and corporate credit portfolios, see “Credit Risk” and “Risk Factors” in Citi’s 2023 Form 10-K. In addition, see Notes 14 and 15.

Loans
The table below details the average loans, by segment and/or business, and the total Citigroup end-of-period loans for each of the periods indicated:

In billions of dollars3Q242Q243Q23
Services$87 $82 $83 
Markets119 119 108 
Banking88 89 89 
USPB
Branded Cards$111 $109 $103 
Retail Services51 51 50 
Retail Banking
48 46 43 
Total USPB
$210 $206 $196 
Wealth$150 $150 $151 
All Other$33 $34 $35 
Total Citigroup loans (AVG)$687 $680 $662 
Total Citigroup loans (EOP)$689 $688 $666 

End-of-period loans increased 3% year-over-year, largely reflecting growth in Branded Cards and Retail Banking in USPB and Markets, and were relatively unchanged sequentially.
On an average basis, loans increased 4% year-over-year and 1% sequentially. The year-over-year increase was largely due to growth in USPB, Markets and Services.

As of the third quarter of 2024, average loans for:

USPB increased 7% year-over-year, driven by growth in Branded Cards, Retail Banking and Retail Services.
Wealth remained largely unchanged.
Services increased 5% year-over-year, primarily driven by strong demand in TTS for export and agency finance, as well as working capital loans.
Markets increased 10% year-over-year, largely driven by asset-backed lending in spread products, as well as margin loans in Equities.
Banking decreased 1% year-over-year, primarily driven by regulatory capital optimization efforts.

44


CORPORATE CREDIT
The following table details Citi’s corporate credit portfolio across Services, Markets, Banking and the Mexico SBMM component of All Other—Legacy Franchises (excluding loans carried at fair value and loans held-for-sale), and before consideration of collateral or hedges, by remaining tenor for the periods indicated:

 September 30, 2024June 30, 2024December 31, 2023
In billions of dollarsDue
within
1 year
Greater
than 1 year
but within
5 years
Greater
than
5 years
Total
exposure
Due
within
1 year
Greater
than 1 year
but within
5 years
Greater
than
5 years
Total
exposure
Due
within
1 year
Greater
than 1 year
but within
5 years
Greater
than
5 years
Total
exposure
Direct outstandings (on-balance sheet)(1)
$137 $118 $37 $292 $136 $118 $39 $293 $132 $122 $39 $293 
Unfunded lending commitments
(off-balance sheet)(2)
132 285 25 442 134 270 23 427 134 268 18 420 
Total exposure$269 $403 $62 $734 $270 $388 $62 $720 $266 $390 $57 $713 

(1)    Includes drawn loans, overdrafts, bankers’ acceptances and leases.
(2)    Includes unused commitments to lend, letters of credit and financial guarantees.


Portfolio Mix—Geography and Counterparty
Citi’s corporate credit portfolio is diverse across geography and counterparty. The following table presents the percentage of this portfolio across North America and the clusters within International, based on Citi’s internal management geography:

September 30,
2024
June 30, 2024December 31,
2023
North America57 %57 %56 %
International43 43 44 
Total100 %100 %100 %
International by cluster(percentages are based on total Citi)
United Kingdom11 %12 %11 %
Japan, Asia North and Australia (JANA)7 
LATAM6 
Asia South5 
Europe11 11 11 
Middle East and Africa (MEA)3 

The maintenance of accurate and consistent risk ratings across the corporate credit portfolio facilitates the comparison of credit exposure across all lines of business, geographies and products. Counterparty risk ratings reflect an estimated probability of default for a counterparty, and internal risk ratings are derived by leveraging validated statistical models and scorecards in combination with consideration of factors specific to the obligor or market, such as management experience, competitive position, regulatory environment and commodity prices. Facility risk ratings are assigned that reflect the probability of default of the obligor and factors that affect the loss given default of the facility, such as support or collateral. Internal ratings that generally correspond to BBB
and above are considered investment grade, while those below are considered non-investment grade.
The following table presents the corporate credit portfolio by facility risk rating as a percentage of the total corporate credit portfolio:

 Total exposure
 September 30,
2024
June 30,
2024
December 31,
2023
AAA/AA/A49 %49 %50 %
BBB33 33 33 
BB/B17 17 16 
CCC or below1 
Total100 %100 %100 %

Note: Total exposure includes direct outstandings and unfunded lending commitments.

In addition to the obligor and facility risk ratings assigned to all exposures, Citi may classify exposures in the corporate credit portfolio. These classifications are consistent with Citi’s interpretation of the U.S. banking regulators’ definition of criticized exposures, which may categorize exposures as special mention, substandard, doubtful or loss.
Risk ratings and classifications are reviewed regularly and adjusted as appropriate. The credit review process incorporates quantitative and qualitative factors, including financial and non-financial disclosures or metrics, idiosyncratic events or changes to the competitive, regulatory or macroeconomic environment.
Citi believes the corporate credit portfolio to be appropriately rated and classified as of September 30, 2024. Citi has applied management judgment to adjust internal ratings and classifications of exposures as both the macroeconomic environment and obligor-specific factors have changed, particularly where additional stress has been observed.
45


As obligor risk ratings are downgraded, the probability of default increases. Downgrades of obligor risk ratings tend to result in a higher provision for credit losses. In addition, appetite per obligor is reduced consistent with the ratings, and downgrades may result in the purchase of additional credit derivatives or other risk/structural mitigants to hedge the incremental credit risk, or may result in Citi seeking to reduce exposure to an obligor or an industry sector. Citi will continue to review exposures to ensure that the appropriate probability of default is incorporated into all risk assessments.
See Note 14 for additional information on Citi’s corporate credit portfolio.

Portfolio Mix—Industry
Citi’s corporate credit portfolio is diversified by industry. The following table details the allocation of Citi’s total corporate credit portfolio by industry:

 Total exposure
 September 30,
2024
June 30,
2024
December 31,
2023
Transportation and industrials20 %20 %21 %
Technology, media and telecom12 12 12 
Consumer retail12 11 11 
Banks and finance companies(1)
11 12 12 
Real estate10 10 10 
Commercial7 
Residential3 
Power, chemicals, metals and mining8 
Energy and commodities6 
Health5 
Insurance5 
Public sector4 
Asset managers and funds3 
Financial markets infrastructure3 
Other industries1 
Total100 %100 %100 %

(1)    As of the periods in the table, Citi had less than 1% exposure to securities firms. See corporate credit portfolio by industry, below.
46


The following table details Citi’s corporate credit portfolio by industry as of September 30, 2024:

Non-investment gradeSelected metrics
In millions of dollarsTotal credit exposure
Funded(1)
UnfundedInvestment gradeNon-criticizedCriticized performing
Criticized non-performing(2)
30 days or more past due and accruingNet credit losses (recoveries)
Credit derivative hedges(3)
Transportation and industrials$149,872 $59,492 $90,380 $113,318 $31,209 $5,087 $258 $69 $8 $(7,984)
Autos(4)
50,183 22,959 27,224 43,049 6,276 835 23 (2,439)
Transportation28,225 11,052 17,173 19,778 7,472 865 110 (6)(1,248)
Industrials71,464 25,481 45,983 50,491 17,461 3,387 125 61 10 (4,297)
Technology, media and telecom88,579 29,703 58,876 69,235 16,075 3,068 201 66 51 (6,612)
Consumer retail 87,441 34,346 53,095 66,590 16,655 4,074 122 76 13 (5,624)
Banks and finance companies82,546 52,165 30,381 74,004 7,708 775 59 7 8 (738)
Real estate72,374 51,508 20,866 61,123 7,003 3,778 470 44 170 (785)
Commercial54,149 35,488 18,661 43,088 6,813 3,778 470 44 153 (785)
Residential18,225 16,020 2,205 18,035 190 — — — 17 — 
Power, chemicals, metals and mining61,351 19,386 41,965 46,182 11,652 3,348 169 26 76 (5,603)
Power25,648 5,396 20,252 21,736 3,494 300 118 — 48 (2,580)
Chemicals21,712 7,965 13,747 14,815 5,048 1,809 40 25 26 (2,160)
Metals and mining13,991 6,025 7,966 9,631 3,110 1,239 11 (863)
Energy and commodities(5)
41,819 12,187 29,632 35,885 5,231 603 100 6 (5)(3,317)
Health39,870 8,634 31,236 29,816 8,829 1,204 21 18 12 (3,591)
Insurance35,218 2,402 32,816 33,458 1,735 25  1  (4,593)
Public sector25,427 12,921 12,506 22,566 2,522 329 10 24 5 (728)
Financial markets infrastructure22,499 167 22,332 22,499      (32)
Asset managers and funds20,506 5,768 14,738 18,457 1,903 125 21 1 (4)(120)
Securities firms2,312 662 1,650 1,618 566 128    (19)
Other industries(6)
4,111 2,629 1,482 2,890 1,095 82 44 31 12 (3)
Total$733,926 $291,970 $441,955 $597,641 $112,183 $22,626 $1,475 $369 $346 $(39,749)

(1)    Funded excludes loans carried at fair value of $7.8 billion at September 30, 2024.
(2)    Includes non-accrual loan exposures and related criticized unfunded exposures.
(3)    Represents the amount of purchased credit protection in the form of derivatives to economically hedge funded and unfunded exposures. Of the $39.7 billion of purchased credit protection, $36.4 billion represents the total notional amount of purchased credit derivatives on individual reference entities. The remaining $3.4 billion represents the first loss tranche of portfolios of purchased credit derivatives with a total notional amount of $26.1 billion, where the protection seller absorbs the first loss on the referenced loan portfolios.
(4)    Autos total credit exposure includes securitization financing facilities secured by auto loans and leases, extended mainly to the finance company subsidiaries of global auto manufacturers, bank subsidiaries and independent auto finance companies, of approximately $17.8 billion ($9.5 billion of which was funded exposure with 100% rated investment grade) as of September 30, 2024.
(5)    In addition to this exposure, Citi has energy-related exposure within the public sector (e.g., energy-related state-owned entities) and the transportation and industrials sector (e.g., off-shore drilling entities) included in the table above. As of September 30, 2024, Citi’s total exposure to these energy-related entities was approximately $4.8 billion, of which approximately $2.3 billion consisted of direct outstanding funded loans.
(6)    Includes $0.9 billion and $0.1 billion of funded and unfunded exposure at September 30, 2024, respectively, primarily related to commercial credit card delinquency-managed loans.

Exposure to Commercial Real Estate
As of September 30, 2024, Citi’s total credit exposure to commercial real estate (CRE) was $64 billion (largely unchanged from June 30, 2024), including $6 billion of exposure related to office buildings. This total CRE exposure consisted of approximately $54 billion related to corporate clients, included in the real estate category in the table above, and approximately $10 billion related to Wealth clients that is not in the table above as they are not considered corporate exposures.
In addition, as of September 30, 2024, approximately 79% of Citi’s total CRE exposure was rated investment grade and more than 76% was to borrowers in the U.S.
As of September 30, 2024, the ACLL attributed to the total funded CRE exposure (including Wealth) was approximately 1.62%, and there were $391 million of non-accrual CRE loans.
47


The following table details Citi’s corporate credit portfolio by industry as of December 31, 2023:

Non-investment gradeSelected metrics
In millions of dollarsTotal credit exposure
Funded(1)
UnfundedInvestment gradeNon-criticizedCriticized performing
Criticized non-performing(2)
30 days or more past due and accruingNet credit losses (recoveries)
Credit derivative hedges(3)
Transportation and industrials$149,429 $59,917 $89,512 $118,380 $26,345 $4,469 $235 $125 $39 $(7,060)
Autos(4)
49,443 22,843 26,600 43,008 5,376 999 60 19 (2,304)
Transportation28,448 11,996 16,452 21,223 6,208 952 65 (1,185)
Industrials71,538 25,078 46,460 54,149 14,761 2,518 110 115 15 (3,571)
Technology, media and telecom84,409 29,832 54,577 67,077 13,637 3,212 483 112 56 (5,546)
Banks and finance companies83,512 52,569 30,943 74,364 7,768 1,277 103 37 (638)
Consumer retail81,799 33,548 48,251 63,017 15,259 3,342 181 130 57 (5,360)
Real estate72,827 51,660 21,167 61,226 7,084 3,602 915 69 31 (608)
Commercial54,843 35,058 19,785 43,340 7,042 3,602 859 69 31 (608)
Residential17,984 16,602 1,382 17,886 42 — 56 — — — 
Power, chemicals, metals and mining59,572 19,004 40,568 46,551 10,098 2,696 227 36 (4,884)
Power24,535 5,220 19,315 20,967 3,200 209 159 (2,280)
Chemicals21,963 8,287 13,676 16,418 3,888 1,613 44 34 (2,019)
Metals and mining13,074 5,497 7,577 9,166 3,010 874 24 (1)(585)
Energy and commodities(5)
46,290 12,606 33,684 40,081 5,528 543 138 (15)(3,090)
Health36,230 9,135 27,095 30,099 4,871 1,098 162 16 22 (3,023)
Insurance27,216 2,390 24,826 25,580 1,607 29 — — (4,516)
Public sector24,736 12,621 12,115 21,845 2,399 479 13 36 15 (1,092)
Asset managers and funds19,681 4,232 15,449 17,826 1,723 112 20 — (65)
Financial markets infrastructure18,705 156 18,549 18,705 — — — — — (7)
Securities firms1,737 734 1,003 870 822 45 — — (2)
Other industries(6)
6,992 4,480 2,512 5,079 1,629 257 27 45 (6)
Total$713,135 $292,884 $420,251 $590,700 $98,770 $21,161 $2,504 $594 $250 $(35,897)

(1)    Funded excludes loans carried at fair value of $7.3 billion at December 31, 2023.
(2)    Includes non-accrual loan exposures and related criticized unfunded exposures.
(3)    Represents the amount of purchased credit protection in the form of derivatives to economically hedge funded and unfunded exposures. Of the $35.9 billion of purchased credit protection, $33.7 billion represents the total notional amount of purchased credit derivatives on individual reference entities. The remaining $2.2 billion represents the first loss tranche of portfolios of purchased credit derivatives with a total notional amount of $16.7 billion, where the protection seller absorbs the first loss on the referenced loan portfolios.
(4)    Autos total credit exposure includes securitization financing facilities secured by auto loans and leases, extended mainly to the finance company subsidiaries of global auto manufacturers, bank subsidiaries and independent auto finance companies, of approximately $16.9 billion ($10.6 billion of which was funded exposure with 100% rated investment grade) as of December 31, 2023.
(5)    In addition to this exposure, Citi has energy-related exposure within the public sector (e.g., energy-related state-owned entities) and the transportation and industrials sector (e.g., off-shore drilling entities) included in the table above. As of December 31, 2023, Citi’s total exposure to these energy-related entities was approximately $4.9 billion, of which approximately $2.5 billion consisted of direct outstanding funded loans.
(6)    Includes $0.6 billion and $0.1 billion of funded and unfunded exposure at December 31, 2023, respectively, primarily related to commercial credit card delinquency-managed loans.

48


Credit Risk Mitigation
As part of its overall risk management activities, Citigroup uses credit derivatives, both partial and full term, and other risk mitigants to economically hedge portions of the credit risk in its corporate credit portfolio, in addition to outright asset sales. In advance of the expiration of partial-term economic hedges, Citi will determine, among other factors, the economic feasibility of hedging the remaining life of the instrument. The results of the mark-to-market and any realized gains or losses on credit derivatives are reflected primarily in Principal transactions in the Consolidated Statement of Income.
At September 30, 2024, June 30, 2024 and December 31, 2023, Banking had economic hedges on the corporate credit portfolio of $39.7 billion, $39.7 billion and $35.9 billion, respectively. Citi’s expected credit loss model used in the calculation of its ACL does not include the favorable impact of credit derivatives and other mitigants that are marked-to-market. In addition, the reported amounts of direct outstandings and unfunded lending commitments in the tables above do not reflect the impact of these hedging transactions. The credit protection was economically hedging underlying Banking corporate credit portfolio exposures with the following risk rating distribution:

Rating of Hedged Exposure

September 30,
2024
June 30,
2024
December 31,
2023
AAA/AA/A44 %44 %45 %
BBB47 47 44 
BB/B8 10 
CCC or below1 
Total100 %100 %100 %

49


CONSUMER CREDIT

Consumer Credit Portfolio
The following table presents Citi’s quarterly end-of-period consumer loans(1):

In billions of dollars3Q234Q231Q242Q243Q24
USPB
Branded Cards$105.2 $111.1 $108.0 $111.8 $112.1 
Retail Services50.5 53.6 50.8 51.7 51.6 
Retail Banking43.144.445.646.249.4
Mortgages(2)
38.8 39.9 41.0 41.4 44.4 
Personal, small business and other4.3 4.5 4.6 4.8 5.0 
Total$198.8 $209.1 $204.4 $209.7 $213.1 
Wealth(3)(4)
Mortgages(2)
$88.8 $89.9 $90.2 $92.0 $91.5 
Margin lending(5)
28.7 29.4 27.3 27.6 28.1 
Personal, small business and other(6)
28.4 27.1 26.7 25.9 26.4 
Cards4.6 5.0 4.7 4.9 5.0 
Total$150.5 $151.4 $148.9 $150.4 $151.0 
All Other—Legacy Franchises
Mexico Consumer (excludes Mexico SBMM)$17.8 $18.7 $19.6 $18.2 $17.4 
Asia Consumer(7)
8.0 7.4 6.5 5.6 5.5 
Legacy Holdings Assets(8)
2.6 2.6 2.4 2.2 2.2 
Total$28.4 $28.7 $28.5 $26.0 $25.1 
Total consumer loans$377.7 $389.2 $381.8 $386.1 $389.2 

(1)End-of-period loans include interest and fees on credit cards.
(2)See Note 14 for details on loan-to-value ratios for the portfolios and FICO scores for the U.S. portfolio.
(3)Consists of $99.8 billion, $100.9 billion, $100.0 billion, $101.6 billion and $101.1 billion of loans in North America as of September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, respectively. For additional information on the credit quality of the Wealth portfolio, see Note 14.
(4)Consists of $51.2 billion, $49.5 billion, $48.9 billion, $49.8 billion and $49.4 billion of loans outside North America as of September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, respectively.
(5)At September 30, 2024, includes approximately $23 billion of classifiably managed loans fully collateralized by eligible financial assets and securities that have experienced very low historical net credit losses. Approximately 67% of the classifiably managed portion of these loans is investment grade.
(6)At September 30, 2024, includes approximately $21 billion of classifiably managed loans. Approximately 81% of these loans are fully collateralized (consisting primarily of marketable investment securities, commercial real estate and limited partner capital commitments in private equity) and have experienced very low historical net credit losses. As discussed below, approximately 77% of the classifiably managed portion of these loans is investment grade.
(7)Asia Consumer loan balances, reported within All Other—Legacy Franchises, include the four remaining Asia Consumer loan portfolios: Korea, Poland, China (until the completion of the sales of substantially all portfolios in July 2024) and Russia.
(8)Primarily consists of certain North America consumer mortgages.

For information on changes to Citi’s consumer loans, see “Credit Risk—Loans” above.

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Consumer Credit Trends

U.S. Personal Banking
legendc31.jpg
USPB.jpg

As indicated above, USPB provides credit card products through Branded Cards and Retail Services, and mortgages and home equity, small business and personal consumer loans through Citi’s Retail Banking network. Retail Banking is concentrated in six major U.S. metropolitan areas. USPB also provides mortgages through correspondent channels.
As of September 30, 2024, approximately 77% of USPB EOP loans consisted of Branded Cards and Retail Services credit card loans, which generally drives the overall credit performance of USPB, as U.S. cards net credit losses represented approximately 96% of total USPB net credit losses for the third quarter of 2024. As of September 30, 2024, Branded Cards represented 68% of total U.S. cards EOP loans and Retail Services represented 32% of U.S. cards EOP loans.
As presented in the chart above, the third quarter of 2024 net credit loss rate in USPB decreased quarter-over-quarter, primarily driven by seasonality, and increased year-over-year, primarily reflecting the continued maturation of multiple cards loan vintages originated in recent years, impacted by unprecedented levels of government stimulus during the pandemic. In addition, the increase was driven by macroeconomic pressures related to the elevated inflationary and interest rate environment impacting both cards portfolios, with lower FICO band customers primarily driving the increase.
The 90+ days past due delinquency rate was broadly stable quarter-over-quarter, and increased year-over-year, primarily reflecting the continued maturation of multiple cards loan vintages originated in recent years, impacted by unprecedented levels of government stimulus during the pandemic. In addition, the increase was driven by macroeconomic pressures related to the elevated inflationary and interest rate environment impacting both cards portfolios, with lower FICO band customers primarily driving the increase.
Branded Cards
legendc32.jpg

Branded Cards.jpg

USPB’s Branded Cards portfolio includes proprietary and co-branded cards.
As presented in the chart above, the third quarter of 2024 net credit loss rate in Branded Cards decreased quarter-over-quarter, primarily driven by seasonality, and increased year-over-year, primarily reflecting the continued maturation of multiple cards loan vintages originated in recent years, impacted by unprecedented levels of government stimulus during the pandemic. In addition, the increase was driven by macroeconomic pressures related to the elevated inflationary and interest rate environment, with lower FICO band customers primarily driving the increase.
The 90+ days past due delinquency rate was broadly stable quarter-over-quarter, and increased year-over-year, primarily reflecting the continued maturation of multiple cards loan vintages originated in recent years, impacted by unprecedented levels of government stimulus during the pandemic. In addition, the increase was driven by macroeconomic pressures related to the elevated inflationary and interest rate environment, with lower FICO band customers primarily driving the increase.

Retail Services
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RetailServices.jpg

USPB’s Retail Services partners directly with more than 20 retailers and dealers to offer private label and co-branded cards. Retail Services’ target market focuses on select industry segments such as home improvement, specialty retail, consumer electronics and fuel. Retail Services continually evaluates opportunities to add partners within target industries
51


that have strong loyalty, lending or payment programs and growth potential.
As presented in the chart above, the third quarter of 2024 net credit loss rate in Retail Services decreased quarter-over-quarter, primarily driven by seasonality, and increased year-over-year, primarily reflecting the continued maturation of multiple cards loan vintages originated in recent years, impacted by unprecedented levels of government stimulus during the pandemic. In addition, the increase was driven by macroeconomic pressures related to the elevated inflationary and interest rate environment, with lower FICO band customers primarily driving the increase.
The 90+ days past due delinquency rate increased quarter-over-quarter, primarily driven by seasonality, and increased year-over-year, primarily reflecting the continued maturation of multiple cards loan vintages originated in recent years, impacted by unprecedented levels of government stimulus during the pandemic. In addition, the increase was driven by macroeconomic pressures related to the elevated inflationary and interest rate environment, with lower FICO band customers primarily driving the increase.
For additional information on cost of credit, loan delinquency and other information for Citi’s cards portfolios, see each respective business’s results of operations above and Note 14.

Retail Banking
legendc32.jpg
RetailBanking.jpg

USPB’s Retail Banking portfolio consists primarily of consumer mortgages (including home equity) and unsecured lending products, such as small business loans and personal loans. The portfolio is generally delinquency managed, where Citi evaluates credit risk based on FICO scores, delinquencies and the value of underlying collateral. The consumer mortgages in this portfolio have historically been extended to high credit quality customers, generally with loan-to-value ratios that are less than or equal to 80% on first and second mortgages. For additional information, see “Loan-to-Value (LTV) Ratios” in Note 14.
As presented in the chart above, the third quarter of 2024 net credit loss rate in Retail Banking was unchanged quarter-over-quarter, and increased year-over-year, primarily driven by the growth and seasoning of personal loans. The 90+ days past due delinquency rate was largely unchanged quarter-over-quarter, and decreased year-over-year, primarily driven by lower delinquencies in U.S. mortgages.

Wealth
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Wealth.jpg

As indicated above, Wealth provides consumer mortgages, margin lending, credit cards and other lending products to customer segments that range from affluent to ultra-high net worth through the Private Bank, Wealth at Work and Citigold businesses. These customer segments represent a target market that is characterized by historically low default rates and delinquencies and includes loans that are delinquency managed or classifiably managed. The delinquency-managed portfolio consists primarily of mortgages, margin lending and credit cards.
As of September 30, 2024, approximately $44 billion, or 29%, of the portfolios were classifiably managed and primarily consisted of mortgage loans, margin loans, personal and small business loans and other lending programs. These classifiably managed loans are primarily evaluated for credit risk based on their internal risk rating, of which 72% were rated investment grade. While the 90+ days past due delinquency rates shown in the chart above were calculated only for the delinquency-managed portfolio, the net credit loss rates shown were calculated using net credit losses for both the delinquency and classifiably managed portfolios.
As presented in the chart above, the third quarter of 2024 net credit loss rate and 90+ days past due delinquency rate in Wealth were broadly stable quarter-over-quarter and year-over-year. The low net credit loss and 90+ days past due delinquency rates continued to reflect the strong credit profiles of the portfolios.


52


Mexico Consumer
legendc30.jpg

Mexico.jpg

Mexico Consumer operates in Mexico through Citibanamex and provides credit cards, consumer mortgages and small business and personal loans. Mexico Consumer serves a mass-market segment in Mexico and focuses on developing multiproduct relationships with customers. As presented in the chart above, the third quarter of 2024 net credit loss rate in Mexico Consumer increased quarter-over-quarter, primarily driven by seasonality, and increased year-over-year, primarily driven by the ongoing normalization of loss rates from post-pandemic lows.
The 90+ days past due delinquency rate increased quarter-over-quarter and year-over-year, primarily driven by the ongoing normalization from post-pandemic lows.

For additional details on cost of credit, loan delinquency and other information for Citi’s consumer loan portfolios, see each respective business’s results of operations above and Note 14.



U.S. Cards FICO Distribution
The following tables present the current FICO score distributions for Citi’s Branded Cards and Retail Services portfolios based on end-of-period receivables. FICO scores are updated as they become available.

Branded Cards

FICO distribution(1)
September 30, 2024June 30, 2024September 30, 2023
 ≥ 74055 %57 %57 %
660–73934 33 33 
< 66011 10 10 
Total100 %100 %100 %

Retail Services

FICO distribution(1)
September 30, 2024June 30, 2024September 30, 2023
≥ 74034 %35 %35 %
660–73942 42 42 
< 66024 23 23 
Total100 %100 %100 %

(1)    Excludes immaterial balances for Canada and for customers for which no FICO scores are available.

The FICO distribution of both cards portfolios declined from the prior quarter and prior year, primarily reflecting the continued maturation of cards loan vintages originated in recent years, impacted by unprecedented levels of government stimulus during the pandemic, as well as macroeconomic pressures related to the elevated inflationary and interest rate environment impacting both cards portfolios. The FICO distribution continued to reflect strong underlying credit quality of the portfolios. See Note 14 for additional information on FICO scores.

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Additional Consumer Credit Details

Consumer Loan Delinquencies Amounts and Ratios

 
EOP
loans(1)
90+ days past due(2)
30–89 days past due(2)
In millions of dollars,
except EOP loan amounts in billions
September 30,
2024
September 30,
2024
June 30,
2024
September 30,
2023
September 30,
2024
June 30,
2024
September 30,
2023
USPB(3)(4)
Total$213.1 $2,679 $2,609 $2,207 $2,596 $2,372 $2,327 
Ratio1.26 %1.25 %1.11 %1.22 %1.13 %1.17 %
Cards(4)
Total163.7 2,510 2,445 2,045 2,356 2,119 2,093 
Ratio1.53 %1.50 %1.31 %1.44 %1.30 %1.34 %
Branded Cards
112.1 1,247 1,223 972 1,174 1,055 1,019 
Ratio1.11 %1.09 %0.92 %1.05 %0.94 %0.97 %
Retail Services
51.6 1,263 1,222 1,073 1,182 1,064 1,074 
Ratio2.45 %2.36 %2.12 %2.29 %2.06 %2.13 %
Retail Banking(3)
49.4 169 164 162 240 253 234 
Ratio0.35 %0.36 %0.38 %0.49 %0.55 %0.55 %
Wealth delinquency-managed loans(5)
$106.8 $223 $228 $192 $269 $262 $258 
Ratio0.21 %0.21 %0.18 %0.25 %0.25 %0.25 %
Wealth classifiably managed loans(6)
$44.2 N/AN/AN/AN/AN/AN/A
All Other
Total$25.1 $353 $361 $393 $348 $337 $366 
Ratio1.42 %1.40 %1.39 %1.40 %1.31 %1.30 %
Mexico Consumer17.4 238 241 235 255 242 236 
Ratio1.37 %1.32 %1.32 %1.47 %1.33 %1.33 %
Asia Consumer(7)(8)
5.5 25 26 49 34 33 58 
Ratio0.45 %0.46 %0.61 %0.62 %0.59 %0.73 %
Legacy Holdings Assets (consumer)(9)
2.2 90 94 109 59 62 72 
Ratio4.50 %4.70 %4.54 %2.95 %3.10 %3.00 %
Total Citigroup consumer$389.2 $3,255 $3,198 $2,792 $3,213 $2,971 $2,951 
Ratio0.95 %0.94 %0.85 %0.93 %0.87 %0.89 %

(1)End-of-period (EOP) loans include interest and fees on credit cards.
(2)The ratios of 90+ days past due and 30–89 days past due are calculated based on EOP loans, net of unearned income.
(3)The 90+ days past due and 30–89 days past due and related ratios for Retail Banking exclude loans guaranteed by U.S. government-sponsored agencies since the potential risk of loss predominantly resides with the U.S. government-sponsored agencies. The amounts excluded for loans 90+ days past due and (EOP loans) were $60 million ($0.5 billion), $63 million ($0.5 billion) and $61 million ($0.5 billion) at September 30, 2024, June 30, 2024 and September 30, 2023, respectively. The amounts excluded for loans 30–89 days past due (the 30–89 days past due EOP loans have the same adjustments as the 90+ days past due EOP loans) were $69 million, $75 million and $70 million at September 30, 2024, June 30, 2024 and September 30, 2023, respectively. The EOP loans in the table include the guaranteed loans.
(4)The 90+ days past due balances for Branded Cards and Retail Services are generally still accruing interest. Citi’s policy is generally to accrue interest on credit card loans until 180 days past due, unless notification of bankruptcy filing has been received earlier.
(5)Excludes EOP classifiably managed Private Bank loans. These loans are not included in the delinquency numerator, denominator and ratios.
(6)These loans are evaluated for non-accrual status and write-off primarily based on their internal risk classification and not solely on their delinquency status, and, therefore, delinquency metrics are excluded from this table. As of September 30, 2024, June 30, 2024 and September 30, 2023, 72%, 75% and 95% of Wealth classifiably managed loans were rated investment grade. For additional information on the credit quality of the Wealth portfolio, including classifiably managed portfolios, see “Consumer Credit Trends” above.
(7)Asia Consumer includes delinquencies and loans in Poland and Russia for all periods presented.
(8)Citi has entered into agreements to sell certain Asia Consumer banking businesses. Accordingly, the loans of these businesses have been reclassified as HFS in Other assets on the Consolidated Balance Sheet and, hence, the loans and related delinquencies and ratios are not included in this table. The most recent reclassifications commenced as follows: Taiwan and Indonesia in the first quarter of 2022; Taiwan closed in the third quarter of 2023 and Indonesia closed in the fourth quarter of 2023. See Note 2.
(9)The 90+ days past due and 30–89 days past due and related ratios exclude U.S. mortgage loans that are primarily related to U.S. mortgages guaranteed by U.S. government-sponsored agencies since the potential risk of loss predominantly resides with the U.S. agencies. The amounts excluded for 90+ days past due and
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(EOP loans) were $68 million ($0.2 billion), $65 million ($0.2 billion) and $67 million ($0.2 billion) at September 30, 2024, June 30, 2024 and September 30, 2023, respectively. The amounts excluded for loans 30–89 days past due (the 30–89 days past due EOP loans have the same adjustments as the 90+ days past due EOP loans) were $35 million, $42 million and $36 million at September 30, 2024, June 30, 2024 and September 30, 2023, respectively. The EOP loans in the table include the guaranteed loans.
N/A Not applicable

Consumer Loan Net Credit Losses (NCLs) and Ratios

 
Average
loans(1)
Net credit losses(2)
In millions of dollars, except average loan amounts in billions3Q243Q242Q243Q23
USPB
Total$210.3 $1,864 $1,931 $1,343 
Ratio3.53 %3.76 %2.72 %
Cards
Total162.3 1,784 1,855 1,280 
Ratio4.37 %4.65 %3.31 %
Branded Cards111.1 994 1,037 707 
Ratio3.56 %3.82 %2.72 %
Retail Services51.2 790 818 573 
Ratio6.14 %6.45 %4.53 %
Retail Banking48.0 80 76 63 
Ratio0.66 %0.66 %0.59 %
Wealth$150.3 $27 $35 $24 
Ratio0.07 %0.09 %0.06 %
All Other—Legacy Franchises (managed basis)(3)
Total$25.6 $208 $212 $231 
Ratio3.23 %3.11 %3.14 %
Mexico Consumer17.8 195 203 186 
Ratio4.36 %4.30 %4.12 %
Asia Consumer (managed basis)(3)(4)
5.6 18 15 50 
Ratio1.28 %0.99 %2.31 %
Legacy Holdings Assets (consumer)2.2 (5)(6)(5)
Ratio(0.90)%(1.05)%(0.73)%
Reconciling Items(3)
$(1)$(3)$(19)
Total Citigroup$386.2 $2,098 $2,175 $1,579 
Ratio2.16 %2.28 %1.67 %

(1)Average loans include interest and fees on credit cards.
(2)The ratios of net credit losses are calculated based on average loans, net of unearned income.
(3)All Other (managed basis) excludes divestiture-related impacts (Reconciling Items) related to (i) Citi’s divestitures of its Asia Consumer businesses and (ii) the planned IPO of Mexico Consumer/SBMM within Legacy Franchises. The Reconciling Items are fully reflected in the various line items in Citi’s Consolidated Statement of Income. See “All Other—Divestiture-Related Impacts (Reconciling Items)” above.
(4)Asia Consumer also includes NCLs and average loans in Poland and Russia for all periods presented.



55


ADDITIONAL CONSUMER AND CORPORATE CREDIT DETAILS

Loans Outstanding

3rd Qtr.2nd Qtr.1st Qtr.4th Qtr.3rd Qtr.
In millions of dollars20242024202420232023
Consumer loans
In North America offices(1)
Residential first mortgages(2)
$114,126 $112,710 $110,592 $108,711 $106,369 
Home equity loans(2)
3,242 3,338 3,439 3,592 3,796 
Credit cards163,699 163,467 158,806 164,720 155,698 
Personal, small business and other33,308 33,318 33,966 36,135 36,590 
Total$314,375 $312,833 $306,803 $313,158 $302,453 
In offices outside North America(1)
Residential mortgages(2)
$25,702 $25,489 $25,926 $26,426 $26,389 
Credit cards12,930 13,197 13,942 14,233 13,573 
Personal, small business and other35,474 34,636 35,162 35,380 35,299 
Total$74,106 $73,322 $75,030 $76,039 $75,261 
Consumer loans, net of unearned income, excluding portfolio layer cumulative basis adjustments(3)
$388,481 $386,155 $381,833 $389,197 $377,714 
Unallocated portfolio layer cumulative basis adjustments$670 $(38)$(74)$— $— 
Consumer loans, net of unearned income(3)
$389,151 $386,117 $381,759 $389,197 $377,714 
Corporate loans
In North America offices(1)
Commercial and industrial$58,403 $60,959 $58,023 $61,008 $58,130 
Financial institutions38,796 40,037 38,040 39,393 36,783 
Mortgage and real estate(2)
18,353 17,917 17,839 17,813 17,445 
Installment and other23,147 22,929 21,259 23,335 23,207 
Lease financing233 231 229 227 225 
Total$138,932 $142,073 $135,390 $141,776 $135,790 
In offices outside North America(1)
Commercial and industrial$98,024 $96,883 $93,750 $93,402 $95,528 
Financial institutions25,879 27,282 26,647 26,143 23,759 
Mortgage and real estate(2)
7,900 7,347 7,375 7,197 6,481 
Installment and other25,693 24,342 26,210 27,907 24,407 
Lease financing41 37 45 48 46 
Governments and official institutions3,237 3,664 3,405 3,599 2,794 
Total$160,774 $159,555 $157,432 $158,296 $153,015 
Corporate loans, net of unearned income, excluding portfolio layer cumulative basis adjustments(4)
$299,706 $301,628 $292,822 $300,072 $288,805 
Unallocated portfolio layer cumulative basis adjustments
$65 $(23)$(3)$93 $(171)
Corporate loans, net of unearned income(4)
$299,771 $301,605 $292,819 $300,165 $288,634 
Total loans—net of unearned income$688,922 $687,722 $674,578 $689,362 $666,348 
Allowance for credit losses on loans (ACLL)(18,356)(18,216)(18,296)(18,145)(17,629)
Total loans—net of unearned income and ACLL$670,566 $669,506 $656,282 $671,217 $648,719 
ACLL as a percentage of total loans—
net of unearned income
(5)
2.70 %2.68 %2.75 %2.66 %2.68 %
ACLL for consumer loan losses as a percentage of
total consumer loans—net of unearned income
(5)
4.05 %4.08 %4.07 %3.97 %3.95 %
ACLL for corporate loan losses as a percentage of
total corporate loans—net of unearned income
(5)
0.89 %0.85 %0.98 %0.93 %0.97 %

(1)North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. The classification of corporate loans between offices in North America and outside North America is based on the domicile of the booking unit. The difference between the domicile of the booking unit and the domicile of the managing unit is not material.
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(2)Loans secured primarily by real estate.
(3)Consumer loans are net of unearned income of $883 million, $852 million, $828 million, $802 million and $789 million at September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, respectively. Unearned income on consumer loans primarily represents loan origination fees, net of certain direct origination costs, that are deferred and recognized as Interest income over the lives of the related loans.
(4)Corporate loans include Mexico SBMM loans and are net of unearned income of ($912) million, ($917) million, ($968) million, ($917) million and ($806) million at September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, respectively. Unearned income on corporate loans primarily represents loan origination fees, net of certain direct origination costs, that are deferred and recognized as Interest income over the lives of the related loans.
(5)Because loans carried at fair value do not have an ACLL, they are excluded from the ACLL ratio calculation.

Details of Credit Loss Experience
3rd Qtr.2nd Qtr.1st Qtr.4th Qtr.3rd Qtr.
In millions of dollars20242024202420232023
Allowance for credit losses on loans (ACLL) at beginning of period$18,216 $18,296 $18,145 $17,629 $17,496 
Provision for credit losses on loans (PCLL)
Consumer$2,205 $2,525 $2,201 $2,371 $1,656 
Corporate177 (166)221 101 160 
Total$2,382 $2,359 $2,422 $2,472 $1,816 
Gross credit losses on loans
Consumer
In U.S. offices$2,210 $2,282 $2,190 $1,886 $1,611 
In offices outside the U.S.286 304 322 351 317 
Corporate
In U.S. offices81 115 83 106 16 
In offices outside the U.S.32 14 95 25 56 
Total$2,609 $2,715 $2,690 $2,368 $2,000 
Gross recoveries on loans
Consumer
In U.S. offices$353 $354 $328 $287 $274 
In offices outside the U.S.45 57 45 51 75 
Corporate
In U.S. offices22 10 12 
In offices outside the U.S.17 11 24 
Total$437 $432 $387 $374 $363 
Net credit losses on loans (NCLs)
In U.S. offices$1,916 $2,033 $1,936 $1,693 $1,344 
In offices outside the U.S.256 250 367 301 293 
Total$2,172 $2,283 $2,303 $1,994 $1,637 
Other—net(1)(2)(3)(4)(5)(6)
$(70)$(156)$32 $38 $(46)
Allowance for credit losses on loans (ACLL) at end of period$18,356 $18,216 $18,296 $18,145 $17,629 
ACLL as a percentage of EOP loans(7)
2.70 %2.68 %2.75 %2.66 %2.68 %
Allowance for credit losses on unfunded lending commitments (ACLUC)(8)
$1,725 $1,619 $1,629 $1,728 $1,806 
Total ACLL and ACLUC$20,081 $19,835 $19,925 $19,873 $19,435 
Net consumer credit losses on loans$2,098 $2,175 $2,139 $1,899 $1,579 
As a percentage of average consumer loans2.16 %2.28 %2.25 %1.98 %1.67 %
Net corporate credit losses on loans$74 $108 $164 $95 $58 
As a percentage of average corporate loans0.10 %0.15 %0.22 %0.13 %0.08 %
ACLL by type at end of period(9)
Consumer$15,765 $15,732 $15,524 $15,431 $14,912 
Corporate2,591 2,484 2,772 2,714 2,717 
Total $18,356 $18,216 $18,296 $18,145 $17,629 
(1)Includes all adjustments to the allowance for credit losses, such as changes in the allowance from acquisitions, dispositions, securitizations, FX translation, purchase accounting adjustments, etc.
(2)The third quarter of 2024 includes approximately $23 million related to an acquired portfolio and a decrease of approximately $93 million related to FX translation.
(3)The second quarter of 2024 includes a decrease of approximately $156 million related to FX translation.
(4)The first quarter of 2024 includes an increase of approximately $32 million related to FX translation.
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(5)The fourth quarter of 2023 includes an increase of approximately $38 million related to FX translation.
(6)The third quarter of 2023 includes a decrease of approximately $46 million related to FX translation.
(7)September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023 exclude $8.1 billion, $8.5 billion, $8.9 billion, $7.6 billion and $7.4 billion, respectively, of loans that are carried at fair value.
(8)Represents additional credit reserves recorded as Other liabilities on the Consolidated Balance Sheet.
(9)See “Significant Accounting Policies and Significant Estimates” below. Attribution of the allowance is made for analytical purposes only and is available to absorb probable credit losses inherent in the overall portfolio.

Allowance for Credit Losses on Loans (ACLL)
The following tables detail information on Citi’s ACLL, loans and coverage ratios:

 September 30, 2024
In billions of dollarsACLLEOP loans, net of
unearned income
ACLL as a
% of EOP loans(1)
Consumer
North America cards(2)
$13.3 $163.7 8.1 %
North America mortgages(3)
0.1 117.8 0.1 
North America other(3)
0.7 33.3 2.1 
International cards0.9 12.9 7.0 
International other(3)
0.8 61.1 1.3 
Total(1)
$15.8 $388.8 4.1 %
Corporate(4)
Commercial and industrial$1.6 $154.1 1.0 %
Financial institutions0.3 64.4 0.5 
Mortgage and real estate(4)
0.6 26.3 2.3 
Installment and other0.1 47.2 0.2 
Total(1)
$2.6 $292.0 0.9 %
Loans at fair value(1)
N/A$8.1 N/A
Total Citigroup$18.4 $688.9 2.7 %

 December 31, 2023
In billions of dollarsACLLEOP loans, net of
unearned income
ACLL as a
% of EOP loans(1)
Consumer
North America cards(2)
$12.6 $164.7 7.7 %
North America mortgages(3)
0.2 112.0 0.2 
North America other(3)
0.7 36.2 1.9 
International cards0.9 14.2 6.3 
International other(3)
1.0 61.8 1.6 
Total(1)
$15.4 $388.9 4.0 %
Corporate(4)
Commercial and industrial$1.7 $151.5 1.1 %
Financial institutions0.3 65.1 0.5 
Mortgage and real estate(4)
0.6 24.9 2.4 
Installment and other0.1 51.3 0.2 
Total(1)
$2.7 $292.9 0.9 %
Loans at fair value(1)
N/A$7.6 N/A
Total Citigroup$18.1 $689.4 2.7 %

(1)Excludes loans carried at fair value, since they do not have an ACLL and are excluded from the ACLL ratio calculation.
(2)Includes both Branded Cards and Retail Services. As of September 30, 2024, the $13.3 billion of ACLL represented approximately 22 months of coincident net credit loss coverage (based on 3Q24 NCLs). As of September 30, 2024, Branded Cards ACLL as a percentage of EOP loans was 6.5% and Retail Services ACLL as a percentage of EOP loans was 11.7%. As of December 31, 2023, the $12.6 billion of ACLL represented approximately 25 months of coincident net credit loss coverage (based on 4Q23 NCLs). As of December 31, 2023, Branded Cards ACLL as a percentage of EOP loans was 6.0% and Retail Services ACLL as a percentage of EOP loans was 11.1%.
(3)Includes residential mortgages, retail loans and personal, small business and other loans, including those extended through the Private Bank network.
(4)The above corporate loan classifications are broadly based on the loan’s collateral, purpose and type of borrower, which may be different from the following industry table. For example, commercial and industrial, financial institutions, and installment and other loan classifications include various forms of loans to borrowers across multiple industries, whereas mortgage and real estate includes loans secured primarily by real estate.
N/A Not applicable
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The following table details Citi’s corporate credit ACLL by industry exposure:

September 30, 2024
In millions of dollars, except percentages
Funded exposure(1)
ACLLACLL as a % of funded exposure
Transportation and industrials$59,492 $490 0.8 %
Banks and finance companies52,165 148 0.3 
Real estate(2)
51,500 707 1.4 
Commercial35,488 639 1.8 
Residential16,012 68 0.4 
Consumer retail34,346 316 0.9 
Technology, media and telecom29,703 260 0.9 
Power, chemicals, metals and mining19,386 256 1.3 
Public sector12,921 93 0.7 
Energy and commodities12,187 137 1.1 
Health8,634 75 0.9 
Asset managers and funds5,768 26 0.5 
Insurance2,402 9 0.4 
Securities firms662 7 1.1 
Financial markets infrastructure167   
Other industries(3)
2,637 67 2.5 
Total(4)
$291,970 $2,591 0.9 %

(1)    Funded exposure excludes loans carried at fair value of $7.8 billion that are not subject to ACLL under the CECL standard.
(2)    As of September 30, 2024, the portion of the ACLL attributed to the total funded CRE exposure (including the Private Bank) was approximately 1.62%.
(3)    Includes $0.9 billion of funded exposure at September 30, 2024, primarily related to commercial credit card delinquency-managed loans.
(4)    As of September 30, 2024, the ACLL above reflects coverage of 0.4% of funded investment-grade exposure and 2.4% of funded non-investment-grade exposure.

The following table details Citi’s corporate credit ACLL by industry exposure:

December 31, 2023
In millions of dollars, except percentages
Funded exposure(1)
ACLLACLL as a % of funded exposure
Transportation and industrials$59,917 $453 0.8 %
Banks and finance companies52,569 179 0.3 
Real estate(2)
51,660 663 1.3 
Commercial35,058 599 1.7 
Residential16,602 64 0.4 
Consumer retail33,548 282 0.8 
Technology, media and telecom29,832 376 1.3 
Power, chemicals, metals and mining19,004 270 1.4 
Public sector12,621 102 0.8 
Energy and commodities12,606 166 1.3 
Health9,135 72 0.8 
Asset managers and funds4,232 36 0.9 
Insurance2,390 14 0.6 
Securities firms734 23 3.1 
Financial markets infrastructure156 — — 
Other industries(3)
4,480 78 1.7 
Total(4)
$292,884 $2,714 0.9 %

(1)    Funded exposure excludes loans carried at fair value of $7.3 billion that are not subject to ACLL under the CECL standard.
(2)    As of December 31, 2023, the portion of the ACLL attributed to the total funded CRE exposure (including the Private Bank) was approximately 1.49%.
(3)    Includes $0.6 billion of funded exposure at December 31, 2023, primarily related to commercial credit card delinquency-managed loans.
(4)    As of December 31, 2023, the ACLL above reflects coverage of 0.3% of funded investment-grade exposure and 2.9% of funded non-investment-grade exposure.




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非應計貸款和資產
有關花旗非應計貸款和資產的更多信息,請參閱花旗2023年表格10-k中的「非應計貸款和資產」。

非利息貸款
下表總結了花旗集團截至所示期間的非應計貸款(NAL)。非應計貸款可能仍然是當前的利息支付。如果花旗合理預計最終只收回所欠本金的一部分,則收到的所有付款均反映為本金的減少,而不是利息收入。對於所有其他非應計貸款,現金利息收入通常記錄為收入。














九月30,6月30日,3月31日,12月31日,九月30,
以百萬美金20242024202420232023
各地區企業非應計貸款(1)(2)(3)
北美(4)
$459 $456 $874 $978 $934 
國際485 542 615 904 1,041 
$944 $998 $1,489 $1,882 $1,975 
按集群分類的國際NAL
聯合王國$62 $109 $123 $268 $282 
日本、亞洲北部和澳大利亞(JANA)24 52 37 70 87 
智利南美260 276 328 367 407 
亞洲南49 30 35 35 40 
歐洲64 45 75 139 170 
中東和非洲(多邊環境協定)26 30 17 25 55 
企業非應計貸款(1)(2)(3)
銀行$348 $462 $606 $799 $953 
服務96 30 27 103 94 
市場(4)
390 362 686 791 735 
墨西哥SBMM110 144 170 189 193 
$944 $998 $1,489 $1,882 $1,975 
消費者非應計貸款(1)
USPB$292 $285 $290 $291 $280 
財富284 303 276 288 287 
墨西哥消費者415 425 465 479 463 
亞洲消費(5)
21 22 23 22 25 
遺產控股資產(消費者)
210 217 227 235 247 
$1,222 $1,252 $1,281 $1,315 $1,302 
非應計貸款總額 $2,166 $2,250 $2,770 $3,197 $3,277 

(1)根據花旗集團風險官的審查,企業貸款處於非應計狀態。企業非應計貸款可能仍然是當前的利息支付。除少數例外情況外,消費貸款適用以下做法:消費貸款(不包括信用卡和抵押貸款)在逾期90天處於非應計狀態,並在逾期120天被沖銷;住宅抵押貸款在逾期90天處於非應計狀態,並在逾期180天時減記至可變現淨值。根據行業慣例,花旗集團通常對信用卡貸款收取利息,直到此類貸款被註銷,這通常發生在合同違約180天時。因此,非應計貸款披露不包括信用卡貸款。上述餘額代表內的非應計貸款 企業貸款 消費貸款 在合併資產負債表上。
(2)截至2024年9月30日、2024年6月30日、2024年3月31日、2023年12月31日和2023年9月30日,花旗約有64%、68%、61%、50%和62%的企業非應計貸款仍為流動利息和本金支付。
(3)2024年9月30日企業非應計貸款占企業貸款總額的0.31%。
(4)2023年9月30日的增長主要與兩筆商業房地產貸款有關。2024年6月30日的減少主要與商業房地產貸款有關。
(5) 亞洲消費者包括所有期間波蘭和俄羅斯的餘額。
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花旗集團非應計貸款的變化如下:

止三個月止三個月
2024年9月30日2023年9月30日
以百萬美金企業消費者企業消費者
季度初非應計貸款$998 $1,252 $2,250 $1,261 $1,321 $2,582 
添加318 482 800 1,013 453 1,466 
銷售和轉移到HFS(45)(4)(49)(52)(2)(54)
重返表演(15)(57)(72)(17)(71)(88)
付款/結算(208)(153)(361)(181)(126)(307)
撇帳(103)(227)(330)(45)(227)(272)
其他(1)(71)(72)(4)(46)(50)
期末餘額$944 $1,222 $2,166 $1,975 $1,302 $3,277 
九個月結束九個月結束
2024年9月30日2023年9月30日
以百萬美金企業消費者企業消費者
年初非應計貸款$1,882 $1,315 $3,197 $1,122 $1,317 $2,439 
添加768 1,377 2,145 1,702 1,234 2,936 
銷售和轉移到HFS(362)(10)(372)(77)(16)(93)
重返表演(261)(164)(425)(106)(247)(353)
付款/結算(769)(409)(1,178)(500)(361)(861)
撇帳(310)(691)(1,001)(152)(615)(767)
其他(4)(196)(200)(14)(10)(24)
期末餘額$944 $1,222 $2,166 $1,975 $1,302 $3,277 

下表總結了花旗集團的其他房地產(OREO)資產。奧利奧記錄在合併資產負債表中 其他資產.這代表花旗占有抵押品時通過止贖或其他法律程式獲得的所有房地產的公允價值:

Sept. 30,Jun. 30,Mar. 31,Dec. 31,Sept. 30,
In millions of dollars20242024202420232023
OREO
North America$13 $17 $15 $17 $23 
International(1)
12 10 11 19 14 
Total OREO$25 $27 $26 $36 $37 
Non-accrual assets
Corporate non-accrual loans$944 $998 $1,489 $1,882 $1,975 
Consumer non-accrual loans1,222 1,252 1,281 1,315 1,302 
Non-accrual loans (NAL)$2,166 $2,250 $2,770 $3,197 $3,277 
OREO25 27 26 36 37 
Non-accrual assets (NAA)$2,191 $2,277 $2,796 $3,233 $3,314 
NAL as a percentage of total loans0.31 %0.33 %0.41 %0.46 %0.49 %
NAA as a percentage of total assets0.09 0.09 0.11 0.13 0.14 
ACLL as a percentage of NAL(2)
847 810 661 568 538 
(1)The International OREO details by cluster are not provided due to the immateriality of such amounts.
(2)The ACLL includes the allowance for Citi’s credit card portfolios and purchased credit-deteriorated loans, while the non-accrual loans exclude credit card balances (with the exception of certain international portfolios).

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62


LIQUIDITY RISK

For additional information on funding and liquidity at Citi, including objectives and stress testing, see “Liquidity Risk” and “Risk Factors—Liquidity Risks” in Citi’s 2023 Form 10-K.

Overview
Citi’s liquidity is managed centrally by Corporate Treasury through the Liquidity Risk Management Policy (Policy), which sets forth the minimum requirements for identifying, measuring, monitoring, controlling and reporting liquidity risk, consistent with Citi’s risk appetite in conjunction with local treasurers and with oversight provided by Independent Risk Management and the Citigroup Asset and Liability Committee (ALCO). The Policy establishes the framework for sound management of Citi’s liquidity risk, to facilitate transparency and comparability of liquidity risk-taking activities, and supports Citi’s maintenance of adequate liquidity, including a cushion of unencumbered, high-quality liquid assets, to withstand a range of stress events including those involving the loss or impairment of both unsecured and secured funding sources.
Citi’s enterprise-wide liquidity management framework establishes a risk appetite that is expressed as a set of quantitative minimum levels for Citigroup and Citibank, consolidated to maintain liquidity levels above limits for the U.S. Liquidity Coverage ratio (LCR), U.S. Net Stable Funding ratio (NSFR) and Internal Liquidity Stress Tests (ILST). Liquidity concentration risk, which is defined as liquidity risk due to funding concentration to a specific counterparty, industry, product type or maturity, among other categories, is an integral part of Citi’s liquidity management framework and is managed in accordance with established risk appetite limits. For example, product or industry concentration limits consider specific attributes of a product (e.g., wholesale deposits, secured versus unsecured, etc.).

Similar requirements applicable to country legal entities, material legal entities (as defined in the public section of Citi’s 2023 resolution plan) or other legal entities are specified in the Liquidity Risk Management Procedures (Procedures). The Procedures provide for liquidity risk management, risk identification, risk appetite, risk limits and triggers, and monitoring including escalation, stress testing, risk reporting, training and review, oversight and approval of key liquidity risk proposals, and analytical tools applicable to the entities within the Procedures’ scope. In addition, the Procedures provide for data governance, roles and responsibilities, and reference to frameworks within Citi’s liquidity management.
Liquidity risk in foreign jurisdictions and legal entities is managed as part of Citi’s legal entity liquidity management framework (similar to Citigroup and Citibank), in which legal entities, including those in foreign jurisdictions, are subject to regulatory and internal liquidity stress tests on a standalone basis, managed against legal entity limits set in accordance with Citi’s risk appetite and governed by local governance forums. Citi also has other local governance forums for managing its balance sheet and liquidity at various organizational levels, including material legal entities.
Citi’s Chief Risk Officer and Chief Financial Officer co-chair Citigroup’s ALCO, which includes Citi’s Treasurer and other senior executives. The ALCO sets the strategy of the liquidity portfolio and monitors portfolio performance (see “Risk Governance—Board and Executive Management Committees” in Citi’s 2023 Form 10-K). Significant changes to portfolio asset allocations require approval by the ALCO.

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High-Quality Liquid Assets (HQLA)

CitibankCiti non-bank and other entitiesTotal
In billions of dollarsSept. 30, 2024Jun. 30, 2024Sept. 30, 2023Sept. 30, 2024Jun. 30, 2024Sept. 30, 2023Sept. 30, 2024Jun. 30, 2024Sept. 30, 2023
Available cash$211.6 $207.6 $203.1 $6.9 $7.6 $5.4 $218.5 $215.2 $208.5 
U.S. sovereign
205.0 216.8 134.2 43.2 47.2 79.3 248.2 264.0 213.5 
U.S. agency/agency MBS
28.2 28.3 48.5 2.0 0.2 3.6 30.2 28.5 52.1 
Foreign government debt(1)
38.1 18.4 74.3 16.2 15.5 19.9 54.3 33.9 94.2 
Other investment grade
 — 0.3  — 0.7  — 1.0 
Total HQLA (AVG)$482.9 $471.1 $460.4 $68.3 $70.5 $108.9 $551.2 $541.6 $569.3 

Note: The amounts in the table above are presented on an average basis. For securities, the amounts represent the liquidity value that potentially could be realized and, therefore, exclude any securities that are encumbered and incorporate any haircuts applicable under the U.S. LCR rule. The table above incorporates various restrictions that could limit the transferability of liquidity between legal entities, including Section 23A of the Federal Reserve Act. Changes in HQLA line categories from the prior-year period were primarily driven by the re-allocation of nontransferable HQLA, which did not change total average HQLA, and thus did not impact Citi’s LCR ratio.
(1)    Foreign government debt includes securities issued or guaranteed by foreign sovereigns, agencies and multilateral development banks. Foreign government debt securities are held largely to support local liquidity requirements and Citi’s local franchises and principally include government bonds from Japan, Korea, Mexico, India and Hong Kong.


The table above includes average amounts of HQLA held at Citigroup’s operating entities that are eligible for inclusion in the calculation of Citigroup’s consolidated LCR, pursuant to the U.S. LCR rules. These amounts include the HQLA needed to meet the minimum requirements at these entities as well as any amounts in excess of these minimums that are available to be transferred to other entities within Citigroup. Citigroup’s average HQLA increased quarter-over-quarter as of the third quarter of 2024, primarily driven by an increase in non-U.S. sovereign debt.
As of September 30, 2024, Citigroup had approximately $959 billion of available liquidity resources to support client and business needs, including end-of-period HQLA ($561 billion); additional unencumbered HQLA, including excess liquidity held at bank entities that is non-transferable to other entities within Citigroup ($252 billion); and unused borrowing capacity from available assets not already accounted for within Citi’s HQLA to support additional advances from the Federal Home Loan Bank (FHLB) and the Federal Reserve Bank discount window ($146 billion).


Short-Term Liquidity Measurement: Liquidity Coverage Ratio (LCR)
In addition to internal 30-day liquidity stress testing performed for Citi’s major entities, operating subsidiaries and countries, Citi also monitors its liquidity by reference to the LCR. The table below details the components of Citi’s LCR calculation and HQLA in excess of net outflows for the periods indicated:

In billions of dollarsSept. 30, 2024Jun. 30, 2024Sept. 30, 2023
HQLA$551.2 $541.6 $569.3 
Net outflows469.6 464.0 485.3 
LCR117 %117 %117 %
HQLA in excess of net outflows$81.6 $77.6 $84.0 

Note: The amounts are presented on an average basis.

As of September 30, 2024, Citigroup’s average LCR was unchanged from the quarter ended June 30, 2024, as Citi’s average HQLA and net outflows increased proportionately.
In addition, considering Citi’s total available liquidity resources at quarter end of $959 billion, Citi maintained approximately $489 billion of excess liquidity resources above the stressed average net outflow of approximately $470 billion, presented in the LCR table above.
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Long-Term Liquidity Measurement: Net Stable Funding Ratio (NSFR)
The NSFR is required by a rule promulgated by the U.S. banking agencies and measures the availability of a bank’s stable funding against the required stable funding in accordance with the calculation as defined by the rule.
In general, a bank’s available stable funding includes portions of equity, deposits and long-term debt, while its required stable funding will be based on the liquidity characteristics of its assets, derivatives and commitments. Standardized weightings are required to be applied to the various asset and liability classes. The ratio of available stable funding to required stable funding must be greater than 100%.
For the quarter ended September 30, 2024, Citigroup’s consolidated NSFR was compliant with the rule. (For additional information, see the Consolidated Citigroup NSFR Disclosure for the quarterly periods ended March 31, 2024 and June 30, 2024, on Citi’s Investor Relations website. The Consolidated Citigroup NSFR Disclosure on Citi’s Investor Relations website is not incorporated by reference into, and does not form any part of, this Form 10-Q).

Select Balance Sheet Items
This section provides details of select liquidity-related assets and liabilities reported on Citigroup’s Consolidated Balance Sheet.

Cash and Investments
The table below details average and end-of-period Cash and due from banks, Deposits with banks (collectively cash) and Investment securities. Citi’s investment securities portfolio consists largely of highly liquid U.S. Treasury, U.S. agency and other sovereign bonds, with an aggregate duration of less than three years. At September 30, 2024, Citi’s EOP cash and Investment securities comprised approximately 33% of total assets:

In billions of dollars3Q242Q243Q23
Cash and due from banks$26 $25 $27 
Deposits with banks266 251 260 
Investment securities
500 511 509 
Total Citigroup cash and investment securities (AVG)$792 $787 $796 
Total Citigroup cash and investment securities (EOP)$794 $754 $763 


Deposits
The table below details the average deposits, by segment and/or business, and the total Citigroup end-of-period deposits for each of the periods indicated:

In billions of dollars3Q242Q243Q23
Services$825 $804 $797 
TTS 690 677 677 
Securities Services
135 127 120 
Markets(1)
19 25 23 
Banking1 
USPB85 93 110 
Wealth316 316 305 
All Other—Legacy Franchises
45 50 56 
All Other—Corporate/Other(1)
20 21 23 
Total Citigroup deposits (AVG)$1,311 $1,310 $1,315 
Total Citigroup deposits (EOP)$1,310 $1,278 $1,274 
(1)    During the third quarter of 2024, approximately $9 billion of institutional deposits were moved from Markets to All Other—Corporate/Other. Prior periods were not reclassified. For additional information about the reallocated deposits, see Note 3.

Citi’s deposit base is spread across a diversified set of countries, industries, clients and currencies and is subject to Citi’s Liquidity Risk Management Policy and Procedures.
End-of-period deposits increased 3% year-over-year, primarily driven by growth in Services, reflecting operating deposit growth. End-of-period deposits increased 2% sequentially, primarily driven by growth in TTS and Securities Services.
On an average basis, deposits were largely unchanged both year-over-year and sequentially. In the third quarter of 2024, average deposits for:

Services increased 4% year-over-year, as TTS increased 2% and Securities Services increased 13%. The net increase was primarily attributable to growth in Services operating deposits.
USPB decreased 23% year-over-year, as the transfer of certain relationships and the associated deposits to Wealth more than offset underlying deposit growth.
Wealth increased 4% year-over-year, largely reflecting the transfer of certain relationships and the associated deposits from USPB, partially offset by the shift in deposits to higher-yielding investments on Citi’s platform.
All Other decreased 18% year-over-year, primarily reflecting the continued wind-down of deposits in Legacy Franchises.

The majority of Citi’s $1.3 trillion of end-of-period deposits are institutional (approximately $840 billion) and span 90 countries. A large majority of these institutional deposits are within TTS, and of these, approximately 80% are from clients that use all three TTS integrated services: payments and collections, liquidity management and working capital solutions. In addition, nearly 80% of TTS deposits are from clients that have a longer than 15-year relationship with Citi.
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Citi also has a strong consumer and wealth deposit base, with $401 billion of USPB and Wealth deposits as of the end of the current quarter, which are diversified across the Private Bank, Citigold and Wealth at Work within Wealth, as well as USPB, and across regions and products. As of the end of the current quarter, approximately 66% of U.S. Citigold clients have been with Citi for more than 10 years and approximately 39% of Private Bank ultra-high net worth clients have been with Citi for more than 10 years. In addition, USPB’s deposits are spread across six key metropolitan areas in the U.S.

Long-Term Debt

Weighted-Average Maturity (WAM)
The following table presents Citigroup and its affiliates’
(including Citibank) WAM of unsecured long-term debt issued with a remaining life greater than one year:

WAM in yearsSept. 30, 2024Jun. 30, 2024Sept. 30, 2023
Unsecured debt7.5 7.6 7.4 
Non-bank benchmark debt7.0 7.2 7.1 
Customer-related debt8.6 8.7 8.2 
TLAC-eligible debt8.5 8.6 8.7 

The WAM is calculated based on the contractual maturity of each security. For securities that are redeemable prior to maturity where the option is not held by the issuer, the WAM is calculated based on the earliest date an option becomes exercisable.


Long-Term Debt Outstanding
The following table presents Citi’s end-of-period total long-term debt outstanding for each of the dates indicated:

In billions of dollarsSept. 30, 2024Jun. 30, 2024Sept. 30, 2023
Non-bank(1)
Benchmark debt:
Senior debt
$114.0 $107.7 $110.3 
Subordinated debt
27.9 27.2 24.5 
Trust preferred
1.6 1.6 1.6 
Customer-related debt108.8 102.3 106.4 
Local country and other(2)
10.3 8.5 8.5 
Total non-bank$262.6 $247.3 $251.3 
Bank
FHLB borrowings$11.5 $11.5 $8.5 
Securitizations(3)
5.4 5.6 5.2 
Citibank benchmark senior debt16.9 12.8 7.6 
Local country and other(2)
2.7 3.1 3.2 
Total bank$36.5 $33.0 $24.5 
Total long-term debt$299.1 $280.3 $275.8 

Note: Amounts represent the current value of long-term debt on Citi’s Consolidated Balance Sheet that, for certain debt instruments, includes consideration of fair value, hedging impacts and unamortized discounts and premiums.
(1)Non-bank includes long-term debt issued to third parties by the parent holding company (Citigroup) and Citi’s non-bank subsidiaries (including broker-dealer subsidiaries) that are consolidated into Citigroup. As of September 30, 2024, non-bank included $91.9 billion of long-term debt issued by Citi’s broker-dealer and other subsidiaries that are consolidated into Citigroup. Certain Citigroup consolidated hedging activities are also included in this line.
(2)Local country and other includes debt issued by Citi’s affiliates in support of their local operations. Within non-bank, certain secured financing is also included.
(3)Predominantly credit card securitizations, primarily backed by Branded Cards receivables.

Citi’s total long-term debt outstanding increased 8% year-over-year, driven by higher debt across almost all categories. Sequentially, long-term debt outstanding increased 7%, largely related to senior benchmark debt at the bank and non-bank entities and customer-related debt issuances at the non-bank entities.
As part of its liability management, Citi has considered, and may continue to consider, opportunities to redeem or repurchase its long-term debt pursuant to open market purchases, tender offers or other means. Such redemptions and repurchases help reduce Citi’s overall funding costs. During the third quarter of 2024, Citi redeemed or repurchased an aggregate of $9.9 billion of its outstanding long-term debt.





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Long-Term Debt Issuances and Maturities
The table below details Citi’s long-term debt issuances and maturities (including repurchases and redemptions) during the periods presented:

 3Q242Q243Q23
In billions of dollarsMaturitiesIssuancesMaturitiesIssuancesMaturitiesIssuances
Non-bank
Benchmark debt:
Senior debt$0.1 $3.0 $9.0 $5.7 $— $— 
Subordinated debt1.0 1.1 — — — — 
Trust preferred   — — — — 
Customer-related debt14.2 17.8 16.5 13.4 11.6 11.2 
Local country and other1.3 3.0 1.1 2.3 0.6 1.0 
Total non-bank$16.6 $24.9 $26.6 $21.4 $12.2 $12.2 
Bank
FHLB borrowings$1.0 $1.0 $1.0 $1.0 $1.0 $2.0 
Securitizations0.2  1.1 — 0.3 — 
Citibank benchmark senior debt 4.0 — 5.0 — 5.0 
Local country and other0.5 0.2 0.4 0.3 0.9 0.7 
Total bank$1.7 $5.2 $2.5 $6.3 $2.2 $7.7 
Total$18.3 $30.1 $29.1 $27.7 $14.4 $19.9 


The table below details Citi’s aggregate long-term debt maturities (including repurchases and redemptions) during the nine months of 2024, as well as its aggregate expected remaining long-term debt maturities by year as of September 30, 2024:

 Maturities
In billions of dollars3Q24 YTDRemaining
2024
20252026202720282029ThereafterTotal
Non-bank
Benchmark debt:
Senior debt$10.1 $2.8 $5.0 $24.7 $7.3 $17.0 $3.6 $53.6 $114.0 
Subordinated debt1.0 — 5.2 2.4 3.7 2.0 — 14.6 27.9 
Trust preferred  — — — — — — 1.6 1.6 
Customer-related debt44.2 4.0 21.1 12.0 13.0 7.7 9.1 41.9 108.8 
Local country and other4.5 0.3 1.9 1.0 1.1 1.0 1.4 3.6 10.3 
Total non-bank$59.8 $7.1 $33.2 $40.1 $25.1 $27.7 $14.1 $115.3 $262.6 
Bank
FHLB borrowings$3.0 $4.0 $6.5 $1.0 $— $— $— $— $11.5 
Securitizations1.3 — 1.1 — 1.9 — 0.8 1.6 5.4 
Citibank benchmark senior debt2.3 0.3 2.5 8.0 — 2.5 1.5 2.1 16.9 
Local country and other1.1 0.4 0.4 0.5 0.2 0.1 1.1 — 2.7 
Total bank$7.7 $4.7 $10.5 $9.5 $2.1 $2.6 $3.4 $3.7 $36.5 
Total long-term debt$67.5 $11.8 $43.7 $49.6 $27.2 $30.3 $17.5 $119.0 $299.1 

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Secured Funding Transactions and Short-Term Borrowings
Citi supplements its primary sources of funding with short-term financings that generally include (i) secured funding transactions consisting of securities loaned or sold under agreements to repurchase, i.e., repos, and (ii) to a lesser extent, short-term borrowings consisting of commercial paper issuances and borrowings from the FHLB and other market participants.

Secured Funding Transactions
Secured funding is primarily accessed through Citi’s broker-dealer subsidiaries, with a smaller portion executed through Citi’s bank entities to efficiently fund both (i) secured lending activity and (ii) a portion of the securities inventory held in the context of market making and customer activities. Secured funding transactions are predominantly collateralized by government debt securities. Generally, changes in the level of Citi’s secured funding are primarily due to fluctuations in secured lending activity in the matched book (as described below) and changes in securities inventory. In order to maintain reliable funding under a wide range of market conditions, Citi manages risks related to its secured funding by establishing secured funding limits and conducting daily stress tests that account for risks related to capacity, tenor, haircut, collateral type, counterparty and client actions.
Secured funding of $278 billion as of September 30, 2024 increased 8% year-over-year and decreased 9% from the prior quarter, largely driven by additional financing to support increases in trading-related assets within Citi’s broker-dealer subsidiaries. As of the quarter ended September 30, 2024, on an average basis, secured funding was $338 billion. The portion of secured funding in the broker-dealer subsidiaries that funds secured lending is commonly referred to as “matched book” activity and is primarily secured by high-quality liquid securities such as U.S. Treasury securities, U.S. agency securities and foreign government debt securities. Other “matched book” activity is secured by less liquid securities, including equity securities, corporate bonds and asset-backed securities, the tenor of which is generally equal to or longer than the tenor of the corresponding assets. As indicated above, the remaining portion of secured funding is used to fund securities inventory held in the context of market making and customer activities.

Short-Term Borrowings
Citi’s short-term borrowings of $41 billion as of September 30, 2024 decreased 4% year-over-year, as issuances of long-term debt replaced the need for short-term borrowings. Sequentially, short-term borrowings increased 7%, compared to June 30, 2024, driven by additional funding to support client activities (see Note 18 for further information on Citigroup’s and its affiliates’ outstanding short-term borrowings).
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Credit Ratings
The table below presents the ratings for Citigroup and Citibank as of September 30, 2024. While not included in the table below, the long-term and short-term ratings of Citigroup Global Markets Holdings Inc. (CGMHI) were A+/F1 at Fitch Ratings, A2/P-1 at Moody’s Ratings and A/A-1 at S&P Global Ratings as of September 30, 2024.





Ratings as of September 30, 2024

Citigroup Inc.Citibank, N.A.
 Long-termShort-termOutlookLong-
term
Short-
term
Outlook
Fitch Ratings (Fitch)AF1StableA+F1Stable
Moody’s Ratings (Moody’s)A3P-2StableAa3P-1Stable
S&P Global Ratings (S&P)BBB+A-2StableA+A-1Stable


Potential Impacts of Ratings Downgrades
Ratings downgrades by Fitch, Moody’s or S&P could negatively impact Citigroup’s and/or Citibank’s funding and liquidity due to reduced funding capacity, including derivative triggers, which could take the form of cash obligations and collateral requirements.
For additional information on the impact of credit rating changes on Citi and its applicable subsidiaries, see “Risk Factors—Liquidity Risks” and “Credit Ratings” in Citi’s 2023 Form 10-K.

Citigroup Inc. and Citibank—Potential Derivative Triggers
As of September 30, 2024, Citi estimates that a hypothetical one-notch downgrade of the senior debt/long-term rating of Citigroup Inc. across all three major rating agencies could impact Citigroup’s funding and liquidity due to derivative triggers by approximately $0.1 billion (unchanged from June 30, 2024). Other funding sources, such as secured financing transactions and other margin requirements, for which there are no explicit triggers, could also be adversely affected.
As of September 30, 2024, Citi estimates that a hypothetical one-notch downgrade of the senior debt/long-term rating of Citibank across all three major rating agencies could impact Citibank’s funding and liquidity due to derivative triggers by approximately $0.1 billion (unchanged from June 30, 2024). Other funding sources, such as secured funding transactions and other margin requirements, for which there are no explicit triggers, could also be adversely impacted.
In total, as of September 30, 2024, Citi estimates that a one-notch downgrade of Citigroup Inc. and Citibank across all three major rating agencies could result in increased aggregate cash obligations and collateral requirements of approximately $0.2 billion (unchanged from June 30, 2024). As detailed under “High-Quality Liquid Assets (HQLA)” above, Citigroup has various liquidity resources available to its bank and non-bank entities in part as a contingency for the potential events described above.



Citibank—Additional Potential Impacts
In addition to the above derivative triggers, Citi believes that a potential downgrade of Citibank’s senior debt/long-term rating across any of the three major rating agencies could also have an adverse impact on the commercial paper/short-term rating of Citibank. Citibank has provided liquidity commitments to consolidated asset-backed commercial paper conduits, primarily in the form of asset purchase agreements. As of September 30, 2024, Citibank had liquidity commitments of approximately $11.1 billion to consolidated asset-backed commercial paper conduits (compared to $10.8 billion at June 30, 2024) (see Note 21).
In addition to the above-referenced liquidity resources of certain Citibank entities, Citibank could reduce the funding and liquidity risk, if any, of the potential downgrades described above through mitigating actions, including repricing or reducing certain commitments to commercial paper conduits. In the event of the potential downgrades described above, Citi believes that certain corporate customers could re-evaluate their deposit relationships with Citibank. This re-evaluation could result in clients adjusting their discretionary deposit levels or changing their depository institution, which could potentially reduce certain deposit levels at Citibank. However, Citi could choose to adjust pricing, offer alternative deposit products to its existing customers or seek to attract deposits from new customers, in addition to the mitigating actions referenced above.
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MARKET RISK

Market risk arises from both Citi’s trading and non-trading portfolios. For additional information on market risk and market risk management at Citi, see “Market Risk—Overview” and “Risk Factors” in Citi’s 2023 Form 10-K.

MARKET RISK OF NON-TRADING PORTFOLIOS
Market risk from non-trading portfolios stems predominantly from the potential impact of changes in interest rates and foreign exchange rates on Citi’s net interest income and on Citi’s Accumulated other comprehensive income (loss) (AOCI) from its investment securities portfolios. Market risk from non-trading portfolios also includes the potential impact of changes in foreign exchange rates on Citi’s capital invested in foreign currencies.

Banking Book Interest Rate Risk
For interest rate risk purposes, Citi’s non-trading portfolios are referred to as the Banking Book. Management of interest rate risk in the Banking Book is governed by Citi’s Non-Trading Market Risk Policy. Management’s Asset and Liability Committee (ALCO) establishes Citi’s risk appetite and related limits for interest rate risk in the Banking Book, which are subject to approval by Citigroup’s Board of Directors. Corporate Treasury is responsible for the day-to-day management of Citi’s Banking Book interest rate risk as well as periodically reviewing it with the ALCO. Citi’s Banking Book interest rate risk management is also subject to independent oversight from the second line of defense team reporting to the Chief Risk Officer.
Changes in interest rates impact Citi’s net income, AOCI and CET1. These changes primarily affect Citi’s Banking Book through net interest income, due to a variety of risk factors, including:

Differences in timing and amounts of the maturity or repricing of assets, liabilities and off-balance sheet instruments;
Changes in the level and/or shape of interest rate curves;
Client behavior in response to changes in interest rates (e.g., mortgage prepayments, deposit betas); and
Changes in the maturity of instruments resulting from changes in the interest rate environment.

As part of their ongoing activities, Citi’s businesses generate interest rate-sensitive positions from their client-facing products, such as loans and deposits. The component of this interest rate risk that can be hedged is transferred via Citi’s funds transfer pricing process to Corporate Treasury. Corporate Treasury uses various tools to manage the total interest rate risk position within the established risk appetite and target Citi’s desired risk profile, including its investment securities portfolio, company-issued debt and interest rate derivatives.

In addition, Citi uses multiple metrics to measure its Banking Book interest rate risk. Interest Rate Exposure (IRE) is a key metric that analyzes the impact of a range of scenarios on Citi’s Banking Book net interest income and certain other interest rate-sensitive income versus a base case. IRE does not represent a forecast of Citi’s net interest income.
The scenarios, methodologies and assumptions used in this analysis are periodically evaluated and enhanced in response to changes in the market environment, changes in Citi’s balance sheet composition, enhancements in Citi’s modeling and other factors.
Citi utilizes the most recent quarter-end balance sheet, assuming no changes to its composition and size over the forecasted horizon (holding the balance sheet static). The forecasts incorporate expectations and assumptions of deposit pricing, loan spreads and mortgage prepayment behavior implied by the interest rate curves in each scenario. The base case scenario reflects the market-implied forward interest rates, and sensitivity scenarios assume instantaneous shocks to the base case. The forecasts do not assume Citi takes any risk-mitigating actions in response to changes in the interest rate environment. Certain interest rates are subject to flooring assumptions in downward rate scenarios. Deposit pricing sensitivities (i.e., deposit betas) are informed by historical and expected behavior. Actual deposit pricing could differ from the assumptions used in these forecasts.
Citi’s IRE analysis primarily reflects the impacts from the following Banking Book assets and liabilities: loans, client deposits, Citi’s deposits with other banks, investment securities, long-term debt, any related interest rate hedges and the funds transfer pricing of positions in total trading and credit portfolio value at risk (VAR). It excludes impacts from any positions that are included in total trading and credit portfolio VAR.
In addition to IRE, Citi analyzes economic value sensitivity (EVS) as a longer-term interest rate risk metric. EVS is a net present value (NPV)–based measure of the lifetime cash flows of Citi’s Banking Book. It estimates the interest rate sensitivity of the Banking Book’s economic value from longer-term assets being potentially funded with shorter-term liabilities, or vice versa. Citi manages EVS within risk limits approved by Citigroup’s Board of Directors that are aligned with Citi’s risk appetite.

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Interest Rate Risk of Investment Portfolios—Impact on AOCI
Citi measures the potential impacts of changes in interest rates on the value of its AOCI, which can in turn impact Citi’s common equity and tangible common equity. This will impact Citi’s CET1 and other regulatory capital ratios. Citi seeks to manage its exposure to changes in the market level of interest rates, while limiting the potential impact on its AOCI and regulatory capital position.
AOCI at risk is managed as part of the Company-wide interest rate risk position. AOCI at risk considers potential
changes in AOCI (and the corresponding impact on the CET1 Capital ratio) relative to Citi’s capital generation capacity.
Citi uses 100 basis point (bps) shocks in each scenario to reflect its net interest income sensitivity to unanticipated changes in market interest rates, as potential monetary policy decisions and changes in economic conditions may be reflected in current market-implied forward rates. The following table presents the 12-month estimated impact to Citi’s net interest income, AOCI and the CET1 Capital ratio, each assuming an unanticipated parallel instantaneous 100 bps increase in interest rates:


In millions of dollars, except as otherwise notedSept. 30, 2024Jun. 30, 2024Sept. 30, 2023
Parallel interest rate shock +100 bps
Interest rate exposure(1)(2)
U.S. dollar$(227)$(406)$82 
All other currencies1,388 1,382 1,214 
Total$1,161 $976 $1,296 
As a percentage of average interest-earning assets0.05 %0.04 %0.06 %
Estimated initial negative impact to AOCI (after-tax)(2)
$(1,173)$(1,084)$(807)
Estimated initial impact on CET1 Capital ratio (bps) from AOCI scenario(3)
(14)(14)(12)

(1)Excludes trading book and fair value option banking book portfolios and replaces them with the associated transfer pricing.
(2)Includes the effect of changes in interest rates on AOCI related to investment securities, cash flow hedges and pension liability adjustments.
(3)Excludes the effect of changes in interest rates on AOCI related to cash flow hedges, as those changes are excluded from CET1 Capital.

The All other currencies of $1.4 billion as of September 30, 2024 in the table above includes the impact from the following top five non-U.S. dollar currencies by absolute size: approximately $(0.3) billion from the euro, $0.4 billion from the British pound sterling, and approximately $0.1 billion each from the Japanese yen, Indian rupee and Swiss franc. The remaining impact is spread across more than 30 additional currencies.
Citi’s balance sheet is asset sensitive (assets reprice faster than liabilities), resulting in higher net interest income in increasing interest rate scenarios. The estimated impact to Citi's net interest income in a 100 bps upward rate shock scenario as of September 30, 2024 remained relatively stable year-over-year. At progressively higher interest rate levels, the marginal net interest income benefit is lower, as Citi assumes it will pass on a larger share of rate changes to depositors (i.e., higher betas), further reducing Citi’s IRE sensitivity. Currency-specific interest rate changes and balance sheet factors may drive quarter-to-quarter volatility in Citi’s estimated IRE.
In a 100 bps upward rate shock scenario, Citi expects that the approximate $1.2 billion initial negative impact to AOCI could potentially be offset in shareholders’ equity through the expected recovery of the impact on AOCI through accretion of Citi’s investment portfolio and expected net interest income benefit over a period of approximately seven months.

71


Scenario Analysis
The following table presents the estimated impact to Citi’s net interest income and AOCI under six different scenarios of changes in interest rates for the U.S. dollar and all other currencies in which Citi has invested capital as of September 30, 2024. The 100 bps downward rate scenarios potentially may be impacted by the low level of interest rates in several countries and the assumption that market interest rates, as well as rates paid to depositors and charged to borrowers, do not fall below zero (i.e., the “flooring assumption”). The interest rate scenarios are also impacted by convexity related to mortgage products and deposit pricing.










In millions of dollars, except as otherwise notedScenario 1Scenario 2Scenario 3Scenario 4Scenario 5Scenario 6
Overnight rate change (bps)100 100 — — (100)(100)
10-year rate change (bps)100 — 100 (100)— (100)
Interest rate exposure
U.S. dollar$(227)$(383)$140 $(127)$(156)$(297)
All other currencies(1)
1,388 1,174 224 (225)(1,139)(1,343)
Total$1,161 $791 $364 $(352)$(1,295)$(1,640)
Estimated initial impact to AOCI (after-tax)(2)
$(1,173)$(1,284)$100 $(385)$1,274 $890 

Note: Each scenario assumes that the rate change will occur instantaneously. Changes in interest rates for maturities between the overnight rate and the 10-year rate are interpolated. The interest rate exposure in the table above assumes no change in deposit size or mix from the baseline forecast included in the different interest rate scenarios presented. As a result, in higher interest rate scenarios, customer activity resulting in a shift from non-interest-bearing and low interest rate deposit products to higher-yielding deposits would reduce the expected benefit to net interest income. Conversely, in lower interest rate scenarios, customer activity resulting in a shift from higher-yielding deposits to non-interest-bearing and low interest rate deposit products would reduce the expected decrease to net interest income.
(1)The Scenario 1 impact of $1,388 million consists of the following top five non-U.S. dollar currencies as of September 30, 2024 by absolute size: approximately $(0.3) billion from the euro, $0.4 billion from the British pound sterling, and approximately $0.1 billion each from the Japanese yen, Indian rupee and Swiss franc. The remaining balance is spread across more than 30 additional currencies.
(2)Includes the effect of changes in interest rates on AOCI related to investment securities, cash flow hedges and pension liability adjustments.


As presented in the table above, the estimated impact to Citi’s net interest income is larger under Scenario 2 than Scenario 3, as Citi’s Banking Book has relatively higher interest rate exposure to the short end of the yield curve. For U.S. dollars, exposure to downward rate shocks is smaller in magnitude than to upward rate shocks. This is because of the lower benefit to net interest income from Citi’s deposit base at higher rate levels, as well as the prepayment effects on mortgage loans and mortgage-backed securities.
The magnitude of the impact to AOCI is greater under Scenario 2 compared to Scenario 3. This is because Citi’s investment portfolio and pension liabilities are more sensitive to rates at shorter- and intermediate-term maturities.

72


Changes in Foreign Exchange Rates—Impacts on AOCI and Capital
As of September 30, 2024, Citi estimates that an unanticipated parallel instantaneous 5% appreciation of the U.S. dollar against all of the other currencies in which Citi has invested capital could reduce Citi’s tangible common equity (TCE) by approximately $1.6 billion, or 1.0%, as a result of changes to Citi’s CTA in AOCI, net of hedges. This impact would be primarily due to changes in the value of the euro, Mexican peso and Indian rupee.
This impact is also before any mitigating actions Citi may take, including ongoing management of its foreign currency
translation exposure. Specifically, as currency movements change the value of Citi’s net investments in foreign currency-denominated capital, these movements also change the value of Citi’s RWA denominated in those same currencies. This,
coupled with Citi’s foreign currency hedging strategies, such as foreign currency borrowings, foreign currency forwards and other currency hedging instruments, lessens the impact of foreign currency movements on Citi’s CET1 Capital ratio. Changes in these hedging strategies, as well as hedging costs, divestitures and tax impacts, can further affect the actual impact of changes in foreign exchange rates on Citi’s capital compared to an unanticipated parallel shock, as described above.
The effect of Citi’s ongoing management strategies with respect to quarterly changes in foreign exchange rates, and the quarterly impact of these changes on Citi’s TCE and CET1 Capital ratio, are presented in the table below. See Note 19 for additional information on the changes in AOCI.


For the quarter ended
In millions of dollars, except as otherwise notedSept. 30, 2024Jun. 30, 2024Sept. 30, 2023
Change in FX spot rate(1)
2.5 %(2.7)%(2.5)%
Change in TCE due to FX translation, net of hedges$421 $(1,274)$(1,314)
As a percentage of TCE0.2 %(0.8)%(0.8)%

(1)     FX spot rate change is a weighted average based on Citi’s quarterly average GAAP capital exposure to foreign countries.
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Interest Income/Expense and Net Interest Margin (NIM)

3Q24 CHART v3.jpg
3rd Qtr.2nd Qtr.3rd Qtr.Change
In millions of dollars, except as otherwise noted2024 2024 20233Q24 vs. 3Q23
Interest income(1)
$36,480  $36,009  $34,860 5 %
Interest expense(2)
23,094  22,494  21,009 10 
Net interest income, taxable equivalent basis(1)
$13,386  $13,515  $13,851 (3)%
Interest income—average rate(3)
6.36 %6.42 %6.27 %9 bps
Interest expense—average rate4.99 4.96 4.67 32 bps
Net interest margin(3)(4)
2.33 2.41 2.49 (16)bps
Interest rate benchmarks  
Two-year U.S. Treasury note—average rate4.04 %4.83 %4.92 %(88)bps
10-year U.S. Treasury note—average rate3.95  4.45  4.15 (20)bps
10-year vs. two-year spread(9)bps(38)bps(77)bps  

(1)Interest income and Net interest income include the taxable equivalent gross-up adjustments (TEGU) primarily related to the tax-exempt bond portfolio and certain tax-advantaged loan programs of $24 million, $22 million and $23 million for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively.
(2)Interest expense associated with certain hybrid financial instruments, which are classified as Long-term debt and accounted for at fair value, is reported together with any changes in fair value as part of Principal transactions in the Consolidated Statement of Income and is therefore not reflected in Interest expense in the table above.
(3)The average rate on interest income and net interest margin reflects TEGU. See footnote 1 above.
(4)Citi’s NIM is calculated by dividing net interest income (including TEGU) by average interest-earning assets.

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Non-Markets Net Interest Income

3rd Qtr.2nd Qtr.3rd Qtr.Change
In millions of dollars
2024202420233Q24 vs. 3Q23
Net interest income—taxable equivalent basis(1) per above
$13,386 $13,515 $13,851 (3)%
Markets net interest income—taxable equivalent basis(1)
1,429 2,060 1,718 (17)
Non-Markets net interest income—taxable equivalent basis(1)
$11,957 $11,455 $12,133 (1)%

(1)Interest income and Net interest income include TEGU discussed in the table above.

Citi’s net interest income in the third quarter of 2024 was $13.4 billion, on both a reported and taxable equivalent basis, a decrease of 3% or $0.5 billion from the prior-year period, primarily driven by a 17% decline in Markets net interest income and a 1% decline in non-Markets net interest income. The decline in Markets net interest income was primarily driven by higher funding costs related to trading inventory in Fixed Income Markets.
The decline in non-Markets net interest income was largely due to lower revenue from Citi’s net investment in Argentina and margin compression on mortgage securities in the investment portfolio that have been extended within Corporate Treasury in All Other. The decline in non-Markets net interest income was partially offset by loan growth in cards and maturing assets in Citi’s securities portfolio being reinvested at higher yields.
Citi’s net interest margin was 2.33% on a taxable equivalent basis in the current quarter, a decrease of eight basis points from the prior quarter. The decline in net interest margin was largely driven by a decline in Markets due to dividend seasonality in the prior quarter, partially offset by loan growth in cards and maturing loans and investments being refinanced and reinvested at higher yields.
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Additional Interest Rate Details

Average Balances and Interest Rates—Assets(1)(2)(3)

Taxable Equivalent Basis

Quarterly—AssetsAverage balanceInterest income% Average rate
3rd Qtr.2nd Qtr.3rd Qtr.3rd Qtr.2nd Qtr.3rd Qtr.3rd Qtr.2nd Qtr.3rd Qtr.
In millions of dollars, except rates202420242023202420242023202420242023
Deposits with banks(4)
$266,300 $250,665 $260,159 $3,050 $2,710 $2,645 4.56 %4.35 %4.03 %
Securities borrowed and purchased under agreements to resell(5)
In U.S. offices$145,422 $144,904 $165,557 $3,366 $2,949 $3,577 9.21 %8.19 %8.57 %
In offices outside the U.S.(4)
190,179 212,065 187,051 3,927 4,262 3,786 8.21 8.08 8.03 
Total$335,601 $356,969 $352,608 $7,293 $7,211 $7,363 8.65 %8.12 %8.28 %
Trading account assets(6)(7)
In U.S. offices$244,176 $225,993 $194,531 $2,831 $2,769 $2,334 4.61 %4.93 %4.76 %
In offices outside the U.S.(4)
172,460 162,648 151,333 1,620 1,734 1,559 3.74 4.29 4.09 
Total$416,636 $388,641 $345,864 $4,451 $4,503 $3,893 4.25 %4.66 %4.47 %
Investments
In U.S. offices
Taxable$304,581 $312,425 $333,520 $1,940 $2,078 $2,287 2.53 %2.68 %2.72 %
Exempt from U.S. income tax11,171 11,143 11,432 126 108 120 4.49 3.90 4.16 
In offices outside the U.S.(4)
184,255 186,974 163,902 2,624 2,641 2,320 5.67 5.68 5.62 
Total$500,007 $510,542 $508,854 $4,690 $4,827 $4,727 3.73 %3.80 %3.69 %
Consumer loans(8)
In U.S. offices$311,306 $307,629 $297,178 $8,344 $8,010 $7,807 10.66 %10.47 %10.42 %
In offices outside the U.S.(4)
74,849 75,582 78,454 1,707 1,770 1,802 9.07 9.42 9.11 
Total$386,155 $383,211 $375,632 $10,051 $9,780 $9,609 10.35 %10.26 %10.15 %
Corporate loans(8)
In U.S. offices$136,852 $136,197 $133,944 $2,320 $2,216 $1,862 6.74 %6.54 %5.52 %
In offices outside the U.S.(4)
163,505 160,213 152,710 3,451 3,502 3,585 8.40 8.79 9.31 
Total$300,357 $296,410 $286,654 $5,771 $5,718 $5,447 7.64 %7.76 %7.54 %
Total loans(8)
In U.S. offices$448,158 $443,826 $431,122 $10,664 $10,226 $9,669 9.47 %9.27 %8.90 %
In offices outside the U.S.(4)
238,354 235,795 231,164 5,158 5,272 5,387 8.61 8.99 9.25 
Total$686,512 $679,621 $662,286 $15,822 $15,498 $15,056 9.17 %9.17 %9.02 %
Other interest-earning assets(9)
$77,060 $70,486 $76,400 $1,174 $1,260 $1,176 6.06 %7.19 %6.11 %
Total interest-earning assets$2,282,116 $2,256,924 $2,206,171 $36,480 $36,009 $34,860 6.36 %6.42 %6.27 %
Non-interest-earning assets(6)
$209,964 $199,565 $207,608 
Total assets$2,492,080 $2,456,489 $2,413,779 
76


Nine Months—Assets
Average balanceInterest income% Average rate
Nine MonthsNine MonthsNine MonthsNine MonthsNine MonthsNine Months
In millions of dollars, except rates202420232024202320242023
Deposits with banks(4)
$256,298 $299,449 $8,407 $8,725 4.38 %3.90 %
Securities borrowed and purchased under agreements to resell(5)
In U.S. offices$145,744 $178,268 $9,739 $9,644 8.93 %7.23 %
In offices outside the U.S.(4)
204,679 183,852 12,587 9,147 8.21 6.65 
Total$350,423 $362,120 $22,326 $18,791 8.51 %6.94 %
Trading account assets(6)(7)
In U.S. offices$230,632 $179,654 $8,260 $6,178 4.78 %4.60 %
In offices outside the U.S.(4)
161,021 144,985 4,822 4,215 4.00 3.89 
Total$391,653 $324,639 $13,082 $10,393 4.46 %4.28 %
Investments
In U.S. offices
Taxable$312,685 $338,751 $6,162 $6,674 2.63 %2.63 %
Exempt from U.S. income tax11,217 11,539 341 344 4.06 3.99 
In offices outside the U.S.(4)
184,988 160,819 7,871 6,324 5.68 5.26 
Total$508,890 $511,109 $14,374 $13,342 3.77 %3.49 %
Consumer loans(8)
In U.S. offices$308,135 $289,931 $24,392 $22,152 10.57 %10.22 %
In offices outside the U.S.(4)
75,587 79,120 5,237 5,043 9.25 8.52 
Total$383,722 $369,051 $29,629 $27,195 10.31 %9.85 %
Corporate loans(8)
In U.S. offices$136,659 $135,798 $6,736 $5,389 6.58 %5.31 %
In offices outside the U.S.(4)
161,248 151,689 10,512 9,847 8.71 8.68 
Total$297,907 $287,487 $17,248 $15,236 7.73 %7.09 %
Total loans(8)
In U.S. offices$444,794 $425,729 $31,128 $27,541 9.35 %8.65 %
In offices outside the U.S.(4)
236,835 230,809 15,749 14,890 8.88 8.63 
Total$681,629 $656,538 $46,877 $42,431 9.19 %8.64 %
Other interest-earning assets(9)
$74,182 $83,080 $3,669 $3,277 6.61 %5.27 %
Total interest-earning assets$2,263,075 $2,236,935 $108,735 $96,959 6.42 %5.80 %
Non-interest-earning assets(6)
$203,227 $210,277 
Total assets$2,466,302 $2,447,212 

(1)Interest income and Net interest income include TEGU of $24 million, $22 million and $23 million for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively, and $69 million and $80 million for the nine months ended September 30, 2024 and 2023, respectively.
(2)Interest rates and amounts include the effects of risk management activities associated with the respective asset categories.
(3)Monthly or quarterly averages have been used by certain subsidiaries where daily averages are unavailable.
(4)Average rates reflect prevailing local interest rates, including inflationary effects and monetary corrections in certain countries.
(5)Average volumes of securities borrowed or purchased under agreements to resell are reported net pursuant to ASC 210-20-45. However, Interest income excludes the impact of ASC 210-20-45.
(6)The fair value carrying amounts of derivative contracts are reported net, pursuant to ASC 815-10-45, in Non-interest-earning assets and Other non-interest-bearing liabilities.
(7)Interest expense on Trading account liabilities of Services, Markets and Banking is reported as a reduction of Interest income. Interest income and Interest expense on cash collateral positions are reported in interest on Trading account assets and Trading account liabilities, respectively.
(8)Net of unearned income. Includes cash-basis loans.
(9)Includes assets from businesses held-for-sale (see Note 2) and Brokerage receivables.

77


Average Balances and Interest Rates—Liabilities and Equity, and Net Interest Income(1)(2)(3)

Taxable Equivalent Basis

Quarterly—LiabilitiesAverage balanceInterest expense% Average rate
3rd Qtr.2nd Qtr.3rd Qtr.3rd Qtr.2nd Qtr.3rd Qtr.3rd Qtr.2nd Qtr.3rd Qtr.
In millions of dollars, except rates202420242023202420242023202420242023
Deposits   
In U.S. offices(4)
$558,464 $563,915 $586,909 $5,804 $5,747 $5,390 4.13 %4.10 %3.64 %
In offices outside the U.S.(5)
550,603 544,818 534,254 4,515 4,488 4,240 3.26 3.31 3.15 
Total$1,109,067 $1,108,733 $1,121,163 $10,319 $10,235 $9,630 3.70 %3.71 %3.41 %
Securities loaned and sold under agreements to repurchase(6)
In U.S. offices$256,482 $243,792 $180,168 $4,848 $4,349 $3,780 7.52 %7.17 %8.32 %
In offices outside the U.S.(5)
81,977 92,575 94,955 2,480 2,613 2,310 12.04 11.35 9.65 
Total$338,459 $336,367 $275,123 $7,328 $6,962 $6,090 8.61 %8.32 %8.78 %
Trading account liabilities(7)(8)
In U.S. offices$37,309 $39,110 $45,168 $445 $432 $453 4.75 %4.44 %3.98 %
In offices outside the U.S.(5)
59,139 64,438 66,199 347 362 439 2.33 2.26 2.63 
Total$96,448 $103,548 $111,367 $792 $794 $892 3.27 %3.08 %3.18 %
Short-term borrowings and other interest-bearing liabilities(9)
In U.S. offices$84,704 $74,353 $87,040 $1,715 $1,626 $1,737 8.05 %8.80 %7.92 %
In offices outside the U.S.(5)
37,551 32,924 30,395 294 282 219 3.11 3.44 2.86 
Total$122,255 $107,277 $117,435 $2,009 $1,908 $1,956 6.54 %7.15 %6.61 %
Long-term debt(10)
In U.S. offices$173,548 $167,043 $156,065 $2,604 $2,547 $2,389 5.97 %6.13 %6.07 %
In offices outside the U.S.(5)
2,142 2,486 2,420 42 48 52 7.80 7.77 8.52 
Total$175,690 $169,529 $158,485 $2,646 $2,595 $2,441 5.99 %6.16 %6.11 %
Total interest-bearing liabilities$1,841,919 $1,825,454 $1,783,573 $23,094 $22,494 $21,009 4.99 %4.96 %4.67 %
Non-interest-bearing deposits(11)
$201,995 $201,167 $193,938 
Other non-interest-bearing liabilities(7)
238,781 222,322 226,515 
Total liabilities$2,282,695 $2,248,943 $2,204,026 
Citigroup stockholders’ equity$208,606 $206,749 $209,028 
Noncontrolling interests779 797 725 
Total equity$209,385 $207,546 $209,753 
Total liabilities and stockholders’ equity$2,492,080 $2,456,489 $2,413,779 
Net interest income as a percentage of average interest-earning assets(12)
 
In U.S. offices$1,312,747 $1,278,753 $1,287,260 $5,957 $5,720 $6,561 1.81 %1.80 %2.02 %
In offices outside the U.S.(6)
969,369 978,171 918,911 7,429 7,795 7,290 3.05 3.21 3.15 
Total$2,282,116 $2,256,924 $2,206,171 $13,386 $13,515 $13,851 2.33 %2.41 %2.49 %
78


Nine Months—Liabilities
Average balanceInterest expense% Average rate
Nine MonthsNine MonthsNine MonthsNine MonthsNine MonthsNine Months
In millions of dollars, except rates202420232024202320242023
Deposits
In U.S. offices(4)
$570,831 $595,461 $17,452 $14,805 4.08 %3.32 %
In offices outside the U.S.(5)
545,835 538,056 13,513 11,260 3.31 2.80 
Total$1,116,666 $1,133,517 $30,965 $26,065 3.70 %3.07 %
Securities loaned and sold under agreements to repurchase(6)
In U.S. offices$238,392 $160,543 $13,507 $9,096 7.57 %7.58 %
In offices outside the U.S.(5)
90,063 93,116 7,749 5,513 11.49 7.92 
Total$328,455 $253,659 $21,256 $14,609 8.64 %7.70 %
Trading account liabilities(7)(8)
In U.S. offices$39,821 $49,277 $1,317 $1,344 4.42 %3.65 %
In offices outside the U.S.(5)
61,402 73,750 1,100 1,205 2.39 2.18 
Total$101,223 $123,027 $2,417 $2,549 3.19 %2.77 %
Short-term borrowings and other interest bearing liabilities(9)
In U.S. offices$79,155 $90,041 $5,043 $4,827 8.51 %7.17 %
In offices outside the U.S.(5)
33,556 39,356 830 555 3.30 1.89 
Total$112,711 $129,397 $5,873 $5,382 6.96 %5.56 %
Long-term debt(10)
In U.S. offices$168,906 $161,240 $7,651 $7,041 6.05 %5.84 %
In offices outside the U.S.(5)
2,376 2,542 142 157 7.98 8.26 
Total$171,282 $163,782 $7,793 $7,198 6.08 %5.88 %
Total interest-bearing liabilities$1,830,337 $1,803,382 $68,304 $55,803 4.98 %4.14 %
Non-interest-bearing deposits(11)
$199,134 $205,339 
Other non-interest-bearing liabilities(7)
229,104 230,776 
Total liabilities$2,258,575 $2,239,497 
Citigroup stockholders’ equity$206,939 $207,071 
Noncontrolling interests788 644 
Total equity$207,727 $207,715 
Total liabilities and stockholders’ equity$2,466,302 $2,447,212 
Net interest income as a percentage of average interest-earning assets(11)
In U.S. offices$1,295,198 $1,321,446 $17,709 $20,977 1.83 %2.12 %
In offices outside the U.S.(6)
967,877 915,491 22,722 20,179 3.14 2.95 
Total$2,263,075 $2,236,937 $40,431 $41,156 2.39 %2.46 %

(1)Interest income and Net interest income include TEGU discussed in the table above.
(2)Interest rates and amounts include the effects of risk management activities associated with the respective liability categories.
(3)Monthly or quarterly averages have been used by certain subsidiaries where daily averages are unavailable.
(4)Consists of other time deposits and savings deposits. Savings deposits are composed of insured money market accounts and other savings deposits.
(5)Average rates reflect prevailing local interest rates, including inflationary effects and monetary corrections in certain countries.
(6)Average volumes of securities sold under agreements to repurchase are reported net pursuant to ASC 210-20-45. However, Interest expense excludes the impact of ASC 210-20-45.
(7)The fair value carrying amounts of derivative contracts are reported net, pursuant to ASC 815-10-45, in Non-interest-earning assets and Other non-interest-bearing liabilities.
(8)Interest expense on Trading account liabilities of Services, Markets and Banking is reported as a reduction of Interest income. Interest income and Interest expense on cash collateral positions are reported in interest on Trading account assets and Trading account liabilities, respectively.
(9)Includes Brokerage payables.
(10)Excludes hybrid financial instruments and beneficial interests in consolidated VIEs that are classified as Long-term debt, as the changes in fair value for these obligations are recorded in Principal transactions.
(11)Includes non-interest-bearing deposits in both the U.S. and outside of the U.S.
(12)Includes allocations for capital and funding costs based on the location of the asset.

79


MARKET RISK OF TRADING PORTFOLIOS

Value at Risk (VAR)
Citi believes its VAR model is conservatively calibrated to incorporate fat-tail scaling and the greater of short-term (approximately the most recent month) and long-term (18 months for commodities and three years for others) market volatility. As of September 30, 2024, Citi estimates that the conservative features of the VAR calibration contribute an approximate 22% add-on to what would be a VAR estimated under the assumption of stable and perfectly, normally distributed markets. As of June 30, 2024, the add-on was 23%.
As presented in the table below, Citi’s average trading VAR for the third quarter of 2024 decreased 5% from the second quarter of 2024, primarily due to inventory changes in the Markets businesses.

Quarter-end and Average Trading VAR and Trading and Credit Portfolio VAR

Third QuarterSecond QuarterThird Quarter
In millions of dollarsSeptember 30, 20242024 AverageJune 30, 20242024 AverageSeptember 30, 20232023 Average
Interest rate$75 $80 $79 $97 $109 $102 
Credit spread77 66 64 66 80 68 
Covariance adjustment(1)
(44)(49)(48)(56)(59)(49)
Fully diversified interest rate and credit spread(2)
$108 $97 $95 $107 $130 $121 
Foreign exchange48 44 49 45 72 36 
Equity45 39 36 23 27 23 
Commodity22 25 29 25 28 28 
Covariance adjustment(1)
(115)(96)(113)(85)(116)(89)
Total trading VAR—all market risk factors, including general and specific risk (excluding credit portfolios)(2)
$108 $109 $96 $115 $141 $119 
Specific risk-only component(3)
$(2)$(6)$(3)$(5)$(15)$(9)
Total trading VAR—general market risk factors only (excluding credit portfolios)$110 $115 $99 $120 $156 $128 
Incremental impact of the credit portfolio(4)
$9 $10 $10 $$$13 
Total trading and credit portfolio VAR$117 $119 $106 $124 $147 $132 

(1)    Covariance adjustment (also known as diversification benefit) equals the difference between the total VAR and the sum of the VARs tied to each risk type. The benefit reflects the fact that the risks within individual and across risk types are not perfectly correlated and, consequently, the total VAR on a given day will be lower than the sum of the VARs relating to each risk type. The determination of the primary drivers of changes to the covariance adjustment is made by an examination of the impact of both model parameter and position changes.
(2)    The total trading VAR includes mark-to-market and certain fair value option trading positions with the exception of hedges of the loan portfolio, fair value option loans and all CVA exposures. Available-for-sale and accrual exposures are not included.
(3)    The specific risk-only component represents the level of equity and fixed income issuer-specific risk embedded in VAR.
(4)    The credit portfolio is composed of mark-to-market positions associated with non-trading business units, with the CVA relating to derivative counterparties, all associated CVA hedges and market sensitivity FVA hedges. FVA and DVA are not included. The credit portfolio also includes hedges of the loan portfolio, fair value option loans and hedges of the leveraged finance pipeline within capital markets origination.

The table below provides the range of market factor VARs associated with Citi’s total trading VAR, inclusive of specific risk:

 Third QuarterSecond QuarterThird Quarter
202420242023
In millions of dollarsLowHighLowHighLowHigh
Interest rate$62 $107 $76 $120 $85 $119 
Credit spread60 77 58 74 56 80 
Fully diversified interest rate and credit spread$77 $118 $88 $129 $105 $138 
Foreign exchange31 55 32 60 12 101 
Equity26 46 13 36 14 33 
Commodity17 31 20 32 22 31 
Total trading$82 $137 $92 $147 $99 $150 
Total trading and credit portfolio91 144 97 156 111 165 

Note: No covariance adjustment can be inferred from the above table as the high and low for each market factor will be from different close-of-business dates.
80


The following table provides the VAR for Markets, excluding the CVA relating to derivative counterparties, hedges of CVA, fair value option loans and hedges of the loan portfolio:

In millions of dollarsSeptember 30, 2024
Total—all market risk factors, including
general and specific risk
Average—during quarter$107 
High—during quarter135 
Low—during quarter82 

Regulatory VAR Back-Testing
In accordance with Basel III, Citi is required to perform back-testing to evaluate the effectiveness of its Regulatory VAR model. Regulatory VAR back-testing is the process in which the daily one-day VAR, at a 99% confidence interval, is compared to the buy-and-hold profit and loss (i.e., the profit and loss impact if the portfolio is held constant at the end of the day and re-priced the following day). Buy-and-hold profit and loss represents the daily mark-to-market profit and loss attributable to price movements in covered positions from the close of the previous business day. Buy-and-hold profit and loss excludes realized trading revenue, net interest, fees and commissions, intra-day trading profit and loss and changes in reserves.
Based on a 99% confidence level, Citi would expect two to three days in any one year where buy-and-hold losses exceed the Regulatory VAR. Given the conservative calibration of Citi’s VAR model (as a result of taking the greater of short- and long-term volatilities and fat-tail scaling of volatilities), Citi would expect fewer exceptions under normal and stable market conditions. Periods of unstable market conditions could increase the number of back-testing exceptions.
As of September 30, 2024, there was one back-testing exception observed for Citi’s Regulatory VAR in the last 12 months.
OTHER RISKS

For additional information regarding other risks, including Citi’s management of other risks, see “Managing Global Risk—Other Risks” in Citi’s 2023 Form 10-K.

81


Country Risk

Top 25 Country Exposures
The following table presents Citi’s top 25 exposures by country (excluding the U.S.) as of September 30, 2024. (Including the U.S., Citi’s top 25 exposures by country would represent approximately 98% of Citi’s exposure to all countries as of September 30, 2024.)
For purposes of the table, loan amounts are reflected in the country where the loan is booked, which is generally based on the domicile of the borrower. For example, a loan to a Chinese subsidiary of a Switzerland-based corporation will generally be categorized as a loan in China. In addition, Citi has developed regional booking centers in certain countries, most significantly in the United Kingdom (U.K.) and Ireland,
in order to more efficiently serve its corporate customers. As an example, in the case of the U.K., only 41% of corporate loans presented in the table below are to U.K. domiciled counterparties (45% for unfunded commitments), while the majority of the remaining loans are to counterparties domiciled in other European countries. Approximately 91% of the total U.K. funded loans and 87% of the total U.K. unfunded commitments were investment grade as of September 30, 2024.
Trading account assets and investment securities are generally categorized based on the domicile of the issuer of the security of the underlying reference entity. For additional information on the assets included in the table, see the footnotes to the table below.

In billions of dollarsServices, Markets and Banking
loans
Wealth loans(1)
Legacy Franchises loans
Other funded(2)
Unfunded(3)
Net MTM on derivatives/repos(4)
Total hedges (on loans and CVA)
Investment securities(5)
Trading account assets(6)
Total
as of
3Q24
Total
as of
2Q24
Total
as of
3Q23(7)
Total
as a %
of Citi
as of
3Q24
United Kingdom$36.6 $5.3 $— $3.2 $40.3 $17.4 $(5.3)$5.2 $6.8 $109.5 $100.1 $97.2 6.1 %
Mexico9.2 0.1 23.5 0.4 6.8 4.2 (1.3)20.0 1.8 64.7 70.9 69.2 3.6 
Ireland17.0 — — 0.8 38.7 0.2 (0.3)— 0.5 56.9 51.4 49.0 3.2 
Hong Kong11.0 21.0 — 0.4 5.0 2.5 (0.6)11.1 0.5 50.9 49.1 44.2 2.8 
Singapore12.1 18.7 — 0.4 5.7 1.3 (0.6)5.1 0.7 43.4 43.5 42.3 2.4 
Brazil12.1 — — — 3.0 6.2 (0.7)4.9 1.8 27.3 27.9 32.8 1.5 
India9.0 — — 0.6 4.0 1.6 (0.5)9.3 2.1 26.1 23.9 22.3 1.5 
South Korea3.1 — 3.8 0.1 1.3 0.8 (0.5)7.0 3.3 18.9 20.4 20.9 1.1 
United Arab Emirates6.6 1.5 — 0.3 4.7 0.3 (0.4)4.4 (0.1)17.3 17.2 16.4 1.0 
Japan2.1 — — 0.1 3.7 5.8 (2.0)4.8 2.1 16.6 14.8 15.9 0.9 
China6.0 — — 0.5 1.0 1.6 (1.2)7.9 (0.1)15.7 17.2 18.6 0.9 
Poland3.3 — 1.6 — 3.4 0.9 (0.3)5.7 1.0 15.6 18.1 13.0 0.9 
Australia7.2 0.2 — — 6.0 1.6 (1.1)0.6 0.2 14.7 16.7 16.5 0.8 
Canada1.4 1.5 — 0.1 5.8 2.9 (1.9)2.9 1.9 14.6 15.5 16.5 0.8 
Jersey2.4 2.4 — 0.1 7.2 0.1 (0.1)— — 12.1 12.0 12.1 0.7 
Germany0.5 — — 0.1 7.1 5.2 (4.1)8.5 (6.7)10.6 13.3 17.3 0.6 
Malaysia1.5 — — 0.2 0.8 0.2 (0.2)3.0 0.1 5.6 4.8 5.3 0.3 
Taiwan4.2 — — — 0.6 0.3 (0.1)0.7 (0.2)5.5 5.0 5.4 0.3 
Indonesia1.8 — — — 0.4 0.3 (0.1)2.1 0.6 5.1 5.2 6.1 0.3 
Thailand1.1 — — 0.2 0.4 — — 2.7 0.7 5.1 4.1 3.4 0.3 
Luxembourg— 1.0 — — — 0.2 (0.4)4.1 0.1 5.0 5.2 4.9 0.3 
France0.1 — — — 1.2 1.7 (4.8)1.1 5.6 4.9 3.8 (2.5)0.3 
South Africa1.6 — — — 0.7 0.3 (0.3)2.6 (0.1)4.8 4.4 4.6 0.3 
Italy1.2 — — 0.1 2.4 1.3 (1.4)— 1.1 4.7 3.9 3.5 0.3 
Czech Republic0.9 — — — 0.8 1.4 — 1.3 0.1 4.5 5.9 4.5 0.3 
Total as a % of Citi’s total exposure31.5 %
Total as a % of Citi’s non-U.S. total exposure90.9 %

(1)    Wealth loans reflect funded loans, including those related to the Private Bank, net of unearned income. As of September 30, 2024, Private Bank loans in the table above totaled $19.3 billion, concentrated in Hong Kong ($5.3 billion), Singapore ($5.2 billion) and the U.K. ($4.4 billion).
(2)    Other funded includes Legacy Franchises and other direct exposures such as accounts receivable, loans HFS, other loans in Corporate/Other and investments accounted for under the equity method.
(3)    Unfunded exposure includes unfunded corporate lending commitments, letters of credit and other contingencies.
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(4)    Net mark-to-market (MTM) counterparty risk on OTC derivatives and securities lending/borrowing transactions (repos). Exposures are net of collateral and inclusive of CVA. Also includes margin loans.
(5)    Investment securities include debt securities AFS, recorded at fair market value, and debt securities HTM, recorded at amortized cost.
(6)    Trading account assets are on a net basis and include issuer risk on cash products and derivative exposure where the underlying reference entity/issuer is located in that country.
(7)    As of September 30, 2023, $0.5 billion of All Other—Legacy Franchises loans were reclassified to HFS as a result of Citi’s agreement to sell its consumer banking business in Indonesia. There were no such balances to report as of September 30, 2024 or June 30, 2024. See “All Other—Legacy Franchises” above and Note 2.


Russia

Overview
In Russia, Citi’s remaining operations are conducted through Services, Markets, Banking and All Other—Legacy Franchises. Citi continues to monitor the war in Ukraine, related sanctions and economic conditions and continues to mitigate its Russia exposures and risks as appropriate.
Citi previously ended nearly all of the institutional banking services it offered in Russia and ceased soliciting any new business or new clients in the country, with the remaining services only those necessary to fulfill its remaining legal and regulatory obligations, as well as support its employees. In addition, Citi significantly reduced its All Other—Legacy Franchises consumer loan portfolio in Russia (reported as part of Asia Consumer), largely due to loan portfolio sales and its entry into a credit card referral agreement with a Russian bank. For additional information, see “Citi’s Wind-Down of Its Russia Operations” below.

For additional information about Citi’s risks related to its Russia exposures, see “Risk Factors—Market-Related Risks,” “—Operational Risks” and “—Other Risks” in Citi’s 2023 Form 10-K.

Impact of the Russia–Ukraine War on Citi’s Businesses

Russia-related Balance Sheet Exposures
Citi’s remaining domestic operations in Russia are conducted through a subsidiary of Citibank, AO Citibank, which uses the Russian ruble as its functional currency.



The following table summarizes Citi’s exposures related to its Russia operations:

In billions of U.S. dollars
September 30, 2024June 30, 2024September 30, 2023
Change 3Q24 vs. 2Q24
Loans
$ $— $0.2 $— 
Investment securities(1)
0.2 0.3 0.4 (0.1)
Net MTM on derivatives/repos
 0.9 1.2 (0.9)
Total hedges (on loans and CVA)
 — (0.1)— 
Unfunded(2)
 — — — 
Trading accounts assets — — — 
Country risk exposure
$0.2 $1.2 $1.7 $(1.0)
Cash on deposit and placements(3)
3.0 1.6 0.6 1.4 
Deposit Insurance Agency(4)
5.8 5.3 3.5 0.5 
National Settlements Depository(4)
 — — — 
Total third-party exposure(5)
$9.0 $8.1 $5.8 $0.9 
Additional exposures to Russian counterparties that are not held by
the Russian subsidiary
0.1 0.1 0.1 — 
Total Russia exposure(6)
$9.1 $8.2 $5.9 $0.9 

(1)    Investment securities include debt securities AFS, recorded at fair market value, primarily local government debt securities.
(2)    Unfunded exposure consists of unfunded corporate lending commitments, letters of credit and other contingencies.
(3)    Cash on deposit and placements are primarily with the Central Bank of Russia. The increase at September 30, 2024 was due to Citi’s inability to enter into reverse repos, thus the cash inflows from dividends received from Russian corporations on behalf of Citi’s clients were placed with the Central Bank of Russia.
(4)    Represents dividends received by Citi in its role as custodian for investor clients in Russia, which Citi is required by local regulation to hold at the Deposit Insurance Agency (DIA). Citi is unable to remit these funds to clients due to restrictions imposed by the Russian government. In accordance with a Central Bank of Russia regulatory requirement, all balances in the National Settlements Depository were transferred to the DIA in the second quarter of 2023.
(5)    The majority of AO Citibank’s third-party exposures were funded with the dividends described in footnote 4 and domestic deposit liabilities from both corporate and personal banking clients.
(6)    Citigroup’s CTA loss included in its AOCI related to its indirect subsidiary, AO Citibank, is excluded from the above table, because the CTA loss is not held in AO Citibank and would be recognized in Citigroup’s earnings only upon either the substantial liquidation or a loss of control of AO Citibank. Citi has separately described these risks in “Deconsolidation Risk” below.
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During the third quarter of 2024, Citi’s Russia-related exposures increased by $0.9 billion, to $9.1 billion as presented in the table above. The increase in exposures was primarily driven by inflows from dividends received from Russian corporations on behalf of Citi’s clients, partially offset by depreciation of the Russian ruble. Approximately 82% of Citi’s $9.1 billion of total Russia-related exposures are corporate dividends that Citi cannot remit to its clients due to restrictions imposed by the Russian government, of which $5.8 billion is held with the Deposit Insurance Agency.
Citi’s net investment in Russia was approximately $0.2 billion as of September 30, 2024 (up from $0.1 billion at June 30, 2024). This increase in the net investment was due to an increase in interest income and custody revenue during the quarter, partially offset by the impact from a net ACL build on other assets, driven by increases in transfer risk for safety and soundness considerations under U.S. banking law. For more information on transfer risk reserves, see “Significant Accounting Policies and Significant Estimates—Citi’s Allowance for Credit Losses (ACL)” below.
Citi hedges its Russian ruble/U.S. dollar spot FX exposure in AOCI through the purchase of FX derivatives. The ongoing mark-to-market of the hedging derivatives is also reported in AOCI. When the Russian ruble depreciates against the U.S. dollar, the U.S. dollar equivalent value of Citigroup’s investment in AO Citibank also declines. This change in value is offset by the change in value of the hedging instrument (FX derivative). Going forward, Citi may record devaluations on its net ruble-denominated assets in earnings, without the benefit from a change in the fair value of derivative positions used to economically hedge the exposures.

Earnings and Other Impacts on Citi’s Businesses
Services, Markets, Banking and All Other—Legacy Franchises results have been impacted by various macroeconomic factors and volatilities, including the war in Ukraine and its direct and indirect impacts on the European and global economies. For a broader discussion of these factors and volatilities on Citi’s businesses, see “Executive Summary” and each applicable business’s results of operations above.
As of September 30, 2024, Citigroup’s ACL included a $0.1 billion remaining credit reserve for Citi’s direct Russian counterparties (largely unchanged from June 30, 2024). This balance does not include the additional reserves for transfer risk associated with exposures in Russia.

Citi’s Wind-Down of Its Russia Operations
In August 2022, Citi disclosed its decision to wind down its Russia consumer, local commercial and institutional banking businesses, including actively pursuing portfolio sales. In connection with this wind-down, Citi has incurred approximately $71 million to date in charges, largely from restructuring, vendor termination fees and other related charges. Citi expects to incur an additional approximate $42 million in estimated charges (approximately $1 million in Banking and $41 million in All Other, excluding the impact from any portfolio sales). For additional information about Citi’s continued efforts to reduce its operations and exposure in Russia, see Note 2 and “Risk Factors” and “Managing
Global Risk—Other Risks—Country Risk—Russia” in Citi’s 2023 Form 10-K.

Deconsolidation Risk
Citi’s remaining operations in Russia subject it to various risks, including, among others, foreign currency volatility, including appreciation or devaluation; restrictions arising from retaliatory Russian laws and regulations on the conduct of its business; sanctions or asset freezes; or other deconsolidation events (see “Risk Factors—Other Risks” in Citi’s 2023 Form 10-K). Examples of triggers that may result in deconsolidation of AO Citibank include voluntary or forced sale of ownership or loss of control due to actions of relevant governmental authorities, including expropriation (i.e., the entity becomes subject to the complete control of a government, court, administrator, trustee or regulator); revocation of banking license; and loss of ability to elect a board of directors or appoint members of senior management. As of September 30, 2024, Citi continued to consolidate AO Citibank because none of the deconsolidation factors were triggered.
In the event Citi deems there is a loss of control, for example, through expropriation of AO Citibank, Citi’s foreign entity in Russia, Citi would be required to (i) write off the net investment of approximately $0.2 billion (up from $0.1 billion at June 30, 2024), (ii) recognize a CTA loss of approximately $1.6 billion (unchanged from June 30, 2024) through earnings and (iii) recognize a loss of $0.7 billion (unchanged from June 30, 2024) on net intercompany liabilities owed by AO Citibank to other Citi entities outside Russia. In the sole event of a substantial liquidation, as opposed to a loss of control, Citi would be required to recognize the CTA loss of approximately $1.6 billion through earnings and would evaluate its remaining net investment as circumstances evolve. The $1.6 billion CTA write-off through earnings under either event is expected to be largely equity neutral, since the reversal of the CTA loss out of AOCI would improve Citi’s total AOCI.

Citi as Paying Agent for Russia-related Clients
Citi serves or served as paying agent on bonds issued by various entities in Russia, including Russian corporate clients. Citi’s role as paying agent is administrative. In this role, Citi acts as an agent of its client, the bond issuer, receiving interest and principal payments from the bond issuer and then making payments to international central securities depositories (e.g., Depository Trust Company, Euroclear, Clearstream). The international central securities depositories (ICSDs) make payments to those participants or account holders (e.g., broker/dealers) that have clients who are investors in the applicable bonds (i.e., bondholders). As a paying agent, Citi generally does not have information about the identity of the bondholders. Citi may be exposed to risks due to its responsibilities for receiving and processing payments on behalf of its clients as a result of sanctions or other governmental requirements and prohibitions. To mitigate operational and sanctions risks, Citi has established policies, procedures and controls for client relationships and payment processing to help ensure compliance with U.S., U.K., EU and other jurisdictions’ sanctions laws.
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These processes may require Citi to delay or withhold the processing of payments as a result of sanctions on the bond issuer. Citi is also prevented from making payments to accounts on behalf of bondholders should the ICSDs disclose to Citi the presence of sanctioned bondholders. In both instances, Citi is generally required to segregate, restrict or block the funds until applicable sanctions are lifted or the payments are otherwise authorized under applicable law.

Reputational Risks
Citi has continued its efforts to enhance and protect its reputation with its colleagues, clients, customers, investors, regulators and the public. Citi’s response to the war in Ukraine, including any action or inaction, may have a negative impact on Citi’s reputation with some or all of these parties.
For example, Citi is exposed to reputational risk as a result of its remaining presence in Russia and association with Russian individuals or entities, whether subject to sanctions or not, including Citi’s inability to support its global clients in Russia, which could adversely affect its broader client relationships and businesses; current involvement in transactions or supporting activities involving Russian assets or interests; failure to correctly interpret and apply laws and regulations, including those related to sanctions; perceived misalignment of Citi’s actions to its stated strategy in Russia; and the reputational impact from Citi’s activity and engagement with Ukraine or with non-Russian clients exiting their Russia businesses.
While Citi announced its intention to wind down its businesses in Russia, Citi will continue to manage those operations during the wind-down process and will be required to maintain certain limited operations to fulfill its remaining legal and regulatory obligations. Also, sanctions and sanctions compliance are highly complex and may change over time and result in increased operational risk. Failure to fully comply with relevant sanctions or the application of sanctions where they should not be applied may negatively impact Citi’s reputation. In addition, Citi currently performs services for, conducts business with or deals in non-sanctioned Russian-owned businesses and Russian assets. This has attracted, and will likely continue to attract, negative attention, despite the previously disclosed plan to wind down nearly all its activities in the country, cessation of new business and client originations, and reduction of other exposures.
Citi’s continued presence or divestiture of businesses in Russia could also increase its susceptibility to cyberattacks that could negatively impact its relationships with clients and customers, harm its reputation, increase its compliance costs and adversely affect its business operations and results of operations. For additional information on operational and cyber risks, see “Risk Factors—Operational Risks” in Citi’s 2023 Form 10-K.

Board of Directors’ Role in Overseeing Related Risks
The Citigroup Board of Directors (Board) and the Board’s Risk Management Committee (RMC) and its other Committees receive regular reports from senior management regarding global geopolitical, macroeconomic and reputational impacts to Citi (including the war in Ukraine and its impact on Citi’s operations in Russia and Ukraine). The reports to the Board and its Committees from senior management who represent the impacted businesses and the international cluster, Independent Risk Management, Finance, Independent Compliance Risk Management, including those individuals responsible for sanctions compliance, and Human Resources, have included detailed information regarding financial impacts, impacts on capital, cybersecurity, strategic considerations, sanctions compliance, employee assistance and reputational risks, enabling the Board and its Committees to properly exercise their oversight responsibilities. In addition, senior management has provided updates to Citi’s Executive Management Team and the Board, outside of formal meetings, regarding cybersecurity matters (including Russia-specific risks).

Ukraine
Citi has continued to operate in Ukraine throughout the war through its Services, Markets and Banking businesses, serving the local subsidiaries of multinationals, along with local financial institutions and the public sector. Citi employs approximately 215 people in Ukraine and their safety is Citi’s top priority. All of Citi’s domestic operations in Ukraine are conducted through a subsidiary of Citibank, which uses the Ukrainian hryvnia as its functional currency. As of September 30, 2024, Citi had $1.5 billion of direct exposures related to Ukraine (unchanged from June 30, 2024).

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Argentina
Citi operates in Argentina through its Services, Markets and Banking businesses. As of September 30, 2024, Citi’s net investment in its Argentine operations was approximately $1.3 billion (compared to $1.4 billion at June 30, 2024). Citi uses the U.S. dollar (USD) as the functional currency for its operations in countries such as Argentina that are deemed highly inflationary in accordance with GAAP. Citi therefore records the impact of exchange rate fluctuations on its net Argentine peso (ARS)–denominated assets directly in earnings. Citi uses Argentina’s official market exchange rate to remeasure its net ARS-denominated assets into USD. As of September 30, 2024, the official ARS exchange rate was 971, which devalued by 6.5% against the USD during the third quarter of 2024.
The decrease in Citi’s net investment in Argentina during the quarter was primarily driven by capital repatriations from the onshore net investment, which were authorized by the Central Bank of Argentina (BCRA) on a one-time basis in April 2024 through the purchase of certain USD-denominated bonds (BOPREALs) issued by the BCRA in a primary auction, and subsequent sales of the bonds in the secondary market and remittances of the bond proceeds to the parent entity outside Argentina. During the third quarter, Citi remitted approximately $247 million in dividends from its net investment in Argentina, thereby reducing future FX devaluation risk. In total, $435 million of dividends were remitted in 2024 due to the sale proceeds of the BOPREALs.
In addition to the capital repatriation, Citi’s net investment in Argentina was also impacted by earnings from Citi’s normal onshore operations and interest income earned on the net investment, partially offset by FX translation losses on the net investment.
Other than the authorized dividend remittance described above, the BCRA continues to maintain certain capital and currency controls that generally restrict Citi’s ability to access USD in Argentina and remit earnings from its Argentine operations. The capital and currency controls have resulted in indirect foreign exchange mechanisms that some Argentine entities may use to obtain USD, generally at rates that are significantly higher than Argentina’s official exchange rate. Citibank Argentina is generally precluded from accessing these alternative mechanisms, and under U.S. GAAP, these exchange mechanisms cannot be used to re-measure Citi’s net monetary assets into USD. If Argentina’s official exchange rate further converges with the approximate rate implied by the indirect foreign exchange mechanisms, Citi could incur additional translation losses on its net investment in Argentina. Accordingly, Citi seeks to reduce its overall ARS exposure in Argentina while complying with local capital and currency exposure limitations.

Of the $1.3 billion net investment in Argentina as of September 30, 2024, Citi’s net ARS exposure was approximately $0.9 billion (compared to $0.8 billion as of June 30, 2024). The net ARS exposure was reduced as of the end of the quarter as a result of Citi holding approximately $200 million of USD-denominated loans as well as approximately $200 million of certain local government bonds that are USD denominated. If Citi had not invested in such instruments to reduce its ARS exposure, Citi would have recognized additional translation losses during the third quarter of 2024. Given current economic conditions and the local capital, currency and regulatory limitations, Citi cannot guarantee the availability or effectiveness of such mechanisms to reduce its ARS exposure in the future.
In addition to reducing the ARS exposure, Citi also seeks to economically hedge the exposure to the extent possible and prudent using non-deliverable forward (NDF) derivative instruments that are primarily executed outside of Argentina. As of September 30, 2024, Citi hedged approximately $0.3 billion of its ARS exposure through offshore hedges, including NDF derivative instruments. Citi was unable to hedge its remaining ARS exposure, given the illiquidity of the offshore NDF market. To the extent that Citi is unable to execute or renew NDF contracts in the future, Citi would record devaluations on its net ARS-denominated assets in earnings, without any benefit from a change in the fair value of such derivative positions used to economically hedge the exposure. Citi cannot predict the availability of hedging instruments in the future nor can it predict changes in foreign exchange rates and the resulting impact on earnings.
Citi continually evaluates its economic exposure to its Argentine counterparties and reserves for changes in credit risk and records mark-to-market adjustments for relevant market risks associated with its Argentine assets. Citi believes it has established an appropriate ACL on its Argentine loans, and appropriate fair value adjustments on Argentine assets and liabilities measured at fair value, for credit and sovereign risks under U.S. GAAP as of September 30, 2024. For additional information on Citi’s emerging markets risks, including those related to its Argentine exposures, see “Risk Factors—Strategic Risks” in Citi’s 2023 Form 10-K.
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SIGNIFICANT ACCOUNTING POLICIES AND SIGNIFICANT ESTIMATES

This section contains a summary of Citi’s most significant accounting policies. Note 1 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K contains a summary of all of Citigroup’s significant accounting policies. These policies, as well as estimates made by management, are integral to the presentation of Citi’s results of operations and financial condition. While all of these policies require a certain level of management judgment and estimates, this section highlights and discusses the significant accounting policies that require management to make highly difficult, complex or subjective judgments and estimates at times regarding matters that are inherently uncertain and susceptible to change (see also “Risk Factors—Operational Risks” in Citi’s 2023 Form 10-K). Management has discussed each of these significant accounting policies, the related estimates and its judgments with the Audit Committee of the Citigroup Board of Directors.

Valuations of Financial Instruments
Citigroup holds debt and equity securities, derivatives, retained interests in securitizations, investments in private equity and other financial instruments. A portion of these assets and liabilities is reflected at fair value on Citi’s Consolidated Balance Sheet as Trading account assets, Available-for-sale securities and Trading account liabilities.
Citi purchases securities under agreements to resell (reverse repos or resale agreements) and sells securities under agreements to repurchase (repos), a substantial portion of which is carried at fair value. In addition, certain loans, short-term borrowings, long-term debt and deposits, as well as certain securities borrowed and loaned positions that are collateralized with cash, are carried at fair value. Citigroup holds its investments, trading assets and liabilities, and resale and repurchase agreements on Citi’s Consolidated Balance Sheet to meet customer needs and to manage liquidity needs, interest rate risks and private equity investing.
When available, Citi generally uses quoted market prices to determine fair value and classifies such items within Level 1 of the fair value hierarchy established under ASC 820-10, Fair Value Measurement. If quoted market prices are not available, fair value is based on internally developed valuation models that use, where possible, current market-based or independently sourced market parameters, such as interest rates, currency rates and option volatilities. Such models are often based on a discounted cash flow analysis. In addition, items valued using such internally generated valuation techniques are classified according to the lowest level input or value driver that is significant to the valuation. Thus, an item may be classified under the fair value hierarchy as Level 3 even though there may be some significant inputs that are readily observable.

Citi is required to exercise subjective judgments relating to the applicability and functionality of internal valuation models, the significance of inputs or drivers to the valuation of an instrument and the degree of illiquidity and subsequent lack of observability in certain markets. The fair value of these instruments is reported on Citi’s Consolidated Balance Sheet with the changes in fair value recognized in either the Consolidated Statement of Income or in AOCI.
Losses on available-for-sale securities whose fair values are less than the amortized cost, where Citi intends to sell the security or could more-likely-than-not be required to sell the security prior to recovery, are recognized in earnings. Where Citi does not intend to sell the security nor could more-likely-than-not be required to sell the security, any portion of the loss that is attributable to credit is recognized as an allowance for credit losses with a corresponding provision for credit losses, and the remainder of the loss is recognized in AOCI. Such credit losses are capped at the difference between the fair value and amortized cost of the security.
For equity securities carried at cost or under the measurement alternative, decreases in fair value below the carrying value are recognized as impairment in the Consolidated Statement of Income. Moreover, for certain equity method investments, decreases in fair value are only recognized in earnings in the Consolidated Statement of Income if such decreases are judged to be an other-than-temporary impairment (OTTI). Assessing if the fair value impairment is temporary is also inherently judgmental.
The fair value of financial instruments incorporates the effects of Citi’s own credit risk and the market view of counterparty credit risk, the quantification of which is also complex and judgmental. For additional information on Citi’s fair value analysis, see Notes 6, 23 and 24 in this Form 10-Q and Note 1 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.

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Citi’s Allowance for Credit Losses (ACL)
The table below presents Citi’s allowance for credit losses on loans (ACLL) and total ACL as of the third quarter of 2024. For information on the drivers of Citi’s ACL net build in the third quarter of 2024, see below. For additional information on Citi’s accounting policy on accounting for credit losses under ASC Topic 326, Financial Instruments—Credit Losses; Current Expected Credit Losses (CECL), see Note 1 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.









ACL
In millions of dollars
Balance Dec. 31, 2023
1Q24
build
(release)
1Q24
FX/
Other
Balance Mar. 31, 2024
2Q24
build
(release)
2Q24
FX/
Other
Balance Jun. 30, 2024
3Q24 build (release)3Q24 FX/OtherBalance Sep. 30, 2024
ACLL/EOP loans Sept. 30, 2024(1)
Services$397 $34 $— $431 $(100)$(1)$330 $$$338 
Markets820 120 — 940 (111)(1)828 37 (5)860 
Banking1,376 (89)(2)1,285 (51)(5)1,229 62 11 1,302 
Legacy Franchises corporate (Mexico SBMM and AFG)(1)(2)
121 (8)116 (12)(7)97 (3)(3)91 
Total corporate ACLL$2,714 $57 $1 $2,772 $(274)$(14)$2,484 $103 $4 $2,591 0.89 %
U.S. cards(3)(4)
$12,626 $326 $(1)$12,951 $357 $— $13,308 $10 $24 $13,342 8.15 %
Retail Banking476 11 — 487 25 (1)511 31 — 542 
Total USPB
$13,102 $337 $(1)$13,438 $382 $(1)$13,819 $41 $24 $13,884 
Wealth767 (190)(1)576 (43)— 533 — 541 
All Other consumer—managed basis(1)
1,562 (85)33 1,510 11 (141)1,380 58 (98)1,340 
Reconciling Items(1)
— — — — — — — — — — 
Total consumer ACLL$15,431 $62 $31 $15,524 $350 $(142)$15,732 $107 $(74)$15,765 4.05 %
Total ACLL$18,145 $119 $32 $18,296 $76 $(156)$18,216 $210 $(70)$18,356 2.70 %
Allowance for credit losses on unfunded lending commitments (ACLUC)$1,728 $(98)$(1)$1,629 $(8)$(2)$1,619 $105 $$1,725 
Total ACLL and ACLUC (EOP)$19,873 $21 $31 $19,925 $68 $(158)$19,835 $315 $(69)$20,081 
Other(5)
1,883 14 (69)1,828 107 75 2,010 160 (160)2,010 
Total ACL$21,756 $35 $(38)$21,753 $175 $(83)$21,845 $475 $(229)$22,091 

(1)    All Other (managed basis) excludes divestiture-related impacts (Reconciling Items) related to (i) Citi’s divestitures of its Asia Consumer businesses and (ii) the planned IPO of Mexico Consumer/SBMM within Legacy Franchises. The Reconciling Items are fully reflected in the various line items in Citi’s Consolidated Statement of Income. These items in the table above represent the 2024 quarterly ACL builds (releases) only. See “All Other—Divestiture-Related Impacts (Reconciling Items)” above.
(2)    Includes Legacy Franchises corporate loans activity related to Mexico SBMM and the Assets Finance Group (AFG) (AFG was previously reported in Markets; all periods have been reclassified to reflect this move into Legacy Franchises), as well as other Legacy Holdings Assets corporate loans.
(3)    As of September 30, 2024, in USPB, Branded Cards ACLL/EOP loans was 6.5% and Retail Services ACLL/EOP loans was 11.7%.
(4)    The September 30, 2024 ACLL balance includes approximately $23 million related to an acquired portfolio, which is also reflected in the FX/Other column in this table.
(5)    Includes ACL on Other assets and Held-to-maturity debt securities. The ACL on Other assets includes ACL related to transfer risk associated with exposures outside the U.S. for safety and soundness considerations under U.S. banking law.
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Citi’s reserves for expected credit losses on funded loans and for unfunded lending commitments, standby letters of credit and financial guarantees are reflected on the Consolidated Balance Sheet in the Allowance for credit losses on loans (ACLL) and Other liabilities (for Allowance for credit losses on unfunded lending commitments (ACLUC)), respectively. In addition, Citi’s reserves for expected credit losses on other financial assets carried at amortized cost, including held-to-maturity securities, reverse repurchase agreements, securities borrowed, deposits with banks and other financial receivables are reflected in Other assets. These reserves, together with the ACLL and ACLUC, are referred to as the ACL. Changes in the ACL are reflected as Provision for credit losses in the Consolidated Statement of Income for each reporting period. Citi’s ability to estimate expected credit losses over the reasonable and supportable (R&S) period is based on the ability to forecast economic activity over a R&S timeframe. The R&S forecast period for all loans is eight quarters.
The ACL is composed of quantitative and qualitative management adjustment components. The quantitative component uses three forward-looking macroeconomic forecast scenarios—base, upside and downside. The qualitative management adjustment component reflects risks and certain economic conditions not fully captured in the quantitative component. Both the quantitative and qualitative components are further discussed below.

Quantitative Component
Citi estimates expected credit losses for its quantitative component using (i) its comprehensive internal data on loss and default history, (ii) internal credit risk ratings, (iii) external credit bureau and rating agencies information and (iv) R&S forecasts of macroeconomic conditions.
For its consumer and corporate portfolios, Citi’s expected credit losses are determined primarily by utilizing models that consider the borrowers’ probability of default (PD), loss given default (LGD) and exposure at default (EAD). The loss likelihood and severity models used for estimating expected credit losses are sensitive to changes in macroeconomic variables, including housing prices, unemployment rate and real GDP, and cover a wide range of geographic, industry, product and business segments.
In addition, Citi’s models determine expected credit losses based on leading credit indicators, including loan delinquencies, changes in portfolio size, default frequency, risk ratings and loss recovery rates, as well as other credit trends.

Qualitative Component
The qualitative management adjustment component includes risks that are not fully captured in the quantitative component. These may include but are not limited to portfolio characteristics, idiosyncratic events, factors not within historical loss data or the economic forecast, uncertainty in the credit environment and other factors as required by banking supervisory guidance for the ACL. The primary examples of these are the following:

Transfer risk associated with exposures outside the U.S. for certain safety and soundness considerations under U.S. banking law
Potential impacts on vulnerable industries and regions due to emerging macroeconomic risks and uncertainties, including those related to potential global recession, inflation, interest rates, commodity prices and geopolitical tensions
Risk associated with consumer payment behavior given the elevated inflationary and interest rate environment

As of the third quarter of 2024, Citi’s qualitative component of the ACL increased quarter-over-quarter. The increase was driven by factors such as increases in transfer risk associated with exposures outside the U.S. for safety and soundness considerations under U.S. banking law and macroeconomic uncertainties, partially offset by a reduction in qualitative reserves associated with consumer payment behavior related to the elevated inflationary and interest rate environment.

Macroeconomic Variables
As further discussed below, Citi considers a multitude of global macroeconomic variables for the base, upside and downside probability-weighted macroeconomic scenario forecasts it uses to estimate the quantitative component of the ACL. Citi’s forecasts of the U.S. unemployment rate and U.S. real GDP growth rate represent the key macroeconomic variables that most significantly affect its estimate of the ACL.
The tables below present Citi’s forecasted quarterly average U.S. unemployment rate and year-over-year U.S. real GDP growth rate used in determining the base macroeconomic forecast for Citi’s ACL for each quarterly reporting period from the third quarter of 2023 to the third quarter of 2024:

Quarterly average
U.S. unemployment4Q242Q254Q25
8-quarter average(1)
Citi forecast at 3Q234.4 %4.3 %4.3 %4.2 %
Citi forecast at 4Q234.3 4.3 4.2 4.2 
Citi forecast at 1Q244.1 4.1 4.0 4.0 
Citi forecast at 2Q244.1 4.1 4.1 4.1 
Citi forecast at 3Q244.4 4.4 4.3 4.2 

(1)    Represents the average unemployment rate for the rolling, forward-looking eight quarters in the forecast horizon.

Year-over-year growth rate(1)
Full year
U.S. real GDP202420252026
Citi forecast at 3Q231.0 %2.0 %2.4 %
Citi forecast at 4Q231.4 1.7 2.1 
Citi forecast at 1Q242.3 1.8 2.0 
Citi forecast at 2Q242.4 1.8 2.0 
Citi forecast at 3Q242.6 1.8 2.0 

(1)    The year-over-year growth rate is the percentage change in the real (inflation adjusted) GDP level.

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Under the base macroeconomic forecast as of the third quarter of 2024, U.S. real GDP growth is expected to slow during 2025, while the unemployment rate increases gradually into the first half of 2025 before gradually declining into 2026.

Scenario Weighting
Citi’s ACL is estimated using three probability-weighted macroeconomic scenarios—base, upside and downside. The macroeconomic scenario weights are estimated using a statistical model, which, among other factors, takes into consideration key macroeconomic drivers of the ACL, severity of the scenario and other macroeconomic uncertainties and risks. Citi evaluates scenario weights on a quarterly basis.
Citi’s downside scenario incorporates more adverse macroeconomic assumptions than the base scenario. For example, compared to the base scenario, Citi’s downside scenario reflects a recession, including an elevated average U.S. unemployment rate of 6.8% over the eight-quarter R&S period, with a peak difference of 3.6% in the first quarter of 2026. The downside scenario also reflects a year-over-year U.S. real GDP contraction in 2025 of 2.2%, with a peak quarter-over-quarter difference to the base scenario of 1.2%.
Citi’s ACL is sensitive to the various macroeconomic scenarios that drive the quantitative component of expected credit losses, due to changes in the length and severity of forecasted economic variables or events in the respective scenarios. Citi’s downside scenario incorporates more adverse macroeconomic assumptions than the weighted scenario assumptions. To demonstrate this sensitivity, if Citi applied 100% weight to the downside scenario as of September 30, 2024 to reflect the most severe economic deterioration forecast in the macroeconomic scenarios, there would have been a hypothetical incremental increase in the ACL of approximately $5.3 billion related to lending exposures, except for loans individually evaluated for credit losses and other financial assets carried at amortized cost.
This analysis does not incorporate any impacts or changes to the qualitative component of the ACL. These factors could change the outcome of the sensitivity analysis based on historical experience and current conditions at the time of the assessment. Given the uncertainty inherent in macroeconomic forecasting, Citi continues to believe that its ACL estimate based on a three probability-weighted macroeconomic scenario approach combined with the qualitative component remains appropriate as of September 30, 2024.

3Q24 Changes in the ACL
As further discussed below, Citi’s ending ACL balance for the third quarter of 2024 was $22.1 billion, a slight increase from June 30, 2024. The net build of $0.5 billion in the quarter was primarily driven by changes in portfolio composition in Banking and Markets, an increase in transfer risk associated with unremittable corporate dividends in Services and loan growth in USPB. Citi believes its analysis of the ACL reflects the forward view of the economic environment as of September 30, 2024. See Note 15 for additional information.


Consumer Allowance for Credit Losses on Loans
Citi’s consumer ACLL is largely driven by U.S. cards (Branded Cards and Retail Services) in USPB. Citi’s total consumer ACLL build was $0.1 billion in the third quarter of 2024, as a result of higher loan balances. This resulted in a September 30, 2024 ACLL balance of $15.8 billion, or 4.05% of total funded consumer loans.
For U.S. cards, the level of reserves relative to total funded loans increased slightly to 8.15% at September 30, 2024, compared to 8.14% at June 30, 2024. For the remaining consumer exposures, the level of reserves relative to total funded loans was 1.08% at September 30, 2024, compared to 1.09% at June 30, 2024.

Corporate Allowance for Credit Losses on Loans
Citi had a corporate ACLL build of $0.1 billion in the third quarter of 2024, largely driven by changes in portfolio composition in Banking and Markets. This resulted in a September 30, 2024 ACLL balance of $2.6 billion, or 0.89% of total funded corporate loans.

ACLUC
Citi had an ACLUC build of $0.1 billion in the third quarter of 2024, largely driven by changes in portfolio composition in Banking and Markets. The ACLUC reserve balance, included in Other liabilities, was $1.7 billion at September 30, 2024.

ACL on Other Financial Assets
Citi had an ACL build of $0.2 billion on other financial assets carried at amortized cost for the third quarter of 2024, primarily due to an increase in transfer risk associated with unremittable corporate dividends outside the U.S. being held on behalf of clients, driven by safety and soundness considerations under U.S. banking law. Including FX/Other, the ACL reserve balance of $2.0 billion remained unchanged from June 30, 2024. See Note 15 for additional information.

Regulatory Capital Impact
Citi elected the modified CECL transition provision for regulatory capital purposes provided by the U.S. banking agencies’ final rule. Accordingly, the Day One regulatory capital effects resulting from the adoption of CECL, as well as the ongoing adjustments for 25% of the change in CECL-based allowances in each quarter between January 1, 2020 and December 31, 2021, started to be phased in on January 1, 2022 and will be fully reflected in Citi’s regulatory capital as of January 1, 2025.

See Notes 1 and 15 for a further description of the ACL and related accounts.


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Goodwill
Citi tests for goodwill impairment annually as of October 1 (the annual test) and conducts interim assessments between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount. These events or circumstances include, among other things, a significant adverse change in the business climate, a decision to sell or dispose of all or a significant portion of a reporting unit or a sustained decrease in Citi’s stock price.
The impairment tests performed in the fourth quarter of 2023 resulted in the fair values of Citi’s reporting units exceeding their carrying values for all reporting units. Additionally, the tests results showed that the fair value of the Mexico Consumer/SBMM reporting unit as a percentage of its carrying value was 106%, with the carrying value including approximately $1.1 billion of goodwill. For each of the remaining reporting units, fair value exceeded carrying value by at least 10%.
While the inherent risk related to uncertainty is embedded in the key assumptions used in the valuations of the reporting units, the economic and business environments continue to evolve as Citi’s management executes on its transformation and strategy. If management’s future estimates of key economic and market assumptions were to differ from its current assumptions, Citi could potentially experience material goodwill impairment charges in the future. See Note 16 for a further discussion of goodwill.

Litigation Accruals
See the discussion in Note 27 for Citi’s policies on establishing accruals for litigation and regulatory contingencies.

INCOME TAXES

Effective Tax Rate

Three Months Ended September 30,Nine Months Ended September 30,
In millions of dollars, except effective tax rate2024202320242023
Income from continuing operations before income tax expense$4,390$4,788$13,244$15,013 
Provision for income taxes1,1161,2033,2993,824
Effective tax rate25 %25 %25 %25 %

Citi’s effective tax rate was 25% in the third quarter of 2024 and in the third quarter of 2023, with the rates for all periods including the impact of divestitures.


Deferred Tax Assets
For additional information on Citi’s deferred tax assets (DTAs), see “Capital Resources,” “Risk Factors—Strategic Risks,” “Significant Accounting Policies and Significant Estimates—Income Taxes” and Notes 1 and 10 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.

The table below summarizes Citi’s net DTAs balance:

Jurisdiction/ComponentDTAs balance
In billions of dollars September 30,
2024
December 31, 2023
Total U.S. $26.8 $26.3 
Total foreign 3.2 3.3 
Total $30.0 $29.6 

At September 30, 2024, Citigroup had recorded net DTAs of approximately $30.0 billion, a decrease of $0.2 billion from June 30, 2024 and an increase of $0.4 billion from December 31, 2023. The decrease quarter-over-quarter was primarily from unrealized gains in Other comprehensive income and the year-to-date increase was primarily a result of Citi’s geographic mix of earnings. Of Citi’s $30.0 billion of net DTAs, $12.8 billion (compared to $13.6 billion at June 30, 2024) was deducted in calculating Citi’s regulatory capital, and the remaining $17.2 billion was appropriately risk weighted under the Basel III rules.
The $12.8 billion of DTAs deducted from regulatory capital was composed of $11.3 billion related to tax carry-forwards, with $3.1 billion of temporary differences in excess of the 10%/15% regulatory limitations, reduced by $1.6 billion of deferred tax liabilities, primarily associated with goodwill and certain other intangible assets that were separately deducted from capital.

DTA Realizability
Citi believes that realization of the net DTAs of $30.0 billion at September 30, 2024 is more-likely-than-not, based on management’s expectations of future taxable income generation in the jurisdictions in which the DTAs arise, as well as consideration of available tax planning strategies (as defined in ASC Topic 740, Income Taxes).

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DISCLOSURE CONTROLS AND PROCEDURES

Citi’s disclosure controls and procedures are designed to ensure that information required to be disclosed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, including without limitation that information required to be disclosed by Citi in its SEC filings is accumulated and communicated to management, including the Chief Executive Officer (CEO) and Chief Financial Officer (CFO), as appropriate, to allow for timely decisions regarding required disclosure.
Citi’s Disclosure Committee assists the CEO and CFO in their responsibilities to design, establish, maintain and evaluate the effectiveness of Citi’s disclosure controls and procedures. The Disclosure Committee is responsible for, among other things, the oversight, maintenance and implementation of the disclosure controls and procedures, subject to the supervision and oversight of the CEO and CFO.
Citi’s management, with the participation of its CEO and CFO, has evaluated the effectiveness of Citigroup’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934) as of September 30, 2024. Based on that evaluation, the CEO and CFO have concluded that at that date Citigroup’s disclosure controls and procedures were effective.

DISCLOSURE PURSUANT TO SECTION 219 OF THE IRAN THREAT REDUCTION AND SYRIA HUMAN RIGHTS ACT

Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012 (Section 219), which added Section 13(r) to the Securities Exchange Act of 1934, as amended, Citi is required to disclose in its annual or quarterly reports, as applicable, whether it or any of its affiliates knowingly engaged in certain activities, transactions or dealings relating to Iran or with certain individuals or entities that are the subject of sanctions under U.S. law. Disclosure may be required even where the activities, transactions or dealings were conducted in compliance with applicable law. To the extent that transactions or dealings for its clients are permitted by U.S. law, Citi may continue to engage in such activities.
Citi, in its First Quarter of 2024 Form 10-Q, identified one transaction pursuant to Section 219, and Citi, in its Second Quarter of 2024 Form 10-Q, identified 27 transactions pursuant to Section 219. Citi did not identify any reportable activities pursuant to Section 219 during the third quarter of 2024.


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FORWARD-LOOKING STATEMENTS

Certain statements in this Form 10-Q, including but not limited to statements included within 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. In addition, Citigroup 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, target, outlook, guidance and illustrative, 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 of operations and financial conditions, including capital and liquidity, may differ materially from those included in these statements due to a variety of factors, including without limitation (i) the precautionary statements included within the “Executive Summary,” “Citi’s Multiyear Transformation” and each business’s discussion and analysis of its results of operations above, as well as those included in Citi’s Second Quarter of 2024 Form 10-Q, Citi’s First Quarter of 2024 Form 10-Q, Citi’s 2023 Form 10-K and Citi’s other SEC filings; (ii) the factors listed and described under “Risk Factors” in Citi’s 2023 Form 10-K; and (iii) the risks and uncertainties summarized below:

the potential impact to Citi from continued macroeconomic, geopolitical and other challenges, uncertainties and volatility, including, among others, potential policy and other changes resulting from the incoming U.S. administration and Congress; government fiscal and monetary actions, such as continued interest rate reductions by central banks, changes in interest rate policy, continued reductions in central bank balance sheets, or other monetary policies, including their impacts on Citi’s net interest income; increases in unemployment rates; recessions or weak or slowing economic growth in the U.S., Europe and other regions or countries; any resurgence in inflation; geopolitical challenges, tensions and conflicts, including those related to conflicts in the Middle East and the Russia–Ukraine war; economic and other geopolitical challenges related to China, including slowing or weak economic growth, challenges in its real estate sector, banking and credit markets and tensions or conflicts between China and Taiwan and/or involving China and/or China and the U.S.; significant disruptions and volatility in financial markets, including foreign currency volatility and devaluations and continued strength in the U.S. dollar; and protracted or widespread trade tensions;
the potential impact on Citi’s ability to return capital to common shareholders consistent with its capital planning efforts and targets, due to, among other things, regulatory capital requirements, including annual recalibration of the Stress Capital Buffer (reduced effective October 1, 2024), recalibration of the GSIB surcharge, and supervisory expectations and assessments, including any negative findings regarding absolute capital levels or other aspects of Citi’s operations; changes in regulatory capital rules, requirements or interpretations, such as any changes resulting from the Basel III Endgame (capital proposal), changes to the method for calculating the GSIB surcharge and changes to aspects of the total loss-absorbing capacity (TLAC) requirements; Citi’s results of operations and financial condition, including the capital impact related to Citi’s remaining divestitures; Citi’s effectiveness in planning, managing and calculating its level of regulatory capital and risk-weighted assets under both the Advanced Approaches and the Standardized Approach and Supplementary Leverage ratio; Citi’s implementation and maintenance of an effective capital planning process and management framework; forecasts of macroeconomic conditions; and Citi’s DTA utilization;
the ongoing regulatory and legislative uncertainties and changes faced by financial institutions, including Citi, in the U.S. and globally, such as potential changes to various aspects of the U.S. regulatory capital framework and requirements applicable to Citi; potential fiscal, monetary, tax, sanctions and other changes from the U.S. federal government, whether due to the incoming administration and Congress or otherwise; potential increased regulatory requirements and costs, such as potential changes in regulatory requirements relating to interest rate risk management; rapidly evolving legislative and regulatory requirements and other government initiatives in the EU, the U.S. and globally relating to climate change and other Environmental, Social and Governance (ESG) areas that vary and may conflict across jurisdictions, including any new disclosure requirements; and the potential impact these uncertainties and changes could have on Citi’s businesses, revenues, overall results of operations, financial condition, business planning and compliance risks and costs;
Citi’s ability to achieve its objectives, including expense savings and revenue growth, from its transformation, simplification and other strategic and other initiatives, which involve significant complexities, execution challenges and uncertainties, may not be as productive or effective as Citi expects or at all, may result in higher-than-expected expenses, litigation and regulatory scrutiny, CTA and other losses or other negative financial or strategic impacts, which could be material, and depend, in part, on factors that Citi cannot control or mitigate, including, among others, macroeconomic challenges and uncertainties, customer, client and competitor actions, regulatory requirements or changes and heightened regulatory and supervisory expectations and scrutiny;
the potential impact to Citi from climate change due to both physical risks, including acute risks as well as the consequences of chronic changes in climate, and
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transition risks, including those arising from regulatory, market, technological, stakeholder and legal changes from a transition to a low-carbon economy, such as increased regulatory, compliance, credit, reputational and other risks and costs, including those associated with the EU’s Corporate Sustainability Reporting Directive (CSRD) and the SEC’s climate disclosures rules (currently stayed), whether due to lack of information and reliable data, interpretive uncertainties or otherwise;
Citi’s ability to utilize its DTAs and thus reduce the negative impact of the DTAs on Citi’s regulatory capital, including as a result of its ability to generate U.S. taxable income in the relevant reversal periods;
the potential impact to Citi if its interpretation or application of the complex income-based and non- income-based (such as withholding, stamp, service and other non-income taxes) tax laws to which it is subject in the U.S. and in non-U.S. jurisdictions differs from those of the relevant governmental taxing authorities, including as a result of litigation or examinations regarding non- income-based tax matters, and the resulting payment of additional taxes, penalties or interest, the reduction of certain tax benefits or the requirement to make adjustments to amounts recorded;
the potential impact from a deterioration in or failure to maintain Citi’s co-branding or private label credit card relationships, due to, among other things, increasing competition among card issuers; the general economic environment; changes in consumer sentiment, spending patterns and credit card usage behaviors; a decline in sales and revenues, partner store closures or other operational difficulties of the retailer or merchant; early termination of a particular relationship; or other factors, including bankruptcies, liquidations, restructurings, consolidations or other similar events, whether due to the impact of a challenging macroeconomic environment or otherwise;
Citi’s ability to address shortcomings or deficiencies or guidance provided by the FRB or FDIC on its resolution plan submissions;
the potential impact on Citi’s performance and the performance of its individual businesses, including its competitive position and ability to effectively manage its businesses, and its ability to effectively execute its transformation and strategic and other initiatives, if Citi is unable to hire and retain qualified employees, particularly given the highly competitive environment for talent and other factors, such as potential attrition driven by, among other things, changes in worker expectations and regulation of employee compensation in the banking industry;
Citi’s ability to compete effectively in the U.S. and globally with both financial and non-financial services firms, including as a result of certain competitors being subject to less stringent legal, regulatory and supervisory requirements; the introduction of mobile platforms and new or emerging technologies, such as artificial intelligence-driven solutions; potential mergers and acquisitions involving traditional financial services companies such as regional banks or credit card issuers; changes in the payments space; reliance on third parties
for certain product and service offerings and any impact if a third party is unable to provide adequate support for such product and service offerings; and the increased operational, compliance and other risks resulting from the need to develop new or change or adapt existing products and services to attract and retain customers or clients or to compete more effectively;
the potential impact to Citi from a prior or future failure or disruption of its operational processes or systems, including as a result of, among other things, operational or execution failures, or deficiencies by third parties, including third parties that provide products or services to Citi, other market participants or those that otherwise have an ongoing partnership or business relationship with Citi; deficiencies in processes or controls; inadequate management of data governance practices, data controls and monitoring mechanisms that may adversely impact internal or external reporting and decision-making; cyber or information security incidents; human error, such as manual transaction processing errors, which can be exacerbated by staffing challenges and processing backlogs; fraud or malice on the part of employees or third parties; insufficient (or limited) straight-through processing between legacy or bespoke systems and any failure to design and effectively operate controls that mitigate operational risks associated with those legacy or bespoke systems, leading to potential risk of errors and operating losses; accidental system or technological failure; electrical or telecommunication outages; failure of or cyber incidents involving computer servers or infrastructure; other similar losses or damage to Citi’s property or assets; potential disruptions and/or malfunctions within Citi’s businesses, as well as the operations of Citi’s clients, customers or other third parties; and the increased financial and other costs and reputational, legal and compliance risks resulting from any such failure or disruption of operational processes or systems, including legal and regulatory actions or proceedings, fines and other costs;
the increasing risk to Citi’s and third parties’ computer systems, software and networks from ongoing, continually evolving, sophisticated cybersecurity incidents that could result in, among other things, theft, loss, non-availability, misuse or disclosure of personal, confidential or proprietary Citi, client, customer or employee information or assets and a disruption of computer, software or network systems; and the potential impact from such risks, including reputational damage, regulatory penalties, loss of revenues, deposit flight, additional costs (including repair, replacement, remediation and other costs), exposure to litigation and regulatory action and other financial losses;
the potential impact of changes or errors in accounting assumptions, judgments or estimates, or the application of certain accounting principles, related to the preparation of Citi’s financial statements, including the estimate of Citi’s ACL, which depends on its CECL models and assumptions, forecasted macroeconomic conditions and characteristics of Citi’s loan portfolios and other applicable financial assets; reserves related to litigation,
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regulatory and tax matters; valuation of DTAs; the fair values of certain assets and liabilities and the assessment of goodwill and other assets for impairment; the financial impact from reclassification of any CTA component of AOCI into Citi’s earnings due to a sale, substantial liquidation or other deconsolidation event, such as those related to Citi’s remaining consumer banking divestitures or other legacy businesses; and the impact of changes to financial accounting and reporting standards or interpretations of how Citi records and reports its financial condition and results of operations;
the potential impact to Citi’s results of operations and/or regulatory capital and capital ratios if Citi’s risk management and other processes, strategies or models, including, among others, those related to its comprehensive stress testing initiatives or ability to adequately manage, assess and aggregate data, are deficient or ineffective; Citi’s Basel III regulatory capital models require refinement, modification or enhancement; or any negative regulatory evaluation or examination finding is issued or enforcement action is taken by Citi’s U.S. banking regulators;
the potential impact of credit risk and concentrations of risk on Citi’s results of operations, including due to higher than expected defaults by or a significant downgrade in credit ratings of consumer, corporate or public sector borrowers or other counterparties in the U.S. or in various countries and jurisdictions globally, such as from indemnification obligations in connection with various transactions, including hedging or reinsurance arrangements related to those obligations, or Citi’s inability to liquidate or realize the fair value of its collateral, which risks can be heightened for vulnerable sectors, industries or countries impacted by macroeconomic, geopolitical, market and other challenges and uncertainties and volatilities;
the potential impact on Citi’s liquidity, sources of funding and costs of funding if it does not effectively manage its liquidity or due to various other factors, including, among others, general disruptions in the financial markets; changes in fiscal and monetary policies; regulatory requirements, including changes in regulations; negative investor or counterparty perceptions of Citi’s creditworthiness; deposit outflows or unfavorable changes in deposit mix; competition for funding, including a decrease in demand for corporate debt securities; unexpected increases in cash or collateral requirements, and the consequent inability to monetize available liquidity resources; changes in Citi’s credit spreads; changes in interest rates; and changes in currency exchange rates;
the impact of a credit ratings downgrade of Citi or certain of its subsidiaries or issuing entities, or from negative actions on U.S. sovereign ratings, on Citi’s funding and liquidity as well as on the operations of certain of its businesses;
the potential impact to Citi of significantly heightened regulatory and supervisory expectations and scrutiny in the U.S. and globally and ongoing interpretation and implementation of regulatory and legislative requirements
and changes, with respect to, among other things, governance, infrastructure, data, risk management practices and controls, customer and client protection, market practices, anti-money laundering, increasingly complex sanctions and disclosure regimes and various regulatory reporting requirements, including the impact on Citi’s compliance, regulatory and other risks and costs, such as increased regulatory oversight, material restrictions, including, among others, imposition of additional capital buffers and limitations on capital distributions, enforcement proceedings, penalties and fines;
the potential outcomes of the extensive legal and regulatory proceedings, examinations, investigations, consent orders and related compliance efforts and other inquiries to which Citi is or may be subject at any given time, such as the 2020 consent orders with the FRB and OCC and the amendment to the 2020 OCC consent order, particularly given the increased focus by regulators on risk and controls, such as enterprise-wide risk management, compliance, data quality management and governance and internal controls, and policies and procedures; Citi’s ability to implement extensive targeted action plans and submit quarterly progress reports on a timely and sufficient basis detailing the results and status of improvements to comply with the consent orders, which will continue to require significant investments to meet regulatory expectations; and the heightened scrutiny and expectations generally from regulators, and the severity of the remedies that may be sought by regulators, such as large civil monetary penalties, supervisory or enforcement orders, business restrictions, limitations on dividends, changes to directors and/or officers and significant collateral consequences arising from such outcomes; and
the various risks faced by Citi as a result of its presence in the emerging markets, including, among others, limitations or unavailability of hedges on foreign investments; foreign currency volatility and devaluations; strengthening or weakening of the U.S. dollar; changes in central bank interest rate and other monetary policies; unemployment, recessions or weak or slowing economic growth; the effects of potential policy and other changes resulting from the incoming U.S. administration and Congress; elevated inflation and hyperinflation; foreign exchange controls, including the inability to access indirect foreign exchange mechanisms; macroeconomic, geopolitical and domestic political challenges and uncertainties and volatility; cyberattacks; restrictions arising from retaliatory laws and regulations; sanctions or asset freezes; sovereign debt volatility; fluctuations in commodity prices; election outcomes; regulatory changes, including potential conflicts among regulations with other jurisdictions where Citi does business; limitations on foreign investment; sociopolitical instability; civil unrest; crime, corruption and fraud; nationalization or loss of licenses; potential criminal charges; closure of branches or subsidiaries; confiscation of assets; and the need to record CTA and other losses, as well as additional reserves for expected losses for credit exposures based on
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the transfer risk associated with exposures outside the U.S. driven by safety and soundness considerations under U.S. banking law.

Any forward-looking statements made by or on behalf of Citigroup 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 that the forward-looking statements were made.







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FINANCIAL STATEMENTS AND NOTES TABLE OF CONTENTS

CONSOLIDATED FINANCIAL STATEMENTS 
Consolidated Statement of Income (Unaudited)—
For the Three and Nine Months Ended September 30, 2024 and 2023
Consolidated Statement of Comprehensive Income (Unaudited)—For the Three and Nine Months Ended September 30, 2024 and 2023
Consolidated Balance Sheet—September 30, 2024 (Unaudited) and December 31, 2023
Consolidated Statement of Changes in Stockholders’ Equity (Unaudited)—For the Three and Nine Months Ended September 30, 2024 and 2023
Consolidated Statement of Cash Flows (Unaudited)—
For the Nine Months Ended September 30, 2024 and 2023

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Note 1—Basis of Presentation, Updated Accounting Policies
               and Accounting Changes
Note 2—Discontinued Operations, Significant Disposals
               and Other Business Exits
Note 3—Operating Segments
Note 4—Interest Income and Expense
Note 5—Commissions and Fees; Administration and Other
               Fiduciary Fees
Note 6—Principal Transactions
Note 7—Incentive Plans
Note 8—Retirement Benefits
Note 9—Restructuring
Note 10—Earnings per Share
Note 11—Securities Borrowed, Loaned and Subject to
                 Repurchase Agreements
Note 12—Brokerage Receivables and Brokerage Payables
Note 13—Investments

Note 14—Loans
Note 15—Allowance for Credit Losses
Note 16—Goodwill and Intangible Assets
Note 17—Deposits
Note 18—Debt
Note 19—Changes in Accumulated Other Comprehensive
                 Income (Loss) (AOCI)
Note 20—Preferred Stock
Note 21—Securitizations and Variable Interest Entities
Note 22—Derivatives
Note 23—Fair Value Measurement
Note 24—Fair Value Elections
Note 25—Guarantees and Commitments
Note 26—Leases
Note 27—Contingencies
Note 28—Subsidiary Guarantees


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CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)Citigroup Inc. and Subsidiaries

Three Months Ended September 30,Nine Months Ended September 30,
In millions of dollars, except per share amounts2024202320242023
Revenues  
Interest income$36,456 $34,837 $108,666 $96,879 
Interest expense23,094 21,009 68,304 55,803 
Net interest income$13,362 $13,828 $40,362 $41,076 
Commissions and fees$2,695 $2,195 $8,081 $6,693 
Principal transactions3,219 3,008 9,367 9,475 
Administration and other fiduciary fees1,059 971 3,142 2,856 
Realized gains on sales of investments, net72 30 210 151 
Impairment losses on investments:
Impairment losses on investments(45)(70)(92)(227)
(Provision) releases for credit losses on AFS debt securities(1)
4 (1) (1)
Net impairment losses recognized in earnings$(41)$(71)$(92)$(228)
Other revenue$(51)$178 $488 $999 
Total non-interest revenues$6,953 $6,311 $21,196 $19,946 
Total revenues, net of interest expense $20,315 $20,139 $61,558 $61,022 
Provisions for credit losses and for benefits and claims   
Provision for credit losses on loans$2,382 $1,816 $7,163 $5,314 
Provision (release) for credit losses on HTM debt securities50 (3)55 (24)
Provision for credit losses on other assets110 56 226 630 
Policyholder benefits and claims28 25 73 63 
Provision (release) for credit losses on unfunded lending commitments105 (54)(1)(344)
Total provisions for credit losses and for benefits and claims(1)
$2,675 $1,840 $7,516 $5,639 
Operating expenses    
Compensation and benefits$7,058 $7,424 $21,619 $22,350 
Premises and equipment606 620 1,788 1,813 
Technology/communication2,273 2,256 6,757 6,692 
Advertising and marketing282 324 790 1,016 
Restructuring9  270  
Other operating3,022 2,887 9,574 8,499 
Total operating expenses$13,250 $13,511 $40,798 $40,370 
Income from continuing operations before income taxes$4,390 $4,788 $13,244 $15,013 
Provision for income taxes1,116 1,203 3,299 3,824 
Income from continuing operations$3,274 $3,585 $9,945 $11,189 
Discontinued operations    
Income (loss) from discontinued operations$(1)$2 $(2)$ 
Benefit for income taxes    
Income (loss) from discontinued operations, net of taxes$(1)$2 $(2)$ 
Net income before attribution to noncontrolling interests$3,273 $3,587 $9,943 $11,189 
Noncontrolling interests35 41 117 122 
Citigroup’s net income$3,238 $3,546 $9,826 $11,067 
Basic earnings per share(2)
  
Income from continuing operations$1.53 $1.64 $4.67 $5.19 
Income from discontinued operations, net of taxes    
Net income$1.53 $1.64 $4.67 $5.19 
Weighted-average common shares outstanding (in millions)
1,899.9 1,924.4 1,906.0 1,936.9 
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Diluted earnings per share(2)
  
Income from continuing operations$1.51 $1.63 $4.61 $5.14 
Income (loss) from discontinued operations, net of taxes    
Net income$1.51 $1.63 $4.61 $5.14 
Adjusted weighted-average diluted common shares outstanding
(in millions)
1,940.3 1,951.7 1,943.1 1,961.5 

(1)    In accordance with ASC 326, which requires the provision for credit losses on AFS debt securities to be included in revenue. The Total provisions for credit losses and for benefits and claims excludes the provision for credit losses on AFS debt securities, which is disclosed separately above.
(2)    Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income.

The Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMECitigroup Inc. and Subsidiaries
(UNAUDITED)
 Three Months Ended September 30,Nine Months Ended September 30,
In millions of dollars2024202320242023
Citigroup’s net income$3,238 $3,546 $9,826 $11,067 
Net changes, net of taxes in Citigroup’s other comprehensive income (loss)
Unrealized gains and losses on debt securities$1,335 $(169)$1,397 $793 
Debt valuation adjustment (DVA)(150)299 (457)(645)
Cash flow hedges(144)731 633 1,263 
Benefit plans liability adjustment49 312 305 72 
Currency translation adjustments (CTA), net of hedges416 (1,496)(2,272)(632)
Excluded component of fair value hedges(9)(12)(8)(15)
Long-duration insurance contracts(17)23 5 22 
Citigroup’s total other comprehensive income (loss)$1,480 $(312)$(397)$858 
Citigroup’s total comprehensive income$4,718 $3,234 $9,429 $11,925 
Add: Other comprehensive income (loss) attributable to
noncontrolling interests
$40 $(37)$7 $9 
Add: Net income (loss) attributable to noncontrolling interests35 41 117 122 
Total comprehensive income$4,793 $3,238 $9,553 $12,056 

The Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.

99


CONSOLIDATED BALANCE SHEETCitigroup Inc. and Subsidiaries
September 30,
2024December 31,
In millions of dollars(Unaudited)2023
Assets  
Cash and due from banks (including segregated cash and other deposits)$25,266 $27,342 
Deposits with banks, net of allowance277,828 233,590 
Securities borrowed and purchased under agreements to resell (including $147,955 and $206,059 as of September 30, 2024 and December 31, 2023, respectively, at fair value), net of allowance
285,928 345,700 
Brokerage receivables, net of allowance63,653 53,915 
Trading account assets (including $215,744 and $197,156 pledged to creditors as of September 30, 2024 and December 31, 2023, respectively)
458,072 411,756 
Investments:
Available-for-sale debt securities (including $2,579 and $11,868 pledged to creditors as of September 30, 2024 and December 31, 2023, respectively)
234,444 256,936 
Held-to-maturity debt securities, net of allowance (fair value of which is $234,310 and $235,001 as of September 30, 2024 and December 31, 2023, respectively) (includes $76 and $71 pledged to creditors as of September 30, 2024 and December 31, 2023, respectively)
248,274 254,247 
Equity securities (including $855 and $766 as of September 30, 2024 and December 31, 2023, respectively, at fair value)
7,953 7,902 
Total investments
$490,671 $519,085 
Loans:
Consumer (including $302 and $313 as of September 30, 2024 and December 31, 2023, respectively, at fair value)
389,151 389,197 
Corporate (including $7,804 and $7,281 as of September 30, 2024 and December 31, 2023, respectively, at fair value)
299,771 300,165 
Loans, net of unearned income$688,922 $689,362 
Allowance for credit losses on loans (ACLL)(18,356)(18,145)
Total loans, net$670,566 $671,217 
Goodwill19,691 20,098 
Intangible assets (including MSRs of $683 and $691 as of September 30, 2024 and December 31, 2023, respectively)
4,121 4,421 
Premises and equipment, net of depreciation and amortization30,096 28,747 
Other assets (including $15,230 and $12,290 as of September 30, 2024 and December 31, 2023, respectively, at fair value), net of allowance
104,771 95,963 
Total assets$2,430,663 $2,411,834 

Statement continues on the next page.
100


CONSOLIDATED BALANCE SHEET                             Citigroup Inc. and Subsidiaries
(Continued)
September 30,
2024December 31,
In millions of dollars, except shares and per share amounts(Unaudited)2023
Liabilities  
Deposits (including $4,112 and $2,440 as of September 30, 2024 and December 31, 2023, respectively,
at fair value)
$1,309,999 $1,308,681 
Securities loaned and sold under agreements to repurchase (including $62,858 and $62,485 as of September 30, 2024 and December 31, 2023, respectively, at fair value)
278,377 278,107 
Brokerage payables (including $6,329 and $4,321 as of September 30, 2024 and December 31, 2023,
respectively, at fair value)
81,186 63,539 
Trading account liabilities142,534 155,345 
Short-term borrowings (including $11,896 and $6,545 as of September 30, 2024 and December 31, 2023, respectively, at fair value)
41,340 37,457 
Long-term debt (including $117,286 and $116,338 as of September 30, 2024 and December 31, 2023, respectively, at fair value)
299,081 286,619 
Other liabilities, plus allowances68,244 75,835 
Total liabilities$2,220,761 $2,205,583 
Stockholders’ equity  
Preferred stock ($1.00 par value; authorized shares: 30 million), issued shares: as of September 30, 2024—654,000 and as of December 31, 2023—704,000, at aggregate liquidation value
$16,350 $17,600 
Common stock ($0.01 par value; authorized shares: 6 billion), issued shares: as of September 30, 2024—3,099,718,745 and as of December 31, 2023—3,099,691,704
31 31 
Additional paid-in capital108,969 108,955 
Retained earnings204,770 198,905 
Treasury stock, at cost: September 30, 2024—1,208,453,942 shares and December 31, 2023—
1,196,577,865 shares
(75,840)(75,238)
Accumulated other comprehensive income (loss) (AOCI)
(45,197)(44,800)
Total Citigroup stockholders’ equity$209,083 $205,453 
Noncontrolling interests819 798 
Total equity$209,902 $206,251 
Total liabilities and equity$2,430,663 $2,411,834 

The Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.
101


CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY Citigroup Inc. and Subsidiaries
(UNAUDITED)
Three Months Ended September 30,Nine Months Ended September 30,
In millions of dollars2024202320242023
Preferred stock at aggregate liquidation value  
Balance, beginning of period$18,100 $20,245 $17,600 $18,995 
Issuance of new preferred stock1,500 1,500 3,800 2,750 
Redemption of preferred stock(3,250)(2,250)(5,050)(2,250)
Balance, end of period$16,350 $19,495 $16,350 $19,495 
Common stock and additional paid-in capital (APIC)  
Balance, beginning of period$108,816 $108,610 $108,986 $108,489 
Employee benefit plans174 170 37 296 
Other10 8 (23)3 
Balance, end of period$109,000 $108,788 $109,000 $108,788 
Retained earnings
Balance, beginning of period$202,913 $199,976 $198,905 $194,734 
Adjustment to opening balance, net of taxes(1)
Financial instruments—TDRs and vintage disclosures —  290 
Adjusted balance, beginning of period$202,913 $199,976 $198,905 $195,024 
Citigroup’s net income3,238 3,546 9,826 11,067 
Common dividends(2)
(1,089)(1,038)(3,143)(3,042)
Preferred dividends(277)(333)(798)(898)
Other (primarily reclassifications from APIC for preferred issuance costs on redemptions)(15)(16)(20)(16)
Balance, end of period$204,770 $202,135 $204,770 $202,135 
Treasury stock, at cost  
Balance, beginning of period$(74,842)$(74,247)$(75,238)$(73,967)
Employee benefit plans(3)
2 9 898 729 
Treasury stock acquired(4)
(1,000)(500)(1,500)(1,500)
Balance, end of period$(75,840)$(74,738)$(75,840)$(74,738)
Citigroup’s accumulated other comprehensive income (loss)  
Balance, beginning of period$(46,677)$(45,865)$(44,800)$(47,062)
Adjustment to opening balance, net of taxes(5)
 —  27 
Adjusted balance, beginning of period$(46,677)$(45,865)$(44,800)$(47,035)
Citigroup’s total other comprehensive income1,480 (312)(397)858 
Balance, end of period$(45,197)$(46,177)$(45,197)$(46,177)
Total Citigroup common stockholders’ equity$192,733 $190,008 $192,733 $190,008 
Total Citigroup stockholders’ equity$209,083 $209,503 $209,083 $209,503 
Noncontrolling interests  
Balance, beginning of period$834 $703 $798 $649 
Transactions between Citigroup and the noncontrolling-interest shareholders (15)(9)(14)
Net income attributable to noncontrolling-interest shareholders35 41 117 122 
Distributions paid to noncontrolling-interest shareholders(90) (94)(82)
Other comprehensive income (loss) attributable to noncontrolling-interest shareholders
40 (37)7 9 
Other   8 
Net change in noncontrolling interests$(15)$(11)$21 $43 
Balance, end of period$819 $692 $819 $692 
Total equity$209,902 $210,195 $209,902 $210,195 

(1)    See “Accounting Changes” in Note 1 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.
(2)    Common dividends declared were $0.56 for 3Q24, $0.53 per share for both 1Q24 and 2Q24, $0.53 for 3Q23 and $0.51 per share for both 1Q23 and 2Q23.
(3)    Includes treasury stock related to certain activity under Citi’s employee restricted or deferred stock programs where shares are withheld to satisfy employees’ tax requirements.
(4)    Primarily consists of open market purchases under Citi’s Board of Directors–approved common stock repurchase program.
(5)    See Note 1 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.

The Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.
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103


CONSOLIDATED STATEMENT OF CASH FLOWS Citigroup Inc. and Subsidiaries
(UNAUDITED)
 Nine Months Ended September 30,
In millions of dollars20242023
Cash flows from operating activities of continuing operations  
Net income before attribution of noncontrolling interests$9,943 $11,189 
Net income attributable to noncontrolling interests117 122 
Citigroup’s net income$9,826 $11,067 
Income (loss) from discontinued operations, net of taxes(2) 
Income from continuing operations—excluding noncontrolling interests$9,828 $11,067 
Adjustments to reconcile net income to net cash provided by (used in) operating activities
of continuing operations
  
Net loss (gain) on sale of significant disposals(1)
 (1,462)
Depreciation and amortization3,292 3,388 
Deferred income taxes(1,574)(979)
Provisions for credit losses and for benefits and claims7,516 5,639 
Realized gains from sales of investments(210)(151)
Impairment losses on investments and other assets92 227 
Change in trading account assets(46,456)(72,397)
Change in trading account liabilities(12,811)(6,023)
Change in brokerage receivables net of brokerage payables7,909 (6,144)
Change in loans held-for-sale (HFS)(3,211)2,117 
Change in other assets(4,327)(7,134)
Change in other liabilities(2)
(7,663)(3,715)
Other, net3,150 6,817 
Total adjustments$(54,293)$(79,817)
Net cash provided by (used in) operating activities of continuing operations$(44,465)$(68,750)
Cash flows from investing activities of continuing operations  
Change in securities borrowed and purchased under agreements to resell $59,772 $30,342 
Change in loans(10,257)(17,733)
Purchase of portfolio of consumer loans(700) 
Proceeds from sales and securitizations of loans3,368 3,397 
Net payment due to transfer of net liabilities associated with divestitures(1)
 (1,166)
Available-for-sale (AFS) debt securities
Purchases of investments(181,245)(171,154)
Proceeds from sales of investments40,839 35,580 
Proceeds from maturities of investments164,025 149,049 
Held-to-maturity (HTM) debt securities
Purchases of investments(11,878)(734)
Proceeds from maturities of investments17,340 6,955 
Capital expenditures on premises and equipment and capitalized software(4,812)(4,818)
Proceeds from sales of premises and equipment and repossessed assets201 16 
Other, net1,848 273 
Net cash provided by (used in) investing activities of continuing operations$78,501 $30,007 
Cash flows from financing activities of continuing operations  
Dividends paid$(3,885)$(3,899)
Issuance of preferred stock3,786 2,739 
Redemption of preferred stock(5,050)(750)
104


CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED) (Continued)
Nine Months Ended September 30,
In millions of dollars20242023
Treasury stock acquired$(1,506)$(1,429)
Stock tendered for payment of withholding taxes(448)(324)
Change in securities loaned and sold under agreements to repurchase270 54,326 
Issuance of long-term debt78,163 52,465 
Payments and redemptions of long-term debt(67,529)(50,296)
Change in deposits1,318 (92,448)
Change in short-term borrowings3,883 (5,430)
Net cash provided by (used in) financing activities of continuing operations$9,002 $(45,046)
Effect of exchange rate changes on cash, due from banks and deposits with banks$(876)$(4,249)
Change in cash, due from banks and deposits with banks42,162 (88,038)
Cash, due from banks and deposits with banks at beginning of period260,932 342,025 
Cash, due from banks and deposits with banks at end of period$303,094 $253,987 
Cash and due from banks (including segregated cash and other deposits)$25,266 $26,548 
Deposits with banks, net of allowance 277,828 227,439 
Cash, due from banks and deposits with banks at end of period$303,094 $253,987 
Supplemental disclosure of cash flow information for continuing operations  
Cash paid during the period for income taxes(3)
$4,464 $4,071 
Cash paid during the period for interest67,152 51,873 
Non-cash investing activities(1)(4)(5)
 
Transfer of investment securities from HTM to AFS$ $3,324 
Transfers to loans HFS (Other assets) from loans HFI
3,861 6,031 
Transfers from loans HFS (Other assets) to loans HFI
 322 
Non-cash financing activities(1)(5)
Non-cash redemption of preferred stock and increase in short-term borrowings$ $1,500 

(1)    See Note 2.
(2)    Includes balances related to the FDIC special assessment and restructuring charges (see Note 9).
(3)    Includes net cash paid (received) for purchases and sales of nonrefundable, transferable tax credits.
(4)    In January 2023, Citi adopted ASU 2022-01. Upon adoption, Citi transferred $3.3 billion of mortgage-backed securities from HTM classification to AFS classification as allowed under the ASU. At the time of transfer, the securities were in an unrealized gain position of $0.1 billion, which was recorded in AOCI upon transfer.
(5)    Operating and finance lease right-of-use assets and lease liabilities represent non-cash investing and financing activities, respectively, and are not included in the non-cash investing activities presented here. See Note 26 for more information and balances as of September 30, 2024.

The Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.
105


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1. 列報基礎、最新會計政策和會計變更

呈列基準
隨附的截至2024年9月30日的未經審計的合併財務報表以及截至2024年9月30日、2024年和2023年9月30日的三個月和九個月的未經審計合併財務報表包括花旗集團及其合併子公司的賬目。
管理層認為,公平列報所需的所有調整,包括正常的經常性調整,都已得到反映。未經審計的綜合財務報表應與花旗集團截至2023年12月31日的年度報告Form 10-K(2023年Form 10-K)、花旗集團截至2024年3月31日的Form 10-Q季度報告(2024年第一季度Form 10-Q)以及花旗集團截至2024年6月30日的Form 10-Q季度報告(2024年第二季度Form 10-Q)中包含的合併財務報表和相關附註一併閱讀。
某些財務資訊通常包括在根據美國公認會計原則(GAAP)編制的年度財務報表中,但不是中期報告所必需的,但已被濃縮或省略。
管理層必須作出影響合併財務報表和相關註腳披露的估計和假設。雖然管理層使用其最佳判斷,但實際結果可能與這些估計不同。
如上所述,這些合併財務報表的附註未經審計。
在這些附註中,“花旗”、“花旗”和“公司”指的是花旗集團及其合併子公司。
對前幾個期間的財務報表和附註進行了某些重新分類和更新,以符合本期的列報方式。
現金等價物定義為包括在現金和銀行欠款而且主要是所有的在銀行的存款。風險管理活動產生的現金流量與相關資產和負債歸入同一類別。包含的金額現金和銀行到期款項在銀行的存款近似公允價值。
會計變更

合同銷售限制下股權證券的公允價值計量
2022年6月,財務會計準則委員會(FASB)發佈了會計準則更新(ASU)第2022-03號,公允價值計量(主題820):受合同銷售限制的股權證券的公允價值計量。該股的發佈是為了解決實踐中的多樣性問題,即某些實體在對股權證券進行估值時納入了合同限制的影響,並澄清了對股權證券銷售的合同限制不應被視為股權證券會計單位的一部分,因此在計量公允價值時不應予以考慮。ASU還包括要求實體披露受合同銷售限制的股權證券的公允價值、限制的性質和剩餘期限以及可能導致限制失效的情況。
花旗於2024年1月1日採用ASU,這並未影響公司的財務報表。

稅收抵免結構中的投資會計
2023年3月,FASB發佈了ASU 2023-02號,投資-權益法和合資企業(主題323):使用比例攤銷法核算稅收抵免結構中的投資。ASU擴大了有資格適用比例攤銷會計方法的稅項股權投資的範圍。根據比例攤銷法,符合條件的投資的成本按投資者獲得的所得稅抵免和其他所得稅優惠按比例攤銷,投資的攤銷和所得稅抵免在損益表中作為所得稅支出(效益)的組成部分淨列報。如果滿足某些條件,ASU允許公司選擇使用比例攤銷法來考慮更多範圍的符合條件的稅收激勵投資。花旗於2024年1月1日採用ASU,對公司的財務報表沒有產生實質性影響。

有關2023年會計變更的討論,請參閱花旗2023年Form 10-k中的合併財務報表附註1。



106


未來會計變更

損益表費用的分類
2024年11月,FASB發佈了ASU 2024-03號,損益表-報告全面收入-費用分類披露(小主題220-40), 為了改進費用的披露,要求公共業務實體在財務報表的單獨附註中提供相關費用標題(即員工薪酬、折舊、無形資產攤銷)的進一步分類,對相關費用標題中未單獨量化分列的剩餘金額的定性描述,銷售費用總額,以及在年度報告期內實體對銷售費用的定義。
ASU必須在追溯或預期的基礎上採用,並將在截至2027年12月31日的年度期間和2028年1月1日開始的過渡期對花旗有效。花旗目前正在評估對其披露資訊的影響。

加密資產的核算和披露
2023年12月,FASB發佈了ASU 2023-08號,無形資產-善意和無形資產-加密資產(子主題350-60):加密資產的會計和披露旨在改進某些加密資產的會計處理,要求一個實體在每個報告期按公允價值計量這些資產,並在淨收入中確認公允價值的變化。修正案還通過要求披露報告期間的重大持有量、合同銷售限制和變化,改善了向投資者提供的關於實體密碼資產持有量的資訊。該指導意見適用於2024年12月15日之後的財政年度,以及允許提前採用的財政年度內的過渡期。花旗在指導範圍內不持有任何加密資產。

所得稅(主題740):所得稅披露的改進
2023年12月,FASb發布了ASO No. 2023-09, 所得稅(專題740):所得稅披露的改進旨在提高所得稅披露的透明度和決策有用性。本指導意見要求公共企業實體每年披露按性質分列的八個特定類別的表格稅率對賬,以及按司法管轄區分列的符合稅前收入5%乘以適用的法定稅率或更高起徵點的外國稅收影響。這八個類別包括州和地方所得稅,扣除聯盟所得稅影響;外國稅收影響;新稅法的制定;新稅收抵免的制定;跨境稅法的影響;估值免稅額;不可納稅專案和不可扣除專案;以及未確認稅收優惠的變化。其他披露包括對州和地方司法管轄區的定性描述,這些司法管轄區對州和地方所得稅類別的大部分(超過50%)的影響做出了貢獻,並解釋了個人對賬專案變化的性質和影響。指導意見還要求各實體每年披露按聯盟、州和外國分列的已繳納所得稅(扣除退款後的淨額)。
稅收和按司法管轄區根據相同的5%數量門檻確定。
該標準自2024年12月15日之後的財政年度起生效。過渡法是前瞻性的,允許採用追溯方法。花旗計劃從2025年1月1日開始的年度報告期採用ASU,目前正在評估對披露的影響。

分部報告(主題280):改進可報告分部披露
2023年11月,FASb發布了ASO No. 2023-07, 分部報告(主題280):可報告分部披露的改進,旨在主要通過加強對重大分部費用的披露來改善可報告分部的披露要求。美國會計準則要求披露定期提供給首席運營決策者幷包含在每次報告的分部損益計量中的重大分部費用、分部損益的名稱和職位、首席運營決策人如何使用報告的分部損益計量(S)來評估分部業績和決定如何分配資源,以及第280主題目前要求每年披露的所有分部損益和資產披露,以及美國分部引入的臨時報告。修正案還澄清,公共實體不能報告CODM經常使用的分部損益的額外計量。
花旗計劃在截至2024年12月31日的年度期間和2025年1月1日開始的中期期間追溯採用ASO。

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2. DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS


Summary of Discontinued Operations
Citi’s results from Discontinued operations consisted of residual activities related to the sales of the Egg Banking plc credit card business in 2011 and the German retail banking business in 2008. All Discontinued operations results are recorded within All Other.
Citi’s Income (loss) from discontinued operations, net of taxes was $(1) million and $2 million for the three months ended September 30, 2024 and 2023, and $(2) million and $0 million for the nine months ended September 30, 2024 and 2023, respectively.
Cash flows from Discontinued operations were not material for the periods presented.

Significant Disposals
As of September 30, 2024, Citi had closed the sales of nine consumer banking businesses within All Other—Legacy Franchises: Australia closed in the second quarter of 2022, the Philippines closed in the third quarter of 2022, Bahrain, Malaysia and Thailand closed in the fourth quarter of 2022, India and Vietnam closed in the first quarter of 2023, Taiwan closed in the third quarter of 2023 and Indonesia closed in the fourth quarter of 2023. Of the nine sale agreements, the five included in the table below were identified as significant disposals. The gains and losses included in the footnotes to the table below represent life-to-date amounts, which are periodically updated due to post-closing purchase price adjustments. As of September 30, 2024, there were no remaining assets or liabilities included on Citi’s Consolidated Balance Sheet related to the significant disposals:

Income (loss)
before taxes(6)
In millions of dollarsThree Months Ended
September 30,
Nine Months Ended September 30,
Consumer banking business inSale agreement dateClosing date2024202320242023
Australia(1)
8/9/20216/1/2022$ $ $ $ 
Philippines(2)
12/23/20218/1/2022    
Thailand(3)
1/14/202211/1/2022    
India(4)
3/30/20223/1/2023   2 
Taiwan(5)
1/28/20228/12/2023 (1) 91 

(1)    On June 1, 2022, Citi completed the sale of its Australia consumer banking business, which was part of All Other—Legacy Franchises. The business had approximately $9.4 billion in assets, including $9.3 billion of loans (net of allowance of $140 million) and excluding goodwill. The total amount of liabilities was $7.3 billion, including $6.8 billion in deposits. The transaction generated a pretax loss on sale of approximately $768 million ($644 million after-tax), subject to closing adjustments, recorded in Other revenue. The loss on sale primarily reflected the impact of an approximate pretax $620 million CTA loss (net of hedges) ($470 million after-tax) already reflected in the AOCI component of equity. The sale closed on June 1, 2022, and the CTA-related balance was removed from AOCI, resulting in a neutral CTA impact to Citi’s CET1 Capital. The income before taxes in the above table for Australia reflects Citi’s ownership through June 1, 2022.
(2)    On August 1, 2022, Citi completed the sale of its Philippines consumer banking business, which was part of All Other—Legacy Franchises. The business had approximately $1.8 billion in assets, including $1.2 billion of loans (net of allowance of $80 million) and excluding goodwill. The total amount of liabilities was $1.3 billion, including $1.2 billion in deposits. The sale resulted in a pretax gain on sale of approximately $618 million ($290 million after-tax), subject to closing adjustments, recorded in Other revenue. The income before taxes in the above table for the Philippines reflects Citi’s ownership through August 1, 2022.
(3)    On November 1, 2022, Citi completed the sale of its Thailand consumer banking business, which was part of All Other—Legacy Franchises. The business had approximately $2.7 billion in assets, including $2.4 billion of loans (net of allowance of $67 million) and excluding goodwill. The total amount of liabilities was $1.0 billion, including $0.8 billion in deposits. The sale resulted in a pretax gain on sale of approximately $209 million ($115 million after-tax), subject to closing adjustments, recorded in Other revenue. The income before taxes in the above table for Thailand reflects Citi’s ownership through November 1, 2022.
(4)    On March 1, 2023, Citi completed the sale of its India consumer banking business, which was part of All Other—Legacy Franchises. The business had approximately $5.2 billion in assets, including $3.4 billion of loans (net of allowance of $32 million) and excluding goodwill. The total amount of liabilities was $5.2 billion, including $5.1 billion in deposits. The sale resulted in a pretax gain on sale of approximately $1.0 billion ($718 million after-tax), subject to closing adjustments, recorded in Other revenue. The income before taxes in the above table for India reflects Citi’s ownership through March 1, 2023.
(5)    On August 12, 2023, Citi completed the sale of its Taiwan consumer banking business, which was part of All Other—Legacy Franchises. The business had approximately $11.6 billion in assets, including $7.2 billion of loans (net of allowance of $92 million) and excluding goodwill. The total amount of liabilities was $9.2 billion, including $9.0 billion in deposits. The sale resulted in a pretax gain on sale of approximately $405 million ($286 million after-tax), subject to closing adjustments, recorded in Other revenue. The income before taxes in the above table for Taiwan reflects Citi’s ownership through August 12, 2023.
(6)    Income before taxes for the period in which the individually significant component was classified as HFS for all prior periods presented. For Australia, excludes the pretax loss on sale. For the Philippines, Thailand, India and Taiwan, excludes the pretax gain on sale.

Citi did not have any other significant disposals as of September 30, 2024.
As of November 7, 2024, Citi had not entered into sale agreements for the remaining All Other—Legacy Franchises businesses to be sold, specifically the Poland consumer banking business and the Mexico Consumer/SBMM businesses.
For a description of the Company’s significant disposal transactions in prior periods and financial impact, see Note 2 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.
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Other Business Exits

Wind-Down of Korea Consumer Banking Business
On October 25, 2021, Citi disclosed its decision to wind down and close its Korea consumer banking business, which is reported in All Other—Legacy Franchises. In connection with the announcement, Citibank Korea Inc. (CKI) commenced a voluntary early termination program (Korea VERP). Due to the voluntary nature of this termination program, no liabilities for termination benefits are recorded until CKI makes formal offers to employees that are then irrevocably accepted by those employees, at which time related charges are recorded in Compensation and benefit expenses.
The following table summarizes the reserve charges related to the Korea VERP and other initiatives reported in All Other:

In millions of dollarsEmployee termination costs
Total Citigroup (pretax)
Original charges in fourth quarter 2021$1,052 
Utilization(1)
Foreign exchange3 
Balance at December 31, 2021$1,054 
Additional charges in first quarter 2022$31 
Utilization(347)
Foreign exchange(24)
Balance at March 31, 2022$714 
Additional charges (releases)$(3)
Utilization(670)
Foreign exchange(41)
Balance at June 30, 2022$ 

Note: There were no additional charges after June 30, 2022.

The total cash charges for the wind-down were $1.1 billion through 2022, most of which were recognized in 2021. Citi does not expect to record any additional charges in connection with the Korea VERP.
See Note 8 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K for details on the pension impact of the Korea wind-down.

Wind-Down of Russia Consumer and Institutional Banking Businesses
On August 25, 2022, Citi announced its decision to wind down its consumer banking and local commercial banking operations in Russia. As part of the wind-down, Citi is also actively pursuing sales of certain Russian consumer banking portfolios.
On October 14, 2022, Citi disclosed that it would end nearly all of the institutional banking services it offered in Russia by the end of the first quarter of 2023. Going forward, Citi’s only operations in Russia are those necessary to fulfill its remaining legal and regulatory obligations.

Portfolio Sales

During the second quarter of 2023, Citi recorded an incremental gain of $5 million related to post-closing contingency payments for the previously disclosed personal installment loan sale in Other revenue. The previously disclosed sale of a portfolio of ruble-denominated personal installment loans resulted in a pretax net loss on sale of approximately $7 million.
During the third and fourth quarters of 2023 and the first and second quarters of 2024, as part of the previously disclosed cards referral agreement with a Russian bank, approximately $55 million of credit card receivables were settled upon referral and refinanced.

Wind-Down Charges
The following tables provide details on Citi’s Russia wind-down charges:

Three Months Ended
September 30, 2024
In millions of dollarsAll OtherServices, Markets and BankingTotal
Severance(1)
$3 $ $3 
Vendor termination and other costs(2)
1  1 
Total$4 $ $4 

Program-to-date
September 30, 2024
In millions of dollarsAll OtherServices, Markets and BankingTotal
Severance(1)
$41 $10 $51 
Vendor termination and other costs(2)
20  20 
Total$61 $10 $71 

Estimated additional charges
as of September 30, 2024
In millions of dollarsAll OtherServices, Markets and BankingTotal
Severance(1)
$19 $1 $20 
Vendor termination and other costs(2)
22  22 
Total$41 $1 $42 

(1)    Recorded in Compensation and benefits.
(2)    Recorded in Other operating expenses.
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3. OPERATING SEGMENTS

The operating segments and reporting units reflect how the CEO, who is the chief operating decision maker (CODM), manages the Company, including allocating resources and measuring performance.
Citi is organized into five reportable operating segments: Services, Markets, Banking, U.S. Personal Banking (USPB) and Wealth, with the remaining operations recorded in All Other, which includes activities not assigned to a specific reportable operating segment, as well as discontinued operations. See operating segment details in Note 3 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.
During the third quarter of 2024, Citi reallocated certain deposit balances from Markets to All Other, to consolidate funding strategies across the Company. This change had no material impact to operating results of Markets or All Other. Prior periods were not reclassified and Citi’s consolidated results remained unchanged for all periods presented.
During the second quarter of 2024, Citi realigned businesses engaged in financing and securitization activities within Banking and Markets, transferred the retail banking business in the U.K., which is being wound down, from Wealth to All Other and made other immaterial reclassifications to align with Citi’s transformation and strategy. These reclassifications did not materially change segment or All Other results, and prior periods were conformed to reflect these changes. Citi’s consolidated results remain unchanged for all periods presented.
Beginning in the first quarter of 2024, Citi reallocated certain customer balances between All Other—Legacy Franchises, Services, Markets and Banking in preparation for the IPO of the Mexico Consumer/SBMM operations, and made other immaterial reclassifications. These reallocations and reclassifications did not materially change segment or All Other results and prior periods were conformed to reflect these changes. Citi’s consolidated results remain unchanged for all periods presented.
Revenues and expenses directly associated with each respective business segment or component are included in determining respective operating results. Other revenues and expenses that are attributable to a particular business segment or component are generally allocated from All Other based on respective net revenues, non-interest expenses or other relevant measures.
Revenues and expenses from transactions with other operating segments or components are treated as transactions with external parties for purposes of segment disclosures, while funding charges paid by operating segments and funding credits received by Corporate Treasury within All Other are included in net interest income. The Company includes intersegment eliminations within All Other to reconcile the operating segment results to Citi’s consolidated results.
The accounting policies of these reportable operating segments are the same as those disclosed in Note 1 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.


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The following tables present certain information regarding the Company’s continuing operations by reportable operating segments and All Other on a managed basis that excludes divestiture-related impacts. Performance measurement is based on Income (loss) from continuing operations. These results are used by the CODM, both in evaluating the performance of, and in allocating resources to, each of the segments.

Three Months Ended September 30,
In millions of dollars, except identifiable assets, average loans
and average deposits in billions
ServicesMarketsBankingUSPB
20242023202420232024202320242023
Net interest income$3,435 $3,440 $1,405 $1,695 $527 $555 $5,293 $5,175 
Non-interest revenue1,593 1,196 3,412 3,053 1,070 818 (248)(258)
Total revenues, net of interest expense$5,028 $4,636 $4,817 $4,748 $1,597 $1,373 $5,045 $4,917 
Provisions for credit losses and for benefits and claims$127 $95 $141 $162 $177 $(56)$1,909 $1,459 
Provision (benefits) for income taxes630 666 248 211 68 47 157 221 
Income (loss) from continuing operations1,683 1,355 1,089 1,065 236 157 522 756 
Identifiable assets (September 30, 2024 and December 31, 2023)
$608 $586 $1,002 $1,008 $151 $148 $245 $242 
Average loans87 83 119 108 88 89 210 196 
Average deposits825 797 19 23 1 1 85 110 
Wealth
All Other(1)
Reconciling Items(1)
Total Citi
20242023202420232024202320242023
Net interest income$1,233 $1,164 $1,469 $1,799 $ $ $13,362 $13,828 
Non-interest revenue769 667 356 439 1 396 6,953 6,311 
Total revenues, net of interest expense$2,002 $1,831 $1,825 $2,238 $1 $396 $20,315 $20,139 
Provisions for credit losses and for benefits and claims$33 $(2)$289 $199 $(1)$(17)$2,675 $1,840 
Provision (benefits) for income taxes85 32 (52)(59)(20)85 1,116 1,203 
Income (loss) from continuing operations283 132 (494)(94)(45)214 3,274 3,585 
Identifiable assets (September 30, 2024 and December 31, 2023)
$230 $229 $195 $199 $2,431 $2,412 
Average loans150 151 33 35 687 662 
Average deposits316 305 65 79 1,311 1,315 
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Nine Months Ended September 30,
In millions of dollars, except average loans
and average deposits in billions
ServicesMarketsBankingUSPB
20242023202420232024202320242023
Net interest income$9,977 $9,809 $5,149 $5,246 $1,636 $1,610 $15,622 $14,912 
Non-interest revenue4,497 3,776 10,111 10,037 3,324 2,127 (480)(665)
Total revenues, net of interest expense$14,474 $13,585 $15,260 $15,283 $4,960 $3,737 $15,142 $14,247 
Provisions for credit losses and for benefits and claims$164 $304 $329 $229 $16 $(327)$6,428 $4,633 
Provision (benefits) for income taxes1,626 1,952 924 1,166 346 83 306 487 
Income (loss) from continuing operations4,696 3,894 3,979 4,066 1,172 265 990 1,619 
Average loans$84 $81 $119 $109 $89 $92 $207 $189 
Average deposits812 814 23 23 1 1 93 111 
Wealth
All Other(1)
Reconciling Items(1)
Total Citi
20242023202420232024202320242023
Net interest income$3,261 $3,371 $4,717 $6,128 $ $ $40,362 $41,076 
Non-interest revenue2,248 1,986 1,474 1,277 22 1,408 21,196 19,946 
Total revenues, net of interest expense$5,509 $5,357 $6,191 $7,405 $22 $1,408 $61,558 $61,022 
Provisions for credit losses and for benefits and claims$(146)$(7)$718 $844 $7 $(37)$7,516 $5,639 
Provision (benefits) for income taxes202 104 (29)(377)(76)409 3,299 3,824 
Income (loss) from continuing operations668 398 (1,389)177 (171)770 9,945 11,189 
Average loans$150 $150 $33 $36 $682 $657 
Average deposits316 311 71 79 1,316 1,339 

(1)    Segment results are presented on a managed basis that excludes divestiture-related impacts related to (i) Citi’s divestitures of its Asia consumer banking businesses and (ii) the planned IPO of Mexico consumer banking and small business and middle-market banking within All Other—Legacy Franchises. Adjustments are included in Legacy Franchises within All Other and are reflected in the reconciliations above to arrive at Citi’s reported results in the Consolidated Statement of Income.

The following table presents a reconciliation of total Citigroup income from continuing operations as reported:

Three Months Ended September 30,Nine Months Ended September 30,
In millions of dollars
2024(1)
2023(2)
2024(3)
2023(4)
Total segments and All Other—income from continuing operations(5)
$3,319 $3,371 $10,116 $10,419 
Divestiture-related impact on:
Total revenues, net of interest expense1 396 22 1,408 
Total operating expenses67 114 262 266 
Provision (release) for credit losses(1)(17)7 (37)
Provision (benefits) for income taxes(20)85 (76)409 
Income from continuing operations$3,274 $3,585 $9,945 $11,189 

(1)    The three months ended September 30, 2024 includes approximately $67 million in operating expenses (approximately $46 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets.
(2)    The three months ended September 30, 2023 includes an approximate $403 million gain on sale recorded in revenue (approximately $284 million after various taxes) related to Citi’s sale of the Taiwan consumer banking business and approximately $114 million in operating expenses (approximately $78 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets. For additional information, see Citi’s Quarterly Report on Form 10-Q for the period ended September 30, 2023.
(3)    The nine months ended September 30, 2024 includes approximately $262 million in operating expenses (approximately $181 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets. 
(4)    The nine months ended September 30, 2023 includes an approximate $1.059 billion gain on sale recorded in revenue (approximately $727 million after various taxes) related to Citi’s sale of the India consumer banking business and an approximate $403 million gain on sale recorded in revenue (approximately $284 million after various taxes) related to Citi’s sale of the Taiwan consumer banking business. In addition, the nine months ended September 30, 2023 includes approximately $266 million in operating expenses (approximately $188 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets. For additional information, see Citi’s Quarterly Report on Form 10-Q for the period ended September 30, 2023.
(5)    Segment results are presented on a managed basis that excludes divestiture-related impacts related to (i) Citi’s divestitures of its Asia consumer banking businesses and (ii) the planned IPO of Mexico Consumer/SBMM within All Other—Legacy Franchises. Adjustments are included in Legacy Franchises within All Other and are reflected in the reconciliations above to arrive at Citi’s reported results in the Consolidated Statement of Income.

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113


4.  INTEREST INCOME AND EXPENSE

Interest income and Interest expense consisted of the following:

Three Months Ended September 30,Nine Months Ended September 30,
In millions of dollars2024202320242023
Interest income 
Consumer loans$10,051 $9,609 $29,629 $27,195 
Corporate loans5,754 5,432 17,200 15,186 
Loan interest, including fees$15,805 $15,041 $46,829 $42,381 
Deposits with banks3,050 2,645 8,407 8,725 
Securities borrowed and purchased under agreements to resell7,293 7,363 22,326 18,791 
Investments, including dividends4,683 4,719 14,353 13,314 
Trading account assets(1)
4,451 3,893 13,082 10,391 
Other interest-earning assets(2)
1,174 1,176 3,669 3,277 
Total interest income$36,456 $34,837 $108,666 $96,879 
Interest expense
Deposits$10,319 $9,630 $30,965 $26,065 
Securities loaned and sold under agreements to repurchase7,328 6,090 21,256 14,609 
Trading account liabilities(1)
792 892 2,417 2,549 
Short-term borrowings and other interest-bearing liabilities(3)
2,009 1,956 5,873 5,382 
Long-term debt2,646 2,441 7,793 7,198 
Total interest expense$23,094 $21,009 $68,304 $55,803 
Net interest income$13,362 $13,828 $40,362 $41,076 
Provision for credit losses on loans2,382 1,816 7,163 5,314 
Net interest income after provision for credit losses on loans$10,980 $12,012 $33,199 $35,762 

(1)Interest expense on Trading account liabilities of Services, Markets and Banking is reported as a reduction of Interest income. Interest income and Interest expense on cash collateral positions are reported in interest on Trading account assets and Trading account liabilities, respectively.
(2)Includes assets from businesses held-for-sale (see Note 2) and Brokerage receivables.
(3)Includes liabilities from businesses held-for-sale (see Note 2) and Brokerage payables.

114


5.  COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES

Commissions and Fees
The primary components of Commissions and fees revenue are investment banking fees, brokerage commissions, credit card and bank card income, deposit-related fees and transactional service fees. See Note 3 for segment results and Note 5 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K for additional information on Citi’s commissions and fees.

The following table presents Commissions and fees revenue:

Three Months Ended September 30,Nine Months Ended September 30,
In millions of dollars2024202320242023
Investment banking(1)
$944 $694 $2,692 $2,018 
Brokerage commissions(2)
653 565 1,895 1,776 
Credit and bank card income(3)
Interchange fees3,052 3,015 9,074 8,944 
Card-related loan fees162 123 439 360 
Card rewards and partner payments(3,187)(3,159)(9,292)(9,284)
Deposit-related fees(4)
324 325 1,005 924 
Transactional service fees(5)
344 327 1,043 978 
Corporate finance(6)
164 89 512 277 
Insurance distribution revenue(7)
76 77 238 257 
Insurance premiums(8)
23 26 72 72 
Loan servicing19 21 54 71 
Other121 92 349 300 
Total(9)
$2,695 $2,195 $8,081 $6,693 

(1)    Investment banking fees are earned primarily by Banking and Markets. For the periods presented, the contract liability amount was negligible.
(2)    Brokerage commissions are earned primarily by Markets and Wealth. The Company recognized $43 million and $129 million of revenue related to variable consideration for the three and nine months ended September 30, 2024, respectively, and $44 million and $158 million for the three and nine months ended September 30, 2023, respectively. These amounts primarily relate to performance obligations satisfied in prior periods.
(3)    Credit card and bank card income is earned primarily by USPB and Services.
(4)    Deposit-related fees are earned primarily by Services.
(5)    Transactional service fees are earned primarily by Services.
(6)    Consists primarily of fees earned from structuring and underwriting loan syndications or related financing activity. This activity is accounted for under ASC 310.
(7)    Insurance distribution revenue is earned primarily by Wealth and Legacy Franchises within All Other.
(8)    Insurance premiums are earned primarily by Legacy Franchises within All Other.
(9)    Commissions and fees include $(2,791) million and $(8,162) million not accounted for under ASC 606, Revenue from Contracts with Customers, for the three and nine months ended September 30, 2024, respectively, and $(2,897) million and $(8,497) million for the three and nine months ended September 30, 2023, respectively. Amounts reported in Commissions and fees accounted for under other guidance primarily include card-related loan fees, card reward programs and certain partner payments, corporate finance fees, insurance premiums and loan servicing fees.

Administration and Other Fiduciary Fees
Administration and other fiduciary fees revenue is primarily composed of custody fees and fiduciary fees. See Note 3 for segment results and Note 5 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K for additional information on Citi’s administration and other fiduciary fees.

The following table presents Administration and other fiduciary fees revenue:

Three Months Ended September 30,Nine Months Ended September 30,
In millions of dollars2024202320242023
Custody fees(1)
$520 $469 $1,562 $1,424 
Fiduciary fees(2)
403 370 1,183 1,024 
Guarantee fees136 132 397 408 
Total administration and other fiduciary fees(3)
$1,059 $971 $3,142 $2,856 

(1)    Custody fees are earned primarily by Services.
(2)    Fiduciary fees are earned primarily by Wealth and Legacy Franchises within All Other.
(3)    Administration and other fiduciary fees include $136 million and $132 million for the three months ended September 30, 2024 and 2023, and $397 million and $408 million for the nine months ended September 30, 2024 and 2023, respectively, that are not accounted for under ASC 606, Revenue from Contracts with Customers. These generally include guarantee fees.
115


6. PRINCIPAL TRANSACTIONS

Principal transactions revenue consists of realized and unrealized gains and losses from trading activities. Trading activities include revenues from fixed income, equities, credit and commodities products and foreign exchange transactions that are managed on a portfolio basis and characterized below based on the primary risk managed by each trading desk (as such, the trading desks can be periodically reorganized and thus the risk categories). Not included in the table below is the impact of net interest income related to trading activities, which is an integral part of the profitability of trading activities (see Note 4 for information about net interest income related to trading activities). Principal transactions include CVA (credit valuation adjustments) and FVA (funding valuation adjustments) on over-the-counter derivatives, and gains (losses) on certain economic hedges on loans in Services, Markets and Banking. These adjustments are discussed further in Note 23.
In certain transactions, Citi incurs fees and presents these fees paid to third parties in operating expenses.
The following table presents Principal transactions revenue:


Three Months Ended September 30,Nine Months Ended September 30,
In millions of dollars2024202320242023
Interest rate risks(1)
$659 $782 $1,744 $2,447 
Foreign exchange risks(2)
1,505 1,464 4,313 4,598 
Equity risks(3)(4)
663 308 1,964 1,147 
Commodity and other risks(5)
383 475 1,007 1,443 
Credit products and risks(6)
9 (21)339 (160)
Total$3,219 $3,008 $9,367 $9,475 

(1)    Includes revenues from government securities, municipal securities, mortgage securities and other debt instruments. Also includes spot and forward trading of currencies and exchange-traded and over-the-counter (OTC) currency options, options on fixed income securities, interest rate swaps, currency swaps, swap options, caps and floors, financial futures, OTC options and forward contracts on fixed income securities.
(2)    Includes revenues from foreign exchange spot, forward, option and swap contracts, as well as foreign currency translation (FX translation) gains and losses.
(3)    Includes revenues from common, preferred and convertible preferred stock, convertible corporate debt, equity-linked notes and exchange-traded and OTC equity options and warrants.
(4)    The nine months ended September 30, 2024 include an approximate $400 million episodic gain related to the Visa B exchange completed in the second quarter of 2024.
(5)    Primarily includes revenues from crude oil, refined oil products, natural gas and other commodities trades.
(6)    Includes revenues from corporate debt, secondary trading loans, mortgage securities, single name and index credit default swaps, and structured credit products.
116


7. INCENTIVE PLANS

For information on Citi’s incentive plans, see Note 7 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.

8. RETIREMENT BENEFITS

For additional information on Citi’s retirement benefits, see Note 8 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.

Net Expense (Benefit)
The following tables summarize the components of net expense (benefit) recognized in the Consolidated Statement of Income for the Company’s pension and postretirement benefit plans for Significant Plans and All Other Plans. Service cost is reported in Compensation and benefits expenses and all other components of the net periodic benefit cost are reported in Other operating expenses in the Consolidated Statement of Income.


















Three Months Ended September 30,
 Pension plansPostretirement benefit plans
 U.S. plansNon-U.S. plansU.S. plansNon-U.S. plans
In millions of dollars20242023202420232024202320242023
Service cost$ $ $28 $29 $ $ $ $ 
Interest cost on benefit obligation119 124 105 105 4 4 25 27 
Expected return on assets(150)(160)(80)(84)(3)(3)(19)(20)
Amortization of unrecognized:     
Prior service (benefit)  (1)(1)(2)(2)(1)(2)
Net actuarial loss (gain)43 39 18 20 (2)(3)3 (4)
Settlement loss(1)
  4 5     
Total net expense (benefit) $12 $3 $74 $74 $(3)$(4)$8 $1 

(1)    Settlement loss relates to divestiture activities.

Nine Months Ended September 30,
 Pension plansPostretirement benefit plans
 U.S. plansNon-U.S. plansU.S. plansNon-U.S. plans
In millions of dollars20242023202420232024202320242023
Service cost$ $ $87 $87 $ $ $1 $1 
Interest cost on benefit obligation355 374 323 305 12 13 82 79 
Expected return on assets(453)(481)(249)(247)(8)(10)(61)(59)
Amortization of unrecognized:     
Prior service cost (benefit)1 1 (3)(4)(7)(7)(5)(6)
Net actuarial loss (gain)134 118 61 54 (7)(8)8 (14)
Curtailment (gain)(1)
   (8)    
Settlement loss(1)
  6 9     
Total net expense (benefit) $37 $12 $225 $196 $(10)$(12)$25 $1 

(1)    Curtailment and settlement relate to divestiture activities.
117


Funded Status and Accumulated Other Comprehensive Income (AOCI)
The following table summarizes the funded status and amounts recognized on the Consolidated Balance Sheet for the Company’s Significant pension and postretirement benefit plans:

Nine Months Ended September 30, 2024
 Pension plansPostretirement benefit plans
In millions of dollarsU.S. plansNon-U.S. plansU.S. plansNon-U.S. plans
Change in projected benefit obligation     
Projected benefit obligation at beginning of year$9,640 $7,030 $343 $1,208 
Plans measured annually(18)(1,663) (219)
Projected benefit obligation at beginning of year—Significant Plans
$9,622 $5,367 $343 $989 
First-quarter activity(244)(76)(12)(3)
Second-quarter activity(231)(376)(11)(116)
Projected benefit obligation at June 30, 2024—Significant Plans$9,147 $4,915 $320 $870 
Service cost 11   
Interest cost on benefit obligation120 86 4 22 
Actuarial loss403 33 10 14 
Benefits paid, net of participants’ contributions(224)(84)(9)(22)
Foreign exchange impact (90) (62)
Projected benefit obligation at period end—Significant Plans$9,446 $4,871 $325 $822 
Change in plan assets    
Plan assets at fair value at beginning of year$10,210 $6,426 $231 $970 
Plans measured annually (1,198) (9)
Plan assets at fair value at beginning of year—Significant Plans
$10,210 $5,228 $231 $961 
First-quarter activity(201)(112) (8)
Second-quarter activity(203)(275)(14)(88)
Plan assets at fair value at June 30, 2024—Significant Plans$9,806 $4,841 $217 $865 
Actual return on plan assets474 160 9 63 
Company contributions, net of reimbursements14 5 (2) 
Benefits paid, net of participants’ contributions(224)(84)(9)(22)
Foreign exchange impact (16) (63)
Plan assets at fair value at period end—Significant Plans$10,070 $4,906 $215 $843 
Qualified plans(1)
$1,126 $35 $(110)$21 
Nonqualified plans(2)
(502)   
Funded status of the plans at period end—Significant Plans$624 $35 $(110)$21 
Net amount recognized at period end    
Benefit asset$1,126 $797 $ $21 
Benefit liability(502)(762)(110) 
Net amount recognized on the balance sheet—Significant Plans$624 $35 $(110)$21 
Amounts recognized in AOCI at period end(3)
   
Prior service (expense) benefit $ $(8)$66 $24 
Net actuarial (loss) gain(6,287)(1,366)105 (221)
Net amount recognized in AOCI (pretax)—Significant Plans
$(6,287)$(1,374)$171 $(197)
Accumulated benefit obligation at period end—Significant Plans$9,423 $4,662 $325 $822 

(1)The U.S. qualified pension plan is fully funded under Employee Retirement Income Security Act of 1974, as amended, funding rules as of January 1, 2024 and no minimum required funding is expected for 2024.
(2)The nonqualified plans of the Company are unfunded.
(3)The framework for the Company’s pension oversight process includes monitoring of potential settlement charges for all plans. Settlement accounting is triggered when either the sum of all settlements (including lump-sum payments) for the year is greater than service plus interest costs or if more than 10% of the plan’s projected benefit obligation will be settled. Because some of Citi’s significant plans are frozen and have no material service cost, settlement accounting may apply in the future.

118


The following table presents the change in AOCI related to the Company’s pension, postretirement and post employment plans:

In millions of dollarsThree Months Ended
September 30, 2024
Nine Months Ended September 30, 2024Three Months Ended
September 30, 2023
Nine Months Ended September 30, 2023
Beginning of period balance, net of tax(1)(2)
$(5,794)$(6,050)$(5,995)$(5,755)
Actuarial assumptions changes and plan experience(458)78 818 703 
Net gain (loss) due to difference between actual and expected returns466 (10)(614)(676)
Net amortization56 181 47 135 
Curtailment/settlement loss4 8 5 1 
Foreign exchange impact and other20 148 124 (95)
Change in deferred taxes, net(39)(100)(68)4 
Change, net of tax$49 $305 $312 $72 
End of period balance, net of tax(1)(2)
$(5,745)$(5,745)$(5,683)$(5,683)

(1)See Note 19 for further discussion of net AOCI balance.
(2)Includes net of tax amounts for certain profit-sharing plans outside the U.S.


Plan Assumptions
Certain assumptions used in determining pension and postretirement benefit obligations and net expense (benefit) for the Company’s Significant Plans are presented in the following tables:

During the periodThree Months Ended
Sept. 30, 2024Jun. 30, 2024Sep. 30, 2023
Discount rate
U.S. plans
Qualified pension5.50%5.30%5.40%
Nonqualified pension5.605.405.45
Postretirement benefit plan5.605.405.50
Non-U.S. pension plans  
Range
1.2511.40
1.3511.00
1.8010.40
Weighted average8.087.927.72
Non-U.S. postretirement benefit plan11.4011.0510.40
Expected return on assets
U.S. plans
Qualified pension5.705.705.70
Postretirement benefit plan
5.70/3.00
5.70/3.00
5.70/3.00
Non-U.S. pension plans
Range
4.309.60
4.209.60
4.509.90
Weighted average6.486.516.56
Non-U.S. postretirement benefit plan9.409.408.70










At period ended(1)
Sept. 30, 2024Jun. 30, 2024Sep. 30, 2023
Discount rate
U.S. plans
Qualified pension4.90%5.50%6.05%
Nonqualified pension4.955.606.10
Postretirement benefit plan4.905.606.10
Non-U.S. pension plans   
Range
0.9511.05
1.2511.40
1.8511.55
Weighted average7.778.088.35
Non-U.S. postretirement benefit plan11.2011.4011.55
Expected return on assets
U.S. plans
Qualified pension5.705.705.70
Postretirement benefit plan
5.70/3.00
5.70/3.00
5.70/3.00
Non-U.S. pension plans
Range
4.309.60
4.309.60
4.509.90
Weighted average6.426.486.70
Non-U.S. postretirement benefit plan9.409.408.70

(1)    Discount rates and expected return on assets at the end of each quarter are utilized in the following quarter’s expense.










119


Sensitivities of Certain Key Assumptions
The following table summarizes the estimated effect on the Company’s Significant Plans quarterly net expense (benefit) of a one-percentage-point change in the discount rate:

Three Months Ended September 30, 2024
In millions of dollarsOne-percentage-point increaseOne-percentage-point decrease
Pension
U.S. plans$6 $(6)
Non-U.S. plans(2)3 
Postretirement
Non-U.S. plans(1)1 


Contributions
















For the U.S. pension plans, there were no required minimum cash contributions during the first nine months of 2024.
The following table summarizes the Company’s actual contributions for the nine months ended September 30, 2024 and 2023, as well as expected Company contributions for the remainder of 2024 and the actual contributions made in 2023:

 Pension plans Postretirement benefit plans 
 
U.S. plans(1)
Non-U.S. plansU.S. plansNon-U.S. plans
In millions of dollars20242023202420232024202320242023
Company contributions(2) for the nine months ended September 30
$43 $43 $80 $87 $8 $ $7 $7 
Company net contributions made during the remainder of the year 15  31  8  2 
Company contributions expected to be made during the remainder of the year16 — 21 — 2 — 3 — 

(1)The U.S. plans include benefits paid directly by the Company for the nonqualified pension plans.
(2)Company contributions are composed of cash contributions made to the plans and benefits paid directly by the Company.


Defined Contribution Plans
The following table summarizes the Company’s contributions for the defined contribution plans:

Three Months Ended September 30,Nine Months Ended September 30,
In millions of dollars2024202320242023
U.S. plans$141 $138 $439 $413 
Non-U.S. plans110 114 354 342 


Post Employment Plans
The following table summarizes the net expense recognized in the Consolidated Statement of Income for the Company’s U.S. post employment plans:

Three Months Ended September 30,Nine Months Ended September 30,
In millions of dollars2024202320242023
Service-related expense
Amortization of unrecognized:
Net actuarial loss$1 $1 $2 $2 
Total service-related expense$1 $1 $2 $2 
Non-service-related expense5 5 18 10 
Total net expense $6 $6 $20 $12 





120


9. RESTRUCTURING

As previously disclosed, Citi is pursuing various initiatives to simplify the Company and further align its organizational structure with its business strategy. As part of its overall simplification initiatives, in the fourth quarter of 2023, Citi eliminated the previous Institutional Clients Group and Personal Banking and Wealth Management layers, exited certain institutional business lines, and consolidated its regional structure, creating one international group, while centralizing client capabilities and streamlining its global staff functions.
Citi has recorded net restructuring charges of approximately $1.051 billion program-to-date.
Restructuring charges are recorded as a separate line item within Operating expenses in the Company’s Consolidated Statement of Income. These charges were included within All Other—Corporate/Other.
The following costs associated with these initiatives are included in restructuring charges:

Personnel costs: severance costs associated with actual headcount reductions (as well as those that were probable and could be reasonably estimated)
Other: costs associated with contract terminations and other direct costs associated with the restructuring, including asset write-downs (non-cash write-downs of capitalized software, which are included in Premises and equipment related to exited businesses)



The following table is a rollforward of the liability related to the restructuring charges:

In millions of dollarsPersonnel
costs
OtherTotal
Balance at December 31, 2022$ $ $ 
4Q23 restructuring charges687 94 781 
4Q23 payments and utilization (69)(69)
Foreign exchange   
Balance at December 31, 2023$687 $25 $712 
Restructuring charges$237 $54 $291 
Change in estimate(1)
(66) (66)
Net restructuring charges$171 $54 $225 
Payments and utilization$(127)$(46)$(173)
Foreign exchange   
Balance at March 31, 2024$731 $33 $764 
Restructuring charges$81 $ $81 
Change in estimate(1)(2)
(42)(3)(45)
Net restructuring charges$39 $(3)$36 
Payments and utilization$(497)$(30)$(527)
Foreign exchange(1) (1)
Balance at June 30, 2024$272 $ $272 
Restructuring charges$34 $ $34 
Change in estimate(1)
(25) (25)
Net restructuring charges$9 $ $9 
Payments and utilization$(169)$ $(169)
Foreign exchange(10) (10)
Balance at September 30, 2024$102 $ $102 

(1)    Revisions primarily relate to higher-than-anticipated redeployments of displaced employees to other positions within the Company, job function releveling and employee attrition.
(2)    Revisions primarily relate to lower-than-anticipated costs associated with contract terminations.

121


10.  EARNINGS PER SHARE

The following table reconciles the income and share data used in the basic and diluted earnings per share (EPS) computations:

Three Months Ended September 30,Nine Months Ended September 30,
In millions of dollars, except per share amounts2024202320242023
Earnings per common share
Income from continuing operations before attribution of noncontrolling interests$3,274 $3,585 $9,945 $11,189 
Less: Noncontrolling interests from continuing operations35 41 117 122 
Net income from continuing operations (for EPS purposes)$3,239 $3,544 $9,828 $11,067 
Income (loss) from discontinued operations, net of taxes(1)2 (2) 
Citigroup’s net income$3,238 $3,546 $9,826 $11,067 
Less: Preferred dividends277 333 798 898 
Net income available to common shareholders$2,961 $3,213 $9,028 $10,169 
Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with rights to dividends, and other relevant items(1), applicable to basic EPS
56 53 133 121 
Net income allocated to common shareholders for basic EPS$2,905 $3,160 $8,895 $10,048 
Weighted-average common shares outstanding applicable to basic EPS (in millions)
1,899.9 1,924.4 1,906.0 1,936.9 
Basic earnings per share(2)
Income from continuing operations$1.53 $1.64 $4.67 $5.19 
Discontinued operations    
Net income per share—basic(4)
$1.53 $1.64 $4.67 $5.19 
Diluted earnings per share
Net income allocated to common shareholders for basic EPS$2,905 $3,160 $8,895 $10,048 
Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends that are forfeitable20 16 54 42 
Net income allocated to common shareholders for diluted EPS$2,925 $3,176 $8,949 $10,090 
Weighted-average common shares outstanding applicable to basic EPS (in millions)
1,899.9 1,924.4 1,906.0 1,936.9 
Effect of dilutive securities(3)
Other employee plans40.4 27.3 37.1 24.6 
Adjusted weighted-average common shares outstanding applicable to diluted EPS
(in millions)
1,940.3 1,951.7 1,943.1 1,961.5 
Diluted earnings per share(2)
    
Income from continuing operations$1.51 $1.63 $4.61 $5.14 
Discontinued operations    
Net income per share—diluted(4)
$1.51 $1.63 $4.61 $5.14 

(1)Other relevant items include issuance costs of $11 million and $5 million in the third quarter of 2024 related to the redemption of preferred stock series M and U, respectively, $8 million in the second quarter of 2024 related to the redemption of preferred stock Series D, $12 million in the first quarter of 2024 related to the remaining redemption of preferred stock Series J, and a benefit of $14 million in the second quarter of 2024 related to the reversal of the 1% excise tax on preferred stock redemptions during 2023 due to the IRS final regulations issued in June 2024. The issuance costs were reclassified from Additional paid-in capital to Retained earnings upon redemption of the preferred stock. See Note 20. The total for this line also includes dividends and undistributed earnings ($40 million combined for the third quarter of 2024) allocated to employee restricted and deferred shares with rights to dividends.
(2)Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income.
(3)    During the three and nine months ended September 30, 2024 and 2023, there were no weighted-average options outstanding.
(4)    Due to rounding, income from continuing operations and discontinued operations may not sum to net income per share—diluted.

122


11. SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS

For additional information on the Company’s resale and repurchase agreements and securities borrowing and lending agreements, see Note 12 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.
Securities borrowed and purchased under agreements to resell, at their respective carrying values, consisted of the following:

In millions of dollarsSeptember 30,
2024
December 31, 2023
Securities purchased under agreements to resell$213,896 $267,319 
Securities borrowed72,036 78,408 
Total, net(1)
$285,932 $345,727 
Allowance for credit losses on securities purchased and borrowed(2)
(4)(27)
Total, net of allowance$285,928 $345,700 

Securities loaned and sold under agreements to repurchase, at their respective carrying values, consisted of the following:

In millions of dollarsSeptember 30,
2024
December 31, 2023
Securities sold under agreements to repurchase$263,298 $264,958 
Securities loaned15,079 13,149 
Total, net(1)
$278,377 $278,107 

(1)    The above tables do not include securities-for-securities lending transactions of $6.3 billion and $4.3 billion at September 30, 2024 and December 31, 2023, respectively, where the Company acts as lender and receives securities that can be sold or pledged as collateral. In these transactions, the Company recognizes the securities received at fair value within Other assets and the obligation to return those securities as a liability within Brokerage payables.
(2)     See Note 15.

The Company’s policy is to take possession of the underlying collateral, monitor its market value relative to the amounts due under the agreements and, when necessary, require prompt transfer of additional collateral in order to maintain contractual margin protection. For resale and repurchase agreements, when necessary, the Company posts additional collateral in order to maintain contractual margin protection.
A substantial portion of the resale and repurchase agreements is recorded at fair value as the Company elected the fair value option, as described in Notes 23 and 24. The remaining portion is carried at the amount of cash initially advanced or received, plus accrued interest, as specified in the respective agreements.
A substantial portion of securities borrowing and lending agreements is recorded at the amount of cash advanced or received. The remaining portion is recorded at fair value as the Company elected the fair value option for certain securities borrowed and loaned portfolios, as described in Note 24. With respect to securities loaned, the Company receives cash collateral in an amount generally in excess of the market value of the securities loaned. The Company monitors the market value of securities borrowed and securities loaned on a daily basis and posts or obtains additional collateral in order to maintain contractual margin protection.
The following tables present the gross and net resale and repurchase agreements and securities borrowing and lending agreements and the related offsetting amounts permitted under ASC 210-20-45. The tables also include amounts related to financial instruments that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting rights has been obtained. Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right.



 As of September 30, 2024
In millions of dollarsGross amounts
of recognized
assets
Gross amounts
offset on the
Consolidated
Balance Sheet
(1)
Net amounts of
assets included on
the Consolidated
Balance Sheet
Amounts not offset on the Consolidated Balance
Sheet but eligible for
offsetting upon
counterparty default
(2)
Net
amounts
(3)
Securities purchased under agreements to resell$534,884 $320,988 $213,896 $203,093 $10,803 
Securities borrowed92,763 20,727 72,036 21,950 50,086 
Total$627,647 $341,715 $285,932 $225,043 $60,889 
In millions of dollarsGross amounts
of recognized
liabilities
Gross amounts
offset on the
Consolidated
Balance Sheet
(1)
Net amounts of
liabilities included on
the Consolidated
Balance Sheet
Amounts not offset on the
Consolidated Balance
Sheet but eligible for
offsetting upon
counterparty default
(2)
Net amounts(3)
Securities sold under agreements to repurchase$584,286 $320,988 $263,298 $212,930 $50,368 
Securities loaned35,806 20,727 15,079 11,493 3,586 
Total$620,092 $341,715 $278,377 $224,423 $53,954 
123


 As of December 31, 2023
In millions of dollarsGross amounts
of recognized
assets
Gross amounts
offset on the
Consolidated
Balance Sheet
(1)
Net amounts of
assets included on
the Consolidated
Balance Sheet
Amounts not offset on the
Consolidated Balance
Sheet but eligible for
offsetting upon
counterparty default
(2)
Net
amounts
(3)
Securities purchased under agreements to resell$515,533 $248,214 $267,319 $244,783 $22,536 
Securities borrowed97,881 19,473 78,408 25,433 52,975 
Total$613,414 $267,687 $345,727 $270,216 $75,511 
In millions of dollarsGross amounts
of recognized
liabilities
Gross amounts
offset on the
Consolidated
Balance Sheet
(1)
Net amounts of
liabilities included on
the Consolidated
Balance Sheet
Amounts not offset on the
Consolidated Balance
Sheet but eligible for
offsetting upon
counterparty default
(2)
Net
amounts
(3)
Securities sold under agreements to repurchase$513,172 $248,214 $264,958 $181,794 $83,164 
Securities loaned32,622 19,473 13,149 2,441 10,708 
Total$545,794 $267,687 $278,107 $184,235 $93,872 

(1)Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45.
(2)Includes financial instruments subject to enforceable master netting agreements that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting right has been obtained.
(3)Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right.

The following tables present the gross amounts of liabilities associated with repurchase agreements and securities lending agreements by remaining contractual maturity:

As of September 30, 2024
In millions of dollarsOpen and overnightUp to 30 days31–90 daysGreater than 90 daysTotal
Securities sold under agreements to repurchase$324,208 $154,200 $47,348 $58,530 $584,286 
Securities loaned27,057 142 513 8,094 35,806 
Total$351,265 $154,342 $47,861 $66,624 $620,092 

As of December 31, 2023
In millions of dollarsOpen and overnightUp to 30 days31–90 daysGreater than 90 daysTotal
Securities sold under agreements to repurchase$289,907 $134,870 $35,639 $52,756 $513,172 
Securities loaned24,997  1,270 6,355 32,622 
Total$314,904 $134,870 $36,909 $59,111 $545,794 
124


The following tables present the gross amounts of liabilities associated with repurchase agreements and securities lending agreements by class of underlying collateral:

As of September 30, 2024
In millions of dollarsRepurchase agreementsSecurities lending agreementsTotal
U.S. Treasury and federal agency securities$272,578 $64 $272,642 
State and municipal securities166 13 179 
Foreign government securities167,853 546 168,399 
Corporate bonds17,635 231 17,866 
Equity securities19,266 34,652 53,918 
Mortgage-backed securities98,421  98,421 
Asset-backed securities2,430  2,430 
Other5,937 300 6,237 
Total$584,286 $35,806 $620,092 

As of December 31, 2023
In millions of dollarsRepurchase agreementsSecurities lending agreementsTotal
U.S. Treasury and federal agency securities$223,343 $461 $223,804 
State and municipal securities447 2 449 
Foreign government securities174,661 118 174,779 
Corporate bonds12,403 195 12,598 
Equity securities5,853 31,574 37,427 
Mortgage-backed securities85,014 21 85,035 
Asset-backed securities3,032 178 3,210 
Other8,419 73 8,492 
Total$513,172 $32,622 $545,794 

125


12. BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES

The Company has receivables and payables for financial instruments sold to and purchased from brokers, dealers and customers, which arise in the ordinary course of business.
For additional information on these receivables and payables, see Note 13 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.
Brokerage receivables and Brokerage payables consisted of the following:

In millions of dollarsSeptember 30,
2024
December 31, 2023
Receivables from customers$19,657 $15,986 
Receivables from brokers, dealers and clearing organizations43,996 37,929 
Total brokerage receivables(1)
$63,653 $53,915 
Payables to customers$57,731 $49,206 
Payables to brokers, dealers and clearing organizations23,455 14,333 
Total brokerage payables(1)
$81,186 $63,539 

(1)     Includes brokerage receivables and payables recorded by Citi’s broker-dealer entities that are accounted for in accordance with the AICPA Accounting Guide for Brokers and Dealers in Securities as codified in ASC 940-320.
126


13.  INVESTMENTS

For additional information regarding Citi’s investment portfolios, including evaluating investments for impairment, see Note 14 to the Consolidated Financial Statements
in Citi’s 2023 Form 10-K.




The following table presents Citi’s investments by category:

In millions of dollarsSeptember 30,
2024
December 31, 2023
Debt securities available-for-sale (AFS)$234,444 $256,936 
Debt securities held-to-maturity (HTM)(1)
248,274 254,247 
Marketable equity securities carried at fair value(2)
207 258 
Non-marketable equity securities carried at fair value(2)(5)
648 508 
Non-marketable equity securities measured using the measurement alternative(3)
1,762 1,639 
Non-marketable equity securities carried at cost(4)
5,336 5,497 
Total investments(6)
$490,671 $519,085 

(1)Carried at adjusted amortized cost basis, net of any ACL.
(2)Unrealized gains and losses are recognized in earnings.
(3)Impairment losses and adjustments to the carrying value as a result of observable price changes are recognized in earnings. See “Non-Marketable Equity Securities Not Carried at Fair Value” below.
(4)    Represents shares issued by the Federal Reserve Bank, Federal Home Loan Banks and certain exchanges of which Citigroup is a member.
(5)    Includes $25 million and $25 million of investments in funds for which the fair values are estimated using the net asset value of the Company’s ownership interest in the funds at September 30, 2024 and December 31, 2023, respectively.
(6)    Not included in the balances above is approximately $2 billion of accrued interest receivable at September 30, 2024 and December 31, 2023, which is included in Other assets on the Consolidated Balance Sheet. The Company does not recognize an allowance for credit losses on accrued interest receivable for AFS and HTM debt securities, consistent with its non-accrual policy, which results in timely write-off of accrued interest. The Company did not reverse through interest income any accrued interest receivables for the quarters ended September 30, 2024 and 2023.

The following table presents interest and dividend income on investments:

Three Months Ended September 30,Nine Months Ended September 30,
In millions of dollars2024202320242023
Taxable interest$4,513 $4,547 $13,841 $12,831 
Interest exempt from U.S. federal income tax78 83 239 252 
Dividend income92 89 273 231 
Total interest and dividend income on investments$4,683 $4,719 $14,353 $13,314 


The following table presents realized gains and losses on the sales of investments, which exclude impairment losses:

Three Months Ended September 30,Nine Months Ended September 30,
In millions of dollars2024202320242023
Gross realized investment gains$108 $83 $394 $262 
Gross realized investment losses(36)(53)(184)(111)
Net realized gains on sales of investments$72 $30 $210 $151 

127


Debt Securities Available-for-Sale
The amortized cost and fair value of AFS debt securities were as follows:

 September 30, 2024December 31, 2023
In millions of dollarsAmortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Allowance for credit lossesFair
value
Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Allowance for credit lossesFair
value
Debt securities AFS        
Mortgage-backed securities(1)
        
U.S. government-sponsored agency guaranteed(2)(3)
$32,244 $211 $578 $ $31,877 $30,279 $170 $734 $ $29,715 
Residential628  3  625 426  3  423 
Commercial1    1 1    1 
Total mortgage-backed securities$32,873 $211 $581 $ $32,503 $30,706 $170 $737 $ $30,139 
U.S. Treasury and federal agency securities     
U.S. Treasury$60,069 $60 $585 $ $59,544 $81,684 $59 $1,382 $ $80,361 
Total U.S. Treasury and federal agency securities$60,069 $60 $585 $ $59,544 $81,684 $59 $1,382 $ $80,361 
State and municipal$1,956 $9 $78 $ $1,887 $2,204 $18 $91 $ $2,131 
Foreign government129,843 629 832  129,640 132,045 528 1,375  131,198 
Corporate5,789 32 131 8 5,682 5,610 18 208 8 5,412 
Asset-backed securities(1)
823 15   838 921 17   938 
Other debt securities4,350 2 2  4,350 6,754 4 1  6,757 
Total debt securities AFS$235,703 $958 $2,209 $8 $234,444 $259,924 $814 $3,794 $8 $256,936 

(1)The Company invests in mortgage- and asset-backed securities, which are typically issued by VIEs through securitization transactions. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. See Note 21 for mortgage- and asset-backed securitizations in which the Company has other involvement.
(2)In January 2023, Citi adopted ASU 2022-01. Upon adoption, Citi transferred $3.3 billion of mortgage-backed securities from HTM classification to AFS classification as allowed under the ASU. At the time of transfer, the securities were in an unrealized gain position of $0.1 billion, which was recorded in AOCI upon transfer. See Note 1 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.
(3)Amortized cost includes unallocated portfolio layer cumulative basis adjustments of $0.3 billion as of September 30, 2024. Gross unrealized gains and gross unrealized (losses) on mortgage-backed securities excluding the effect of unallocated portfolio layer hedges cumulative basis adjustments were $0.4 billion and $(0.5) billion, respectively, as of September 30, 2024.


128


The following table presents the fair value of AFS debt securities that have been in an unrealized loss position:

 Less than 12 months12 months or longerTotal
In millions of dollarsFair
value
Gross
unrealized
losses
Fair
value
Gross
unrealized
losses
Fair
value
Gross
unrealized
losses
September 30, 2024      
Debt securities AFS      
Mortgage-backed securities      
U.S. government-sponsored agency guaranteed$11,165 $82 $9,121 $496 $20,286 $578 
Residential373 1 242 2 615 3 
Total mortgage-backed securities$11,538 $83 $9,363 $498 $20,901 $581 
U.S. Treasury and federal agency securities    
U.S. Treasury$11,006 $66 $34,798 $519 $45,804 $585 
Total U.S. Treasury and federal agency securities$11,006 $66 $34,798 $519 $45,804 $585 
State and municipal$692 $41 $561 $37 $1,253 $78 
Foreign government21,201 230 21,560 602 42,761 832 
Corporate1,965 50 1,599 81 3,564 131 
Asset-backed securities2    2  
Other debt securities1,204 1 561 1 1,765 2 
Total debt securities AFS$47,608 $471 $68,442 $1,738 $116,050 $2,209 
December 31, 2023      
Debt securities AFS      
Mortgage-backed securities      
U.S. government-sponsored agency guaranteed$8,602 $86 $9,734 $648 $18,336 $734 
Residential352 1 34 2 386 3 
Total mortgage-backed securities$8,954 $87 $9,768 $650 $18,722 $737 
U.S. Treasury and federal agency securities     
U.S. Treasury$11,851 $113 $57,669 $1,269 $69,520 $1,382 
Total U.S. Treasury and federal agency securities$11,851 $113 $57,669 $1,269 $69,520 $1,382 
State and municipal$906 $17 $324 $74 $1,230 $91 
Foreign government42,250 540 29,176 835 71,426 1,375 
Corporate2,319 103 1,619 105 3,938 208 
Asset-backed securities154  16  170  
Other debt securities1,864 1 228  2,092 1 
Total debt securities AFS$68,298 $861 $98,800 $2,933 $167,098 $3,794 


129


The following table presents the amortized cost and fair value of AFS debt securities by contractual maturity dates:

 September 30, 2024
In millions of dollarsAmortized costFair value
Mortgage-backed securities(1)
  
Due within 1 year$19 $19 
After 1 but within 5 years871 863 
After 5 but within 10 years567 554 
After 10 years31,117 31,067 
Total(2)
$32,574 $32,503 
U.S. Treasury and federal agency securities 
Due within 1 year$37,761 $37,448 
After 1 but within 5 years22,105 21,914 
After 5 but within 10 years203 182 
After 10 years  
Total$60,069 $59,544 
State and municipal  
Due within 1 year$12 $12 
After 1 but within 5 years132 127 
After 5 but within 10 years478 467 
After 10 years1,334 1,281 
Total$1,956 $1,887 
Foreign government  
Due within 1 year$56,098 $56,077 
After 1 but within 5 years68,476 68,368 
After 5 but within 10 years4,676 4,662 
After 10 years593 533 
Total$129,843 $129,640 
All other(3)
 
Due within 1 year$5,602 $5,593 
After 1 but within 5 years4,465 4,402 
After 5 but within 10 years843 846 
After 10 years52 29 
Total$10,962 $10,870 
Total debt securities AFS(2)
$235,404 $234,444 

(1)Includes mortgage-backed securities of U.S. government-sponsored agencies. The Company invests in mortgage- and asset-backed securities, which are typically issued by VIEs through securitization transactions. See Note 21 for additional information about mortgage- and asset-backed securitizations in which the Company has other involvement.
(2)Amortized cost excludes unallocated portfolio layer cumulative basis adjustments of $0.3 billion as of September 30, 2024.
(3)Includes corporate, asset-backed and other debt securities.
130


Debt Securities Held-to-Maturity
The carrying value and fair value of debt securities HTM were as follows:

In millions of dollars
Amortized
cost, net(1)
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
September 30, 2024    
Debt securities HTM    
Mortgage-backed securities(2)
U.S. government-sponsored agency guaranteed(3)
$74,315 $9 $7,113 $67,211 
Non-U.S. residential139 1  140 
Commercial1,142 5 110 1,037 
Total mortgage-backed securities$75,596 $15 $7,223 $68,388 
U.S. Treasury securities$131,350 $ $6,371 $124,979 
State and municipal8,958 67 457 8,568 
Foreign government1,506 11 7 1,510 
Asset-backed securities(2)
30,864 53 52 30,865 
Total debt securities HTM, net$248,274 $146 $14,110 $234,310 
December 31, 2023    
Debt securities HTM   
Mortgage-backed securities(2)
    
U.S. government-sponsored agency guaranteed$79,689 $7 $8,603 $71,093 
Non-U.S. residential198   198 
Commercial1,146 2 156 992 
Total mortgage-backed securities$81,033 $9 $8,759 $72,283 
U.S. Treasury securities$131,776 $ $9,908 $121,868 
State and municipal9,182 73 477 8,778 
Foreign government2,210  58 2,152 
Asset-backed securities(2)
30,046 9 135 29,920 
Total debt securities HTM, net$254,247 $91 $19,337 $235,001 

(1)Amortized cost is reported net of ACL of $141 million and $95 million at September 30, 2024 and December 31, 2023, respectively.
(2)The Company invests in mortgage- and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. See Note 21 for mortgage- and asset-backed securitizations in which the Company has other involvement.
(3)In January 2023, Citi adopted ASU 2022-01. Upon adoption, Citi transferred $3.3 billion (amortized cost) of mortgage-backed securities from HTM classification to AFS classification as allowed under the ASU. At the time of transfer, the securities were in an unrealized gain position of $0.1 billion, which was recorded in AOCI upon transfer. See Note 1 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.
131


The following table presents the carrying value and fair value of HTM debt securities by contractual maturity dates:

 September 30, 2024
In millions of dollars
Amortized cost(1)
Fair value
Mortgage-backed securities  
Due within 1 year$13 $13 
After 1 but within 5 years1,231 1,190 
After 5 but within 10 years785 750 
After 10 years73,567 66,435 
Total$75,596 $68,388 
U.S. Treasury securities
Due within 1 year$38,577 $38,023 
After 1 but within 5 years92,773 86,956 
After 5 but within 10 years  
After 10 years  
Total$131,350 $124,979 
State and municipal  
Due within 1 year$33 $33 
After 1 but within 5 years159 161 
After 5 but within 10 years1,724 1,666 
After 10 years7,042 6,708 
Total$8,958 $8,568 
Foreign government  
Due within 1 year$811 $814 
After 1 but within 5 years695 696 
After 5 but within 10 years  
After 10 years  
Total$1,506 $1,510 
All other(2)
Due within 1 year$ $ 
After 1 but within 5 years  
After 5 but within 10 years10,779 10,788 
After 10 years20,085 20,077 
Total$30,864 $30,865 
Total debt securities HTM$248,274 $234,310 

(1)Amortized cost is reported net of ACL of $141 million at September 30, 2024.
(2)Includes corporate and asset-backed securities.


HTM Debt Securities Delinquency and Non-Accrual Details
Citi did not have any HTM debt securities that were delinquent or on non-accrual status at September 30, 2024 and December 31, 2023.

There were no purchased credit-deteriorated HTM debt securities held by the Company as of September 30, 2024 and December 31, 2023.

132


Evaluating Investments for Impairment—AFS Debt Securities

Overview
The Company conducts periodic reviews of all AFS debt securities with unrealized losses to evaluate whether the impairment resulted from expected credit losses or from other factors and to evaluate the Company’s intent to sell such securities.
For more information on evaluating investments for impairment, see Note 14 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.











Recognition and Measurement of Impairment
The following table presents total impairment on AFS investments recognized in earnings:

Three Months Ended September 30,Nine Months Ended September 30,
In millions of dollars2024202320242023
Impairment losses recognized in earnings for debt securities that the Company intends to sell, would more-likely-than-not be required to sell or will be subject to an issuer call deemed probable of exercise$13 $43 $36 $137 


Allowance for Credit Losses on AFS Debt Securities
The allowance for credit losses on AFS debt securities held that the Company does not intend to sell nor will likely be required to sell was $8 million and $8 million as of September 30, 2024 and December 31, 2023, respectively.



133


Non-Marketable Equity Securities Not Carried at
Fair Value
Non-marketable equity securities are required to be measured at fair value with changes in fair value recognized in earnings unless (i) the measurement alternative is elected or (ii) the investment represents Federal Reserve Bank and Federal Home Loan Bank stock or certain exchange seats that continue to be carried at cost.
The election to measure a non-marketable equity security using the measurement alternative is made on an instrument-by-instrument basis. Under the measurement alternative, an equity security is carried at cost plus or minus changes resulting from observable prices in orderly transactions for the identical or a similar investment of the same issuer. The carrying value of the equity security is adjusted to fair value on the date of an observed transaction. Fair value may differ from the observed transaction price due to a number of factors, including marketability adjustments and differences in rights and obligations when the observed transaction is not for the identical investment held by Citi.
Equity securities under the measurement alternative are also assessed for impairment. On a quarterly basis, management qualitatively assesses whether each equity security under the measurement alternative is impaired. For details on impairment indicators that are considered, see Note 14 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.
When the qualitative assessment indicates that the equity security is impaired, its fair value is determined. If the fair value of the investment is less than its carrying value, the investment is written down to fair value through earnings.
Below is the carrying value of non-marketable equity securities measured using the measurement alternative at September 30, 2024 and December 31, 2023:

In millions of dollarsSeptember 30, 2024December 31, 2023
Measurement alternative:
Carrying value$1,762 $1,639 

Below are amounts recognized in earnings and life-to-date amounts for non-marketable equity securities measured using the measurement alternative:

Three Months Ended September 30,Nine Months Ended September 30,
In millions of dollars2024202320242023
Measurement alternative(1):
Impairment losses$32 $27 $56 $90 
Downward changes for observable prices1 4 2 24 
Upward changes for observable prices25 17 77 49 

(1)     See Note 23 for additional information on these nonrecurring fair value measurements.

Life-to-date amounts on securities still held
In millions of dollarsSeptember 30, 2024
Measurement alternative:
Impairment losses$385 
Downward changes for observable prices36 
Upward changes for observable prices1,027 

A similar impairment analysis is performed for non-marketable equity securities carried at cost. For the three months ended September 30, 2024 and 2023, there was no impairment loss recognized in earnings for non-marketable equity securities carried at cost.

134


14.  LOANS

Citigroup loans are reported in two categories: corporate and consumer. These categories are classified primarily according to the operating segment, reporting unit and component that manage the loans in addition to the nature of the obligor, with corporate loans generally made for corporate institutional and public sector clients around the world and consumer loans to retail and small business customers. For additional information regarding Citi’s corporate and consumer loans, including related accounting policies, see Notes 1 and 15 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.

CORPORATE LOANS
Corporate loans represent loans and leases managed by Services, Markets, Banking and the Mexico SBMM component of All Other—Legacy Franchises. The following table presents information by corporate loan type:

In millions of dollarsSeptember 30,
2024
December 31,
2023
In North America offices(1)
  
Commercial and industrial$58,403 $61,008 
Financial institutions38,796 39,393 
Mortgage and real estate(2)
18,353 17,813 
Installment and other23,147 23,335 
Lease financing233 227 
Total$138,932 $141,776 
In offices outside North America(1)
  
Commercial and industrial$98,024 $93,402 
Financial institutions25,879 26,143 
Mortgage and real estate(2)
7,900 7,197 
Installment and other25,693 27,907 
Lease financing41 48 
Governments and official institutions3,237 3,599 
Total$160,774 $158,296 
Corporate loans, net of unearned income, excluding portfolio layer hedges cumulative basis adjustments(3)(4)(5)
$299,706 $300,072 
Unallocated portfolio layer hedges cumulative basis adjustments(6)
$65 $93 
Corporate loans, net of unearned income(3)(4)(5)
$299,771 $300,165 

(1)North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. The classification between offices in North America and outside North America is based on the domicile of the booking unit. The difference between the domicile of the booking unit and the domicile of the managing unit is not material.
(2)Loans secured primarily by real estate.
(3)Corporate loans are net of unearned income of ($912) million and ($917) million at September 30, 2024 and December 31, 2023, respectively. Unearned income on corporate loans primarily represents loan origination fees, net of certain direct origination costs, that are deferred and recognized as Interest income over the lives of the related loans.
(4)Not included in the balances above is approximately $2 billion of accrued interest receivable at September 30, 2024 and December 31,
2023, which is included in Other assets on the Consolidated Balance Sheet.
(5)Accrued interest receivable considered to be uncollectible is reversed through interest income. Amounts reversed were not material for the three and nine months ended September 30, 2024 and 2023.
(6)Represents fair value hedge basis adjustments related to portfolio layer method hedges of mortgage and real estate loans, which are not allocated to individual loans in the portfolio. See Note 22.

The Company sold and/or reclassified to held-for-sale $1.5 billion and $3.8 billion of corporate loans during the three and nine months ended September 30, 2024, and $1.3 billion and $4.2 billion of corporate loans during the three and nine months ended September 30, 2023, respectively. The Company did not have significant purchases of corporate loans classified as held-for-investment for the three and nine months ended September 30, 2024 or 2023.

135


Corporate Loan Delinquencies and Non-Accrual Details at September 30, 2024

In millions of dollars
30–89 days
past due
and accruing(1)
≥ 90 days
past due and
accruing(1)
Total past due
and accruing
Total
non-accrual(2)
Total
current(3)
Total
loans(4)
Commercial and industrial$177 $79 $256 $353 $153,502 $154,111 
Financial institutions10  10 27 64,351 64,388 
Mortgage and real estate39 1 40 476 25,736 26,252 
Lease financing    274 274 
Other53 10 63 88 46,726 46,877 
Loans at fair valueN/AN/AN/AN/AN/A7,804 
Total(5)
$279 $90 $369 $944 $290,589 $299,706 

Corporate Loan Delinquencies and Non-Accrual Details at December 31, 2023

In millions of dollars
30–89 days
past due
and accruing(1)
≥ 90 days
past due and
accruing(1)
Total past due
and accruing
Total
non-accrual(2)
Total
current(3)
Total
loans(4)
Commercial and industrial$308 $118 $426 $717 $150,308 $151,451 
Financial institutions9 7 16 51 64,993 65,060 
Mortgage and real estate66 3 69 868 24,001 24,938 
Lease financing    275 275 
Other66 17 83 246 50,738 51,067 
Loans at fair valueN/AN/AN/AN/AN/A7,281 
Total(5)
$449 $145 $594 $1,882 $290,315 $300,072 

(1)Corporate loans that are 90 days or more past due are generally classified as non-accrual. Corporate loans are considered past due when principal or interest is contractually due but unpaid.
(2)Non-accrual loans generally include those loans that are 90 days or more past due or those loans for which Citi believes, based on actual experience and a forward-looking assessment of the collectibility of the loan in full, that the payment of interest and/or principal is doubtful.
(3)Loans less than 30 days past due are presented as current.
(4)The Total loans column includes loans at fair value, which are not included in the various delinquency columns and, therefore, the tables’ total rows will not cross-foot.
(5)Excludes $65 million and $93 million of unallocated portfolio layer cumulative basis adjustments at September 30, 2024 and December 31, 2023, respectively.
N/A Not applicable

136


Corporate Loan Credit Quality Indicators

 
Recorded investment in loans(1)
Term loans by year of origination
Revolving line
of credit arrangements(2)
September 30, 2024
In millions of dollars20242023202220212020Prior
Investment grade(3)
 
Commercial and industrial(4)
$38,306 $11,198 $5,627 $3,187 $1,636 $6,447 $34,525 $100,926 
Financial institutions(4)
9,203 3,136 1,371 795 282 1,736 40,053 56,576 
Mortgage and real estate3,687 4,177 3,826 3,030 2,075 1,824 235 18,854 
Other(5)
3,878 3,074 3,907 821 737 5,183 25,852 43,452 
Total investment grade$55,074 $21,585 $14,731 $7,833 $4,730 $15,190 $100,665 $219,808 
Non-investment grade(3)
 
Accrual 
Commercial and industrial(4)
$19,506 $5,242 $3,929 $1,939 $284 $2,656 $19,275 $52,831 
Financial institutions(4)
3,331 679 437 456 1 323 2,557 7,784 
Mortgage and real estate473 877 1,670 1,384 726 1,322 471 6,923 
Other(5)
642 540 374 274 220 251 1,311 3,612 
Non-accrual
Commercial and industrial(4)
32 40 43 28 15 39 156 353 
Financial institutions3      24 27 
Mortgage and real estate1 3 156 7 29 244 36 476 
Other(5)
6 8  35  14 25 88 
Total non-investment grade$23,994 $7,389 $6,609 $4,123 $1,275 $4,849 $23,855 $72,094 
Loans at fair value(6)
$7,804 
Corporate loans, net of unearned income(7)
$79,068 $28,974 $21,340 $11,956 $6,005 $20,039 $124,520 $299,706 
137


 
Recorded investment in loans(1)
Term loans by year of origination
Revolving line
of credit arrangements(2)
December 31, 2023
In millions of dollars20232022202120202019Prior
Investment grade(3)
 
Commercial and industrial(4)
$47,811 $7,738 $3,641 $2,279 $2,604 $6,907 $34,956 $105,936 
Financial institutions(4)
11,002 2,356 2,834 424 557 1,847 36,715 55,735 
Mortgage and real estate3,628 4,433 3,595 2,544 1,238 1,582 66 17,086 
Other(5)
4,653 5,781 1,072 1,029 812 5,302 29,335 47,984 
Total investment grade$67,094 $20,308 $11,142 $6,276 $5,211 $15,638 $101,072 $226,741 
Non-investment grade(3)
 
Accrual 
Commercial and industrial(4)
$17,570 $4,785 $1,914 $1,359 $732 $2,526 $15,912 $44,798 
Financial institutions(4)
4,207 748 1,084 56 194 260 2,725 9,274 
Mortgage and real estate1,034 1,234 1,378 947 755 1,016 620 6,984 
Other(5)
653 434 248 158 211 155 1,253 3,112 
Non-accrual
Commercial and industrial53 46 84 35 45 93 361 717 
Financial institutions(4)
      51 51 
Mortgage and real estate118 233 8 38 110 308 53 868 
Other(5)
8  41  55 12 130 246 
Total non-investment grade$23,643 $7,480 $4,757 $2,593 $2,102 $4,370 $21,105 $66,050 
Loans at fair value(6)
$7,281 
Corporate loans, net of unearned income$90,737 $27,788 $15,899 $8,869 $7,313 $20,008 $122,177 $300,072 

(1)Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount, less any direct write-downs.
(2)There were no significant revolving line of credit arrangements that converted to term loans during the period.
(3)Held-for-investment loans are accounted for on an amortized cost basis.
(4)Includes certain short-term loans with less than one year in tenor.
(5)Other includes installment and other, lease financing and loans to government and official institutions.
(6)Loans at fair value include loans to commercial and industrial, financial institutions, mortgage and real estate and other.
(7)Excludes $65 million and $93 million of unallocated portfolio layer hedges cumulative basis adjustments at September 30, 2024 and December 31, 2023, respectively.

138


Corporate Gross Credit Losses
The table below details gross credit losses recognized during the nine months ended September 30, 2024, by year of loan origination:

 For the Nine Months Ended September 30, 2024
In millions of dollars20242023202220212020Prior Revolving line of credit arrangementTotal
Commercial and industrial$10 $2 $3 $9 $4 $15 $167 $210 
Financial institutions     1 9 10 
Mortgage and real estate1 37 11   84 22 155 
Other(1)
     16 29 45 
Total$11 $39 $14 $9 $4 $116 $227 $420 


The table below details gross credit losses recognized during the nine months ended September 30, 2023, by year of loan origination:

 
For the Nine Months Ended September 30, 2023
In millions of dollars20232022202120202019Prior Revolving
line of credit arrangement
Total
Commercial and industrial$9 $19 $1 $1 $ $2 $73 $105 
Financial institutions      38 38 
Mortgage and real estate   1  2 1 4 
Other(1)
      50 50 
Total$9 $19 $1 $2 $ $4 $162 $197 

(1)    Other includes installment and other, lease financing and loans to government and official institutions.


Non-Accrual Corporate Loans

 September 30, 2024December 31, 2023
In millions of dollars
Recorded
investment(1)(2)
Related specific
allowance
Recorded
investment(1)(2)
Related specific
allowance
Non-accrual corporate loans with specific allowances    
Commercial and industrial$196 $93 $507 $168 
Financial institutions24 5 48 15 
Mortgage and real estate189 23 697 128 
Other58 19 185 51 
Total non-accrual corporate loans with specific allowances$467 $140 $1,437 $362 
Non-accrual corporate loans without specific allowances  
Commercial and industrial$157 N/A$210 N/A
Financial institutions4 N/A3 N/A
Mortgage and real estate286 N/A171 N/A
Lease financing N/A N/A
Other30 N/A61 N/A
Total non-accrual corporate loans without specific allowances$477 N/A$445 N/A

(1)Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount, less any direct write-downs.
(2)Interest income recognized for the three and nine months ended September 30, 2024 was $28 million and $58 million, and for the three and nine months ended September 30, 2023 was $6 million and $31 million, respectively.
N/A Not applicable

139


Corporate Loan Modifications to Borrowers Experiencing Financial Difficulty
Citi seeks to modify certain corporate loans to borrowers experiencing financial difficulty to reduce Citi’s exposure to loss, often providing the borrower with an opportunity to work through financial difficulties. Each modification is unique to the borrower’s individual circumstances. The following tables detail corporate loan modifications granted during the three and nine months ended September 30, 2024 and September 30, 2023 to borrowers experiencing financial difficulty by type of modification granted and the financial effect of those modifications. Citi defines a corporate loan modification to a borrower experiencing financial difficulty as a modification of a loan classified as substandard or worse at the time of modification.

For the Three and Nine Months Ended September 30, 2024
In millions of dollars, except for weighted-average
term extension
Total modifications balance at September 30, 2024(1)(2)(3)
Term
extension
Combination:
Term extension and payment delay(4)
Weighted-average term extension
(months)
Three Months Ended September 30, 2024
Commercial and industrial$4 $4 $ 6
Financial institutions    
Mortgage and real estate49 49  6
Other(5)
    
Total$53 $53 $ 
Nine Months Ended September 30, 2024
Commercial and industrial$107 $107 $ 11
Financial institutions    
Mortgage and real estate130 130  7
Other(5)
    
Total$237 $237 $ 

For the Three and Nine Months Ended September 30, 2023
In millions of dollars, except for weighted-average
term extension
Total modifications balance at September 30, 2023(1)(2)(3)
Term
extension
Combination:
Term extension and payment delay(4)
Weighted-average term extension
(months)
Three Months Ended September 30, 2023
Commercial and industrial$25 $25 $ 22
Financial institutions   — 
Mortgage and real estate35 35  55
Other(5)
   — 
Total$60 $60 $ 
Nine Months Ended September 30, 2023
Commercial and industrial$93 $70 $23 28
Financial institutions   — 
Mortgage and real estate85 84 1 37
Other(5)
   — 
Total$178 $154 $24 

(1)The above table reflects activity for loans outstanding as of the end of the reporting period. The balances are not significant as a percentage of the total carrying values of loans by class of receivable as of September 30, 2024 and September 30, 2023.
(2)Commitments to lend to borrowers experiencing financial difficulty that were granted modifications totaled $924 million and $1 billion as of September 30, 2024 and September 30, 2023, respectively.
(3)The allowance for corporate loans, including modified loans, is based on the borrower’s overall financial performance. Charge-offs for amounts deemed uncollectible may be recorded at the time of the modification or may have already been recorded in prior periods such that no charge-off is required at the time of modification.
(4)Payment delays either for principal or interest payments had an immaterial financial impact.
(5)Other includes installment and other, lease financing and loans to government and official institutions.



140


Performance of Modified Corporate Loans
The following tables present the delinquencies of modified corporate loans to borrowers experiencing financial difficulty. It includes loans that were modified during the 12 months ended September 30, 2024 and December 31, 2023:

 
As of September 30, 2024(1)
In millions of dollarsTotal Current
30–89 days
past due
90+ days
past due
Commercial and industrial$107 $107 $ $ 
Financial institutions    
Mortgage and real estate130 130   
Other(2)
    
Total$237 $237 $ $ 

 
As of December 31, 2023(1)
In millions of dollarsTotal Current30–89 days
past due
90+ days
past due
Commercial and industrial$198 $198 $ $ 
Financial institutions    
Mortgage and real estate144 144   
Other(2)
    
Total$342 $342 $ $ 

(1)Corporate loans are generally not modified as a result of their delinquency status; rather, they are modified because of events that have impacted the overall financial performance of the borrower. Corporate loans, if past due, are re-aged to current status upon modification.
(2)Other includes installment and other, lease financing and loans to government and official institutions.


Defaults of Modified Corporate Loans
No modified corporate loans to borrowers experiencing financial difficulty defaulted during the three months ended September 30, 2024 and 2023. Default is defined as 60 days past due, except for classifiably managed commercial banking loans, where default is defined as 90 days past due. For a modified corporate loan that is not collateral dependent, expected default rates are considered in the loan’s individually assessed ACL.


141


CONSUMER LOANS
Consumer loans represent loans and leases managed primarily by USPB, Wealth and All Other—Legacy Franchises (except Mexico SBMM). The tables below present details about these loans, including the following loan categories:

Residential first mortgages and Home equity loans primarily represent secured mortgage lending to customers of Retail Banking in USPB and Wealth.
Credit cards primarily represent unsecured credit card lending to customers of Branded Cards and Retail Services in USPB.
Personal, small business and other loans are primarily composed of classifiably managed loans to customers of Wealth (mostly within the Private Bank) who are typically high credit quality borrowers who historically experienced minimal delinquencies and credit losses. Loans to these borrowers are generally well collateralized in the form of liquid securities and other forms of collateral.
142


The following tables provide Citi’s consumer loans by type:

Consumer Loans, Delinquencies and Non-Accrual Status at September 30, 2024

In millions of dollars
Total
current(1)(2)
30–89 
days past
 due(3)
≥ 90 days
past
 due(3)
Past due
government
guaranteed(4)
Total loansNon-accrual loans for which there is no ACLLNon-accrual loans for which there is an ACLLTotal
non-accrual
90 days 
past due
and accruing
In North America offices(5)
        
Residential first mortgages(6)
$113,186 $395 $314 $231 $114,126 $110 $389 $499 $120 
Home equity loans(7)(8)
3,137 28 77  3,242 25 133 158  
Credit cards158,833 2,356 2,510  163,699    2,510 
Personal, small business and other(9)
33,157 97 53 1 33,308 6 52 58 3 
Total$308,313 $2,876 $2,954 $232 $314,375 $141 $574 $715 $2,633 
In offices outside North America(5)
      
Residential mortgages(6)
$25,603 $40 $59 $ $25,702 $ $197 $197 $ 
Credit cards12,532 194 204  12,930  204 204 69 
Personal, small business and other(9)
35,333 103 38  35,474  106 106  
Total$73,468 $337 $301 $ $74,106 $ $507 $507 $69 
Total excluding portfolio layer cumulative basis adjustments$381,781 $3,213 $3,255 $232 $388,481 $141 $1,081 $1,222 $2,702 
Unallocated portfolio layer hedges
cumulative basis adjustments(10)
$670 
Total Citigroup(11)(12)
$389,151 

Consumer Loans, Delinquencies and Non-Accrual Status at December 31, 2023

In millions of dollars
Total
current(1)(2)
30–89 
days past
due(3)
≥ 90 days
past
 due(3)
Past due
government
guaranteed(4)
Total
loans
Non-accrual loans for which there is no ACLLNon-accrual loans for which there is an ACLLTotal
non-accrual
90 days 
past due
and accruing
In North America offices(5)
       
Residential first mortgages(6)
$107,720 $462 $294 $235 $108,711 $105 $384 $489 $120 
Home equity loans(7)(8)
3,471 36 85  3,592 48 126 174  
Credit cards159,966 2,293 2,461  164,720    2,461 
Personal, small business and other(9)
35,970 104 57 4 36,135 6 59 65 5 
Total$307,127 $2,895 $2,897 $239 $313,158 $159 $569 $728 $2,586 
In offices outside North America(5)
       
Residential mortgages(6)
$26,309 $48 $69 $ $26,426 $ $243 $243 $ 
Credit cards13,797 209 227  14,233  211 211 88 
Personal, small business and other(9)
35,233 107 40  35,380  133 133  
Total$75,339 $364 $336 $ $76,039 $ $587 $587 $88 
Total Citigroup(11)(12)
$382,466 $3,259 $3,233 $239 $389,197 $159 $1,156 $1,315 $2,674 

(1)Loans less than 30 days past due are presented as current.
(2)Includes $302 million and $313 million at September 30, 2024 and December 31, 2023, respectively, of residential first mortgages recorded at fair value.
(3)Excludes loans guaranteed by U.S. government-sponsored agencies. Excludes delinquencies on $26.0 billion and $18.2 billion of classifiably managed Private Bank loans in North America and outside North America, respectively, at September 30, 2024. Excludes delinquencies on $29.2 billion and $17.0 billion of classifiably managed Private Bank loans in North America and outside North America, respectively, at December 31, 2023.
(4)Consists of loans that are guaranteed by U.S. government-sponsored agencies that are 30–89 days past due of $0.1 billion and $0.1 billion and 90 days or more past due of $0.1 billion and $0.1 billion at September 30, 2024 and December 31, 2023, respectively.
(5)North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.
(6)Includes approximately $0.1 billion and less than $0.1 billion of residential first mortgage loans in process of foreclosure in North America and outside North America, respectively, and $20.0 billion of residential mortgages outside North America related to Wealth at September 30, 2024. Includes approximately $0.1 billion and less than $0.1 billion of residential first mortgage loans in process of foreclosure in North America and outside North America, respectively, and $19.9 billion of residential mortgages outside North America related to Wealth at December 31, 2023.
(7)Includes less than $0.1 billion and less than $0.1 billion at September 30, 2024 and December 31, 2023, respectively, of home equity loans in process of foreclosure.
143


(8)Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions.
(9)As of September 30, 2024, Wealth in North America includes $28.3 billion of loans, of which $26.0 billion are classifiably managed with 82% rated investment grade, and Wealth outside North America includes $26.3 billion of loans, of which $18.2 billion are classifiably managed with 58% rated investment grade. As of December 31, 2023, Wealth in North America includes $31.6 billion of loans, of which $29.2 billion are classifiably managed with 92% rated investment grade, and Wealth outside North America includes $24.9 billion of loans, of which $17.0 billion are classifiably managed with 74% rated investment grade. Such loans are presented as “current” above.
(10)Represents fair value hedge basis adjustments related to portfolio layer method hedges of mortgage and real estate loans, which are not allocated to individual loans in the portfolio. See Note 22.
(11)Consumer loans were net of unearned income of $883 million and $802 million at September 30, 2024 and December 31, 2023, respectively. Unearned income on consumer loans primarily represents loan origination fees, net of certain direct origination costs, that are deferred and recognized as Interest income over the lives of the related loans.
(12)Not included in the balances above is approximately $1 billion and $1 billion of accrued interest receivable at September 30, 2024 and December 31, 2023, respectively, which is included in Other assets on the Consolidated Balance Sheet, except for credit card loans (which include accrued interest and fees).
During the three and nine months ended September 30, 2024, the Company reversed accrued interest (primarily related to credit cards) of approximately $0.4 billion and $1.2 billion, respectively. During the three and nine months ended September 30, 2023, the Company reversed accrued interest (primarily related to credit cards) of approximately $0.3 billion and $0.8 billion, respectively. These reversals of accrued interest are reflected as a reduction to Interest income in the Consolidated Statement of Income.


Interest Income Recognized for Non-Accrual Consumer Loans

In millions of dollarsThree Months Ended
September 30, 2024
Three Months Ended
September 30, 2023
Nine Months Ended September 30, 2024Nine Months Ended September 30, 2023
In North America offices(1)
Residential first mortgages$2 $2 $7 $8 
Home equity loans1 2 4 5 
Credit cards    
Personal, small business and other1 1 1 2 
Total$4 $5 $12 $15 
In offices outside North America(1)
Residential mortgages$2 $2 $7 $7 
Credit cards    
Personal, small business and other  1  
Total$2 $2 $8 $7 
Total Citigroup$6 $7 $20 $22 

(1)North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.

During the three and nine months ended September 30, 2024, the Company sold and/or reclassified to held-for-sale $2 million and $61 million of consumer loans, respectively. During the three and nine months ended September 30, 2023, the Company sold and/or reclassified to held-for-sale $1 million and $1,831 million of consumer loans, respectively. The decline was mainly due to the reclassification of a larger mortgage portfolio to HFS in the first quarter of 2023. Except for the acquisition of an approximate $700 million credit card portfolio during the quarter, the Company did not have significant purchases of consumer loans classified as held-for-investment for the three and nine months ended September 30, 2024 or 2023. Loans held by a business for sale are not included in the above since they have been reclassified to Other assets. See Note 2 for additional information regarding Citigroup’s businesses held-for-sale.

144


Consumer Credit Scores (FICO)
The following tables provide details on the Fair Isaac Corporation (FICO) scores for Citi’s U.S. consumer loan portfolio based on end-of-period receivables by year of origination. FICO scores are updated monthly for substantially all of the portfolio or, otherwise, on a quarterly basis for the remaining portfolio. Loans that did not have FICO scores as of the prior period have been updated with FICO scores as they become available. With respect to Citi’s consumer loan
portfolio outside of the U.S. as of September 30, 2024 and December 31, 2023 ($76.2 billion and $77.5 billion, respectively), various country-specific or regional credit risk metrics and acquisition and behavior scoring models are leveraged as one of the factors to evaluate the credit quality of customers (see “Consumer Loans and Ratios Outside of North America” below). As a result, details of relevant credit quality indicators for those loans are not comparable to the below FICO score distribution for the U.S. portfolio.

FICO score distributionU.S. portfolio(1)
September 30, 2024
In millions of dollarsLess than
660
660
to 739
Greater
than or equal to 740
Classifiably managed(2)
FICO not available(3)
Total
loans
Residential first mortgages
2024$92 $1,729 $8,187 
2023198 2,564 13,613 
2022382 3,211 16,299 
2021323 2,877 14,699 
2020228 2,131 12,356 
Prior1,602 4,987 21,098 
Total residential first mortgages$2,825 $17,499 $86,252 $ $7,550 $114,126 
Home equity line of credit (pre-reset)$278 $797 $1,634 
Home equity line of credit (post-reset)61 78 76 
Home equity term loans49 94 116 
2024   
2023   
2022   
2021  1 
2020 1 2 
Prior49 93 113 
Total home equity loans$388 $969 $1,826 $ $59 $3,242 
Credit cards$22,423 $58,214 $78,281 
Revolving loans converted to term loans(4)
1,350 621 124 
Total credit cards(5)
$23,773 $58,835 $78,405 $ $2,063 $163,076 
Personal, small business and other
2024$58 $279 $910 
2023136 327 700 
2022151 216 334 
202134 47 68 
20203 4 6 
Prior96 155 153 
Total personal, small business and other(6)(7)
$478 $1,028 $2,171 $26,022 $2,781 $32,480 
Total(8)
$27,464 $78,331 $168,654 $26,022 $12,453 $312,924 


145


FICO score distribution—U.S. portfolio(1)
December 31, 2023
In millions of dollarsLess than
660
660
to 739
Greater
than or equal to 740
Classifiably managed(2)
FICO not available(3)
Total
loans
Residential first mortgages
2023$163 $2,758 $14,309 
20223393,42316,834
20212703,10715,094
20202322,14312,827
20191381,3826,266
Prior1,3774,12216,164
Total residential first mortgages$2,519 $16,935 $81,494 $ $7,763 $108,711 
Home equity line of credit (pre-reset)$300 $905 $1,873 
Home equity line of credit (post-reset)61 76 69 
Home equity term loans56 111 136 
2023   
2022   
2021  1 
20202 1 2 
2019 1 2 
Prior54 109 131 
Total home equity loans$417 $1,092 $2,078 $ $5 $3,592 
Credit cards$21,899 $57,479 $81,168 
Revolving loans converted to term loans(4)
1,011 490 108 
Total credit cards(5)
$22,910 $57,969 $81,276 $ $1,955 $164,110 
Personal, small business and other
2023$88 $343 $996 
2022204 351 583 
202152 83 128 
20206 9 14 
20195 7 8 
Prior96 169 168 
Total personal, small business and other(6)(7)
$451 $962 $1,897 $29,209 $2,739 $35,258 
Total$26,297 $76,958 $166,745 $29,209 $12,462 $311,671 

(1)    The FICO bands in the tables are consistent with general industry peer presentations.
(2)    These personal, small business and other loans without a FICO score available include $26.0 billion and $29.2 billion of Private Bank loans as of September 30, 2024 and December 31, 2023, respectively, which are classifiably managed within Wealth and are primarily evaluated for credit risk based on their internal risk ratings. As of September 30, 2024 and December 31, 2023, approximately 82% and 92% of these loans, respectively, were rated investment grade.
(3)    FICO scores not available primarily relate to loans guaranteed by government-sponsored enterprises for which FICO scores are generally not utilized.
(4)    Not included in the tables above are $35 million and $51 million of revolving credit card loans outside of the U.S. that were converted to term loans as of September 30, 2024 and December 31, 2023, respectively.
(5)    Excludes $623 million and $610 million of balances related to Canada for September 30, 2024 and December 31, 2023, respectively.
(6)    Excludes $828 million and $877 million of balances related to Canada for September 30, 2024 and December 31, 2023, respectively.
(7)    Includes approximately $25 million and $37 million of personal revolving loans that were converted to term loans for September 30, 2024 and December 31, 2023, respectively.
(8)    Excludes $670 million of unallocated portfolio layer hedges cumulative basis adjustments at September 30, 2024.

146


Consumer Gross Credit Losses
The following tables provide details on gross credit losses recognized during the nine months ended September 30, 2024 and 2023, by year of loan origination:

In millions of dollarsNine Months Ended September 30, 2024
Residential first mortgages
2024$ 
20231 
2022 
2021 
2020 
Prior27 
Total residential first mortgages$28 
Home equity line of credit (pre-reset)$5 
Home equity line of credit (post-reset)1 
Home equity term loans1 
Total home equity loans$7 
Credit cards$6,787 
Revolving loans converted to term loans188 
Total credit cards$6,975 
Personal, small business and other
2024$101 
2023152 
2022131 
202151 
202020 
Prior129 
Total personal, small business and other$584 
Total Citigroup$7,594 


In millions of dollarsNine Months Ended September 30, 2023
Residential first mortgages
2023$ 
20222 
2021 
20201 
20195 
Prior31 
Total residential first mortgages$39 
Home equity line of credit (pre-reset)$2 
Home equity line of credit (post-reset) 
Home equity term loans2 
Total home equity loans$4 
Credit cards$4,598 
Revolving loans converted to term loans132 
Total credit cards$4,730 
Personal, small business and other
2023$110 
2022146 
202183 
202034 
201938 
Prior132 
Total personal, small business and other$543 
Total Citigroup$5,316 
147


Loan-to-Value (LTV) Ratios—U.S. Consumer Mortgages
LTV ratios (loan balance divided by appraised value) are calculated at origination and updated by applying market price data.
The following tables provide details on the LTV ratios for Citi’s U.S. consumer mortgage portfolios by year of origination. LTV ratios are updated monthly using the most recent Core Logic Home Price Index data available for substantially all of the portfolio, applied at the Metropolitan Statistical Area level, if available, or the state level if not. The remainder of the portfolio is updated in a similar manner using the Federal Housing Finance Agency indices.










LTV distributionU.S. portfolio
September 30, 2024
In millions of dollarsLess than
 or equal
to 80%
> 80% but less
than or equal to 100%
Greater
than
100%
LTV not available(1)
Total
Residential first mortgages
2024$7,881 $2,203 $ 
202314,646 2,130 2 
202218,864 1,987 54 
202118,448 467 33 
202015,587 264 1 
Prior29,438 373 25 
Total residential first mortgages$104,864 $7,424 $115 $1,723 $114,126 
Home equity loans (pre-reset)$2,619 $27 $49 
Home equity loans (post-reset)449 4 9 
Total home equity loans$3,068 $31 $58 $85 $3,242 
Total(2)
$107,932 $7,455 $173 $1,808 $117,368 

LTV distributionU.S. portfolio
December 31, 2023
In millions of dollarsLess than
 or equal
to 80%
> 80% but less
than or equal to 100%
Greater
than
100%
LTV not available(1)
Total
Residential first mortgages
2023$13,907 $3,769 $3 
202217,736 3,900 52 
202118,795 728 33 
202016,094 306 1 
20198,198 191 26 
Prior23,120 191 23 
Total residential first mortgages$97,850 $9,085 $138 $1,638 $108,711 
Home equity loans (pre-reset)$2,964 $29 $57 
Home equity loans (post-reset)476 5 12 
Total home equity loans$3,440 $34 $69 $49 $3,592 
Total$101,290 $9,119 $207 $1,687 $112,303 

(1)Residential first mortgages with no LTV information available include government-guaranteed loans that do not require LTV information for credit risk assessment and fair value loans.
(2)Excludes $670 million of unallocated portfolio layer cumulative basis adjustments at September 30, 2024.

148


Loan-to-Value (LTV) Ratios—Outside of U.S. Consumer Mortgages
The following tables provide details on the LTV ratios for Citi’s consumer mortgage portfolio outside of the U.S. by year of origination:

LTV distributionoutside of U.S. portfolio(1)
September 30, 2024
In millions of dollarsLess than
 or equal
to 80%
> 80% but less
than or equal to 100%
Greater
than
100%
LTV not availableTotal
Residential mortgages
2024$2,339 $383 $ 
20232,592 677 402 
20222,812 515 670 
20212,744 456 639 
20201,903 335 174 
Prior8,487 164 9 
Total$20,877 $2,530 $1,894 $401 $25,702 

LTV distributionoutside of U.S. portfolio(1)
December 31, 2023
In millions of dollarsLess than
 or equal
to 80%
> 80% but less
than or equal to 100%
Greater
than
100%
LTV not availableTotal
Residential mortgages
2023$2,756 $1,007 $112 
20223,229 807 439 
20213,257 754 382 
20202,286 454 62 
20192,525 84 2 
Prior8,000 84 3 
Total$22,053 $3,190 $1,000 $183 $26,426 

(1)Mortgage portfolios outside of the U.S. are primarily in Wealth. As of September 30, 2024 and December 31, 2023, mortgage portfolios outside of the U.S. had an average LTV of approximately 57% and 55%, respectively.

149


Consumer Loans and Ratios Outside of North America

Delinquency-managed loans and ratios
In millions of dollars at September 30, 2024
Total
loans outside of North America(1)
Classifiably managed loans(2)
Delinquency-managed loans30–89 
days past
 due ratio
≥ 90 days
past
 due ratio
3Q24 NCL ratio3Q23 NCL ratio
Residential mortgages(3)
$25,702 $ $25,702 0.16 %0.23 %0.03 %(0.01)%
Credit cards12,930  12,930 1.50 1.58 4.68 4.35 
Personal, small business and other(4)
35,474 18,156 17,318 0.59 0.22 0.95 0.99 
Total$74,106 $18,156 $55,950 0.60 %0.54 %1.29 %1.24 %
Delinquency-managed loans and ratios
In millions of dollars at December 31, 2023
Total
loans outside
of North America(1)
Classifiably managed loans(2)
Delinquency-managed loans30–89 
days past
 due ratio
≥ 90 days
past
 due ratio
Residential mortgages(3)
$26,426 $ $26,426 0.18 %0.26 %
Credit cards14,233  14,233 1.47 1.59 
Personal, small business and other(4)
35,380 17,007 18,373 0.58 0.22 
Total$76,039 $17,007 $59,032 0.62 %0.57 %

(1)    Mexico is included in offices outside of North America.
(2)    Classifiably managed loans are primarily evaluated for credit risk based on their internal risk classification. As of September 30, 2024 and December 31, 2023, approximately 58% and 74% of these loans, respectively, were rated investment grade.
(3)    Includes $20.0 billion and $19.9 billion as of September 30, 2024 and December 31, 2023, respectively, of residential mortgages related to Wealth.
(4)    Includes $26.3 billion and $24.9 billion as of September 30, 2024 and December 31, 2023, respectively, of loans related to Wealth.


Consumer Loan Modifications to Borrowers Experiencing Financial Difficulty
Citi seeks to modify consumer loans to borrowers experiencing financial difficulty to minimize losses, avoid foreclosure or repossession of collateral and ultimately maximize payments received from the borrowers. Citi uses various metrics to identify consumer borrowers experiencing financial difficulty, with the primary indicator being delinquency at the time of modification. Citi’s significant consumer modification programs are described below.

Credit Cards
Citi seeks to assist credit card borrowers who are experiencing financial difficulty by offering long-term loan modification programs. These modifications generally involve reducing the interest rate on the credit card, placing the customer on a fixed payment plan not to exceed 60 months and canceling the customer’s available line of credit. Citi also grants modifications to credit card borrowers working with third-party renegotiation agencies that seek to restructure customers’ entire unsecured debt. In both circumstances, if the cardholder does not comply with the modified payment terms, the credit card loan continues to age and will ultimately be charged off in accordance with Citi’s standard charge-off policy. In certain situations, Citi may forgive a portion of an outstanding balance if the borrower pays a required amount.
Residential Mortgages
Citi utilizes a third-party subservicer for the servicing of its residential mortgage loans. Through this third-party subservicer, Citi seeks to assist residential mortgage borrowers who are experiencing financial difficulty primarily by offering interest rate reductions, principal and/or interest forbearance, term extensions or combinations thereof. Borrowers enrolled in forbearance programs typically have payments suspended until the end of the forbearance period. In the U.S., before permanently modifying the contractual payment terms of a mortgage loan, Citi enters into a trial modification with the borrower. Trial modifications generally represent a three-month period during which the borrower makes monthly payments under the anticipated modified payment terms. These loans continue to age and accrue interest in accordance with their original contractual terms. Upon successful completion of the trial period, and the borrower’s formal acceptance of the modified terms, Citi and the borrower enter into a permanent modification. Citi expects the majority of loans entering trial modifications to ultimately be enrolled in a permanent modification. During the three and nine months ended September 30, 2024, $8 million and $22 million, respectively, of mortgage loans were enrolled in trial programs. During the three and nine months ended September 30, 2023, $12 million and $22 million, respectively, of mortgage loans were enrolled in trial programs. Mortgage loans of $2 million and $5 million had gone through Chapter 7 bankruptcy during the three and nine months ended September 30, 2024, and $4 million and $6 million during the three and nine months ended September 30, 2023, respectively.
150


Types of Consumer Loan Modifications and Their Financial Effect
The following tables provide details on permanent consumer loan modifications granted during the three and nine months ended September 30, 2024 and 2023 to borrowers experiencing financial difficulty by type of modification granted and the financial effect of those modifications:

 
For the Three Months Ended September 30, 2024
In millions of dollars, except weighted averagesModifications as % of loans
Total modifications balance at September 30, 2024(1)(2)(3)
Interest rate reductionTerm extensionPayment delayCombination: interest rate reduction and term extension Combination: term extension and payment delayCombination: interest rate reduction, term extension and payment delayWeighted-average interest rate reduction %Weighted-average term extension (months)Weighted-average delay in payments (months)
In North America offices(4)
     
Residential first mortgages(5)
0.03 %$29 $1 $13 $11 $4 $ $ 1 %14510
Home equity loans           
Credit cards0.29 471 471      25   
Personal, small business and other0.02 7    7   8 19 
Total0.16 %$507 $472 $13 $11 $11 $ $ 
In offices outside North America(4)
Residential mortgages0.05 %$13 $ $ $13 $ $ $  % 12
Credit cards0.05 6 6      24   
Personal, small business and other0.02 8 2 1  5   7 25 
Total0.04 %$27 $8 $1 $13 $5 $ $ 

 
For the Three Months Ended September 30, 2023
In millions of dollars, except weighted averagesModifications as % of loans
Total modifications balance at September 30, 2023(1)(2)(3)
Interest rate reductionTerm extensionPayment delayCombination: interest rate reduction and term extension Combination: term extension and payment delayCombination: interest rate reduction, term extension and payment delayWeighted-average interest rate reduction %Weighted-average term extension (months)Weighted-average delay in payments (months)
In North America offices(4)
     
Residential first mortgages(5)
0.05 %$48 $ $25 $19 $4 $ $ 1 %2206
Home equity loans0.03 1   1    2 1466
Credit cards0.22 339 339      22 — — 
Personal, small business and other0.01 4    4   6 15— 
Total0.13 %$392 $339 $25 $20 $8 $ $ 
In offices outside North America(4)
Residential mortgages0.99 %$260 $ $ $7 $ $253 $  %11
Credit cards0.10 13 13      18 — — 
Personal, small business and other0.02 7 1 2  4   8 21— 
Total0.37 %$280 $14 $2 $7 $4 $253 $ 

(1)    The above tables reflect activity for loans outstanding as of the end of the reporting period. During the three months ended September 30, 2024 and 2023, Citi granted forgiveness of less than $1 million and less than $1 million in residential first mortgage loans, $30 million and $17 million in credit card loans and $1 million and $1 million in personal, small business and other loans, respectively. As a result, there were no outstanding balances as of September 30, 2024 and 2023.
(2)    Commitments to lend to borrowers experiencing financial difficulty that were granted modifications included in the tables above were immaterial at September 30, 2024 and 2023.
(3)    For major consumer portfolios, the ACLL is based on macroeconomic-sensitive models that rely on historical performance and macroeconomic scenarios to forecast expected credit losses. Modifications of consumer loans impact expected credit losses by affecting the likelihood of default.
(4)    North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.
(5)    Excludes residential first mortgages discharged in Chapter 7 bankruptcy in the three months ended September 30, 2024 and 2023.

151


 
For the Nine Months Ended September 30, 2024
In millions of dollars, except weighted averagesModifications as % of loans
Total modifications balance at September 30, 2024(1)(2)(3)
Interest rate reductionTerm extensionPayment delayCombination: interest rate reduction and term extension Combination: term extension and payment delayCombination: interest rate reduction, term extension and payment delayWeighted-average interest rate reduction %Weighted-average term extension (months)Weighted-average delay in payments (months)
In North America offices(4)
     
Residential first mortgages(5)
0.07 %$77 $1 $47 $22 $7 $ $ 1 %1719
Home equity loans0.06 2   1 1   1 1519
Credit cards0.69 1,122 1,122      24   
Personal, small business and other0.05 18 1  1 16   8 187
Total0.39 %$1,219 $1,124 $47 $24 $24 $ $ 
In offices outside North America(4)
Residential mortgages0.16 %$41 $ $ $39 $2 $ $ 2 %18812
Credit cards0.11 14 14      24   
Personal, small business and other0.06 21 4 4  13   7 24 
Total0.10 %$76 $18 $4 $39 $15 $ $ 

 
For the Nine Months Ended September 30, 2023
In millions of dollars, except weighted averagesModifications as % of loans
Total modifications balance at September 30, 2023(1)(2)(3)
Interest rate reductionTerm extensionPayment delayCombination: interest rate reduction and term extension Combination: term extension and payment delayCombination: interest rate reduction, term extension and payment delayWeighted-average interest rate reduction %Weighted-average term extension (months)Weighted-average delay in payments (months)
In North America offices(4)
     
Residential first mortgages(5)
0.14 %$145 $1 $53 $82 $9 $ $ 1 %2028
Home equity loans0.55 21   8 13   2 1228
Credit cards0.49 756 756      22 — — 
Personal, small business and other0.02 9 1   8   6 15— 
Total0.31 %$931 $758 $53 $90 $30 $ $ 
In offices outside North America(4)
Residential mortgages1.15 %$303 $ $ $25 $1 $277 $ 2 %34
Credit cards0.24 33 32   1   18 28— 
Personal, small business and other0.06 20 3 6  11   8 19— 
Total0.47 %$356 $35 $6 $25 $13 $277 $ 
(1)    The above tables reflect activity for loans outstanding as of the end of the reporting period. During the nine months ended September 30, 2024 and 2023, Citi granted forgiveness of $2 million and less than $1 million in residential first mortgage loans, $58 million and $38 million in credit card loans and $2 million and $2 million in personal, small business and other loans, respectively. As a result, there were no outstanding balances as of September 30, 2024 and 2023.
(2)    Commitments to lend to borrowers experiencing financial difficulty that were granted modifications included in the tables above were immaterial at September 30, 2024 and 2023.
(3)    For major consumer portfolios, the ACLL is based on macroeconomic-sensitive models that rely on historical performance and macroeconomic scenarios to forecast expected credit losses. Modifications of consumer loans impact expected credit losses by affecting the likelihood of default.
(4)    North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.
(5)    Excludes residential first mortgages discharged in Chapter 7 bankruptcy in the nine months ended September 30, 2024 and 2023.


152


Performance of Modified Consumer Loans
The following tables present the delinquencies and gross credit losses of permanently modified consumer loans to borrowers experiencing financial difficulty. It includes loans that were modified during the 12 months ended September 30, 2024 and the year ended December 31, 2023:

As of September 30, 2024
In millions of dollarsTotal Current
3089 days
past due
90+ days
past due
Gross
credit losses
In North America offices(1)
Residential first mortgages$99 $49 $18 $32 $ 
Home equity loans2 1  1  
Credit cards1,371 1,032 204 135 280 
Personal, small business and other23 20 2 1 2 
Total(2)(3)
$1,495 $1,102 $224 $169 $282 
In offices outside North America(1)
Residential mortgages$90 $87 $2 $1 $1 
Credit cards17 15 1 1  
Personal, small business and other25 20 4 1 1 
Total(2)(3)
$132 $122 $7 $3 $2 

As of December 31, 2023
In millions of dollarsTotal Current
3089 days
past due
90+ days
past due
Gross
credit losses
In North America offices(1)
Residential first mortgages$164 $70 $22 $72 $ 
Home equity loans21 14 1 6  
Credit cards1,039 740 179 120 204 
Personal, small business and other14 12 1 1 1 
Total(2)(3)
$1,238 $836 $203 $199 $205 
In offices outside North America(1)
Residential mortgages$334 $331 $2 $1 $ 
Credit cards43 37 3 3 4 
Personal, small business and other27 24 3  1 
Total(2)(3)
$404 $392 $8 $4 $5 

(1)    North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.
(2)    Typically, upon modification a loan re-ages to current. However, FFIEC guidelines for re-aging certain loans require that at least three consecutive minimum monthly payments, or the equivalent amount, be received. In these cases, the loan will remain delinquent until the payment criteria for re-aging have been satisfied.
(3)    Loans modified under Citi’s COVID-19 consumer relief programs continue to be reported in the same delinquency bucket they were in at the time of modification.


153


Defaults of Modified Consumer Loans
The following tables present default activity for permanently modified consumer loans to borrowers experiencing financial difficulty by type of modification granted, including loans that were modified and subsequently defaulted during the three and nine months ended September 30, 2024 and 2023. Default is defined as 60 days past due:

 
For the Three Months Ended September 30, 2024
In millions of dollars
Total(1)(2)
Interest rate reductionTerm
extension
Payment
delay
 Combination: interest rate reduction and term extension Combination: term extension and payment delayCombination: interest rate reduction, term extension and payment delay
In North America offices(3)
   
Residential first mortgages$7 $ $6 $ $1 $ $ 
Home equity loans       
Credit cards(4)
105 105      
Personal, small business and other1    1   
Total$113 $105 $6 $ $2 $ $ 
In offices outside North America(3)
Residential mortgages$ $ $ $ $ $ $ 
Credit cards(4)
1 1      
Personal, small business and other1    1   
Total$2 $1 $ $ $1 $ $ 

 
For the Three Months Ended September 30, 2023
In millions of dollars
Total(1)(2)
Interest rate reductionTerm
extension
Payment
delay
 Combination: interest rate reduction and term extension Combination: term extension and payment delayCombination: interest rate reduction, term extension and payment delay
In North America offices(3)
   
Residential first mortgages$6 $ $5 $1 $ $ $ 
Home equity loans       
Credit cards(4)
61 61      
Personal, small business and other       
Total$67 $61 $5 $1 $ $ $ 
In offices outside North America(3)
Residential mortgages$ $ $ $ $ $ $ 
Credit cards(4)
2 2      
Personal, small business and other       
Total$2 $2 $ $ $ $ $ 














154


 
For the Nine Months Ended September 30, 2024
In millions of dollars
Total(1)(2)
Interest rate reductionTerm
extension
Payment
delay
 Combination: interest rate reduction and term extension Combination: term extension and payment delayCombination: interest rate reduction, term extension and payment delay
In North America offices(3)
   
Residential first mortgages$25 $ $22 $ $3 $ $ 
Home equity loans       
Credit cards(4)
178 178      
Personal, small business and other1    1   
Total$204 $178 $22 $ $4 $ $ 
In offices outside North America(3)
Residential mortgages$3 $ $ $3 $ $ $ 
Credit cards(4)
1 1      
Personal, small business and other3    3   
Total$7 $1 $ $3 $3 $ $ 

 
For the Nine Months Ended September 30, 2023
In millions of dollars
Total(1)(2)
Interest rate reductionTerm
extension
Payment
delay
 Combination: interest rate reduction and term extension Combination: term extension and payment delayCombination: interest rate reduction, term extension and payment delay
In North America offices(3)
   
Residential first mortgages$7 $1 $5 $1 $ $ $ 
Home equity loans       
Credit cards(4)
93 93      
Personal, small business and other       
Total$100 $94 $5 $1 $ $ $ 
In offices outside North America(3)
Residential mortgages$2 $ $ $2 $ $ $ 
Credit cards(4)
3 3      
Personal, small business and other2    2   
Total$7 $3 $ $2 $2 $ $ 

(1)    The above tables reflect activity for loans outstanding as of the end of the reporting period.
(2)    Modified residential first mortgages that default are typically liquidated through foreclosure or a similar type of liquidation.
(3)    North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.
(4)    Modified credit card loans that default continue to be charged off in accordance with Citi’s consumer charge-off policy.

155


15. ALLOWANCE FOR CREDIT LOSSES

Three Months Ended September 30,Nine Months Ended September 30,
In millions of dollars2024202320242023
Allowance for credit losses on loans (ACLL) at beginning of period$18,216 $17,496 $18,145 $16,974 
Adjustments to opening balance(1)
Financial instruments—TDRs and vintage disclosures(1)
 —  (352)
Adjusted ACLL at beginning of period$18,216 $17,496 $18,145 $16,622 
Gross credit losses on loans$(2,609)$(2,000)$(8,014)$(5,513)
Gross recoveries on loans437 363 1,256 1,070 
Net credit losses on loans (NCLs) $(2,172)$(1,637)$(6,758)$(4,443)
Replenishment of NCLs$2,172 $1,637 $6,758 $4,443 
Net reserve builds (releases) for loans254 100 636 787 
Net specific reserve builds (releases) for loans(44)79 (231)84 
Total provision for credit losses on loans (PCLL)$2,382 $1,816 $7,163 $5,314 
Initial allowance for credit losses on newly purchased credit-deteriorated assets during the period(2)
23  23  
Other, net (see table below)(93)(46)(217)136 
ACLL at end of period$18,356 $17,629 $18,356 $17,629 
Allowance for credit losses on unfunded lending commitments (ACLUC) at beginning of period(3)
$1,619 $1,862 $1,728 $2,151 
Provision (release) for credit losses on unfunded lending commitments105 (54)(1)(344)
Other, net
1 (2)(2)(1)
ACLUC at end of period(3)
$1,725 $1,806 $1,725 $1,806 
Total allowance for credit losses on loans, leases and unfunded lending commitments$20,081 $19,435 $20,081 $19,435 

Other, net detailsThree Months Ended September 30,Nine Months Ended September 30,
In millions of dollars2024202320242023
FX translation and other$(93)$(46)$(217)$136 
Other, net$(93)$(46)$(217)$136 

(1)See “Accounting Changes” in Note 1 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.
(2)Upon acquisition, the par value of the purchased credit-deteriorated assets was approximately $37 million and $6 million during the three months ended September 30, 2024 and 2023 and $46 million and $19 million during the nine months ended September 30, 2024 and 2023, respectively.
(3)Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet.

156


Allowance for Credit Losses on Loans and End-of-Period Loans

Three Months Ended
September 30, 2024September 30, 2023
In millions of dollarsCorporateConsumerTotalCorporateConsumerTotal
ACLL at beginning of period$2,484 $15,732 $18,216 $2,630 $14,866 $17,496 
Charge-offs(113)(2,496)(2,609)(72)(1,928)(2,000)
Recoveries39 398 437 14 349 363 
Replenishment of NCLs74 2,098 2,172 58 1,579 1,637 
Net reserve builds (releases)143 111 254 25 75 100 
Net specific reserve builds (releases)(40)(4)(44)77 2 79 
Initial allowance for credit losses on newly purchased credit-deteriorated assets during the period(2)
 23 23    
Other4 (97)(93)(15)(31)(46)
Ending balance$2,591 $15,765 $18,356 $2,717 $14,912 $17,629 
Nine Months Ended
September 30, 2024September 30, 2023
In millions of dollarsCorporateConsumerTotalCorporateConsumerTotal
ACLL at beginning of period$2,714 $15,431 $18,145 $2,855 $14,119 $16,974 
Adjustments to opening balance:
Financial instruments—TDRs and vintage disclosures(1)
   — (352)(352)
Adjusted ACLL at beginning of period$2,714 $15,431 $18,145 $2,855 $13,767 $16,622 
Charge-offs$(420)$(7,594)$(8,014)$(197)$(5,316)$(5,513)
Recoveries74 1,182 1,256 42 1,028 1,070 
Replenishment of NCLs346 6,412 6,758 155 4,288 4,443 
Net reserve builds (releases)115 521 636 (184)971 787 
Net specific reserve builds (releases)(229)(2)(231)49 35 84 
Initial allowance for credit losses on newly purchased credit-deteriorated assets during the period(2)
 23 23    
Other(9)(208)(217)(3)139 136 
Ending balance$2,591 $15,765 $18,356 $2,717 $14,912 $17,629 

September 30, 2024December 31, 2023
In millions of dollarsCorporateConsumerTotalCorporateConsumerTotal
ACLL   
Collectively evaluated(1)
$2,451 $15,704 $18,155 $2,352 $15,391 $17,743 
Individually evaluated 140 39 179 362 40 402 
Purchased credit deteriorated 22 22    
Total ACLL$2,591 $15,765 $18,356 $2,714 $15,431 $18,145 
Loans, net of unearned income
Collectively evaluated(1)
$291,023 $388,645 $679,668 $291,002 $388,711 $679,713 
Individually evaluated 944 60 1,004 1,882 58 1,940 
Purchased credit deteriorated 144 144  115 115 
Held at fair value7,804 302 8,106 7,281 313 7,594 
Total loans, net of unearned income$299,771 $389,151 $688,922 $300,165 $389,197 $689,362 

(1)    See “Accounting Changes” in Note 1 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.
(2)    Upon acquisition, the par value of the purchased credit-deteriorated assets was approximately $37 million and $6 million during the three months ended September 30, 2024 and 2023 and $46 million and $19 million during the nine months ended September 30, 2024 and 2023, respectively.
157


3Q24 Changes in the ACL
The total allowance for credit losses on loans, leases and unfunded lending commitments as of September 30, 2024 was $20,081 million, a slight increase from $19,873 million at December 31, 2023, primarily reflecting the impact of macroeconomic pressures related to the elevated inflationary and interest rate environment, partially offset by an improved macroeconomic outlook.

Consumer ACLL
Citi’s total consumer allowance for credit losses on loans (ACLL) as of September 30, 2024 was $15,765 million, an increase from $15,431 million at December 31, 2023. The increase was primarily driven by the impact of macroeconomic pressures related to the elevated inflationary and interest rate environment.

Corporate ACLL
Citi’s total corporate ACLL as of September 30, 2024 was $2,591 million, a decrease from $2,714 million at December 31, 2023. The decrease was primarily driven by an improved macroeconomic outlook.

ACLUC
As of September 30, 2024, Citi’s total allowance for unfunded lending commitments (ACLUC), included in Other liabilities, was $1,725 million, a slight decrease from $1,728 million at December 31, 2023. The decrease was primarily driven by an improved macroeconomic outlook, mostly offset by changes in portfolio composition.


158


Allowance for Credit Losses on HTM Debt Securities
The allowance for credit losses on HTM debt securities, which the Company has the intent and ability to hold, was $141 million and $95 million as of September 30, 2024 and December 31, 2023, respectively.



Allowance for Credit Losses on Other Assets

Three Months Ended September 30, 2024
In millions of dollarsDeposits with banksSecurities borrowed and purchased under agreements
to resell
All other assets(1)
Total
Allowance for credit losses on other assets
at beginning of quarter
$21 $33 $1,857 $1,911 
Gross credit losses  (14)(14)
Gross recoveries  8 8 
Net credit losses (NCLs)$ $ $(6)$(6)
Replenishment of NCLs$ $ $6 $6 
Net reserve builds (releases)2 (27)129 104 
Total provision for credit losses$2 $(27)$135 $110 
Other, net$ $(2)$(144)$(146)
Allowance for credit losses on other assets
at end of quarter
$23 $4 $1,842 $1,869 
Nine Months Ended September 30, 2024
In millions of dollarsDeposits with banksSecurities borrowed and purchased under agreements
to resell
All other assets(1)
Total
Allowance for credit losses on other assets
at beginning of year
$31 $27 $1,730 $1,788 
Gross credit losses  (42)(42)
Gross recoveries  21 21 
Net credit losses (NCLs)$ $ $(21)$(21)
Replenishment of NCLs$ $ $21 $21 
Net reserve builds (releases)(9)(22)236 205 
Total provision for credit losses$(9)$(22)$257 $226 
Other, net
$1 $(1)$(124)$(124)
Allowance for credit losses on other assets
at end of quarter
$23 $4 $1,842 $1,869 

(1)Primarily ACL related to transfer risk associated with exposures outside the U.S. driven by safety and soundness considerations under U.S. banking law.

159


Three Months Ended September 30, 2023
In millions of dollarsDeposits with banksSecurities borrowed and purchased under agreements
to resell
All other assets(1)
Total
Allowance for credit losses on other assets
at beginning of quarter
$21 $26 $612 $659 
Gross credit losses  (19)(19)
Gross recoveries  6 6 
Net credit losses (NCLs)$ $ $(13)$(13)
Replenishment of NCLs$ $ $13 $13 
Net reserve builds (releases)6 30 7 43 
Total provision for credit losses$6 $30 $20 $56 
Other, net$ $(3)$(1)$(4)
Allowance for credit losses on other assets
at end of quarter
$27 $53 $618 $698 
Nine Months Ended September 30, 2023
In millions of dollarsDeposits with banksSecurities borrowed and purchased under agreements
to resell
All other assets(1)
Total
Allowance for credit losses on other assets
at beginning of year
$51 $36 $36 $123 
Gross credit losses  (54)(54)
Gross recoveries  11 11 
Net credit losses (NCLs)$ $ $(43)$(43)
Replenishment of NCLs$ $ $43 $43 
Net reserve builds (releases)(23)27 583 587 
Total provision for credit losses$(23)$27 $626 $630 
Other, net$(1)$(10)$(1)$(12)
Allowance for credit losses on other assets
at end of quarter
$27 $53 $618 $698 

(1)    Primarily ACL related to transfer risk associated with exposures outside the U.S. driven by safety and soundness considerations under U.S. banking law.

For ACL on AFS debt securities, see Note 13.
160


16.  GOODWILL AND INTANGIBLE ASSETS

Goodwill
The changes in Goodwill were as follows:

In millions of dollarsServices
Markets(1)
Banking(1)
USPBWealthAll OtherTotal
Balance at December 31, 2023$2,214 $5,870 $1,039 $5,398 $4,469 $1,108 $20,098 
Foreign currency translation(27)(82)2 23  28 (56)
Balance at March 31, 2024$2,187 $5,788 $1,041 $5,421 $4,469 $1,136 $20,042 
Foreign currency translation(57)(62)(18)(92)(1)(108)(338)
Balance at June 30, 2024$2,130 $5,726 $1,023 $5,329 $4,468 $1,028 $19,704 
Foreign currency translation13 136 (10)(63) (73)3 
Divestitures(2)
    (16) (16)
Balance at September 30, 2024$2,143 $5,862 $1,013 $5,266 $4,452 $955 $19,691 

(1)    In 2023, goodwill of approximately $537 million was transferred from Banking to Markets related to business realignment. Prior-period amounts have been
revised to conform with the current presentation. See Note 3 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.
(2)    Goodwill allocated to the global fiduciary and trust administration services business was classified as HFS during the third quarter of 2024.


Citi tests for goodwill impairment annually as of October 1 (the annual test) and conducts interim assessments between the annual test if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount. No such events or circumstances were identified as part of the qualitative assessment performed as of September 30, 2024. For additional information regarding Citi’s goodwill impairment testing process, see Notes 1 and 17 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.
While the inherent risk of uncertainty is embedded in the key assumptions used in the reporting unit valuations, the economic and business environments continue to evolve as management executes on its transformation and strategy. If management’s future estimates of key economic and market assumptions were to differ from its current assumptions, Citi could potentially experience material goodwill impairment charges in the future.

Intangible Assets
The components of intangible assets were as follows:

 September 30, 2024December 31, 2023
In millions of dollarsGross
carrying
amount
Accumulated
amortization
Net
carrying
amount
Gross
carrying
amount
Accumulated
amortization
Net
carrying
amount
Purchased credit card relationships(1)
$5,315 $4,472 $843 $5,302 $4,365 $937 
Credit card contract-related intangibles(2)
4,189 1,861 2,328 4,177 1,698 2,479 
Other customer relationships363 306 57 363 290 73 
Present value of future profits32 31 1 37 36 1 
Indefinite-lived intangible assets209  209 240 — 240 
Intangible assets (excluding MSRs)$10,108 $6,670 $3,438 $10,119 $6,389 $3,730 
Mortgage servicing rights (MSRs)(3)
683  683 691 — 691 
Total intangible assets$10,791 $6,670 $4,121 $10,810 $6,389 $4,421 


161


The changes in intangible assets were as follows:

In millions of dollars
Net carrying amount at December 31, 2023
Acquisitions/renewals/
divestitures(1)
AmortizationImpairmentsFX translation and other
Net carrying amount at September 30, 2024
Purchased credit card relationships(2)
$937 $13 $(107)$ $ $843 
Credit card contract-related intangibles(3)
2,479 12 (164) 1 2,328 
Other customer relationships73  (16)  57 
Present value of future profits1     1 
Indefinite-lived intangible assets240    (31)209 
Intangible assets (excluding MSRs)$3,730 $25 $(287)$ $(30)$3,438 
Mortgage servicing rights (MSRs)(4)
691 683 
Total intangible assets$4,421 $4,121 

(1)The acquired intangibles during the period relate to a new card partnership with a 10-year term.
(2)Reflects intangibles for the value of purchased cardholder relationships, which are discrete from contract-related intangibles.
(3)Reflects contract-related intangibles associated with Citi’s credit card program agreements with partners.
(4)See Note 21.




17. DEPOSITS

Deposits consisted of the following:

September 30,December 31,
In millions of dollars
2024(1)
2023
Non-interest-bearing deposits in U.S. offices$118,034 $112,089 
Interest-bearing deposits in U.S. offices (including $1,361 and $1,309 as of September 30, 2024 and December 31, 2023, respectively, at fair value)
558,461 576,784 
Total deposits in U.S. offices(1)
$676,495 $688,873 
Non-interest-bearing deposits in offices outside the U.S.$84,913 $88,988 
Interest-bearing deposits in offices outside the U.S. (including $2,751 and $1,131 as of September 30, 2024 and December 31, 2023, respectively, at fair value)
548,591 530,820 
Total deposits in offices outside the U.S.(1)
$633,504 $619,808 
Total deposits$1,309,999 $1,308,681 

(1)    For information on time deposits that met or exceeded the insured limit at December 31, 2023, see Note 18 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.

For additional information on Citi’s deposits, see Citi’s 2023 Form 10-K.

162


18.  DEBT

For additional information regarding Citi’s short-term borrowings and long-term debt, see Note 19 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.

Short-Term Borrowings

In millions of dollarsSeptember 30,
2024
December 31,
2023
Commercial paper
Bank(1)
$11,267 $11,116 
Broker-dealer and other(2)
11,688 9,106 
Total commercial paper$22,955 $20,222 
Other borrowings(3)
18,385 17,235 
Total$41,340 $37,457 

(1)Represents Citibank entities as well as other bank entities.
(2)Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company.
(3)Includes borrowings from Federal Home Loan Banks and other market participants. At September 30, 2024 and December 31, 2023, collateralized short-term advances from Federal Home Loan Banks were $4.0 billion and $8.0 billion, respectively.

Long-Term Debt

In millions of dollarsSeptember 30,
2024
December 31, 2023
Citigroup Inc.(1)
$170,649 $162,309 
Bank(2)
36,548 31,673 
Broker-dealer and other(3)
91,884 92,637 
Total$299,081 $286,619 

(1)Represents the parent holding company.
(2)Represents Citibank entities as well as other bank entities. At September 30, 2024 and December 31, 2023, collateralized long-term advances from the Federal Home Loan Banks were $11.5 billion and $11.5 billion, respectively.
(3)Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company. Certain Citigroup consolidated hedging activities are also included in this line.

Long-term debt outstanding includes trust preferred securities with a balance sheet carrying value of $1.6 billion at September 30, 2024 and December 31, 2023.






The following table summarizes Citi’s outstanding trust preferred securities at September 30, 2024:

      Junior subordinated debentures owned by trust
TrustIssuance
date
Securities
issued
Liquidation
value(1)
Coupon
rate(2)
Common
shares
issued
to parent
Notional amountMaturityRedeemable
by issuer
beginning
In millions of dollars, except securities and share amounts
Citigroup Capital IIIDec. 1996194,053 $194 7.625 %6,003 $200 Dec. 1, 2036Not redeemable
Citigroup Capital XIIIOct. 201089,840,000 2,246 
3 mo. SOFR +663.161 bps(3)
1,000 2,246 Oct. 30, 2040Oct. 30, 2015
Total obligated  $2,440  $2,446   

Note: Distributions on the trust preferred securities and interest on the subordinated debentures are payable semiannually for Citigroup Capital III and quarterly for Citigroup Capital XIII.
(1)Represents the notional value received by outside investors from the trusts at the time of issuance. This differs from Citi’s balance sheet carrying value due primarily to unamortized discount and issuance costs.
(2)In each case, the coupon rate on the subordinated debentures is the same as that on the trust preferred securities.
(3)The spread incorporates the original contractual spread and a 26.161 bps tenor spread adjustment.
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19.  CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI)

Changes in each component of Citigroup’s Accumulated other comprehensive income (loss) were as follows:

In millions of dollarsNet
unrealized
gains (losses)
on debt securities
Debt valuation adjustment (DVA)(1)
Cash flow hedges(2)
Benefit plans(3)
CTA, net of hedges(4)
Excluded component of fair value hedges
Long-duration insurance contracts(5)
Accumulated
other
comprehensive income (loss)
Three Months Ended
September 30, 2024
Balance, June 30, 2024$(3,682)$(1,016)$(629)$(5,794)$(35,573)$(39)$56 $(46,677)
Other comprehensive income before reclassifications1,381 (155)(305)1 416 (8)(17)1,313 
Increase (decrease) due to amounts reclassified from AOCI
(46)5 161 48  (1) 167 
Change, net of taxes
$1,335 $(150)$(144)$49 $416 $(9)$(17)$1,480 
Balance at September 30, 2024$(2,347)$(1,166)$(773)$(5,745)$(35,157)$(48)$39 $(45,197)
Nine Months Ended
September 30, 2024
Balance, December 31, 2023$(3,744)$(709)$(1,406)$(6,050)$(32,885)$(40)$34 $(44,800)
Other comprehensive income before reclassifications1,533 (474)14 164 (2,272)4 6 (1,025)
Increase (decrease) due to amounts reclassified from AOCI
(136)17 619 141  (12)(1)628 
Change, net of taxes$1,397 $(457)$633 $305 $(2,272)$(8)$5 $(397)
Balance at September 30, 2024$(2,347)$(1,166)$(773)$(5,745)$(35,157)$(48)$39 $(45,197)

In millions of dollarsNet
unrealized
gains (losses)
on debt securities
Debt valuation adjustment (DVA)(1)
Cash flow hedges(2)
Benefit plans(3)
CTA, net
of hedges(4)
Excluded component of fair value hedges
Long-duration insurance contracts(5)
Accumulated
other
comprehensive income (loss)
Three Months Ended
September 30, 2023
Balance, June 30, 2023$(5,036)$(102)$(1,990)$(5,995)$(32,773)$5 $26 $(45,865)
Other comprehensive income before reclassifications(176)290 366 274 (1,496)(3)23 (722)
Increase (decrease) due to amounts reclassified from AOCI
7 9 365 38 — (9)— 410 
Change, net of taxes
$(169)$299 $731 $312 $(1,496)$(12)$23 $(312)
Balance at September 30, 2023$(5,205)$197 $(1,259)$(5,683)$(34,269)$(7)$49 $(46,177)
Nine Months Ended
September 30, 2023
Balance, December 31, 2022$(5,998)$842 $(2,522)$(5,755)$(33,637)$8 $ $(47,062)
Adjustment to opening balance, net of taxes(6)
— — — — — — 27 27 
Adjusted balance, beginning of period$(5,998)$842 $(2,522)$(5,755)$(33,637)$8 $27 $(47,035)
Other comprehensive income before reclassifications812 (650)166 (28)(632)8 22 (302)
Increase (decrease) due to amounts reclassified from AOCI
(19)5 1,097 100 — (23)— 1,160 
Change, net of taxes$793 $(645)$1,263 $72 $(632)$(15)$22 $858 
Balance at September 30, 2023$(5,205)$197 $(1,259)$(5,683)$(34,269)$(7)$49 $(46,177)

(1)Reflects the after-tax valuation of Citi’s fair value option liabilities. See “Market Valuation Adjustments” in Note 23.
(2)Primarily driven by Citi’s pay floating/receive fixed interest rate swap programs that hedge certain floating rates on assets.
(3)Primarily reflects adjustments based on the quarterly actuarial valuations of the Company’s significant pension and postretirement plans, annual actuarial valuations of all other plans and amortization of amounts previously recognized in other comprehensive income.
164


(4)Primarily reflects the movement in (by order of impact) the Mexican peso, euro, Japanese yen, Singapore dollar, Malaysian ringgit, Polish zloty and Chilean peso against the U.S. dollar and changes in related tax effects and hedges for the three months ended September 30, 2024. Primarily reflects the movement in (by order of impact) the Mexican peso, Egyptian pound, Brazilian real, Malaysian ringgit and Taiwan dollar against the U.S. dollar and changes in related tax effects and hedges for the nine months ended September 30, 2024. Primarily reflects the movement in (by order of impact) the Mexican peso, Chilean peso, euro, Polish zloty and Brazilian real against the U.S. dollar and changes in related tax effects and hedges for the three months ended September 30, 2023. Primarily reflects the movement in (by order of impact) the Mexican peso, Russian ruble, Japanese yen, South Korean won and Chilean peso against the U.S. dollar and changes in related tax effects and hedges for the nine months ended September 30, 2023. Amounts recorded in the CTA component of AOCI remain in AOCI until the sale or substantial liquidation of the foreign entity, at which point such amounts related to the foreign entity are reclassified into earnings.
(5)Reflects the change in the liability for future policyholder benefits for certain long-duration life-contingent annuity contracts that are issued by a regulated Citi insurance subsidiary in Mexico and reported within Legacy Franchises. The amount reflects the change in the liability after discounting using an upper-medium-grade fixed income instrument yield that reflects the duration characteristics of the liability. The balance of the liability for future policyholder benefits, which is recorded within Other Liabilities, for this insurance subsidiary was approximately $463 million and $519 million at September 30, 2024 and September 30, 2023, respectively.
(6)See “Accounting Changes” in Note 1 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.
165


The pretax and after-tax changes in each component of Accumulated other comprehensive income (loss) were as follows:

In millions of dollarsPretax
Tax effect(1)
After-tax
Three Months Ended September 30, 2024
Balance, June 30, 2024$(54,102)$7,425 $(46,677)
Change in net unrealized gains (losses) on debt securities1,781 (446)1,335 
Debt valuation adjustment (DVA)(201)51 (150)
Cash flow hedges(171)27 (144)
Benefit plans88 (39)49 
Foreign currency translation adjustment (CTA)638 (222)416 
Excluded component of fair value hedges(10)1 (9)
Long-duration insurance contracts(26)9 (17)
Change$2,099 $(619)$1,480 
Balance at September 30, 2024$(52,003)$6,806 $(45,197)
Nine Months Ended September 30, 2024
Balance, December 31, 2023$(52,422)$7,622 $(44,800)
Change in net unrealized gains (losses) on debt securities1,853 (456)1,397 
DVA(608)151 (457)
Cash flow hedges843 (210)633 
Benefit plans405 (100)305 
CTA(2,071)(201)(2,272)
Excluded component of fair value hedges(12)4 (8)
Long-duration insurance contracts9 (4)5 
Change$419 $(816)$(397)
Balance at September 30, 2024$(52,003)$6,806 $(45,197)

166


In millions of dollarsPretax
Tax effect(1)
After-tax
Three Months Ended September 30, 2023
Balance, June 30, 2023$(53,964)$8,099 $(45,865)
Change in net unrealized gains (losses) on debt securities(227)58 (169)
DVA395 (96)299 
Cash flow hedges958 (227)731 
Benefit plans380 (68)312 
CTA(1,532)36 (1,496)
Excluded component of fair value hedges(10)(2)(12)
Long-duration insurance contracts33 (10)23 
Change$(3)$(309)$(312)
Balance, September 30, 2023$(53,967)$7,790 $(46,177)
Nine Months Ended September 30, 2023
Balance, December 31, 2022$(55,253)$8,191 $(47,062)
Adjustment to opening balance(2)
39 (12)27 
Adjusted balance, beginning of period$(55,214)$8,179 $(47,035)
Change in net unrealized gains (losses) on debt securities1,095 (302)793 
DVA(875)230 (645)
Cash flow hedges1,670 (407)1,263 
Benefit plans68 4 72 
CTA(728)96 (632)
Excluded component of fair value hedges(14)(1)(15)
Long-duration insurance contracts31 (9)22 
Change$1,247 $(389)$858 
Balance, September 30, 2023$(53,967)$7,790 $(46,177)

(1)    Income tax effects of these items are released from AOCI contemporaneously with the related gross pretax amount.
(2)    See Note 1 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.
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The Company recognized pretax (gains) losses related to amounts in AOCI reclassified to the Consolidated Statement of Income as follows:

Increase (decrease) in AOCI due to amounts reclassified to
Consolidated Statement of Income
Three Months Ended September 30,Nine Months Ended September 30,
In millions of dollars2024202320242023
Realized (gains) losses on sales of investments$(72)$(30)$(210)$(151)
Gross impairment losses13 43 36 137 
Subtotal, pretax$(59)$13 $(174)$(14)
Tax effect13 (6)38 (5)
Net realized (gains) losses on investments, after-tax(1)
$(46)$7 $(136)$(19)
Realized DVA (gains) losses on fair value option liabilities, pretax$7 $12 $23 $8 
Tax effect(2)(3)(6)(3)
Net realized DVA, after-tax$5 $9 $17 $5 
Interest rate contracts$212 $480 $814 $1,444 
Foreign exchange contracts1 1 3 3 
Subtotal, pretax$213 $481 $817 $1,447 
Tax effect(52)(116)(198)(350)
Amortization of cash flow hedges, after-tax(2)
$161 $365 $619 $1,097 
Amortization of unrecognized:
Prior service cost (benefit)$(4)$(6)$(14)$(17)
Net actuarial loss62 52 196 152 
Curtailment/settlement impact(3)
4 5 6 1 
Subtotal, pretax$62 $51 $188 $136 
Tax effect(14)(13)(47)(36)
Amortization of benefit plans, after-tax(3)
$48 $38 $141 $100 
Excluded component of fair value hedges, pretax$(2)$(12)$(16)$(31)
Tax effect1 3 4 8 
Excluded component of fair value hedges, after-tax$(1)$(9)$(12)$(23)
Long-duration contracts, pretax$ $ $(1)$ 
Tax effect    
Long-duration contracts, after-tax$ $ $(1)$ 
CTA, pretax$ $ $ $ 
Tax effect    
CTA, after-tax$ $ $ $ 
Total amounts reclassified out of AOCI, pretax
$221 $545 $837 $1,546 
Total tax effect(54)(135)(209)(386)
Total amounts reclassified out of AOCI, after-tax
$167 $410 $628 $1,160 

(1)The pretax amount is reclassified to Realized gains (losses) on sales of investments, net and Gross impairment losses in the Consolidated Statement of Income. See Note 13.
(2)See Note 22.
(3)See Note 8.

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20.  PREFERRED STOCK

The following table summarizes the Company’s preferred stock outstanding:

 
Dividend rate as of September 30, 2024
 Redemption
price per depositary share/preference share
 
Carrying value
 (in millions of dollars)
 Issuance dateRedeemable by issuer beginningNumber
of depositary
shares
September 30,
2024
December 31,
2023
Series D(1)
April 30, 2013May 15, 2023N/A$1,000 1,250,000 $ $1,250 
Series J(2)
September 19, 2013September 30, 2023N/A25 22,000,000  550 
Series M(3)
April 30, 2014May 15, 2024N/A1,000 1,750,000  1,750 
Series P(4)
April 24, 2015May 15, 20255.950 %1,000 2,000,000 2,000 2,000 
Series T(5)
April 25, 2016August 15, 20266.250 1,000 1,500,000 1,500 1,500 
Series U(6)
September 12, 2019September 12, 2024N/A1,000 1,500,000  1,500 
Series V(7)
January 23, 2020January 30, 20254.700 1,000 1,500,000 1,500 1,500 
Series W(8)
December 10, 2020December 10, 20254.000 1,000 1,500,000 1,500 1,500 
Series X(9)
February 18, 2021February 18, 20263.875 1,000 2,300,000 2,300 2,300 
Series Y(10)
October 27, 2021November 15, 20264.150 1,000 1,000,000 1,000 1,000 
Series Z(11)
March 7, 2023May 15, 20287.375 1,000 1,250,000 1,250 1,250 
Series AA(12)
September 21, 2023November 15, 20287.625 1,000 1,500,000 1,500 1,500 
Series BB(13)
March 6, 2024May 15, 20297.200 1,000 550,000 550  
Series CC(14)
May 29, 2024August 15, 20297.125 1,000 1,750,000 1,750  
Series DD(15)
July 30, 2024August 15, 20347.000 1,000 1,500,000 1,500  
  $16,350 $17,600 

(1)Citi redeemed Series D in its entirety on May 15, 2024.
(2)Citi redeemed the remaining Series J in its entirety on March 29, 2024.
(3)Citi redeemed Series M in its entirety on August 15, 2024.
(4)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on May 15 and November 15 at a fixed rate until, but excluding, May 15, 2025, and thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors.
(5)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on February 15 and August 15 at a fixed rate until, but excluding, August 15, 2026, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors.
(6)Citi redeemed Series U in its entirety on September 12, 2024.
(7)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on January 30 and July 30 at a fixed rate until, but excluding, January 30, 2025, thereafter payable quarterly on January 30, April 30, July 30 and October 30 at a floating rate, in each case when, as and if declared by the Citi Board of Directors.
(8)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on March 10, June 10, September 10 and December 10 at a fixed rate until, but excluding, December 10, 2025, thereafter payable quarterly on the same dates at a fixed rate that resets on the Series W reset date and every five years thereafter equal to the five-year treasury rate plus 3.597%, in each case when, as and if declared by the Citi Board of Directors.
(9)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 18, May 18, August 18 and November 18 at a fixed rate until, but excluding, February 18, 2026, thereafter payable quarterly on the same dates at a fixed rate that resets on the Series X reset date and every five years thereafter equal to the five-year treasury rate plus 3.417%, in each case when, as and if declared by the Citi Board of Directors.
(10)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, November 15, 2026, thereafter payable quarterly on the same dates at a fixed rate that resets on the Series Y reset date and every five years thereafter equal to the five-year treasury rate plus 3.000%, in each case when, as and if declared by the Citi Board of Directors.
(11)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, May 15, 2028, thereafter payable quarterly on the same dates at a fixed rate that resets on the Series Z reset date and every five years thereafter equal to the five-year treasury rate plus 3.209%, in each case when, as and if declared by the Citi Board of Directors.
(12)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, November 15, 2028, thereafter payable quarterly on the same dates at a fixed rate that resets on the Series AA reset date and every five years thereafter equal to the five-year treasury rate plus 3.211%, in each case when, as and if declared by the Citi Board of Directors.
(13)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, May 15, 2029, thereafter payable quarterly on the same dates at a fixed rate that resets on the Series BB reset date and every five years thereafter equal to the five-year treasury rate plus 2.905%, in each case when, as and if declared by the Citi Board of Directors.
(14)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, August 15, 2029, thereafter payable quarterly on the
169


same dates at a fixed rate that resets on the Series CC reset date and every five years thereafter equal to the five-year treasury rate plus 2.693%, in each case when, as and if declared by the Citi Board of Directors.
(15)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, August 15, 2034, thereafter payable quarterly on the same dates at a fixed rate that resets on the Series DD reset date and every ten years thereafter equal to the ten-year treasury rate plus 2.757%, in each case when, as and if declared by the Citi Board of Directors.
N/A Not applicable, as the series has been redeemed.
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21. SECURITIZATIONS AND VARIABLE INTEREST ENTITIES

For additional information regarding Citi’s use of special purpose entities (SPEs) and variable interest entities (VIEs), see Note 23 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.
Citigroup’s involvement with consolidated and unconsolidated VIEs with which the Company holds significant variable interests or has continuing involvement through servicing a majority of the assets in a VIE is presented below:

As of September 30, 2024
Maximum exposure to loss in significant unconsolidated VIEs(1)
Funded exposures(2)
Unfunded exposures
In millions of dollars
Total
involvement
with SPE
assets
Consolidated
VIE/SPE assets
Significant
unconsolidated
VIE assets(3)
Debt
investments
Equity
investments
Funding
commitments
Guarantees
and
derivatives
Total
Credit card securitizations
$29,148 $29,148 $ $ $ $ $ $ 
Mortgage securitizations(4)
U.S. agency-sponsored
121,689  121,689 2,971   126 3,097 
Non-agency-sponsored
66,343  66,343 3,491  229  3,720 
Citi-administered asset-backed commercial paper conduits20,631 20,319 312   38  38 
Collateralized loan obligations (CLOs)3,064  3,064 1,157    1,157 
Asset-based financing(5)
216,190 6,956 209,234 48,406 783 13,642  62,831 
Municipal securities tender option bond trusts (TOBs)989 989       
Municipal investments
20,374 3 20,371 2,377 2,682 2,465  7,524 
Client intermediation
392 82 310 20   54 74 
Investment funds726 65 661 4 15 102  121 
Total
$479,546 $57,562 $421,984 $58,426 $3,480 $16,476 $180 $78,562 
As of December 31, 2023
Maximum exposure to loss in significant unconsolidated VIEs(1)
Funded exposures(2)
Unfunded exposures
In millions of dollars
Total
involvement
with SPE
assets
Consolidated
VIE/SPE assets
Significant
unconsolidated
VIE assets(3)
Debt
investments
Equity
investments
Funding
commitments
Guarantees
and
derivatives
Total
Credit card securitizations
$31,852 $31,852 $ $ $ $ $ $ 
Mortgage securitizations(4)
U.S. agency-sponsored
123,787  123,787 2,332   136 2,468 
Non-agency-sponsored
64,963  64,963 3,751  129  3,880 
Citi-administered asset-backed commercial paper conduits21,097 21,097       
Collateralized loan obligations (CLOs)5,562  5,562 2,344    2,344 
Asset-based financing(5)
204,680 12,197 192,483 48,187 902 13,655  62,744 
Municipal securities tender option bond trusts (TOBs)1,493 883 610 12  417  429 
Municipal investments
21,317 3 21,314 2,243 2,779 2,587  7,609 
Client intermediation
368 86 282 37    37 
Investment funds545 70 475 3 10 95  108 
Total
$475,664 $66,188 $409,476 $58,909 $3,691 $16,883 $136 $79,619 

(1)    The definition of maximum exposure to loss is included in the text that follows this table.
(2)    Included on Citigroup’s September 30, 2024 and December 31, 2023 Consolidated Balance Sheet.
(3)    A significant unconsolidated VIE is an entity in which the Company has any variable interest or continuing involvement considered to be significant, regardless of the likelihood of loss.
(4)    Citigroup mortgage securitizations also include agency and non-agency (private label) re-securitization activities. These SPEs are not consolidated. See “Re-securitizations” below for further discussion.
(5)     Included within this line are loans to third-party-sponsored private equity funds, which represent $7 billion and $6 billion in unconsolidated VIE assets and $245 million and $282 million in maximum exposure to loss as of September 30, 2024 and December 31, 2023, respectively.
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The previous tables do not include:

certain investment funds for which the Company provides investment management services and personal estate trusts for which the Company provides administrative, trustee and/or investment management services;
certain third-party-sponsored private equity funds to which the Company provides credit facilities. The Company has no decision-making power and does not consolidate these funds, some of which may meet the definition of a VIE. The Company’s maximum exposure to loss is generally limited to a loan or lending-related commitment. As of September 30, 2024 and December 31, 2023, the Company’s maximum exposure to loss related to these transactions was $7.3 billion and $8.5 billion, respectively (see Note 14 and Note 28 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K);
certain VIEs structured by third parties in which the Company holds securities in inventory, as these investments are made on arm’s-length terms;
certain positions in mortgage- and asset-backed securities held by the Company, which are classified as Trading account assets or Investments, in which the Company has no other involvement with the related securitization entity deemed to be significant (see Notes 13 and 22 for more information on these positions);
certain representations and warranties exposures in Citigroup residential mortgage securitizations, in which the original mortgage loan balances are no longer outstanding; and
VIEs such as preferred securities trusts used in connection with the Company’s funding activities. The Company does not have a variable interest in these trusts.

The asset balances for consolidated VIEs represent the carrying amounts of the assets consolidated by the Company. The carrying amount may represent the amortized cost or the current fair value of the assets depending on the classification of the asset (e.g., loan or security) and the associated accounting model ascribed to that classification.
The asset balances for unconsolidated VIEs in which the Company has significant involvement represent the most current information available to the Company. In most cases, the asset balances represent an amortized cost basis without regard to impairments, unless fair value information is readily available to the Company.
The maximum funded exposure represents the balance sheet carrying amount of the Company’s investment in the VIE. It reflects the initial amount of cash invested in the VIE, adjusted for any accrued interest and cash principal payments received. The carrying amount may also be adjusted for increases or declines in fair value or any impairment in value recognized in earnings. The maximum exposure of unfunded positions represents the remaining undrawn committed amount, including liquidity and credit facilities provided by the Company or the notional amount of a derivative instrument considered to be a variable interest. In certain transactions, the Company has entered into derivative instruments or other arrangements that are not considered variable interests in the VIE (e.g., interest rate swaps, cross-currency swaps or where the Company is the purchaser of credit protection under a credit default swap or total return swap where the Company pays the total return on certain assets to the SPE). Receivables under such arrangements are not included in the maximum exposure amounts.
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The following tables present certain assets and liabilities of consolidated variable interest entities (VIEs), which are included on Citi’s Consolidated Balance Sheet. The assets include those assets that can only be used to settle obligations of consolidated VIEs and are in excess of those obligations. In addition, the assets include third-party assets of consolidated VIEs only and exclude intercompany balances that eliminate in consolidation. The liabilities include third-party liabilities of consolidated VIEs only and exclude intercompany balances that eliminate in consolidation. The liabilities also exclude amounts where creditors or beneficial interest holders have recourse to the general credit of Citigroup.

September 30,
2024December 31,
In millions of dollars(Unaudited)2023
Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs  
Cash and due from banks$89 $44 
Trading account assets6,153 11,350 
Investments877 767 
Loans, net of unearned income 
Consumer32,229 35,141 
Corporate20,433 21,207 
Loans, net of unearned income$52,662 $56,348 
Allowance for credit losses on loans (ACLL)(2,385)(2,481)
Total loans, net$50,277 $53,867 
Other assets166 160 
Total assets of consolidated VIEs to be used to settle obligations of consolidated VIEs$57,562 $66,188 

September 30,
2024December 31,
In millions of dollars(Unaudited)2023
Liabilities of consolidated VIEs for which creditors or beneficial interest holders
do not have recourse to the general credit of Citigroup
  
Short-term borrowings$9,963 $9,692 
Long-term debt
5,916 8,443 
Other liabilities1,366 927 
Total liabilities of consolidated VIEs for which creditors or beneficial interest holders
do not have recourse to the general credit of Citigroup
$17,245 $19,062 

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Funding Commitments for Significant Unconsolidated VIEs—Liquidity Facilities and Loan Commitments
The following table presents the notional amount of liquidity facilities and loan commitments that are classified as funding commitments in the VIE tables above:

September 30, 2024December 31, 2023
In millions of dollars
Liquidity
facilities
Loan/equity
commitments
Liquidity
facilities
Loan/equity
commitments
Non-agency-sponsored mortgage securitizations$ $229 $ $129 
Citi-administered asset-backed commercial paper conduits 38   
Asset-based financing
 13,642  13,655 
Municipal securities tender option bond trusts (TOBs)
  417  
Municipal investments
 2,465  2,587 
Investment funds
 102  95 
Other
    
Total funding commitments
$ $16,476 $417 $16,466 


Significant Interests in Unconsolidated VIEs—Balance Sheet Classification
The following table presents the carrying amounts and classification of significant variable interests in unconsolidated VIEs:

In billions of dollars
September 30, 2024December 31, 2023
Cash
$ $ 
Trading account assets
3.7 1.9 
Investments
5.0 8.3 
Total loans, net of allowance
52.7 51.8 
Other
0.6 0.6 
Total assets
$62.0 $62.6 

Credit Card Securitizations
The Company’s primary credit card securitization activity is through two trusts—Citibank Credit Card Master Trust and Citibank Omni Trust. These trusts are consolidated entities given Citi’s continuing involvement. For additional information, see Note 23 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K. There were no material cash flows arising from either proceeds from new securitizations or paydowns of maturing notes during the nine months ended September 30, 2024 and 2023.
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Mortgage Securitizations
The following tables summarize selected cash flow information and retained interests related to Citigroup mortgage securitizations:

Three Months Ended September 30,
20242023
In billions of dollars
U.S. agency-
sponsored
mortgages
Non-agency-
sponsored
mortgages
U.S. agency-
sponsored
mortgages
Non-agency-
sponsored
mortgages
Principal securitized
$2.9 $2.7 $1.7 $0.6 
Proceeds from new securitizations
3.0 2.7 1.7 0.5 
Contractual servicing fees received    
Cash flows received on retained interests and other net cash flows   0.1 
Purchases of previously transferred financial assets
    
Nine Months Ended September 30,
20242023
In billions of dollars
U.S. agency-
sponsored
mortgages
Non-agency-
sponsored
mortgages
U.S. agency-
sponsored
mortgages
Non-agency-
sponsored
mortgages
Principal securitized
$5.8 $6.8 $4.1 $2.9 
Proceeds from new securitizations
6.0 6.4 4.1 2.6 
Contractual servicing fees received0.1  0.1  
Cash flows received on retained interests and other net cash flows 0.1  0.1 
Purchases of previously transferred financial assets0.1    
Note: Excludes re-securitization transactions.

Gains recognized on the securitization of U.S. agency-sponsored mortgages were less than $1 million for the three and nine months ended September 30, 2024. Gains recognized on the securitization of non-agency-sponsored mortgages were $44.8 million and $126.8 million for the three and nine months ended September 30, 2024, respectively.
Gains recognized on the securitization of U.S. agency-sponsored mortgages were less than $1 million for the three and nine months ended September 30, 2023. Gains recognized on the securitization of non-agency-sponsored mortgages were $50.4 million and $64.1 million for the three and nine months ended September 30, 2023, respectively.


September 30, 2024December 31, 2023
Non-agency-sponsored mortgages(1)
Non-agency-sponsored mortgages(1)
In millions of dollars
U.S. agency-
sponsored mortgages
Senior
interests
Subordinated
interests
U.S. agency-
sponsored mortgages
Senior
interests
Subordinated
interests
Carrying value of retained interests(2)
$696 $925 $1,030 $689 $943 $963 

(1)    Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization.
(2)    Retained interests consist of Level 2 and Level 3 assets depending on the observability of significant inputs. See Note 23 for more information about fair value measurements.


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The following table includes information about loan delinquencies and liquidation losses for assets held in non-consolidated, non-agency-sponsored securitization entities:

Liquidation (gains) losses
Securitized assets90 days past dueThree Months Ended September 30,Nine Months Ended September 30,
In billions of dollars, except liquidation losses in millionsSept. 30, 2024Dec. 31, 2023Sept. 30, 2024Dec. 31, 20232024202320242023
Securitized assets
Residential mortgages(1)
$30.4 $28.2 $0.3 $0.5 $(0.7)$(0.2)$0.5 $4.4 
Commercial and other
30.5 29.9       
Total
$60.9 $58.1 $0.3 $0.5 $(0.7)$(0.2)$0.5 $4.4 

(1)    Securitized assets include $0.1 billion of personal loan securitizations as of September 30, 2024.


Mortgage Servicing Rights (MSRs)
The fair value of Citi’s capitalized MSRs was $683 million and $729 million at September 30, 2024 and 2023, respectively. The MSRs correspond to principal loan balances of $55 billion and $52 billion as of September 30, 2024 and 2023, respectively. The following table summarizes the changes in capitalized MSRs:

Three Months Ended September 30,Nine Months Ended September 30,
In millions of dollars2024202320242023
Balance, beginning of period$709 $681 $691 $665 
Originations32 23 68 54 
Changes in fair value of MSRs due to changes in inputs and assumptions(40)42 (23)61 
Other changes(1)
(18)(17)(53)(51)
Balance, as of September 30$683 $729 $683 $729 

(1)    Represents changes due to customer payments.

The fair value of the MSRs is primarily affected by changes in prepayments of mortgages that result from shifts in mortgage interest rates. Specifically, higher interest rates tend to lead to declining prepayments, which causes the fair value of the MSRs to increase. In managing this risk, Citigroup economically hedges a significant portion of the value of its MSRs through the use of interest rate derivative contracts, forward purchase and sale commitments of mortgage-backed securities and purchased securities, all classified as Trading account assets.

The Company receives fees during the course of servicing previously securitized mortgages. The amounts of these fees were as follows:

Three Months Ended September 30,Nine Months Ended September 30,
In millions of dollars2024202320242023
Servicing fees
$30 $32 $95 $97 
Late fees
 1 1 3
Total MSR fees
$30 $33 $96 $100 

In the Consolidated Statement of Income these fees are primarily classified as Commissions and fees, and changes in MSR fair values are classified as Other revenue.


176


Re-securitizations
The Company engages in re-securitization transactions in which debt securities are transferred to a VIE in exchange for new beneficial interests. Citi did not transfer non-agency (private label) securities to re-securitization entities during the three months ended September 30, 2024 and 2023. These securities are backed by either residential or commercial mortgages and are often structured on behalf of clients.
As of September 30, 2024 and December 31, 2023, Citi held no retained interests in private label re-securitization transactions structured by Citi.
The Company also re-securitizes U.S. government-agency-guaranteed mortgage-backed (agency) securities. During the three and nine months ended September 30, 2024, Citi transferred agency securities with a fair value of approximately $6.3 billion and $17.0 billion to re-securitization entities, compared to approximately $4.3 billion and $12.8 billion for the three and nine months ended September 30, 2023, respectively.
As of September 30, 2024, the fair value of Citi-retained interests in agency re-securitization transactions structured by Citi totaled approximately $2.3 billion (including $1.5 billion related to re-securitization transactions executed in 2024), compared to $1.7 billion as of December 31, 2023 (including $930 million related to re-securitization transactions executed in 2023), which is recorded in Trading account assets. The original fair values of agency re-securitization transactions in which Citi holds a retained interest as of September 30, 2024 and December 31, 2023 were approximately $79.0 billion and $84.1 billion, respectively.
As of September 30, 2024 and December 31, 2023, the Company did not consolidate any private label or agency re-securitization entities.

Citi-Administered Asset-Backed Commercial Paper Conduits
At September 30, 2024 and December 31, 2023, the commercial paper conduits administered by Citi had approximately $20.3 billion and $21.1 billion of purchased assets outstanding, and unfunded commitments with clients of approximately $18.7 billion and $16.7 billion, respectively.
Substantially all of the funding of the conduits is in the form of short-term commercial paper. At September 30, 2024
and December 31, 2023, the weighted-average remaining maturities of the commercial paper issued by the conduits were approximately 63 and 68 days, respectively.
Each asset purchased by the conduit is structured with transaction-specific credit enhancements, including over-collateralization, cash and excess spread collateral accounts, direct recourse or third-party guarantees. Each credit enhancement is sized with the objective of approximating an investment-grade credit rating, based on Citi’s internal risk ratings. In addition to the transaction-specific credit enhancement, the conduits have obtained letters of credit from the Company that equal at least 8% to 10% of the conduit’s assets with a minimum of $200 million to $350 million. The letters of credit provided by the Company to the conduits total approximately $2.1 billion and $2.1 billion as of September 30, 2024 and December 31, 2023, respectively. The net result across multi-seller conduits administered by the Company is that, in the event that defaulted assets exceed the transaction-specific credit enhancement described above, any losses in each conduit are allocated first to the Company and then to the commercial paper investors.
At September 30, 2024 and December 31, 2023, the Company owned $9.2 billion and $10.1 billion, respectively, of the commercial paper issued by its administered conduits. The Company’s investments were not driven by market illiquidity and the Company is not obligated under any agreement to purchase the commercial paper issued by the conduits.

Municipal Securities Tender Option Bond (TOB) Trusts
At September 30, 2024 and December 31, 2023, none of the municipal bonds owned by non-customer TOB trusts were subject to a credit guarantee provided by the Company.
The Company provides other liquidity agreements or letters of credit to customer-sponsored municipal investment funds, which are not variable interest entities, and municipality-related issuers that totaled $0.6 billion and $1.2 billion as of September 30, 2024 and December 31, 2023, respectively. These liquidity agreements and letters of credit are offset by reimbursement agreements with various term-out provisions.



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Asset-Based Financing
The primary types of Citi’s asset-based financings, total assets of the unconsolidated VIEs with significant involvement and Citi’s maximum exposure to loss are presented below. For Citi to realize the maximum loss, the VIE (borrower) would have to default with no recovery from the assets held by the VIE.

September 30, 2024December 31, 2023
In millions of dollars
Total
unconsolidated
VIE assets
Maximum
exposure to
unconsolidated VIEs
Total
unconsolidated
VIE assets
Maximum
exposure to
unconsolidated VIEs
Type
Commercial and other real estate$45,771 $9,396 $42,869 $8,831 
Corporate loans
40,371 19,863 27,903 18,546 
Other (including investment funds, airlines and shipping)123,092 33,572 121,711 35,367 
Total
$209,234 $62,831 $192,483 $62,744 

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22.  DERIVATIVES

In the ordinary course of business, Citigroup enters into various types of derivative transactions. All derivatives are recorded in Trading account assets/Trading account liabilities on the Consolidated Balance Sheet. For additional information regarding Citi’s use of and accounting for derivatives, see Note 24 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.
Information pertaining to Citigroup’s derivatives activities, based on notional amounts, is presented in the table below. Derivative notional amounts are reference amounts from which contractual payments are derived and do not represent a complete measure of Citi’s exposure to derivative transactions. Citi’s derivative exposure arises primarily from

market fluctuations (i.e., market risk), counterparty failure (i.e., credit risk) and/or periods of high volatility or financial stress (i.e., liquidity risk), as well as any market valuation adjustments that may be required on the transactions. Moreover, notional amounts presented below do not reflect the netting of offsetting trades. For example, if Citi enters into a receive-fixed interest rate swap with $100 million notional, and offsets this risk with an identical but opposite pay-fixed position with a different counterparty, $200 million in derivative notionals is reported, although these offsetting positions may result in de minimis overall market risk.
In addition, aggregate derivative notional amounts can fluctuate from period to period in the normal course of business based on Citi’s market share, levels of client activity and other factors.


Derivative Notionals

 Hedging instruments under ASC 815Trading derivative instruments
In millions of dollarsSeptember 30,
2024
December 31,
2023
September 30,
2024
December 31,
2023
Interest rate contracts    
Swaps$288,367 $277,003 $18,656,456 $17,077,712 
Futures and forwards  3,471,800 3,022,127 
Written options  2,903,068 2,753,912 
Purchased options  2,639,344 2,687,662 
Total interest rate contracts$288,367 $277,003 $27,670,668 $25,541,413 
Foreign exchange contracts 
Swaps$38,142 $45,851 $8,609,176 $7,943,054 
Futures, forwards and spot50,341 49,779 5,203,348 3,737,063 
Written options  1,168,997 778,397 
Purchased options  1,162,814 771,134 
Total foreign exchange contracts$88,483 $95,630 $16,144,335 $13,229,648 
Equity contracts  
Swaps$ $ $334,497 $317,117 
Futures and forwards  74,762 72,592 
Written options  608,335 544,315 
Purchased options  470,621 428,949 
Total equity contracts$ $ $1,488,215 $1,362,973 
Commodity and other contracts  
Swaps$ $ $79,070 $82,009 
Futures and forwards3,427 1,750 178,223 161,811 
Written options  66,528 49,555 
Purchased options  70,612 46,742 
Total commodity and other contracts$3,427 $1,750 $394,433 $340,117 
Credit derivatives(1)
 
Protection sold$ $ $514,599 $496,699 
Protection purchased  600,021 567,627 
Total credit derivatives$ $ $1,114,620 $1,064,326 
Total derivative notionals$380,277 $374,383 $46,812,271 $41,538,477 

(1)Credit derivatives are arrangements designed to allow one party (protection purchaser) to transfer the credit risk of a “reference asset” to another party (protection seller). These arrangements allow a protection seller to assume the credit risk associated with the reference asset without directly purchasing that asset. The Company enters into credit derivative positions for purposes such as risk management, yield enhancement, reduction of credit concentrations and diversification of overall risk, and as a market-maker to facilitate client transactions.
179


The following tables present the gross and net fair values of the Company’s derivative transactions and the related offsetting amounts as of September 30, 2024 and December 31, 2023. Gross positive fair values are offset against gross negative fair values by counterparty, pursuant to enforceable master netting agreements. Under ASC 815-10-45, payables and receivables in respect of cash collateral received from or paid to a given counterparty pursuant to a credit support annex are included in the offsetting amount if a legal opinion supporting the enforceability of netting and collateral rights has been obtained. GAAP does not permit similar offsetting for security collateral.
In addition, the following tables reflect rule changes adopted by clearing organizations that require or allow entities to treat certain derivative assets, liabilities and the related variation margin as settlement of the related derivative fair values for legal and accounting purposes, as opposed to presenting gross derivative assets and liabilities that are subject to collateral, whereby the counterparties would also record a related collateral payable or receivable. The tables also present amounts that are not permitted to be offset in the Company’s balance sheet presentation, such as security collateral or cash collateral posted at third-party custodians, but which would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the netting and collateral rights has been obtained.


180


Derivative Mark-to-Market (MTM) Receivables/Payables

Derivatives classified in
Trading account assets/liabilities
(1)(2)
In millions of dollars at September 30, 2024AssetsLiabilities
Derivatives instruments designated as ASC 815 hedges
Over-the-counter$183 $571 
Cleared56 158 
Interest rate contracts$239 $729 
Over-the-counter$1,733 $1,477 
Cleared  
Foreign exchange contracts$1,733 $1,477 
Total derivatives instruments designated as ASC 815 hedges$1,972 $2,206 
Derivatives instruments not designated as ASC 815 hedges
Over-the-counter$100,207 $91,252 
Cleared43,120 42,974 
Exchange traded104 50 
Interest rate contracts$143,431 $134,276 
Over-the-counter$156,115 $152,524 
Cleared1,144 1,103 
Exchange traded4  
Foreign exchange contracts$157,263 $153,627 
Over-the-counter$22,551 $34,739 
Cleared  
Exchange traded40,185 39,808 
Equity contracts$62,736 $74,547 
Over-the-counter$12,960 $15,407 
Exchange traded894 887 
Commodity and other contracts$13,854 $16,294 
Over-the-counter$6,001 $6,341 
Cleared2,021 1,873 
Credit derivatives$8,022 $8,214 
Total derivatives instruments not designated as ASC 815 hedges$385,306 $386,958 
Total derivatives$387,278 $389,164 
Less: Netting agreements(3)
$(316,493)$(316,493)
Less: Netting cash collateral received/paid(4)
(19,843)(25,082)
Net receivables/payables included on the Consolidated Balance Sheet(5)
$50,942 $47,589 
Additional amounts subject to an enforceable master netting agreement,
but not offset on the Consolidated Balance Sheet
Less: Cash collateral received/paid$(308)$(28)
Less: Non-cash collateral received/paid(5,655)(3,464)
Total net receivables/payables(5)
$44,979 $44,097 

(1)The derivatives fair values are also presented in Note 23.
(2)Over-the-counter (OTC) derivatives are derivatives executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house. Cleared derivatives include derivatives executed bilaterally with a counterparty in the OTC market, but then novated to a central clearing house, whereby the central clearing house becomes the counterparty to both of the original counterparties. Exchange-traded derivatives include derivatives executed directly on an organized exchange that provides pre-trade price transparency.
(3)Represents the netting of balances with the same counterparty under enforceable netting agreements. Approximately $234 billion, $44 billion and $38 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange-traded derivatives, respectively.
(4)Represents the netting of cash collateral paid and received by counterparties under enforceable credit support agreements with appropriate legal opinion supporting enforceability of netting. Substantially all netting of cash collateral received and paid is against OTC derivative assets and liabilities, respectively.
(5)The net receivables/payables include approximately $11 billion of derivative asset and $16 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively.
181


Derivatives classified in
Trading account assets/liabilities
(1)(2)
In millions of dollars at December 31, 2023AssetsLiabilities
Derivatives instruments designated as ASC 815 hedges
Over-the-counter$458 $5 
Cleared99 121 
Interest rate contracts$557 $126 
Over-the-counter$1,690 $1,732 
Cleared  
Foreign exchange contracts$1,690 $1,732 
Total derivatives instruments designated as ASC 815 hedges$2,247 $1,858 
Derivatives instruments not designated as ASC 815 hedges
Over-the-counter$113,993 $105,512 
Cleared43,858 47,462 
Exchange traded86 86 
Interest rate contracts$157,937 $153,060 
Over-the-counter$157,633 $155,027 
Cleared368 420 
Exchange traded3 22 
Foreign exchange contracts$158,004 $155,469 
Over-the-counter$19,515 $25,425 
Cleared  
Exchange traded23,763 22,521 
Equity contracts$43,278 $47,946 
Over-the-counter$16,921 $18,086 
Exchange traded648 710 
Commodity and other contracts$17,569 $18,796 
Over-the-counter$6,094 $6,293 
Cleared2,245 1,789 
Credit derivatives$8,339 $8,082 
Total derivatives instruments not designated as ASC 815 hedges$385,127 $383,353 
Total derivatives$387,374 $385,211 
Less: Netting agreements(3)
$(308,431)$(308,431)
Less: Netting cash collateral received/paid(4)
(21,226)(26,101)
Net receivables/payables included on the Consolidated Balance Sheet(5)
$57,717 $50,679 
Additional amounts subject to an enforceable master netting agreement,
but not offset on the Consolidated Balance Sheet
Less: Cash collateral received/paid$(563)$(348)
Less: Non-cash collateral received/paid(5,208)(12,504)
Total net receivables/payables(5)
$51,946 $37,827 

(1)The derivatives fair values are also presented in Note 23.
(2)OTC derivatives are derivatives executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house. Cleared derivatives include derivatives executed bilaterally with a counterparty in the OTC market, but then novated to a central clearing house, whereby the central clearing house becomes the counterparty to both of the original counterparties. Exchange-traded derivatives include derivatives executed directly on an organized exchange that provides pre-trade price transparency.
(3)Represents the netting of balances with the same counterparty under enforceable netting agreements. Approximately $242 billion, $44 billion and $22 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange-traded derivatives, respectively.
(4)Represents the netting of cash collateral paid and received by counterparties under enforceable credit support agreements with appropriate legal opinion supporting enforceability of netting. Substantially all netting of cash collateral received and paid is against OTC derivative assets and liabilities, respectively.
(5)The net receivables/payables include approximately $4 billion of derivative asset and $10 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively.

182


For the three and nine months ended September 30, 2024 and 2023, amounts recognized in Principal transactions in the Consolidated Statement of Income include certain derivatives not designated in a qualifying hedging relationship. Citigroup presents this disclosure by business classification, showing derivative gains and losses related to its trading activities together with gains and losses related to non-derivative instruments within the same trading portfolios, as this represents how these portfolios are risk managed. See Note 6 for further information.
The amounts recognized in Other revenue in the Consolidated Statement of Income related to derivatives not designated in a qualifying hedging relationship are presented below. The table below does not include any offsetting gains (losses) on the economically hedged items:

 Gains (losses) included in
Other revenue
Three Months Ended September 30,Nine Months Ended September 30,
In millions of dollars2024202320242023
Interest rate contracts$(23)$(16)$(67)$(47)
Foreign exchange(60)(46)(182)(113)
Total$(83)$(62)$(249)$(160)

Fair Value Hedges
For additional information regarding Citi’s fair value hedges, see Note 24 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.

183


The following table summarizes the gains (losses) on the Company’s fair value hedges:

 
Gains (losses) on fair value hedges(1)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
In millions of dollarsOther revenueNet interest incomeOther revenueNet interest incomeOther
revenue
Net interest incomeOther revenueNet interest income
Gain (loss) on the hedging derivatives included in assessment
of the effectiveness of fair value hedges
  
Interest rate hedges$ $(128)$ $19 $ $(1,168)$ $(473)
Foreign exchange hedges350  (577) 424  709  
Commodity hedges(2)
9  289  1,240  (36) 
Total gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges$359 $(128)$(288)$19 $1,664 $(1,168)$673 $(473)
Gain (loss) on the hedged item in designated and qualifying
fair value hedges
Interest rate hedges$ $110 $ $(21)$ $1,178 $ $460 
Foreign exchange hedges(350) 577  (424) (709) 
Commodity hedges(2)
(9) (289) (1,240) 36  
Total gain (loss) on the hedged item in designated and qualifying fair value hedges$(359)$110 $288 $(21)$(1,664)$1,178 $(673)$460 
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges    
Interest rate hedges$ $ $ $ $ $ $ $ 
Foreign exchange hedges(3)
51  9  54  33  
Commodity hedges(2)(4)
102  100  269  201  
Total net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges$153 $ $109 $ $323 $ $234 $ 

(1)Gain (loss) amounts for interest rate risk hedges are included in Interest income/Interest expense. The accrued interest income on fair value hedges is recorded in Net interest income and is excluded from this table. Amounts included both hedges of AFS securities and long-term debt on a net basis, which largely offset in the current period.
(2)The gain (loss) amounts for commodity hedges are included in Principal transactions.
(3)Amounts related to the forward points (i.e., the spot-forward difference) that are excluded from the assessment of hedge effectiveness and are generally reflected directly in earnings under the mark-to-market approach. Amounts related to cross-currency basis, which are recognized in AOCI, are not reflected in the table above. The amount of cross-currency basis included in AOCI was $(10) million and $(10) million for the three months ended September 30, 2024 and 2023, respectively. The amount of cross-currency basis included in AOCI was $(12) million and $(14) million for the nine months ended September 30, 2024 and 2023, respectively.
(4)Amounts related to the forward points (i.e., the spot-forward difference) that are excluded from the assessment of hedge effectiveness and are generally reflected directly in earnings under the mark-to-market approach or recorded in AOCI under the amortization approach. The quarter ended September 30, 2024 includes gain (loss) of approximately $70 million and $32 million under the mark-to-market approach and amortization approach, respectively. The quarter ended September 30, 2023 includes gain (loss) of approximately $93 million and $7 million under the mark-to-market approach and amortization approach, respectively.

184


Cumulative Basis Adjustment
Upon electing to apply ASC 815 fair value hedge accounting, the carrying value of the hedged item is adjusted to reflect the cumulative changes in the hedged risk. This cumulative basis adjustment becomes part of the carrying amount of the hedged item until the hedged item is derecognized from the balance sheet. The table below presents the carrying amount of Citi’s hedged assets and liabilities under qualifying fair value hedges at September 30, 2024 and December 31, 2023, along with the cumulative basis adjustments included in the carrying value of those hedged assets and liabilities that would reverse through earnings in future periods.










In millions of dollars
Balance sheet line item in which hedged item is recorded
Carrying amount of hedged asset/ liability(1)
Cumulative basis adjustment increasing (decreasing) the carrying amount
ActiveDe-designated
As of September 30, 2024
Debt securities AFS(2)(6)
$91,697 $277 $(68)
Consumer loans(3)
55,483 670  
Corporate loans(4)
5,520 65 62 
Long-term debt151,843 237 (4,254)
As of December 31, 2023
Debt securities AFS(5)(6)
$111,886 $(925)$(282)
Corporate loans(7)
4,968 93 (3)
Long-term debt141,449 (908)(5,160)

(1)Excludes physical commodities inventories with a carrying value of approximately $7 billion and $8 billion as of September 30, 2024 and December 31, 2023, respectively, which includes cumulative basis adjustments of approximately $(0.2) billion and $1.2 billion, respectively, for active hedges.
(2)These amounts include a cumulative basis adjustment of $299 million for active hedges and $86 million for de-designated hedges as of September 30, 2024, related to certain prepayable financial assets previously designated as the hedged item in a fair value hedge using the portfolio layer approach. The Company designated approximately $11 billion as the hedged amount (from a closed portfolio of financial assets with a carrying value of $30 billion as of September 30, 2024) in a portfolio layer hedging relationship.
(3)All hedged consumer loans are designated in a fair value hedge using the portfolio layer approach. The Company designated approximately $14.9 billion as the hedged amount (from a closed portfolio of financial assets with a carrying value of $55 billion as of September 30, 2024).
(4)All hedged corporate loans are designated in a fair value hedge using the portfolio layer approach. The Company designated approximately $3.7 billion as the hedged amount (from a closed portfolio of financial assets with a carrying value of $5.5 billion as of September 30, 2024).
(5)These amounts include a cumulative basis adjustment of $248 million for active hedges and $(51) million for de-designated hedges as of December 31, 2023, related to certain prepayable financial assets previously designated as the hedged item in a fair value hedge using the portfolio layer approach. The Company designated approximately $14 billion as the hedged amount (from a closed portfolio of prepayable financial assets with a carrying value of $28 billion as of December 31, 2023) in a portfolio layer hedging relationship.
(6)Carrying amount represents the amortized cost.
(7)All hedged corporate loans are designated in a fair value hedge using the portfolio layer approach. The Company designated approximately $3.6 billion as the hedged amount (from a closed portfolio of financial assets with a carrying value of $5.0 billion as of December 31, 2023).

185


Cash Flow Hedges
Citigroup hedges the variability of forecasted cash flows due to changes in contractually specified interest rates associated with floating-rate assets/liabilities and other forecasted transactions. These cash flow hedging relationships use either regression analysis or dollar-offset ratio analysis to assess whether the hedging relationships are highly effective at inception and on an ongoing basis.
For cash flow hedges, the entire change in the fair value of the hedging derivative is recognized in AOCI and then reclassified to earnings in the same period that the forecasted hedged cash flows impact earnings. The pretax change in AOCI from cash flow hedges is presented below:











 Three Months Ended September 30,Nine Months Ended September 30,
In millions of dollars2024202320242023
Amount of gain (loss) recognized in AOCI on derivatives
Interest rate contracts$(378)$467 $(38)$208 
Foreign exchange contracts(6)10 (7)15 
Total gain (loss) recognized in AOCI
$(384)$477 $(45)$223 

Other
revenue
Net
interest
income
Other
revenue

Net
interest
income
Other
revenue
Net interest
income
Other
revenue
Net
interest
income
Amount of gain (loss) reclassified from AOCI to earnings(1)
Interest rate contracts$ $(212)$ $(480)$ $(814)$ $(1,444)
Foreign exchange contracts(1) (1) (3) (3) 
Total gain (loss) reclassified from AOCI into earnings
$(1)$(212)$(1)$(480)$(3)$(814)$(3)$(1,444)
Net pretax change in cash flow hedges included within AOCI
$(171)$958 $772 $1,670 

(1)All amounts reclassified into earnings for interest rate contracts are included in Interest income/Interest expense (Net interest income). For all other hedges, the amounts reclassified to earnings are included primarily in Other revenue and Net interest income in the Consolidated Statement of Income.

The net gain (loss) associated with cash flow hedges expected to be reclassified from AOCI within 12 months of September 30, 2024 is approximately $(0.5) billion. The maximum length of time over which forecasted cash flows are hedged is 14 years.
The after-tax impact of cash flow hedges on AOCI is presented in Note 19.
186


Net Investment Hedges
Citigroup uses foreign currency forwards, cross-currency swaps, options and foreign currency-denominated debt instruments to manage the foreign exchange risk associated with Citigroup’s equity investments in several non-U.S.-dollar-functional-currency foreign subsidiaries. Citi records the change in the fair value of these hedging instruments and the translation adjustment for the investments in these foreign subsidiaries in Foreign currency translation adjustment (CTA) within AOCI.

The pretax gain (loss) recorded in CTA within AOCI, related to net investment hedges, was $(92) million and $1,158 million for the three and nine months ended September 30, 2024 and $363 million and $(586) million for the three and nine months ended September 30, 2023, respectively.


Credit Derivatives
The following tables summarize the key characteristics of Citi’s credit derivatives portfolio by reference entity and derivative form:

Fair valuesNotionals
In millions of dollars at September 30, 2024
Receivable(1)
Payable(2)
Protection
purchased
Protection
sold
By instrument
Credit default swaps and options$7,243 $7,320 $557,482 $505,828 
Total return swaps and other779 894 42,539 8,771 
Total by instrument$8,022 $8,214 $600,021 $514,599 
By rating of reference entity
Investment grade$4,184 $4,088 $458,741 $402,141 
Non-investment grade3,838 4,126 141,280 112,458 
Total by rating of reference entity$8,022 $8,214 $600,021 $514,599 
By maturity
Within 1 year$706 $1,480 $164,391 $139,057 
From 1 to 5 years5,487 5,216 355,461 314,820 
After 5 years1,829 1,518 80,169 60,722 
Total by maturity$8,022 $8,214 $600,021 $514,599 

(1)The fair value amount receivable is composed of $2,574 million under protection purchased and $5,448 million under protection sold.
(2)The fair value amount payable is composed of $6,365 million under protection purchased and $1,849 million under protection sold.

 Fair valuesNotionals
In millions of dollars at December 31, 2023
Receivable(1)
Payable(2)
Protection
purchased
Protection
sold
By instrument
Credit default swaps and options$7,686 $7,243 $539,522 $491,514 
Total return swaps and other653 839 28,105 5,185 
Total by instrument$8,339 $8,082 $567,627 $496,699 
By rating of reference entity
Investment grade$4,282 $4,138 $444,989 $393,115 
Non-investment grade4,057 3,944 122,638 103,584 
Total by rating of reference entity$8,339 $8,082 $567,627 $496,699 
By maturity
Within 1 year$986 $1,713 $155,910 $128,874 
From 1 to 5 years5,816 4,939 366,156 337,583 
After 5 years1,537 1,430 45,561 30,242 
Total by maturity$8,339 $8,082 $567,627 $496,699 

(1)    The fair value amount receivable is composed of $2,770 million under protection purchased and $5,569 million under protection sold.
(2)    The fair value amount payable is composed of $6,097 million under protection purchased and $1,985 million under protection sold.
187


Credit Risk-Related Contingent Features in Derivatives
Certain derivative instruments contain provisions that require the Company to either post additional collateral or immediately settle any outstanding liability balances upon the occurrence of a specified event related to the credit risk of the Company. These events, which are defined by the existing derivative contracts, are primarily downgrades in the credit ratings of the Company and its affiliates.
The fair value (excluding CVA) of all derivative instruments with credit risk-related contingent features that were in a net liability position at September 30, 2024 and December 31, 2023 was $14 billion and $15 billion, respectively. The Company posted $12 billion and $12 billion as collateral for this exposure in the normal course of business as of September 30, 2024 and December 31, 2023, respectively.
A downgrade could trigger additional collateral or cash settlement requirements for the Company and certain affiliates. In the event that Citigroup and Citibank were downgraded a single notch by all three major rating agencies as of September 30, 2024, the Company could be required to post an additional $0.2 billion as either collateral or settlement of the derivative transactions. In addition, the Company could be required to segregate with third-party custodians collateral previously received from existing derivative counterparties in the amount of $16 million upon the single notch downgrade, resulting in aggregate cash obligations and collateral requirements of approximately $0.2 billion.

Derivatives Accompanied by Financial Asset Transfers
For transfers of financial assets accounted for as a sale by the Company, and for which the Company has retained substantially all of the economic exposure to the transferred asset through a total return swap executed with the same counterparty in contemplation of the initial sale (and still outstanding), the asset amounts derecognized and the gross cash proceeds received as of the date of derecognition were $5.5 billion and $4.3 billion as of September 30, 2024 and December 31, 2023, respectively.
At September 30, 2024, the fair value of these previously derecognized assets was $5.3 billion. The fair value of the total return swaps as of September 30, 2024 was $168 million recorded as gross derivative assets and $31 million recorded as gross derivative liabilities. At December 31, 2023, the fair value of these previously derecognized assets was $4.3 billion, and the fair value of the total return swaps was $121 million recorded as gross derivative assets and $29 million recorded as gross derivative liabilities.
The balances for the total return swaps are on a gross basis, before the application of counterparty and cash collateral netting, and are included primarily as equity derivatives in the tabular disclosures in this Note.


188


23.  FAIR VALUE MEASUREMENT

For additional information regarding fair value measurement at Citi, see Note 26 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.

Fair Value Hierarchy
ASC 820-10 specifies a hierarchy of inputs based on whether the inputs are observable or unobservable. Observable inputs are developed using market data and reflect market participant assumptions, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs have created the following fair value hierarchy:

Level 1: Quoted prices for identical instruments in active markets.
Level 2: Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which all significant inputs and value drivers are observable in the market.
Level 3: Valuations derived from valuation techniques in which one or more significant inputs or value drivers are unobservable.

As required under the fair value hierarchy, the Company considers relevant and observable market inputs in its valuations where possible.
The fair value hierarchy classification approach typically utilizes rules-based and data-driven criteria to determine whether an instrument is classified as Level 1, Level 2 or Level 3:

The determination of whether an instrument is quoted in an active market and therefore considered a Level 1 instrument is based on the frequency of observed transactions and the quality of independent market data available on the measurement date.
A Level 2 classification is assigned where there is observability of prices/market inputs to models, or where any unobservable inputs are not significant to the valuation. The determination of whether an input is considered observable is based on the availability of independent market data and its corroboration, for example through observed transactions in the market.
Otherwise, an instrument is classified as Level 3.

Market Valuation Adjustments
The table below summarizes the credit valuation adjustments (CVA) and funding valuation adjustments (FVA) applied to the fair value of derivative instruments (recorded in Trading account assets and Trading account liabilities on the Consolidated Balance Sheet) at September 30, 2024 and December 31, 2023:

 Credit and funding
valuation adjustments
contra-liability (contra-asset)
In millions of dollarsSeptember 30,
2024
December 31,
2023
Counterparty CVA$(531)$(580)
Asset FVA(478)(562)
Citigroup (own credit) CVA342 381 
Liability FVA213 255 
Total CVA and FVA—derivative instruments$(454)$(506)
The table below summarizes pretax gains (losses) related to changes in CVA and FVA on derivative instruments, net of hedges (recorded in Principal transactions revenue in the Consolidated Statement of Income), and changes in debt valuation adjustments (DVA) on Citi’s own fair value option (FVO) liabilities (recorded in Other comprehensive income in the Consolidated Statement of Comprehensive Income) for the periods indicated:

 Credit/funding/debt valuation
adjustments gain (loss)
Three Months Ended September 30,Nine Months Ended September 30,
In millions of dollars2024202320242023
Counterparty CVA$(38)$35 $(56)$5 
Asset FVA1 (17)87 77 
Own credit CVA(2)14 (48)(134)
Liability FVA(13)38 (42)(5)
Total CVA and FVA—derivative instruments$(52)$70 $(59)$(57)
DVA related to own FVO liabilities(1)
$(201)$395 $(608)$(875)
Total CVA, DVA and FVA$(253)$465 $(667)$(932)

(1)    See Note 21 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.

189


按經常性公允價值計量的項目
下表列出了2024年9月30日和2023年12月31日按經常性公允價值計量的公司資產和負債,按公允價值等級等級進行。公司可能會對沖
與可能被歸類為第3級的其他金融工具(對沖工具)一起被歸類為第3級類別的頭寸,但也與被歸類為第1級或第2級的金融工具一起被歸類為第3級類別的頭寸。這些對沖的總體影響如下表所示:

公允價值水平

截至2024年9月30日以百萬美金計1級2級3級
庫存
結網(1)

平衡
資產      
根據轉售協議借入和購買的證券$ $465,704 $136 $465,840 $(317,885)$147,955 
交易非衍生資產
交易抵押貸款支持證券
美國政府贊助機構擔保 77,641 731 78,372  78,372 
住宅 477 71 548  548 
商業 685 86 771  771 
抵押貸款支持證券交易總額$ $78,803 $888 $79,691 $ $79,691 
美國財政部和聯邦機構證券$131,604 $1,463 $ $133,067 $ $133,067 
州和市 178 21 199  199 
外國政府62,485 31,825 31 94,341  94,341 
企業1,851 18,862 260 20,973  20,973 
股本證券49,421 6,744 286 56,451  56,451 
資產支持證券 1,522 215 1,737  1,737 
其他交易資產 20,121 550 20,671  20,671 
交易非衍生資產總額$245,361 $159,518 $2,251 $407,130 $ $407,130 
交易衍生品
利率合約$31 $141,896 $1,743 $143,670 
外匯合約 158,414 582 158,996 
股權合約84 61,711 941 62,736 
商品合約2 12,836 1,016 13,854 
信用衍生品 7,357 665 8,022 
交易衍生品總額-扣除淨值和抵押品之前$117 $382,214 $4,947 $387,278 
淨額結算協議$(316,493)
已收現金抵押品的淨額結算(19,843)
交易衍生品總額-扣除淨額結算和抵押品後$117 $382,214 $4,947 $387,278 $(336,336)$50,942 
投資
抵押貸款支持證券
美國政府贊助機構擔保$ $31,845 $32 $31,877 $ $31,877 
住宅 598 27 625  625 
商業 1  1  1 
總投資抵押貸款支持證券$ $32,444 $59 $32,503 $ $32,503 
美國財政部和聯邦機構證券$59,544 $ $ $59,544 $ $59,544 
州和市 1,451 436 1,887  1,887 
外國政府60,706 68,922 12 129,640  129,640 
企業3,519 2,013 150 5,682  5,682 
權益性證券195 2 10 207  207 
資產支持證券 838  838  838 
其他債務證券 4,350  4,350  4,350 
非有價股權證券(2)
  623 623  623 
總投資$123,964 $110,020 $1,290 $235,274 $ $235,274 

表格在下一頁繼續。
190


截至2024年9月30日以百萬美金計1級2級3級
庫存
結網(1)

平衡
貸款$$7,759$347$8,106 $ $8,106 
按揭服務權683683  683 
其他金融資產$6,322$10,086$25$16,433 $ $16,433 
總資產$375,764$1,135,301$9,679$1,520,744 $(654,221)$866,523 
總額占總資產的百分比(3)
24.7%74.7%0.6%
負債
計息存款$$4,070$42$4,112 $ $4,112 
根據回購協議借出和出售的證券272,832292273,124 (210,266)62,858 
交易帳戶負債
已出售但尚未購買的證券79,93914,9553694,930  94,930 
其他交易負債1515  15 
交易帳戶負債總額$79,939$14,970$36$94,945 $ $94,945 
交易衍生品
利率合約$22$132,924$2,059$135,005 
外匯合約154,525579155,104 
股權合約13871,2323,17774,547 
商品合約15,67961516,294 
信用衍生品7,4957198,214 
交易衍生品總額-扣除淨值和抵押品之前$160$381,855$7,149$389,164 
淨額結算協議$(316,493)
已付現金抵押品的淨額(25,082)
交易衍生品總額-扣除淨額結算和抵押品後$160$381,855$7,149$389,164 $(341,575)$47,589 
短期借款$$11,675$221$11,896 $ $11,896 
長期債務94,97722,309117,286  117,286 
其他金融負債$5,562$792$1$6,355 $ $6,355 
總負債$85,661$781,171$30,050$896,882 $(551,841)$345,041 
總額占負債總額的百分比(3)
9.6 %87.1 %3.3 %

(1)Represents netting of (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting.
(2)Amounts exclude $25 million of investments measured at net asset value (NAV) in accordance with ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).
(3)Because the amount of the cash collateral paid/received has not been allocated to the Level 1, 2 and 3 subtotals, these percentages are calculated based on total assets and liabilities measured at fair value on a recurring basis, excluding the cash collateral paid/received on derivatives.

191


Fair Value Levels

In millions of dollars at December 31, 2023Level 1Level 2Level 3Gross
inventory
Netting(1)
Net
balance
Assets
Securities borrowed and purchased under agreements to resell$ $453,715 $139 $453,854 $(247,795)$206,059 
Trading non-derivative assets
Trading mortgage-backed securities
U.S. government-sponsored agency guaranteed 79,795 581 80,376 — 80,376 
Residential1 597 116 714 — 714 
Commercial 464 202 666 — 666 
Total trading mortgage-backed securities$1 $80,856 $899 $81,756 $— $81,756 
U.S. Treasury and federal agency securities$112,851 $2,398 $7 $115,256 $— $115,256 
State and municipal 594 3 597 — 597 
Foreign government44,203 28,238 54 72,495 — 72,495 
Corporate1,858 16,716 500 19,074 — 19,074 
Equity securities32,966 12,135 292 45,393 — 45,393 
Asset-backed securities 1,223 531 1,754 — 1,754 
Other trading assets97 16,784 833 17,714 — 17,714 
Total trading non-derivative assets$191,976 $158,944 $3,119 $354,039 $— $354,039 
Trading derivatives
Interest rate contracts$49 $156,307 $2,138 $158,494 
Foreign exchange contracts 158,672 1,022 159,694 
Equity contracts8 41,870 1,400 43,278 
Commodity contracts2 16,456 1,111 17,569 
Credit derivatives 7,564 775 8,339 
Total trading derivatives—before netting and collateral$59 $380,869 $6,446 $387,374 
Netting agreements$(308,431)
Netting of cash collateral received(21,226)
Total trading derivatives—after netting and collateral$59 $380,869 $6,446 $387,374 $(329,657)$57,717 
Investments
Mortgage-backed securities
U.S. government-sponsored agency guaranteed$ $29,640 $75 $29,715 $— $29,715 
Residential 307 116 423 — 423 
Commercial 1  1 — 1 
Total investment mortgage-backed securities$ $29,948 $191 $30,139 $— $30,139 
U.S. Treasury and federal agency securities$80,062 $299 $ $80,361 $— $80,361 
State and municipal 1,589 542 2,131 — 2,131 
Foreign government60,133 70,871 194 131,198 — 131,198 
Corporate2,680 2,370 362 5,412 — 5,412 
Marketable equity securities159 72 27 258 — 258 
Asset-backed securities 938  938 — 938 
Other debt securities 6,757  6,757 — 6,757 
Non-marketable equity securities(2)
  483 483 — 483 
Total investments$143,034 $112,844 $1,799 $257,677 $— $257,677 

Table continues on the next page.
192


In millions of dollars at December 31, 2023Level 1Level 2Level 3Gross
inventory
Netting(1)
Net
balance
Loans$$7,167$427$7,594 $— $7,594 
Mortgage servicing rights691691 — 691 
Other financial assets$4,677$8,321$30$13,028 $ $13,028 
Total assets$339,746$1,121,860$12,651$1,474,257 $(577,452)$896,805 
Total as a percentage of gross assets(3)
23.0%76.1%0.9%
Liabilities
Interest-bearing deposits$$2,411$29$2,440 $— $2,440 
Securities loaned and sold under agreements to repurchase228,048390228,438 (165,953)62,485 
Trading account liabilities
Securities sold, not yet purchased91,16313,46035104,658 — 104,658 
Other trading liabilities88 — 8 
Total trading account liabilities$91,163$13,468$35$104,666 $— $104,666 
Trading derivatives
Interest rate contracts$49$149,914$3,223$153,186 
Foreign exchange contracts156,474727157,201 
Equity contracts1844,8943,03447,946 
Commodity contracts17,96483218,796 
Credit derivatives7,2348488,082 
Total trading derivatives—before netting and collateral$67$376,480$8,664$385,211 
Netting agreements$(308,431)
Netting of cash collateral paid(26,101)
Total trading derivatives—after netting and collateral$67$376,480$8,664$385,211 $(334,532)$50,679 
Short-term borrowings$$6,064$481$6,545 $— $6,545 
Long-term debt77,95838,380116,338 — 116,338 
Other financial liabilities $4,298$130$6$4,434 $ $4,434 
Total liabilities$95,528$704,559$47,985$848,072 $(500,485)$347,587 
Total as a percentage of gross liabilities(3)
11.3 %83.0 %5.7 %

(1)Represents netting of (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting.
(2)Amounts exclude $25 million of investments measured at NAV in accordance with ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).
(3)Because the amount of the cash collateral paid/received has not been allocated to the Level 1, 2 and 3 subtotals, these percentages are calculated based on total assets and liabilities measured at fair value on a recurring basis, excluding the cash collateral paid/received on derivatives.

193


Changes in Level 3 Fair Value Category
The following tables present the changes in the Level 3 fair value category for the three and nine months ended September 30, 2024 and 2023. The gains and losses presented below include changes in the fair value related to both observable and unobservable inputs.
The Company often hedges positions with offsetting positions that are classified in a different level. For example,
the gains and losses for assets and liabilities in the Level 3 category presented in the tables below do not reflect the effect of offsetting losses and gains on hedging instruments that may be classified in the Level 1 or Level 2 categories. In addition, the Company hedges items classified in the Level 3 category with instruments also classified in Level 3 of the fair value hierarchy. The hedged items and related hedges are presented gross in the following tables:


Level 3 Fair Value Rollforward
  
Net realized/unrealized
gains (losses) incl. in(1)
Transfers    
Unrealized
gains (losses)
still held
(3)
In millions of dollarsJun. 30, 2024Principal
transactions
Other(1)(2)
into
Level 3
out of
Level 3
PurchasesIssuancesSalesSettlementsSept. 30, 2024
Assets
Securities borrowed and purchased under agreements to resell$126 $12 $ $ $ $45 $ $ $(47)$136 $12 
Trading non-derivative assets
Trading mortgage-backed securities
U.S. government-sponsored agency guaranteed691 22  139 (160)124  (85) 731 15 
Residential91 (6) 10 (18)28  (34) 71 (1)
Commercial166   11 (57)21  (55) 86 (1)
Total trading mortgage-backed securities$948 $16 $ $160 $(235)$173 $ $(174)$ $888 $13 
U.S. Treasury and federal agency securities$ $ $ $ $ $ $ $ $ $ $ 
State and municipal1   20      21  
Foreign government45 (3) 2  23  (36) 31 (1)
Corporate315 15  61 (37)120  (214) 260 13 
Marketable equity securities244 7  100 (15)77  (127) 286 7 
Asset-backed securities244 (6) 21 (13)53  (84) 215  
Other trading assets783 5  27 (97)155 10 (327)(6)550  
Total trading non-derivative assets$2,580 $34 $ $391 $(397)$601 $10 $(962)$(6)$2,251 $32 
Trading derivatives, net(4)
Interest rate contracts$(1,028)$(73)$ $39 $523 $3 $5 $(18)$233 $(316)$(248)
Foreign exchange contracts551 (7) 13 (532)(18) (7)3 3 (81)
Equity contracts(2,050)(119) (59)149 (102) (13)(42)(2,236)(272)
Commodity contracts404 174  (9)(126)(78) (47)83 401 204 
Credit derivatives74 (119) (6)44 (47)   (54)(93)
Total trading derivatives, net(4)
$(2,049)$(144)$ $(22)$58 $(242)$5 $(85)$277 $(2,202)$(490)

Table continues on the next page.
194


  
Net realized/unrealized
gains (losses) incl. in(1)
Transfers     
Unrealized
gains (losses)
still held
(3)
In millions of dollarsJun. 30, 2024Principal
transactions
Other(1)(2)
into
Level 3
out of
Level 3
PurchasesIssuancesSalesSettlementsSept. 30, 2024
Investments
Mortgage-backed securities
U.S. government-sponsored agency guaranteed$28 $ $4 $ $ $4 $ $(4)$ $32 $4 
Residential25  2       27 1 
Commercial           
Total investment mortgage-backed securities$53 $ $6 $ $ $4 $ $(4)$ $59 $5 
U.S. Treasury and federal agency securities$ $ $ $ $ $ $ $ $ $ $ 
State and municipal439  6  (1)  (8) 436 6 
Foreign government14  (2)      12  
Corporate112  (2)21 (14)60  (27) 150  
Marketable equity securities10         10  
Asset-backed securities     3  (3)   
Other debt securities           
Non-marketable equity securities505  12   107  (1) 623 10 
Total investments$1,133 $ $20 $21 $(15)$174 $ $(43)$ $1,290 $21 
Loans$301 $ $36 $1 $(3)$1 $12 $ $(1)$347 $39 
Mortgage servicing rights709  (40)   32  (18)683 (40)
Other financial assets 21  1    24 (2)(19)25  
Liabilities
Interest-bearing deposits$41 $1 $1 $ $(7)$ $15 $ $(5)$42 $1 
Securities loaned and sold under agreements to repurchase286     230   (224)292  
Trading account liabilities
Securities sold, not yet purchased32 (9) 12 (16)13   (14)36 (3)
Other trading liabilities           
Short-term borrowings201 (1) 49 (10) 107  (127)221 (26)
Long-term debt20,375 (1,720) 636 (857) 697  (262)22,309 (1,868)
Other financial liabilities 3        (2)1  
(1)Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets, and as (increase) decrease to Level 3 liabilities. Changes in fair value of available-for-sale debt securities are recorded in AOCI, unless related to credit impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments in the Consolidated Statement of Income.
(2)Unrealized gains (losses) on MSRs are recorded in Other revenue in the Consolidated Statement of Income.
(3)Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at September 30, 2024.
(4)Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only.

195


  
Net realized/unrealized
gains (losses) incl. in(1)
Transfers    
Unrealized
gains (losses)
still held
(3)
In millions of dollarsDec. 31, 2023Principal
transactions
Other(1)(2)
into
Level 3
out of
Level 3
PurchasesIssuancesSalesSettlementsSept. 30, 2024
Assets
Securities borrowed and purchased under agreements to resell$139 $4 $ $ $ $111 $ $ $(118)$136 $4 
Trading non-derivative assets
Trading mortgage-backed securities
U.S. government-sponsored agency guaranteed581 (17) 423 (445)557  (368) 731 (6)
Residential116 (9) 63 (76)139  (162) 71 (3)
Commercial202 17  50 (146)152  (189) 86 (4)
Total trading mortgage-backed securities$899 $(9)$ $536 $(667)$848 $ $(719)$ $888 $(13)
U.S. Treasury and federal agency securities$7 $4 $ $ $(1)$ $ $ $(10)$ $ 
State and municipal3   20    (2) 21  
Foreign government54 (3) 14 (49)186  (171) 31  
Corporate500 154  136 (425)485  (582)(8)260 23 
Marketable equity securities292 (2) 230 (64)137  (307) 286 (12)
Asset-backed securities531 (24) 51 (191)229  (381) 215 (5)
Other trading assets833 170  179 (263)350 16 (726)(9)550 41 
Total trading non-derivative assets$3,119 $290 $ $1,166 $(1,660)$2,235 $16 $(2,888)$(27)$2,251 $34 
Trading derivatives, net(4)
Interest rate contracts$(1,085)$(756)$ $169 $506 $83 $19 $(35)$783 $(316)$(252)
Foreign exchange contracts295 500  51 (459)(91) (173)(120)3 (49)
Equity contracts(1,634)(345) (130)686 (670) (68)(75)(2,236)(563)
Commodity contracts279 335  23 (138)(67) (64)33 401 397 
Credit derivatives(73)(19) (4)24 11   7 (54)(78)
Total trading derivatives, net(4)
$(2,218)$(285)$ $109 $619 $(734)$19 $(340)$628 $(2,202)$(545)

Table continues on the next page.
196


  
Net realized/unrealized
gains (losses) incl. in(1)
Transfers     
Unrealized
gains (losses)
still held
(3)
In millions of dollarsDec. 31, 2023Principal
transactions
Other(1)(2)
into
Level 3
out of
Level 3
PurchasesIssuancesSalesSettlementsSept. 30, 2024
Investments
Mortgage-backed securities
U.S. government-sponsored agency guaranteed$75 $ $3 $ $ $7 $ $(53)$ $32 $4 
Residential116   1 (90)    27  
Commercial           
Total investment mortgage-backed securities$191 $ $3 $1 $(90)$7 $ $(53)$ $59 $4 
U.S. Treasury and federal agency securities$ $ $ $ $ $ $ $ $ $ $ 
State and municipal542  (25) (7)  (74) 436 (7)
Foreign government194  (14)6 (174)36  (36) 12  
Corporate362  (9)63 (293)111  (84) 150 (2)
Marketable equity securities27  (17)      10  
Asset-backed securities     3  (3)   
Other debt securities           
Non-marketable equity securities483  4   167  (31) 623 10 
Total investments$1,799 $ $(58)$70 $(564)$324 $ $(281)$ $1,290 $5 
Loans$427 $ $(16)$664 $(894)$2 $244 $ $(80)$347 $175 
Mortgage servicing rights691  (23)   68  (53)683 (16)
Other financial assets30  (1)  5 37 (4)(42)25 (1)
Liabilities
Interest-bearing deposits$29 $1 $5 $51 $(40)$ $30 $ $(22)$42 $4 
Securities loaned and sold under agreements to repurchase390     668   (766)292  
Trading account liabilities
Securities sold, not yet purchased35 (17) 26 (26)109   (125)36 (1)
Other trading liabilities           
Short-term borrowings481 (83) 69 (527)1 318  (204)221 (78)
Long-term debt38,380 (293) 3,674 (22,587) 5,479  (2,930)22,309 (1,021)
Other financial liabilities 6      5  (10)1  
(1)Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets, and as (increase) decrease to Level 3 liabilities. Changes in fair value of available-for-sale debt securities are recorded in AOCI, unless related to credit impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments in the Consolidated Statement of Income.
(2)Unrealized gains (losses) on MSRs are recorded in Other revenue in the Consolidated Statement of Income.
(3)Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at September 30, 2024.
(4)Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only.



197


  
淨實現/未實現
收益(損失)包括在(1)
轉讓    
未實現
收益(損失)
仍持有
(3)
以百萬美金2023年6月30日主要
交易
其他(1)(2)

3級

3級
購買發行銷售住區九月2023年30日
資產
根據轉售協議借入和購買的證券$140 $1 $ $ $ $126 $ $ $(132)$135 $9 
交易非衍生資產
交易抵押貸款支持證券
美國政府贊助機構擔保659 (21) 93 (155)92  (130) 538 (14)
住宅145 (1) 31 (3)52  (59) 165 (3)
商業182 (8) 59 (25)26  (29) 205 (8)
抵押貸款支持證券交易總額$986 $(30)$ $183 $(183)$170 $ $(218)$ $908 $(25)
美國財政部和聯邦機構證券$ $ $ $ $ $ $ $ $ $ $ 
州和市3         3  
外國政府81 (23)  (31)70  (28) 69 19 
企業581 224  38 (303)624  (400) 764 (232)
權益性證券285 2  16 (10)28  (58) 263 1 
資產支持證券539 6  15 (39)297  (243) 575 2 
其他交易資產1,478 (332) 279 (198)260  (514) 973 (114)
交易非衍生資產總額$3,953 $(153)$ $531 $(764)$1,449 $ $(1,461)$ $3,555 $(349)
交易衍生品,淨值(4)
利率合約$(1,962)$(474)$ $(18)$298 $51 $ $49 $253 $(1,803)$(637)
外匯合約700 158  1 (24)50  (8)(264)613 159 
股權合約(1,563)641  128 (145)(346) (21)171 (1,135)212 
商品合約330 222  96 (149)(389) (2)(59)49 120 
信用衍生品(155)54  22 81 80   (9)73 (16)
衍生品交易總額,淨值(4)
$(2,650)$601 $ $229 $61 $(554)$ $18 $92 $(2,203)$(162)

表格在下一頁繼續。
198


  
淨實現/未實現
收益(損失)包括在(1)
轉讓     
未實現
收益(損失)
仍持有
(3)
以百萬美金2023年6月30日主要
交易
其他(1)(2)

3級

3級
購買發行銷售住區九月2023年30日
投資
抵押貸款支持證券
美國政府贊助機構擔保$32 $ $ $ $(3)$ $ $ $ $29 $ 
住宅25  (1)      24 (1)
總投資抵押貸款支持證券$57 $ $(1)$ $(3)$ $ $ $ $53 $(1)
美國財政部和聯邦機構證券$21 $ $(1)$ $ $ $ $ $ $20 $ 
州和市507  (29)1  45  (31) 493 (29)
外國政府414  (12)2 (179)124  (153) 196 1 
企業290     15  (16) 289  
權益性證券13  (2)      11  
資產支持證券1  (1)30      30  
其他債務證券57  1  (58)      
非有價股權證券404  21 6      431 (5)
總投資$1,764 $ $(24)$39 $(240)$184 $ $(200)$ $1,523 $(34)
貸款$241 $ $15 $ $ $ $10 $ $(1)$265 $(82)
按揭服務權681  42    23  (17)729 41 
其他金融資產 73  (22)  28  (2) 77  
負債
計息存款$26 $ $(10)$49 $ $ $70 $ $ $155 $(11)
根據回購協議借出和出售的證券627 (2)      (148)481 1 
交易帳戶負債
已出售但尚未購買的證券62   11 (3)61   (43)88 (2)
其他交易負債4   1 (2)2   (4)1  
短期借款296   16 (7)1 181  (31)456 (21)
長期債務37,204 2,816  1,010 (1,336) 3,027  (1,439)35,650 2,112 
其他金融負債 23      26 (21) 28  
(1)淨已實現/未實現收益(損失)呈列為第三級資產的增加(減少)和第三級負債的增加(減少)。可供出售債務證券的公允價值變化記錄在 澳磁,除非與信用損失有關,而銷售損益記錄在 投資銷售已實現收益(損失) 在合併利潤表中。
(2)MSRS的未實現收益(損失)記錄在 其他收入 在合併利潤表中。
(3)代表本期損益總額,包括在收益中(和 澳磁 可供出售債務證券的公允價值變化和公允價值期權負債的DVA),歸因於與2023年9月30日仍持有的分類為第3級的資產和負債相關的公允價值變化。
(4)這些表格中的第3級交易衍生品資產和負債總額僅為呈列目的而進行了淨值計算。
199


  
淨實現/未實現
收益(損失)包括在(1)
轉讓    
未實現
收益(損失)
仍持有
(3)
以百萬美金2022年12月31日主要
交易
其他(1)(2)

3級

3級
購買發行銷售住區九月2023年30日
資產
根據轉售協議借入和購買的證券$149 $4 $ $ $(2)$263 $ $ $(279)$135 $9 
交易非衍生資產
交易抵押貸款支持證券
美國政府贊助機構擔保600 (31) 278 (421)462  (350) 538 (34)
住宅166 (2) 92 (65)152  (178) 165 (17)
商業145 (23) 163 (56)76  (100) 205 (19)
抵押貸款支持證券交易總額$911 $(56)$ $533 $(542)$690 $ $(628)$ $908 $(70)
美國財政部和聯邦機構證券$1 $(1)$ $ $ $ $ $ $ $ $ 
州和市7 (3) 19    (20) 3 (1)
外國政府119 (17) 8 (58)131  (114) 69 22 
企業394 300  248 (481)976  (673) 764 (185)
權益性證券192 11  42 (18)125  (89) 263 10 
資產支持證券668 20  94 (120)615  (702) 575 4 
其他交易資產648 69  540 (274)728  (738) 973 (123)
交易非衍生資產總額$2,940 $323 $ $1,484 $(1,493)$3,265 $ $(2,964)$ $3,555 $(343)
交易衍生品,淨值(4)
利率合約$355 $(2,163)$ $(220)$(361)$38 $ $62 $486 $(1,803)$(2,060)
外匯合約50 704  105 24 152  (89)(333)613 408 
股權合約(1,104)(237) 61 661 (599) (65)148 (1,135)(596)
商品合約278 85  270 91 (447) (14)(214)49 12 
信用衍生品(157)(92) 19 217 82   4 73 (84)
衍生品交易總額,淨值(4)
$(578)$(1,703)$ $235 $632 $(774)$ $(106)$91 $(2,203)$(2,320)

表格在下一頁繼續。
200


  
Net realized/unrealized
gains (losses) incl. in(1)
Transfers     
Unrealized
gains (losses)
still held
(3)
In millions of dollarsDec. 31, 2022Principal
transactions
Other(1)(2)
into
Level 3
out of
Level 3
PurchasesIssuancesSalesSettlementsSept. 30, 2023
Investments
Mortgage-backed securities
U.S. government-sponsored agency guaranteed$30 $ $(1)$ $(3)$4 $ $(1)$ $29 $(3)
Residential41  (1)    (16) 24 (1)
Total investment mortgage-backed securities$71 $ $(2)$ $(3)$4 $ $(17)$ $53 $(4)
U.S. Treasury and federal agency securities$ $ $(1)$ $ $51 $ $(30)$ $20 $ 
State and municipal586  (20)2 (77)46  (44) 493 (23)
Foreign government608  (7)27 (197)647  (882) 196 1 
Corporate343  (1) (61)96  (88) 289 (4)
Marketable equity securities10  1       11  
Asset-backed securities1  (1)30      30  
Other debt securities  1  (63)62      
Non-marketable equity securities430  3 8  16  (26) 431 (5)
Total investments$2,049 $ $(27)$67 $(401)$922 $ $(1,087)$ $1,523 $(35)
Loans$1,361 $ $(249)$2 $(309)$ $116 $ $(656)$265 $(104)
Mortgage servicing rights665  61    54  (51)729 62 
Other financial assets 57  (24) (2)50  (4) 77  
Liabilities
Interest-bearing deposits$15 $(7)$(12)$49 $(1)$ $83 $ $(10)$155 $(11)
Securities loaned and sold under agreements to repurchase1,031 (8)  (24)1,335   (1,869)481 1 
Trading account liabilities
Securities sold, not yet purchased50 (13) 22 (34)125   (88)88 (2)
Other trading liabilities3 2  4 (2)2   (4)1  
Short-term borrowings38 40  35 (23)1 478  (33)456 (31)
Long-term debt36,117 2,589  4,238 (7,442) 7,371  (2,045)35,650 841 
Other financial liabilities 2  1  (1) 49 (21) 28  

(1)Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets, and as (increase) decrease to Level 3 liabilities. Changes in fair value of available-for-sale debt securities are recorded in AOCI, unless related to credit impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments in the Consolidated Statement of Income.
(2)Unrealized gains (losses) on MSRs are recorded in Other revenue in the Consolidated Statement of Income.
(3)Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at September 30, 2023.
(4)Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only.



201


Level 3 Fair Value Transfers
The following were the significant Level 3 transfers for the period December 31, 2023 to September 30, 2024:

During the three and nine months ended September 30, 2024, transfers of Long-term debt were $0.9 billion and $22.6 billion from Level 3 to Level 2, and $0.6 billion and $3.7 billion from Level 2 to Level 3, respectively. The Level 3 to Level 2 YTD transfers were primarily the result of enhanced significance testing of unobservable input for certain structured debt instruments. The Level 2 to Level 3 YTD transfers were primarily the result of certain unobservable inputs becoming more significant to the overall valuation of these instruments.

The following were the significant Level 3 transfers for the period December 31, 2022 to September 30, 2023:

During the three and nine months ended September 30, 2023, transfers of Long-term debt were $1.0 billion and $4.2 billion from Level 2 to Level 3, respectively. Of the $4.2 billion transfer, approximately $3.6 billion related to interest rate option volatility inputs becoming unobservable and/or significant relative to their overall valuation, and $0.6 billion related to equity and credit derivative inputs (in addition to other volatility inputs, e.g., interest rate volatility inputs) becoming unobservable and/or significant to their overall valuation. In other instances, market changes have resulted in some inputs becoming more observable, and some unobservable inputs becoming less significant to the overall valuation of the instruments (e.g., when an option becomes deep-in or deep-out of the money). This has primarily resulted in $1.3 billion and $7.4 billion of certain structured long-term debt products being transferred from Level 3 to Level 2 during the three and nine months ended September 30, 2023, respectively.
202


Valuation Techniques and Inputs for Level 3 Fair Value Measurements
The following tables present the valuation techniques covering the majority of Level 3 inventory and the most significant unobservable inputs used in Level 3 fair value measurements.
Differences between these tables and amounts presented in the Level 3 Fair Value Rollforward tables represent individually immaterial items that have been measured using a variety of valuation techniques other than those listed.

As of September 30, 2024
Fair value(1)
(in millions)
MethodologyInput
Low(2)(3)
High(2)(3)
Weighted
average(4)
Assets   
Securities borrowed and purchased under agreements to resell$136 Model-basedCredit spread10 bps10 bps10 bps
Interest rate3.65 %3.65 %3.65 %
Mortgage-backed securities$543 
Price-based
Price$0.56 $149.50 $33.43 
381 Yield analysisYield4.41 %21.93 %7.69 %
State and municipal, foreign government, corporate and other debt securities$1,007 
Price-based
Price
$$189.68$94.98
428 Model-basedCredit spread35 bps550 bps337 bps
Marketable equity securities(5)
$250 Price-basedPrice$$14,350.67$106.47
Asset-backed securities$151 Price-basedPrice$0.69$142.85$76.18
64 Yield analysisYield6.31 %27.44 %8.74 %
Non-marketable equities$228 Comparables analysisIlliquidity discount7.40 %33.00 %14.35 %
Revenue multiple4.30x16.26x11.95x
222 Price-basedPrice$0.55 $3,190.93 $1,756.38 
Discount rate9.25 %17.50 %13.15 %
Derivatives—gross(6)
Interest rate contracts (gross)$3,678 Model-basedIR normal volatility0.28 %20.00 %2.32 %
Yield(0.16)%51.68 %4.51 %
Equity volatility0.11 %266.80 %58.33 %
Inflation volatility0.25 %6.34 %1.35 %
Foreign exchange contracts (gross)$1,128 Model-basedIR normal volatility0.40 %1.32 %0.78 %
IR basis(24.26)%56.13 %3.32 %
Equity contracts (gross)(7)
$4,059 Model-basedEquity volatility0.11 %266.80 %54.32 %
Equity forward66.73 %268.63 %105.70 %
Equity-FX correlation(90.00)%70.00 %(13.62)%
Equity-Equity correlation(36.22)%99.00 %71.33 %
Recovery (in millions)
$8,628 $8,628 $8,628 
WAL2.65 years2.65 years2.65 years
Commodity and other contracts (gross)$1,602 Model-basedForward price3.24 %249.00 %113.46 %
Commodity volatility13.77 %257.77 %42.83 %
Commodity correlation7.30 %93.30 %48.25 %
Credit derivatives (gross)$940 Model-basedCredit spread7 bps574 bps88 bps
Recovery rate20.00 %40.00 %37.43 %
Upfront points0.94 %119.12 %55.28 %
Credit spread volatility31.34 %112.70 %71.91 %
443 Price-basedPrice$41.00$102.78$83.78
203


As of September 30, 2024
Fair value(1)
(in millions)
MethodologyInput
Low(2)(3)
High(2)(3)
Weighted
average(4)
Other financial assets and liabilities (gross)$26 Price-basedPrice$0.11$111.48$96.42
Loans and leases$244 Model-basedForward price4.47 %228.95 %101.94 %
Equity volatility34.90 %42.51 %37.30 %
103 Price-basedPrice$78.12$99.56$88.76
Mortgage servicing rights$595 Cash flowYield(1.20)%12.00 %6.00 %
88 Model-basedWAL3.5 years8.33 years7.03 years
Liabilities
Interest-bearing deposits$42 Model-basedForward price100.00 %100.00 %100.00 %
Securities loaned and sold under agreements to repurchase$292 
Model-based
Interest rate
3.57 %4.82 %3.61 %
Trading account liabilities
Securities sold, not yet purchased and other trading liabilities$33 Price-basedPrice$$14,350.67$22.71
Short-term borrowings and
long-term debt
$22,305 
Model-based
IR normal volatility0.40 %20.00 %1.55 %
Equity volatility0.11 %266.80 %69.41 %
Equity forward66.73 %268.63 %104.63 %
Equity-IR correlation(38.00)%60.00 %27.87 %

截至2023年12月31日
公平值(1)
(in數百萬)
方法輸入
(2)(3)
(2)(3)
加權
平均(4)
資產      
根據轉售協議借入和購買的證券$139 基於模型信用利差15 BPS15 BPS15 BPS
利率4.00 %4.00 %4.00 %
抵押貸款支持證券$679 價格型價格$1.67 $124.63 $55.39 
401 產量分析產量4.63 %19.08 %8.93 %
州和市政府、外國政府、公司和其他債務證券$1,582 價格型價格$0.01 $123.74 $79.71 
778 基於模型信用利差35 BPS550 BPS304 BPS
權益性證券(5)
$259 價格型價格$ $12,189.17 $168.09 
38 基於模型Wal2.242.242.24
恢復 (in數百萬)
$7,398 $7,398 $7,398 
資產支持證券$475 價格型價格$3.50 $129.00 $65.87 
57 產量分析產量5.93 %18.86 %8.57 %
非流通股票$366 可比分析流動性不足折扣 8.00 %10.00 %8.82 %
本益比9.30x16.50x11.37x
收入倍數2.80x13.40x12.28x
EBITDA倍數15.80x15.80x15.80x
56 現金流價格折扣8.50 %8.50 %8.50 %
50 價格型價格$0.40 $158.92 $56.78 
衍生品-毛(6)
利率合同(毛額)$5,237 基於模型IR正常波動率(0.07)%15.00 %1.44 %
利率2.70 %5.40 %3.20 %
外匯合同(毛額)$1,652 基於模型IR正常波動率(0.07)%12.05 %1.50 %
IR基礎(1.45)%147.79 %7.11 %
股權合同(毛額)(7)
$4,239 基於模型權利波幅0.10 %334.35 %38.35 %
股權遠54.14 %273.54 %101.44 %
204


截至2023年12月31日
公平值(1)
(in數百萬)
方法輸入
(2)(3)
(2)(3)
加權
平均(4)
股票與外匯相關性(79.00)%70.00 %(7.66)%
股權相關性(6.49)%97.44 %80.42 %
Wal2.242.242.24
恢復 (in數百萬)
$7,398 $7,398 $7,398 
商品和其他合同(毛額)$1,943 基於模型遠期價格31.70 %425.51 %134.65 %
大宗商品波動性14.72 %149.99 %37.03 %
商品相關性(45.33)%93.02 %45.03 %
信貸衍生品(毛)$1,135 基於模型信用利差11.43 BPS1,519 BPS140.34 BPS
信用利差波動23.94 %115.66 %42.76 %
回收率15.00 %75.00 %36.56 %
378 價格型前期積分1.25 %117.31 %58.10 %
價格$37.67 $97.00 $79.54 
其他金融資產和負債(毛額)$36 價格型價格$0.01 $104.79 $90.87 
貸款和租賃$316 價格型價格$98.80 $98.80 $98.80 
111 基於模型遠期價格33.48 %348.43 %115.47 %
大宗商品波動性26.51 %66.80 %31.79 %
商品相關性(45.33)%93.02 %(7.28)%
權利波幅41.61 %45.40 %43.17 %
按揭服務權$595 現金流Wal1.008.761.29
66 基於模型產量 %12.00 %8.06 %
負債
計息存款$29 基於模型遠期價格100.00 %100.00 %100.00 %
根據回購協議借出和出售的證券$390 基於模型利率 3.92 %5.27 %3.96 %
交易帳戶負債
已出售、尚未購買的證券和其他交易負債$23 價格型價格$ $12,189.17 $28.70 
7產量分析產量7.46 %7.46 %7.46 %
5基於模型外匯波動性3.56 %28.13 %13.17 %
短期借款及
長期債務
$38,794 基於模型IR正常波動率0.32 %20.00 %1.25 %

(1)The tables above include the fair values for the items listed and may not foot to the total population for each category.
(2)Some inputs are shown as zero due to rounding.
(3)When the low and high inputs are the same, there is either a constant input applied to all positions, or the methodology involving the input applies to only one large position.
(4)Weighted averages are calculated based on the fair values of the instruments.
(5)For equity securities, the price inputs are expressed on an absolute basis, not as a percentage of the notional amount.
(6)Both trading and non-trading account derivatives—assets and liabilities—are presented on a gross absolute value basis.
(7)Includes hybrid products.

205


按公允價值非經常性計量的專案
某些資產和負債在非經常性基礎上按公允價值計量,因此不包括在上表中。這些資產包括因減值而在期內減記至公允價值的按成本計量的資產。該等非流通股本證券亦包括已使用計量替代方案計量並(I)因減值而於有關期間減記至公允價值,或(Ii)因於同一發行人相同或類似投資期間觀察到的交易而向上或向下調整至公允價值的非流通股本證券。此外,這些資產包括持有的待售貸款和其他以成本或市場價值較低的價格計量的房地產。
下表列出了記錄了非經常性公允價值計量的所有仍然持有的資產的賬面金額:

以百萬美金公平值2級3級
2024年9月30日   
貸款及資助計劃(1)
$596 $352 $244 
擁有的其他房地產9  9 
貸款(2)
212  212 
使用計量替代方案計量的非流通股本證券102  102 
非經常性基礎上按公允價值計算的總資產$919 $352 $567 

以百萬美金公平值2級3級
2023年12月31日   
貸款及資助計劃(1)
$1,171 $495 $676 
擁有的其他房地產4  4 
貸款(2)
328  328 
使用測量替代方案測量的非有價股權證券359  359 
按非經常性公允價值計算的總資產$1,862 $495 $1,367 

(1)扣除HFS確認為 其他負債 在合併資產負債表上。
(2)指為投資而持有的抵押品依賴貸款,其抵押品的公允價值用於估計預期信用損失,其公允價值基於基礎抵押品的公允價值減去銷售成本(如適用)(主要是房地產)。

206


Valuation Techniques and Inputs for Level 3 Nonrecurring Fair Value Measurements
The following tables present the valuation techniques covering the majority of Level 3 nonrecurring fair value measurements and the most significant unobservable inputs used in those measurements:

As of September 30, 2024
Fair value(1)
(in millions)
MethodologyInput
Low(2)
High
Weighted
average(3)
Loans HFS$211 Price-basedPrice$95.73 $100.00 $97.91 
Loans(5)
$149 Cash flow
Appraised value(4)
$12,000 $78,595,495 $40,009,156 
62 Recovery analysis
Non-marketable equity securities measured using the measurement alternative$70 Price-basedPrice$1.23 $519.72 $110.65 
33 Comparable analysisRevenue multiple6.10x9.19x6.89x
Illiquidity discount18.40 %19.50 %18.95 %
Other real estate owned$7 Price-based
Appraised value(4)
$21,600 $342,000 $194,563 
Price$ $8,427.00 $123.38 

As of December 31, 2023
Fair value(1)
(in millions)
MethodologyInput
Low(2)
High
Weighted
average(3)
Loans HFS$674 Price-basedPrice$67.50 $100.00 $93.39 
Loans(5)
$296 Recovery analysis
Appraised value(4)
$12,000 $75,997,078 $46,121,923 
Non-marketable equity securities measured using the measurement alternative$250 Price-basedPrice$1.57 $2,637.00 $1,114.06 
109 Comparable analysisRevenue multiple2.30x35.70x11.69x
Other real estate owned$3 Price-based
Appraised value(4)
$401,042 $2,061,700 $155,696 

(1)The tables above include the fair values for the items listed and may not foot to the total population for each category.
(2)Some inputs are shown as zero due to rounding.
(3)Weighted averages are calculated based on the fair values of the instruments.
(4)Appraised values are disclosed in whole dollars.
(5)Represents collateral-dependent loans held for investment for which the fair value of collateral is used to estimate expected credit losses, and whose carrying amount is based on the fair value of the underlying collateral less costs to sell, as applicable (primarily real estate).


Nonrecurring Fair Value Changes
The following table presents total nonrecurring fair value measurements for the period, included in earnings, attributable to the change in fair value relating to assets that were still held:


Three Months Ended
September 30,
Nine Months Ended
September 30,
In millions of dollars2024202320242023
Loans HFS$(1)$ $(46)$6 
Other real estate owned    
Loans(1)
(16)(82)(16)(110)
Non-marketable equity securities measured using the measurement alternative(8)(12)20 (69)
Total nonrecurring fair value gains (losses)$(25)$(94)$(42)$(173)

(1)Represents collateral-dependent loans held for investment for which the fair value of collateral is used to estimate expected credit losses, and whose carrying amount is based on the fair value of the underlying collateral less costs to sell, as applicable (primarily real estate).


207


Estimated Fair Value of Financial Instruments Not Carried at Fair Value
The following tables present the carrying value and fair value of Citigroup’s financial instruments that are not carried at fair value. The tables below therefore exclude items measured at fair value on a recurring basis presented in the tables above.








 September 30, 2024Estimated fair value
 Carrying
value
Estimated
fair value
In billions of dollarsLevel 1Level 2Level 3
Assets 
HTM debt securities, net of allowance(1)
$253.6 $239.8 $126.5 $110.9 $2.4 
Securities borrowed and purchased under agreements to resell138.0 138.0  138.0  
Loans(2)(3)
662.2 669.0   669.0 
Other financial assets(3)(4)
403.8 403.8 284.9 18.2 100.7 
Liabilities
Deposits(5)
$1,305.9 $1,305.7 $ $1,305.7 $ 
Securities loaned and sold under agreements to repurchase215.5 215.5  215.5  
Long-term debt(6)
181.7 186.8  175.8 11.0 
Other financial liabilities(7)
146.4 146.4  27.9 118.5 
 December 31, 2023Estimated fair value
 Carrying
value
Estimated
fair value
In billions of dollarsLevel 1Level 2Level 3
Assets     
HTM debt securities, net of allowance(1)
$259.7 $240.6 $124.0 $114.1 $2.5 
Securities borrowed and purchased under agreements to resell139.6 139.7  139.7  
Loans(2)(3)
663.3 673.2   673.2 
Other financial assets(3)(4)
347.5 347.5 243.1 17.8 86.6 
Liabilities     
Deposits$1,306.2 $1,305.9 $ $1,116.5 $189.4 
Securities loaned and sold under agreements to repurchase215.6 215.6  215.6  
Long-term debt(6)
170.3 173.4  168.0 5.4 
Other financial liabilities(7)
132.8 132.8  29.2 103.6 

(1)Includes $5.3 billion and $5.5 billion of non-marketable equity securities carried at cost at September 30, 2024 and December 31, 2023, respectively.
(2)The carrying value of loans is net of the allowance for credit losses on loans of $18.4 billion for September 30, 2024 and $18.1 billion for December 31, 2023. In addition, the carrying values exclude $0.3 billion and $0.3 billion of lease finance receivables at September 30, 2024 and December 31, 2023, respectively.
(3)Includes items measured at fair value on a nonrecurring basis.
(4)Includes cash and due from banks, deposits with banks, brokerage receivables, reinsurance recoverables and other financial instruments included in Other assets on the Consolidated Balance Sheet, for all of which the carrying value is a reasonable estimate of fair value.
(5)As a result of Citi refining its application of fair value hierarchy methodologies, certain deposit liabilities that were previously classified as Level 3 are now classified as Level 2.
(6)The carrying value includes long-term debt balances under qualifying fair value hedges.
(7)Includes brokerage payables, separate and variable accounts, short-term borrowings (carried at cost) and other financial instruments included in Other liabilities on the Consolidated Balance Sheet, for all of which the carrying value is a reasonable estimate of fair value.


The estimated fair values of the Company’s corporate unfunded lending commitments at September 30, 2024 and December 31, 2023 were off-balance sheet liabilities of $15.2 billion and $14.2 billion, respectively, substantially all of which are classified as Level 3. The Company does not estimate the fair values of consumer unfunded lending commitments, which are generally cancelable by providing notice to the borrower.

208


24.  FAIR VALUE ELECTIONS

The Company may elect to report most financial instruments and certain other items at fair value on an instrument-by-instrument basis with changes in fair value reported in earnings, other than DVA (see below). The election is made upon the initial recognition of an eligible financial asset, financial liability or firm commitment or when certain specified reconsideration events occur. The fair value election


may not otherwise be revoked once an election is made. The changes in fair value are recorded in current earnings. Movements in DVA are reported as a component of AOCI.
The Company has elected fair value accounting for its mortgage servicing rights (MSRs). See Note 21 for additional details on Citi’s MSRs.
Additional discussion regarding other applicable areas in which fair value elections were made is presented in Note 23.


The following table presents the changes in fair value of those items for which the fair value option has been elected:

Changes in fair value—gains (losses)
 
Three Months Ended September 30,
Nine Months Ended September 30,
In millions of dollars2024202320242023
Assets  
Securities borrowed and purchased under agreements to resell$223 $69 $164 $59 
Trading account assets8 (14)10 65 
Loans
Certain corporate loans(143)1,036 1,235 1,362 
Certain consumer loans14 (10)4 (9)
Total loans$(129)$1,026 $1,239 $1,353 
Other assets 
MSRs$(40)$42 $(23)$61 
Certain mortgage loans HFS(1)
43 (28)48 (38)
Total other assets$3 $14 $25 $23 
Total assets$105 $1,095 $1,438 $1,500 
Liabilities 
Interest-bearing deposits$(43)$18 $(106)$(34)
Securities loaned and sold under agreements to repurchase(70)(63)(44)(82)
Trading account liabilities(17)(151)(241)1 
Short-term borrowings(2)
(200)144 (581)232 
Long-term debt(2)
(6,216)2,443 (8,338)(4,053)
Total liabilities$(6,546)$2,391 $(9,310)$(3,936)

(1)Includes gains (losses) associated with interest rate lock commitments for originated loans for which the Company has elected the fair value option.
(2)Includes DVA that is included in AOCI. See Notes 19 and 23.
209


Own Debt Valuation Adjustments (DVA)
Own debt valuation adjustments are recognized on Citi’s liabilities for which the fair value option has been elected using Citi’s credit spreads observed in the bond market. Changes in fair value of fair value option liabilities related to changes in Citigroup’s own credit spreads (DVA) are reflected as a component of AOCI. See Note 19 for additional information.
Among other variables, the fair value of liabilities for which the fair value option has been elected (other than non-recourse debt and similar liabilities) is impacted by the narrowing or widening of the Company’s credit spreads.
The estimated changes in the fair value of these non-derivative liabilities due to such changes in the Company’s own credit spread (or instrument-specific credit risk) were a loss of $(201) million and a gain of $395 million for the three months ended September 30, 2024 and 2023, and a loss of $(608) million and $(875) million for the nine months ended September 30, 2024 and 2023, respectively. Changes in fair value resulting from changes in instrument-specific credit risk were estimated by incorporating the Company’s current credit spreads observable in the bond market into the relevant valuation technique used to value each liability as described above.

The Fair Value Option for Financial Assets and Financial Liabilities

Selected Portfolios of Securities Purchased Under Agreements to Resell, Securities Borrowed, Securities Sold Under Agreements to Repurchase, Securities Loaned and Certain Uncollateralized Short-Term Borrowings
The Company elected the fair value option for certain portfolios of fixed income securities purchased under agreements to resell and fixed income securities sold under
agreements to repurchase, securities borrowed, securities loaned and certain uncollateralized short-term borrowings held primarily by broker-dealer entities in the U.S., the U.K. and Japan. In each case, the election was made because the related interest rate risk is managed on a portfolio basis, primarily with offsetting derivative instruments that are accounted for at fair value through earnings.
Changes in fair value for transactions in these portfolios are recorded in Principal transactions. The related interest income and interest expense are measured based on the contractual rates specified in the transactions and are reported as Interest income and Interest expense in the Consolidated Statement of Income.

Certain Loans and Other Credit Products
Citigroup has also elected the fair value option for certain other originated and purchased loans, including certain unfunded loan products, such as guarantees and letters of credit, executed by Citigroup’s lending and trading businesses. None of these credit products are highly leveraged financing commitments. Significant groups of transactions include loans and unfunded loan products that are expected to be either sold or securitized in the near term, or transactions where the economic risks are hedged with derivative instruments, such as purchased credit default swaps or total return swaps where the Company pays the total return on the underlying loans to a third party. Citigroup has elected the fair value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications. Fair value was not elected for most lending transactions across the Company.


The following table provides information about certain credit products carried at fair value:

 September 30, 2024December 31, 2023
In millions of dollarsTrading assetsLoansTrading assetsLoans
Carrying amount reported on the Consolidated Balance Sheet$4,059 $8,106 $4,518 $7,594 
Aggregate unpaid principal balance in excess of (less than) fair value109 (71)88 10 
Balance of non-accrual loans or loans more than 90 days past due 2  1 
Aggregate unpaid principal balance in excess of (less than) fair value for non-accrual loans or loans more than 90 days past due 1  1 

In addition to the amounts reported above, $280 million and $391 million of unfunded commitments related to certain credit products selected for fair value accounting were outstanding as of September 30, 2024 and December 31, 2023, respectively.

210


Changes in the fair value of funded and unfunded credit products are classified in Principal transactions in Citi’s Consolidated Statement of Income. Related interest income is measured based on the contractual interest rates and reported as Interest income on Trading account assets or loan interest depending on the balance sheet classifications of the credit products. The changes in fair value for the three months ended September 30, 2024 and 2023 due to instrument-specific credit risk were a gain of $6 million and a loss of $(27) million, respectively. Changes in fair value due to instrument-specific credit risk are estimated based on changes in borrower-specific credit spreads and recovery assumptions.

Certain Investments in Unallocated Precious Metals
Citigroup invests in unallocated precious metals accounts (e.g., gold, silver, platinum and palladium) as part of its commodity trading activities. Under ASC 815, the investment is bifurcated into a debt host contract and a commodity derivative instrument. Citigroup elects the fair value option for the debt host contract, and reports the contract within Trading account assets on the Company’s Consolidated Balance Sheet.
As part of its commodity trading activities, Citi trades unallocated precious metals investments and executes forward purchase and forward sale derivative contracts with trading counterparties. When Citi sells an unallocated precious metals investment, Citi’s receivable from its depository bank is repaid and Citi derecognizes its investment in the unallocated precious metal. The forward purchase or sale contract with the trading counterparty indexed to unallocated precious metals is accounted for as a derivative, at fair value through earnings.

Certain Mortgage Loans Held-for-Sale (HFS)
Citigroup has elected the fair value option for certain purchased and originated prime fixed-rate and conforming adjustable-rate first mortgage loans HFS. These loans are intended for sale or securitization and are economically hedged with derivative instruments. The Company has elected the fair value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications.


The following table provides information about certain mortgage loans HFS carried at fair value:

In millions of dollarsSeptember 30, 2024December 31, 2023
Carrying amount reported on the Consolidated Balance Sheet$948 $571 
Aggregate fair value in excess of (less than) unpaid principal balance29 17 
Balance of non-accrual loans or loans more than 90 days past due1 3 
Aggregate unpaid principal balance in excess of fair value for non-accrual loans
or loans more than 90 days past due
  

The changes in the fair values of these mortgage loans are reported in Other revenue in the Company’s Consolidated Statement of Income. There was no net change in fair value during the nine months ended September 30, 2024 and 2023 due to instrument-specific credit risk. Changes in fair value due to instrument-specific credit risk are estimated based on changes in the borrower default, prepayment and recovery forecasts in addition to instrument-specific credit spread. Related interest income continues to be measured based on the contractual interest rates and reported as Interest income in the Consolidated Statement of Income.



211


Certain Debt Liabilities
The Company has elected the fair value option for certain debt liabilities, because these exposures are considered to be trading-related positions and, therefore, are managed on a fair value basis. These positions are classified as Long-term debt or Short-term borrowings on the Company’s Consolidated Balance Sheet.





The following table provides information about the carrying value of notes carried at fair value, disaggregated by type of risk:

In billions of dollarsSeptember 30, 2024December 31, 2023
Interest rate linked$60.3 $60.4 
Foreign exchange linked0.2  
Equity linked44.1 45.9 
Commodity linked6.4 5.3 
Credit linked6.3 4.7 
Total$117.3 $116.3 

The portion of the changes in fair value attributable to changes in Citigroup’s own credit spreads (DVA) is reflected as a component of AOCI while all other changes in fair value are reported in Principal transactions. Changes in the fair value of these liabilities include accrued interest, which is also included in the change in fair value reported in Principal transactions.



The following table provides information about long-term debt and short-term borrowings carried at fair value:

In millions of dollarsSeptember 30, 2024December 31, 2023
Long-term debt
Carrying amount reported on the Consolidated Balance Sheet$117,286 $116,338 
Aggregate unpaid principal balance in excess of (less than) fair value(2,281)(2,842)
Short-term borrowings
Carrying amount reported on the Consolidated Balance Sheet$11,896 $6,545 
Aggregate unpaid principal balance in excess of (less than) fair value(330)(60)




212


25.  GUARANTEES AND COMMITMENTS

The following tables present information about Citi’s guarantees at September 30, 2024 and December 31, 2023.
For additional information on Citi’s guarantees and indemnifications included in the tables below, as well as its other guarantees and indemnifications excluded from these tables, see Note 28 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.







Maximum potential amount of future payments 
In billions of dollars at September 30, 2024Expire within
1 year
Expire after
1 year
Total amount
outstanding
Carrying value
(in millions of dollars)
Financial standby letters of credit$17.6 $61.5 $79.1 $653 
Performance guarantees4.4 5.7 10.1 33 
Derivative instruments considered to be guarantees45.7 22.5 68.2 306 
Loans sold with recourse 1.0 1.0  
Securities lending indemnifications(1)
108.1  108.1  
Card merchant processing(2)
123.8  123.8  
Credit card arrangements with partners0.2 0.1 0.3 4 
Guarantees under the Fixed Income Clearing Corporation sponsored member repo program
135.3  135.3  
Other0.1 7.7 7.8 44 
Total$435.2 $98.5 $533.7 $1,040 

 Maximum potential amount of future payments 
In billions of dollars at December 31, 2023Expire within
1 year
Expire after
1 year
Total amount
outstanding
Carrying value
(in millions of dollars)
Financial standby letters of credit$17.8 $63.5 $81.3 $674 
Performance guarantees4.8 5.8 10.6 49 
Derivative instruments considered to be guarantees24.2 16.3 40.5 362 
Loans sold with recourse0.6 1.2 1.8 16 
Securities lending indemnifications(1)
104.1  104.1  
Card merchant processing(2)
138.0  138.0  
Credit card arrangements with partners0.2 0.2 0.4 5 
Guarantees under the Fixed Income Clearing Corporation sponsored member repo program27.7  27.7  
Other 7.7 7.7 50 
Total$317.4 $94.7 $412.1 $1,156 

(1)The carrying values of securities lending indemnifications were not material for either period presented, as the probability of potential liabilities arising from these guarantees is minimal.
(2)At September 30, 2024 and December 31, 2023, this maximum potential exposure was estimated to be approximately $124 billion and $138 billion, respectively. However, Citi believes that the maximum exposure is not representative of the actual potential loss exposure based on its historical experience. This contingent liability is unlikely to arise, as most products and services are delivered when purchased and amounts are refunded when items are returned to merchants.


213


Loans Sold with Recourse
In addition to the amounts presented in the tables above, the repurchase reserve was approximately $12 million and $11 million at September 30, 2024 and December 31, 2023, respectively, and these amounts are included in Other liabilities on the Consolidated Balance Sheet.

Futures and Over-the-Counter Derivatives Clearing
Citi provides clearing services on central clearing parties (CCP) for clients that need to clear exchange-traded and over-the-counter (OTC) derivatives contracts with CCPs. As a clearing member, Citi is exposed to the risk of non-performance by clients (e.g., failure of a client to post variation margin to the CCP for negative changes in the value of the client’s derivative contracts). In the event of non-performance by a client, Citi would move to close out the client’s positions. The CCP would typically utilize initial margin posted by the client and held by the CCP, with any remaining shortfalls required to be paid by Citi as clearing member. Citi generally holds incremental cash or securities margin posted by the client, which would typically be expected to be sufficient to mitigate Citi’s credit risk in the event that the client fails to perform.


Carrying Value—Guarantees and Indemnifications
At September 30, 2024 and December 31, 2023, the total carrying amounts of the liabilities related to the guarantees and indemnifications included in the tables above amounted to approximately $1.0 billion and $1.2 billion, respectively. The carrying value of financial and performance guarantees is included in Other liabilities.

Collateral
Cash collateral available to Citi to reimburse losses realized under these guarantees and indemnifications amounted to $53.5 billion and $52.5 billion at September 30, 2024 and December 31, 2023, respectively. Securities and other marketable assets held as collateral amounted to $71.3 billion and $67.7 billion at September 30, 2024 and December 31, 2023, respectively. The majority of collateral is held to reimburse losses realized under securities lending indemnifications. In addition, letters of credit in favor of Citi held as collateral amounted to $3.2 billion and $3.1 billion at September 30, 2024 and December 31, 2023, respectively. Other property may also be available to Citi to cover losses under certain guarantees and indemnifications; however, the value of such property has not been determined.


Performance Risk
Presented in the tables below are the maximum potential amounts of future payments that are classified based on internal and external credit ratings. The determination of the maximum potential future payments is based on the notional amount of the guarantees without consideration of possible recoveries under recourse provisions or from collateral held or pledged. As such, Citi believes such amounts bear no relationship to the anticipated losses, if any, on these guarantees.

 Maximum potential amount of future payments
In billions of dollars at September 30, 2024Investment
grade
Non-investment
grade
Not
rated
Total
Financial standby letters of credit$67.4 $11.7 $ $79.1 
Loans sold with recourse  1.0 1.0 
Other 7.7  7.7 
Total$67.4 $19.4 $1.0 $87.8 

 Maximum potential amount of future payments
In billions of dollars at December 31, 2023Investment
grade
Non-investment
grade
Not
rated
Total
Financial standby letters of credit$70.5 $10.8 $ $81.3 
Loans sold with recourse  1.8 1.8 
Other 7.7  7.7 
Total$70.5 $18.5 $1.8 $90.8 

214


Credit Commitments and Lines of Credit

The majority of unused commitments are contingent upon customers maintaining specific credit standards. Commercial commitments generally have floating interest rates and fixed expiration dates and may require payment of fees. Such fees (net of certain direct costs) are deferred and, upon exercise of the commitment, amortized over the life of the loan or, if exercise is deemed remote, amortized over the commitment period.
The table below summarizes Citigroup’s credit commitments:

In millions of dollarsU.S.
Outside of 
U.S.(1)
September 30,
2024
December 31, 2023
Commercial and similar letters of credit $779 $3,349 $4,128 $5,345 
One- to four-family residential mortgages592 499 1,091 1,245 
Revolving open-end loans secured by one- to four-family residential properties5,287 16 5,303 5,495 
Commercial real estate, construction and land development11,458 1,629 13,087 15,266 
Credit card lines621,106 61,276 682,382 677,005 
Commercial and other consumer loan commitments225,558 112,186 337,744 312,300 
Other commitments and contingencies(2)
4,911 201 5,112 5,146 
Total$869,691 $179,156 $1,048,847 $1,021,802 

(1)Consumer commitments related to the business HFS countries under sales agreements are reflected in their original categories until the respective sales are completed.
(2)Other commitments and contingencies include commitments to purchase certain debt and equity securities.


其他承諾
作為美聯儲成員銀行,花旗必須認購其聯盟儲備區銀行發行的一定數量股票的一半。截至2024年9月30日和2023年12月31日,花旗持有的股票賬面價值為1美元。4.51000億美元,其餘一半有待聯盟儲備區銀行董事會的召喚。
在正常業務過程中,花旗集團簽訂逆回購和證券借貸協定,以及回購和證券借貸協定,這些協定在未來某個日期結算。截至2024年9月30日和2023年12月31日,花旗約有128.6 億和$120.91,000億美元未結算的逆回購和證券借款協定,以及約1,000億美元135.33億美元和3,000美元96.4分別有1,000億美元的未結算回購和證券借貸協定。關於根據轉售協定購買的證券和借入的證券,以及根據回購協定出售的證券和借出的證券的進一步討論,請參閱附註11,包括本公司抵消回購和逆回購協定的政策。
這些金額不包括在上表中。

受限制現金
花旗集團將限制性現金(受提款限制的現金)定義為包括存放在央行、必須保持以滿足最低監管要求的現金,以及為客戶利益或其他目的(如補償餘額安排或償還債務)而留出的現金。受限現金可能包括某些央行的最低準備金要求,以及為滿足花旗集團經紀自營商主要監管機構(包括美國證券交易委員會、商品期貨交易委員會和英國審慎監管局)所要求的客戶資產保護規則而進行的現金隔離。
限制性現金包括在合併資產負債表的下列資產負債表專案中:

以百萬美金9月30日,
2024
2023年12月31日
現金和銀行到期款項$3,778 $3,479 
銀行存款,扣除津貼後的淨額16,293 15,538 
$20,071 $19,017 

除上述受限現金金額外,截至2024年9月30日和2023年12月31日,約為$5.83億美元和3,000美元3.9 俄羅斯存款保險機構(DIA)分別持有10億美金,並受到俄羅斯政府實施的限制。這些限制金額在內報告 其他資產 在合併資產負債表上。
215


26.  租賃

該公司的經營租賃,其中花旗是承租人,包括房地產,如辦公空間和分支機構,以及各種類型的設備。這些租賃可能包含續期和延期選項以及提前終止功能;然而,除非公司合理地確定其將行使期權,否則這些選項不會影響租賃期限。這些租約的加權平均剩餘租期約為六年截至2024年9月30日。
有關花旗租賃的其他資訊,請參閱花旗2023年Form 10-k中的合併財務報表附註1和29。
下表列出了中包含的使用權(ROU)資產和租賃負債的資訊房地和設備其他負債,分別是:

以百萬美金9月30日,
2024
12月31日,
2023
ROU資產$2,822 $2,801 
租賃負債2,991 2,974 

本公司在整個租賃期內按直線原則在綜合收益表中確認固定租賃成本。此外,可變租賃費用在產生這些付款的債務期間確認。
截至2024年9月30日,公司的未來租賃承諾計劃於2025年4月開始,固定租賃付款(未折扣)總額約為$255 百萬以上 15年租期。

216


27.  意外開支

以下資訊對花旗集團2024年第二季度合併財務報表附註27 Form 10-Q、花旗集團2024年第一季度合併財務報表附註27以及花旗2023年Form 10-K合併財務報表附註30中的披露進行了適當的補充和修訂。就本說明而言,花旗集團、其關聯公司和子公司以及現任和前任高級管理人員、董事和員工有時統稱為花旗集團和關聯方。
根據ASC 450,當花旗集團認為很可能已發生虧損且虧損金額可以合理估計時,花旗集團為或有事項建立應計專案,包括本文披露的任何訴訟、監管或稅務事項。一旦確定,應計專案將根據補充資訊不時進行調整。與這些事項有關的最終損失數額可能大大高於或低於這些事項的應計數額。對於預期可追回的先前發生的或有損失,花旗在影響確認的爭議和不確定因素得到解決時應用損失追回會計。
如果花旗集團因某一事項不符合應計標準(如上所述)而未就該事項進行應計,或花旗集團認為存在超過特定事項應計金額的虧損,在兩種情況下都假設重大損失是合理可能的,但不是很可能的,花旗集團將披露該事項。此外,對於這類事項,花旗集團披露了對合理可能的損失總額或損失範圍的估計,這些損失或損失範圍超出了可以估計的事項的應計金額。截至2024年9月30日,花旗集團估計,這些事項合理可能的未應計損失高達約美元。1.3總計1000億美元。
隨著現有資訊的變化,花旗集團能夠估計的事項也將發生變化,估計本身也將發生變化。此外,雖然財務報表和其他財務披露中提出的許多估計涉及重大判斷,並可能受到重大不確定性的影響,但對訴訟、監管、稅務或其他事項造成的合理可能損失範圍的估計受到特別不確定因素的影響。例如,在做出估計時,花旗集團可能只有關於索賠背後的事實的初步或不完整的資訊;它對法院或其他法庭未來對重大問題的裁決的假設,或者敵對各方、監管機構或稅務當局的行為和激勵可能被證明是錯誤的;它試圖預測的結果往往不適合使用統計或其他量化分析工具。此外,有時可能會出現花旗集團在其估計中沒有考慮到的結果,因為它認為這樣的結果很遙遠。由於所有這些原因,超出估計所涉事項應計金額的損失額可能大大高於或低於估計數所包括的損失範圍。
除上文所述外,花旗管理層根據目前所知,並在計及其當期應計專案後,認為本附註所述所有事項的最終結果不太可能對花旗集團的綜合財務狀況產生重大不利影響。然而,鑑於其中某些事項所要求的巨額或不確定金額,以及此類事項固有的不可預測性,某些事項的不利結果可能會不時對花旗集團的綜合運營業績或現金流產生重大不利影響,特別是在特定的季度或年度期間。
有關ASC 450和花旗集團的或有事項會計和披露框架的更多資訊,包括本文披露的任何訴訟、監管和稅務事項,請參閱花旗2023 Form 10-k中的合併財務報表附註30。

外匯事務
2024年9月2日,在Michael O‘Higgins FX CLASS Limited訴Barclays bank PLC等人案中,英國最高法院計劃於2025年4月1日和2日就被告對上訴法院2023年11月9日裁決的上訴舉行聽證會。有關這一行動的更多資訊可在英國法庭檔案中公開獲得,案卷編號為1336/7/7/19。競爭上訴法庭,CA-2022-002002,上訴法院,英國,UKSC2023/0177最高法院。
2024年2月20日,在格特勒等人。訴德意志銀行,雙方提出動議,要求特拉維夫中央地區法院批准和解協定。2024年9月15日,雙方回應了就擬議的和解協定提出的反對意見。聽證會定於2024年12月26日舉行。有關這一行動的更多資訊可在法庭檔案中公開獲得,案卷編號為CA 29013-09-18。

主權證券事務
2024年7月29日,在IN RE墨西哥政府債券反壟斷訴訟中,包括Citibanamex在內的某些被告採取行動,駁回了第三次修訂後的申訴。有關這一行動的其他資訊可在法庭檔案中公開獲得,案卷編號為18-CV-2830(S.D.N.Y.)(Oetken,J.)和22-2039(二維迴圈)。

和解付款
上述任何和解協定所要求的款項已經支付或已由現有訴訟或其他應計專案支付。
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28.  子公司將為您

花旗集團已為全資子公司花旗全球市場控股公司(CGMHI)發行的債務證券提供全面和無條件的擔保,該債券由花旗全球市場控股公司(CGMHI)、花旗集團和紐約梅隆銀行作為受託人,於2016年3月8日發行的高級債務契約下到期。此外,花旗資本三及花旗資本十三(合稱資本信託)均為花旗集團的全資金融附屬公司,已發行信託優先證券。花旗集團已為信託優先證券的到期付款提供擔保
在資本信託沒有足夠的可用資金支付信託優先證券的範圍內。該擔保與花旗集團、S對信託優先證券的其他義務一起,有效地為信託優先證券的到期金額提供了全額和無條件的擔保(見附註18)。花旗集團的其他子公司均不為CGMHI發行的債務證券或資本信託發行的信託優先證券提供擔保。
花旗集團和CGMHI的財務資訊摘要如下表所示:



摘要收入報表

九個月結束
2024年9月30日
以百萬美金花旗集團母公司CGMHI
總收入,扣除利息費用$2,454 $8,870 
總運營支出222 9,300 
信貸損失準備金 15 
子公司未分配收益中的權益7,067  
所得稅前持續經營的收入(虧損)$9,299 $(445)
所得稅撥備(福利)(527)156 
淨利潤(虧損)$9,826 $(601)


資產負債表匯總

2024年9月30日2023年12月31日
以百萬美金花旗集團母公司CGMHI花旗集團母公司CGMHI
現金及銀行存款$4,021 $20,604 $3,011 $23,756 
根據轉售協議借入和購買的證券 229,063  283,174 
交易帳資產435 315,659 461 273,379 
借予附屬公司款項153,041  150,845  
對子銀行控股公司的投資179,577  172,125  
非銀行子公司投資46,565  46,870  
其他資產14,941 170,885 14,202 167,609 
總資產$398,580 $736,211 $387,514 $747,918 
根據回購協議借出和出售的證券$ $300,713 $ $309,862 
交易帳戶負債329 99,877 300 111,233 
短期借款 26,629  20,481 
長期債務170,649 185,522 162,309 184,083 
子公司預付款15,838  16,724  
其他負債2,681 87,182 2,728 85,079 
股東權益209,083 36,288 205,453 37,180 
負債和權益總額$398,580 $736,211 $387,514 $747,918 

218


未經登記的股票證券出售、股票證券回購和股息

股票證券的未登記銷售
沒有。

股票證券回購
如果違反任何監管資本緩衝(包括壓力資本緩衝),包括花旗在內的所有大型銀行的資本分配都受到限制,此類限制的程度取決於違反緩衝的程度。有關更多信息,請參閱花旗2023年表格10-k中的「資本資源-監管資本緩衝」和「風險因素-戰略風險」、「-運營風險」和「-合規風險」。













下表總結了花旗2024年第三季度普通股回購情況:

以千為單位,每股除外購買股份總數平均值
支付價格
每股
2024年7月
公開市場回購(1)
1,618 $64.90 
員工交易(2)
  
2024年8月
公開市場回購(1)
10,922 59.06 
員工交易(2)
  
2024年9月
公開市場回購(1)
4,147 60.27 
員工交易(2)
  
24第三季度總計
16,687 $59.93 

(1) 並非根據任何公開宣布的計劃或計劃進行的回購。
(2) 在第三季度,根據花旗集團董事會的授權,花旗扣留了少量普通股,並添加到庫存股中,與員工股票計劃活動相關,以滿足員工稅收要求。

紅利
花旗在2024年第三季度支付了每股0.56美元的普通股股息,並於2024年10月23日宣佈2024年第四季度的普通股股息為每股0.56美元。
在違反任何監管資本緩衝(包括壓力資本緩衝)的情況下,花旗支付普通股股息的能力受到資本分配方面的限制,這些限制的程度取決於緩衝被違反的程度。有關其他資訊,請參閱花旗2023年Form 10-k中的“資本資源-監管資本緩衝”和“風險因素-戰略風險”、“-運營風險”和“-合規風險”。
花旗已發行普通股的任何股息也需要符合花旗對其已發行優先股的義務。
2024年10月23日,花旗宣佈2024年第四季度的優先股息約為2.57億美元。
有關花旗集團子公司存款機構支付股息的能力的資訊,請參閱花旗2023年Form 10-k合併財務報表附註20。

其他信息

內幕交易安排
2024年第三季度,沒有董事或花旗高管通過終止任何規則10b5-1或非規則10b5-1的交易安排(各自定義見S-K規則第408項)。


219


展覽索引

表現出
Number展品描述
 
 
 
   
101.01+ 
花旗集團截至2024年9月30日的季度10-Q表格季度報告中的財務報表,於2024年11月7日提交,格式為Inline MBE:(i)合併利潤表,(ii)合併資產負債表,(iii)合併股東權益變動表,(iv)合併現金流量表和(v)合併財務報表附註。
104請參閱本季度報告的封面頁,表格10-Q,格式為Inline MBE。

根據任何定義公司長期債務持有人權利的文書授權的證券總額不超過公司及其合併子公司總資產的10%。公司將根據要求向SEC提供任何此類文書的複本。

* 表示管理合同或補償計劃或安排。
+ 隨函提交。



220


簽名




根據1934年《證券交易法》的要求,登記人已正式促使以下簽署人代表其於7月簽署本報告2024年11月的一天。



花旗集團
(註冊人)





通過 /s/ Mark A. L.梅森
Mark A. L.梅森
財務長
(財務長)



通過 /s/羅伯特·沃爾什
羅伯特·沃爾什
臨時首席會計官
(首席會計官)


221


術語和首字母縮略詞

以下是本報告和花旗集團其他演示中使用的術語和縮寫詞列表。

* 表示花旗指標

2023年表格10-K:提交給美國證券交易委員會的截至2023年12月31日的Form 10-k年度報告。
逾期90天以上拖欠率*:代表逾期90天或以上的消費貸款,除以該期間的EOP貸款總額。
ABS:資產支持證券
信貸損失準備,由貸款信貸損失準備(ACLL)、無資金貸款承諾信貸損失準備(ACLUC)、HTM證券信貸損失準備和其他資產信貸損失準備組成。
貸款信貸損失準備
美國公民自由聯盟:
高級方法:
AFS:可供出售
美國鋁業:資產和負債委員會
攤銷成本:應收融資或投資發起或獲得的金額,根據溢價、折扣和遞延淨費用或成本的增加或攤銷、現金收取、註銷、外匯和公允價值對沖會計調整進行調整。對於AFS證券,攤銷成本也從收益中確認的任何減值損失中減去。除明確列示淨額外,攤銷成本不會因信貸損失準備而減少。
AOCI:
ASC:財務會計準則委員會發布的GAAP會計準則編撰。
亞洲消費者:亞洲個人銀行業務
亞利桑那州:根據財務會計準則委員會發布的公認會計原則更新會計準則。
AUA:管理下的資產
AUC:託管資產
巴塞爾協定III:FRB根據巴塞爾銀行監管委員會制定的一套國際商定的措施通過的流動性和資本金規則。
代表債務、股權證券或其他債務的第三方持有人的利益,這些債務、股權證券或其他債務由花旗合併的VIE發行。
福利義務: 適用於養老金計劃的預計福利義務和OPb計劃的累積退休後福利義務。
董事會: 花旗集團董事會
每股帳面價值 *: EOP普通股除以EOP已發行普通股。
Bps: 基點一個基點等於1/100。百分之一。
品牌卡片: 花旗的品牌卡業務包括專有卡(Value、Rewards和Cash)和聯名卡(包括好市多和美國航空)。
建造: 通過信用損失撥備淨增加ACL。
卡消費量 *: 卡客戶總購買金額。也稱為採購銷售。
卡片: 花旗的信用卡業務或活動。
CCAR: 全面的資本分析和審查
CCO: 首席合規官
CDS: 信用違約互換
CESL: 當前預期信用損失
執行長: 執行長
CET 1資本: 普通股權一級資本。有關CET 1的組成部分,請參閱上文MD & A中的「資本資源-花旗集團資本的組成部分」。
CET 1資本比率 *: 普通股一級資本比率。主要監管資本比率,代表期末CET 1資本除以風險加權資產總額。
財務長: 財務長
CGMHI: Citigroup Global Markets Holdings Inc.
CGMI: 花旗全球市場公司
CGML: Citigroup Global Markets Limited
花旗: 花旗集團
花旗銀行或CBNA: 花旗銀行(全國協會)
分類管理: 貸款主要根據內部風險評級分類評估信用風險。
222


Client investment assets: Represent assets under management, trust and custody assets.
Cluster revenues: Cluster revenues are primarily based on where the underlying transaction is managed.
CODM: Chief operating decision maker. For Citi, the Chief Executive Officer.
Collateral dependent: A loan is considered collateral dependent when repayment of the loan is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty, including when foreclosure is deemed probable based on borrower delinquency.
Commercial cards: Provides a wide range of payment services to corporate and public sector clients worldwide through commercial card products. Services include procurement, corporate travel and entertainment, expense management services and business-to-business payment solutions.
Consent orders: In October 2020, Citigroup and Citibank entered into consent orders with the FRB and OCC that require Citigroup and Citibank to make improvements in various aspects of enterprise-wide risk management, compliance, data quality management and governance and internal controls. In July 2024, the FRB and OCC entered into civil money penalty consent orders with Citigroup and Citibank to address remediation effort shortcomings.
CRE: Commercial real estate
Credit cycle: A period of time over which credit quality improves, deteriorates and then improves again (or vice versa). The duration of a credit cycle can vary from a couple of years to several years.
Credit derivatives: Financial instruments whose value is derived from the credit risk associated with the debt of a third-party issuer (the reference entity), which allow one party (the protection purchaser) to transfer that risk to another party (the protection seller).
Criticized: Criticized loans, lending-related commitments and derivative receivables that are classified as special mention, substandard and doubtful categories for regulatory purposes.
CTA: Cumulative translation adjustment (also known as currency translation adjustment). A separate component of equity within AOCI reported net of tax. For Citi, represents the impact of translating non-USD balance sheet items into USD each period. The CTA amount in EOP AOCI is a cumulative balance, net of tax.
CVA: Credit valuation adjustment
DCM: Debt Capital Markets
Delinquency managed: Loans primarily evaluated for credit risk based on delinquencies, FICO scores and the value of underlying collateral.
Divestiture-related impacts: Citi’s results excluding divestiture-related impacts represent as reported, or GAAP, financial results adjusted for items that are incurred and recognized, which are wholly and necessarily a consequence
of actions taken to sell (including through a public offering), dispose of or wind down business activities associated with Citi’s announced 14 exit markets.
Dividend payout ratio*: Represents dividends declared per common share as a percentage of net income per diluted share.
DPD: Days past due
DTA: Deferred tax asset
DVA: Debt valuation adjustment
ECM: Equity Capital Markets
Efficiency ratio*: A ratio signifying how much of a dollar in expenses (as a percentage) it takes to generate one dollar in revenue. Represents total operating expenses divided by total revenues, net.
EOP: End-of-period
EPS*: Earnings per share
ESG: Environmental, Social and Governance
EU: European Union
Fannie Mae: Federal National Mortgage Association
FASB: Financial Accounting Standards Board
FCA: Financial Conduct Authority
FDIC: Federal Deposit Insurance Corporation
Federal Reserve Board (FRB): The Board of the Governors of the Federal Reserve System
FFIEC: Federal Financial Institutions Examination Council
FHA: Federal Housing Administration
FHLB: Federal Home Loan Bank
FICO: Fair Issac Corporation
FICO score: A measure of consumer credit risk provided by credit bureaus, typically produced from statistical models by Fair Isaac Corporation utilizing data collected by the credit bureaus.
FINRA: Financial Industry Regulatory Authority
FRB: Federal Reserve Board
Freddie Mac: Federal Home Loan Mortgage Corporation
FVA: Funding valuation adjustment
FX: Foreign exchange
FX translation: The impact of converting non-U.S. dollar currencies into U.S. dollars.
GAAP or U.S. GAAP: Generally accepted accounting principles in the United States of America.
Ginnie Mae: Government National Mortgage Association
GSIB: Global Systemically Important Bank
HFI loans: Loans that are held-for-investment (i.e., excludes loans held-for-sale).
HFS: Held-for-sale
223


HQLA: High-quality liquid assets. Consist of cash and certain high-quality liquid securities as defined in the LCR rule.
HTM: Held-to-maturity
Hyperinflation: Extreme economic inflation with prices rising at a very high rate in a very short time. Under U.S. GAAP, entities operating in a hyperinflationary economy need to change their functional currency to the U.S. dollar. Once the change is made, the CTA balance is frozen.
Interchange revenue: Fees earned from merchants based on Citi’s credit and debit card customers’ sales transactions.
International region: Comprises six clusters: United Kingdom; Japan, Asia North and Australia (JANA); LATAM; Asia South; Europe; and Middle East and Africa (MEA).
IPO: Initial public offering
JANA: Japan, Asia North and Australia
KPMG: KPMG LLP, Citi’s Independent Registered Public Accounting Firm
LATAM: Latin America
LCR: Liquidity Coverage ratio. Represents HQLA divided by net outflows in the period.
LGD: Loss given default
LIBOR: London Interbank Offered Rate
LLC: Limited Liability Company
LTD: Long-term debt
LTV: Loan-to-value. For residential real estate loans, the relationship, expressed as a percentage, between the principal amount of a loan and the estimated value of the collateral (i.e., residential real estate) securing the loan.
Managed basis: Results reflected on a managed basis exclude divestiture-related impacts.
Master netting agreement: A single agreement with a counterparty that permits multiple transactions governed by that agreement to be terminated or accelerated and settled through a single payment in a single currency in the event of a default (e.g., bankruptcy, failure to make a required payment or securities transfer or deliver collateral or margin when due).
MBS: Mortgage-backed securities
MD&A: Management’s Discussion and Analysis, a section within an SEC Form 10-Q or 10-K.
MEA: Middle East and Africa
Measurement alternative: Measures equity securities without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from an identical or similar investment of the same issuer.
Mexico Consumer: Mexico Consumer Banking
Mexico Consumer/SBMM: Mexico Consumer Banking and Small Business and Middle-Market Banking
Mexico SBMM: Mexico Small Business and Middle-Market Banking
Moody’s: Moody’s Ratings
MSRs: Mortgage servicing rights
N/A: Data is not applicable or available for the period presented.
NAA: Non-accrual assets. Consists of non-accrual loans and OREO.
NAL: Non-accrual loans. Loans for which interest income is not recognized on an accrual basis. Loans (other than credit card loans and certain consumer loans insured by U.S. government-sponsored agencies) are placed on non-accrual status when full payment of principal and interest is not expected, regardless of delinquency status, or when principal and interest have been in default for a period of 90 days or more unless the loan is both well secured and in the process of collection. Collateral-dependent loans are typically maintained on non-accrual status.
NAV: Net asset value
NCL(s): Net credit losses. Represents gross credit losses, less gross credit recoveries.
NCL ratio*: Represents net credit losses (recoveries) (annualized), divided by average loans for the reporting period.
Net capital rule: Rule 15c3-1 under the Securities Exchange Act of 1934.
NIM*: Net interest margin expressed as a yield percentage, calculated as annualized net interest income divided by average interest-earning assets for the period.
NM: Not meaningful
Noncontrolling interests: The portion of an investment that has been consolidated by Citi that is not 100% owned by Citi.
Non-GAAP financial measure: Management uses these financial measures because it believes they provide information to enable investors to understand the underlying operational performance and trends of Citi and its businesses.
Note: All “Note” references correspond to the Notes to the Consolidated Financial Statements herein, unless otherwise indicated.
NSFR: Net stable funding ratio
O/S: Outstanding
OCC: Office of the Comptroller of the Currency
OCI: Other comprehensive income (loss)
OREO: Other real estate owned
OTTI: Other-than-temporary impairment
Over-the-counter cleared (OTC-cleared) derivatives: Derivative contracts that are negotiated and executed bilaterally, but subsequently settled via a central clearing house, such that each derivative counterparty is only exposed to the default of that clearing house.
Over-the-counter (OTC) derivatives: Derivative contracts that are negotiated, executed and settled bilaterally between two derivative counterparties, where one or both counterparties is a derivatives dealer.
224


Parent company: Citigroup Inc.
Partner payments: Payments made to credit card partners primarily based on program sales and profitability.
PD: Probability of default
Prime balances: Prime balances are defined as clients’ billable balances where Citi provides cash or synthetic prime brokerage services. Management uses this information in reviewing the business’s size and growth and believes it is useful to investors concerning underlying business size and growth trends.
Principal transactions revenue: Primarily trading-related revenues predominantly generated by the Services, Markets and Banking businesses. See Note 6.
Provision for credit losses: Composed of the provision for credit losses on loans, provision for credit losses on HTM investments, provision for credit losses on other assets and provision for credit losses on unfunded lending commitments.
Provisions: Provisions for credit losses and for benefits and claims.
Purchased credit-deteriorated: Purchased credit-deteriorated assets are financial assets that as of the date of acquisition have experienced a more-than-insignificant deterioration in credit quality since origination, as determined by the Company.
R&S forecast period: Reasonable and supportable period over which Citi forecasts future macroeconomic conditions for CECL purposes.
Real GDP: Real gross domestic product is the inflation-adjusted value of the goods and services produced by labor and property located in a country.
Reconciling Items: Divestiture-related impacts excluded from the results of All Other, as well as All Other—Legacy Franchises on a managed basis. The Reconciling Items are fully reflected in Citi’s Consolidated Statement of Income for each respective line item.
Regulatory VAR: Daily aggregated VAR calculated in accordance with regulatory rules.
Release: A net decrease in ACL through the provision for credit losses.
Reported basis: Financial statements prepared under U.S. GAAP.
Results of operations that exclude certain impacts from gains or losses on sale, or one-time charges*: Represents GAAP items, excluding the impact of gains or losses on sales, or one-time charges (e.g., the loss on sale related to the sale of Citi’s consumer banking business in Australia).
Results of operations that exclude the impact of FX translation*: Represents GAAP items, excluding the impact of FX translation, whereby the prior periods’ foreign currency balances are translated into U.S. dollars at the current period’s conversion rates (also known as constant dollar). GAAP measures excluding the impact of FX translation are non-GAAP financial measures.
Retail Services: Citi’s U.S. retail services cards business with a portfolio of co-brand and private label relationships (including, among others, The Home Depot, Best Buy, Macy’s and Sears).
RoTCE*: Return on tangible common equity. Represents net income less preferred dividends (both annualized), divided by average tangible common equity for the period.
RWA: Risk-weighted assets. Basel III establishes two comprehensive approaches for calculating RWA (the Standardized Approach and the Advanced Approaches), which include capital requirements for credit risk, market risk and operational risk for Advanced Approaches. Key differences in the calculation of credit risk RWA between the Standardized and Advanced Approaches are that for Advanced, credit risk RWA is based on risk-sensitive approaches that largely rely on the use of internal credit models and parameters, whereas for Standardized, credit risk RWA is generally based on supervisory risk weightings, which vary primarily by counterparty type and asset class. Market risk RWA is calculated on a generally consistent basis between Basel III Standardized Approach and Basel III Advanced Approaches.
S&P: Standard and Poor’s Global Ratings
SCB: Stress Capital Buffer
SEC: The U.S. Securities and Exchange Commission
SLR: Supplementary Leverage ratio. Represents Tier 1 Capital divided by Total Leverage Exposure.
SOFR: Secured Overnight Financing Rate
SPEs: Special purpose entities
Standardized Approach: Established through Basel III, the Standardized Approach aligns regulatory capital requirements more closely with the key elements of banking risk by introducing a wider differentiation of risk weights and a wider recognition of credit risk mitigation techniques, while avoiding excessive complexity. Accordingly, the Standardized Approach produces capital ratios more in line with the actual economic risks that banks face.
Tangible book value per share (TBVPS)*: Represents tangible common equity divided by EOP common shares outstanding.
Tangible common equity (TCE): Represents common stockholders’ equity less goodwill and identifiable intangible assets, other than MSRs.
Taxable equivalent basis: Represents the total revenue, net of interest expense for the business, adjusted for revenue from investments that receive tax credits and the impact of tax-exempt securities. This metric presents results on a level comparable to taxable investments and securities. GAAP measures on a taxable equivalent basis, including the metrics derived from these measures, are non-GAAP financial measures.
TDR: Troubled debt restructuring. Prior to January 1, 2023, a TDR was deemed to occur when the Company modified the original terms of a loan agreement by granting a concession to a borrower that was experiencing financial difficulty. Loans
225


with short-term and other insignificant modifications that are not considered concessions were not TDRs. The accounting guidance for TDRs was eliminated with the adoption of ASU 2022-02. See “Accounting Changes” in Note 1 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.
TEGU: taxable equivalent gross-up adjustments
TLAC: Total loss-absorbing capacity
Total ACL: Allowance for credit losses, which comprises the allowance for credit losses on loans (ACLL), allowance for credit losses on unfunded lending commitments (ACLUC), allowance for credit losses on HTM securities and allowance for credit losses on other assets.
Total payout ratio*: Represents total common dividends declared plus common share repurchases as a percentage of net income available to common shareholders.
Transformation: Citi has embarked on a multiyear transformation, with the target outcome to change Citi’s business and operating models such that they simultaneously strengthen risk and controls and improve Citi’s value to customers, clients and shareholders.
Unaudited: Financial statements and information that have not been subjected to auditing procedures sufficient to permit an independent certified public accountant to express an opinion.
U.S. Treasury: U.S. Department of the Treasury
VAR: Value at risk. A measure of the dollar amount of potential loss from adverse market moves in an ordinary market environment.
VIEs: Variable interest entities
Wallet: Proportion of fee revenue based on estimates of investment banking fees generated across the industry (i.e., the revenue wallet) from investment banking transactions in M&A, equity and debt underwriting, and loan syndications.


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