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OPERATING SEGMENTS
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
OPERATING SEGMENTS OPERATING SEGMENTS
Effective in the fourth quarter of 2023, Citi changed its management structure resulting in changes in its reportable operating segments to reflect how the CEO, who is the chief operating decision maker (CODM), manages the Company, including allocating resources and measuring performance. Citi reorganized its reporting 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.
Prior-period reportable operating segment results have been revised to reflect the reorganization of Citi’s management reporting structure, including:

•certain businesses engaged in financing and securitization activities, previously operated under a revenue and expense sharing agreement between Markets and Banking, now reside primarily within Markets;
•the implementation of a Corporate Lending revenue sharing arrangement where certain revenues earned by Citi are subject to a revenue sharing arrangement to Banking—Corporate Lending from Investment Banking and certain Markets and Services products sold to Corporate Lending clients;
•the re-attribution of certain allocation methodologies for other revenues and expenses incurred and allocated to the reportable operating segments to conform with the resegmentation and segment profit and loss measure used by the CODM; and
•certain other immaterial reclassifications.

Citi’s consolidated results remain unchanged for all periods presented following the changes and reclassifications discussed above.
All Other 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 divestiture of Mexico consumer banking and small business and middle-market banking within All Other—Legacy Franchises. The managed basis presents investors with a view of operating earnings that provides increased transparency and clarity into the operational results of Citi’s performance; improves the visibility of management decisions and their impacts on operational performance; enables better comparison to peer companies; and allows Citi to provide a long-term strategic view of the business going forward.
The following is a description of each of Citi’s reportable operating segments, and the products and services they provide to their respective client bases.

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, providing 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 client needs.

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.

Banking
Banking includes Investment Banking, which supports client capital-raising needs to help strengthen and grow their businesses, including equity and debt capital markets-related strategic financing solutions, 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 of Citi’s full product suite to clients.

USPB
USPB includes Branded Cards and Retail Services, which have proprietary card portfolios and co-branded card portfolios within Branded Cards, and co-brand and private label relationships within Retail Services. USPB also includes Retail Banking, which provides traditional banking services to retail and small business customers.

Wealth
Wealth includes Private Bank, Wealth at Work and Citigold 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 includes Citigold and Citigold Private Clients, which both provide financial services to affluent and high net worth clients through elevated product offerings and financial relationships.

All Other
All Other primarily consists of activities not assigned to the reportable operating segments, including certain unallocated costs of global functions, other corporate expenses and net treasury results, offsets to certain line-item reclassifications and eliminations, and unallocated taxes; discontinued operations within Corporate/Other; and Legacy Franchises, which consists of Asia Consumer and Mexico Consumer/SBMM businesses that Citi intends to exit, and its remaining Legacy Holdings Assets. Corporate/Other within All Other also includes all restructuring charges related to actions taken
as part of Citi’s organizational simplification initiatives. See Note 9.
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.


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

In millions of dollars, except identifiable assets, average loans and average deposits
in billions		ServicesMarketsBankingUSPB
202320222021202320222021202320222021202320222021
Net interest income$13,198 $10,318 $6,821 $7,265 $5,819 $6,147 $2,094 $2,057 $2,204 $20,150 $18,062 $16,285 
Non-interest revenue4,852 5,301 5,702 11,592 14,342 13,252 2,474 3,339 5,579 (963)(1,190)(440)
Total revenues, net of interest expense(1)
$18,050 $15,619 $12,523 $18,857 $20,161 $19,399 $4,568 $5,396 $7,783 $19,187 $16,872 $15,845 
Provisions for credit losses and for benefits and claims$950 $207 $(263)$437 $155 $(329)$(165)$549 $(1,898)$6,707 $3,448 $(998)
Provision (benefits) for income taxes2,405 1,760 1,312 1,162 1,669 1,695 (92)(7)1,170 558 872 1,890 
Income (loss) from continuing operations4,671 4,924 3,768 4,020 5,924 6,661 (44)383 4,105 1,820 2,770 6,099 
Identifiable assets at December 31(1)
$585 $599 $547 $995 $950 $895 $147 $152 $145 $242 $231 $211 
Average loans81 82 74 110 111 112 90 98 101 193 171 159 
Average deposits810 808 805 23 21 22 1 1 1 110 115 112 
Wealth
All Other(2)
Reconciling Items(2)
Total Citi
202320222021202320222021202320222021202320222021
Net interest income$4,460 $4,744 $4,491 $7,733 $7,668 $6,546 $— $— $— $54,900 $48,668 $42,494 
Non-interest revenue2,631 2,704 3,051 1,630 1,320 2,916 1,346 854 (670)23,562 26,670 29,390 
Total revenues, net of interest expense(1)
$7,091 $7,448 $7,542 $9,363 $8,988 $9,462 $1,346 $854 $(670)$78,462 $75,338 $71,884 
Provisions for credit losses and for benefits and claims$(2)$306 $(226)$1,326 $498 $(88)$(67)$76 $24 $9,186 $5,239 $(3,778)
Provision (benefits) for income taxes103 134 419 (990)(1,052)(812)382 266 (223)3,528 3,642 5,451 
Income (loss) from continuing operations346 950 1,968 (2,090)398 1,059 659 (184)(1,642)9,382 15,165 22,018 
Identifiable assets at December 31(1)
$232 $259 $250 $211 $226 $243 $2,412 $2,417 $2,291 
Average loans150 150 148 37 41 74 661 653 668 
Average deposits316 320 305 74 68 90 1,334 1,333 1,335 
Reconciliation of Total Citigroup Income from continuing operations as reported:
2023(3)
2022(4)
2021(5)
Total segments and All Other—Income from continuing operations(2)
$8,723 $15,349 $23,660 
Divestiture-related impact on:
Total revenues, net of interest expense1,346 854 (670)
Total operating expenses372 696 1,171 
Provision (release) for credit losses(67)76 24 
Provision (benefits) for income taxes382 266 (223)
Income from continuing operations$9,382 $15,165 $22,018 

(1)    See “Performance by Geographic Area” below.
(2)    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 divestiture 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.
(3)    2023 includes (i) an approximate $1.059 billion gain on sale recorded in revenue (approximately $727 million after-tax) related to the India consumer banking business sale; (ii) an approximate $403 million gain on sale recorded in revenue (approximately $284 million after-tax) related to the Taiwan consumer banking business sale; and (iii) approximately $372 million (approximately $263 million after-tax) in operating expenses primarily related to separation costs in Mexico and severance costs in the Asia exit markets.
(4)    2022 includes (i) an approximate $535 million (approximately $489 million after-tax) goodwill write-down due to resegmentation and the timing of Asia consumer banking business divestitures; (ii) an approximate $616 million gain on sale recorded in revenue (approximately $290 million after-tax) related to the Philippines consumer banking business sale; and (iii) an approximate $209 million gain on sale recorded in revenue (approximately $115 million after-tax) related to the Thailand consumer banking business sale.
(5)    2021 includes (i) an approximate $680 million loss on sale (approximately $580 million after-tax) related to Citi’s agreement to sell its Australia consumer banking business; and (ii) an approximate $1.052 billion in expenses (approximately $792 million after-tax) primarily related to charges incurred from the voluntary early retirement program (VERP) in connection with the wind-down of Citi’s consumer banking business in Korea.
Performance by Geographic Area
Citi’s operations are highly integrated, and estimates and subjective assumptions have been made to apportion revenue between North America and international operations. These estimates and assumptions are consistent with the allocations used for the Company’s segment reporting.
The Company defines international activities for purposes of this footnote presentation as business transactions that involve clients that reside outside of North America, and the information presented below is based predominantly on the domicile of the client or the booking location from which the client relationship is managed. However, many of the Company’s North America operations serve international businesses.


The following table presents revenues net of interest expense and identifiable assets between North America and international areas:

In millions of dollars
Revenues, net of interest expense
202320222021
North America(1)
$36,661 $34,799 $35,022 
International(2)(3)
39,636 39,018 36,037 
Corporate/Other(4)
2,165 1,521 825 
Total Citi$78,462 $75,338 $71,884 
In millions of dollars at December 31,
Identifiable assets(5)
20232022
North America(1)
$1,348,169 $1,306,127 
International930,185 979,214 
Corporate/Other133,480 131,335 
Total Citi$2,411,834 $2,416,676 

(1)    Primarily reflects the U.S.
(2)    International represents the summation of international revenues in Services, Markets, Banking, Wealth and All Other—Legacy Franchises Asia Consumer and Mexico Consumer/SBMM.
(3)    Total revenues for the U.K. were approximately $7.6 billion, $9.2 billion and $7.4 billion for 2023, 2022 and 2021, respectively.
(4)    Corporate/Other revenues, net of interest expense largely reflects U.S. activities, as well as intersegment eliminations.
(5)    The Company’s long-lived assets (Premises and equipment) for the periods presented are not considered significant in relation to its total assets.