RESTRUCTURING

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

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 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 incurred restructuring charges of approximately $780 million in the fourth quarter related to the implementation of its organizational simplification initiatives. These charges included severance costs associated with actual headcount reductions (as well as those headcount reductions that were probable and could be reasonably estimated), asset write-downs and other costs. Citi expects to incur additional costs related to its organizational simplification in the first quarter of 2024.

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 headcount reductions

•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 dollars	Personnel costs		Other		Total
Beginning balance at January 1, 2023	$	—	$	—	$	—
Restructuring charge	687		94		781
Payments and utilization	—		(69)		(69)
Foreign exchange	—		—		—
Ending balance at December 31, 2023	$	687	$	25	$	712