COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES (Tables)

3 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

Schedule of commissions, fees, administration and other fiduciary fees revenue

The following table presents Commissions and fees revenue:

	Three Months Ended March 31,
In millions of dollars	2024		2023
Investment banking(1)	$	873	$	726
Brokerage commissions(2)	619		637
Credit and bank card income(3)
Interchange fees	2,911		2,849
Card-related loan fees	130		118
Card rewards and partner payments(4)	(2,917)		(2,928)
Deposit-related fees(5)	340		299
Transactional service fees(6)	340		319
Corporate finance(7)	199		102
Insurance distribution revenue(8)	84		92
Insurance premiums(9)	25		22
Loan servicing	14		28
Other	106		102
Total(10)	$	2,724	$	2,366

(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 $108 million and $116 million of revenue related to variable consideration for the three months ended March 31, 2024 and 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)    As described above, Citi’s credit card programs have certain partner sharing agreements that vary by partner.

(5)    Overdraft fees are accounted for under ASC 310. Citi eliminated overdraft fees, returned item fees and overdraft protection fees beginning in June 2022.

(6)    Transactional service fees are earned primarily by Services.

(7)    Consists primarily of fees earned from structuring and underwriting loan syndications or related financing activity. This activity is accounted for under ASC 310.

(8)    Insurance distribution revenue is earned primarily by Wealth and Legacy Franchises within All Other.

(9)    Insurance premiums are earned primarily by Legacy Franchises within All Other.

(10)    Commissions and fees include $(2,538) million and $(2,656) million not accounted for under ASC 606, Revenue from Contracts with Customers, for the three months ended March 31, 2024 and 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.

The following table presents Administration and other fiduciary fees revenue:

	Three Months Ended March 31,
In millions of dollars	2024		2023
Custody fees(1)	$	514	$	444
Fiduciary fees(2)	392		310
Guarantee fees	131		142
Total administration and other fiduciary fees(3)	$	1,037	$	896

(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 $131 million and $142 million for the three months ended March 31, 2024 and 2023, respectively, that are not accounted for under ASC 606, Revenue from Contracts with Customers. These generally include guarantee fees.