GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The changes in Goodwill were as follows:


In millions of dollars	Services		Markets(1)		Banking(1)		USPB		Wealth		All Other		Total
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

(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.

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 June 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:


	June 30, 2024						December 31, 2023
In millions of dollars	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Purchased credit card relationships(1)	$	5,302	$	4,436	$	866	$	5,302	$	4,365	$	937
Credit card contract-related intangibles(2)	4,177		1,806		2,371		4,177		1,698		2,479
Other customer relationships	325		269		56		363		290		73
Present value of future profits	35		34		1		37		36		1
Indefinite-lived intangible assets	223		—		223		240		—		240

Intangible assets (excluding MSRs)	$	10,062	$	6,545	$	3,517	$	10,119	$	6,389	$	3,730
Mortgage servicing rights (MSRs)(3)	709		—		709		691		—		691
Total intangible assets	$	10,771	$	6,545	$	4,226	$	10,810	$	6,389	$	4,421

The changes in intangible assets were as follows:


In millions of dollars	Net carrying amount at December 31, 2023		Acquisitions/renewals/ divestitures		Amortization		Impairments		FX translation and other		Net carrying amount at June 30, 2024
Purchased credit card relationships(1)	$	937	$	—	$	(71)	$	—	$	—	$	866
Credit card contract-related intangibles(2)	2,479		—		(109)		—		1		2,371
Other customer relationships	73		—		(11)		—		(6)		56
Present value of future profits	1		—		—		—		—		1
Indefinite-lived intangible assets	240		—		—		—		(17)		223

Intangible assets (excluding MSRs)	$	3,730	$	—	$	(191)	$	—	$	(22)	$	3,517
Mortgage servicing rights (MSRs)(3)	691										709
Total intangible assets	$	4,421									$	4,226

(1)Reflects intangibles for the value of purchased cardholder relationships, which are discrete from contract-related intangibles.

(2)Reflects contract-related intangibles associated with Citi’s credit card program agreements with partners.

(3)See Note 21.