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SECURITIZATIONS AND VARIABLE INTEREST ENTITIES (Tables)
 6 Months Ended
Jun. 30, 2024
Securitizations and Variable Interest Entities [Abstract]  
Schedule of consolidated and unconsolidated VIEs with which the Company holds significant variable interests
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 June 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
$29,915 $29,915 $— $— $— $— $— $— 
Mortgage securitizations(4)
U.S. agency-sponsored
113,959 — 113,959 2,501 — — 130 2,631 
Non-agency-sponsored
59,901 — 59,901 3,299 — 157 — 3,456 
Citi-administered asset-backed commercial paper conduits20,413 20,093 320 3 — 34 — 37 
Collateralized loan obligations (CLOs)4,932 — 4,932 1,924 — — — 1,924 
Asset-based financing(5)
211,948 8,502 203,446 47,104 831 13,233 — 61,168 
Municipal securities tender option bond trusts (TOBs)1,025 1,025 — — — — — — 
Municipal investments
20,528 3 20,525 2,333 2,611 2,459 — 7,403 
Client intermediation
388 79 309 28 — — 45 73 
Investment funds632 65 567 4 13 94 — 111 
Total
$463,641 $59,682 $403,959 $57,196 $3,455 $15,977 $175 $76,803 
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 June 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 $6 billion and $6 billion in unconsolidated VIE assets and $245 million and $282 million in maximum exposure to loss as of June 30, 2024 and December 31, 2023, respectively.
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.

June 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$71 $44 
Trading account assets7,920 11,350 
Investments923 767 
Loans, net of unearned income 
Consumer32,956 35,141 
Corporate20,213 21,207 
Loans, net of unearned income$53,169 $56,348 
Allowance for credit losses on loans (ACLL)(2,558)(2,481)
Total loans, net$50,611 $53,867 
Other assets157 160 
Total assets of consolidated VIEs to be used to settle obligations of consolidated VIEs$59,682 $66,188 

June 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$9,754 $9,692 
Long-term debt
6,085 8,443 
Other liabilities1,438 927 
Total liabilities of consolidated VIEs for which creditors or beneficial interest holders
do not have recourse to the general credit of Citigroup		$17,277 $19,062 
Schedule of funding commitments of unconsolidated Variable Interest Entities
The following table presents the notional amount of liquidity facilities and loan commitments that are classified as funding commitments in the VIE tables above:

June 30, 2024December 31, 2023
In millions of dollars
Liquidity
facilities		Loan/equity
commitments		Liquidity
facilities		Loan/equity
commitments
Non-agency-sponsored mortgage securitizations$— $157 $— $129 
Citi-administered asset-backed commercial paper conduits— 34 — — 
Asset-based financing
— 13,233 — 13,655 
Municipal securities tender option bond trusts (TOBs)
— — 417 — 
Municipal investments
— 2,459 — 2,587 
Investment funds
— 94 — 95 
Other
— — — — 
Total funding commitments
$— $15,977 $417 $16,466 
Schedule of 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
June 30, 2024December 31, 2023
Cash
$— $— 
Trading account assets
3.9 1.9 
Investments
5.0 8.3 
Total loans, net of allowance
51.1 51.8 
Other
0.6 0.6 
Total assets
$60.6 $62.6 
Schedule of cash flow information, mortgage securitizations
The following tables summarize selected cash flow information and retained interests related to Citigroup mortgage securitizations:

Three Months Ended June 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
$1.5 $3.0 $1.6 $1.0 
Proceeds from new securitizations
1.5 2.7 1.6 0.9 
Contractual servicing fees received— — — — 
Cash flows received on retained interests and other net cash flows— — — 0.1 
Purchases of previously transferred financial assets
— — — — 
Six Months Ended June 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
$3.0 $4.1 $2.3 $2.3 
Proceeds from new securitizations
3.0 3.7 2.4 2.0 
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 assets— — — — 
Note: Excludes re-securitization transactions.
Schedule of carrying value of retained interests
June 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)
$709 $855 $1,014 $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.
Schedule of information about loan delinquencies and liquidation losses for assets held in non-consolidated, non-agency-sponsored securitization entities
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 June 30,Six Months Ended June 30,
In billions of dollars, except liquidation losses in millionsJun. 30, 2024Dec. 31, 2023Jun. 30, 2024Dec. 31, 20232024202320242023
Securitized assets
Residential mortgages(1)
$28.2 $28.2 $0.3 $0.5 $0.5 $2.3 $1.2 $4.6 
Commercial and other
29.5 29.9 — — — — — — 
Total
$57.7 $58.1 $0.3 $0.5 $0.5 $2.3 $1.2 $4.6 
(1)    Securitized assets include $0.1 billion of personal loan securitizations as of June 30, 2024.
Schedule of changes in capitalized MSRs The following table summarizes the changes in capitalized MSRs:
Three Months Ended June 30,Six Months Ended June 30,
In millions of dollars2024202320242023
Balance, beginning of period$702 $658 $691 $665 
Originations19 19 36 31 
Changes in fair value of MSRs due to changes in inputs and assumptions5 22 17 19 
Other changes(1)
(17)(18)(35)(34)
Balance, as of June 30$709 $681 $709 $681 

(1)    Represents changes due to customer payments.
Schedule of fees received on servicing previously securitized mortgages The amounts of these fees were as follows:
Three Months Ended June 30,Six Months Ended June 30,
In millions of dollars2024202320242023
Servicing fees
$33 $32 $65 $65 
Late fees
1 1 1 2
Total MSR fees
$34 $33 $66 $67 
Schedule of asset-based financing
June 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$42,185 $8,327 $42,869 $8,831 
Corporate loans
37,755 20,631 27,903 18,546 
Other (including investment funds, airlines and shipping)123,506 32,210 121,711 35,367 
Total
$203,446 $61,168 $192,483 $62,744