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OPERATING SEGMENTS
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
OPERATING SEGMENTS OPERATING SEGMENTS
The operating segments and reporting units reflect how the CEO, who is the chief operating decision maker (CODM), manages the Company, including allocating resources and measuring performance.
Citi is organized 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. See operating segment details in Note 3 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.
During the third quarter of 2024, Citi reallocated certain deposit balances from Markets to All Other, to consolidate funding strategies across the Company. This change had no material impact to operating results of Markets or All Other. Prior periods were not reclassified and Citi’s consolidated results remained unchanged for all periods presented.
During the second quarter of 2024, Citi realigned businesses engaged in financing and securitization activities within Banking and Markets, transferred the retail banking business in the U.K., which is being wound down, from Wealth to All Other and made other immaterial reclassifications to align with Citi’s transformation and strategy. These reclassifications did not materially change segment or All Other results, and prior periods were conformed to reflect these changes. Citi’s consolidated results remain unchanged for all periods presented.
Beginning in the first quarter of 2024, Citi reallocated certain customer balances between All Other—Legacy Franchises, Services, Markets and Banking in preparation for the IPO of the Mexico Consumer/SBMM operations, and made other immaterial reclassifications. These reallocations and reclassifications did not materially change segment or All Other results and prior periods were conformed to reflect these changes. Citi’s consolidated results remain unchanged for all periods presented.
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 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.

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

Three Months Ended September 30,
In millions of dollars, except identifiable assets, average loans
and average deposits in billions		ServicesMarketsBankingUSPB
20242023202420232024202320242023
Net interest income$3,435 $3,440 $1,405 $1,695 $527 $555 $5,293 $5,175 
Non-interest revenue1,593 1,196 3,412 3,053 1,070 818 (248)(258)
Total revenues, net of interest expense$5,028 $4,636 $4,817 $4,748 $1,597 $1,373 $5,045 $4,917 
Provisions for credit losses and for benefits and claims$127 $95 $141 $162 $177 $(56)$1,909 $1,459 
Provision (benefits) for income taxes630 666 248 211 68 47 157 221 
Income (loss) from continuing operations1,683 1,355 1,089 1,065 236 157 522 756 
Identifiable assets (September 30, 2024 and December 31, 2023)
$608 $586 $1,002 $1,008 $151 $148 $245 $242 
Average loans87 83 119 108 88 89 210 196 
Average deposits825 797 19 23 1 1 85 110 
Wealth
All Other(1)
Reconciling Items(1)
Total Citi
20242023202420232024202320242023
Net interest income$1,233 $1,164 $1,469 $1,799 $— $— $13,362 $13,828 
Non-interest revenue769 667 356 439 1 396 6,953 6,311 
Total revenues, net of interest expense$2,002 $1,831 $1,825 $2,238 $1 $396 $20,315 $20,139 
Provisions for credit losses and for benefits and claims$33 $(2)$289 $199 $(1)$(17)$2,675 $1,840 
Provision (benefits) for income taxes85 32 (52)(59)(20)85 1,116 1,203 
Income (loss) from continuing operations283 132 (494)(94)(45)214 3,274 3,585 
Identifiable assets (September 30, 2024 and December 31, 2023)
$230 $229 $195 $199 $2,431 $2,412 
Average loans150 151 33 35 687 662 
Average deposits316 305 65 79 1,311 1,315 
Nine Months Ended September 30,
In millions of dollars, except average loans
and average deposits in billions		ServicesMarketsBankingUSPB
20242023202420232024202320242023
Net interest income$9,977 $9,809 $5,149 $5,246 $1,636 $1,610 $15,622 $14,912 
Non-interest revenue4,497 3,776 10,111 10,037 3,324 2,127 (480)(665)
Total revenues, net of interest expense$14,474 $13,585 $15,260 $15,283 $4,960 $3,737 $15,142 $14,247 
Provisions for credit losses and for benefits and claims$164 $304 $329 $229 $16 $(327)$6,428 $4,633 
Provision (benefits) for income taxes1,626 1,952 924 1,166 346 83 306 487 
Income (loss) from continuing operations4,696 3,894 3,979 4,066 1,172 265 990 1,619 
Average loans$84 $81 $119 $109 $89 $92 $207 $189 
Average deposits812 814 23 23 1 1 93 111 
Wealth
All Other(1)
Reconciling Items(1)
Total Citi
20242023202420232024202320242023
Net interest income$3,261 $3,371 $4,717 $6,128 $— $— $40,362 $41,076 
Non-interest revenue2,248 1,986 1,474 1,277 22 1,408 21,196 19,946 
Total revenues, net of interest expense$5,509 $5,357 $6,191 $7,405 $22 $1,408 $61,558 $61,022 
Provisions for credit losses and for benefits and claims$(146)$(7)$718 $844 $7 $(37)$7,516 $5,639 
Provision (benefits) for income taxes202 104 (29)(377)(76)409 3,299 3,824 
Income (loss) from continuing operations668 398 (1,389)177 (171)770 9,945 11,189 
Average loans$150 $150 $33 $36 $682 $657 
Average deposits316 311 71 79 1,316 1,339 

(1)    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 IPO 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.

The following table presents a reconciliation of total Citigroup income from continuing operations as reported:

Three Months Ended September 30,Nine Months Ended September 30,
In millions of dollars
2024(1)
2023(2)
2024(3)
2023(4)
Total segments and All Other—income from continuing operations(5)
$3,319 $3,371 $10,116 $10,419 
Divestiture-related impact on:
Total revenues, net of interest expense1 396 22 1,408 
Total operating expenses67 114 262 266 
Provision (release) for credit losses(1)(17)7 (37)
Provision (benefits) for income taxes(20)85 (76)409 
Income from continuing operations$3,274 $3,585 $9,945 $11,189 

(1)    The three months ended September 30, 2024 includes approximately $67 million in operating expenses (approximately $46 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets.
(2)    The three months ended September 30, 2023 includes an approximate $403 million gain on sale recorded in revenue (approximately $284 million after various taxes) related to Citi’s sale of the Taiwan consumer banking business and approximately $114 million in operating expenses (approximately $78 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets. For additional information, see Citi’s Quarterly Report on Form 10-Q for the period ended September 30, 2023.
(3)    The nine months ended September 30, 2024 includes approximately $262 million in operating expenses (approximately $181 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets. 
(4)    The nine months ended September 30, 2023 includes an approximate $1.059 billion gain on sale recorded in revenue (approximately $727 million after various taxes) related to Citi’s sale of the India consumer banking business and an approximate $403 million gain on sale recorded in revenue (approximately $284 million after various taxes) related to Citi’s sale of the Taiwan consumer banking business. In addition, the nine months ended September 30, 2023 includes approximately $266 million in operating expenses (approximately $188 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets. For additional information, see Citi’s Quarterly Report on Form 10-Q for the period ended September 30, 2023.
(5)    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 IPO of Mexico Consumer/SBMM 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.