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SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS
 9 Months Ended
Sep. 30, 2024
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract]  
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS
For additional information on the Company’s resale and repurchase agreements and securities borrowing and lending agreements, see Note 12 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.
Securities borrowed and purchased under agreements to resell, at their respective carrying values, consisted of the following:

In millions of dollarsSeptember 30,
2024		December 31, 2023
Securities purchased under agreements to resell$213,896 $267,319 
Securities borrowed72,036 78,408 
Total, net(1)
$285,932 $345,727 
Allowance for credit losses on securities purchased and borrowed(2)
(4)(27)
Total, net of allowance$285,928 $345,700 

Securities loaned and sold under agreements to repurchase, at their respective carrying values, consisted of the following:

In millions of dollarsSeptember 30,
2024		December 31, 2023
Securities sold under agreements to repurchase$263,298 $264,958 
Securities loaned15,079 13,149 
Total, net(1)
$278,377 $278,107 

(1)    The above tables do not include securities-for-securities lending transactions of $6.3 billion and $4.3 billion at September 30, 2024 and December 31, 2023, respectively, where the Company acts as lender and receives securities that can be sold or pledged as collateral. In these transactions, the Company recognizes the securities received at fair value within Other assets and the obligation to return those securities as a liability within Brokerage payables.
(2)     See Note 15.
The Company’s policy is to take possession of the underlying collateral, monitor its market value relative to the amounts due under the agreements and, when necessary, require prompt transfer of additional collateral in order to maintain contractual margin protection. For resale and repurchase agreements, when necessary, the Company posts additional collateral in order to maintain contractual margin protection.
A substantial portion of the resale and repurchase agreements is recorded at fair value as the Company elected the fair value option, as described in Notes 23 and 24. The remaining portion is carried at the amount of cash initially advanced or received, plus accrued interest, as specified in the respective agreements.
A substantial portion of securities borrowing and lending agreements is recorded at the amount of cash advanced or received. The remaining portion is recorded at fair value as the Company elected the fair value option for certain securities borrowed and loaned portfolios, as described in Note 24. With respect to securities loaned, the Company receives cash collateral in an amount generally in excess of the market value of the securities loaned. The Company monitors the market value of securities borrowed and securities loaned on a daily basis and posts or obtains additional collateral in order to maintain contractual margin protection.
The following tables present the gross and net resale and repurchase agreements and securities borrowing and lending agreements and the related offsetting amounts permitted under ASC 210-20-45. The tables also include amounts related to financial instruments that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting rights has been obtained. Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right.



 As of September 30, 2024
In millions of dollarsGross amounts
of recognized
assets
Gross amounts
offset on the
Consolidated
Balance Sheet(1)
Net amounts of
assets included on
the Consolidated
Balance Sheet
Amounts not offset on the Consolidated Balance
Sheet but eligible for
offsetting upon
counterparty default(2)
Net
amounts(3)
Securities purchased under agreements to resell$534,884 $320,988 $213,896 $203,093 $10,803 
Securities borrowed92,763 20,727 72,036 21,950 50,086 
Total$627,647 $341,715 $285,932 $225,043 $60,889 
In millions of dollarsGross amounts
of recognized
liabilities
Gross amounts
offset on the
Consolidated
Balance Sheet(1)
Net amounts of
liabilities included on
the Consolidated
Balance Sheet
Amounts not offset on the
Consolidated Balance
Sheet but eligible for
offsetting upon
counterparty default(2)
Net amounts(3)
Securities sold under agreements to repurchase$584,286 $320,988 $263,298 $212,930 $50,368 
Securities loaned35,806 20,727 15,079 11,493 3,586 
Total$620,092 $341,715 $278,377 $224,423 $53,954 
 As of December 31, 2023
In millions of dollarsGross amounts
of recognized
assets
Gross amounts
offset on the
Consolidated
Balance Sheet(1)
Net amounts of
assets included on
the Consolidated
Balance Sheet
Amounts not offset on the
Consolidated Balance
Sheet but eligible for
offsetting upon
counterparty default(2)
Net
amounts(3)
Securities purchased under agreements to resell$515,533 $248,214 $267,319 $244,783 $22,536 
Securities borrowed97,881 19,473 78,408 25,433 52,975 
Total$613,414 $267,687 $345,727 $270,216 $75,511 
In millions of dollarsGross amounts
of recognized
liabilities
Gross amounts
offset on the
Consolidated
Balance Sheet(1)
Net amounts of
liabilities included on
the Consolidated
Balance Sheet
Amounts not offset on the
Consolidated Balance
Sheet but eligible for
offsetting upon
counterparty default(2)
Net
amounts(3)
Securities sold under agreements to repurchase$513,172 $248,214 $264,958 $181,794 $83,164 
Securities loaned32,622 19,473 13,149 2,441 10,708 
Total$545,794 $267,687 $278,107 $184,235 $93,872 

(1)Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45.
(2)Includes financial instruments subject to enforceable master netting agreements that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting right has been obtained.
(3)Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right.

The following tables present the gross amounts of liabilities associated with repurchase agreements and securities lending agreements by remaining contractual maturity:

As of September 30, 2024
In millions of dollarsOpen and overnightUp to 30 days31–90 daysGreater than 90 daysTotal
Securities sold under agreements to repurchase$324,208 $154,200 $47,348 $58,530 $584,286 
Securities loaned27,057 142 513 8,094 35,806 
Total$351,265 $154,342 $47,861 $66,624 $620,092 

As of December 31, 2023
In millions of dollarsOpen and overnightUp to 30 days31–90 daysGreater than 90 daysTotal
Securities sold under agreements to repurchase$289,907 $134,870 $35,639 $52,756 $513,172 
Securities loaned24,997 — 1,270 6,355 32,622 
Total$314,904 $134,870 $36,909 $59,111 $545,794 
The following tables present the gross amounts of liabilities associated with repurchase agreements and securities lending agreements by class of underlying collateral:

As of September 30, 2024
In millions of dollarsRepurchase agreementsSecurities lending agreementsTotal
U.S. Treasury and federal agency securities$272,578 $64 $272,642 
State and municipal securities166 13 179 
Foreign government securities167,853 546 168,399 
Corporate bonds17,635 231 17,866 
Equity securities19,266 34,652 53,918 
Mortgage-backed securities98,421 — 98,421 
Asset-backed securities2,430 — 2,430 
Other5,937 300 6,237 
Total$584,286 $35,806 $620,092 

As of December 31, 2023
In millions of dollarsRepurchase agreementsSecurities lending agreementsTotal
U.S. Treasury and federal agency securities$223,343 $461 $223,804 
State and municipal securities447 2 449 
Foreign government securities174,661 118 174,779 
Corporate bonds12,403 195 12,598 
Equity securities5,853 31,574 37,427 
Mortgage-backed securities85,014 21 85,035 
Asset-backed securities3,032 178 3,210 
Other8,419 73 8,492 
Total$513,172 $32,622 $545,794