XML 51 R13.htm IDEA: XBRL DOCUMENT v3.25.0.1
OPERATING SEGMENTS
 12 Months Ended
Dec. 31, 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, Wealth and U.S. Personal Banking (USPB), with the remaining operations recorded in All Other, which includes activities not assigned to a specific reportable operating segment, as well as discontinued operations.
Operating segment results have been revised to reflect the following changes:

•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.
•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.
•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 following the changes and reclassifications discussed above.
All Other 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. The managed basis presents investors with a view of operating earnings that provides increased transparency and clarity into the operational results of Citi’s performance; improves the visibility of management decisions and their impacts on operational performance; enables better comparison to peer companies; and allows Citi to provide a long-term strategic view of the business going forward.
The following is a description of each of Citi’s reportable operating segments, and the products and services they provide to their respective client bases.
Services
Services includes Treasury and Trade Solutions (TTS) and Securities Services. TTS provides an integrated suite of tailored cash management, trade and working capital solutions to multinational corporations, financial institutions and public sector organizations. Securities Services provides cross-border support for clients, providing on-the-ground local market expertise, post-trade technologies, customized data solutions and a wide range of securities services solutions that can be tailored to meet client needs.

Markets
Markets provides corporate, institutional and public sector clients around the world with a full range of sales and trading services across equities, foreign exchange, rates, spread products and commodities. The range of services includes market-making across asset classes, risk management solutions, financing and prime brokerage.

Banking
Banking includes Investment Banking, which supports client capital-raising needs to help strengthen and grow their businesses, including equity and debt capital markets-related strategic financing solutions, as well as advisory services related to mergers and acquisitions, divestitures, restructurings and corporate defense activities; and Corporate Lending, which includes corporate and commercial banking, serving as the conduit of Citi’s full product suite to clients.

Wealth
Wealth includes Private Bank, Wealth at Work and Citigold and provides financial services to a range of client segments including affluent, high net worth and ultra-high net worth clients through banking, lending, mortgages, investment, custody and trust product offerings in 20 countries, including the U.S., Mexico and four wealth management centers: Singapore, Hong Kong, the UAE and London. Private Bank provides financial services to ultra-high net worth clients through customized product offerings. Wealth at Work provides financial services to professional industries (including law firms, consulting groups, accounting and asset management) through tailored solutions. Citigold includes Citigold and Citigold Private Clients, both of which provide financial services to affluent and high net worth clients through elevated product offerings and financial relationships.

USPB
USPB includes Branded Cards and Retail Services, which have proprietary card portfolios and co-branded card portfolios within Branded Cards, and co-brand and private label relationships within Retail Services. USPB also includes Retail Banking, which provides traditional banking services to retail and small business customers.


All Other
All Other primarily consists of activities not assigned to the reportable operating segments, including certain unallocated costs of global functions, other corporate expenses and net treasury results, offsets to certain line-item reclassifications and eliminations, and unallocated taxes; discontinued operations within Corporate/Other; and Legacy Franchises, which consists of Asia Consumer and Mexico Consumer/SBMM businesses that Citi intends to exit, and its remaining Legacy Holdings Assets. Corporate/Other within All Other also includes all restructuring charges related to actions taken as part of Citi’s organizational simplification initiatives. See Note 9.
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.

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. The CODM uses Income (loss) from continuing operations as the performance measure, to evaluate the results of each reportable operating segment by
comparing to and monitoring against budget and prior year results. This information is used to allocate resources to each of the segments and to make operational decisions when managing the Company, such as whether to reinvest profits or to return capital to shareholders through dividends and share repurchases.

In millions of dollars, except identifiable assets,
average loans and average deposits in billions		ServicesMarketsBanking
202420232022202420232022202420232022
Net interest income$13,423 $13,251 $10,365 $7,005 $7,233 $5,768 $2,157 $2,161 $2,130 
Non-interest revenue6,226 4,851 5,300 12,831 11,416 14,177 4,044 2,554 3,397 
Total revenues, net of interest expense(1)
$19,649 $18,102 $15,665 $19,836 $18,649 $19,945 $6,201 $4,715 $5,527 
Compensation expense(2)
$2,371 $2,318 $2,070 $3,611 $3,645 $3,548 $2,703 $3,021 $2,961 
Non-compensation expense(3)
8,228 7,713 6,664 9,591 9,613 8,905 1,774 1,856 1,499 
Total operating expense$10,599 $10,031 $8,734 $13,202 $13,258 $12,453 $4,477 $4,877 $4,460 
Provisions for credit losses and for benefits and claims$276 $950 $207 $463 $438 $117 $(224)$(143)$604 
Provision (benefits) for income taxes2,190 2,420 1,776 1,166 1,015 1,523 419 12 129 
Income (loss) from continuing operations6,584 4,701 4,948 5,005 3,938 5,852 1,529 (31)334 
Identifiable assets at December 31(1)
$584 $586 $600 $949 $1,008 $963 $143 $148 $152 
Average loans85 81 82 120 110 111 88 92 100 
Average deposits819 811 809 21 23 21 1 1 1 
WealthUSPB
202420232022202420232022
Net interest income$4,508 $4,413 $4,681 $21,103 $20,150 $18,062 
Non-interest revenue3,004 2,608 2,674 (729)(963)(1,190)
Total revenues, net of interest expense(1)
$7,512 $7,021 $7,355 $20,374 $19,187 $16,872 
Compensation expense(2)
$2,529 $2,734 $2,501 $2,205 $2,278 $2,077 
Non-compensation expense(3)
3,826 3,751 3,411 7,760 7,824 7,705 
Total operating expense$6,355 $6,485 $5,912 $9,965 $10,102 $9,782 
Provisions for credit losses and for benefits and claims$(126)$(3)$307 $8,598 $6,707 $3,448 
Provision (benefits) for income taxes281 120 141 429 558 872 
Income (loss) from continuing operations1,002 419 995 1,382 1,820 2,770 
Identifiable assets at December 31(1)
$224 $229 $256 $252 $242 $231 
Average loans149 150 150 209 193 171 
Average deposits316 310 312 91 110 115 
All Other(4)
Reconciling Items(5)(6)(7)
Total Citi
202420232022202420232022202420232022
Net interest income$5,899 $7,692 $7,662 $— $— $— $54,095 $54,900 $48,668 
Non-interest revenue1,642 1,750 1,458 26 1,346 854 27,044 23,562 26,670 
Total revenues, net of interest expense(1)
$7,541 $9,442 $9,120 $26 $1,346 $854 $81,139 $78,462 $75,338 
Total operating expense$9,068 $11,241 $9,255 $318 $372 $696 $53,984 $56,366 $51,292 
Provisions for credit losses and for benefits and claims$1,115 $1,304 $480 $7 $(67)$76 $10,109 $9,186 $5,239 
Provision (benefits) for income taxes(182)(979)(1,065)(92)382 266 4,211 3,528 3,642 
Income (loss) from continuing operations(2,460)(2,124)450 (207)659 (184)12,835 9,382 15,165 
Identifiable assets at December 31(1)
$201 $199 $215 $2,353 $2,412 $2,417 
Average loans32 35 39 683 661 653 
Average deposits69 79 75 1,317 1,334 1,333 
The following table presents a reconciliation of total Citigroup income from continuing operations as reported:
2024(5)
2023(6)
2022(7)
Total segments and All Other—Income from continuing operations(4)
$13,042 $8,723 $15,349 
Divestiture-related impact on:
Total revenues, net of interest expense26 1,346 854 
Total operating expenses318 372 696 
Provision (release) for credit losses7 (67)76 
Provision (benefits) for income taxes(92)382 266 
Income from continuing operations$12,835 $9,382 $15,165 

(1)    See “Performance by Geographic Area” below.
(2)    Excludes allocations of Compensation and benefits expense related to services provided by Corporate/Other within All Other, which are allocated from All Other to each respective reportable segment, as applicable, through the non-compensation expense line.
(3)    Non-compensation expense for each reportable segment includes allocated compensation and benefits-related costs from Corporate/Other within All Other to the respective reportable business segments, and expenses related to Technology/communication, Transactional and tax charges, Premises and equipment, Professional services, Advertising and marketing and Other operating (all of which include certain overhead expenses).
(4)    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.
(5)    2024 includes $318 million (approximately $220 million after-tax) in operating expenses primarily related to separation costs in Mexico and severance costs in the Asia exit markets.
(6)    2023 includes (i) an approximate $1.059 billion gain on sale recorded in revenue (approximately $727 million after-tax) related to the India consumer banking business sale; (ii) an approximate $403 million gain on sale recorded in revenue (approximately $284 million after-tax) related to the Taiwan consumer banking business sale; and (iii) approximately $372 million (approximately $263 million after-tax) in operating expenses primarily related to separation costs in Mexico and severance costs in the Asia exit markets.
(7)    2022 includes (i) an approximate $535 million (approximately $489 million after-tax) goodwill write-down due to resegmentation and the timing of Asia consumer banking business divestitures, (ii) an approximate $616 million gain on sale recorded in revenue (approximately $290 million after-tax) related to the Philippines consumer banking business sale, (iii) an approximate $209 million gain on sale recorded in revenue (approximately $115 million after-tax) related to the Thailand consumer banking business sale and (iv) approximately $161 million (approximately $108 million after-tax) in operating expenses primarily related to separation costs in Mexico and severance costs in the Asia exit markets.
Performance by Geographic Area
Citi’s operations are highly integrated, and estimates and subjective assumptions have been made to apportion revenue between North America and international operations. These estimates and assumptions are consistent with the allocations used for the Company’s segment reporting.
The Company defines international activities for purposes of this footnote presentation as business transactions that
involve clients that reside outside of North America, and the information presented below is based on managed geography (the booking location that manages the client relationship), which is predominantly the domicile of the client. However, many of the Company’s North America operations serve international businesses. The managed geography can be periodically reorganized (and thus the balances in North America and Corporate/Other).


The following tables present revenues net of interest expense and identifiable assets between North America and international areas:

In millions of dollars
Revenues, net of interest expense
202420232022
North America(1)
$40,079 $36,707 $34,917 
International(2)(3)
40,392 39,640 38,911 
Corporate/Other(4)
668 2,115 1,510 
Total Citi$81,139 $78,462 $75,338 
In millions of dollars at December 31,
Identifiable assets(5)
20242023
North America(1)
$1,326,443 $1,350,212 
International899,972 940,416 
Corporate/Other126,530 121,206 
Total Citi$2,352,945 $2,411,834 

(1)    Primarily reflects the U.S.
(2)    International represents the summation of international revenues in Services, Markets, Banking, Wealth and All Other—Legacy Franchises, primarily Asia Consumer and Mexico Consumer/SBMM.
(3)    Total revenues for the U.K. were approximately $6.7 billion, $6.9 billion and $7.9 billion for 2024, 2023 and 2022, respectively.
(4)    Corporate/Other revenues, net of interest expense largely reflects U.S. activities, as well as intersegment eliminations.
(5)    The Company’s long-lived assets (Premises and equipment) for the periods presented are not considered significant in relation to its total assets.