XML 60 R22.htm IDEA: XBRL DOCUMENT v3.25.0.1
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS
 12 Months Ended
Dec. 31, 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
Securities borrowed and purchased under agreements to resell, at their respective carrying values, consisted of the following:

December 31,
In millions of dollars20242023
Securities purchased under agreements to resell$192,950 $267,319 
Securities borrowed81,115 78,408 
Total, net(1)
$274,065 $345,727 
Allowance for credit losses on securities purchased and borrowed(2)
(3)(27)
Total, net of allowance$274,062 $345,700 

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

December 31,
In millions of dollars20242023
Securities sold under agreements to repurchase$239,767 $264,958 
Securities loaned14,988 13,149 
Total, net(1)
$254,755 $278,107 

(1)     The above tables do not include securities-for-securities lending transactions of $5.2 billion and $4.3 billion at December 31, 2024 and 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 16.

The resale and repurchase agreements represent collateralized financing transactions. Citi executes these transactions primarily through its broker-dealer subsidiaries to facilitate customer matched-book activity and to efficiently fund a portion of Citi’s trading inventory. Transactions executed by Citi’s bank subsidiaries primarily facilitate customer financing activity.
To maintain reliable funding under a wide range of market conditions, including under periods of stress, Citi manages these activities by taking into consideration the quality of the underlying collateral and stipulating financing tenor. Citi manages the risks in its collateralized financing transactions by conducting daily stress tests to account for changes in capacity, tenors, haircut, collateral profile and client actions. In addition, Citi maintains counterparty diversification by establishing concentration triggers and assessing counterparty reliability and stability under stress.
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.
Collateral typically consists of government and government-agency securities, corporate and municipal bonds, equities and mortgage- and other asset-backed securities.
The resale and repurchase agreements are generally documented under industry standard agreements that allow the prompt close-out of all transactions (including the liquidation of securities held) and the offsetting of obligations to return cash or securities by the non-defaulting party, following a payment default or other type of default under the relevant master agreement. Events of default generally include (i) failure to deliver cash or securities as required under the transaction, (ii) failure to provide or return cash or securities as used for margining purposes, (iii) breach of representation, (iv) cross-default to another transaction entered into among the parties, or, in some cases, their affiliates, and (v) a repudiation of obligations under the agreement. The counterparty that receives the securities in these transactions is generally unrestricted in its use of the securities, with the exception of transactions executed on a tri-party basis, where the collateral is maintained by a custodian and operational limitations may restrict its use of the securities.
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 26 and 27. The remaining portion is carried at the amount of cash initially advanced or received, plus accrued interest, as specified in the respective agreements.
The securities borrowing and lending agreements also represent collateralized financing transactions similar to the resale and repurchase agreements. Collateral typically consists of government and government-agency securities and corporate debt and equity securities.
Similar to the resale and repurchase agreements, securities borrowing and lending agreements are generally documented under industry standard agreements that allow the prompt close-out of all transactions (including the liquidation of securities held) and the offsetting of obligations to return cash or securities by the non-defaulting party, following a payment default or other default by the other party under the relevant master agreement. Events of default and rights to use securities under the securities borrowing and lending agreements are similar to the resale and repurchase agreements referenced above.
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 27. 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 enforceability of offsetting rights incorporated in the master netting agreements for resale and repurchase agreements, and securities borrowing and lending agreements,
is evidenced to the extent that (i) a supportive legal opinion has been obtained from counsel of recognized standing that provides the requisite level of certainty regarding the enforceability of these agreements and (ii) the exercise of rights by the non-defaulting party to terminate and close out transactions on a net basis under these agreements will not be stayed or avoided under applicable law upon an event of default, including bankruptcy, insolvency or similar proceeding.
A legal opinion may not have been sought or obtained for certain jurisdictions where local law is silent or sufficiently ambiguous to determine the enforceability of offsetting rights or where adverse case law or conflicting regulation may cast doubt on the enforceability of such rights. In some jurisdictions and for some counterparty types, the insolvency law for a particular counterparty type may be nonexistent or
unclear as overlapping regimes may exist. For example, this may be the case for certain sovereigns, municipalities, central banks and U.S. pension plans.
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 December 31, 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$516,722 $323,772 $192,950 $186,121 $6,829 
Securities borrowed100,442 19,327 81,115 22,228 58,887 
Total$617,164 $343,099 $274,065 $208,349 $65,716 
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$563,539 $323,772 $239,767 $193,714 $46,053 
Securities loaned34,315 19,327 14,988 12,317 2,671 
Total$597,854 $343,099 $254,755 $206,031 $48,724 

 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 December 31, 2024
In millions of dollarsOpen and overnightUp to 30 days31–90 daysGreater than 90 daysTotal
Securities sold under agreements to repurchase$299,527 $154,036 $46,635 $63,341 $563,539 
Securities loaned25,898 213 1,007 7,197 34,315 
Total$325,425 $154,249 $47,642 $70,538 $597,854 

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 December 31, 2024
In millions of dollarsRepurchase agreementsSecurities lending agreementsTotal
U.S. Treasury and federal agency securities$324,233 $40 $324,273 
State and municipal securities183 — 183 
Foreign government securities132,123 1,069 133,192 
Corporate bonds17,467 330 17,797 
Equity securities18,498 32,837 51,335 
Mortgage-backed securities65,279 — 65,279 
Asset-backed securities2,609 23 2,632 
Other3,147 16 3,163 
Total$563,539 $34,315 $597,854 

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