CONDENSED CONSOLIDATING FINANCIAL STATEMENTS SCHEDULES

9 Months Ended

Sep. 30, 2012

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS SCHEDULES

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS SCHEDULES

23.   CONDENSED CONSOLIDATING FINANCIAL STATEMENTS SCHEDULES

        These condensed Consolidating Financial Statements schedules are presented for purposes of additional analysis, but should be considered in relation to the Consolidated Financial Statements of Citigroup taken as a whole.

Citigroup Parent Company

        The holding company, Citigroup Inc.

Citigroup Funding Inc. (CFI)

        CFI is a first-tier subsidiary of Citigroup, which issues commercial paper, medium-term notes and structured equity-linked and credit-linked notes, all of which are guaranteed by Citigroup.

Other Citigroup Subsidiaries and consolidating adjustments

        Includes all other subsidiaries of Citigroup, intercompany eliminations, income (loss) from discontinued operations, Citigroup parent company elimination of distributed and undistributed income of subsidiaries and investment in subsidiaries.

        During the third quarter of 2012, Citi de-registered the public debt of Citigroup Global Markets Holdings Inc. (CGMHI), CitiFinancial Credit Company (CCC) and Associates First Capital Corporation (AFCC) pursuant to Section 15 of the Securities and Exchange Act of 1934. The public debt of each of CGMHI, CCC and AFCC continues to be guaranteed by Citigroup Inc. However, as a result of the deregistration of the public debt of these entities, they are no longer required to be included in the Condensed Consolidating Financial Statement Schedules of Citi's Annual and Quarterly Reports filed with the U.S. Securities and Exchange Commission.

Condensed Consolidating Statements of Income and Comprehensive Income

	Three Months Ended September 30, 2012
In millions of dollars	Citigroup parent company			CFI			Other Citigroup subsidiaries, eliminations and income from discontinued operations			Citigroup consolidated
Revenues
Dividends from subsidiaries	$	2,800		$	—		$	(2,800	)	$	—
Interest revenue		4			22			16,908			16,934
Interest revenue—intercompany		767			252			(1,019	)		—
Interest expense		1,678			252			3,091			5,021
Interest expense—intercompany		(100	)		(47	)		147			—
Net interest revenue	$	(807	)	$	69		$	12,651		$	11,913
Commissions and fees	$	—		$	—		$	3,304		$	3,304
Commissions and fees—intercompany		—			—			—			—
Principal transactions		62			(972	)		1,886			976
Principal transactions—intercompany		9			542			(551	)		—
Other income		(642	)		50			(1,650	)		(2,242	)
Other income—intercompany		762			(121	)		(641	)		—
Total non-interest revenues	$	191		$	(501	)	$	2,348		$	2,038
Total revenues, net of interest expense	$	2,184		$	(432	)	$	12,199		$	13,951
Provisions for credit losses and for benefits and claims	$	—		$	—		$	2,695		$	2,695
Expenses
Compensation and benefits	$	32		$	—		$	6,100		$	6,132
Compensation and benefits—intercompany		2			—			(2	)		—
Other expense		239			—			5,849			6,088
Other expense—intercompany		40			1			(41	)		—
Total operating expenses	$	313		$	1		$	11,906		$	12,220
Income (loss) before taxes and equity in undistributed income of subsidiaries	$	1,871		$	(433	)	$	(2,402	)	$	(964	)
Provision (benefit) for income taxes		(975	)		(161	)		(352	)		(1,488	)
Equity in undistributed income of subsidiaries		(2,378	)		—			2,378			—
Income (loss) from continuing operations	$	468		$	(272	)	$	328		$	524
Income (loss) from discontinued operations, net of taxes		—			—			(31	)		(31	)
Net income (loss) before attribution of noncontrolling interests	$	468		$	(272	)	$	297		$	493
Net income (loss) attributable to noncontrolling interests		—			—			25			25
Net income (loss) after attribution of noncontrolling interests	$	468		$	(272	)	$	272		$	468
Comprehensive income (loss)
Net income (loss) before attribution of noncontrolling interests	$	468		$	(272	)	$	297		$	493
Citigroup's other comprehensive income (loss)		2,183			—			—			2,183
Other comprehensive income (loss) attributable to noncontrolling interests		—			—			48			48
Total comprehensive income (loss) before attribution of noncontrolling interests	$	2,651		$	(272	)	$	345		$	2,724
Total comprehensive income (loss) attributable to noncontrolling interests		—			—			73			73
Citigroup's comprehensive income (loss)	$	2,651		$	(272	)	$	272		$	2,651

Condensed Consolidating Statements of Income and Comprehensive Income

	Three Months Ended September 30, 2011
In millions of dollars	Citigroup parent company			CFI			Other Citigroup subsidiaries, eliminations and income from discontinued operations			Citigroup consolidated
Revenues
Dividends from subsidiaries	$	3,200		$	—		$	(3,200	)	$	—
Interest revenue		50			—			18,095			18,145
Interest revenue—intercompany		827			661			(1,488	)		—
Interest expense		2,006			558			3,467			6,031
Interest expense—intercompany		(120	)		(16	)		136			—
Net interest revenue	$	(1,009	)	$	119		$	13,004		$	12,114
Commissions and fees	$	—		$	—		$	3,043		$	3,043
Commissions and fees—intercompany		—			—			—			—
Principal transactions		(44	)		1,534			613			2,103
Principal transactions—intercompany		—			(740	)		740			—
Other income		(3,405	)		(84	)		7,060			3,571
Other income—intercompany		3,823			156			(3,979	)		—
Total non-interest revenues	$	374		$	866		$	7,477		$	8,717
Total revenues, net of interest expense	$	2,565		$	985		$	17,281		$	20,831
Provisions for credit losses and for benefits and claims	$	—		$	—		$	3,351		$	3,351
Expenses
Compensation and benefits	$	(15	)	$	—		$	6,238		$	6,223
Compensation and benefits—intercompany		1			—			(1	)		—
Other expense		176			—			6,061			6,237
Other expense—intercompany		100			5			(105	)		—
Total operating expenses	$	262		$	5		$	12,193		$	12,460
Income (loss) before taxes and equity in undistributed income of subsidiaries	$	2,303		$	980		$	1,737		$	5,020
Provision (benefit) for income taxes		(300	)		395			1,183			1,278
Equity in undistributed income of subsidiaries		1,168			—			(1,168	)		—
Income (loss) from continuing operations	$	3,771		$	585		$	(614	)	$	3,742
Income (loss) from discontinued operations, net of taxes		—			—			1			1
Net income (loss) before attribution of noncontrolling interests	$	3,771		$	585		$	(613	)	$	3,743
Net income (loss) attributable to noncontrolling interests		—			—			(28	)		(28	)
Net income (loss) after attribution of noncontrolling interests	$	3,771		$	585		$	(585	)	$	3,771
Comprehensive income (loss)
Net income (loss) before attribution of noncontrolling interests	$	3,771		$	585		$	(613	)	$	3,743
Citigroup's other comprehensive income (loss)		(4,822	)		—			—			(4,822	)
Other comprehensive income (loss) attributable to noncontrolling interests		—			—			(115	)		(115	)
Total comprehensive income (loss) before attribution of noncontrolling interests	$	(1,051	)	$	585		$	(728	)	$	(1,194	)
Total comprehensive income (loss) attributable to noncontrolling interests		—			—			(143	)		(143	)
Citigroup's comprehensive income (loss)	$	(1,051	)	$	585		$	(585	)	$	(1,051	)

Condensed Consolidating Statements of Income and Comprehensive Income

	Nine Months Ended September 30, 2012
In millions of dollars	Citigroup parent company			CFI			Other Citigroup subsidiaries, eliminations and income from discontinued operations			Citigroup consolidated
Revenues
Dividends from subsidiaries	$	7,680		$	—		$	(7,680	)	$	—
Interest revenue		122			36			51,202			51,360
Interest revenue—intercompany		2,515			884			(3,399	)		—
Interest expense		5,440			893			9,574			15,907
Interest expense—intercompany		(328	)		(350	)		678			—
Net interest revenue	$	(2,475	)	$	377		$	37,551		$	35,453
Commissions and fees	$	—		$	—		$	9,521		$	9,521
Commissions and fees—intercompany		—			—			—			—
Principal transactions		84			(1,869	)		6,332			4,547
Principal transactions—intercompany		15			772			(787	)		—
Other income		(138	)		54			2,562			2,478
Other income—intercompany		499			(189	)		(310	)		—
Total non-interest revenues	$	460		$	(1,232	)	$	17,318		$	16,546
Total revenues, net of interest expense	$	5,665		$	(855	)	$	47,189		$	51,999
Provisions for credit losses and for benefits and claims	$	—		$	—		$	8,520		$	8,520
Expenses
Compensation and benefits	$	86		$	—		$	18,558		$	18,644
Compensation and benefits—intercompany		6			—			(6	)		—
Other expense		839			1			17,189			18,029
Other expense—intercompany		223			3			(226	)		—
Total operating expenses	$	1,154		$	4		$	35,515		$	36,673
Income (loss) before taxes and equity in undistributed income of subsidiaries	$	4,511		$	(859	)	$	3,154		$	6,806
Provision (benefit) for income taxes		(1,224	)		(324	)		1,781			233
Equity in undistributed income of subsidiaries		610			—			(610	)		—
Income (loss) from continuing operations	$	6,345		$	(535	)	$	763		$	6,573
Income (loss) from discontinued operations, net of taxes		—			—			(37	)		(37	)
Net income (loss) before attribution of noncontrolling interests	$	6,345		$	(535	)	$	726		$	6,536
Net income (loss) attributable to noncontrolling interests		—			—			191			191
Net income (loss) after attribution of noncontrolling interests	$	6,345		$	(535	)	$	535		$	6,345
Comprehensive income (loss)
Net income (loss) before attribution of noncontrolling interests	$	6,345		$	(535	)	$	726		$	6,536
Citigroup's other comprehensive income (loss)		2,222			—			—			2,222
Other comprehensive income (loss) attributable to noncontrolling interests		—			—			59			59
Total comprehensive income (loss) before attribution of noncontrolling interests	$	8,567		$	(535	)	$	785		$	8,817
Total comprehensive income (loss) attributable to noncontrolling interests		—			—			250			250
Citigroup's comprehensive income (loss)	$	8,567		$	(535	)	$	535		$	8,567

Condensed Consolidating Statements of Income and Comprehensive Income

	Nine Months Ended September 30, 2011
In millions of dollars	Citigroup Parent company			CFI			Other Citigroup subsidiaries, eliminations and income from discontinued operations			Citigroup consolidated
Revenues
Dividends from subsidiaries	$	10,370		$	—		$	(10,370	)	$	—
Interest revenue		155			—			54,731			54,886
Interest revenue—intercompany		2,590			1,854			(4,444	)		—
Interest expense		6,164			1,595			10,763			18,522
Interest expense—intercompany		(401	)		285			116			—
Net interest revenue	$	(3,018	)	$	(26	)	$	39,408		$	36,364
Commissions and fees	$	—		$	—		$	9,968		$	9,968
Commissions and fees—intercompany		—			—			—			—
Principal transactions		9			1,997			5,880			7,886
Principal transactions—intercompany		1			(1,031	)		1,030			—
Other income		(4,823	)		(73	)		11,857			6,961
Other income—intercompany		5,090			64			(5,154	)		—
Total non-interest revenues	$	277		$	957		$	23,581		$	24,815
Total revenues, net of interest expense	$	7,629		$	931		$	52,619		$	61,179
Provisions for credit losses and for benefits and claims	$	—		$	—		$	9,922		$	9,922
Expenses
Compensation and benefits	$	51		$	—		$	19,250		$	19,301
Compensation and benefits—intercompany		5			—			(5	)		—
Other expense		753			1			17,667			18,421
Other expense—intercompany		302			7			(309	)		—
Total operating expenses	$	1,111		$	8		$	36,603		$	37,722
Income (loss) before taxes and equity in undistributed income of subsidiaries	$	6,518		$	923		$	6,094		$	13,535
Provision (benefit) for income taxes		(1,633	)		324			4,739			3,430
Equity in undistributed income of subsidiaries		1,960			—			(1,960	)		—
Income (loss) from continuing operations	$	10,111		$	599		$	(605	)	$	10,105
Income (loss) from discontinued operations, net of taxes		—			—			112			112
Net income (loss) before attribution of noncontrolling interests	$	10,111		$	599		$	(493	)	$	10,217
Net income (loss) attributable to noncontrolling interests		—			—			106			106
Net income (loss) after attribution of noncontrolling interests	$	10,111		$	599		$	(599	)	$	10,111
Comprehensive income (loss)
Net income (loss) before attribution of noncontrolling interests	$	10,111		$	599		$	(493	)	$	10,217
Citigroup's other comprehensive income (loss)		(767	)		—			—			(767	)
Other comprehensive income (loss) attributable to noncontrolling interests		—			—			(62	)		(62	)
Total comprehensive income (loss) before attribution of noncontrolling interests	$	9,344		$	599		$	(555	)	$	9,388
Total comprehensive income (loss) attributable to noncontrolling interests		—			—			44			44
Citigroup's comprehensive income (loss)	$	9,344		$	599		$	(599	)	$	9,344

Condensed Consolidating Balance Sheet

	September 30, 2012
In millions of dollars	Citigroup Parent company		CFI		Other Citigroup subsidiaries and eliminations			Citigroup consolidated
Assets
Cash and due from banks	$	—	$	51	$	33,751		$	33,802
Cash and due from banks—intercompany		37		25		(62	)		—
Federal funds sold and resale agreements		—		—		277,542			277,542
Federal funds sold and resale agreements—intercompany		—		—		—			—
Trading account assets		—		12		315,189			315,201
Trading account assets—intercompany		54		140		(194	)		—
Investments		1,788		—		293,686			295,474
Loans, net of unearned income		—		—		658,423			658,423
Loans, net of unearned income—intercompany		—		44,732		(44,732	)		—
Allowance for loan losses		—		—		(25,916	)		(25,916	)
Total loans, net	$	—	$	44,732	$	587,775		$	632,507
Advances to subsidiaries		92,434		—		(92,434	)		—
Investments in subsidiaries		197,879		—		(197,879	)		—
Other assets		23,037		81		353,658			376,776
Other assets—intercompany		61,684		163		(61,847	)		—
Assets of discontinued operations held for sale		—		—		44			44
Total assets	$	376,913	$	45,204	$	1,509,229		$	1,931,346
Liabilities and equity
Deposits	$	—	$	—	$	944,644		$	944,644
Federal funds purchased and securities loaned or sold		—		—		224,370			224,370
Federal funds purchased and securities loaned or sold—intercompany		185		—		(185	)		—
Trading account liabilities		—		—		129,990			129,990
Trading account liabilities—intercompany		47		138		(185	)		—
Short-term borrowings		16		866		48,282			49,164
Short-term borrowings—intercompany		—		209		(209	)		—
Long-term debt		154,333		37,461		80,068			271,862
Long-term debt—intercompany		—		4,767		(4,767	)		—
Advances from subsidiaries		19,119		—		(19,119	)		—
Other liabilities		5,512		272		116,794			122,578
Other liabilities—intercompany		10,924		43		(10,967	)		—
Liabilities of discontinued operations held for sale		—		—		—			—
Total liabilities	$	190,136	$	43,756	$	1,508,716		$	1,742,608
Citigroup stockholders' equity		186,777		1,448		(1,448	)		186,777
Noncontrolling interests		—		—		1,961			1,961
Total equity	$	186,777	$	1,448	$	513		$	188,738
Total liabilities and equity	$	376,913	$	45,204	$	1,509,229		$	1,931,346

Condensed Consolidating Balance Sheet

	December 31, 2011
In millions of dollars	Citigroup Parent company		CFI		Other Citigroup subsidiaries and eliminations			Citigroup consolidated
Assets
Cash and due from banks	$	—	$	—	$	28,701		$	28,701
Cash and due from banks—intercompany		3		—		(3	)		—
Federal funds sold and resale agreements		—		—		275,849			275,849
Federal funds sold and resale agreements—intercompany		—		—		—			—
Trading account assets		7		18		291,709			291,734
Trading account assets—intercompany		92		269		(361	)		—
Investments		37,477		—		255,936			293,413
Loans, net of unearned income		—		—		647,242			647,242
Loans, net of unearned income—intercompany		—		58,039		(58,039	)		—
Allowance for loan losses		—		—		(30,115	)		(30,115	)
Total loans, net		—	$	58,039	$	559,088		$	617,127
Advances to subsidiaries	$	108,644		—		(108,644	)		—
Investments in subsidiaries		194,979		—		(194,979	)		—
Other assets		35,776		367		330,911			367,054
Other assets—intercompany		29,935		3,257		(33,192	)		—
Total assets	$	406,913	$	61,950	$	1,405,015		$	1,873,878
Liabilities and equity
Deposits	$	—	$	—	$	865,936		$	865,936
Federal funds purchased and securities loaned or sold		—		—		198,373			198,373
Federal funds purchased and securities loaned or sold—intercompany		185		—		(185	)		—
Trading account liabilities		—		298		125,784			126,082
Trading account liabilities—intercompany		96		90		(186	)		—
Short-term borrowings		13		7,133		47,295			54,441
Short-term borrowings—intercompany		—		3,153		(3,153	)		—
Long-term debt		181,702		45,081		96,722			323,505
Long-term debt—intercompany		—		2,971		(2,971	)		—
Advances from subsidiaries		17,046		—		(17,046	)		—
Other liabilities		19,625		889		105,454			125,968
Other liabilities—intercompany		10,440		352		(10,792	)		—
Total liabilities	$	229,107	$	59,967	$	1,405,231		$	1,694,305
Citigroup stockholders' equity	$	177,806	$	1,983	$	(1,983	)	$	177,806
Noncontrolling interests		—		—		1,767			1,767
Total equity	$	177,806	$	1,983	$	(216	)	$	179,573
Total liabilities and equity	$	406,913	$	61,950	$	1,405,015		$	1,873,878

Condensed Consolidating Statements of Cash Flows

	Nine Months Ended September 30, 2012
In millions of dollars	Citigroup Parent company			CFI			Other Citigroup subsidiaries and eliminations			Citigroup consolidated
Net cash provided by (used in) operating activities of continuing operations	$	(26,455	)	$	452		$	33,567		$	7,564
Cash flows from investing activities of continuing operations
Change in loans	$	—		$	14,822		$	(28,377	)	$	(13,555	)
Proceeds from sales of loans		—			—			4,874			4,874
Purchases of investments		(5,701	)		—			(182,865	)		(188,566	)
Proceeds from sales of investments		37,056			—			77,178			114,234
Proceeds from maturities of investments		4,190			—			76,003			80,193
Changes in investments and advances—intercompany		16,380			—			(16,380	)		—
Other investing activities		1			—			(15,244	)		(15,243	)
Net cash provided by (used in) investing activities of continuing operations	$	51,926		$	14,822		$	(84,811	)	$	(18,063	)
Cash flows from financing activities of continuing operations
Dividends paid	$	(104	)	$	—		$	—		$	(104	)
Treasury stock acquired		(4	)		—			—			(4	)
Proceeds/(repayments) from issuance of long-term debt—third-party, net		(27,224	)		(7,978	)		(22,725	)		(57,927	)
Proceeds/(repayments) from issuance of long-term debt—intercompany, net		—			1,930			(1,930	)		—
Change in deposits		—			—			78,708			78,708
Net change in short-term borrowings and other investment banking and brokerage borrowings—third-party		—			(6,329	)		1,302			(5,027	)
Net change in short-term borrowings and other advances—intercompany		2,089			(2,888	)		799			—
Capital contributions from parent		—			—			—			—
Other financing activities		(194	)		67			(67	)		(194	)
Net cash (used in) provided by financing activities of continuing operations	$	(25,437	)	$	(15,198	)	$	56,087		$	15,452
Effect of exchange rate changes on cash and due from banks	$	—		$	—		$	148		$	148
Net cash provided by (used in) discontinued operations	$	—		$	—		$	—		$	—
Net increase (decrease) in cash and due from banks	$	34		$	76		$	4,991		$	5,101
Cash and due from banks at beginning of period		3			—			28,698			28,701
Cash and due from banks at end of period	$	37		$	76		$	33,689		$	33,802
Supplemental disclosure of cash flow information for continuing operations
Cash paid during the year for
Income taxes	$	40		$	56		$	2,486		$	2,582
Interest		5,981			861			8,343			15,185
Non-cash investing activities
Transfers to repossessed assets	$	—		$	—		$	391		$	391

Condensed Consolidating Statements of Cash Flows

	Nine Months Ended September 30, 2011
In millions of dollars	Citigroup parent company			CFI			Other Citigroup subsidiaries and eliminations			Citigroup consolidated
Net cash (used in) provided by operating activities	$	(9,397	)	$	2,189		$	38,028		$	30,820
Cash flows from investing activities
Change in loans	$	—		$	31,465		$	(37,854	)	$	(6,389	)
Proceeds from sales and securitizations of loans		—			—			8,941			8,941
Purchases of investments		(31,805	)		—			(222,606	)		(254,411	)
Proceeds from sales of investments		3,079			—			156,075			159,154
Proceeds from maturities of investments		20,292			—			92,117			112,409
Changes in investments and advances—intercompany		31,088			—			(31,088	)		—
Business acquisitions		(10	)		—			10			—
Other investing activities		—			—			192			192
Net cash provided by (used in) investing activities	$	22,644		$	31,465		$	(34,213	)	$	19,896
Cash flows from financing activities
Dividends paid	$	(75	)	$	—		$	6		$	(69	)
Treasury stock acquired		(1	)		—			—			(1	)
Proceeds/(Repayments) from issuance of long-term debt—third-party, net		(13,602	)		(4,161	)		(32,028	)		(49,791	)
Proceeds/(Repayments) from issuance of long-term debt—intercompany, net		—			32			(32	)		—
Change in deposits		—			—			6,326			6,326
Net change in short-term borrowings and other investment banking and brokerage borrowings—third-party		—			(1,007	)		(12,865	)		(13,872	)
Net change in short-term borrowings and other advances—intercompany		(3,100	)		(28,441	)		31,541			—
Capital contributions from parent		—			—			—			—
Other financing activities		3,522			(77	)		77			3,522
Net cash used in financing activities	$	(13,256	)	$	(33,654	)	$	(6,975	)	$	(53,885	)
Effect of exchange rate changes on cash and due from banks	$	—		$	—		$	1,478		$	1,478
Net cash used in discontinued operations	$	—		$	—		$	2,669		$	2,669
Net increase (decrease) in cash and due from banks	$	(9	)	$	—		$	987		$	978
Cash and due from banks at beginning of period		11			—			27,961			27,972
Cash and due from banks at end of period	$	2		$	—		$	28,948		$	28,950
Supplemental disclosure of cash flow information
Cash paid during the year for:
Income taxes	$	115		$	(326	)	$	2,828		$	2,617
Interest		6,899			464			8,019			15,382
Non-cash investing activities:
Transfers to repossessed assets	$	—		$	—		$	1,038		$	1,038
Transfers to trading account assets from investments (held-to-maturity)		—			—			12,700			12,700