ALLOWANCE FOR CREDIT LOSSES (Tables)

12 Months Ended

Dec. 31, 2013

In millions of dollars	2013			2012			2011
Allowance for loan losses at beginning of year	$	25,455		$	30,115		$	40,655
Gross credit losses (1)(2)	(12,769		)	(17,005		)	(22,699		)
Gross recoveries	2,306			2,774			3,012
Net credit losses (NCLs)	$	(10,463	)	$	(14,231	)	$	(19,687	)
NCLs	$	10,463		$	14,231		$	19,687
Net reserve builds (releases) (1)	(1,961		)	(1,908		)	(8,525		)
Net specific reserve builds (releases) (2)	(898		)	(1,865		)	174
Total provision for credit losses	$	7,604		$	10,458		$	11,336
Other, net (3)	(2,948		)	(887		)	(2,189		)
Allowance for loan losses at end of year	$	19,648		$	25,455		$	30,115
Allowance for credit losses on unfunded lending commitments at beginning of year (4)	$	1,119		$	1,136		$	1,066
Provision for unfunded lending commitments	80			(16		)	51
Other, net	30			(1		)	19
Allowance for credit losses on unfunded lending commitments at end of year (4)	$	1,229		$	1,119		$	1,136
Total allowance for loans, leases, and unfunded lending commitments	$	20,877		$	26,574		$	31,251

(1) 2012 includes approximately $635 million of incremental charge-offs related to OCC guidance issued in the third quarter of 2012, which required mortgage loans to borrowers that have gone through Chapter 7 of the U.S. Bankruptcy Code to be written down to collateral value. There was a corresponding approximate $600 million release in the third quarter of 2012 allowance for loan losses related to these charge-offs. 2012 also includes a benefit to charge-offs of approximately $40 million related to finalizing the impact of this OCC guidance in the fourth quarter of 2012.

(2) 2012 includes approximately $370 million of incremental charge-offs related to previously deferred principal balances on modified loans in the first quarter of 2012. These charge-offs were related to anticipated forgiveness of principal in connection with the national mortgage settlement. There was a corresponding approximate $350 million reserve release in the first quarter of 2012 related to these charge-offs.

(3) 2013 includes reductions of approximately $2.4 billion related to the sale or transfer to held-for-sale of various loan portfolios, which includes approximately $360 million related to the sale of Credicard and approximately $255 million related to a transfer to held-for-sale of a loan portfolio in Greece, approximately $230 million related to a non-provision transfer of reserves associated with deferred interest to other assets which includes deferred interest and approximately $220 million related to foreign currency translation. 2012 includes reductions of approximately $875 million related to the sale or transfer to held-for-sale of various U.S. loan portfolios. 2011 includes reductions of approximately $1.6 billion related to the sale or transfer to held-for-sale of various U.S. loan portfolios, approximately $240 million related to the sale of the Egg Banking PLC credit card business, approximately $72 million related to the transfer of the Citi Belgium business to held-for-sale and approximately $290 million related to foreign exchange translation.

(4) Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet.

Schedule of allowance for credit losses and investment in loans by portfolio segment

Allowance for Credit Losses and Investment in Loans at December 31, 2013

In millions of dollars	Corporate			Consumer			Total
Allowance for loan losses at beginning of year	$	2,776		$	22,679		$	25,455
Charge-offs	(369		)	(12,400		)	(12,769		)
Recoveries	168			2,138			2,306
Replenishment of net charge-offs	201			10,262			10,463
Net reserve builds (releases)	(199		)	(1,762		)	(1,961		)
Net specific reserve builds (releases)	(1		)	(897		)	(898		)
Other	8			(2,956		)	(2,948		)
Ending balance	$	2,584		$	17,064		$	19,648
Allowance for loan losses
Determined in accordance with ASC 450-20	$	2,232		$	12,402		$	14,634
Determined in accordance with ASC 310-10-35	268			4,633			4,901
Determined in accordance with ASC 310-30	84			29			113
Total allowance for loan losses	$	2,584		$	17,064		$	19,648
Loans, net of unearned income
Loans collectively evaluated for impairment in accordance with ASC 450-20	$	265,230		$	368,449		$	633,679
Loans individually evaluated for impairment in accordance with ASC 310-10-35	2,222			23,793			26,015
Loans acquired with deteriorated credit quality in accordance with ASC 310-30	117			632			749
Loans held at fair value	4,072			957			5,029
Total loans, net of unearned income	$	271,641		$	393,831		$	665,472

Allowance for Credit Losses and Investment in Loans at December 31, 2012

In millions of dollars	Corporate			Consumer			Total
Allowance for loan losses at beginning of year	$	2,879		$	27,236		$	30,115
Charge-offs	(640		)	(16,365		)	(17,005		)
Recoveries	417			2,357			2,774
Replenishment of net charge-offs	223			14,008			14,231
Net reserve releases	2			(1,910		)	(1,908		)
Net specific reserve builds (releases)	(138		)	(1,727		)	(1,865		)
Other	33			(920		)	(887		)
Ending balance	$	2,776		$	22,679		$	25,455
Allowance for loan losses
Determined in accordance with ASC 450-20	$	2,429		$	15,703		$	18,132
Determined in accordance with ASC 310-10-35	284			6,941			7,225
Determined in accordance with ASC 310-30	63			35			98
Total allowance for loan losses	$	2,776		$	22,679		$	25,455
Loans, net of unearned income
Loans collectively evaluated for impairment in accordance with ASC 450-20	$	239,849		$	377,374		$	617,223
Loans individually evaluated for impairment in accordance with ASC 310-10-35	2,776			29,640			32,416
Loans acquired with deteriorated credit quality in accordance with ASC 310-30	112			426			538
Loans held at fair value	4,056			1,231			5,287
Total loans, net of unearned income	$	246,793		$	408,671		$	655,464

Allowance for Credit Losses at December 31, 2011

In millions of dollars	Corporate			Consumer			Total
Allowance for loan losses at beginning of year	$	5,249		$	35,406		$	40,655
Charge-offs	(2,000		)	(20,699		)	(22,699		)
Recoveries	386			2,626			3,012
Replenishment of net charge-offs	1,614			18,073			19,687
Net reserve releases	(1,083		)	(7,442		)	(8,525		)
Net specific reserve builds (releases)	(1,270		)	1,444			174
Other	(17		)	(2,172		)	(2,189		)
Ending balance	$	2,879		$	27,236		$	30,115