10-Q
Citigroup Inc (C)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the quarterly period ended March 31, 2026
OR
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the transition period from to
Commission file number 1-9924
Citigroup Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 52-1568099 | ||
|---|---|---|---|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||
| 388 Greenwich Street, | New York | NY | 10013 |
| (Address of principal executive offices) | (Zip code) |
(212) 559-1000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 formatted in Inline XBRL: See Exhibit 99.01
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
|---|---|---|---|---|---|---|---|
| Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Number of shares of Citigroup Inc. common stock outstanding on March 31, 2026: 1,705,576,955
Available online at www.citigroup.com
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CITIGROUP’S FIRST QUARTER 2026—FORM 10-Q
| OVERVIEW | 4 |
|---|---|
| Citigroup’s Five Reportable Business Segments | 6 |
| MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 7 |
| Executive Summary | 7 |
| Citi’s Multiyear Transformation | 9 |
| Summary of Selected Financial Data | 10 |
| Balance Sheet Overview | 12 |
| Segment Revenues and Income (Loss) | 14 |
| Services | 15 |
| Markets | 18 |
| Banking | 21 |
| Wealth | 24 |
| U.S. Consumer Cards (USCC) | 27 |
| All Other—Managed Basis | 30 |
| All Other—Divestiture-Related Impacts (Reconciling Items) | 33 |
| CAPITAL RESOURCES | 34 |
| Managing Global Risk—Table of Contents | 43 |
| MANAGING GLOBAL RISK | 44 |
| SIGNIFICANT ACCOUNTING POLICIES AND <br>SIGNIFICANT ESTIMATES | 80 |
| DISCLOSURE CONTROLS AND PROCEDURES | 85 |
| DISCLOSURE PURSUANT TO SECTION 219 OF THE IRAN THREAT REDUCTION AND SYRIA HUMAN RIGHTS ACT | 85 |
| FORWARD-LOOKING STATEMENTS | 86 |
| Financial Statements and Notes—Table of Contents | 89 |
| CONSOLIDATED FINANCIAL STATEMENTS | 90 |
| NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) | 98 |
| UNREGISTERED SALES OF EQUITY SECURITIES, <br>REPURCHASES OF EQUITY SECURITIES AND DIVIDENDS | 187 |
| OTHER INFORMATION | 188 |
| EXHIBIT INDEX | 189 |
| SIGNATURES | 190 |
| GLOSSARY OF TERMS AND ACRONYMS | 191 |
OVERVIEW
This Quarterly Report on Form 10-Q should be read in conjunction with Citigroup’s Annual Report on Form 10-K for the year ended December 31, 2025 (referred to herein as Citi’s 2025 Form 10-K).
Throughout this report, “Citigroup,” “Citi” and “the Company” refer to Citigroup Inc. and its consolidated subsidiaries. All “Note” references correspond to the Notes to the Consolidated Financial Statements herein, unless otherwise indicated.
For a list of certain terms and acronyms used in this Quarterly Report on Form 10-Q and other Citigroup presentations, see “Glossary of Terms and Acronyms” at the end of this report.
Additional Information
Additional information about Citigroup is available on Citi’s website at www.citigroup.com. Citigroup’s annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and proxy statements, as well as other filings with the U.S. Securities and Exchange Commission (SEC) are available free of charge through Citi’s website by clicking on “SEC Filings” under the “Investors” tab. The SEC’s website also contains these filings and other information regarding Citi at www.sec.gov.
Reporting Changes
As discussed below, certain reclassifications have been made to the prior periods’ financial statements and disclosures to conform to the current period’s presentation, effective January 1, 2026. Citi’s consolidated results were unchanged for all periods presented.
•Citi transferred its Retail Banking business from the former U.S. Personal Banking (USPB) to Wealth and integrated the remaining USPB businesses into a new U.S. Consumer Cards segment.
•As part of this transfer, the financial results and balance sheet of the Retail Banking business moved to the Wealth segment.
•Citi allocates tangible common equity (TCE) internally to its businesses annually, taking into consideration a variety of factors, including the economics of client relationships that cross businesses. Citi updated its TCE allocation methodology among the Services, Markets and Banking segments to better align their capital usage associated with the shared economic benefits of corporate lending to clients across these segments, eliminating the need for a corporate lending revenue share arrangement, which had historically been reflected in the “All other” revenue line item of these segments.
•As a result of these changes, the revenues of Services and Markets increased and the revenues of Banking decreased.
•Certain interest rate risk-management activities within Markets were moved to All Other—Corporate/Other, or between businesses within Markets. These changes impacted the results for Markets, as well as All Other—Corporate/Other.
For additional information on these and other reporting changes, see the Historical Quarterly Financial Data Supplement for the five-year quarterly and annual periods ended December 31, 2025, reflecting the above-mentioned first quarter of 2026 presentation changes, included as Exhibit 99.1 to Citigroup’s Current Report on Form 8-K furnished to the SEC on April 3, 2026.
As previously announced, Citi also enhanced its 2026 TCE allocation methodology, which affected the TCE allocation for each segment as of the first quarter of 2026. For additional information, see Citi’s First Quarter 2026 Earnings Results Presentation available on Citi’s Investor Relations website. This earnings results presentation is not incorporated by reference into, and does not form any part of, this Form 10-Q.
Non-GAAP Financial Measures
Citi prepares its financial statements in accordance with U.S. generally accepted accounting principles (GAAP) and also presents certain non-GAAP financial measures (non-GAAP measures) that exclude certain items or otherwise include components that differ from the most directly comparable measures calculated in accordance with U.S. GAAP. These non-GAAP financial measures are not intended to be a substitute for GAAP financial measures and may not be defined or calculated the same way as non-GAAP measures with similar names used by other companies.
Citi’s non-GAAP measures in this Form 10-Q include the following:
•All Other (managed basis), which excludes divestiture-related impacts
•Banking and Corporate Lending revenues excluding gain (loss) on loan hedges
•TCE, return on tangible common equity (RoTCE) and tangible book value per share (TBVPS)
•Non-Markets net interest income
Citi’s All Other (managed basis) results, which exclude divestiture-related impacts, represent as reported, or GAAP, financial results adjusted for items that are incurred and recognized, which are wholly and necessarily a consequence of actions taken to sell (including through a public offering), dispose of or wind down business activities associated with Citi’s previously announced exit markets within All Other—Legacy Franchises.
Citi’s Chief Executive Officer, its chief operating decision maker, regularly reviews financial information for All Other on a managed basis. For additional information, see “All Other—Divestiture-Related Impacts (Reconciling Items)” below.
Citi believes All Other (managed basis) results are useful to investors, industry analysts and others in evaluating Citi’s results of operations and comparing its operational performance between periods, by providing a meaningful depiction of the underlying fundamentals of period-to-period operating results; improved visibility into management decisions and their impacts on operational performance; and additional comparability to peer companies.
Citi believes that Banking and Corporate Lending revenues excluding gain (loss) on loan hedges are useful to investors, industry analysts and others because the gain (loss) on loan hedges are independent of Banking and Corporate Lending’s core operations and not indicative of the performance of the business operations. For more information on Banking and Corporate Lending revenues excluding gain (loss) on loan hedges, see “Banking” below.
TCE, RoTCE and TBVPS are used by management, as well as investors, industry analysts and others, in assessing Citi’s use of equity. Citi believes TCE and RoTCE are useful to investors, industry analysts and others by providing alternative measures of capital strength and performance. Citi believes TBVPS provides additional useful information about the level of tangible assets in relation to Citi’s outstanding shares of common stock. For more information on TCE, RoTCE and TBVPS, see “Capital Resources—Tangible Common Equity, Book Value Per Share, Tangible Book Value Per Share and Return on Equity” below.
Management uses non-Markets net interest income to assess the performance of Citi’s non-Markets lending, investing (including asset-liability management) and deposit-raising activities, apart from any volatility associated with such Markets’ activities. Citi believes the use of this non-GAAP measure provides investors, industry analysts and others with an alternative measure to analyze the net interest income trends of Citi’s lending, investing and deposit-raising activities, by providing a meaningful depiction of the underlying fundamentals of period-to-period operating results of those activities; improved visibility into management decisions and their impacts on operational performance; and additional comparability to peer companies. For more information on non-Markets net interest income, see “Market Risk—Non-Markets Net Interest Income” below.
Please see “Risk Factors” in Citi’s 2025 Form 10-K for a discussion of material risks and uncertainties that could impact Citigroup’s businesses, results of operations and financial condition.
Citigroup is managed pursuant to five reportable business segments (segments), also referred to as Citi’s “five businesses”: Services, Markets, Banking, Wealth and U.S. Consumer Cards. Activities not assigned to the segments are included in All Other. For additional information, see the results of operations for each of the segments and All Other within “Management’s Discussion and Analysis of Financial Condition and Results of Operations” below.
Note: Mexico is included in Latin America (LATAM) within International.
(1)Fixed Income Markets consists of the Rates and Currencies sub-business and Spread Products and Other Fixed Income sub-business; Equity Markets consists of the equity derivatives, equity cash and prime services sub-businesses.
(2)Investment Banking consists of the Debt Capital Markets (DCM), Equity Capital Markets (ECM) and Advisory sub-businesses.
(3)USCC’s unsecured consumer lending consists of General Purpose Credit Cards (GPCC), Private Label Credit Cards (PLCC) and Installment Lending products.
(4)Mexico Consumer/SBMM operates primarily through Grupo Financiero Banamex, S.A. de C.V. (Banamex) and its consolidated subsidiaries.
(5)Primarily represents the two remaining exit countries (Poland and Korea).
(6)Within International, Citi is organized into six clusters: United Kingdom; Japan, Asia North and Australia (JANA); LATAM; Asia South; Europe; and Middle East, Africa and Russia (MEA) (as previously disclosed, on February 18, 2026, Citi completed the sale of AO Citibank in Russia—see Note 2). Although the chief operating decision maker (CODM) does not manage Citi’s segments and All Other by cluster, Citi provides selected financial information (revenue and certain corporate credit metrics) below for these six clusters.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
EXECUTIVE SUMMARY
Overview
As described further throughout this Executive Summary, during the first quarter of 2026:
•Citi and four of its five businesses achieved positive operating leverage. Citi’s positive operating leverage was driven by revenue growth of 14% and disciplined expense management, with expenses up 7%, primarily due to severance.
•Citi returned $7.4 billion to common shareholders in the form of share repurchases ($6.3 billion) under its 2025 $20 billion common stock repurchase program and dividends ($1.1 billion). On April 28, 2026, Citigroup’s Board of Directors authorized a new multiyear $30 billion common stock repurchase program, expected to begin in the second quarter of 2026. For additional information, see “Unregistered Sales of Equity Securities, Repurchases of Equity Securities and Dividends” below.
•Citi continued to advance its transformation, with 90% of transformation programs now at or nearly at Citi’s target state (see “Citi’s Multiyear Transformation” below).
•Citi continued to make progress on its remaining divestitures, including (i) entering into agreements in February 2026 with investors for commitments to purchase an aggregate 24% equity stake in Banamex, and (ii) completing the sale of 22.6% of such equity stake on April 29, 2026. For additional information, see “All Other—Managed Basis—Legacy Franchises (Managed Basis)” below and Note 2.
First Quarter of 2026 Results Summary
Citigroup
Citigroup reported net income of $5.8 billion, or $3.06 per share. This compared to net income of $4.1 billion, or $1.96 per share in the prior-year period.
Net income increased 42% versus the prior-year period, driven by higher revenues and a lower effective tax rate, partially offset by higher expenses and higher provisions for credit losses. Citigroup’s effective tax rate was 21% versus 25% in the prior-year period, largely driven by a discrete item in the current quarter.
Citigroup revenues of $24.6 billion increased 14%, driven by growth in each of Citi’s five interconnected businesses and Legacy Franchises (managed basis) in All Other, including the impact of FX translation, partially offset by a decline in Corporate/Other, also in All Other. Net interest income increased by 12%, and non-interest revenue increased 17% versus the prior-year period. The increase in net interest income was driven by increases in Markets, Services, Wealth, USCC, Banking and Legacy Franchises (managed basis), partially offset by a decline in Corporate/Other. The increase in non-interest revenue was driven by increases in All Other (managed basis), Markets, Services, Banking, USCC and Wealth.
Citigroup’s average loans were $755 billion, up 9% versus the prior-year period, largely driven by loan growth in Markets, Services and Wealth. For additional information about Citi’s average loans by business, including drivers and loan trends, see each business’s results of operations and “Managing Global Risk—Credit Risk—Average Loans” below.
Citigroup’s average deposits were approximately $1.4 trillion, up 11% versus the prior-year period, primarily driven by an increase in Services. For additional information about Citi’s average deposits by business, including drivers and deposit trends, see each respective business’s results of operations and “Liquidity Risk—Deposits” below.
Expenses
Citigroup’s operating expenses of $14.3 billion increased 7% from the prior-year period, including the impact of FX translation, driven by:
•higher compensation and benefits, and
•higher transactional and product servicing expenses,
•partially offset by lower:
•other operating,
•technology and communications, and
•professional services expenses.
The increase in compensation and benefits expenses was driven by higher performance-driven and volume-related compensation expenses and higher severance charges.
The increase in transactional and product servicing expenses was driven by higher volumes in Markets, Services, USCC and Banking, partially offset by All Other and Wealth.
The decrease in other operating expenses was driven by lower legal expenses, largely offset by higher operating expenses across USCC, Services and Banking as well as higher tax charges.
The decrease in technology and communication expenses was driven by a reduction in technology contractors as a result of productivity savings, primarily offset by technology charges and continued investments in technology and in the businesses to drive additional efficiencies and revenue growth.
The decrease in professional services expenses was driven by lower consulting spend, largely related to the transformation, partially offset by higher legal fees.
Provisions
Citi’s total provisions for credit losses and for benefits and claims were $2.8 billion, reflecting net credit losses of $2.2 billion and a net allowance for credit losses (ACL) build of $597 million.
Net credit losses were down 10% from the prior-year period, driven by decreases in USCC and Markets, partially offset by an increase in Legacy Franchises (managed basis) in All Other.
The net ACL build was driven by portfolio quality, including seasonal mix changes, increased uncertainty in the macroeconomic outlook and Citi’s forward purchase commitment of the Barclays American Airlines co-branded card portfolio, largely offset by refinements to loss assumptions and lower net lending activity.
Citi’s total provisions for credit losses and for benefits and claims in the prior-year period were $2.7 billion, reflecting net credit losses of $2.5 billion and a net ACL build of $264 million, driven by increased uncertainty and deterioration in the macroeconomic outlook and portfolio quality, largely offset by lower net lending activity.
For additional information on Citi’s ACL, see each respective segment’s and All Other’s results of operations and “Significant Accounting Policies and Significant Estimates—Citi’s Allowance for Credit Losses (ACL)” below.
For additional information on Citi’s net credit losses, see each respective segment’s and All Other’s results of operations and “Credit Risk” below.
Capital
Citigroup’s Common Equity Tier 1 (CET1) Capital ratio was 12.7% as of March 31, 2026, compared to 13.4% as of March 31, 2025, based on the Basel III Standardized Approach for determining risk-weighted assets (RWA). The decrease was driven by common share repurchases, the payment of common and preferred dividends and an increase in RWA, largely offset by net income and net beneficial movements in Accumulated other comprehensive income (AOCI).
For additional information on Citi’s capital metrics and capital actions, see “Capital Resources” and “Unregistered Sales of Equity Securities, Repurchases of Equity Securities and Dividends” below.
For information on the results of operations for the first quarter of 2026 for each of Citi’s segments and All Other, see “Services,” “Markets,” “Banking,” “Wealth,” “USCC” and “All Other—Managed Basis” below.
Macroeconomic and Other Risks and Uncertainties Various macroeconomic, geopolitical and regulatory factors have contributed to economic uncertainties in the U.S. and globally, including, but not limited to, those related to various geopolitical challenges and tensions, including the conflict in the Middle East, which has disrupted global energy and other commodities markets and supply chains and resulted in inflationary pressures; changes in U.S. laws or policies; and changes in interest rates and monetary policies. These factors could result in volatility and disruptions in financial markets, as well as adversely affect economic growth and unemployment in the U.S. and other countries. Such risks and uncertainties could also adversely impact Citi’s clients, customers, businesses, funding costs, provisions and overall results of operations and financial condition during the remainder of 2026.
For a further discussion of trends, uncertainties and risks that will or could impact Citi’s segments and All Other, results of operations, capital and other financial condition during the remainder of 2026 and beyond, see each respective segment’s and All Other’s results of operations, “Managing Global Risk” and “Forward-Looking Statements” below and “Citi’s Multiyear Transformation” and “Risk Factors” in Citi’s 2025 Form 10-K.
CITI’S MULTIYEAR TRANSFORMATION
As previously disclosed, Citi’s transformation, including the remediation of its 2020 Consent Orders with the Board of Governors of the Federal Reserve System (FRB) and Office of the Comptroller of the Currency (OCC), is a multiyear endeavor that has not been linear. For additional information on Citi’s transformation, including remaining focus areas and status, consent order compliance and governance, see “Citi’s Multiyear Transformation” in Citi’s 2025 Form 10-K and Citi’s 2026 Proxy Statement for its Annual Meeting of Stockholders.
In the first quarter of 2026, Citi continued to make significant progress on its transformation. Approximately 90% of transformation programs are at or nearly at Citi’s target state for key areas such as risk and controls, compliance and finance. Within the data program, Citi continued to enhance data quality and governance, including completing the onboarding of the most critical in-scope regulatory reports to a strategic reporting platform, streamlining workflow and enhancing controls.
RESULTS OF OPERATIONS
SUMMARY OF SELECTED FINANCIAL DATA
Citigroup Inc. and Consolidated Subsidiaries
| First Quarter | ||||||
|---|---|---|---|---|---|---|
| In millions of dollars, except per share amounts | 2026 | 2025 | % Change | |||
| Net interest income | $ | 15,741 | $ | 14,012 | 12 | % |
| Non-interest revenue | 8,892 | 7,584 | 17 | |||
| Revenues, net of interest expense | $ | 24,633 | $ | 21,596 | 14 | % |
| Operating expenses | 14,311 | 13,425 | 7 | |||
| Provisions for credit losses and for benefits and claims | 2,805 | 2,723 | 3 | |||
| Income from continuing operations before income taxes | $ | 7,517 | $ | 5,448 | 38 | % |
| Income taxes | 1,578 | 1,340 | 18 | |||
| Income from continuing operations | $ | 5,939 | $ | 4,108 | 45 | % |
| Income (loss) from discontinued operations, net of taxes | (1) | (1) | — | |||
| Net income before attribution of noncontrolling interests | $ | 5,938 | $ | 4,107 | 45 | % |
| Net income attributable to noncontrolling interests | 153 | 43 | 256 | |||
| Citigroup’s net income | $ | 5,785 | $ | 4,064 | 42 | % |
| Earnings per share | ||||||
| Basic | ||||||
| Income from continuing operations | $ | 3.12 | $ | 2.00 | 56 | % |
| Net income | 3.12 | 2.00 | 56 | |||
| Diluted | ||||||
| Income from continuing operations | $ | 3.06 | $ | 1.96 | 56 | % |
| Net income | 3.06 | 1.96 | 56 | |||
| Dividends declared per common share | 0.60 | 0.56 | 7 | |||
| Common dividends | $ | 1,057 | $ | 1,072 | (1) | % |
| Preferred dividends | 305 | 269 | 13 | |||
| Common share repurchases | 6,300 | 1,750 | 260 |
Table continues on the next page, including footnotes.
SUMMARY OF SELECTED FINANCIAL DATA
(Continued)
Citigroup Inc. and Consolidated Subsidiaries
| In millions of dollars, except per share amounts, <br>ratios and direct staff | First Quarter | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | % Change | |||||||
| At March 31: | |||||||||
| Total assets | $ | 2,777,687 | $ | 2,571,514 | 8 | % | |||
| Total deposits | 1,446,240 | 1,316,410 | 10 | ||||||
| Long-term debt | 307,566 | 295,684 | 4 | ||||||
| Citigroup common stockholders’ equity | 191,409 | 194,058 | (1) | ||||||
| Total Citigroup stockholders’ equity | 210,959 | 212,408 | (1) | ||||||
| Average assets | 2,816,804 | 2,517,141 | 12 | ||||||
| Direct staff (in thousands) | 224 | 229 | (2) | % | |||||
| Performance metrics | |||||||||
| Return on average assets | 0.83 | % | 0.65 | % | |||||
| Return on average common stockholders’ equity(1) | 11.5 | 8.0 | |||||||
| Return on average total stockholders’ equity(1) | 11.0 | 7.9 | |||||||
| Return on tangible common equity (RoTCE)(2) | 13.1 | 9.1 | |||||||
| Operating leverage(3) | 746 bps | 759 bps | |||||||
| Efficiency ratio (total operating expenses/total revenues, net) | 58.1 | 62.2 | |||||||
| Regulatory capital ratios | |||||||||
| CET1 Capital(4) | 12.75 | % | 13.41 | % | |||||
| Tier 1 Capital(4) | 14.57 | 15.10 | |||||||
| Total Capital(4) | 15.45 | 15.41 | |||||||
| Supplementary Leverage ratio | 5.25 | 5.79 | |||||||
| Citigroup common stockholders’ equity to assets | 6.89 | % | 7.55 | % | |||||
| Total Citigroup stockholders’ equity to assets | 7.59 | 8.26 | |||||||
| Dividend payout ratio(5) | 20 | 29 | |||||||
| Total payout ratio(6) | 134 | 74 | |||||||
| Book value per common share | $ | 112.22 | $ | 103.90 | 8 | % | |||
| Tangible book value per share (TBVPS)(2) | 99.01 | 91.52 | 8 |
(1) The return on average common stockholders’ equity is calculated using net income less preferred stock dividends divided by average common stockholders’ equity. The return on average total Citigroup stockholders’ equity is calculated using net income divided by average Citigroup stockholders’ equity.
(2) RoTCE and TBVPS are non-GAAP financial measures. For information on RoTCE and TBVPS, see “Capital Resources—Tangible Common Equity, Book Value Per Share, Tangible Book Value Per Share and Return on Equity” below.
(3) Operating leverage represents the year-over-year growth rate in basis points (bps) of Total revenues, net of interest expense less the year-over-year growth rate of Total operating expenses. Positive operating leverage indicates that the revenue growth rate was greater than the expense growth rate.
(4) Citi’s binding CET1 Capital and Tier 1 Capital ratios were derived under the Basel III Standardized Approach, whereas Citi’s binding Total Capital ratio was derived under the Basel III Advanced Approaches framework for both periods presented.
(5) The dividend payout ratio represents dividends declared per common share as a percentage of net income per diluted share.
(6) The total payout ratio represents the total of common dividends declared plus common share repurchases as a percentage of net income available to common shareholders (Net income less preferred dividends). See “Consolidated Statement of Changes in Stockholders’ Equity,” Note 9 and “Unregistered Sales of Equity Securities, Repurchases of Equity Securities and Dividends—Equity Security Repurchases” below for the component details.
BALANCE SHEET OVERVIEW
This section provides details of select assets and liabilities reported on Citigroup’s Consolidated Balance Sheet and the changes from December 31, 2025 to March 31, 2026:
| Increase (decrease) | |||||||
|---|---|---|---|---|---|---|---|
| In millions of dollars | March 31,<br>2026 | December 31, 2025 | % | ||||
| Assets | |||||||
| Cash and deposits with banks, net of allowance | $ | 385,722 | $ | 349,579 | 10 | % | |
| Securities borrowed and purchased under agreements to resell, net of allowance | 353,094 | 356,195 | (3,101) | (1) | |||
| Trading account assets | 593,473 | 537,139 | 56,334 | 10 | |||
| Investments, net of allowance | 444,164 | 444,229 | (65) | — | |||
| Loans, net of unearned income and allowance for credit losses on loans | 741,980 | 732,983 | 8,997 | 1 | |||
| All other assets | 259,254 | 237,077 | 22,177 | 9 | |||
| Total assets | $ | 2,777,687 | $ | 2,657,202 | 5 | % | |
| Liabilities and equity | |||||||
| Total deposits | $ | 1,446,240 | $ | 1,403,573 | 3 | % | |
| Securities loaned and sold under agreements to repurchase | 369,585 | 348,098 | 21,487 | 6 | |||
| Trading account liabilities | 185,266 | 162,798 | 22,468 | 14 | |||
| Short-term borrowings | 72,056 | 51,878 | 20,178 | 39 | |||
| Long-term debt | 307,566 | 315,827 | (8,261) | (3) | |||
| All other liabilities | 184,402 | 161,206 | 23,196 | 14 | |||
| Total liabilities | $ | 2,565,115 | $ | 2,443,380 | 5 | % | |
| Preferred stock | 19,550 | 20,050 | (500) | (2) | |||
| Common equity | 191,409 | 192,241 | (832) | — | |||
| Noncontrolling interests | 1,613 | 1,531 | 82 | 5 | |||
| Total liabilities and equity | $ | 2,777,687 | $ | 2,657,202 | 5 | % |
All values are in US Dollars.
Cash and deposits with banks: increased $36 billion, or 10%, primarily driven by growth in deposits in excess of loan growth and net issuances of short-term borrowings, partially offset by growth in net trading assets and liabilities, and net maturities and redemptions of long-term debt.
Securities borrowed and purchased under agreements to resell: decreased $3 billion, or 1%, primarily driven by higher netting in Rates and Currencies in Markets. See Note 10.
Trading account assets: increased $56 billion, or 10%, largely driven by increases in U.S. and foreign government securities and mortgage-backed securities on increased client demand in Markets. See Note 21.
Investments: were essentially unchanged. Held-to-maturity debt securities decreased $11 billion, or 6%, largely driven by maturities of U.S. Treasury securities and paydowns in mortgage- and asset-backed securities. Available-for-sale debt securities increased $11 billion, or 4%, driven by net purchases in U.S. Treasury and mortgage-backed securities, partially offset by net sales in foreign government and corporate debt securities. See Note 11.
Loans: increased $9 billion, or 1%, driven by growth in Banking, due to increased demand for funded loans; Markets, primarily driven by financing activity in spread products; and Services, driven by continued demand for trade loans, partially offset by lower seasonal volumes in USCC. See “Credit Risk—Loans” below and Note 12.
All other assets: consisting of brokerage receivables, premises and equipment, goodwill and intangibles, loans HFS, deferred taxes, accruals, other receivables, leases and other, increased $22 billion, or 9%, primarily due to higher Brokerage receivables reflecting higher trading activity, partially offset by lower Other assets. See “Significant Accounting Policies and Significant Estimates” below and Notes 14 and 24.
Deposits: increased $43 billion, or 3%, driven by an increase in operational deposits in Services. See “Liquidity Risk—
Deposits” below and Note 15.
Securities loaned and sold under agreements to repurchase: increased $21 billion, or 6%, driven by increased financing in support of client activities in Markets. See Note 10.
Trading account liabilities: increased $22 billion, or 14%, driven by Equity Markets and Rates and Currencies, both within Markets, reflecting increased client demand. See Note 21.
Short-term borrowings: increased $20 billion, or 39%,
largely driven by increased advances from the Federal Home Loan Bank (FHLB) and increased short-term structured note borrowings. See “Liquidity Risk—Short-Term Borrowings”
below and Note 16.
Long-term debt: decreased $8 billion, or 3%, driven by maturities/redemptions in bank/non-bank benchmark debt and FHLB borrowings, partially offset by increases in local country and other. See “Liquidity Risk—Long-Term Debt” below and Note 16.
All other liabilities: consisting of brokerage payables, accruals, deferred taxes, other payables, deposits HFS, leases and other, increased $23 billion, or 14%, due to higher Brokerage payables reflecting higher trading activity, partially offset by lower Other liabilities. See “Significant Accounting Policies and Significant Estimates” below and Notes 2 and 24.
Preferred stock: decreased $0.5 billion, or 2%, reflecting $2.3 billion of redemptions, primarily offset by $1.8 billion of issuances. See the Consolidated Statement of Changes in Stockholders’ Equity in the Consolidated Financial Statements and Note 18.
Common equity: decreased $0.8 billion, as $5.8 billion in net income, $1.3 billion in lower AOCI losses and $0.2 billion in employee stock awards were more than offset by $6.3 billion in common share repurchases and $1.4 billion of common ($1.1 billion) and preferred ($0.3 billion) dividends.
For additional information on changes in common equity, see the Consolidated Statement of Changes in Stockholders’ Equity in the Consolidated Financial Statements and “Unregistered Sales of Equity Securities, Repurchases of Equity Securities and Dividends” below.
SEGMENT REVENUES AND INCOME (LOSS)
REVENUES
| First Quarter | ||||||
|---|---|---|---|---|---|---|
| In millions of dollars | 2026 | 2025 | % Change | |||
| Services | $ | 6,103 | $ | 5,204 | 17 | % |
| Markets | 7,246 | 6,075 | 19 | |||
| Banking | 1,767 | 1,530 | 15 | |||
| Wealth | 3,065 | 2,757 | 11 | |||
| USCC | 4,757 | 4,567 | 4 | |||
| All Other—managed basis(1) | 1,682 | 1,463 | 15 | |||
| All Other—divestiture-related impacts (Reconciling Items)(1) | 13 | — | NM | |||
| Total Citigroup net revenues | $ | 24,633 | $ | 21,596 | 14 | % |
INCOME
| First Quarter | ||||||
|---|---|---|---|---|---|---|
| In millions of dollars | 2026 | 2025 | % Change | |||
| Income (loss) from continuing operations | ||||||
| Services | $ | 2,242 | $ | 1,849 | 21 | % |
| Markets | 2,629 | 1,862 | 41 | |||
| Banking | 304 | 222 | 37 | |||
| Wealth | 432 | 191 | 126 | |||
| USCC | 732 | 838 | (13) | |||
| All Other—managed basis(1) | (388) | (839) | 54 | |||
| All Other—divestiture-related impacts (Reconciling Items)(1) | (12) | (15) | 20 | |||
| Income from continuing operations | $ | 5,939 | $ | 4,108 | 45 | % |
| Discontinued operations | $ | (1) | $ | (1) | — | % |
| Less: Net income attributable to noncontrolling interests | 153 | 43 | 256 | |||
| Citigroup’s net income | $ | 5,785 | $ | 4,064 | 42 | % |
(1) All Other (managed basis) excludes divestiture-related impacts (Reconciling Items) related to Citi’s divestitures of its Asia Consumer businesses and Banamex, within Legacy Franchises. The Reconciling Items are reflected in the relevant line items in Citi’s Consolidated Statement of Income. See “All Other—Divestiture-Related Impacts (Reconciling Items)” below.
NM Not meaningful
SERVICES
Services includes TTS and Securities Services:
•TTS provides an integrated suite of tailored cash management, payments and trade and working capital solutions to multinational corporations, financial institutions and public sector organizations.
•Securities Services connects investors and issuers across global markets, providing a comprehensive product offering, including 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 clients’ needs.
Services revenues are generated primarily from spreads and fees associated with these activities. Services earns spread revenue on deposits, as well as interest on loans. Revenue generated from these activities is primarily recorded in Net interest income in the table below.
Fee income is earned for assisting clients with transactional services and clearing. Revenue generated from these activities is recorded in Commissions and fees. Revenue is also generated from assets under custody and administration (AUC/AUA) and is primarily recorded in Administration and other fiduciary fees. For additional information on these types of revenues, see Note 5.
Services maintains an international presence with product offerings in over 90 countries.
| First Quarter | ||||||||
|---|---|---|---|---|---|---|---|---|
| In millions of dollars, except as otherwise noted | 2026 | 2025 | % Change | |||||
| Net interest income (including dividends) | $ | 4,143 | $ | 3,498 | 18 | % | ||
| Fee revenue | ||||||||
| Commissions and fees | 909 | 815 | 12 | |||||
| Administration and other fiduciary fees | 763 | 658 | 16 | |||||
| Total fee revenue | $ | 1,672 | $ | 1,473 | 14 | % | ||
| Principal transactions | 263 | 233 | 13 | |||||
| All other | 25 | — | — | |||||
| Total non-interest revenue | $ | 1,960 | $ | 1,706 | 15 | % | ||
| Total revenues, net of interest expense | $ | 6,103 | $ | 5,204 | 17 | % | ||
| Total operating expenses | $ | 2,935 | $ | 2,584 | 14 | % | ||
| Net credit losses (NCLs) on loans | 3 | 6 | (50) | |||||
| Credit reserve build (release) for loans | 97 | 24 | 304 | |||||
| Provision (release) for credit losses on unfunded lending commitments | (11) | (6) | (83) | |||||
| Provisions for credit losses on other assets and held-to-maturity (HTM) debt securities | 5 | 27 | (81) | |||||
| Provision (release) for credit losses | $ | 94 | $ | 51 | 84 | % | ||
| Income from continuing operations before taxes | $ | 3,074 | $ | 2,569 | 20 | % | ||
| Income taxes | 832 | 720 | 16 | |||||
| Income from continuing operations | $ | 2,242 | $ | 1,849 | 21 | % | ||
| Noncontrolling interests | 14 | 15 | (7) | |||||
| Net income | $ | 2,228 | $ | 1,834 | 21 | % | ||
| Efficiency ratio | 48 | % | 50 | % | ||||
| Balance Sheet data (in billions of dollars) | ||||||||
| End-of-period (EOP) assets | $ | 649 | $ | 589 | 10 | % | ||
| Average assets | 637 | 578 | 10 | |||||
| Revenue by line of business | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Net interest income | $ | 3,424 | $ | 2,865 | 20 | % | ||
| Non-interest revenue | 1,192 | 1,064 | 12 | |||||
| TTS | $ | 4,616 | $ | 3,929 | 17 | % | ||
| Net interest income | $ | 719 | $ | 633 | 14 | % | ||
| Non-interest revenue | 768 | 642 | 20 | |||||
| Securities Services | $ | 1,487 | $ | 1,275 | 17 | % | ||
| Total Services | $ | 6,103 | $ | 5,204 | 17 | % | ||
| Revenue by managed geography | ||||||||
| North America | $ | 1,976 | $ | 1,549 | 28 | % | ||
| International | 4,127 | 3,655 | 13 | |||||
| Total | $ | 6,103 | $ | 5,204 | 17 | % | ||
| International revenue by cluster | ||||||||
| United Kingdom | $ | 579 | $ | 478 | 21 | % | ||
| Japan, Asia North and Australia (JANA) | 830 | 700 | 19 | |||||
| LATAM | 748 | 658 | 14 | |||||
| Asia South | 660 | 639 | 3 | |||||
| Europe | 690 | 589 | 17 | |||||
| Middle East, Africa and Russia (MEA) | 620 | 591 | 5 | |||||
| Total | $ | 4,127 | $ | 3,655 | 13 | % | ||
| Key drivers(1) | ||||||||
| Average loans by line of business (in billions of dollars) | ||||||||
| TTS | $ | 97 | $ | 86 | 13 | % | ||
| Securities Services | 2 | 1 | 100 | |||||
| Total | $ | 99 | $ | 87 | 14 | % | ||
| Allowance for credit losses on loans (ACLL) as a percentage of EOP loans(2) | 0.42 | % | 0.30 | % | ||||
| NCLs (annualized) as a percentage of average loans | 0.01 | % | 0.03 | % | ||||
| Average deposits by line of business (in billions of dollars) | ||||||||
| TTS | $ | 812 | $ | 690 | 18 | % | ||
| Securities Services | 149 | 136 | 10 | |||||
| Total | $ | 961 | $ | 826 | 16 | % | ||
| AUC/AUA(3) (in trillions of dollars) | $ | 31.6 | $ | 26.1 | 21 | % | ||
| Cross-border transaction value (in billions of dollars) | 106.3 | 95.1 | 12 | |||||
| U.S. dollar clearing volume(4) (in millions) | 43.9 | 42.7 | 3 | |||||
| Commercial card spend volume (in billions of dollars) | $ | 18.6 | $ | 17.2 | 8 |
(1) Management uses this information in reviewing the segment’s results and believes it is useful to investors concerning underlying segment performance and trends.
(2) Excludes loans that are carried at fair value for all periods.
(3) AUC/AUA includes assets for which Citi provides custody or safekeeping services for assets held directly or by a third party on behalf of clients, or assets for which Citi provides administrative services for clients. Securities Services managed AUC/AUA, of which Citi provided both custody and administrative services to certain clients related to $3.1 trillion and $2.0 trillion of such assets at March 31, 2026 and 2025, respectively.
(4) Represents the number of U.S. dollar clearing payment instructions processed on behalf of U.S. and foreign-domiciled entities (primarily financial institutions).
1Q26 vs. 1Q25
Net income of $2.2 billion increased 21%.
Revenues increased 17%, driven by growth in TTS and Securities Services.
Net interest income increased 18%, driven by an increase in average deposit balances and deposit spreads. Average deposits increased 16%, driven by growth in both TTS and Securities Services, with growth across both North America and International, largely driven by an increase in operating deposits, as Citi continues to deepen relationships with existing clients and onboard new clients. Non-interest revenue increased 15%, primarily driven by fee growth of 14%.
TTS revenues increased 17%, driven by a 20% increase in net interest income and 12% increase in non-interest revenue. The increase in net interest income was driven by an 18% increase in average deposit balances and deposit spreads. The increase in non-interest revenue was largely driven by an 11% increase in fee revenue, reflecting continued growth in underlying fee drivers, including an increase in cross-border transaction value of 12%, an increase in U.S. dollar clearing volumes of 3% and an increase in commercial card spend volume of 8%.
Securities Services revenues increased 17%, driven by a 20% increase in non-interest revenue and a 14% increase in net interest income. The increase in non-interest revenue was primarily driven by fee growth of 17% that benefited from a 21% increase in assets under custody and administration, which includes the impact of market valuations as well as new assets onboarded. The increase in net interest income was largely driven by a 10% increase in average deposits and deposit spreads.
Expenses increased 14%, primarily driven by higher volume- and other revenue-related expenses, higher compensation and benefits and higher technology costs.
Provisions were $94 million, reflecting a net ACL build of $91 million, and net credit losses of $3 million. The net ACL build was driven by increased uncertainty in the macroeconomic outlook and changes in credit quality on certain exposures, partially offset by refinements to loss assumptions. Provisions were $51 million in the prior-year period, reflecting a net ACL build of $45 million, driven by increased uncertainty and deterioration in the macroeconomic outlook and transfer risk, and net credit losses of $6 million.
For additional information on Citi’s ACL, see “Significant Accounting Policies and Significant Estimates” below.
For additional information on Services’ corporate credit portfolio, see “Managing Global Risk—Credit Risk—Corporate Credit” below.
For additional information on trends in Services’ deposits and loans, see “Managing Global Risk—Credit Risk—Average Loans” and “Managing Global Risk—Liquidity Risk—Deposits” below.
For additional information about trends, uncertainties and risks related to future results of the businesses, see “Executive Summary” above, “Forward-Looking Statements” below and “Risk Factors” in Citi’s 2025 Form 10-K.
MARKETS
Markets includes Fixed Income Markets and Equity Markets and 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.
Citi assesses its Markets business performance on a total revenues basis, as security inventory is often hedged by derivative instruments, creating offsetting gains and losses across revenue lines. As an example, securities that generate Net interest income may be hedged by derivative instruments, which are reported under Principal transactions within Non-interest revenue.
As a market maker, Markets facilitates transactions by holding inventory to meet client demand, with resulting gains or losses largely recorded as Principal transactions. Fee revenue is generated from services such as trading, financing, brokerage, securitization and underwriting. “Other” revenue includes gains (losses) on AFS debt and equity securities (non-trading), and other non-recurring items. Revenue generated from all of these activities is primarily recorded in Non-interest revenue in the table below.
Net interest income includes interest and dividends on securities held and interest on long- and short-term debt, secured funding transactions, deposits, loans and funding costs.
Markets maintains an international presence supported by trading floors in nearly 80 countries and Citi’s proprietary network in over 90 countries and jurisdictions.
| First Quarter | ||||||||
|---|---|---|---|---|---|---|---|---|
| In millions of dollars, except as otherwise noted | 2026 | 2025 | % Change | |||||
| Net interest income (including dividends) | $ | 2,797 | $ | 1,924 | 45 | % | ||
| Fee revenue | ||||||||
| Brokerage and fees | 478 | 400 | 20 | |||||
| Investment banking fees(1) | 120 | 135 | (11) | |||||
| Other | 55 | 52 | 6 | |||||
| Total fee revenue | $ | 653 | $ | 587 | 11 | % | ||
| Principal transactions | 3,542 | 3,285 | 8 | |||||
| All other | 254 | 279 | (9) | |||||
| Total non-interest revenue | $ | 4,449 | $ | 4,151 | 7 | % | ||
| Total revenues, net of interest expense(2) | $ | 7,246 | $ | 6,075 | 19 | % | ||
| Total operating expenses | $ | 3,835 | $ | 3,466 | 11 | % | ||
| Net credit losses on loans | (3) | 142 | NM | |||||
| Credit reserve build (release) for loans | 23 | 48 | (52) | |||||
| Provision (release) for credit losses on unfunded lending commitments | (23) | 9 | NM | |||||
| Provisions (releases) for credit losses for other assets and HTM debt securities | (12) | 2 | NM | |||||
| Provision (release) for credit losses | $ | (15) | $ | 201 | NM | |||
| Income from continuing operations before taxes | $ | 3,426 | $ | 2,408 | 42 | % | ||
| Income taxes | 797 | 546 | 46 | |||||
| Income from continuing operations | $ | 2,629 | $ | 1,862 | 41 | % | ||
| Noncontrolling interests | 34 | 13 | 162 | |||||
| Net income | $ | 2,595 | $ | 1,849 | 40 | % | ||
| Efficiency ratio | 53 | % | 57 | % | ||||
| Balance Sheet data (in billions of dollars) | ||||||||
| EOP assets | $ | 1,280 | $ | 1,162 | 10 | % | ||
| Average assets | 1,325 | 1,118 | 19 | |||||
| Revenue by line of business | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fixed Income Markets | $ | 5,166 | $ | 4,578 | 13 | % | ||
| Equity Markets | 2,080 | 1,497 | 39 | |||||
| Total | $ | 7,246 | $ | 6,075 | 19 | % | ||
| Rates and Currencies | $ | 3,311 | $ | 3,116 | 6 | % | ||
| Spread Products and Other Fixed Income | 1,855 | 1,462 | 27 | |||||
| Total Fixed Income Markets revenues | $ | 5,166 | $ | 4,578 | 13 | % | ||
| Revenue by managed geography | ||||||||
| North America | $ | 2,559 | $ | 2,169 | 18 | % | ||
| International | 4,687 | 3,906 | 20 | |||||
| Total | $ | 7,246 | $ | 6,075 | 19 | % | ||
| International revenue by cluster | ||||||||
| United Kingdom | $ | 1,484 | $ | 1,488 | — | % | ||
| Japan, Asia North and Australia (JANA) | 1,080 | 690 | 57 | |||||
| LATAM | 714 | 606 | 18 | |||||
| Asia South | 603 | 507 | 19 | |||||
| Europe | 389 | 307 | 27 | |||||
| Middle East, Africa and Russia (MEA) | 417 | 308 | 35 | |||||
| Total | $ | 4,687 | $ | 3,906 | 20 | % | ||
| Key drivers(3) (in billions of dollars) | ||||||||
| Average loans | $ | 162 | $ | 128 | 27 | % | ||
| NCLs (annualized) as a percentage of average loans | (0.01) | % | 0.45 | % | ||||
| ACLL as a percentage of EOP loans(4) | 0.67 | % | 0.89 | % | ||||
| Average trading account assets | $ | 573 | $ | 474 | 21 |
(1) Investment banking fees are primarily composed of underwriting, advisory, loan syndication structuring and other related financing activity, and predominantly recorded in spread products.
(2) For a description of the composition of the above revenue line items, see Notes 4, 5 and 6.
(3) Management uses this information in reviewing the segment’s results and believes it is useful to investors concerning underlying segment performance and trends.
(4) Excludes loans that are carried at fair value for all periods.
NM Not meaningful
1Q26 vs. 1Q25
Net income of $2.6 billion increased 40%.
Revenues increased 19%, driven by higher revenue in both Fixed Income Markets and Equity Markets.
Fixed Income Markets revenue of $5.2 billion increased 13%, reflecting higher revenues in Rates and Currencies and Spread Products and Other Fixed Income. Rates and Currencies revenues grew 6%, driven by higher volumes in the foreign exchange business and optimization of the balance sheet, largely offset by rates on elevated volatility.
Spread Products and Other Fixed Income revenues increased 27%, primarily driven by strong performance in commodities.
Equity Markets revenue was $2.1 billion, up 39%, driven by continued momentum across equity derivatives, prime services and equity cash. Additionally, prime balances were up more than 50% from the prior-year period.
Expenses of $3.8 billion increased 11%, primarily driven by higher performance-related compensation as well as higher volume-related and legal expenses.
Provisions were a net benefit of $15 million, reflecting a net ACL release of $12 million, and net credit recoveries of $3 million. The net ACL release was driven by refinements to loss assumptions, primarily offset by increased uncertainty in the macroeconomic outlook. Provisions were $201 million in the prior-year period, reflecting net credit losses of $142 million in spread products, and a net ACL build of $59 million, driven by increased uncertainty and deterioration in the macroeconomic outlook.
For additional information on Citi’s ACL, see “Significant Accounting Policies and Significant Estimates” below.
For additional information on Markets’ corporate credit portfolio, see “Managing Global Risk—Credit Risk” below.
For additional information about trends, uncertainties and risks related to future results of the businesses, see “Executive Summary” above, “Forward-Looking Statements” below and “Risk Factors” in Citi’s 2025 Form 10-K.
BANKING
Banking includes Investment Banking (Debt Capital Markets (DCM), Equity Capital Markets (ECM) and Advisory sub-businesses) and Corporate Lending:
•Investment Banking supports clients’ capital-raising needs to help strengthen and grow their businesses, including equity and debt capital markets strategic financing solutions and loan syndication structuring, as well as advisory services related to mergers and acquisitions, divestitures, restructurings and corporate defense activities.
•Corporate Lending consists of corporate and commercial banking, serving as the conduit for Citi’s product suite to clients.
Banking primarily generates investment banking fees, composed of underwriting, advisory, loan syndication structuring and other related financing activity, in addition to earning net interest spread revenue on its Corporate Lending activities. For additional information on these types of revenues, see Note 5.
Banking maintains an international presence leveraging a global network of bankers supporting over 90 countries.
| First Quarter | ||||||||
|---|---|---|---|---|---|---|---|---|
| In millions of dollars, except as otherwise noted | 2026 | 2025 | % Change | |||||
| Net interest income (including dividends) | $ | 587 | $ | 491 | 20 | % | ||
| Fee revenue | ||||||||
| Investment banking fees | 1,232 | 1,104 | 12 | |||||
| Other | 64 | 49 | 31 | |||||
| Total fee revenue | $ | 1,296 | $ | 1,153 | 12 | % | ||
| Principal transactions | (38) | (90) | 58 | |||||
| All other | (78) | (24) | (225) | |||||
| Total non-interest revenue | $ | 1,180 | $ | 1,039 | 14 | % | ||
| Total revenues, net of interest expense | $ | 1,767 | $ | 1,530 | 15 | % | ||
| Total operating expenses | $ | 1,240 | $ | 1,034 | 20 | % | ||
| Net credit losses on loans | 6 | 34 | (82) | |||||
| Credit reserve build (release) for loans | 175 | 78 | 124 | |||||
| Provision (release) for credit losses on unfunded lending commitments | (51) | 107 | NM | |||||
| Provisions (releases) for credit losses on other assets and HTM debt securities | 2 | (5) | NM | |||||
| Provisions (releases) for credit losses | $ | 132 | $ | 214 | (38) | % | ||
| Income from continuing operations before taxes | $ | 395 | $ | 282 | 40 | % | ||
| Income taxes | 91 | 60 | 52 | |||||
| Income from continuing operations | $ | 304 | $ | 222 | 37 | % | ||
| Noncontrolling interests | — | (1) | 100 | |||||
| Net income | $ | 304 | $ | 223 | 36 | % | ||
| Efficiency ratio | 70 | % | 68 | % | ||||
| Balance Sheet data (in billions of dollars) | ||||||||
| EOP assets | $ | 154 | $ | 147 | 5 | % | ||
| Average assets | 154 | 144 | 7 | |||||
| Revenue by line of business | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Investment Banking | $ | 1,326 | $ | 1,114 | 19 | % | ||
| Corporate Lending (excluding gain (loss) on loan hedges)(1) | 391 | 402 | (3) | |||||
| Total Banking revenues (excluding gain (loss) on loan hedges)(1) | $ | 1,717 | $ | 1,516 | 13 | % | ||
| Gain (loss) on loan hedges(1) | 50 | 14 | 257 | |||||
| Total Banking revenues (including gain (loss) on loan hedges)(1) | $ | 1,767 | $ | 1,530 | 15 | % | ||
| Investment banking fees | ||||||||
| Advisory | $ | 505 | $ | 424 | 19 | % | ||
| Equity underwriting (ECM) | 208 | 127 | 64 | |||||
| Debt underwriting (DCM) | 519 | 553 | (6) | |||||
| Total | $ | 1,232 | $ | 1,104 | 12 | % | ||
| Revenue by managed geography | ||||||||
| North America | $ | 1,109 | $ | 874 | 27 | % | ||
| International | 658 | 656 | — | |||||
| Total | $ | 1,767 | $ | 1,530 | 15 | % | ||
| International revenue by cluster | ||||||||
| United Kingdom | $ | 169 | $ | 213 | (21) | % | ||
| Japan, Asia North and Australia (JANA) | 125 | 142 | (12) | |||||
| LATAM | 92 | 95 | (3) | |||||
| Asia South | 81 | 73 | 11 | |||||
| Europe | 153 | 99 | 55 | |||||
| Middle East, Africa and Russia (MEA) | 38 | 34 | 12 | |||||
| Total | $ | 658 | $ | 656 | — | % | ||
| Key drivers(2) (in billions of dollars) | ||||||||
| Average loans | $ | 83 | $ | 82 | 1 | % | ||
| NCLs (annualized) as a percentage of average loans | 0.03 | % | 0.17 | % | ||||
| ACLL as a percentage of EOP loans(3) | 2.06 | % | 1.54 | % |
(1) Credit derivatives are used to economically hedge a portion of the corporate loan portfolio that includes both accrual loans and loans at fair value. Gain (loss) on loan hedges includes the mark-to-market on the credit derivatives, partially offset by the mark-to-market on the loans in the portfolio that are at fair value. Hedges on accrual loans reflect the mark-to-market on credit derivatives used to economically hedge the corporate loan accrual portfolio. The fixed premium costs of these hedges are netted against the corporate lending revenues to reflect the cost of credit protection. Citigroup’s results of operations excluding the impact of gain (loss) on loan hedges are non-GAAP financial measures.
(2) Management uses this information in reviewing the segment’s results and believes it is useful to investors concerning underlying segment performance and trends.
(3) Excludes loans that are carried at fair value for all periods.
NM Not meaningful
The discussion of the results of operations for Banking below excludes (where noted) the impact of any gain (loss) on hedges of accrual loans, which are non-GAAP financial measures. For a reconciliation of these metrics to the reported results, see the table above.
1Q26 vs. 1Q25
Net income of $304 million increased 36%.
Revenues increased 15%, primarily driven by growth in Investment Banking. Excluding the impact of gain (loss) on loan hedges, Banking revenues increased 13%.
Investment Banking revenues increased 19%, driven by increases in investment banking fees amid overall wallet expansion, and higher net interest income, largely driven by higher loan and commitment balances in DCM. Investment banking fees were up 12% across Advisory and ECM, partially offset by a decrease in DCM. Advisory fees increased 19%, reflecting continued growth in sell-side fees and strong performance with sponsors. ECM fees were up 64%, driven by growth in follow-on activity and an increase in convertibles amid an active market. DCM fees decreased 6%, driven by lower non-investment-grade activity, while DCM maintained overall market share versus year-end 2025.
Corporate Lending revenues increased 6%, including the impact of gain (loss) on loan hedges. Excluding the impact of gain (loss) on loan hedges, Corporate Lending revenues decreased 3%, driven by mark-to-market losses on certain assets, primarily offset by higher loan spreads.
Expenses increased 20%, primarily driven by an increase in compensation and benefits, including performance-based compensation and investments made in the business, higher legal expenses and higher volume-related transaction expenses.
Provisions were $132 million, reflecting a net ACL build of $126 million, and net credit losses of $6 million. The net ACL build was driven by increased uncertainty in the macroeconomic outlook and exposure growth, largely offset by refinements to loss assumptions. Provisions were $214 million in the prior-year period, reflecting a net ACL build of $180 million, driven by increased uncertainty and deterioration in the macroeconomic outlook, and net credit losses of $34 million.
For additional information on Citi’s ACL, see “Significant Accounting Policies and Significant Estimates” below.
For additional information on Banking’s corporate credit portfolio, see “Managing Global Risk—Credit Risk” below.
For additional information about trends, uncertainties and risks related to future results of the businesses, see “Executive Summary” above, “Forward-Looking Statements” below and “Risk Factors” in Citi’s 2025 Form 10-K.
WEALTH
Wealth includes Citigold and Retail Banking, the Private Bank and Wealth at Work, and provides financial and advisory services to a range of client segments. These services comprise banking, investment, lending and custody product offerings in approximately 20 countries, including the U.S. Wealth has branches concentrated in six key metropolitan areas (New York, Los Angeles, San Francisco, Chicago, Miami and Washington, D.C.) and four wealth management centers outside the U.S.: Singapore, Hong Kong, the UAE and London.
•Citigold and Retail Banking provides financial services to high net worth, affluent, retail and small business clients at every stage of their financial journey, from high net worth advisory to traditional banking.
•The Private Bank provides financial services to ultra-high net worth clients through customized services.
•Wealth at Work provides financial services to professional industries (including law firms, consulting groups, accounting and asset management firms) through tailored solutions.
Wealth revenues are primarily generated from spreads and fees associated with its financial and advisory services. Net interest income is mainly driven by interest earned on client deposits and tailored lending solutions, including mortgages, securities-based lending, personal, small business and other loans and international credit cards.
Fee income is primarily generated from asset-based advisory and management fees, as well as transaction-related fees from client investment activity across brokerage, structured products, foreign exchange and banking services.
For additional information on these types of revenues, see Note 5.
For additional information on Wealth’s end-of-period consumer loan portfolios and metrics, see “Managing Global Risk—Credit Risk—Consumer Credit” below.
| First Quarter | ||||||||
|---|---|---|---|---|---|---|---|---|
| In millions of dollars, except as otherwise noted | 2026 | 2025 | % Change | |||||
| Net interest income | $ | 2,095 | $ | 1,831 | 14 | % | ||
| Fee revenue | ||||||||
| Commissions and fees | 543 | 484 | 12 | |||||
| Other(1) | 207 | 247 | (16) | |||||
| Total fee revenue | $ | 750 | $ | 731 | 3 | % | ||
| All other(2) | 220 | 195 | 13 | |||||
| Total non-interest revenue | $ | 970 | $ | 926 | 5 | % | ||
| Total revenues, net of interest expense | $ | 3,065 | $ | 2,757 | 11 | % | ||
| Total operating expenses | $ | 2,415 | $ | 2,390 | 1 | % | ||
| Net credit losses on loans | 88 | 67 | 31 | |||||
| Credit reserve build (release) for loans | 13 | 64 | (80) | |||||
| Provision (release) for credit losses on unfunded lending commitments | — | (1) | 100 | |||||
| Provisions (releases) for benefits and claims (PBC), and other assets | — | (4) | 100 | |||||
| Provisions (releases) for credit losses and PBC | $ | 101 | $ | 126 | (20) | % | ||
| Income from continuing operations before taxes | $ | 549 | $ | 241 | 128 | % | ||
| Income taxes | 117 | 50 | 134 | |||||
| Income from continuing operations | $ | 432 | $ | 191 | 126 | % | ||
| Noncontrolling interests | — | — | — | |||||
| Net income | $ | 432 | $ | 191 | 126 | % | ||
| Efficiency ratio | 79 | % | 87 | % | ||||
| Balance Sheet data (in billions of dollars) | ||||||||
| EOP assets | $ | 320 | $ | 301 | 6 | % | ||
| Average assets | 321 | 301 | 7 | |||||
| Revenue by line of business | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Citigold and Retail Banking | $ | 2,062 | $ | 1,825 | 13 | % | ||
| Private Bank | 757 | 664 | 14 | |||||
| Wealth at Work | 246 | 268 | (8) | |||||
| Total | $ | 3,065 | $ | 2,757 | 11 | % | ||
| Revenue by managed geography | ||||||||
| North America | $ | 1,893 | $ | 1,734 | 9 | % | ||
| International | 1,172 | 1,023 | 15 | |||||
| Total | $ | 3,065 | $ | 2,757 | 11 | % | ||
| International revenue by cluster | ||||||||
| United Kingdom | $ | 108 | $ | 105 | 3 | % | ||
| Japan, Asia North and Australia (JANA) | 423 | 357 | 18 | |||||
| LATAM | 41 | 37 | 11 | |||||
| Asia South | 430 | 372 | 16 | |||||
| Europe | 84 | 64 | 31 | |||||
| Middle East, Africa and Russia (MEA) | 86 | 88 | (2) | |||||
| Total | $ | 1,172 | $ | 1,023 | 15 | % | ||
| Key drivers(3) (in billions of dollars) | ||||||||
| EOP client balances | ||||||||
| Client investment assets(4)(5) | $ | 676 | $ | 595 | 14 | % | ||
| Deposits | 418 | 401 | 4 | |||||
| Loans | 205 | 196 | 5 | |||||
| Total | $ | 1,299 | $ | 1,192 | 9 | % | ||
| Net new investment assets (NNIA)(6) | $ | 14.7 | $ | 16.5 | (11) | % | ||
| Average deposits | 414 | 399 | 4 | |||||
| Average loans | 205 | 194 | 6 | |||||
| ACLL as a percentage of EOP loans(7) | 0.33 | % | 0.38 | % | ||||
| NCLs (annualized) as a percentage of average loans | 0.17 | % | 0.14 | % | ||||
| U.S. Retail Banking branches (actual) | 655 | 644 | 2 | % |
(1) Primarily related to fiduciary and administrative fees.
(2) Primarily related to principal transactions revenue including FX translation.
(3) Management uses this information in reviewing the segment’s results and believes it is useful to investors concerning underlying segment performance and trends.
(4) Includes assets under management, and trust and custody assets.
(5) Beginning in the first quarter of 2026, Client investment assets include an additional approximate $10 billion associated with the value of client insurance policies that were not previously reported.
(6) Represents investment asset inflows, including dividends, interest and distributions, less investment asset outflows. See “Glossary” below for additional information. NNIA flows can fluctuate across quarters due to a variety of factors, including, but not limited to, the macroeconomic environment, market volatility, investor sentiment, client activity, seasonal effects and product mix and offering changes.
(7) Excludes loans that are carried at fair value for all periods.
1Q26 vs. 1Q25
Net income of $432 million increased 126%.
Revenues increased 11%, driven by growth across Citigold and Retail Banking and the Private Bank, partially offset by lower revenues in Wealth at Work. Net interest income increased 14%, driven by higher deposit spreads and average deposit balances, partially offset by lower mortgage spreads. Non-interest revenue increased 5%, driven by higher investment fee revenues, partially offset by the loss of fee revenue from the 2025 sale of a trust business.
Client balances increased 9%, primarily driven by higher client investment assets, up 14%. The increase in client investment assets was driven by higher market valuations and NNIA generation (approximately $15 billion for the first quarter and $43 billion for the last 12 months), which represented 7% organic growth. This increase in client investment assets was partially offset by the 2025 sale of a trust business.
Average deposits increased 4%, largely driven by higher deposits in the Private Bank, as net new deposits were partially offset by outflows and a shift from deposits to higher-yielding investments, including on Citi’s platform. Average loans increased 6%, driven by growth in securities-based lending and mortgages.
Citigold and Retail Banking revenues increased 13%, driven by higher deposit spreads and higher investment fee revenues.
Private Bank revenues increased 14%, driven by higher deposit spreads and average deposit balances and higher investment fee revenues, largely offset by lower mortgage spreads and the loss of fee revenue from the 2025 sale of a trust business.
Wealth at Work revenues decreased 8%, driven by continued lower mortgage spreads, largely offset by higher deposit spreads and average deposit balances.
Expenses increased 1%, driven by higher technology costs and higher volume-related expenses, partially offset by lower compensation and benefits, including the impact of the 2025 sale of a trust business.
Provisions were $101 million, reflecting net credit losses of $88 million, and a net ACL build of $13 million. Net credit losses were primarily driven by overdraft losses and international credit cards. Provisions were $126 million in the prior-year period, reflecting net credit losses of $67 million, and a net ACL build of $59 million, driven by increased uncertainty and deterioration in the macroeconomic outlook.
For additional information on Citi’s ACL, see “Significant Accounting Policies and Significant Estimates” below.
For additional information on Wealth’s loan portfolios, see “Managing Global Risk—Credit Risk—Consumer Credit” below.
For additional information on trends in Wealth’s deposits and loans, see “Managing Global Risk—Credit Risk—Loans” and “Managing Global Risk—Liquidity Risk—Deposits” below.
For additional information about trends, uncertainties and risks related to future results of the businesses, see “Executive Summary” above, “Forward-Looking Statements” below and “Risk Factors” in Citi’s 2025 Form 10-K.
U.S. CONSUMER CARDS (USCC)
U.S. Consumer Cards (USCC) consists of unsecured consumer lending, including General Purpose Credit Cards, Private Label Credit Cards and Installment Lending products:
•General Purpose Credit Cards (GPCC) includes Citi branded (Value, Rewards and Cash) and co-branded (including, among others, American Airlines, Costco and GPCC products with Best Buy and Macy’s) card portfolios. These cards are accepted by a wide variety of merchants and service providers.
•Private Label Credit Cards (PLCC) includes closed loop retail-specific cards (including, among others, The Home Depot and PLCC products with Best Buy and Macy’s). These cards are limited to purchases of the retailer’s goods and services.
•Installment Lending includes digitally led personal installment loans and merchant installment lending.
USCC revenues are primarily generated from net interest income on unsecured consumer credit card and installment lending.
Fee revenue is generated through credit card activities, including interchange revenue and other card-related fees, and reflects offsetting impacts from card reward programs and partner payments. For additional information on these types of revenues, see Note 5.
| First Quarter | ||||||||
|---|---|---|---|---|---|---|---|---|
| In millions of dollars, except as otherwise noted | 2026 | 2025 | % Change | |||||
| Net interest income | $ | 5,116 | $ | 4,984 | 3 | % | ||
| Fee revenue | ||||||||
| Interchange fees(1) | 2,404 | 2,285 | 5 | |||||
| Card rewards and partner payments | (2,897) | (2,821) | (3) | |||||
| Other(1) | 112 | 96 | 17 | |||||
| Total fee revenue | $ | (381) | $ | (440) | 13 | % | ||
| All other(2) | 22 | 23 | (4) | |||||
| Total non-interest revenue | $ | (359) | $ | (417) | 14 | % | ||
| Total revenues, net of interest expense | $ | 4,757 | $ | 4,567 | 4 | % | ||
| Total operating expenses | $ | 1,711 | $ | 1,691 | 1 | % | ||
| Net credit losses on loans | 1,742 | 1,954 | (11) | |||||
| Credit reserve build (release) for loans | 76 | (174) | NM | |||||
| Provision for credit losses on unfunded lending commitments(3) | 272 | — | NM | |||||
| Provisions for benefits and claims (PBC), and other assets | 2 | 3 | (33) | |||||
| Provisions for credit losses and PBC | $ | 2,092 | $ | 1,783 | 17 | % | ||
| Income from continuing operations before taxes | $ | 954 | $ | 1,093 | (13) | % | ||
| Income taxes | 222 | 255 | (13) | |||||
| Income from continuing operations | $ | 732 | $ | 838 | (13) | % | ||
| Noncontrolling interests | — | — | — | |||||
| Net income | $ | 732 | $ | 838 | (13) | % | ||
| Efficiency ratio | 36 | % | 37 | % | ||||
| Balance Sheet data (in billions of dollars) | ||||||||
| EOP assets | $ | 171 | $ | 167 | 2 | % | ||
| Average assets | 172 | 169 | 2 | |||||
| Key drivers(4) (in billions of dollars, except as otherwise noted) | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Average loans | $ | 171 | $ | 168 | 2 | % | ||
| ACLL as a percentage of EOP loans | 8.09 | % | 8.29 | % | ||||
| NCLs (annualized) as a percentage of average loans | 4.12 | % | 4.72 | % | ||||
| Revenue rate(5) | 11.28 | % | 11.02 | % | ||||
| NII(6) (annualized) as a percentage of average loans | 12.13 | % | 12.03 | % | ||||
| GPCC | ||||||||
| Credit card spend volume | $ | 142 | $ | 133 | 6 | % | ||
| Average active accounts(7) (in thousands of accounts) | 46,219 | 45,058 | 3 | |||||
| Average loans | $ | 138 | $ | 133 | 4 | |||
| NCLs (annualized) as a percentage of average loans | 3.87 | % | 4.45 | % | ||||
| Loans 90+ days past due as a percentage of EOP loans | 1.39 | % | 1.42 | % | ||||
| Loans 30–89 days past due as a percentage of EOP loans | 1.20 | % | 1.21 | % | ||||
| New credit cards account acquisitions(8) (in thousands of accounts) | 1,899 | 1,696 | 12 | |||||
| PLCC | ||||||||
| Credit card spend volume | $ | 11 | $ | 11 | (4) | % | ||
| Average active accounts(7) (in thousands of accounts) | 22,465 | 24,228 | (7) | |||||
| Average loans | $ | 29 | $ | 31 | (6) | |||
| NCLs (annualized) as a percentage of average loans | 5.05 | % | 5.71 | % | ||||
| Loans 90+ days past due as a percentage of EOP loans | 2.15 | % | 2.23 | % | ||||
| Loans 30–89 days past due as a percentage of EOP loans | 1.98 | % | 2.04 | % | ||||
| New credit cards account acquisitions(8) (in thousands of accounts) | 1,043 | 1,144 | (9) |
(1) Primarily related to credit card-related fees.
(2) Primarily related to revenue incentives from card networks.
(3) The first quarter of 2026 includes a reserve build related to Citi’s forward purchase commitment of the Barclays American Airlines co-branded card portfolio.
(4) Management uses this information in reviewing the segment’s results and believes it is useful to investors concerning underlying segment performance and trends.
(5) Total revenues, net of interest expense (annualized) as a percentage of average loans.
(6) Net interest income includes certain fees that are recorded as interest revenue.
(7) Represent average open credit card accounts on which there has been a purchase, payment or outstanding balance in the quarter.
(8) Represents the number of new credit card accounts opened.
NM Not meaningful
1Q26 vs. 1Q25
Net income of $732 million decreased 13%.
Revenues increased 4%, driven by growth in net interest income and non-interest revenue. Net interest income increased 3%, driven by higher interest-earning balances and loan spreads. Non-interest revenue increased 14%, driven by higher interchange fees, lower partner payment accruals and higher annual credit card fees, largely offset by higher rewards and acquisition costs.
Expenses increased 1%, driven by higher volume- and other revenue-related expenses, as well as higher compensation and benefits, primarily offset by lower legal expenses.
Provisions were $2.1 billion, reflecting net credit losses of $1.7 billion, and a net ACL build of $350 million. Net credit losses were down 11%, driven by improved credit performance in both general purpose and private label credit cards. The net ACL build was driven by seasonal portfolio mix changes and Citi’s forward purchase commitment of the Barclays American Airlines co-branded card portfolio, as well as increased uncertainty in the macroeconomic outlook. The net ACL build was largely offset by lower seasonal volumes and refinements to loss assumptions. Provisions were $1.8 billion in the prior-year period, reflecting net credit losses of $2.0 billion, and a net ACL release of $171 million, driven by lower volume, largely offset by portfolio quality, including seasonal mix changes, and increased uncertainty and deterioration in the macroeconomic outlook.
For additional information on Citi’s ACL, see “Significant Accounting Policies and Significant Estimates” below.
For additional information on USCC’s GPCC, PLCC and Installment Lending loan portfolios, see “Managing Global Risk—Credit Risk—Consumer Credit” below.
For additional information about trends, uncertainties and risks related to future results of the businesses, see “Executive Summary” above, “Forward-Looking Statements” below and “Risk Factors” in Citi’s 2025 Form 10-K.
ALL OTHER—Managed Basis
All Other (managed basis) includes:
•Legacy Franchises (managed basis), and
•Corporate/Other
Legacy Franchises (Managed Basis)
Legacy Franchises (managed basis) results include the following:
•Mexico Consumer/SBMM, which operates primarily through Grupo Financiero Banamex, S.A. de C.V. (Banamex) and its consolidated subsidiaries and provides traditional retail banking, branded card products, retirement fund administration services and insurance products to consumers and traditional middle-market banking products and services to small business and commercial customers
•Asia Consumer, primarily representing the consumer banking operations of the remaining two exit countries (Poland and Korea)
•Legacy Holdings Assets
Legacy Franchises (managed basis) results exclude divestiture-related impacts related to Banamex and Asia Consumer. For information on divestiture-related impacts, see All Other—Divestiture-Related Impacts (Reconciling Items) below.
At March 31, 2026, Legacy Franchises (managed basis) had the following, which were substantially reported in Mexico Consumer/SBMM:
•1,292 retail branches
•$45 billion in deposits
•$17 billion in retail banking loans
•$10 billion in outstanding credit card balances
•$8 billion in outstanding corporate loans, reported within Mexico SBMM
Mexico Consumer/SBMM’s results of operations are presented in a managerial view, and include certain intercompany allocations, managerial charges and offshore expenses that reflect the Mexico Consumer/SBMM operations as a component of Citi’s consolidated operations. Mexico Consumer/SBMM’s results of operations do not reflect, and may differ significantly from, Banamex’s results and operations as a standalone legal entity.
For additional information on the loans and deposits of Mexico Consumer/SBMM and Asia Consumer, see “Mexico Consumer/SBMM—” and “Asia Consumer—key indicators” in the table below.
Banamex Divestiture
Citi continues to make substantial progress toward the divestiture of Banamex, which remains a strategic priority.
On February 23, 2026, Citi announced that it had entered into agreements with several prominent institutional investors and family offices who have committed to acquire, in aggregate, 24% of Banamex’s outstanding common stock at a fixed price of approximately MXN 43 billion, subject to
customary purchase price adjustments. The transactions are subject to customary closing conditions, including antitrust regulatory approval in Mexico.
On April 29, 2026, Citi completed the sale of 22.6% of the 24% equity stake in Banamex. The sale of the remaining 1.4% equity stake is expected to be completed by mid-2026. Upon closing of all committed purchases, Citi will have sold 49% of Banamex. With this accelerated sell-down, Citi does not anticipate any additional sales in 2026, allowing the current investor group time to drive value creation.
As a result of the closing of the 22.6% Banamex sale and based on balances as of March 31, 2026, Citi’s total stockholders’ equity is expected to increase by approximately $1.7 billion, due to (i) the reclassification of an approximate $2.1 billion CTA loss associated with Banamex from AOCI (within Total Citigroup stockholders’ equity) to Noncontrolling interests (NCI), which is a temporary benefit to Total Citigroup stockholders’ equity and will reverse at deconsolidation, partially offset by (ii) a net loss on sale of approximately $0.4 billion recorded primarily in Additional paid-in capital within Total Citigroup stockholders’ equity, which reflects the difference between the cash consideration received and 22.6% of the Banamex U.S. GAAP book value. The temporary benefit related to the reclassification of the CTA loss is subject to changes in FX translation.
As of March 31, 2026, Citi had approximately $9 billion of unrealized CTA losses, net of hedges and taxes and inclusive of amounts already reclassified to NCI from the 25% stake sale, attributed to Banamex and its consolidated subsidiaries.
Citi will deconsolidate Banamex when it owns less than 50% of Banamex’s voting stock and does not have substantive participating rights in Banamex. During the quarter in which a deconsolidation occurs, the CTA loss attributable to Banamex and its consolidated subsidiaries, including the amounts recorded within AOCI and NCI, will be recognized in earnings, impacting EPS and RoTCE, and reversing the temporary capital benefit from prior sales. The cumulative impact of the CTA loss will be regulatory capital neutral to Citi. The $9 billion in CTA losses, inclusive of the amounts recorded within NCI, is subject to change prior to deconsolidation, including as a result of FX movements.
Overall Divestiture Progress
Citi has largely completed its exits from 12 of 14 international consumer markets as part of its strategic refresh, and continues to make significant progress on the divestitures of the remaining two markets, completing the sales of minority equity interests in Banamex and signing an agreement to sell its Poland consumer banking business. For additional information, see “All Other—Managed Basis” in Citi’s 2025 Form 10-K.
For additional information on Legacy Franchises’ consumer banking business sales and wind-downs, see Note 2.
Corporate/Other
Corporate/Other includes results of Corporate Treasury managed activities, unallocated global operations and
technology expenses, certain unallocated costs of global staff functions (including finance, risk, human resources, legal and compliance-related costs) including certain transformation-related spend, other corporate expenses (including income taxes) and discontinued operations.
All Other—Managed Basis
| First Quarter | ||||||||
|---|---|---|---|---|---|---|---|---|
| In millions of dollars, except as otherwise noted | 2026 | 2025 | % Change | |||||
| Net interest income | $ | 1,003 | $ | 1,284 | (22) | % | ||
| Non-interest revenue | 679 | 179 | 279 | |||||
| Total revenues, net of interest expense | $ | 1,682 | $ | 1,463 | 15 | % | ||
| Total operating expenses | $ | 2,144 | $ | 2,226 | (4) | % | ||
| Net credit losses on loans | 371 | 256 | 45 | |||||
| Credit reserve build (release) for loans | 13 | 73 | (82) | |||||
| Provision (release) for credit losses on unfunded lending commitments | (3) | (1) | (200) | |||||
| Provisions (release) for benefits and claims (PBC), other assets and HTM debt securities | 19 | 31 | (39) | |||||
| Provisions for credit losses and PBC | $ | 400 | $ | 359 | 11 | % | ||
| Income (loss) from continuing operations before taxes | $ | (862) | $ | (1,122) | 23 | % | ||
| Income taxes (benefits) | (474) | (283) | (67) | |||||
| Income (loss) from continuing operations | $ | (388) | $ | (839) | 54 | % | ||
| Income (loss) from discontinued operations, net of taxes | (1) | (1) | — | |||||
| Noncontrolling interests | 105 | 16 | NM | |||||
| Net income (loss) | $ | (494) | $ | (856) | 42 | % | ||
| Balance Sheet data (in billions of dollars) | ||||||||
| EOP assets | $ | 204 | $ | 206 | (1) | % | ||
| Average assets | 208 | 207 | — | |||||
| Revenue by line of business | ||||||||
| Mexico Consumer/SBMM | $ | 2,054 | $ | 1,467 | 40 | % | ||
| Asia Consumer | 105 | 135 | (22) | |||||
| Legacy Holdings Assets | 2 | 19 | (89) | |||||
| Corporate/Other | (479) | (158) | (203) | |||||
| Total | $ | 1,682 | $ | 1,463 | 15 | % | ||
| Mexico Consumer/SBMM—key indicators<br><br>(in billions of dollars) | ||||||||
| EOP loans | $ | 31 | $ | 24 | 27 | % | ||
| EOP deposits | 44 | 35 | 24 | |||||
| Average loans | 31 | 24 | 30 | |||||
| NCLs (annualized) as a percentage of average loans (Mexico Consumer only) | 6.37 | % | 5.51 | % | ||||
| Loans 90+ days past due as a percentage of EOP loans (Mexico Consumer only) | 1.71 | 1.41 | ||||||
| Loans 30–89 days past due as a percentage of EOP loans (Mexico Consumer only) | 1.64 | 1.46 | ||||||
| Asia Consumer—key indicators(1) (in billions of dollars) | ||||||||
| EOP loans | $ | 2 | $ | 4 | (51) | % | ||
| EOP deposits | 1 | 7 | (88) | |||||
| Average loans | 2 | 5 | (49) | |||||
| Legacy Holdings Assets—key indicators (in billions of dollars) | ||||||||
| EOP loans | $ | 2 | $ | 2 | (23) | % |
(1) The key indicators for Asia Consumer also reflect the reclassification of loans and deposits to Other assets and Other liabilities under held-for-sale (HFS) accounting on Citi’s Consolidated Balance Sheet.
NM Not meaningful
1Q26 vs. 1Q25
Net loss was $494 million, compared to a net loss of $856 million in the prior-year period.
All Other (managed basis) revenues of $1.7 billion increased 15%, driven by higher revenues in Legacy Franchises (managed basis), largely offset by lower revenues in Corporate/Other.
Legacy Franchises (managed basis) revenues of $2.2 billion increased 33%, driven by higher revenues in Mexico Consumer/SBMM (managed basis), partially offset by lower revenues in Asia Consumer (managed basis).
Mexico Consumer/SBMM (managed basis) revenues of $2.1 billion increased 40%, driven by the impact of Mexican peso appreciation and a gain on sale from an investment, as well as higher loan balances in cards, retail banking and SBMM, and higher deposits in retail banking.
Asia Consumer (managed basis) revenues were $105 million, compared to $135 million in the prior-year period, primarily driven by a continued reduction from closed exits and wind-downs.
Corporate/Other revenues decreased to $(479) million, compared to $(158) million in the prior-year period, driven by lower net interest income, partially offset by higher non-interest revenue. The lower net interest income was due to a lower benefit from cash and securities reinvestment, driven by actions taken to reduce Citi’s asset sensitivity in a declining interest rate environment. The higher non-interest revenue was primarily driven by the impact of valuation adjustments on certain investments and positions and gains on the sale of certain investments.
Expenses decreased 4%, driven by lower legal expenses, lower transformation expenses, lower expenses related to closed exits and wind-downs and lower professional services expenses. This decline was primarily offset by higher severance costs and the impact of Mexican peso appreciation. For additional information on transformation investments, see “Citi’s Multiyear Transformation” in Citi’s 2025 Form 10-K.
Provisions were $400 million, reflecting net credit losses of $371 million, and a net ACL build of $29 million. Net credit losses increased 45%, driven by higher consumer lending volume and portfolio seasoning in Mexico Consumer. Provisions were $359 million in the prior-year period, reflecting net credit losses of $256 million, and a net ACL build of $103 million, primarily driven by increased uncertainty and deterioration in the macroeconomic outlook and higher volume in Mexico Consumer.
For additional information on Citi’s ACL, see “Significant Accounting Policies and Significant Estimates” below.
For additional information on the consumer portion of All Other—Legacy Franchises, including the Mexico Consumer loan portfolios, see “Managing Global Risk—Credit Risk—Consumer Credit” below.
For additional information about trends, uncertainties and risks related to future results of the businesses, see “Executive Summary” above, “Managing Global Risk—Other Risks—Country Risk” and “Forward-Looking Statements” below and “Risk Factors” in Citi’s 2025 Form 10-K.
ALL OTHER—Divestiture-Related Impacts (Reconciling Items)
The table below presents a reconciliation from All Other (U.S. GAAP) to All Other (managed basis). All Other (U.S. GAAP), less Reconciling Items, equals All Other (managed basis). The Reconciling Items are reflected on each relevant line item in Citi’s Consolidated Statement of Income.
All Other (managed basis) and Legacy Franchises (managed basis) results exclude divestiture-related impacts (see the “Reconciling Items” column in the table below) related to:
•Citi’s divestitures of its Asia Consumer businesses, and
•Grupo Financiero Banamex, S.A. de C.V. (Banamex), reported within All Other (U.S. GAAP).
Certain of the results of operations of All Other (managed basis) and Legacy Franchises (managed basis) are non-GAAP financial measures (see “Overview—Non-GAAP Financial Measures” above).
| First Quarter | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | |||||||||||
| In millions of dollars, except as otherwise noted | All Other<br>(U.S. GAAP) | Reconciling Items(1) | All Other<br>(managed basis) | All Other<br>(U.S. GAAP) | Reconciling Items(2) | All Other<br>(managed basis) | ||||||
| Net interest income | $ | 1,003 | $ | — | $ | 1,003 | $ | 1,284 | $ | — | $ | 1,284 |
| Non-interest revenue | 692 | 13 | 679 | 179 | — | 179 | ||||||
| Total revenues, net of interest expense | $ | 1,695 | $ | 13 | $ | 1,682 | $ | 1,463 | $ | — | $ | 1,463 |
| Total operating expenses | $ | 2,175 | $ | 31 | $ | 2,144 | $ | 2,260 | $ | 34 | $ | 2,226 |
| Net credit losses on loans | 372 | 1 | 371 | 256 | — | 256 | ||||||
| Credit reserve build (release) for loans | 13 | — | 13 | 62 | (11) | 73 | ||||||
| Provision for credit losses on unfunded lending commitments | (3) | — | (3) | (1) | — | (1) | ||||||
| Provisions for benefits and claims (PBC), other assets and HTM debt securities | 19 | — | 19 | 31 | — | 31 | ||||||
| Provisions (benefits) for credit losses and PBC | $ | 401 | $ | 1 | $ | 400 | $ | 348 | $ | (11) | $ | 359 |
| Income (loss) from continuing operations before taxes | $ | (881) | $ | (19) | $ | (862) | $ | (1,145) | $ | (23) | $ | (1,122) |
| Income taxes (benefits) | (481) | (7) | (474) | (291) | (8) | (283) | ||||||
| Income (loss) from continuing operations | $ | (400) | $ | (12) | $ | (388) | $ | (854) | $ | (15) | $ | (839) |
| Income (loss) from discontinued operations, net of taxes | (1) | — | (1) | (1) | — | (1) | ||||||
| Noncontrolling interests | 105 | — | 105 | 16 | — | 16 | ||||||
| Net income (loss) | $ | (506) | $ | (12) | $ | (494) | $ | (871) | $ | (15) | $ | (856) |
(1) The $31 million in operating expenses ($23 million after-tax) was primarily driven by separation costs in Mexico.
(2) The $34 million in operating expenses ($23 million after-tax) was largely driven by separation costs in Mexico and severance costs in the Asia exit markets. For additional information, see Citi’s Quarterly Report on Form 10-Q for the period ended March 31, 2025.
CAPITAL RESOURCES
For additional information about capital resources, including Citi’s capital management, regulatory capital buffers, the stress testing component of capital planning and current regulatory capital standards and developments, see “Capital Resources” and “Risk Factors” in Citi’s 2025 Form 10-K.
Capital Management
Citi’s capital management framework is designed to ensure that Citigroup and its principal subsidiaries maintain sufficient capital consistent with each entity’s respective risk profile, management targets and all applicable regulatory standards and guidelines. Citi assesses its capital adequacy against a series of internal quantitative capital goals, designed to evaluate its capital levels in expected and stressed economic environments. Underlying these internal quantitative capital goals are strategic capital considerations, centered on preserving and building financial strength.
For information on Citigroup’s recent capital actions, see “Unregistered Sales of Equity Securities, Repurchases of Equity Securities and Dividends” below.
Regulatory Capital
Citigroup is subject to regulatory capital rules issued by the FRB, in coordination with the OCC and the Federal Deposit Insurance Corporation (FDIC), including the U.S. implementation of the Basel III rules. These rules establish an integrated capital adequacy framework, encompassing both risk-based capital and leverage requirements.
Citigroup’s primary depository institution subsidiary, Citibank, N.A. (Citibank), must comply with the U.S. Basel III rules as well as the minimum capital requirements outlined in the Prompt Corrective Action (PCA) framework.
Risk-Based Capital Requirements
As Advanced Approaches institutions under the U.S. Basel III rules, Citigroup and Citibank must calculate risk-based measures using two methods, a Standardized Approach and Advanced Approaches. Capital adequacy is determined based on the lower ratios under the Standardized and Advanced Approaches compared to their respective requirements.
In addition to prescribed minimum requirements, Citigroup and Citibank are required to maintain several risk-based regulatory capital buffers above the stated minimum capital requirements to avoid limitations on capital distributions and discretionary bonus payments to executive officers. These buffers may include a capital conservation buffer (CCB), stress capital buffer (SCB), countercyclical capital buffer (CCyB) and global systemically important bank (GSIB) bank holding company (BHC) surcharge. Current minimum requirements and buffers for Citigroup and Citibank are presented in the tables below.
For information on potential changes to the U.S. Basel III rules, see “Regulatory Capital Standards and Developments” below.
Leverage Requirements
Under the U.S. Basel III rules, Citigroup and Citibank are also subject to Tier 1 Leverage and Supplementary Leverage ratio (SLR) requirements, including a leverage buffer requirement
under the enhanced Supplementary Leverage ratio (eSLR) framework.
Commencing January 1, 2026, Citi early adopted a final rule revising the eSLR requirements for GSIBs and their depository institution subsidiaries. Accordingly, effective January 1, 2026, both Citigroup and Citibank must maintain an eSLR buffer of 1.0%, based on 50% of Citi’s current method 1 GSIB surcharge of 2.0%, for a total SLR requirement of 4.0%. This compares to the SLR requirement of 5.0% for Citigroup and 6.0% for Citibank as of December 31, 2025. In addition, Citi’s external total loss-absorbing capacity (TLAC) and eligible long-term debt (LTD) leverage-based requirements both declined by 1.0% to 8.5% and 3.5%, respectively. For additional information regarding the eSLR buffer, see “Capital Resources—Regulatory Capital Standards and Developments” in Citi’s 2025 Form 10-K.
Regulatory Capital Standards and Developments
Basel III Revisions
On March 19, 2026, the U.S. banking agencies issued a notice of proposed rulemaking, known as the Basel III proposal, to amend U.S. regulatory capital requirements. Comments on the proposal are due by June 18, 2026.
The Basel III proposal would adopt a single approach for RWA measurement for the largest banks by replacing the current Standardized and Advanced Approaches with a new expanded risk-based approach (ERBA). ERBA, which includes revisions to credit, market and operational risk RWA calculation methodologies, is designed to improve risk sensitivity compared to the existing Standardized Approach and more closely align with international capital standards. For large banking organizations such as Citi, capital requirements under the new framework would consist of a prescribed minimum, the SCB, the GSIB surcharge and any applicable CCyB.
If adopted as proposed, the Basel III proposal would also impact the calculation of Total Leverage Exposure as well as affect external TLAC and LTD calculations.
GSIB Surcharge
On March 19, 2026, the FRB also proposed changes to the GSIB surcharge rule that aim to better align the surcharge calculation with systemic risks. Comments on the proposal are due by June 18, 2026.
The proposal would modify the U.S.–specific method 2 calculation through adjustments to the fixed systemic indicator coefficients to account for economic growth and inflation, modification to the short-term wholesale funding systemic indicator, and the use of daily and monthly averages instead of year-end values. In addition, the proposal would narrow surcharge bands under method 2 from 50 bps to 10 bps to reduce cliff effects when moving between bands.
For information on proposed changes to the SCB and stress testing framework, see “Capital Resources—Regulatory Capital Standards and Developments” in Citi’s 2025 Form 10-K.
For information about risks related to changes in regulatory capital requirements, see “Risk Factors—Strategic Risks,” “—Operational Risks” and “—Compliance Risks” in Citi’s 2025 Form 10-K.
Citigroup’s Capital Resources
The following table presents Citigroup’s risk-based capital requirements as of March 31, 2026 and December 31, 2025:
| Regulatory Capital Buffers(1) | Standardized Approach | Advanced Approaches | ||
|---|---|---|---|---|
| GSIB surcharge | 3.5 | % | 3.5 | % |
| SCB(2) | 3.6 | N/A | ||
| CCB | N/A | 2.5 | ||
| CCyB | — | — | ||
| Regulatory Capital buffer requirement | 7.1 | % | 6.0 | % |
| CET1 Capital (stated minimum) | 4.5 | 4.5 | ||
| CET1 Capital ratio requirement | 11.6 | % | 10.5 | % |
| Additional Tier 1 Capital | 1.5 | 1.5 | ||
| Tier 1 Capital ratio requirement | 13.1 | % | 12.0 | % |
| Tier 2 Capital | 2.0 | 2.0 | ||
| Total Capital ratio requirement | 15.1 | % | 14.0 | % |
(1) For additional information on the capital buffers, see “Capital Resources—Regulatory Capital Buffers” in Citi’s 2025 Form 10-K.
(2) Although the SCB is generally updated each year based on the results of annual FRB supervisory stress tests, the FRB announced on February 4, 2026 that Citi’s SCB is expected to remain at 3.6% until October 1, 2027.
N/A Not applicable
The following tables present Citigroup’s capital components and ratios as of March 31, 2026 and December 31, 2025:
| March 31, 2026 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| In millions of dollars, except ratios | Required Ratios | Standardized Approach | Required Ratios | Advanced Approaches | ||||||
| Common Equity Tier 1 Capital | $ | 154,729 | $ | 154,729 | ||||||
| Tier 1 Capital | 176,885 | 176,885 | ||||||||
| Total Capital | 213,683 | 204,606 | ||||||||
| Total Risk-Weighted Assets | 1,214,025 | 1,323,969 | ||||||||
| Credit Risk | $ | 1,148,844 | $ | 945,633 | ||||||
| Market Risk | 65,181 | 64,152 | ||||||||
| Operational Risk | N/A | 314,184 | ||||||||
| CET1 Capital ratio(1)(7) | 11.6 | % | 12.75 | % | 10.5 | % | 11.69 | % | ||
| Tier 1 Capital ratio(2) | 13.1 | 14.57 | 12.0 | 13.36 | ||||||
| Total Capital ratio(3) | 15.1 | 17.60 | 14.0 | 15.45 | ||||||
| Quarterly Adjusted Average Total Assets(4) | $ | 2,779,095 | $ | 2,779,095 | ||||||
| Leverage ratio | 4.0 | % | 6.36 | % | 4.0 | % | 6.36 | % | ||
| Total Leverage Exposure(5) | 3,368,515 | |||||||||
| Supplementary Leverage ratio(6) | 4.0 | % | 5.25 | % | ||||||
| December 31, 2025 | ||||||||||
| In millions of dollars, except ratios | Required Ratios | Standardized Approach | Required Ratios | Advanced Approaches | ||||||
| Common Equity Tier 1 Capital | $ | 157,099 | $ | 157,099 | ||||||
| Tier 1 Capital | 179,675 | 179,675 | ||||||||
| Total Capital | 216,468 | 206,170 | ||||||||
| Total Risk-Weighted Assets | 1,192,174 | 1,316,371 | ||||||||
| Credit Risk | $ | 1,131,414 | $ | 943,012 | ||||||
| Market Risk | 60,760 | 59,758 | ||||||||
| Operational Risk | N/A | 313,601 | ||||||||
| CET1 Capital ratio(1) | 11.6 | % | 13.18 | % | 10.5 | % | 11.93 | % | ||
| Tier 1 Capital ratio(2) | 13.1 | 15.07 | 12.0 | 13.65 | ||||||
| Total Capital ratio(3) | 15.1 | 18.16 | 14.0 | 15.66 | ||||||
| Quarterly Adjusted Average Total Assets(4) | $ | 2,685,119 | $ | 2,685,119 | ||||||
| Leverage ratio | 4.0 | % | 6.69 | % | 4.0 | % | 6.69 | % | ||
| Total Leverage Exposure(5) | 3,276,212 | |||||||||
| Supplementary Leverage ratio | 5.0 | % | 5.48 | % |
(1)For all periods presented, Citi’s binding CET1 Capital ratios were derived under the Standardized Approach.
(2)Citi’s binding Tier 1 Capital ratios were derived under the Standardized Approach for March 31, 2026 and the Advanced Approaches for December 31, 2025.
(3)For all periods presented, Citi’s binding Total Capital ratios were derived under the Advanced Approaches.
(4)Leverage ratio denominator. Represents average total on-balance sheet assets, less permitted deductions calculated in accordance with the U.S. Basel III rules.
(5)Supplementary Leverage ratio denominator. Represents average on-balance sheet assets, less permitted deductions and adding certain off-balance sheet exposures, calculated in accordance with the U.S. Basel III rules.
(6)Commencing January 1, 2026, Citi early adopted the eSLR final rule. Accordingly, Citigroup is required to maintain an eSLR buffer of 1.0%, based on 50% of Citi’s current method 1 GSIB surcharge of 2.0%, for a total SLR requirement of 4.0%. For additional information on the eSLR buffer, see “Leverage Requirements” above.
(7)As of March 31, 2026, Citi’s binding ratio was the CET1 Capital ratio under the Standardized Approach.
N/A Not applicable
Citi’s CET1 Capital ratio decreased under both the Standardized and Advanced Approaches from December 31, 2025, primarily driven by common share repurchases, the payment of common and preferred dividends and increases in Standardized and Advanced Approaches RWA, largely offset by net income and the impact of Citi’s sale of AO Citibank in Russia, mainly in currency translation adjustment in AOCI.
As indicated in the table above, Citigroup’s capital ratios at March 31, 2026 were in excess of the regulatory capital requirements under the U.S. Basel III rules. In addition, Citigroup was “well capitalized” under federal bank regulatory agencies definitions as of March 31, 2026.
Components of Citigroup Capital
| In millions of dollars | March 31,<br>2026 | December 31,<br>2025 | Change2025 to 2026 | ||
|---|---|---|---|---|---|
| Common stockholders’ equity(1) | $ | 191,478 | $ | 192,304 | |
| Qualifying noncontrolling interests includable in CET1 Capital(2) | 236 | 226 | 10 | ||
| Goodwill, net of related deferred tax liabilities (DTLs)(3) | (18,373) | (18,482) | 109 | ||
| Other intangible assets, net of related DTLs | (3,150) | (3,135) | (15) | ||
| Deferred tax assets arising from net operating loss and tax credit carryforwards | (10,465) | (10,784) | 319 | ||
| Excess over 10%/15% limitations for other DTAs, certain common stock investments and mortgage servicing rights (MSRs)(4) | (3,937) | (3,117) | (820) | ||
| Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax | 431 | 1,919 | (1,488) | ||
| Other | (1,491) | (1,832) | 341 | ||
| Total Common Equity Tier 1 Capital | $ | 154,729 | $ | 157,099 | |
| Qualifying noncumulative perpetual preferred stock(1) | $ | 19,481 | $ | 19,987 | |
| Qualifying trust preferred securities(5) | 1,437 | 1,433 | 4 | ||
| Qualifying noncontrolling interests includable in Tier 1 Capital, not included in CET1 Capital(2) | 1,292 | 1,229 | 63 | ||
| Other | (54) | (73) | 19 | ||
| Total Tier 1 Capital | $ | 176,885 | $ | 179,675 | |
| Qualifying subordinated debt | $ | 22,175 | $ | 22,380 | |
| Qualifying noncontrolling interests includable in Total Capital, not included in<br><br>Tier 1 Capital(2) | 259 | 247 | 12 | ||
| Eligible allowance for credit losses | 14,509 | 14,311 | 198 | ||
| Other | (145) | (145) | — | ||
| Total Capital (Standardized Approach) | $ | 213,683 | $ | 216,468 | |
| Adjustment for excess of eligible credit reserves over expected credit losses(6) | $ | (9,077) | $ | (10,298) | |
| Total Capital (Advanced Approaches) | $ | 204,606 | $ | 206,170 |
All values are in US Dollars.
(1)Issuance costs of $69 million and $63 million related to outstanding noncumulative perpetual preferred stock at March 31, 2026 and December 31, 2025, respectively, were excluded from common stockholders’ equity and netted against such preferred stock in accordance with FRB regulatory reporting requirements, which differ from those under U.S. GAAP.
(2)Represents the amount of qualifying capital issued by consolidated subsidiaries and held by external parties that is eligible for inclusion in Citi’s regulatory capital under the U.S. Basel III rules.
(3)Includes goodwill “embedded” in the valuation of significant common stock investments in unconsolidated financial institutions.
(4)At March 31, 2026 and December 31, 2025, this deduction related only to DTAs arising from temporary differences that exceeded the 10% limitation.
(5)Represents Citigroup Capital XIII trust preferred securities, which are permanently grandfathered as Tier 1 Capital under the U.S. Basel III rules.
(6)The total amount of eligible credit reserves in excess of expected credit losses that were eligible for inclusion in Tier 2 Capital, subject to limitation, under the Advanced Approaches framework were $5.4 billion and $4.0 billion at March 31, 2026 and December 31, 2025, respectively.
Citigroup Risk-Weighted Assets Rollforward
| In millions of dollars | Standardized Approach | Advanced Approaches | ||
|---|---|---|---|---|
| Total Risk-Weighted Assets at December 31, 2025 | $ | 1,192,174 | $ | 1,316,371 |
| General credit risk exposures(1) | 3,826 | 6,429 | ||
| Derivatives | 8,460 | 4,886 | ||
| Securities financing transactions | 12,776 | 3,588 | ||
| Securitization exposures | 1,241 | 282 | ||
| Equity exposures | (1,831) | (1,981) | ||
| Other exposures | (7,043) | (10,583) | ||
| Change in Credit Risk-Weighted Assets | $ | 17,429 | $ | 2,621 |
| Change in Market Risk-Weighted Assets | $ | 4,422 | $ | 4,394 |
| Change in Operational Risk-Weighted Assets | N/A | $ | 583 | |
| Total Risk-Weighted Assets at March 31, 2026 | $ | 1,214,025 | $ | 1,323,969 |
(1)General credit risk exposures include cash and balances due from depository institutions, securities, and loans and leases.
N/A Not applicable
As of March 31, 2026, Citigroup’s Credit RWAs increased under both the Standardized and Advanced Approaches compared to December 31, 2025, primarily driven by increased derivative and securities financing transaction activity, as well as growth in corporate lending, partially offset by the February 2026 sale of AO Citibank in Russia and a seasonal decrease in retail cards.
Market RWAs increased under both the Standardized and Advanced Approaches compared to December 31, 2025, mainly driven by higher exposure and volatility.
Capital Resources of Citibank
The following table presents the risk-based capital requirements for Citibank, Citi’s primary U.S. depository institution subsidiary, under both the Standardized and Advanced Approaches as of March 31, 2026 and December 31, 2025:
Citibank Risk-Based Capital Requirements
| Regulatory Capital Buffers(1) | Standardized and Advanced Approaches | |
|---|---|---|
| CCB | 2.5 | % |
| CCyB | — | |
| Regulatory Capital buffer requirement | 2.5 | % |
| CET1 Capital (stated minimum) | 4.5 | |
| CET1 Capital ratio requirement(2) | 7.0 | % |
| Additional Tier 1 Capital | 1.5 | |
| Tier 1 Capital ratio requirement(2) | 8.5 | % |
| Tier 2 Capital | 2.0 | |
| Total Capital ratio requirement(2) | 10.5 | % |
(1)For additional information on the capital buffers, see “Capital Resources—Regulatory Capital Buffers” in Citi’s 2025 Form 10-K.
(2)Citibank must maintain minimum CET1 Capital, Tier 1 Capital and Total Capital of 6.5%, 8.0% and 10.0%, respectively, to be considered “well capitalized” under the PCA regulations applicable to insured depository institutions. See “Capital Resources—Prompt Corrective Action Framework” in Citi’s 2025 Form 10-K.
The following tables present the capital components and ratios for Citibank as of March 31, 2026 and December 31, 2025:
| March 31, 2026 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| In millions of dollars, except ratios | Required Ratios | Standardized Approach | Required Ratios | Advanced Approaches | ||||||
| CET1 Capital | $ | 153,341 | $ | 153,341 | ||||||
| Tier 1 Capital | 155,478 | 155,478 | ||||||||
| Total Capital | 171,215 | 163,450 | ||||||||
| Total Risk-Weighted Assets | 1,025,931 | 1,113,617 | ||||||||
| Credit Risk | $ | 983,757 | $ | 820,850 | ||||||
| Market Risk | 42,174 | 41,697 | ||||||||
| Operational Risk | N/A | 251,070 | ||||||||
| CET1 Capital ratio(1) | 7.0 | % | 14.95 | % | 7.0 | % | 13.77 | % | ||
| Tier 1 Capital ratio(1) | 8.5 | 15.15 | 8.5 | 13.96 | ||||||
| Total Capital ratio(1)(5) | 10.5 | 16.69 | 10.5 | 14.68 | ||||||
| Quarterly Adjusted Average Total Assets(2) | $ | 1,904,589 | $ | 1,904,589 | ||||||
| Leverage ratio | 5.0 | % | 8.16 | % | 5.0 | % | 8.16 | % | ||
| Total Leverage Exposure(3) | 2,428,970 | |||||||||
| Supplementary Leverage ratio(4) | 4.0 | % | 6.40 | % | ||||||
| December 31, 2025 | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| In millions of dollars, except ratios | Required Ratios | Standardized Approach | Required Ratios | Advanced Approaches | ||||||
| CET1 Capital | $ | 158,202 | $ | 158,202 | ||||||
| Tier 1 Capital | 160,338 | 160,338 | ||||||||
| Total Capital | 175,949 | 168,005 | ||||||||
| Total Risk-Weighted Assets | 1,006,961 | 1,104,193 | ||||||||
| Credit Risk | $ | 971,591 | $ | 818,714 | ||||||
| Market Risk | 35,370 | 35,208 | ||||||||
| Operational Risk | N/A | 250,271 | ||||||||
| CET1 Capital ratio(1) | 7.0 | % | 15.71 | % | 7.0 | % | 14.33 | % | ||
| Tier 1 Capital ratio(1) | 8.5 | 15.92 | 8.5 | 14.52 | ||||||
| Total Capital ratio(1) | 10.5 | 17.47 | 10.5 | 15.22 | ||||||
| Quarterly Adjusted Average Total Assets(2) | $ | 1,864,383 | $ | 1,864,383 | ||||||
| Leverage ratio | 5.0 | % | 8.60 | % | 5.0 | % | 8.60 | % | ||
| Total Leverage Exposure(3) | 2,374,748 | |||||||||
| Supplementary Leverage ratio | 6.0 | % | 6.75 | % |
(1)For all periods presented, Citibank’s binding CET1 Capital, Tier 1 Capital and Total Capital ratios were derived under the Advanced Approaches.
(2)Leverage ratio denominator. Represents average total on-balance sheet assets, less permitted deductions calculated in accordance with the U.S. Basel III rules.
(3)Supplementary Leverage ratio denominator. Represents average on-balance sheet assets, less permitted deductions and adding certain off-balance sheet exposures, calculated in accordance with the U.S. Basel III rules.
(4)Commencing January 1, 2026, Citi early adopted the eSLR final rule. Accordingly, Citibank is required to maintain an eSLR buffer of 1.0%, based on 50% of Citi’s current method 1 GSIB surcharge of 2.0%, for a total SLR requirement of 4.0%. For additional information on the eSLR buffer, see “Leverage Requirements” above.
(5)As of March 31, 2026, Citibank’s binding ratio was the Total Capital ratio under the Advanced Approaches.
N/A Not applicable
As presented in the table above, Citibank’s capital ratios at March 31, 2026 were in excess of the regulatory capital requirements under the U.S. Basel III rules. In addition, Citibank was “well capitalized” as of March 31, 2026.
Citigroup Broker-Dealer Subsidiaries
At March 31, 2026, Citigroup Global Markets Inc., a U.S. broker-dealer registered with the SEC that is an indirect wholly owned subsidiary of Citigroup, had net capital, computed in accordance with the SEC’s net capital rule, of $18 billion, which exceeded the minimum requirement by $13 billion.
Citigroup Global Markets Limited, a broker-dealer registered with the United Kingdom’s Prudential Regulation Authority (PRA) that is also an indirect wholly owned subsidiary of Citigroup, had total regulatory capital of $27 billion at March 31, 2026, which exceeded the PRA’s combined buffer and minimum regulatory capital requirements.
In addition, certain of Citi’s other broker-dealer subsidiaries are subject to regulation in the countries in which they operate, including requirements to maintain specified levels of net capital or its equivalent. Citigroup’s other principal broker-dealer subsidiaries were in compliance with their regulatory capital requirements at March 31, 2026.
Total Loss-Absorbing Capacity (TLAC)
U.S. GSIBs, including Citi, are required to maintain minimum levels of external TLAC and eligible long-term debt (LTD) and applicable buffers to avoid certain limitations on capital distributions and discretionary bonus payments to executive officers, each set by reference to the GSIB’s consolidated RWA and Total Leverage Exposure.
The table below details Citi’s external TLAC and LTD amounts and ratios, and each TLAC and LTD regulatory requirement, as well as the surplus amount in dollars in excess of each requirement:
| March 31, 2026 | ||||||
|---|---|---|---|---|---|---|
| In billions of dollars, except ratios | External TLAC | LTD | ||||
| Total eligible amount | $ | 339 | $ | 156 | ||
| % of Advanced Approaches risk-<br>weighted assets | 25.6 | % | 11.8 | % | ||
| Regulatory requirement(1)(2) | 22.5 | 9.5 | ||||
| Surplus amount | $ | 41 | $ | 31 | ||
| % of Total Leverage Exposure | 10.1 | % | 4.6 | % | ||
| Regulatory requirement(3) | 8.5 | 3.5 | ||||
| Surplus amount | $ | 52 | $ | 39 |
(1) External TLAC includes method 1 GSIB surcharge of 2.0%.
(2) LTD includes method 2 GSIB surcharge of 3.5%.
(3) Both leverage-based external TLAC and LTD requirements include an eSLR buffer of 1.0%.
On January 1, 2026, Citi adopted the eSLR final rule issued on November 25, 2025, which included conforming changes to the external TLAC and LTD regulatory requirements. Accordingly, Citi’s external TLAC and LTD leverage-based requirements declined by 1.0% to 8.5% and 3.5%, respectively.
As of March 31, 2026, Citi exceeded each of the external TLAC and LTD regulatory requirements, resulting in a $31 billion surplus above its binding TLAC requirement of LTD as a percentage of Advanced Approaches RWA.
For additional information on Citi’s TLAC-related requirements, see “Capital Resources—Total Loss-Absorbing Capacity (TLAC)” in Citi’s 2025 Form 10-K.
Tangible Common Equity, Book Value Per Share, Tangible Book Value Per Share and Return on Equity
As defined by Citi, tangible common equity (TCE) represents common stockholders’ equity less goodwill and identifiable intangible assets (other than mortgage servicing rights (MSRs)). Return on tangible common equity (RoTCE) represents annualized net income available to common shareholders as a percentage of average TCE. Tangible book value per share (TBVPS) represents average TCE divided by average common shares outstanding. Other companies may calculate these measures differently.
| In millions of dollars or shares, except per share amounts | March 31,<br>2026 | December 31,<br>2025 | ||||
|---|---|---|---|---|---|---|
| Total Citigroup stockholders’ equity | $ | 210,959 | $ | 212,291 | ||
| Less: Preferred stock | 19,550 | 20,050 | ||||
| Common stockholders’ equity | $ | 191,409 | $ | 192,241 | ||
| Less: | ||||||
| Goodwill | 18,997 | 19,098 | ||||
| Identifiable intangible assets (other than MSRs) | 3,539 | 3,525 | ||||
| Tangible common equity (TCE) | $ | 168,873 | $ | 169,618 | ||
| Common shares outstanding (CSO) | 1,705.6 | 1,747.5 | ||||
| Book value per share (common stockholders’ equity/CSO) | $ | 112.22 | $ | 110.01 | ||
| Tangible book value per share (TCE/CSO) | 99.01 | 97.06 | ||||
| Three Months Ended March 31, | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| In millions of dollars | 2026 | 2025 | ||||
| Net income available to common shareholders | $ | 5,480 | $ | 3,795 | ||
| Average common stockholders’ equity | $ | 192,606 | $ | 191,794 | ||
| Less: | ||||||
| Average goodwill | 19,828 | 18,751 | ||||
| Average intangible assets (other than MSRs) | 3,532 | 3,707 | ||||
| Average goodwill and identifiable intangible assets <br>(other than MSRs) related to businesses HFS | — | 16 | ||||
| Average TCE | $ | 169,246 | $ | 169,320 | ||
| Return on average common stockholders’ equity | 11.5 | % | 8.0 | % | ||
| RoTCE | 13.1 | 9.1 |
MANAGING GLOBAL RISK—TABLE OF CONTENTS
| MANAGING GLOBAL RISK | 44 |
|---|---|
| CREDIT RISK(1) | 44 |
| Average Loans | 44 |
| Corporate Credit | 45 |
| Consumer Credit | 51 |
| Additional Consumer and Corporate Credit Details | 56 |
| Loans Outstanding | 56 |
| Details of Credit Loss Experience | 57 |
| Allowance for Credit Losses on Loans (ACLL) | 58 |
| Non-Accrual Loans and Assets | 60 |
| LIQUIDITY RISK | 63 |
| High-Quality Liquid Assets (HQLA) | 63 |
| Liquidity Coverage Ratio (LCR) | 63 |
| Net Stable Funding Ratio (NSFR) | 64 |
| Deposits | 64 |
| Long-Term Debt (LTD) | 65 |
| Secured Funding Transactions and Short-Term Borrowings | 67 |
| Credit Ratings | 68 |
| MARKET RISK(1) | 69 |
| Market Risk of Non-Trading Portfolios | 69 |
| Market Risk of Trading Portfolios | 76 |
| OTHER RISKS | 78 |
| Other Country Risk Exposures | 79 |
(1) For additional information regarding certain credit risk, market risk and other quantitative and qualitative information, refer to
Citi’s Pillar 3 Basel III Advanced Approaches Disclosures, as required by the U.S. Basel III disclosure requirements, on Citi’s
Investor Relations website. These Pillar 3 disclosures are not incorporated by reference into, and do not form any part of, this
Form 10-Q.
MANAGING GLOBAL RISK
For Citi, effective risk management is of primary importance to its overall operations. Accordingly, Citi has established an Enterprise Risk Management (ERM) Framework to ensure that Citi’s risks are managed appropriately and consistently across the Company and at an aggregate, enterprise-wide level. Citi’s culture drives a strong risk and control environment and is at the heart of the ERM Framework, underpinning the way Citi conducts business. The activities that Citi engages in, and the risks those activities generate, must be consistent with Citi’s Mission and Value Proposition and the key Leadership Principles that support it, as well as Citi’s risk appetite.
For more information on managing global risk at Citi, see “Managing Global Risk” in Citi’s 2025 Form 10-K.
CREDIT RISK
For more information on credit risk, including Citi’s credit risk management, measurement and stress testing, and Citi’s consumer and corporate credit portfolios, see “Credit Risk” and “Risk Factors” in Citi’s 2025 Form 10-K. In addition, see Notes 12 and 13.
Average Loans
The table below details average loans, by segment and All Other, and total Citigroup end-of-period loans for each of the periods indicated:
| In billions of dollars | 1Q26 | 4Q25 | 1Q25 | |||
|---|---|---|---|---|---|---|
| Services | $ | 99 | $ | 96 | $ | 87 |
| Markets | 162 | 152 | 128 | |||
| Banking | 83 | 79 | 82 | |||
| Wealth | 205 | 203 | 194 | |||
| USCC(1) | ||||||
| GPCC | $ | 138 | $ | 138 | $ | 133 |
| PLCC | 29 | 30 | 31 | |||
| Installment Lending | 4 | 4 | 4 | |||
| Total USCC | $ | 171 | $ | 172 | $ | 168 |
| All Other(1) | $ | 35 | $ | 35 | $ | 32 |
| Total Citigroup loans (AVG) | $ | 755 | $ | 737 | $ | 691 |
| Total Citigroup loans (EOP) | $ | 762 | $ | 752 | $ | 702 |
(1) There may be slight rounding differences in other tables where the balances are presented with decimals.
Average loans increased 9% year-over-year and 3% sequentially. The year-over-year increase was primarily driven by growth in Markets, Services, Wealth and USCC.
As of the first quarter of 2026, average loans (compared to the first quarter of 2025) for:
•Services increased 14%, driven by increased demand in TTS for working capital loans as well as export agency finance.
•Markets increased 27%, primarily driven by asset-backed financing and commercial warehouse lending in spread products.
•Banking increased 1%, driven by an increase in investment banking financing, offset by a lower utilization rate for corporate loans.
•Wealth increased 6%, driven by growth in securities-based lending and mortgages.
•USCC increased 2%, driven by growth in GPCC, partially offset by a decline in PLCC.
•All Other increased 9%, driven by growth in Mexico Consumer/SBMM (including the impact of Mexican peso appreciation), partially offset by the continued wind-downs in Asia Consumer within Legacy Franchises (including the impact of moving HFS loans to Other assets).
For information about changes in Citi’s end-of-period loans, see “Balance Sheet Overview” above.
CORPORATE CREDIT
The following table details Citi’s corporate credit portfolio across Services, Markets, Banking and the Mexico SBMM portion of All Other—Legacy Franchises, and before consideration of collateral or hedges, by remaining tenor or expiration for the periods indicated:
| March 31, 2026 | December 31, 2025 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In billions of dollars | Due<br>within<br>1 year | Greater<br>than 1 year<br>but within<br>5 years | Greater<br>than<br>5 years | Total<br>exposure | Due<br>within<br>1 year | Greater<br>than 1 year<br>but within<br>5 years | Greater<br>than<br>5 years | Total<br>exposure | ||||||||
| Direct outstandings (on-balance sheet)(1)(2) | $ | 153 | $ | 146 | $ | 52 | $ | 351 | $ | 151 | $ | 136 | $ | 50 | $ | 337 |
| Unfunded lending commitments<br><br>(off-balance sheet)(3)(4) | 140 | 320 | 28 | 488 | 141 | 311 | 28 | 480 | ||||||||
| Total exposure | $ | 293 | $ | 466 | $ | 80 | $ | 839 | $ | 292 | $ | 447 | $ | 78 | $ | 817 |
(1) Includes drawn loans, overdrafts, bankers’ acceptances and leases.
(2) Excludes loans carried at fair value of $8.5 billion and HFS of $4.5 billion as of March 31, 2026.
(3) Includes unused commitments to lend, letters of credit and financial guarantees.
(4) Includes lending-related commitments carried at fair value and HFS as of March 31, 2026.
Portfolio Mix—Geography and Counterparty
Citi’s corporate credit portfolio is diverse across geographies and types of counterparties. The following table presents the percentages of this portfolio across North America and the clusters within International based on the country of risk of the obligor (for additional information on Citi’s international exposures, see “Other Risks—Country Risk—Top 25 Country Exposures” below):
| March 31,<br>2026 | December 31, 2025 | |||
|---|---|---|---|---|
| North America | 58 | % | 58 | % |
| International | 42 | 42 | ||
| Total | 100 | % | 100 | % |
| International by cluster | (percentages are based on total Citi) | |||
| Europe | 16 | % | 16 | % |
| LATAM | 7 | 7 | ||
| United Kingdom | 6 | 6 | ||
| Japan, Asia North and Australia (JANA) | 6 | 6 | ||
| Asia South | 4 | 4 | ||
| Middle East, Africa and Russia (MEA) | 3 | 3 |
The maintenance of accurate and consistent risk ratings across the corporate credit portfolio facilitates the comparison of credit exposure across all lines of business, geographies and products. Counterparty risk ratings reflect an estimated probability of default for a counterparty, and internal risk ratings are derived by leveraging validated statistical models and scorecards in combination with consideration of factors specific to the obligor or market, such as management experience, competitive position, regulatory environment and commodity prices. Facility risk ratings are assigned that reflect the probability of default of the obligor and factors that affect the loss given default of the facility, such as parental support or collateral. Internal ratings that generally correspond to BBB and above are considered investment grade, while those below are considered non-investment grade.
The following table presents the corporate credit portfolio by facility risk rating as a percentage of the total corporate credit portfolio:
| Total exposure | ||||
|---|---|---|---|---|
| March 31,<br>2026 | December 31,<br>2025 | |||
| AAA/AA/A | 47 | % | 49 | % |
| BBB | 30 | 29 | ||
| BB/B | 21 | 20 | ||
| CCC or below | 2 | 2 | ||
| Total | 100 | % | 100 | % |
Note: Total exposure includes direct outstandings and unfunded lending commitments.
In addition to the obligor and facility risk ratings assigned to all exposures, Citi may classify exposures in the corporate credit portfolio. These classifications are consistent with Citi’s interpretation of the U.S. banking regulators’ definition of criticized exposures, which may categorize exposures as special mention, substandard, doubtful or loss.
Risk ratings and classifications are reviewed regularly and adjusted as appropriate. The credit review process incorporates quantitative and qualitative factors, including financial and non-financial disclosures or metrics, idiosyncratic events or changes to the competitive, regulatory or macroeconomic environment.
Citi believes the corporate credit portfolio to be appropriately rated and classified as of March 31, 2026. Citi has applied management judgment to adjust internal ratings and classifications of exposures as both the macroeconomic environment and obligor-specific factors have changed, particularly where additional stress has been observed.
Obligor risk ratings may be downgraded, reflecting the increase in the probability of default. Downgrades of obligor risk ratings tend to result in a higher provision for credit losses. In addition, appetite per obligor is reduced consistent with the ratings, and downgrades may result in the purchase of additional credit derivatives or other risk/structural mitigants to hedge the incremental credit risk, or may result in Citi seeking to reduce exposure to an obligor or an industry sector. Citi will continue to review exposures to ensure that the appropriate probability of default is incorporated into all risk assessments.
See Note 12 for additional information on Citi’s corporate credit portfolio.
Portfolio Mix—Industry
Citi’s corporate credit portfolio is diversified by industry. The industry classifications are generally based on the clients’ primary business activity. The following table details the allocation of Citi’s total corporate credit portfolio by industry:
| Total exposure | ||||
|---|---|---|---|---|
| March 31,<br>2026 | December 31,<br>2025 | |||
| Transportation and industrials | 19 | % | 19 | % |
| Technology, media and telecom | 15 | 14 | ||
| Banks and finance companies(1) | 13 | 13 | ||
| Real estate | 11 | 11 | ||
| Commercial | 8 | 8 | ||
| Residential | 3 | 3 | ||
| Consumer retail | 11 | 10 | ||
| Power, chemicals, metals and mining | 8 | 8 | ||
| Energy and commodities | 5 | 6 | ||
| Healthcare | 5 | 5 | ||
| Public sector | 4 | 4 | ||
| Insurance | 4 | 3 | ||
| Asset managers and funds | 3 | 3 | ||
| Financial markets infrastructure | 2 | 3 | ||
| Other industries | — | 1 | ||
| Total | 100 | % | 100 | % |
(1) As of the periods in the table, Citi had less than 1% exposure to securities firms. See corporate credit portfolio by industry, below.
The following table details Citi’s corporate credit portfolio by industry as of March 31, 2026:
| Non-investment grade | Selected metrics | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In millions of dollars | Total credit exposure(1)(8) | Funded(2) | Unfunded(3) | Investment grade | Non-criticized | Criticized performing | Criticized non-performing(4) | 30 days or more past due and accruing | Net credit losses (recoveries) | Credit derivative hedges(5) | ||||||||||
| Transportation and industrials | $ | 157,611 | $ | 60,573 | $ | 97,038 | $ | 117,804 | $ | 34,219 | $ | 5,100 | $ | 488 | $ | 68 | $ | 5 | $ | (7,636) |
| Industrials | 77,129 | 24,926 | 52,203 | 56,547 | 17,434 | 2,769 | 379 | 50 | 5 | (4,119) | ||||||||||
| Autos(6) | 50,574 | 22,727 | 27,847 | 40,732 | 8,200 | 1,615 | 27 | 5 | — | (2,406) | ||||||||||
| Transportation | 29,908 | 12,920 | 16,988 | 20,525 | 8,585 | 716 | 82 | 13 | — | (1,111) | ||||||||||
| Technology, media and telecom | 123,653 | 37,773 | 85,880 | 79,285 | 40,443 | 3,579 | 346 | 16 | — | (7,964) | ||||||||||
| Banks and finance companies | 107,633 | 74,102 | 33,531 | 96,872 | 9,820 | 860 | 81 | 14 | (1) | (781) | ||||||||||
| Real estate | 94,545 | 66,854 | 27,691 | 79,659 | 10,172 | 4,210 | 504 | 54 | (3) | (1,095) | ||||||||||
| Commercial | 69,460 | 46,687 | 22,773 | 55,005 | 9,877 | 4,074 | 504 | 54 | (3) | (1,095) | ||||||||||
| Residential | 25,085 | 20,167 | 4,918 | 24,654 | 295 | 136 | — | — | — | — | ||||||||||
| Consumer retail | 89,997 | 34,166 | 55,831 | 65,370 | 20,861 | 3,439 | 327 | 30 | 8 | (5,508) | ||||||||||
| Power, chemicals, metals and mining | 65,280 | 20,054 | 45,226 | 45,152 | 14,512 | 5,086 | 530 | 118 | 17 | (5,775) | ||||||||||
| Power | 28,806 | 6,297 | 22,509 | 22,977 | 5,320 | 480 | 29 | 97 | — | (2,820) | ||||||||||
| Chemicals | 21,672 | 7,967 | 13,705 | 12,832 | 5,008 | 3,408 | 424 | 20 | 17 | (2,077) | ||||||||||
| Metals and mining | 14,802 | 5,790 | 9,012 | 9,343 | 4,184 | 1,198 | 77 | 1 | — | (878) | ||||||||||
| Energy and commodities(7) | 45,405 | 14,660 | 30,745 | 35,558 | 8,785 | 944 | 118 | 1 | (19) | (3,114) | ||||||||||
| Healthcare | 41,924 | 8,936 | 32,988 | 32,317 | 8,112 | 1,459 | 36 | 25 | 1 | (3,530) | ||||||||||
| Public sector | 32,288 | 16,976 | 15,312 | 28,946 | 2,749 | 581 | 12 | 12 | — | (496) | ||||||||||
| Insurance | 30,856 | 4,393 | 26,463 | 28,705 | 2,055 | 96 | — | 2 | — | (4,357) | ||||||||||
| Asset managers and funds | 28,124 | 10,385 | 17,739 | 22,099 | 5,886 | 136 | 3 | 2 | — | (139) | ||||||||||
| Financial markets infrastructure | 17,477 | 672 | 16,805 | 15,529 | 1,948 | — | — | — | — | (15) | ||||||||||
| Securities firms | 1,632 | 189 | 1,443 | 1,545 | 86 | 1 | — | — | — | (27) | ||||||||||
| Other industries(8) | 2,518 | 994 | 1,524 | 1,681 | 744 | 86 | 7 | 36 | — | — | ||||||||||
| Total | $ | 838,943 | $ | 350,727 | $ | 488,216 | $ | 650,522 | $ | 160,392 | $ | 25,577 | $ | 2,452 | $ | 378 | $ | 8 | $ | (40,437) |
(1) Represents gross credit exposures excluding any purchased credit protection.
(2) Funded excludes loans carried at fair value of $8.5 billion and HFS of $4.5 billion as of March 31, 2026.
(3) Unfunded includes lending-related commitments carried at fair value and HFS as of March 31, 2026.
(4) Includes non-accrual loan exposures and related criticized unfunded exposures.
(5) Represents the amount of purchased credit protection in the form of derivatives to economically hedge funded and unfunded exposures. Of the $40.4 billion of purchased credit protection, $37.2 billion represents the total notional amount of purchased credit derivatives on individual reference entities. The remaining $3.2 billion represents the first loss tranche of portfolios of purchased credit derivatives with a total notional amount of $29.5 billion, where the protection seller absorbs the first loss on the referenced loan portfolios.
(6) Autos total credit exposure includes securitization financing facilities secured by auto loans and leases, extended mainly to the finance company subsidiaries of global auto manufacturers, bank subsidiaries and independent auto finance companies, of approximately $19.3 billion ($10.4 billion of which was funded exposure with 100% rated investment grade) as of March 31, 2026.
(7) In addition to this exposure, Citi has energy-related exposure within the public sector (e.g., energy-related state-owned entities) and the transportation and industrials sector (e.g., offshore drilling entities) included in the table above. As of March 31, 2026, Citi’s total exposure to these energy-related entities was approximately $4.7 billion, of which approximately $1.7 billion consisted of direct outstanding funded loans.
(8) Includes $0.9 billion and $0.1 billion of funded and unfunded exposure at March 31, 2026, respectively, primarily related to commercial credit card delinquency-managed loans.
The following table details Citi’s corporate credit portfolio by industry as of December 31, 2025:
| Non-investment grade | Selected metrics | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In millions of dollars | Total credit exposure(1)(8) | Funded(2) | Unfunded(3) | Investment grade | Non-criticized | Criticized performing | Criticized non-performing(4) | 30 days or more past due and accruing | Net credit losses (recoveries) | Credit derivative hedges(5) | ||||||||||
| Transportation and industrials | $ | 153,721 | $ | 58,014 | $ | 95,707 | $ | 114,560 | $ | 33,086 | $ | 5,652 | $ | 423 | $ | 115 | $ | 24 | $ | (7,882) |
| Autos(6) | 51,344 | 22,265 | 29,079 | 41,389 | 8,336 | 1,609 | 10 | 4 | 7 | (2,504) | ||||||||||
| Transportation | 30,298 | 13,512 | 16,786 | 21,518 | 7,892 | 729 | 159 | 33 | 2 | (1,166) | ||||||||||
| Industrials | 72,079 | 22,237 | 49,842 | 51,653 | 16,858 | 3,314 | 254 | 78 | 15 | (4,212) | ||||||||||
| Technology, media and telecom | 115,075 | 34,144 | 80,931 | 73,946 | 37,367 | 3,417 | 345 | 49 | 6 | (7,701) | ||||||||||
| Banks and finance companies | 106,266 | 73,206 | 33,060 | 95,515 | 9,614 | 1,057 | 80 | 4 | 151 | (691) | ||||||||||
| Real estate | 90,677 | 62,776 | 27,901 | 76,691 | 9,881 | 3,454 | 651 | 32 | 11 | (917) | ||||||||||
| Commercial | 69,548 | 44,387 | 25,161 | 55,769 | 9,674 | 3,454 | 651 | 31 | 11 | (917) | ||||||||||
| Residential | 21,129 | 18,389 | 2,740 | 20,922 | 207 | — | — | 1 | — | — | ||||||||||
| Consumer retail | 82,879 | 34,119 | 48,760 | 58,111 | 20,751 | 3,841 | 176 | 23 | 77 | (5,614) | ||||||||||
| Power, chemicals, metals and mining | 61,347 | 18,695 | 42,652 | 43,453 | 12,408 | 5,058 | 428 | 28 | 5 | (5,860) | ||||||||||
| Power | 27,099 | 6,319 | 20,780 | 22,201 | 4,485 | 386 | 27 | 2 | 8 | (2,829) | ||||||||||
| Chemicals | 21,048 | 6,956 | 14,092 | 12,688 | 4,651 | 3,387 | 322 | 24 | 1 | (2,128) | ||||||||||
| Metals and mining | 13,200 | 5,420 | 7,780 | 8,564 | 3,272 | 1,285 | 79 | 2 | (4) | (903) | ||||||||||
| Energy and commodities(7) | 46,282 | 12,686 | 33,596 | 37,864 | 7,453 | 790 | 175 | 7 | 77 | (3,176) | ||||||||||
| Healthcare | 43,520 | 8,076 | 35,444 | 34,162 | 7,779 | 1,555 | 24 | 25 | 3 | (3,520) | ||||||||||
| Public sector | 31,498 | 17,063 | 14,435 | 28,321 | 2,649 | 515 | 13 | 47 | 3 | (595) | ||||||||||
| Asset managers and funds | 27,725 | 10,642 | 17,083 | 20,957 | 6,611 | 153 | 4 | 3 | — | (117) | ||||||||||
| Insurance | 27,620 | 3,657 | 23,963 | 25,585 | 1,967 | 68 | — | 1 | — | (4,494) | ||||||||||
| Financial markets infrastructure | 23,360 | 151 | 23,209 | 23,227 | 133 | — | — | — | — | (14) | ||||||||||
| Securities firms | 1,286 | 154 | 1,132 | 1,074 | 211 | 1 | — | — | — | (19) | ||||||||||
| Other industries(8) | 5,995 | 3,510 | 2,485 | 4,254 | 1,614 | 116 | 11 | 39 | 8 | (2) | ||||||||||
| Total | $ | 817,251 | $ | 336,893 | $ | 480,358 | $ | 637,720 | $ | 151,524 | $ | 25,677 | $ | 2,330 | $ | 373 | $ | 365 | $ | (40,602) |
(1) Represents gross credit exposures excluding any purchased credit protection.
(2) Funded excludes loans carried at fair value of $6.8 billion and HFS of $5.2 billion as of December 31, 2025.
(3) Unfunded includes lending-related commitments carried at fair value and HFS as of December 31, 2025.
(4) Includes non-accrual loan exposures and related criticized unfunded exposures.
(5) Represents the amount of purchased credit protection in the form of derivatives to economically hedge funded and unfunded exposures. Of the $40.6 billion of purchased credit protection, $37.5 billion represents the total notional amount of purchased credit derivatives on individual reference entities. The remaining $3.1 billion represents the first loss tranche of portfolios of purchased credit derivatives with a total notional amount of $27.3 billion, where the protection seller absorbs the first loss on the referenced loan portfolios.
(6) Autos total credit exposure includes securitization financing facilities secured by auto loans and leases, extended mainly to the finance company subsidiaries of global auto manufacturers, bank subsidiaries and independent auto finance companies, of approximately $19.2 billion ($10.6 billion of which was funded exposure with 100% rated investment grade) as of December 31, 2025.
(7) In addition to this exposure, Citi has energy-related exposure within the public sector (e.g., energy-related state-owned entities) and the transportation and industrials sector (e.g., offshore drilling entities) included in the table above. As of December 31, 2025, Citi’s total exposure to these energy-related entities was approximately $4.4 billion, of which approximately $1.7 billion consisted of direct outstanding funded loans.
(8) Includes $0.7 billion and $0.1 billion of funded and unfunded exposure at December 31, 2025, respectively, primarily related to commercial credit card delinquency-managed loans.
Credit Risk Mitigation
As part of its overall risk management activities, Citi uses credit derivatives, both partial and full term, and other risk mitigants to economically hedge portions of the credit risk in its corporate credit portfolio, in addition to outright asset sales. In advance of the expiration of partial-term economic hedges, Citi will determine, among other factors, the economic feasibility of hedging the remaining life of the instrument. The results of the mark-to-market and any realized gains or losses on credit derivatives are reflected primarily in principal transactions in Banking.
At March 31, 2026 and December 31, 2025, Banking had economic hedges on the corporate credit portfolio of $40.4 billion and $40.6 billion, respectively. Citi’s expected credit loss model used in the calculation of its ACL does not include the favorable impact of credit derivatives and other mitigants that are marked-to-market. In addition, the reported amounts of direct outstandings and unfunded lending commitments in the tables above do not reflect the impact of these hedging transactions. The purchased credit protection was economically hedging underlying Banking corporate credit portfolio exposures with the following risk rating distribution:
Rating of Hedged Exposure
| March 31,<br>2026 | December 31,<br>2025 | |||
|---|---|---|---|---|
| AAA/AA/A | 48 | % | 47 | % |
| BBB | 40 | 41 | ||
| BB/B | 11 | 11 | ||
| CCC or below | 1 | 1 | ||
| Total | 100 | % | 100 | % |
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CONSUMER CREDIT
The following section provides information about Citi’s consumer credit portfolio across Wealth, USCC and the consumer portion of All Other—Legacy Franchises.
Consumer Credit Portfolio
The following table presents Citi’s quarterly end-of-period consumer loans(1):
| In billions of dollars | 4Q25 | 1Q26 | ||
|---|---|---|---|---|
| Wealth(2)(3) | ||||
| Mortgages(4) | $ | 139.5 | $ | 139.0 |
| Securities-based lending | 33.4 | 34.5 | ||
| Personal, small business and other | 26.5 | 26.8 | ||
| Cards | 4.9 | 4.7 | ||
| Total | $ | 204.3 | $ | 205.0 |
| USCC | ||||
| GPCC | $ | 143.2 | $ | 138.7 |
| PLCC | 30.5 | 28.3 | ||
| Installment Lending | 3.8 | 3.8 | ||
| Total | $ | 177.5 | $ | 170.8 |
| All Other—Legacy Franchises | ||||
| Mexico Consumer | $ | 22.5 | $ | 22.8 |
| Asia Consumer(5) | 2.5 | 2.2 | ||
| Legacy Holdings Assets(6) | 1.7 | 1.6 | ||
| Total | $ | 26.7 | $ | 26.6 |
| Total consumer loans | $ | 408.5 | $ | 402.4 |
(1)End-of-period loans include interest and fees on credit cards.
(2)Consists of $150.4 billion and $150.2 billion of loans in North America as of March 31, 2026 and December 31, 2025, respectively. For additional information on the credit quality of the Wealth portfolio, see “Consumer Loans” in Note 12.
(3)Consists of $54.6 billion and $54.1 billion of loans outside North America as of March 31, 2026 and December 31, 2025, respectively. For additional information on Wealth’s loan portfolio by geography, see “Consumer Loans” in Note 12.
(4)See Note 12 for details on loan-to-value ratios for the mortgage portfolios and FICO scores for the U.S. portfolio.
(5)Asia Consumer loan balances, reported within All Other—Legacy Franchises, include the remaining Asia Consumer loan portfolio in Korea. Asia Consumer loan balances exclude approximately $2 billion of loans ($1 billion of retail banking loans and $1 billion of credit card loan balances) for the fourth quarter of 2025 and the first quarter of 2026. These loans were reclassified to held-for-sale (HFS) (Other assets on the Consolidated Balance Sheet) as a result of Citi’s agreement to sell its Poland consumer banking business (expected to close by mid-2026). See “Agreement to Sell Poland Consumer Banking Business” in Note 2.
(6) Consists of certain North America consumer mortgages.
For information on changes to Citi’s consumer loans, see “Credit Risk—Average Loans” above.
Consumer Credit Trends
| U.S. Consumer Cards |
|---|
U.S. Consumer Cards (USCC) consists of unsecured consumer lending, including General Purpose Credit Cards (GPCC), Private Label Credit Cards (PLCC) and Installment Lending products.
GPCC includes Citi branded (Value, Rewards and Cash) and co-branded (including, among others, American Airlines, Costco and GPCC products with Best Buy and Macy’s) card portfolios. These cards are accepted by a wide variety of merchants and service providers.
PLCC includes closed loop retail-specific cards (including, among others, The Home Depot and PLCC products with Best Buy and Macy’s). These cards are limited to purchases of the retailer’s goods and services.
Installment Lending includes digitally led personal installment loans and merchant installment lending.
As of March 31, 2026, approximately 98% of USCC EOP loans consisted of GPCC and PLCC loans, of which 83% represented GPCC loans and 17% represented PLCC loans. GPCC and PLCC loans generally drive the overall credit performance of USCC, as GPCC and PLCC net credit losses represented approximately 97% of USCC’s total net credit losses for the first quarter of 2026.
As presented in the chart above, the first quarter of 2026 net credit loss rate for USCC increased quarter-over-quarter, driven by seasonality, and decreased year-over-year, reflecting improvements in portfolio performance (see “GPCC” and “PLCC” below).
The 90+ days past due delinquency rate increased quarter-over-quarter, driven by seasonality, and decreased year-over-year, reflecting improvements in portfolio performance.
| GPCC |
|---|
As presented in the chart above, the first quarter of 2026 net credit loss rate for GPCC increased quarter-over-quarter, driven by seasonality, and decreased year-over-year, reflecting improvements in portfolio performance.
The 90+ days past due delinquency rate increased quarter-over-quarter, primarily driven by seasonality, and was broadly stable year-over-year.
| PLCC |
|---|
As presented in the chart above, the first quarter of 2026 net credit loss rate for PLCC increased quarter-over-quarter, driven by seasonality, and decreased year-over-year, reflecting improvements in portfolio performance.
The 90+ days past due delinquency rate was broadly stable quarter-over-quarter, and decreased year-over-year, reflecting improvements in portfolio performance.
For additional details on provisions for credit losses, loan delinquency and other information for Citi’s cards portfolios, see USCC’s results of operations above and Note 12.
U.S. Cards FICO Distribution
The following table presents the current Fair Isaac Corporation (FICO) score distributions for Citi’s GPCC and PLCC portfolios based on end-of-period receivables. FICO scores are updated as they become available.
| FICO distribution(1) | March 31, 2026 | December 31, 2025 | March 31, 2025 | |||
|---|---|---|---|---|---|---|
| GPCC | ||||||
| ≥ 740 | 52 | % | 53 | % | 51 | % |
| 660–739 | 35 | 34 | 36 | |||
| < 660 | 13 | 13 | 13 | |||
| Total | 100 | % | 100 | % | 100 | % |
| PLCC | ||||||
| ≥ 740 | 35 | % | 36 | % | 34 | % |
| 660–739 | 40 | 40 | 41 | |||
| < 660 | 25 | 24 | 25 | |||
| Total | 100 | % | 100 | % | 100 | % |
(1) Excludes immaterial balances for Canada and for customers for which no FICO scores are available.
The FICO distribution of the GPCC and PLCC portfolios was largely unchanged quarter-over-quarter and year-over-year. The FICO distribution continued to reflect the strong underlying credit quality of the portfolios. See Note 12 for additional information on FICO scores.
| Wealth |
|---|
Wealth includes Citigold and Retail Banking, the Private Bank and Wealth at Work, and provides lending solutions to a range of client segments through consumer mortgages, securities-based lending, credit cards and other lending products, which could be delinquency managed or classifiably managed.
As of March 31, 2026, approximately $50 billion, or 24%, of the portfolios were classifiably managed and primarily consisted of securities-based lending, commercial real estate loans, personal and small business loans and other lending programs. These classifiably managed loans are primarily evaluated for credit risk based on their internal risk rating, of which 68% were rated investment grade. The 90+ days past due delinquency rates shown in the chart above were
calculated only for the delinquency-managed portfolio, while the net credit loss rates were calculated using net credit losses for both the delinquency and classifiably managed portfolios.
As presented in the chart above, the first quarter of
2026 net credit loss rate in Wealth was broadly stable quarter-over-quarter and year-over-year.
The 90+ days past due delinquency rate decreased quarter-over-quarter, driven by consumer mortgages exiting forbearance programs related to the California wildfires, and was broadly stable year-over-year.
| Mexico Consumer |
|---|
Mexico Consumer provides credit cards, consumer mortgages and small business and personal loans. Mexico Consumer serves a mass-market segment in Mexico and focuses on developing multiproduct relationships with customers.
As of March 31, 2026, approximately 40% of Mexico Consumer’s EOP loans consisted of credit card loans, which largely drives the overall credit performance of the Mexico Consumer portfolios, as the cards net credit losses represented approximately 60% of total Mexico Consumer net credit losses for the first quarter of 2026.
As presented in the chart above, the first quarter of 2026 net credit loss rate in Mexico Consumer increased quarter-over-quarter and year-over-year, driven by the ongoing normalization of loss and delinquency rates from post-pandemic lows.
The 90+ days past due delinquency rate was broadly stable quarter-over-quarter, and increased year-over-year, largely driven by the growth and seasoning of credit card loans.
For additional details on provisions, loan delinquency and other information for Citi’s consumer loan portfolios, see the results of operations for USCC, Wealth and All Other—Legacy Franchises above and Note 12.
Additional Consumer Credit Details
Consumer Loan Delinquencies Amounts and Ratios
| EOP<br><br>loans(1) | 90+ days past due(2) | 30–89 days past due(2) | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In millions of dollars,<br>except EOP loan amounts in billions | March 31,<br>2026 | March 31,<br>2026 | December 31,<br>2025 | March 31,<br>2026 | December 31,<br>2025 | ||||||||||
| Wealth delinquency-managed loans(3)(4) | $ | 155.1 | $ | 435 | $ | 525 | $ | 544 | $ | 496 | |||||
| Ratio | 0.28 | % | 0.34 | % | 0.35 | % | 0.32 | % | |||||||
| Wealth classifiably managed loans(5) | 49.9 | N/A | N/A | N/A | N/A | ||||||||||
| USCC(6) | |||||||||||||||
| Total | $ | 170.8 | $ | 2,562 | $ | 2,567 | $ | 2,277 | $ | 2,424 | |||||
| Ratio | 1.50 | % | 1.45 | % | 1.33 | % | 1.37 | % | |||||||
| Credit cards total(6) (a+b) = (c) | 167.0 | 2,541 | 2,545 | 2,223 | 2,373 | ||||||||||
| Ratio | 1.52 | % | 1.47 | % | 1.33 | % | 1.37 | % | |||||||
| GPCC(6) (a) | 138.7 | 1,932 | 1,895 | 1,664 | 1,766 | ||||||||||
| Ratio | 1.39 | % | 1.32 | % | 1.20 | % | 1.23 | % | |||||||
| PLCC(6) (b) | 28.3 | 609 | 650 | 559 | 607 | ||||||||||
| Ratio | 2.15 | % | 2.13 | % | 1.98 | % | 1.99 | % | |||||||
| Installment Lending | 3.8 | 21 | 22 | 54 | 51 | ||||||||||
| Ratio | 0.55 | % | 0.58 | % | 1.42 | % | 1.37 | % | |||||||
| All Other | |||||||||||||||
| Total | $ | 26.6 | $ | 446 | $ | 448 | $ | 428 | $ | 420 | |||||
| Ratio | 1.69 | % | 1.69 | % | 1.62 | % | 1.58 | % | |||||||
| Mexico Consumer | 22.8 | 390 | 387 | 374 | 358 | ||||||||||
| Ratio | 1.71 | % | 1.72 | % | 1.64 | % | 1.59 | % | |||||||
| Asia Consumer(7) | 2.2 | 12 | 14 | 12 | 15 | ||||||||||
| Ratio | 0.55 | % | 0.56 | % | 0.55 | % | 0.60 | % | |||||||
| Legacy Holdings Assets (consumer)(8) | 1.6 | 44 | 47 | 42 | 47 | ||||||||||
| Ratio | 3.14 | % | 3.13 | % | 3.00 | % | 3.13 | % | |||||||
| Total Citigroup consumer | $ | 402.4 | $ | 3,443 | $ | 3,540 | $ | 3,249 | $ | 3,340 | |||||
| Ratio | 0.98 | % | 0.98 | % | 0.92 | % | 0.93 | % |
(1)End-of-period (EOP) loans include interest and fees on credit cards.
(2)The ratios of 90+ days past due and 30–89 days past due are calculated based on EOP loans, net of unearned income.
(3)Excludes EOP classifiably managed Private Bank loans. These loans are not included in the delinquency numerator, denominator and ratios.
(4)The 90+ days past due and 30–89 days past due and related ratios exclude loans guaranteed by U.S. government-sponsored agencies since the potential risk of loss predominantly resides with the U.S. government-sponsored agencies. The amounts excluded for loans 90+ days past due and (EOP loans) were $67 million ($0.4 billion) and $61 million ($0.4 billion) at March 31, 2026 and December 31, 2025, respectively. The amounts excluded for loans 30–89 days past due (the 30–89 days past due EOP loans have the same adjustments as the 90+ days past due EOP loans) were $48 million and $60 million at March 31, 2026 and December 31, 2025, respectively. The EOP loans in the table include the guaranteed loans.
(5)These loans are evaluated for non-accrual status and write-off primarily based on their internal risk classification and not solely on their delinquency status, and, therefore, delinquency metrics are excluded from this table. As of March 31, 2026 and December 31, 2025, 68% and 69%, respectively, of Wealth classifiably managed loans were rated investment grade. For additional information on the credit quality of the Wealth portfolio, including classifiably managed portfolios, see “Consumer Credit Trends” above.
(6)The 90+ days past due balances for GPCC and PLCC are generally still accruing interest. Citi’s policy is generally to accrue interest on credit card loans until 180 days past due, unless notification of bankruptcy filing has been received earlier.
(7)Asia Consumer loan balances and the related delinquencies, reported within All Other—Legacy Franchises, include the remaining Asia Consumer loan portfolio in Korea. During the second quarter of 2025, Citi’s Poland consumer banking business was classified as HFS as a result of Citi’s agreement to sell the business. Accordingly, the Poland consumer loans are recorded in Other assets on the Consolidated Balance Sheet. As a result, the Poland consumer loans and related delinquencies are not included in this table for the first quarter of 2026 and the fourth quarter of 2025. See “Agreement to Sell Poland Consumer Banking Business” in Note 2.
(8)The 90+ days past due and 30–89 days past due and related ratios exclude U.S. mortgage loans that are primarily related to U.S. mortgages guaranteed by U.S. government-sponsored agencies since the potential risk of loss predominantly resides with the U.S. government-sponsored agencies. The amounts excluded for 90+ days past due and (EOP loans) were $68 million ($0.2 billion) and $65 million ($0.2 billion) at March 31, 2026 and December 31, 2025, respectively. The amounts excluded for loans 30–89 days past due (the 30–89 days past due EOP loans have the same adjustments as the 90+ days past due EOP loans) were $26 million and $29 million at March 31, 2026 and December 31, 2025, respectively. The EOP loans in the table include the guaranteed loans.
N/A Not applicable
Consumer Loan Net Credit Losses (NCLs) and Ratios
| Average loans(1) | Net credit losses(2) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| In millions of dollars, except average loan amounts in billions | 1Q26 | 1Q26 | 4Q25 | 1Q25 | |||||||
| Wealth | $ | 205.4 | $ | 88 | $ | 80 | $ | 67 | |||
| Ratio | 0.17 | % | 0.16 | % | 0.14 | % | |||||
| USCC | |||||||||||
| Total | $ | 171.3 | $ | 1,742 | $ | 1,739 | $ | 1,954 | |||
| Ratio | 4.12 | % | 4.00 | % | 4.72 | % | |||||
| Credit cards total (a+b) = (c) | 167.5 | 1,684 | 1,680 | 1,896 | |||||||
| Ratio | 4.08 | % | 3.96 | % | 4.68 | % | |||||
| GPCC (a) | 138.6 | 1,324 | 1,322 | 1,465 | |||||||
| Ratio | 3.87 | % | 3.78 | % | 4.45 | % | |||||
| PLCC (b) | 28.9 | 360 | 358 | 431 | |||||||
| Ratio | 5.05 | % | 4.77 | % | 5.71 | % | |||||
| Installment Lending | 3.8 | 58 | 59 | 58 | |||||||
| Ratio | 6.19 | % | 6.00 | % | 6.19 | % | |||||
| All Other—Legacy Franchises (managed basis)(3) | |||||||||||
| Total | $ | 27.1 | $ | 369 | $ | 331 | $ | 256 | |||
| Ratio | 5.52 | % | 5.03 | % | 4.27 | % | |||||
| Mexico Consumer | 23.0 | 361 | 325 | 239 | |||||||
| Ratio | 6.37 | % | 5.91 | % | 5.51 | % | |||||
| Asia Consumer (managed basis)(3)(4) | 2.4 | 11 | 11 | 18 | |||||||
| Ratio | 1.86 | % | 1.68 | % | 1.55 | % | |||||
| Legacy Holdings Assets (consumer) | 1.7 | (3) | (5) | (1) | |||||||
| Ratio | (0.72) | % | (1.17) | % | (0.20) | % | |||||
| Reconciling Items(3) | 1 | (2) | — | ||||||||
| Total Citigroup | $ | 403.8 | $ | 2,200 | $ | 2,148 | $ | 2,277 | |||
| Ratio | 2.21 | % | 2.12 | % | 2.39 | % |
(1)Average loans include interest and fees on credit cards.
(2)The ratios of net credit losses are calculated based on average loans, net of unearned income.
(3)All Other (managed basis) excludes divestiture-related impacts (Reconciling Items) related to Citi’s divestitures of its Asia Consumer businesses and Banamex, within Legacy Franchises. The Reconciling Items are reflected in Citi’s Consolidated Statement of Income. See “All Other—Divestiture-Related Impacts (Reconciling Items)” above.
(4)Asia Consumer NCLs and average loan balances, reported within All Other—Legacy Franchises, include the three remaining Asia Consumer loan portfolios: Korea, Poland (through the first quarter of 2025) and Russia until the completion of its consumer loan portfolio wind-down in the second quarter of 2025. Citi’s Poland consumer banking business was classified as HFS during the second quarter of 2025 as a result of Citi’s agreement to sell the business. In accordance with HFS accounting treatment, the Poland consumer average loans of approximately $2 billion in the first quarter of 2026 and the fourth quarter of 2025 are recorded in Other assets on the Consolidated Balance Sheet, and the related NCLs of approximately $(1) million in the first quarter of 2026 and $2 million in the fourth quarter of 2025 were reclassified to Other revenue. Accordingly, these NCLs are not included in this table. See Note 2.
ADDITIONAL CONSUMER AND CORPORATE CREDIT DETAILS
Loans Outstanding
| 1st Qtr. | 4th Qtr. | |||||
|---|---|---|---|---|---|---|
| In millions of dollars | 2026 | 2025 | ||||
| Consumer loans | ||||||
| In North America offices(1) | ||||||
| Residential first mortgages(2) | $ | 119,234 | $ | 119,389 | ||
| Home equity loans(2) | 2,777 | 2,872 | ||||
| Credit cards | 166,996 | 173,656 | ||||
| Personal, small business and other | 33,565 | 33,211 | ||||
| Total | $ | 322,572 | $ | 329,128 | ||
| In offices outside North America(1) | ||||||
| Residential mortgages(2) | $ | 23,867 | $ | 24,041 | ||
| Credit cards | 14,319 | 14,701 | ||||
| Personal, small business and other | 41,427 | 40,320 | ||||
| Total | $ | 79,613 | $ | 79,062 | ||
| Consumer loans, net of unearned income, excluding portfolio-layer cumulative basis adjustments(3) | $ | 402,185 | $ | 408,190 | ||
| Unallocated portfolio-layer cumulative basis adjustments | $ | 206 | $ | 343 | ||
| Consumer loans, net of unearned income(3) | $ | 402,391 | $ | 408,533 | ||
| Corporate loans | ||||||
| In North America offices(1) | ||||||
| Commercial and industrial | $ | 63,758 | $ | 57,406 | ||
| Financial institutions | 74,066 | 72,154 | ||||
| Mortgage and real estate(2) | 18,191 | 17,931 | ||||
| Installment and other(4) | 22,866 | 23,104 | ||||
| Lease financing | 72 | 72 | ||||
| Total | $ | 178,953 | $ | 170,667 | ||
| In offices outside North America(1) | ||||||
| Commercial and industrial | $ | 100,839 | $ | 96,886 | ||
| Financial institutions | 29,480 | 27,054 | ||||
| Mortgage and real estate(2) | 9,823 | 9,856 | ||||
| Installment and other(4) | 34,469 | 34,100 | ||||
| Lease financing | 44 | 47 | ||||
| Governments and official institutions | 5,609 | 5,070 | ||||
| Total | $ | 180,264 | $ | 173,013 | ||
| Corporate loans, net of unearned income, excluding portfolio-layer cumulative basis adjustments(5) | $ | 359,217 | $ | 343,680 | ||
| Unallocated portfolio-layer cumulative basis adjustments | $ | 8 | $ | 17 | ||
| Corporate loans, net of unearned income(5) | $ | 359,225 | $ | 343,697 | ||
| Total loans—net of unearned income | $ | 761,616 | $ | 752,230 | ||
| Allowance for credit losses on loans (ACLL) | (19,636) | (19,247) | ||||
| Total loans—net of unearned income and ACLL | $ | 741,980 | $ | 732,983 | ||
| ACLL as a percentage of total loans—net of unearned income(6) | 2.61 | % | 2.58 | % | ||
| ACLL for consumer loan losses as a percentage of total consumer loans—net of unearned income(6) | 4.05 | % | 3.96 | % | ||
| ACLL for corporate loan losses as a percentage of total corporate loans—net of unearned income(6) | 0.95 | % | 0.91 | % |
(1)North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. The classification of corporate loans between offices in North America and outside North America is based on the domicile of the booking unit. The difference between the domicile of the booking unit and the risk-based country view is not material for the purposes of classification of corporate loans between offices in North America and outside North America.
(2)Loans secured primarily by real estate.
(3)Consumer loans are net of unearned income of $973 million and $971 million at March 31, 2026 and December 31, 2025, respectively. Unearned income on consumer loans primarily represents loan origination fees, net of certain direct origination costs, that are deferred and recognized as Interest income over the lives of the related loans, except for credit cards (see Note 5).
(4)Installment and other includes loans to SPEs and TTS commercial cards.
(5)Corporate loans include Mexico SBMM loans and are net of unearned income of $(1.1) billion and $(1.1) billion at March 31, 2026 and December 31, 2025, respectively. Unearned income on corporate loans primarily represents loan origination fees, net of certain direct origination costs, that are deferred and recognized as Interest income over the lives of the related loans.
(6)Because loans carried at fair value do not have an ACLL, they are excluded from the ACLL ratio calculation.
Details of Credit Loss Experience
| 1st Qtr. | 4th Qtr. | 3rd Qtr. | 2nd Qtr. | 1st Qtr. | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In millions of dollars | 2026 | 2025 | 2025 | 2025 | 2025 | ||||||||||
| Allowance for credit losses on loans (ACLL) at beginning of period | $ | 19,247 | $ | 19,206 | $ | 19,123 | $ | 18,726 | $ | 18,574 | |||||
| Provision for credit losses on loans (PCLL) | |||||||||||||||
| Consumer | $ | 2,298 | $ | 2,107 | $ | 2,189 | $ | 2,169 | $ | 2,225 | |||||
| Corporate | 307 | 93 | 70 | 308 | 336 | ||||||||||
| Total | $ | 2,605 | $ | 2,200 | $ | 2,259 | $ | 2,477 | $ | 2,561 | |||||
| Gross credit losses on loans | |||||||||||||||
| Consumer | |||||||||||||||
| In U.S. offices | $ | 2,325 | $ | 2,244 | $ | 2,243 | $ | 2,314 | $ | 2,402 | |||||
| In offices outside the U.S. | 453 | 414 | 369 | 346 | 325 | ||||||||||
| Corporate | |||||||||||||||
| In U.S. offices | 17 | 18 | 28 | 34 | 53 | ||||||||||
| In offices outside the U.S. | 25 | 48 | 86 | 29 | 146 | ||||||||||
| Total | $ | 2,820 | $ | 2,724 | $ | 2,726 | $ | 2,723 | $ | 2,926 | |||||
| Gross recoveries on loans | |||||||||||||||
| Consumer | |||||||||||||||
| In U.S. offices | $ | 532 | $ | 465 | $ | 448 | $ | 426 | $ | 413 | |||||
| In offices outside the U.S. | 46 | 45 | 42 | 49 | 37 | ||||||||||
| Corporate | |||||||||||||||
| In U.S. offices | 30 | 8 | 11 | 7 | 11 | ||||||||||
| In offices outside the U.S. | 4 | 16 | 11 | 7 | 6 | ||||||||||
| Total | $ | 612 | $ | 534 | $ | 512 | $ | 489 | $ | 467 | |||||
| Net credit losses on loans (NCLs) | |||||||||||||||
| In U.S. offices | $ | 1,780 | $ | 1,789 | $ | 1,812 | $ | 1,915 | $ | 2,031 | |||||
| In offices outside the U.S. | 428 | 401 | 402 | 319 | 428 | ||||||||||
| Total | $ | 2,208 | $ | 2,190 | $ | 2,214 | $ | 2,234 | $ | 2,459 | |||||
| Other—net(1)(2)(3)(4)(5)(6) | $ | (8) | $ | 31 | $ | 38 | $ | 154 | $ | 50 | |||||
| Allowance for credit losses on loans (ACLL) at end of period | $ | 19,636 | $ | 19,247 | $ | 19,206 | $ | 19,123 | $ | 18,726 | |||||
| ACLL as a percentage of EOP loans(7) | 2.61 | % | 2.58 | % | 2.65 | % | 2.67 | % | 2.70 | % | |||||
| Allowance for credit losses on unfunded lending commitments (ACLUC)(8) | $ | 2,013 | $ | 1,833 | $ | 1,820 | $ | 1,721 | $ | 1,720 | |||||
| Total ACLL and ACLUC | $ | 21,649 | $ | 21,080 | $ | 21,026 | $ | 20,844 | $ | 20,446 | |||||
| Net consumer credit losses on loans | $ | 2,200 | $ | 2,148 | $ | 2,122 | $ | 2,185 | $ | 2,277 | |||||
| As a percentage of average consumer loans | 2.21 | % | 2.12 | % | 2.12 | % | 2.25 | % | 2.39 | % | |||||
| Net corporate credit losses on loans | $ | 8 | $ | 42 | $ | 92 | $ | 49 | $ | 182 | |||||
| As a percentage of average corporate loans | 0.01 | % | 0.05 | % | 0.11 | % | 0.06 | % | 0.24 | % | |||||
| ACLL by type at end of period(9) | |||||||||||||||
| Consumer | $ | 16,297 | $ | 16,194 | $ | 16,205 | $ | 16,100 | $ | 16,001 | |||||
| Corporate | 3,339 | 3,053 | 3,001 | 3,023 | 2,725 | ||||||||||
| Total | $ | 19,636 | $ | 19,247 | $ | 19,206 | $ | 19,123 | $ | 18,726 |
(1)Includes all adjustments to the allowance for credit losses, such as changes in the allowance from acquisitions, dispositions, securitizations, FX translation, purchase accounting adjustments, etc.
(2)The first quarter of 2026 includes a decrease of approximately $8 million related to FX translation.
(3)The fourth quarter of 2025 includes an increase of approximately $31 million related to FX translation.
(4)The third quarter of 2025 includes an increase of approximately $38 million related to FX translation.
(5)The second quarter of 2025 includes an approximate $29 million reclass related to Citi’s agreement to sell its Poland consumer banking business. That ACLL was transferred to Other assets during the second quarter of 2025. The second quarter of 2025 also includes FX translation.
(6)The first quarter of 2025 includes an increase of approximately $50 million related to FX translation.
(7)March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025 exclude $8.5 billion, $6.9 billion, $7.9 billion, $9.3 billion and $8.2 billion, respectively, of loans that are carried at fair value.
(8)Represents additional credit reserves recorded as Other liabilities on the Consolidated Balance Sheet.
(9)The ACLL represents management’s estimate of expected credit losses in the portfolio. See “Significant Accounting Policies and Significant Estimates” below. Attribution of the allowance is made for analytical purposes only and is available to absorb probable credit losses inherent in the overall portfolio.
Allowance for Credit Losses on Loans (ACLL)
The following tables detail information on Citi’s ACLL, loans and coverage ratios:
| March 31, 2026 | ||||||
|---|---|---|---|---|---|---|
| In billions of dollars | ACLL | EOP loans, net of<br>unearned income | ACLL as a<br><br>% of EOP loans(1) | |||
| Consumer | ||||||
| North America cards(2) | $ | 13.4 | $ | 167.0 | 8.0 | % |
| North America personal installment loans | 0.4 | 3.8 | 10.5 | |||
| North America mortgages(3) | 0.2 | 122.2 | 0.2 | |||
| North America other(3) | 0.2 | 29.8 | 0.7 | |||
| International cards | 1.2 | 14.3 | 8.4 | |||
| International other(3) | 0.9 | 65.3 | 1.4 | |||
| Total(1) | $ | 16.3 | $ | 402.4 | 4.1 | % |
| Corporate(4) | ||||||
| Commercial and industrial | $ | 2.1 | $ | 160.8 | 1.3 | % |
| Financial institutions | 0.3 | 102.3 | 0.3 | |||
| Mortgage and real estate(4) | 0.7 | 28.0 | 2.5 | |||
| Installment and other | 0.2 | 59.6 | 0.3 | |||
| Total(1) | $ | 3.3 | $ | 350.7 | 1.0 | % |
| Loans at fair value(1) | N/A | $ | 8.5 | N/A | ||
| Total Citigroup | $ | 19.6 | $ | 761.6 | 2.6 | % |
| December 31, 2025 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| In billions of dollars | ACLL | EOP loans, net of<br>unearned income | ACLL as a<br><br>% of EOP loans(1) | |||
| Consumer | ||||||
| North America cards(2) | $ | 13.3 | $ | 173.7 | 7.7 | % |
| North America personal installment loans | 0.4 | 3.8 | 10.5 | |||
| North America mortgages(3) | 0.1 | 122.6 | 0.1 | |||
| North America other(3) | 0.2 | 29.4 | 0.7 | |||
| International cards | 1.2 | 14.7 | 8.2 | |||
| International other(3) | 0.9 | 64.3 | 1.4 | |||
| Total(1) | $ | 16.1 | $ | 408.5 | 4.0 | % |
| Corporate(4) | ||||||
| Commercial and industrial | $ | 1.8 | $ | 151.8 | 1.2 | % |
| Financial institutions | 0.3 | 98.9 | 0.3 | |||
| Mortgage and real estate(4) | 0.7 | 27.8 | 2.5 | |||
| Installment and other | 0.3 | 58.4 | 0.5 | |||
| Total(1) | $ | 3.1 | $ | 336.9 | 0.9 | % |
| Loans at fair value(1) | N/A | $ | 6.9 | N/A | ||
| Total Citigroup | $ | 19.2 | $ | 752.2 | 2.6 | % |
(1)Excludes loans carried at fair value, since they do not have an ACLL and are excluded from the ACLL ratio calculation.
(2)Includes both GPCC and PLCC. As of March 31, 2026, the $13.4 billion of ACLL represented approximately 24 months of coincident net credit loss coverage (based on first quarter of 2026 NCLs). As of December 31, 2025, the $13.3 billion of ACLL represented approximately 24 months of coincident net credit loss coverage (based on fourth quarter of 2025 NCLs).
(3)Includes residential mortgages, retail loans and personal, small business and other loans, including those extended through the Private Bank network.
(4)The above corporate loan classifications are broadly based on the loan’s collateral, purpose and type of borrower, which may be different from the following industry table. For example, commercial and industrial, financial institutions, and installment and other loan classifications include various forms of loans to borrowers across multiple industries, whereas mortgage and real estate includes loans secured primarily by real estate.
N/A Not applicable
The following tables detail Citi’s corporate credit ACLL by industry exposure:
| March 31, 2026 | ||||||
|---|---|---|---|---|---|---|
| In millions of dollars, except percentages | Funded exposure(1)(2) | ACLL | ACLL as a % of funded exposure | |||
| Banks and finance companies | $ | 74,102 | $ | 228 | 0.3 | % |
| Real estate | 66,854 | 749 | 1.1 | |||
| Commercial | 46,687 | 725 | 1.6 | |||
| Residential | 20,167 | 24 | 0.1 | |||
| Transportation and industrials | 60,573 | 699 | 1.2 | |||
| Technology, media and telecom | 37,773 | 439 | 1.2 | |||
| Consumer retail | 34,166 | 311 | 0.9 | |||
| Power, chemicals, metals and mining | 20,054 | 461 | 2.3 | |||
| Public sector | 16,976 | 96 | 0.6 | |||
| Energy and commodities | 14,660 | 170 | 1.2 | |||
| Asset managers and funds | 10,385 | 45 | 0.4 | |||
| Healthcare | 8,936 | 107 | 1.2 | |||
| Insurance | 4,393 | 13 | 0.3 | |||
| Financial markets infrastructure | 672 | 1 | 0.9 | |||
| Securities firms | 189 | 1 | 0.1 | |||
| Other industries | 994 | 19 | 1.9 | |||
| Total(3) | $ | 350,727 | $ | 3,339 | 1.0 | % |
(1) Funded exposure excludes loans carried at fair value of $8.5 billion that are not subject to the ACLL.
(2) Includes $0.9 billion of funded exposure primarily related to commercial credit card delinquency-managed loans.
(3) The ACLL above reflects coverage of 0.3% of funded investment-grade exposure and 2.8% of funded non-investment-grade exposure.
| December 31, 2025 | ||||||
|---|---|---|---|---|---|---|
| In millions of dollars, except percentages | Funded exposure(1)(2) | ACLL | ACLL as a % of funded exposure | |||
| Banks and finance companies | $ | 73,206 | $ | 257 | 0.4 | % |
| Real estate | 62,776 | 709 | 1.1 | |||
| Commercial | 44,387 | 682 | 1.5 | |||
| Residential | 18,389 | 26 | 0.1 | |||
| Transportation and industrials | 58,014 | 614 | 1.1 | |||
| Technology, media and telecom | 34,144 | 354 | 1.0 | |||
| Consumer retail | 34,119 | 298 | 0.9 | |||
| Power, chemicals, metals and mining | 18,695 | 381 | 2.0 | |||
| Public sector | 17,063 | 67 | 0.4 | |||
| Energy and commodities | 12,686 | 171 | 1.3 | |||
| Asset managers and funds | 10,642 | 42 | 0.4 | |||
| Healthcare | 8,076 | 102 | 1.3 | |||
| Insurance | 3,657 | 15 | 0.4 | |||
| Securities firms | 154 | 3 | 1.9 | |||
| Financial markets infrastructure | 151 | — | — | |||
| Other industries(3) | 3,510 | 40 | 1.1 | |||
| Total(4) | $ | 336,893 | $ | 3,053 | 0.9 | % |
(1) Funded exposure excludes loans carried at fair value of $6.8 billion that are not subject to the ACLL.
(2) Includes $0.7 billion of funded exposure primarily related to commercial credit card delinquency-managed loans.
(3) Includes the impact of FX translation on the ACLL that is not allocated to individual industries.
(4) The ACLL above reflects coverage of 0.3% of funded investment-grade exposure and 2.6% of funded non-investment-grade exposure.
Non-Accrual Loans and Assets
For additional information on Citi’s non-accrual loans and assets, see “Non-Accrual Loans and Assets” in Citi’s 2025 Form 10-K.
Non-Accrual Loans
The table below summarizes Citigroup’s non-accrual loans (NAL) as of the periods indicated. Non-accrual loans may still be current on interest payments. In situations where Citi reasonably expects that none or only a portion of the principal owed will ultimately be collected, all payments received are reflected as a reduction of principal and not as interest income. For all other non-accrual loans, cash interest receipts are generally recorded as revenue.
Total non-accrual loans decreased $0.2 billion at March 31, 2026 compared to December 31, 2025, primarily driven by consumer non-accrual loans, due to repayments and residential mortgage loans impacted by the California wildfires that returned to performing.
| March 31, | December 31, | |||
|---|---|---|---|---|
| In millions of dollars | 2026 | 2025 | ||
| Corporate non-accrual loans by region(1)(2)(3) | ||||
| North America | $ | 955 | $ | 1,145 |
| International | 1,002 | 856 | ||
| Total | $ | 1,957 | $ | 2,001 |
| International NAL by cluster | ||||
| United Kingdom | $ | 172 | $ | 127 |
| Japan, Asia North and Australia (JANA) | 8 | 9 | ||
| LATAM | 633 | 576 | ||
| Asia South | 32 | 29 | ||
| Europe | 56 | 100 | ||
| Middle East, Africa and Russia (MEA) | 101 | 15 | ||
| Corporate non-accrual loans(1)(2)(3) | ||||
| Banking | $ | 971 | $ | 919 |
| Services | 393 | 337 | ||
| Markets | 472 | 622 | ||
| Mexico SBMM and Assets Finance Group (AFG) | 121 | 123 | ||
| Total | $ | 1,957 | $ | 2,001 |
| Total consumer non-accrual loans(1) | $ | 1,414 | $ | 1,618 |
| Total non-accrual loans | $ | 3,371 | $ | 3,619 |
(1)Corporate loans are placed on non-accrual status based on a review by Citigroup’s risk officers. Corporate non-accrual loans may still be current on interest payments. With limited exceptions, the following practices are applied for consumer loans: consumer loans, excluding credit cards and mortgages, are placed on non-accrual status at 90 days past due and are charged off at 120 days past due; residential mortgage loans are placed on non-accrual status at 90 days past due and written down to net realizable value at 180 days past due. Consistent with industry conventions, Citigroup generally accrues interest on credit card loans until such loans are charged off, which typically occurs at 180 days contractual delinquency. As such, the non-accrual loan disclosures do not include credit card loans, with the exception of certain international portfolios. The balances above represent non-accrual loans within Corporate loans and Consumer loans on the Consolidated Balance Sheet.
(2)Approximately 67% and 70% of Citi’s corporate non-accrual loans remain current on interest and principal payments at March 31, 2026 and December 31, 2025, respectively.
(3)The March 31, 2026 total corporate non-accrual loans represented 0.54% of total corporate loans.
The changes in Citigroup’s non-accrual loans were as follows:
| Three Months Ended | Three Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| March 31, 2026 | March 31, 2025 | |||||||||||
| In millions of dollars | Corporate | Consumer | Total | Corporate | Consumer | Total | ||||||
| Non-accrual loans at beginning of quarter | $ | 2,001 | $ | 1,618 | $ | 3,619 | $ | 1,377 | $ | 1,310 | $ | 2,687 |
| Additions | 393 | 583 | 976 | 507 | 532 | 1,039 | ||||||
| Sales and transfers to HFS | (28) | — | (28) | (75) | (3) | (78) | ||||||
| Returned to performing | (230) | (165) | (395) | — | (72) | (72) | ||||||
| Paydowns/settlements | (151) | (240) | (391) | (255) | (105) | (360) | ||||||
| Charge-offs | (28) | (356) | (384) | (178) | (345) | (523) | ||||||
| Other | — | (26) | (26) | — | 11 | 11 | ||||||
| Ending balance | $ | 1,957 | $ | 1,414 | $ | 3,371 | $ | 1,376 | $ | 1,328 | $ | 2,704 |
The table below summarizes Citigroup’s other real estate owned (OREO) assets. OREO is recorded on the Consolidated Balance Sheet within Other assets:
| March 31, | December 31, | |||||
|---|---|---|---|---|---|---|
| In millions of dollars | 2026 | 2025 | ||||
| OREO(1) | ||||||
| North America | $ | 25 | $ | 14 | ||
| International(2) | 9 | 8 | ||||
| Total OREO(1) | $ | 34 | $ | 22 | ||
| Non-accrual assets | ||||||
| Corporate non-accrual loans | $ | 1,957 | $ | 2,001 | ||
| Consumer non-accrual loans | 1,414 | 1,618 | ||||
| Non-accrual loans (NAL) | $ | 3,371 | $ | 3,619 | ||
| OREO(1) | 34 | 22 | ||||
| Non-accrual assets (NAA) | $ | 3,405 | $ | 3,641 | ||
| NAL as a percentage of total loans | 0.44 | % | 0.48 | % | ||
| NAA as a percentage of total assets | 0.12 | 0.14 | ||||
| ACLL as a percentage of NAL(3) | 582 | 532 |
(1)Represents the carrying value of all real estate property acquired by foreclosure or other legal proceedings when Citi has taken possession of the collateral and may also include former premises and property for use that is no longer contemplated.
(2)The International OREO details by cluster are not provided due to the immateriality of such amounts.
(3)The ACLL includes the allowance for Citi’s credit card portfolios and purchased credit-deteriorated loans, while the non-accrual loans exclude credit card balances (with the exception of certain international portfolios).
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LIQUIDITY RISK
For additional information on funding and liquidity at Citi, including objectives and stress testing, see “Liquidity Risk” and “Risk Factors—Liquidity Risks” in Citi’s 2025 Form 10-K.
High-Quality Liquid Assets (HQLA)
| Citibank | Citi non-bank and other entities | Total | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In billions of dollars | Mar. 31, 2026 | Dec. 31, 2025 | Mar. 31, 2025 | Mar. 31, 2026 | Dec. 31, 2025 | Mar. 31, 2025 | Mar. 31, 2026 | Dec. 31, 2025 | Mar. 31, 2025 | |||||||||
| Available cash | $ | 281.7 | $ | 267.2 | $ | 224.3 | $ | 6.8 | $ | 7.3 | $ | 7.2 | $ | 288.5 | $ | 274.5 | $ | 231.5 |
| U.S. sovereign | 166.6 | 179.9 | 162.6 | 46.1 | 52.3 | 48.5 | 212.7 | 232.2 | 211.1 | |||||||||
| U.S. agency/agency MBS | 36.2 | 32.7 | 29.6 | 1.6 | 1.6 | 2.0 | 37.8 | 34.3 | 31.6 | |||||||||
| Foreign government debt(1) | 56.6 | 49.7 | 63.0 | 18.3 | 16.5 | 16.0 | 74.9 | 66.2 | 79.0 | |||||||||
| Other investment grade | — | — | — | — | — | — | — | — | — | |||||||||
| Total HQLA (AVG) | $ | 541.1 | $ | 529.5 | $ | 479.5 | $ | 72.8 | $ | 77.7 | $ | 73.7 | $ | 613.9 | $ | 607.2 | $ | 553.2 |
Note: The amounts in the table above are presented on an average basis. For securities, the amounts represent the liquidity value that potentially could be realized and, therefore, exclude any securities that are encumbered and incorporate any haircuts applicable under the U.S. LCR rule. The table above incorporates various restrictions that could limit the transferability of liquidity between legal entities, including Section 23A of the Federal Reserve Act. Changes in HQLA line categories from the prior-year period were primarily driven by the reallocation of nontransferable HQLA, which did not change total average HQLA, and thus did not impact Citi’s LCR ratio.
(1) Foreign government debt includes securities issued or guaranteed by foreign sovereigns, agencies and multilateral development banks. Foreign government debt securities are held largely to support local liquidity requirements and Citi’s local franchises and principally include government bonds from Japan, Mexico, Korea, China and the United Kingdom.
The table above includes average amounts of HQLA held at Citigroup’s operating entities that are eligible for inclusion in the calculation of Citigroup’s consolidated LCR, pursuant to the U.S. LCR rules. These amounts include the HQLA needed to meet the minimum requirements at these entities as well as any amounts in excess of these minimums that are available to be transferred to other entities within Citigroup.
Citigroup’s average HQLA increased quarter-over-quarter as of the first quarter of 2026, primarily driven by an increase in wholesale funding activities.
As of March 31, 2026, Citigroup had approximately $1.1 trillion of available liquidity resources to support client and business needs, including:
•end-of-period HQLA ($617 billion) included in Citi’s LCR calculation;
•additional unencumbered HQLA, including excess liquidity held at bank entities that is non-transferable to other entities within Citigroup ($283 billion); and
•unused borrowing capacity from available assets not already accounted for within Citi’s HQLA to support additional advances from the Federal Home Loan Bank (FHLB) and the Federal Reserve Bank discount window ($170 billion).
Short-Term Liquidity Measurement: Liquidity Coverage Ratio (LCR)
Citi monitors its liquidity by reference to the LCR in addition to internal 30-day liquidity stress testing performed for Citi’s major entities, operating subsidiaries and countries. The table below details the components of Citi’s LCR calculation and HQLA in excess of net outflows for the periods indicated:
| In billions of dollars | Mar. 31, 2026 | Dec. 31, 2025 | Mar. 31, 2025 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| HQLA | $ | 613.9 | $ | 607.2 | $ | 553.2 | |||
| Net outflows | 538.1 | 529.3 | 473.8 | ||||||
| LCR | 114 | % | 115 | % | 117 | % | |||
| HQLA in excess of net outflows | $ | 75.8 | $ | 77.9 | $ | 79.4 |
Note: The amounts are presented on an average basis.
As of March 31, 2026, Citigroup’s average LCR decreased by 1% from the quarter ended December 31, 2025, primarily driven by growth in trading and client activity in Markets.
Long-Term Liquidity Measurement: Net Stable Funding Ratio (NSFR)
The NSFR measures the availability of an institution’s stable funding against the required stable funding in accordance with U.S. NSFR rules. The ratio of available stable funding to required stable funding must be greater than 100%.
In general, an institution’s available stable funding includes portions of equity, deposits and long-term debt, while its required stable funding is based on the liquidity characteristics of its assets, derivatives and commitments. Standardized weightings are required to be applied to the various asset and liability classes.
For the quarter ended March 31, 2026, Citigroup’s consolidated NSFR was compliant with the 100% minimum requirement of the rule. (For additional information, see the Consolidated Citigroup NSFR Disclosure as of December 31, 2025, which includes the periods ended December 31, 2025 and September 30, 2025, on Citi’s Investor Relations website. The Consolidated Citigroup NSFR Disclosure on Citi’s Investor Relations website is not incorporated by reference into, and does not form any part of, this Form 10-Q.)
Deposits
The table below details average deposits, by segment and/or business, and the total Citigroup end-of-period deposits for each of the periods indicated:
| In billions of dollars | 1Q26 | 4Q25 | 1Q25 | |||
|---|---|---|---|---|---|---|
| Services | $ | 961 | $ | 935 | $ | 826 |
| TTS | 812 | 780 | 690 | |||
| Securities Services | 149 | 155 | 136 | |||
| Markets | 19 | 20 | 15 | |||
| Banking | — | 1 | — | |||
| Wealth | 414 | 407 | 399 | |||
| All Other—Legacy Franchises | 43 | 42 | 43 | |||
| All Other—Corporate/Other | 9 | 17 | 22 | |||
| Total Citigroup deposits (AVG) | $ | 1,446 | $ | 1,422 | $ | 1,305 |
| Total Citigroup deposits (EOP) | $ | 1,446 | $ | 1,404 | $ | 1,316 |
End-of-period deposits increased 10% year-over-year, driven by increases in Services. End-of-period deposits increased 3% sequentially, driven by Services and Wealth, partially offset by a reduction in Corporate/Other within All Other.
On an average basis, total deposits increased 11% year-over-year and 2% sequentially, driven by growth in Services. In the first quarter of 2026, average deposits (compared to the first quarter of 2025) for:
•Services increased 16%, driven by growth in both TTS and Securities Services, with growth across both North America and International, largely driven by an increase in operating deposits.
•Wealth increased 4%, largely driven by higher deposits in the Private Bank, as net new deposits were partially offset by outflows and a shift from deposits to higher-yielding investments, including on Citi’s platform.
•All Other decreased 20%, reflecting a decrease in corporate certificates of deposits in Corporate/Other and continued wind-downs in Asia Consumer within Legacy Franchises (including the impact of moving HFS deposits to Other liabilities), partially offset by growth in Mexico Consumer/SBMM in Legacy Franchises, including the impact of Mexican peso appreciation.
The majority of Citi’s $1.4 trillion end-of-period deposits are institutional (approximately $978 billion) and span approximately 90 countries. A large majority of these institutional deposits are within Services and of these, approximately 85% are from clients that use at least three of Services’ integrated services: liquidity management, payments, trade and working capital solutions, investor services and issuer services. In addition, approximately 80% of Services deposits are from clients that have a longer than 15-year relationship with Citi.
Citi also has a strong consumer and wealth deposit base, with approximately $418 billion of Wealth deposits as of the end of the current quarter that are diversified across Citigold and Retail Banking, the Private Bank and Wealth at Work.
As of the end of the current quarter, approximately 65% of Wealth’s U.S. Citigold clients have been with Citi for more than 10 years and approximately 42% of Private Bank ultra-high net worth clients have been with Citi for more than 10 years. In addition, Wealth’s Retail Banking deposits are spread across six key metropolitan areas in the U.S.
Long-Term Debt (LTD)
The following table presents Citi’s end-of-period total LTD outstanding for each of the dates indicated:
| In billions of dollars | Mar. 31, 2026 | Dec. 31, 2025 | Mar. 31, 2025 | |||
|---|---|---|---|---|---|---|
| Non-bank(1) | ||||||
| Benchmark debt: | ||||||
| Senior debt | $ | 112.1 | $ | 117.5 | $ | 110.5 |
| Subordinated debt | 27.0 | 28.7 | 30.6 | |||
| Trust preferred | 1.6 | 1.6 | 1.6 | |||
| Customer-related debt(2) | 116.8 | 116.7 | 107.5 | |||
| Local country and other(3) | 18.6 | 14.8 | 11.0 | |||
| Total non-bank | $ | 276.1 | $ | 279.3 | $ | 261.2 |
| Bank | ||||||
| FHLB borrowings | $ | 1.0 | $ | 3.0 | $ | 7.5 |
| Securitizations(4) | 5.2 | 5.2 | 5.1 | |||
| Citibank benchmark senior debt | 20.5 | 23.5 | 19.4 | |||
| Customer-related debt(2) | 2.5 | 2.7 | 1.0 | |||
| Local country and other(3) | 2.3 | 2.1 | 1.5 | |||
| Total bank | $ | 31.5 | $ | 36.5 | $ | 34.5 |
| Total LTD | $ | 307.6 | $ | 315.8 | $ | 295.7 |
Note: Amounts represent the current value of LTD on Citi’s Consolidated Balance Sheet that, for certain debt instruments, includes consideration of fair value, hedging impacts and unamortized discounts and premiums.
(1)Non-bank includes LTD issued to third parties by the parent holding company (Citigroup) and Citi’s non-bank subsidiaries (including broker-dealer subsidiaries) that are consolidated into Citigroup. As of March 31, 2026, non-bank included $105.0 billion of LTD issued by Citi’s broker-dealer and other subsidiaries that are consolidated into Citigroup. Certain Citigroup consolidated hedging activities are also included in this line.
(2)Primarily structured notes, which contain an embedded derivative component that adjusts each security’s risk-return profile. See Note 22 for the fair value component of these issuances.
(3)Local country and other includes debt issued by Citi’s affiliates in support of their local operations. Within non-bank, certain secured financing is also included.
(4)Predominantly credit card securitizations, primarily backed by USCC receivables.
As part of its liability management, Citi regularly considers opportunities to redeem or repurchase its LTD pursuant to open market purchases, tender offers or other means. Such redemptions and repurchases help reduce Citi’s overall funding costs. During the first quarter of 2026, Citi redeemed or repurchased an aggregate of $17.4 billion of its outstanding LTD.
For information about changes in Citi’s end-of-period long-term debt, see “Balance Sheet Overview” above.
LTD Issuances and Maturities
The table below details Citi’s LTD issuances and maturities (including repurchases and redemptions) during the periods presented:
| 1Q26 | 4Q25 | 1Q25 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In billions of dollars | Maturities | Issuances | Maturities | Issuances | Maturities | Issuances | ||||||
| Non-bank | ||||||||||||
| Benchmark debt: | ||||||||||||
| Senior debt | $ | 4.5 | $ | — | $ | 0.6 | $ | 3.2 | $ | 6.2 | $ | 7.3 |
| Subordinated debt | 1.5 | — | — | — | 1.5 | 3.0 | ||||||
| Trust preferred | — | — | — | — | — | — | ||||||
| Customer-related debt | 16.6 | 23.4 | 18.6 | 19.2 | 12.7 | 17.2 | ||||||
| Local country and other | 0.5 | 0.9 | 0.6 | 1.3 | 0.5 | 1.0 | ||||||
| Total non-bank | $ | 23.1 | $ | 24.3 | $ | 19.8 | $ | 23.7 | $ | 20.9 | $ | 28.5 |
| Bank | ||||||||||||
| FHLB borrowings | $ | 2.0 | $ | — | $ | 3.0 | $ | — | $ | 2.0 | $ | 1.0 |
| Securitizations | — | — | 1.5 | — | — | — | ||||||
| Citibank benchmark senior debt | 3.0 | — | — | — | — | — | ||||||
| Customer-related debt | 0.2 | — | 0.5 | 0.4 | — | — | ||||||
| Local country and other | 0.4 | 0.6 | 0.5 | 1.1 | 0.2 | 0.1 | ||||||
| Total bank | $ | 5.6 | $ | 0.6 | $ | 5.5 | $ | 1.5 | $ | 2.2 | $ | 1.1 |
| Total | $ | 28.7 | $ | 24.9 | $ | 25.3 | $ | 25.2 | $ | 23.1 | $ | 29.6 |
The table below details Citi’s aggregate LTD maturities (including repurchases and redemptions) during the first three months of 2026, as well as its aggregate remaining LTD maturities by year as of March 31, 2026:
| Maturities | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In billions of dollars | 1Q26 YTD | Remaining<br>2026 | 2027 | 2028 | 2029 | 2030 | 2031 | Thereafter | Total | |||||||||
| Non-bank | ||||||||||||||||||
| Benchmark debt: | ||||||||||||||||||
| Senior debt | $ | 4.5 | $ | 7.9 | $ | 5.1 | $ | 20.3 | $ | 7.9 | $ | 12.1 | $ | 14.6 | $ | 44.2 | $ | 112.1 |
| Subordinated debt | 1.5 | 1.0 | 3.8 | 2.0 | — | — | 0.3 | 19.9 | 27.0 | |||||||||
| Trust preferred | — | — | — | — | — | — | — | 1.6 | 1.6 | |||||||||
| Customer-related debt | 16.6 | 12.3 | 18.5 | 12.9 | 10.9 | 9.5 | 6.0 | 46.7 | 116.8 | |||||||||
| Local country and other | 0.5 | 3.3 | 6.5 | 1.0 | 1.3 | 1.3 | 0.6 | 4.6 | 18.6 | |||||||||
| Total non-bank | $ | 23.1 | $ | 24.5 | $ | 33.9 | $ | 36.2 | $ | 20.1 | $ | 22.9 | $ | 21.5 | $ | 117.0 | $ | 276.1 |
| Bank | ||||||||||||||||||
| FHLB borrowings | $ | 2.0 | $ | 1.0 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1.0 |
| Securitizations | — | 0.8 | — | — | 0.8 | 2.2 | — | 1.4 | 5.2 | |||||||||
| Citibank benchmark senior debt | 3.0 | 5.0 | 6.5 | 2.5 | 1.5 | 3.0 | — | 2.0 | 20.5 | |||||||||
| Customer-related debt | 0.2 | — | — | — | 0.4 | 0.7 | 1.4 | — | 2.5 | |||||||||
| Local country and other | 0.4 | 0.1 | 1.3 | 0.7 | — | — | — | 0.2 | 2.3 | |||||||||
| Total bank | $ | 5.6 | $ | 6.9 | $ | 7.8 | $ | 3.2 | $ | 2.7 | $ | 5.9 | $ | 1.4 | $ | 3.6 | $ | 31.5 |
| Total LTD | $ | 28.7 | $ | 31.4 | $ | 41.7 | $ | 39.4 | $ | 22.8 | $ | 28.8 | $ | 22.9 | $ | 120.6 | $ | 307.6 |
Secured Funding Transactions and Short-Term Borrowings
Citi supplements its primary sources of funding with short-term financings that generally include:
•secured funding transactions consisting of securities loaned or sold under agreements to repurchase, i.e., repos
•short-term borrowings consisting of commercial paper issuances and borrowings from the FHLB and other market participants
Secured Funding Transactions
Secured funding is primarily accessed through Citi’s broker-dealer subsidiaries, with a smaller portion executed through Citi’s bank entities to efficiently fund both (i) secured lending activity and (ii) a portion of the securities inventory held in the context of market making and customer activities. Secured funding transactions are predominantly collateralized by government debt securities. Generally, changes in the level of Citi’s secured funding are primarily due to fluctuations in secured lending activity in the matched book (as described below), and changes in securities inventory and eligible counterparty balance sheet netting. In order to maintain reliable funding under a wide range of market conditions, Citi manages risks related to its secured funding by establishing secured funding limits and conducting daily stress tests that account for risks related to capacity, tenor, haircut, collateral type, counterparty and client actions.
Secured funding of $370 billion as of March 31, 2026 decreased 9% year-over-year, and increased 6% sequentially. The year-over-year decrease was mainly driven by increased netting efficiency, partially offset by growth in Markets activity. Average secured funding was $413 billion. For information about changes in Citi’s end-of-period securities loaned and sold under agreements to repurchase, see “Balance Sheet Overview” above. The portion of secured funding in the broker-dealer subsidiaries that funds secured lending is commonly referred to as “matched book” activity and is primarily secured by high-quality liquid securities such as U.S. Treasury, U.S. agency and foreign government debt securities. Other “matched book” activity is secured by less liquid securities, including equity securities, corporate bonds and asset-backed securities, the tenor of which is generally equal to or longer than the tenor of the corresponding assets. As indicated above, the remaining portion of secured funding is used to fund securities inventory held in the context of market making and customer activities.
Short-Term Borrowings
Citi’s short-term borrowings of $72 billion as of March 31, 2026 increased 39% year-over-year and 47% sequentially. The year-over-year increase was mainly attributable to additional funding raised by entities to support client activities. See Note 16 for further information on Citigroup’s and its affiliates’ outstanding short-term borrowings.
Credit Ratings
The table below presents the current ratings for Citigroup and Citibank as of March 31, 2026. While not included in the table below, the current long-term and short-term ratings of Citigroup Global Markets Holdings Inc. (CGMHI) were A+/F1 at Fitch Ratings, A2/P-1 at Moody’s Ratings and A/A-1 at S&P Global Ratings as of March 31, 2026.
Ratings as of March 31, 2026
| Citigroup Inc. | Citibank, N.A. | |||||
|---|---|---|---|---|---|---|
| Long-term | Short-term | Outlook | Long-<br>term | Short-<br>term | Outlook | |
| Fitch Ratings (Fitch) | A | F1 | Stable(1) | A+ | F1 | Stable(1) |
| Moody’s Ratings (Moody’s) | A3 | P-2 | Stable | Aa3 | P-1 | Stable |
| S&P Global Ratings (S&P) | BBB+ | A-2 | Stable | A+ | A-1 | Stable |
(1)On May 1, 2026, Fitch revised the outlooks for Citigroup Inc. and Citibank, N.A. from “stable” to “positive.”
Potential Impacts of Ratings Downgrades
Ratings downgrades by Fitch, Moody’s or S&P could negatively impact Citigroup’s and/or Citibank’s funding and liquidity due to reduced funding capacity, including derivative triggers, which could take the form of cash obligations and collateral requirements.
For additional information on the impact of credit rating changes on Citi and its applicable subsidiaries, see “Risk Factors—Liquidity Risks” and “Liquidity Risk—Credit Ratings” in Citi’s 2025 Form 10-K.
Citigroup Inc. and Citibank—Potential Derivative Triggers
As of March 31, 2026, Citi estimates that a hypothetical one-notch downgrade of the senior debt/long-term rating across all three major rating agencies could impact funding and liquidity due to derivative triggers by approximately $0.1 billion, unchanged from December 31, 2025, for Citigroup Inc., and $0.1 billion, unchanged from December 31, 2025, for Citibank. Other funding sources, such as secured financing transactions and other margin requirements, for which there are no explicit triggers, could also be adversely affected.
In total, as of March 31, 2026, Citi estimates that a one-notch downgrade of Citigroup Inc. and Citibank across all three major rating agencies could result in increased aggregate cash obligations and collateral requirements of approximately $0.2 billion, unchanged from December 31, 2025. As detailed under “High-Quality Liquid Assets (HQLA)” above, Citigroup has various liquidity resources available to its bank and non-bank entities in part as a contingency for the potential events described above.
Citibank—Additional Potential Impacts
In addition to the above derivative triggers, Citi believes that a potential downgrade of Citibank’s senior debt/long-term rating across any of the three major rating agencies could also have an adverse impact on the commercial paper/short-term rating of Citibank. Citibank has provided liquidity commitments to consolidated asset-backed commercial paper (ABCP) conduits, primarily in the form of asset purchase agreements. As of March 31, 2026, Citibank had liquidity commitments of approximately $13.7 billion to ABCP conduits (compared to $10 billion at December 31, 2025) (see Note 19).
In addition to the above-referenced liquidity resources of certain Citibank entities, Citibank could reduce the funding and liquidity risk, if any, of the potential downgrades described above through mitigating actions, including repricing certain assets funded by the commercial paper conduits. In the event of the potential downgrades described above, Citi believes that certain corporate customers could reduce borrowing through these conduits, which would result in a reduced amount of ABCP issuance.
MARKET RISK
Market risk arises from both Citi’s trading and non-trading portfolios. For additional information on market risk and market risk management at Citi, see “Market Risk—Overview” and “Risk Factors” in Citi’s 2025 Form 10-K.
MARKET RISK OF NON-TRADING PORTFOLIOS
Market risk from non-trading portfolios stems predominantly from the potential impact of changes in interest rates and foreign exchange rates on Citi’s net interest income and on Citi’s Accumulated other comprehensive income (loss) (AOCI) from its investment securities portfolios. Market risk from non-trading portfolios also includes the potential impact of changes in foreign exchange rates on Citi’s capital invested in foreign currencies.
For interest rate risk purposes, Citi’s non-trading portfolios are referred to as the Banking Book, and Citi uses multiple metrics to measure its Banking Book interest rate risk, including Interest Rate Exposure (IRE). For additional information, see “Market Risk—Market Risk of Non-Trading Portfolios—Banking Book Interest Rate Risk” in Citi’s 2025 Form 10-K.
Interest Rate Risk of Investment Portfolios—Impact on AOCI
Citi measures the potential impacts of changes in interest rates on the value of its AOCI, which can in turn impact Citi’s common equity and tangible common equity. This will impact Citi’s CET1 and other regulatory capital ratios. Citi seeks to manage its exposure to changes in the market level of interest rates, while limiting the potential impact on its AOCI and regulatory capital position.
AOCI at risk is managed as part of the Company-wide interest rate risk position. AOCI at risk considers potential changes in AOCI (and the corresponding impact on the CET1 Capital ratio) relative to Citi’s capital generation capacity.
Citi uses 100 basis point (bps) shocks in each scenario to reflect its net interest income sensitivity to unanticipated changes in market interest rates, as potential monetary policy decisions and changes in economic conditions may be reflected in current market-implied forward rates.
The following table presents the 12-month estimated impact to Citi’s net interest income, AOCI and the CET1 Capital ratio, each assuming an unanticipated parallel instantaneous 100 bps increase in interest rates:
| In millions of dollars, except as otherwise noted | Mar. 31, 2026 | Dec. 31, 2025 | Mar. 31, 2025 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Parallel interest rate shock +100 bps | |||||||||
| Interest rate exposure(1)(2) | |||||||||
| U.S. dollar | $ | (157) | $ | (33) | $ | (225) | |||
| All other currencies | 1,354 | 1,402 | 1,470 | ||||||
| Total net interest income | $ | 1,197 | $ | 1,369 | $ | 1,245 | |||
| As a percentage of average interest-earning assets | 0.05 | % | 0.05 | % | 0.05 | % | |||
| Estimated initial negative impact to AOCI (after-tax)(2) | $ | (2,791) | $ | (2,597) | $ | (1,207) | |||
| Estimated initial impact on CET1 Capital ratio (bps) from AOCI scenario | (19) | (19) | (14) |
(1)Excludes trading book and fair value option banking book portfolios and replaces them with the associated transfer pricing.
(2)Includes the effect of changes in interest rates on AOCI related to investment securities, cash flow hedges and pension plans.
As presented in the table above, Citi’s balance sheet is asset sensitive (assets reprice faster than liabilities), resulting in higher net interest income in increasing interest rate scenarios. The estimated impact to Citi’s net interest income in a 100 bps upward and downward rate shock scenario as of March 31, 2026 remained relatively stable year-over-year. At progressively higher interest rate levels, the marginal net interest income benefit is lower, as Citi assumes it will pass on a larger share of rate changes to depositors (i.e., higher betas), reducing Citi’s IRE sensitivity. At current rate levels Citi assumes it will be unable to pass on a larger share of initial rate declines to depositors, increasing Citi’s IRE sensitivity to a 100 bps downward shock. Currency-specific interest rate changes and balance sheet factors may drive quarter-to-quarter volatility in Citi’s estimated IRE for a 100 bps upward rate shock.
In a 100 bps upward rate shock scenario, Citi expects that the approximate $2.8 billion initial negative impact to AOCI could potentially be offset in shareholders’ equity through the forecasted interest income and paydowns from Citi’s investment portfolio over a period of approximately 14 months.
Scenario Analysis
The following table presents the estimated impact to Citi’s net interest income and AOCI under eight different interest rate scenarios for the U.S. dollar and all other currencies as of March 31, 2026. The 100 bps and 200 bps downward rate scenarios potentially may be impacted by the low level of interest rates in several countries and the assumption that market interest rates, as well as rates paid to depositors and charged to borrowers, do not fall below zero (i.e., the “flooring assumption”). The interest rate scenarios are also impacted by convexity related to mortgage products and deposit pricing.
These scenarios include the following:
•a parallel shift involving changes to both short-term and long-term rates by an equal amount
•a steeper yield curve involving constant short-term rates and increasing long-term rates or constant long-term rates and decreasing short-term rates
•a flatter yield curve involving increasing short-term rates and constant long-term rates or constant short-term rates and decreasing long-term rates
| In millions of dollars, except as otherwise noted | Parallel shift(1) | Short-end flattener | Long-end steepener | Long-end flattener | Short-end steepener | Parallel shift | Parallel shift | Parallel shift | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Overnight rate change (bps) | 100 | 100 | — | — | (100) | (100) | 200 | (200) | ||||||||
| 10-year rate change (bps) | 100 | — | 100 | (100) | — | (100) | 200 | (200) | ||||||||
| Interest rate exposure | ||||||||||||||||
| U.S. dollar | $ | (157) | $ | (276) | $ | 116 | $ | (197) | $ | (417) | $ | (604) | $ | (411) | $ | (1,188) |
| All other currencies(1) | 1,354 | 1,156 | 200 | (197) | (1,052) | (1,233) | 2,685 | (2,308) | ||||||||
| Total | $ | 1,197 | $ | 880 | $ | 316 | $ | (394) | $ | (1,469) | $ | (1,837) | $ | 2,274 | $ | (3,496) |
| Estimated initial impact to AOCI (after-tax)(2) | $ | (2,791) | $ | (2,245) | $ | (606) | $ | 149 | $ | 2,273 | $ | 2,439 | $ | (5,767) | $ | 4,175 |
Note: Each scenario assumes that the rate change will occur instantaneously. Changes in interest rates for maturities between the overnight rate and the 10-year rate are interpolated. The interest rate exposure in the table above assumes no change in deposit size or mix from the baseline forecast included in the different interest rate scenarios presented. As a result, in higher interest rate scenarios, customer activity resulting in a shift from non-interest-bearing and low interest rate deposit products to higher-yielding deposits would reduce the expected benefit to net interest income. Conversely, in lower interest rate scenarios, customer activity resulting in a shift from higher-yielding deposits to non-interest-bearing and low interest rate deposit products would reduce the expected decrease to net interest income.
(1)The “parallel shift” impact of $1,354 million consists of the following top five non-U.S. dollar currencies as of March 31, 2026, by absolute size: approximately $(0.5) billion from the euro, approximately $0.3 billion from the British pound sterling, $0.2 billion from the Swiss franc and $0.1 billion each from the Singapore dollar and Chinese yuan. The remaining balance is spread across more than 30 additional currencies.
(2)Includes the effect of changes in interest rates on AOCI related to investment securities, cash flow hedges and pension plans.
As presented in the table above, the estimated impact to Citi’s net interest income is larger in the short end compared to the long end as Citi’s Banking Book has relatively higher interest rate exposure to the short end of the yield curve. For the U.S. dollar, exposure to downward rate shocks is larger in magnitude than to upward rate shocks. This is because of the lower benefit to net interest income from Citi’s deposit base at higher rate levels, as well as the prepayment effects on mortgage loans and mortgage-backed securities.
The magnitude of the impact to AOCI is greater in the short end compared to the long end. This is because Citi’s investment portfolio is more sensitive to shorter-term rates and pension liabilities are more sensitive at intermediate-term maturities.
Changes in Foreign Exchange Rates—Impacts on AOCI and Capital
As of March 31, 2026, Citi estimates that a parallel instantaneous 5% appreciation of the U.S. dollar against all of the other currencies in which Citi has invested capital could reduce Citi’s tangible common equity (TCE) by approximately $1.5 billion, or 1.0%, as a result of changes to Citi’s CTA in AOCI, net of hedges. This reduction in the TCE would be primarily driven by depreciation of the euro, Mexican peso and Indian rupee.
This reduction in the TCE does not reflect any mitigating actions Citi may take, including ongoing management of its foreign currency translation exposure. TCE is used as a simplified metric to manage CET1 capital ratio volatility. Specifically, as currency movements change the value of Citi’s net investments in foreign currency-denominated
capital, these movements also change the value of Citi’s RWA denominated in those same currencies. This, coupled with Citi’s foreign currency hedging strategies, such as foreign currency borrowings, foreign currency forwards and other currency hedging instruments, lessens the impact of foreign currency movements on Citi’s CET1 Capital ratio. Changes in these hedging strategies, as well as hedging costs, divestitures and tax impacts, can further affect the actual impact of changes in foreign exchange rates on Citi’s capital compared to an unanticipated parallel shock, as described above.
The effect of Citi’s ongoing management strategies with respect to quarterly changes in foreign exchange rates (versus the U.S. dollar), and the quarterly impact of these changes on Citi’s TCE and CET1 Capital ratio, are presented in the table below. See Note 17 for additional information on the changes in AOCI.
| For the quarter ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| In millions of dollars | Mar. 31, 2026 | Dec. 31, 2025 | Mar. 31, 2025 | ||||||
| Change in FX spot rate(1) | (1.2) | % | 0.3 | % | 2.7 | % | |||
| Change in TCE due to FX translation, net of hedges | $ | 989 | $ | 2,107 | $ | 721 | |||
| As a percentage of TCE | 0.6 | % | 1.2 | % | 0.4 | % |
(1) FX spot rate change is a weighted average based on Citi’s quarterly average GAAP capital exposure to foreign countries. A negative change in FX spot rate represents foreign currency depreciation versus the U.S. dollar.
Interest Income/Expense and Net Interest Margin (NIM)
| 1st Qtr. | 4th Qtr. | 1st Qtr. | Change | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In millions of dollars, except as otherwise noted | 2026 | 2025 | 2025 | 1Q26 vs. 1Q25 | |||||||||||
| Interest income(1) | $ | 35,542 | $ | 36,674 | $ | 33,692 | 5 | % | |||||||
| Interest expense(2) | 19,772 | 20,984 | 19,654 | 1 | |||||||||||
| Net interest income, taxable equivalent basis(1) | $ | 15,770 | $ | 15,690 | $ | 14,038 | 12 | % | |||||||
| Interest income—average rate(3) | 5.55 | % | 5.81 | % | 5.92 | % | (37) | bps | |||||||
| Interest expense—average rate | 3.75 | 4.06 | 4.26 | (51) | bps | ||||||||||
| Net interest margin(3)(4) | 2.46 | 2.49 | 2.47 | (1) | bps | ||||||||||
| Interest rate benchmarks | |||||||||||||||
| Two-year U.S. Treasury note—average rate | 3.58 | % | 3.52 | % | 4.15 | % | (57) | bps | |||||||
| 10-year U.S. Treasury note—average rate | 4.20 | 4.10 | 4.45 | (25) | bps | ||||||||||
| 10-year vs. two-year spread | 62 | bps | 58 | bps | 30 | bps |
(1)Interest income and Net interest income include the taxable equivalent gross-up adjustments (TEGU) primarily related to the tax-exempt bond portfolio and certain tax-advantaged loan programs of $29 million, $25 million and $26 million for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025, respectively.
(2)Interest expense associated with certain hybrid financial instruments, which are classified as Long-term debt and accounted for at fair value, is reported together with any changes in fair value as part of Principal transactions in the Consolidated Statement of Income and is therefore not reflected in Interest expense in the table above.
(3)The average rate on interest income and NIM reflects TEGU. See footnote 1 above.
(4)Citi’s NIM is calculated by dividing net interest income (including TEGU) by average interest-earning assets.
Non-Markets Net Interest Income
| 1st Qtr. | 4th Qtr. | 1st Qtr. | Change | |||||
|---|---|---|---|---|---|---|---|---|
| In millions of dollars | 2026 | 2025 | 2025 | 1Q26 vs. 1Q25 | ||||
| Total Citi net interest income—taxable equivalent basis(1) per above | $ | 15,770 | $ | 15,690 | $ | 14,038 | 12 | % |
| Less: | ||||||||
| Markets net interest income—taxable equivalent basis(1) | 2,826 | 2,786 | 1,950 | 45 | ||||
| Total Citi non-Markets net interest income—taxable equivalent basis(1) | $ | 12,944 | $ | 12,904 | $ | 12,088 | 7 | % |
(1)Interest income and Net interest income include TEGU discussed in the table above.
Citi’s net interest income in the first quarter of 2026 was
$15.7 billion on a reported basis, an increase of 12%, or $1.7 billion, from the prior-year period. The increase was due to a 45%, or $0.9 billion, increase in Markets net interest income and a 7%, or $0.9 billion, increase in non-Markets net interest income. On a taxable equivalent basis, net interest income was $15.8 billion.
Citi’s Markets business is primarily evaluated on a total revenue basis. See “Markets” above for additional information.
The increase in non-Markets net interest income on a reported basis was primarily driven by:
•higher average deposit balances and deposit spreads in Services and Wealth;
•higher loan spreads and the impact of Mexican peso appreciation in All Other—Legacy Franchises; and
•higher interest-earning balances and higher loan spreads in USCC;
•partially offset by:
•lower mortgage spreads in Wealth, and
•a lower benefit from cash and securities reinvestment in All Other—Corporate/Other, due to actions taken to reduce Citi’s asset sensitivity in a declining interest rate environment.
Citi’s net interest margin was 2.46% on a taxable equivalent basis in the first quarter of 2026, a decrease of three basis points from the prior quarter, driven by a reduction in dividend income in Markets.
Additional Interest Rate Details
Average Balances and Interest Rates—Assets(1)(2)(3)
Taxable Equivalent Basis
| Quarterly—Assets | Average balance | Interest income | % Average rate | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1st Qtr. | 4th Qtr. | 1st Qtr. | 1st Qtr. | 4th Qtr. | 1st Qtr. | 1st Qtr. | 4th Qtr. | 1st Qtr. | ||||||||||
| In millions of dollars, except rates | 2026 | 2025 | 2025 | 2026 | 2025 | 2025 | 2026 | 2025 | 2025 | |||||||||
| Deposits with banks(4) | $ | 344,971 | $ | 333,848 | $ | 280,566 | $ | 3,194 | $ | 3,190 | $ | 3,001 | 3.75 | % | 3.79 | % | 4.34 | % |
| Securities borrowed and purchased under agreements to resell(5) | ||||||||||||||||||
| In U.S. offices | $ | 200,253 | $ | 179,994 | $ | 204,033 | $ | 3,796 | $ | 4,199 | $ | 3,592 | 7.69 | % | 9.26 | % | 7.14 | % |
| In offices outside the U.S.(4) | 193,919 | 184,359 | 158,107 | 2,885 | 2,848 | 2,699 | 6.03 | 6.13 | 6.92 | |||||||||
| Total | $ | 394,172 | $ | 364,353 | $ | 362,140 | $ | 6,681 | $ | 7,047 | $ | 6,291 | 6.87 | % | 7.67 | % | 7.05 | % |
| Trading account assets(6)(7) | ||||||||||||||||||
| In U.S. offices | $ | 272,510 | $ | 283,312 | $ | 255,073 | $ | 2,852 | $ | 3,020 | $ | 2,719 | 4.24 | % | 4.23 | % | 4.32 | % |
| In offices outside the U.S.(4) | 262,606 | 240,378 | 182,305 | 2,045 | 2,297 | 1,651 | 3.16 | 3.79 | 3.67 | |||||||||
| Total | $ | 535,116 | $ | 523,690 | $ | 437,378 | $ | 4,897 | $ | 5,317 | $ | 4,370 | 3.71 | % | 4.03 | % | 4.05 | % |
| Investments | ||||||||||||||||||
| In U.S. offices | ||||||||||||||||||
| Taxable | $ | 228,084 | $ | 230,327 | $ | 259,648 | $ | 1,481 | $ | 1,467 | $ | 1,646 | 2.63 | % | 2.53 | % | 2.57 | % |
| Exempt from U.S. income tax | 10,222 | 10,408 | 10,766 | 93 | 99 | 104 | 3.69 | 3.77 | 3.92 | |||||||||
| In offices outside the U.S.(4) | 205,220 | 207,247 | 188,940 | 2,454 | 2,626 | 2,425 | 4.85 | 5.03 | 5.21 | |||||||||
| Total | $ | 443,526 | $ | 447,982 | $ | 459,354 | $ | 4,028 | $ | 4,192 | $ | 4,175 | 3.68 | % | 3.71 | % | 3.69 | % |
| Consumer loans(8) | ||||||||||||||||||
| In U.S. offices | $ | 322,044 | $ | 322,058 | $ | 313,407 | $ | 8,254 | $ | 8,437 | $ | 8,198 | 10.39 | % | 10.39 | % | 10.61 | % |
| In offices outside the U.S.(4) | 81,763 | 79,393 | 73,283 | 1,723 | 1,684 | 1,560 | 8.55 | 8.42 | 8.63 | |||||||||
| Total | $ | 403,807 | $ | 401,451 | $ | 386,690 | $ | 9,977 | $ | 10,121 | $ | 9,758 | 10.02 | % | 10.00 | % | 10.23 | % |
| Corporate loans(8) | ||||||||||||||||||
| In U.S. offices | $ | 171,077 | $ | 161,354 | $ | 141,960 | $ | 2,468 | $ | 2,373 | $ | 2,068 | 5.85 | % | 5.83 | % | 5.91 | % |
| In offices outside the U.S.(4) | 180,321 | 173,909 | 162,087 | 2,801 | 2,913 | 2,917 | 6.30 | 6.65 | 7.30 | |||||||||
| Total | $ | 351,398 | $ | 335,263 | $ | 304,047 | $ | 5,269 | $ | 5,286 | $ | 4,985 | 6.08 | % | 6.26 | % | 6.65 | % |
| Total loans(8) | ||||||||||||||||||
| In U.S. offices | $ | 493,121 | $ | 483,412 | $ | 455,367 | $ | 10,722 | $ | 10,810 | $ | 10,266 | 8.82 | % | 8.87 | % | 9.14 | % |
| In offices outside the U.S.(4) | 262,084 | 253,302 | 235,370 | 4,524 | 4,597 | 4,477 | 7.00 | 7.20 | 7.71 | |||||||||
| Total | $ | 755,205 | $ | 736,714 | $ | 690,737 | $ | 15,246 | $ | 15,407 | $ | 14,743 | 8.19 | % | 8.30 | % | 8.66 | % |
| Other interest-earning assets(9) | $ | 123,549 | $ | 96,860 | $ | 75,982 | $ | 1,496 | $ | 1,521 | $ | 1,112 | 4.91 | % | 6.23 | % | 5.94 | % |
| Total interest-earning assets | $ | 2,596,539 | $ | 2,503,447 | $ | 2,306,157 | $ | 35,542 | $ | 36,674 | $ | 33,692 | 5.55 | % | 5.81 | % | 5.92 | % |
| Non-interest-earning assets(6) | $ | 220,265 | $ | 219,085 | $ | 210,984 | ||||||||||||
| Total assets | $ | 2,816,804 | $ | 2,722,532 | $ | 2,517,141 |
(1)Interest income and Net interest income include TEGU of $29 million, $25 million and $26 million for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025, respectively.
(2)Interest rates and amounts include the effects of risk management activities associated with the respective asset categories.
(3)Monthly or quarterly averages have been used by certain subsidiaries where daily averages are unavailable.
(4)Average rates reflect prevailing local interest rates, including inflationary effects and monetary corrections in certain countries.
(5)Average volumes of securities borrowed or purchased under agreements to resell are reported net pursuant to ASC 210-20-45. However, Interest income excludes the impact of ASC 210-20-45.
(6)The fair value carrying amounts of derivative contracts are reported net, pursuant to ASC 815-10-45, in Non-interest-earning assets and Other non-interest-bearing liabilities.
(7)Interest expense on Trading account liabilities of Services, Markets and Banking is reported as a reduction of Interest income. Interest income and Interest expense on cash collateral positions are reported in interest on Trading account assets and Trading account liabilities, respectively.
(8)Net of unearned income. Includes cash-basis loans.
(9)Includes Brokerage receivables.
Average Balances and Interest Rates—Liabilities and Equity, and Net Interest Income(1)(2)(3)
Taxable Equivalent Basis
| Quarterly—Liabilities | Average balance | Interest expense | % Average rate | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1st Qtr. | 4th Qtr. | 1st Qtr. | 1st Qtr. | 4th Qtr. | 1st Qtr. | 1st Qtr. | 4th Qtr. | 1st Qtr. | ||||||||||
| In millions of dollars, except rates | 2026 | 2025 | 2025 | 2026 | 2025 | 2025 | 2026 | 2025 | 2025 | |||||||||
| Deposits | ||||||||||||||||||
| In U.S. offices(4) | $ | 635,620 | $ | 617,276 | $ | 560,608 | $ | 4,651 | $ | 4,907 | $ | 4,692 | 2.97 | % | 3.15 | % | 3.39 | % |
| In offices outside the U.S.(5) | 600,657 | 600,977 | 543,160 | 3,602 | 3,773 | 3,746 | 2.43 | 2.49 | 2.80 | |||||||||
| Total | $ | 1,236,277 | $ | 1,218,253 | $ | 1,103,768 | $ | 8,253 | $ | 8,680 | $ | 8,438 | 2.71 | % | 2.83 | % | 3.10 | % |
| Securities loaned and sold under agreements to repurchase(6) | ||||||||||||||||||
| In U.S. offices | $ | 263,289 | $ | 253,199 | $ | 283,177 | $ | 4,333 | $ | 4,916 | $ | 4,418 | 6.67 | % | 7.70 | % | 6.33 | % |
| In offices outside the U.S.(5) | 149,318 | 131,703 | 89,016 | 2,265 | 2,185 | 1,838 | 6.15 | 6.58 | 8.37 | |||||||||
| Total | $ | 412,607 | $ | 384,902 | $ | 372,193 | $ | 6,598 | $ | 7,101 | $ | 6,256 | 6.49 | % | 7.32 | % | 6.82 | % |
| Trading account liabilities(7)(8) | ||||||||||||||||||
| In U.S. offices | $ | 42,300 | $ | 45,668 | $ | 34,368 | $ | 423 | $ | 419 | $ | 391 | 4.06 | % | 3.64 | % | 4.61 | % |
| In offices outside the U.S.(5) | 76,113 | 58,152 | 56,801 | 346 | 334 | 366 | 1.84 | 2.28 | 2.61 | |||||||||
| Total | $ | 118,413 | $ | 103,820 | $ | 91,169 | $ | 769 | $ | 753 | $ | 757 | 2.63 | % | 2.88 | % | 3.37 | % |
| Short-term borrowings and other interest-bearing liabilities(9) | ||||||||||||||||||
| In U.S. offices | $ | 112,835 | $ | 96,938 | $ | 92,187 | $ | 1,606 | $ | 1,656 | $ | 1,471 | 5.77 | % | 6.78 | % | 6.47 | % |
| In offices outside the U.S.(5) | 72,394 | 58,061 | 38,467 | 226 | 251 | 255 | 1.27 | 1.72 | 2.69 | |||||||||
| Total | $ | 185,229 | $ | 154,999 | $ | 130,654 | $ | 1,832 | $ | 1,907 | $ | 1,726 | 4.01 | % | 4.88 | % | 5.36 | % |
| Long-term debt(10) | ||||||||||||||||||
| In U.S. offices | $ | 182,386 | $ | 184,870 | $ | 173,343 | $ | 2,261 | $ | 2,449 | $ | 2,440 | 5.03 | % | 5.26 | % | 5.71 | % |
| In offices outside the U.S.(5) | 2,187 | 1,976 | 1,678 | 59 | 94 | 37 | 10.94 | 18.87 | 8.94 | |||||||||
| Total | $ | 184,573 | $ | 186,846 | $ | 175,021 | $ | 2,320 | $ | 2,543 | $ | 2,477 | 5.10 | % | 5.40 | % | 5.74 | % |
| Total interest-bearing liabilities | $ | 2,137,099 | $ | 2,048,820 | $ | 1,872,805 | $ | 19,772 | $ | 20,984 | $ | 19,654 | 3.75 | % | 4.06 | % | 4.26 | % |
| Non-interest-bearing deposits(11) | $ | 210,136 | $ | 204,016 | $ | 201,192 | ||||||||||||
| Other non-interest-bearing liabilities(7) | 255,550 | 255,660 | 232,801 | |||||||||||||||
| Total liabilities | $ | 2,602,785 | $ | 2,508,496 | $ | 2,306,798 | ||||||||||||
| Citigroup stockholders’ equity | $ | 212,406 | $ | 212,505 | $ | 209,519 | ||||||||||||
| Noncontrolling interests | 1,613 | 1,531 | 824 | |||||||||||||||
| Total equity | $ | 214,019 | $ | 214,036 | $ | 210,343 | ||||||||||||
| Total liabilities and stockholders’ equity | $ | 2,816,804 | $ | 2,722,532 | $ | 2,517,141 | ||||||||||||
| Net interest income as a percentage of average interest-earning assets(12) | ||||||||||||||||||
| In U.S. offices | $ | 1,483,411 | $ | 1,429,350 | $ | 1,370,460 | $ | 8,756 | $ | 8,319 | $ | 7,285 | 2.39 | % | 2.31 | % | 2.16 | % |
| In offices outside the U.S.(6) | 1,113,128 | 1,074,097 | 935,697 | 7,014 | 7,371 | 6,753 | 2.56 | 2.72 | 2.93 | |||||||||
| Total | $ | 2,596,539 | $ | 2,503,447 | $ | 2,306,157 | $ | 15,770 | $ | 15,690 | $ | 14,038 | 2.46 | % | 2.49 | % | 2.47 | % |
(1)Interest income and Net interest income include TEGU discussed in the table above.
(2)Interest rates and amounts include the effects of risk management activities associated with the respective liability categories.
(3)Monthly or quarterly averages have been used by certain subsidiaries where daily averages are unavailable.
(4)Consists of other time deposits and savings deposits. Savings deposits are composed of insured money market accounts and other savings deposits.
(5)Average rates reflect prevailing local interest rates, including inflationary effects and monetary corrections in certain countries.
(6)Average volumes of securities sold under agreements to repurchase are reported net pursuant to ASC 210-20-45. However, Interest expense excludes the impact of ASC 210-20-45.
(7)The fair value carrying amounts of derivative contracts are reported net, pursuant to ASC 815-10-45, in Non-interest-earning assets and Other non-interest-bearing liabilities.
(8)Interest expense on Trading account liabilities of Services, Markets and Banking is reported as a reduction of Interest income. Interest income and Interest expense on cash collateral positions are reported in interest on Trading account assets and Trading account liabilities, respectively.
(9)Includes Brokerage payables.
(10)Excludes hybrid financial instruments and beneficial interests in consolidated VIEs that are classified as Long-term debt, as the changes in fair value for these obligations are recorded in Principal transactions.
(11)Includes non-interest-bearing deposits in both the U.S. and outside of the U.S.
(12)Includes allocations for capital and funding costs based on the location of the asset.
MARKET RISK OF TRADING PORTFOLIOS
Value at Risk (VaR)
As presented in the table below, Citi’s average trading VaR for the first quarter of 2026 increased $15 million due to increases in volatility and inventory from interest rates and commodities.
Citi believes its VaR model is conservatively calibrated to incorporate fat-tail impact and the greater of short-term (approximately the most recent month) and long-term (18 months for commodities and three years for others) market volatility. As of March 31, 2026, Citi estimates that the conservative features of the VaR calibration contribute approximately 21% more to the trading and credit portfolio VaR than a VaR estimated under the assumption of normally distributed markets. As of December 31, 2025, the contribution was approximately 15%.
Total Citi—Quarter-end and Average Trading VaR and Trading and Credit Portfolio VaR
| First Quarter | Fourth Quarter | First Quarter | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In millions of dollars | March 31, 2026 | 2026 Average | December 31, 2025 | 2025 Average | March 31, 2025 | 2025 Average | ||||||
| Interest rate | $ | 94 | $ | 103 | $ | 95 | $ | 93 | $ | 86 | $ | 92 |
| Credit spread | 76 | 68 | 68 | 70 | 72 | 67 | ||||||
| Covariance adjustment(1) | (56) | (50) | (52) | (55) | (58) | (55) | ||||||
| Fully diversified interest rate and credit spread(2) | $ | 114 | $ | 121 | $ | 111 | $ | 108 | $ | 100 | $ | 104 |
| Foreign exchange | 33 | 48 | 65 | 51 | 73 | 69 | ||||||
| Equity | 38 | 32 | 31 | 22 | 28 | 24 | ||||||
| Commodity | 37 | 42 | 42 | 32 | 40 | 28 | ||||||
| Covariance adjustment(1) | (99) | (116) | (128) | (101) | (115) | (104) | ||||||
| Total trading VaR—all market risk factors, including general and specific risk (excluding credit portfolios)(2) | $ | 123 | $ | 127 | $ | 121 | $ | 112 | $ | 126 | $ | 121 |
| Specific risk-only component(3) | $ | 2 | $ | — | $ | (4) | $ | (6) | $ | (3) | $ | (2) |
| Total trading VaR—general market risk factors only (excluding credit portfolios) | $ | 121 | $ | 127 | $ | 125 | $ | 118 | $ | 129 | $ | 123 |
| Incremental impact of the credit portfolio(4) | $ | 10 | $ | 6 | $ | 2 | $ | 5 | $ | 8 | $ | 8 |
| Total trading and credit portfolio VaR | $ | 133 | $ | 133 | $ | 123 | $ | 117 | $ | 134 | $ | 129 |
(1) Covariance adjustment (also known as diversification benefit) equals the difference between the total VaR and the sum of the VaRs tied to each risk type. The benefit reflects the fact that the risks within individual and across risk types are not perfectly correlated and, consequently, the total VaR on a given day will be lower than the sum of the VaRs relating to each risk type. The determination of the primary drivers of changes to the covariance adjustment is made by an examination of the impact of both model parameter and position changes.
(2) The total trading VaR includes mark-to-market and certain fair value option trading positions with the exception of hedges of the loan portfolio, fair value option loans and all CVA exposures. Available-for-sale and accrual exposures are not included.
(3) The specific risk-only component represents the level of equity and fixed income issuer-specific risk embedded in VaR.
(4) The credit portfolio is composed of mark-to-market positions associated with non-trading business units, with the CVA relating to derivative counterparties, all associated CVA hedges and market sensitivity FVA hedges. FVA and DVA are not included. The credit portfolio also includes hedges of the loan portfolio, fair value option loans and hedges of the leveraged finance pipeline within capital markets origination.
The table below provides the range of market factor VaRs associated with total Citi trading VaR, inclusive of specific risk:
| First Quarter | Fourth Quarter | First Quarter | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | 2025 | ||||||||||
| In millions of dollars | Low | High | Low | High | Low | High | ||||||
| Interest rate | $ | 86 | $ | 123 | $ | 83 | $ | 106 | $ | 76 | $ | 104 |
| Credit spread | 61 | 76 | 62 | 80 | 57 | 77 | ||||||
| Fully diversified interest rate and credit spread | $ | 103 | $ | 145 | $ | 94 | $ | 120 | $ | 87 | $ | 129 |
| Foreign exchange | 30 | 72 | 40 | 67 | 54 | 81 | ||||||
| Equity | 21 | 55 | 15 | 40 | 18 | 32 | ||||||
| Commodity | 23 | 67 | 26 | 42 | 19 | 40 | ||||||
| Total trading | $ | 106 | $ | 152 | $ | 100 | $ | 130 | $ | 107 | $ | 133 |
| Total trading and credit portfolio | 115 | 155 | 101 | 134 | 117 | 143 |
Note: No covariance adjustment can be inferred from the above table as the high and low for each market factor will be from different close-of-business dates.
The following table provides the VaR only for Markets, excluding the CVA relating to derivative counterparties, hedges of CVA, fair value option loans and hedges of the loan portfolio:
Markets VaR
| In millions of dollars | March 31, 2026 | |
|---|---|---|
| Total—all market risk factors, including <br>general and specific risk | ||
| Average—during quarter | $ | 127 |
| High—during quarter | 150 | |
| Low—during quarter | 109 |
Regulatory VaR Back-Testing
In accordance with the U.S. Basel III rules, Citi is required to perform back-testing to evaluate the effectiveness of its Regulatory VaR model. For additional information regarding Citi’s Regulatory VaR back-testing, see “Managing Global Risk—Market Risk of Trading Portfolios—Regulatory VaR Back-Testing” in Citi’s 2025 Form 10-K.
As of March 31, 2026, no back-testing exceptions were observed for Citi’s Regulatory VaR in the last 12 months.
OTHER RISKS
Country Risk
For additional information regarding country risk, including Citi’s management of country risk, see “Managing Global Risk—Country Risk” in Citi’s 2025 Form 10-K.
Top 25 Country Exposures
The following table presents Citi’s top 25 exposures by country (excluding the U.S.) as of March 31, 2026. (Citi’s combined top 25 exposures by country together with the U.S. represent 92% of Citi’s exposure to all countries as of March 31, 2026.)
Citi’s top 25 exposures by country may change from period to period due to a variety of factors, including client activity, market flows, FX fluctuations and Citi’s liquidity management activities.
For purposes of the table, amounts are reflected based on the country of risk of the obligor. Additionally, the table does not include cumulative currency translation adjustment (CTA) gains and losses.
The country of risk will generally be the same as the country of incorporation of the obligor, except in certain situations, such as where the source of repayment is concentrated in a different country or jurisdiction or where the obligor is guaranteed by a parent entity incorporated in a different country or jurisdiction (e.g., a Swiss-incorporated subsidiary that is guaranteed by a Chinese-incorporated parent would be reflected as China risk).
Investment securities and trading account assets are generally categorized based on the domicile of the issuer of the security of the underlying reference entity.
| In billions of dollars | Funded,<br><br>ex-Legacy Franchises(1) | Legacy Franchises loans | Unfunded(2) | Trading activity(3) | Total hedges (on loans and CVA) | Investment securities(4) | Total<br><br>as of<br><br>1Q26 | Total <br>as of <br>4Q25 | Total as a % of Citi<br><br>as of 1Q26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Mexico | $ | 9.2 | $ | 30.5 | $ | 10.0 | $ | 8.4 | $ | (1.1) | $ | 20.8 | $ | 77.8 | $ | 80.8 | 4.1 | % |
| United Kingdom | 25.7 | — | 23.2 | 25.0 | (4.6) | 6.6 | 75.9 | 73.1 | 4.0 | |||||||||
| Singapore | 21.8 | — | 5.3 | 2.3 | (1.0) | 8.6 | 37.0 | 37.6 | 2.0 | |||||||||
| Hong Kong | 22.6 | — | 1.9 | 2.4 | (0.4) | 9.0 | 35.5 | 36.6 | 1.9 | |||||||||
| France | 4.8 | — | 13.0 | 14.3 | (4.9) | 3.4 | 30.6 | 19.8 | 1.6 | |||||||||
| India | 13.2 | — | 3.6 | 5.6 | (1.1) | 8.3 | 29.6 | 29.7 | 1.6 | |||||||||
| Brazil | 14.3 | — | 2.3 | 7.0 | (1.3) | 6.3 | 28.6 | 29.2 | 1.5 | |||||||||
| Germany | 5.2 | — | 14.0 | 6.2 | (4.3) | 5.6 | 26.7 | 27.9 | 1.4 | |||||||||
| Canada | 5.6 | — | 7.2 | 9.7 | (1.5) | 4.3 | 25.3 | 22.5 | 1.3 | |||||||||
| South Korea | 8.0 | 2.2 | 1.7 | 6.0 | (0.4) | 6.9 | 24.4 | 23.4 | 1.3 | |||||||||
| Luxembourg | 10.0 | — | 6.9 | 1.7 | (0.7) | 3.3 | 21.2 | 20.6 | 1.1 | |||||||||
| China | 6.3 | — | 1.8 | (0.2) | (0.7) | 13.7 | 20.9 | 19.7 | 1.1 | |||||||||
| Ireland | 10.9 | — | 7.5 | 2.4 | (0.6) | — | 20.2 | 17.7 | 1.1 | |||||||||
| Australia | 9.4 | — | 6.7 | 4.0 | (1.3) | 1.4 | 20.2 | 18.8 | 1.1 | |||||||||
| Japan | 2.6 | — | 2.9 | 8.5 | (0.9) | 6.7 | 19.8 | 18.0 | 1.0 | |||||||||
| Poland | 4.2 | — | 4.1 | 3.5 | (0.1) | 7.4 | 19.1 | 20.2 | 1.0 | |||||||||
| Netherlands | 5.4 | — | 9.6 | 2.1 | (2.0) | 2.0 | 17.1 | 15.9 | 0.9 | |||||||||
| United Arab Emirates | 8.1 | — | 2.3 | 0.3 | (0.4) | 5.5 | 15.8 | 17.3 | 0.8 | |||||||||
| Cayman Islands | 4.1 | — | 5.2 | 4.2 | (0.1) | — | 13.4 | 11.6 | 0.7 | |||||||||
| Switzerland | 4.6 | — | 8.5 | — | (2.0) | — | 11.1 | 9.8 | 0.6 | |||||||||
| Belgium | 0.5 | 0.1 | 1.9 | — | (0.6) | 6.1 | 8.0 | 7.8 | 0.4 | |||||||||
| Czech Republic | 0.9 | — | 0.6 | 4.5 | (0.1) | 1.5 | 7.4 | 6.0 | 0.4 | |||||||||
| Virgin Islands (British) | 6.4 | — | 0.3 | 0.1 | — | — | 6.8 | 6.5 | 0.4 | |||||||||
| Saudi Arabia | 4.4 | — | 2.0 | 0.3 | (0.1) | — | 6.6 | 6.3 | 0.3 | |||||||||
| Malaysia | 1.5 | — | 0.9 | 0.4 | — | 3.5 | 6.3 | 6.4 | 0.3 | |||||||||
| Total as a percentage of Citi’s total exposure | 31.9 | % | ||||||||||||||||
| Total as a percentage of Citi’s non-U.S. total exposure | 80.8 | % |
(1) Includes loans and other direct exposures such as loans HFS, other loans in Corporate/Other and investments accounted for under the equity method.
(2) Unfunded commitments include unfunded corporate lending commitments, letters of credit and other contingencies, including clearing house guarantee funds.
(3) Includes trading account assets, which are represented on a net basis and include issuer risk on both long- and short-term debt and equity securities and derivative exposure, as well as mark-to-market (MTM) exposures on OTC derivatives, carrying amounts of securities lending/borrowing transactions (repos) and margin loan balances. This exposure is also net of collateral and inclusive of CVA.
(4) Investment securities include AFS debt securities, recorded at fair market value, and HTM debt securities, recorded at amortized cost.
Other Country Risk Exposures
For additional information on Citi’s emerging markets risks, see “Risk Factors—Other Risks” in Citi’s 2025 Form 10-K.
For additional information on risks related to Citi’s Argentina and Ukraine exposures as of December 31, 2025, see “Managing Global Risk—Other Risks—Country Risk—Argentina” and “—Ukraine” in Citi’s 2025 Form 10-K.
As of March 31, 2026, Citi’s net investment in its Argentine operations was approximately $1.5 billion, and Citi’s net Argentine peso (ARS) exposure was approximately $1.3 billion, of which approximately $1.0 billion was hedged through offshore derivatives. As of March 31, 2026, the official ARS exchange rate was 1,382, reflecting a 5% appreciation of the ARS against the U.S. dollar (USD) during the first quarter of 2026. Citi cannot predict the availability of hedging instruments nor can it predict changes in foreign exchange rates and the resulting impact on earnings.
In March 2026, the Central Bank of Argentina (BCRA) announced that financial institutions may pay ordinary dividends of up to 60% of their 2025 net income and may access the foreign exchange market to remit such dividends in USD at the official exchange rate. For Citi, this would amount to ARS 84.6 billion (approximately $61 million).
SIGNIFICANT ACCOUNTING POLICIES AND SIGNIFICANT ESTIMATES
This section contains a summary of Citi’s most significant accounting policies. Note 1 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K contains a summary of all of Citigroup’s significant accounting policies. These policies, as well as estimates made by management, are integral to the presentation of Citi’s results of operations and financial condition. While all of these policies require a certain level of management judgment and estimates, this section highlights and discusses the significant accounting policies that require management to make highly difficult, complex or subjective judgments and estimates at times regarding matters that are inherently uncertain and susceptible to change (see also “Risk Factors—Operational Risks” in Citi’s 2025 Form 10-K). Management has discussed each of these significant accounting policies, the related estimates and its judgments with the Audit Committee of the Citigroup Board of Directors.
Valuations of Financial Instruments
Citigroup holds debt and equity securities, derivatives, retained interests in securitizations, investments in private equity and other financial instruments. A portion of these assets and liabilities is reflected at fair value on Citi’s Consolidated Balance Sheet as Trading account assets, Available-for-sale securities and Trading account liabilities.
For additional information on Citi’s valuation of financial instruments and fair value analysis, see Notes 6, 21 and 22 in this Form 10-Q and “Significant Accounting Policies and Significant Estimates—Valuations of Financial Instruments” and Note 1 (“Fair Value” and “Fair Value Hedges”) to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
Citi’s Allowance for Credit Losses (ACL)
The table below presents Citi’s allowance for credit losses on loans (ACLL) and total ACL as of March 31, 2026 and December 31, 2025, as well as builds and releases during 2026. For information on the drivers of Citi’s ACL net build in the first quarter of 2026, see below. For additional information on Citi’s accounting policy on accounting for credit losses under ASC Topic 326, Financial Instruments—Credit Losses; Current Expected Credit Losses (CECL),
see Note 1 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
| ACL | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| In millions of dollars | Balance Dec. 31, 2025 | 1Q26<br>build<br>(release) | 1Q26<br>FX/<br>Other | Balance Mar. 31, 2026 | ACLL/EOP loans Mar. 31, 2026 | |||||
| Services | $ | 327 | $ | 97 | $ | 1 | $ | 425 | ||
| Markets | 1,027 | 23 | (6) | 1,044 | ||||||
| Banking | 1,578 | 175 | (11) | 1,742 | ||||||
| Legacy Franchises corporate (Mexico SBMM and AFG)(1) | 121 | 4 | 3 | 128 | ||||||
| Total corporate ACLL | $ | 3,053 | $ | 299 | $ | (13) | $ | 3,339 | 0.95 | % |
| U.S. cards | $ | 13,324 | $ | 78 | $ | (2) | $ | 13,400 | 8.02 | % |
| Installment lending | 422 | (2) | — | 420 | ||||||
| Total USCC | $ | 13,746 | $ | 76 | $ | (2) | $ | 13,820 | ||
| Wealth | 669 | 13 | (1) | 681 | ||||||
| All Other consumer—managed basis(2) | 1,779 | 9 | 8 | 1,796 | ||||||
| Reconciling Items(2) | — | — | — | — | ||||||
| Total consumer ACLL | $ | 16,194 | $ | 98 | $ | 5 | $ | 16,297 | 4.05 | % |
| Total ACLL | $ | 19,247 | $ | 397 | $ | (8) | $ | 19,636 | 2.61 | % |
| Allowance for credit losses on unfunded lending commitments (ACLUC)(3) | $ | 1,833 | $ | 184 | $ | (4) | $ | 2,013 | ||
| Total ACLL and ACLUC | $ | 21,080 | $ | 581 | $ | (12) | $ | 21,649 | ||
| Other(4) | 293 | 3 | 6 | 302 | ||||||
| Total ACL | $ | 21,373 | $ | 584 | $ | (6) | $ | 21,951 |
(1) Includes Legacy Franchises corporate loans activity related to Mexico SBMM and the Assets Finance Group (AFG), as well as other Legacy Holdings Assets corporate loans.
(2) All Other (managed basis) excludes divestiture-related impacts (Reconciling Items) related to Citi’s divestitures of its Asia Consumer businesses and Banamex, within Legacy Franchises. The Reconciling Items are reflected in Citi’s Consolidated Statement of Income. See “All Other—Divestiture-Related Impacts (Reconciling Items)” above.
(3) The first quarter of 2026 includes a reserve build related to Citi’s forward purchase commitment of the Barclays American Airlines co-branded card portfolio.
(4) Includes ACL on Other assets, primarily related to transfer risk associated with exposures outside the U.S. and Held-to-maturity debt securities.
Citi’s reserves for expected credit losses on funded loans and for unfunded lending commitments, standby letters of credit and financial guarantees are reflected on the Consolidated Balance Sheet in the Allowance for credit losses on loans (ACLL) and Other liabilities (for the Allowance for credit losses on unfunded lending commitments (ACLUC)), respectively. In addition, Citi’s reserves for expected credit losses on other financial assets carried at amortized cost, including held-to-maturity securities, reverse repurchase agreements, securities borrowed, deposits with banks and other financial receivables, are reflected in Other assets, including transfer risk associated with exposures outside the U.S. These reserves, together with the ACLL and ACLUC, are referred to as the ACL. Changes in the ACL are reflected in
Provision for credit losses in the Consolidated Statement of Income for each reporting period. Citi’s ability to estimate expected credit losses is based on the ability to forecast economic activity over a reasonable and supportable (R&S) timeframe. The R&S forecast period is eight quarters.
The ACL is composed of quantitative and qualitative management adjustment components. The quantitative component uses three forward-looking macroeconomic forecast scenarios—base, upside and downside. The qualitative management adjustment component includes risks that are not fully captured in the quantitative component. Both the quantitative and qualitative components are further discussed below.
Quantitative Component
Citi estimates expected credit losses for its quantitative component using (i) comprehensive internal data on loss and default history, (ii) internal credit risk ratings, (iii) external credit bureau and rating agencies information and (iv) R&S forecasts of macroeconomic conditions.
For its consumer and corporate portfolios, Citi’s expected credit losses are determined primarily by utilizing models that consider the borrowers’ probability of default (PD), loss given default (LGD) and exposure at default (EAD). The loss likelihood and severity models used for estimating expected credit losses are sensitive to changes in macroeconomic variables, including unemployment rate, real GDP and housing prices, and cover a wide range of geographic, industry, product and business segments.
In addition, Citi’s models determine expected credit losses based on portfolio characteristics, including loan delinquencies, changes in portfolio size, default frequency, risk ratings and loss recovery rates, as well as other credit trends.
Qualitative Component
The qualitative management adjustment component includes risks that are not fully captured in the quantitative component. These may include but are not limited to portfolio characteristics, idiosyncratic events, factors not within historical loss data or the economic forecast, uncertainty in the credit environment and other factors as required by banking supervisory guidance for the ACL. Risks that are not fully captured in the quantitative component include potential impacts on vulnerable industries and regions due to heightened macroeconomic and geopolitical risks and uncertainties, as well as risks from emerging technologies (including AI) to vulnerable sectors.
Macroeconomic Variables
As further discussed below, Citi considers various global macroeconomic variables for the base, upside and downside probability-weighted macroeconomic scenario forecasts it uses to estimate the quantitative component of the ACL. The forecasts of the U.S. unemployment rate and U.S. real GDP growth rate represent the key macroeconomic variables that most significantly affect its estimate of the ACL.
The tables below present the forecasted quarterly average U.S. unemployment rate and year-over-year U.S. real GDP growth rate used in determining the base macroeconomic forecast for Citi’s ACL at each quarterly reporting period from the first quarter of 2025 to the first quarter of 2026:
| Quarterly average | ||||||||
|---|---|---|---|---|---|---|---|---|
| U.S. unemployment | 2Q26 | 4Q26 | 2Q27 | 8-quarter average(1) | ||||
| Forecast at 1Q25 | 4.3 | % | 4.3 | % | 4.2 | % | 4.3 | % |
| Forecast at 2Q25 | 4.7 | 4.6 | 4.4 | 4.6 | ||||
| Forecast at 3Q25 | 4.6 | 4.5 | 4.3 | 4.4 | ||||
| Forecast at 4Q25 | 4.6 | 4.5 | 4.4 | 4.5 | ||||
| Forecast at 1Q26 | 4.6 | 4.5 | 4.4 | 4.4 |
(1) Represents the average unemployment rate for the rolling, forward-looking eight quarters in the forecast horizon.
| Year-over-year growth rate(1) | ||||||
|---|---|---|---|---|---|---|
| Full year | ||||||
| U.S. real GDP | 2026 | 2027 | 2028 | |||
| Forecast at 1Q25 | 1.9 | % | 2.0 | % | 2.0 | % |
| Forecast at 2Q25 | 1.4 | 2.0 | 2.0 | |||
| Forecast at 3Q25 | 1.5 | 2.0 | 2.1 | |||
| Forecast at 4Q25 | 1.9 | 2.0 | 2.0 | |||
| Forecast at 1Q26 | 2.1 | 2.0 | 2.0 |
(1) The year-over-year growth rate is the percentage change in the real (inflation adjusted) GDP level.
Scenario Weighting
Citi’s ACL is sensitive to various macroeconomic scenarios and is estimated using three probability-weighted macroeconomic scenarios—base, upside and downside. Citi evaluates scenario weights on a quarterly basis. The macroeconomic scenario weights are estimated using a statistical model, which, among other factors, takes into consideration (i) key macroeconomic drivers of the ACL, (ii) the severity of the scenario and (iii) other sources of macroeconomic uncertainty and risks.
Citi’s downside scenario incorporates more adverse macroeconomic assumptions than the weighted scenario assumptions or the base scenario. For example, compared to the base scenario, Citi’s downside scenario reflects a recession, including an elevated average U.S. unemployment rate of 6.9% over the eight-quarter R&S period, with a peak difference of 3.5% in the third quarter of 2027. The weighted-average U.S. unemployment rate that considers all three probability-weighted scenarios is 5.4%. The downside scenario also reflects a year-over-year U.S. real GDP contraction in 2026 of 0.9%, with a peak quarter-over-quarter difference to the base scenario of 1.3%.
To demonstrate this sensitivity of the downside scenario, if Citi applied 100% weight to the downside scenario as of March 31, 2026 to reflect the most severe economic deterioration forecast in the macroeconomic scenarios, there would have been a hypothetical incremental increase in the ACL of approximately $4.7 billion related to lending exposures, except for loans individually evaluated for credit losses and other financial assets carried at amortized cost.
This analysis does not incorporate any impacts or changes to the qualitative component of the ACL, which could change the outcome of the sensitivity analysis based on historical experience and current conditions at the time of the assessment. Given the uncertainty inherent in macroeconomic forecasting, Citi continues to believe that its ACL estimate based on a three probability-weighted macroeconomic scenario approach combined with the qualitative component remains appropriate as of March 31, 2026.
1Q26 Changes in the ACL
As further discussed below, Citi’s ending ACL balance for the first quarter of 2026 was $22.0 billion, an increase of $0.6 billion from December 31, 2025, driven by portfolio quality, including seasonal mix changes, as well as increased uncertainty in the macroeconomic outlook, partially offset by refinements to loss assumptions and lower net lending activity. Citi believes its analysis of the ACL reflects the forward view of the economic environment as of March 31, 2026. See Note 13 for additional information.
Consumer Allowance for Credit Losses on Loans
Citi’s consumer ACLL is primarily driven by U.S. cards in USCC. Citi’s total consumer ACLL net build was $0.1 billion in the first quarter of 2026, driven by seasonal portfolio mix changes and increased uncertainty in the macroeconomic outlook, primarily offset by lower seasonal volumes and refinements to loss assumptions. This resulted in a March 31, 2026 ACLL balance of $16.3 billion, or 4.05% of total funded consumer loans.
For U.S. cards, the level of reserves relative to total funded loans increased to 8.02% at March 31, 2026, compared to 7.67% at December 31, 2025. For the remaining consumer exposures, the level of reserves relative to total funded loans was 1.23% at March 31, 2026, compared to 1.22% at December 31, 2025.
Corporate Allowance for Credit Losses on Loans
Citi had a corporate ACLL net build of $0.3 billion in the first quarter of 2026, driven by increased uncertainty in the macroeconomic outlook. This resulted in a March 31, 2026 ACLL balance of $3.3 billion, or 0.95% of total funded corporate loans.
ACLUC
Citi’s ACLUC balance, included in Other liabilities, was $2.0 billion at March 31, 2026, compared to $1.8 billion at December 31, 2025. The increase was driven by Citi’s forward purchase commitment of the Barclays American Airlines co-branded card portfolio and increased uncertainty in the macroeconomic outlook, partially offset by refinements to loss assumptions.
ACL on Other Financial Assets
Citi had an ACL balance of $0.3 billion on other financial assets carried at amortized cost for the first quarter of 2026, unchanged from December 31, 2025.
See Notes 1 (“Allowance for Credit Losses (ACL)”) and 16 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K for further descriptions of the ACL and related accounts.
Goodwill
Citi tests for goodwill impairment annually as of October 1 (the annual test) and conducts interim assessments between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount. These events or circumstances include, among other things, a significant adverse change in the business climate, a decision to sell or dispose of all or a significant portion of a reporting unit or a sustained decrease in Citi’s stock price.
Citi performed its annual 2025 goodwill impairment test, which resulted in no impairment to any of Citi’s reporting units’ goodwill. No additional triggering events were identified and no goodwill was impaired during the fourth quarter of 2025. For each of the Company’s reporting units, except Mexico Consumer/SBMM, the fair value exceeded carrying value by at least 10%.
Citi performed an interim goodwill impairment test effective January 1, 2026, as a result of the transfer of its Retail Banking business from the former U.S. Personal Banking (USPB) to Wealth and the integration of the remaining USPB businesses into a new U.S. Consumer Cards (USCC) segment, which resulted in no impairment. Based on the interim impairment test, USCC and Wealth fair values exceeded carrying value by at least 10%.
Unanticipated declines in business performance, increases in credit losses, increases in capital requirements and adverse regulatory or legislative changes, and deterioration in economic or market conditions, as well as circumstances related to Citi’s strategic refresh, are factors that could result in a material impairment loss to earnings in a future period related to some portion of the associated goodwill. See Note 14 for additional information on goodwill, including the changes in the goodwill balance in the quarter and the segments’ and All Other’s goodwill balances as of March 31, 2026.
Litigation Accruals
See the discussion in Note 25 for Citi’s policies on establishing accruals for litigation and regulatory contingencies.
INCOME TAXES
Effective Tax Rate
| Three Months Ended March 31, | ||||||
|---|---|---|---|---|---|---|
| In millions of dollars, except effective tax rate | 2026 | 2025 | ||||
| Income from continuing operations before income tax expense | $ | 7,517 | $ | 5,448 | ||
| Provision for income taxes | 1,578 | 1,340 | ||||
| Effective tax rate | 21 | % | 25 | % |
Citi’s effective tax rate was 21% in the first quarter of 2026, compared to 25% in the first quarter of 2025, which included the impact of divestitures. The decrease year-over-year was largely driven by a discrete item in the current quarter.
Deferred Tax Assets
For additional information on Citi’s deferred tax assets (DTAs), see “Capital Resources,” “Risk Factors—Strategic Risks,” “Significant Accounting Policies and Significant Estimates—Income Taxes” and Notes 1 (“Income Taxes”) and 10 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
The table below summarizes Citi’s net DTAs balance:
| Jurisdiction/Component | DTAs balance | |||
|---|---|---|---|---|
| In billions of dollars | March 31,<br>2026 | December 31, 2025 | ||
| Total U.S. | $ | 26.0 | $ | 26.4 |
| Non-U.S. | 3.0 | 3.1 | ||
| Total | $ | 29.0 | $ | 29.5 |
At March 31, 2026, Citigroup had recorded net DTAs of approximately $29.0 billion, a decrease of $0.5 billion from December 31, 2025. The quarter-over-quarter decrease was primarily driven by higher U.S. income.
Of Citi’s $29.0 billion of net DTAs, $13.2 billion was deducted in calculating Citi’s regulatory capital, and the remaining $15.8 billion was appropriately risk weighted under the U.S. Basel III rules.
The $13.2 billion of DTAs deducted from regulatory capital was composed of $10.5 billion of tax carry-forwards (foreign tax credits, net operating losses and general business credits) and $3.9 billion of temporary differences in excess of the 10% regulatory limitation, reduced by $1.2 billion of deferred tax liabilities, primarily goodwill and certain other intangible assets that were separately deducted from capital.
DTA Realizability
Citi believes that the net DTAs of $29.0 billion at March 31, 2026 are more-likely-than-not to be realized, based on management’s expectations of future taxable income generation in the jurisdictions in which the DTAs arise, as well as consideration of available tax planning strategies (as defined in ASC Topic 740, Income Taxes).
DISCLOSURE CONTROLS AND PROCEDURES
Citi’s disclosure controls and procedures are designed to ensure that information required to be disclosed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, including without limitation that information required to be disclosed by Citi in its SEC filings is accumulated and communicated to management, including the Chief Executive Officer (CEO) and Chief Financial Officer (CFO), as appropriate, to allow for timely decisions regarding required disclosure.
Citi’s Disclosure Committee assists the CEO and CFO in their responsibilities to design, establish, maintain and evaluate the effectiveness of Citi’s disclosure controls and procedures. The Disclosure Committee is responsible for, among other things, the oversight, maintenance and implementation of the disclosure controls and procedures, subject to the supervision and oversight of the CEO and CFO.
Citi’s management, with the participation of its CEO and CFO, has evaluated the effectiveness of Citigroup’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934) as of March 31, 2026. Based on that evaluation, the CEO and CFO have concluded that at that date Citigroup’s disclosure controls and procedures were effective.
DISCLOSURE PURSUANT TO SECTION 219 OF THE IRAN THREAT REDUCTION AND SYRIA HUMAN RIGHTS ACT
Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012 (Section 219), which added Section 13(r) to the Securities Exchange Act of 1934, as amended, Citi is required to disclose in its annual or quarterly reports, as applicable, whether it or any of its affiliates knowingly engaged in certain activities, transactions or dealings relating to Iran or with certain individuals or entities that are the subject of sanctions under U.S. law. Disclosure may be required even where the activities, transactions or dealings were conducted in compliance with applicable law. To the extent that transactions or dealings for its clients are permitted by U.S. law, Citi may continue to engage in such activities. Citi did not identify any reportable activities, transactions or dealings pursuant to Section 219 for the first quarter of 2026.
FORWARD-LOOKING STATEMENTS
Certain statements in this Form 10-Q, including but not limited to statements included within Management’s Discussion and Analysis of Financial Condition and Results of Operations, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, Citigroup may make forward-looking statements in its other documents filed with or furnished to the SEC, and its management may make forward-looking statements orally to analysts, investors, representatives of the media and others.
Generally, forward-looking statements are not based on historical facts but instead represent Citigroup’s and its management’s beliefs regarding future events. Such statements may be identified by words such as believe, expect, anticipate, intend, estimate, may increase, may fluctuate, target, outlook, guidance and illustrative, and similar expressions or future or conditional verbs such as will, should, would and could.
Such statements are based on management’s current expectations and are subject to risks, uncertainties and changes in circumstances. Actual results of operations and financial conditions, including capital and liquidity, may differ materially from those included in these statements due to a variety of factors, including without limitation (i) the precautionary statements included within the “Executive Summary” and each business’s discussion and analysis of its results of operations above, as well as those included within Citi’s 2025 Form 10-K and Citi’s other SEC filings; (ii) the factors described under “Citi’s Multiyear Transformation” and “Risk Factors” in Citi’s 2025 Form 10-K; and (iii) the risks and uncertainties summarized below:
•the potential impact to Citi from geopolitical challenges and tensions, including the conflict in the Middle East, as well as macroeconomic and other challenges, uncertainties and volatility, including, among others, elevated inflation; slowing economic growth or recessions in the U.S. and elsewhere; increases in unemployment rates; deterioration in consumer and corporate confidence; changes in U.S. laws or policies; and volatility or disruptions in financial markets;
•changes to interest rates or monetary policies;
•the potential impact on Citi’s ability to return capital to common shareholders, whether through a stock repurchase program or common stock dividend, consistent with its capital planning efforts and targets, due to, among other things, regulatory capital requirements; Citi’s results of operations and financial condition; Citi’s remaining divestitures; Citi’s ability to maintain an effective capital planning process and management framework, including forecasts of expected macroeconomic conditions and their associated impacts; and Citi’s DTA utilization;
•the ongoing regulatory and legislative uncertainties and changes faced by Citi in the U.S. and globally, such as potential changes to various aspects of the U.S. regulatory capital framework and requirements applicable to Citi; potential fiscal, monetary, tax, sanctions and other changes from the U.S. federal government and other governments; and the potential impact these uncertainties and changes could have on Citi’s compliance risks and
costs, competitive position, businesses, revenues, results of operations and financial condition;
•Citi’s ability to achieve its objectives from its simplification, transformation and enhanced business performance priorities, including completing its divestiture of Banamex, which involve various execution challenges and uncertainties, may take longer than expected and may result in higher expenses or lower-than-expected expense savings, CTA and other losses or other negative financial or strategic impacts, which could be material, and litigation and regulatory scrutiny, and depend, in part, on factors that Citi cannot control or be able to mitigate, including, among others, macroeconomic challenges and uncertainties, customer, client and competitor actions and ongoing regulatory requirements or changes;
•the potential impact to Citi from climate change due to both physical risks and transition risks;
•Citi’s ability to utilize its DTAs and thus reduce the negative impact of the DTAs on Citi’s regulatory capital, including as a result of its ability to generate U.S. taxable income in the relevant reversal periods;
•the potential impact to Citi if its interpretation or application of the complex tax laws to which it is subject differs from those of the relevant governmental taxing authorities, whether in the context of litigation, examinations or otherwise, and the potential payment of additional taxes, penalties or interest, the reduction of certain tax benefits or the requirement to make adjustments to amounts recorded;
•the potential impact from a deterioration in or failure to maintain Citi’s co-branding or private label credit card relationships;
•Citi’s ability to address shortcomings or deficiencies or guidance provided by the FRB or FDIC on its resolution plan submissions;
•the potential impact on Citi’s performance and the performance of its individual businesses, including its competitive position and ability to effectively grow and manage its businesses, as well as to execute on its strategic priorities, if Citi is unable to hire and retain qualified employees;
•Citi’s ability to compete effectively in the U.S. and globally amid potential disruptions from an evolving business environment and emerging technologies;
•risks to Citi from the development and use of AI, including ineffective, inadequate or faulty Generative AI development or deployment practices by Citi or third parties; increased risk of fraud, disinformation and market manipulation campaigns; discovery and exploitation of vulnerabilities and exposure to cyberattacks; competition risks to the extent that competitors may develop and deploy AI technology faster and more successfully; and risks and costs from compliance with new or changing laws, regulations or industry standards;
•the potential impact to Citi from a disruption or failure of its operational processes or systems, including as a result of, among other things, operational or execution failures or deficiencies by third parties; deficiencies in processes or controls; inadequate management of data governance
practices, data controls and monitoring mechanisms that may adversely impact reporting and decision-making; cyber or information security incidents; human error, such as manual transaction processing errors, which can be exacerbated by staffing challenges and processing backlogs; fraud or malice on the part of employees or third parties; insufficient (or limited) straight-through processing between legacy or bespoke systems and any failure to design and effectively operate controls that mitigate operational risks associated with those legacy or bespoke systems, leading to potential risk of errors and operating losses; accidental system or technological failure; electrical or telecommunication outages; failure of or cyber incidents involving computer servers or infrastructure; and other similar losses or damage to Citi’s property or assets;
•the increasing risk to Citi’s and third parties’ computer systems, software and networks from evolving and sophisticated cybersecurity incidents, the risks of which are heightened by new and emerging technologies, such as AI and digital assets, as well as the conflict in the Middle East, that could result in, among other things, the theft, loss, non-availability, alteration, misuse or disclosure of personal, confidential or proprietary Citi, client, customer or employee information or assets and a disruption of computer, software or network systems; and the potential impact from such risks, including reputational damage, loss of revenues, deposit outflows, additional costs (including repair, replacement, remediation and other costs), exposure to litigation and regulatory action and other financial losses;
•the potential impact of changes in or incorrect accounting assumptions, judgments or estimates, or the application of certain accounting principles, related to the preparation of Citi’s financial statements, including the estimate of Citi’s ACL; reserves related to litigation, regulatory and tax matters; valuation of DTAs; the fair values of certain assets and liabilities and the assessment of goodwill and other assets for impairment; and the financial impact from reclassification of any CTA component of AOCI into Citi’s earnings due to a sale or other deconsolidation event;
•the impact of changes to financial accounting and reporting standards or interpretations on how Citi records and reports its financial condition and results of operations;
•the potential impact to Citi’s results of operations and/or regulatory capital and capital ratios if Citi’s risk management and other processes or strategies are deficient or ineffective;
•the potential impact of credit risk and concentrations of risk on Citi’s results of operations, including due to defaults by or a significant downgrade in credit ratings of a consumer or corporate or other counterparty; a decline in the credit quality or value of, or Citi’s inability to liquidate or realize the fair value of, any underlying collateral, which risks can be heightened by macroeconomic, geopolitical, market, emerging technologies (including AI) and other factors, particularly for vulnerable sectors, industries or countries; and any
systemic risk concerns related to exposures to leveraged finance and non-bank financial institutions, including private credit;
•the potential impact on Citi’s liquidity, sources of funding and costs of funding if it does not effectively manage its liquidity, whether due to factors it cannot control or otherwise;
•the potential impact on Citi’s funding and liquidity as well as on the results of operations of certain of its businesses of a credit ratings downgrade of Citi or certain of its subsidiaries or issuing entities, or from negative actions on U.S. sovereign ratings;
•risks and costs from regulatory and supervisory expectations and scrutiny in the U.S. and globally and ongoing interpretation and implementation of regulatory and legislative requirements and changes, with respect to, among other things, infrastructure; data; risk management practices and controls; anti-money laundering; increasingly complex sanctions regimes; customer and client protection; market practices; and various disclosure and regulatory reporting requirements, regarding which a failure to comply could result in increased regulatory oversight and material restrictions, including, among others, imposition of additional capital buffers and limitations on capital distributions, enforcement proceedings, penalties and fines;
•the potential outcomes of the extensive legal and regulatory proceedings, examinations, investigations, consent orders and related compliance efforts and other inquiries to which Citi is or may be subject at any given time, including, among others, the 2020 consent orders with the FRB and OCC, including Citi’s ability to implement extensive targeted action plans and submit quarterly progress reports on a timely and sufficient basis detailing the results and status of improvements to comply with the consent orders, which will continue to require significant investments to meet regulatory expectations; and the heightened scrutiny and expectations generally from regulators, and the severity of the remedies that may be sought by regulators; and
•the various risks faced by Citi as a result of its presence in the emerging markets, including, among others, those resulting from limitations or unavailability of hedges on foreign investments; foreign currency volatility and devaluations; central bank interest rate and other monetary policies; macroeconomic, geopolitical and domestic political challenges, uncertainties and volatilities; foreign exchange controls; cyberattacks; restrictions arising from retaliatory laws and regulations; sanctions or asset freezes; sovereign debt volatility; fluctuations in commodity prices; limitations on foreign investment; sociopolitical instability; nationalization or loss of licenses; potential criminal charges; closure of branches or subsidiaries; and confiscation of assets.
Any forward-looking statements made by or on behalf of Citigroup speak only as to the date they are made, and Citi does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date that the forward-looking statements were made.
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FINANCIAL STATEMENTS AND NOTES—TABLE OF CONTENTS
| CONSOLIDATED FINANCIAL STATEMENTS | |
|---|---|
| Consolidated Statement of Income (Unaudited)—<br>For the Three Months Ended March 31, 2026 and 2025 | 90 |
| Consolidated Statement of Comprehensive Income (Unaudited)—For the Three Months Ended March 31, 2026 and 2025 | 91 |
| Consolidated Balance Sheet—March 31, 2026 (Unaudited) and December 31, 2025 | 92 |
| Consolidated Statement of Changes in Stockholders’ Equity (Unaudited)—For the Three Months Ended March 31, 2026 and 2025 | 94 |
| Consolidated Statement of Cash Flows (Unaudited)—<br>For the Three Months Ended March 31, 2026 and 2025 | 96 |
| NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) | |
| --- | --- |
| Note 1—Basis of Presentation, Updated Accounting Policies<br> and Accounting Changes | 98 |
| Note 2—Significant Disposals and Other Business Exits | 100 |
| Note 3—Reportable Business Segments and All Other | 101 |
| Note 4—Interest Income and Expense | 104 |
| Note 5—Commissions and Fees; Administration and Other <br> Fiduciary Fees | 105 |
| Note 6—Principal Transactions | 106 |
| Note 7—Incentive Plans | 107 |
| Note 8—Retirement Benefits | 107 |
| Note 9—Earnings per Share | 108 |
| Note 10—Securities Borrowed, Loaned and Subject to <br> Repurchase Agreements | 109 |
| Note 11—Investments | 112 |
| Note 12—Loans | 119 |
| Note 13—Allowance for Credit Losses | 136 |
| Note 14—Goodwill and Intangible Assets | 139 |
| --- | --- |
| Note 15—Deposits | 141 |
| Note 16—Debt | 142 |
| Note 17—Changes in Accumulated Other Comprehensive <br> Income (Loss) (AOCI) | 143 |
| Note 18—Preferred Stock | 146 |
| Note 19—Securitizations and Variable Interest Entities | 148 |
| Note 20—Derivatives | 155 |
| Note 21—Fair Value Measurement | 163 |
| Note 22—Fair Value Elections | 177 |
| Note 23—Guarantees and Commitments | 180 |
| Note 24—Leases | 183 |
| Note 25—Contingencies | 184 |
| Note 26—Subsidiary Guarantees | 186 |
CONSOLIDATED FINANCIAL STATEMENTS
| CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) | Citigroup Inc. and Subsidiaries | | --- | --- || | Three Months Ended March 31, | | | | | --- | --- | --- | --- | --- | | In millions of dollars, except per share amounts | 2026 | | 2025 | | | Revenues | | | | | | Interest income | $ | 35,513 | $ | 33,666 | | Interest expense | 19,772 | | 19,654 | | | Net interest income | $ | 15,741 | $ | 14,012 | | Commissions and fees | $ | 3,272 | $ | 2,707 | | Principal transactions | 4,008 | | 3,510 | | | Administration and other fiduciary fees | 1,123 | | 1,045 | | | Realized gains on sales of investments, net | 270 | | 121 | | | Net impairment losses on investments recognized in earnings | (140) | | (58) | | | Other revenue | $ | 359 | $ | 259 | | Total non-interest revenues | $ | 8,892 | $ | 7,584 | | Total revenues, net of interest expense | $ | 24,633 | $ | 21,596 | | Provisions for credit losses and for benefits and claims | | | | | | Provision for credit losses on loans | $ | 2,605 | $ | 2,561 | | Provision (release) for credit losses on HTM debt securities | (30) | | (5) | | | Provision for credit losses on other assets | 33 | | 39 | | | Policyholder benefits and claims | 13 | | 20 | | | Provision (release) for credit losses on unfunded lending commitments | 184 | | 108 | | | Total provisions for credit losses and for benefits and claims | $ | 2,805 | $ | 2,723 | | Operating expenses | | | | | | Compensation and benefits | $ | 8,382 | $ | 7,464 | | Technology/communication | 2,335 | | 2,379 | | | Transactional and product servicing | 1,225 | | 1,102 | | | Premises and equipment | 586 | | 574 | | | Professional services | 441 | | 476 | | | Advertising and marketing | 233 | | 250 | | | Other operating | 1,109 | | 1,180 | | | Total operating expenses | $ | 14,311 | $ | 13,425 | | Income from continuing operations before income taxes | $ | 7,517 | $ | 5,448 | | Provision for income taxes | 1,578 | | 1,340 | | | Income from continuing operations | $ | 5,939 | $ | 4,108 | | Discontinued operations | | | | | | Income (loss) from discontinued operations | $ | (1) | $ | (1) | | Benefit for income taxes | — | | — | | | Income (loss) from discontinued operations, net of taxes | $ | (1) | $ | (1) | | Net income before attribution to noncontrolling interests | $ | 5,938 | $ | 4,107 | | Noncontrolling interests | 153 | | 43 | | | Citigroup’s net income | $ | 5,785 | $ | 4,064 | | Statement continues on the next page. | | | | | | Basic earnings per share(1) | | | | | | --- | --- | --- | --- | --- | | Income from continuing operations | $ | 3.12 | $ | 2.00 | | Income from discontinued operations, net of taxes | — | | — | | | Net income | $ | 3.12 | $ | 2.00 | | Weighted-average common shares outstanding (in millions) | 1,736.9 | | 1,879.0 | | | Diluted earnings per share(1) | | | | | | Income from continuing operations | $ | 3.06 | $ | 1.96 | | Income (loss) from discontinued operations, net of taxes | — | | — | | | Net income | $ | 3.06 | $ | 1.96 | | Adjusted weighted-average diluted common shares outstanding (in millions) | 1,776.0 | | 1,919.6 | |
(1) Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income.
The Notes to the Consolidated Financial Statements are an integral part of these Unaudited Consolidated Financial Statements.
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | Citigroup Inc. and Subsidiaries | ||||||
|---|---|---|---|---|---|---|---|
| (UNAUDITED) | Three Months Ended March 31, | ||||||
| --- | --- | --- | --- | --- | |||
| In millions of dollars | 2026 | 2025 | |||||
| Citigroup’s net income | $ | 5,785 | $ | 4,064 | |||
| Net changes, net of taxes in Citigroup’s other comprehensive income (loss) | |||||||
| Unrealized gains and losses on AFS debt securities | $ | (819) | $ | 515 | |||
| Debt valuation adjustment (DVA) | 1,405 | 779 | |||||
| Cash flow hedges | (249) | 7 | |||||
| Benefit plans liability adjustment | 38 | (26) | |||||
| Currency translation adjustment (CTA), net of hedges | 889 | 849 | |||||
| Excluded component of fair value hedges | 13 | 7 | |||||
| Long-duration insurance contracts | 5 | (1) | |||||
| Citigroup’s total other comprehensive income (loss) | $ | 1,282 | $ | 2,130 | |||
| Citigroup’s total comprehensive income | $ | 7,067 | $ | 6,194 | |||
| Add: Other comprehensive income (loss) attributable to noncontrolling interests | $ | (73) | $ | 49 | |||
| Add: Net income (loss) attributable to noncontrolling interests | 153 | 43 | |||||
| Total comprehensive income | $ | 7,147 | $ | 6,286 |
The Notes to the Consolidated Financial Statements are an integral part of these Unaudited Consolidated Financial Statements.
| CONSOLIDATED BALANCE SHEET | Citigroup Inc. and Subsidiaries | | --- | --- || | March 31, | | | | | --- | --- | --- | --- | --- | | | 2026 | | December 31, | | | In millions of dollars | (Unaudited) | | 2025 | | | Assets | | | | | | Cash and due from banks (including segregated cash and other deposits) | $ | 23,625 | $ | 23,717 | | Deposits with banks, net of allowance | 362,097 | | 325,862 | | | Securities borrowed and purchased under agreements to resell (including $189,989 and $206,110 as of March 31, 2026 and December 31, 2025, respectively, at fair value), net of allowance | 353,094 | | 356,195 | | | Brokerage receivables, net of allowance | 91,720 | | 62,679 | | | Trading account assets (including $258,990 and $228,816 pledged to creditors as of March 31, 2026 and December 31, 2025, respectively) | 593,473 | | 537,139 | | | Investments: | | | | | | Available-for-sale debt securities (including $6,286 and $4,931 pledged to creditors as of March 31, 2026 and December 31, 2025, respectively) | 257,822 | | 246,720 | | | Held-to-maturity debt securities, net of allowance (fair value of which is $167,857 and $179,520 as of March 31, 2026 and December 31, 2025, respectively) (includes $98 and $70 pledged to creditors as of March 31, 2026 and December 31, 2025, respectively) | 178,503 | | 189,831 | | | Equity securities (including $759 and $921 as of March 31, 2026 and December 31, 2025, respectively, at fair value) | 7,839 | | 7,678 | | | Total investments | $ | 444,164 | $ | 444,229 | | Loans: | | | | | | Consumer (including $25 and $51 as of March 31, 2026 and December 31, 2025, respectively, at fair value) | 402,391 | | 408,533 | | | Corporate (including $8,498 and $6,804 as of March 31, 2026 and December 31, 2025, respectively, at fair value) | 359,225 | | 343,697 | | | Loans, net of unearned income | $ | 761,616 | $ | 752,230 | | Allowance for credit losses on loans (ACLL) | (19,636) | | (19,247) | | | Total loans, net | $ | 741,980 | $ | 732,983 | | Goodwill | 18,997 | | 19,098 | | | Intangible assets (including MSRs of $766 and $759 as of March 31, 2026 and December 31, 2025, respectively) | 4,305 | | 4,284 | | | Premises and equipment, net of depreciation and amortization | 33,574 | | 33,339 | | | Other assets (including $17,652 and $15,840 as of March 31, 2026 and December 31, 2025, respectively, at fair value), net of allowance | 110,658 | | 117,677 | | | Total assets | $ | 2,777,687 | $ | 2,657,202 |
Statement continues on the next page.
CONSOLIDATED BALANCE SHEET Citigroup Inc. and Subsidiaries
(Continued)
| March 31, | ||||
|---|---|---|---|---|
| 2026 | December 31, | |||
| In millions of dollars, except shares and par value per share amounts | (Unaudited) | 2025 | ||
| Liabilities | ||||
| Deposits (including $4,375 and $4,222 as of March 31, 2026 and December 31, 2025, respectively,<br><br>at fair value) | $ | 1,446,240 | $ | 1,403,573 |
| Securities loaned and sold under agreements to repurchase (including $232,048 and $199,422 as of March 31, 2026 and December 31, 2025, respectively, at fair value) | 369,585 | 348,098 | ||
| Brokerage payables (including $6,219 and $5,492 as of March 31, 2026 and December 31, 2025,<br><br>respectively, at fair value) | 111,224 | 74,836 | ||
| Trading account liabilities | 185,266 | 162,798 | ||
| Short-term borrowings (including $26,719 and $21,567 as of March 31, 2026 and December 31, 2025, respectively, at fair value) | 72,056 | 51,878 | ||
| Long-term debt (including $135,058 and $130,726 as of March 31, 2026 and December 31, 2025, respectively, at fair value) | 307,566 | 315,827 | ||
| Other liabilities, plus allowances | 73,178 | 86,370 | ||
| Total liabilities | $ | 2,565,115 | $ | 2,443,380 |
| Stockholders’ equity | ||||
| Preferred stock ($1.00 par value; authorized shares: 30 million), issued shares: as of March 31, 2026—782,000 and as of December 31, 2025—802,000, at aggregate liquidation value | $ | 19,550 | $ | 20,050 |
| Common stock ($0.01 par value; authorized shares: 6 billion), issued shares: as of March 31, 2026—3,099,784,716 and as of December 31, 2025—3,099,752,593 | 31 | 31 | ||
| Additional paid-in capital | 107,821 | 108,452 | ||
| Retained earnings | 219,542 | 215,128 | ||
| Treasury stock, at cost: March 31, 2026—1,394,207,761 shares and December 31, 2025—<br><br>1,352,205,592 shares | (95,370) | (89,473) | ||
| Accumulated other comprehensive income (loss) (AOCI) | (40,615) | (41,897) | ||
| Total Citigroup stockholders’ equity | $ | 210,959 | $ | 212,291 |
| Noncontrolling interests | 1,613 | 1,531 | ||
| Total equity | $ | 212,572 | $ | 213,822 |
| Total liabilities and equity | $ | 2,777,687 | $ | 2,657,202 |
The Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.
| CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY | Citigroup Inc. and Subsidiaries | ||||||
|---|---|---|---|---|---|---|---|
| (UNAUDITED) | Three Months Ended March 31, | ||||||
| --- | --- | --- | --- | --- | |||
| In millions of dollars | 2026 | 2025 | |||||
| Preferred stock at aggregate liquidation value | |||||||
| Balance, beginning of period | $ | 20,050 | $ | 17,850 | |||
| Issuance of new preferred stock | 1,800 | 2,000 | |||||
| Redemption of preferred stock | (2,300) | (1,500) | |||||
| Balance, end of period | $ | 19,550 | $ | 18,350 | |||
| Common stock and additional paid-in capital (APIC) | |||||||
| Balance, beginning of period | $ | 108,483 | $ | 109,148 | |||
| Employee benefit plans | (625) | (502) | |||||
| Other | (6) | 1 | |||||
| Balance, end of period | $ | 107,852 | $ | 108,647 | |||
| Retained earnings | |||||||
| Balance, beginning of period | $ | 215,128 | $ | 206,294 | |||
| Citigroup’s net income | 5,785 | 4,064 | |||||
| Common dividends(1) | (1,057) | (1,072) | |||||
| Preferred dividends | (305) | (269) | |||||
| Other (primarily reclassifications from APIC for preferred issuance costs on redemptions) | (9) | (4) | |||||
| Balance, end of period | $ | 219,542 | $ | 209,013 | |||
| Treasury stock, at cost | |||||||
| Balance, beginning of period | $ | (89,473) | $ | (76,842) | |||
| Employee benefit plans(2) | 449 | 718 | |||||
| Excise tax on share repurchases(3) | (46) | (6) | |||||
| Treasury stock acquired | (6,300) | (1,750) | |||||
| Balance, end of period | $ | (95,370) | $ | (77,880) | |||
| Citigroup’s accumulated other comprehensive income (loss) | |||||||
| Balance, beginning of period | $ | (41,897) | $ | (47,852) | |||
| Citigroup’s total other comprehensive income (loss) | 1,282 | 2,130 | |||||
| Balance, end of period | $ | (40,615) | $ | (45,722) | |||
| Total Citigroup common stockholders’ equity | $ | 191,409 | $ | 194,058 | |||
| Total Citigroup stockholders’ equity | $ | 210,959 | $ | 212,408 | |||
| Noncontrolling interests (NCI) | |||||||
| Balance, beginning of period | $ | 1,531 | $ | 768 | |||
| Transactions between Citigroup and NCI | — | (10) | |||||
| Net income attributable to NCI | 153 | 43 | |||||
| Distributions paid to NCI | — | — | |||||
| Other comprehensive income (loss) attributable to NCI | (73) | 49 | |||||
| Other | 2 | — | |||||
| Net change in NCI | $ | 82 | $ | 82 | |||
| Balance, end of period | $ | 1,613 | $ | 850 | |||
| Total equity | $ | 212,572 | $ | 213,258 |
(1) Common dividends declared were $0.60 per share for 1Q26 and $0.56 per share for 1Q25.
(2) Includes treasury stock related to certain activity under Citi’s employee restricted or deferred stock programs where shares are withheld to satisfy employees’ tax requirements.
(3) The 1% excise tax on the fair market value of common stock repurchased in the taxable year, reduced by the fair market value of any common stock issued during the same year.
The Notes to the Consolidated Financial Statements are an integral part of these Unaudited Consolidated Financial Statements.
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| CONSOLIDATED STATEMENT OF CASH FLOWS | Citigroup Inc. and Subsidiaries | ||||||
|---|---|---|---|---|---|---|---|
| (UNAUDITED) | Three Months Ended March 31, | ||||||
| --- | --- | --- | --- | --- | |||
| In millions of dollars | 2026 | 2025 | |||||
| Cash flows from operating activities of continuing operations | |||||||
| Net income before attribution of noncontrolling interests | $ | 5,938 | $ | 4,107 | |||
| Net income attributable to noncontrolling interests | 153 | 43 | |||||
| Citigroup’s net income | $ | 5,785 | $ | 4,064 | |||
| Income (loss) from discontinued operations, net of taxes | (1) | (1) | |||||
| Income from continuing operations—excluding noncontrolling interests | $ | 5,786 | $ | 4,065 | |||
| Adjustments to reconcile net income to net cash provided by (used in) operating activities <br>of continuing operations | |||||||
| Net loss (gain) on sale of significant disposals(1) | 18 | — | |||||
| Depreciation and amortization | 1,115 | 1,050 | |||||
| Deferred income taxes | (168) | (8) | |||||
| Provisions for credit losses and for benefits and claims | 2,805 | 2,723 | |||||
| Realized gains from sales of investments | (270) | (121) | |||||
| Impairment losses on investments and other assets | 136 | 58 | |||||
| Change in trading account assets | (56,371) | (75,872) | |||||
| Change in trading account liabilities | 22,468 | 14,842 | |||||
| Change in brokerage receivables net of brokerage payables | 7,347 | 5,102 | |||||
| Change in loans held-for-sale (HFS) | 588 | (856) | |||||
| Change in other assets | (6,920) | (3,067) | |||||
| Change in other liabilities | 264 | (2,168) | |||||
| Other, net | 1,329 | (4,456) | |||||
| Total adjustments | $ | (27,659) | $ | (62,773) | |||
| Net cash provided by (used in) operating activities of continuing operations | $ | (21,873) | $ | (58,708) | |||
| Cash flows from investing activities of continuing operations | |||||||
| Change in securities borrowed and purchased under agreements to resell | $ | 3,101 | $ | (116,153) | |||
| Change in loans | (13,692) | (11,506) | |||||
| Proceeds from divestitures(1) | 233 | — | |||||
| Proceeds from sales and securitizations of loans | 1,473 | 1,002 | |||||
| Available-for-sale (AFS) debt securities | |||||||
| Purchases of investments | (100,769) | (73,927) | |||||
| Proceeds from sales of investments | 38,384 | 36,332 | |||||
| Proceeds from maturities of investments | 48,787 | 45,315 | |||||
| Held-to-maturity (HTM) debt securities | |||||||
| Purchases of investments | (574) | (4,940) | |||||
| Proceeds from maturities of investments | 11,928 | 26,941 | |||||
| Capital expenditures on premises and equipment and capitalized software | (1,415) | (1,517) | |||||
| Proceeds from sales of premises and equipment and repossessed assets | 3 | 11 | |||||
| Other, net | 150 | (541) | |||||
| Net cash provided by (used in) investing activities of continuing operations | $ | (12,391) | $ | (98,983) | |||
| Statement continues on the next page. | |||||||
| CONSOLIDATED STATEMENT OF CASH FLOWS | |||||||
| --- | --- | --- | --- | --- | |||
| (UNAUDITED) (Continued) | |||||||
| Three Months Ended March 31, | |||||||
| In millions of dollars | 2026 | 2025 | |||||
| Cash flows from financing activities of continuing operations | |||||||
| Dividends paid | $ | (1,353) | $ | (1,323) | |||
| Issuance of preferred stock | 1,785 | 1,995 | |||||
| Redemption of preferred stock | (2,300) | (1,500) | |||||
| Treasury stock acquired(2) | (6,300) | (1,751) | |||||
| Stock tendered for payment of withholding taxes | (1,147) | (754) | |||||
| Change in securities loaned and sold under agreements to repurchase | 21,487 | 149,204 | |||||
| Issuance of long-term debt | 24,924 | 29,612 | |||||
| Payments and redemptions of long-term debt | (28,692) | (23,093) | |||||
| Change in deposits | 42,667 | 31,952 | |||||
| Change in short-term borrowings | 20,178 | 634 | |||||
| Net cash provided by (used in) financing activities of continuing operations | $ | 71,249 | $ | 184,976 | |||
| Effect of exchange rate changes on cash, due from banks and deposits with banks | $ | (842) | $ | 4,514 | |||
| Change in cash, due from banks and deposits with banks | 36,143 | 31,799 | |||||
| Cash, due from banks and deposits with banks at beginning of period | 349,579 | 276,532 | |||||
| Cash, due from banks and deposits with banks at end of period | $ | 385,722 | $ | 308,331 | |||
| Cash and due from banks (including segregated cash and other deposits) | $ | 23,625 | $ | 24,463 | |||
| Deposits with banks, net of allowance | 362,097 | 283,868 | |||||
| Cash, due from banks and deposits with banks at end of period | $ | 385,722 | $ | 308,331 | |||
| Supplemental disclosure of cash flow information for continuing operations | |||||||
| Cash paid during the period for interest | $ | 19,559 | $ | 19,389 | |||
| Non-cash investing activities(1)(3) | |||||||
| Transfers to loans HFS (Other assets) from loans HFI | $ | 1,213 | $ | 1,032 |
(1) See “Significant Disposals” in Note 2.
(2) Balances based on transaction date.
(3) Operating and finance lease right-of-use assets and lease liabilities represent non-cash investing and financing activities, respectively, and are not included in the non-cash investing activities presented here. See Note 24 for more information and balances as of March 31, 2026.
The Notes to the Consolidated Financial Statements are an integral part of these Unaudited Consolidated Financial Statements.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
1. BASIS OF PRESENTATION, UPDATED ACCOUNTING POLICIES AND ACCOUNTING CHANGES
Basis of Presentation
The accompanying unaudited Consolidated Financial Statements as of March 31, 2026 and for the three months ended March 31, 2026 and 2025 include the accounts of Citigroup Inc. and its consolidated subsidiaries.
In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation have been reflected. The accompanying unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes included within Citigroup’s Annual Report on Form 10-K for the year ended December 31, 2025 (2025 Form 10-K).
Certain financial information that is usually included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP), but is not required for interim reporting purposes, has been condensed or omitted.
Management must make estimates and assumptions that affect the Consolidated Financial Statements and the related footnote disclosures. While management uses its best judgment, actual results could differ from those estimates.
As noted above, the Notes to these Consolidated Financial Statements are unaudited.
Throughout these Notes, “Citigroup,” “Citi” and “the Company” refer to Citigroup Inc. and its consolidated subsidiaries.
Certain reclassifications and updates have been made to the prior periods’ financial statements and notes to conform to the current period’s presentation.
Cash equivalents are defined as those amounts included in Cash and due from banks and predominately all of Deposits with banks. Cash flows from risk management activities are classified in the same category as the related assets and liabilities. Amounts included in Cash and due from banks and Deposits with banks approximate fair value.
The Company has receivables and payables for financial instruments sold to and purchased from brokers, dealers and customers, which arise in the ordinary course of business. These amounts include Brokerage receivables and Brokerage payables on the Consolidated Balance Sheet that are recorded by Citi’s broker-dealer entities and accounted for in accordance with the AICPA Accounting Guide for Brokers and Dealers in Securities as codified in ASC 940-320.
ACCOUNTING CHANGES
See Note 1 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K for a discussion of 2025 accounting changes.
FUTURE ACCOUNTING CHANGES
Initial Measurement of Paid-in-Kind Dividends on Equity-Classified Preferred Stock
In April 2026, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2026-01, Equity (Topic 505): Initial Measurement of Paid-in-Kind Dividends on Equity-Classified Preferred Stock, to provide authoritative guidance on how an issuer should initially measure paid-in-kind (PIK) dividends on equity-classified preferred stock. The amendments do not affect the recognition timing of PIK dividends but clarify that PIK dividends within scope are to be initially measured on the basis of the PIK dividend rate stated in the preferred stock agreement. The ASU will be effective for all entities for interim and annual periods beginning after December 15, 2026, with early adoption permitted. Adoption may be applied either on a prospective basis or on a modified retrospective basis for equity-classified preferred stock instruments outstanding as of the initial application date. Adoption of the ASU is not expected to have a material impact on Citi’s operating results or financial position.
Hedge Accounting Improvements
In November 2025, the FASB issued ASU No. 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements, to clarify certain aspects of the guidance on hedge accounting and to address several incremental hedge accounting issues arising from the global reference rate reform initiative. The objective of the ASU is to more closely align hedge accounting with the economics of an entity’s risk management activities. The amendments, which are adopted prospectively, are effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual reporting periods, with early adoption permitted. Adoption of the ASU is not expected to have a material impact on Citi’s operating results or financial position.
Purchased Loans
In November 2025, the FASB issued ASU No. 2025-08, Financial Instruments—Credit Losses (Topic 326): Purchased Loans, which amends Topic 326 to expand the application of the gross-up method of recording the expected credit losses at the purchase date to “purchased seasoned loans” that do not have more-than-insignificant credit losses at acquisition.
All non-purchased credit deteriorated (PCD) loans (excluding credit cards) that are acquired in a business combination are deemed seasoned while other non-PCD loans (excluding credit cards) are seasoned if they were purchased at least 90 days after origination and the acquirer was not involved in the origination of the loans. As a result of this ASU, originated loans and purchased non-seasoned loans without credit deterioration will recognize expected credit losses at origination or when purchased, while purchased loans with credit deterioration will reflect a gross-up associated with credit at acquisition.
The amendments in this ASU are effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption permitted. The amendments in this ASU should be applied prospectively to loans that are acquired on or after the initial application date. Citi is currently evaluating the impact of this ASU on its financial statements.
Derivatives Scope Refinements and Scope Clarification for Share-Based Non-Cash Consideration from a Customer in a Revenue Contract
In September 2025, the FASB issued ASU No. 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606). The amendments in the ASU exclude from derivative accounting certain non-exchange-traded contracts with underlyings that are based on operations or activities specific to one of the parties to the contract. The amendments also clarify that an entity should apply the guidance in Topic 606, including the guidance on non-cash consideration, to a contract with share-based non-cash consideration from a customer for the transfer of goods or services. The transition method is prospective with the modified retrospective method permitted. The amendments will be effective for fiscal years beginning after December 15, 2026, with early adoption permitted. Citi is currently evaluating the impact of the amendments.
Accounting for Internal-Use Software Costs
In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, intended to modernize the internal-use software guidance, primarily by eliminating accounting consideration of software project development stages and enhancing the guidance around the “probable-to-complete” threshold in determining when capitalization of internal-use software costs begins. The ASU will be effective for all entities for interim and annual periods beginning after December 15, 2027, with early adoption permitted. Citi is currently assessing the impact and approach toward adopting this ASU.
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), to improve the disclosures of expenses by requiring public business entities to provide further disaggregation of relevant expense captions (i.e., employee compensation, depreciation, intangible asset amortization) in a separate note to the financial statements, a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and the total amount of selling expenses and, in an annual reporting period, an entity’s definition of selling expenses.
The transition method is prospective with the retrospective method permitted, and the ASU will be effective for Citi for its annual period ending December 31, 2027 and interim periods for the interim period beginning January 1, 2028. Citi is currently evaluating the impact on its disclosures.
2. SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS
Significant Disposals
Citi has largely completed its exits from 12 of 14 international consumer markets as part of its strategic refresh, and continues to make significant progress on the divestitures of the remaining two markets, completing the sales of minority equity interests in Banamex and signing an agreement to sell its Poland consumer banking business. Of the 12 exits, as of March 31, 2026, Citi has disposed of nine consumer banking businesses through sales and largely disposed of three consumer markets through other means, including wind‑down activities and loan portfolio dispositions in China, Russia and Korea, all reported within All Other—Legacy Franchises, as part of Citi’s strategic refresh. For additional information, see Note 2 in the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
During 2025, the following transactions were identified as significant disposals, including the assets and liabilities that were reclassified to held-for-sale (HFS) within Other assets and Other liabilities on the Consolidated Balance Sheet and the Income (loss) before taxes (benefits) related to the business.
Agreement to Sell Poland Consumer Banking Business
On May 27, 2025, Citi entered into an agreement to sell its Poland consumer banking business, which is part of All Other—Legacy Franchises. The sale, which is subject to regulatory approvals and other customary closing conditions, is expected to close by mid-2026. Beginning in the second quarter of 2025, Citi reported the business as HFS. Since 2025, on a cumulative basis, Citi recognized a pretax loss on sale of approximately $177 million, recorded in Other revenue ($135 million after-tax), subject to closing adjustments.
Income before taxes, excluding the pretax loss on sale, for the Poland consumer banking business was as follows:
| Three Months Ended March 31, | ||||
|---|---|---|---|---|
| In millions of dollars | 2026 | 2025 | ||
| Income before taxes | $ | 21 | $ | 32 |
The following assets and liabilities related to the Poland consumer banking business were reclassified to HFS within Other assets and Other liabilities, respectively, on the Consolidated Balance Sheet at March 31, 2026:
| In millions of dollars | March 31, 2026 | |
|---|---|---|
| Assets | ||
| Cash and deposits with banks(1) | $ | 4,570 |
| Loans (net of allowance of $24 at March 31, 2026) | 1,625 | |
| Other assets | 60 | |
| Total assets | $ | 6,255 |
| Liabilities | ||
| Deposits | $ | 5,956 |
| Other liabilities | 61 | |
| Total liabilities | $ | 6,017 |
(1) Includes liquidity resources currently composed of approximately $4.5 billion of Deposits with banks. This may transfer as cash and securities at time of closing and is primarily recorded in Markets.
Sale of AO Citibank
On February 18, 2026, Citi signed and closed the sale of AO Citibank to Renaissance Capital (RenCap). AO Citibank conducted Citi’s remaining operations in Russia, which were historically reported within the Services, Markets and Banking reportable segments as well as within All Other.
AO Citibank had approximately $13.5 billion in assets, including $11.4 billion of Other assets and $2.0 billion of Cash and deposits with banks. The total amount of liabilities was $13.7 billion, primarily consisting of deposits, including $1.7 billion in intercompany deposits, which is now owed to Citi by RenCap. The sale resulted in a pretax loss on sale of approximately $1.2 billion ($1.1 billion after-tax) recorded in Other revenue, primarily reflected in the fourth quarter of 2025.
Income before taxes, excluding the pretax loss on sale, for AO Citibank was as follows:
| Three Months Ended March 31, | ||||
|---|---|---|---|---|
| In millions of dollars | 2026 | 2025 | ||
| Income before taxes | $ | 24 | $ | (17) |
Citi did not have any other significant disposals as of March 31, 2026. For a description of the Company’s significant disposal transactions in prior periods and financial impact, see Note 2 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
Other Business Exits
Other significant transactions during 2026 included the following:
Agreements for Investors’ Commitments to Acquire, in Aggregate, 24% Equity Stake in Banamex
On February 23, 2026, Citi announced that it had entered into agreements with several prominent institutional investors and family offices who have committed to acquire, in aggregate, 24% (approximately 499 million shares) of Banamex’s outstanding common stock at a fixed price of approximately MXN 43 billion, subject to purchase price adjustments. The transaction is subject to customary closing conditions, including antitrust regulatory approval in Mexico.
On April 29, 2026, Citi completed the sale of 22.6% of the 24% (approximately 470 million shares) equity stake in Banamex, which resulted in Citi receiving total sales consideration of approximately $2.3 billion. The sale of the remaining 1.4% equity stake is expected to be completed in mid-2026.
Upon closing of the 22.6% Banamex sale, and based on balances as of March 31, 2026, Citi’s total stockholders’ equity is expected to increase by approximately $1.7 billion, due to (i) the reclassification of an approximate $2.1 billion CTA loss associated with Banamex from AOCI (within Total Citigroup stockholders’ equity) to Noncontrolling interests
(NCI), partially offset by (ii) a net loss on sale of approximately $0.4 billion recorded primarily in Additional paid-in capital within Total Citigroup stockholders’ equity, which reflects the difference between the cash consideration received and 22.6% of the Banamex U.S. GAAP book value. During the second quarter of 2026, Citi continued to consolidate Banamex into its Consolidated Financial Statements.
3. REPORTABLE BUSINESS SEGMENTS AND ALL OTHER
The reportable business segments (segments) and All Other 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 business segments: Services, Markets, Banking, Wealth and U.S. Consumer Cards (USCC), with the remaining operations recorded in All Other, which includes activities not assigned to a specific segment, as well as discontinued operations. See segment details in Note 3 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
Prior-period reportable operating segment and All Other results have been recast to reflect the following changes effective January 1, 2026:
•Citi transferred its Retail Banking business from the former U.S. Personal Banking (USPB) to Wealth and integrated the remaining USPB businesses into a new U.S. Consumer Cards segment.
•Citi eliminated the corporate lending revenue share arrangement by updating its TCE methodology among the Services, Markets and Banking segments to better align their capital usage associated with the shared economic benefits of corporate lending to clients across these segments.
•Certain interest rate risk-management activities within Markets were moved to All Other—Corporate/Other, or between businesses within Markets.
•Certain other immaterial reclassifications impacting the results of each business segment and All Other were made.
Citi’s consolidated results remain unchanged for all periods presented following the changes and reclassifications discussed above.
Revenues and expenses directly associated with each segment or line of business are included in determining respective operating results. Other revenues and expenses that are attributable to a particular segment or All Other are generally allocated from Corporate/Other within All Other based on respective net revenues, non-interest expenses or other relevant measures.
Revenues and expenses from transactions with other segments and All Other are treated as transactions with external parties for purposes of segment disclosures, while funding charges paid by segments and funding credits received by Corporate Treasury within All Other are included in net interest income. The Company includes intersegment eliminations from Corporate/Other within All Other to reconcile the segment results to Citi’s consolidated results.
The accounting policies of these segments and All Other are the same as those disclosed in Note 1 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
The following tables present certain information regarding the Company’s continuing operations by reportable business segment 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 business segment and
All Other by comparing to and monitoring against budget and prior-year results. This information is used to allocate resources to each of the segments and All Other 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.
| Three Months Ended March 31, | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In millions of dollars, except end-of-period assets, <br>average loans and average deposits in billions | Services | Markets | Banking | ||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||
| Net interest income | $ | 4,143 | $ | 3,498 | $ | 2,797 | $ | 1,924 | $ | 587 | $ | 491 | |
| Non-interest revenue | 1,960 | 1,706 | 4,449 | 4,151 | 1,180 | 1,039 | |||||||
| Total revenues, net of interest expense | $ | 6,103 | $ | 5,204 | $ | 7,246 | $ | 6,075 | $ | 1,767 | $ | 1,530 | |
| Compensation expense(1) | $ | 707 | $ | 632 | $ | 1,200 | $ | 1,018 | $ | 779 | $ | 632 | |
| Non-compensation expense(2) | 2,228 | 1,952 | 2,635 | 2,448 | 461 | 402 | |||||||
| Total operating expense | $ | 2,935 | $ | 2,584 | $ | 3,835 | $ | 3,466 | $ | 1,240 | $ | 1,034 | |
| Provisions for credit losses and for benefits and claims | $ | 94 | $ | 51 | $ | (15) | $ | 201 | $ | 132 | $ | 214 | |
| Provision (benefits) for income taxes | 832 | 720 | 797 | 546 | 91 | 60 | |||||||
| Income (loss) from continuing operations | 2,242 | 1,849 | 2,629 | 1,862 | 304 | 222 | |||||||
| End-of-period assets (March 31, 2026 and December 31, 2025) | $ | 649 | $ | 628 | $ | 1,280 | $ | 1,185 | $ | 154 | $ | 140 | |
| Average loans | 99 | 87 | 162 | 128 | 83 | 82 | |||||||
| Average deposits | 961 | 826 | 19 | 15 | — | — | |||||||
| In millions of dollars, except end-of-period assets, <br>average loans and average deposits in billions | Wealth | USCC | |||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||
| Net interest income | $ | 2,095 | $ | 1,831 | $ | 5,116 | $ | 4,984 | |||||
| Non-interest revenue | 970 | 926 | (359) | (417) | |||||||||
| Total revenues, net of interest expense | $ | 3,065 | $ | 2,757 | $ | 4,757 | $ | 4,567 | |||||
| Compensation expense(1) | $ | 866 | $ | 880 | $ | 354 | $ | 342 | |||||
| Non-compensation expense(2) | 1,549 | 1,510 | 1,357 | 1,349 | |||||||||
| Total operating expense | $ | 2,415 | $ | 2,390 | $ | 1,711 | $ | 1,691 | |||||
| Provisions for credit losses and for benefits and claims | $ | 101 | $ | 126 | $ | 2,092 | $ | 1,783 | |||||
| Provision (benefits) for income taxes | 117 | 50 | 222 | 255 | |||||||||
| Income (loss) from continuing operations | 432 | 191 | 732 | 838 | |||||||||
| End-of-period assets (March 31, 2026 and December 31, 2025) | $ | 320 | $ | 316 | $ | 171 | $ | 178 | |||||
| Average loans | 205 | 194 | 171 | 168 | |||||||||
| Average deposits | 414 | 399 | — | — | |||||||||
| In millions of dollars, except end-of-period assets, <br>average loans and average deposits in billions | All Other(3) | Reconciling Items(3) | Total Citi | ||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||
| Net interest income | $ | 1,003 | $ | 1,284 | $ | — | $ | — | $ | 15,741 | $ | 14,012 | |
| Non-interest revenue | 679 | 179 | 13 | — | 8,892 | 7,584 | |||||||
| Total revenues, net of interest expense | $ | 1,682 | $ | 1,463 | $ | 13 | $ | — | $ | 24,633 | $ | 21,596 | |
| Total operating expense | $ | 2,144 | $ | 2,226 | $ | 31 | $ | 34 | $ | 14,311 | $ | 13,425 | |
| Provisions for credit losses and for benefits and claims | $ | 400 | $ | 359 | $ | 1 | $ | (11) | $ | 2,805 | $ | 2,723 | |
| Provision (benefits) for income taxes | (474) | (283) | (7) | (8) | 1,578 | 1,340 | |||||||
| Income (loss) from continuing operations | (388) | (839) | (12) | (15) | 5,939 | 4,108 | |||||||
| End-of-period assets (March 31, 2026 and December 31, 2025) | $ | 204 | $ | 210 | $ | 2,778 | $ | 2,657 | |||||
| Average loans | 35 | 32 | 755 | 691 | |||||||||
| Average deposits | 52 | 65 | 1,446 | 1,305 |
(1) 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 segment, as applicable, through the non-compensation expense line.
(2) Non-compensation expense for each segment includes allocated compensation and benefits-related costs from Corporate/Other within All Other to the respective segments, and expenses related to Technology/communication, Transactional and product servicing, Premises and equipment, Professional services, Advertising and marketing and Other operating (all of which include certain overhead expenses).
(3) Segment results are presented on a managed basis that excludes divestiture-related impacts related to Citi’s divestitures of its Asia Consumer businesses and Banamex, 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.
The following table presents a reconciliation of total Citigroup income from continuing operations as reported:
| Three Months Ended March 31, | ||||
|---|---|---|---|---|
| In millions of dollars | 2026(1) | 2025(2) | ||
| Total reportable business segments and All Other—income from continuing operations(3) | $ | 5,951 | $ | 4,123 |
| Divestiture-related impact on: | ||||
| Total revenues, net of interest expense | 13 | — | ||
| Total operating expenses | 31 | 34 | ||
| Provision (release) for credit losses | 1 | (11) | ||
| Provision (benefits) for income taxes | (7) | (8) | ||
| Income from continuing operations | $ | 5,939 | $ | 4,108 |
(1) The three months ended March 31, 2026 includes approximately $31 million in operating expenses ($23 million after-tax), primarily driven by separation costs in Mexico.
(2) The three months ended March 31, 2025 includes approximately $34 million in operating expenses ($23 million after-tax), largely driven by separation costs in Mexico and severance costs in the Asia exit markets. For additional information, see Citi’s Quarterly Report on Form 10-Q for the period ended March 31, 2025.
(3) Segment results are presented on a managed basis that excludes divestiture-related impacts related to Citi’s divestitures of its Asia Consumer businesses and Banamex, 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.
4. INTEREST INCOME AND EXPENSE
Interest income and Interest expense consisted of the following:
| Three Months Ended March 31, | ||||
|---|---|---|---|---|
| In millions of dollars | 2026 | 2025 | ||
| Interest income | ||||
| Consumer loans | $ | 9,977 | $ | 9,758 |
| Corporate loans | 5,249 | 4,968 | ||
| Loan interest, including fees | $ | 15,226 | $ | 14,726 |
| Deposits with banks | 3,194 | 3,001 | ||
| Securities borrowed and purchased under agreements to resell | 6,681 | 6,291 | ||
| Investments, including dividends | 4,019 | 4,166 | ||
| Trading account assets(1) | 4,897 | 4,370 | ||
| Other interest-bearing assets(2) | 1,496 | 1,112 | ||
| Total interest income | $ | 35,513 | $ | 33,666 |
| Interest expense | ||||
| Deposits | $ | 8,253 | $ | 8,438 |
| Securities loaned and sold under agreements to repurchase | 6,598 | 6,256 | ||
| Trading account liabilities(1) | 769 | 757 | ||
| Short-term borrowings and other interest-bearing liabilities(3) | 1,832 | 1,726 | ||
| Long-term debt | 2,320 | 2,477 | ||
| Total interest expense | $ | 19,772 | $ | 19,654 |
| Net interest income | $ | 15,741 | $ | 14,012 |
| Provision for credit losses on loans | 2,605 | 2,561 | ||
| Net interest income after provision for credit losses on loans | $ | 13,136 | $ | 11,451 |
(1)Interest expense on Trading account liabilities of Services, Markets and Banking is reported as a reduction of Interest income. Interest income and Interest expense on cash collateral positions are reported in interest on Trading account assets and Trading account liabilities, respectively.
(2)Includes assets from businesses held-for-sale (see “Significant Disposals” in Note 2) and Brokerage receivables.
(3)Includes liabilities from businesses held-for-sale (see “Significant Disposals” in Note 2) and Brokerage payables.
5. COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES
Commissions and Fees
The primary components of Commissions and fees revenue are investment banking fees, brokerage commissions, credit card and bank card income, deposit-related fees and transactional service fees. See Note 3 for segment results and Note 5 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K for additional information on Citi’s commissions and fees.
The following table presents Commissions and fees revenue:
| Three Months Ended March 31, | ||||
|---|---|---|---|---|
| In millions of dollars | 2026 | 2025 | ||
| Investment banking(1) | $ | 1,238 | $ | 1,036 |
| Brokerage commissions(2) | 886 | 704 | ||
| Credit card and bank card income(3) | ||||
| Interchange fees | 3,015 | 2,837 | ||
| Card-related loan fees | 207 | 163 | ||
| Card rewards and partner payments | (3,237) | (3,135) | ||
| Deposit-related fees(4) | 346 | 328 | ||
| Transactional service fees(5) | 398 | 353 | ||
| Corporate finance(6) | 151 | 172 | ||
| Insurance distribution revenue(7) | 94 | 82 | ||
| Insurance premiums(8) | 47 | 23 | ||
| Loan servicing | 16 | 24 | ||
| Other | 111 | 120 | ||
| Total(9) | $ | 3,272 | $ | 2,707 |
(1) Investment banking fees are earned primarily by Banking and Markets. For the periods presented, the contract liability amount was negligible.
(2) Brokerage commissions are earned primarily by Markets and Wealth. The Company recognized $58 million of revenue related to variable consideration for the three months ended March 31, 2026, and $114 million for the three months ended March 31, 2025, respectively. These amounts primarily relate to performance obligations satisfied in prior periods.
(3) Credit card and bank card income is earned primarily by USCC and Services.
(4) Deposit-related fees are earned primarily by Services and Wealth.
(5) Transactional service fees are earned primarily by Services.
(6) Consists primarily of fees earned from structuring and underwriting loan syndications or related financing activity earned primarily by Banking. This activity is accounted for under ASC 310.
(7) Insurance distribution revenue is earned primarily by Wealth and Legacy Franchises within All Other.
(8) Insurance premiums are earned primarily by Legacy Franchises within All Other.
(9) Commissions and fees include $(2,816) million not accounted for under ASC 606, Revenue from Contracts with Customers, for the three months ended March 31, 2026, and $(2,751) million for the three months ended March 31, 2025, respectively. Amounts reported in Commissions and fees accounted for under other guidance primarily include card-related loan fees, card reward programs and certain partner payments, corporate finance fees, insurance premiums and loan servicing fees.
Administration and Other Fiduciary Fees
Administration and other fiduciary fees revenue is primarily composed of custody fees and fiduciary fees. See Note 3 for segment results and Note 5 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K for additional information on Citi’s administration and other fiduciary fees.
The following table presents Administration and other fiduciary fees revenue:
| Three Months Ended March 31, | ||||
|---|---|---|---|---|
| In millions of dollars | 2026 | 2025 | ||
| Custody fees(1) | $ | 565 | $ | 479 |
| Fiduciary fees(2) | 426 | 434 | ||
| Guarantee fees | 132 | 132 | ||
| Total administration and other fiduciary fees(3) | $ | 1,123 | $ | 1,045 |
(1) Custody fees are earned primarily by Services.
(2) Fiduciary fees are earned primarily by Wealth and Legacy Franchises within All Other.
(3) Administration and other fiduciary fees include $132 million and $132 million for the three months ended March 31, 2026 and 2025, respectively, that are not accounted for under ASC 606, Revenue from Contracts with Customers. These generally include guarantee fees.
6. PRINCIPAL TRANSACTIONS
The table below consists of realized and unrealized gains and losses presented in Principal transactions. Activities include revenues from fixed income, equities, credit and commodities products and foreign exchange transactions that are managed on a portfolio basis and characterized below based on the primary risk managed by each trading desk (as such, the trading desks can be periodically reorganized and thus the risk categories).
Principal transactions include CVA (credit valuation adjustments) and FVA (funding valuation adjustments) on over-the-counter derivatives. These adjustments are discussed further in Note 21.
For transactions that are denominated in a currency other than the functional currency, including transactions denominated in the local currencies of foreign operations that use the U.S. dollar as their functional currency, the effects of changes in exchange rates are included in Principal transactions, along with the related effects of any qualifying and economic hedges.
Not included in the table below is the impact of net interest income related to trading activities, which is an integral part of the profitability of trading activities (see Note 4).
| Three Months Ended March 31, | ||||
|---|---|---|---|---|
| In millions of dollars | 2026 | 2025 | ||
| Interest rate risks(1) | $ | 480 | $ | 547 |
| Foreign exchange risks(2) | 1,818 | 1,536 | ||
| Equity risks(3) | 1,233 | 886 | ||
| Commodity and other risks(4) | 548 | 359 | ||
| Credit products and risks(5) | (71) | 182 | ||
| Total | $ | 4,008 | $ | 3,510 |
(1) Includes revenues from government securities, municipal securities, mortgage securities and other debt instruments. Also includes spot and forward trading of currencies and exchange-traded and over-the-counter (OTC) currency options, options on fixed income securities, interest rate swaps, currency swaps, swap options, caps and floors, financial futures, OTC options and forward contracts on fixed income securities.
(2) Includes revenues from foreign exchange spot, forward, option and swap contracts, as well as foreign currency translation gains and losses.
(3) Includes revenues from common, preferred and convertible preferred stock, convertible corporate debt, equity-linked notes and exchange-traded and OTC equity options and warrants.
(4) Primarily includes revenues from energy products, metals and other commodities trades.
(5) Includes revenues from corporate debt, secondary trading loans, mortgage securities, single name and index credit default swaps, and structured credit products.
7. INCENTIVE PLANS
For information on Citi’s incentive plans, see Note 7 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
8. RETIREMENT BENEFITS
For additional information on Citi’s retirement benefits, see Note 8 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
Citigroup remeasures its significant pension and postretirement benefits plans’ obligations and assets by updating plan actuarial assumptions quarterly, when certain conditions are met to trigger interim remeasurement. No interim remeasurement occurred for the first quarter of 2026 or 2025.
Net Expense (Benefit)
The following table summarizes the components of net expense (benefit) recognized in the Consolidated Statement of Income for the Company’s pension and postretirement benefit plans. Service cost is reported in Compensation and benefits expenses and all other components of the net periodic benefit cost are reported in Other operating expenses in the Consolidated Statement of Income.
| Three Months Ended March 31, | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pension plans | Postretirement benefit plans | |||||||||||||||
| U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans | |||||||||||||
| In millions of dollars | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||
| Service cost | $ | — | $ | — | $ | 32 | $ | 26 | $ | — | $ | — | $ | — | $ | — |
| Interest cost on benefit obligation | 109 | 118 | 115 | 100 | 3 | 4 | 37 | 28 | ||||||||
| Expected return on assets | (144) | (150) | (111) | (88) | (2) | (3) | (27) | (17) | ||||||||
| Amortization of unrecognized: | ||||||||||||||||
| Prior service cost (benefit) | — | — | — | (1) | (3) | (2) | (2) | (2) | ||||||||
| Net actuarial loss (gain) | 52 | 48 | 17 | 16 | (2) | (3) | 5 | 3 | ||||||||
| Total net expense (benefit) | $ | 17 | $ | 16 | $ | 53 | $ | 53 | $ | (4) | $ | (4) | $ | 13 | $ | 12 |
Contributions
The following table summarizes the Company’s expected contributions for 2026 and the actual contributions made in 2025:
| Pension plans | Postretirement benefit plans | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| U.S. plans(1) | Non-U.S. plans(2) | U.S. plans | Non-U.S. plans | |||||||||||||
| In millions of dollars | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||
| Company contributions(3) expected to be made during the year, and made during the prior year | $ | 55 | $ | 55 | $ | 118 | $ | 363 | $ | 5 | $ | 19 | $ | 12 | $ | 208 |
(1)The U.S. plans include benefits paid directly by the Company for the nonqualified pension plans.
(2)The Company made a discretionary contribution of approximately $40 million and $210 million to a pension plan and a postretirement benefit plan, respectively, in Mexico Consumer/SBMM during the fourth quarter of 2025. The Company also made a contribution of approximately $190 million to a pension plan in Korea during 2025 due to legislative updates.
(3)Company contributions are composed of cash contributions made to the plans and benefits paid directly by the Company.
9. EARNINGS PER SHARE
The following table reconciles the income and share data used in the basic and diluted earnings per share (EPS) computations:
| Three Months Ended March 31, | ||||
|---|---|---|---|---|
| In millions of dollars, except per share amounts | 2026 | 2025 | ||
| Earnings per common share | ||||
| Income from continuing operations before attribution of noncontrolling interests | $ | 5,939 | $ | 4,108 |
| Less: Noncontrolling interests from continuing operations | 153 | 43 | ||
| Net income from continuing operations (for EPS purposes) | $ | 5,786 | $ | 4,065 |
| Loss from discontinued operations, net of taxes | (1) | (1) | ||
| Citigroup’s net income | $ | 5,785 | $ | 4,064 |
| Less: Preferred dividends | 305 | 269 | ||
| Net income available to common shareholders | $ | 5,480 | $ | 3,795 |
| Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with rights to dividends, and other relevant items(1), applicable to basic EPS | 56 | 44 | ||
| Net income allocated to common shareholders for basic EPS | $ | 5,424 | $ | 3,751 |
| Weighted-average common shares outstanding applicable to basic EPS (in millions) | 1,736.9 | 1,879.0 | ||
| Basic earnings per share | ||||
| Income from continuing operations | $ | 3.12 | $ | 2.00 |
| Discontinued operations | — | — | ||
| Net income per share—basic(2) | $ | 3.12 | $ | 2.00 |
| Diluted earnings per share | ||||
| Net income allocated to common shareholders for basic EPS | $ | 5,424 | $ | 3,751 |
| Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends that are forfeitable | 18 | 17 | ||
| Net income allocated to common shareholders for diluted EPS | $ | 5,442 | $ | 3,768 |
| Weighted-average common shares outstanding applicable to basic EPS (in millions) | 1,736.9 | 1,879.0 | ||
| Effect of dilutive securities(3) | ||||
| Other employee plans | 39.1 | 40.6 | ||
| Adjusted weighted-average common shares outstanding applicable to diluted EPS (in millions) | 1,776.0 | 1,919.6 | ||
| Diluted earnings per share | ||||
| Income from continuing operations | $ | 3.06 | $ | 1.96 |
| Discontinued operations | — | — | ||
| Net income per share—diluted(2) | $ | 3.06 | $ | 1.96 |
(1)The total for this line includes dividends and undistributed earnings ($47 million combined for 1Q26) allocated to employee restricted and deferred shares with rights to dividends.
(2)Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income.
(3) During the three months ended March 31, 2026 there were 1.1 million weighted-average stock options outstanding; however, they were anti-dilutive and did not impact dilutive securities or EPS above. There were no weighted-average options outstanding during the prior-year period.
10. 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 2025 Form 10-K.
Securities borrowed and purchased under agreements to resell, at their respective carrying values, consisted of the following:
| In millions of dollars | March 31,<br>2026 | December 31, 2025 | ||
|---|---|---|---|---|
| Securities purchased under agreements to resell | $ | 269,742 | $ | 279,722 |
| Securities borrowed | 83,357 | 76,478 | ||
| Total, net(1) | $ | 353,099 | $ | 356,200 |
| Allowance for credit losses on securities purchased and borrowed(2) | (5) | (5) | ||
| Total, net of allowance | $ | 353,094 | $ | 356,195 |
Securities loaned and sold under agreements to repurchase, at their respective carrying values, consisted of the following:
| In millions of dollars | March 31,<br>2026 | December 31, 2025 | ||
|---|---|---|---|---|
| Securities sold under agreements to repurchase | $ | 342,934 | $ | 328,196 |
| Securities loaned | 26,651 | 19,902 | ||
| Total, net(1) | $ | 369,585 | $ | 348,098 |
(1) The above tables do not include securities-for-securities lending transactions of $6.2 billion and $5.5 billion at March 31, 2026 and December 31, 2025, 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 13.
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 March 31, 2026 | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In millions of dollars | Gross amounts<br>of recognized<br>assets | Gross amounts<br>offset on the<br>Consolidated<br>Balance Sheet(1)(2) | Net amounts of<br>assets included on<br>the Consolidated<br>Balance Sheet | Amounts not offset on the Consolidated Balance<br>Sheet but eligible for<br>offsetting upon<br>counterparty default(2)(3) | Net<br>amounts(4) | |||||||||||||||||
| Securities purchased under agreements to resell | $ | 678,635 | $ | 408,893 | $ | 269,742 | $ | 267,514 | $ | 2,228 | ||||||||||||
| Securities borrowed | 109,096 | 25,739 | 83,357 | 29,880 | 53,477 | |||||||||||||||||
| Total | $ | 787,731 | $ | 434,632 | $ | 353,099 | $ | 297,394 | $ | 55,705 | In millions of dollars | Gross amounts<br>of recognized<br>liabilities | Gross amounts<br>offset on the<br>Consolidated<br>Balance Sheet(1)(2) | Net amounts of<br>liabilities included on<br>the Consolidated<br>Balance Sheet | Amounts not offset on the<br>Consolidated Balance<br>Sheet but eligible for<br>offsetting upon<br>counterparty default(2)(3) | Net amounts(4) | ||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||
| Securities sold under agreements to repurchase | $ | 751,827 | $ | 408,893 | $ | 342,934 | $ | 292,349 | $ | 50,585 | ||||||||||||
| Securities loaned | 52,390 | 25,739 | 26,651 | 23,019 | 3,632 | |||||||||||||||||
| Total | $ | 804,217 | $ | 434,632 | $ | 369,585 | $ | 315,368 | $ | 54,217 | ||||||||||||
| As of December 31, 2025 | ||||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||
| In millions of dollars | Gross amounts<br>of recognized<br>assets | Gross amounts<br>offset on the<br>Consolidated<br>Balance Sheet(1)(2) | Net amounts of<br>assets included on<br>the Consolidated<br>Balance Sheet | Amounts not offset on the<br>Consolidated Balance<br>Sheet but eligible for<br>offsetting upon<br>counterparty default(2)(3) | Net<br>amounts(4) | |||||||||||||||||
| Securities purchased under agreements to resell | $ | 667,949 | $ | 388,227 | $ | 279,722 | $ | 273,366 | $ | 6,356 | ||||||||||||
| Securities borrowed | 105,383 | 28,905 | 76,478 | 25,236 | 51,242 | |||||||||||||||||
| Total | $ | 773,332 | $ | 417,132 | $ | 356,200 | $ | 298,602 | $ | 57,598 | In millions of dollars | Gross amounts<br>of recognized<br>liabilities | Gross amounts<br>offset on the<br>Consolidated<br>Balance Sheet(1)(2) | Net amounts of<br>liabilities included on<br>the Consolidated<br>Balance Sheet | Amounts not offset on the<br>Consolidated Balance<br>Sheet but eligible for<br>offsetting upon<br>counterparty default(2)(3) | Net<br>amounts(4) | ||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||
| Securities sold under agreements to repurchase | $ | 716,423 | $ | 388,227 | $ | 328,196 | $ | 283,624 | $ | 44,572 | ||||||||||||
| Securities loaned | 48,807 | 28,905 | 19,902 | 17,197 | 2,705 | |||||||||||||||||
| Total | $ | 765,230 | $ | 417,132 | $ | 348,098 | $ | 300,821 | $ | 47,277 |
(1)Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45.
(2)Beginning January 1, 2025, excludes amounts relating to accrued interest. Accrued interest receivable on Securities purchased under agreements to resell (reverse repos) is presented in Other assets and accrued interest payable on Securities sold under agreements to repurchase (repos) is presented in Other liabilities.
(3)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.
(4)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 March 31, 2026 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| In millions of dollars | Open and overnight | Up to 30 days | 31–90 days | Greater than 90 days | Total | |||||
| Securities sold under agreements to repurchase | $ | 409,540 | $ | 203,930 | $ | 56,442 | $ | 81,915 | $ | 751,827 |
| Securities loaned | 36,298 | 1,414 | 1,960 | 12,718 | 52,390 | |||||
| Total | $ | 445,838 | $ | 205,344 | $ | 58,402 | $ | 94,633 | $ | 804,217 |
| As of December 31, 2025 | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| In millions of dollars | Open and overnight | Up to 30 days | 31–90 days | Greater than 90 days | Total | |||||
| Securities sold under agreements to repurchase | $ | 359,099 | $ | 232,476 | $ | 53,470 | $ | 71,378 | $ | 716,423 |
| Securities loaned | 36,757 | 352 | 1,263 | 10,435 | 48,807 | |||||
| Total | $ | 395,856 | $ | 232,828 | $ | 54,733 | $ | 81,813 | $ | 765,230 |
The following tables present the gross amounts of liabilities associated with repurchase agreements and securities lending agreements by class of underlying collateral:
| As of March 31, 2026 | ||||||
|---|---|---|---|---|---|---|
| In millions of dollars | Repurchase agreements | Securities lending agreements | Total | |||
| U.S. Treasury and federal agency securities | $ | 352,986 | $ | 13 | $ | 352,999 |
| State and municipal securities | 239 | 2 | 241 | |||
| Foreign government securities | 223,919 | 260 | 224,179 | |||
| Corporate bonds | 30,603 | 1,029 | 31,632 | |||
| Equity securities | 30,291 | 50,750 | 81,041 | |||
| Mortgage-backed securities | 106,618 | — | 106,618 | |||
| Asset-backed securities | 4,501 | 4 | 4,505 | |||
| Other | 2,670 | 332 | 3,002 | |||
| Total | $ | 751,827 | $ | 52,390 | $ | 804,217 |
| As of December 31, 2025 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| In millions of dollars | Repurchase agreements | Securities lending agreements | Total | |||
| U.S. Treasury and federal agency securities | $ | 349,012 | $ | 28 | $ | 349,040 |
| State and municipal securities | 240 | 56 | 296 | |||
| Foreign government securities | 208,189 | 226 | 208,415 | |||
| Corporate bonds | 24,161 | 163 | 24,324 | |||
| Equity securities | 26,779 | 46,792 | 73,571 | |||
| Mortgage-backed securities | 100,191 | 21 | 100,212 | |||
| Asset-backed securities | 6,203 | 73 | 6,276 | |||
| Other | 1,648 | 1,448 | 3,096 | |||
| Total | $ | 716,423 | $ | 48,807 | $ | 765,230 |
11. INVESTMENTS
For additional information regarding Citi’s investment portfolios, including evaluating investments for impairment, see Note 14 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
The following table presents Citi’s investments by category:
| In millions of dollars | March 31,<br>2026 | December 31, 2025 | ||
|---|---|---|---|---|
| Available-for-sale (AFS) debt securities | $ | 257,822 | $ | 246,720 |
| Held-to-maturity (HTM) debt securities(1) | 178,503 | 189,831 | ||
| Marketable equity securities carried at fair value(2) | 330 | 475 | ||
| Non-marketable equity securities carried at fair value(2)(3) | 429 | 446 | ||
| Non-marketable equity securities measured using the measurement alternative(4) | 1,738 | 1,707 | ||
| Non-marketable equity securities carried at cost(5) | 5,342 | 5,050 | ||
| Total investments(6) | $ | 444,164 | $ | 444,229 |
(1)Carried at adjusted amortized cost basis, net of any ACL.
(2)Unrealized gains and losses are recognized in earnings.
(3)Includes $41 million and $37 million of investments in funds for which the fair values are estimated using the net asset value of the Company’s ownership interest in the funds at March 31, 2026 and December 31, 2025, respectively.
(4)Impairment losses and adjustments to the carrying value as a result of observable price changes are recognized in earnings. See “Non-Marketable Equity Securities Not Carried at Fair Value” below.
(5) Represents shares issued by the Federal Reserve Bank, Federal Home Loan Banks and certain exchanges of which Citigroup is a member.
(6) Not included in the balances above is approximately $2 billion of accrued interest receivable at March 31, 2026 and December 31, 2025, which is included in Other assets on the Consolidated Balance Sheet. The Company does not recognize an allowance for credit losses on accrued interest receivable for AFS and HTM debt securities, consistent with its non-accrual policy, which results in timely write-off of accrued interest. The Company did not reverse through interest income any accrued interest receivables for the quarters ended March 31, 2026 and 2025.
The following table presents interest and dividend income on investments:
| Three Months Ended March 31, | ||||
|---|---|---|---|---|
| In millions of dollars | 2026 | 2025 | ||
| Taxable interest | $ | 3,869 | $ | 4,021 |
| Interest exempt from U.S. federal income tax | 65 | 77 | ||
| Dividend income | 85 | 68 | ||
| Total interest and dividend income on investments | $ | 4,019 | $ | 4,166 |
The following table presents realized gains and losses on the sales of investments, which exclude impairment losses:
| Three Months Ended March 31, | ||||
|---|---|---|---|---|
| In millions of dollars | 2026 | 2025 | ||
| Gross realized investment gains | $ | 316 | $ | 134 |
| Gross realized investment losses | (46) | (13) | ||
| Net realized gains on sales of investments | $ | 270 | $ | 121 |
Available-for-Sale (AFS) Debt Securities
The amortized cost and fair value of AFS debt securities were as follows:
| March 31, 2026 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In millions of dollars | Amortized<br>cost | Allowance for credit losses | Gross<br>unrealized<br>gains | Gross<br>unrealized<br>losses | Net unrealized gains (losses) | Fair<br>value | ||||||
| AFS debt securities | ||||||||||||
| Mortgage-backed securities(1) | ||||||||||||
| U.S. government-sponsored agency guaranteed | $ | 41,907 | $ | — | $ | 48 | $ | 784 | $ | (736) | $ | 41,171 |
| Other | 964 | — | 1 | 1 | — | 964 | ||||||
| Total mortgage-backed securities | $ | 42,871 | $ | — | $ | 49 | $ | 785 | $ | (736) | $ | 42,135 |
| U.S. Treasury | $ | 45,672 | $ | — | $ | 51 | $ | 79 | $ | (28) | $ | 45,644 |
| State and municipal | 1,460 | — | 4 | 61 | (57) | 1,403 | ||||||
| Foreign government | 161,084 | — | 587 | 1,059 | (472) | 160,612 | ||||||
| Corporate | 3,725 | 7 | 8 | 92 | (84) | 3,634 | ||||||
| Asset-backed securities(1) | 1,160 | — | 6 | 3 | 3 | 1,163 | ||||||
| Other debt securities | 3,230 | — | 1 | — | 1 | 3,231 | ||||||
| Total AFS debt securities excluding portfolio-layer cumulative basis adjustments | $ | 259,202 | $ | 7 | $ | 706 | $ | 2,079 | $ | (1,373) | $ | 257,822 |
| Portfolio-layer cumulative basis adjustments(2) | $ | (57) | $ | — | $ | — | $ | — | $ | 57 | $ | — |
| Total AFS debt securities | $ | 259,145 | $ | 7 | $ | 706 | $ | 2,079 | $ | (1,316) | $ | 257,822 |
| December 31, 2025 | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| In millions of dollars | Amortized<br>cost | Allowance for credit losses | Gross<br>unrealized<br>gains | Gross<br>unrealized<br>losses | Net unrealized gains (losses) | Fair<br>value | ||||||
| AFS debt securities | ||||||||||||
| Mortgage-backed securities(1) | ||||||||||||
| U.S. government-sponsored agency guaranteed | $ | 36,967 | $ | — | $ | 172 | $ | 383 | $ | (211) | $ | 36,756 |
| Other | 976 | — | 1 | 1 | — | 976 | ||||||
| Total mortgage-backed securities | $ | 37,943 | $ | — | $ | 173 | $ | 384 | $ | (211) | $ | 37,732 |
| U.S. Treasury | $ | 35,400 | $ | — | $ | 93 | $ | 28 | $ | 65 | $ | 35,465 |
| State and municipal | 1,589 | — | 5 | 57 | (52) | 1,537 | ||||||
| Foreign government | 162,801 | — | 902 | 596 | 306 | 163,107 | ||||||
| Corporate | 4,734 | 7 | 20 | 56 | (36) | 4,691 | ||||||
| Asset-backed securities(1) | 1,071 | — | 8 | 6 | 2 | 1,073 | ||||||
| Other debt securities | 3,113 | — | 2 | — | 2 | 3,115 | ||||||
| Total AFS debt securities excluding portfolio-layer cumulative basis adjustments | $ | 246,651 | $ | 7 | $ | 1,203 | $ | 1,127 | $ | 76 | $ | 246,720 |
| Portfolio-layer cumulative basis adjustments(2) | $ | 133 | $ | — | $ | — | $ | — | $ | (133) | $ | — |
| Total AFS debt securities | $ | 246,784 | $ | 7 | $ | 1,203 | $ | 1,127 | $ | (57) | $ | 246,720 |
(1)The Company invests in mortgage- and asset-backed securities, which are typically issued by VIEs through securitization transactions. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the tables above. See Note 19 for mortgage- and asset-backed securitizations in which the Company has other involvement.
(2)Represents the cumulative basis adjustments in active portfolio-layer method fair value hedges of AFS debt securities in closed portfolios, which are not allocated to individual securities. See Note 20.
The following table presents the fair value of AFS debt securities that have been in an unrealized loss position:
| Less than 12 months | 12 months or longer | Total | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In millions of dollars | Fair<br>value | Gross<br>unrealized<br>losses | Fair<br>value | Gross<br>unrealized<br>losses | Fair<br>value | Gross<br>unrealized<br>losses | ||||||
| March 31, 2026 | ||||||||||||
| AFS debt securities | ||||||||||||
| Mortgage-backed securities | ||||||||||||
| U.S. government-sponsored agency guaranteed | $ | 27,957 | $ | 427 | $ | 5,892 | $ | 357 | $ | 33,849 | $ | 784 |
| Other | 248 | — | 233 | 1 | 481 | 1 | ||||||
| Total mortgage-backed securities | $ | 28,205 | $ | 427 | $ | 6,125 | $ | 358 | $ | 34,330 | $ | 785 |
| U.S. Treasury | $ | 26,214 | $ | 58 | $ | 719 | $ | 21 | $ | 26,933 | $ | 79 |
| State and municipal | 300 | 6 | 802 | 55 | 1,102 | 61 | ||||||
| Foreign government | 71,051 | 761 | 11,761 | 298 | 82,812 | 1,059 | ||||||
| Corporate | 711 | 64 | 1,232 | 28 | 1,943 | 92 | ||||||
| Asset-backed securities | 600 | 3 | — | — | 600 | 3 | ||||||
| Other debt securities | 253 | — | — | — | 253 | — | ||||||
| Total AFS debt securities(1) | $ | 127,334 | $ | 1,319 | $ | 20,639 | $ | 760 | $ | 147,973 | $ | 2,079 |
| December 31, 2025 | ||||||||||||
| AFS debt securities | ||||||||||||
| Mortgage-backed securities | ||||||||||||
| U.S. government-sponsored agency guaranteed | $ | 8,475 | $ | 110 | $ | 7,156 | $ | 273 | $ | 15,631 | $ | 383 |
| Other | 28 | — | 413 | 1 | 441 | 1 | ||||||
| Total mortgage-backed securities | $ | 8,503 | $ | 110 | $ | 7,569 | $ | 274 | $ | 16,072 | $ | 384 |
| U.S. Treasury | $ | 1,888 | $ | 6 | $ | 766 | $ | 22 | $ | 2,654 | $ | 28 |
| State and municipal | 555 | 9 | 661 | 48 | 1,216 | 57 | ||||||
| Foreign government | 42,828 | 260 | 14,394 | 336 | 57,222 | 596 | ||||||
| Corporate | 266 | 25 | 1,400 | 31 | 1,666 | 56 | ||||||
| Asset-backed securities | 537 | 6 | — | — | 537 | 6 | ||||||
| Other debt securities | — | — | 85 | — | 85 | — | ||||||
| Total AFS debt securities(1) | $ | 54,577 | $ | 416 | $ | 24,875 | $ | 711 | $ | 79,452 | $ | 1,127 |
(1) Gross unrealized losses exclude the effect of the cumulative basis adjustments in active portfolio-layer method fair value hedges.
The following table presents the amortized cost and fair value of AFS debt securities by contractual maturity dates:
| March 31, 2026 | ||||
|---|---|---|---|---|
| In millions of dollars | Amortized cost | Fair value | ||
| Mortgage-backed securities(1) | ||||
| Due within 1 year | $ | 31 | $ | 31 |
| After 1 but within 5 years | 1,185 | 1,183 | ||
| After 5 but within 10 years | 740 | 728 | ||
| After 10 years | 40,915 | 40,193 | ||
| Total | $ | 42,871 | $ | 42,135 |
| U.S. Treasury and federal agency securities | ||||
| Due within 1 year | $ | 11,443 | $ | 11,438 |
| After 1 but within 5 years | 30,017 | 30,011 | ||
| After 5 but within 10 years | 4,212 | 4,195 | ||
| After 10 years | — | — | ||
| Total | $ | 45,672 | $ | 45,644 |
| State and municipal | ||||
| Due within 1 year | $ | 69 | $ | 69 |
| After 1 but within 5 years | 67 | 65 | ||
| After 5 but within 10 years | 330 | 323 | ||
| After 10 years | 994 | 946 | ||
| Total | $ | 1,460 | $ | 1,403 |
| Foreign government | ||||
| Due within 1 year | $ | 72,364 | $ | 72,475 |
| After 1 but within 5 years | 83,410 | 82,965 | ||
| After 5 but within 10 years | 4,830 | 4,744 | ||
| After 10 years | 480 | 428 | ||
| Total | $ | 161,084 | $ | 160,612 |
| All other(2) | ||||
| Due within 1 year | $ | 4,139 | $ | 4,124 |
| After 1 but within 5 years | 3,180 | 3,151 | ||
| After 5 but within 10 years | 757 | 750 | ||
| After 10 years | 39 | 3 | ||
| Total | $ | 8,115 | $ | 8,028 |
| Total AFS debt securities | $ | 259,202 | $ | 257,822 |
(1)Includes mortgage-backed securities of U.S. government-sponsored agencies. The Company invests in mortgage- and asset-backed securities, which are typically issued by VIEs through securitization transactions. See Note 19 for additional information about mortgage- and asset-backed securitizations in which the Company has other involvement.
(2)Includes corporate, asset-backed and other debt securities.
Held-to-Maturity (HTM) Debt Securities
The carrying value and fair value of HTM debt securities were as follows:
| In millions of dollars | Amortized<br><br>cost, net(1) | Gross<br>unrealized<br>gains | Gross<br>unrealized<br>losses | Fair<br>value | ||||
|---|---|---|---|---|---|---|---|---|
| March 31, 2026 | ||||||||
| HTM debt securities | ||||||||
| Mortgage-backed securities(2) | ||||||||
| U.S. government-sponsored agency guaranteed | $ | 64,102 | $ | 2 | $ | 7,136 | $ | 56,968 |
| Other | 1,349 | 19 | 111 | 1,257 | ||||
| Total mortgage-backed securities | $ | 65,451 | $ | 21 | $ | 7,247 | $ | 58,225 |
| U.S. Treasury securities | $ | 81,549 | $ | — | $ | 2,844 | $ | 78,705 |
| State and municipal | 8,517 | 20 | 585 | 7,952 | ||||
| Foreign government | 620 | 17 | — | 637 | ||||
| Asset-backed securities(2) | 22,366 | 23 | 51 | 22,338 | ||||
| Total HTM debt securities, net | $ | 178,503 | $ | 81 | $ | 10,727 | $ | 167,857 |
| December 31, 2025 | ||||||||
| HTM debt securities | ||||||||
| Mortgage-backed securities(2) | ||||||||
| U.S. government-sponsored agency guaranteed | $ | 65,631 | $ | 3 | $ | 6,834 | $ | 58,800 |
| Other | 1,288 | 21 | 115 | 1,194 | ||||
| Total mortgage-backed securities | $ | 66,919 | $ | 24 | $ | 6,949 | $ | 59,994 |
| U.S. Treasury securities | $ | 89,494 | $ | — | $ | 3,010 | $ | 86,484 |
| State and municipal | 8,608 | 40 | 469 | 8,179 | ||||
| Foreign government | 790 | 20 | — | 810 | ||||
| Asset-backed securities(2) | 24,020 | 72 | 39 | 24,053 | ||||
| Total HTM debt securities, net | $ | 189,831 | $ | 156 | $ | 10,467 | $ | 179,520 |
(1)Amortized cost is reported net of ACL of $116 million and $146 million at March 31, 2026 and December 31, 2025, respectively.
(2)The Company invests in mortgage- and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. See Note 19 for mortgage- and asset-backed securitizations in which the Company has other involvement.
The following table presents the carrying value and fair value of HTM debt securities by contractual maturity dates:
| March 31, 2026 | ||||
|---|---|---|---|---|
| In millions of dollars | Amortized cost(1) | Fair value | ||
| Mortgage-backed securities | ||||
| Due within 1 year | $ | — | $ | — |
| After 1 but within 5 years | 1,066 | 1,027 | ||
| After 5 but within 10 years | 1,236 | 1,167 | ||
| After 10 years | 63,149 | 56,031 | ||
| Total | $ | 65,451 | $ | 58,225 |
| U.S. Treasury securities | ||||
| Due within 1 year | $ | 35,893 | $ | 35,414 |
| After 1 but within 5 years | 45,656 | 43,291 | ||
| After 5 but within 10 years | — | — | ||
| After 10 years | — | — | ||
| Total | $ | 81,549 | $ | 78,705 |
| State and municipal | ||||
| Due within 1 year | $ | 16 | $ | 16 |
| After 1 but within 5 years | 329 | 328 | ||
| After 5 but within 10 years | 2,390 | 2,278 | ||
| After 10 years | 5,782 | 5,330 | ||
| Total | $ | 8,517 | $ | 7,952 |
| Foreign government | ||||
| Due within 1 year | $ | 287 | $ | 294 |
| After 1 but within 5 years | 333 | 343 | ||
| After 5 but within 10 years | — | — | ||
| After 10 years | — | — | ||
| Total | $ | 620 | $ | 637 |
| All other(2) | ||||
| Due within 1 year | $ | — | $ | — |
| After 1 but within 5 years | — | — | ||
| After 5 but within 10 years | 2,100 | 2,099 | ||
| After 10 years | 20,266 | 20,239 | ||
| Total | $ | 22,366 | $ | 22,338 |
| Total HTM debt securities | $ | 178,503 | $ | 167,857 |
(1)Amortized cost is reported net of ACL of $116 million at March 31, 2026.
(2)Includes corporate and asset-backed securities.
HTM Debt Securities Delinquency and Non-Accrual Details
The total amount of HTM debt securities that were delinquent or on non-accrual status was not significant at March 31, 2026 and December 31, 2025.
There were no purchased credit-deteriorated HTM debt securities held by the Company as of March 31, 2026 and December 31, 2025.
Evaluating Investments for Impairment—AFS Debt Securities
The Company conducts periodic reviews of all AFS debt securities with unrealized losses to evaluate whether the impairment resulted from expected credit losses or from other factors and to evaluate the Company’s intent to sell such securities.
For more information, see “Evaluating Investments for Impairment—AFS Debt Securities” in Note 1 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
Recognition and Measurement of Impairment
The following table presents total impairment on AFS investments recognized in earnings:
| Three Months Ended March 31, | ||||
|---|---|---|---|---|
| In millions of dollars | 2026 | 2025 | ||
| Impairment losses recognized in earnings for debt securities that the Company intends to sell, would more-likely-than-not be required to sell or will be subject to an issuer call deemed probable of exercise | $ | 113 | $ | 3 |
| Total impairment losses recognized in earnings | $ | 113 | $ | 3 |
Allowance for Credit Losses on AFS Debt Securities
The allowance for credit losses on AFS debt securities held that the Company does not intend to sell nor will likely be required to sell was immaterial as of March 31, 2026 and December 31, 2025.
Non-Marketable Equity Securities Not Carried at
Fair Value
Non-marketable equity securities are required to be measured at fair value with changes in fair value recognized in earnings unless (i) the measurement alternative is elected or (ii) the investment represents Federal Reserve Bank and Federal Home Loan Bank stock or certain exchange seats that continue to be carried at cost.
For additional information on non-marketable equity securities, see Note 14 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
Below is the carrying value of non-marketable equity securities measured using the measurement alternative:
| In millions of dollars | March 31, 2026 | December 31, 2025 | ||
|---|---|---|---|---|
| Measurement alternative: | ||||
| Carrying value | $ | 1,738 | $ | 1,707 |
Below are amounts recognized in earnings and life-to-date amounts for non-marketable equity securities measured using the measurement alternative:
| Three Months Ended March 31, | ||||
|---|---|---|---|---|
| In millions of dollars | 2026 | 2025 | ||
| Measurement alternative(1): | ||||
| Impairment losses | $ | 23 | $ | 52 |
| Downward changes for observable prices | — | — | ||
| Upward changes for observable prices | 38 | 9 |
(1) See Note 21 for additional information on these nonrecurring fair value measurements.
| Life-to-date amounts on securities still held | ||
|---|---|---|
| In millions of dollars | March 31, 2026 | |
| Measurement alternative: | ||
| Impairment losses | $ | 517 |
| Downward changes for observable prices | 24 | |
| Upward changes for observable prices | 840 |
A similar impairment analysis is performed for non-marketable equity securities carried at cost. For the three months ended March 31, 2026 and 2025, there was no impairment loss recognized in earnings for non-marketable equity securities carried at cost.
12. LOANS
Citigroup loans are reported in two categories: corporate and consumer. These categories are classified primarily according to the segment that manages the loans (or, if applicable, All Other—Legacy Franchises), in addition to the nature of the obligor, with corporate loans generally made for corporate, institutional and public sector clients and consumer loans to retail and small business customers. For additional information regarding Citi’s corporate and consumer loans, including related accounting policies, see Notes 1 and 15 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
CORPORATE LOANS
Corporate loans represent loans and leases managed by Services, Markets, Banking and the Mexico SBMM portion of All Other—Legacy Franchises. The following table presents information by corporate loan type:
| In millions of dollars | March 31,<br>2026 | December 31,<br>2025 | ||
|---|---|---|---|---|
| In North America offices(1) | ||||
| Commercial and industrial | $ | 63,758 | $ | 57,406 |
| Financial institutions | 74,066 | 72,154 | ||
| Mortgage and real estate(2) | 18,191 | 17,931 | ||
| Installment and other(3) | 22,866 | 23,104 | ||
| Lease financing | 72 | 72 | ||
| Total | $ | 178,953 | $ | 170,667 |
| In offices outside North America(1) | ||||
| Commercial and industrial | $ | 100,839 | $ | 96,886 |
| Financial institutions | 29,480 | 27,054 | ||
| Mortgage and real estate(2) | 9,823 | 9,856 | ||
| Installment and other(3) | 34,469 | 34,100 | ||
| Lease financing | 44 | 47 | ||
| Governments and official institutions | 5,609 | 5,070 | ||
| Total | $ | 180,264 | $ | 173,013 |
| Corporate loans, net of unearned income, excluding portfolio-layer hedges cumulative basis adjustments(4)(5)(6) | $ | 359,217 | $ | 343,680 |
| Unallocated portfolio-layer hedges cumulative basis adjustments(7) | $ | 8 | $ | 17 |
| Corporate loans, net of unearned income(4)(5)(6) | $ | 359,225 | $ | 343,697 |
(1)North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. The classification between offices in North America and outside North America is based on the domicile of the booking unit. The difference between the domicile of the booking unit and the risk-based country view is not material for the purposes of classification of corporate loans between offices in North America and outside North America.
(2)Loans secured primarily by real estate.
(3)Installment and other includes loans to SPEs and TTS commercial cards.
(4)Corporate loans are net of unearned income of $(1.1) billion and $(1.1) billion at March 31, 2026 and December 31, 2025, respectively. Unearned income on corporate loans primarily represents loan origination fees, net of certain direct origination costs, that are deferred and recognized as Interest income over the lives of the related loans.
(5)Not included in the balances above is approximately $2 billion of accrued interest receivable at March 31, 2026 and December 31, 2025, which is included in Other assets on the Consolidated Balance Sheet.
(6)Accrued interest receivable considered to be uncollectible is reversed through interest income. Amounts reversed were not material for the three months ended March 31, 2026 and 2025.
(7)Represents fair value hedge basis adjustments related to portfolio-layer method hedges of mortgage and real estate loans, which are not allocated to individual loans in the portfolio. See Note 20.
The Company sold and/or reclassified to held-for-sale $1.0 billion and $1.0 billion of corporate loans during the three months ended March 31, 2026 and 2025, respectively. The Company did not have significant purchases of corporate loans classified as held-for-investment for the three months ended March 31, 2026 or 2025.
Corporate Loan Delinquencies and Non-Accrual Details at March 31, 2026
| In millions of dollars | 30–89 days<br><br>past due<br><br>and accruing(1) | ≥ 90 days<br><br>past due and<br><br>accruing(1) | Total past due<br>and accruing | Total<br><br>non-accrual(2) | Total<br><br>current(3) | Total<br><br>loans(4) | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Commercial and industrial | $ | 131 | $ | 113 | $ | 244 | $ | 1,203 | $ | 159,397 | $ | 160,844 |
| Financial institutions | 8 | 9 | 17 | 124 | 102,166 | 102,307 | ||||||
| Mortgage and real estate | 46 | 13 | 59 | 520 | 27,435 | 28,014 | ||||||
| Lease financing | — | 1 | 1 | — | 115 | 116 | ||||||
| Other | 39 | 18 | 57 | 110 | 59,271 | 59,438 | ||||||
| Loans at fair value | N/A | N/A | N/A | N/A | N/A | 8,498 | ||||||
| Total(5) | $ | 224 | $ | 154 | $ | 378 | $ | 1,957 | $ | 348,384 | $ | 359,217 |
Corporate Loan Delinquencies and Non-Accrual Details at December 31, 2025
| In millions of dollars | 30–89 days<br><br>past due<br><br>and accruing(1) | ≥ 90 days<br><br>past due and<br><br>accruing(1) | Total past due<br>and accruing | Total<br><br>non-accrual(2) | Total<br><br>current(3) | Total<br><br>loans(4) | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Commercial and industrial | $ | 162 | $ | 53 | $ | 215 | $ | 1,141 | $ | 150,416 | $ | 151,772 |
| Financial institutions | 5 | — | 5 | 65 | 98,808 | 98,878 | ||||||
| Mortgage and real estate | 35 | 2 | 37 | 627 | 27,122 | 27,786 | ||||||
| Lease financing | — | 1 | 1 | — | 118 | 119 | ||||||
| Other | 107 | 8 | 115 | 168 | 58,038 | 58,321 | ||||||
| Loans at fair value | N/A | N/A | N/A | N/A | N/A | 6,804 | ||||||
| Total(5) | $ | 309 | $ | 64 | $ | 373 | $ | 2,001 | $ | 334,502 | $ | 343,680 |
(1)Corporate loans that are 90 days or more past due are generally classified as non-accrual. Corporate loans are considered past due when principal or interest is contractually due but unpaid.
(2)Non-accrual loans generally include those loans that are 90 days or more past due or those loans for which Citi believes, based on actual experience and a forward-looking assessment of the collectibility of the loan in full, that the payment of interest and/or principal is doubtful.
(3)Loans less than 30 days past due are presented as current.
(4)The Total loans column includes loans at fair value, which are not included in the various delinquency columns and, therefore, the tables’ total rows will not cross-foot.
(5)Excludes $8 million and $17 million of unallocated portfolio-layer hedges cumulative basis adjustments at March 31, 2026 and December 31, 2025, respectively.
N/A Not applicable
Corporate Loan Credit Quality Indicators
| Recorded investment in loans(1) | ||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Term loans by year of origination | Revolving line<br><br>of credit arrangements(2) | March 31, 2026 | ||||||||||||||||||||||||||||||
| In millions of dollars | 2026 | 2025 | 2024 | 2023 | 2022 | Prior | ||||||||||||||||||||||||||
| Investment grade(3) | ||||||||||||||||||||||||||||||||
| Commercial and industrial(4) | $ | 28,939 | $ | 15,060 | $ | 7,582 | $ | 5,322 | $ | 3,530 | $ | 5,604 | $ | 31,357 | $ | 97,394 | ||||||||||||||||
| Financial institutions(4) | 7,795 | 17,151 | 3,621 | 1,986 | 1,145 | 2,058 | 56,065 | 89,821 | ||||||||||||||||||||||||
| Mortgage and real estate | 1,948 | 5,251 | 4,974 | 3,590 | 1,688 | 3,001 | 308 | 20,760 | ||||||||||||||||||||||||
| Other(5) | 3,118 | 11,663 | 3,166 | 1,845 | 1,693 | 4,276 | 28,788 | 54,549 | ||||||||||||||||||||||||
| Total investment grade | $ | 41,800 | $ | 49,125 | $ | 19,343 | $ | 12,743 | $ | 8,056 | $ | 14,939 | $ | 116,518 | $ | 262,524 | ||||||||||||||||
| Non-investment grade(3) | ||||||||||||||||||||||||||||||||
| Accrual | ||||||||||||||||||||||||||||||||
| Commercial and industrial(4) | $ | 16,215 | $ | 11,508 | $ | 4,432 | $ | 3,803 | $ | 1,868 | $ | 2,706 | $ | 21,715 | $ | 62,247 | ||||||||||||||||
| Financial institutions(4) | 2,598 | 2,790 | 381 | 231 | 113 | 312 | 5,937 | 12,362 | ||||||||||||||||||||||||
| Mortgage and real estate | 204 | 670 | 919 | 852 | 1,296 | 2,388 | 405 | 6,734 | ||||||||||||||||||||||||
| Other(5) | 357 | 1,764 | 414 | 329 | 160 | 263 | 1,608 | 4,895 | ||||||||||||||||||||||||
| Non-accrual | ||||||||||||||||||||||||||||||||
| Commercial and industrial(4) | 19 | 159 | 11 | 199 | 72 | 79 | 664 | 1,203 | ||||||||||||||||||||||||
| Financial institutions | 62 | — | — | — | — | 41 | 21 | 124 | ||||||||||||||||||||||||
| Mortgage and real estate | 1 | — | — | 42 | 198 | 221 | 58 | 520 | ||||||||||||||||||||||||
| Other(5) | 5 | 6 | 25 | 14 | — | 17 | 43 | 110 | ||||||||||||||||||||||||
| Total non-investment grade | $ | 19,461 | $ | 16,897 | $ | 6,182 | $ | 5,470 | $ | 3,707 | $ | 6,027 | $ | 30,451 | $ | 88,195 | ||||||||||||||||
| Loans at fair value(6) | $ | 8,498 | ||||||||||||||||||||||||||||||
| Corporate loans, net of unearned income(7) | $ | 61,261 | $ | 66,022 | $ | 25,525 | $ | 18,213 | $ | 11,763 | $ | 20,966 | $ | 146,969 | $ | 359,217 | Recorded investment in loans(1) | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||||||
| Term loans by year of origination | Revolving line<br><br>of credit arrangements(2) | December 31, 2025 | ||||||||||||||||||||||||||||||
| In millions of dollars | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | ||||||||||||||||||||||||||
| Investment grade(3) | ||||||||||||||||||||||||||||||||
| Commercial and industrial(4) | $ | 40,283 | $ | 7,840 | $ | 5,461 | $ | 3,774 | $ | 2,051 | $ | 3,468 | $ | 28,011 | $ | 90,888 | ||||||||||||||||
| Financial institutions(4) | 24,577 | 3,979 | 2,525 | 920 | 486 | 1,356 | 51,813 | 85,656 | ||||||||||||||||||||||||
| Mortgage and real estate | 6,073 | 4,968 | 3,738 | 1,830 | 1,483 | 1,482 | 405 | 19,979 | ||||||||||||||||||||||||
| Other(5) | 12,869 | 3,682 | 2,448 | 1,907 | 538 | 3,891 | 26,663 | 51,998 | ||||||||||||||||||||||||
| Total investment grade | $ | 83,802 | $ | 20,469 | $ | 14,172 | $ | 8,431 | $ | 4,558 | $ | 10,197 | $ | 106,892 | $ | 248,521 | ||||||||||||||||
| Non-investment grade(3) | ||||||||||||||||||||||||||||||||
| Accrual | ||||||||||||||||||||||||||||||||
| Commercial and industrial(4) | $ | 27,614 | $ | 4,692 | $ | 3,746 | $ | 2,235 | $ | 634 | $ | 2,384 | $ | 18,438 | $ | 59,743 | ||||||||||||||||
| Financial institutions(4) | 4,189 | 989 | 604 | 115 | 246 | 190 | 6,824 | 13,157 | ||||||||||||||||||||||||
| Mortgage and real estate | 951 | 823 | 907 | 1,312 | 1,014 | 1,602 | 571 | 7,180 | ||||||||||||||||||||||||
| Other(5) | 2,964 | 337 | 408 | 183 | 46 | 272 | 2,064 | 6,274 | ||||||||||||||||||||||||
| Non-accrual | ||||||||||||||||||||||||||||||||
| Commercial and industrial | 216 | 4 | 99 | 70 | 35 | 61 | 656 | 1,141 | ||||||||||||||||||||||||
| Financial institutions(4) | — | — | — | — | 43 | — | 22 | 65 | ||||||||||||||||||||||||
| Mortgage and real estate | 3 | — | 41 | 199 | 4 | 344 | 36 | 627 | ||||||||||||||||||||||||
| Other(5) | 78 | 14 | 16 | 4 | 13 | 8 | 35 | 168 | ||||||||||||||||||||||||
| Total non-investment grade | $ | 36,015 | $ | 6,859 | $ | 5,821 | $ | 4,118 | $ | 2,035 | $ | 4,861 | $ | 28,646 | $ | 88,355 | ||||||||||||||||
| Loans at fair value(6) | $ | 6,804 | ||||||||||||||||||||||||||||||
| Corporate loans, net of unearned income(7) | $ | 119,817 | $ | 27,328 | $ | 19,993 | $ | 12,549 | $ | 6,593 | $ | 15,058 | $ | 135,538 | $ | 343,680 |
(1)Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount, less any direct write-downs.
(2)There were no significant revolving line of credit arrangements that converted to term loans during the period.
(3)Held-for-investment loans are accounted for on an amortized cost basis.
(4)Includes certain short-term loans with less than one year in tenor.
(5)Other includes installment and other, lease financing and loans to governments and official institutions.
(6)Loans at fair value include loans to commercial and industrial, financial institutions, mortgage and real estate and other.
(7)Excludes $8 million and $17 million of unallocated portfolio-layer hedges cumulative basis adjustments at March 31, 2026 and December 31, 2025, respectively.
Corporate Gross Credit Losses
The tables below detail gross credit losses recognized during the three months ended March 31, 2026 and 2025, by year of loan origination:
| For the Three Months Ended March 31, 2026 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In millions of dollars | 2026 | 2025 | 2024 | 2023 | 2022 | Prior | Revolving line of credit arrangement | Total | ||||||||
| Commercial and industrial | $ | 8 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 20 | $ | 28 |
| Financial institutions | — | — | — | — | — | — | — | — | ||||||||
| Mortgage and real estate | — | — | — | — | — | — | — | — | ||||||||
| Other(1) | — | — | — | — | — | — | 14 | 14 | ||||||||
| Total | $ | 8 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 34 | $ | 42 |
| For the Three Months Ended March 31, 2025 | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| In millions of dollars | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Revolving <br>line of credit arrangement | Total | ||||||||
| Commercial and industrial | $ | — | $ | 2 | $ | — | $ | — | $ | — | $ | — | $ | 46 | $ | 48 |
| Financial institutions | — | — | — | — | — | — | 1 | 1 | ||||||||
| Mortgage and real estate | — | — | — | — | — | 6 | — | 6 | ||||||||
| Other(1) | 1 | — | 133 | — | — | 3 | 7 | 144 | ||||||||
| Total | $ | 1 | $ | 2 | $ | 133 | $ | — | $ | — | $ | 9 | $ | 54 | $ | 199 |
(1) Other includes installment and other, lease financing and loans to governments and official institutions.
Non-Accrual Corporate Loans
| March 31, 2026 | December 31, 2025 | |||||||
|---|---|---|---|---|---|---|---|---|
| In millions of dollars | Recorded<br><br>investment(1)(2) | Related specific<br>allowance | Recorded<br><br>investment(1)(2) | Related specific<br>allowance | ||||
| Non-accrual corporate loans with specific allowances | ||||||||
| Commercial and industrial | $ | 897 | $ | 365 | $ | 788 | $ | 295 |
| Financial institutions | 10 | 2 | — | — | ||||
| Mortgage and real estate | 20 | 4 | 44 | 4 | ||||
| Other | 89 | 46 | 121 | 24 | ||||
| Total non-accrual corporate loans with specific allowances | $ | 1,016 | $ | 417 | $ | 953 | $ | 323 |
| Non-accrual corporate loans without specific allowances | ||||||||
| Commercial and industrial | $ | 306 | $ | 353 | ||||
| Financial institutions | 114 | 65 | ||||||
| Mortgage and real estate | 500 | 583 | ||||||
| Lease financing | — | — | ||||||
| Other | 21 | 47 | ||||||
| Total non-accrual corporate loans without specific allowances | $ | 941 | N/A | $ | 1,048 | N/A |
(1)Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount, less any direct write-downs.
(2)Interest income recognized for the three months ended March 31, 2026 and 2025 was $13 million and $8 million, respectively.
N/A Not applicable
Corporate Loan Modifications to Borrowers Experiencing Financial Difficulty
Citi evaluates and may modify certain corporate loans to borrowers experiencing financial difficulty to reduce Citi’s exposure to loss, often providing the borrower with an opportunity to work through financial difficulties. Each modification is unique to the borrower’s individual circumstances. The following tables detail corporate loan
modifications granted during the three months ended March 31, 2026 and 2025 to borrowers experiencing financial difficulty by type of modification granted and the financial effect of those modifications. Citi defines a corporate loan modification to a borrower experiencing financial difficulty as a modification of a loan classified as substandard or worse at the time of modification.
| For the Three Months Ended March 31, 2026 | |||||||
|---|---|---|---|---|---|---|---|
| In millions of dollars, except weighted-average <br>term extension | Total modifications balance at<br><br>March 31, 2026(1)(2)(3) | Term <br>extension | Combination:<br><br>Term extension and payment delay(4) | Weighted-average term extension<br><br>(months) | |||
| Commercial and industrial | $ | 124 | $ | 119 | $ | 5 | 13 |
| Financial institutions | — | — | — | — | |||
| Mortgage and real estate | — | — | — | — | |||
| Other(5) | 16 | 16 | — | 46 | |||
| Total | $ | 140 | $ | 135 | $ | 5 | |
| For the Three Months Ended March 31, 2025 | |||||||
| --- | --- | --- | --- | --- | |||
| In millions of dollars, except weighted-average <br>term extension | Total modifications balance at<br><br>March 31, 2025(1)(2)(3) | Term <br>extension | Combination:<br><br>Term extension and payment delay(4) | Weighted-average term extension<br><br>(months) | |||
| Commercial and industrial | $ | 19 | $ | 19 | $ | — | 22 |
| Financial institutions | — | — | — | — | |||
| Mortgage and real estate | — | — | — | — | |||
| Other(5) | — | — | — | — | |||
| Total | $ | 19 | $ | 19 | $ | — |
(1)The above tables reflect activity for loans outstanding as of the end of the reporting period. The balances are not significant as a percentage of the total carrying values of loans by class of receivable as of March 31, 2026 and 2025.
(2)Commitments to lend to borrowers experiencing financial difficulty that were granted modifications totaled $521 million and $51 million as of March 31, 2026 and 2025, respectively.
(3)The allowance for corporate loans, including modified loans, is based on the borrower’s overall financial performance. Charge-offs for amounts deemed uncollectible may be recorded at the time of the modification or may have already been recorded in prior periods such that no charge-off is required at the time of modification.
(4)Payment delays either for principal or interest payments had an immaterial financial impact.
(5)Other includes installment and other, lease financing and loans to governments and official institutions.
Performance of Modified Corporate Loans
The following tables present the delinquencies of modified corporate loans to borrowers experiencing financial difficulty, including loans that were modified during the 12 months ended March 31, 2026 and December 31, 2025:
| As of March 31, 2026(1) | ||||||||
|---|---|---|---|---|---|---|---|---|
| In millions of dollars | Total | Current | 30–89 days<br><br>past due | 90+ days <br>past due | ||||
| Commercial and industrial | $ | 353 | $ | 353 | $ | — | $ | — |
| Financial institutions | — | — | — | — | ||||
| Mortgage and real estate | 40 | 40 | — | — | ||||
| Other(2) | 16 | 16 | — | — | ||||
| Total | $ | 409 | $ | 409 | $ | — | $ | — |
| As of December 31, 2025(1) | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| In millions of dollars | Total | Current | 30–89 days <br>past due | 90+ days <br>past due | ||||
| Commercial and industrial | $ | 286 | $ | 278 | $ | 1 | $ | 7 |
| Financial institutions | — | — | — | — | ||||
| Mortgage and real estate | 77 | 66 | 11 | — | ||||
| Other(2) | 6 | 6 | — | — | ||||
| Total | $ | 369 | $ | 350 | $ | 12 | $ | 7 |
(1)Corporate loans are generally not modified as a result of their delinquency status; rather, they are modified because of events that have impacted the overall financial performance of the borrower. Corporate loans, if past due, are re-aged to current status upon modification.
(2)Other includes installment and other, lease financing and loans to governments and official institutions.
Defaults of Modified Corporate Loans
No modified corporate loans to borrowers experiencing financial difficulty defaulted during the three months ended March 31, 2026 and 2025. Default is defined as 60 days past due, except for classifiably managed commercial banking loans, where default is defined as 90 days past due. For a modified corporate loan that is not collateral dependent, expected default rates are considered in the loan’s individually assessed ACL.
CONSUMER LOANS
Consumer loans represent loans and leases managed by USCC, Wealth and All Other—Legacy Franchises (except Mexico SBMM).
Citi has established a risk management process to monitor, evaluate and manage the principal risks associated with its consumer loan portfolio. Credit quality indicators that are actively monitored include delinquency status, consumer credit scores under Fair Isaac Corporation (FICO) and loan-to-value (LTV) ratios, each as discussed in more detail below.
For Citi’s policies related to consumer loans, including non-accrual and charge-off policies, see “Loans—Consumer Loans” and “Allowance for Credit Losses (ACL)—Consumer Loans” in Note 1 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
The following tables provide Citi’s consumer loans by type:
Consumer Loans, Delinquencies and Non-Accrual Status at March 31, 2026
| In millions of dollars | Total<br><br>current(1)(2) | 30–89<br><br>days past<br><br>due(3) | ≥ 90 days<br><br>past<br><br>due(3) | Past due<br><br>government<br><br>guaranteed(4) | Total loans | Non-accrual loans for which there is no ACLL | Non-accrual loans for which there is an ACLL | Total<br>non-accrual | 90 days <br>past due<br>and accruing | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In North America offices(5) | ||||||||||||||||||
| Residential first mortgages(6) | $ | 118,185 | $ | 450 | $ | 390 | $ | 209 | $ | 119,234 | $ | 137 | $ | 461 | $ | 598 | $ | 130 |
| Home equity loans(7)(8) | 2,721 | 23 | 33 | — | 2,777 | 27 | 75 | 102 | — | |||||||||
| Credit cards | 162,232 | 2,223 | 2,541 | — | 166,996 | — | — | — | 2,541 | |||||||||
| Personal, small business and other(9) | 33,420 | 115 | 30 | — | 33,565 | 2 | 70 | 72 | — | |||||||||
| Total | $ | 316,558 | $ | 2,811 | $ | 2,994 | $ | 209 | $ | 322,572 | $ | 166 | $ | 606 | $ | 772 | $ | 2,671 |
| In offices outside North America(5) | ||||||||||||||||||
| Residential mortgages(6) | $ | 23,751 | $ | 39 | $ | 77 | $ | — | $ | 23,867 | $ | — | $ | 166 | $ | 166 | $ | — |
| Credit cards(10) | 13,730 | 265 | 324 | — | 14,319 | — | 322 | 322 | 97 | |||||||||
| Personal, small business and other(9) | 41,245 | 134 | 48 | — | 41,427 | — | 154 | 154 | — | |||||||||
| Total | $ | 78,726 | $ | 438 | $ | 449 | $ | — | $ | 79,613 | $ | — | $ | 642 | $ | 642 | $ | 97 |
| Total excluding portfolio-layer hedges cumulative basis adjustments | $ | 395,284 | $ | 3,249 | $ | 3,443 | $ | 209 | $ | 402,185 | $ | 166 | $ | 1,248 | $ | 1,414 | $ | 2,768 |
| Unallocated portfolio-layer hedges<br><br>cumulative basis adjustments(11) | $ | 206 | ||||||||||||||||
| Total Citigroup(12)(13) | $ | 402,391 |
Consumer Loans, Delinquencies and Non-Accrual Status at December 31, 2025
| In millions of dollars | Total<br><br>current(1)(2) | 30–89<br><br>days past<br><br>due(3) | ≥ 90 days<br><br>past<br><br>due(3) | Past due<br><br>government<br><br>guaranteed(4) | Total<br>loans | Non-accrual loans for which there is no ACLL | Non-accrual loans for which there is an ACLL | Total<br>non-accrual | 90 days <br>past due<br>and accruing | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In North America offices(5) | ||||||||||||||||||
| Residential first mortgages(6) | $ | 118,264 | $ | 426 | $ | 484 | $ | 215 | $ | 119,389 | $ | 125 | $ | 560 | $ | 685 | $ | 121 |
| Home equity loans(7)(8) | 2,810 | 26 | 36 | — | 2,872 | 23 | 82 | 105 | — | |||||||||
| Credit cards | 168,738 | 2,373 | 2,545 | — | 173,656 | — | — | — | 2,545 | |||||||||
| Personal, small business and other(9) | 33,084 | 96 | 31 | — | 33,211 | 5 | 152 | 157 | 1 | |||||||||
| Total | $ | 322,896 | $ | 2,921 | $ | 3,096 | $ | 215 | $ | 329,128 | $ | 153 | $ | 794 | $ | 947 | $ | 2,667 |
| In offices outside North America(5) | ||||||||||||||||||
| Residential mortgages(6) | $ | 23,928 | $ | 35 | $ | 78 | $ | — | $ | 24,041 | $ | — | $ | 180 | $ | 180 | $ | — |
| Credit cards(10) | 14,128 | 256 | 317 | — | 14,701 | — | 323 | 323 | 93 | |||||||||
| Personal, small business and other(9) | 40,143 | 128 | 49 | — | 40,320 | — | 168 | 168 | — | |||||||||
| Total | $ | 78,199 | $ | 419 | $ | 444 | $ | — | $ | 79,062 | $ | — | $ | 671 | $ | 671 | $ | 93 |
| Total excluding portfolio-layer hedges cumulative basis adjustments | $ | 401,095 | $ | 3,340 | $ | 3,540 | $ | 215 | $ | 408,190 | $ | 153 | $ | 1,465 | $ | 1,618 | $ | 2,760 |
| Unallocated portfolio-layer hedges<br><br>cumulative basis adjustments(11) | $ | 343 | ||||||||||||||||
| Total Citigroup(12)(13) | $ | 408,533 |
(1)Loans less than 30 days past due are presented as current.
(2)Includes $25 million and $51 million at March 31, 2026 and December 31, 2025, respectively, of residential first mortgages recorded at fair value.
(3)Excludes loans guaranteed by U.S. government-sponsored agencies. Excludes delinquencies on $26.6 billion and $23.3 billion of classifiably managed Private Bank loans in North America and outside North America, respectively, at March 31, 2026. Excludes delinquencies on $26.0 billion and $22.3 billion of classifiably managed Private Bank loans in North America and outside North America, respectively, at December 31, 2025.
(4)Consists of loans that are guaranteed by U.S. government-sponsored agencies that are 30–89 days past due of $0.1 billion and $0.1 billion and 90 days or more past due of $0.1 billion and $0.1 billion at March 31, 2026 and December 31, 2025, respectively.
(5)North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.
(6)Includes approximately $0.2 billion and less than $0.1 billion of residential first mortgage loans in process of foreclosure in North America and outside North America, respectively, and $18.4 billion of residential mortgages outside North America related to Wealth at March 31, 2026. Includes approximately $0.2 billion and less than $0.1 billion of residential first mortgage loans in process of foreclosure in North America and outside North America, respectively, and $18.6 billion of residential mortgages outside North America related to Wealth at December 31, 2025.
(7)Includes less than $0.1 billion and less than $0.1 billion at March 31, 2026 and December 31, 2025, respectively, of home equity loans in process of foreclosure.
(8)Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions.
(9)As of March 31, 2026, Wealth in North America includes $29.8 billion of loans, of which $26.6 billion are classifiably managed with 79% rated investment grade, and Wealth outside North America includes $31.5 billion of loans, of which $23.3 billion are classifiably managed with 56% rated investment grade. As of December 31, 2025, Wealth in North America includes $29.4 billion of loans, of which $26.0 billion are classifiably managed with 80% rated investment grade, and Wealth outside North America includes $30.6 billion of loans, of which $22.3 billion are classifiably managed with 56% rated investment grade. Such loans are presented as “current” above.
(10)Primarily relates to Mexico Consumer credit cards. While credit cards are generally not subject to non-accrual, Mexico Consumer credit cards cease accruing interest at 90 days past due and are charged off at 180 days past due.
(11)Represents fair value hedge basis adjustments related to portfolio-layer method hedges of mortgage and real estate loans, which are not allocated to individual loans in the portfolio. See Note 20.
(12)Consumer loans were net of unearned income of $973 million and $971 million at March 31, 2026 and December 31, 2025, respectively. Unearned income on consumer loans primarily represents loan origination fees, net of certain direct origination costs, that are deferred and recognized as Interest income over the lives of the related loans, except for credit cards (see Note 5).
(13)Not included in the balances above is approximately $1 billion and $1 billion of accrued interest receivable at March 31, 2026 and December 31, 2025, respectively, which is included in Other assets on the Consolidated Balance Sheet, except for credit card loans (which include accrued interest and fees).
During the three months ended March 31, 2026 and 2025, the Company reversed accrued interest (primarily related to credit cards) of approximately $0.5 billion and $0.5 billion, respectively. These reversals of accrued interest are reflected as a reduction to Interest income in the Consolidated Statement of Income.
Interest Income Recognized for Non-Accrual Consumer Loans
| In millions of dollars | Three Months Ended<br>March 31, 2026 | Three Months Ended<br>March 31, 2025 | ||
|---|---|---|---|---|
| In North America offices(1) | ||||
| Residential first mortgages | $ | 2 | $ | 2 |
| Home equity loans | 1 | 1 | ||
| Personal, small business and other | 1 | — | ||
| Total | $ | 4 | $ | 3 |
| In offices outside North America(1) | ||||
| Residential mortgages | $ | 2 | $ | 2 |
| Personal, small business and other | — | 1 | ||
| Total | $ | 2 | $ | 3 |
| Total Citigroup | $ | 6 | $ | 6 |
(1)North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.
Sales and Purchases of Consumer Loans
During the three months ended March 31, 2026 and 2025, the Company sold and/or reclassified to held-for-sale (HFS) approximately $213 million and $32 million of consumer loans, respectively. Accordingly, there were immaterial releases of the associated allowance for credit losses for the three months ended March 31, 2026 and 2025. The transfers exclude certain consumer mortgage loans for which Citi has elected the fair value option (see Note 22), which do not have an associated allowance for credit losses. The transfers also exclude consumer loans held by businesses HFS (see “Significant Disposals” in Note 2).
The Company did not have significant purchases of consumer loans classified as held-for-investment for the three months ended March 31, 2026 or 2025.
Consumer Credit Scores (FICO)
The following tables provide details on the FICO scores for Citi’s U.S. consumer loan portfolio based on end-of-period receivables by year of origination. FICO scores are updated monthly for substantially all of the portfolio or, otherwise, on a quarterly basis for the remaining portfolio. Loans that did not have FICO scores as of the prior period have been updated with FICO scores as they become available.
With respect to Citi’s consumer loan portfolio outside of the U.S. as of March 31, 2026 and December 31, 2025 ($81.1 billion and $80.8 billion, respectively), various country-specific or regional credit risk metrics and acquisition and behavior scoring models are leveraged as one of the factors to evaluate the credit quality of customers (see “Consumer Loans and Ratios Outside of North America” below). As a result, details of relevant credit quality indicators for those loans are not comparable to the below FICO score distribution for the U.S. portfolio.
| FICO score distribution—U.S. portfolio | March 31, 2026 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In millions of dollars | Less than<br>660 | 660<br>to 739 | Greater<br>than or equal to 740 | Classifiably managed(1) | FICO not available(2) | Total <br>loans | ||||||
| Residential first mortgages | ||||||||||||
| 2026 | $ | 32 | $ | 364 | $ | 2,638 | ||||||
| 2025 | 172 | 2,189 | 13,222 | |||||||||
| 2024 | 145 | 1,420 | 7,320 | |||||||||
| 2023 | 220 | 1,878 | 10,725 | |||||||||
| 2022 | 372 | 2,800 | 15,001 | |||||||||
| Prior | 1,922 | 8,408 | 43,282 | |||||||||
| Total residential first mortgages | $ | 2,863 | $ | 17,059 | $ | 92,188 | $ | — | $ | 7,124 | $ | 119,234 |
| Home equity line of credit (pre-reset) | $ | 230 | $ | 665 | $ | 1,444 | ||||||
| Home equity line of credit (post-reset) | 61 | 67 | 72 | |||||||||
| Home equity term loans | 39 | 67 | 88 | |||||||||
| 2026 | — | — | — | |||||||||
| 2025 | — | — | — | |||||||||
| 2024 | — | — | — | |||||||||
| 2023 | — | — | — | |||||||||
| 2022 | — | — | — | |||||||||
| Prior | 39 | 67 | 88 | |||||||||
| Total home equity loans | $ | 330 | $ | 799 | $ | 1,604 | $ | — | $ | 44 | $ | 2,777 |
| Credit cards | $ | 23,132 | $ | 57,896 | $ | 80,587 | ||||||
| Revolving loans converted to term loans(3) | 1,831 | 875 | 166 | |||||||||
| Total credit cards(4) | $ | 24,963 | $ | 58,771 | $ | 80,753 | $ | — | $ | 2,012 | $ | 166,499 |
| Personal, small business and other | ||||||||||||
| 2026 | $ | 1 | $ | 93 | $ | 497 | ||||||
| 2025 | 59 | 475 | 1,154 | |||||||||
| 2024 | 71 | 329 | 493 | |||||||||
| 2023 | 48 | 153 | 184 | |||||||||
| 2022 | 34 | 75 | 72 | |||||||||
| Prior | 74 | 158 | 122 | |||||||||
| Total personal, small business and other(5)(6) | $ | 287 | $ | 1,283 | $ | 2,522 | $ | 25,810 | $ | 2,837 | $ | 32,739 |
| Total(7) | $ | 28,443 | $ | 77,912 | $ | 177,067 | $ | 25,810 | $ | 12,017 | $ | 321,249 |
| FICO score distribution—U.S. portfolio | December 31, 2025 | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| In millions of dollars | Less than<br>660 | 660<br>to 739 | Greater<br>than or equal to 740 | Classifiably managed(1) | FICO not available(2) | Total<br>loans | ||||||
| Residential first mortgages | ||||||||||||
| 2025 | $ | 112 | $ | 2,309 | $ | 13,564 | ||||||
| 2024 | 143 | 1,600 | 7,973 | |||||||||
| 2023 | 227 | 2,045 | 11,184 | |||||||||
| 2022 | 368 | 2,877 | 15,199 | |||||||||
| 2021 | 327 | 2,483 | 13,891 | |||||||||
| Prior | 1,617 | 6,201 | 30,153 | |||||||||
| Total residential first mortgages | $ | 2,794 | $ | 17,515 | $ | 91,964 | $ | — | $ | 7,116 | $ | 119,389 |
| Home equity line of credit (pre-reset) | $ | 232 | $ | 682 | $ | 1,506 | ||||||
| Home equity line of credit (post-reset) | 64 | 71 | 69 | |||||||||
| Home equity term loans | 39 | 70 | 95 | |||||||||
| 2025 | — | — | — | |||||||||
| 2024 | — | — | — | |||||||||
| 2023 | — | — | — | |||||||||
| 2022 | — | — | — | |||||||||
| 2021 | — | — | 1 | |||||||||
| Prior | 39 | 70 | 94 | |||||||||
| Total home equity loans | $ | 335 | $ | 823 | $ | 1,670 | $ | — | $ | 44 | $ | 2,872 |
| Credit cards | $ | 23,473 | $ | 59,531 | $ | 85,390 | ||||||
| Revolving loans converted to term loans(3) | 1,742 | 843 | 160 | |||||||||
| Total credit cards(4) | $ | 25,215 | $ | 60,374 | $ | 85,550 | $ | — | $ | 1,969 | $ | 173,108 |
| Personal, small business and other | ||||||||||||
| 2025 | $ | 43 | $ | 475 | $ | 1,475 | ||||||
| 2024 | 82 | 382 | 616 | |||||||||
| 2023 | 59 | 185 | 234 | |||||||||
| 2022 | 44 | 99 | 98 | |||||||||
| 2021 | 7 | 15 | 14 | |||||||||
| Prior | 73 | 158 | 123 | |||||||||
| Total personal, small business and other(5)(6) | $ | 308 | $ | 1,314 | $ | 2,560 | $ | 25,168 | $ | 3,029 | $ | 32,379 |
| Total(7) | $ | 28,652 | $ | 80,026 | $ | 181,744 | $ | 25,168 | $ | 12,158 | $ | 327,748 |
(1) These personal, small business and other loans without a FICO score available include $25.8 billion and $25.2 billion of Private Bank loans as of March 31, 2026 and December 31, 2025, respectively, which are classifiably managed within Wealth and are primarily evaluated for credit risk based on their internal risk ratings. As of March 31, 2026 and December 31, 2025, approximately 79% and 80% of these loans, respectively, were rated investment grade.
(2) FICO scores not available are primarily driven by loans associated with clients whose underlying properties are held in trusts or LLCs, for non-U.S. citizens, and loans guaranteed by government-sponsored entities, for which FICO scores are generally not considered by Citi.
(3) Not included in the tables above are $38 million and $52 million of revolving credit card loans outside of the U.S. that were converted to term loans as of March 31, 2026 and December 31, 2025, respectively.
(4) Excludes $497 million and $548 million of balances related to Canada for March 31, 2026 and December 31, 2025, respectively.
(5) Excludes $826 million and $832 million of balances related to Canada for March 31, 2026 and December 31, 2025, respectively.
(6) Includes approximately $13 million and $14 million of personal revolving loans that were converted to term loans for March 31, 2026 and December 31, 2025, respectively.
(7) Excludes $206 million and $343 million of unallocated portfolio-layer hedges cumulative basis adjustments at March 31, 2026 and December 31, 2025, respectively.
Consumer Gross Credit Losses
The following tables provide details on gross credit losses recognized during the three months ended March 31, 2026 and 2025, by year of loan origination:
| In millions of dollars | Three Months Ended March 31, 2026 | |
|---|---|---|
| Residential first mortgages | ||
| 2026 | $ | — |
| 2025 | — | |
| 2024 | 1 | |
| 2023 | — | |
| 2022 | — | |
| Prior | 14 | |
| Total residential first mortgages | $ | 15 |
| Home equity line of credit (pre-reset) | $ | — |
| Home equity line of credit (post-reset) | — | |
| Home equity term loans | — | |
| Total home equity loans | $ | — |
| Credit cards | $ | 2,430 |
| Revolving loans converted to term loans | 53 | |
| Total credit cards | $ | 2,483 |
| Personal, small business and other | ||
| 2026 | $ | 52 |
| 2025 | 63 | |
| 2024 | 65 | |
| 2023 | 32 | |
| 2022 | 17 | |
| Prior | 51 | |
| Total personal, small business and other | $ | 280 |
| Total Citigroup | $ | 2,778 |
| In millions of dollars | Three Months Ended March 31, 2025 | |
| --- | --- | --- |
| Residential first mortgages | ||
| 2025 | $ | — |
| 2024 | — | |
| 2023 | — | |
| 2022 | — | |
| 2021 | — | |
| Prior | 17 | |
| Total residential first mortgages | $ | 17 |
| Home equity line of credit (pre-reset) | $ | 2 |
| Home equity line of credit (post-reset) | — | |
| Home equity term loans | — | |
| Total home equity loans | $ | 2 |
| Credit cards | $ | 2,420 |
| Revolving loans converted to term loans | 84 | |
| Total credit cards | $ | 2,504 |
| Personal, small business and other | ||
| 2025 | $ | 32 |
| 2024 | 49 | |
| 2023 | 46 | |
| 2022 | 27 | |
| 2021 | 10 | |
| Prior | 40 | |
| Total personal, small business and other | $ | 204 |
| Total Citigroup | $ | 2,727 |
Loan-to-Value (LTV) Ratios—U.S. Consumer Mortgages
LTV ratios (loan balance divided by appraised value) are calculated at origination and updated by applying market price data.
The following tables provide details on the LTV ratios for Citi’s U.S. consumer mortgage portfolios by year of origination. LTV ratios are updated monthly using the most recent Core Logic Home Price Index data available for substantially all of the portfolio, applied at the Metropolitan Statistical Area level, if available, or the state level if not. The remainder of the portfolio is updated in a similar manner using the Federal Housing Finance Agency indices.
| LTV distribution—U.S. portfolio(1) | March 31, 2026 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| In millions of dollars | Less than<br> or equal <br>to 80% | > 80% but less<br>than or equal to 100% | Greater<br>than<br>100% | LTV not available(1) | Total | |||||
| Residential first mortgages | ||||||||||
| 2026 | $ | 2,389 | $ | 651 | $ | — | ||||
| 2025 | 11,431 | 4,445 | 6 | |||||||
| 2024 | 7,074 | 2,102 | 6 | |||||||
| 2023 | 12,038 | 1,247 | — | |||||||
| 2022 | 17,775 | 1,461 | 21 | |||||||
| Prior | 56,938 | 619 | 26 | |||||||
| Total residential first mortgages | $ | 107,645 | $ | 10,525 | $ | 59 | $ | 1,005 | $ | 119,234 |
| Home equity loans (pre-reset) | $ | 2,308 | $ | 18 | $ | 14 | ||||
| Home equity loans (post-reset) | 372 | 9 | 17 | |||||||
| Total home equity loans | $ | 2,680 | $ | 27 | $ | 31 | $ | 39 | $ | 2,777 |
| Total(2) | $ | 110,325 | $ | 10,552 | $ | 90 | $ | 1,044 | $ | 122,011 |
| LTV distribution—U.S. portfolio(1) | December 31, 2025 | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| In millions of dollars | Less than<br> or equal <br>to 80% | > 80% but less<br>than or equal to 100% | Greater<br>than<br>100% | LTV not available(1) | Total | |||||
| Residential first mortgages | ||||||||||
| 2025 | $ | 12,061 | $ | 4,163 | $ | — | ||||
| 2024 | 7,845 | 2,181 | 3 | |||||||
| 2023 | 12,637 | 1,288 | 3 | |||||||
| 2022 | 18,144 | 1,378 | 23 | |||||||
| 2021 | 17,495 | 276 | 6 | |||||||
| Prior | 40,567 | 348 | 28 | |||||||
| Total residential first mortgages | $ | 108,749 | $ | 9,634 | $ | 63 | $ | 943 | $ | 119,389 |
| Home equity loans (pre-reset) | $ | 2,348 | $ | 42 | $ | 32 | ||||
| Home equity loans (post-reset) | 375 | 13 | 21 | |||||||
| Total home equity loans | $ | 2,723 | $ | 55 | $ | 53 | $ | 41 | $ | 2,872 |
| Total(2) | $ | 111,472 | $ | 9,689 | $ | 116 | $ | 984 | $ | 122,261 |
(1)Residential first mortgages with no LTV information available include government-guaranteed loans that do not require LTV information for credit risk assessment and fair value loans.
(2)Excludes $206 million and $343 million of unallocated portfolio-layer cumulative basis adjustments at March 31, 2026 and December 31, 2025, respectively.
Loan-to-Value (LTV) Ratios—Outside of U.S. Consumer Mortgages
The following tables provide details on the LTV ratios for Citi’s consumer mortgage portfolio outside of the U.S. by year of origination:
| LTV distribution—outside of U.S. portfolio(1) | March 31, 2026 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| In millions of dollars | Less than<br> or equal <br>to 80% | > 80% but less<br>than or equal to 100% | Greater<br>than<br>100% | LTV not available | Total | |||||
| Residential mortgages | ||||||||||
| 2026 | $ | 734 | $ | 61 | $ | — | ||||
| 2025 | 2,551 | 174 | — | |||||||
| 2024 | 2,761 | 229 | — | |||||||
| 2023 | 2,038 | 778 | — | |||||||
| 2022 | 2,259 | 684 | 268 | |||||||
| Prior | 9,457 | 1,122 | 237 | |||||||
| Total | $ | 19,800 | $ | 3,048 | $ | 505 | $ | 514 | $ | 23,867 |
| LTV distribution—outside of U.S. portfolio(1) | December 31, 2025 | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| In millions of dollars | Less than<br> or equal <br>to 80% | > 80% but less<br>than or equal to 100% | Greater<br>than<br>100% | LTV not available | Total | |||||
| Residential mortgages | ||||||||||
| 2025 | $ | 2,576 | $ | 207 | $ | — | ||||
| 2024 | 2,825 | 275 | — | |||||||
| 2023 | 2,062 | 727 | 150 | |||||||
| 2022 | 2,283 | 630 | 415 | |||||||
| 2021 | 2,168 | 648 | 345 | |||||||
| Prior | 7,712 | 456 | 67 | |||||||
| Total | $ | 19,626 | $ | 2,943 | $ | 977 | $ | 495 | $ | 24,041 |
(1)Mortgage portfolios outside of the U.S. are primarily in Wealth. As of March 31, 2026 and December 31, 2025, mortgage portfolios outside of the U.S. had an average LTV of approximately 55% and 56%, respectively.
Consumer Loans and Ratios Outside of North America
| Delinquency-managed loans and ratios | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In millions of dollars at March 31, 2026 | Total<br><br>loans outside of North America(1) | Classifiably managed loans(2) | Delinquency-managed loans | 30–89 <br>days past<br> due ratio | ≥ 90 days<br><br>past<br><br>due ratio | 1Q26 NCL ratio | 1Q25 NCL ratio | |||||||
| Residential mortgages(3) | $ | 23,867 | $ | — | $ | 23,867 | 0.16 | % | 0.32 | % | 0.12 | % | 0.08 | % |
| Credit cards | 14,319 | — | 14,319 | 1.85 | 2.26 | 7.00 | 5.96 | |||||||
| Personal, small business and other(4) | 41,427 | 23,264 | 18,163 | 0.74 | 0.26 | 1.33 | 1.05 | |||||||
| Total | $ | 79,613 | $ | 23,264 | $ | 56,349 | 0.78 | % | 0.80 | % | 2.02 | % | 1.62 | % |
| Delinquency-managed loans and ratios | ||||||||||||||
| In millions of dollars at December 31, 2025 | Total<br><br>loans outside<br><br>of North America(1) | Classifiably managed loans(2) | Delinquency-managed loans | 30–89 <br>days past<br> due ratio | ≥ 90 days<br><br>past<br><br>due ratio | |||||||||
| Residential mortgages(3) | $ | 24,041 | $ | — | $ | 24,041 | 0.15 | % | 0.32 | % | ||||
| Credit cards | 14,701 | — | 14,701 | 1.74 | 2.16 | |||||||||
| Personal, small business and other(4) | 40,320 | 22,297 | 18,023 | 0.71 | 0.27 | |||||||||
| Total | $ | 79,062 | $ | 22,297 | $ | 56,765 | 0.74 | % | 0.78 | % |
(1) Mexico is included in offices outside of North America.
(2) Classifiably managed loans are primarily evaluated for credit risk based on their internal risk classification. As of March 31, 2026 and December 31, 2025, approximately 56% and 56% of these loans, respectively, were rated investment grade.
(3) Includes $18.4 billion and $18.6 billion as of March 31, 2026 and December 31, 2025, respectively, of residential mortgages related to Wealth.
(4) Includes $31.5 billion and $30.6 billion as of March 31, 2026 and December 31, 2025, respectively, of loans related to Wealth.
Consumer Loan Modifications to Borrowers Experiencing Financial Difficulty
Citi’s significant consumer modification programs are described below.
Credit Cards
Citi evaluates and assists credit card borrowers who are experiencing financial difficulty by offering long-term loan modification programs. These modifications generally involve reducing the interest rate on the credit card, placing the customer on a fixed payment plan not to exceed 60 months and canceling the customer’s available line of credit. Citi also grants modifications to credit card borrowers working with third-party renegotiation agencies that seek to restructure customers’ entire unsecured debt. In certain situations, Citi may forgive a portion of an outstanding balance if the borrower pays a required amount.
Residential Mortgages
Citi utilizes a third-party subservicer for the servicing of its residential mortgage loans. Through this third-party subservicer, Citi evaluates and assists residential mortgage borrowers who are experiencing financial difficulty primarily by offering interest rate reductions, principal and/or interest forbearance, term extensions or combinations thereof. Borrowers enrolled in forbearance programs typically have payments suspended until the end of the forbearance period. In the U.S., before permanently modifying the contractual payment terms of a mortgage loan, Citi enters into a trial modification with the borrower, generally a three-month period during which the borrower makes monthly payments under the anticipated modified payment terms. Upon successful completion of the trial period, and the borrower’s formal acceptance of the modified terms, Citi and the borrower enter into a permanent modification. Citi expects the majority of loans entering trial modifications to ultimately be enrolled in a permanent modification. During the three months ended March 31, 2026 and 2025, $8 million and $14 million, respectively, of mortgage loans were enrolled in trial programs. Mortgage loans of $3 million and $3 million had gone through Chapter 7 bankruptcy during the three months ended March 31, 2026 and 2025, respectively.
Types of Consumer Loan Modifications and Their Financial Effect
The following tables provide details on permanent consumer loan modifications granted during the three months ended March 31, 2026 and 2025 to borrowers experiencing financial difficulty by type of modification granted and the financial effect of those modifications:
| For the Three Months Ended March 31, 2026 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In millions of dollars, except weighted averages | Modifications as % of loans | Total modifications balance at March 31, 2026(1)(2)(3) | Interest rate reduction | Term extension | Payment delay | Combination: interest rate reduction and term extension | Weighted-average interest rate reduction % | Weighted-average term extension (months) | Weighted-average delay in payments (months) | |||||||
| In North America offices(4) | ||||||||||||||||
| Residential first mortgages(5) | 0.14 | % | $ | 166 | $ | 2 | $ | 11 | $ | 146 | $ | 7 | 1 | % | 170 | 12 |
| Home equity loans | 0.04 | 1 | — | — | 1 | — | — | — | 9 | |||||||
| Credit cards | 0.31 | 523 | 523 | — | — | — | 24 | — | — | |||||||
| Personal, small business and other | 0.02 | 6 | — | — | — | 6 | 9 | 17 | — | |||||||
| Total | 0.22 | % | $ | 696 | $ | 525 | $ | 11 | $ | 147 | $ | 13 | ||||
| In offices outside North America(4) | ||||||||||||||||
| Residential mortgages | 0.04 | % | $ | 10 | $ | — | $ | — | $ | 9 | $ | 1 | 2 | % | 223 | 12 |
| Credit cards | 0.08 | 11 | 6 | — | — | 5 | 33 | 23 | — | |||||||
| Personal, small business and other | 0.04 | 16 | 4 | — | — | 12 | 6 | 26 | — | |||||||
| Total | 0.05 | % | $ | 37 | $ | 10 | $ | — | $ | 9 | $ | 18 | ||||
| For the Three Months Ended March 31, 2025 | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||
| In millions of dollars, except weighted averages | Modifications as % of loans | Total modifications balance at March 31, 2025(1)(2)(3) | Interest rate reduction | Term extension | Payment delay | Combination: interest rate reduction and term extension | Weighted-average interest rate reduction % | Weighted-average term extension (months) | Weighted-average delay in payments (months) | |||||||
| In North America offices(4) | ||||||||||||||||
| Residential first mortgages(5) | 0.06 | % | $ | 74 | $ | 1 | $ | 11 | $ | 55 | $ | 7 | 1 | % | 129 | 7 |
| Home equity loans | 0.03 | 1 | — | — | 1 | — | — | — | 8 | |||||||
| Credit cards | 0.31 | 505 | 504 | — | 1 | — | 25 | — | 4 | |||||||
| Personal, small business and other | 0.03 | 10 | — | — | — | 10 | 8 | 19 | — | |||||||
| Total | 0.19 | % | $ | 590 | $ | 505 | $ | 11 | $ | 57 | $ | 17 | ||||
| In offices outside North America(4) | ||||||||||||||||
| Residential mortgages | 0.05 | % | $ | 13 | $ | — | $ | — | $ | 11 | $ | 2 | 2 | % | 192 | 12 |
| Credit cards | 0.04 | 5 | 5 | — | — | — | 24 | — | — | |||||||
| Personal, small business and other | 0.02 | 6 | 1 | 1 | — | 4 | 8 | 23 | — | |||||||
| Total | 0.03 | % | $ | 24 | $ | 6 | $ | 1 | $ | 11 | $ | 6 |
(1) The above tables reflect activity for loans outstanding as of the end of the reporting period. During the three months ended March 31, 2026 and 2025, Citi granted forgiveness of $1 million and less than $1 million in residential first mortgage loans, $40 million and $32 million in credit card loans and $2 million and $2 million in personal, small business and other loans, respectively. As a result, there were no outstanding balances as of March 31, 2026 and 2025.
(2) Commitments to lend to borrowers experiencing financial difficulty that were granted modifications included in the tables above were immaterial at March 31, 2026 and 2025.
(3) For major consumer portfolios, the ACLL is based on macroeconomic-sensitive models that rely on historical performance and macroeconomic scenarios to forecast expected credit losses. Modifications of consumer loans impact expected credit losses by affecting the likelihood of default.
(4) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.
(5) Excludes residential first mortgages discharged in Chapter 7 bankruptcy in the three months ended March 31, 2026 and 2025.
Performance of Modified Consumer Loans
The following tables present the delinquencies and gross credit losses of permanently modified consumer loans to borrowers experiencing financial difficulty, including loans that were modified during the 12 months ended March 31, 2026 and the year ended December 31, 2025:
| As of March 31, 2026 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| In millions of dollars | Total | Current | 30–89 days<br><br>past due | 90+ days <br>past due | Gross <br>credit losses | |||||
| In North America offices(1) | ||||||||||
| Residential first mortgages | $ | 387 | $ | 210 | $ | 27 | $ | 150 | $ | 1 |
| Home equity loans | 3 | 1 | — | 2 | — | |||||
| Credit cards | 1,558 | 1,227 | 208 | 123 | 266 | |||||
| Personal, small business and other | 27 | 24 | 2 | 1 | 2 | |||||
| Total(2) | $ | 1,975 | $ | 1,462 | $ | 237 | $ | 276 | $ | 269 |
| In offices outside North America(1) | ||||||||||
| Residential mortgages | $ | 30 | $ | 28 | $ | 1 | $ | 1 | $ | 1 |
| Credit cards | 31 | 27 | 3 | 1 | 1 | |||||
| Personal, small business and other | 23 | 22 | 1 | — | — | |||||
| Total(2) | $ | 84 | $ | 77 | $ | 5 | $ | 2 | $ | 2 |
| As of December 31, 2025 | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| In millions of dollars | Total | Current | 30–89 days<br><br>past due | 90+ days <br>past due | Gross <br>credit losses | |||||
| In North America offices(1) | ||||||||||
| Residential first mortgages | $ | 380 | $ | 128 | $ | 28 | $ | 224 | $ | — |
| Home equity loans | 3 | 1 | — | 2 | — | |||||
| Credit cards | 1,525 | 1,190 | 212 | 123 | 277 | |||||
| Personal, small business and other | 29 | 26 | 2 | 1 | 2 | |||||
| Total(2) | $ | 1,937 | $ | 1,345 | $ | 242 | $ | 350 | $ | 279 |
| In offices outside North America(1) | ||||||||||
| Residential mortgages | $ | 35 | $ | 32 | $ | 2 | $ | 1 | $ | 1 |
| Credit cards | 27 | 23 | 3 | 1 | 1 | |||||
| Personal, small business and other | 40 | 32 | 6 | 2 | 1 | |||||
| Total(2) | $ | 102 | $ | 87 | $ | 11 | $ | 4 | $ | 3 |
(1) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.
(2) Typically, upon modification a loan re-ages to current. However, FFIEC guidelines for re-aging certain loans require that at least three consecutive minimum monthly payments, or the equivalent amount, be received. In these cases, the loan will remain delinquent until the payment criteria for re-aging have been satisfied.
Defaults of Modified Consumer Loans
The following tables present default activity for permanently modified consumer loans to borrowers experiencing financial difficulty by type of modification granted, including loans that were modified and subsequently defaulted during the three months ended March 31, 2026 and 2025. Default is defined as 60 days past due:
| For the Three Months Ended March 31, 2026 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In millions of dollars | Total(1)(2) | Interest rate reduction | Term<br>extension | Payment<br>delay | Combination: interest rate reduction and term extension | Combination: term extension and payment delay | Combination: interest rate reduction, term extension and payment delay | |||||||
| In North America offices(3) | ||||||||||||||
| Residential first mortgages | $ | 14 | $ | — | $ | 8 | $ | — | $ | 6 | $ | — | $ | — |
| Home equity loans | — | — | — | — | — | — | — | |||||||
| Credit cards(4) | 96 | 96 | — | — | — | — | — | |||||||
| Personal, small business and other | 1 | — | — | — | 1 | — | — | |||||||
| Total | $ | 111 | $ | 96 | $ | 8 | $ | — | $ | 7 | $ | — | $ | — |
| In offices outside North America(3) | ||||||||||||||
| Residential mortgages | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
| Credit cards(4) | 2 | 2 | — | — | — | — | — | |||||||
| Personal, small business and other | 1 | — | — | — | 1 | — | — | |||||||
| Total | $ | 3 | $ | 2 | $ | — | $ | — | $ | 1 | $ | — | $ | — |
| For the Three Months Ended March 31, 2025 | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| In millions of dollars | Total(1)(2) | Interest rate reduction | Term<br>extension | Payment<br>delay | Combination: interest rate reduction and term extension | Combination: term extension and payment delay | Combination: interest rate reduction, term extension and payment delay | |||||||
| In North America offices(3) | ||||||||||||||
| Residential first mortgages | $ | 7 | $ | — | $ | 4 | $ | — | $ | 3 | $ | — | $ | — |
| Home equity loans | — | — | — | — | — | — | — | |||||||
| Credit cards(4) | 106 | 106 | — | — | — | — | — | |||||||
| Personal, small business and other | 1 | — | — | — | 1 | — | — | |||||||
| Total | $ | 114 | $ | 106 | $ | 4 | $ | — | $ | 4 | $ | — | $ | — |
| In offices outside North America(3) | ||||||||||||||
| Residential mortgages | $ | 1 | $ | — | $ | — | $ | 1 | $ | — | $ | — | $ | — |
| Credit cards(4) | 1 | 1 | — | — | — | — | — | |||||||
| Personal, small business and other | 1 | — | — | — | 1 | — | — | |||||||
| Total | $ | 3 | $ | 1 | $ | — | $ | 1 | $ | 1 | $ | — | $ | — |
(1) The above tables reflect activity for loans outstanding as of the end of the reporting period.
(2) Modified residential first mortgages that default are typically liquidated through foreclosure or a similar type of liquidation.
(3) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.
(4) Modified credit card loans that default continue to be charged off in accordance with Citi’s consumer charge-off policy.
13. ALLOWANCE FOR CREDIT LOSSES
| Three Months Ended March 31, | ||||
|---|---|---|---|---|
| In millions of dollars | 2026 | 2025 | ||
| Allowance for credit losses on loans (ACLL) at beginning of period | $ | 19,247 | $ | 18,574 |
| Gross credit losses on loans | (2,820) | (2,926) | ||
| Gross recoveries on loans | 612 | 467 | ||
| Net credit losses (NCLs) on loans | $ | (2,208) | $ | (2,459) |
| Replenishment of NCLs | $ | 2,208 | $ | 2,459 |
| Net reserve builds (releases) for loans | 301 | 227 | ||
| Net specific reserve builds (releases) for loans | 96 | (125) | ||
| Total provision for credit losses on loans (PCLL) | $ | 2,605 | $ | 2,561 |
| Other, net (see table below) | (8) | 50 | ||
| ACLL at end of period | $ | 19,636 | $ | 18,726 |
| Allowance for credit losses on unfunded lending commitments (ACLUC) at beginning of period(1) | $ | 1,833 | $ | 1,601 |
| Provision (release) for credit losses on ACLUC(2) | 184 | 108 | ||
| Other, net | (4) | 11 | ||
| ACLUC at end of period(1) | $ | 2,013 | $ | 1,720 |
| Total ACLL and ACLUC | $ | 21,649 | $ | 20,446 |
| Allowance for credit losses on other assets at beginning of period(3) | $ | 147 | $ | 1,865 |
| NCLs on other assets | (3) | (13) | ||
| Provision (release) for credit losses on other assets | 33 | 39 | ||
| Other, net(4) | 9 | 315 | ||
| Allowance for credit losses on other assets at end of period(3) | $ | 186 | $ | 2,206 |
| Allowance for credit losses on HTM debt securities at beginning of period | $ | 146 | $ | 137 |
| Provision (release) for credit losses on HTM debt securities | (30) | (5) | ||
| Other, net | — | (2) | ||
| Allowance for credit losses on HTM debt securities at end of period | $ | 116 | $ | 130 |
| Total ACL | $ | 21,951 | $ | 22,782 |
| Other, net details (ACLL) | Three Months Ended March 31, | |||
| --- | --- | --- | --- | --- |
| In millions of dollars | 2026 | 2025 | ||
| FX translation and other | $ | (8) | $ | 50 |
| Other, net (ACLL) | $ | (8) | $ | 50 |
(1)Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet.
(2)The first quarter of 2026 includes a reserve build related to Citi’s forward purchase commitment of the Barclays American Airlines co-branded card portfolio.
(3)See additional details on the Allowance for credit losses on other assets below.
(4)Primarily reflects the impact of FX translation on the ACL on Other assets for transfer risk associated with exposures outside the U.S.
Allowance for Credit Losses on Loans (ACLL) and End-of-Period Loans
| Three Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| March 31, 2026 | March 31, 2025 | |||||||||||
| In millions of dollars | Corporate | Consumer | Total | Corporate | Consumer | Total | ||||||
| ACLL at beginning of period | $ | 3,053 | $ | 16,194 | $ | 19,247 | $ | 2,556 | $ | 16,018 | $ | 18,574 |
| Charge-offs | (42) | (2,778) | (2,820) | (199) | (2,727) | (2,926) | ||||||
| Recoveries | 34 | 578 | 612 | 17 | 450 | 467 | ||||||
| Replenishment of NCLs | 8 | 2,200 | 2,208 | 182 | 2,277 | 2,459 | ||||||
| Net reserve builds (releases) | 203 | 98 | 301 | 279 | (52) | 227 | ||||||
| Net specific reserve builds (releases) | 96 | — | 96 | (125) | — | (125) | ||||||
| Other | (13) | 5 | (8) | 15 | 35 | 50 | ||||||
| Ending balance | $ | 3,339 | $ | 16,297 | $ | 19,636 | $ | 2,725 | $ | 16,001 | $ | 18,726 |
| March 31, 2026 | December 31, 2025 | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| In millions of dollars | Corporate | Consumer | Total | Corporate | Consumer | Total | ||||||
| ACLL | ||||||||||||
| Collectively evaluated | $ | 2,922 | $ | 16,248 | $ | 19,170 | $ | 2,730 | $ | 16,144 | $ | 18,874 |
| Individually evaluated | 417 | 51 | 468 | 323 | 51 | 374 | ||||||
| Purchased credit deteriorated | — | (2) | (2) | — | (1) | (1) | ||||||
| Total ACLL | $ | 3,339 | $ | 16,297 | $ | 19,636 | $ | 3,053 | $ | 16,194 | $ | 19,247 |
| Loans, net of unearned income | ||||||||||||
| Collectively evaluated | $ | 348,770 | $ | 402,199 | $ | 750,969 | $ | 334,892 | $ | 408,225 | $ | 743,117 |
| Individually evaluated | 1,957 | 67 | 2,024 | 2,001 | 149 | 2,150 | ||||||
| Purchased credit deteriorated | — | 100 | 100 | — | 108 | 108 | ||||||
| Held at fair value | 8,498 | 25 | 8,523 | 6,804 | 51 | 6,855 | ||||||
| Total loans, net of unearned income | $ | 359,225 | $ | 402,391 | $ | 761,616 | $ | 343,697 | $ | 408,533 | $ | 752,230 |
Changes in the ACL
(March 31, 2026 vs. December 31, 2025)
The total allowance for credit losses on loans, leases, unfunded lending commitments, other assets and HTM debt securities (in aggregate, total ACL) as of March 31, 2026 was $21,951 million, an increase of $578 million from $21,373 million at December 31, 2025, driven by portfolio quality, including seasonal mix changes, as well as increased uncertainty in the macroeconomic outlook, partially offset by refinements to loss assumptions and lower net lending activity.
Consumer ACLL
Citi’s total consumer allowance for credit losses on loans (ACLL) as of March 31, 2026 was $16,297 million, an increase of $103 million from $16,194 million at December 31, 2025. The increase was driven by seasonal portfolio mix changes and increased uncertainty in the macroeconomic outlook, primarily offset by lower seasonal volumes and refinements to loss assumptions.
Corporate ACLL
Citi’s total corporate ACLL as of March 31, 2026 was $3,339 million, an increase of $286 million from $3,053 million at December 31, 2025. The increase was driven by increased uncertainty in the macroeconomic outlook.
ACLUC
As of March 31, 2026, Citi’s total allowance for unfunded lending commitments (ACLUC), included in Other liabilities, was $2,013 million, an increase of $180 million from $1,833 million at December 31, 2025. The increase was driven by Citi’s forward purchase commitment of the Barclays American Airlines co-branded card portfolio and increased uncertainty in the macroeconomic outlook, partially offset by refinements to loss assumptions.
Allowance for Credit Losses on Other Assets
| Three Months Ended March 31, 2026 | ||||||||
|---|---|---|---|---|---|---|---|---|
| In millions of dollars | Deposits with banks | Securities borrowed and purchased under agreements <br>to resell | All other assets(1) | Total | ||||
| Allowance for credit losses on other assets at beginning of quarter(2) | $ | 23 | $ | 5 | $ | 119 | $ | 147 |
| Gross credit losses | — | — | (10) | (10) | ||||
| Gross recoveries | — | — | 7 | 7 | ||||
| NCLs | $ | — | $ | — | $ | (3) | $ | (3) |
| Replenishment of NCLs | $ | — | $ | — | $ | 3 | $ | 3 |
| Net reserve builds (releases) | 8 | — | 22 | 30 | ||||
| Total provision for credit losses | $ | 8 | $ | — | $ | 25 | $ | 33 |
| Other, net | $ | 1 | $ | — | $ | 8 | $ | 9 |
| Allowance for credit losses on other assets at end of quarter | $ | 32 | $ | 5 | $ | 149 | $ | 186 |
(1)Primarily ACL related to transfer risk associated with exposures outside the U.S.
(2)The beginning-of-quarter balance reflects the $2.6 billion reclassification of AO Citibank to held-for-sale, including the related ACL, resulting from Citi’s planned sale of AO Citibank (which was sold on February 18, 2026) (see “Sale of AO Citibank” in Note 2), partially offset by FX translation.
| Three Months Ended March 31, 2025 | ||||||||
|---|---|---|---|---|---|---|---|---|
| In millions of dollars | Deposits with banks | Securities borrowed and purchased under agreements <br>to resell | All other assets(1) | Total | ||||
| Allowance for credit losses on other assets at beginning of quarter | $ | 25 | $ | 3 | $ | 1,837 | $ | 1,865 |
| Gross credit losses | — | — | (17) | (17) | ||||
| Gross recoveries | — | — | 4 | 4 | ||||
| NCLs | $ | — | $ | — | $ | (13) | $ | (13) |
| Replenishment of NCLs | $ | — | $ | — | $ | 13 | $ | 13 |
| Net reserve builds (releases) | (6) | 1 | 31 | 26 | ||||
| Total provision for credit losses | $ | (6) | $ | 1 | $ | 44 | $ | 39 |
| Other, net | $ | — | $ | — | $ | 315 | $ | 315 |
| Allowance for credit losses on other assets at end of quarter | $ | 19 | $ | 4 | $ | 2,183 | $ | 2,206 |
(1) Primarily ACL related to transfer risk associated with exposures outside the U.S.
For the ACL on AFS debt securities, see Note 11.
14. GOODWILL AND INTANGIBLE ASSETS
Goodwill
The changes in Goodwill were as follows:
| In millions of dollars | Services | Markets | Banking | USCC(1) | Wealth(1) | All Other | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance at December 31, 2025 | $ | 2,141 | $ | 5,833 | $ | 1,028 | $ | 4,733 | $ | 5,062 | $ | 301 | $ | 19,098 |
| Foreign currency translation | (31) | (75) | — | — | 4 | 1 | (101) | |||||||
| Balance at March 31, 2026 | $ | 2,110 | $ | 5,758 | $ | 1,028 | $ | 4,733 | $ | 5,066 | $ | 302 | $ | 18,997 |
(1)During the first quarter of 2026, approximately $609 million of goodwill was transferred from USCC to Wealth in connection with the business realignment. Prior-period amounts have been revised to conform to the current presentation. See Note 3.
Citi tests for goodwill impairment annually as of October 1 (the annual test) and conducts interim assessments between the annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount.
As discussed in Note 3, effective January 1, 2026, Citi transferred its Retail Banking business from the former U.S. Personal Banking (USPB) to Wealth and integrated the remaining USPB businesses into a new U.S. Consumer Cards (USCC) segment. This business realignment was identified as a triggering event for purposes of goodwill impairment testing. In accordance with ASC 350, an interim goodwill impairment test was performed in the first quarter of 2026, which resulted in no impairment. Goodwill was reallocated from USCC to Wealth based on relative fair values as of the effective date of the business realignment. No additional triggering events were identified, and no goodwill impairment was recorded during the quarter.
Unanticipated declines in business performance, increases in credit losses, increases in capital requirements and adverse regulatory or legislative changes, and deterioration in
economic or market conditions, as well as circumstances related to Citi’s strategic refresh, are factors that could result in a material impairment loss to earnings in a future period
related to some portion of the associated goodwill.
For additional information regarding Citi’s goodwill impairment testing process, see Notes 1 (“Goodwill”) and 17 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
Intangible Assets
The components of intangible assets were as follows:
| March 31, 2026 | December 31, 2025 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In millions of dollars | Gross<br>carrying<br>amount | Accumulated<br>amortization | Net<br>carrying<br>amount | Gross<br>carrying<br>amount | Accumulated<br>amortization | Net<br>carrying<br>amount | ||||||
| Purchased credit card relationships(1) | $ | 5,315 | $ | 4,669 | $ | 646 | $ | 5,315 | $ | 4,639 | $ | 676 |
| Credit card contract-related intangibles(2) | 4,661 | 2,021 | 2,640 | 4,579 | 1,987 | 2,592 | ||||||
| Other customer relationships | 315 | 290 | 25 | 321 | 291 | 30 | ||||||
| Present value of future profits | 35 | 35 | — | 35 | 35 | — | ||||||
| Indefinite-lived intangible assets | 228 | — | 228 | 227 | — | 227 | ||||||
| Intangible assets (excluding MSRs) | $ | 10,554 | $ | 7,015 | $ | 3,539 | $ | 10,477 | $ | 6,952 | $ | 3,525 |
| Mortgage servicing rights (MSRs)(3) | 766 | — | 766 | 759 | — | 759 | ||||||
| Total intangible assets | $ | 11,320 | $ | 7,015 | $ | 4,305 | $ | 11,236 | $ | 6,952 | $ | 4,284 |
The changes in intangible assets were as follows:
| In millions of dollars | Net carrying amount at December 31, 2025 | Acquisitions/renewals/<br>divestitures | Amortization | Impairments | FX translation and other | Net carrying amount at March 31, 2026 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Purchased credit card relationships(1) | $ | 676 | $ | — | $ | (30) | $ | — | $ | — | $ | 646 |
| Credit card contract-related intangibles(2) | 2,592 | 82 | (34) | — | — | 2,640 | ||||||
| Other customer relationships | 30 | — | (5) | — | — | 25 | ||||||
| Present value of future profits | — | — | — | — | — | — | ||||||
| Indefinite-lived intangible assets | 227 | — | — | — | 1 | 228 | ||||||
| Intangible assets (excluding MSRs) | $ | 3,525 | $ | 82 | $ | (69) | $ | — | $ | 1 | $ | 3,539 |
| MSRs(3) | 759 | 766 | ||||||||||
| Total intangible assets | $ | 4,284 | $ | 4,305 |
(1)Reflects intangibles for the value of purchased cardholder relationships, which are discrete from contract-related intangibles.
(2)Reflects contract-related intangibles associated with Citi’s credit card program agreements with partners.
(3)See Note 19.
15. DEPOSITS
Deposits consisted of the following:
| March 31, | December 31, | |||
|---|---|---|---|---|
| In millions of dollars | 2026(1) | 2025 | ||
| Non-interest-bearing deposits in U.S. offices | $ | 122,083 | $ | 121,610 |
| Interest-bearing deposits in U.S. offices (including $1,695 and $1,862 as of March 31, 2026 and December 31, 2025, respectively, at fair value) | 634,812 | 613,052 | ||
| Total deposits in U.S. offices(1) | $ | 756,895 | $ | 734,662 |
| Non-interest-bearing deposits in offices outside the U.S. (including $1,448 and $1,218 as of March 31, 2026 and December 31, 2025, respectively, at fair value) | $ | 86,004 | $ | 87,041 |
| Interest-bearing deposits in offices outside the U.S. (including $1,232 and $1,142 as of March 31, 2026 and December 31, 2025, respectively, at fair value) | 603,341 | 581,870 | ||
| Total deposits in offices outside the U.S.(1) | $ | 689,345 | $ | 668,911 |
| Total deposits | $ | 1,446,240 | $ | 1,403,573 |
(1) For information on time deposits that met or exceeded the insured limit at December 31, 2025, see Note 18 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K. The classification between offices in the U.S. and outside the U.S. is based on the domicile of the booking unit, rather than the domicile of the depositor.
For additional information on Citi’s deposits, see Citi’s 2025 Form 10-K.
16. DEBT
For additional information regarding Citi’s short-term borrowings and long-term debt, see Note 19 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
Short-Term Borrowings
| In millions of dollars | March 31,<br>2026 | December 31,<br>2025 | ||
|---|---|---|---|---|
| Commercial paper | ||||
| Bank(1) | $ | 13,829 | $ | 10,050 |
| Broker-dealer and other(2) | 6,948 | 9,891 | ||
| Total commercial paper | $ | 20,777 | $ | 19,941 |
| Other borrowings(3) | 51,279 | 31,937 | ||
| Total | $ | 72,056 | $ | 51,878 |
(1)Represents Citibank entities as well as other bank entities.
(2)Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company.
(3)Includes borrowings from Federal Home Loan Banks and other market participants. At March 31, 2026 and December 31, 2025, collateralized short-term advances from Federal Home Loan Banks were $14.0 billion and $6.0 billion, respectively.
Long-Term Debt
| In millions of dollars | March 31,<br>2026 | December 31, 2025 | ||
|---|---|---|---|---|
| Citigroup Inc.(1) | $ | 171,000 | $ | 177,855 |
| Bank(2) | 31,544 | 36,481 | ||
| Broker-dealer and other(3) | 105,022 | 101,491 | ||
| Total | $ | 307,566 | $ | 315,827 |
(1)Represents the parent holding company.
(2)Represents Citibank entities as well as other bank entities. At March 31, 2026 and December 31, 2025, collateralized long-term advances from the Federal Home Loan Banks were $1.0 billion and $3.0 billion, respectively.
(3)Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company. Certain Citigroup consolidated hedging activities are also included in this line.
Long-term debt outstanding includes trust preferred securities with a balance sheet carrying value of $1.6 billion at March 31, 2026 and December 31, 2025.
The following table summarizes Citi’s outstanding trust preferred securities at March 31, 2026:
| Junior subordinated debentures owned by trust | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Trust | Issuance<br>date | Securities<br>issued | Liquidation<br><br>value(1) | Coupon<br><br>rate(2) | Common<br>shares<br>issued<br>to parent | Notional amount | Maturity | Redeemable<br>by issuer<br>beginning | |||
| In millions of dollars, except securities and share amounts | |||||||||||
| Citigroup Capital III | Dec. 1996 | 194,053 | $ | 194 | 7.625 | % | 6,003 | $ | 200 | Dec. 1, 2036 | Not redeemable |
| Citigroup Capital XIII | Oct. 2010 | 89,840,000 | 2,246 | 3 mo. SOFR +663.161 bps(3) | 1,000 | 2,246 | Oct. 30, 2040 | Oct. 30, 2015 | |||
| Total obligated | $ | 2,440 | $ | 2,446 |
Note: Distributions on the trust preferred securities and interest on the subordinated debentures are payable semiannually for Citigroup Capital III and quarterly for Citigroup Capital XIII.
(1)Represents the notional value received by outside investors from the trusts at the time of issuance. This differs from Citi’s balance sheet carrying value due primarily to unamortized discount and issuance costs.
(2)In each case, the coupon rate on the subordinated debentures is the same as that on the trust preferred securities.
(3)The spread incorporates the original contractual spread and a 26.161 bps tenor spread adjustment.
17. CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI)
Changes in each component of Citigroup’s Accumulated other comprehensive income (loss) were as follows:
| In millions of dollars | Net<br>unrealized<br>gains (losses)<br>on debt securities | Debt valuation adjustment (DVA)(1) | Cash flow hedges(2) | Benefit plans(3) | CTA, net of hedges(4)(5) | Excluded component of fair value hedges | Long-duration insurance contracts(6) | Accumulated<br>other<br>comprehensive income (loss) | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Three Months Ended<br>March 31, 2026 | ||||||||||||||||
| Balance at December 31, 2025 | $ | (1,240) | $ | (2,143) | $ | 10 | $ | (5,504) | $ | (33,016) | $ | (34) | $ | 30 | $ | (41,897) |
| Other comprehensive income before reclassifications | (699) | 1,401 | (275) | (12) | 893 | 14 | 5 | 1,327 | ||||||||
| Increase (decrease) due to amounts reclassified from AOCI | (120) | 4 | 26 | 50 | (4) | (1) | — | (45) | ||||||||
| Change, net of taxes | $ | (819) | $ | 1,405 | $ | (249) | $ | 38 | $ | 889 | $ | 13 | $ | 5 | $ | 1,282 |
| Balance at March 31, 2026 | $ | (2,059) | $ | (738) | $ | (239) | $ | (5,466) | $ | (32,127) | $ | (21) | $ | 35 | $ | (40,615) |
| Change in Noncontrolling interests’ AOCI, not included above: | ||||||||||||||||
| Three Months Ended<br>March 31, 2026 | $ | (49) | $ | — | $ | 1 | $ | (6) | $ | (19) | $ | — | $ | — | $ | (73) |
| In millions of dollars | Net<br>unrealized<br>gains (losses)<br>on debt securities | Debt valuation adjustment (DVA)(1) | Cash flow hedges(2) | Benefit plans(3) | CTA, net of hedges(4) | Excluded component of fair value hedges | Long-duration insurance contracts(6) | Accumulated<br>other<br>comprehensive income (loss) | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Three Months Ended<br>March 31, 2025 | ||||||||||||||||
| Balance at December 31, 2024 | $ | (2,837) | $ | (1,121) | $ | (220) | $ | (5,627) | $ | (38,047) | $ | (52) | $ | 52 | $ | (47,852) |
| Other comprehensive income before reclassifications | 601 | 775 | (136) | (71) | 837 | 6 | (1) | 2,011 | ||||||||
| Increase (decrease) due to amounts reclassified from AOCI | (86) | 4 | 143 | 45 | 12 | 1 | — | 119 | ||||||||
| Change, net of taxes | $ | 515 | $ | 779 | $ | 7 | $ | (26) | $ | 849 | $ | 7 | $ | (1) | $ | 2,130 |
| Balance at March 31, 2025 | $ | (2,322) | $ | (342) | $ | (213) | $ | (5,653) | $ | (37,198) | $ | (45) | $ | 51 | $ | (45,722) |
| Change in Noncontrolling interests’ AOCI, not included above: | ||||||||||||||||
| Three Months Ended<br>March 31, 2025 | $ | 3 | $ | — | $ | — | $ | — | $ | 46 | $ | — | $ | — | $ | 49 |
(1)Reflects the after-tax valuation of Citi’s fair value option liabilities. See “Market Valuation Adjustments” in Note 21.
(2)Primarily driven by Citi’s pay floating/receive fixed interest rate swap programs that hedge certain floating rates on assets.
(3)Primarily reflects adjustments based on actuarial valuations of the Company’s pension and postretirement plans and amortization of amounts previously recognized in other comprehensive income. Citigroup remeasures its significant pension and postretirement benefits plans’ obligations and assets by updating plan actuarial assumptions quarterly, when certain conditions are met to trigger interim remeasurement. No interim remeasurement occurred for the first quarter of 2026 or 2025.
(4)Primarily reflects the movements in (by order of impact) the euro, Indian rupee, South Korean won, Polish zloty and Mexican peso against the U.S. dollar and changes in related tax effects and hedges for the three months ended March 31, 2026. Primarily reflects the movement in (by order of impact) the euro, Polish zloty, Japanese yen, Brazilian real, Chilean peso, British pound sterling and Singapore dollar against the U.S. dollar and changes in related tax effects and hedges for the three months ended March 31, 2025. Amounts recorded in the CTA component of AOCI remain in AOCI until the sale or substantial liquidation of the foreign entity, at which point such amounts related to the foreign entity are reclassified into earnings.
(5)March 31, 2026 reflects the reduction of a $1.6 billion CTA loss (net of hedges) associated with Citi’s sale of AO Citibank. For additional information see Note 2 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
(6)Reflects the change in the liability for future policyholder benefits for certain long-duration life-contingent annuity contracts that are issued by a regulated Banamex insurance subsidiary within Mexico Consumer/SBMM and reported within Legacy Franchises. The amount reflects the change in the liability after discounting using an upper-medium-grade fixed income instrument yield that reflects the duration characteristics of the liability. The balance of the liability for future policyholder benefits, which is recorded within Other liabilities, for this insurance subsidiary was approximately $489 million and $425 million at March 31, 2026 and 2025, respectively.
The pretax and after-tax changes in each component of Accumulated other comprehensive income (loss) were as follows:
| In millions of dollars | Pretax | Tax effect(1) | After-tax | |||
|---|---|---|---|---|---|---|
| Three Months Ended March 31, 2026 | ||||||
| Balance at December 31, 2025 | $ | (48,156) | $ | 6,259 | $ | (41,897) |
| Net unrealized gains (losses) on debt securities | (1,150) | 331 | (819) | |||
| Debt valuation adjustment (DVA) | 1,832 | (427) | 1,405 | |||
| Cash flow hedges | (330) | 81 | (249) | |||
| Benefit plans | 96 | (58) | 38 | |||
| Foreign currency translation adjustment (CTA) | 907 | (18) | 889 | |||
| Excluded component of fair value hedges | 19 | (6) | 13 | |||
| Long-duration insurance contracts | 8 | (3) | 5 | |||
| Change | $ | 1,382 | $ | (100) | $ | 1,282 |
| Balance at March 31, 2026 | $ | (46,774) | $ | 6,159 | $ | (40,615) |
| In millions of dollars | Pretax | Tax effect(1) | After-tax | |||
| --- | --- | --- | --- | --- | --- | --- |
| Three Months Ended March 31, 2025 | ||||||
| Balance at December 31, 2024 | $ | (54,439) | $ | 6,587 | $ | (47,852) |
| Change in net unrealized gains (losses) on debt securities | 744 | (229) | 515 | |||
| DVA | 1,000 | (221) | 779 | |||
| Cash flow hedges | 8 | (1) | 7 | |||
| Benefit plans | (18) | (8) | (26) | |||
| CTA | 764 | 85 | 849 | |||
| Excluded component of fair value hedges | 10 | (3) | 7 | |||
| Long-duration insurance contracts | (2) | 1 | (1) | |||
| Change | $ | 2,506 | $ | (376) | $ | 2,130 |
| Balance at March 31, 2025 | $ | (51,933) | $ | 6,211 | $ | (45,722) |
(1) Income tax effects of these items are released from AOCI contemporaneously with the related gross pretax amount.
The Company recognized pretax (gains) losses related to amounts in AOCI reclassified to the Consolidated Statement of Income as follows:
| Increase (decrease) in AOCI due to amounts reclassified to <br>Consolidated Statement of Income | ||||
|---|---|---|---|---|
| Three Months Ended March 31, | ||||
| In millions of dollars | 2026 | 2025 | ||
| Realized (gains) losses on sales of investments | $ | (270) | $ | (121) |
| Gross impairment losses | 113 | 3 | ||
| Subtotal, pretax | $ | (157) | $ | (118) |
| Tax effect | 37 | 32 | ||
| Net realized (gains) losses on investments, after-tax(1) | $ | (120) | $ | (86) |
| Realized DVA (gains) losses on fair value option liabilities, pretax | $ | 5 | $ | 5 |
| Tax effect | (1) | (1) | ||
| Net realized DVA, after-tax | $ | 4 | $ | 4 |
| Interest rate contracts | $ | 27 | $ | 189 |
| Foreign exchange contracts | 8 | — | ||
| Subtotal, pretax | $ | 35 | $ | 189 |
| Tax effect | (9) | (46) | ||
| Amortization of cash flow hedges, after-tax(2) | $ | 26 | $ | 143 |
| Amortization of unrecognized: | ||||
| Prior service cost (benefit) | $ | (3) | $ | (4) |
| Net actuarial loss | 71 | 64 | ||
| Curtailment/settlement impact(3) | — | — | ||
| Subtotal, pretax | $ | 68 | $ | 60 |
| Tax effect | (18) | (15) | ||
| Amortization of benefit plans, after-tax(3) | $ | 50 | $ | 45 |
| Excluded component of fair value hedges, pretax | $ | (1) | $ | 1 |
| Tax effect | — | — | ||
| Excluded component of fair value hedges, after-tax | $ | (1) | $ | 1 |
| Long-duration contracts, pretax | $ | — | $ | — |
| Tax effect | — | — | ||
| Long-duration contracts, after-tax | $ | — | $ | — |
| CTA, pretax | $ | (4) | $ | 12 |
| Tax effect | — | — | ||
| CTA, after-tax(4) | $ | (4) | $ | 12 |
| Total amounts reclassified out of AOCI, pretax | $ | (54) | $ | 149 |
| Total tax effect | 9 | (30) | ||
| Total amounts reclassified out of AOCI, after-tax | $ | (45) | $ | 119 |
(1)The pretax amount is reclassified to Realized gains (losses) on sales of investments, net and Gross impairment losses in the Consolidated Statement of Income. See Note 11.
(2)See Note 20.
(3)See Note 8.
(4)The pretax amount is reclassified to Other revenue in the Consolidated Statement of Income.
18. PREFERRED STOCK
The following table summarizes the Company’s preferred stock outstanding:
| Dividend rate as of March 31, 2026 | Redemption<br>price per depositary share | Carrying value<br><br>(in millions of dollars) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Issuance date | Redeemable by issuer beginning | Number<br>of depositary<br>shares | March 31,<br>2026 | December 31,<br>2025 | ||||||||||
| Series T(1) | April 25, 2016 | August 15, 2026 | 6.250 | % | $ | 1,000 | 1,500,000 | $ | 1,500 | $ | 1,500 | |||
| Series X(2) | February 18, 2021 | February 18, 2026 | N/A | 1,000 | 2,300,000 | — | 2,300 | |||||||
| Series Y(3) | October 27, 2021 | November 15, 2026 | 4.150 | 1,000 | 1,000,000 | 1,000 | 1,000 | |||||||
| Series Z(4) | March 7, 2023 | May 15, 2028 | 7.375 | 1,000 | 1,250,000 | 1,250 | 1,250 | |||||||
| Series AA(5) | September 21, 2023 | November 15, 2028 | 7.625 | 1,000 | 1,500,000 | 1,500 | 1,500 | |||||||
| Series BB(6) | March 6, 2024 | May 15, 2029 | 7.200 | 1,000 | 550,000 | 550 | 550 | |||||||
| Series CC(7) | May 29, 2024 | August 15, 2029 | 7.125 | 1,000 | 1,750,000 | 1,750 | 1,750 | |||||||
| Series DD(8) | July 30, 2024 | August 15, 2034 | 7.000 | 1,000 | 1,500,000 | 1,500 | 1,500 | |||||||
| Series EE(9) | December 3, 2024 | February 15, 2030 | 6.750 | 1,000 | 1,500,000 | 1,500 | 1,500 | |||||||
| Series FF(10) | February 12, 2025 | February 15, 2030 | 6.950 | 1,000 | 2,000,000 | 2,000 | 2,000 | |||||||
| Series GG(11) | July 23, 2025 | August 15, 2030 | 6.875 | 1,000 | 2,700,000 | 2,700 | 2,700 | |||||||
| Series HH(12) | December 10, 2025 | February 15, 2031 | 6.625 | 1,000 | 2,500,000 | 2,500 | 2,500 | |||||||
| Series II(13) | February 3, 2026 | February 15, 2031 | 6.250 | 25 | 32,000,000 | 800 | — | |||||||
| Series JJ(14) | February 12, 2026 | May 15, 2031 | 6.500 | 1,000 | 1,000,000 | 1,000 | — | |||||||
| $ | 19,550 | $ | 20,050 |
(1)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on February 15 and August 15 at a fixed rate until, but excluding, August 15, 2026, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors.
(2)Citi redeemed Series X in its entirety on February 18, 2026.
(3)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, November 15, 2026, thereafter payable quarterly on the same dates at a fixed rate that resets on the Series Y reset date and every five years thereafter equal to the five-year treasury rate plus 3.000%, in each case when, as and if declared by the Citi Board of Directors.
(4)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, May 15, 2028, thereafter payable quarterly on the same dates at a fixed rate that resets on the Series Z reset date and every five years thereafter equal to the five-year treasury rate plus 3.209%, in each case when, as and if declared by the Citi Board of Directors.
(5)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, November 15, 2028, thereafter payable quarterly on the same dates at a fixed rate that resets on the Series AA reset date and every five years thereafter equal to the five-year treasury rate plus 3.211%, in each case when, as and if declared by the Citi Board of Directors.
(6)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, May 15, 2029, thereafter payable quarterly on the same dates at a fixed rate that resets on the Series BB reset date and every five years thereafter equal to the five-year treasury rate plus 2.905%, in each case when, as and if declared by the Citi Board of Directors.
(7)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, August 15, 2029, thereafter payable quarterly on the same dates at a fixed rate that resets on the Series CC reset date and every five years thereafter equal to the five-year treasury rate plus 2.693%, in each case when, as and if declared by the Citi Board of Directors.
(8)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, August 15, 2034, thereafter payable quarterly on the same dates at a fixed rate that resets on the Series DD reset date and every 10 years thereafter equal to the 10-year treasury rate plus 2.757%, in each case when, as and if declared by the Citi Board of Directors.
(9)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, February 15, 2030, thereafter payable quarterly on the same dates at a fixed rate that resets on the Series EE reset date and every five years thereafter equal to the five-year treasury rate plus 2.572%, in each case when, as and if declared by the Citi Board of Directors.
(10)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, February 15, 2030, thereafter payable quarterly on the same dates at a fixed rate that resets on the Series FF reset date and every five years thereafter equal to the five-year treasury rate plus 2.726%, in each case when, as and if declared by the Citi Board of Directors.
(11)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, August 15, 2030, thereafter payable quarterly on the same dates at a fixed rate that resets on the Series GG reset date and every five years thereafter equal to the five-year treasury rate plus 2.890%, in each case when, as and if declared by the Citi Board of Directors.
(12)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, February 15, 2031, thereafter payable quarterly on the same dates at a fixed rate that resets on the Series HH reset date and every five years thereafter equal to the five-year treasury rate plus 3.001%, in each case when, as and if declared by the Citi Board of Directors.
(13)Issued as depositary shares, each representing a 1/1000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate, as and if declared by the Citi Board of Directors.
(14)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, May 15, 2031, thereafter payable quarterly on the same dates at a fixed rate that resets on the Series JJ reset date and every five years thereafter equal to the five-year treasury rate plus 2.745%, in each case when, as and if declared by the Citi Board of Directors.
N/A Not applicable, as the series has been redeemed.
19. SECURITIZATIONS AND VARIABLE INTEREST ENTITIES
For additional information regarding Citi’s use of special purpose entities (SPEs) and variable interest entities (VIEs), see Note 23 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
Citigroup’s involvement with consolidated and unconsolidated VIEs with which the Company holds significant variable interests or has continuing involvement through servicing a majority of the assets in a VIE is presented below:
| As of March 31, 2026 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Maximum exposure to loss in significant unconsolidated VIEs(1) | ||||||||||||||||
| Funded exposures(2) | Unfunded exposures | |||||||||||||||
| In millions of dollars | Total<br>involvement<br>with SPE<br>assets | Consolidated<br>VIE/SPE assets | Significant<br><br>unconsolidated<br><br>VIE assets(3) | Debt<br>investments | Equity<br>investments | Funding<br>commitments | Guarantees<br>and<br>derivatives | Total | ||||||||
| Credit card securitizations | $ | 22,473 | $ | 22,473 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
| Mortgage securitizations(4) | ||||||||||||||||
| U.S. agency-sponsored | 134,891 | — | 134,891 | 3,858 | — | — | 109 | 3,967 | ||||||||
| Non-agency-sponsored | 67,300 | — | 67,300 | 3,688 | — | 335 | — | 4,023 | ||||||||
| Citi-administered asset-backed commercial paper conduits | 18,548 | 18,548 | — | — | — | — | — | — | ||||||||
| Collateralized loan obligations (CLOs) | 2 | — | 2 | 1 | — | — | — | 1 | ||||||||
| Asset-based financing(5) | 389,271 | 7,300 | 381,971 | 66,175 | 560 | 19,139 | — | 85,874 | ||||||||
| Municipal securities tender option bond trusts (TOBs) | 4,114 | 4,114 | — | — | — | — | — | — | ||||||||
| Municipal investments | 22,258 | — | 22,258 | 2,941 | 2,836 | 3,512 | — | 9,289 | ||||||||
| Client intermediation | 776 | 84 | 692 | 605 | — | — | 48 | 653 | ||||||||
| Investment funds | 6,203 | 5 | 6,198 | 49 | 167 | 62 | — | 278 | ||||||||
| Total | $ | 665,836 | $ | 52,524 | $ | 613,312 | $ | 77,317 | $ | 3,563 | $ | 23,048 | $ | 157 | $ | 104,085 |
| As of December 31, 2025 | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum exposure to loss in significant unconsolidated VIEs(1) | ||||||||||||||||
| Funded exposures(2) | Unfunded exposures | |||||||||||||||
| In millions of dollars | Total<br>involvement<br>with SPE<br>assets | Consolidated<br>VIE/SPE assets | Significant<br><br>unconsolidated<br><br>VIE assets(3) | Debt<br>investments | Equity<br>investments | Funding<br>commitments | Guarantees<br>and<br>derivatives | Total | ||||||||
| Credit card securitizations | $ | 27,811 | $ | 27,811 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
| Mortgage securitizations(4) | ||||||||||||||||
| U.S. agency-sponsored | 129,615 | — | 129,615 | 3,413 | — | — | 112 | 3,525 | ||||||||
| Non-agency-sponsored | 66,060 | — | 66,060 | 3,586 | — | 435 | — | 4,021 | ||||||||
| Citi-administered asset-backed commercial paper conduits | 19,188 | 19,188 | — | — | — | — | — | — | ||||||||
| Collateralized loan obligations (CLOs) | 492 | — | 492 | 208 | — | — | — | 208 | ||||||||
| Asset-based financing(5) | 391,983 | 8,738 | 383,245 | 63,351 | 606 | 17,996 | — | 81,953 | ||||||||
| Municipal securities tender option bond trusts (TOBs) | 3,575 | 3,575 | — | — | — | — | — | — | ||||||||
| Municipal investments | 21,953 | — | 21,953 | 2,723 | 2,841 | 3,666 | — | 9,230 | ||||||||
| Client intermediation | 172 | 84 | 88 | 1 | — | — | 49 | 50 | ||||||||
| Investment funds | 5,047 | 5 | 5,042 | 29 | 157 | 90 | — | 276 | ||||||||
| Total | $ | 665,896 | $ | 59,401 | $ | 606,495 | $ | 73,311 | $ | 3,604 | $ | 22,187 | $ | 161 | $ | 99,263 |
(1) The definition of maximum exposure to loss is included in the text that follows this table.
(2) Included on Citigroup’s March 31, 2026 and December 31, 2025 Consolidated Balance Sheet.
(3) A significant unconsolidated VIE is an entity in which the Company has any variable interest or continuing involvement considered to be significant, regardless of the likelihood of loss.
(4) Citigroup mortgage securitizations also include agency and non-agency (private label) re-securitization activities. These SPEs are not consolidated. See “Re-securitizations” below for further discussion.
(5) Included within this line are loans to third-party-sponsored private equity funds, which represent $138.4 billion and $138.7 billion in unconsolidated VIE assets and $1.7 billion and $1.7 billion in maximum exposure to loss as of March 31, 2026 and December 31, 2025, respectively.
The previous tables do not include:
•certain investment funds for which the Company provides investment management services and personal estate trusts for which the Company provides administrative, trustee and/or investment management services;
•certain third-party-sponsored private equity funds to which the Company provides credit facilities. The Company has no decision-making power and does not consolidate these funds, some of which may meet the definition of a VIE. The Company’s maximum exposure to loss is generally limited to a loan or lending-related commitment. As of March 31, 2026 and December 31, 2025, the Company’s maximum exposure to loss related to these transactions was $9.8 billion and $9.2 billion, respectively (see Note 12 and Note 23 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K);
•certain VIEs structured by third parties in which the Company holds securities in inventory, as these investments are made on arm’s-length terms;
•certain positions in mortgage- and asset-backed securities held by the Company, which are classified as Trading account assets, Investments or Loans, in which the Company has no other involvement with the related securitization entity deemed to be significant (see Notes 11, 12 and 21);
•certain representations and warranties exposures in Citigroup residential mortgage securitizations, in which the original mortgage loan balances are no longer outstanding; and
•VIEs such as preferred securities trusts used in connection with the Company’s funding activities. The Company does not have a variable interest in these trusts.
Consolidated VIEs
The Company engages in on-balance sheet securitizations, which are securitizations that do not qualify for sales treatment; thus, the assets remain on Citi’s Consolidated Balance Sheet, and any proceeds received are recognized as secured liabilities. For additional information on consolidated VIES, see Note 23 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
The following tables present assets and liabilities related to consolidated VIEs, which are included on Citi’s Consolidated Balance Sheet. These assets can only be used to settle obligations of consolidated VIEs. In addition, the assets and liabilities of consolidated VIEs include only third-party balances and exclude intercompany balances that eliminate in consolidation. The liabilities also exclude amounts where creditors or beneficial interest holders have recourse to the general credit of Citigroup.
| March 31, | ||||
|---|---|---|---|---|
| 2026 | December 31, | |||
| In millions of dollars | (Unaudited) | 2025 | ||
| Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs | ||||
| Cash and due from banks | $ | 105 | $ | 105 |
| Trading account assets | 6,509 | 7,488 | ||
| Investments | 3,014 | 2,724 | ||
| Loans, net of unearned income | ||||
| Consumer | 24,962 | 31,181 | ||
| Corporate | 19,465 | 19,902 | ||
| Loans, net of unearned income | $ | 44,427 | $ | 51,083 |
| Allowance for credit losses on loans | (1,976) | (2,142) | ||
| Total loans, net | $ | 42,451 | $ | 48,941 |
| Other assets | 445 | 143 | ||
| Total assets of consolidated VIEs to be used to settle obligations of consolidated VIEs | $ | 52,524 | $ | 59,401 |
| March 31, | ||||
| --- | --- | --- | --- | --- |
| 2026 | December 31, | |||
| In millions of dollars | (Unaudited) | 2025 | ||
| Liabilities of consolidated VIEs for which creditors or beneficial interest holders <br>do not have recourse to the general credit of Citigroup | ||||
| Short-term borrowings | $ | 13,752 | $ | 9,690 |
| Long-term debt | 5,420 | 5,419 | ||
| Other liabilities | 353 | 400 | ||
| Total liabilities of consolidated VIEs for which creditors or beneficial interest holders <br>do not have recourse to the general credit of Citigroup | $ | 19,525 | $ | 15,509 |
Funding Commitments for Significant Unconsolidated VIEs—Liquidity Facilities and Loan Commitments
The following table presents the notional amount of liquidity facilities and loan commitments that are classified as funding commitments in the VIE tables above:
| March 31, 2026 | December 31, 2025 | |||||||
|---|---|---|---|---|---|---|---|---|
| In millions of dollars | Liquidity<br>facilities | Loan/equity<br>commitments | Liquidity<br>facilities | Loan/equity<br>commitments | ||||
| Non-agency-sponsored mortgage securitizations | $ | — | $ | 335 | $ | — | $ | 435 |
| Asset-based financing | — | 19,139 | — | 17,996 | ||||
| Municipal securities tender option bond trusts (TOBs) | — | — | — | — | ||||
| Municipal investments | — | 3,512 | — | 3,666 | ||||
| Investment funds | — | 62 | — | 90 | ||||
| Total funding commitments | $ | — | $ | 23,048 | $ | — | $ | 22,187 |
Significant Interests in Unconsolidated VIEs—Balance Sheet Classification
The following table presents the carrying amounts and classification of significant variable interests in unconsolidated VIEs:
| In billions of dollars | March 31, 2026 | December 31, 2025 | ||
|---|---|---|---|---|
| Cash | $ | — | $ | — |
| Trading account assets | 3.5 | 3.3 | ||
| Investments | 5.4 | 5.4 | ||
| Total loans, net of allowance | 71.3 | 67.6 | ||
| Other | 0.7 | 0.6 | ||
| Total assets | $ | 80.9 | $ | 76.9 |
Credit Card Securitizations
The Company securitizes credit card receivables through two revolving master trusts established to purchase the receivables. These trusts are consolidated entities given Citi’s continuing involvement. For additional information, see Note 23 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
There were no material cash flows arising from either proceeds from new securitizations or paydowns of maturing notes during the three months ended March 31, 2026 and 2025.
The following table reflects amounts related to the Company’s securitized credit card receivables:
| In billions of dollars | March 31, 2026 | December 31, 2025 | ||
|---|---|---|---|---|
| Ownership interests in principal amount of trust credit card receivables | ||||
| Sold to investors via trust-issued securities | $ | 5.4 | $ | 5.4 |
| Retained by Citigroup as trust-issued securities | 2.3 | 2.5 | ||
| Retained by Citigroup via non-certificated interests | 15.3 | 20.7 | ||
| Total | $ | 23.0 | $ | 28.6 |
Mortgage Securitizations
The following tables summarize selected cash flow information and retained interests related to Citigroup mortgage securitizations:
| Three Months Ended March 31, | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | |||||||
| In billions of dollars | U.S. agency- <br>sponsored <br>mortgages | Non-agency- <br>sponsored <br>mortgages | U.S. agency- <br>sponsored <br>mortgages | Non-agency- <br>sponsored <br>mortgages | ||||
| Principal securitized | $ | 1.4 | $ | 5.0 | $ | 1.6 | $ | 1.3 |
| Proceeds from new securitizations | 1.4 | 4.8 | 1.7 | 1.3 | ||||
| Contractual servicing fees received | — | — | — | — | ||||
| Cash flows received on retained interests and other net cash flows | — | 0.1 | — | — | ||||
| Purchases of previously transferred financial assets | — | — | — | — |
Note: Excludes re-securitization transactions.
Gains recognized on the securitization of U.S. agency-sponsored mortgages were less than $1 million for the three months ended March 31, 2026. Gains recognized on the securitization of non-agency-sponsored mortgages were $60.7 million for the three months ended March 31, 2026.
Gains recognized on the securitization of U.S. agency-sponsored mortgages were less than $1 million for the three months ended March 31, 2025. Gains recognized on the securitization of non-agency-sponsored mortgages were $60.8 million for the three months ended March 31, 2025.
| March 31, 2026 | December 31, 2025 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Non-agency-sponsored mortgages(1) | Non-agency-sponsored mortgages(1) | |||||||||||
| In millions of dollars | U.S. agency- <br>sponsored mortgages | Senior <br>interests | Subordinated <br>interests | U.S. agency- <br>sponsored mortgages | Senior <br>interests | Subordinated <br>interests | ||||||
| Carrying value of retained interests(2) | $ | 824 | $ | 884 | $ | 1,095 | $ | 810 | $ | 879 | $ | 1,079 |
(1) Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization.
(2) Retained interests consist of Level 2 and Level 3 assets depending on the observability of significant inputs. See Note 21 for more information about fair value measurements.
The following table includes information about loan delinquencies and liquidation losses for assets held in non-consolidated, non-agency-sponsored securitization entities:
| Liquidation (gains) losses | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Securitized assets | 90 days past due | Three Months Ended March 31, | ||||||||||
| In billions of dollars, except liquidation losses in millions | Mar. 31, 2026 | Dec. 31, 2025 | Mar. 31, 2026 | Dec. 31, 2025 | 2026 | 2025 | ||||||
| Securitized assets | ||||||||||||
| Residential mortgages(1) | $ | 33.4 | $ | 33.0 | $ | 0.3 | $ | 0.3 | $ | 1.1 | $ | — |
| Commercial and other | 29.9 | 30.1 | — | — | — | — | ||||||
| Total | $ | 63.3 | $ | 63.1 | $ | 0.3 | $ | 0.3 | $ | 1.1 | $ | — |
(1) Securitized assets include $0.1 billion of personal loan securitizations as of March 31, 2026.
Consumer Loan Securitizations
Beginning in the third quarter of 2023, Citi relaunched a program securitizing other consumer loans into asset-backed securities. The principal securitized and proceeds from new securitizations for the three months ended March 31, 2026 were $0.3 billion and $0.3 billion, respectively, compared to principal securitized of $0.3 billion and proceeds from new securitizations of $0.2 billion for the three months ended March 31, 2025. The gains recognized on the securitization of consumer loans were $11.6 million for the three months ended March 31, 2026, compared to $0.2 million for the three months ended March 31, 2025.
Mortgage Servicing Rights (MSRs)
In connection with the securitization of mortgage loans, Citi generally retains the servicing rights, which entitle the Company to a future stream of cash flows based on the outstanding principal balances of the loans and the contractual servicing fee. Failure to service the loans in accordance with contractual requirements may lead to a termination of the servicing rights and the loss of future servicing fees. These transactions create intangible assets referred to as MSRs, which are recorded at fair value on Citi’s Consolidated Balance Sheet (see Note 21 for the valuation of MSRs). The MSRs correspond to principal loan balances of $59 billion and $57 billion as of March 31, 2026 and 2025, respectively.
The Company receives fees during the course of servicing previously securitized mortgages. The amounts of these fees were as follows:
| Three Months Ended March 31, | ||||
|---|---|---|---|---|
| In millions of dollars | 2026 | 2025 | ||
| Servicing fees | $ | 36 | $ | 37 |
| Late fees | 1 | 1 | ||
| Total MSR fees | $ | 37 | $ | 38 |
In the Consolidated Statement of Income these fees are primarily classified as Commissions and fees, and changes in MSR fair values are classified as Other revenue.
Re-securitizations
The Company engages in re-securitization transactions backed by either residential or commercial mortgages in which debt securities are transferred to a VIE in exchange for new beneficial interests. Citi did not transfer non-agency (private label) securities to re-securitization entities, nor did Citi hold retained interests in such securitizations, during the three months ended March 31, 2026 and 2025.
As of March 31, 2026 and December 31, 2025, Citi held no retained interests in private label re-securitization transactions structured by Citi.
The Company also re-securitizes U.S. government-agency-guaranteed mortgage-backed (agency) securities. During the three months ended March 31, 2026, Citi transferred agency securities with a fair value of approximately $8.4 billion to re-securitization entities, compared to approximately $7.0 billion for the three months ended March 31, 2025.
As of March 31, 2026, the fair value of Citi-retained interests in agency re-securitization transactions structured by Citi totaled approximately $3.1 billion (including $1.4 billion related to re-securitization transactions executed in 2026), compared to $2.6 billion as of December 31, 2025 (including $1.9 billion related to re-securitization transactions executed in 2025), which is recorded in Trading account assets. The original fair values of agency re-securitization transactions in which Citi holds a retained interest as of March 31, 2026 and December 31, 2025 were approximately $88.4 billion and $83.4 billion, respectively.
As of March 31, 2026 and December 31, 2025, the Company did not consolidate any private label or agency re-securitization entities.
Citi-Administered Asset-Backed Commercial Paper Conduits
At March 31, 2026 and December 31, 2025, the commercial paper conduits administered by Citi had approximately $18.5 billion and $19.2 billion of purchased assets outstanding and unfunded commitments of approximately $17.2 billion and $17.5 billion, respectively.
At March 31, 2026 and December 31, 2025, the weighted-average remaining maturities of the commercial paper issued by the conduits were approximately 58 and 58 days, respectively.
The conduits have obtained letters of credit from the Company that total approximately $1.9 billion and $2.0 billion as of March 31, 2026 and December 31, 2025, respectively. In the event that defaulted assets exceed the credit enhancements described above, any losses in each conduit are allocated first to the Company and then to the commercial paper investors.
At March 31, 2026 and December 31, 2025, the Company owned $4.8 billion and $9.2 billion, respectively, of the commercial paper issued by its administered conduits. The Company’s investments were not driven by market illiquidity and the Company is not obligated under any agreement to purchase the commercial paper issued by the conduits.
Municipal Securities Tender Option Bond (TOB) Trusts
Municipal TOB trusts are consolidated VIEs that hold fixed- or floating-rate, taxable or tax-exempt securities issued by state and local governments and municipalities. TOB trusts finance the purchase of their municipal assets by issuing two classes of certificates: long-dated, floating rate certificates (Floaters) that are putable at par pursuant to a liquidity facility and residual interest certificates (Residuals). The Floaters are purchased by third-party investors, typically tax-exempt money market funds, and the Residuals are purchased by the Company and provide the Company with the unilateral power to cause the sale of the bonds held by a TOB trust.
Approximately $3.4 billion and $2.9 billion of putable Floaters issued by consolidated TOB trusts are reflected in Short-term borrowings at March 31, 2026 and December 31, 2025, respectively.
Asset-Based Financing
The primary types of Citi’s asset-based financings, total assets of the unconsolidated VIEs with significant involvement and Citi’s maximum exposure to loss are presented below. For Citi to realize the maximum loss, the VIE (borrower) would have to default with no recovery from the assets held by the VIE.
| March 31, 2026 | December 31, 2025 | |||||||
|---|---|---|---|---|---|---|---|---|
| In millions of dollars | Total <br>unconsolidated <br>VIE assets | Maximum <br>exposure to <br>unconsolidated VIEs | Total <br>unconsolidated <br>VIE assets | Maximum <br>exposure to <br>unconsolidated VIEs | ||||
| Type | ||||||||
| Commercial and other real estate | $ | 70,249 | $ | 12,727 | $ | 71,990 | $ | 12,699 |
| Corporate loans | 69,934 | 38,274 | 65,905 | 34,785 | ||||
| Other (including investment funds, airlines and shipping) | 241,788 | 34,873 | 245,350 | 34,469 | ||||
| Total | $ | 381,971 | $ | 85,874 | $ | 383,245 | $ | 81,953 |
20. DERIVATIVES
In the ordinary course of business, Citigroup enters into various types of derivative transactions. All derivatives are recorded in Trading account assets/Trading account liabilities on the Consolidated Balance Sheet. For additional information on Citi’s use of and accounting for derivatives, see Note 24 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
Information pertaining to Citigroup’s derivatives activities, based on notional amounts, is presented in the table below.
Derivative notional amounts are reference amounts from which contractual payments are derived and do not represent a complete measure of Citi’s exposure to derivative transactions. Citi’s derivative exposure arises primarily from market fluctuations (i.e., market risk), counterparty failure (i.e., credit
risk) and/or periods of high volatility or financial stress (i.e., liquidity risk), as well as any market valuation adjustments that may be required on the transactions. Moreover, notional amounts presented below do not reflect the netting of offsetting trades. For example, if Citi enters into a receive-fixed interest rate swap with $100 million notional, and offsets this risk with an identical but opposite pay-fixed position with a different counterparty, $200 million in derivative notionals is reported, although these offsetting positions may result in de minimis overall market risk.
In addition, aggregate derivative notional amounts can fluctuate from period to period in the normal course of business based on Citi’s market share, levels of client activity and other factors. All derivatives are recorded in Trading account assets/Trading account liabilities on the Consolidated Balance Sheet.
Derivative Notionals
| Hedging instruments under ASC 815 | Trading derivative instruments | |||||||
|---|---|---|---|---|---|---|---|---|
| In millions of dollars | March 31,<br>2026 | December 31,<br>2025 | March 31,<br>2026 | December 31,<br>2025 | ||||
| Interest rate contracts | ||||||||
| Swaps | $ | 421,725 | $ | 412,754 | $ | 19,433,207 | $ | 16,768,436 |
| Futures and forwards | — | — | 3,821,721 | 3,219,583 | ||||
| Written options | — | — | 3,351,746 | 3,089,023 | ||||
| Purchased options | — | — | 3,108,665 | 2,814,873 | ||||
| Total interest rate contracts | $ | 421,725 | $ | 412,754 | $ | 29,715,339 | $ | 25,891,915 |
| Foreign exchange contracts | ||||||||
| Swaps | $ | 41,624 | $ | 42,205 | $ | 9,847,988 | $ | 9,307,564 |
| Futures, forwards and spot | 64,809 | 59,253 | 6,218,231 | 5,108,296 | ||||
| Written options | — | — | 1,236,898 | 885,093 | ||||
| Purchased options | — | — | 1,203,238 | 851,426 | ||||
| Total foreign exchange contracts | $ | 106,433 | $ | 101,458 | $ | 18,506,355 | $ | 16,152,379 |
| Equity contracts | ||||||||
| Swaps | $ | — | $ | — | $ | 474,485 | $ | 520,623 |
| Futures and forwards | — | — | 134,992 | 107,399 | ||||
| Written options | — | — | 947,358 | 809,293 | ||||
| Purchased options | — | — | 764,120 | 654,093 | ||||
| Total equity contracts | $ | — | $ | — | $ | 2,320,955 | $ | 2,091,408 |
| Commodity and other contracts | ||||||||
| Swaps | $ | — | $ | — | $ | 93,964 | $ | 78,205 |
| Futures and forwards | 11,536 | 11,102 | 256,733 | 230,619 | ||||
| Written options | — | — | 77,252 | 70,154 | ||||
| Purchased options | — | — | 75,675 | 67,213 | ||||
| Total commodity and other contracts | $ | 11,536 | $ | 11,102 | $ | 503,624 | $ | 446,191 |
| Credit derivatives | ||||||||
| Protection sold | $ | — | $ | — | $ | 525,652 | $ | 475,228 |
| Protection purchased | — | — | 633,473 | 600,329 | ||||
| Total credit derivatives | $ | — | $ | — | $ | 1,159,125 | $ | 1,075,557 |
| Total derivative notionals | $ | 539,694 | $ | 525,314 | $ | 52,205,398 | $ | 45,657,450 |
The following tables present the gross and net fair values of the Company’s derivative transactions and the related offsetting amounts as of March 31, 2026 and December 31, 2025. Gross positive fair values are offset against gross negative fair values by counterparty, pursuant to enforceable master netting agreements. Under ASC 815-10-45, payables and receivables in respect of cash collateral received from or paid to a given counterparty pursuant to a credit support annex are included in the offsetting amount if a legal opinion supporting the enforceability of netting and collateral rights has been obtained. GAAP does not permit similar offsetting for security collateral.
For additional information on Citi’s derivative mark-to-market (MTM) receivables/payables, see Note 24 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
Derivative Mark-to-Market (MTM) Receivables/Payables
| Derivatives classified in <br>Trading account assets/liabilities(1)(2) | ||||
|---|---|---|---|---|
| In millions of dollars at March 31, 2026 | Assets | Liabilities | ||
| Derivatives instruments designated as ASC 815 hedges | ||||
| Over-the-counter | $ | 467 | $ | 356 |
| Cleared | 327 | 48 | ||
| Interest rate contracts | $ | 794 | $ | 404 |
| Over-the-counter | $ | 1,348 | $ | 906 |
| Cleared | — | — | ||
| Foreign exchange contracts | $ | 1,348 | $ | 906 |
| Total derivatives instruments designated as ASC 815 hedges | $ | 2,142 | $ | 1,310 |
| Derivatives instruments not designated as ASC 815 hedges | ||||
| Over-the-counter | $ | 92,725 | $ | 80,857 |
| Cleared | 97,170 | 98,224 | ||
| Exchange traded | 57 | 63 | ||
| Interest rate contracts | $ | 189,952 | $ | 179,144 |
| Over-the-counter | $ | 192,281 | $ | 177,134 |
| Cleared | 1,508 | 1,844 | ||
| Exchange traded | 2 | 2 | ||
| Foreign exchange contracts | $ | 193,791 | $ | 178,980 |
| Over-the-counter | $ | 25,667 | $ | 34,104 |
| Cleared | — | — | ||
| Exchange traded | 51,080 | 52,818 | ||
| Equity contracts | $ | 76,747 | $ | 86,922 |
| Over-the-counter | $ | 27,304 | $ | 27,897 |
| Exchange traded | 932 | 1,222 | ||
| Commodity and other contracts | $ | 28,236 | $ | 29,119 |
| Over-the-counter | $ | 8,399 | $ | 8,174 |
| Cleared | 1,700 | 1,807 | ||
| Credit derivatives | $ | 10,099 | $ | 9,981 |
| Total derivatives instruments not designated as ASC 815 hedges | $ | 498,825 | $ | 484,146 |
| Total derivatives | $ | 500,967 | $ | 485,456 |
| Less: Netting agreements(3) | $ | (406,175) | $ | (406,175) |
| Less: Netting cash collateral received/paid(4) | (27,603) | (16,150) | ||
| Net receivables/payables included on the Consolidated Balance Sheet(5) | $ | 67,189 | $ | 63,131 |
| Additional amounts subject to an enforceable master netting agreement, <br>but not offset on the Consolidated Balance Sheet | ||||
| Less: Cash collateral received/paid | $ | (2,252) | $ | (57) |
| Less: Non-cash collateral received/paid | (8,052) | (3,831) | ||
| Total net receivables/payables(5) | $ | 56,885 | $ | 59,243 |
(1)The derivatives fair values are also presented in Note 21.
(2)Over-the-counter (OTC) derivatives are derivatives executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house. Cleared derivatives include derivatives executed bilaterally with a counterparty in the OTC market, but then novated to a central clearing house,
whereby the central clearing house becomes the counterparty to both of the original counterparties. Exchange-traded derivatives include derivatives executed directly on an organized exchange that provides pre-trade price transparency.
(3)Represents the netting of balances with the same counterparty under enforceable netting agreements. Approximately $257 billion, $99 billion and $50 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange-traded derivatives, respectively.
(4)Represents the netting of cash collateral paid and received by counterparties under enforceable credit support annexes with appropriate legal opinion supporting enforceability of netting. Substantially all netting of cash collateral received and paid is against OTC derivative assets and liabilities, respectively.
(5)The net receivables/payables include approximately $12 billion of derivative asset and $17 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively.
| Derivatives classified in <br>Trading account assets/liabilities(1)(2) | ||||
|---|---|---|---|---|
| In millions of dollars at December 31, 2025 | Assets | Liabilities | ||
| Derivatives instruments designated as ASC 815 hedges | ||||
| Over-the-counter | $ | 342 | $ | 152 |
| Cleared | 52 | 134 | ||
| Interest rate contracts | $ | 394 | $ | 286 |
| Over-the-counter | $ | 893 | $ | 1,082 |
| Cleared | — | — | ||
| Foreign exchange contracts | $ | 893 | $ | 1,082 |
| Total derivatives instruments designated as ASC 815 hedges | $ | 1,287 | $ | 1,368 |
| Derivatives instruments not designated as ASC 815 hedges | ||||
| Over-the-counter | $ | 93,346 | $ | 82,794 |
| Cleared | 132,155 | 134,275 | ||
| Exchange traded | 16 | 17 | ||
| Interest rate contracts | $ | 225,517 | $ | 217,086 |
| Over-the-counter | $ | 157,116 | $ | 147,903 |
| Cleared | 3,672 | 3,877 | ||
| Exchange traded | 3 | 2 | ||
| Foreign exchange contracts | $ | 160,791 | $ | 151,782 |
| Over-the-counter | $ | 23,600 | $ | 35,370 |
| Cleared | — | — | ||
| Exchange traded | 45,707 | 43,831 | ||
| Equity contracts | $ | 69,307 | $ | 79,201 |
| Over-the-counter | $ | 22,131 | $ | 23,989 |
| Exchange traded | 557 | 593 | ||
| Commodity and other contracts | $ | 22,688 | $ | 24,582 |
| Over-the-counter | $ | 7,499 | $ | 8,952 |
| Cleared | 2,224 | 2,280 | ||
| Credit derivatives | $ | 9,723 | $ | 11,232 |
| Total derivatives instruments not designated as ASC 815 hedges | $ | 488,026 | $ | 483,883 |
| Total derivatives | $ | 489,313 | $ | 485,251 |
| Less: Netting agreements(3) | $ | (406,408) | $ | (406,408) |
| Less: Netting cash collateral received/paid(4) | (27,471) | (20,629) | ||
| Net receivables/payables included on the Consolidated Balance Sheet(5) | $ | 55,434 | $ | 58,214 |
| Additional amounts subject to an enforceable master netting agreement, <br>but not offset on the Consolidated Balance Sheet | ||||
| Less: Cash collateral received/paid | $ | (1,363) | $ | (58) |
| Less: Non-cash collateral received/paid | (5,047) | (4,386) | ||
| Total net receivables/payables(5) | $ | 49,024 | $ | 53,770 |
(1)The derivative fair values are also presented in Note 21.
(2)OTC derivatives are derivatives executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house. Cleared derivatives include derivatives executed bilaterally with a counterparty in the OTC market, but then novated to a central clearing house, whereby the central clearing house becomes the counterparty to both of the original counterparties. Exchange-traded derivatives include derivatives executed directly on an organized exchange that provides pre-trade price transparency.
(3)Represents the netting of balances with the same counterparty under enforceable netting agreements. Approximately $227 billion, $136 billion and $43 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange-traded derivatives, respectively.
(4)Represents the netting of cash collateral paid and received by counterparties under enforceable credit support annexes with appropriate legal opinion supporting enforceability of netting. Substantially all netting of cash collateral received and paid is against OTC derivative assets and liabilities, respectively.
(5)The net receivables/payables include approximately $11 billion of derivative asset and $15 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively.
For the three months ended March 31, 2026 and 2025, amounts recognized in Principal transactions in the Consolidated Statement of Income include certain derivatives not designated in a qualifying hedging relationship. Citigroup presents this disclosure by business classification, showing derivative gains and losses related to its trading activities together with gains and losses related to non-derivative instruments within the same trading portfolios, as this represents how these portfolios are risk managed. See Note 6 for further information.
Fair Value Hedges
For additional information on Citi’s fair value hedges, see Notes 1 and 24 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
The following table summarizes the gains (losses) on the Company’s fair value hedges:
| Gains (losses) on fair value hedges(1) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| In millions of dollars | Principal transactions | Net interest income | Principal transactions | Net interest income | ||||
| Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | ||||||||
| Interest rate hedges | $ | — | $ | (601) | $ | — | $ | (414) |
| Foreign exchange hedges | (127) | — | 9 | — | ||||
| Commodity hedges | 644 | — | (274) | — | ||||
| Total gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | $ | 517 | $ | (601) | $ | (265) | $ | (414) |
| Gain (loss) on the hedged item in designated and qualifying fair value hedges | ||||||||
| Interest rate hedges | $ | — | $ | 603 | $ | — | $ | 419 |
| Foreign exchange hedges | 127 | — | (9) | — | ||||
| Commodity hedges | (644) | — | 274 | — | ||||
| Total gain (loss) on the hedged item in designated and qualifying fair value hedges | $ | (517) | $ | 603 | $ | 265 | $ | 419 |
| Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | ||||||||
| Interest rate hedges | $ | — | $ | — | $ | — | $ | — |
| Foreign exchange hedges(2) | (10) | — | 27 | — | ||||
| Commodity hedges(3) | 84 | — | 202 | — | ||||
| Total net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | $ | 74 | $ | — | $ | 229 | $ | — |
(1)Gain (loss) amounts for interest rate risk hedges are included in Interest income/Interest expense. The accrued interest income on fair value hedges is recorded in Net interest income and is excluded from this table. Amounts included both hedges of AFS securities and long-term debt on a net basis, which largely offset in the current period.
(2)Amounts related to the forward points (i.e., the spot-forward difference) that are excluded from the assessment of hedge effectiveness and are generally reflected directly in earnings under the mark-to-market approach. Amounts related to cross-currency basis, which are recognized in AOCI, are not reflected in the table above. The amount of cross-currency basis included in AOCI was $19 million and $10 million for the three months ended March 31, 2026 and 2025, respectively.
(3)Amounts related to the forward points (i.e., the spot-forward difference) that are excluded from the assessment of hedge effectiveness and are generally reflected directly in earnings under the mark-to-market approach or recorded in AOCI under the amortization approach. The quarter ended March 31, 2026 includes a gain (loss) of approximately $84 million and less than $1 million under the mark-to-market approach and amortization approach, respectively. The quarter ended March 31, 2025 includes a gain (loss) of approximately $170 million and $32 million under the mark-to-market approach and amortization approach, respectively.
Cumulative Basis Adjustment
For additional information on Citi’s cumulative basis adjustment, see Notes 1 and 24 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
The table below presents the carrying amount of Citi’s hedged assets and liabilities under qualifying fair value hedges at March 31, 2026 and December 31, 2025, along with the cumulative basis adjustments included in the carrying value of those hedged assets and liabilities that would reverse through earnings in future periods:
| Balance sheet line item in which<br><br>hedged item is recorded (in millions of dollars) | Carrying amount of hedged asset/ liability(1) | Cumulative basis adjustment increasing (decreasing) the carrying amount | ||||||
|---|---|---|---|---|---|---|---|---|
| Active | De-designated | |||||||
| As of March 31, 2026 | ||||||||
| AFS debt securities—specifically hedged(2) | $ | 53,520 | $ | (92) | $ | 72 | ||
| AFS debt securities—portfolio-layer method(2)(3) | 39,877 | (57) | 286 | |||||
| Consumer loans—portfolio-layer method(4) | 49,362 | 206 | — | |||||
| Corporate loans—portfolio-layer method(5) | 3,761 | 8 | (19) | |||||
| Long-term debt | 153,455 | (858) | (2,767) | |||||
| As of December 31, 2025 | ||||||||
| AFS debt securities—specifically hedged(2) | $ | 41,914 | $ | 177 | $ | 100 | ||
| AFS debt securities—portfolio-layer method(2)(3) | 35,528 | 133 | 132 | |||||
| Consumer loans—portfolio-layer method(4) | 50,455 | 343 | — | |||||
| Corporate loans—portfolio-layer method(5) | 4,164 | 17 | (18) | |||||
| Long-term debt | 162,666 | 72 | (2,978) |
(1)Excludes physical commodities inventories with a carrying value of approximately $10.9 billion and $11.2 billion as of March 31, 2026 and December 31, 2025, respectively, which includes cumulative basis adjustments of approximately $(0.8) billion and $0.1 billion, respectively, for active hedges.
(2)Carrying amount represents the amortized cost basis of the hedged securities or portfolio layers.
(3)The Company designated approximately $13.3 billion and $24.0 billion as the hedged amount in the portfolio-layer hedging relationship as of March 31, 2026 and December 31, 2025, respectively.
(4) The Company designated approximately $27.0 billion and $26.0 billion as the hedged amount in the portfolio-layer hedging relationship as of March 31, 2026 and December 31, 2025, respectively.
(5) The Company designated approximately $2.3 billion and $2.8 billion as the hedged amount in the portfolio-layer hedging relationship as of March 31, 2026 and December 31, 2025, respectively.
Cash Flow Hedges
For additional information on Citi’s cash flow hedges, see Notes 1 and 24 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
The pretax change in AOCI from cash flow hedges is presented below:
| Three Months Ended March 31, | ||||
|---|---|---|---|---|
| In millions of dollars | 2026 | 2025 | ||
| Amount of gain (loss) recognized in AOCI on derivatives | ||||
| Interest rate contracts | $ | (329) | $ | (181) |
| Foreign exchange contracts | (36) | — | ||
| Total gain (loss) recognized in AOCI | $ | (365) | $ | (181) |
| Net interest income | ||||
| Amount of gain (loss) reclassified from AOCI to earnings(1) | ||||
| Interest rate contracts | $ | (27) | $ | (189) |
| Foreign exchange contracts | (8) | — | ||
| Total gain (loss) reclassified from AOCI into earnings | $ | (35) | $ | (189) |
| Net pretax change in cash flow hedges included within AOCI | $ | (330) | $ | 8 |
(1)All amounts reclassified into earnings for interest rate contracts are included in Interest income/Interest expense (Net interest income). For all other hedges, the amounts reclassified to earnings are included primarily in Other revenue and Net interest income in the Consolidated Statement of Income.
The net gain (loss) associated with cash flow hedges expected to be reclassified from AOCI within 12 months of March 31, 2026 is approximately $(0.2) billion. The maximum length of time over which forecasted cash flows are hedged is 12 years.
The after-tax impact of cash flow hedges on AOCI is presented in Note 17.
Net Investment Hedges
For additional information on Citi’s net investment hedges, see Notes 1 and 24 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
The pretax gain (loss) recorded in CTA within AOCI, related to net investment hedges, was $356 million and $(581) million for the three months ended March 31, 2026 and 2025, respectively.
Credit Derivatives
For additional information on Citi’s credit derivatives, see Note 24 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
The following tables summarize the key characteristics of Citi’s credit derivatives portfolio by derivative form, rating of reference entity and maturity:
| Fair values | Notionals | |||||||
|---|---|---|---|---|---|---|---|---|
| In millions of dollars at March 31, 2026 | Receivable(1) | Payable(2) | Protection<br>purchased | Protection<br>sold | ||||
| By instrument | ||||||||
| Credit default swaps and options | $ | 7,583 | $ | 7,541 | $ | 562,188 | $ | 508,942 |
| Total return swaps and other | 2,516 | 2,440 | 71,285 | 16,710 | ||||
| Total by instrument | $ | 10,099 | $ | 9,981 | $ | 633,473 | $ | 525,652 |
| By rating of reference entity | ||||||||
| Investment grade | $ | 4,499 | $ | 4,164 | $ | 430,492 | $ | 370,606 |
| Non-investment grade | 5,600 | 5,817 | 202,981 | 155,046 | ||||
| Total by rating of reference entity | $ | 10,099 | $ | 9,981 | $ | 633,473 | $ | 525,652 |
| By maturity | ||||||||
| Within 1 year | $ | 1,638 | $ | 1,832 | $ | 177,750 | $ | 159,228 |
| From 1 to 5 years | 5,821 | 5,976 | 354,827 | 284,344 | ||||
| After 5 years | 2,640 | 2,173 | 100,896 | 82,080 | ||||
| Total by maturity | $ | 10,099 | $ | 9,981 | $ | 633,473 | $ | 525,652 |
(1)The fair value amount receivable is composed of $5,079 million under protection purchased and $5,020 million under protection sold.
(2)The fair value amount payable is composed of $7,341 million under protection purchased and $2,640 million under protection sold.
| Fair values | Notionals | |||||||
|---|---|---|---|---|---|---|---|---|
| In millions of dollars at December 31, 2025 | Receivable(1) | Payable(2) | Protection<br>purchased | Protection<br>sold | ||||
| By instrument | ||||||||
| Credit default swaps and options | $ | 7,691 | $ | 8,008 | $ | 529,748 | $ | 457,932 |
| Total return swaps and other | 2,032 | 3,224 | 70,581 | 17,296 | ||||
| Total by instrument | $ | 9,723 | $ | 11,232 | $ | 600,329 | $ | 475,228 |
| By rating of reference entity | ||||||||
| Investment grade | $ | 4,673 | $ | 4,701 | $ | 451,504 | $ | 382,219 |
| Non-investment grade | 5,050 | 6,531 | 148,825 | 93,009 | ||||
| Total by rating of reference entity | $ | 9,723 | $ | 11,232 | $ | 600,329 | $ | 475,228 |
| By maturity | ||||||||
| Within 1 year | $ | 1,366 | $ | 2,817 | $ | 173,546 | $ | 135,335 |
| From 1 to 5 years | 6,495 | 6,469 | 360,174 | 311,311 | ||||
| After 5 years | 1,862 | 1,946 | 66,609 | 28,582 | ||||
| Total by maturity | $ | 9,723 | $ | 11,232 | $ | 600,329 | $ | 475,228 |
(1) The fair value amount receivable is composed of $3,899 million under protection purchased and $5,824 million under protection sold.
(2) The fair value amount payable is composed of $9,275 million under protection purchased and $1,957 million under protection sold.
Credit Risk-Related Contingent Features in Derivatives
Certain derivative instruments contain provisions that require the Company to either post additional collateral or immediately settle any outstanding liability balances upon the occurrence of a specified event related to the credit risk of the Company. These events, which are defined by the existing derivative contracts, are primarily downgrades in the credit ratings of the Company and its affiliates.
The fair value (excluding CVA) of all derivative instruments with credit risk-related contingent features that were in a net liability position at March 31, 2026 and December 31, 2025 was $15 billion and $16 billion, respectively. The Company posted $13 billion as collateral for this exposure in the normal course of business as of March 31, 2026 and December 31, 2025.
A downgrade could trigger additional collateral or cash settlement requirements for the Company and certain affiliates. In the event that Citigroup and Citibank were downgraded a single notch by all three major rating agencies as of March 31, 2026, the Company could be required to post an additional $0.2 billion as either collateral or settlement of the derivative transactions. In addition, the Company could be required to segregate with third-party custodians collateral previously received from existing derivative counterparties, resulting in aggregate cash obligations and collateral requirements of approximately $0.2 billion.
Derivatives Accompanied by Financial Asset Transfers
For transfers of financial assets accounted for as a sale by the Company, and for which the Company has retained substantially all of the economic exposure to the transferred asset through a total return swap executed with the same counterparty in contemplation of the initial sale (and still outstanding), the asset amounts derecognized and the gross cash proceeds received as of the date of derecognition were $3.2 billion and $8.2 billion as of March 31, 2026 and December 31, 2025, respectively.
At March 31, 2026, the fair value of these previously derecognized assets was $3.1 billion. The fair value of the total return swaps as of March 31, 2026 was $6 million recorded as gross derivative assets and $90 million recorded as gross derivative liabilities. At December 31, 2025, the fair value of these previously derecognized assets was $8.0 billion, and the fair value of the total return swaps was $103 million recorded as gross derivative assets and $69 million recorded as gross derivative liabilities.
21. FAIR VALUE MEASUREMENT
For additional information regarding fair value measurement at Citi, see Notes 1 (“Fair Value”) and 26 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
Market Valuation Adjustments
The table below summarizes the credit valuation adjustments (CVA) and funding valuation adjustments (FVA) applied to the fair value of derivative instruments (recorded in Trading account assets and Trading account liabilities on the Consolidated Balance Sheet) at March 31, 2026 and December 31, 2025:
| Credit and funding <br>valuation adjustments<br>contra-liability (contra-asset) | ||||
|---|---|---|---|---|
| In millions of dollars | March 31,<br>2026 | December 31,<br>2025 | ||
| Counterparty CVA | $ | (666) | $ | (561) |
| Asset FVA | (704) | (573) | ||
| Citigroup (own credit) CVA | 396 | 331 | ||
| Liability FVA | 204 | 185 | ||
| Total CVA and FVA—derivative instruments | $ | (770) | $ | (618) |
The table below summarizes pretax gains (losses) related to changes in CVA and FVA on derivative instruments, net of hedges (recorded in Principal transactions revenue in the Consolidated Statement of Income), and changes in debt valuation adjustments (DVA) on Citi’s own fair value option (FVO) liabilities (recorded in Other comprehensive income in the Consolidated Statement of Comprehensive Income) for the periods indicated:
| Credit/funding/debt valuation<br>adjustments gain (loss) | ||||
|---|---|---|---|---|
| Three Months Ended March 31, | ||||
| In millions of dollars | 2026 | 2025 | ||
| Counterparty CVA | $ | (65) | $ | (24) |
| Asset FVA | (55) | 37 | ||
| Own credit CVA | 97 | 46 | ||
| Liability FVA | 48 | 5 | ||
| Total CVA and FVA—derivative instruments | $ | 25 | $ | 64 |
| DVA related to own FVO liabilities(1) | $ | 1,832 | $ | 1,000 |
| Total CVA, DVA and FVA | $ | 1,857 | $ | 1,064 |
(1) See Note 21 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
Items Measured at Fair Value on a Recurring Basis
The following tables present for each of the fair value hierarchy levels the Company’s assets and liabilities that are measured at fair value on a recurring basis at March 31, 2026 and December 31, 2025. The Company may hedge positions
that have been classified in the Level 3 category with other financial instruments (hedging instruments) that may be classified as Level 3, but also with financial instruments classified as Level 1 or Level 2. These hedges are presented gross in the following tables:
Fair Value Levels
| In millions of dollars at March 31, 2026 | Level 1 | Level 2 | Level 3 | Gross<br>inventory | Netting(1) | Net<br>balance | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Securities borrowed and purchased under agreements to resell | $ | — | $ | 590,236 | $ | 49 | $ | 590,285 | $ | (400,296) | $ | 189,989 |
| Trading non-derivative assets | ||||||||||||
| Trading mortgage-backed securities | ||||||||||||
| U.S. government-sponsored agency guaranteed | — | 99,527 | 429 | 99,956 | — | 99,956 | ||||||
| Residential | — | 941 | 94 | 1,035 | — | 1,035 | ||||||
| Commercial | — | 794 | 71 | 865 | — | 865 | ||||||
| Total trading mortgage-backed securities | $ | — | $ | 101,262 | $ | 594 | $ | 101,856 | $ | — | $ | 101,856 |
| U.S. Treasury and federal agency securities | $ | 149,463 | $ | 3,863 | $ | — | $ | 153,326 | $ | — | $ | 153,326 |
| State and municipal | — | 169 | 1 | 170 | — | 170 | ||||||
| Foreign government | 91,774 | 55,443 | 241 | 147,458 | — | 147,458 | ||||||
| Corporate | 2,139 | 22,116 | 204 | 24,459 | — | 24,459 | ||||||
| Equity securities | 61,620 | 6,965 | 349 | 68,934 | — | 68,934 | ||||||
| Asset-backed securities | — | 1,957 | 179 | 2,136 | — | 2,136 | ||||||
| Other trading assets | 91 | 27,362 | 492 | 27,945 | — | 27,945 | ||||||
| Total trading non-derivative assets | $ | 305,087 | $ | 219,137 | $ | 2,060 | $ | 526,284 | $ | — | $ | 526,284 |
| Trading derivatives | ||||||||||||
| Interest rate contracts | $ | 41 | $ | 188,352 | $ | 2,353 | $ | 190,746 | ||||
| Foreign exchange contracts | — | 194,501 | 638 | 195,139 | ||||||||
| Equity contracts | 87 | 74,892 | 1,768 | 76,747 | ||||||||
| Commodity contracts | — | 26,803 | 1,433 | 28,236 | ||||||||
| Credit derivatives | — | 8,866 | 1,233 | 10,099 | ||||||||
| Total trading derivatives—before netting and collateral | $ | 128 | $ | 493,414 | $ | 7,425 | $ | 500,967 | ||||
| Netting agreements | $ | (406,175) | ||||||||||
| Netting of cash collateral received | (27,603) | |||||||||||
| Total trading derivatives—after netting and collateral | $ | 128 | $ | 493,414 | $ | 7,425 | $ | 500,967 | $ | (433,778) | $ | 67,189 |
| Investments | ||||||||||||
| Mortgage-backed securities | ||||||||||||
| U.S. government-sponsored agency guaranteed | $ | — | $ | 41,139 | $ | 32 | $ | 41,171 | $ | — | $ | 41,171 |
| Other | — | 964 | — | 964 | — | 964 | ||||||
| Total investment mortgage-backed securities | $ | — | $ | 42,103 | $ | 32 | $ | 42,135 | $ | — | $ | 42,135 |
| U.S. Treasury and federal agency securities | $ | 45,644 | $ | — | $ | — | $ | 45,644 | $ | — | $ | 45,644 |
| State and municipal | — | 992 | 411 | 1,403 | — | 1,403 | ||||||
| Foreign government | 77,098 | 83,494 | 20 | 160,612 | — | 160,612 | ||||||
| Corporate | 2,303 | 1,023 | 308 | 3,634 | — | 3,634 | ||||||
| Marketable equity securities | 324 | 4 | 2 | 330 | — | 330 | ||||||
| Asset-backed securities | — | 1,163 | — | 1,163 | — | 1,163 | ||||||
| Other debt securities | 38 | 3,193 | — | 3,231 | — | 3,231 | ||||||
| Non-marketable equity securities(2) | — | — | 388 | 388 | — | 388 | ||||||
| Total investments | $ | 125,407 | $ | 131,972 | $ | 1,161 | $ | 258,540 | $ | — | $ | 258,540 |
Table continues on the next page.
| In millions of dollars at March 31, 2026 | Level 1 | Level 2 | Level 3 | Gross<br>inventory | Netting(1) | Net<br>balance | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Loans | $ | — | $ | 8,331 | $ | 192 | $ | 8,523 | $ | — | $ | 8,523 | |||
| Mortgage servicing rights | — | — | 766 | 766 | — | 766 | |||||||||
| Other financial assets | $ | 6,465 | $ | 11,807 | $ | — | $ | 18,272 | $ | — | $ | 18,272 | |||
| Total assets | $ | 437,087 | $ | 1,454,897 | $ | 11,653 | $ | 1,903,637 | $ | (834,074) | $ | 1,069,563 | |||
| Total as a percentage of gross assets(3) | 23.0% | 76.4% | 0.6% | ||||||||||||
| Liabilities | |||||||||||||||
| Deposits | $ | — | $ | 4,138 | $ | 237 | $ | 4,375 | $ | — | $ | 4,375 | |||
| Securities loaned and sold under agreements to repurchase | — | 490,962 | 913 | 491,875 | (259,827) | 232,048 | |||||||||
| Trading account liabilities | |||||||||||||||
| Securities sold, not yet purchased | 105,484 | 16,516 | 125 | 122,125 | — | 122,125 | |||||||||
| Other trading liabilities | — | 10 | — | 10 | — | 10 | |||||||||
| Total trading account liabilities | $ | 105,484 | $ | 16,526 | $ | 125 | $ | 122,135 | $ | — | $ | 122,135 | |||
| Trading derivatives | |||||||||||||||
| Interest rate contracts | $ | 35 | $ | 177,346 | $ | 2,167 | $ | 179,548 | |||||||
| Foreign exchange contracts | — | 179,154 | 732 | 179,886 | |||||||||||
| Equity contracts | 163 | 82,173 | 4,586 | 86,922 | |||||||||||
| Commodity contracts | — | 28,041 | 1,078 | 29,119 | |||||||||||
| Credit derivatives | — | 8,970 | 1,011 | 9,981 | |||||||||||
| Total trading derivatives—before netting and collateral | $ | 198 | $ | 475,684 | $ | 9,574 | $ | 485,456 | |||||||
| Netting agreements | $ | (406,175) | |||||||||||||
| Netting of cash collateral paid | (16,150) | ||||||||||||||
| Total trading derivatives—after netting and collateral | $ | 198 | $ | 475,684 | $ | 9,574 | $ | 485,456 | $ | (422,325) | $ | 63,131 | |||
| Short-term borrowings | $ | — | $ | 26,422 | $ | 297 | $ | 26,719 | $ | — | $ | 26,719 | |||
| Long-term debt | — | 110,915 | 24,143 | 135,058 | — | 135,058 | |||||||||
| Other financial liabilities | $ | 6,095 | $ | 124 | $ | — | $ | 6,219 | $ | — | $ | 6,219 | |||
| Total liabilities | $ | 111,777 | $ | 1,124,771 | $ | 35,289 | $ | 1,271,837 | $ | (682,152) | $ | 589,685 | |||
| Total as a percentage of gross liabilities(3) | 8.8 | % | 88.4 | % | 2.8 | % |
(1)Represents netting of (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting.
(2)Amounts exclude $41 million of investments measured at net asset value (NAV) in accordance with ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).
(3)Because the amount of the cash collateral paid/received has not been allocated to the Level 1, 2 and 3 subtotals, these percentages are calculated based on total assets and liabilities measured at fair value on a recurring basis, excluding the cash collateral paid/received on derivatives.
| In millions of dollars at December 31, 2025 | Level 1 | Level 2 | Level 3 | Gross<br>inventory | Netting(1) | Net<br>balance | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Securities borrowed and purchased under agreements to resell | $ | 485 | $ | 590,615 | $ | 49 | $ | 591,149 | $ | (385,039) | $ | 206,110 |
| Trading non-derivative assets | ||||||||||||
| Trading mortgage-backed securities | ||||||||||||
| U.S. government-sponsored agency guaranteed | — | 92,074 | 382 | 92,456 | — | 92,456 | ||||||
| Residential | — | 798 | 99 | 897 | — | 897 | ||||||
| Commercial | — | 597 | 55 | 652 | — | 652 | ||||||
| Total trading mortgage-backed securities | $ | — | $ | 93,469 | $ | 536 | $ | 94,005 | $ | — | $ | 94,005 |
| U.S. Treasury and federal agency securities | $ | 140,671 | $ | 3,051 | $ | — | $ | 143,722 | $ | — | $ | 143,722 |
| State and municipal | — | 171 | 1 | 172 | — | 172 | ||||||
| Foreign government | 65,966 | 57,390 | 35 | 123,391 | — | 123,391 | ||||||
| Corporate | 1,161 | 20,412 | 270 | 21,843 | — | 21,843 | ||||||
| Equity securities | 61,986 | 8,110 | 287 | 70,383 | — | 70,383 | ||||||
| Asset-backed securities | — | 2,308 | 225 | 2,533 | — | 2,533 | ||||||
| Other trading assets | — | 25,243 | 413 | 25,656 | — | 25,656 | ||||||
| Total trading non-derivative assets | $ | 269,784 | $ | 210,154 | $ | 1,767 | $ | 481,705 | $ | — | $ | 481,705 |
| Trading derivatives | ||||||||||||
| Interest rate contracts | $ | 9 | $ | 224,077 | $ | 1,825 | $ | 225,911 | ||||
| Foreign exchange contracts | — | 161,072 | 612 | 161,684 | ||||||||
| Equity contracts | 31 | 67,453 | 1,823 | 69,307 | ||||||||
| Commodity contracts | — | 21,675 | 1,013 | 22,688 | ||||||||
| Credit derivatives | — | 8,580 | 1,143 | 9,723 | ||||||||
| Total trading derivatives—before netting and collateral | $ | 40 | $ | 482,857 | $ | 6,416 | $ | 489,313 | ||||
| Netting agreements | $ | (406,408) | ||||||||||
| Netting of cash collateral received | (27,471) | |||||||||||
| Total trading derivatives—after netting and collateral | $ | 40 | $ | 482,857 | $ | 6,416 | $ | 489,313 | $ | (433,879) | $ | 55,434 |
| Investments | ||||||||||||
| Mortgage-backed securities | ||||||||||||
| U.S. government-sponsored agency guaranteed | $ | — | $ | 36,725 | $ | 31 | $ | 36,756 | $ | — | $ | 36,756 |
| Other | — | 976 | — | 976 | — | 976 | ||||||
| Total investment mortgage-backed securities | $ | — | $ | 37,701 | $ | 31 | $ | 37,732 | $ | — | $ | 37,732 |
| U.S. Treasury and federal agency securities | $ | 35,465 | $ | — | $ | — | $ | 35,465 | $ | — | $ | 35,465 |
| State and municipal | — | 1,033 | 504 | 1,537 | — | 1,537 | ||||||
| Foreign government | 80,048 | 83,034 | 25 | 163,107 | — | 163,107 | ||||||
| Corporate | 3,193 | 1,183 | 315 | 4,691 | — | 4,691 | ||||||
| Marketable equity securities | 342 | 2 | 131 | 475 | — | 475 | ||||||
| Asset-backed securities | — | 1,072 | 1 | 1,073 | — | 1,073 | ||||||
| Other debt securities | 64 | 3,051 | — | 3,115 | — | 3,115 | ||||||
| Non-marketable equity securities(2) | — | — | 409 | 409 | — | 409 | ||||||
| Total investments | $ | 119,112 | $ | 127,076 | $ | 1,416 | $ | 247,604 | $ | — | $ | 247,604 |
Table continues on the next page.
| In millions of dollars at December 31, 2025 | Level 1 | Level 2 | Level 3 | Gross<br>inventory | Netting(1) | Net<br>balance | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Loans | $ | — | $ | 6,733 | $ | 122 | $ | 6,855 | $ | — | $ | 6,855 | |||
| Mortgage servicing rights | — | — | 759 | 759 | — | 759 | |||||||||
| Other financial assets | $ | 6,130 | $ | 10,551 | $ | — | $ | 16,681 | $ | — | $ | 16,681 | |||
| Total assets | $ | 395,551 | $ | 1,427,986 | $ | 10,529 | $ | 1,834,066 | $ | (818,918) | $ | 1,015,148 | |||
| Total as a percentage of gross assets(3) | 21.5% | 77.9% | 0.6% | ||||||||||||
| Liabilities | |||||||||||||||
| Deposits | $ | — | $ | 3,983 | $ | 239 | $ | 4,222 | $ | — | $ | 4,222 | |||
| Securities loaned and sold under agreements to repurchase | — | 426,084 | 952 | 427,036 | (227,614) | 199,422 | |||||||||
| Trading account liabilities | |||||||||||||||
| Securities sold, not yet purchased | 89,352 | 15,177 | 45 | 104,574 | — | 104,574 | |||||||||
| Other trading liabilities | — | 10 | — | 10 | — | 10 | |||||||||
| Total trading account liabilities | $ | 89,352 | $ | 15,187 | $ | 45 | $ | 104,584 | $ | — | $ | 104,584 | |||
| Trading derivatives | |||||||||||||||
| Interest rate contracts | $ | 5 | $ | 215,562 | $ | 1,805 | $ | 217,372 | |||||||
| Foreign exchange contracts | — | 152,202 | 662 | 152,864 | |||||||||||
| Equity contracts | 49 | 74,365 | 4,787 | 79,201 | |||||||||||
| Commodity contracts | — | 23,713 | 869 | 24,582 | |||||||||||
| Credit derivatives | — | 9,670 | 1,562 | 11,232 | |||||||||||
| Total trading derivatives—before netting and collateral | $ | 54 | $ | 475,512 | $ | 9,685 | $ | 485,251 | |||||||
| Netting agreements | $ | (406,408) | |||||||||||||
| Netting of cash collateral paid | (20,629) | ||||||||||||||
| Total trading derivatives—after netting and collateral | $ | 54 | $ | 475,512 | $ | 9,685 | $ | 485,251 | $ | (427,037) | $ | 58,214 | |||
| Short-term borrowings | $ | — | $ | 21,275 | $ | 292 | $ | 21,567 | $ | — | $ | 21,567 | |||
| Long-term debt | — | 106,767 | 23,959 | 130,726 | — | 130,726 | |||||||||
| Other financial liabilities | $ | 5,437 | $ | 55 | $ | — | $ | 5,492 | $ | — | $ | 5,492 | |||
| Total liabilities | $ | 94,843 | $ | 1,048,863 | $ | 35,172 | $ | 1,178,878 | $ | (654,651) | $ | 524,227 | |||
| Total as a percentage of gross liabilities(3) | 8.0 | % | 89.0 | % | 3.0 | % |
(1)Represents netting of (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting.
(2)Amounts exclude $37 million of investments measured at NAV in accordance with ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).
(3)Because the amount of the cash collateral paid/received has not been allocated to the Level 1, 2 and 3 subtotals, these percentages are calculated based on total assets and liabilities measured at fair value on a recurring basis, excluding the cash collateral paid/received on derivatives.
Changes in Level 3 Fair Value Category
The following tables present the changes in the Level 3 fair value category for the three months ended March 31, 2026 and 2025. The gains and losses presented below include changes in the fair value related to both observable and unobservable inputs.
The Company often hedges positions with offsetting positions that are classified in a different level. For example,
the gains and losses for assets and liabilities in the Level 3 category presented in the tables below do not reflect the effect of offsetting losses and gains on hedging instruments that may be classified in the Level 1 or Level 2 categories. In addition, the Company hedges items classified in the Level 3 category with instruments also classified in Level 3 of the fair value hierarchy. The hedged items and related hedges are presented gross in the following tables:
Level 3 Fair Value Rollforward
| Net realized/unrealized<br><br>gains (losses) incl. in(1) | Transfers | Unrealized<br>gains (losses)<br>still held(3) | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In millions of dollars | Dec. 31, 2025 | Principal<br>transactions | Other(1)(2) | into<br>Level 3 | out of<br>Level 3 | Purchases | Issuances | Sales | Settlements | Mar. 31, 2026 | ||||||||||||
| Assets | ||||||||||||||||||||||
| Securities borrowed and purchased under agreements to resell | $ | 49 | $ | — | $ | — | $ | — | $ | — | $ | 49 | $ | — | $ | — | $ | (49) | $ | 49 | $ | — |
| Trading non-derivative assets | ||||||||||||||||||||||
| Trading mortgage-backed securities | ||||||||||||||||||||||
| U.S. government-sponsored agency guaranteed | 382 | (14) | — | 129 | (108) | 112 | — | (72) | — | 429 | (6) | |||||||||||
| Residential | 99 | (3) | — | 5 | (9) | 42 | — | (40) | — | 94 | (1) | |||||||||||
| Commercial | 55 | (3) | — | 39 | (6) | 1 | — | (15) | — | 71 | (2) | |||||||||||
| Total trading mortgage-backed securities | $ | 536 | $ | (20) | $ | — | $ | 173 | $ | (123) | $ | 155 | $ | — | $ | (127) | $ | — | $ | 594 | $ | (9) |
| U.S. Treasury and federal agency securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
| State and municipal | 1 | — | — | — | — | — | — | — | — | 1 | — | |||||||||||
| Foreign government | 35 | (3) | — | 50 | (1) | 162 | — | (2) | — | 241 | — | |||||||||||
| Corporate | 270 | (8) | — | 2 | (32) | 163 | — | (191) | — | 204 | (22) | |||||||||||
| Marketable equity securities | 287 | (16) | — | 23 | (8) | 140 | — | (77) | — | 349 | (17) | |||||||||||
| Asset-backed securities | 225 | (10) | — | 24 | (51) | 62 | — | (71) | — | 179 | (9) | |||||||||||
| Other trading assets | 413 | (2) | — | 10 | (5) | 138 | 12 | (65) | (9) | 492 | (1) | |||||||||||
| Total trading non-derivative assets | $ | 1,767 | $ | (59) | $ | — | $ | 282 | $ | (220) | $ | 820 | $ | 12 | $ | (533) | $ | (9) | $ | 2,060 | $ | (58) |
| Trading derivatives, net(4) | ||||||||||||||||||||||
| Interest rate contracts | $ | 20 | $ | (80) | $ | — | $ | 78 | $ | (46) | $ | 180 | $ | — | $ | (139) | $ | 173 | $ | 186 | $ | (40) |
| Foreign exchange contracts | (50) | 4 | — | 15 | (62) | (162) | — | (143) | 304 | (94) | (6) | |||||||||||
| Equity contracts | (2,964) | (49) | — | (5) | 358 | (660) | — | (125) | 627 | (2,818) | (80) | |||||||||||
| Commodity contracts | 144 | 29 | — | (58) | 117 | 303 | — | (121) | (59) | 355 | 19 | |||||||||||
| Credit derivatives | (419) | 61 | — | 26 | (29) | 270 | — | (190) | 503 | 222 | 54 | |||||||||||
| Total trading derivatives, net(4) | $ | (3,269) | $ | (35) | $ | — | $ | 56 | $ | 338 | $ | (69) | $ | — | $ | (718) | $ | 1,548 | $ | (2,149) | $ | (53) |
Table continues on the next page.
| Net realized/unrealized<br><br>gains (losses) incl. in(1) | Transfers | Unrealized<br>gains (losses)<br>still held(3) | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In millions of dollars | Dec. 31, 2025 | Principal<br>transactions | Other(1)(2) | into<br>Level 3 | out of<br>Level 3 | Purchases | Issuances | Sales | Settlements | Mar. 31, 2026 | ||||||||||||
| Investments | ||||||||||||||||||||||
| Mortgage-backed securities | ||||||||||||||||||||||
| U.S. government-sponsored agency guaranteed | $ | 31 | $ | — | $ | 1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 32 | $ | 1 |
| Other | — | — | — | — | — | — | — | — | — | — | — | |||||||||||
| Total investment mortgage-backed securities | $ | 31 | $ | — | $ | 1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 32 | $ | 1 |
| U.S. Treasury and federal agency securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
| State and municipal | 504 | — | 1 | 17 | (8) | — | — | (103) | — | 411 | 1 | |||||||||||
| Foreign government | 25 | — | — | 7 | (20) | 8 | — | — | — | 20 | (1) | |||||||||||
| Corporate | 315 | — | — | 54 | (96) | 97 | — | (62) | — | 308 | (5) | |||||||||||
| Marketable equity securities | 131 | — | — | — | (131) | 2 | — | — | — | 2 | — | |||||||||||
| Asset-backed securities | 1 | — | — | — | — | — | — | (1) | — | — | — | |||||||||||
| Other debt securities | — | — | — | — | — | — | — | — | — | — | — | |||||||||||
| Non-marketable equity securities | 409 | — | (8) | — | — | 11 | — | (24) | — | 388 | (8) | |||||||||||
| Total investments | $ | 1,416 | $ | — | $ | (6) | $ | 78 | $ | (255) | $ | 118 | $ | — | $ | (190) | $ | — | $ | 1,161 | $ | (12) |
| Loans | $ | 122 | $ | — | $ | 10 | $ | 100 | $ | (25) | $ | — | $ | 21 | $ | — | $ | (36) | $ | 192 | $ | 6 |
| Mortgage servicing rights | 759 | — | 4 | — | — | — | 28 | — | (25) | 766 | 5 | |||||||||||
| Other financial assets | — | — | — | — | — | — | — | — | — | — | — | |||||||||||
| Liabilities | ||||||||||||||||||||||
| Deposits | $ | 239 | $ | — | $ | 1 | $ | — | $ | — | $ | — | $ | 9 | $ | — | $ | (10) | $ | 237 | $ | 1 |
| Securities loaned and sold under agreements to repurchase | 952 | 2 | — | — | — | 301 | — | — | (338) | 913 | 2 | |||||||||||
| Trading account liabilities | ||||||||||||||||||||||
| Securities sold, not yet purchased | 45 | — | — | 72 | (24) | 32 | — | — | — | 125 | — | |||||||||||
| Other trading liabilities | — | — | — | — | — | — | — | — | — | — | — | |||||||||||
| Short-term borrowings | 292 | (1) | — | 4 | (36) | — | 143 | — | (107) | 297 | (1) | |||||||||||
| Long-term debt | 23,959 | 974 | — | 932 | (718) | — | 1,873 | — | (929) | 24,143 | 669 | |||||||||||
| Other financial liabilities measured on a recurring basis | — | — | — | — | — | — | — | — | — | — | — |
(1)Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets and as (increase) decrease to Level 3 liabilities. Changes in fair value of available-for-sale debt securities are recorded in AOCI, unless related to credit impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments in the Consolidated Statement of Income.
(2)Unrealized gains (losses) on MSRs are recorded in Other revenue in the Consolidated Statement of Income.
(3)Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at March 31, 2026.
(4)Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only.
| Net realized/unrealized<br><br>gains (losses) incl. in(1) | Transfers | Unrealized<br>gains (losses)<br>still held(3) | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In millions of dollars | Dec. 31, 2024 | Principal<br>transactions | Other(1)(2) | into<br>Level 3 | out of<br>Level 3 | Purchases | Issuances | Sales | Settlements | Mar. 31, 2025 | ||||||||||||
| Assets | ||||||||||||||||||||||
| Securities borrowed and purchased under agreements to resell | $ | 128 | $ | 6 | $ | — | $ | — | $ | (84) | $ | 150 | $ | — | $ | — | $ | (47) | $ | 153 | $ | 3 |
| Trading non-derivative assets | ||||||||||||||||||||||
| Trading mortgage-backed securities | ||||||||||||||||||||||
| U.S. government-sponsored agency guaranteed | 301 | 23 | — | 156 | (36) | 320 | — | (150) | — | 614 | 25 | |||||||||||
| Residential | 67 | 1 | — | 11 | (12) | 60 | — | (9) | — | 118 | — | |||||||||||
| Commercial | 36 | (4) | — | 21 | (9) | 43 | — | — | — | 87 | (3) | |||||||||||
| Total trading mortgage-backed securities | $ | 404 | $ | 20 | $ | — | $ | 188 | $ | (57) | $ | 423 | $ | — | $ | (159) | $ | — | $ | 819 | $ | 22 |
| U.S. Treasury and federal agency securities | $ | 1 | $ | — | $ | — | $ | — | $ | (1) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
| State and municipal | 11 | 1 | — | — | (11) | — | — | — | — | 1 | — | |||||||||||
| Foreign government | 15 | 1 | — | — | (6) | — | — | (7) | — | 3 | 1 | |||||||||||
| Corporate | 269 | (16) | — | 17 | (60) | 93 | — | (53) | — | 250 | (6) | |||||||||||
| Marketable equity securities | 166 | 5 | — | 22 | (2) | 71 | — | (35) | — | 227 | 29 | |||||||||||
| Asset-backed securities | 178 | (9) | — | 10 | (5) | 97 | — | (51) | — | 220 | (6) | |||||||||||
| Other trading assets | 333 | 79 | — | 44 | (8) | 54 | 12 | (38) | (8) | 468 | 92 | |||||||||||
| Total trading non-derivative assets | $ | 1,377 | $ | 81 | $ | — | $ | 281 | $ | (150) | $ | 738 | $ | 12 | $ | (343) | $ | (8) | $ | 1,988 | $ | 132 |
| Trading derivatives, net(4) | ||||||||||||||||||||||
| Interest rate contracts | $ | (330) | $ | (232) | $ | — | $ | (14) | $ | (98) | $ | (9) | $ | 3 | $ | (9) | $ | 52 | $ | (637) | $ | (321) |
| Foreign exchange contracts | 185 | (74) | — | 62 | 50 | 41 | — | (59) | (24) | 181 | (137) | |||||||||||
| Equity contracts | (1,688) | 135 | — | (148) | 133 | (914) | — | (21) | 298 | (2,205) | 44 | |||||||||||
| Commodity contracts | 404 | 97 | — | (23) | 116 | (126) | — | (4) | (139) | 325 | 104 | |||||||||||
| Credit derivatives | 104 | (78) | — | 10 | 82 | (96) | — | — | 6 | 28 | 60 | |||||||||||
| Total trading derivatives, net(4) | $ | (1,325) | $ | (152) | $ | — | $ | (113) | $ | 283 | $ | (1,104) | $ | 3 | $ | (93) | $ | 193 | $ | (2,308) | $ | (250) |
Table continues on the next page.
| Net realized/unrealized<br><br>gains (losses) incl. in(1) | Transfers | Unrealized<br>gains (losses)<br>still held(3) | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In millions of dollars | Dec. 31, 2024 | Principal<br>transactions | Other(1)(2) | into<br>Level 3 | out of<br>Level 3 | Purchases | Issuances | Sales | Settlements | Mar. 31, 2025 | ||||||||||||
| Investments | ||||||||||||||||||||||
| Mortgage-backed securities | ||||||||||||||||||||||
| U.S. government-sponsored agency guaranteed | $ | 36 | $ | — | $ | (1) | $ | — | $ | (3) | $ | — | $ | — | $ | — | $ | — | $ | 32 | $ | (1) |
| Other | 28 | — | — | — | (5) | — | — | (13) | — | 10 | — | |||||||||||
| Total investment mortgage-backed securities | $ | 64 | $ | — | $ | (1) | $ | — | $ | (8) | $ | — | $ | — | $ | (13) | $ | — | $ | 42 | $ | (1) |
| U.S. Treasury and federal agency securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
| State and municipal | 428 | — | 4 | 22 | (13) | 248 | — | (254) | — | 435 | 5 | |||||||||||
| Foreign government | 12 | — | (1) | — | (2) | — | — | — | — | 9 | (1) | |||||||||||
| Corporate | 146 | — | 9 | — | (32) | 97 | — | (26) | — | 194 | 8 | |||||||||||
| Marketable equity securities | 14 | — | (8) | — | — | — | — | — | — | 6 | (2) | |||||||||||
| Asset-backed securities | 2 | — | — | — | (2) | — | — | — | — | — | — | |||||||||||
| Other debt securities | 6 | — | — | — | — | 1 | — | (6) | — | 1 | — | |||||||||||
| Non-marketable equity securities | 404 | — | 5 | — | — | 12 | — | (7) | — | 414 | 5 | |||||||||||
| Total investments | $ | 1,076 | $ | — | $ | 8 | $ | 22 | $ | (57) | $ | 358 | $ | — | $ | (306) | $ | — | $ | 1,101 | $ | 14 |
| Loans | $ | 262 | $ | — | $ | 77 | $ | — | $ | (2) | $ | — | $ | 4 | $ | — | $ | (23) | $ | 318 | $ | 82 |
| Mortgage servicing rights | 760 | — | (15) | — | — | — | 25 | — | (19) | 751 | (16) | |||||||||||
| Other financial assets | 15 | — | — | — | — | 1 | 11 | — | (14) | 13 | — | |||||||||||
| Liabilities | ||||||||||||||||||||||
| Deposits | $ | 39 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 19 | $ | — | $ | (11) | $ | 47 | $ | (6) |
| Securities loaned and sold under agreements to repurchase | 390 | 3 | — | — | — | 732 | — | — | (321) | 798 | 2 | |||||||||||
| Trading account liabilities | ||||||||||||||||||||||
| Securities sold, not yet purchased | 28 | 29 | — | 2 | (5) | 57 | — | — | (24) | 29 | 10 | |||||||||||
| Other trading liabilities | — | 1 | — | — | (2) | 25 | — | — | (22) | — | — | |||||||||||
| Short-term borrowings | 297 | 9 | — | 14 | (35) | — | 573 | — | (119) | 721 | 8 | |||||||||||
| Long-term debt | 21,100 | 51 | — | 612 | (841) | — | 1,284 | — | (663) | 21,441 | 71 | |||||||||||
| Other financial liabilities | — | — | — | — | — | — | 1 | — | — | 1 | — |
(1)Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets and as (increase) decrease to Level 3 liabilities. Changes in fair value of available-for-sale debt securities are recorded in AOCI, unless related to credit impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments in the Consolidated Statement of Income.
(2)Unrealized gains (losses) on MSRs are recorded in Other revenue in the Consolidated Statement of Income.
(3)Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at March 31, 2025.
(4)Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only.
Level 3 Fair Value Transfers
There were no significant Level 3 transfers for the period from December 31, 2025 to March 31, 2026.
There were no significant Level 3 transfers for the period from December 31, 2024 to March 31, 2025.
Valuation Techniques and Inputs for Level 3 Fair Value Measurements
The following tables present the valuation techniques covering the majority of Level 3 inventory and the most significant unobservable inputs used in Level 3 fair value measurements.
Differences between these tables and amounts presented in the Level 3 Fair Value Rollforward tables represent individually immaterial items that have been measured using a variety of valuation techniques other than those listed.
| As of March 31, 2026 | Fair value(1)<br><br>(in millions) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted<br><br>average(4) | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||||||
| Mortgage-backed securities | $ | 349 | Yield analysis | Yield | 4.53 | % | 28.97 | % | 13.76 | % | |||
| 277 | Price-based | Price | $ | 0.95 | $ | 107.79 | $ | 44.27 | |||||
| State and municipal, foreign government, corporate and other debt securities | $ | 1,014 | Price-based | Price | $ | 1.00 | $ | 205.85 | $ | 105.13 | |||
| 555 | Model-based | Credit spread | 216.50 bps | 550.00 bps | 400.13 bps | ||||||||
| Interest rate contracts (gross) | $ | 4,314 | Model-based | IR normal volatility | 0.06 | % | 2.98 | % | 0.81 | % | |||
| Foreign exchange contracts (gross) | $ | 1,272 | Model-based | IR normal volatility | 0.63 | % | 1.21 | % | 0.83 | % | |||
| FX volatility | 0.39 | % | 91.49 | % | 11.60 | % | |||||||
| IR basis | (1.77) | % | 5.76 | % | (0.06) | % | |||||||
| Yield | 0.99 | % | 13.95 | % | 3.00 | % | |||||||
| Equity contracts (gross)(5) | $ | 5,800 | Model-based | Equity volatility | 2.48 | % | 163.09 | % | 43.29 | % | |||
| Equity forward | 48.45 | % | 370.04 | % | 110.86 | % | |||||||
| Equity-Equity correlation | (36.22) | % | 99.12 | % | 49.49 | % | |||||||
| Commodity and other contracts (gross) | $ | 2,509 | Model-based | Forward price | 0.10 | % | 306.55 | % | 100.61 | % | |||
| Commodity volatility | 13.41 | % | 271.96 | % | 50.76 | % | |||||||
| Credit derivatives (gross) | $ | 1,352 | Price-based | Price | $ | 8.00 | $ | 116.23 | $ | 79.84 | |||
| 840 | Model-based | Credit spread | 1.00 bps | 760.02 bps | 153.48 bps | ||||||||
| Mortgage servicing rights | $ | 764 | Cash flow | Yield | (0.30) | % | 12.00 | % | 6.51 | % | |||
| WAL | 3.24 years | 8.09 years | 6.82 years | ||||||||||
| Liabilities | |||||||||||||
| Securities loaned and sold under agreements to repurchase | $ | 913 | Model-based | Interest rate | 3.72 | % | 5.79 | % | 4.27 | % | |||
| IR normal volatility | 0.62 | % | 1.20 | % | 1.03 | % | |||||||
| Short-term borrowings and <br>long-term debt | $ | 23,556 | Model-based | IR normal volatility | 0.06 | % | 2.98 | % | 0.83 | % | |||
| FX volatility | 2.29 | % | 15.65 | % | 9.75 | % | |||||||
| Equity volatility | 5.50 | % | 80.29 | % | 22.27 | % | |||||||
| IR-FX correlation | (34.00) | % | 60.00 | % | 46.43 | % | |||||||
| Equity-IR correlation | 0.00 | % | 56.33 | % | 35.38 | % | |||||||
| Equity forward | 67.07 | % | 361.78 | % | 143.93 | % | |||||||
| IR-IR correlation | 40.00 | % | 40.00 | % | 40.00 | % | |||||||
| As of December 31, 2025 | Fair value(1)<br><br>(in millions) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted<br><br>average(4) | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets | |||||||||||||
| Mortgage-backed securities | $ | 352 | Price-based | Price | $ | 0.80 | $ | 145.12 | $ | 37.47 | |||
| 214 | Yield analysis | Yield | 4.78 | % | 26.14 | % | 12.86 | % | |||||
| State and municipal, foreign government, corporate and other debt securities | $ | 866 | Price-based | Price | $ | 20.77 | $ | 194.45 | $ | 114.31 | |||
| 389 | Model-based | Credit spread | 167.00 bps | 508.30 bps | 399.15 bps | ||||||||
| 159 | Cash flow | Yield | 2.30 | % | 9.30 | % | 8.72 | % | |||||
| WAL | 3.24 years | 8.14 years | 6.80 years | ||||||||||
| Interest rate contracts (gross) | $ | 3,608 | Model-based | IR normal volatility | 0.06 | % | 2.98 | % | 0.65 | % | |||
| Equity volatility | 12.00 | % | 48.92 | % | 26.43 | % | |||||||
| Foreign exchange contracts (gross) | $ | 1,217 | Model-based | IR normal volatility | 0.49 | % | 0.86 | % | 0.74 | % | |||
| IR basis | (20.15) | % | 11.17 | % | (0.05) | % | |||||||
| FX volatility | 0.32 | % | 74.14 | % | 7.91 | % | |||||||
| Yield | 1.05 | % | 14.90 | % | 6.43 | % | |||||||
| Equity contracts (gross)(5) | $ | 6,597 | Model-based | Equity volatility | 2.81 | % | 184.01 | % | 42.80 | % | |||
| Equity forward | 53.29 | % | 373.46 | % | 111.14 | % | |||||||
| Equity-FX correlation | (75.75) | % | 70.00 | % | (13.61) | % | |||||||
| Equity-Equity correlation | (36.22) | % | 99.00 | % | 52.48 | % | |||||||
| Commodity and other contracts (gross) | $ | 1,881 | Model-based | Forward price | 0.11 | % | 395.49 | % | 98.83 | % | |||
| Commodity volatility | 8.40 | % | 316.56 | % | 42.29 | % | |||||||
| Credit derivatives (gross) | $ | 1,720 | Model-based | Credit spread | 5.20 bps | 592.93 bps | 74.28 bps | ||||||
| Recovery rate | 0.50 | % | 40.00 | % | 34.87 | % | |||||||
| 985 | Price-based | Price | $ | 8.00 | $ | 119.13 | $ | 85.45 | |||||
| Upfront points | 5.05 | % | 106.23 | % | 61.00 | % | |||||||
| Mortgage servicing rights | $ | 676 | Cash flow | WAL | 3.24 years | 8.14 years | 6.80 years | ||||||
| 82 | Model-based | Yield | (0.40) | % | 12.00 | % | 6.35 | % | |||||
| Liabilities | |||||||||||||
| Securities loaned and sold under agreements to repurchase | $ | 952 | Model-based | Interest rate | 3.47 | % | 5.43 | % | 3.85 | % | |||
| IR normal volatility | 0.46 | % | 0.89 | % | 0.78 | % | |||||||
| Short-term borrowings and long-term debt | $ | 24,126 | Model-based | IR normal volatility | 0.06 | % | 2.98 | % | 0.74 | % | |||
| FX volatility | 5.26 | % | 14.01 | % | 9.08 | % | |||||||
| Equity volatility | 5.50 | % | 92.67 | % | 20.95 | % | |||||||
| IR-FX correlation | (34.00) | % | 60.00 | % | 46.37 | % | |||||||
| Equity-IR correlation | 0.00 | % | 56.64 | % | 36.32 | % | |||||||
| IR-IR correlation | 40.00 | % | 40.00 | % | 40.00 | % | |||||||
| Equity-FX correlation | (60.00) | % | 70.00 | % | (16.57) | % |
(1)The tables above include the fair values for the items listed and may not represent the total population for each category.
(2)Some inputs are shown as zero due to rounding.
(3)When the low and high inputs are the same, there is either a constant input applied to all positions, or the methodology involving the input applies to only one large position.
(4)Weighted averages are calculated based on the fair values of the instruments.
(5)Includes hybrid products.
Items Measured at Fair Value on a Nonrecurring Basis
Certain assets and liabilities are measured at fair value on a nonrecurring basis and, therefore, are not included in the tables above. For additional information on these items, see Note 26 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
The following tables present the carrying amounts of all assets that were still held as of the balance sheet date for which a nonrecurring fair value measurement was recorded during the period. The amounts reflect the fair values of the assets as of their respective remeasurement dates, which are generally prior to the balance sheet date. The following tables exclude certain consumer mortgage loans for which Citi has elected the fair value option (see Note 22), and consumer loans and other assets held by businesses held-for-sale (see “Significant Disposals” in Note 2):
| In millions of dollars | Fair value | Level 2 | Level 3 | |||
|---|---|---|---|---|---|---|
| March 31, 2026 | ||||||
| Loans HFS(1) | $ | 1,042 | $ | 689 | $ | 353 |
| Other real estate owned | 1 | 1 | — | |||
| Loans(2) | 97 | — | 97 | |||
| Non-marketable equity securities measured using the measurement alternative | 107 | — | 107 | |||
| Total assets at fair value on a nonrecurring basis | $ | 1,247 | $ | 690 | $ | 557 |
| In millions of dollars | Fair value | Level 2 | Level 3 | |||
| --- | --- | --- | --- | --- | --- | --- |
| December 31, 2025 | ||||||
| Loans HFS(1) | $ | 641 | $ | 188 | $ | 453 |
| Other real estate owned | — | — | — | |||
| Loans(2) | 272 | — | 272 | |||
| Non-marketable equity securities measured using the measurement alternative | 350 | — | 350 | |||
| Total assets at fair value on a nonrecurring basis | $ | 1,263 | $ | 188 | $ | 1,075 |
(1)Net of mark-to-market amounts on the unfunded portion of loans HFS recognized as Other liabilities on the Consolidated Balance Sheet.
(2)Represents collateral-dependent loans held-for-investment for which the fair value of collateral is used to estimate expected credit losses, and whose carrying amount is based on the fair value of the underlying collateral less costs to sell, as applicable (primarily real estate).
Valuation Techniques and Inputs for Level 3 Nonrecurring Fair Value Measurements
The following tables present the valuation techniques covering the majority of Level 3 nonrecurring fair value measurements and the most significant unobservable inputs used in those measurements:
| As of March 31, 2026 | Fair value(1)<br><br>(in millions) | Methodology | Input | Low(2) | High | Weighted<br><br>average(3) | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Loans HFS | $ | 353 | Price-based | Price | $ | 80.50 | $ | 100.00 | $ | 97.98 | |||
| Loans(4) | $ | 97 | Recovery analysis | Appraised value(5) | $ | 10,000 | $ | 23,657,415 | $ | 9,267,682 | |||
| Recovery rate | 31.30 | % | 68.60 | % | 46.97 | % | |||||||
| Non-marketable equity securities measured using the measurement alternative | $ | 100 | Price-based | Price | $ | 1.49 | $ | 159.59 | $ | 50.06 | |||
| As of December 31, 2025 | Fair value(1)<br><br>(in millions) | Methodology | Input | Low(2) | High | Weighted<br><br>average(3) | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Loans HFS | $ | 453 | Price-based | Price | $ | 83.00 | $ | 100.00 | $ | 98.66 | |||
| Loans(4) | $ | 271 | Recovery analysis | Appraised value(5) | $ | 10,000 | $ | 75,424,500 | $ | 30,328,429 | |||
| Recovery rate | 35.10 | % | 85.20 | % | 60.55 | % | |||||||
| Non-marketable equity securities measured using the measurement alternative | $ | 254 | Price-based | Price | $ | 4.57 | $ | 205.01 | $ | 70.91 | |||
| 96 | Comparable analysis | Revenue multiple | 2.07x | 27.20x | 15.51x |
(1)The tables above include the fair values for the items listed and may not represent the total population for each category.
(2)Some inputs are shown as zero due to rounding.
(3)Weighted averages are calculated based on the fair values of the instruments.
(4)Represents collateral-dependent loans held-for-investment for which the fair value of collateral is used to estimate expected credit losses, and whose carrying amount is based on the fair value of the underlying collateral less costs to sell, as applicable (primarily real estate).
(5)Appraised values are disclosed in whole dollars.
Nonrecurring Fair Value Changes
The following table presents total nonrecurring fair value measurements for the period, included in earnings, attributable to the change in fair value relating to assets that were still held:
| Three Months Ended March 31, | ||||
|---|---|---|---|---|
| In millions of dollars | 2026 | 2025 | ||
| Loans HFS | $ | (43) | $ | (21) |
| Other real estate owned | — | — | ||
| Loans(1) | (8) | (37) | ||
| Non-marketable equity securities measured using the measurement alternative | 14 | (44) | ||
| Total nonrecurring fair value gains (losses) | $ | (37) | $ | (102) |
(1)Represents collateral-dependent loans held-for-investment for which the fair value of collateral is used to estimate expected credit losses, and whose carrying amount is based on the fair value of the underlying collateral less costs to sell, as applicable (primarily real estate).
Estimated Fair Value of Financial Instruments Not Carried at Fair Value
The following tables present the carrying value and fair value of Citigroup’s financial instruments that are not carried at fair value. The tables below therefore exclude items measured at fair value on a recurring basis presented in the tables above.
| March 31, 2026 | Estimated fair value | |||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Carrying<br>value | Estimated<br>fair value | |||||||||||||||||||||||||
| In billions of dollars | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||
| HTM debt securities, net of allowance(1) | $ | 183.8 | $ | 173.3 | $ | 79.3 | $ | 91.7 | $ | 2.3 | ||||||||||||||||
| Securities borrowed and purchased under agreements to resell | 163.1 | 163.1 | — | 163.1 | — | |||||||||||||||||||||
| Loans(2)(3) | 733.3 | 752.8 | — | — | 752.8 | |||||||||||||||||||||
| Other financial assets(3)(4) | 514.7 | 514.7 | 385.8 | 128.9 | — | |||||||||||||||||||||
| Liabilities | ||||||||||||||||||||||||||
| Deposits | $ | 1,441.9 | $ | 1,441.8 | $ | — | $ | 1,441.8 | $ | — | ||||||||||||||||
| Securities loaned and sold under agreements to repurchase | 137.5 | 137.5 | — | 137.5 | — | |||||||||||||||||||||
| Long-term debt(5) | 172.4 | 175.7 | — | 169.6 | 6.1 | |||||||||||||||||||||
| Other financial liabilities(6) | 195.1 | 195.1 | — | 195.1 | — | December 31, 2025 | Estimated fair value | |||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| Carrying<br>value | Estimated<br>fair value | |||||||||||||||||||||||||
| In billions of dollars | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||
| HTM debt securities, net of allowance(1) | $ | 194.9 | $ | 184.7 | $ | 87.3 | $ | 95.2 | $ | 2.2 | ||||||||||||||||
| Securities borrowed and purchased under agreements to resell | 150.1 | 150.1 | — | 150.1 | — | |||||||||||||||||||||
| Loans(2)(3) | 726.0 | 742.1 | — | — | 742.1 | |||||||||||||||||||||
| Other financial assets(3)(4) | 448.0 | 448.0 | 349.6 | 98.4 | — | |||||||||||||||||||||
| Liabilities | ||||||||||||||||||||||||||
| Deposits | $ | 1,399.4 | $ | 1,399.3 | $ | — | $ | 1,399.3 | $ | — | ||||||||||||||||
| Securities loaned and sold under agreements to repurchase | 148.7 | 148.7 | — | 148.7 | — | |||||||||||||||||||||
| Long-term debt(5) | 185.0 | 189.9 | — | 183.8 | 6.1 | |||||||||||||||||||||
| Other financial liabilities(6) | 141.8 | 141.8 | — | 141.8 | — |
(1)Includes $5.3 billion and $5.1 billion of non-marketable equity securities carried at cost at March 31, 2026 and December 31, 2025, respectively.
(2)The carrying value of loans is net of the allowance for credit losses on loans of $19.6 billion for March 31, 2026 and $19.2 billion for December 31, 2025. In addition, the carrying values exclude $0.1 billion and $0.1 billion of lease finance receivables at March 31, 2026 and December 31, 2025, respectively.
(3)Includes items measured at fair value on a nonrecurring basis.
(4)Includes cash and due from banks, deposits with banks, brokerage receivables, reinsurance recoverables and other financial instruments included in Other assets on the Consolidated Balance Sheet, for all of which the carrying value is a reasonable estimate of fair value.
(5)The carrying value includes long-term debt balances under qualifying fair value hedges.
(6)Includes brokerage payables, separate and variable accounts, short-term borrowings (carried at cost) and other financial instruments included in Other liabilities on the Consolidated Balance Sheet, for all of which the carrying value is a reasonable estimate of fair value.
The estimated fair values of the Company’s corporate unfunded lending commitments at March 31, 2026 and December 31, 2025 were off-balance sheet liabilities of $7.2 billion and $10.8 billion, respectively, substantially all of which are classified as Level 3. The Company does not estimate the fair values of consumer unfunded lending commitments, which are generally cancelable by providing notice to the borrower.
22. FAIR VALUE ELECTIONS
The Company may elect to report most financial instruments and certain other items at fair value on an instrument-by-instrument basis with changes in fair value reported in earnings, other than DVA (see below). The election is made upon the initial recognition of an eligible financial asset, financial liability or firm commitment or when certain specified reconsideration events occur. The fair value election
may not otherwise be revoked once an election is made. The changes in fair value are recorded in current earnings. Movements in DVA are reported as a component of AOCI.
The Company has elected fair value accounting for its mortgage servicing rights (MSRs). See Note 19 for additional details on Citi’s MSRs.
Additional discussion regarding other applicable areas in which fair value elections were made is presented in Note 21.
The following table presents the changes in fair value of those items for which the fair value option has been elected:
| Changes in fair value—gains (losses) | ||||
|---|---|---|---|---|
| Three Months Ended March 31, | ||||
| In millions of dollars | 2026 | 2025 | ||
| Assets | ||||
| Securities borrowed and purchased under agreements to resell | $ | (106) | $ | 8 |
| Trading account assets | (4) | 20 | ||
| Investments | — | — | ||
| Loans | ||||
| Corporate loans | 291 | 38 | ||
| Consumer loans | — | 6 | ||
| Total loans | $ | 291 | $ | 44 |
| Other assets | ||||
| MSRs | $ | 5 | $ | (15) |
| Mortgage loans HFS(1) | (5) | 15 | ||
| Total other assets | $ | — | $ | — |
| Total assets | $ | 181 | $ | 72 |
| Liabilities | ||||
| Deposits | $ | 24 | $ | (45) |
| Securities loaned and sold under agreements to repurchase | 94 | 19 | ||
| Trading account liabilities | (201) | (182) | ||
| Short-term borrowings(2) | 454 | (511) | ||
| Long-term debt(2) | 2,351 | (253) | ||
| Total liabilities | $ | 2,722 | $ | (972) |
(1)Includes gains (losses) associated with interest rate lock commitments for originated loans for which the Company has elected the fair value option.
(2)Includes DVA that is included in AOCI. See Notes 17 and 21.
Own Debt Valuation Adjustments (DVA)
Own debt valuation adjustments are recognized on Citi’s liabilities for which the fair value option has been elected using Citi’s credit spreads observed in the bond market. Changes in fair value of fair value option liabilities related to changes in Citigroup’s own credit spreads (DVA) are reflected as a component of AOCI. See Note 17 for additional information.
The estimated changes in the fair value of these non-derivative liabilities due to such changes in the Company’s own credit spread (or instrument-specific credit risk) were a gain of $1,832 million and $1,000 million for the three months ended March 31, 2026 and 2025, respectively.
For information on the fair value option for financial assets and financial liabilities, see Note 27 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
The following table provides information about certain credit products carried at fair value:
| March 31, 2026 | December 31, 2025 | |||||||
|---|---|---|---|---|---|---|---|---|
| In millions of dollars | Trading assets | Loans | Trading assets | Loans | ||||
| Carrying amount reported on the Consolidated Balance Sheet | $ | 5,281 | $ | 8,523 | $ | 4,902 | $ | 6,855 |
| Aggregate unpaid principal balance in excess of (less than) fair value | 142 | (49) | 149 | (176) | ||||
| Balance of non-accrual loans or loans more than 90 days past due | — | 1 | — | 2 | ||||
| Aggregate unpaid principal balance in excess of (less than) fair value for non-accrual loans or loans more than 90 days past due | — | — | — | — |
In addition to the amounts reported above, $150 million and $225 million of unfunded commitments related to certain credit products selected for fair value accounting were outstanding as of March 31, 2026 and December 31, 2025, respectively.
The changes in fair value for the three months ended March 31, 2026 and 2025 due to instrument-specific credit risk were a gain of $9 million and $24 million, respectively. Changes in fair value due to instrument-specific credit risk are estimated based on changes in borrower-specific credit spreads and recovery assumptions.
The following table provides information about certain mortgage loans HFS carried at fair value:
| In millions of dollars | March 31, 2026 | December 31, 2025 | ||
|---|---|---|---|---|
| Carrying amount reported on the Consolidated Balance Sheet | $ | 867 | $ | 923 |
| Aggregate fair value in excess of (less than) unpaid principal balance | 3 | 18 | ||
| Balance of non-accrual loans or loans more than 90 days past due | 1 | 1 | ||
| Aggregate unpaid principal balance in excess of fair value for non-accrual loans<br>or loans more than 90 days past due | — | — |
The changes in the fair values of these mortgage loans are reported in Other revenue in the Company’s Consolidated Statement of Income. There was no net change in fair value during the three months ended March 31, 2026 and 2025 due to instrument-specific credit risk.
Certain Deposit Liabilities
The Company has elected the fair value option for certain customer-driven structured deposit arrangements that contain embedded derivatives with underlyings referencing market indices, foreign exchange rates, commodity prices or other risks. The Company has elected the fair value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications.
Certain Debt Liabilities
The Company has elected the fair value option for certain debt liabilities, because these exposures are considered to be trading-related positions and, therefore, are managed on a fair value basis. These positions are classified as Trading account liabilities, Long-term debt or Short-term borrowings on the Company’s Consolidated Balance Sheet.
The following table provides information about the carrying value of notes carried at fair value, disaggregated by type of risk:
| In billions of dollars | March 31, 2026 | December 31, 2025 | ||
|---|---|---|---|---|
| Interest rate linked | $ | 67.6 | $ | 66.9 |
| Foreign exchange linked | 0.1 | 0.1 | ||
| Equity linked | 51.1 | 49.6 | ||
| Commodity linked | 8.9 | 7.0 | ||
| Credit linked | 7.3 | 7.1 | ||
| Total | $ | 135.0 | $ | 130.7 |
The portion of the changes in fair value attributable to changes in Citigroup’s own credit spreads (DVA) is reflected as a component of AOCI while all other changes in fair value are reported in Principal transactions. Changes in the fair value of these liabilities include accrued interest, which is also included in the change in fair value reported in Principal transactions.
The following table provides information about long-term debt and short-term borrowings carried at fair value:
| In millions of dollars | March 31, 2026 | December 31, 2025 | ||
|---|---|---|---|---|
| Long-term debt | ||||
| Carrying amount reported on the Consolidated Balance Sheet | $ | 135,058 | $ | 130,726 |
| Aggregate unpaid principal balance in excess of (less than) fair value | 4,289 | 1,704 | ||
| Short-term borrowings | ||||
| Carrying amount reported on the Consolidated Balance Sheet | $ | 26,719 | $ | 21,567 |
| Aggregate unpaid principal balance in excess of (less than) fair value | (124) | (134) |
23. GUARANTEES AND COMMITMENTS
The following tables present information about Citi’s guarantees at March 31, 2026 and December 31, 2025.
For additional information on Citi’s guarantees and indemnifications included in the tables below, as well as its other guarantees and indemnifications excluded from these tables, see Note 28 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
| Maximum potential amount of future payments<br><br>(in billions of dollars) | ||||||||
|---|---|---|---|---|---|---|---|---|
| March 31, 2026 | Expire within<br>1 year | Expire after<br>1 year | Total amount<br>outstanding | Carrying value<br><br>(in millions of dollars) | ||||
| Financial standby letters of credit | $ | 14.6 | $ | 65.9 | $ | 80.5 | $ | 387 |
| Performance guarantees | 5.0 | 6.9 | 11.9 | 26 | ||||
| Derivative instruments considered to be guarantees | 16.6 | 44.9 | 61.5 | 811 | ||||
| Loans sold with recourse | — | 0.9 | 0.9 | — | ||||
| Securities lending indemnifications(1) | 171.4 | — | 171.4 | — | ||||
| Card merchant processing(2) | 35.2 | — | 35.2 | — | ||||
| Credit card arrangements with partners(3) | 2.1 | 18.9 | 21.0 | — | ||||
| Guarantees under the Fixed Income Clearing Corporation sponsored member repo program | 276.3 | — | 276.3 | — | ||||
| Other(4)(5) | — | 8.2 | 8.2 | 102 | ||||
| Total | $ | 521.2 | $ | 145.7 | $ | 666.9 | $ | 1,326 |
| Maximum potential amount of future payments<br><br>(in billions of dollars) | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| December 31, 2025 | Expire within<br>1 year | Expire after<br>1 year | Total amount<br>outstanding | Carrying value<br><br>(in millions of dollars) | ||||
| Financial standby letters of credit | $ | 15.1 | $ | 68.1 | $ | 83.2 | $ | 546 |
| Performance guarantees | 4.9 | 6.4 | 11.3 | 25 | ||||
| Derivative instruments considered to be guarantees | 14.5 | 31.8 | 46.3 | 542 | ||||
| Loans sold with recourse | — | 0.9 | 0.9 | — | ||||
| Securities lending indemnifications(1) | 134.0 | — | 134.0 | — | ||||
| Card merchant processing(2) | 38.2 | — | 38.2 | — | ||||
| Credit card arrangements with partners(3) | 2.1 | 19.4 | 21.5 | — | ||||
| Guarantees under the Fixed Income Clearing Corporation sponsored member repo program | 306.1 | — | 306.1 | — | ||||
| Other(4)(5) | — | 8.2 | 8.2 | 100 | ||||
| Total | $ | 514.9 | $ | 134.8 | $ | 649.7 | $ | 1,213 |
(1)The carrying values of securities lending indemnifications were not material for either period presented, as the probability of potential liabilities arising from these guarantees is minimal.
(2)At March 31, 2026 and December 31, 2025, this maximum potential exposure was estimated to be approximately $35.2 billion and $38.2 billion, respectively. However, Citi believes that the maximum exposure is not representative of the actual potential loss exposure based on its historical experience. This contingent liability is unlikely to arise, as most products and services are delivered when purchased and amounts are refunded when items are returned to merchants. See “Card Merchant Processing” in Note 28 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
(3)Includes additional guarantees entered into as part of the extension and amendment of the American Airlines co-branded credit card partnership agreement, executed in December 2024. See “Credit Card Arrangements with Partners” in Note 28 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K. Citi believes that the maximum exposure is not representative of actual potential loss exposure based on historical and expected future performance of the portfolio.
(4)Includes guarantees of subsidiaries.
(5)In the fourth quarter of 2024, the Company entered into an agreement that indemnifies certain subsidiaries of the Company against certain matters related to the business operated by the Company through other subsidiaries, including certain existing, as well as potential future, legal proceedings, including tax matters. Certain of such indemnification obligations have no stated expiration date and are not subject to specific limitations on the maximum potential amount of future payments that the Company could be required to make. The Company is not able to estimate the maximum potential amount of future payments to be made under this agreement because the triggering events are not predictable.
Loans Sold with Recourse
In addition to the amounts presented in the tables above, the repurchase reserve was approximately $13 million and $13 million at March 31, 2026 and December 31, 2025, respectively, and these amounts are included in Other liabilities on the Consolidated Balance Sheet.
Futures and Over-the-Counter Derivatives Clearing
Citi provides clearing services on central clearing parties (CCP) for clients that need to clear exchange-traded and over-the-counter (OTC) derivatives contracts with CCPs. For additional information on Citi’s futures and over-the-counter derivatives clearing, see Note 28 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
Carrying Value—Guarantees and Indemnifications
At March 31, 2026 and December 31, 2025, the total carrying amounts of the liabilities related to the guarantees and indemnifications included in the tables above amounted to approximately $1.3 billion and $1.2 billion, respectively. The carrying value of financial and performance guarantees is included in Other liabilities.
Collateral
Cash collateral available to Citi to reimburse losses realized under these guarantees and indemnifications amounted to $74.8 billion and $61.3 billion at March 31, 2026 and December 31, 2025, respectively. Securities and other marketable assets held as collateral amounted to $115.9 billion and $90.8 billion at March 31, 2026 and December 31, 2025, respectively. The majority of collateral is held to reimburse losses realized under securities lending indemnifications. In addition, letters of credit in favor of Citi held as collateral amounted to $2.8 billion and $2.5 billion at March 31, 2026 and December 31, 2025, respectively. Other property may also be available to Citi to cover losses under certain guarantees and indemnifications; however, the value of such property has not been determined.
Performance Risk
Presented in the tables below are the maximum potential amounts of future payments that are classified based on internal and external credit ratings. The determination of the maximum potential future payments is based on the notional amount of the guarantees without consideration of possible recoveries under recourse provisions or from collateral held or pledged. As such, Citi believes such amounts bear no relationship to the anticipated losses, if any, on these guarantees.
| Maximum potential amount of future payments | ||||||||
|---|---|---|---|---|---|---|---|---|
| In billions of dollars at March 31, 2026 | Investment<br>grade | Non-investment<br>grade | Not<br>rated | Total | ||||
| Financial standby letters of credit | $ | 68.1 | $ | 12.4 | $ | — | $ | 80.5 |
| Loans sold with recourse | — | — | 0.9 | 0.9 | ||||
| Other | — | 8.2 | — | 8.2 | ||||
| Total | $ | 68.1 | $ | 20.6 | $ | 0.9 | $ | 89.6 |
| Maximum potential amount of future payments | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| In billions of dollars at December 31, 2025 | Investment<br>grade | Non-investment<br>grade | Not<br>rated | Total | ||||
| Financial standby letters of credit | $ | 70.0 | $ | 13.2 | $ | — | $ | 83.2 |
| Loans sold with recourse | — | — | 0.9 | 0.9 | ||||
| Other | — | 8.2 | — | 8.2 | ||||
| Total | $ | 70.0 | $ | 21.4 | $ | 0.9 | $ | 92.3 |
Credit Commitments and Lines of Credit
The table below summarizes Citigroup’s credit commitments:
| In millions of dollars | U.S. | Outside of<br><br>U.S.(1) | March 31,<br>2026 | December 31, 2025 | ||||
|---|---|---|---|---|---|---|---|---|
| Commercial and similar letters of credit | $ | 561 | $ | 4,469 | $ | 5,030 | $ | 4,134 |
| One- to four-family residential mortgages | 954 | 589 | 1,543 | 1,521 | ||||
| Revolving open-end loans secured by one- to four-family residential properties | 4,938 | 1 | 4,939 | 5,003 | ||||
| Commercial real estate, construction and land development | 10,984 | 2,799 | 13,783 | 14,811 | ||||
| Credit card lines | 639,005 | 65,860 | 704,865 | 694,594 | ||||
| Commercial and other consumer loan commitments | 269,957 | 115,884 | 385,841 | 371,817 | ||||
| Other commitments and contingencies(2) | 2,191 | 215 | 2,406 | 5,336 | ||||
| Total | $ | 928,590 | $ | 189,817 | $ | 1,118,407 | $ | 1,097,216 |
(1)Consumer commitments related to the business HFS countries under sales agreements are reflected in their original categories until the respective sales are completed.
(2)Other commitments and contingencies include commitments to purchase certain debt and equity securities.
Other Commitments
As a Federal Reserve member bank, Citi is required to subscribe to half of a certain amount of shares issued by its Federal Reserve District Bank. As of March 31, 2026 and December 31, 2025, Citi holds shares with a carrying value of $4.5 billion, with the remaining half subject to call by the Federal Reserve District Bank Board.
In the normal course of business, Citi enters into reverse repurchase and securities borrowing agreements, as well as repurchase and securities lending agreements, which settle at a future date. At March 31, 2026 and December 31, 2025, Citi had approximately $267.1 billion and $189.3 billion of unsettled reverse repurchase and securities borrowing agreements, and approximately $243.1 billion and $186.9 billion of unsettled repurchase and securities lending agreements, respectively. See Note 10 for a further discussion of securities purchased under agreements to resell and securities borrowed, and securities sold under agreements to repurchase and securities loaned, including the Company’s policy for offsetting repurchase and reverse repurchase agreements.
These amounts are not included in the table above.
Restricted Cash
For additional information on Citi’s restricted cash, see Note 28 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
Restricted cash is included on the Consolidated Balance Sheet within the following balance sheet lines:
| In millions of dollars | March 31,<br>2026 | December 31, 2025 | ||
|---|---|---|---|---|
| Cash and due from banks | $ | 3,870 | $ | 3,337 |
| Deposits with banks, net of allowance | 22,859 | 21,081 | ||
| Total | $ | 26,729 | $ | 24,418 |
24. LEASES
The Company’s operating leases, where Citi is a lessee, include real estate, such as office space and branches, and various types of equipment. These leases may contain renewal and extension options and early termination features; however, these options do not impact the lease term unless the Company is reasonably certain that it will exercise options. These leases have a weighted-average remaining lease term of approximately seven years as of March 31, 2026.
For additional information regarding Citi’s leases, see Notes 1 and 29 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
The following table presents information on the right-of-use (ROU) asset and lease liabilities included in Premises and equipment and Other liabilities, respectively:
| In millions of dollars | March 31,<br>2026 | December 31,<br>2025 | ||
|---|---|---|---|---|
| ROU asset | $ | 3,079 | $ | 3,009 |
| Lease liability | 3,237 | 3,163 |
The Company recognizes fixed lease costs on a straight-line basis throughout the lease term in the Consolidated Statement of Income. In addition, variable lease costs are recognized in the period in which the obligation for those payments is incurred.
25. CONTINGENCIES
The following information supplements and amends, as applicable, the disclosure in Note 30 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K. For purposes of this Note, Citigroup, its affiliates and subsidiaries and current and former officers, directors, and employees are sometimes collectively referred to as Citigroup and Related Parties.
In accordance with ASC 450, Citigroup establishes accruals for contingencies, including any litigation, regulatory, or tax matters disclosed herein, when Citigroup believes it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted from time to time, as appropriate, in light of additional information. The amount of loss ultimately incurred in relation to those matters may be substantially higher or lower than the amounts accrued for those matters. With respect to previously incurred loss contingencies for which recovery is expected, Citi applies loss recovery accounting when disputes and uncertainties affecting recognition are resolved.
If Citigroup has not accrued for a matter because the matter does not meet the criteria for accrual (as set forth above), or Citigroup believes an exposure to loss exists in excess of the amount accrued for a particular matter, in each case assuming a material loss is reasonably possible but not probable, Citigroup discloses the matter. In addition, for such matters, Citigroup discloses an estimate of the aggregate reasonably possible loss or range of loss in excess of the amounts accrued for those matters for which an estimate can be made. At March 31, 2026, Citigroup estimates that the reasonably possible unaccrued loss for these matters ranges up to approximately $1.1 billion in the aggregate.
As available information changes, the matters for which Citigroup is able to estimate will change, and the estimates themselves will change. In addition, while many estimates presented in financial statements and other financial disclosures involve significant judgment and may be subject to significant uncertainty, estimates of the range of reasonably possible loss arising from litigation, regulatory, tax, or other matters are subject to particular uncertainties. For example, at the time of making an estimate, Citigroup may only have preliminary or incomplete information about the facts underlying the claim; its assumptions about the future rulings of the court or other tribunal on significant issues, or the behavior and incentives of adverse parties, regulators, or tax authorities may prove to be wrong; and the outcomes it is attempting to predict are often not amenable to the use of statistical or other quantitative analytical tools. In addition, from time to time an outcome may occur that Citigroup had not accounted for in its estimates because it had deemed such an outcome to be remote. For all these reasons, the amount of loss in excess of amounts accrued in relation to matters for which an estimate has been made could be substantially higher or lower than the range of loss included in the estimate.
Subject to the foregoing, it is the opinion of Citigroup’s management, based on current knowledge and after taking into account its current accruals, that the eventual outcome of all matters described in this Note would not be likely to have a material adverse effect on the consolidated financial condition of Citigroup. Nonetheless, given the substantial or indeterminate amounts sought in certain of these matters and the inherent unpredictability of such matters, an adverse outcome in certain of these matters could, from time to time, have a material adverse effect on Citigroup’s consolidated results of operations or cash flows in particular quarterly or annual periods.
For further information on ASC 450 and Citigroup’s accounting and disclosure framework for contingencies, including for any litigation, regulatory, and tax matters disclosed herein, see Note 30 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
Greek Pension Claims
On March 24 and 27, 2026, in SOULTANA AGGELAKI & OTHERS v. CITIBANK EUROPE PUBLIC LIMITED, AGGELAKIS CHRISTOS & OTHERS v. CITIBANK EUROPE PUBLIC LIMITED, GIACHOUNTOUDI & OTHERS v. CITIBANK EUROPE PUBLIC LIMITED, and GLYKAS & OTHERS v. CITIBANK EUROPE PUBLIC LIMITED, Citibank and the claimants filed appeals with the Greek Supreme Court of the decisions of the Court of Appeal which dismissed some claims and allowed others to proceed with directions on the calculation methodology of the pension benefits. Additional information is available in court filings under docket numbers 606-609, 619-625 and 627/2027 in the Athens Supreme Court.
Madoff-Related Litigation
On March 13, 2026, in FAIRFIELD SENTRY LTD., ET AL. v. CITIGROUP GLOBAL MARKETS LTD., ET AL.; FAIRFIELD SENTRY LTD., ET AL. v. CITIBANK (SWITZERLAND) AG, ET AL.; FAIRFIELD SENTRY LTD., ET AL. v. ZURICH CAPITAL MARKETS COMPANY, ET AL.; FAIRFIELD SENTRY LTD., ET AL. v. CITIBANK NA LONDON, ET AL.; FAIRFIELD SENTRY LTD., ET AL. v. CITIVIC NOMINEES LTD., ET AL.; FAIRFIELD SENTRY LTD., ET AL. v. DON CHIMANGO SA, ET AL.; and FAIRFIELD SENTRY LTD., ET AL. v. CITIBANK KOREA INC. ET AL., the liquidators filed a petition for a writ of certiorari in the United States Supreme Court. Additional information is publicly available in court filings under the docket numbers 10-13164, 10-3496, 10-3622, 10-3634, 10-4100, 10-3640, 11-2770, 12-1142, 12-1298 (Bankr. S.D.N.Y.) (Mastando, J.); 19-3911, 19-4267, 19-4396, 19-4484, 19-5106, 19-5135, 19-5109, 21-2997, 21-3243, 21-3526, 21-3529, 21-3530, 21-3998, 21-4307, 21-4498, 21-4496 (S.D.N.Y.) (Broderick, J.); and 22-2101 (consolidated lead appeal), 22-2557, 22-2122, 23-697, 22-2562, 22-2216, 22-2545, 22-2308, 22-2591, 22-2502, 22-2553, 22-2398, 22-2582, 23-965 (consolidated lead appeal), 23-549, 23-572, 23-573, 23-975, 23-982, 23-987 (2d Cir.); 25-1089 (U.S.).
Variable Rate Demand Obligation Litigation
In STATE OF CALIFORNIA EX REL. EDELWEISS FUND, LLC v. JP MORGAN CHASE & CO., ET AL., on March 3, 2026, the court issued a ruling denying the plaintiff-relator’s motions for summary judgment and granting in part and denying in part defendants’ motions for summary judgment. Trial is scheduled for June 8, 2026. Additional information concerning this action is publicly available in court filings under the docket numbers CGC-14-540777 (Cal. Super. Ct.) (Schulman, J.) and A163264 (Cal. 1st App. Div.).
In THE CITY OF PHILADELPHIA, MAYOR AND CITY COUNCIL OF BALTIMORE, THE BOARD OF DIRECTORS OF THE SAN DIEGO ASSOCIATION OF GOVERNMENTS, ACTING AS THE SAN DIEGO COUNTY REGIONAL TRANSPORTATION COMMISSION v. BANK OF AMERICA CORP., ET AL., on April 20, 2026, the Supreme Court denied defendants’ certiorari petition appealing the district court’s class certification decision. Additional information concerning this action is publicly available in court filings under the docket numbers 19-CV-1608 (S.D.N.Y.) (Furman, J.), 23-7328 (2d Cir.), and 25-639 (S. Ct.).
Settlement Payments
Payments required in any settlement agreements described above have been made or are covered by existing litigation or other accruals.
26. SUBSIDIARY GUARANTEES
Citigroup Inc. has fully and unconditionally guaranteed the payments due on debt securities issued by Citigroup Global Markets Holdings Inc. (CGMHI), a wholly owned subsidiary, under the Senior Debt Indenture dated as of March 8, 2016, between CGMHI, Citigroup Inc. and The Bank of New York Mellon, as trustee. In addition, Citigroup Capital III and Citigroup Capital XIII (collectively, the Capital Trusts), each of which is a wholly owned finance subsidiary of Citigroup Inc., have issued trust preferred securities. Citigroup Inc. has guaranteed the payments due on the trust preferred securities
to the extent that the Capital Trusts have insufficient available funds to make payments on the trust preferred securities. The guarantee, together with Citigroup Inc.’s other obligations with respect to the trust preferred securities, effectively provides a full and unconditional guarantee of amounts due on the trust preferred securities (see Note 16). No other subsidiary of Citigroup Inc. guarantees the debt securities issued by CGMHI or the trust preferred securities issued by the Capital Trusts.
Summarized financial information for Citigroup Inc. and CGMHI is presented in the tables below:
SUMMARIZED INCOME STATEMENT
| Three Months Ended | ||||
|---|---|---|---|---|
| March 31, 2026 | ||||
| In millions of dollars | Citigroup parent company | CGMHI | ||
| Total revenues, net of interest expense | $ | 10,544 | $ | 3,807 |
| Total operating expenses | 58 | 3,112 | ||
| Provision for credit losses | — | 14 | ||
| Equity in undistributed income of subsidiaries | (5,366) | — | ||
| Income (loss) from continuing operations before income taxes | $ | 5,120 | $ | 681 |
| Provision (benefit) for income taxes | (665) | 121 | ||
| Net income (loss) | $ | 5,785 | $ | 560 |
SUMMARIZED BALANCE SHEET
| March 31, 2026 | December 31, 2025 | |||||||
|---|---|---|---|---|---|---|---|---|
| In millions of dollars | Citigroup parent company | CGMHI | Citigroup parent company | CGMHI | ||||
| Cash and deposits with banks | $ | 4,185 | $ | 24,062 | $ | 6,580 | $ | 24,459 |
| Securities borrowed and purchased under resale agreements | — | 297,615 | — | 291,384 | ||||
| Trading account assets | 210 | 378,149 | 85 | 342,203 | ||||
| Advances to subsidiaries | 166,585 | — | 160,188 | — | ||||
| Investments in subsidiary bank holding company | 179,369 | — | 185,568 | — | ||||
| Investments in non-bank subsidiaries | 45,450 | — | 44,310 | — | ||||
| Other assets(1) | 17,330 | 202,238 | 15,654 | 180,075 | ||||
| Total assets | $ | 413,129 | $ | 902,064 | $ | 412,385 | $ | 838,121 |
| Securities loaned and sold under agreements to repurchase | $ | — | $ | 375,606 | $ | — | $ | 357,524 |
| Trading account liabilities | 1 | 115,030 | 17 | 107,988 | ||||
| Short-term borrowings | — | 40,241 | — | 34,712 | ||||
| Long-term debt | 171,000 | 211,282 | 177,855 | 211,029 | ||||
| Advances from subsidiaries | 28,214 | — | 19,319 | — | ||||
| Other liabilities | 2,955 | 123,227 | 2,903 | 91,214 | ||||
| Stockholders’ equity | 210,959 | 36,678 | 212,291 | 35,654 | ||||
| Total liabilities and equity | $ | 413,129 | $ | 902,064 | $ | 412,385 | $ | 838,121 |
(1) Other assets of CGMHI includes loans to affiliates of $101 billion and $99 billion at March 31, 2026 and December 31, 2025, respectively.
UNREGISTERED SALES OF EQUITY SECURITIES, REPURCHASES OF EQUITY SECURITIES AND DIVIDENDS
Unregistered Sales of Equity Securities
None.
Equity Security Repurchases
All large banks, including Citi, are subject to limitations on capital distributions in the event of a breach of any regulatory capital buffers, including the Stress Capital Buffer, with the degree of such restrictions based on the extent to which the buffers are breached. For additional information, see “Capital Resources—Regulatory Capital Buffers” and “Risk Factors—Strategic Risks,” “—Operational Risks” and “—Compliance Risks” in Citi’s 2025 Form 10-K.
The following table summarizes Citi’s common share repurchases for the first quarter of 2026:
| In thousands, except per share amounts and remaining program dollar value | Total shares purchased | Average <br>price paid <br>per share | Cumulative shares purchased as part of publicly announced program(1) | Approximate remaining dollar value of shares that may be purchased under the program<br><br>(in billions of dollars) | ||
|---|---|---|---|---|---|---|
| January 2026 | ||||||
| Open market repurchases(1) | 8,723 | $ | 114.64 | 152,810 | $ | 5.8 |
| Employee transactions(2) | — | — | — | — | ||
| February 2026 | ||||||
| Open market repurchases(1) | 17,378 | 115.41 | 170,188 | 3.8 | ||
| Employee transactions(2) | — | — | — | — | ||
| March 2026 | ||||||
| Open market repurchases(1) | 30,149 | 109.27 | 200,337 | 0.5 | ||
| Employee transactions(2) | — | — | — | — | ||
| Total for 1Q26 | 56,250 | $ | 112.00 | 200,337 | $ | 0.5 |
(1) Represents repurchases under the previously announced 2025 $20 billion common stock repurchase program that was approved by Citigroup’s Board of Directors on January 13, 2025. Citigroup does not intend to make further purchases under the 2025 $20 billion stock repurchase program.
(2) During the first quarter, pursuant to the Board authorization, Citi withheld an insignificant number of shares of common stock, added to treasury stock, related to activity from employee stock programs to satisfy the employee tax requirements.
During the first quarter of 2026, Citi repurchased $6.3 billion of common shares under the 2025 $20 billion stock repurchase program (of which there was $0.5 billion remaining at March 31, 2026). Citigroup does not intend to make further purchases under the 2025 $20 billion stock repurchase program.
On April 28, 2026, Citigroup’s Board of Directors authorized a new multiyear $30 billion common stock repurchase program, expected to begin in the second quarter of 2026. Repurchases by Citigroup under this common stock repurchase program are subject to quarterly approval by Citigroup’s Board of Directors; may be effected from time to time through open market purchases, trading plans established in accordance with SEC rules or other means; and, as determined by Citigroup, may be subject to satisfactory market conditions, Citigroup’s capital position and capital requirements, applicable legal requirements and other factors.
Dividends
Citi paid common dividends of $0.60 per share for the first quarter of 2026, and on April 2, 2026, declared common dividends of $0.60 per share for the second quarter of 2026.
Any dividend on Citi’s outstanding common stock would also need to be in compliance with Citi’s obligations on its outstanding preferred stock.
On April 2, 2026, Citi declared preferred dividends of approximately $338 million for the second quarter of 2026.
For information on the ability of Citigroup’s subsidiary depository institutions to pay dividends, see Note 20 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
OTHER INFORMATION
Insider Trading Arrangements
During the first quarter of 2026, no director or executive officer of Citi adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangement (each, as defined in Item 408 of Regulation S-K).
EXHIBIT INDEX
The total amount of securities authorized pursuant to any instrument defining rights of holders of long-term debt of Citigroup Inc. does not exceed 10% of the total assets of Citigroup Inc. and its consolidated subsidiaries. Citigroup Inc. will furnish copies of any such instrument to the SEC upon request.
* Denotes a management contract or compensatory plan or arrangement.
+ Filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on the 7th day of May, 2026.
CITIGROUP INC.
(Registrant)
By /s/ Gonzalo Luchetti
Gonzalo Luchetti
Chief Financial Officer
(Principal Financial Officer)
By /s/ Nicole Giles
Nicole Giles
Controller and Chief Accounting Officer
(Principal Accounting Officer)
GLOSSARY OF TERMS AND ACRONYMS
The following is a list of terms and acronyms that are used in this report and certain other Citigroup presentations.
* Denotes a Citi metric
2025 Annual Report on Form 10-K: Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC.
90+ days past due delinquency rate*: Represents consumer loans that are past due by 90 or more days, divided by that period’s total EOP loans.
ABS: Asset-backed securities
ACL: Allowance for credit losses, which is composed of the allowance for credit losses on loans (ACLL), allowance for credit losses on unfunded lending commitments (ACLUC), allowance for credit losses on HTM securities and allowance for credit losses on other assets.
ACLL: Allowance for credit losses on loans
ACLUC: Allowance for credit losses on unfunded lending commitments
Advanced Approaches: The Advanced Approaches capital framework, established through Basel III rules by the FRB, requires certain banking organizations to use an internal ratings-based approach and other methodologies to calculate risk-based capital requirements for credit risk and advanced measurement approaches to calculate risk-based capital requirements for operational risk.
AFS: Available-for-sale
AI: Artificial intelligence
ALCO: Asset and Liability Committee
Amortized cost: Amount at which a financing receivable or investment is originated or acquired, adjusted for accretion or amortization of premium, discount, and net deferred fees or costs, collection of cash, charge-offs, foreign exchange and fair value hedge accounting adjustments. For AFS securities, amortized cost is also reduced by any impairment losses recognized in earnings. Amortized cost is not reduced by the allowance for credit losses, except where explicitly presented net.
AOCI: Accumulated other comprehensive income (loss)
ASC: Accounting Standards Codification under GAAP issued by the FASB.
Asia Consumer: Asia Consumer Banking
ASU: Accounting Standards Update under GAAP issued by the FASB.
AUC/AUA: Assets under custody and administration includes assets for which Citi provides custody or safekeeping services for assets held directly or by a third party on behalf of clients, or assets for which Citi provides administrative services for clients.
Available liquidity resources*: Resources available at the balance sheet date to support Citi’s client and business needs, including HQLA assets; additional unencumbered securities, including excess liquidity held at bank entities that is non-transferable to other entities within Citigroup; and available assets not already accounted for within Citi’s HQLA to support FHLB and Federal Reserve Bank discount window borrowing capacity.
Banamex: Grupo Financiero Banamex, S.A. de C.V., the legal entity being divested by Citi
Basel III: Liquidity and capital rules adopted by the FRB based on an internationally agreed set of measures developed by the Basel Committee on Banking Supervision.
Beneficial interests issued by consolidated VIEs: Represents the interest of third-party holders of debt, equity securities or other obligations, issued by VIEs that Citi consolidates.
Benefit obligation: Refers to the projected benefit obligation for pension plans and the accumulated postretirement benefit obligation for other post-employment benefits plans.
BHC: Bank holding company
Board: Citigroup’s Board of Directors
Book value per share*: EOP common equity divided by EOP common shares outstanding.
Bps: Basis points. One basis point equals 1/100th of one percent.
Build: A net increase in the ACL through the provision for credit losses.
Card spend volume*: Dollar amount of card customers’ gross purchases. Also known as purchase sales.
Cards: Citi’s credit cards’ businesses or activities.
CCAR: Comprehensive Capital Analysis and Review
CCO: Chief Compliance Officer
CCyB: Countercyclical Capital Buffer
CDS: Credit default swaps
CECL: Current expected credit losses
CEO: Chief Executive Officer
CET1 Capital: Common Equity Tier 1 Capital. See “Capital Resources—Components of Citigroup Capital” above within MD&A for the components of CET1.
CET1 Capital ratio*: Common Equity Tier 1 Capital ratio. A primary regulatory capital ratio representing end-of-period CET1 Capital divided by total risk-weighted assets.
CFO: Chief Financial Officer
CGMHI: Citigroup Global Markets Holdings Inc.
CGMI: Citigroup Global Markets Inc.
CGML: Citigroup Global Markets Limited
Citi: Citigroup Inc.
Citibank or CBNA: Citibank, N.A. (National Association)
Classifiably managed: Loans primarily evaluated for credit risk based on internal risk rating classification.
Client investment assets: Represent assets under management, trust and custody assets.
Closed loop: Closed loop cards process transactions directly from a retailer to Citi, without utilizing a third-party payment network such as Visa or Mastercard.
Cluster revenues: Cluster revenues are primarily based on where the underlying transaction is managed.
CODM: Chief operating decision maker. For Citi, the Chief Executive Officer.
Collateral dependent: A loan is considered collateral dependent when repayment of the loan is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty, including when foreclosure is deemed probable based on borrower delinquency.
Commercial card spend volume: Represents the total global spend volumes using Citi-issued commercial cards net of refunds and returns.
Commercial cards: Provides a wide range of payment services to corporate and public sector clients worldwide through commercial card products. Services include procurement, corporate travel and entertainment, expense management services and business-to-business payment solutions.
Consent Orders: In October 2020, Citigroup and Citibank entered into consent orders with the FRB and OCC that require Citigroup and Citibank to make improvements in various aspects of enterprise-wide risk management, compliance, data quality management related to governance, and internal controls. In July 2024, the FRB and OCC entered into civil money penalty consent orders with Citigroup and Citibank to address remediation effort shortcomings.
CRE: Commercial real estate
Credit cycle: A period of time over which credit quality improves, deteriorates and then improves again (or vice versa). The duration of a credit cycle can vary from a couple of years to several years.
Credit derivatives: Financial instruments whose value is derived from the credit risk associated with the debt of a third-party issuer (the reference entity), which allow one party (the protection purchaser) to transfer that risk to another party (the protection seller).
Criticized: Loans, lending-related commitments or derivative receivables that are classified as special mention, substandard or doubtful for regulatory purposes.
Cross-border transaction value: Represents the total value of cross-border FX payments processed through Citi’s proprietary Worldlink and Cross-Border Funds Transfer platforms, including payments from consumer, corporate, financial institution and public sector clients.
CTA: Cumulative translation adjustment (also known as currency translation adjustment). A separate component of equity within AOCI reported net of tax. For Citi, represents the impact of translating non-U.S. dollar balance sheet items into U.S. dollars each period. The CTA amount in EOP AOCI is a cumulative balance, net of tax.
CVA: Credit valuation adjustment
DCM: Debt Capital Markets
Delinquency managed: Loans primarily evaluated for credit risk based on delinquencies, FICO scores and the value of underlying collateral.
Digital asset: Anything created and stored digitally that is identifiable and discoverable, establishes ownership and has or provides value (including tokenized deposits, cryptocurrencies, stablecoins and other assets and products that use distributed ledger or blockchain technology).
Divestiture-related impacts: Citi’s results excluding divestiture-related impacts represent as reported, or GAAP, financial results adjusted for items that are incurred and recognized, which are wholly and necessarily a consequence of actions taken to sell (including through a public offering), dispose of or wind down business activities associated with Citi’s announced 14 exit markets.
Dividend payout ratio*: Represents dividends declared per common share as a percentage of net income per diluted share.
DPD: Days past due
DTA: Deferred tax asset
DVA: Debt valuation adjustment
ECM: Equity Capital Markets
Efficiency ratio*: A ratio signifying how much of a dollar in expenses (as a percentage) it takes to generate one dollar in revenue. Represents total operating expenses divided by total revenues, net.
EOP: End-of-period
EPS*: Earnings per share
EU: European Union
Fannie Mae: Federal National Mortgage Association
FASB: Financial Accounting Standards Board
FCA: Financial Conduct Authority
FDIC: Federal Deposit Insurance Corporation
Federal Reserve Board (FRB): The Board of the Governors of the Federal Reserve System
FFIEC: Federal Financial Institutions Examination Council
FHA: Federal Housing Administration
FHLB: Federal Home Loan Bank
FICO: Fair Isaac Corporation
FICO score: A measure of consumer credit risk provided by credit bureaus, typically produced from statistical models by Fair Isaac Corporation utilizing data collected by the credit bureaus.
FINRA: Financial Industry Regulatory Authority
FRB: Federal Reserve Board
Freddie Mac: Federal Home Loan Mortgage Corporation
FVA: Funding valuation adjustment
FX: Foreign exchange
FX translation: The impact of converting non-U.S. dollar currencies into U.S. dollars.
GAAP or U.S. GAAP: Generally accepted accounting principles in the United States of America.
Generative AI: A type of artificial intelligence that uses generative models to create text and other content.
GILTI: Global intangible low-taxed income
Ginnie Mae: Government National Mortgage Association
GPCC: General Purpose Credit Cards (within U.S. Consumer Cards). Consists of consumer credit cards that operate on third-party payment networks and are accepted by a wide variety of merchants and service providers.
GSIB: Global Systemically Important Bank
HFI loans: Loans that are held-for-investment (i.e., excludes loans held-for-sale).
HFS: Held-for-sale
HQLA: High-quality liquid assets. Consist of cash and certain high-quality liquid securities as defined in the LCR rule.
HTM: Held-to-maturity
Hyperinflation: Extreme economic inflation with prices rising at a very high rate in a very short time. Under U.S. GAAP, entities operating in a hyperinflationary economy need to change their functional currency to the U.S. dollar. Once the change is made, the CTA balance is frozen.
IMF: International Monetary Fund
Interchange fees: Fees earned from merchants based on Citi’s credit and debit card customer sales transactions. Interchange fees are presented net of certain transaction processing fees paid, primarily to the networks, on behalf of the merchant.
International region: Comprises six clusters: United Kingdom; Japan, Asia North and Australia (JANA); LATAM; Asia South; Europe; and Middle East, Africa and Russia (MEA).
IPO: Initial public offering
JANA: Japan, Asia North and Australia
KPMG: KPMG LLP, Citi’s Independent Registered Public Accounting Firm
LATAM: Latin America
LCR: Liquidity Coverage ratio. Represents HQLA divided by net outflows in the period.
LGD: Loss given default
LLC: Limited Liability Company
LTD: Long-term debt
LTV: Loan-to-value. For residential real estate loans, the relationship, expressed as a percentage, between the principal amount of a loan and the estimated value of the collateral (i.e., residential real estate) securing the loan.
Managed basis: Results reflected on a managed basis exclude divestiture-related impacts.
Master netting agreement: A single agreement with a counterparty that permits multiple transactions governed by that agreement to be terminated or accelerated and settled through a single payment in a single currency in the event of a default (e.g., bankruptcy, failure to make a required payment or securities transfer or deliver collateral or margin when due).
MBS: Mortgage-backed securities
MD&A: Management’s Discussion and Analysis, a section within an SEC Form 10-Q or 10-K.
MEA: Middle East, Africa and Russia.
Measurement alternative: Measures equity securities without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from an identical or similar investment of the same issuer.
Mexico Consumer: Mexico Consumer Banking
Mexico Consumer/SBMM: Mexico Consumer Banking and Small Business and Middle-Market Banking reported within Legacy Franchises in All Other. Mexico Consumer/SBMM operates primarily through Grupo Financiero Banamex, S.A. de C.V. and its consolidated subsidiaries, including Banco Nacional de México, S.A., which provides traditional retail banking and branded card products to consumers and small business customers and traditional middle-market banking products and services to commercial customers, and other affiliated subsidiaries that offer retirement fund administration and insurance products.
Mexico SBMM: Mexico Small Business and Middle-Market Banking
Moody’s: Moody’s Ratings
MSRs: Mortgage servicing rights
N/A: Data is not applicable or available for the period presented.
NAA: Non-accrual assets. Consists of non-accrual loans and OREO.
NAL: Non-accrual loans. Loans for which interest income is not recognized on an accrual basis. Loans (other than credit card loans and certain consumer loans insured by U.S. government-sponsored agencies) are placed on non-accrual status when full payment of principal and interest is not expected, regardless of delinquency status, or when principal and interest have been in default for a period of 90 days or
more unless the loan is both well secured and in the process of collection. Collateral-dependent loans are typically maintained on non-accrual status.
NAV: Net asset value
NCL(s): Net credit losses. Represents gross credit losses, less gross credit recoveries.
NCL ratio*: Represents net credit losses (recoveries) (annualized), divided by average loans for the reporting period.
Net capital rule: Rule 15c3-1 under the Securities Exchange Act of 1934.
NIM*: Net interest margin expressed as a yield percentage, calculated as annualized net interest income divided by average interest-earning assets for the period.
NM: Not meaningful
NNIA (net new investment asset flows) (Wealth): Represents investment asset inflows, including dividends, interest and distributions, less investment asset outflows. Excluded from the calculation are the impacts of fees and commissions, market movement and any impact from strategic decisions by Citi to exit certain markets or services. Also excluded from the calculation are net new investment assets associated with markets for which data was not available for current-period reporting.
Noncontrolling interests: The portion of an investment that has been consolidated by Citi that is not 100% owned by Citi.
Non-GAAP financial measure: A non-GAAP financial measure is a numerical measure of the Company’s historical or future financial performance, financial position or cash flows that (i) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows (or equivalent statements) of the Company; or (ii) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented.
Note: All “Note” references correspond to the Notes to the Consolidated Financial Statements herein, unless otherwise indicated.
NSFR: Net stable funding ratio
OCC: Office of the Comptroller of the Currency
OCI: Other comprehensive income (loss)
Operating leverage*: Represents the year-over-year growth rate in basis points (bps) of Total revenues, net of interest expense less the year-over-year growth rate of Total operating expenses. A positive operating leverage percentage indicates that the revenue growth rate was greater than the expense growth rate.
OREO: Other real estate owned
Organic growth (Wealth): Organic growth is defined as growth in client investment assets related to net new investment assets (NNIA) and excluding the impact of market growth. It is calculated as the sum of NNIA for the prior 12-month period divided by the prior-year quarter’s client investment assets.
OTTI: Other-than-temporary impairment
Over-the-counter cleared (OTC-cleared) derivatives: Derivative contracts that are negotiated and executed bilaterally, but subsequently settled via a central clearing house, such that each derivative counterparty is only exposed to the default of that clearing house.
Over-the-counter (OTC) derivatives: Derivative contracts that are negotiated, executed and settled bilaterally between two derivative counterparties, where one or both counterparties are derivatives dealers.
Parent company: Citigroup Inc.
Partner payments: Payments made to credit card partners primarily based on program sales and profitability.
PD: Probability of default
PIL: Personal installment loans
PLCC: Private Label Credit Cards (within U.S. Consumer Cards). Consists of consumer credit cards that are issued for use with a specific retailer or its affiliates and are limited to purchases of that retailer’s goods and services.
Prime balances: Prime balances are defined as clients’ billable balances where Citi provides cash or synthetic prime brokerage services. Management uses this information in reviewing the business’s size and growth and believes it is useful to investors concerning underlying business size and growth trends.
Principal transactions revenue: Primarily trading-related revenues predominantly generated by the Services, Markets and Banking segments. See Note 6.
Provision for credit losses: Composed of the provision for credit losses on loans, provision for credit losses on HTM investments, provision for credit losses on other assets and provision for credit losses on unfunded lending commitments.
Provisions: Provisions for credit losses and for benefits and claims.
Purchased credit-deteriorated: Purchased credit-deteriorated assets are financial assets that as of the date of acquisition have experienced a more-than-insignificant deterioration in credit quality since origination, as determined by the Company.
R&S forecast period: Reasonable and supportable period over which Citi forecasts future macroeconomic conditions for CECL purposes.
Real GDP: Real gross domestic product is the inflation-adjusted value of the goods and services produced by labor and property located in a country.
Reconciling Items: Divestiture-related impacts excluded from the results of All Other, as well as All Other—Legacy Franchises on a managed basis. The Reconciling Items are fully reflected in Citi’s Consolidated Statement of Income for each respective line item.
Regulatory VaR: Daily aggregated VaR calculated in accordance with regulatory rules.
Release: A net decrease in the ACL through the provision for credit losses.
Reported basis: Financial statements prepared under U.S. GAAP.
Results of operations that exclude certain impacts from gains or losses on sale, or one-time charges*: Represents GAAP items, excluding the impact of gains or losses on sales, or one-time charges (e.g., the loss on sale related to the sale of Citi’s consumer banking business in Poland).
Results of operations that exclude the impact of FX translation*: Represents GAAP items, excluding the impact of FX translation, whereby the prior periods’ foreign currency balances are translated into U.S. dollars at the current period’s conversion rates (also known as constant dollar). GAAP measures excluding the impact of FX translation are non-GAAP financial measures.
Revenue rate*: Total revenues, net of interest expense (annualized) as a percentage of average loans. This is a key driver for the USCC business segment.
RoTCE*: Return on tangible common equity. Represents net income less preferred dividends (both annualized), divided by average tangible common equity for the period.
RWA: Risk-weighted assets. Basel III establishes two comprehensive approaches for calculating RWA (the Standardized Approach and the Advanced Approaches), which include capital requirements for credit risk, market risk and operational risk for Advanced Approaches. Key differences in the calculation of credit risk RWA between the Standardized and Advanced Approaches are that for Advanced, credit risk RWA is based on risk-sensitive approaches that largely rely on the use of internal credit models and parameters, whereas for Standardized, credit risk RWA is generally based on supervisory risk weightings, which vary primarily by counterparty type and asset class. Market risk RWA is calculated on a generally consistent basis between Basel III Standardized Approach and Basel III Advanced Approaches.
S&P: Standard and Poor’s Global Ratings
SCB: Stress Capital Buffer
SEC: The U.S. Securities and Exchange Commission
SLR: Supplementary Leverage ratio. Represents Tier 1 Capital divided by Total Leverage Exposure.
SOFR: Secured Overnight Financing Rate
SPEs: Special purpose entities
Standardized Approach: Established through Basel III, the Standardized Approach aligns regulatory capital requirements more closely with the key elements of banking risk by introducing a wider differentiation of risk weights and a wider recognition of credit risk mitigation techniques, while avoiding excessive complexity. Accordingly, the Standardized Approach produces capital ratios more in line with the actual economic risks that banks face.
Tangible book value per share (TBVPS)*: Represents tangible common equity divided by EOP common shares outstanding.
Tangible common equity (TCE): Represents common stockholders’ equity less goodwill and identifiable intangible assets, other than MSRs.
Taxable equivalent basis: Represents the total revenue, net of interest expense for the business, adjusted for revenue from investments that receive tax credits and the impact of tax-exempt securities. This metric presents results on a level comparable to taxable investments and securities. GAAP measures on a taxable equivalent basis, including the metrics derived from these measures, are non-GAAP financial measures.
TEGU: taxable equivalent gross-up adjustments
TLAC: Total loss-absorbing capacity
Total ACL: Allowance for credit losses, which comprises the allowance for credit losses on loans (ACLL), allowance for credit losses on unfunded lending commitments (ACLUC), allowance for credit losses on HTM securities and allowance for credit losses on other assets.
Total payout ratio*: Represents total common dividends declared plus common share repurchases as a percentage of net income available to common shareholders.
Transactional and product servicing: Comprises costs incurred in ongoing support of products or services, which are predominantly variable costs driven by transaction volumes, client accounts or other variable costs. These costs are primarily composed of brokerage exchange and clearance costs, exchange fees, regulatory memberships, customer-related costs (statement processing, postage, client activity, etc.) and certain indirect, non-income tax payments that are not recorded in Provision for income taxes in the Consolidated Statement of Income.
Transformation: Citi has embarked on a multiyear transformation, with the target outcome to change Citi’s business and operating models such that they simultaneously strengthen risk and controls and improve Citi’s value to customers, clients and shareholders.
TTS: Treasury and Trade Solutions
Unaudited: Financial statements and information that have not been subjected to auditing procedures sufficient to permit an independent certified public accountant to express an opinion.
USCC: U.S. Consumer Cards
U.S. dollar clearing volume: Represents the number of U.S. dollar clearing payment instructions processed by Citi on behalf of U.S. and foreign-domiciled entities (primarily financial institutions).
U.S. Treasury: U.S. Department of the Treasury
VaR: Value at risk. A measure of the dollar amount of potential loss from adverse market moves in an ordinary market environment.
VIEs: Variable interest entities
Wallet: Proportion of fee revenue based on estimates of investment banking fees generated across the industry (i.e., the revenue wallet) from investment banking transactions in M&A, equity and debt underwriting, and loan syndications.
196
Document
Exhibit 10.01
AWARD AGREEMENT
Citigroup Inc. (“Citigroup”) hereby grants to Jane Fraser (the “Participant” or “you”) the award described below (the “Award”) pursuant to the terms and conditions set forth herein.
For the Award to be effective, you must accept below acknowledging that you have received and read this Stock Option Award Agreement, including the Terms and Conditions set forth following this Cover Page and the Data Protection Statement attached hereto (collectively, this “Agreement”), the Citigroup Inc. 2019 Stock Incentive Plan, as amended from time to time (the “Stock Incentive Plan”) and any prospectus related to the Award (a “Prospectus” and, collectively, including this Agreement, the “Legal Documents”).
Summary of Award
| Award Date | January 20, 2026 |
|---|---|
| Components of the Award | 1.Deferred Stock Award (“DSA”) with respect to zero shares of Citigroup common stock (“Shares”)<br><br>2.Non-qualified stock option (“Option”) to purchase 55,000 Shares |
| Exercise Price (“Exercise Price”) of Option | $112.80 per Share |
| Scheduled Vesting Dates for DSA (each such date, a “DSA Vesting Date”) | Not Applicable |
| First Exercise Date of the Option (each such date, an “Option Vesting Date” and, together with the DSA Vesting Dates, the “Vesting Dates”) | January 20, 2029 (as to 18,333 Shares)<br><br>January 20, 2030 (as to 18,333 Shares)<br><br>January 20, 2031 (as to 18,334 Shares) |
| Expiration Date of Option (“Expiration Date”) | January 20, 2036 |
Acceptance and Agreement by Participant. I hereby accept the Award and acknowledge that I have received and read the Legal Documents and that I understand and agree to be bound by them.
CITIGROUP INC. PARTICIPANT'S ACCEPTANCE:
By: /s/ Sara Wechter /s/ Jane Fraser
Sara Wechter Jane Fraser
Chief Human Resources Officer Chief Executive Officer
Date: February 4, 2026 Date: February 6, 2026
TERMS AND CONDITIONS
The Award is granted pursuant to, and subject to the terms of, the Stock Incentive Plan. Any Shares deliverable to Participant in connection with the Award will be from the Shares available for grant pursuant to the terms of the Stock Incentive Plan. As used herein, (i) “Company” means Citigroup and its consolidated subsidiaries and (ii) “Committee” means the Compensation, Performance Management, and Culture Committee of the Citigroup Board of Directors (or any successor committee). We refer to the Prospectus related to the Stock Incentive Plan, dated January 1, 2025.
1.Participant Acknowledgements.
YOU ACKNOWLEDGE THAT YOU HAVE BEEN PROVIDED WITH THE OPPORTUNITY TO REVIEW THE LEGAL DOCUMENTS FOR NO FEWER THAN FOURTEEN BUSINESS DAYS, HAD THE OPPORTUNITY TO CONSULT WITH LEGAL COUNSEL AND HAVE READ THIS AGREEMENT CAREFULLY PRIOR TO ACCEPTING THE AWARD
In addition, you acknowledge and agree that:
(a)the Award will be canceled in accordance with the terms of this Agreement if the settlement conditions set forth herein are not satisfied;
(b)amounts paid in settlement of the Award are subject to repayment in the circumstances and pursuant to the terms set forth herein;
(c)neither the Award nor any amounts payable in respect of the Award will be considered when calculating any statutory, common law or other employment-related payment to Participant, including any severance, resignation, termination, redundancy, end-of-service, bonus, long-service awards, pension, superannuation or retirement or welfare or similar payments, benefits or entitlements;
(d)any monetary value assigned to the Award in any communication is contingent, hypothetical, and for illustrative purposes only and does not express or imply any promise or intent by the Company to deliver, directly or indirectly, any certain or determinable cash value to Participant;
(e)you had no right to receive the Award and receipt of the Award is neither an indication nor a guarantee that an incentive or deferred compensation award of any type or amount will be made in the future; and
(f)the official language of the Legal Documents is English, which official language will govern the interpretation of the Legal Documents, notwithstanding that unofficial translations of the Legal Documents to a different language may have been made available to you.
2.Cancelation of Award in Certain Circumstances. For purposes of this Agreement, “settlement” of the Award (and variants of that term) means (x) delivery of Shares in settlement of all or a portion of the DSA, (y) delivery of Shares upon exercise of all or a portion of the Option, or (z) both, as the context suggests. Notwithstanding anything in this Agreement to the contrary:
i. if any of the conditions to settlement set forth in Subsections 2(a) through 2(c) hereof (the “Settlement Conditions”) are determined to have been not satisfied as of the date of any proposed settlement of the Award, the Award shall not be settled as of such date; and
ii. the Committee may suspend settlement of the Award, or any portion thereof, in connection with an investigation or review of the Participant or any event or circumstance that may give rise to a failure of a Settlement Condition to be satisfied or other similar circumstance, in each such case as determined by the Committee, in which case the Committee shall determine as soon as practicable following the completion of such investigation or review whether the Award, to the extent settlement was suspended, is eligible
for settlement or shall be canceled. The Company shall not be obligated to compensate the Participant for any change in value during any suspension period.
The Settlement Conditions do not change while the Award is outstanding, regardless of Participant’s status as an active or terminated employee or other change in employment status, or because Participant transfers employment within the Company.
(a)Generally Applicable Service-Based Settlement Condition. Settlement of each portion of the Award is conditioned on Participant’s continuous employment with the Company up to and including the applicable Vesting Date, except as otherwise provided in Section 4 hereof.
(b)Generally Applicable Additional Settlement Conditions. Settlement of each portion of the Award is conditioned on (x) the Committee not having determined that Participant (1) received the Award based on materially inaccurate publicly reported financial statements, (2) knowingly provided materially inaccurate information relating to publicly reported financial statements, (3) had “Significant Responsibility” (as defined below) for a material violation of any risk limits established or revised by senior management and/or risk management, or (4) has engaged in “gross misconduct” as defined in Subsection 4(e) hereof, it being understood that such definition shall be applied regardless of whether the Company knows of such conduct, or the facts giving rise thereto, prior to the termination of Participant’s employment with the Company or whether Participant’s termination of employment relates to such conduct or facts and (y) the Participant not having materially breached any post-employment covenant set forth in Section 5 hereof. For purposes of this Subsection 2(b), “Significant Responsibility” means Participant engaged in conduct, or was responsible for conduct, that resulted in the relevant violation and is accountable for such conduct under the Global Disciplinary Review Policy as currently in effect or any successor thereto (“GDRP”).
(c)Material Adverse Outcome/Violation of Any Material Risk Limit Settlement Condition.
(i) Settlement of the Award is subject to the condition (the “MAO/MVRL Condition”) that the full Award will be canceled if a Participant has had Significant Responsibility for a Material Adverse Outcome or Violation of Any Material Risk Limit (as defined below), subject to Subsection 2(c)(iii) hereof.
(ii) For purposes of the MAO/MVRL Condition, the following terms shall have the meanings set forth herein:
(A) “Common Equity Tier 1 ratio” refers to the reportable Common Equity Tier 1 Capital ratio as derived under the Basel III Advanced Approaches or Standardized Approach framework, whichever is lower, and reported in Citigroup’s Form 10-Q/K, Citigroup’s Capital Resources, Components of Citigroup’s Capital, Common Equity Tier 1 Capital section.
(B) “Incident” refers to a discrete event or transaction (or series of related events or transactions) directly and proximately caused by one or more Company employees.
(C) “Material Adverse Outcome” means any Incident that results in Material Harm to the Company, as determined by Citigroup’s Board of Directors (“Board”). For purposes of such determination, the following interpretive principles will be applied:
(x) “Material Harm” will be deemed to exist if (I) there occurs a 5 basis points or more adverse impact on the Company’s Common Equity Tier 1 ratio (CET1), (II) a U.S. regulator with authority (e.g., Federal Reserve, OCC, SEC, or FDIC) identifies an Incident and takes an action prohibiting Citigroup from distributing capital to shareholders, and (III) unless the Incident did not result in Reputational Harm, in the following circumstances:
(1) Citigroup is required to prepare an accounting restatement impacting financial information included in any of its periodic reports filed with the SEC on Form 10-Q or 10-K due to material noncompliance with any financial reporting requirement under U.S. securities laws;
(2) A Significant Loss to the Company; and
(3) any fine or sanction that would be considered a “Significant Event” under the GDRP in an amount equal to more than 5% of the Company’s gross income for the fiscal year in which the fine is imposed.
(y) “Reputational Harm” means material reputational harm to the Company.
(D) “Violation of Any Material Risk Limit” means the Committee having determined that the Participant violated any material risk limit established or revised by senior management and/or risk management,
(E) “Significant Loss” means a 5% or more reduction in revenue or net income for the Company for any fiscal quarter compared to the same fiscal quarter in the prior year (such percentage reduction, as applicable, hereinafter referred to as the “Loss Ratio”). The amount of revenue or net income for any quarter shall mean the amount of revenue or net income, as shown in the Citigroup Quarterly Financial Data Supplement, and which were furnished as exhibits on Forms 8-K filed by Citigroup with the United States Securities and Exchange Commission, provided that, such revenue and net income shall exclude amounts reported on the “All Other” line item.
(F) “Significant Responsibility” means, (x) in relation to any Material Adverse Outcome other than an event described in Clause 2(c)(ii)(C)(x)(3) hereof, Participant engaged in conduct, or was responsible for conduct, that resulted in an Incident that is determined to be a Material Adverse Outcome, and (y) in relation to any Material Adverse Outcome described in Clause 2(c)(ii)(C)(x)(3) hereof or a Violation of Any Material Risk Limit, Participant is accountable for the event under the GDRP.
(iii) In the event of a Material Adverse Outcome described in Clause 2(c)(ii)(C)(x)(2) hereof, only a portion of the Award (including, for clarity, a portion of the related dividend equivalents) will be canceled, notwithstanding that Subsection 2(e)(i) provides for the cancelation of the full Award in that event. Such portion shall be equal to the greater of (x) 20% and (y) the Loss Ratio. The portion of the Award so canceled shall, first, reduce the outstanding Award ratably based on the remaining settlement schedule, and, second, be recoverable as provided in Section 8 herein.
3.Exercise of Option. The Option may be exercised as to all or part of the Shares subject thereto from time to time on or after the applicable Vesting Date and prior to the Expiration Date, subject to the terms and conditions of this Agreement, including without limitation the following:
(a)Notice of Exercise. To exercise all or part of the Option you must provide at least three business day’s advance written notice to the Company in a manner reasonably acceptable to the Company. Your notice can specify any proposed exercise date at least three days after the date of the notice.
(b)Payment of Exercise Price. You must pay the exercise price on the proposed exercise date in one of the following methods: (i) in cash, (ii) in Shares valued at their Fair Market Value, or (iii) through a net settlement of the Option in which the Company sells all or a portion of the Shares otherwise deliverable upon exercise of the Option in order to raise cash to pay the exercise price, taxes and other expenses, if any, arising in connection with the exercise. For purposes of this Agreement, “Fair Market Value” of a Share on a date means the closing price of a Share on the preceding day as reported by the New York Stock Exchange.
(c)Share-for-Share Exercise. If Shares are used to pay the exercise price (a “swap transaction”), the Shares used (i) must have been owned by you for at least six months prior to the date of exercise or purchased by you in the open market; and (ii) must not have been used in a swap transaction within the preceding six months. Shares subject to the Company’s Stock Ownership Commitment can be used by you in a swap transaction.
- Termination of Employment and Other Changes in Status. If Participant’s employment with the Company terminates or is interrupted, or if Participant’s status changes under the circumstances described below, Participant’s rights with respect to the Award will be affected as provided in this Section.
(a)DSA and Option Vesting. The vesting of the DSA and exercisability of the Option on each Vesting Date is subject to Participant’s continued employment with Citi through the applicable Vesting Date, provided that the unvested portion of the DSA and Options shall immediately automatically vest upon (1) a “Change of Control” (as defined in the Stock Incentive Plan) of Citigroup and (2) an involuntary termination of your employment with the Company at any time beginning on the date of the Change of Control and up to and including the first anniversary of the Change in Control (a “Change in Control Termination Event”). Participant’s rights to all Shares subject to the unvested portions of the DSA and the Option (i.e., the unvested portion of the Award that would have been eligible for vesting on a Vesting Date(s) following the Participant’s termination of employment) will be automatically canceled and Participant will have no further rights of any kind with respect thereto.
(b)Post-Employment Option Exercisability.
(i)Gross Misconduct. If the Company terminates your employment for Gross Misconduct, the vested portion of the Option shall automatically be terminated and cancelled immediately upon such event, and you shall have no further rights of any kind with respect thereto. Your employment will be deemed to have been terminated for Gross Misconduct if the Company determines, not later than one year after termination of your employment, that your employment could have been terminated for Gross Misconduct.
(ii)Change in Control Termination Event. Upon a Change in Control Termination Event, the Option shall continue to be exercisable until the Expiration Date, subject to paragraph 4(f) hereof.
(iii)Other Employment Termination Circumstances. If you cease to be an employee other than by reason of actual or deemed involuntary termination for Gross Misconduct, the vested portion of the Option on the date of such event, if any, will remain exercisable until (I) two years after such event, if such event occurs prior to October 22, 2030, unless the termination is to pursue an alternative career and except as provided in Section 4(d) below or (II) the Expiration Date if such event occurs on or after October 22, 2030 or is to pursue an alternative career. For purposes of this Agreement, Participant will be deemed to have terminated employment in order to pursue an alternative career only if Participant voluntarily resigns from her employment with the Company to work in a full-time paid career (A) in government service, (B) for a bona fide charitable institution, or (C) as a teacher at a bona fide educational institution, and satisfies any requirements under any generally applicable Company policy as in effect from time to time relating to alternative career terminations.
(c)Leave of Absence. The Award will continue to be settled on schedule subject to all other provisions of this Agreement during a leave of absence that is approved by the Committee and is taken in accordance with applicable Company policy (a “leave of absence”). If Participant’s employment terminates for any reason during a leave of absence, the Award will be treated as described in the applicable provision of this Section 4.
(d)Death. Any rights you may have in respect of the Award following your death shall be rights of your estate. Such rights may be transferred by your estate to the beneficiaries thereof in accordance with the applicable laws or descent and distribution, subject to the Company’s consent. In the event your estate or any of its beneficiaries obtains any such rights, the exercise period provided by clause 4(b)(iii)(I) hereof shall be deemed to permit exercise until the later of two years after employment termination or one year after your death.
(e)Definition of Gross Misconduct. For purposes of this Agreement, “gross misconduct” means (1) competition by the Participant during employment by the Company with the Company’s
business operations, (2) “gross misconduct” within the meaning of the GDRP, (3) any circumstance in which Participant (i) is subject to an action taken by a regulatory body or a self-regulatory organization (“SRO”) as a result of his or her act or omission which substantially impairs him or her from performing his or her Company duties; (ii) is materially dishonest in connection with his or her employment by the Company; (iii) breaches his or her fiduciary duty of loyalty to the Company, including but not limited to a breach of an agreement to not solicit Company employees or customers or a breach of an agreement relating to confidential information or intellectual property, regardless of whether that breach occurs during or after employment with the Company; (iv) materially breaches the terms of (A) any offer letter, separation agreement, or other agreement with the Company, (B) the Company’s Code of Conduct, or (C) any other material Company policy (including but not limited to material compliance, control, risk or employment policies); (v) violates any securities or banking law, rule or regulation or the constitution, by-laws, rules or regulations of a regulatory authority or SRO while employed by the Company; (vi) fails to remain licensed to perform his or her Company duties (or, if applicable, fails to obtain all designated licenses within the timeframe(s) set forth in Participant’s offer letter or another employment-related agreement with the Company); or (vii) is convicted of a felony or a crime of breach of trust, money laundering or dishonesty, or participates in a pre-trial diversion program after being charged or indicted for a felony or such crime, in each case of clauses (i) through (vii) above as determined by the Committee.
(f)Change in Control. In the event of a “Change of Control” (as defined in the Stock Incentive Plan) of Citigroup the Committee may, subject only to the limitations specified in the Stock Incentive Plan and in Sections 11, 14, and 15 hereof, take any actions with respect to awards (including the Award) that are permitted by the Stock Incentive Plan, including, but not limited to, making adjustments that it deems necessary or appropriate to reflect the transaction, or causing awards to be assumed, or new rights substituted therefor, by the surviving entity in such transaction.
5.Post-Employment Covenants.
(a)Solicitation of Employees and Clients. Participant agrees to the nonsolicitation obligation described in the Employment Termination Notice and Nonsolicitation Policy for U.S. Employees (“Notice Policy”) as in effect from time to time, to the extent permitted by law. For the avoidance of doubt, this Section 5(a), shall not apply if Participant’s work location is in California or Participant is a California resident on the date of his or her termination of employment by the Company.
(b)Cooperation. Upon reasonable request, the Participant shall make herself available to the Company to furnish full and truthful information concerning any event which took place during Participant’s employment. Upon reasonable request, as deemed necessary by the Company, the Participant shall make herself available to the Company to furnish full and truthful consultations concerning any potential or actual litigation. Participant shall furnish the information as soon as is practical after a request from the Company is received. The Company shall reimburse Participant for the reasonable cost of all Participant’s travel, lodging, meals and any loss of compensation suffered by Participant from her current employer as a result of time spent furnishing information.
6.Settlement and Transferability.
(a)If all applicable conditions to settlement of any portion of the Award have been satisfied as of a Vesting Date for such portion, the Award will be settled as soon thereafter as is administratively practicable, except as may be provided elsewhere in this Agreement, including without limitation paragraph ii at the beginning of Section 2 hereof (a “Delayed Settlement”), in any case with interest only as expressly provided for in the Legal Documents. In all circumstances, settlement is subject to receipt by the Company of the information necessary to make required tax payments, compliance with any post-termination stock ownership commitment applicable to the Deferred Stock Award and submission of appropriate documentation of compliance.
(b)No portion of the Award may be sold, pledged, hypothecated, assigned, margined or otherwise transferred, other than by will or the laws of descent and distribution, and neither the Award nor any interest or right therein will be subject to the debts, contracts or engagements of Participant or his or her successors in interest or will be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law, by judgment, lien, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy or divorce), and any attempted disposition thereof will be null and void, of no effect, and not binding on the Company in any way. Participant agrees that any purported transfer will be null and void, and will constitute a breach of this Agreement causing damage to the Company for which the remedy will be cancelation of the Award. During Participant’s lifetime, all rights with respect to the Award will be exercisable only by Participant, and any and all payments in respect of the Award will be to Participant only. The Company will be under no obligation to entertain, investigate, respect, preserve, protect or enforce any actual or purported rights or interests asserted by any creditor of Participant or any other third party in the Award, and Participant agrees to take all reasonable measures to protect the Company against any such claims being asserted in respect of the Award and to reimburse the Company for any and all reasonable expenses it incurs defending against or complying with any such third-party claims if Participant could have reasonably acted to prevent such claims from being asserted against the Company.
7.Stockholder Rights and Fractional Shares.
(a)Participant will have no voting rights as a stockholder of Citigroup over any Shares subject to the Award, unless and until the Shares are distributed to the Participant. The DSA will accrue dividend equivalents during the Notional Investment Period, which will be the same as dividends paid to record holders of outstanding Shares. Such dividend equivalents will be paid, without interest, if and when, and only to the extent that, the Shares subject to the DSA are distributed to Participant. For purposes of this Section 7(a), the Notional Investment Period means the period commencing on the Award Date and terminating on each DSA Vesting Date for the Shares distributed on such date (or, in the event of a Delayed Settlement, terminating on the date that is ten (10) business days prior to the actual distribution date), and a dividend will be deemed to be accrued if the ex-dividend date occurs during the applicable Notional Investment Period. Dividend equivalents, based on the same principles, will also accrue with respect to any dividends paid on shares of stock distributed with respect to Shares. Dividend equivalents will not be paid with respect to Shares subject to the Option. Participants who are subject to anti-hedging provisions under the Company’s trading policies, including the UK, EMEA and other local policies, may not trade in Shares or employ personal hedging or pledging strategies with respect to the Award, except as otherwise permitted by such policies.
(b)The Company shall not be obligated to issue any fractional Shares when Shares are deliverable. If the Award includes or results in an entitlement to a fractional Share for any reason, the Award shall be settled in full by issuance of the maximum whole number of Shares Participant is entitled to receive and the Company may cancel the fractional Share without any compensation to the Participant.
8.Clawback and Right of Set-Off.
(a)Clawback. Without limiting Section 14(a) of the Stock Incentive Plan, if it is determined by the Committee not later than three years following the settlement of any portion of the Award (whether following an investigation or otherwise) that any Settlement Condition that was treated as satisfied on a Vesting Date in connection with the settlement of such portion was, in fact, not satisfied or ceased to be satisfied (whether by reason of events occurring prior to, on or after the relevant Vesting Date), Participant is obligated upon demand, to (i) return to the Company any Shares distributed to Participant in connection with such settlement or pay to the Company an amount equal to the Fair Market Value of such Shares on (x) the applicable Vesting Date or (y) the date of such payment, whichever is greater and (ii) pay to Company the gross amount of cash, if any, paid by the Company in connection with such settlement, in each case, without reduction for any Shares or cash withheld to satisfy withholding tax or other obligations (other than any exercise price paid in cash by Participant in connection with the exercise of
the Option) in connection with such settlement. No portion of the Award shall be deemed to have been fully earned for any purpose unless and until the rights of the Company to claw back such portion under this Subsection (a) have lapsed.
(b)Right of Set-Off. Participant agrees that the Company may, to the extent determined by the Committee to be permitted by applicable law and consistent with the requirements to avoid tax under Section 409A of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), (x) retain for itself funds or securities otherwise payable to Participant pursuant to the Award or any award under any award program administered by the Company to offset (i) any amounts paid by the Company to a third party pursuant to any award, judgment, or settlement of a complaint, arbitration, or lawsuit of which Participant was the subject; or (ii) any outstanding amounts (including, without limitation, travel and entertainment or advance account balances, loans, clawback or other repayment obligations under this Agreement or any award agreement, or any obligations pursuant to a tax-equalization or housing allowance policy or other expatriate benefit) that Participant owes the Company or its affiliates and (y) if Participant recovers any amount in the nature of severance pay or compensation for hypothetical or potential future services in connection with any legal claim or action alleging violation of law relating to Participant’s employment or termination thereof, whether by reason of a decision or settlement of such claim, reduce the amount to be paid in connection with the settlement of the Award following the termination of Participant’s employment, on a dollar-for-dollar basis, by the pre-tax amount required to be paid for the Participant’s account (including legal fees) in connection with such claim or action. The Company may not retain any funds or securities described in Clause 8(b)(x) hereof, or set-off obligations or liabilities described in such Clause, as described above, until such time as they would otherwise be distributable or payable to Participant in accordance with the applicable award terms. Only after-tax amounts will be applied to set-off any such obligations and liabilities and Participant will remain liable to pay any amounts that are not thereby satisfied in full.
(c) Dodd-Frank Clawback Provisions. Notwithstanding any provision of this Agreement to the contrary, if Participant is a “Covered Individual,” as defined in the Citigroup Inc. Dodd-Frank Clawback Provisions (the “Clawback Provisions”), Participant’s Award and any other compensation paid or payable to Participant pursuant to this Agreement may be subject to recovery by the Company if the Committee determines, in its sole discretion, that Participant received “Erroneously Awarded Compensation,” as defined by the Clawback Provisions. Furthermore, if Participant is a Covered Individual on the Award Date, or becomes a Covered Individual at any time while this Award is outstanding, then in exchange for the benefits provided by this Award, Participant hereby acknowledges and agrees that the Clawback Provisions shall be applicable to any component of the Participant’s DIRAP awards that would otherwise be subject to recovery pursuant to the Clawback Provisions.
9.Consent to Electronic Delivery. In lieu of receiving documents in paper format, Participant hereby agrees, to the fullest extent permitted by law, to accept electronic delivery of all documents that the Company may be required to deliver (including, but not limited to, the Legal Documents and all other forms or communications) in connection with the Award and any other prior or future incentive award or program made or offered by the Company. Electronic delivery of a document to Participant may be via (x) a Company service provider such as DocuSign, or (y) a Company e-mail system or by reference to a location on a Company intranet or secure internet site to which Participant has access.
10.Plan Administration, Determinations and Interpretations. The Committee has sole, final and binding exclusive discretionary authority to (x) make findings of fact, interpretations, calculations, conclusions and other determinations under or with respect to the Legal Documents or any other communication, relating in any way to the Award and (y) establish and operationalize administrative procedures to implement the terms of the Award.
11.Adjustments to Award.
(a) Capital Structure. In the event of any change in Citigroup’s capital structure on account of (i) any extraordinary dividend, stock dividend, stock split, reverse stock split or any similar equity
restructuring; or (ii) any combination or exchange of equity securities, merger, consolidation, recapitalization, reorganization, divestiture or other distribution (other than ordinary cash dividends) of assets to stockholders, or any other similar event affecting Citigroup’s capital structure (a “Capital Restructuring”), to the extent necessary to prevent the enlargement or diminution of the rights of Participants, the Committee will make such appropriate equitable adjustments as may be permitted by the terms of the Stock Incentive Plan and applicable law, to the number or kind of Shares subject to the Award.
(b) Equitable Adjustments. In the event of a Capital Restructuring, the Committee will adjust the calculation of Significant Loss, Loss Ratio and any related provision of the Award in a manner consistent with such event, which adjustment will not require the consent of the Participant.
(c) Modifications. The Committee retains the right to modify the Award if required to comply with applicable law, regulation, or regulatory guidance (including applicable tax law) without Participant’s prior consent. The Company will furnish or make available to Participant a written notice of any modification, which notice will specify the effective date of such modification. Any other adverse modification not elsewhere described in this Agreement will not be effective without Participant’s written consent.
(d) Adverse Consequences. Neither the Committee nor the Company will be liable to Participant for any additional personal tax or other adverse consequences of any adjustments that are made to an Award.
12.Taxes and Tax Residency Status.
(a) Compliance. By accepting the Award, Participant agrees to pay all applicable taxes (or hypothetical tax if Participant is subject to tax equalization or tax protection pursuant to a Citigroup Expatriate policy) and to file all required tax returns in all jurisdictions where Participant is subject to tax and/or an income tax filing requirement, without regard to the amount withheld or reported. To assist the Company in achieving full compliance with its obligations under the laws of all relevant taxing jurisdictions, Participant agrees to keep complete and accurate records of her income tax residency status and the number and location of travel and workdays outside of her country of income tax residency from the date of the Award until the settlement of the Award and the subsequent sale of any Shares received in connection with the Award. Participant also agrees to provide, upon request, complete and accurate information about his or her tax residency status to the Company during such periods, and confirmation of his or her status as a (i) U.S. citizen, (ii) holder of a U.S. green card, or (iii) citizen or legal resident of a country other than the U.S. Participant will be responsible for any tax due, including penalties and interest, arising from any misstatement by Participant regarding such information. The Award will be subject to cancelation if Participant fails to make any such required payment
(b) Award. To the extent the Company is required to withhold tax in any jurisdiction upon the settlement of the Award or at such times as otherwise may be required in connection with the Award, Participant acknowledges that the Company may (but is not required to) provide Participant alternative methods of paying the Company the amount due to the appropriate tax authorities (or to the Company, in the case of hypothetical tax), as determined by the Committee. If no method of tax withholding is specified at or prior to the time any tax (or hypothetical tax) is due in respect of the Award, or if Participant does not make a timely election, the Company will withhold Shares from the Shares that are distributable to Participant to fund any or any portion of tax that is required by law to be withheld. Whenever withholding in Shares is permitted or mandated by the Committee, the number of Shares to be withheld will be determined by the Company, provided however, if the value of the Shares withheld by the Company exceeds Participant’s tax liability as determined by the Company in its sole discretion, then the Company shall pay or distribute to Participant such excess amount in cash, Shares or a combination of the foregoing, as soon as is administratively practicable after all withholding tax requirements are satisfied in all applicable jurisdictions. If Participant is a current or former Citigroup Expatriate subject to tax
equalization, Participant agrees to promptly pay to the Company, in cash (or by any other means acceptable to the Committee), the excess of the amount of hypothetical tax due over the tax withheld with respect to the Deferred Stock Award. Participant agrees that the Committee may require that some or all of the tax (or hypothetical tax) withholding obligations in connection with the Award must be satisfied in cash only, that timely payment of such amounts when due will be considered a condition to settlement of the Award, and that if the required amounts are not timely remitted to the Company, the Award may be canceled. Whenever the payment of required withholding tax (or hypothetical tax) in cash is permitted or mandated by the Committee and provision for timely payment of such amounts by Participant has not been made, instead of canceling an equity award (as provided above), the Company may sell on behalf of Participant, at Participant’s market risk and expense, the number of Shares subject to the award that at the market sale price obtainable for the Shares on or as soon as practicable after the due date for the tax (or hypothetical tax) owed by Participant, will produce sufficient proceeds to satisfy Participant’s tax (or hypothetical tax) obligation, and remit such proceeds to the appropriate tax authorities (or in the case of hypothetical tax, retain such proceeds in satisfaction of Participant’s obligation to the Company); any remaining sales proceeds, after deduction for commissions and other reasonable and customary expenses, and any remaining Shares (if otherwise distributable to Participant) will be delivered to Participant.
13.Entire Agreement; No Right to Employment. The Legal Documents set forth the entire understanding between the Company and Participant regarding the Award and supersede all other written, oral, or implied understandings between the parties hereto about the subject matter hereof, including any written or electronic agreement, election form or other communication to, from or between Participant and the Company. Nothing contained herein or in any incentive plan or program documents will confer upon Participant any rights to continued employment or employment in any particular position, at any specific rate of compensation, or for any particular period of time.
14.Compliance with Regulatory Requirements. The Award may be subject to the applicable law (including tax laws) and regulatory guidance in multiple jurisdictions, and will be administered and interpreted consistently with such law and regulatory guidance, including but not limited to Section 409A and Section 457A of the Code.
15.Section 409A and Section 457A Compliance.
(a) Tax Liability. Participant understands that as a result of Section 409A and/or Section 457A of the Code, if Participant is a U.S. taxpayer she could be subject to adverse tax consequences if the Award or the plans and program documents are not administered in accordance with the requirements to avoid tax under Section 409A or Section 457A. Participant further understands that if Participant is a U.S. taxpayer, and the Award is considered to be a “nonqualified deferred compensation plan” and Participant’s employer is considered to be a “nonqualified entity” (as such terms are defined in Section 409A and/or Section 457A of the Code), Participant could be subject to accelerated income recognition or other adverse tax consequences with respect to all or a portion of the Award if the Company fails to modify the Award. Participant acknowledges that there is no guarantee that the Award, or any amendment or modification thereto, will successfully avoid unintended tax consequences to Participant and that the Company does not accept any liability therefor.
(b) Specified Employees. If the Award is subject to Section 409A of the Code, this Agreement may not be amended, nor may the Award be administered, to provide for any distribution of Shares to occur upon any event that would constitute a “separation from service” (within the meaning of Section 409A of the Code) if Participant is a “specified employee” (within the meaning of Treas. Reg. § 1.409A-1(i)(1)) at the time of such Participant’s “separation from service,” unless it is provided that the distribution or payment will not be made until the date which is six months from such “separation from service,” or, if earlier, the date of Participant’s death and that during such six-month deferral period, Participant will not be entitled to interest, notional interest, dividends, dividend equivalents, or any
compensation for any loss in market value or otherwise which occurs with respect to the Award during such deferral period.
(c)Delayed Settlement. If the Award is subject to Section 409A of the Code and there is a delayed Settlement that extends beyond December 31 of the year in which the applicable Vesting Date occurs, unless Participant timely complies with the notification and enforcement provisions of Treas. Reg. § 1.409A-3(g), the Company has full and sole discretionary authority to modify the Award in order to avoid a violation of Section 409A of the Code.
16.Arbitration; Conflict; Governing Law; Severability.
(a) Arbitration. Any and all disputes, claims or controversies related to or arising out of the Award or the Legal Documents, including, without limitation, any claim that an Award, in whole or in part, should have been, but was not made, or that this Agreement or any of the Legal Documents is void, voidable, invalid, unlawful or unenforceable (each a “Dispute”), will be finally and conclusively resolved by binding arbitration in accordance with the Company’s arbitration policies, as in effect from time to time. In the absence of a Company arbitration policy that is applicable to you or your Award and your work location is outside of the United States at the time of the commencement of a Dispute, you irrevocably agree that (1) any such Dispute will be finally and conclusively resolved on an individual basis by binding arbitration administered by the American Arbitration Association (“AAA”) in accordance with its International Dispute Resolution Procedures in effect at the time of commencement of any such arbitration (collectively, the “Rules”), except as such Rules are otherwise modified or expanded as set forth in Citi’s Arbitration Policy, which is available on Citi For You, (2) the place of such arbitration shall be New York, New York, United States of America, and (3) any claim or dispute concerning the interpretation, application or validity of this provision shall be heard and decided exclusively by the United States District Court for the Southern District of New York (the “Southern District”), and by any court having appellate jurisdiction over the Southern District, and in the event that the Southern District lacks jurisdiction over the subject matter of any such action or proceeding, the sole alternative forum for any such action or proceeding shall be the Supreme Court of the State of New York for the County of New York.
(b) Conflict. This Agreement will control in the event of a conflict between this Agreement and the Prospectus. In the event of a conflict between this Agreement and the Stock Incentive Plan, the Stock Incentive Plan will control.
(c) Governing Law. This Agreement will be governed by the laws of the State of Delaware (regardless of conflict of laws principles) as to all matters, including, but not limited to, the construction, application, validity and administration of the Company’s incentive award programs.
(d) Severability. Except as otherwise provided below, Participant understands and acknowledges that the terms and conditions set forth herein, including without limitation Sections 2 through 8 hereof, are included herein for the purpose of ensuring sound incentive compensation practices. Therefore, the terms of this Agreement are intended not to be severable, so that if any provision of this Agreement, including without limitation any provision of Sections 2 through 8 hereof, is held void, unlawful, or unenforceable under any applicable statute or other controlling law (1) the remainder of this Agreement, including in particular but without limitation the obligations of the Company in respect of settlement of the Award, will be invalidated and deemed to be unenforceable and (2) any amount previously paid or distributed in settlement of the Award shall be considered to have been distributed in error and Participant shall repay or return such payment or distribution in accordance with Section 8 hereof. Notwithstanding the foregoing, the parties acknowledge and agree that (a) the arbitration agreement set out in Section 16 hereof is a separate and severable contract between them and that any dispute as to the enforceability or validity of this arbitration agreement, or as to the arbitrability of arbitral jurisdiction over any claim, shall be heard and decided by the arbitrators, and not by any court, and that this arbitration agreement shall survive the termination or expiration of this Agreement,
(b) if only the arbitration provision set forth in Section 16 is held to be unenforceable, then Section 16 shall be severable from the remaining provisions of this Agreement.
12
Document
Exhibit 22.01
Subsidiary Issuers of Guaranteed Securities
The subsidiaries of Citigroup Inc. listed in the below table have issued (and, in the case of Citigroup Global Markets Holdings Inc., from time to time may issue) the securities listed next to such subsidiary. Citigroup Inc. has fully and unconditionally guaranteed (or effectively provided for the full and unconditional guarantee of) all such securities.
| Subsidiary Issuer | Guaranteed Securities |
|---|---|
| Citigroup Global Markets Holdings Inc., a wholly-owned subsidiary | Senior Debt Securities issued under the Senior Debt Indenture dated as of March 8, 2016, between Citigroup Global Markets Holdings Inc., Citigroup Inc. and The Bank of New York Mellon, as trustee |
| Citigroup Capital III, a wholly-owned finance subsidiary | 7 5/8% Trust Preferred Securities |
| Citigroup Capital XIII, a wholly-owned finance subsidiary | 7.875% Fixed Rate / Floating Rate Trust Preferred Securities |
Document
Exhibit 31.01
CERTIFICATION
I, Jane Fraser, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Citigroup Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| Date: May 7, 2026 |
|---|
| /s/ Jane Fraser |
| Jane Fraser |
| Chief Executive Officer |
Document
Exhibit 31.02
CERTIFICATION
I, Gonzalo Luchetti, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Citigroup Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| Date: May 7, 2026 |
|---|
| /s/ Gonzalo Luchetti |
| Gonzalo Luchetti |
| Chief Financial Officer |
Document
Exhibit 32.01
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q of Citigroup Inc. (the “Company”) for the quarter ended March 31, 2026 (the “Report”), Jane Fraser, as Chief Executive Officer of the Company, and Gonzalo Luchetti, as Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| /s/ Jane Fraser | ||
|---|---|---|
| Jane Fraser | ||
| Chief Executive Officer | ||
| May 7, 2026 | /s/ Gonzalo Luchetti | |
| --- | ||
| Gonzalo Luchetti | ||
| Chief Financial Officer | ||
| May 7, 2026 |
This certification accompanies each Report pursuant to § 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of § 18 of the Securities Exchange Act of 1934, as amended.
A signed original of this written statement required by § 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
c-20260331_d2
| Exhibit 99.01 | |||
|---|---|---|---|
| Citigroup Inc. securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934: | |||
| Title of each class | Ticker Symbol(s) | Title for iXBRL | Name of each exchange on which registered |
| Common Stock, par value $.01 per share | C | Common Stock, par value $.01 per share | New York Stock Exchange |
| Depositary Shares, each representing a 1/1,000th interest in a share of 6.250% Noncumulative Preferred Stock, Series II | C PR R | Dep Shs, represent 1/1,000th interest in a share of 6.250% Noncum Pref Stk, Ser II | New York Stock Exchange |
| 7.625% Trust Preferred Securities of Citigroup Capital III (and registrant’s guaranty with respect thereto) | C/36Y | 7.625% TRUPs of Cap III (and registrant’s guaranty) | New York Stock Exchange |
| 7.875% Fixed Rate / Floating Rate Trust Preferred Securities (TruPS®) of Citigroup Capital XIII (and registrant’s guaranty with respect thereto) | C N | 7.875% FXD / FRN TruPS of Cap XIII (and registrant’s guaranty) | New York Stock Exchange |
| Medium-Term Senior Notes, Series N, Callable Fixed Rate Notes Due April 26, 2028 of CGMHI (and registrant’s guaranty with respect thereto) | C/28 | MTN, Series N, Callable Fixed Rate Notes Due Apr 2028 of CGMHI (and registrant’s guaranty) | New York Stock Exchange |
| Medium-Term Senior Notes, Series N, Floating Rate Notes Due September 17, 2026 of CGMHI (and registrant’s guaranty with respect thereto) | C/26 | MTN, Series N, Floating Rate Notes Due Sept 2026 of CGMHI (and registrant’s guaranty) | New York Stock Exchange |
| Medium-Term Senior Notes, Series N, Floating Rate Notes Due September 15, 2028 of CGMHI (and registrant’s guaranty with respect thereto) | C/28A | MTN, Series N, Floating Rate Notes Due Sept 2028 of CGMHI (and registrant’s guaranty) | New York Stock Exchange |
| Medium-Term Senior Notes, Series N, Floating Rate Notes Due October 6, 2028 of CGMHI (and registrant’s guaranty with respect thereto) | C/28B | MTN, Series N, Floating Rate Notes Due Oct 2028 of CGMHI (and registrant’s guaranty) | New York Stock Exchange |
| Medium-Term Senior Notes, Series N, Floating Rate Notes Due March 21, 2029 of CGMHI (and registrant’s guaranty with respect thereto) | C/29A | MTN, Series N, Floating Rate Notes Due Mar 2029 of CGMHI (and registrant’s guaranty) | New York Stock Exchange |