As previously disclosed, Citi is pursuing various initiatives to simplify the Company and further align its organizational structure with its business strategy. As part of its overall simplification initiatives, in the fourth quarter of 2023, Citi eliminated the previous Institutional Clients Group and Personal Banking and Wealth Management layers, exited certain institutional business lines, and consolidated its regional structure, creating one international group, while centralizing client capabilities and streamlining its global staff functions.

Restructuring charges are recorded as a separate line item within Operating expenses in the Company’s Consolidated Statement of Income. These charges were included within All Other—Corporate/Other.

The following costs associated with these initiatives are included in restructuring charges:

•Personnel costs: severance costs associated with actual headcount reductions (as well as those that were probable and could be reasonably estimated)

•Other: costs associated with contract terminations and other direct costs associated with the restructuring, including asset write-downs (non-cash write-downs of capitalized software, which are included in Premises and equipment related to exited businesses)


In millions of dollars	Personnel costs		Other		Total
Beginning balance at January 1, 2023	$	—	$	—	$	—
Restructuring charges	$	687	$	94	$	781
Change in estimate(1)	—		—		—
Net restructuring charges	$	687	$	94	$	781
Payments and utilization	—		(69)		(69)
Foreign exchange	—		—		—
Balance at December 31, 2023	$	687	$	25	$	712
Restructuring charges	$	354	$	54	$	408
Change in estimate(1)(2)	(146)		(3)		(149)
Net restructuring charges	$	208	$	51	$	259
Payments and utilization	$	(860)	$	(76)	$	(936)
Foreign exchange	7		—		7
Balance at December 31, 2024	$	42	$	—	$	42
Restructuring charges	$	1	$	—	$	1
Change in estimate(1)	(4)		—		(4)
Net restructuring charges	$	(3)	$	—	$	(3)
Payments and utilization	$	(13)	$	—	$	(13)
Foreign exchange	(6)		—		(6)
Balance at March 31, 2025	$	20	$	—	$	20
Restructuring charges	$	—	$	—	$	—
Change in estimate(1)	(2)		—		(2)
Net restructuring charges	$	(2)	$	—	$	(2)
Payments and utilization	$	(8)	$	—	$	(8)
Foreign exchange	1		—		1
Balance at June 30, 2025	$	11	$	—	$	11