INVESTMENTS (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of investments by category |
The following table presents Citi’s investments by category:
| | | | | | | | | | In millions of dollars | June 30,
2025 | December 31, 2024 | | | Debt securities available-for-sale (AFS) | $ | 235,802 | | $ | 226,876 | | Debt securities held-to-maturity (HTM)(1) | 206,094 | | 242,382 | | Marketable equity securities carried at fair value(2) | 112 | | 151 | | Non-marketable equity securities carried at fair value(2)(3) | 471 | | 427 | | Non-marketable equity securities measured using the measurement alternative(4) | 1,581 | | 1,574 | | Non-marketable equity securities carried at cost(5) | 5,340 | | 5,247 | | Total investments(6) | $ | 449,400 | | $ | 476,657 | |
(1)Carried at adjusted amortized cost basis, net of any ACL. (2)Unrealized gains and losses are recognized in earnings. (3)Includes $32 million and $23 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 June 30, 2025 and December 31, 2024, 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 June 30, 2025 and December 31, 2024, 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 June 30, 2025 and 2024.
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| Interest and dividends on investments |
The following table presents interest and dividend income on investments:
| | | | | | | | | | | | | | | | Three Months Ended June 30, | Six Months Ended June 30, | | In millions of dollars | 2025 | 2024 | 2025 | 2024 | | Taxable interest | $ | 4,022 | | $ | 4,637 | | $ | 8,043 | | $ | 9,328 | | | Interest exempt from U.S. federal income tax | 78 | | 81 | | 155 | | 161 | | | Dividend income | 106 | | 103 | | 174 | | 181 | | | Total interest and dividend income on investments | $ | 4,206 | | $ | 4,821 | | $ | 8,372 | | $ | 9,670 | |
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| Realized gains and losses on investments excluding other-than-temporary impairment |
The following table presents realized gains and losses on the sales of investments, which exclude impairment losses:
| | | | | | | | | | | | | | | | Three Months Ended June 30, | Six Months Ended June 30, | | In millions of dollars | 2025 | 2024 | 2025 | 2024 | | Gross realized investment gains | $ | 152 | | $ | 144 | | $ | 286 | | $ | 286 | | | Gross realized investment losses | (14) | | (121) | | (27) | | (148) | | | Net realized gains on sales of investments | $ | 138 | | $ | 23 | | $ | 259 | | $ | 138 | |
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| Amortized cost and fair value of AFS debt securities |
The amortized cost and fair value of AFS debt securities were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | December 31, 2024 | | In millions of dollars | Amortized
cost | Gross
unrealized
gains | Gross
unrealized
losses | Allowance for credit losses | Fair
value | Amortized
cost | Gross
unrealized
gains | Gross
unrealized
losses | Allowance for credit losses | Fair
value | | Debt securities AFS | | | | | | | | | | | Mortgage-backed securities(1) | | | | | | | | | | | U.S. government-sponsored agency guaranteed(2) | $ | 37,163 | | $ | 26 | | $ | 1,015 | | $ | — | | $ | 36,174 | | $ | 30,208 | | $ | 40 | | $ | 942 | | $ | — | | $ | 29,306 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Residential | 831 | | — | | 3 | | — | | 828 | | 626 | | — | | 2 | | — | | 624 | | | Commercial | 1 | | — | | — | | — | | 1 | | 1 | | — | | — | | — | | 1 | | | Total mortgage-backed securities | $ | 37,995 | | $ | 26 | | $ | 1,018 | | $ | — | | $ | 37,003 | | $ | 30,835 | | $ | 40 | | $ | 944 | | $ | — | | $ | 29,931 | | | U.S. Treasury and federal agency securities | | | | | | | | | | | | U.S. Treasury | $ | 35,603 | | $ | 53 | | $ | 166 | | $ | — | | $ | 35,490 | | $ | 52,630 | | $ | 13 | | $ | 264 | | $ | — | | $ | 52,379 | | | | | | | | | | | | | | Total U.S. Treasury and federal agency securities | $ | 35,603 | | $ | 53 | | $ | 166 | | $ | — | | $ | 35,490 | | $ | 52,630 | | $ | 13 | | $ | 264 | | $ | — | | $ | 52,379 | | | State and municipal | $ | 1,774 | | $ | 3 | | $ | 105 | | $ | — | | $ | 1,672 | | $ | 1,749 | | $ | 12 | | $ | 103 | | $ | — | | $ | 1,658 | | | Foreign government | 150,681 | | 956 | | 647 | | — | | 150,990 | | 134,002 | | 444 | | 1,087 | | — | | 133,359 | | | Corporate | 5,316 | | 32 | | 88 | | 2 | | 5,258 | | 4,923 | | 19 | | 122 | | 6 | | 4,814 | | Asset-backed securities(1) | 988 | | 4 | | 5 | | — | | 987 | | 856 | | 3 | | 11 | | — | | 848 | | | Other debt securities | 4,401 | | 1 | | — | | — | | 4,402 | | 3,887 | | 1 | | 1 | | — | | 3,887 | | | Total debt securities AFS | $ | 236,758 | | $ | 1,075 | | $ | 2,029 | | $ | 2 | | $ | 235,802 | | $ | 228,882 | | $ | 532 | | $ | 2,532 | | $ | 6 | | $ | 226,876 | |
(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 table above. See Note 21 for mortgage- and asset-backed securitizations in which the Company has other involvement. (2)Amortized cost includes unallocated portfolio-layer cumulative basis adjustments of $0.3 billion and $(0.2) billion as of June 30, 2025 and December 31, 2024, respectively. Gross unrealized gains and gross unrealized (losses) on mortgage-backed securities excluding the effect of unallocated portfolio-layer hedges cumulative basis adjustments were $80 million and $(739) million, respectively, as of June 30, 2025. Gross unrealized gains and gross unrealized (losses) on mortgage-backed securities excluding the effect of unallocated portfolio-layer hedges cumulative basis adjustments were $35 million and $(1,129) million, respectively, as of December 31, 2024.
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| Fair value of securities in unrealized loss position |
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
value | Gross
unrealized
losses | Fair
value | Gross
unrealized
losses | Fair
value | Gross
unrealized
losses | | June 30, 2025 | | | | | | | | Debt securities AFS | | | | | | | | Mortgage-backed securities | | | | | | | | U.S. government-sponsored agency guaranteed | $ | 24,634 | | $ | 393 | | $ | 8,303 | | $ | 622 | | $ | 32,937 | | $ | 1,015 | | | | | | | | | | Residential | 602 | | 2 | | 203 | | 1 | | 805 | | 3 | | | Commercial | 1 | | — | | — | | — | | 1 | | — | | | Total mortgage-backed securities | $ | 25,237 | | $ | 395 | | $ | 8,506 | | $ | 623 | | $ | 33,743 | | $ | 1,018 | | | U.S. Treasury and federal agency securities | | | | | | | | U.S. Treasury | $ | 15,868 | | $ | 94 | | $ | 4,591 | | $ | 72 | | $ | 20,459 | | $ | 166 | | | | | | | | | | Total U.S. Treasury and federal agency securities | $ | 15,868 | | $ | 94 | | $ | 4,591 | | $ | 72 | | $ | 20,459 | | $ | 166 | | | State and municipal | $ | 962 | | $ | 69 | | $ | 454 | | $ | 36 | | $ | 1,416 | | $ | 105 | | | Foreign government | 34,128 | | 222 | | 14,064 | | 425 | | 48,192 | | 647 | | | Corporate | 561 | | 36 | | 1,726 | | 52 | | 2,287 | | 88 | | | Asset-backed securities | 436 | | 5 | | — | | — | | 436 | | 5 | | | Other debt securities | 17 | | — | | 279 | | — | | 296 | | — | | | Total debt securities AFS | $ | 77,209 | | $ | 821 | | $ | 29,620 | | $ | 1,208 | | $ | 106,829 | | $ | 2,029 | | | December 31, 2024 | | | | | | | | Debt securities AFS | | | | | | | | Mortgage-backed securities | | | | | | | | U.S. government-sponsored agency guaranteed | $ | 16,690 | | $ | 255 | | $ | 8,484 | | $ | 687 | | $ | 25,174 | | $ | 942 | | | | | | | | | | Residential | 375 | | 1 | | 216 | | 1 | | 591 | | 2 | | | Commercial | — | | — | | 1 | | — | | 1 | | — | | | Total mortgage-backed securities | $ | 17,065 | | $ | 256 | | $ | 8,701 | | $ | 688 | | $ | 25,766 | | $ | 944 | | | U.S. Treasury and federal agency securities | | | | | | | | U.S. Treasury | $ | 13,660 | | $ | 166 | | $ | 1,710 | | $ | 98 | | $ | 15,370 | | $ | 264 | | | | | | | | | | Total U.S. Treasury and federal agency securities | $ | 13,660 | | $ | 166 | | $ | 1,710 | | $ | 98 | | $ | 15,370 | | $ | 264 | | | State and municipal | $ | 855 | | $ | 72 | | $ | 335 | | $ | 31 | | $ | 1,190 | | $ | 103 | | | Foreign government | 49,384 | | 487 | | 19,719 | | 600 | | 69,103 | | 1,087 | | | Corporate | 455 | | 45 | | 2,444 | | 77 | | 2,899 | | 122 | | | Asset-backed securities | 388 | | 11 | | — | | — | | 388 | | 11 | | | Other debt securities | 1,098 | | — | | 939 | | 1 | | 2,037 | | 1 | | | Total debt securities AFS | $ | 82,905 | | $ | 1,037 | | $ | 33,848 | | $ | 1,495 | | $ | 116,753 | | $ | 2,532 | |
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| Amortized cost and fair value of debt securities by contractual maturity dates |
The following table presents the amortized cost and fair value of AFS debt securities by contractual maturity dates:
| | | | | | | | | | | | | | | June 30, 2025 | | | In millions of dollars | Amortized cost | Fair value | | | Mortgage-backed securities(1) | | | | | | Due within 1 year | $ | 4 | | $ | 4 | | | | | After 1 but within 5 years | 1,096 | | 1,089 | | | | | After 5 but within 10 years | 638 | | 621 | | | | | After 10 years | 35,928 | | 35,289 | | | | Total(2) | $ | 37,666 | | $ | 37,003 | | | | | U.S. Treasury and federal agency securities | | | | | | Due within 1 year | $ | 14,001 | | $ | 13,949 | | | | | After 1 but within 5 years | 21,399 | | 21,359 | | | | | After 5 but within 10 years | 203 | | 182 | | | | | After 10 years | — | | — | | | | | Total | $ | 35,603 | | $ | 35,490 | | | | | State and municipal | | | | | | Due within 1 year | $ | 14 | | $ | 14 | | | | | After 1 but within 5 years | 159 | | 155 | | | | | After 5 but within 10 years | 356 | | 346 | | | | | After 10 years | 1,245 | | 1,157 | | | | | Total | $ | 1,774 | | $ | 1,672 | | | | | Foreign government | | | | | | Due within 1 year | $ | 62,146 | | $ | 62,172 | | | | | After 1 but within 5 years | 82,735 | | 83,153 | | | | | After 5 but within 10 years | 5,158 | | 5,101 | | | | | After 10 years | 642 | | 564 | | | | | Total | $ | 150,681 | | $ | 150,990 | | | | All other(3) | | | | | | Due within 1 year | $ | 4,993 | | $ | 4,989 | | | | | After 1 but within 5 years | 5,020 | | 4,990 | | | | | After 5 but within 10 years | 638 | | 643 | | | | | After 10 years | 54 | | 25 | | | | | Total | $ | 10,705 | | $ | 10,647 | | | | Total debt securities AFS(2) | $ | 236,429 | | $ | 235,802 | | | |
(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 21 for additional information about mortgage- and asset-backed securitizations in which the Company has other involvement. (2)Amortized cost excludes unallocated portfolio-layer cumulative basis adjustments of $0.3 billion as of June 30, 2025. (3)Includes corporate, asset-backed and other debt securities. The following table presents the carrying value and fair value of HTM debt securities by contractual maturity dates:
| | | | | | | | | | | | | | | | | | June 30, 2025 | | | In millions of dollars | Amortized cost(1) | Fair value | | | | | | Mortgage-backed securities | | | | | | | | Due within 1 year | $ | 232 | | $ | 230 | | | | | | | After 1 but within 5 years | 955 | | 928 | | | | | | | After 5 but within 10 years | 1,254 | | 1,181 | | | | | | | After 10 years | 68,007 | | 59,387 | | | | | | | Total | $ | 70,448 | | $ | 61,726 | | | | | | | U.S. Treasury securities | | | | | | | | Due within 1 year | $ | 19,145 | | $ | 18,716 | | | | | | | After 1 but within 5 years | 75,842 | | 71,762 | | | | | | | After 5 but within 10 years | — | | — | | | | | | | After 10 years | — | | — | | | | | | | Total | $ | 94,987 | | $ | 90,478 | | | | | | | State and municipal | | | | | | | | Due within 1 year | $ | 23 | | $ | 21 | | | | | | | After 1 but within 5 years | 186 | | 185 | | | | | | | After 5 but within 10 years | 2,002 | | 1,997 | | | | | | | After 10 years | 6,569 | | 5,800 | | | | | | | Total | $ | 8,780 | | $ | 8,003 | | | | | | | Foreign government | | | | | | | | Due within 1 year | $ | 168 | | $ | 170 | | | | | | | After 1 but within 5 years | 579 | | 596 | | | | | | | After 5 but within 10 years | — | | — | | | | | | | After 10 years | — | | — | | | | | | | Total | $ | 747 | | $ | 766 | | | | | | All other(2) | | | | | | | | Due within 1 year | $ | — | | $ | — | | | | | | | After 1 but within 5 years | — | | — | | | | | | | After 5 but within 10 years | 9,975 | | 9,993 | | | | | | | After 10 years | 21,157 | | 21,170 | | | | | | | Total | $ | 31,132 | | $ | 31,163 | | | | | | | Total debt securities HTM | $ | 206,094 | | $ | 192,136 | | | | | |
(1)Amortized cost is reported net of ACL of $136 million at June 30, 2025. (2)Includes corporate and asset-backed securities.
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| Carrying value and fair value of debt securities HTM |
The carrying value and fair value of debt securities HTM were as follows:
| | | | | | | | | | | | | | | | | | In millions of dollars | | | Amortized cost, net(1) | Gross
unrealized
gains | Gross
unrealized
losses | Fair
value | | June 30, 2025 | | | | | | | Debt securities HTM | | | | | | | Mortgage-backed securities(2) | | | | | | | | U.S. government-sponsored agency guaranteed | | | $ | 69,227 | | $ | 1 | | $ | 8,617 | | $ | 60,611 | | | | | | | | | | Non-U.S. residential | | | — | | — | | — | | — | | | Commercial | | | 1,221 | | 20 | | 126 | | 1,115 | | | Total mortgage-backed securities | | | $ | 70,448 | | $ | 21 | | $ | 8,743 | | $ | 61,726 | | | U.S. Treasury securities | | | $ | 94,987 | | $ | — | | $ | 4,509 | | $ | 90,478 | | | State and municipal | | | 8,780 | | 16 | | 793 | | 8,003 | | | Foreign government | | | 747 | | 19 | | — | | 766 | | Asset-backed securities(2) | | | 31,132 | | 88 | | 57 | | 31,163 | | | | | | | | | | Total debt securities HTM, net | | | $ | 206,094 | | $ | 144 | | $ | 14,102 | | $ | 192,136 | | | December 31, 2024 | | | | | | | | Debt securities HTM | | | | | | | Mortgage-backed securities(2) | | | | | | | | U.S. government-sponsored agency guaranteed | | | $ | 72,542 | | $ | — | | $ | 10,291 | | $ | 62,251 | | | | | | | | | | | | | | | | | | | | | | | | Non-U.S. residential | | | — | | — | | — | | — | | | Commercial | | | 1,247 | | 12 | | 151 | | 1,108 | | | Total mortgage-backed securities | | | $ | 73,789 | | $ | 12 | | $ | 10,442 | | $ | 63,359 | | | U.S. Treasury securities | | | $ | 126,142 | | $ | — | | $ | 6,934 | | $ | 119,208 | | | State and municipal | | | 8,903 | | 27 | | 668 | | 8,262 | | | Foreign government | | | 988 | | 3 | | — | | 991 | | Asset-backed securities(2) | | | 32,560 | | 91 | | 61 | | 32,590 | | | Total debt securities HTM, net | | | $ | 242,382 | | $ | 133 | | $ | 18,105 | | $ | 224,410 | |
(1)Amortized cost is reported net of ACL of $136 million and $137 million at June 30, 2025 and December 31, 2024, 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 21 for mortgage- and asset-backed securitizations in which the Company has other involvement.
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| Total other-than-temporary impairments recognized |
The following table presents total impairment on AFS investments recognized in earnings:
| | | | | | | | | | | | | | | | Three Months Ended June 30, | Six Months Ended June 30, | | In millions of dollars | 2025 | 2024 | 2025 | 2024 | | | | | | | | | | | | | | | | | | | | | | 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 | $ | 2 | | $ | 9 | | $ | 5 | | $ | 23 | | | Total impairment losses recognized in earnings | $ | 2 | | $ | 9 | | $ | 5 | | $ | 23 | |
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| Carrying value of non-marketable equity securities measured using the measurement alternative |
Below is the carrying value of non-marketable equity securities measured using the measurement alternative at June 30, 2025 and December 31, 2024:
| | | | | | | | | | In millions of dollars | June 30, 2025 | December 31, 2024 | | Measurement alternative: | | | | Carrying value | $ | 1,581 | | $ | 1,574 | |
Below are amounts recognized in earnings and life-to-date amounts for non-marketable equity securities measured using the measurement alternative:
| | | | | | | | | | | | | | | | Three Months Ended June 30, | Six Months Ended June 30, | | In millions of dollars | 2025 | 2024 | 2025 | 2024 | Measurement alternative(1): | | | | | | Impairment losses | $ | 37 | | $ | 8 | | $ | 89 | | $ | 24 | | | Downward changes for observable prices | — | | 1 | | — | | 1 | | | Upward changes for observable prices | 38 | | 3 | | 47 | | 52 | |
(1) See Note 23 for additional information on these nonrecurring fair value measurements.
| | | | | | | Life-to-date amounts on securities still held | | In millions of dollars | June 30, 2025 | | Measurement alternative: | | | Impairment losses | $ | 501 | | | Downward changes for observable prices | 39 | | | Upward changes for observable prices | 1,076 | |
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