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GUARANTEES AND COMMITMENTS | 9 Months Ended
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Sep. 30, 2025
Guarantees and Commitments [Abstract] |
GUARANTEES AND COMMITMENTS | GUARANTEES AND COMMITMENTS The following tables present information about Citi’s guarantees at September 30, 2025 and December 31, 2024. 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 2024 Form 10-K.
| Maximum potential amount of future payments |
In billions of dollars at September 30, 2025 | Expire within 1 year | Expire after 1 year | Total amount outstanding | Carrying value (in millions of dollars)
Financial standby letters of credit | $ | 14.3 |  | $ | 66.3 |  | $ | 80.6 |  | $ | 535 |
Performance guarantees | 4.8 |  | 5.8 |  | 10.6 |  | 21 |
Derivative instruments considered to be guarantees | 23.1 |  | 32.4 |  | 55.5 |  | 440 |
Loans sold with recourse | — |  | 0.9 |  | 0.9 |  | — |
Securities lending indemnifications(1) | 125.5 |  | — |  | 125.5 |  | — |
Card merchant processing(2) | 34.4 |  | — |  | 34.4 |  | — |
Credit card arrangements with partners(3) | 1.6 |  | 19.9 |  | 21.5 |  | 1 |
Guarantees under the Fixed Income Clearing Corporation sponsored member repo program | 226.3 |  | — |  | 226.3 |  | — |
Other(4)(5) | — |  | 8.4 |  | 8.4 |  | 80 |
Total | $ | 430.0 |  | $ | 133.7 |  | $ | 563.7 |  | $ | 1,077 |
| Maximum potential amount of future payments |
In billions of dollars at December 31, 2024 | Expire within 1 year | Expire after 1 year | Total amount outstanding | Carrying value (in millions of dollars)
Financial standby letters of credit | $ | 15.5 |  | $ | 63.5 |  | $ | 79.0 |  | $ | 546 |
Performance guarantees | 4.2 |  | 5.8 |  | 10.0 |  | 27 |
Derivative instruments considered to be guarantees | 15.8 |  | 27.3 |  | 43.1 |  | 332 |
Loans sold with recourse | — |  | 1.0 |  | 1.0 |  | — |
Securities lending indemnifications(1) | 96.3 |  | — |  | 96.3 |  | — |
Card merchant processing(2) | 124.3 |  | — |  | 124.3 |  | — |
Credit card arrangements with partners(3) | 0.2 |  | 21.5 |  | 21.7 |  | 2 |
Guarantees under the Fixed Income Clearing Corporation sponsored member repo program | 139.5 |  | — |  | 139.5 |  | — |
Other(4)(5) | 0.1 |  | 8.4 |  | 8.5 |  | 57 |
Total | $ | 395.9 |  | $ | 127.5 |  | $ | 523.4 |  | $ | 964 |
(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 September 30, 2025 and December 31, 2024, this maximum potential exposure was estimated to be approximately $34 billion and $124 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 2024 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 2024 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 $14 million and $12 million at September 30, 2025 and December 31, 2024, 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. As a clearing member, Citi is exposed to the risk of non-performance by clients (e.g., failure of a client to post variation margin to the CCP for negative changes in the value of the client’s derivative contracts). In the event of non-performance by a client, Citi would move to close out the client’s positions. The CCP would typically utilize initial margin posted by the client and held by the CCP, with any remaining shortfalls required to be paid by Citi as clearing member. Citi generally holds incremental cash or securities margin posted by the client, which would typically be expected to be sufficient to mitigate Citi’s credit risk in the event that the client fails to perform. Carrying Value—Guarantees and Indemnifications At September 30, 2025 and December 31, 2024, the total carrying amounts of the liabilities related to the guarantees and indemnifications included in the tables above amounted to approximately $1.1 billion and $1.0 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 $54.6 billion and $49.0 billion at September 30, 2025 and December 31, 2024, respectively. Securities and other marketable assets held as collateral amounted to $88.7 billion and $62.5 billion at September 30, 2025 and December 31, 2024, 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 $3.0 billion and $3.1 billion at September 30, 2025 and December 31, 2024, 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 September 30, 2025 | Investment grade | Non-investment grade | Not rated | Total
Financial standby letters of credit | $ | 67.1 |  | $ | 13.5 |  | $ | — |  | $ | 80.6 |
Loans sold with recourse | — |  | — |  | 0.9 |  | 0.9 |
Other | — |  | 8.4 |  | — |  | 8.4 |
Total | $ | 67.1 |  | $ | 21.9 |  | $ | 0.9 |  | $ | 89.9 |
| Maximum potential amount of future payments
In billions of dollars at December 31, 2024 | Investment grade | Non-investment grade | Not rated | Total
Financial standby letters of credit | $ | 63.2 |  | $ | 15.6 |  | $ | 0.2 |  | $ | 79.0 |
Loans sold with recourse | — |  | — |  | 1.0 |  | 1.0 |
Other | — |  | 8.4 |  | — |  | 8.4 |
Total | $ | 63.2 |  | $ | 24.0 |  | $ | 1.2 |  | $ | 88.4 |
Credit Commitments and Lines of Credit The table below summarizes Citigroup’s credit commitments:
In millions of dollars | U.S. | Outside of U.S.(1) | September 30, 2025 | December 31, 2024
Commercial and similar letters of credit | $ | 525 |  | $ | 3,774 |  | $ | 4,299 |  | $ | 4,031 |
One- to four-family residential mortgages | 901 |  | 618 |  | 1,519 |  | 967 |
Revolving open-end loans secured by one- to four-family residential properties | 5,066 |  | 2 |  | 5,068 |  | 5,271 |
Commercial real estate, construction and land development | 11,531 |  | 2,299 |  | 13,830 |  | 14,107 |
Credit card lines | 627,925 |  | 64,758 |  | 692,683 |  | 676,749 |
Commercial and other consumer loan commitments | 252,871 |  | 124,210 |  | 377,081 |  | 325,329 |
Other commitments and contingencies(2) | 4,915 |  | 157 |  | 5,072 |  | 4,908 |
Total | $ | 903,734 |  | $ | 195,818 |  | $ | 1,099,552 |  | $ | 1,031,362 |
(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. The majority of unused commitments are contingent upon customers maintaining specific credit standards. Commercial commitments generally have floating interest rates and fixed expiration dates and may require payment of fees. Such fees (net of certain direct costs) are deferred and, upon exercise of the commitment, amortized over the life of the loan or, if exercise is deemed remote, amortized over the commitment period. 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 September 30, 2025 and December 31, 2024, 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 September 30, 2025 and December 31, 2024, Citi had approximately $201.2 billion and $117.7 billion of unsettled reverse repurchase and securities borrowing agreements, and approximately $215.9 billion and $126.8 billion of unsettled repurchase and securities lending agreements, respectively. See Note 11 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 Citigroup defines restricted cash (as cash subject to withdrawal restrictions) to include cash deposited with central banks that must be maintained to meet minimum regulatory requirements, and cash set aside for the benefit of customers or for other purposes such as compensating balance arrangements or debt retirement. Restricted cash may include minimum reserve requirements at certain central banks and cash segregated to satisfy rules regarding the protection of customer assets as required by Citigroup broker-dealers’ primary regulators, including the SEC, the Commodity Futures Trading Commission and the United Kingdom’s Prudential Regulation Authority. Restricted cash is included on the Consolidated Balance Sheet within the following balance sheet lines:
In millions of dollars | September 30, 2025 | December 31, 2024
Cash and due from banks | $ | 4,004 |  | $ | 3,325 |
Deposits with banks, net of allowance | 20,249 |  | 16,217 |
Total | $ | 24,253 |  | $ | 19,542 |
In addition to the restricted cash amounts presented above, at September 30, 2025 and December 31, 2024, approximately $11.7 billion and $7.2 billion, respectively, was held at the Russian Deposit Insurance Agency (DIA) and was subject to restrictions imposed by the Russian government. These restricted amounts are reported within Other assets on the Consolidated Balance Sheet.

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