Citigroup (C) 8-K Citigroup -- Summary Financial Information Reflecting the 1Q22 Operating Segment and Reporting Unit Structure

Exhibit 99.1

CITIGROUP -- SUMMARY FINANCIAL INFORMATION REFLECTING THE 1Q22 OPERATING SEGMENT AND REPORTING UNIT STRUCTURE				Historical - 4Q21
				Page
	Citigroup
		Financial Summary		1
		Consolidated Statement of Income		2
		Consolidated Balance Sheet		3
		Segment and Reporting Units Details
			Net Revenues and Income	4
		Institutional Clients Group (ICG)		5
			Reporting Unit Revenues	6
		Personal Banking and Wealth Management (PBWM)		7
		Legacy Franchises		8
		Corporate / Other		9

As previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2021 (2021 Annual Report on Form 10-K), Citi is making management reporting changes to align with its vision and strategy, as part of its strategic refresh. In the first quarter of 2022, Citi will revise its financial reporting structure to align with these management reporting changes to enable investors and others to better understand the performance of Citi’s businesses. For additional information on the management reporting changes and revised financial reporting structure, including revised segments and reporting units, please see page 6 of Citi’s 2021 Annual Report on Form 10-K.

CITIGROUP FINANCIAL SUMMARY

(In millions of dollars, except per share amounts and as otherwise noted)

	Full			Full			Full			Full			Full			FY 2021 vs.
	Year			Year			Year			Year			Year			FY 2020  Increase/
	2017			2018			2019			2020			2021			(Decrease)
Total revenues, net of interest expense(1)(2)	$	73,693		$	74,036		$	75,067		$	75,501		$	71,884		(5%)
Total operating expenses(1)(3)		43,481			43,023			42,783			44,374			48,193		9%
Net credit losses (NCLs)		7,076			7,113			7,768			7,611			4,895		(36%)
Credit reserve build / (release) for loans		427			241			450			8,311			(7,998)		NM
Provision / (release) for unfunded lending commitments		(161)			113			92			1,446			(788)		NM
Provisions for benefits and claims, HTM debt securities and other assets		109			101			73			127			113		(11%)
Provisions for credit losses and for benefits and claims		7,451			7,568			8,383			17,495			(3,778)		NM
Income from continuing operations before income taxes		22,761			23,445			23,901			13,632			27,469		NM
Income taxes(4)		29,388			5,357			4,430			2,525			5,451		NM
Income from continuing operations		(6,627)			18,088			19,471			11,107			22,018		98%
Income (loss) from discontinued operations, net of taxes		(111)			(8)			(4)			(20)			7		NM
Net income before noncontrolling interests		(6,738)			18,080			19,467			11,087			22,025		99%
Net income (loss) attributable to noncontrolling interests		60			35			66			40			73		83%
Citigroup’s net income	$	(6,798)		$	18,045		$	19,401		$	11,047		$	21,952		99%
Diluted earnings per share:
Income from continuing operations	$	(2.94)		$	6.69		$	8.04		$	4.73		$	10.14		NM
Citigroup’s net income	$	(2.98)		$	6.68		$	8.04		$	4.72		$	10.14		NM
Shares (in millions):
Average basic		2,698.5			2,493.3			2,249.2			2,085.8			2,033.0		(3%)
Average diluted		2,698.5			2,494.7			2,265.3			2,099.0			2,049.4		(2%)
Common shares outstanding, at period end
Preferred dividends	$	1,213		$	1,174		$	1,109		$	1,095		$	1,040		(5%)
Income allocated to unrestricted common shareholders - basic
Income from continuing operations	$	(7,937)		$	16,680		$	18,174		$	9,899		$	20,751		NM
Citigroup’s net income	$	(8,048)		$	16,672		$	18,171		$	9,879		$	20,758		NM
Income allocated to unrestricted common shareholders - diluted
Income from continuing operations	$	(7,937)		$	16,680		$	18,207		$	9,930		$	20,781		NM
Citigroup’s net income	$	(8,048)		$	16,672		$	18,204		$	9,909		$	20,788		NM
Regulatory capital ratios and performance metrics:
Common Equity Tier 1 (CET1) Capital ratio(6)(7)(8)		12.36	%		11.86	%		11.79	%		11.51	%		12.25	%
Tier 1 Capital ratio(6)(7)(8)		14.06	%		13.43	%		13.33	%		13.06	%		13.91	%
Total Capital ratio(6)(7)(8)		16.30	%		16.14	%		15.87	%		15.33	%		16.04	%
Supplementary Leverage ratio (SLR)(7)(8)(9)		6.68	%		6.40	%		6.20	%		6.99	%		5.73	%
Return on average assets		(0.36)	%		0.94	%		0.98	%		0.50	%		0.94	%
Return on average common equity		(3.9)	%		9.4	%		10.3	%		5.7	%		11.5	%
Efficiency ratio (total operating expenses/total revenues, net)		59.0	%		58.1	%		57.0	%		58.8	%		67.0	%
Balance sheet data (in billions of dollars, except per share amounts):
Total assets	$	1,842.5		$	1,917.4		$	1,951.2		$	2,260.1		$	2,291.4
Total average assets		1,875.5			1,920.2			1,978.8			2,226.5			2,347.7		5%
Total deposits		959.8			1,013.2			1,070.6			1,280.7			1,317.2
Citigroup’s stockholders’ equity		200.7			196.2			193.2			199.4			202.0
Book value per share		70.62			75.05			82.90			86.43			92.21
Tangible book value per share		60.16			63.79			70.39			73.67			79.16
Direct staff (in thousands)		209			204			200			210			223

(1)

During 2021, Citi reclassified deposit insurance expenses from Interest expense to Other operating expenses for all periods presented. For additional information, see Note 29 in Notes to Consolidated Financial Statements in Citi’s 2021 Annual Report on Form 10-K.

(2)

2021 includes an approximate $680 million loss on sale (approximately $580 million after-tax), related to the announced sale of Citi’s consumer banking operations in Australia.

(3)

2021 includes an approximate $1.052 billion charge (approximately $792 million after-tax), in connection with the Voluntary Early Retirement Plan (VERP) related to the announced wind-down of Citi’s consumer banking operations in Korea.

(4)

2021 includes an approximate $600 million benefit from a reduction in Citi’s valuation allowance related to its Deferred Tax Assets (DTAs).

(5)

Not used.

(6)

Citi’s reportable CET1 Capital and Tier 1 Capital ratios were derived under the U.S. Basel III Advanced Approaches as of December 31, 2020, and the U.S. Basel III Standardized Approach for all other periods presented. Citi’s reportable Total Capital ratios were derived under the U.S. Basel III Advanced Approaches framework for all periods presented. The reportable ratios represent the more binding of each of the three risk-based capital ratios (CET1 Capital, Tier 1 Capital and Total Capital) under both the Standardized Approach and the Advanced Approaches under the Collins Amendment.

(7)

Commencing January 1, 2020, Citi has elected to apply the modified transition provision related to the impact of the CECL accounting standard on regulatory capital, as provided by the U.S. banking agencies’ September 2020 final rule. For additional information, see "Capital Resources" in Citi’s 2021 Form 10-K.

(8)

Citigroup’s risk-based capital ratios and Supplementary Leverage Ratio reflect full implementation of the U.S. Basel III rules for all periods. As of December 31, 2017, these ratios are non-GAAP financial measures, which reflect full implementation of regulatory capital adjustments and deductions prior to the effective date of January 1, 2018.

(9)

As of December 31, 2020, Citigroup’s Total Leverage Exposure (the Supplementary Leverage Ratio denominator) temporarily excluded U.S. Treasuries and deposits at Federal Reserve Banks. For additional information, see “Capital Resources” in Citi’s 2021 Form 10-K.

Note: Ratios and variance percentages are calculated based on the displayed amounts.

NM Not meaningful.

Reclassified to conform to the current period’s presentation.

Page 1

CITIGROUP CONSOLIDATED STATEMENT OF INCOME

(In millions of dollars)

	Full		Full		Full		Full		Full		FY 2021 vs.
	Year		Year		Year		Year		Year		FY 2020 Increase/
	2017		2018		2019		2020		2021		(Decrease)
Revenues
Interest revenue	$	61,579	$	70,828	$	76,510	$	58,089	$	50,475	(13%)
Interest expense(1)		15,269		23,084		28,382		13,338		7,981	(40%)
Net interest income (NII)(2)		46,310		47,744		48,128		44,751		42,494	(5%)
Commissions and fees		12,707		11,857		11,746		11,385		13,672	20%
Principal transactions		8,940		8,905		8,892		13,885		10,154	(27%)
Administrative and other fiduciary fees		3,584		3,580		3,411		3,472		3,943	14%
Realized gains (losses) on investments		778		421		1,474		1,756		665	(62%)
Impairment losses on investments and other assets		(63)		(132)		(32)		(165)		(206)	(25%)
Provision for credit losses on AFS debt securities(3)		-		-		-		(3)		(3)	-
Other revenue (loss)		1,437		1,661		1,448		420		1,165	NM
Total non-interest revenues (NIR)(2)		27,383		26,292		26,939		30,750		29,390	(4%)
Total revenues, net of interest expense		73,693		74,036		75,067		75,501		71,884	(5%)
Provisions for credit losses and for benefits and claims
Net credit losses		7,076		7,113		7,768		7,611		4,895	(36%)
Credit reserve build / (release) for loans		427		241		450		8,311		(7,998)	NM
Provision for credit losses on loans		7,503		7,354		8,218		15,922		(3,103)	NM
Provision for credit losses on held-to-maturity (HTM) debt securities		-		-		-		7		(3)	NM
Provision for credit losses on other assets		-		-		-		7		-	(100%)
Policyholder benefits and claims		109		101		73		113		116	3%
Provision for credit losses on unfunded lending commitments		(161)		113		92		1,446		(788)	NM
Total provisions for credit losses and for benefits and claims		7,451		7,568		8,383		17,495		(3,778)	NM
Operating expenses
Compensation and benefits		21,181		21,154		21,433		22,214		25,134	13%
Premises and equipment		2,453		2,324		2,328		2,333		2,314	(1%)
Technology / communication		6,909		7,193		7,077		7,383		7,828	6%
Advertising and marketing		1,608		1,545		1,516		1,217		1,490	22%
Other operating(1)		11,330		10,807		10,429		11,227		11,427	2%
Total operating expenses		43,481		43,023		42,783		44,374		48,193	9%
Income from continuing operations before income taxes		22,761		23,445		23,901		13,632		27,469	NM
Provision for income taxes(4)		29,388		5,357		4,430		2,525		5,451	NM
Income (loss) from continuing operations		(6,627)		18,088		19,471		11,107		22,018	98%
Discontinued operations
Income (loss) from discontinued operations		(104)		(26)		(31)		(20)		7	NM
Provision (benefit) for income taxes		7		(18)		(27)		-		-	-
Income (loss) from discontinued operations, net of taxes		(111)		(8)		(4)		(20)		7	NM
Net income before noncontrolling interests		(6,738)		18,080		19,467		11,087		22,025	99%
Net income (loss) attributable to noncontrolling interests		60		35		66		40		73	83%
Citigroup’s net income	$	(6,798)	$	18,045	$	19,401	$	11,047	$	21,952	99%

(1) See footnote 1 on page 1.

(2) The 2017 and 2018 Net interest income and Non-interest revenue amounts have been adjusted from those reported in Citi's 2021 Annual Report on Form 10-K to appropriately reflect the reported reclassification of deposit insurance expense from Net interest income to Other operating expenses, consistent with the approach used for 2019, 2020 and 2021.

(3) In accordance with ASC 326.

(4) See footnote 4 on page 1.

NM Not meaningful.

Reclassified to conform to the current period’s presentation.

Page 2

CITIGROUP CONSOLIDATED BALANCE SHEET

(In millions of dollars)

											4Q21 Increase/
	December 31,		December 31,		December 31,		December 31,		December 31,		(Decrease) from
	2017		2018		2019		2020		2021		4Q20
Assets
Cash and due from banks (including segregated cash and other deposits)	$	23,775	$	23,645	$	23,967	$	26,349	$	27,515	4%
Deposits with banks, net of allowance		156,741		164,460		169,952		283,266		234,518	(17%)
Securities borrowed and purchased under agreements to resell, net of allowance		232,478		270,684		251,322		294,712		327,288	11%
Brokerage receivables, net of allowance		38,384		35,450		39,857		44,806		54,340	21%
Trading account assets		252,790		256,117		276,140		375,079		331,945	(11%)
Investments
Available-for-sale debt securities, net of allowance		290,725		288,038		280,265		335,084		288,522	(14%)
Held-to-maturity debt securities, net of allowance		53,320		63,357		80,775		104,943		216,963	NM
Equity securities		8,245		7,212		7,523		7,332		7,337	-
Total investments		352,290		358,607		368,563		447,359		512,822	15%
Loans, net of unearned income
Consumer		382,016		384,341		400,938		386,474		376,534	(3%)
Corporate		285,018		299,855		298,545		289,409		291,233	1%
Loans, net of unearned income		667,034		684,196		699,483		675,883		667,767	(1%)
Allowance for credit losses on loans (ACLL)		(12,355)		(12,315)		(12,783)		(24,956)		(16,455)	34%
Total loans, net		654,679		671,881		686,700		650,927		651,312	-
Goodwill		22,256		22,046		22,126		22,162		21,299	(4%)
Intangible assets (including MSRs)		5,146		5,220		4,822		4,747		4,495	(5%)
Other assets, net of allowance		103,926		109,273		107,709		110,683		125,879	14%
Total assets	$	1,842,465	$	1,917,383	$	1,951,158	$	2,260,090	$	2,291,413	1%
Liabilities
Non-interest-bearing deposits in U.S. offices	$	126,880	$	105,836	$	98,811	$	126,942	$	158,552	25%
Interest-bearing deposits in U.S. offices		318,613		361,573		401,418		503,213		543,283	8%
Total U.S. deposits		445,493		467,409		500,229		630,155		701,835	11%
Non-interest-bearing deposits in offices outside the U.S.		87,440		80,648		85,692		100,543		97,270	(3%)
Interest-bearing deposits in offices outside the U.S.		426,889		465,113		484,669		549,973		518,125	(6%)
Total international deposits		514,329		545,761		570,361		650,516		615,395	(5%)
Total deposits		959,822		1,013,170		1,070,590		1,280,671		1,317,230	3%
Securities loaned and sold under agreements to resell		156,277		177,768		166,339		199,525		191,285	(4%)
Brokerage payables		61,342		64,571		48,601		50,484		61,430	22%
Trading account liabilities		125,170		144,305		119,894		168,027		161,529	(4%)
Short-term borrowings		44,452		32,346		45,049		29,514		27,973	(5%)
Long-term debt		236,709		231,999		248,760		271,686		254,374	(6%)
Other liabilities(2)		57,021		56,150		57,979		59,983		74,920	25%
Total liabilities	$	1,640,793	$	1,720,309	$	1,757,212	$	2,059,890	$	2,088,741	1%
Equity
Stockholders’ equity
Preferred stock	$	19,253	$	18,460	$	17,980	$	19,480	$	18,995	(2%)
Common stock		31		31		31		31		31	-
Additional paid-in capital		108,008		107,922		107,840		107,846		108,003	-
Retained earnings		138,425		151,347		165,369		168,272		184,948	10%
Treasury stock, at cost		(30,309)		(44,370)		(61,660)		(64,129)		(71,240)	(11%)
Accumulated other comprehensive income (loss) (AOCI)(3)		(34,668)		(37,170)		(36,318)		(32,058)		(38,765)	(21%)
Total common equity	$	181,487	$	177,760	$	175,262	$	179,962	$	182,977	2%
Total Citigroup stockholders’ equity	$	200,740	$	196,220	$	193,242	$	199,442	$	201,972	1%
Noncontrolling interests		932		854		704		758		700	(8%)
Total equity		201,672		197,074		193,946		200,200		202,672	1%
Total liabilities and equity	$	1,842,465	$	1,917,383	$	1,951,158	$	2,260,090	$	2,291,413	1%

(1) Not used.

(2) Includes allowance for credit losses for unfunded lending commitments.

(3) December 31, 2021, includes an approximate $475 million (after-tax) currency translation adjustment (CTA) loss (net of hedges) associated with its consumer banking operations in Australia (see footnote 2 on page 1). The transaction generated a pretax loss on sale of approximately $680 million upon classification to held-for-sale ($580 million after-tax). The loss on sale primarily reflects the impact of a pretax $625 million CTA loss (net of hedges) ($475 million after-tax) already reflected in the Accumulated Other Comprehensive Income (AOCI) component of equity. Upon closing, the CTA-related balance will be removed from the AOCI component of equity, resulting in a neutral impact from CTA to Citi’s Common Equity Tier 1 Capital.

NM  Not meaningful.

Reclassified to conform to the current period’s presentation.

Page 3

OPERATING SEGMENT AND REPORTING UNIT DETAILS

(In millions of dollars)

	Full		Full		Full		Full		Full		FY 2021 vs.
	Year		Year		Year		Year		Year		FY 2020 Increase/
	2017		2018		2019		2020		2021		(Decrease)
Net Revenues
Institutional Clients Group	$	35,258	$	35,463	$	36,109	$	41,093	$	39,836	(3%)
Personal Banking and Wealth Management		25,048		25,613		26,214		25,140		23,327	(7%)
Legacy Franchises		12,704		12,078		11,246		9,454		8,251	(13%)
Corporate/Other		683		882		1,498		(186)		470	NM
Total net revenues	$	73,693	$	74,036	$	75,067	$	75,501	$	71,884	(5%)
Income from continuing operations
Institutional Clients Group	$	8,459	$	11,439	$	11,666	$	10,811	$	14,308	32%
Personal Banking and Wealth Management		3,243		4,942		5,047		1,322		7,734	NM
Legacy Franchises		1,470		1,694		1,580		(142)		(9)	94%
Corporate/Other		(19,799)		13		1,178		(884)		(15)	98%
Income from continuing operations	$	(6,627)	$	18,088	$	19,471	$	11,107	$	22,018	98%
Discontinued operations		(111)		(8)		(4)		(20)		7	NM
Net income attributable to noncontrolling interests		60		35		66		40		73	83%
Net income	$	(6,798)	$	18,045	$	19,401	$	11,047	$	21,952	99%

NM  Not meaningful.

Reclassified to conform to the current period’s presentation.

Page 4

INSTITUTIONAL CLIENTS GROUP

(In millions of dollars, except as otherwise noted)

	Full			Full			Full			Full			Full			FY 2021 vs.
	Year			Year			Year			Year			Year			FY 2020 Increase/
	2017			2018			2019			2020			2021			(Decrease)
Commissions and fees	$	4,067		$	4,220		$	4,071		$	3,961		$	4,300		9%
Administration and other fiduciary fees		2,283			2,310			2,256			2,348			2,693		15%
Investment banking		4,647			4,333			4,414			4,982			6,709		35%
Principal transactions		7,228			8,453			8,256			12,916			9,763		(24%)
Other		1,689			920			1,814			1,136			1,372		21%
Total non-interest revenue		19,914			20,236			20,811			25,343			24,837		(2%)
Net interest income (including dividends)		15,344			15,227			15,298			15,750			14,999		(5%)
Total revenues, net of interest expense		35,258			35,463			36,109			41,093			39,836		(3%)
Total operating expenses		20,032			20,427			20,745			22,336			23,949		7%
Net credit losses on loans		488			183			335			877			356		(59%)
Credit reserve build / (release) for loans		(312)			(112)			56			2,582			(2,093)		NM
Provision for credit losses on unfunded lending commitments		(165)			117			91			1,390			(753)		NM
Provisions for credit losses for HTM debt securities and other assets		-			-			-			20			-		(100%)
Provision for credit losses		11			188			482			4,869			(2,490)		NM
Income from continuing operations before taxes		15,215			14,848			14,882			13,888			18,377		32%
Income taxes		6,756			3,409			3,216			3,077			4,069		32%
Income from continuing operations		8,459			11,439			11,666			10,811			14,308		32%
Noncontrolling interests		57			17			40			50			83		66%
Net income	$	8,402		$	11,422		$	11,626		$	10,761		$	14,225		32%
EOP assets (in billions)	$	1,262		$	1,325		$	1,317		$	1,592		$	1,613		1%
Average assets (in billions)		1,289			1,338			1,377		$	1,566		$	1,669		7%
Return on average assets		0.65	%		0.85	%		0.84	%		0.69	%		0.85	%
Efficiency ratio		57	%		58	%		57	%		54	%		60	%
Revenue by Reporting Unit
Services	$	12,082		$	13,059		$	13,454		$	12,726		$	12,539		(1%)
Markets		15,897			15,205			15,745			21,133			17,918		(15%)
Banking		7,279			7,199			6,910			7,234			9,379		30%
Total revenues, net of interest expense	$	35,258		$	35,463		$	36,109		$	41,093		$	39,836		(3%)
Revenue by region
North America	$	13,178		$	12,030		$	11,816		$	15,537		$	14,759		(5%)
EMEA		10,605			11,385			11,561			12,394			12,415		-
Latin America		4,239			4,360			4,554			4,293			4,277		-
Asia		7,236			7,688			8,178			8,869			8,385		(5%)
Total revenues, net of interest expense	$	35,258		$	35,463		$	36,109		$	41,093		$	39,836		(3%)
Income (loss) from continuing operations by region
North America	$	2,024		$	3,092		$	2,850		$	3,005		$	5,089		69%
EMEA		2,682			3,734			3,700			3,177			4,203		32%
Latin America		1,462			1,817			1,904			1,349			2,060		53%
Asia		2,291			2,796			3,212			3,280			2,956		(10%)
Income from continuing operations	$	8,459		$	11,439		$	11,666		$	10,811		$	14,308		32%
EOP loans by region (in billions)
North America	$	115		$	124		$	126		$	125		$	126		1%
EMEA		67			76			77			77			76		(1%)
Latin America		32			33			31			26			26		-
Asia		63			59			57			54			57		6%
Total	$	277		$	292		$	291		$	282		$	285		1%
Average loans by region (in billions)
North America	$	109		$	117		$	126		$	131		$	127		(3%)
EMEA		62			73			77			78			77		(1%)
Latin America		33			33			32			32			26		(19%)
Asia		59			64			59			57			57		0
Total	$	263		$	287		$	294		$	298		$	287		(4%)
EOP deposits by region (in billions)
North America	$	264		$	286		$	302		$	384		$	383		0
EMEA		154			163			167			191			193		1%
Latin America		25			27			30			35			38		9%
Asia		131			141			150			172			176		2%
Total	$	573		$	617		$	649		$	782		$	789		1%
Average deposits by region (in billions)
North America	$	261		$	270		$	298		$	391		$	402		3%
EMEA		147			161			172			186			204		10%
Latin America		27			27			29			33			37		12%
Asia		139			146			152			170			185		9%
Total	$	574		$	604		$	651		$	780		$	828		6%

NM  Not meaningful.

Reclassified to conform to the current period’s presentation.

Page 5

INSTITUTIONAL CLIENTS GROUP

REPORTING UNIT REVENUES

(In millions of dollars, except as otherwise noted)

	Full		Full		Full		Full		Full		FY 2021 vs.
	Year		Year		Year		Year		Year		FY 2020 Increase/
	2017		2018		2019		2020		2021		(Decrease)
Services:
Net interest income	$	7,060	$	7,642	$	8,013	$	7,561	$	6,552	(13%)
Non-interest revenue		5,022		5,417		5,441		5,165		5,987	16%
Total Services revenues	$	12,082	$	13,059	$	13,454	$	12,726	$	12,539	(1%)
Net interest income	$	6,078	$	6,473	$	6,756	$	6,505	$	5,665	(13%)
Non-interest revenue		3,086		3,323		3,378		3,004		3,509	17%
Treasury and Trade Solutions	$	9,164	$	9,796	$	10,134	$	9,509	$	9,174	(4%)
Net interest income	$	982	$	1,169	$	1,257	$	1,056	$	887	(16%)
Non-interest revenue		1,936		2,094		2,063		2,161		2,478	15%
Securities Services	$	2,918	$	3,263	$	3,320	$	3,217	$	3,365	5%
Markets:
Net interest income	$	5,146	$	4,188	$	3,900	$	5,201	$	5,203	-
Non-interest revenue		10,751		11,017		11,845		15,932		12,715	(20%)
Total Markets revenues	$	15,897	$	15,205	$	15,745	$	21,133	$	17,918	(15%)
Fixed income markets	$	12,534	$	11,247	$	12,277	$	17,059	$	12,922	(24%)
Equity markets		3,363		3,958		3,468		4,074		4,996	23%
Total Markets revenues	$	15,897	$	15,205	$	15,745	$	21,133	$	17,918	(15%)
Rates and currencies	$	8,765	$	8,336	$	9,119	$	12,076	$	8,835	(27%)
Spread products / other fixed income		3,769		2,911		3,158		4,983		4,087	(18%)
Total fixed income markets revenues	$	12,534	$	11,247	$	12,277	$	17,059	$	12,922	(24%)
Banking:
Net interest income	$	3,138	$	3,397	$	3,385	$	2,988	$	3,244	9%
Non-interest revenue		4,141		3,802		3,525		4,246		6,135	44%
Total Banking revenues, including gain/(loss) on loan hedges	$	7,279	$	7,199	$	6,910	$	7,234	$	9,379	30%
Investment banking
Advisory	$	1,123	$	1,301	$	1,259	$	1,010	$	1,796	78%
Equity underwriting		987		840		810		1,423		2,249	58%
Debt underwriting		2,416		1,724		2,010		2,173		2,586	19%
Total investment banking		4,526		3,865		4,079		4,606		6,631	44%
Corporate lending - excluding gain/(loss) on loan hedges(1)		2,886		3,289		3,263		2,687		2,888	7%
Total Banking revenues (ex-gain/(loss) on loan hedges)(1)	$	7,412	$	7,154	$	7,342	$	7,293	$	9,519	31%
Gain/(loss) on loan hedges(1)		(133)		45		(432)		(59)		(140)	NM
Total Banking revenues including g/(l) on loan hedges(1)	$	7,279	$	7,199	$	6,910	$	7,234	$	9,379	30%
Total ICG revenues, net of interest expense	$	35,258	$	35,463	$	36,109	$	41,093	$	39,836	(3%)
Taxable-equivalent adjustments(2)		756		471		508		474		559	18%
Total ICG revenues - including taxable-equivalent adjustments(2)	$	36,014	$	35,934	$	36,617	$	41,567	$	40,395	(3%)

(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) Primarily relates to income tax credits related to affordable housing and alternative energy investments as well as tax exempt income from municipal bond investments.

NM  Not meaningful.

Reclassified to conform to the current period’s presentation.

Page 6

PERSONAL BANKING AND WEALTH MANAGEMENT

(In millions of dollars, except as otherwise noted)

	Full			Full			Full			Full			Full			FY 2021 vs.
	Year			Year			Year			Year			Year			FY 2020 Increase/
	2017			2018			2019			2020			2021			(Decrease)
Net interest income	$	21,505		$	22,436		$	23,323		$	22,326		$	20,646		(8%)
Non-interest revenue		3,543			3,177			2,891			2,814			2,681		(5%)
Total revenues, net of interest expense		25,048			25,613			26,214			25,140			23,327		(7%)
Total operating expenses		13,078			13,575			13,561			13,599			14,610		7%
Net credit losses on loans		4,814			5,207			5,744			5,229			3,061		(41%)
Credit reserve build / (release) for loans		938			458			462			4,613			(4,284)		NM
Provision for credit losses on unfunded lending commitments		4			(2)			8			26			(16)		NM
Provisions for benefits and claims, and other assets		29			20			18			17			15		(12%)
Provisions for credit losses and for benefits and claims (PBC)		5,785			5,683			6,232			9,885			(1,224)		NM
Income (loss) from continuing operations before taxes		6,185			6,355			6,421			1,656			9,941		NM
Income taxes (benefits)		2,942			1,413			1,374			334			2,207		NM
Income (loss) from continuing operations		3,243			4,942			5,047			1,322			7,734		NM
Noncontrolling interests		-			-			-			-			-		-
Net income (loss)	$	3,243		$	4,942		$	5,047		$	1,322		$	7,734		NM
EOP assets (in billions)	$	389		$	389		$	417		$	453		$	464		2%
Average assets (in billions)		374			375			390			454			467		3%
Return on average assets		0.87	%		1.32	%		1.29	%		0.29	%		1.66	%
Efficiency ratio		52	%		53	%		52	%		54	%		63	%
Revenue by Reporting Unit
Branded Cards	$	8,623		$	8,668		$	9,185		$	8,799		$	8,190		(7%)
Retail Services Cards		6,460			6,630			6,716			5,965			5,082		(15%)
Retail Banking		2,950			2,879			2,776			2,790			2,506		(10%)
U.S. Personal Banking		18,033			18,177			18,677			17,554			15,778		(10%)
Global Wealth Management		7,015			7,436			7,537			7,586			7,549		-
Total	$	25,048		$	25,613		$	26,214		$	25,140		$	23,327		(7%)
EOP loans by Reporting Unit (in billions)
U.S. Personal Banking	$	178		$	182		$	187		$	168		$	167		(1%)
Global Wealth Management		108			116			132			141			151		7%
Total	$	286		$	298		$	319		$	309		$	318		3%
Average loans by Reporting Unit (in billions)
U.S. Personal Banking	$	169		$	173		$	177		$	169		$	159		(6%)
Global Wealth Management		101			112			123			135			148		10%
Total	$	270		$	285		$	300		$	304		$	307		1%
EOP deposits by Reporting Unit (in billions)
U.S. Personal Banking	$	80		$	80		$	86		$	108		$	117		8%
Global Wealth Management		219			227			245			289			329		14%
Total	$	299		$	307		$	331		$	397		$	446		12%
Average deposits by Reporting Unit (in billions)
U.S. Personal Banking	$	80		$	78		$	82		$	97		$	112		15%
Global Wealth Management		215			217			231			261			305		17%
Total	$	295		$	295		$	313		$	358		$	417		16%

NM  Not meaningful.

Reclassified to conform to the current period’s presentation.

Page 7

LEGACY FRANCHISES⁽¹⁾

(In millions of dollars, except as otherwise noted)

	Full			Full			Full			Full			Full			FY 2021 vs.
	Year			Year			Year			Year			Year			FY 2020 Increase/
	2017			2018			2019			2020			2021			(Decrease)
Net interest income	$	8,692		$	8,487		$	7,894		$	6,973		$	6,250		(10%)
Non-interest revenue(2)		4,012			3,591			3,352			2,481			2,001		(19%)
Total revenues, net of interest expense		12,704			12,078			11,246			9,454			8,251		(13%)
Total operating expenses(3)		8,918			8,012			7,363			6,890			8,259		20%
Net credit losses on loans		1,774			1,723			1,689			1,505			1,478		(2%)
Credit reserve build / (release) for loans		(199)			(105)			(68)			1,116			(1,621)		NM
Provision for credit losses on unfunded lending commitments		-			(2)			(7)			30			(19)		NM
Provisions for benefits and claims, HTM debt securities and other assets		80			81			55			88			100		14%
Provisions for credit losses and for benefits and claims (PBC)		1,655			1,697			1,669			2,739			(62)		NM
Income from continuing operations before taxes		2,131			2,369			2,214			(175)			54		NM
Income taxes (benefits)		661			675			634			(33)			63		NM
Income from continuing operations		1,470			1,694			1,580			(142)			(9)		94%
Noncontrolling interests		32			24			28			(6)			(10)		(67%)
Net income	$	1,438		$	1,670		$	1,552		$	(136)		$	1		101%
EOP assets (in billions)	$	145		$	133		$	136		$	131		$	125		(5%)
Average assets (in billions)		156			140			134			128			127		(1%)
Return on average assets		0.92	%		1.19	%		1.16	%		(0.11)	%		0.00	%
Efficiency ratio		70	%		66	%		65	%		73	%		100	%
Revenue by Reporting Unit and component
Asia consumer	$	4,858		$	4,908		$	4,915		$	4,311		$	3,405		(21%)
Mexico consumer, small business & middle market banking		5,303			5,837			5,808			4,885			4,651		(5%)
Legacy Holdings Assets		2,543			1,333			523			258			195		(24%)
Total	$	12,704		$	12,078		$	11,246		$	9,454		$	8,251		(13%)

(1) Legacy Franchises includes Asia Consumer, which includes the operations of the Asia exit countries, including certain EMEA countries, Mexico Consumer, Mexico Small Business & Middle-Market Banking, as well as certain North America Legacy Holdings assets (consumer loan portfolios and other legacy assets).

(2) See footnote 2 on page 1.

(3) See footnote 3 on page 1.

NM  Not meaningful.

Reclassified to conform to the current period's presentation.

Page 8

CORPORATE / OTHER⁽¹⁾

(In millions of dollars, except as otherwise noted)

	Full		Full		Full		Full		Full		FY 2021 vs.
	Year		Year		Year		Year		Year		FY 2020 Increase/
	2017		2018		2019		2020		2021		(Decrease)
Net interest income	$	769	$	1,594	$	1,613	$	(298)	$	599	NM
Non-interest revenue		(86)		(712)		(115)		112		(129)	NM
Total revenues, net of interest expense		683		882		1,498		(186)		470	NM
Total operating expenses		1,453		1,009		1,114		1,549		1,375	(11%)
Provisions for HTM debt securities and other assets		-		-		-		2		(2)	NM
Income (loss) from continuing operations before taxes		(770)		(127)		384		(1,737)		(903)	48%
Income taxes (benefits)		19,029		(140)		(794)		(853)		(888)	(4%)
Income (loss) from continuing operations		(19,799)		13		1,178		(884)		(15)	98%
Income (loss) from discontinued operations, net of taxes		(111)		(8)		(4)		(20)		7	NM
Noncontrolling interests		(29)		(6)		(2)		(4)		-	100%
Net income (loss)	$	(19,881)	$	11	$	1,176	$	(900)	$	(8)	NM
EOP assets (in billions)	$	46	$	70	$	81	$	81	$	89	10%

(1) Includes certain unallocated costs of global staff functions (including finance, risk, human resources, legal and compliance), other corporate expenses and unallocated global operations and technology expenses and income taxes, as well as Corporate Treasury and discontinued operations.

NM  Not meaningful.

Reclassified to conform to the current period’s presentation.

Page 9