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1、2022 ANNUAL REPORTCiti is proud of its colleagues in Ukraine,who are supporting the country through a devastating war.A mission of enabling growth and economic progressWhat you can expect from us and what we expect from ourselvesCitis mission is to serve as a trusted partner to our clients by respon

2、sibly providing financial services that enable growth and economic progress.Our core activities are safeguarding assets,lending money,making payments and accessing the capital markets on behalf of our clients.We have more than 200 years of experience helping our clients meet the worlds toughest chal

3、lenges and embrace its greatest opportunities.We are Citi,the global bank an institution connecting millions of people across hundreds of countries and cities.We protect peoples savings and help them make the purchases from everyday transactions to buying a home that improve the quality of their liv

4、es.We advise people on how to invest for future needs,such as their childrens education and their own retirement,and help them buy securities such as stocks and bonds.We work with companies to optimize their daily operations,whether they need working capital,to make payroll or export their goods ove

5、rseas.By lending to companies large and small,we help them grow,creating jobs and real economic value at home and in communities around the world.We provide financing and support to governments at all levels,so they can build sustainable infrastructure,such as housing,transportation,schools and othe

6、r vital public works.These capabilities create an obligation to act responsibly,do everything possible to create the best outcomes and prudently manage risk.If we fall short,we will take decisive action and learn from our experience.We strive to earn and maintain the publics trust by constantly adhe

7、ring to the highest ethical standards.We ask our colleagues to ensure that their decisions pass three tests:they are in our clients interests,create economic value and are always systemically responsible.When we do these things well,we make a positive financial and social impact in the communities w

8、e serve and show what a global bank can do.Citis Value PropositionMore than 20 years ago,I started at Citi as a market risk analyst in New York City.Since then,I have benefited from the career opportunities that come with being at a global bank and have worked across the world.In 2018,I took on the

9、role of leading Citis franchise in Ukraine and have had the pleasure of making my home with my family in the beautiful city of Kyiv.At Citi,we like to think of ourselves as a“human bank,”and nowhere has that been more apparent than in Ukraine.When Russia invaded our country last year,the entire firm

10、 moved swiftly to support our colleagues and clients.Thanks to the courage and dedication of our Citi Ukraine team,our business here has operated continuously throughout the war.Thats allowed us to support clients on the ground who are overseeing essential services and the non-governmental organizat

11、ions that are delivering aid.On the cover of this report,you will find some images illustrating these heroic efforts.I am also incredibly grateful to my Citi colleagues in Poland,Romania,Hungary and other neighboring countries who have received displaced Ukrainians and mobilized volunteer efforts.On

12、 top of that,so many members of the firm from around the world have found other ways to support us in Ukraine.Simply put,I could not be prouder to work at Citi.May 2023 bring peace to Ukraine.Alex McWhorter Citi Country Officer,Citi UkraineHear more from Alex and Citi Ukraine colleagues on the impac

13、t of the war.Europe,Middle East and Africa CEO David Livingstone(center left)and Alex McWhorter(center right)meet with Citi Ukraine colleagues during a visit to Poland.1Jane Fraser Chief Executive OfficerDear shareholders,Looking back at 2022,I dont think any of us could have predicted the twists an

14、d turns the year would take.Lingering disruptions to supply chains,historic inflationary pressures,persistent lockdowns in China and the largest war on European soil since World War II combined to create a tumultuous environment for businesses and financial markets.As a leading global bank with a mo

15、re-than-210-year history,these dynamics are not unfamiliar to us.And as we showed throughout the pandemic,Citi is an important source of strength and stability during times of immense change and challenge.This is an opportunity and a responsibility we take very seriously.So,for me,2022 will be remem

16、bered most for two things:The first is how we continued to support our clients.We helped them navigate macro and geopolitical dynamics.We advised them in their digital transformations and supported the shifts in their business models.We guided them in their transitions toward a clean-energy economy.

17、When war broke out in Ukraine,we sprang to the aid of our employees and clients on the ground,and helped our multinational clients unwind their operations in Russia in response to Western sanctions aimed at the country.The second is the important strides we are making to position Citi to win in the

18、decade ahead.In March 2022,at our first Investor Day in several years,we set a vision and refreshed our strategy to change our business mix and simplify our operating model.We have absolute clarity on our future,and we are focused on accelerating growth,gaining share and increasing returns for share

19、holders over time.By most measures,we ended the year in a stronger position than we started.A foundation for the futureOur vision for Citi is to be the preeminent banking partner for institutions with cross-border needs,a global leader in wealth management and a valued personal bank in our home mark

20、et.To that end,we have laid the foundation by focusing on five core interconnected businesses:Services,Markets,Banking,Global Wealth Management and U.S.Personal Banking.We intentionally designed our business mix to withstand different macroeconomic conditions,and we have seen that borne out over the

21、 past year.So whilst the environment has changed,our strategy has not,and we remain steadfast in executing and delivering for our shareholders.For the year,we delivered$14.8 billion in net income on revenues of$75.3 billion.Our Return on Tangible Common Equity(RoTCE1)was 8.9%,and we remain on track

22、to achieve an RoTCE of 1112%in the medium term.We increased our Common Equity Tier 1 Capital ratio by nearly 80 basis points to 13%,which includes a buffer of 100 basis points above the regulatory requirement to help absorb the impact of various macro and other factors.Finally,our tangible book valu

23、e per share1 increased to$81.65,and we returned more than$7 billion to our shareholders through common dividends and share repurchases.How our core businesses faredOur Services business had an exceptional year with revenues up 27%versus 2021.Treasury and Trade Solutions(TTS),the crown jewel of our g

24、lobal network,experienced a 32%increase in revenues as we continued to grow our wallet share with existing clients whilst also adding new client relationships.With the introduction of a seven-day sweeps service,the industrys first 24/7 USD clearing capabilities and instant payments in 33 markets,wer

25、e moving closer to an always-on,near real-time cash management solution for corporate clients.In Securities Services,we grew yearly revenues by 15%and onboarded$1.2 trillion in assets under custody and administration.Our Markets business closed 2022 with revenues up 7%from 2021,ending the year with

26、one of the best fourth quarters in recent memory.Our traders navigated the volatility quite well,with notable performance amongst corporate clients and strong gains in FX and rates.And together with our Corporate Bank,our Markets team continued to optimize its balance sheet.Revenues in Banking fell

27、35%as we contended with a materially slower deal environment.But Banking remains a key part of our strategy,and we continued to play a leading role in the years notable transactions.This included acting as one of the lead advisors on Volkswagens 9.4 billion IPO of Porsche,the largest public listing

28、of the year,and serving as financial advisor to Amgen on its proposed$27.8 billion acquisition of Horizon Therapeutics.We hired exceptional bankers in healthcare,clean energy and technology all sectors critical to our growth and welcomed new talent into our Commercial Bank as it has expanded into Ca

29、nada,Germany and Switzerland.In U.S.Personal Banking,revenues for the year rose 7%as we bolstered our leadership in payments and lending.Branded Cards grew revenues by 9%,whilst Retail Services revenues were up 7%.We launched new credit cards with ExxonMobil and AT&T and celebrated 35 years of our c

30、o-branded credit“We have absolute clarity on our future,and we are focused on accelerating growth,gaining share and increasing returns for shareholders over time.”Letter to shareholders32Celebrated 35 years of the American Airlines co-branded credit card,a leading airline rewards credit cardHired ex

31、ceptional talent in Banking,Capital Markets and Advisoryto strengthen coverage of growth sectors such as healthcare,clean energy and technologyExpanded the Private Bank to France and Germany,opened the first Citi Global Wealth Center in Hong Kong and established a Citi Global Wealth at Work presence

32、 in LuxembourgGrew Citi Commercial Bank by expanding into Canada,Germany and Switzerland and hiring talent to execute on our client-centric coverage modelServed as one of the lead advisorson Porsches IPO and as financial advisor on Amgens proposed acquisition of Horizon Therapeutics Onboarded$1.2 tr

33、illion of new assets under custody and administration in Securities ServicesEnhanced risk and controls by improving stress test capabilities and our approval process for new productsDebuted a refreshed strategy for improving returns at Citis Investor Day Built out digital capabilities in our market-

34、leading Treasury and Trade Solutions business and launched a 24/7 payments clearing service Simplified our operating model by closing the sale of five consumer businesses and announced plans to end nearly all operations in RussiaStrengthened connections between businesses resulting in more than 60,0

35、00 client referrals from the U.S.Personal Bank to Citi Global WealthImplemented new performance management framework to drive excellence and accountability across the firmA year of progress541 RoTCE and tangible book value per share are non-GAAP financial measures.For more information,see page 40 of

36、 Citis 2022 Form 10-K.2 Citis binding CET1 Capital ratio was derived under the Basel III Standardized Approach as of December 31,2022.3 Closed the sale of India and Vietnam consumer businesses in March 2023.card partnership with American Airlines.Revenues in Retail Banking were roughly flat for the

37、full year,but we continued to enhance our digital capabilities,growing digital users by 6%for the year.And as part of our efforts to break down barriers to banking,last year we became the first of the largest U.S.banks to completely eliminate overdraft fees and returned item fees for our customers.W

38、e also made progress building out our Global Wealth Management business despite the economic headwinds that slowed activity amongst our Asia-based clients in particular and reduced overall revenues by 2%.Having unified our Wealth businesses under a single platform,weve been acquiring new clients and

39、 investing in hiring advisors to make sure were well-positioned for success as the markets recover.In addition,we forged ahead with our global expansion,opening Private Bank offices in Paris and Frankfurt,a new Wealth center in Hong Kong and a Citi Global Wealth at Work presence in Luxembourg.Greate

40、r connectivity and focusA centerpiece of our go-forward plan is increasing the linkages between our businesses so we can more easily engage clients in one part of our firm with products and services from another.By delivering the full power of Citi to clients,we can deepen existing relationships and

41、 win new mandates.Our Markets and Banking businesses are now aligned more closely than ever,and,as a result,we are supporting our clients in a more integrated way.Our Wealth business is also benefiting from closer connections and received more than 60,000 referrals from the Retail Bank last year.In

42、addition,we have established a new partnership agreement between Wealth and our Commercial Bank,where 90%of our clients are privately owned companies.At the same time,we are making progress in simplifying our firm,making us easier to manage and allowing us to focus on the parts of our business where

43、 we know we can grow and improve our competitiveness.We announced our intention to exit 14 consumer businesses in Asia,Europe,the Middle East and Mexico businesses that do not have clear synergies with our global network.As a result of swift but disciplined execution,in 2022 we successfully closed t

44、he sale of our consumer businesses in Australia,Bahrain,Malaysia,the Philippines and Thailand.In March 2023,we closed the sale of our consumer businesses in India and Vietnam and are on track to close two additional markets by the end of the year.We also are progressing with the wind-down of our con

45、sumer business in Korea.In addition to exiting our consumer and local commercial banking businesses in Russia,we are actively ending nearly all institutional banking services in the country,and by the second quarter of 2023,our only operations will be those necessary to fulfill any legal and regulat

46、ory obligations.Apart from Russia,Citi will continue to serve our clients and invest in these markets through our institutional franchise and our Wealth business.Citis TransformationFor our strategy to unlock the greatest possible value,we know we need to modernize our infrastructure so that we are

47、scaled and agile and able to continue to deliver for our clients.The consent orders issued in 2020 by the Federal Reserve Board and Office of the Comptroller of the Currency underscored how we had underinvested not only in parts of our infrastructure but also in our risk and controls environment and

48、 our data governance.Last year,we made progress in accelerating our work to address these gaps and simplify and modernize our operating model for the digital age.This work is so consequential in nature that we call it our“Transformation.”It remains my number one priority.Whilst this is a multi-year

49、journey,we are already seeing the fruits of our labors.We have dramatically streamlined our approval process for new products.And new stress testing capabilities enable us to make faster,better-informed risk decisions.This made a huge difference in how we have been able to minimize the impact of Rus

50、sias invasion of Ukraine on all parts of our business.Investments in our people and communities Ensuring we have a culture characterized by excellence and accountability underpins the success of our Transformation and broader vision for the firm.Last year,we launched a program,Citis New Way,to help

51、our colleagues adopt the everyday habits we need in order to operate with excellence.We have also hardwired accountability into our firm by strengthening our performance management process and implementing a greater emphasis on financial returns rather than on revenues.The diversity of the nearly 24

52、0,000 people who work at Citi is a distinguishing aspect of our firm,as is the diversity of our Board,which is majority female.We remain committed to a workplace that mirrors the communities we serve.In 2022,we set new goals to increase the number of women and other underrepresented groups working a

53、t Citi.These new goals follow our success in exceeding the three-year goals we set in 2018 to increase the percentage of women in the firm globally and of Black talent in the U.S.In another sign of our progress,last year we celebrated the promotion of one of the largest and most diverse Managing Dir

54、ector classes in recent years.Maintaining a workplace that is diverse,equitable and inclusive is not only true to our values but key to our competitiveness.Our commitment to advancing diversity,equity and inclusion goes well beyond Citis walls as we continue to use our resources as a global bank to

55、take on some of societys toughest challenges.We expanded the Citi Impact Fund to$500 million in support of diverse founders who are driving both financial and social returns.And we delivered on our commitment to transparency and accountability by announcing the findings from an external review and a

56、udit of our$1 billion Action for Racial Equity initiative to help close the racial wealth gap.We have also been a leader in reimagining the future of work.Drawing on lessons learned during the pandemic,we have institutionalized a hybrid work model for much of our firm.This approach provides the flex

57、ibility that our people want whilst also ensuring we benefit from the in-person collaboration,real-time coaching and apprenticeship that occurs only when we are physically together.Everywhere you look around the firm,there is an undeniable sense of momentum.We have never been clearer about the bank

58、we want to be,and we have made significant progress over the past year in bringing this vision to life.Through our relentless commitment to excellence,we are changing the trajectory of Citi to close the gap with our competitors and deliver a new era of success for all our stakeholders.Sincerely,Jane

59、 Fraser Chief Executive Officer,Citigroup Inc.Full year 2022 results and key metricsKey financial metricsBusinesses snapshotREVENUES$75.3BNET INCOME$14.8BTOTAL SERVICES REVENUES 27%TOTAL MARKETS REVENUES 7%EPS$7.00ROCE7.7%TOTAL BANKING REVENUES 35%U.S.PERSONAL BANKING REVENUES 7%RoTCE8.9%1SLR5.8%CET

60、1 CAPITAL RATIO13.0%2GLOBAL WEALTH MANAGEMENT REVENUES 2%LEGACY FRANCHISES REVENUES 3%Key highlightsTTS revenues 32%YoYwith further wallet share gainsFixed Income revenues 13%YoYsignaling our strengthened leadership positionReturned$7.3Bin capital to shareholders in the form of common dividends and

61、share repurchasesSecurities Services 15%YoYwith$1.2Tof new client assets under custody and administration onboardedCards revenues 8%YoYwith double-digit growth in revenues and interest-earning balances in the second halfClosed the sale of5non-strategic consumer exit markets376Became the first major

62、U.S.bank to eliminate overdraft fees.Expanded the Citi Impact Fund to$500 million more than tripling our initial commitment to invest in private companies helping to address societal challenges.Became the first major U.S.bank to set a recruiting goal for LGBTQ+candidates from colleges and universiti

63、es around the globe.Financed nearly$6 billion in affordable housing projects in the U.S.Provided more than 2.5 million households,including nearly 1 million women,access to essential goods and services in emerging markets.Committed$50 million through the Citi Foundation to nonprofits supporting comm

64、unity finance initiatives throughout the U.S.Volunteered over 115,000 hoursacross 84 countries and territories as part of Citis Global Community Day.Set 2030 emissions reductions targets Signed onto the Sustainable Steel Principles,Created a first-of-its-kinddiverse financial institutions group to d

65、eepen our work with minority-owned firms.Became a founding member of the Biden administrations Economic Opportunity Coalition focused on addressing economic disparities in underserved communities.Advised the Egyptian government,in its role as COP27 president,on climate finance in Egypt and other dev

66、eloping countries.Prioritized the safety of Citi colleagues in Ukrainewhile supporting clients and relief organizations on the ground.for energy and power lending portfolios as part of Citis net zero commitment.the first framework for lenders to measure steel industry emissions.Mobilized over$3 bill

67、ion in emerging market social financeactivity,including access to finance,healthcare,digital connectivity,smallholder agriculture,reliable energy,water and sanitation.Confronting societys toughest challenges98UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON,D.C.20549 FORM 10-K (Mark One)ANN

68、UAL REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31,2022 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from to Commission file number 1-9924 Citigroup Inc.(Exact na

69、me of registrant as specified in its charter)Delaware52-1568099(State or other jurisdiction of incorporation or organization)(I.R.S.Employer Identification No.)388 Greenwich Street,New York NY10013(Address of principal executive offices)(Zip code)(212)559-1000(Registrants telephone number,including

70、area code)Securities registered pursuant to Section 12(b)of the Securities Exchange Act of 1934 formatted in Inline XBRL:See Exhibit 99.01 Securities registered pursuant to Section 12(g)of the Act:none Indicate by check mark if the registrant is a well-known seasoned issuer,as defined in Rule 405 of

71、 the Securities Act.Yes x No oIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d)of the Act.Yes o No xIndicate 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 o

72、f 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 x No oIndicate by check mark whether the registrant has submitted electronically every Interactive Data

73、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 x No oIndicate by check mark whether the registrant is a large accelerated filer,an accele

74、rated 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-acc

75、elerated filer Smaller reporting companyEmerging growth companyIf 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 Ex

76、change Act.Yes oIndicate by check mark whether the Registrant has filed a report on and attestation to its managements assessment of the effectiveness of its internal control over financial reporting under Section 404(b)of the Sarbanes-Oxley Act(15 U.S.C.7262(b)by the registered public accounting fi

77、rm that prepared or issued its audit report.If securities are registered pursuant to Section 12(b)of the Act,indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.oIndicate by chec

78、k mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrants executive officers during the relevant recovery period pursuant to 240.10D-1(b).oIndicate by check mark whether the registrant is a shel

79、l company(as defined in Rule 12b-2 of the Act).Yes No xThe aggregate market value of Citigroup Imon stock held by non-affiliates of Citigroup Inc.on June 30,2022 was approximately$88.9 billion.Number of shares of Citigroup Imon stock outstanding on January 31,2023:1,943,712,436 Documents Incorporate

80、d by Reference:Portions of the registrants proxy statement for the annual meeting of stockholders scheduled to be held on April 25,2023 are incorporated by reference in this Form 10-K in response to Items 10,11,12,13 and 14 of Part III.Available on the web at FORM 10-K CROSS-REFERENCE INDEX Item Num

81、berPage Part I 1.Business123,122128,131,163164,315316 1A.Risk Factors4154 1B.Unresolved Staff CommentsNot Applicable 2.PropertiesNot Applicable 3.Legal ProceedingsSee Note 29 to the Consolidated Financial Statements298304 4.Mine Safety DisclosuresNot Applicable Part II 5.Market for Registrants Commo

82、n Equity,Related Stockholder Matters and Issuer Purchases of Equity Securities142143,170172,317318 6.Reserved 7.Managements Discussion and Analysis of Financial Condition and Results of Operations323,60121 7A.Quantitative and Qualitative Disclosures About Market Risk60121,165169,189232,238289 8.Fina

83、ncial Statements and Supplementary Data138314 9.Changes in and Disagreements with Accountants on Accounting and Financial DisclosureNot Applicable9A.Controls and Procedures129130 9B.Other InformationNot Applicable9C.Disclosure Regarding Foreign Jurisdictions that Prevent InspectionsNot ApplicablePar

84、t III 10.Directors,Executive Officers and Corporate Governance319321*11.Executive Compensation*12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters*13.Certain Relationships and Related Transactions,and Director Independence*14.Principal Accountant Fees an

85、d Services*Part IV 15.Exhibit and Financial Statement Schedules*For additional information regarding Citigroups Directors,see“Corporate Governance”and“Proposal 1:Election of Directors”in the definitive Proxy Statement for Citigroups Annual Meeting of Stockholders scheduled to be held on April 25,202

86、3,to be filed with the SEC(the Proxy Statement),incorporated herein by reference.*See“Compensation Discussion and Analysis,”“The Personnel and Compensation Committee Report,”and“2022 Summary Compensation Table and Compensation Information”and“CEO Pay Ratio”in the Proxy Statement,incorporated herein

87、by reference,other than disclosure under the heading“Pay versus Performance”information responsive to Item 402(v)of Regulation S-K of SEC rules.*See“About the Annual Meeting,”“Stock Ownership,”and“Equity Compensation Plan Information”in the Proxy Statement,incorporated herein by reference.*See“Corpo

88、rate GovernanceDirector Independence,”“Certain Transactions and Relationships,Compensation Committee Interlocks and Insider Participation”and“Indebtedness”in the Proxy Statement,incorporated herein by reference.*See“Proposal 2:Ratification of Selection of Independent Registered Public Accountants”in

89、 the Proxy Statement,incorporated herein by reference.CITIGROUPS 2022 ANNUAL REPORT ON FORM 10-K OVERVIEW1Citigroup Operating Segments2MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS3Executive Summary3Citis Consent Order Compliance6Summary of Selected Financial D

90、ata8Segment Revenues and Income(Loss)10Segment Balance Sheet11Institutional Clients Group12Personal Banking and Wealth Management18Legacy Franchises20Corporate/Other23CAPITAL RESOURCES24RISK FACTORS41SUSTAINABILITY AND OTHER ESG MATTERS54HUMAN CAPITAL RESOURCES AND MANAGEMENT57Managing Global Risk T

91、able of Contents59MANAGING GLOBAL RISK60SIGNIFICANT ACCOUNTING POLICIES ANDSIGNIFICANT ESTIMATES122DISCLOSURE CONTROLS AND PROCEDURES129MANAGEMENTS ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING130FORWARD-LOOKING STATEMENTS131REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(PCAOB

92、ID#185)132FINANCIAL STATEMENTS AND NOTES TABLE OF CONTENTS137CONSOLIDATED FINANCIAL STATEMENTS138NOTES TO CONSOLIDATED FINANCIAL STATEMENTS146FINANCIAL DATA SUPPLEMENT314SUPERVISION,REGULATION AND OTHER315CORPORATE INFORMATION319Executive Officers319Citigroup Board of Directors320GLOSSARY OF TERMS A

93、ND ACRONYMS322OVERVIEWCitigroups history dates back to the founding of the City Bank of New York in 1812.Citigroup is a global diversified financial services holding company whose businesses provide consumers,corporations,governments and institutions with a broad,yet focused,range of financial produ

94、cts and services,including consumer banking and credit,corporate and investment banking,securities brokerage,trade and securities services and wealth management.Citi has approximately 200 million customer accounts and does business in nearly 160 countries and jurisdictions.At December 31,2022,Citi h

95、ad approximately 240,000 full-time employees,compared to approximately 223,400 full-time employees at December 31,2021.For additional information,see“Human Capital Resources and Management”below.Throughout this report,“Citigroup,”“Citi”and“the Company”refer to Citigroup Inc.and its consolidated subs

96、idiaries.For a list of certain terms and acronyms used herein,see“Glossary of Terms and Acronyms”at the end of this report.All“Note”references correspond to the Notes to the Consolidated Financial Statements.Additional InformationAdditional information about Citigroup is available on Citis website a

97、t .Citigroups recent 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 Citis website by clicking on the“Investors”tab and select

98、ing“SEC Filings.”The SECs website also contains these filings and other information regarding Citi at www.sec.gov.For a discussion of 2021 versus 2020 results of operations of Institutional Clients Group(ICG),Personal Banking and Wealth Management(PBWM),Legacy Franchises and Corporate/Other,see each

99、 respective businesss results of operations in Citigroups Annual Report on Form 10-K for the year ended December 31,2021 and its Current Report on Form 8-K dated May 10,2022(as amended by a Current Report on Form 8-K/A dated May 10,2022)(collectively referred to as Citigroups 2021 Annual Report on F

100、orm 10-K).Certain reclassifications have been made to the prior periods financial statements and disclosures to conform to the current periods presentation.Please see“Risk Factors”below for a discussion of material risks and uncertainties that could impact Citis businesses,results of operations and

101、financial condition.Non-GAAP Financial Measures Citi prepares its financial statements in accordance with U.S.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

102、 calculated in accordance with U.S.GAAP.Non-GAAP measures are provided as additional useful information to assess Citis financial condition and results of operations(including period-to-period operating performance).These non-GAAP measures are not intended as a substitute for GAAP financial measures

103、 and may not be defined or calculated the same way as non-GAAP measures with similar names used by other companies.For more information,including the reconciliation of these non-GAAP financial measures to their corresponding GAAP financial measures,see the respective sections where the measures are

104、presented and described and the“Glossary of Terms and Acronyms”below.1Citigroup is managed pursuant to three operating segments:Institutional Clients Group,Personal Banking and Wealth Management and Legacy Franchises.Activities not assigned to the operating segments are included in Corporate/Other.C

105、itigroup Operating SegmentsInstitutional Clients Group(ICG)Personal Banking and Wealth Management(PBWM)Legacy Franchises Services Treasury and trade solutions(TTS)Securities services Markets Equity markets Fixed income markets Banking Investment banking Corporate lending U.S.Personal Banking Cards B

106、randed cards Retail services Retail banking Global Wealth Management(Global Wealth)Private bank Wealth at Work Citigold Asia Consumer Banking(Asia Consumer)Retail banking and cards for the remaining 8 exit markets(China,India,Indonesia,Korea,Poland,Russia,Taiwan and Vietnam)Mexico Consumer Banking(M

107、exico Consumer)and Mexico Small Business and Middle-Market Banking(Mexico SBMM)Retail banking and cards Legacy Holdings Assets Certain North America consumer mortgage loans Other legacy assetsCorporate/Other Corporate Treasury managed portfolios Operations and technology Global staff functions and o

108、ther corporate expenses Discontinued operationsThe following are the four regions in which Citigroup operates.The regional results are fully reflected in the operating segments and Corporate/Other above.Citigroup Regions(1)North AmericaEurope,Middle Eastand Africa(EMEA)Latin AmericaAsia(1)North Amer

109、ica includes the U.S.,Canada and Puerto Rico,Latin America includes Mexico and Asia includes Japan.2MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSEXECUTIVE SUMMARY As described further throughout this Executive Summary,Citi demonstrated continued progress across

110、 the franchise during 2022:Citis revenues increased 5%versus the prior year,including net gains on sales of Citis Philippines and Thailand consumer banking businesses versus a loss on sale of Citis Australia consumer banking business in the prior year.Excluding these divestiture-related impacts(see“

111、2022 Results Summary”below),revenues increased 3%,driven by higher net interest income,partially offset by lower non-interest revenues.Citis expenses increased 6%versus the prior year,including divestiture-related impacts in both the current and prior years.Excluding these divestiture-related impact

112、s(see“2022 Results Summary”below),expenses increased 8%,driven by continued investments in Citis transformation,business-led investments and volume-related expenses,as well as other risk and control investments and inflation,all partially offset by productivity savings,the impact of foreign exchange

113、 translation and the expense reduction from the closure of five exit markets(see also“Expenses”below).Citis cost of credit was$5.2 billion,versus$(3.8)billion in the prior year,largely reflecting a net build of$1.2 billion in the allowance for credit losses(ACL)for loans and unfunded commitments,pri

114、marily due to consumer loan growth and a deterioration in macroeconomic assumptions,compared to a net ACL release of$8.8 billion in the prior year.Citi returned$7.3 billion to common shareholders in the form of dividends and share repurchases.Citis Common Equity Tier 1(CET1)Capital ratio increased t

115、o 13.0%as of December 31,2022,compared to 12.2%as of December 31,2021(for additional information,see“Capital Resources”below).Citis required regulatory CET1 Capital ratio was 12.0%as of January 1,2023,under the Basel III Standardized Approach.Citi made substantial progress on its consumer banking bu

116、siness divestitures in 2022,closing sales in five exit markets and working toward closing four additional sale transactions,as well as progressing with the ongoing wind-downs of the Korea consumer banking business and Russia consumer,local commercial and institutional businesses.2022 Results Summary

117、CitigroupCitigroup reported net income of$14.8 billion,or$7.00 per share,compared to net income of$22.0 billion,or$10.14 per share in the prior year.The decrease in net income was primarily driven by the higher cost of credit,resulting from loan growth in Personal Banking and Wealth Management(PBWM)

118、and a deterioration in macroeconomic assumptions,and the higher operating expenses,partially offset by the higher revenues.Citigroups effective tax rate was 19.4%in the current year versus 19.8%in the prior year.Earnings per share(EPS)decreased 31%,reflecting the decrease in net income,partially off

119、set by a 4%decline in average diluted shares outstanding.As discussed above,results for 2022 included divestiture-related impacts of approximately$(184)million in after-tax earnings,substantially all of which were recorded in Legacy Franchises(for additional information,see discussion below).Collect

120、ively,divestiture-related impacts had a$0.09 negative impact on EPS.This compares to divestiture-related negative impacts on EPS of$0.80 in 2021.(As used throughout this Form 10-K,Citis results of operations and financial condition excluding the divestiture-related impacts are non-GAAP financial mea

121、sures.Citi believes the presentation of its results of operations and financial condition excluding the divestiture-related impacts described above provides a meaningful depiction of the underlying fundamentals of its broader results and Legacy Franchises results for investors,industry analysts and

122、others.)Results for 2022 included pretax divestiture-related impacts of approximately$82 million(approximately$(184)million after-tax),substantially all of which were recorded in Legacy Franchises,primarily consisting of the following:Approximately$618 million Philippines gain on sale recorded in re

123、venuesApproximately$209 million Thailand gain on sale recorded in revenuesApproximately$(64)million incremental Australia consumer business loss on sale recorded in revenuesApproximately$535 million goodwill impairment recorded in expenses due to re-segmentation and timing of divestituresApproximate

124、ly$161 million of aggregate divestiture-related costs Results for 2021 included pretax divestiture-related impacts of$(1.9)billion(approximately$(1.6)billion after-tax)in Legacy Franchises,which primarily consisted of the following:Approximately$(694)million Australia loss on sale recorded in revenu

125、esApproximately$1.1 billion related to charges incurred from the voluntary early retirement program(VERP)in connection with the wind-down of the Korea consumer banking business recorded in expensesContract modification costs related to the Asia divestitures of$119 million Citigroup revenues of$75.3

126、billion increased 5%versus the prior year.Excluding the divestiture-related impacts,revenues were up 3%,as the impact of higher interest rates across businesses and strong loan growth in PBWM were partially offset by declines in Banking in Institutional Clients 3Group(ICG)and Asia investment product

127、 revenue in Global Wealth Management(Global Wealth),as well as the reduction in revenues from the closure of five exit markets and ongoing wind-downs.Citigroups end-of-period loans were$657 billion,down 2%versus the prior year,largely driven by Legacy Franchises and the impact of foreign exchange tr

128、anslation.The decline in Legacy Franchises primarily reflected the reclassification of loans to Other assets to reflect held-for-sale(HFS)accounting,as a result of the signing of sale agreements for consumer banking businesses in Asia Consumer Banking(Asia Consumer),as well as the impact of the ongo

129、ing Korea and Russia wind-downs.Citigroups end-of-period deposits were$1.4 trillion,up 4%versus the prior year,largely driven by Treasury and trade solutions in ICG,partially offset by the impact of foreign exchange translation.ExpensesCitigroups operating expenses of$51.3 billion increased 6%in 202

130、2.Reported expenses included divestiture-related impacts of approximately$696 million in the current year and approximately$1.2 billion in the prior year,substantially all of which were recorded in Legacy Franchises.Excluding these divestiture-related impacts,expenses increased 8%versus the prior ye

131、ar,largely driven by the following:Approximately 2%by transformation investments,with about two-thirds related to the risk,controls,data and finance programs(approximately 25%of the program investments were related to technology).Approximately 1%by business-led investments,as Citi continues to hire

132、commercial and investment bankers,as well as client advisors in Global Wealth,and continues to invest in client experience,front-office platforms and onboarding.Approximately 1%by higher volume-related expenses across both PBWM and ICG.Approximately 3%by other risk and control investments and inflat

133、ion,partially offset by a Revlon-related wire transfer recovery,productivity savings,the impact of foreign exchange translation and the expense reduction from the exit markets.Citi expects to incur higher expenses in 2023,primarily driven by transformation-related investments,volume-related expenses

134、 and inflation-related impacts.Cost of CreditCitis total provisions for credit losses and for benefits and claims was a cost of$5.2 billion,compared to a benefit of$3.8 billion in the prior year.Results in 2022 included net credit losses of$3.8 billion versus$4.9 billion in the prior year.The higher

135、 cost of credit was driven by the net build of$1.2 billion in the ACL for loans and unfunded commitments,compared to a net ACL release of$8.8 billion in the prior year,partially offset by the lower net credit losses.The net ACL build was primarily due to cards loan growth in PBWM and a deterioration

136、 in macroeconomic assumptions.For additional information on Citis ACL,see“Significant Accounting Policies and Significant EstimatesCitis Allowance for Credit Losses(ACL)”below.Net credit losses of$3.8 billion decreased 23%from the prior year,largely driven by lower consumer net credit losses.Consume

137、r net credit losses decreased 20%to$3.6 billion,reflecting low loss rates in the first half of 2022,followed by the ongoing normalization of losses toward pre-pandemic levels,particularly in Retail services cards business in PBWM.Corporate net credit losses decreased 54%to$178 million,largely driven

138、 by improvements in portfolio credit quality.Citi expects to incur higher net credit losses in 2023,primarily driven by continued normalization toward pre-pandemic levels,particularly in the cards business in PBWM.For additional information on Citis consumer and corporate credit costs,see each respe

139、ctive businesss results of operations and“Credit Risk”below.CapitalCitigroups CET1 Capital ratio was 13.0%as of December31,2022,compared to 12.2%as of December 31,2021,basedon the Basel III Standardized Approach for determining risk-weighted assets(RWA).The increase was primarily driven by net incom

140、e,impacts from the closing of the Australia,Philippines and other Asia consumer banking business sales and business actions to reduce RWA,partially offset by the return of capital to common shareholders and interest rate impacts on Citigroups investment portfolio.The increase in Citis CET1 Capital r

141、atio was also partially offset by the impact of adopting the Standardized Approach for Counterparty Credit Risk(SA-CCR)on January 1,2022.Citigroups Supplementary Leverage ratio as of December 31,2022 was 5.8%,compared to 5.7%as of December 31,2021.The increase was driven by a decrease in Total Lever

142、age Exposure,partly offset by lower Tier 1 Capital.For additional information on Citis capital ratios and related components,see“Capital Resources”below.Citi has continued to pause common share repurchases in order to absorb any temporary capital impacts related to any potential signing of a sale ag

143、reement for its Mexico Consumer and Small Business and Middle-Market Banking(Mexico Consumer/SBMM)business(for additional information,see“Macroeconomic and Other Risks and Uncertainties”and the capital return risk factor in“Risk Factors”below)and to continue to have ample capital to serve its client

144、s.Institutional Clients GroupICG net income of$10.7 billion decreased 25%,driven by a net ACL release in the prior year,versus a net ACL build in the current year,and higher expenses,partially offset by higher revenues.ICG operating expenses of$26.3 billion increased 10%,primarily driven by continue

145、d investment in Citis transformation,business-led investments and volume-related expenses,partially offset by a Revlon-related wire transfer recovery,the impact of foreign exchange translation and productivity savings.ICG revenues of$41.2 billion increased 3%(including losses on loan hedges),as reve

146、nue growth in Services and Markets was partially offset by lower revenues in Banking.Results included a gain on loan hedges of$307 million,4compared with a loss on loan hedges of$140 million in the prior year.Services revenues of$16.0 billion increased 27%.Treasury and trade solutions(TTS)revenues o

147、f$12.2 billion increased 32%,driven by 46%growth in net interest income and 10%growth in non-interest revenue.The strong performance in TTS was driven by the benefit of higher interest rates,as well as business actions,including balance sheet optimization and managing deposit pricing,deepening of re

148、lationships with existing clients and an increase in new clients across segments.Securities services revenues of$3.9 billion increased 15%,as net interest income increased 59%,driven by higher interest rates across currencies,as well as the impact of foreign exchange translation,partially offset by

149、a 1%decrease in non-interest revenue due to the impact of lower global financial markets.Markets revenues of$19.1 billion increased 7%versus the prior year,largely driven by Fixed income markets,partially offset by lower client activity levels in Equity markets,as well as business actions to reduce

150、RWA.Fixed income markets revenues of$14.6 billion increased 13%,driven by strength in rates and currencies.Equity markets revenues of$4.6 billion were down 9%,largely reflecting reduced client activity in equity derivatives versus the prior year.Banking revenues of$6.1 billion decreased 35%,includin

151、g the gain on loan hedges in the current year and loss on loan hedges in the prior year.Excluding the gain and loss on loan hedges,Banking revenues of$5.8 billion decreased 39%,driven by lower revenues in Investment banking and Corporate lending.Investment banking revenues of$3.1 billion decreased 5

152、3%,as heightened macroeconomic uncertainty and volatility continued to impact client activity.Excluding the gain and loss on loan hedges,Corporate lending revenues decreased 8%versus the prior year,driven by the impact of foreign currency translation,higher cost of funds and higher hedging costs.For

153、 additional information on the results of operations of ICG in 2022,see“Institutional Clients Group”below.Personal Banking and Wealth ManagementPBWM net income of$3.3 billion decreased 57%versus the prior year,largely driven by a net ACL release in the prior year versus a net ACL build in the curren

154、t year,as well as higher expenses.PBWM operating expenses of$16.3 billion increased 11%,primarily driven by continued investments in Citis transformation,other risk and control initiatives,volume-related expenses and business-led investments,partially offset by productivity savings.PBWM revenues of$

155、24.2 billion increased 4%versus the prior year,as net interest income growth,driven by strong loan growth across Branded cards and Retail services and higher interest rates,was partially offset by a decline in non-interest revenue,driven by lower investment product revenue in Global Wealth and highe

156、r partner payments in Retail services.U.S.Personal Banking revenues of$16.8 billion increased 7%versus the prior year.Branded cards revenues of$8.9 billion increased 9%,driven by higher net interest income.In Branded cards,new account acquisitions increased 11%,card spend volumes increased 16%and av

157、erage loans increased 11%.Retail services revenues of$5.5 billion increased 7%,driven by higher net interest income,partially offset by higher partner payments.Retail banking revenues of$2.5 billion were largely unchanged versus the prior year,as higher interest income and modest deposit growth were

158、 offset by lower mortgage revenues due to fewer mortgage originations.Global Wealth revenues of$7.4 billion decreased 2%versus the prior year,as investment product revenue headwinds,particularly in Asia,more than offset net interest income growth from higher interest rates and higher loan and deposi

159、t volumes.For additional information on the results of operations of PBWM in 2022,see“Personal Banking and Wealth Management”below.Legacy FranchisesLegacy Franchises net loss of$12 million compared to net income of$1 million in the prior year,primarily driven by higher cost of credit,partially offse

160、t by lower expenses and higher revenues,primarily reflecting the Philippines and Thailand gains on sales in the current year and the Australia loss on sale in the prior year.Legacy Franchises expenses of$7.8 billion decreased 6%,largely driven by the absence of the Korea VERP charge in the prior yea

161、r and the benefit from closing the five exit markets,partially offset by the$535 million goodwill impairment,an approximate$70 million impairment of long-lived assets related to the Russia consumer banking business and$156 million of other aggregate divestiture-related costs.Legacy Franchises revenu

162、es of$8.5 billion increased 3%versus the prior year,primarily driven by the Philippines and Thailand gains on sale versus the Australia loss on sale in the prior year.Excluding these divestiture-related impacts,revenues decreased 15%,primarily driven by the reduction in revenues from the closings of

163、 the five exit markets,as well as the impact of the ongoing Korea and Russia wind-downs.For additional information on the results of operations of Legacy Franchises in 2022,see“Legacy Franchises”below.Corporate/OtherCorporate/Other net income was$879 million,compared to a net loss of$8 million in th

164、e prior year,reflecting higher revenue and lower expenses,partially offset by lower income tax benefits,as well as the second quarter of 2022 release of a CTA(cumulative translation adjustment)loss(net of hedges)from Accumulated other comprehensive income(loss)(AOCI)related to the substantial liquid

165、ation of a legacy U.K.consumer operation,recorded in discontinued operations.Corporate/Other operating expenses of$953 million decreased 31%,primarily driven by lower consulting expenses and the impact of certain legal settlements.Corporate/Other revenues of$1.4 billion increased from$0.5 billion in

166、 the prior year,driven by higher net interest income,primarily from the investment portfolio,partially offset by lower non-interest revenue,primarily due to the absence of mark-to-market gains in the prior year as well as higher hedging costs.For additional information on the results of operations o

167、f Corporate/Other in 2022,see“Corporate/Other”below.5Macroeconomic and Other Risks and UncertaintiesVarious geopolitical and macroeconomic challenges and uncertainties continue to adversely impact economic conditions in the U.S.and globally.The U.S.and other countries have continued to experience si

168、gnificantly elevated levels of inflation,resulting in central banks implementing a series of interest rates increases,with additional increases expected in the near term.In addition to causing a humanitarian crisis,the war in Ukraine continues to disrupt energy and food markets.An economic rebound i

169、n China remains uncertain,due to the ongoing impacts from COVID-19,the amount of leverage in its economy and stress in the property sector.These and other factors have adversely affected financial markets,negatively impacted global economic growth rates,contributed to lower consumer confidence and i

170、ncreased the risk of recession in Europe,the U.S.and other countries.These and other factors could adversely affect Citis customers,clients,businesses,funding costs,expenses and results during 2023.In addition,Citi could incur a significant loss on sale in 2023,due to CTA losses(net of hedges)in AOC

171、I,goodwill write-offs and other AOCI loss components,related to the potential signing of a sale agreement for any of its remaining consumer banking divestitures.The majority of these losses would be regulatory capital neutral at closing.For a further discussion of trends,uncertainties and risks that

172、 will or could impact Citis businesses,results of operations,capital and other financial condition during 2023,see“2022 Results Summary”above and“Risk Factors,”each respective businesss results of operations and“Managing Global Risk,”including“Managing Global RiskOther RisksCountry RiskRussia,”below

173、.CITIS CONSENT ORDER COMPLIANCECiti has embarked on a multiyear transformation,with the target outcome to change Citis business and operating models such that they simultaneously strengthen risk and controls and improve Citis value to customers,clients and shareholders.This includes efforts to effec

174、tively implement the October 2020 Federal Reserve Board(FRB)and Office of the Comptroller of the Currency(OCC)consent orders issued to Citigroup and Citibank,respectively.In the second quarter of 2021,Citi made an initial submission to the OCC,and submitted its plans to address the consent orders to

175、 both regulators during the third quarter of 2021.Citi continues to work constructively with the regulators and provides to both regulators on an ongoing basis additional information regarding its plans and progress.Citi will continue to reflect their feedback in its project plans and execution effo

176、rts.As discussed above,Citis efforts include continued investments in its transformation,including the remediation of its consent orders.Citis CEO has made the strengthening of Citis risk and control environment a strategic priority and has established a Chief Administrative Officer organization to

177、centralize program management.In addition,the Citigroup and Citibank Boards of Directors each formed a Transformation Oversight Committee,an ad hoc committee of each Board,to provide oversight of managements remediation efforts under the consent orders.The Citi Board of Directors has determined that

178、 Citis plans are responsive to the Companys objectives and that progress continues to be made on execution of the plans.For additional information about the consent orders,see“Risk FactorsCompliance Risks”below and Citis Current Report on Form 8-K filed with the SEC on October 7,2020.6This page inte

179、ntionally left blank.7RESULTS OF OPERATIONSSUMMARY OF SELECTED FINANCIAL DATA Citigroup Inc.and Consolidated SubsidiariesIn millions of dollars,except per share amounts20222021202020192018Net interest income$48,668$42,494$44,751$48,128$47,744 Non-interest revenue 26,670 29,390 30,750 26,939 26,292 R

180、evenues,net of interest expense$75,338$71,884$75,501$75,067$74,036 Operating expenses 51,292 48,193 44,374 42,783 43,023 Provisions for credit losses and for benefits and claims 5,239 (3,778)17,495 8,383 7,568 Income from continuing operations before income taxes$18,807$27,469$13,632$23,901$23,445 I

181、ncome taxes 3,642 5,451 2,525 4,430 5,357 Income from continuing operations$15,165$22,018$11,107$19,471$18,088 Income(loss)from discontinued operations,net of taxes(231)7 (20)(4)(8)Net income before attribution of noncontrolling interests$14,934$22,025$11,087$19,467$18,080 Net income attributable to

182、 noncontrolling interests 89 73 40 66 35 Citigroups net income$14,845$21,952$11,047$19,401$18,045 Earnings per shareBasicIncome from continuing operations$7.16$10.21$4.75$8.08$6.69 Net income 7.04 10.21 4.74 8.08 6.69 Diluted Income from continuing operations$7.11$10.14$4.73$8.04$6.69 Net income 7.0

183、0 10.14 4.72 8.04 6.68 Dividends declared per common share 2.04 2.04 2.04 1.92 1.54 Common dividends$4,028$4,196$4,299$4,403$3,865 Preferred dividends(1)1,032 1,040 1,095 1,109 1,174 Common share repurchases 3,250 7,600 2,925 17,875 14,545 Table continues on the next page,including footnotes.8SUMMAR

184、Y OF SELECTED FINANCIAL DATA(Continued)Citigroup Inc.and Consolidated SubsidiariesIn millions of dollars,except per share amounts,ratios and direct staff20222021202020192018At December 31:Total assets$2,416,676$2,291,413$2,260,090$1,951,158$1,917,383 Total deposits 1,365,954 1,317,230 1,280,671 1,07

185、0,590 1,013,170 Long-term debt 271,606 254,374 271,686 248,760 231,999 Citigroup common stockholders equity 182,194 182,977 179,962 175,262 177,760 Total Citigroup stockholders equity 201,189 201,972 199,442 193,242 196,220 Average assets 2,396,023 2,347,709 2,226,454 1,978,805 1,920,242 Direct staf

186、f(in thousands)240 223 210 200 204 Performance metricsReturn on average assets 0.62%0.94%0.50%0.98%0.94%Return on average common stockholders equity(2)7.7 11.5 5.7 10.3 9.4 Return on average total stockholders equity(2)7.5 10.9 5.7 9.9 9.1 Return on tangible common equity(RoTCE)(3)8.9 13.4 6.6 12.1

187、11.0 Efficiency ratio(total operating expenses/total revenues,net)68.1 67.0 58.8 57.0 58.1 Basel III ratiosCET1 Capital(4)13.03%12.25%11.51%11.79%11.86%Tier 1 Capital(4)14.80 13.91 13.06 13.33 13.43 Total Capital(4)15.46 16.04 15.33 15.87 16.14 Supplementary Leverage ratio 5.82 5.73 6.99 6.20 6.40 C

188、itigroup common stockholders equity to assets 7.54%7.99%7.96%8.98%9.27%Total Citigroup stockholders equity to assets 8.33 8.81 8.82 9.90 10.23 Dividend payout ratio(5)29 20 43 24 23 Total payout ratio(6)53 56 73 122 109 Book value per common share$94.06$92.21$86.43$82.90$75.05 Tangible book value(TB

189、V)per share(3)81.65 79.16 73.67 70.39 63.79(1)Certain series of preferred stock have semiannual payment dates.See Note 21.(2)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 aver

190、age total Citigroup stockholders equity is calculated using net income divided by average Citigroup stockholders equity.(3)RoTCE and TBV are non-GAAP financial measures.For information on RoTCE and TBV,see“Capital ResourcesTangible Common Equity,Book Value Per Share,Tangible Book Value Per Share and

191、 Returns on Equity”below.(4)Citis binding CET1 Capital and Tier 1 Capital ratios were derived under the Basel III Standardized Approach as of December 31,2022,2021,2019 and 2018,and were derived under the Basel III Advanced Approaches framework as of December 31,2020.Citis binding Total Capital rati

192、o was derived under the Basel III Advanced Approaches framework for all periods presented.(5)Dividends declared per common share as a percentage of net income per diluted share.(6)Total common dividends declared plus common share repurchases as a percentage of net income available to common sharehol

193、ders(Net income less preferred dividends).See“Consolidated Statement of Changes in Stockholders Equity,”Note 10 and“Equity Security Repurchases”below for the component details.9SEGMENT REVENUES AND INCOME(LOSS)REVENUESIn millions of dollars202220212020%Change2022 vs.2021%Change2021 vs.2020Institutio

194、nal Clients Group$41,206$39,836$41,093 3%(3)%Personal Banking and Wealth Management 24,217 23,327 25,140 4 (7)Legacy Franchises 8,472 8,251 9,454 3 (13)Corporate/Other 1,443 470 (186)NMNMTotal Citigroup net revenues$75,338$71,884$75,501 5%(5)%NM Not meaningfulINCOMEIn millions of dollars202220212020

195、%Change2022 vs.2021%Change2021 vs.2020Income(loss)from continuing operationsInstitutional Clients Group$10,738$14,308$10,811 (25)%32%Personal Banking and Wealth Management 3,319 7,734 1,322 (57)NMLegacy Franchises(9)(9)(142)94 Corporate/Other 1,117 (15)(884)NM 98 Income from continuing operations$15

196、,165$22,018$11,107 (31)%98%Discontinued operations$(231)$7$(20)NMNMLess:Net income attributable to noncontrolling interests 89 73 40 22%83%Citigroups net income$14,845$21,952$11,047 (32)%99%NM Not meaningful10SEGMENT BALANCE SHEET(1)DECEMBER 31,2022 In millions of dollarsInstitutionalClientsGroupPer

197、sonal Banking and Wealth Management Legacy FranchisesCorporate/Otherandconsolidatingeliminations(2)Citigroupparent company-issued long-termdebt andstockholdersequity(3)TotalCitigroupconsolidatedAssets Cash and deposits with banks,net of allowance$108,289$6,411$3,251$224,074$342,025 Securities borrow

198、ed and purchased under agreements to resell,net of allowance 364,673 425 303 365,401 Trading account assets 319,376 2,250 639 11,849 334,114 Investments,net of allowance 140,613 73 1,516 384,380 526,582 Loans,net of unearned income and allowance for credit losses on loans 279,337 324,260 36,650 640,

199、247 Other assets,net of allowance 111,477 25,559 27,764 43,507 208,307 Net intersegment liquid assets(4)406,143 134,852 26,592 (567,587)Total assets$1,729,908$493,830$96,715$96,223$2,416,676 Liabilities and equity Total deposits$845,364$437,813$50,994$31,783$1,365,954 Securities loaned and sold unde

200、r agreements to repurchase 199,895 80 2,469 202,444 Trading account liabilities 168,550 1,636 258 203 170,647 Short-term borrowings 34,785 2 4 12,305 47,096 Long-term debt(3)93,219 189 75 11,866 166,257 271,606 Other liabilities 99,353 14,514 27,868 15,356 157,091 Net intersegment funding(lending)(3

201、)288,742 39,596 15,047 24,061 (367,446)Total liabilities$1,729,908$493,830$96,715$95,574$(201,189)$2,214,838 Total stockholders equity(5)649 201,189 201,838 Total liabilities and equity$1,729,908$493,830$96,715$96,223$2,416,676(1)The supplemental information presented in the table above reflects Cit

202、igroups consolidated GAAP balance sheet by reportable segment and component.The respective segment information depicts the assets and liabilities managed by each segment.(2)Consolidating eliminations for total Citigroup and Citigroup parent company assets and liabilities are recorded within Corporat

203、e/Other.(3)Total stockholders equity and the majority of long-term debt of Citigroup are reflected on the Citigroup parent company balance sheet(see Notes 18 and 30).Citigroup allocates stockholders equity and long-term debt to its businesses through intersegment allocations as shown above.(4)Repres

204、ents the attribution of Citigroups liquid assets(primarily consisting of cash,marketable equity securities and available-for-sale debt securities)to the various businesses based on Liquidity Coverage ratio(LCR)assumptions.(5)Corporate/Other equity represents noncontrolling interests.11INSTITUTIONAL

205、CLIENTS GROUP Institutional Clients Group(ICG)includes Services,Markets and Banking(for additional information on these businesses,see“Citigroup Operating Segments”above).ICG provides corporate,institutional and public sector clients around the world with a full range of wholesale banking products a

206、nd services,including fixed income and equity sales and trading,foreign exchange,prime brokerage,derivative services,equity and fixed income research,corporate lending,investment banking and advisory services,cash management,trade finance and securities services.ICG transacts with clients in both ca

207、sh instruments and derivatives,including fixed income,foreign currency,equity and commodity products.ICGs revenue is generated primarily from fees and spreads associated with these activities.ICG earns fee income for assisting clients with transactional services and clearing and providing brokerage

208、and investment banking services and other such activities.Such fees are recognized at the point in time when Citigroups performance under the terms of a contractual arrangement is completed,which is typically at the trade/execution date or closing of a transaction.Revenue generated from these activi

209、ties is recorded in Commissions and fees and Investment banking fees.Revenue is also generated from assets under custody and administration,which is recognized as/when the associated promised service is satisfied,which normally occurs at the point in time the service is requested by the customer and

210、 provided by Citi.Revenue generated from these activities is primarily recorded in Administration and other fiduciary fees.For additional information on these various types of revenues,see Note 5.In addition,as a market maker,ICG facilitates transactions,including holding product inventory to meet c

211、lient demand,and earns the differential between the price at which it buys and sells the products.These price differentials and the unrealized gains and losses on the inventory are recorded in Principal transactions.Mark-to-market gains and losses on certain credit derivatives(used to economically h

212、edge the corporate loan portfolio)are also recorded in Principal transactions(for additional information on Principal transactions revenue,see Note 6).Other primarily includes realized gains and losses on available-for-sale(AFS)debt securities,gains and losses on equity securities not held in tradin

213、g accounts and other non-recurring gains and losses.Interest income earned on assets held,less interest paid on long-and short-term debt,secured funding transactions and customers deposits,is recorded as Net interest income.The amount and types of Markets revenues are impacted by a variety of interr

214、elated factors,including market liquidity;changes in market variables such as interest rates,foreign exchange rates,equity prices,commodity prices and credit spreads,as well as their implied volatilities;investor confidence and other macroeconomic conditions.Assuming all other market conditions do n

215、ot change,increases in client activity levels or bid/offer spreads generally result in increases in revenues.However,changes in market conditions can significantly impact client activity levels,bid/offer spreads and the fair value of product inventory.For example,a decrease in market liquidity may i

216、ncrease bid/offer spreads,decrease client activity levels and widen credit spreads on product inventory positions.ICGs management of the Markets businesses involves daily monitoring and evaluation of the above factors at the trading desk as well as the country level.In the Markets businesses,client

217、revenues are those revenues directly attributable to client transactions at the time of inception,including commissions,interest or fees earned.Client revenues do not include the results of client facilitation activities(e.g.,holding product inventory in anticipation of client demand)or the results

218、of certain economic hedging activities.ICGs international presence is supported by trading floors in approximately 80 countries and a proprietary network in 95 countries and jurisdictions.As previously disclosed,Citi intends to end nearly all of the institutional banking services it offers in Russia

219、 by the end of the first quarter of 2023.Going forward,Citis only operations in Russia will be those necessary to fulfill its remaining legal and regulatory obligations.At this time,the estimated cost to be incurred in relation to this action is approximately$80 million(excluding the impact from any

220、 portfolio sales),primarily through 2024.For additional information about Citis continued efforts to reduce its operations and exposure in Russia,see“Legacy Franchises”and“Managing Global RiskOther RisksCountry RiskRussia”below.At December 31,2022,ICG had$1.7 trillion in assets and$845 billion in de

221、posits.Securities services managed$22.2 trillion in assets under custody and administration at December 31,2022,of which Citi provided both custody and administrative services to certain clients related to$1.9 trillion of such assets.Managed assets under trust were$4.0 trillion at December 31,2022.F

222、or additional information on these operations,see“Administration and Other Fiduciary Fees”in Note 5.In millions of dollars,except as otherwise noted202220212020%Change2022 vs.2021%Change2021 vs.2020Commissions and fees$4,404$4,300$3,961 2%9%Administration and other fiduciary fees 2,684 2,693 2,348 1

223、5 Investment banking fees(1)3,573 6,709 4,982 (47)35 Principal transactions 13,633 9,763 12,916 40 (24)Other(999)1,372 1,136 NM 21 Total non-interest revenue$23,295$24,837$25,343 (6)%(2)%Net interest income(including dividends)17,911 14,999 15,750 19 (5)Total revenues,net of interest expense$41,206$

224、39,836$41,093 3%(3)%Total operating expenses(2)$26,299$23,949$22,336 10%7%12Net credit losses on loans$152$356$877 (57)%(59)%Credit reserve build(release)for loans 478 (2,093)2,582 NMNMProvision(release)for credit losses on unfunded lending commitments 187 (753)1,390 NMNMProvisions for credit losses

225、 on HTM debt securities and other assets 94 20 100 Provisions(releases)for credit losses$911$(2,490)$4,869 NMNMIncome from continuing operations before taxes$13,996$18,377$13,888 (24)%32%Income taxes 3,258 4,069 3,077 (20)32 Income from continuing operations$10,738$14,308$10,811 (25)%32%Noncontrolli

226、ng interests 79 83 50 (5)66 Net income$10,659$14,225$10,761 (25)%32%Balance Sheet data(in billions of dollars)EOP assets$1,730$1,613$1,592 7%1%Average assets 1,716 1,669 1,566 3 7 Efficiency ratio 64%60%54%Average loans by reporting unit(in billions of dollars)Services$82$75$70 9%7%Banking 196 196 2

227、17 (10)Markets 13 16 11 (19)45 Total$291$287$298 1%(4)%Average deposits by reporting unit(in billions of dollars)TTS$675$670$646 1%4%Securities services 133 135 108 (1)25 Services$808$805$754%7%Markets and Banking 22 23 26 (4)(12)Total$830$828$780%6%(1)Investment banking fees are substantially compo

228、sed of underwriting and advisory revenues.(2)2020 includes an approximate$390 million operational loss related to certain legal matters.2022 includes a Revlon-related wire transfer recovery.NM Not meaningful13ICG Revenue DetailsIn millions of dollars202220212020%Change2022 vs.2021%Change2021 vs.2020

229、ServicesNet interest income$9,722$6,595$7,581 47%(13)%Non-interest revenue 6,300 5,987 5,165 5 16 Total Services revenues$16,022$12,582$12,746 27%(1)%Net interest income$8,306$5,706$6,524 46%(13)%Non-interest revenue 3,857 3,509 3,004 10 17 TTS revenues$12,163$9,215$9,528 32%(3)%Net interest income$

230、1,416$889$1,057 59%(16)%Non-interest revenue 2,443 2,478 2,161 (1)15 Securities services revenues$3,859$3,367$3,218 15%5%MarketsNet interest income$5,164$5,161$5,182%Non-interest revenue 13,949 12,715 15,932 10 (20)Total Markets revenues(1)$19,113$17,876$21,114 7%(15)%Fixed income markets$14,555$12,

231、880$17,040 13%(24)%Equity markets 4,558 4,996 4,074 (9)23 Total Markets revenues$19,113$17,876$21,114 7%(15)%Rates and currencies$11,743$8,793$12,057 34%(27)%Spread products/other fixed income 2,812 4,087 4,983 (31)(18)Total Fixed income markets revenues$14,555$12,880$17,040 13%(24)%BankingNet inter

232、est income$3,025$3,243$2,987 (7)%9%Non-interest revenue 3,046 6,135 4,246 (50)44 Total Banking revenues$6,071$9,378$7,233 (35)%30%Investment bankingAdvisory$1,365$1,796$1,010 (24)%78%Equity underwriting 611 2,249 1,423 (73)58 Debt underwriting 1,133 2,586 2,173 (56)19 Total Investment banking revenu

233、es$3,109$6,631$4,606 (53)%44%Corporate lending(excluding gains(losses)on loan hedges)(2)$2,655$2,887$2,686 (8)%7%Total Banking revenues(excluding gains(losses)on loan hedges)(2)$5,764$9,518$7,292 (39)%31%Gain(loss)on loan hedges(2)307 (140)(59)NMNMTotal Banking revenues(including gains(losses)on loa

234、n hedges)(2)$6,071$9,378$7,233 (35)%30%Total ICG revenues,net of interest expense$41,206$39,836$41,093 3%(3)%(1)Citi assesses its Markets business performance on a total revenue basis,as offsets may occur across revenue line items.For example,securities that generate Net interest income may be risk

235、managed by derivatives that are recorded in Principal transactions revenue within Non-interest revenue.For a description of the composition of these revenue line items,see Notes 4,5 and 6.(2)Credit derivatives are used to economically hedge a portion of the corporate loan portfolio that includes bot

236、h accrual loans and loans at fair value.Gain(loss)on loan hedges include the mark-to-market on the credit derivatives and the mark-to-market on the loans in the portfolio that are at fair value.The fixed premium costs of these hedges are netted against the corporate lending revenues to reflect the c

237、ost of credit protection.Citigroups results of operations excluding the impact of gain(loss)on loan hedges are non-GAAP financial measures.NM Not meaningful14The discussion of the results of operations for ICG below excludes(where noted)the impact of any gain(loss)on hedges of accrual loans,which ar

238、e non-GAAP financial measures.For a reconciliation of these metrics to the reported results,see the table above.2022 vs.2021Net income of$10.7 billion decreased 25%,primarily driven by substantially higher cost of credit and higher expenses,partially offset by higher revenues.Revenues increased 3%(i

239、ncluding gain(loss)on loan hedges),primarily reflecting higher Services and Markets revenues,partially offset by lower Banking revenues.Services revenues were up 27%,driven by higher revenues in both TTS and Securities services.Markets revenues were up 7%,primarily driven by higher Fixed income mark

240、ets revenues,partially offset by lower Equity markets revenues and the impact of business actions taken to reduce RWA.Banking revenues were down 35%(39%excluding the impact of gain(loss)on loan hedges),reflecting lower revenues in both Investment banking and Corporate lending.Citi expects that reven

241、ues in its Markets and Investment banking businesses will continue to reflect the overall market environment during 2023.Within Services:TTS revenues increased 32%,driven by 46%growth in net interest income and 10%growth in non-interest revenue,driven by deepening of existing client relations and ga

242、ining new clients across segments.The increase in net interest income was driven by both the cash and trade businesses,reflecting benefits from higher interest rates,balance sheet optimization,higher average deposits and higher average loans.Average deposits grew 1%,as volume growth was partially of

243、fset by the impact of foreign exchange translation.Average loans grew 11%,primarily driven by the strength in trade flows in Asia and Latin America,partially offset by loan sales in North America.Strong non-interest revenues growth across both cash and trade businesses reflected client engagement an

244、d growth from underlying drivers,including higher U.S.dollar clearing volumes(up 2%),cross-border flows(up 11%)and commercial card spend(up 49%).Securities services revenues increased 15%,primarily driven by an increase in net interest income,reflecting higher interest rates across currencies as wel

245、l as the impact of foreign exchange translation.Non-interest revenues decreased 1%,due to the impact of foreign exchange translation and lower fees in the custody business tied to lower assets under custody and administration(decline of 7%),driven by declines in global financial markets.The decline

246、in non-interest revenues was partially offset by continued elevated levels of corporate activity in issuer services and new client onboarding of$1.2 trillion in assets under custody and administration.Average deposits declined 7%,due to clients seeking higher rate alternatives.Within Markets:Fixed i

247、ncome markets revenues increased 13%,driven by growth in rates and currencies across all regions,due to strong corporate and investor client engagement,partially offset by a decline in spread products,primarily driven by North America.Rates and currencies revenues increased 34%,reflecting increased

248、market volatility,driven by rising interest rates and quantitative tightening,as central banks responded to elevated levels of inflation.Spread products and other fixed income revenues decreased 31%,due to continued lower client activity across spread products and a challenging credit market due to

249、widening spreads for most of the year.The decline in spread products and other fixed income revenues was partially offset by strength in commodities,particularly with corporate clients,as the business assisted those clients in managing risk associated with the increased volatility.Equity markets rev

250、enues decreased 9%,driven by equity derivatives,primarily reflecting lower activity by both corporate and institutional clients compared to a strong prior year.The lower revenues also reflected a decline in equity cash,driven by lower client activity.Within Banking:Investment banking revenues were d

251、own 53%,reflecting a significant decline in the overall market wallet and loss in wallet share,as heightened macroeconomic uncertainty and volatility continued to impact client activity.Advisory revenues decreased 24%,reflecting a decline in North America and EMEA,driven by the decline in the market

252、 wallet as well as loss in wallet share.Equity and debt underwriting revenues decreased 73%and 56%respectively,reflecting a decline in North America,EMEA and Asia and driven by the decline in the market wallet as well as wallet share loss.The decline in debt underwriting revenues also reflected mark

253、downs on loan commitments and losses on loan sales.Corporate lending revenues increased 8%,including the impact of gain(loss)on loan hedges.Excluding the impact of gain(loss)on loan hedges,revenues decreased 8%,primarily driven by the impacts of foreign currency translation,higher cost of funds and

254、higher hedging costs.Expenses were up 10%,primarily driven by continued investment in Citis transformation,business-led investments and volume-related expenses,partially offset by a Revlon-related wire transfer recovery,the impact of foreign exchange translation and productivity savings.Provisions w

255、ere$911 million,compared to a benefit of$2.5 billion in the prior year,driven by an ACL build,partially offset by lower net credit losses.Net credit losses declined to$152 million,compared to$356 million in the prior year,driven by improvements in portfolio credit quality.The ACL build was$759 milli

256、on,compared to a release of$2.8 billion in the prior year.The ACL build was primarily driven by a deterioration in macroeconomic assumptions.For additional information on Citis ACL,see“Significant Accounting Policies and Significant Estimates”below.15For additional information on ICGs corporate cred

257、it portfolio,see“Managing Global RiskCredit RiskCorporate Credit”below.For additional information on trends in ICGs deposits and loans,see“Managing Global RiskLiquidity RiskLoans”and“Deposits”below.For additional information about trends,uncertainties and risks related to ICGs future results,see“Exe

258、cutive Summary”above and“Risk Factors”and“Managing Global RiskOther RisksCountry RiskArgentina”and“Russia”below.16This page intentionally left blank.17PERSONAL BANKING AND WEALTH MANAGEMENT Personal Banking and Wealth Management(PBWM)consists of U.S.Personal Banking and Global Wealth Management(Glob

259、al Wealth).U.S.Personal Banking includes Retail banking,which provides traditional banking services to retail and small business customers.U.S.Personal Bankings cards portfolio includes the following proprietary portfolios:Cash,Rewards and Value portfolios and co-branded cards(including,among others

260、,American Airlines and Costco)within Branded cards,and co-brand and private label relationships(including,among others,The Home Depot,Best Buy,Sears and Macys)within Retail services.Global Wealth includes Private bank,Wealth at Work and Citigold and provides financial services to clients from afflue

261、nt to ultra-high-net-worth through banking,lending,mortgages,investment,custody and trust product offerings in 20 countries,including the U.S.,Mexico and four wealth management centers:Singapore,Hong Kong,the UAE and London.At December 31,2022,U.S.Personal Banking had 654 retail bank branches concen

262、trated in the six key metropolitan areas of New York,Chicago,Los Angeles,San Francisco,Miami and Washington,D.C.U.S.Personal Banking had$151 billion in outstanding credit card balances,$113 billion in deposits and$37 billion in retail banking loans.At December 31,2022,Global Wealth had$325 billion i

263、n deposits,$84 billion in mortgage loans,$61 billion in personal and small business loans and$5 billion in outstanding credit card balances.In millions of dollars,except as otherwise noted202220212020%Change2022 vs.2021%Change2021 vs.2020Net interest income$22,656$20,646$22,326 10%(8)%Non-interest r

264、evenue 1,561 2,681 2,814 (42)(5)Total revenues,net of interest expense$24,217$23,327$25,140 4%(7)%Total operating expenses$16,258$14,610$13,599 11%7%Net credit losses on loans$3,021$3,061$5,229 (1)%(41)%Credit reserve build(release)for loans 707 (4,284)4,613 NMNMProvision(release)for credit losses o

265、n unfunded lending commitments 11 (16)26 NMNMProvisions for benefits and claims(PBC),and other assets 15 15 17 (12)Provisions(release)for credit losses and PBC$3,754$(1,224)$9,885 NMNMIncome from continuing operations before taxes$4,205$9,941$1,656 (58)%NMIncome taxes 886 2,207 334 (60)NMIncome from

266、 continuing operations$3,319$7,734$1,322 (57)%NMNoncontrolling interests%Net income$3,319$7,734$1,322 (57)%NMBalance Sheet data(in billions of dollars)EOP assets$494$464$453 6%2%Average assets 476 467 454 2 3 Average loans 321 307 304 5 1 Average deposits 435 417 358 4 16 Efficiency ratio 67%63%54%N

267、et credit losses as a percentage of average loans 0.94 1.00 1.72 Revenue by reporting unit and componentBranded cards$8,892$8,190$8,799 9%(7)%Retail services 5,450 5,082 5,965 7 (15)Retail banking 2,501 2,506 2,790 (10)U.S.Personal Banking$16,843$15,778$17,554 7%(10)%Private bank$2,762$2,943$2,882 (

268、6)%2%Wealth at Work 730 691 677 6 2 Citigold 3,882 3,915 4,027 (1)(3)Global Wealth$7,374$7,549$7,586 (2)%Total$24,217$23,327$25,140 4%(7)%NM Not meaningful182022 vs.2021Net income was$3.3 billion,compared to$7.7 billion in the prior year,reflecting significantly higher cost of credit and higher expe

269、nses,partially offset by higher revenues.Revenues increased 4%,primarily due to higher net interest income,driven by strong loan growth in Branded cards and Retail services and higher interest rates.The increase was partially offset by lower non-interest revenue,reflecting lower investment product r

270、evenue in Global Wealth and higher partner payments in Retail services resulting from higher revenues.U.S.Personal Banking revenues increased 7%,reflecting higher revenues in cards.Cards revenues increased 8%.Branded cards revenues increased 9%,primarily driven by higher net interest income on highe

271、r loan balances.Branded cards new account acquisitions increased 11%and card spend volume increased 16%.Average loans increased 11%,reflecting the higher card spend volumes.Retail services revenues increased 7%,primarily driven by higher net interest income on higher loan balances and lower payment

272、rates,partially offset by the increase in partner payments.The increase in partner payments reflected higher income sharing as a result of higher revenues(for additional information on partner payments,see Note 5).Retail services credit card spend volume increased 8%and average loans increased 6%,re

273、flecting the higher card spend volumes.Retail banking revenues were largely unchanged,as the higher interest rates and modest deposit growth were offset by lower mortgage revenues due to fewer mortgage originations,driven by the higher interest rates.Average deposits increased 3%,largely reflecting

274、higher levels of consumer liquidity in the first half of 2022.Global Wealth revenues decreased 2%,reflecting investment product revenue headwinds,particularly in Asia,driven by overall market volatility,partially offset by net interest income growth,driven by higher interest rates and higher loan an

275、d deposit volumes.Average loans increased 2%and average deposits increased 5%.Client assets decreased 8%,primarily driven by declines in equity market valuations.Global Wealth advisors increased 4%during 2022.Private bank revenues decreased 6%,Citigold revenues decreased 1%and Wealth at Work revenue

276、s increased 6%.Expenses increased 11%,primarily driven by continued investments in Citis transformation,other risk and control initiatives,volume-related expenses and business-led investments,partially offset by productivity savings.Provisions were$3.8 billion,compared to a benefit of$1.2 billion in

277、 the prior year,largely driven by a net ACL build.Net credit losses decreased 1%,driven by historically low loss rates experienced in the first half of 2022,followed by the ongoing normalization of losses toward pre-pandemic levels,particularly in Retail services(net credit losses up 7%to$1.3 billio

278、n).Branded cards net credit losses declined 17%to$1.4 billion.The net ACL build was$0.7 billion,compared to a net release of$4.3 billion in the prior year,primarily driven by U.S.Cards loan growth and a deterioration in macroeconomic assumptions.For additional information on Citis ACL,see“Significan

279、t Accounting Policies and Significant Estimates”below.For additional information on U.S.Personal Bankings Retail banking,and its Branded cards and Retail services portfolios,see“Credit RiskConsumer Credit”below.For additional information about trends,uncertainties and risks related to PBWMs future r

280、esults,see“Executive Summary”above and“Risk Factors”below.19LEGACY FRANCHISES As of December 31,2022,Legacy Franchises included(i)Asia Consumer Banking(Asia Consumer),representing the consumer banking operations of the remaining eight Asia and EMEA exit countries;(ii)Mexico Consumer Banking(Mexico C

281、onsumer)and Mexico Small Business and Middle-Market Banking(Mexico SBMM),collectively Mexico Consumer/SBMM,which Citi also plans to exit;and(iii)Legacy Holdings Assets(certain North America consumer mortgage loans and other legacy assets).Asia Consumer provides traditional retail banking and branded

282、 card products to retail and small business customers.Mexico Consumer/SBMM 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 through Citibanamex.Legacy Franchises

283、 also included the following consumer banking businesses prior to their sale:Australia,until its closing on June 1,2022;the Philippines,until its closing on August 1,2022;Thailand and Malaysia,until their closings on November 1,2022;and Bahrain,until its closing on December 1,2022.In addition,Citi h

284、as entered into agreements to sell its consumer banking businesses in India,Indonesia,Taiwan and Vietnam,and announced its wind-down of consumer banking operations in Korea and China and consumer banking and local commercial banking operations in Russia(see below).In December 2022,Citi announced the

285、 pursuit of sales of portfolios within its China consumer banking business,subject to applicable regulations.See Note 2 for additional information on Legacy Franchises consumer banking business sales and wind-downs.As previously disclosed,Citi announced the wind-down of its consumer banking and loca

286、l commercial banking operations in Russia,including its active pursuit of sales of certain Russia consumer banking portfolios.In connection with this wind-down plan,Citi expects to incur approximately$110 million in costs(excluding the impact from any portfolio sales),primarily through 2024,largely

287、driven by restructuring,vendor termination fees and other related charges.In December 2022,Citi(i)sold a portfolio of ruble-denominated personal installment loans,totaling approximately$240 million in outstanding loan balances as of the fourth quarter of 2022 and(ii)entered into a referral agreement

288、 to settle a portfolio of ruble-denominated credit card loans,subject to customer consents;the outstanding card loans balance was approximately$219 million as of the fourth quarter of 2022.For additional information about Citis continued efforts to reduce its operations and exposure in Russia,see“In

289、stitutional Clients Group”above and“Risk Factors”and“Managing Global RiskOther RisksCountry RiskRussia”below.At December 31,2022,on a combined basis,Legacy Franchises had 1,438 retail branches,$23 billion in retail banking loans and$51 billion in deposits.In addition,the businesses had$8 billion in

290、outstanding card loan balances,and Mexico SBMM had$7 billion in outstanding corporate loan balances.These amounts exclude approximately$12 billion of loans($9 billion of retail banking loans and$3 billion of credit card loan balances)and approximately$16 billion of deposits,all of which were reclass

291、ified to Other assets and Other liabilities held-for-sale(HFS)as a result of Citis agreements to sell its consumer banking businesses in India,Indonesia,Taiwan and Vietnam.See Note 2 for additional information.20In millions of dollars,except as otherwise noted202220212020%Change2022 vs.2021%Change20

292、21 vs.2020Net interest income$5,691$6,250$6,973 (9)%(10)%Non-interest revenue 2,781 2,001 2,481 39 (19)Total revenues,net of interest expense$8,472$8,251$9,454 3%(13)%Total operating expenses$7,782$8,259$6,890 (6)%20%Net credit losses on loans$616$1,478$1,505 (58)%(2)%Credit reserve build(release)fo

293、r loans(229)(1,621)1,116 86 NMProvision(release)for credit losses on unfunded lending commitments 93 (19)30 NMNMProvisions for benefits and claims(PBC),HTM debt securities and other assets 91 100 88 (9)14 Provisions(releases)for credit losses and PBC$571$(62)$2,739 NMNMIncome(loss)from continuing op

294、erations before taxes$119$54$(175)NMNMIncome taxes 128 63 (33)NMNMIncome(loss)from continuing operations$(9)$(9)$(142)%94%Noncontrolling interests 3 (10)(6)NM(67)Net income(loss)$(12)$1$(136)NM 101%Balance Sheet data(in billions of dollars)EOP assets$97$125$131 (22)%(5)%Average assets 110 127 128 (1

295、3)(1)EOP loans 38 65 84 (42)(23)EOP deposits 51 76 90 (33)(16)Efficiency ratio 92%100%73%Revenue by reporting unit and componentAsia Consumer$3,811$3,405$4,311 12%(21)%Mexico Consumer/SBMM 4,751 4,651 4,885 2 (5)Legacy Holdings Assets(90)195 258 NM(24)Total$8,472$8,251$9,454 3%(13)%NM Not meaningful

296、212022 vs.2021 Net loss was$12 million,compared to net income of$1 million in the prior year,primarily driven by higher cost of credit,partially offset by lower expenses and higher revenues.Results for 2022 included divestiture-related impacts of approximately$87 million(approximately$(180)million a

297、fter-tax),which primarily consisted of(i)an approximate$618 million Philippines gain on sale recorded in revenues,(ii)an approximate$209 million Thailand gain on sale recorded in revenues,(iii)an approximate$(64)million incremental Australia consumer banking loss on sale recorded in revenues,(iv)an

298、approximate$535 million goodwill impairment recorded in expenses and(v)an approximate$156 million of other aggregate divestiture-related costs.Results for 2021 included divestiture-related impacts of approximately$(1.9)billion(approximately$(1.6)billion after-tax),which primarily consisted of(i)an a

299、pproximate$(694)million Australia loss on sale recorded in revenues,(ii)an approximate$1.1 billion related to charges incurred from the voluntary early retirement program(VERP)in connection with the wind-down of the Korea consumer banking business recorded in expenses and(iii)contract modification c

300、osts related to the Asia divestitures of approximately$119 million recorded in expenses.Revenues increased 3%,primarily driven by higher revenues in Asia Consumer and Mexico Consumer/SBMM,partially offset by lower Legacy Holdings Assets revenues.Asia Consumer revenues increased 12%,primarily driven

301、by the Philippines and Thailand gains on sale,versus the Australia loss on sale in the prior year,partially offset by the loss of revenues from the closing of the five exit markets and impacts of the ongoing Korea and Russia wind-downs.Mexico Consumer/SBMM revenues increased 2%,as cards revenues in

302、Mexico Consumer increased 7%and SBMM revenues increased 9%,primarily due to higher interest rates and higher deposit and loan growth.The increase in revenues was partially offset by a 1%decrease in retail banking revenues,primarily driven by lower fiduciary fees reflecting declines in equity market

303、valuations.Legacy Holdings Assets revenues of$(90)million decreased from$195 million in the prior year,largely driven by a CTA loss(net of hedges)recorded in AOCI in the second quarter of 2022,related to the substantial liquidation of a legacy U.K.consumer operation(for additional information,see“Co

304、rporate/Other”below and Note 2),as well as the continued wind-down of Legacy Holdings Assets.Expenses decreased 6%,primarily driven by the absence of the$1.2 billion divestiture-related costs in the prior year,including the Korea VERP of approximately$1.1 billion and contract modification costs rela

305、ted to Asia divestiture markets of approximately$119 million,and the benefit from the closing of the five exit markets.The decline was partially offset by an approximate$535 million goodwill impairment in the first quarter of 2022,an approximate$70 million impairment of long-lived assets related to

306、the Russia consumer banking business in the second quarter of 2022 and approximately$156 million of other aggregate divestiture-related costs.Provisions were$571 million,compared to a benefit of$62 million in the prior year,primarily driven by a lower net ACL release,partially offset by lower net cr

307、edit losses.Net credit losses decreased 58%,primarily reflecting improved delinquencies in both Asia Consumer and Mexico Consumer and the reclassification of loans and net credit losses to reflect HFS accounting as a result of the signing of sale agreements for the aforementioned consumer banking bu

308、sinesses in Asia Consumer.The net ACL release was$136 million,compared to a net release of$1.6 billion in the prior year.The continued release primarily reflected further improvement in portfolio credit quality.For additional information on Citis ACL,see“Significant Accounting Policies and Significa

309、nt Estimates”below.For additional information about trends,uncertainties and risks related to Legacy Franchises future results,see“Executive Summary”above and“Risk Factors”and“Managing Global RiskOther RisksCountry RiskRussia”below.22CORPORATE/OTHER Activities not assigned to the operating segments(

310、ICG,PBWM and Legacy Franchises)are included in Corporate/Other.Corporate/Other included certain unallocated costs of global staff functions(including finance,risk,human resources,legal and compliance-related costs),other corporate expenses and unallocated global operations and technology expenses an

311、d income taxes,as well as results of Corporate Treasury investment activities and discontinued operations.At December 31,2022,Corporate/Other had$96 billion in assets,primarily related to the investment securities.In millions of dollars202220212020%Change2022 vs.2021%Change2021 vs.2020Net interest i

312、ncome$2,410$599$(298)NMNMNon-interest revenue(967)(129)112 NMNMTotal revenues,net of interest expense$1,443$470$(186)NMNMTotal operating expenses$953$1,375$1,549 (31)%(11)%Provisions(releases)for HTM debt securities and other assets$3$(2)$2 NMNMIncome(loss)from continuing operations before taxes$487

313、$(903)$(1,737)NM 48%Income taxes(benefits)(630)(888)(853)29%(4)Income(loss)from continuing operations$1,117$(15)$(884)NM 98%Income(loss)from discontinued operations,net of taxes(231)7 (20)NMNMNet income(loss)before attribution of noncontrolling interests$886$(8)$(904)NM 99%Noncontrolling interests 7

314、 (4)%100 Net income(loss)$879$(8)$(900)NM 99%NM Not meaningful2022 vs.2021Net income was$879 million,compared to a net loss of$8 million in the prior year,reflecting higher revenues and lower expenses,partially offset by lower income tax benefits and a second quarter of 2022 release of a CTA loss(ne

315、t of hedges)from AOCI,recorded in discontinued operations,related to the substantial liquidation of a U.K.consumer legacy operation(for additional information,see“Legacy Franchises”above and Note 2).Revenues were$1.4 billion,compared to$470 million in the prior year,driven by higher net interest inc

316、ome,partially offset by lower non-interest revenue.The higher net interest income was primarily due to the investment portfolio driven by higher balances,higher interest rates and lower mortgage-backed securities prepayments,partially offset by higher cost of funds related to higher institutional ce

317、rtificates of deposit.The lower non-interest revenue was primarily due to the absence of mark-to-market gains in the prior year as well as higher hedging costs.Expenses decreased 31%,primarily driven by lower consulting expenses and the impact of certain legal settlements.For additional information

318、about trends,uncertainties and risks related to Corporate/Others future results,see“Executive Summary”above and“Risk Factors”below.23CAPITAL RESOURCESOverviewCapital is used principally to support assets in Citis businesses and to absorb potential losses,including credit,market and operational losse

319、s.Citi primarily generates capital through earnings from its operating businesses.Citi may augment its capital through issuances of common stock and noncumulative perpetual preferred stock,among other issuances.Further,Citis capital levels may also be affected by changes in accounting and regulatory

320、 standards,as well as the impact of future events on Citis business results,such as the signing or closing of divestitures and changes in interest and foreign exchange rates.During 2022,Citi returned a total of$7.3 billion of capital to common shareholders in the form of$4.0 billion in dividends and

321、$3.3 billion in share repurchases totaling approximately 56 million common shares.Citi has continued to pause common share repurchases in order to absorb any temporary capital impacts related to any potential signing of a sale agreement for its Mexico Consumer and Small Business and Middle-Market Ba

322、nking(Mexico Consumer/SBMM)business(for additional information,see“Executive SummaryMacroeconomic and Other Risks and Uncertainties”above)and to continue to have ample capital to serve its clients.For additional information on capital-related trends,uncertainties and risks related to Citis exit busi

323、nesses,including the impact of CTA losses,see“Executive Summary”above and“Risk FactorsStrategic Risks”and“Operational Risks”below.Capital ManagementCitis capital management framework is designed to ensure that Citigroup and its principal subsidiaries maintain sufficient capital consistent with each

324、entitys 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

325、 internal quantitative capital goals are strategic capital considerations,centered on preserving and building financial strength.The Citigroup Capital Committee,with oversight from the Risk Management Committee of Citigroups Board of Directors,has responsibility for Citis aggregate capital structure

326、,including the capital assessment and planning process,which is integrated into Citis capital plan.Balance sheet management,including oversight of capital adequacy,for Citigroup and its subsidiaries is governed by each entitys Asset and Liability Committee,where applicable.For additional information

327、 regarding Citis capital planning and stress testing exercises,see“Stress Testing Component of Capital Planning”below.Current Regulatory Capital StandardsCiti is subject to regulatory capital rules issued by the Federal Reserve Board(FRB),in coordination with the OCC and FDIC,including the U.S.imple

328、mentation of the Basel III rules(for information on potential changes to the Basel III rules,see“Basel III Revisions”below).These rules establish an integrated capital adequacy framework,encompassing both risk-based capital ratios and leverage ratios.Risk-Based Capital RatiosThe U.S.Basel III rules

329、set forth the composition of regulatory capital(including the application of regulatory capital adjustments and deductions),as well as two comprehensive methodologies(a Standardized Approach and Advanced Approaches)for measuring total risk-weighted assets.Total risk-weighted assets under the Standar

330、dized Approach include credit and market risk-weighted assets,which are generally prescribed supervisory risk weights.Total risk-weighted assets under the Advanced Approaches,which are primarily model based,include credit,market and operational risk-weighted assets.As a result,credit risk-weighted a

331、ssets calculated under the Advanced Approaches are more risk sensitive than those calculated under the Standardized Approach.Market risk-weighted assets are currently calculated on a generally consistent basis under both the Standardized and Advanced Approaches.The Standardized Approach does not inc

332、lude operational risk-weighted assets.Under the U.S.Basel III rules,Citigroup is required to maintain several regulatory capital buffers above the stated minimum capital requirements to avoid certain limitations on capital distributions and discretionary bonus payments to executive officers.Accordin

333、gly,for the fourth quarter of 2022,Citigroups required regulatory CET1 Capital ratio was 11.5%under the Standardized Approach(incorporating its Stress Capital Buffer of 4.0%and GSIB(global systemically important bank)surcharge of 3.0%)and 10.0%under the Advanced Approaches(inclusive of the fixed 2.5%Capital Conservation Buffer and GSIB surcharge of 3.0%).In addition,commencing January 1,2023,Citis