CITIGROUP INC
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
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Contents
9. RESTRUCTURING
- RESTRUCTURING
As previously disclosed, Citi is pursuing various initiatives to simplify the Company and further align its organizational structure with its business strategy. As part of its overall simplification initiatives, in the fourth quarter of 2023, Citi eliminated the previous Institutional Clients Group and Personal Banking and Wealth Management layers, exited certain institutional business lines, and consolidated its regional structure, creatingone international group, while centralizing client capabilities and streamlining its global staff functions.
Citi has recorded net restructuring charges of approximately $1.030 billion program to date.
Restructuring charges are recorded as a separate line item within Operating expenses in the Company’s Consolidated Statement of Income. These charges were included within All Other—Corporate/Other.
The following costs associated with these initiatives are included in restructuring charges:
Personnel costs: severance costs associated with actual headcount reductions (as well as those that were probable and could be reasonably estimated)
Other: costs associated with contract terminations and other direct costs associated with the restructuring, including asset write-downs (non-cash write-downs of capitalized software, which are included in Premises and equipment related to exited businesses)
The following table is a rollforward of the liability related to the restructuring charges:
| In millions of dollars | Personnel costs | Other | Total |
|---|---|---|---|
| Beginning balance at January 1, 2023 | $— | $— | $— |
| Restructuring charges | $687 | $94 | $781 |
| Change in estimate(1) | — | — | — |
| Net restructuring charges | $687 | $94 | $781 |
| Payments and utilization | $— | $(69) | $(69) |
| Foreign exchange | — | — | — |
| Balance at December 31, 2023 | $687 | $25 | $712 |
| Restructuring charges | $354 | $54 | $408 |
| Change in estimate(1)(2) | (146) | (3) | (149) |
| Net restructuring charges | $208 | $51 | $259 |
| Payments and utilization | $(860) | $(76) | $(936) |
| Foreign exchange | 7 | — | 7 |
| Balance at December 31, 2024 | $42 | $— | $42 |
| Restructuring charges | $1 | $— | $1 |
| Change in estimate(1) | (4) | — | (4) |
| Net restructuring charges | $(3) | $— | $(3) |
| Payments and utilization | $(13) | $— | $(13) |
| Foreign exchange | (6) | — | (6) |
| Balance at March 31, 2025 | $20 | $— | $20 |
| Restructuring charges | $— | $— | $— |
| Change in estimate(1) | (2) | — | (2) |
| Net restructuring charges | $(2) | $— | $(2) |
| Payments and utilization | $(8) | $— | $(8) |
| Foreign exchange | 1 | — | 1 |
| Balance at June 30, 2025 | $11 | $— | $11 |
| Restructuring charges | $— | $— | $— |
| Change in estimate(1) | (5) | — | (5) |
| Net restructuring charges | $(5) | $— | $(5) |
| Payments and utilization | $(2) | $— | $(2) |
| Foreign exchange | — | — | — |
| Balance at September 30, 2025 | $4 | $— | $4 |
(1) Revisions primarily relate to higher-than-anticipated redeployments of displaced employees to other positions within the Company, job function releveling and employee attrition.
(2) Revisions primarily relate to lower-than-anticipated costs associated with contract terminations.
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