EXECUTIVE SUMMARY



Second Quarter of 2020-Results Demonstrated Continued Financial Strength and
Operational Resilience in a Challenging Environment
As described further throughout this Executive Summary, during the second
quarter of 2020, Citi demonstrated continued financial strength and operational
resilience, despite a significant further deterioration in economic conditions
during the quarter due to the COVID-19 pandemic:

•Citi's earnings were substantially reduced by a higher allowance for credit
loss (ACL) build (approximately $5.6 billion) during the quarter (see "Cost of
Credit" below).
•Despite the challenging environment, Citi had solid revenue growth, as
significantly higher revenues in Institutional Clients Group (ICG), primarily
reflecting strong performance in fixed income markets and investment banking,
were partially offset by lower revenues in Global Consumer Banking (GCB),
reflecting lower loan volumes and lower interest rates.
•Citi demonstrated good expense discipline, resulting in a 1% decrease in
expenses versus the prior year, as well as positive operating leverage and a 13%
improvement in operating margin, while Citi continued to invest in its
infrastructure and controls as well as digital capabilities.
•Citi maintained its focus on risk management, while continuing to support
clients.
•Citi had broad-based deposit growth across ICG and GCB, reflecting strong
client engagement, while also strengthening Citi's available liquidity.
•Citi returned $1.1 billion of capital to its common shareholders in the form of
dividends.
•Citi continues to support its employees, customers and clients as well as the
broader economy during this challenging time (see "COVID-19 Pandemic Overview"
below) and maintained strong regulatory capital and liquidity metrics.
•During the quarter, the Federal Reserve Board communicated that Citi's interim
Stress Capital Buffer (SCB) requirement would be 2.5% for the four-quarter
window of fourth quarter of 2020 to third quarter of 2021 (the 2020 CCAR cycle).
Consistent with the regulatory capital framework, Citi declared common dividends
of $0.51 per share for the third quarter of 2020 on July 23, 2020, and intends
to maintain its planned capital actions, which include common dividends of $0.51
per share in the four quarters covered by the 2020 CCAR cycle, subject to
approval of Citi's Board of Directors and the latest financial and macroeconomic
conditions. For information on Citi's interim and capital plan resubmission, see
"Capital Resources-Stress Capital Buffer" and "-Capital Plan Resubmission and
Related Limitations on Capital Distributions" below.

As a result of the pandemic, the economic outlook for 2020 has been lowered
substantially, and continued uncertainties around the pandemic, including, among
others, the duration and severity of the economic and public health impacts,
have created a much more volatile operating environment that will likely
continue to negatively impact Citi's businesses and future results during the
remainder of 2020.
For a discussion of risks and uncertainties related to the pandemic, see
"COVID-19 Pandemic Overview," "Risk Factors" and each respective business's
results of operations below. For a discussion of additional risks and
uncertainties that could affect Citi, see " Forward-Looking Statements" below as
well as each respective business's results of operations and "Managing Global
Risk" and "Risk Factors" in Citi's 2019 Annual Report on Form 10-K.

Second Quarter of 2020 Results Summary

Citigroup


Citigroup reported net income of $1.3 billion, or $0.50 per share, compared to
net income of $4.8 billion, or $1.95 per share, in the prior-year period. Net
income declined 73%, driven by the substantially higher ACL builds, partially
offset by the higher revenues and a lower tax rate (see "Significant Accounting
Policies and Significant Estimates-Income Taxes" below). Earnings per share
decreased 74%, driven by the decline in net income.
Citigroup revenues of $19.8 billion in the second quarter of 2020 increased 5%
from the prior-year period, primarily reflecting the higher revenues in ICG,
including the higher revenues in fixed income markets and investment banking,
partially offset by the lower revenues across regions in GCB.
Citigroup's end-of-period loans were largely unchanged at $685 billion.
Excluding the impact of foreign currency translation into U.S. dollars for
reporting purposes (FX translation), Citigroup's end-of-period loans grew 1%,
with 5% growth in ICG partially offset by lower loans in GCB, reflecting the
impact of lower spend activity and the continued wind-down of legacy assets in
Corporate/Other. Citigroup's end-of-period deposits increased 18% to $1.2
trillion. Excluding the impact of FX translation, Citigroup's end-of-period
deposits increased 20%, primarily driven by 22% growth in ICG and 15% growth in
GCB. (Citi's results of operations excluding the impact of FX translation are
non-GAAP financial measures.)

Expenses


Citigroup operating expenses of $10.4 billion decreased 1% versus the prior-year
period, as efficiency savings and lower marketing and other discretionary spend
more than offset higher compensation costs, investments and pandemic-related
expenses. Year-over-year, GCB and Corporate/Other operating expenses declined
10% and 2%, respectively, while ICG expenses increased 7%.

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Cost of Credit
Citi's total provisions for credit losses and for benefits and claims of $7.9
billion, compared to $2.1 billion in the prior-year period, reflect the ACL
build and higher net credit losses. Citi's ACL build increased to $5.6 billion,
primarily reflecting a deterioration in Citi's view of the macroeconomic outlook
since the end of the first quarter of 2020 under the Current Expected Credit
losses (CECL) standard, as well as downgrades in the corporate loan portfolio,
in both cases driven by the continued impact of the pandemic. The reserve build
also included an additional qualitative management adjustment to reflect the
potential for a higher level of stress and/or a somewhat slower economic
recovery. For further information on the drivers of Citi's ACL build, see
"Significant Accounting Policies and Significant Estimates-Allowance for Credit
Losses" below.
Net credit losses of $2.2 billion increased 12%. Consumer net credit losses of
$1.9 billion were largely unchanged, driven by higher net credit losses in GCB,
primarily reflecting seasoning in the North America branded cards portfolio, as
GCB had not yet incurred significant net credit losses related to the pandemic,
offset by lower net credit losses in Corporate/Other. Corporate net credit
losses increased to $324 million from $89 million in the prior-year period,
primarily reflecting write-offs across various sectors in both North America and
EMEA.
For additional information on Citi's consumer and corporate credit costs and
ACL, also see each respective business's results of operations and "Credit Risk"
below.

Capital


Citigroup's Common Equity Tier 1 Capital ratio was 11.6% as of June 30, 2020,
based on the Basel III Advanced Approaches framework for determining
risk-weighted assets, compared to 11.9% as of June 30, 2019, based on the Basel
III Standardized Approach for determining risk-weighted assets. The decline in
the ratio primarily reflected an increase in risk-weighted assets.
Incorporating Citi's interim SCB of 2.5%, and a GSIB surcharge of 3%, results in
a minimum regulatory requirement of 10% for both Standardized (using SCB) and
Advanced (using the Capital Conservation Buffer (CCB)) Approaches, relative to
Citi's Common Equity Tier 1 ratio of 11.6% using Advanced Approaches as of the
second quarter of 2020.
Citigroup's Supplementary Leverage ratio as of June 30, 2020 was 6.7%, primarily
reflecting the benefit of temporary relief granted by the Federal Reserve Board,
compared to 6.4% as of June 30, 2019. For additional information on Citi's
capital ratios and related components, see "Capital Resources" below.

Global Consumer Banking
GCB net loss of $0.4 billion compared to net income of $1.3 billion in the
prior-year period, reflecting significantly higher cost of credit and lower
revenues, partially offset by lower expenses. GCB operating expenses of $4.0
billion decreased 10%. Excluding the impact of FX translation, expenses
decreased 8%, as efficiency savings, lower volume-related expenses and
reductions in marketing and other discretionary
spending were partially offset by increases in pandemic-related expenses.
GCB revenues of $7.3 billion decreased 10%. Excluding the impact of FX
translation, revenues decreased 7%, as lower loan volumes and lower interest
rates across all regions more than offset strong deposit growth, each reflecting
the continued impact of the pandemic. North America GCB revenues of $4.7 billion
decreased 5%, as higher revenues in Citi-branded cards were more than offset by
lower revenues in Citi retail services and retail banking. Citi-branded cards
revenues of $2.2 billion increased 1%, as lower purchase sales and lower average
loans were more than offset by a favorable mix shift toward interest earning
balances, which supported net interest revenues. Citi retail services revenues
of $1.4 billion decreased 13%, reflecting higher partner payments and lower
average loans. Retail banking revenues of $1.1 billion decreased 3%, as the
benefit of stronger deposit volumes and improvement in mortgage revenues were
more than offset by lower deposit spreads.
North America GCB average deposits of $173 billion increased 14% year-over-year,
average retail banking loans of $52 billion increased 9% year-over-year and
assets under management of $69 billion increased 2%. Average Citi-branded card
loans of $83 billion decreased 7% and Citi-branded card purchase sales of $74
billion decreased 21%, both driven by reduced customer activity related to the
pandemic. Average Citi retail services loans of $46 billion decreased 6% and
Citi retail services purchase sales of $17 billion decreased 25%, both driven by
reduced customer activity and partner store closures related to the pandemic.
For additional information on the results of operations of North America GCB for
the second quarter of 2020, see "Global Consumer Banking-North America GCB"
below.
International GCB revenues (consisting of Latin America GCB and Asia GCB (which
includes the results of operations in certain EMEA countries)), of $2.6 billion
declined 18% versus the prior-year period. Excluding the impact of FX
translation, international GCB revenues declined 12%, largely reflecting the
impact of the pandemic. On this basis, Latin America GCB revenues decreased 7%,
driven by lower card purchase sales, a decline in loan volumes and lower deposit
spreads, partially offset by deposit growth. Asia GCB revenues decreased 15%,
reflecting lower card purchase sales, insurance volumes and deposit spreads,
even as deposit growth remained strong. For additional information on the
results of operations of Latin America GCB and Asia GCB for the second quarter
of 2020, including the impact of FX translation, see "Global Consumer
Banking-Latin America GCB" and "Global Consumer Banking-Asia GCB" below.
Year-over-year, international GCB average deposits of $129 billion increased
10%, average retail banking loans of $70 billion increased 4%, assets under
management of $118 billion increased 4%, average card loans of $21 billion
decreased 9% and card purchase sales of $18 billion decreased 30%, all excluding
the impact of FX translation.





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Institutional Clients Group
ICG net income of $1.9 billion decreased 45%, primarily driven by significantly
higher cost of credit and higher expenses, partially offset by higher revenues.
ICG operating expenses increased 7% to $5.9 billion, reflecting higher
compensation costs, continued investments and volume-driven growth, partially
offset by efficiency savings.
ICG revenues of $12.1 billion increased 21%, reflecting a 48% increase in
Markets and securities services revenues, partially offset by a 3% decline in
Banking revenues. The decrease in Banking revenues included the impact of $431
million of losses on loan hedges related to corporate lending and the private
bank, compared to losses of $75 million related to corporate lending in the
prior-year period.
Banking revenues of $5.7 billion (excluding the impact of losses on loan hedges)
increased 4%, as increases in investment banking and the private bank were
partially offset by declines in treasury and trade solutions and corporate
lending. Investment banking revenues of $1.8 billion increased 37%, as strong
growth in debt and equity underwriting was partially offset by modestly lower
advisory revenues. Advisory revenues decreased 1% to $229 million, equity
underwriting revenues increased 56% to $491 million and debt underwriting
revenues increased 41% to $1.0 billion.
Treasury and trade solutions revenues of $2.3 billion declined 11%, and 7%
excluding the impact of FX translation, as strong client engagement and growth
in deposits were more than offset by the impact of lower interest rates and
reduced commercial card spend. Private bank revenues of $956 million increased
10% (excluding the impact of losses on loan hedges), driven by increased capital
markets activity and higher lending and deposit volumes, partially offset by
lower deposit spreads, reflecting the impact of lower rates. Corporate lending
revenues of $232 million decreased 64%. Excluding the impact of losses on loan
hedges, corporate lending revenues decreased 11%, as higher loan volumes were
more than offset by lower spreads.
Markets and securities services revenues of $6.9 billion increased 48%. Fixed
income markets revenues of $5.6 billion increased 68%, reflecting strength in
rates and currencies, spread products and commodities. Equity markets revenues
of $770 million decreased 3%, as solid performance in cash equities was more
than offset by lower revenues in derivatives and prime finance, reflecting a
more challenging environment. Securities services revenues of $619 million
decreased 9%, and 5% excluding the impact of FX translation, as higher deposit
volumes were more than offset by lower spreads, given lower interest rates. For
additional information on the results of operations of ICG for the second
quarter of 2020, see "Institutional Clients Group" below.


Corporate/Other


Corporate/Other net loss was $163 million in the second quarter of 2020,
compared to net income of $84 million in the prior-year period, driven by lower
revenues and higher cost of credit, reflecting ACL builds under the CECL
standard on Citi's residual legacy portfolio, partially offset by a decrease in
expenses. Operating expenses of $469 million declined 2%, reflecting the
continued wind-down of legacy assets, partially offset by higher infrastructure
costs as well as incremental costs associated with the pandemic. Corporate/Other
revenues of $290 million declined 49%, reflecting the wind-down of legacy assets
and the impact of lower interest rates, partially offset by available-for-sale
(AFS) investment securities gains as well as positive marks on legacy
securities, as spreads tightened during the quarter. For additional information
on the results of operations of Corporate/Other for the second quarter of 2020,
see "Corporate/Other" below.



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COVID-19 PANDEMIC OVERVIEW
In addition to the widespread public health implications, the emergence of the
COVID-19 pandemic has had an extraordinary impact on macroeconomic conditions in
the U.S. and around the world. As discussed below and elsewhere throughout this
Form 10-Q, Citi's businesses, results of operations and financial condition have
been impacted by economic dislocations caused by the pandemic. Citi had builds
to its allowance for credit losses (ACL) of approximately $10.5 billion during
the first six months of 2020, bringing its ACL to approximately $28.5 billion at
June 30, 2020, with an Allowance for credit losses on loans (ACLL) reserve ratio
of 3.89% on funded loans. For additional information, see "Covid-19 Pandemic
Overview-Impact of CECL on Citi's Allowance for Credit Losses" below.
Despite these impacts, Citi has remained well positioned from a capital and
liquidity perspective, and has maintained strong business operations. At quarter
end, Citi had a CET1 Capital ratio of 11.6%, a Supplementary Leverage ratio of
6.7% and a Liquidity Coverage ratio of 117%, each well above regulatory
minimums, with $900 billion of available liquidity resources (see "Managing
Global Risk-Liquidity Risk" below).
Governments and central banks globally have taken a series of aggressive actions
to support the economy and mitigate the systemic impacts of the pandemic, and
Citi continues to proactively assess and utilize these measures where
appropriate. For additional information on Citi's pandemic response and other
pandemic-related information, see Citi's First Quarter of 2020 Form 10-Q.

Citi's COVID-19 Pandemic Response-Supporting Employees, Customers and
Communities
The health and safety of Citi's employees and their families, as well as Citi's
customers, clients and communities it serves, are of the utmost importance. As
the public health crisis has unfolded, Citi has continued to take proactive
measures to preserve their well-being while maintaining its ability to serve
customers and clients.

Citi Employees
•The majority of Citi employees around the world are working remotely.
•Citi is pursuing a slow and measured reentry to its sites and a rapid retreat
where necessary based on medical data and local conditions.
•Citi is offering enhanced flexibility and paid time off for colleagues directly
and indirectly impacted by the pandemic.
•Citi is providing additional health and well-being resources for colleagues.
•In the first quarter of 2020, Citi provided more than 75,000 colleagues
globally with extra compensation, including a $1,000 special payment to eligible
colleagues in the U.S.
•Citi is delivering a virtual summer internship program globally and has
guaranteed full-time employment offers for those interns meeting minimum
requirements in hub locations.
•Extra cleaning protocols and protective supplies have been put in place at Citi
sites, branches and ATMs, and staff has been educated on preventive measures.

Citi Communities
Citi, the Citi Foundation and Citi colleagues are supporting those immediately
impacted by the crisis through a variety of efforts. To date, Citi and the Citi
Foundation have committed over $100 million in support of pandemic community
relief efforts. As part of this commitment, Citi is donating the net profits
earned through its participation in the Paycheck Protection Program to the Citi
Foundation. Initial proceeds of $25 million have been donated to the Citi
Foundation and will be used to expand its pandemic U.S. Small Business Relief
Program to support efforts by Community Development Financial Institutions to
serve small, diverse entrepreneurs who may not fully qualify for federal
government stimulus funding.

Citi Consumer Loan Relief Programs
As previously disclosed, Citi was one of the first banks in the U.S. to announce
assistance measures for pandemic-impacted customers. Citi has offered a wide
array of programs for different types of products, providing short- and
medium-term relief to customers as a result of the pandemic. The relief provided
has been primarily in the form of payment deferrals and fee waivers. These
consumer relief programs have primarily been provided to GCB customers, with a
small portion of customers reported within Corporate/Other. For further
information on Citi's measures to support its customers and clients in response
to the pandemic, see "COVID-19 Overview" in the First Quarter of 2020 10-Q.
The table below provides information on the number of loan modifications and the
associated balances at enrollment for Citi's pandemic consumer relief programs
for the three months ended June 30, 2020, excluding troubled debt restructurings
(see "Troubled Debt Restructuring (TDR) Relief" below).






















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                                                              For the three months ended June 30, 2020
In millions of dollars,
except number of loans          Number of loans        Enrollment        % of total loan
modified                           modified           balance(1)(2)       portfolio(3)                       Program details
North America
Credit cards                          1,909,296    $        6,920                     5  %       Waivers on late fees and deferral of
                                                                                                 minimum payments for two payment cycles
Residential first                         6,866             3,044                     6          Extending existing payment deferral
mortgages(4)                                                                                     options and suspending foreclosures
                                                                                                 into the third quarter of 2020
Home equity loans(4)                      4,289               536           

6 Extending existing payment deferral


                                                                                                 options
Personal, small business and             16,626               259                     5          Waivers on fees including non-Citi ATM
other(5)                                                                                         fees and monthly service fees as well
                                                                                                 as minimum payment deferrals for up to
                                                                                                 two months
Total North America                   1,937,077    $       10,759                     6  %
International
Asia
Credit cards                            859,696    $        1,601                    10  %       Payment deferrals for up to three
                                                                                                 months, interest and fee waivers and
                                                                                                 reductions in minimum due payments
Residential first mortgages              44,947             3,334                    10          Payment deferrals for up to 12 months,
                                                                                                 interest and fee waivers and reductions
                                                                                                 in minimum due payments
Personal, small business and            169,162             1,368                     5          Payment deferrals for up to three
other                                                                                            months for revolving products and
                                                                                                 overdrafts or up to 12 months for
                                                                                                 installment loans, interest and fee
                                                                                                 waivers and reductions in minimum due
                                                                                                 payments
Latin America
Credit cards                            640,912             1,089                    26          Minimum payment deferrals for up to six
                                                                                                 months, temporary interest rate
                                                                                                 reductions and waivers on certain fees
Residential first mortgages              19,363               716                    21          Minimum payment deferrals for up to six
                                                                                                 months, temporary interest rate
                                                                                                 reductions and waivers on certain fees
Personal, small business and            177,838             1,165                    21          Minimum payment deferrals for up to six
other                                                                                            months, temporary interest rate
                                                                                                 reductions and waivers on certain fees
Total international                   1,911,918    $        9,273                    10  %
Total Consumer                        3,848,995    $       20,032                     7  %



(1) Reserves for these loans are calculated in accordance with the CECL
standard.
(2) Enrollment balances represent the aggregate amounts enrolled during the
second quarter of 2020. Ending balances as of June 30, 2020 may be lower.
(3) The percentage denominator is the total ending period loans balance for the
respective product and region at June 30, 2020.
(4) Includes $183 million of residential first mortgage loans and $369 million
of home equity loans reported in Corporate/Other.
(5) Includes $55 million of student loans reported in Corporate/Other.

As set forth in the table above, during the second quarter of 2020, consumer
relief programs had more than 3.8 million loan modifications with approximately
$20.0 billion of associated enrollment balances, excluding TDRs, representing
approximately 7% of Citi's total consumer loan balances.
In North America, credit card programs represented the largest volume of
enrollments and loan balances. In the second quarter of 2020, approximately 45%
of credit card customers made at least one payment during the time they were
enrolled in the programs. In addition, Citi observed re-enrollment rates of 14%
under these programs. As these credit card relief programs offered a deferral of
minimum payments for two payment cycles, certain customers were able to complete
the program before June 30, 2020. End-of-period loan balances for active
enrolled customers as of June 30, 2020, were approximately $2.6 billion.
In Asia, auto-enrollment relief programs mandated by governments or regulators
in Malaysia, Philippines and India programs represented the largest volume of
enrollments and

loan balances. These programs accounted for approximately 67% of total
enrollments during the second quarter.
Approximately 43% of credit cards, personal installment loans and mortgage
customers made at least one payment during the time they were enrolled in the
programs.
In Mexico, Citi participated in a government-sponsored debt relief program that
was available until May 15, 2020. The program provided customers with a payment
deferral for principal and interest for a period of four to six months on
various products. Eligible customers included those who were current (less than
30 days past due) as of February 28, 2020, and given there was no proof of
hardship required to apply for the program the application process was made
frictionless. As a result, most major banks experienced high enrollment rates
associated with the program. Specifically, during the second quarter Citi
received a large number of applications and associated enrollment balances that
represented approximately 22% of Citi`s consumer lending portfolio in Mexico.
Customer payment behavior under the program was largely
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driven by product type. Approximately 57% of customers enrolled in credit card programs made at least one payment during the month of June 2020.



Citi Corporate Loan Relief Programs
Citi has modified the contractual terms of corporate loans to certain borrowers
impacted by the pandemic. These modifications consist primarily of deferrals in
the payment of principal and/or interest that Citi has provided during the
second quarter of 2020 in response to borrower requests, as well as those
provided pursuant to government-mandated relief programs.
The table below shows Citi's corporate loan modifications, excluding TDRs:
                                            June 30, 2020
In millions of dollars      Total credit exposure     Funded    Unfunded
Corporate loans            $             3,781      $ 3,085    $    696
Private bank loans                       2,193        2,190           3
Total Corporate            $             5,974      $ 5,275    $    699




Citi's Management of COVID-19 Pandemic Risks
Citi's dedicated continuity of business and crisis management groups are
managing Citi's protocols in response to the pandemic. Among other things, the
protocols address the prioritization of critical processing; ability of staff
and third parties to support these processes from remote work locations;
deployment of new hardware to support technology needs; and ongoing monitoring
to assess controls and service levels. For additional information about Citi's
management of pandemic-related risks, see Citi's First Quarter of 2020 Form
10-Q.
Citi expects that overall revenues in the near term, including GCB and ICG
revenues, will likely continue to be adversely impacted by the lower interest
rate environment as well as challenging macroeconomic and market conditions,
including the effects related to the severity and duration of the pandemic as
well as the responses of governments, customers and clients. In particular, each
GCB region should continue to experience the adverse impacts from the pandemic
on customer behavior, including lower purchase sales and loan volumes, while
Latin America GCB is also likely to experience a more pronounced impact from
macroeconomic weakness in Mexico. Citi also expects that ICG Markets and
investment banking revenues should continue to reflect overall market
conditions, including a normalization of business trends compared to the first
half of 2020.
Citi's operating expenses may be impacted by uncertainties related to the
pandemic, including, among other things, the continued efforts to protect and
support Citigroup's employees and to support Citi's customers and clients
digitally.
Moreover, Citi, including GCB and ICG, expects to experience higher net credit
losses on its existing portfolios going forward due to the pandemic. If Citi's
second quarter 2020 macro-economic forecast assumptions are realized, Citi does
not expect significant additional reserve builds in the near term; however the
overall level of reserves remains dependent on the evolving economic environment
relative to
this forecast, with a deterioration potentially having a significant impact on
the movement of the ACL going forward. For additional information about
significant risks to Citi from the pandemic, see "Risk Factors" below.

Balance Sheet and Other Items Related to the COVID-19 Pandemic
Balance Sheet Trends
As of June 30, 2020, Citi's end-of-period balance sheet grew 12% from the
prior-year period (14% excluding the impact of FX translation) and 1%
sequentially (largely unchanged excluding the impact of FX translation), as it
continued to support both its consumer and institutional clients. Loans were
unchanged from the prior-year period (up 1% excluding the impact of FX
translation), while deposits grew 18% (20% excluding the impact of FX
translation), reflecting significant deposit growth in both GCB and ICG driven
by the continued impact of the pandemic. For additional information, see
"Liquidity Risk" below.

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Impact of CECL on Citi's Allowance for Credit Losses (ACL)
The table below shows the impact of Citi's adoption of CECL as of January 1,
2020 and the ACL during the first and second quarters of 2020. For information
on the drivers of Citi's ACL build in the second quarter, see "Significant
Account Policies and Significant Estimates-Allowance for Credit Losses" below.
For additional information on Citi's accounting policy on accounting for credit
losses under CECL, see Note 14 to the Consolidated Financial Statements and Note
1 in Citi's First Quarter of 2020 Form 10-Q.





                                                                                        Allowance for credit losses (ACL)
                                   Balance                           Build                                             Build         FX/Other in
                                December 31,   CECL transition     in first

FX/Other in first Balance March in second quarter second quarter Balance June ACLL/EOP loans In millions of dollars

              2019            impact      quarter of 2020  quarter of 2020     31, 2020         of 2020          of 2020        30, 2020    June 30, 2020(1)
Cards(1)                       $    8,419      $     4,456      $    2,420      $      (215)       $   15,080    $     1,572       $          50    $   16,702             11.21  %
All other GCB                       1,200              566             413             (217)            1,962            388                  36         2,386
Global Consumer Banking        $    9,619      $     5,022      $    2,833      $      (432)       $   17,042    $     1,960       $          86    $   19,088              7.00  %
Institutional Clients Group         2,886             (717)          1,316              (34)            3,451          3,370                   3         6,824              1.71
Corporate/Other                       278             (104)            187              (13)              348            160                   -           508
Allowance for credit losses on
loans (ACLL)                   $   12,783      $     4,201      $    4,336

$ (479) $ 20,841 $ 5,490 $ 89 $ 26,420

              3.89  %
Allowance for credit losses on
unfunded lending commitments        1,456             (194)            557               (6)            1,813            113                 (67)        1,859
Other                                   -               96               2               32               130             79                   8           217
Total allowance for credit
losses (ACL)                   $   14,239      $     4,103      $    4,895
    $      (453)       $   22,784    $     5,682       $          30    $   28,496

(1) As of June 30, 2020, in North America GCB, Citi-branded cards ACLL/EOP loans was 10.1% and Citi retail services ACLL/EOP loans was 14.0%.



Accumulated Other Comprehensive Income (AOCI)
In the second quarter of 2020, Citi's AOCI was a net after-tax loss of $0.8
billion, driven primarily by Citi's own credit spreads narrowing, resulting in a
$2.2 billion (after-tax) DVA loss on Citi's debt accounted for under the fair
value option. Net unrealized gains on AFS investment securities increased by
$0.8 billion, driven by continued declines in interest rates. Currency
fluctuations resulted in a $0.6 billion currency translation adjustment gain,
driven by the weakening of the U.S. dollar against most currencies. The DVA loss
does not have an impact on regulatory capital. For additional information on the
components of Citi's AOCI, see Note 17 to the Consolidated Financial Statements.

Common Stock Repurchases
As previously disclosed, on March 15, 2020, Citi joined other major U.S. banks
in suspending stock repurchases to further bolster Citi's capital and liquidity
positions, in order to allow additional capacity to support clients in light of
the pandemic. For additional information, see "Equity Security Repurchases"
below.


Principal Transactions Revenues
Global trading markets experienced continued increases in volatility, trading
volumes and movements in the second quarter of 2020. Citi's principal
transactions revenues, recorded in ICG, were $3.9 billion in the current
quarter, an increase of $2.0 billion from the prior-year period. For additional
information on Citi's trading results, see "Institutional Clients Group" and
Note 6 to the Consolidated Financial Statements.

Capital Plan Resubmission and Related Limitations on Capital Distributions
In June 2020, the Federal Reserve Board (FRB) determined that changes in
financial markets and macroeconomic outlooks related to the COVID-19 pandemic
could have a material effect on the risk profile and financial condition of each
firm subject to its capital plan rule, and therefore require updated capital
plans. Accordingly, the FRB is requiring each firm, including Citi, to update
and resubmit its capital plan within 45 days after the FRB provides updated
scenarios. The FRB also established temporary limitations on capital
distributions during the third quarter of 2020, which may be extended by the
FRB. Citi declared common dividends of $0.51 per share
                                       9
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for the third quarter of 2020 on July 23, 2020, which would not be impacted by
the Federal Reserve Board's temporary limitations on capital distributions. For
additional information about the capital plan resubmission and related
limitations on capital distributions, see "Capital Resources" below.

Certain Key Government Actions in Support of the Economy

U.S. Government-Sponsored Liquidity Programs
During the first quarter of 2020, the FRB introduced several liquidity
facilities in response to the funding market volatility caused by the pandemic.
Citi has participated in several of the U.S. government-sponsored liquidity
programs, including the Money Market Mutual Fund Liquidity Facility (MMLF), the
Primary Dealer Credit Facility (PDCF) and Discount Window (DW) in order to
facilitate client activity and support the FRB actions to provide additional
liquidity into the market. Citi has also participated in the Paycheck Protection
Program Lending Facility (PPPLF), which was established to facilitate lending
under the SBA's Paycheck Protection Program (see "Small Business
Administration's Paycheck Protection Program" below). The amounts Citi sourced
from these facilities were not significant to Citi's overall liquidity profile
during the second quarter, which remains strong and highly liquid. For
additional information about Citi's liquidity resources, see "Managing Global
Risk-Liquidity Risk" below.

U.S. Banking Agencies Regulatory Capital Relief
In response to the pandemic, during the first and second quarters of 2020, the
U.S. banking agencies issued several interim final rules revising the current
regulatory capital standards, to provide banking organizations with additional
flexibility to support consumers and businesses. Those rules applicable to Citi
include:

•Easing of capital distribution limits in the event of regulatory capital buffer
breaches, which provides some flexibility to continue distributing capital under
certain circumstances.
•Modification of the CECL transition provision to defer the January 1, 2020
capital impact to January 1, 2022 and to provide additional capital relief for
ongoing increases in credit reserves. Citi's reported Common Equity Tier 1
Capital ratio at June 30, 2020, reflecting the modified CECL transition
provision, was 44 basis points higher than Citi's Common Equity Tier 1 Capital
ratio, reflecting the full impact of CECL on regulatory capital.
•Temporary Supplementary Leverage ratio (SLR) relief for bank holding companies,
commencing in the second quarter of 2020, allowing Citigroup to temporarily
expand its balance sheet by excluding U.S. Treasury securities and deposits with
the FRB from the SLR denominator. Citigroup's reported Supplementary Leverage
ratio of 6.66% benefited 94 basis points during the second quarter of 2020 as a
result of the temporary relief. Excluding the temporary relief, Citigroup's
Supplementary Leverage ratio would have been 5.72%, compared with a 5.0%
effective minimum requirement.
•Assigning a 0% risk weight to loans originated under the
Paycheck Protection Program.

For additional information about regulatory capital relief provided by the U.S. banking agencies, see "Capital Resources" below.




Troubled Debt Restructuring (TDR) Relief
Under U.S. GAAP, banks are required to assess modifications to a loan's terms
for potential classification as a TDR. A loan to a borrower experiencing
financial difficulty is classified as a TDR when a lender grants a concession
that it would otherwise not consider, such as a payment deferral or interest
concession. In order to encourage banks to work with impacted borrowers, the
Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and U.S. banking
agencies have provided relief from TDR accounting. The main benefits of TDR
relief include a capital benefit in the form of reduced risk-weighted assets, as
TDRs are more heavily risk-weighted for capital purposes; aging of the loans is
frozen, i.e., they will continue to be reported in the same delinquency bucket
they were in at the time of modification; and the loans are generally not
reported as non-accrual during the modification period. The loans included in
the modification programs are included in Citi's reserving process under the
CECL standard.

Small Business Administration's Paycheck Protection Program
The Paycheck Protection Program (the Program) authorizes the origination of
forgivable loans to small businesses to pay their employees during the pandemic.
Loan terms are the same for all businesses. Among other programs, Citi is
participating in the Payment Protection Program and has funded approximately
$3.8 billion in loans as of June 30, 2020. Citi remains committed to supporting
small businesses. The processing of loan forgiveness requests under the Program
is expected to begin in the third quarter of 2020 and the timing for processing
will determine whether there is significant forgiveness in the second half of
2020.





                                       10

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RISK FACTORS



Macroeconomic and Other Challenges and Uncertainties Related to the COVID-19
Pandemic Will Likely Continue to Have Negative Impacts on Citi's Businesses and
Results of Operations and Financial Condition.
The COVID-19 pandemic has spread globally, affecting all of the countries and
jurisdictions where Citi operates. The pandemic has had, and will likely
continue to have, negative impacts on Citi's businesses, revenues, expenses,
credit costs and overall results of operations and financial condition, which
could be material. The pandemic and responses to it have had, and will likely
continue to have, a severe impact on global economic conditions, although the
impacts will likely vary from time to time by country, state or region, largely
depending upon the duration and severity of the public health consequences and
availability of any effective therapeutic or vaccine. These impacts to global
economic conditions include, among others:

•sharply reduced U.S. and global economic output and employment, resulting in
loss of employment and lower consumer spending, cards purchase sales and loan
volumes;
•disruption of global supply chains;
•significant disruption and volatility in financial markets;
•temporary closures, reduced activity and failures of many businesses, leading
to loss of revenues and net losses; and
•the institution of social distancing and restrictions on movement in and among
the United States and other countries.

The extent of the pandemic's impact on Citi's financial performance and
operations, including its ability to execute its business initiatives and
strategies, will continue to depend on future developments in the U.S. and
globally, which are uncertain and cannot be predicted, including the duration
and further spread of the disease, as well as the severity of the economic
downturn or any delay or weakness in the economic recovery. The impact will in
part be dependent on government and other actions taken to lessen the health and
economic repercussions, such as medical investments and advances, restrictions
on movement of people, transportation and businesses, and the effectiveness of
past and any future fiscal, monetary and other governmental actions. Ongoing
legislative and regulatory changes in the U.S. and globally to address the
economic impact from the pandemic, such as consumer and corporate relief
measures, could further affect Citi's businesses, credit costs and results. Citi
could also face challenges, including legal and reputational, and scrutiny in
its implementation of and ongoing efforts to provide these relief measures. Such
implementations and efforts have resulted in, and may continue to result in,
litigation, including class actions, or regulatory and government actions and
proceedings. Such actions may result in judgments, settlements, penalties and
fines adverse to Citi. In addition, the different types of government actions
could vary in scale and duration across jurisdictions and regions with varying
degrees of effectiveness.



The impact of the pandemic on Citi's consumer and corporate borrowers will also
vary by region, sector or industry, with some borrowers experiencing greater
stress levels, which could lead to increased pressure on the results of
operations and financial condition of such borrowers, increased borrowings or
credit ratings downgrades, thus likely leading to higher credit costs. In
addition, stress levels ultimately experienced by Citi's borrowers may be
different from and more intense than assumptions made in earlier estimates or
models used by Citi during or prior to the emergence of the pandemic, resulting
in a further increase in Citi's allowance for credit losses or net credit
losses.
The pandemic may not be sufficiently contained for an extended period of time,
due to a further emergence or re-emergence of widespread infections. A prolonged
health crisis could continue to reduce economic activity in the U.S. and other
countries, resulting in a further decline in employment and business and
consumer confidence. These factors could further negatively impact global
economic activity and Citi's consumer customers and corporate clients; cause a
continued decline in Citi's revenues and the demand for its products and
services; lead to a prolonged period of lower interest rates; and further
increase Citi's credit and other costs. These factors could also cause a
continued increase in Citi's balance sheet, risk-weighted assets and allowance
for credit loss reserves, resulting in a decline in regulatory capital ratios or
liquidity measures, as well as regulatory demands for higher capital levels
and/or reductions in capital distributions. Moreover, any disruption or failure
of Citi's performance of, or its ability to perform, key business functions, as
a result of the continued spread of COVID-19 or otherwise, could adversely
affect Citi's operations.
Any disruption to, breaches of or attacks on Citi's information technology
systems, including from cyber incidents, could have adverse effects on Citi's
businesses. These systems are supporting a substantial portion of Citi's
employees who have been affected by local pandemic restrictions and have been
forced to work remotely. In addition, these systems interface with and depend on
third-party systems, and Citi could experience service denials or disruptions if
demand for such systems were to exceed capacity or if a third-party system fails
or experiences any interruptions. Citi has also taken measures to maintain the
health and safety of its employees; however, these measures could result in
increased expenses, and widespread illness could negatively affect staffing
within certain functions, businesses or geographies. In addition, Citi's ability
to recruit, hire and onboard employees in key areas could be negatively impacted
by global pandemic restrictions.
Further, it is unclear how the macroeconomic business environment or societal
norms may be impacted after the pandemic. The post-pandemic environment may
undergo unexpected developments or changes in financial markets, the fiscal, tax
and regulatory environments and consumer customer and corporate client behavior.
These developments and changes could have an adverse impact on Citi's results of
operations and financial condition. Ongoing business and regulatory
uncertainties and changes may make Citi's longer-
                                       11
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term business, balance sheet and budget planning more difficult or costly. Citi,
its management and its businesses may also experience increased or different
competitive and other challenges in this environment. To the extent that it is
not able to adapt or compete effectively, Citi could experience loss of business
and its results of operations and financial condition could suffer.
For additional information about trends, uncertainties and risks related to the
pandemic, as well as Citi's management of pandemic-related risks, see "COVID-19
Pandemic Overview" above.
For information about the other most significant risks and uncertainties that
could impact Citi's businesses, results of operations and financial condition,
which could be exacerbated or realized by the pandemic-related risks discussed
above, see "Risk Factors" in Citi's 2019 Annual Report on Form 10-K.

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RESULTS OF OPERATIONS
SUMMARY OF SELECTED FINANCIAL DATA-PAGE 1
                                    Citigroup Inc. and Consolidated 

Subsidiaries


                                                 Second Quarter                                           Six Months
In millions of dollars, except per share
amounts                                         2020        2019        % Change        2020        2019         % Change
Net interest revenue                         $ 11,080    $ 11,950              (7) % $ 22,572    $ 23,709               (5) %
Non-interest revenue                            8,686       6,808              28      17,925      13,625               32
Revenues, net of interest expense            $ 19,766    $ 18,758               5  % $ 40,497    $ 37,334                8  %
Operating expenses                             10,415      10,500              (1)     21,009      21,084                -
Provisions for credit losses and for
benefits and claims                             7,903       2,093                 NM   14,930       4,073                  NM
Income (loss) from continuing operations
before income taxes                          $  1,448    $  6,165             (77) % $  4,558    $ 12,177              (63) %
Income taxes                                      131       1,373             (90)        707       2,648              (73)
Income from continuing operations            $  1,317    $  4,792             (73) % $  3,851    $  9,529              (60) %
Income (loss) from discontinued operations,
net of taxes                                       (1)         17                 NM      (19)         15                  NM
Net income before attribution of
noncontrolling interests                     $  1,316    $  4,809             (73) % $  3,832    $  9,544              (60) %
Net income attributable to noncontrolling
interests                                           -          10            (100)         (6)         35                  NM
Citigroup's net income                       $  1,316    $  4,799             (73) % $  3,838    $  9,509              (60) %
Earnings per share
Basic
Income from continuing operations            $   0.51    $   1.94             (74) % $   1.57    $   3.81              (59) %
Net income                                       0.51        1.95             (74)       1.56        3.82              (59)

Diluted


Income from continuing operations            $   0.51    $   1.94             (74) % $   1.57    $   3.81              (59) %
Net income                                       0.50        1.95             (74)       1.56        3.82              (59)
Dividends declared per common share              0.51        0.45              13        1.02        0.90               13
Common dividends                             $  1,071    $  1,041               3  % $  2,152    $  2,116                2  %
Preferred dividends(1)                            253         296             (15)        544         558               (3)
Common share repurchases                            -       3,575            (100)      2,925       7,630              (62)



             Table continues on the next page, including footnotes.
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SUMMARY OF SELECTED FINANCIAL DATA-PAGE 2


                                    Citigroup Inc. and Consolidated 

Subsidiaries


In millions of dollars, except per share        Second Quarter                                                  Six Months
amounts, ratios and direct staff                             2020         2019     % Change                  2020         2019     % Change
At June 30:
Total assets                             $ 2,232,715    $ 1,988,226          12  %
Total deposits                             1,233,660      1,045,607          18
Long-term debt                               279,775        252,189          11

Citigroup common stockholders' equity 173,642 179,379

(3)

Total Citigroup stockholders' equity 191,622 197,359

(3)


Average assets                             2,266,610      1,979,124          15            2,173,165    $ 1,959,271          11  %
Direct staff (in thousands)                      204            200         

2


Performance metrics
Return on average assets                        0.23  %        0.97  %                          0.36  %        0.98  %
Return on average common stockholders'
equity(2)                                        2.4           10.1                              3.8           10.2
Return on average total stockholders'
equity(2)                                        2.7            9.8                              4.0            9.8
Return on tangible common equity
(RoTCE)(3)                                       2.9           11.9                              4.5           11.9
Efficiency ratio (total operating
expenses/total revenues)                        52.7           56.0                             51.9           56.5
Basel III ratios
Common Equity Tier 1 Capital(4)                11.59  %       11.89  %
Tier 1 Capital(4)                              13.08          13.40
Total Capital(4)                               15.56          16.33
Supplementary Leverage ratio                    6.66           6.36
Citigroup common stockholders' equity to
assets                                          7.78  %        9.02  %
Total Citigroup stockholders' equity to
assets                                          8.58           9.93
Dividend payout ratio(5)                       100.8           23.1                             65.4  %        23.6  %
Total payout ratio(6)                          100.8          102.5                            154.1          108.9
Book value per common share              $     83.41    $     79.40           5  %
Tangible book value (TBV) per share(3)         71.15          67.64         

5




(1) Certain series of preferred stock have semi-annual payment dates. See Note 9
to the Consolidated Financial Statements.
(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 average total Citigroup stockholders' equity is calculated
using net income divided by average Citigroup stockholders' equity.
(3) For information on RoTCE and TBV, see "Capital Resources-Tangible Common
Equity, Book Value Per Share, Tangible Book Value Per Share and Returns on
Equity" below.
(4) Citi's reportable Common Equity Tier 1 Capital and Tier 1 Capital ratios
were derived under the Basel III Advanced Approaches framework as of June 30,
2020 and the Basel III Standardized Approach as of June 30, 2019, whereas Citi's
reportable Total Capital ratio was the lower derived under the Basel III
Advanced Approaches framework for all periods presented. This reflects the U.S.
Basel III requirement to report the lower of risk-based capital ratios under
both the Standardized Approach and Advanced Approaches in accordance with the
Collins Amendment of the Dodd-Frank Act.
(5) Dividends declared per common share as a percentage of net income per
diluted share.
(6) Total common dividends declared plus common stock repurchases as a
percentage of net income available to common shareholders (Net income, less
preferred dividends). See "Consolidated Statement of Changes in Stockholders'
Equity," Note 9 to the Consolidated Financial Statements and "Equity Security
Repurchases" below for the component details.
NM Not meaningful



                                       15

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SEGMENT AND BUSINESS-INCOME (LOSS) AND REVENUES
CITIGROUP INCOME
                                                 Second Quarter                                          Six Months
In millions of dollars                          2020        2019        % Change        2020        2019        % Change
Income (loss) from continuing operations
Global Consumer Banking
 North America                               $   (459)   $   663                  NM $ (1,369)   $  1,370                 NM
 Latin America                                     18        234              (92) %      (18)        450                 NM
 Asia(1)                                           43        404              (89)        234         801             (71) %
Total                                        $   (398)   $ 1,301                  NM $ (1,153)   $  2,621                 NM

Institutional Clients Group


 North America                               $    660    $ 1,050              (37) % $  1,556    $  1,798             (13) %
 EMEA                                             493      1,005              (51)      1,528       2,130             (28)
 Latin America                                   (194)       519                  NM      332       1,059             (69)
 Asia                                             921        851                8       2,090       1,850              13
Total                                        $  1,880    $ 3,425              (45) % $  5,506    $  6,837             (19) %
Corporate/Other                                  (165)        66                  NM     (502)         71                 NM
Income from continuing operations            $  1,317    $ 4,792              (73) % $  3,851    $  9,529             (60) %
Discontinued operations                      $     (1)   $    17                  NM $    (19)   $     15                 NM
Less: Net income attributable to
noncontrolling interests                            -         10             (100) %       (6)         35                 NM
Citigroup's net income                       $  1,316    $ 4,799              (73) % $  3,838    $  9,509             (60) %



(1) Asia GCB includes the results of operations of GCB activities in certain
EMEA countries for all periods presented.
NM Not meaningful


CITIGROUP REVENUES
                                                Second Quarter                                             Six Months
In millions of dollars                         2020        2019         % Change         2020        2019         % Change
Global Consumer Banking
 North America                              $  4,742    $  4,966                (5) % $  9,966    $  9,966                -  %
 Latin America                                 1,050       1,320               (20)      2,249       2,592              (13)
 Asia(1)                                       1,547       1,847               (16)      3,298       3,665              (10)
Total                                       $  7,339    $  8,133               (10) % $ 15,513    $ 16,223               (4) %

Institutional Clients Group


 North America                              $  4,987    $  3,632                37  % $  9,934    $  6,901               44  %
 EMEA                                          3,392       2,960                15       6,862       6,130               12
 Latin America                                 1,207       1,307                (8)      2,625       2,575                2
 Asia                                          2,551       2,156                18       5,200       4,467               16
Total                                       $ 12,137    $ 10,055                21  % $ 24,621    $ 20,073               23  %
Corporate/Other                                  290         570               (49)        363       1,038              (65)
Total Citigroup net revenues                $ 19,766    $ 18,758                 5  % $ 40,497    $ 37,334                8  %


(1) Asia GCB includes the results of operations of GCB activities in certain EMEA countries for all periods presented.


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