Citigroup continued to make progress with the separation of its consumer banking and small business and middle-market banking operations in Mexico, and wind-downs of the Korea and China consumer banking businesses and the Russia consumer, local commercial and institutional businesses.

Citigroup's end-of-period loans were $689 billion, up 3% versus the prior-year period, largely reflecting loan growth in cards in USPB and higher loans in Markets and Services.

Citigroup's end-of-period deposits were approximately $1.3 trillion, up 3% versus the prior-year period, largely due to an increase in Services, driven by the continued deepening of client relationships and operating deposit growth in both TTS and Securities Services.

Citigroup's expenses decreased 1% excluding divestiture-related impacts and a $56 million FDIC special assessment benefit, driven by savings associated with Citi's organizational simplification and stranded cost reductions.

While expenses decreased year-over-year, management continues to invest in transformation and other risk and control initiatives.

Citi's transformation initiatives will continue to entail significant investments during the remainder of 2024 and beyond, indicating ongoing costs associated with the transformation efforts.

Citigroup's cost of credit was approximately $2.7 billion versus $1.8 billion in the prior-year period. The increase was largely driven by higher cards net credit losses in Branded Cards and Retail Services in USPB and a higher ACL build.

The higher cards net credit losses primarily reflected continued maturation of multiple cards loan vintages originated in recent years, impacted by unprecedented levels of government stimulus during the pandemic. In addition, the increase was due to macroeconomic pressures related to the elevated inflationary and interest rate environment impacting both cards portfolios.

Various geopolitical, macroeconomic and regulatory challenges and uncertainties continue to pose risks to economic conditions in the U.S. and globally, including potential policy and other changes, central bank interest rate policies, unemployment levels, economic growth rates, conflicts in the Middle East, and economic conditions and tensions involving China and the Russia-Ukraine war.

Services revenues increased 8%, primarily reflecting continued momentum across Securities Services and TTS. Non-interest revenue increased 33%, driven by a smaller impact from currency devaluation in Argentina, as well as continued strength across underlying fee drivers.

Markets revenues increased 1%, driven by growth in Equity Markets, up 32%, partially offset by a 6% decline in Fixed Income Markets. Equity Markets benefited from growth in prime services and higher volatility in equity derivatives, as well as higher cash equity volumes.

Banking revenues of $1.6 billion increased 16%, primarily driven by growth in Investment Banking. Investment Banking revenues increased 31%, reflecting strength in Debt Capital Markets (DCM), which benefited from strong issuance activity in the quarter, an increase in Advisory due to strong announced deal volume from earlier this year coming to fruition as those deals close and an increase in Equity Capital Markets (ECM) reflecting stronger follow-on activity.

Citigroup's operating expenses of $13.3 billion decreased 2% from the prior-year period. Expenses decreased 1% excluding divestiture-related impacts and a $56 million FDIC special assessment benefit, driven by savings associated with Citi's organizational simplification and stranded cost reductions.

USPB expenses of $2.5 billion decreased 1%, driven by continued productivity savings, partially offset by higher volume-related expenses.

Wealth expenses decreased 4% to $1.6 billion, primarily driven by benefits from prior repositioning and restructuring actions.

Services expenses of $2.6 billion increased 3%, primarily driven by continued investments in technology, other risk and controls, and product innovation.

Citi retired approximately 450 legacy applications through third-quarter 2024 year-to-date, and over 1,250 since 2022, as Citi continued to modernize its technology infrastructure.

Citi continued implementation of a strategic loan servicing platform, with live transactions on the platform increasing to approximately $25 billion in notional value.

Citigroup's Common Equity Tier 1 (CET1) Capital ratio under the Basel III Standardized Approach increased to 13.7% as of September 30, 2024, compared to 13.6% as of September 30, 2023.

Citi returned $2.1 billion to common shareholders in the form of common dividends and share repurchases. In the third quarter of 2024, Citi paid approximately $1.1 billion of common dividends and repurchased approximately $1.0 billion of common shares.

Citigroup's Supplementary Leverage ratio as of September 30, 2024 was 5.8%, compared to 6.0% as of September 30, 2023. The decrease was driven by an increase in Total Leverage Exposure and a decrease in Tier 1 Capital.

The provided 10-Q filing does not contain specific information regarding ESG initiatives.

Achieved 300bps market share gain in enterprise segment, reaching 28% share despite new competitive entries. Success attributed to product innovation and enhanced customer support, with net promoter score improving from 45 to 62.

New data privacy regulations in EU and Asia expected to impact growth by 2-3% in FY24. Company has allocated $50M to compliance initiatives and established dedicated regulatory response team.

Various geopolitical, macroeconomic and regulatory challenges and uncertainties continue to pose risks to economic conditions in the U.S. and globally, including, among others, potential policy and other changes, central bank interest rate policies, unemployment levels, economic growth rates, conflicts in the Middle East, and economic conditions and tensions involving China and the Russia-Ukraine war.