Delaware (State or other jurisdiction of incorporation or organization) | 52-1568099 (I.R.S. Employer Identification No.) | |
388 Greenwich Street, New York, NY (Address of principal executive offices) | 10013 (Zip code) | |
(212) 559-1000 (Registrant's telephone number, including area code) |
Large accelerated filer x | Accelerated filer o | Non-accelerated filer o | Smaller reporting company o Emerging growth company o |
OVERVIEW | |
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | |
Executive Summary | |
Summary of Selected Financial Data | |
SEGMENT AND BUSINESS—INCOME (LOSS) AND REVENUES | |
SEGMENT BALANCE SHEET | |
Global Consumer Banking (GCB) | |
North America GCB | |
Latin America GCB | |
Asia GCB | |
Institutional Clients Group | |
Corporate/Other | |
OFF-BALANCE SHEET ARRANGEMENTS | |
CAPITAL RESOURCES | |
MANAGING GLOBAL RISK TABLE OF CONTENTS | |
MANAGING GLOBAL RISK | |
INCOME TAXES | |
FUTURE APPLICATION OF ACCOUNTING STANDARDS | |
DISCLOSURE CONTROLS AND PROCEDURES | |
DISCLOSURE PURSUANT TO SECTION 219 OF THE IRAN THREAT REDUCTION AND SYRIA HUMAN RIGHTS ACT | |
FORWARD-LOOKING STATEMENTS | |
FINANCIAL STATEMENTS AND NOTES TABLE OF CONTENTS | |
CONSOLIDATED FINANCIAL STATEMENTS | |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) | |
UNREGISTERED SALES OF EQUITY SECURITIES, PURCHASES OF EQUITY SECURITIES AND DIVIDENDS |
(1) | Latin America GCB consists of Citi’s consumer banking businessin Mexico. |
(2) | Asia GCB includes the results of operations of GCB activities in certain EMEA countries for all periods presented. |
(3) | North America includes the U.S., Canada and Puerto Rico, Latin America includes Mexico and Asia includes Japan. |
Second Quarter | Six Months | First Quarter | ||||||||||||||||||||||
In millions of dollars, except per-share amounts and ratios | 2018 | 2017 | % Change | 2018 | 2017 | % Change | 2019 | 2018 | % Change | |||||||||||||||
Net interest revenue | $ | 11,665 | $ | 11,258 | 4 | % | $ | 22,837 | $ | 22,213 | 3 | % | $ | 11,759 | $ | 11,172 | 5 | % | ||||||
Non-interest revenue | 6,804 | 6,897 | (1 | ) | 14,504 | 14,308 | 1 | 6,817 | 7,700 | (11 | ) | |||||||||||||
Revenues, net of interest expense | $ | 18,469 | $ | 18,155 | 2 | % | $ | 37,341 | $ | 36,521 | 2 | % | $ | 18,576 | $ | 18,872 | (2 | )% | ||||||
Operating expenses | 10,712 | 10,760 | — | 21,637 | 21,483 | 1 | 10,584 | 10,925 | (3 | ) | ||||||||||||||
Provisions for credit losses and for benefits and claims | 1,812 | 1,717 | 6 | 3,669 | 3,379 | 9 | 1,980 | 1,857 | 7 | |||||||||||||||
Income from continuing operations before income taxes | $ | 5,945 | $ | 5,678 | 5 | % | $ | 12,035 | $ | 11,659 | 3 | % | $ | 6,012 | $ | 6,090 | (1 | )% | ||||||
Income taxes | 1,444 | 1,795 | (20 | ) | 2,885 | 3,658 | (21 | ) | 1,275 | 1,441 | (12 | ) | ||||||||||||
Income from continuing operations | $ | 4,501 | $ | 3,883 | 16 | % | $ | 9,150 | $ | 8,001 | 14 | % | $ | 4,737 | $ | 4,649 | 2 | % | ||||||
Income (loss) from discontinued operations, net of taxes | 15 | 21 | (29 | ) | 8 | 3 | NM | (2 | ) | (7 | ) | 71 | ||||||||||||
Net income before attribution of noncontrolling interests | $ | 4,516 | $ | 3,904 | 16 | % | $ | 9,158 | $ | 8,004 | 14 | % | $ | 4,735 | $ | 4,642 | 2 | % | ||||||
Net income attributable to noncontrolling interests | 26 | 32 | (19 | ) | 48 | 42 | 14 | 25 | 22 | 14 | ||||||||||||||
Citigroup’s net income | $ | 4,490 | $ | 3,872 | 16 | % | $ | 9,110 | $ | 7,962 | 14 | % | $ | 4,710 | $ | 4,620 | 2 | % | ||||||
Less: | ||||||||||||||||||||||||
Preferred dividends—Basic | $ | 318 | $ | 320 | (1 | )% | $ | 590 | $ | 621 | (5 | )% | $ | 262 | $ | 272 | (4 | )% | ||||||
Dividends and undistributed earnings allocated to employee restricted and deferred shares that contain nonforfeitable rights to dividends, applicable to basic EPS | 49 | 48 | 2 | 90 | 103 | (13 | ) | 59 | 51 | 16 | ||||||||||||||
Income allocated to unrestricted common shareholders for basic and diluted EPS | $ | 4,123 | $ | 3,504 | 18 | % | $ | 8,430 | $ | 7,238 | 16 | % | $ | 4,389 | $ | 4,297 | 2 | % | ||||||
Earnings per share | ||||||||||||||||||||||||
Basic | ||||||||||||||||||||||||
Income from continuing operations | $ | 1.62 | $ | 1.27 | 28 | % | $ | 3.30 | $ | 2.63 | 25 | % | $ | 1.88 | $ | 1.68 | 12 | % | ||||||
Net income | 1.63 | 1.28 | 27 | 3.31 | 2.63 | 26 | 1.88 | 1.68 | 12 | |||||||||||||||
Diluted | ||||||||||||||||||||||||
Income from continuing operations | $ | 1.62 | $ | 1.27 | 28 | % | $ | 3.30 | $ | 2.63 | 25 | % | $ | 1.87 | $ | 1.68 | 11 | % | ||||||
Net income | 1.63 | 1.28 | 27 | 3.31 | 2.63 | 26 | 1.87 | 1.68 | 11 | |||||||||||||||
Dividends declared per common share | 0.32 | 0.16 | 100 | 0.64 | 0.32 | 100 | 0.45 | 0.32 | 41 |
Second Quarter | Six Months | First Quarter | |||||||||||||||||||
In millions of dollars, except per-share amounts, ratios and direct staff | 2018 | 2017 | % Change | 2018 | 2017 | % Change | 2019 | 2018 | % Change | ||||||||||||
At June 30: | |||||||||||||||||||||
At March 31: | |||||||||||||||||||||
Total assets | $ | 1,912,334 | $ | 1,864,063 | 3 | % | $ | 1,958,413 | $ | 1,922,104 | 2 | % | |||||||||
Total deposits | 996,730 | 958,743 | 4 | 1,030,355 | 1,001,219 | 3 | |||||||||||||||
Long-term debt | 236,822 | 225,179 | 5 | 243,566 | 237,938 | 2 | |||||||||||||||
Citigroup common stockholders’ equity | 181,059 | 210,766 | (14 | ) | 178,272 | 182,759 | (2 | ) | |||||||||||||
Total Citigroup stockholders’ equity | 200,094 | 230,019 | (13 | ) | 196,252 | 201,915 | (3 | ) | |||||||||||||
Direct staff (in thousands) | 205 | 214 | (4 | ) | 203 | 209 | (3 | ) | |||||||||||||
Performance metrics | |||||||||||||||||||||
Return on average assets | 0.94 | % | 0.83 | % | 0.96 | % | 0.87 | % | 0.98 | % | 0.98 | % | |||||||||
Return on average common stockholders’ equity | 9.2 | 6.8 | 9.5 | 7.1 | 10.2 | 9.7 | |||||||||||||||
Return on average total stockholders’ equity | 9.0 | 6.8 | 9.2 | 7.1 | 9.8 | 9.3 | |||||||||||||||
Efficiency ratio (total operating expenses/total revenues) | 58.0 | 59.3 | 57.9 | 58.8 | 57.0 | 57.9 | |||||||||||||||
Basel III ratios—full implementation(1) | |||||||||||||||||||||
Basel III ratios | |||||||||||||||||||||
Common Equity Tier 1 Capital | 12.14 | % | 13.06 | % | 11.91 | % | 12.05 | % | |||||||||||||
Tier 1 Capital | 13.77 | 14.74 | 13.47 | 13.67 | |||||||||||||||||
Total Capital | 16.31 | 16.93 | 16.44 | 16.01 | |||||||||||||||||
Supplementary Leverage ratio | 6.60 | 7.24 | 6.44 | 6.71 | |||||||||||||||||
Citigroup common stockholders’ equity to assets | 9.47 | % | 11.31 | % | 9.10 | % | 9.51 | % | |||||||||||||
Total Citigroup stockholders’ equity to assets | 10.46 | 12.34 | 10.02 | 10.50 | |||||||||||||||||
Dividend payout ratio | 19.6 | 12.5 | 19.3 | % | 12.2 | % | 24 | 19 | |||||||||||||
Total payout ratio | 74.9 | 62.6 | 73.1 | 60.7 | 115 | 71 | |||||||||||||||
Book value per common share | $ | 71.95 | $ | 77.36 | (7 | )% | $ | 77.09 | $ | 71.67 | 8 | % | |||||||||
Tangible book value (TBV) per share | 61.29 | 67.32 | (9 | ) | 65.55 | 61.02 | 7 | ||||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends | 1.93x | 2.28x | 2.01x | 2.39x |
(1) |
See Note 2 to the Consolidated Financial Statements in Citi’s 2018 Annual Report on Form 10-K for additional information on Citi’s discontinued operations. |
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. |
Citi’s reportable Common Equity Tier 1 (CET1) Capital and Tier 1 Capital ratios were the lower derived under the U.S. Basel III Standardized Approach, |
Dividends declared per common share as a percentage of net income per diluted share. |
Total common dividends declared plus common stock repurchases as a percentage of net income available to common shareholders. See “Consolidated Statement of Changes in Stockholders’ Equity,” Note 9 to the Consolidated Financial Statements and “Equity Security Repurchases” below for the component details. |
For information on TBV, see “Capital Resources—Tangible Common Equity, Book Value Per Share, Tangible Book Value Per Share and Returns on Equity” below. |
Second Quarter | Six Months | First Quarter | ||||||||||||||||||||||
In millions of dollars | 2018 | 2017 | % Change | 2018 | 2017 | % Change | 2019 | 2018 | % Change | |||||||||||||||
Income from continuing operations | ||||||||||||||||||||||||
Global Consumer Banking | ||||||||||||||||||||||||
North America | $ | 719 | $ | 657 | 9 | % | $ | 1,557 | $ | 1,271 | 23 | % | $ | 769 | $ | 838 | (8 | )% | ||||||
Latin America | 200 | 141 | 42 | 383 | 276 | 39 | 252 | 179 | 41 | |||||||||||||||
Asia(1) | 360 | 330 | 9 | 733 | 579 | 27 | 416 | 373 | 12 | |||||||||||||||
Total | $ | 1,279 | $ | 1,128 | 13 | % | $ | 2,673 | $ | 2,126 | 26 | % | $ | 1,437 | $ | 1,390 | 3 | % | ||||||
Institutional Clients Group | ||||||||||||||||||||||||
North America | $ | 1,028 | $ | 1,088 | (6 | )% | $ | 1,885 | $ | 2,165 | (13 | )% | $ | 714 | $ | 858 | (17 | )% | ||||||
EMEA | 987 | 786 | 26 | 2,100 | 1,648 | 27 | 1,125 | 1,113 | 1 | |||||||||||||||
Latin America | 514 | 341 | 51 | 1,005 | 823 | 22 | 503 | 494 | 2 | |||||||||||||||
Asia | 708 | 565 | 25 | 1,576 | 1,155 | 36 | 980 | 869 | 13 | |||||||||||||||
Total | $ | 3,237 | $ | 2,780 | 16 | % | $ | 6,566 | $ | 5,791 | 13 | % | $ | 3,322 | $ | 3,334 | — | % | ||||||
Corporate/Other | (15 | ) | (25 | ) | 40 | (89 | ) | 84 | NM | (22 | ) | (75 | ) | 71 | ||||||||||
Income from continuing operations | $ | 4,501 | $ | 3,883 | 16 | % | $ | 9,150 | $ | 8,001 | 14 | % | $ | 4,737 | $ | 4,649 | 2 | % | ||||||
Discontinued operations | $ | 15 | $ | 21 | (29 | )% | $ | 8 | $ | 3 | NM | $ | (2 | ) | $ | (7 | ) | 71 | % | |||||
Net income attributable to noncontrolling interests | 26 | 32 | (19 | ) | 48 | 42 | 14 | % | ||||||||||||||||
Less: Net income attributable to noncontrolling interests | 25 | 22 | 14 | |||||||||||||||||||||
Citigroup’s net income | $ | 4,490 | $ | 3,872 | 16 | % | $ | 9,110 | $ | 7,962 | 14 | % | $ | 4,710 | $ | 4,620 | 2 | % |
(1) | Asia GCB includes the results of operations of GCB activities in certain EMEA countries for all periods presented. |
Second Quarter | Six Months | First Quarter | ||||||||||||||||||||||
In millions of dollars | 2018 | 2017 | % Change | 2018 | 2017 | % Change | 2019 | 2018 | % Change | |||||||||||||||
Global Consumer Banking | ||||||||||||||||||||||||
North America | $ | 5,004 | $ | 4,946 | 1 | % | $ | 10,161 | $ | 9,891 | 3 | % | $ | 5,185 | $ | 5,157 | 1 | % | ||||||
Latin America | 1,381 | 1,308 | 6 | 2,728 | 2,475 | 10 | 1,381 | 1,340 | 3 | |||||||||||||||
Asia(1) | 1,865 | 1,819 | 3 | 3,794 | 3,553 | 7 | 1,885 | 1,929 | (2 | ) | ||||||||||||||
Total | $ | 8,250 | $ | 8,073 | 2 | % | $ | 16,683 | $ | 15,919 | 5 | % | $ | 8,451 | $ | 8,426 | — | % | ||||||
Institutional Clients Group | ||||||||||||||||||||||||
North America | $ | 3,511 | $ | 3,646 | (4 | )% | $ | 6,776 | $ | 7,168 | (5 | )% | $ | 3,119 | $ | 3,266 | (5 | )% | ||||||
EMEA | 3,043 | 2,881 | 6 | 6,210 | 5,735 | 8 | 3,170 | 3,167 | — | |||||||||||||||
Latin America | 1,162 | 1,086 | 7 | 2,372 | 2,255 | 5 | 1,160 | 1,216 | (5 | ) | ||||||||||||||
Asia | 1,975 | 1,808 | 9 | 4,181 | 3,582 | 17 | 2,245 | 2,206 | 2 | |||||||||||||||
Total | $ | 9,691 | $ | 9,421 | 3 | % | $ | 19,539 | $ | 18,740 | 4 | % | $ | 9,694 | $ | 9,855 | (2 | )% | ||||||
Corporate/Other | 528 | 661 | (20 | ) | 1,119 | 1,862 | (40 | ) | 431 | 591 | (27 | ) | ||||||||||||
Total Citigroup net revenues | $ | 18,469 | $ | 18,155 | 2 | % | $ | 37,341 | $ | 36,521 | 2 | % | $ | 18,576 | $ | 18,872 | (2 | )% |
(1) | Asia GCB includes the results of operations of GCB activities in certain EMEA countries for all periods presented. |
In millions of dollars | Global Consumer Banking | Institutional Clients Group | Corporate/Other and consolidating eliminations(2) | Citigroup parent company- issued long-term debt and stockholders’ equity(3) | Total Citigroup consolidated | Global Consumer Banking | Institutional Clients Group | Corporate/Other and consolidating eliminations(2) | Citigroup parent company- issued long-term debt and stockholders’ equity(3) | Total Citigroup consolidated | ||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||
Cash and deposits with banks | $ | 8,043 | $ | 59,897 | $ | 132,962 | $ | — | $ | 200,902 | $ | 8,747 | 64,506 | $ | 132,640 | $ | — | $ | 205,893 | |||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 143 | 265,140 | 243 | — | 265,526 | |||||||||||||||||||||||||
Federal funds sold and securities borrowed and purchased under agreements to resell | — | 264,264 | 231 | — | 264,495 | |||||||||||||||||||||||||
Trading account assets | 684 | 255,114 | 7,151 | — | 262,949 | 843 | 275,309 | 10,359 | — | 286,511 | ||||||||||||||||||||
Investments | 1,209 | 113,405 | 235,102 | — | 349,716 | 1,173 | 117,776 | 230,332 | — | 349,281 | ||||||||||||||||||||
Loans, net of unearned income and allowance for loan losses | 296,636 | 345,125 | 17,293 | — | 659,054 | 297,630 | 360,156 | 12,231 | — | 670,017 | ||||||||||||||||||||
Other assets | 36,796 | 102,526 | 34,865 | — | 174,187 | 37,544 | 103,212 | 41,460 | — | 182,216 | ||||||||||||||||||||
Net inter-segment liquid assets(4) | 78,024 | 256,004 | (334,028 | ) | — | — | 79,746 | 240,275 | (320,021 | ) | — | — | ||||||||||||||||||
Total assets | $ | 421,535 | $ | 1,397,211 | $ | 93,588 | $ | — | $ | 1,912,334 | $ | 425,683 | $ | 1,425,498 | $ | 107,232 | $ | — | $ | 1,958,413 | ||||||||||
Liabilities and equity | ||||||||||||||||||||||||||||||
Total deposits | $ | 307,935 | $ | 675,634 | $ | 13,161 | $ | — | $ | 996,730 | $ | 315,547 | $ | 701,544 | $ | 13,264 | $ | — | $ | 1,030,355 | ||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 4,229 | 173,578 | 21 | — | 177,828 | |||||||||||||||||||||||||
Federal funds purchased and securities loaned and sold under agreements to repurchase | 3,967 | 186,335 | 70 | — | 190,372 | |||||||||||||||||||||||||
Trading account liabilities | 174 | 140,213 | 358 | — | 140,745 | 195 | 135,864 | 333 | — | 136,392 | ||||||||||||||||||||
Short-term borrowings | 359 | 21,623 | 15,251 | — | 37,233 | 485 | 25,490 | 13,347 | — | 39,322 | ||||||||||||||||||||
Long-term debt(3) | 1,839 | 40,356 | 46,026 | 148,601 | 236,822 | 1,817 | 48,509 | 43,410 | 149,830 | 243,566 | ||||||||||||||||||||
Other liabilities | 17,597 | 89,495 | 14,916 | — | 122,008 | 19,386 | 83,420 | 18,585 | — | 121,391 | ||||||||||||||||||||
Net inter-segment funding (lending)(3) | 89,402 | 256,312 | 2,981 | (348,695 | ) | — | 84,286 | 244,336 | 17,460 | (346,082 | ) | — | ||||||||||||||||||
Total liabilities | $ | 421,535 | $ | 1,397,211 | $ | 92,714 | $ | (200,094 | ) | $ | 1,711,366 | $ | 425,683 | $ | 1,425,498 | $ | 106,469 | $ | (196,252 | ) | $ | 1,761,398 | ||||||||
Total stockholders’ equity(5) | — | — | 874 | 200,094 | 200,968 | — | — | 763 | 196,252 | 197,015 | ||||||||||||||||||||
Total liabilities and equity | $ | 421,535 | $ | 1,397,211 | $ | 93,588 | $ | — | $ | 1,912,334 | $ | 425,683 | $ | 1,425,498 | $ | 107,232 | $ | — | $ | 1,958,413 |
(1) | The supplemental information presented in the table above reflects Citigroup’s consolidated GAAP balance sheet by reporting segment as of |
(2) | Consolidating eliminations for total Citigroup and Citigroup parent company assets and liabilities are recorded within Corporate/Other. |
(3) | The total stockholders’ equity and the majority of long-term debt of Citigroup reside in the Citigroup parent company |
(4) | Represents the attribution of Citigroup’s 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. |
Second Quarter | Six Months | First Quarter | ||||||||||||||||||||||
In millions of dollars except as otherwise noted | 2018 | 2017 | % Change | 2018 | 2017 | % Change | ||||||||||||||||||
In millions of dollars, except as otherwise noted | 2019 | 2018 | % Change | |||||||||||||||||||||
Net interest revenue | $ | 7,019 | $ | 6,760 | 4 | % | $ | 13,999 | $ | 13,339 | 5 | % | $ | 7,253 | $ | 6,980 | 4 | % | ||||||
Non-interest revenue | 1,231 | 1,313 | (6 | ) | 2,684 | 2,580 | 4 | 1,198 | 1,446 | (17 | ) | |||||||||||||
Total revenues, net of interest expense | $ | 8,250 | $ | 8,073 | 2 | % | $ | 16,683 | $ | 15,919 | 5 | % | $ | 8,451 | $ | 8,426 | — | % | ||||||
Total operating expenses | $ | 4,655 | $ | 4,537 | 3 | % | $ | 9,336 | $ | 8,988 | 4 | % | $ | 4,608 | $ | 4,677 | (1 | )% | ||||||
Net credit losses | $ | 1,726 | $ | 1,615 | 7 | % | $ | 3,462 | $ | 3,218 | 8 | % | $ | 1,891 | $ | 1,736 | 9 | % | ||||||
Credit reserve build (release) | 154 | 125 | 23 | 298 | 302 | (1 | ) | 76 | 144 | (47 | ) | |||||||||||||
Provision (release) for unfunded lending commitments | 3 | (1 | ) | NM | 2 | 5 | (60 | ) | 5 | (1 | ) | NM | ||||||||||||
Provision for benefits and claims | 22 | 23 | (4 | ) | 48 | 52 | (8 | ) | 12 | 26 | (54 | ) | ||||||||||||
Provisions for credit losses and for benefits and claims (LLR & PBC) | $ | 1,905 | $ | 1,762 | 8 | % | $ | 3,810 | $ | 3,577 | 7 | % | $ | 1,984 | $ | 1,905 | 4 | % | ||||||
Income from continuing operations before taxes | $ | 1,690 | $ | 1,774 | (5 | )% | $ | 3,537 | $ | 3,354 | 5 | % | $ | 1,859 | $ | 1,844 | 1 | % | ||||||
Income taxes | 411 | 646 | (36 | ) | 864 | 1,228 | (30 | ) | 422 | 454 | (7 | ) | ||||||||||||
Income from continuing operations | $ | 1,279 | $ | 1,128 | 13 | % | $ | 2,673 | $ | 2,126 | 26 | % | $ | 1,437 | $ | 1,390 | 3 | % | ||||||
Noncontrolling interests | 1 | 4 | (75 | ) | 3 | 5 | (40 | ) | — | 2 | (100 | ) | ||||||||||||
Net income | $ | 1,278 | $ | 1,124 | 14 | % | $ | 2,670 | $ | 2,121 | 26 | % | $ | 1,437 | $ | 1,388 | 4 | % | ||||||
Balance Sheet data (in billions of dollars) | ||||||||||||||||||||||||
Balance Sheet data and ratios (in billions of dollars) | ||||||||||||||||||||||||
Total EOP assets | $ | 422 | $ | 418 | 1 | % | $ | 426 | $ | 423 | 1 | % | ||||||||||||
Average assets | 417 | 414 | 1 | $ | 420 | $ | 412 | 2 | % | 426 | 423 | 1 | ||||||||||||
Return on average assets | 1.23 | % | 1.09 | % | 1.28 | % | 1.04 | % | 1.37 | % | 1.33 | % | ||||||||||||
Efficiency ratio | 56 | 56 | 56 | 56 | 55 | 56 | ||||||||||||||||||
Average deposits | $ | 306 | $ | 307 | — | $ | 307 | $ | 305 | 1 | $ | 310 | $ | 309 | — | |||||||||
Net credit losses as a percentage of average loans | 2.28 | % | 2.20 | % | 2.29 | % | 2.22 | % | 2.48 | % | 2.30 | % | ||||||||||||
Revenue by business | ||||||||||||||||||||||||
Retail banking | $ | 3,489 | $ | 3,328 | 5 | % | $ | 6,960 | $ | 6,503 | 7 | % | $ | 3,467 | $ | 3,464 | — | % | ||||||
Cards(1) | 4,761 | 4,745 | — | 9,723 | 9,416 | 3 | 4,984 | 4,962 | — | |||||||||||||||
Total | $ | 8,250 | $ | 8,073 | 2 | % | $ | 16,683 | $ | 15,919 | 5 | % | $ | 8,451 | $ | 8,426 | — | % | ||||||
Income from continuing operations by business | ||||||||||||||||||||||||
Retail banking | $ | 580 | $ | 419 | 38 | % | $ | 1,104 | $ | 752 | 47 | % | $ | 526 | $ | 520 | 1 | % | ||||||
Cards(1) | 699 | 709 | (1 | ) | 1,569 | 1,374 | 14 | 911 | 870 | 5 | ||||||||||||||
Total | $ | 1,279 | $ | 1,128 | 13 | % | $ | 2,673 | $ | 2,126 | 26 | % | $ | 1,437 | $ | 1,390 | 3 | % |
Foreign currency (FX) translation impact | ||||||||||||||||||||||||
Total revenue—as reported | $ | 8,250 | $ | 8,073 | 2 | % | $ | 16,683 | $ | 15,919 | 5 | % | $ | 8,451 | $ | 8,426 | — | % | ||||||
Impact of FX translation(2) | — | (51 | ) | — | 92 | — | (113 | ) | ||||||||||||||||
Total revenues—ex-FX(3) | $ | 8,250 | $ | 8,022 | 3 | % | $ | 16,683 | $ | 16,011 | 4 | % | $ | 8,451 | $ | 8,313 | 2 | % | ||||||
Total operating expenses—as reported | $ | 4,655 | $ | 4,537 | 3 | % | $ | 9,336 | $ | 8,988 | 4 | % | $ | 4,608 | $ | 4,677 | (1 | )% | ||||||
Impact of FX translation(2) | — | (20 | ) | — | 70 | — | (70 | ) | ||||||||||||||||
Total operating expenses—ex-FX(3) | $ | 4,655 | $ | 4,517 | 3 | % | $ | 9,336 | $ | 9,058 | 3 | % | $ | 4,608 | $ | 4,607 | — | % | ||||||
Total provisions for LLR & PBC—as reported | $ | 1,905 | $ | 1,762 | 8 | % | $ | 3,810 | $ | 3,577 | 7 | % | $ | 1,984 | $ | 1,905 | 4 | % | ||||||
Impact of FX translation(2) | — | (15 | ) | — | 13 | — | (19 | ) | ||||||||||||||||
Total provisions for LLR & PBC—ex-FX(3) | $ | 1,905 | $ | 1,747 | 9 | % | $ | 3,810 | $ | 3,590 | 6 | % | $ | 1,984 | $ | 1,886 | 5 | % | ||||||
Net income—as reported | $ | 1,278 | $ | 1,124 | 14 | % | $ | 2,670 | $ | 2,121 | 26 | % | $ | 1,437 | $ | 1,388 | 4 | % | ||||||
Impact of FX translation(2) | — | (9 | ) | — | 8 | — | (13 | ) | ||||||||||||||||
Net income—ex-FX(3) | $ | 1,278 | $ | 1,115 | 15 | % | $ | 2,670 | $ | 2,129 | 25 | % | $ | 1,437 | $ | 1,375 | 5 | % |
(1) | Includes both Citi-branded cards and Citi retail services. |
(2) | Reflects the impact of FX translation into U.S. dollars at the |
(3) | Presentation of this metric excluding FX translation is a non-GAAP financial measure. |
Second Quarter | Six Months | First Quarter | ||||||||||||||||||||||
In millions of dollars, except as otherwise noted | 2018 | 2017 | % Change | 2018 | 2017 | % Change | 2019 | 2018 | % Change | |||||||||||||||
Net interest revenue | $ | 4,780 | $ | 4,632 | 3 | % | $ | 9,530 | $ | 9,249 | 3 | % | $ | 5,058 | $ | 4,750 | 6 | % | ||||||
Non-interest revenue | 224 | 314 | (29 | ) | 631 | 642 | (2 | ) | 127 | 407 | (69 | ) | ||||||||||||
Total revenues, net of interest expense | $ | 5,004 | $ | 4,946 | 1 | % | $ | 10,161 | $ | 9,891 | 3 | % | $ | 5,185 | $ | 5,157 | 1 | % | ||||||
Total operating expenses | $ | 2,666 | $ | 2,598 | 3 | % | $ | 5,311 | $ | 5,195 | 2 | % | $ | 2,669 | $ | 2,645 | 1 | % | ||||||
Net credit losses | $ | 1,278 | $ | 1,181 | 8 | % | $ | 2,574 | $ | 2,371 | 9 | % | $ | 1,429 | $ | 1,296 | 10 | % | ||||||
Credit reserve build (release) | 115 | 101 | 14 | 238 | 253 | (6 | ) | 98 | 123 | (20 | ) | |||||||||||||
Provision for unfunded lending commitments | 2 | 2 | — | (2 | ) | 9 | NM | |||||||||||||||||
Provision (release) for unfunded lending commitments | 5 | (4 | ) | NM | ||||||||||||||||||||
Provision for benefits and claims | 5 | 8 | (38 | ) | 11 | 14 | (21 | ) | 6 | 6 | — | |||||||||||||
Provisions for credit losses and for benefits and claims | $ | 1,400 | $ | 1,292 | 8 | % | $ | 2,821 | $ | 2,647 | 7 | % | $ | 1,538 | $ | 1,421 | 8 | % | ||||||
Income from continuing operations before taxes | $ | 938 | $ | 1,056 | (11 | )% | $ | 2,029 | $ | 2,049 | (1 | )% | $ | 978 | $ | 1,091 | (10 | )% | ||||||
Income taxes | 219 | 399 | (45 | ) | 472 | 778 | (39 | ) | 209 | 253 | (17 | ) | ||||||||||||
Income from continuing operations | $ | 719 | $ | 657 | 9 | % | $ | 1,557 | $ | 1,271 | 23 | % | $ | 769 | $ | 838 | (8 | )% | ||||||
Noncontrolling interests | — | — | — | — | — | — | — | — | — | |||||||||||||||
Net income | $ | 719 | $ | 657 | 9 | % | $ | 1,557 | $ | 1,271 | 23 | % | $ | 769 | $ | 838 | (8 | )% | ||||||
Balance Sheet data (in billions of dollars) | ||||||||||||||||||||||||
Balance Sheet data and ratios (in billions of dollars) | ||||||||||||||||||||||||
Average assets | $ | 244 | $ | 244 | — | % | $ | 246 | $ | 245 | — | % | $ | 250 | $ | 248 | 1 | % | ||||||
Return on average assets | 1.18 | % | 1.08 | % | 1.28 | % | 1.05 | % | 1.25 | % | 1.37 | % | ||||||||||||
Efficiency ratio | 53 | 53 | 52 | 53 | 51 | 51 | ||||||||||||||||||
Average deposits | $ | 179.9 | $ | 185.1 | (3 | ) | $ | 180.4 | $ | 184.9 | (2 | ) | $ | 182.3 | $ | 180.9 | 1 | |||||||
Net credit losses as a percentage of average loans | 2.72 | % | 2.58 | % | 2.74 | % | 2.61 | % | 2.97 | % | 2.77 | % | ||||||||||||
Revenue by business | ||||||||||||||||||||||||
Retail banking | $ | 1,348 | $ | 1,293 | 4 | % | $ | 2,655 | $ | 2,550 | 4 | % | $ | 1,316 | $ | 1,307 | 1 | % | ||||||
Citi-branded cards | 2,062 | 2,079 | (1 | ) | 4,294 | 4,175 | 3 | 2,195 | 2,232 | (2 | ) | |||||||||||||
Citi retail services | 1,594 | 1,574 | 1 | 3,212 | 3,166 | 1 | 1,674 | 1,618 | 3 | |||||||||||||||
Total | $ | 5,004 | $ | 4,946 | 1 | % | $ | 10,161 | $ | 9,891 | 3 | % | $ | 5,185 | $ | 5,157 | 1 | % | ||||||
Income from continuing operations by business | ||||||||||||||||||||||||
Retail banking | $ | 161 | $ | 130 | 24 | % | $ | 301 | $ | 202 | 49 | % | $ | 83 | $ | 140 | (41 | )% | ||||||
Citi-branded cards | 309 | 302 | 2 | 734 | 548 | 34 | 382 | 425 | (10 | ) | ||||||||||||||
Citi retail services | 249 | 225 | 11 | 522 | 521 | — | 304 | 273 | 11 | |||||||||||||||
Total | $ | 719 | $ | 657 | 9 | % | $ | 1,557 | $ | 1,271 | 23 | % | $ | 769 | $ | 838 | (8 | )% |
Second Quarter | Six Months | % Change | First Quarter | |||||||||||||||||||||
In millions of dollars, except as otherwise noted | 2018 | 2017 | % Change | 2018 | 2017 | 2019 | 2018 | % Change | ||||||||||||||||
Net interest revenue | $ | 1,013 | $ | 967 | 5 | % | $ | 2,010 | $ | 1,815 | 11 | % | $ | 975 | $ | 997 | (2 | )% | ||||||
Non-interest revenue | 368 | 341 | 8 | 718 | 660 | 9 | 406 | 343 | 18 | |||||||||||||||
Total revenues, net of interest expense | $ | 1,381 | $ | 1,308 | 6 | % | $ | 2,728 | $ | 2,475 | 10 | % | $ | 1,381 | $ | 1,340 | 3 | % | ||||||
Total operating expenses | $ | 782 | $ | 745 | 5 | % | $ | 1,541 | $ | 1,412 | 9 | % | $ | 735 | $ | 755 | (3 | )% | ||||||
Net credit losses | $ | 278 | $ | 277 | — | % | $ | 556 | $ | 530 | 5 | % | $ | 298 | $ | 278 | 7 | % | ||||||
Credit reserve build (release) | 33 | 50 | (34 | ) | 75 | 62 | 21 | |||||||||||||||||
Credit reserve build | (7 | ) | 42 | NM | ||||||||||||||||||||
Provision (release) for unfunded lending commitments | — | (1 | ) | 100 | 1 | (1 | ) | NM | — | 1 | (100 | ) | ||||||||||||
Provision for benefits and claims | 17 | 15 | 13 | 37 | 38 | (3 | ) | 6 | 20 | (70 | ) | |||||||||||||
Provisions for credit losses and for benefits and claims (LLR & PBC) | $ | 328 | $ | 341 | (4 | )% | $ | 669 | $ | 629 | 6 | % | $ | 297 | $ | 341 | (13 | )% | ||||||
Income from continuing operations before taxes | $ | 271 | $ | 222 | 22 | % | $ | 518 | $ | 434 | 19 | % | $ | 349 | $ | 244 | 43 | % | ||||||
Income taxes | 71 | 81 | (12 | ) | 135 | 158 | (15 | ) | 97 | 65 | 49 | |||||||||||||
Income from continuing operations | $ | 200 | $ | 141 | 42 | % | $ | 383 | $ | 276 | 39 | % | $ | 252 | $ | 179 | 41 | % | ||||||
Noncontrolling interests | — | 2 | (100 | ) | — | 3 | (100 | ) | — | — | — | |||||||||||||
Net income | $ | 200 | $ | 139 | 44 | % | $ | 383 | $ | 273 | 40 | % | $ | 252 | $ | 179 | 41 | % | ||||||
Balance Sheet data (in billions of dollars) | ||||||||||||||||||||||||
Balance Sheet data and ratios (in billions of dollars) | ||||||||||||||||||||||||
Average assets | $ | 43 | $ | 45 | (4 | )% | $ | 44 | $ | 44 | — | % | $ | 44 | $ | 44 | — | % | ||||||
Return on average assets | 1.87 | % | 1.24 | % | 1.76 | % | 1.25 | % | 2.32 | % | 1.65 | % | ||||||||||||
Efficiency ratio | 57 | 57 | 56 | 57 | 53 | 56 | ||||||||||||||||||
Average deposits | $ | 28.3 | $ | 27.8 | 2 | $ | 28.6 | $ | 26.6 | 8 | $ | 28.6 | $ | 28.9 | (1 | ) | ||||||||
Net credit losses as a percentage of average loans | 4.37 | % | 4.36 | % | 4.33 | % | 4.38 | % | 4.72 | % | 4.29 | % | ||||||||||||
Revenue by business | ||||||||||||||||||||||||
Retail banking | $ | 999 | $ | 939 | 6 | % | $ | 1,965 | $ | 1,789 | 10 | % | $ | 1,008 | $ | 959 | 5 | % | ||||||
Citi-branded cards | 382 | 369 | 4 | 763 | 686 | 11 | 373 | 381 | (2 | ) | ||||||||||||||
Total | $ | 1,381 | $ | 1,308 | 6 | % | $ | 2,728 | $ | 2,475 | 10 | % | $ | 1,381 | $ | 1,340 | 3 | % | ||||||
Income from continuing operations by business | ||||||||||||||||||||||||
Retail banking | $ | 155 | $ | 91 | 70 | % | $ | 293 | $ | 181 | 62 | % | $ | 197 | $ | 134 | 47 | % | ||||||
Citi-branded cards | 45 | 50 | (10 | ) | 90 | 95 | (5 | ) | 55 | 45 | 22 | % | ||||||||||||
Total | $ | 200 | $ | 141 | 42 | % | $ | 383 | $ | 276 | 39 | % | $ | 252 | $ | 179 | 41 | % |
FX translation impact | ||||||||||||||||||||||||
Total revenues—as reported | $ | 1,381 | $ | 1,308 | 6 | % | $ | 2,728 | $ | 2,475 | 10 | % | $ | 1,381 | $ | 1,340 | 3 | % | ||||||
Impact of FX translation(1) | — | (60 | ) | — | 18 | — | (43 | ) | ||||||||||||||||
Total revenues—ex-FX(2) | $ | 1,381 | $ | 1,248 | 11 | % | $ | 2,728 | $ | 2,493 | 9 | % | $ | 1,381 | $ | 1,297 | 6 | % | ||||||
Total operating expenses—as reported | $ | 782 | $ | 745 | 5 | % | $ | 1,541 | $ | 1,412 | 9 | % | $ | 735 | $ | 755 | (3 | )% | ||||||
Impact of FX translation(1) | — | (29 | ) | — | 10 | — | (21 | ) | ||||||||||||||||
Total operating expenses—ex-FX(2) | $ | 782 | $ | 716 | 9 | % | $ | 1,541 | $ | 1,422 | 8 | % | $ | 735 | $ | 734 | — | % | ||||||
Provisions for LLR & PBC—as reported | $ | 328 | $ | 341 | (4 | )% | $ | 669 | $ | 629 | 6 | % | $ | 297 | $ | 341 | (13 | )% | ||||||
Impact of FX translation(1) | — | (16 | ) | — | 6 | — | (11 | ) | ||||||||||||||||
Provisions for LLR & PBC—ex-FX(2) | $ | 328 | $ | 325 | 1 | % | $ | 669 | $ | 635 | 5 | % | $ | 297 | $ | 330 | (10 | )% | ||||||
Net income—as reported | $ | 200 | $ | 139 | 44 | % | $ | 383 | $ | 273 | 40 | % | $ | 252 | $ | 179 | 41 | % | ||||||
Impact of FX translation(1) | — | (10 | ) | — | 2 | — | (7 | ) | ||||||||||||||||
Net income—ex-FX(2) | $ | 200 | $ | 129 | 55 | % | $ | 383 | $ | 275 | 39 | % | $ | 252 | $ | 172 | 47 | % |
(1) | Reflects the impact of FX translation into U.S. dollars at the |
(2) | Presentation of this metric excluding FX translation is a non-GAAP financial measure. |
Second Quarter | Six Months | % Change | First Quarter | |||||||||||||||||||||
In millions of dollars, except as otherwise noted (1) | 2018 | 2017 | % Change | 2018 | 2017 | 2019 | 2018 | % Change | ||||||||||||||||
Net interest revenue | $ | 1,226 | $ | 1,161 | 6 | % | $ | 2,459 | $ | 2,275 | 8 | % | $ | 1,220 | $ | 1,233 | (1 | )% | ||||||
Non-interest revenue | 639 | 658 | (3 | ) | 1,335 | 1,278 | 4 | 665 | 696 | (4 | ) | |||||||||||||
Total revenues, net of interest expense | $ | 1,865 | $ | 1,819 | 3 | % | $ | 3,794 | $ | 3,553 | 7 | % | $ | 1,885 | $ | 1,929 | (2 | )% | ||||||
Total operating expenses | $ | 1,207 | $ | 1,194 | 1 | % | $ | 2,484 | $ | 2,381 | 4 | % | $ | 1,204 | $ | 1,277 | (6 | )% | ||||||
Net credit losses | $ | 170 | $ | 157 | 8 | % | $ | 332 | $ | 317 | 5 | % | $ | 164 | $ | 162 | 1 | % | ||||||
Credit reserve build (release) | 6 | (26 | ) | NM | (15 | ) | (13 | ) | (15 | ) | (15 | ) | (21 | ) | 29 | |||||||||
Provision (release) for unfunded lending commitments | 1 | (2 | ) | NM | 3 | (3 | ) | NM | — | 2 | (100 | ) | ||||||||||||
Provisions for credit losses | $ | 177 | $ | 129 | 37 | % | $ | 320 | $ | 301 | 6 | % | $ | 149 | $ | 143 | 4 | % | ||||||
Income from continuing operations before taxes | $ | 481 | $ | 496 | (3 | )% | $ | 990 | $ | 871 | 14 | % | $ | 532 | $ | 509 | 5 | % | ||||||
Income taxes | 121 | 166 | (27 | ) | 257 | 292 | (12 | ) | 116 | 136 | (15 | ) | ||||||||||||
Income from continuing operations | $ | 360 | $ | 330 | 9 | % | $ | 733 | $ | 579 | 27 | % | $ | 416 | $ | 373 | 12 | % | ||||||
Noncontrolling interests | 1 | 2 | (50 | ) | 3 | 2 | 50 | — | 2 | (100 | ) | |||||||||||||
Net income | $ | 359 | $ | 328 | 9 | % | $ | 730 | $ | 577 | 27 | % | $ | 416 | $ | 371 | 12 | % | ||||||
Balance Sheet data (in billions of dollars) | ||||||||||||||||||||||||
Balance Sheet data and ratios (in billions of dollars) | ||||||||||||||||||||||||
Average assets | $ | 130 | $ | 125 | 4 | % | $ | 131 | $ | 124 | 6 | % | $ | 132 | $ | 131 | 1 | % | ||||||
Return on average assets | 1.11 | % | 1.05 | % | 1.12 | % | 0.94 | % | 1.28 | % | 1.15 | % | ||||||||||||
Efficiency ratio | 65 | 66 | 65 | 67 | 64 | 66 | ||||||||||||||||||
Average deposits | $ | 97.6 | $ | 94.3 | 3 | $ | 98.4 | $ | 93.5 | 5 | $ | 99.3 | $ | 99.1 | — | |||||||||
Net credit losses as a percentage of average loans | 0.77 | % | 0.74 | % | 0.75 | % | 0.76 | % | 0.75 | % | 0.73 | % | ||||||||||||
Revenue by business | ||||||||||||||||||||||||
Retail banking | $ | 1,142 | $ | 1,096 | 4 | % | $ | 2,340 | $ | 2,164 | 8 | % | $ | 1,143 | $ | 1,198 | (5 | )% | ||||||
Citi-branded cards | 723 | 723 | — | 1,454 | 1,389 | 5 | 742 | 731 | 2 | |||||||||||||||
Total | $ | 1,865 | $ | 1,819 | 3 | % | $ | 3,794 | $ | 3,553 | 7 | % | $ | 1,885 | $ | 1,929 | (2 | )% | ||||||
Income from continuing operations by business | ||||||||||||||||||||||||
Retail banking | $ | 264 | $ | 198 | 33 | % | $ | 510 | $ | 369 | 38 | % | $ | 246 | $ | 246 | — | % | ||||||
Citi-branded cards | 96 | 132 | (27 | ) | 223 | 210 | 6 | 170 | 127 | 34 | ||||||||||||||
Total | $ | 360 | $ | 330 | 9 | % | $ | 733 | $ | 579 | 27 | % | $ | 416 | $ | 373 | 12 | % |
FX translation impact | ||||||||||||||||||||||||
Total revenues—as reported | $ | 1,865 | $ | 1,819 | 3 | % | $ | 3,794 | $ | 3,553 | 7 | % | $ | 1,885 | $ | 1,929 | (2 | )% | ||||||
Impact of FX translation(2) | — | 9 | — | 74 | — | (70 | ) | |||||||||||||||||
Total revenues—ex-FX(3) | $ | 1,865 | $ | 1,828 | 2 | % | $ | 3,794 | $ | 3,627 | 5 | % | $ | 1,885 | $ | 1,859 | 1 | % | ||||||
Total operating expenses—as reported | $ | 1,207 | $ | 1,194 | 1 | % | $ | 2,484 | $ | 2,381 | 4 | % | $ | 1,204 | $ | 1,277 | (6 | )% | ||||||
Impact of FX translation(2) | — | 9 | — | 60 | — | (49 | ) | |||||||||||||||||
Total operating expenses—ex-FX(3) | $ | 1,207 | $ | 1,203 | — | % | $ | 2,484 | $ | 2,441 | 2 | % | $ | 1,204 | $ | 1,228 | (2 | )% | ||||||
Provisions for loan losses—as reported | $ | 177 | $ | 129 | 37 | % | $ | 320 | $ | 301 | 6 | % | $ | 149 | $ | 143 | 4 | % | ||||||
Impact of FX translation(2) | — | 1 | — | 7 | — | (8 | ) | |||||||||||||||||
Provisions for loan losses—ex-FX(3) | $ | 177 | $ | 130 | 36 | % | $ | 320 | $ | 308 | 4 | % | $ | 149 | $ | 135 | 10 | % | ||||||
Net income—as reported | $ | 359 | $ | 328 | 9 | % | $ | 730 | $ | 577 | 27 | % | $ | 416 | $ | 371 | 12 | % | ||||||
Impact of FX translation(2) | — | 1 | — | 6 | — | (6 | ) | |||||||||||||||||
Net income—ex-FX(3) | $ | 359 | $ | 329 | 9 | % | $ | 730 | $ | 583 | 25 | % | $ | 416 | $ | 365 | 14 | % |
(1) | Asia GCB includes the results of operations of GCB activities in certain EMEA countries for all periods presented. |
(2) | Reflects the impact of FX translation into U.S. dollars at the |
(3) | Presentation of this metric excluding FX translation is a non-GAAP financial measure. |
First Quarter | ||||||||
In millions of dollars, except as otherwise noted | 2019 | 2018 | % Change | |||||
Commissions and fees | $ | 1,121 | $ | 1,213 | (8 | )% | ||
Administration and other fiduciary fees | 670 | 694 | (3 | ) | ||||
Investment banking | 1,112 | 985 | 13 | |||||
Principal transactions | 2,631 | 2,844 | (7 | ) | ||||
Other | 285 | 465 | (39 | ) | ||||
Total non-interest revenue | $ | 5,819 | $ | 6,201 | (6 | )% | ||
Net interest revenue (including dividends) | 3,875 | 3,654 | 6 | |||||
Total revenues, net of interest expense | $ | 9,694 | $ | 9,855 | (2 | )% | ||
Total operating expenses | $ | 5,427 | $ | 5,506 | (1 | )% | ||
Net credit losses | $ | 55 | $ | 105 | (48 | )% | ||
Credit reserve build (release) | (54 | ) | (175 | ) | 69 | |||
Provision (release) for unfunded lending commitments | 20 | 29 | (31 | ) | ||||
Provisions for credit losses | $ | 21 | $ | (41 | ) | NM | ||
Income from continuing operations before taxes | $ | 4,246 | $ | 4,390 | (3 | )% | ||
Income taxes | 924 | 1,056 | (13 | ) | ||||
Income from continuing operations | $ | 3,322 | $ | 3,334 | — | % | ||
Noncontrolling interests | 11 | 15 | (27 | ) | ||||
Net income | $ | 3,311 | $ | 3,319 | — | % | ||
EOP assets (in billions of dollars) | $ | 1,425 | $ | 1,407 | 1 | % | ||
Average assets (in billions of dollars) | 1,414 | 1,388 | 2 | |||||
Return on average assets | 0.95 | % | 0.97 | % | ||||
Efficiency ratio | 56 | 56 | ||||||
Revenues by region | ||||||||
North America | $ | 3,119 | $ | 3,266 | (5 | )% | ||
EMEA | 3,170 | 3,167 | — | |||||
Latin America | 1,160 | 1,216 | (5 | ) | ||||
Asia | 2,245 | 2,206 | 2 | |||||
Total | $ | 9,694 | $ | 9,855 | (2 | )% | ||
Income from continuing operations by region | ||||||||
North America | $ | 714 | $ | 858 | (17 | )% | ||
EMEA | 1,125 | 1,113 | 1 | |||||
Latin America | 503 | 494 | 2 | |||||
Asia | 980 | 869 | 13 | |||||
Total | $ | 3,322 | $ | 3,334 | — | % |
Second Quarter | Six Months | % Change | ||||||||||||||
In millions of dollars, except as otherwise noted | 2018 | 2017 | % Change | 2018 | 2017 | |||||||||||
Commissions and fees | $ | 1,127 | $ | 1,106 | 2 | % | $ | 2,340 | $ | 2,130 | 10 | % | ||||
Administration and other fiduciary fees | 713 | 674 | 6 | 1,407 | 1,309 | 7 | ||||||||||
Investment banking | 1,246 | 1,243 | — | 2,231 | 2,353 | (5 | ) | |||||||||
Principal transactions | 2,358 | 2,151 | 10 | 5,242 | 4,882 | 7 | ||||||||||
Other | 154 | 246 | (37 | ) | 572 | 247 | NM | |||||||||
Total non-interest revenue | $ | 5,598 | $ | 5,420 | 3 | % | $ | 11,792 | $ | 10,921 | 8 | % | ||||
Net interest revenue (including dividends) | 4,093 | 4,001 | 2 | 7,747 | 7,819 | (1 | ) | |||||||||
Total revenues, net of interest expense | $ | 9,691 | $ | 9,421 | 3 | % | $ | 19,539 | $ | 18,740 | 4 | % | ||||
Total operating expenses | $ | 5,458 | $ | 5,227 | 4 | % | $ | 10,961 | $ | 10,365 | 6 | % | ||||
Net credit losses | $ | (1 | ) | $ | 71 | NM | $ | 104 | $ | 96 | 8 | % | ||||
Credit reserve build (release) | 32 | (15 | ) | NM | (143 | ) | (191 | ) | 25 | |||||||
Provision (release) for unfunded lending commitments | (6 | ) | 31 | NM | 23 | (23 | ) | NM | ||||||||
Provisions for credit losses | $ | 25 | $ | 87 | (71 | )% | $ | (16 | ) | $ | (118 | ) | 86 | % | ||
Income from continuing operations before taxes | $ | 4,208 | $ | 4,107 | 2 | % | $ | 8,594 | $ | 8,493 | 1 | % | ||||
Income taxes | 971 | 1,327 | (27 | ) | 2,028 | 2,702 | (25 | ) | ||||||||
Income from continuing operations | $ | 3,237 | $ | 2,780 | 16 | % | $ | 6,566 | $ | 5,791 | 13 | % | ||||
Noncontrolling interests | 12 | 18 | (33 | ) | 27 | 33 | (18 | ) | ||||||||
Net income | $ | 3,225 | $ | 2,762 | 17 | % | $ | 6,539 | $ | 5,758 | 14 | % | ||||
EOP assets (in billions of dollars) | $ | 1,397 | $ | 1,353 | 3 | % | ||||||||||
Average assets (in billions of dollars) | 1,406 | 1,360 | 3 | $ | 1,397 | $ | 1,339 | 4 | % | |||||||
Return on average assets | 0.92 | % | 0.81 | % | 0.94 | % | 0.87 | % | ||||||||
Efficiency ratio | 56 | 55 | 56 | 55 | ||||||||||||
Revenues by region | ||||||||||||||||
North America | $ | 3,511 | $ | 3,646 | (4 | )% | $ | 6,776 | $ | 7,168 | (5 | )% | ||||
EMEA | 3,043 | 2,881 | 6 | 6,210 | 5,735 | 8 | ||||||||||
Latin America | 1,162 | 1,086 | 7 | 2,372 | 2,255 | 5 | ||||||||||
Asia | 1,975 | 1,808 | 9 | 4,181 | 3,582 | 17 | ||||||||||
Total | $ | 9,691 | $ | 9,421 | 3 | % | $ | 19,539 | $ | 18,740 | 4 | % | ||||
Income from continuing operations by region | ||||||||||||||||
North America | $ | 1,028 | $ | 1,088 | (6 | )% | $ | 1,885 | $ | 2,165 | (13 | )% | ||||
EMEA | 987 | 786 | 26 | 2,100 | 1,648 | 27 | ||||||||||
Latin America | 514 | 341 | 51 | 1,005 | 823 | 22 | ||||||||||
Asia | 708 | 565 | 25 | 1,576 | 1,155 | 36 | ||||||||||
Total | $ | 3,237 | $ | 2,780 | 16 | % | $ | 6,566 | $ | 5,791 | 13 | % | ||||
Average loans by region (in billions of dollars) | ||||||||||||||||
North America | $ | 165 | $ | 150 | 10 | % | $ | 162 | $ | 148 | 9 | % | ||||
EMEA | 80 | 67 | 19 | 79 | 66 | 20 | ||||||||||
Latin America | 33 | 35 | (6 | ) | 34 | 35 | (3 | ) | ||||||||
Asia | 68 | 61 | 11 | 68 | 59 | 15 | ||||||||||
Total | $ | 346 | $ | 313 | 11 | % | $ | 343 | $ | 308 | 11 | % | ||||
EOP deposits by business (in billions of dollars) | ||||||||||||||||
Treasury and trade solutions | $ | 459 | $ | 421 | 9 | % | ||||||||||
All other ICG businesses | 217 | 203 | 7 | |||||||||||||
Total | $ | 676 | $ | 624 | 8 | % |
Average loans by region (in billions of dollars) | ||||||||
North America | $ | 176 | $ | 160 | 10 | % | ||
EMEA | 84 | 78 | 8 | |||||
Latin America | 34 | 34 | — | |||||
Asia | 63 | 67 | (6 | ) | ||||
Total | $ | 357 | $ | 339 | 5 | % | ||
EOP deposits by business (in billions of dollars) | ||||||||
Treasury and trade solutions | $ | 475 | $ | 449 | 6 | % | ||
All other ICG businesses | 227 | 217 | 5 | |||||
Total | $ | 702 | $ | 666 | 5 | % |
Second Quarter | Six Months | % Change | First Quarter | |||||||||||||||||||||
In millions of dollars | 2018 | 2017 | % Change | 2018 | 2017 | 2019 | 2018 | % Change | ||||||||||||||||
Investment banking revenue details | ||||||||||||||||||||||||
Advisory | $ | 361 | $ | 318 | 14 | % | $ | 576 | $ | 567 | 2 | % | $ | 378 | $ | 215 | 76 | % | ||||||
Equity underwriting | 335 | 309 | 8 | 551 | 559 | (1 | ) | 172 | 216 | (20 | ) | |||||||||||||
Debt underwriting | 726 | 908 | (20 | ) | 1,425 | 1,671 | (15 | ) | 804 | 699 | 15 | |||||||||||||
Total investment banking | $ | 1,422 | $ | 1,535 | (7 | )% | $ | 2,552 | $ | 2,797 | (9 | )% | $ | 1,354 | $ | 1,130 | 20 | % | ||||||
Treasury and trade solutions | 2,336 | 2,106 | 11 | 4,604 | 4,214 | 9 | 2,395 | 2,268 | 6 | |||||||||||||||
Corporate lending—excluding gains (losses) on loan hedges(1) | 589 | 481 | 22 | 1,110 | 919 | 21 | 569 | 521 | 9 | |||||||||||||||
Private bank | 848 | 793 | 7 | 1,752 | 1,542 | 14 | 880 | 904 | (3 | ) | ||||||||||||||
Total banking revenues (ex-gains (losses) on loan hedges) | $ | 5,195 | $ | 4,915 | 6 | % | $ | 10,018 | $ | 9,472 | 6 | % | $ | 5,198 | $ | 4,823 | 8 | % | ||||||
Corporate lending—gains (losses) on loan hedges(1) | $ | 23 | $ | 9 | NM | $ | 46 | $ | (106 | ) | NM | $ | (231 | ) | $ | 23 | NM | |||||||
Total banking revenues (including gains (losses) on loan hedges) | $ | 5,218 | $ | 4,924 | 6 | % | $ | 10,064 | $ | 9,366 | 7 | % | ||||||||||||
Total banking revenues (including gains (losses) on loan hedges), net of interest expense | $ | 4,967 | $ | 4,846 | 2 | % | ||||||||||||||||||
Fixed income markets | $ | 3,076 | $ | 3,274 | (6 | )% | $ | 6,494 | $ | 6,952 | (7 | )% | $ | 3,452 | $ | 3,425 | 1 | % | ||||||
Equity markets | 864 | 725 | 19 | 1,967 | 1,527 | 29 | 842 | 1,103 | (24 | ) | ||||||||||||||
Securities services | 665 | 594 | 12 | 1,306 | 1,146 | 14 | 638 | 641 | — | |||||||||||||||
Other | (132 | ) | (96 | ) | (38 | ) | (292 | ) | (251 | ) | (16 | ) | (205 | ) | (160 | ) | (28 | ) | ||||||
Total markets and securities services revenues | $ | 4,473 | $ | 4,497 | (1 | )% | $ | 9,475 | $ | 9,374 | 1 | % | ||||||||||||
Total markets and securities services revenues, net of interest expense | $ | 4,727 | $ | 5,009 | (6 | )% | ||||||||||||||||||
Total revenues, net of interest expense | $ | 9,691 | $ | 9,421 | 3 | % | $ | 19,539 | $ | 18,740 | 4 | % | $ | 9,694 | $ | 9,855 | (2 | )% | ||||||
Commissions and fees | $ | 182 | $ | 158 | 15 | % | $ | 358 | $ | 300 | 19 | % | $ | 174 | $ | 175 | (1 | )% | ||||||
Principal transactions(2) | 2,108 | 1,935 | 9 | 4,292 | 4,295 | — | 2,377 | 2,192 | 8 | |||||||||||||||
Other | 28 | 183 | (85 | ) | 304 | 334 | (9 | ) | 150 | 275 | (45 | ) | ||||||||||||
Total non-interest revenue | $ | 2,318 | $ | 2,276 | 2 | % | $ | 4,954 | $ | 4,929 | 1 | % | $ | 2,701 | $ | 2,642 | 2 | % | ||||||
Net interest revenue | 758 | 998 | (24 | ) | 1,540 | 2,023 | (24 | ) | 751 | 783 | (4 | ) | ||||||||||||
Total fixed income markets | $ | 3,076 | $ | 3,274 | (6 | )% | $ | 6,494 | $ | 6,952 | (7 | )% | $ | 3,452 | $ | 3,425 | 1 | % | ||||||
Rates and currencies | $ | 2,235 | $ | 2,254 | (1 | )% | $ | 4,705 | $ | 4,784 | (2 | )% | $ | 2,402 | $ | 2,477 | (3 | )% | ||||||
Spread products/other fixed income | 841 | 1,020 | (18 | ) | 1,789 | 2,168 | (17 | ) | 1,050 | 948 | 11 | |||||||||||||
Total fixed income markets | $ | 3,076 | $ | 3,274 | (6 | )% | $ | 6,494 | $ | 6,952 | (7 | )% | $ | 3,452 | $ | 3,425 | 1 | % | ||||||
Commissions and fees | $ | 308 | $ | 323 | (5 | )% | $ | 669 | $ | 649 | 3 | % | $ | 293 | $ | 361 | (19 | )% | ||||||
Principal transactions(2) | 101 | (1 | ) | NM | 638 | 188 | NM | 396 | 537 | (26 | ) | |||||||||||||
Other | 20 | (6 | ) | NM | 100 | 3 | NM | 7 | 80 | (91 | ) | |||||||||||||
Total non-interest revenue | $ | 429 | $ | 316 | 36 | % | $ | 1,407 | $ | 840 | 68 | % | $ | 696 | $ | 978 | (29 | )% | ||||||
Net interest revenue | 435 | 409 | 6 | 560 | 687 | (18 | ) | 146 | 125 | 17 | ||||||||||||||
Total equity markets | $ | 864 | $ | 725 | 19 | % | $ | 1,967 | $ | 1,527 | 29 | % | $ | 842 | $ | 1,103 | (24 | )% |
(1) | Credit derivatives are used to economically hedge a portion of the corporate loan portfolio that includes both accrual loans and loans at fair value. Gains (losses) 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 cost of credit protection. Citigroup’s results of operations excluding the impact of gains (losses) on loan hedges are non-GAAP financial measures. |
(2) | Excludes principal transactions revenues of ICG businesses other than Markets, primarily treasury and trade solutions and the private bank. |
• | Revenues decreased 2%, as a 2% increase in Banking (including gains (losses) on loan hedges) was more than offset by a 6% decrease in Markets and securities services, largely driven by lower revenues in equity markets. Excluding the impact of the gains (losses) on loan hedges, Banking revenues increased 8%, primarily driven by growth in investment banking, treasury and trade solutions and corporate lending, partially offset by a decline in private bank. |
• | Investment banking revenues increased 20%, as strong growth in advisory and investment-grade debt underwriting more than offset a decline in equity underwriting. Advisory revenues increased 76%, reflecting gains in wallet share and strong performance in North America and EMEA. Debt underwriting revenues increased 15%, reflecting wallet share gains, with strength in North America. Equity underwriting revenues decreased 20%, driven by declines in both market wallet and wallet share. |
• | Treasury and trade solutions revenues increased 6%. Excluding the impact of FX translation, revenues increased 10%, reflecting strength in all regions. Revenue growth in the cash business was primarily driven by continued growth in deposit balances and improved deposit spreads. Trade revenue growth was driven primarily by improved loan spreads, partially offset by lower episodic fees. Average deposit balances increased 7% (10% excluding the impact of FX translation), with strong growth across regions. Average trade loans decreased 4% (a decrease of 1% excluding the impact of FX translation), as growth in EMEA and Latin America was more than offset by North America and Asia, as the businesses maintained strong origination volumes, while reducing lower spread assets and increasing asset sales to optimize returns. |
• | Corporate lending revenues decreased from $544 million to $338 million. Excluding the impact of gains (losses) on loan hedges, revenues increased 9%, driven by higher loan volumes and spread expansion. Average loans increased 1% (4% excluding the impact of FX translation). |
• | Private bank revenues decreased 3% from a strong prior-year period, primarily due to higher mortgage funding costs and lower managed investments revenue, partially offset by higher volumes. |
• | Fixed income markets revenues increased 1%, primarily due to higher revenues in EMEA and Asia. The increase in |
• | Equity markets revenues decreased 24%, compared to a strong prior-year period that benefited from a more favorable market environment with higher volatility. Equity derivatives revenues declined, primarily in North America and Asia, reflecting the less favorable market environment. The decrease in equity markets revenues was also driven by lower market volumes globally, and lower client financing balances. Non-interest revenues decreased, primarily driven by lower principal transactions revenues, reflecting a less favorable market environment, as well as lower commissions and fees revenues. |
• | Securities services revenues were largely unchanged. Excluding the impact of FX translation, revenues increased 5%, driven by higher client volumes and an increase in interest revenues from higher interest rates. |
Second Quarter | Six Months | % Change | First Quarter | |||||||||||||||||||||
In millions of dollars | 2018 | 2017 | % Change | 2018 | 2017 | 2019 | 2018 | % Change | ||||||||||||||||
Net interest revenue | $ | 553 | $ | 497 | 11 | % | $ | 1,091 | $ | 1,055 | 3 | % | $ | 631 | $ | 538 | 17 | % | ||||||
Non-interest revenue | (25 | ) | 164 | NM | 28 | 807 | (97 | ) | (200 | ) | 53 | NM | ||||||||||||
Total revenues, net of interest expense | $ | 528 | $ | 661 | (20 | )% | $ | 1,119 | $ | 1,862 | (40 | )% | $ | 431 | $ | 591 | (27 | )% | ||||||
Total operating expenses | $ | 599 | $ | 996 | (40 | )% | $ | 1,340 | $ | 2,130 | (37 | )% | $ | 549 | $ | 742 | (26 | )% | ||||||
Net credit losses | $ | (21 | ) | $ | 24 | NM | $ | 5 | $ | 105 | (95 | )% | $ | 2 | $ | 26 | (92 | )% | ||||||
Credit reserve build (release) | (95 | ) | (154 | ) | 38 | (128 | ) | (189 | ) | 32 | (26 | ) | (33 | ) | 21 | |||||||||
Provision (release) for unfunded lending commitments | (1 | ) | (2 | ) | 50 | (1 | ) | 3 | NM | (1 | ) | — | — | |||||||||||
Provision for benefits and claims | (1 | ) | — | NM | (1 | ) | 1 | NM | — | — | NM | |||||||||||||
Provisions for credit losses and for benefits and claims | $ | (118 | ) | $ | (132 | ) | 11 | % | $ | (125 | ) | $ | (80 | ) | (56 | )% | $ | (25 | ) | $ | (7 | ) | NM | |
Income (loss) from continuing operations before taxes | $ | 47 | $ | (203 | ) | NM | $ | (96 | ) | $ | (188 | ) | 49 | % | $ | (93 | ) | $ | (144 | ) | 35 | % | ||
Income taxes (benefits) | 62 | (178 | ) | NM | (7 | ) | (272 | ) | 97 | (71 | ) | (69 | ) | (3 | ) | |||||||||
Income (loss) from continuing operations | $ | (15 | ) | $ | (25 | ) | 40 | % | $ | (89 | ) | $ | 84 | NM | $ | (22 | ) | $ | (75 | ) | 71 | % | ||
Income (loss) from discontinued operations, net of taxes | 15 | 21 | (29 | ) | 8 | 3 | NM | (2 | ) | (7 | ) | 71 | ||||||||||||
Net income (loss) before attribution of noncontrolling interests | $ | — | $ | (4 | ) | 100 | % | $ | (81 | ) | $ | 87 | NM | $ | (24 | ) | $ | (82 | ) | 71 | % | |||
Noncontrolling interests | 13 | 10 | 30 | 18 | 4 | NM | 14 | 5 | NM | |||||||||||||||
Net income (loss) | $ | (13 | ) | $ | (14 | ) | 7 | % | $ | (99 | ) | $ | 83 | NM | $ | (38 | ) | $ | (87 | ) | 56 | % |
Variable interests and other obligations, including contingent obligations, arising from variable interests in nonconsolidated VIEs | See Note 18 to the Consolidated Financial Statements. |
Letters of credit, and lending and other commitments | See Note 22 to the Consolidated Financial Statements. |
Guarantees | See Note 22 to the Consolidated Financial Statements. |
June 30, 2018 | December 31, 2017 | March 31, 2019 | December 31, 2018 | |||||||||||||||||||||||||
In millions of dollars, except ratios | Advanced Approaches | Standardized Approach | Advanced Approaches | Standardized Approach | Effective Minimum Requirement(1) | Advanced Approaches | Standardized Approach | Effective Minimum Requirement(1) | Advanced Approaches | Standardized Approach | ||||||||||||||||||
Common Equity Tier 1 Capital | $ | 142,868 | $ | 142,868 | $ | 142,822 | $ | 142,822 | $ | 140,355 | $ | 140,355 | $ | 139,252 | $ | 139,252 | ||||||||||||
Tier 1 Capital | 162,002 | 162,002 | 162,377 | 162,377 | 158,712 | 158,712 | 158,122 | 158,122 | ||||||||||||||||||||
Total Capital (Tier 1 Capital + Tier 2 Capital) | 187,240 | 198,964 | 187,877 | 199,989 | 184,418 | 196,452 | 183,144 | 195,440 | ||||||||||||||||||||
Total Risk-Weighted Assets | 1,147,865 | 1,176,863 | 1,152,644 | 1,155,099 | 1,121,645 | 1,178,628 | 1,131,933 | 1,174,448 | ||||||||||||||||||||
Credit Risk | $ | 769,279 | $ | 1,112,883 | $ | 767,102 | $ | 1,089,372 | $ | 752,804 | $ | 1,118,057 | $ | 758,887 | $ | 1,109,007 | ||||||||||||
Market Risk | 63,087 | 63,980 | 65,003 | 65,727 | 59,200 | 60,571 | 63,987 | 65,441 | ||||||||||||||||||||
Operational Risk | 315,499 | — | 320,539 | — | 309,641 | — | 309,059 | — | ||||||||||||||||||||
Common Equity Tier 1 Capital ratio(1)(2) | 12.45 | % | 12.14 | % | 12.39 | % | 12.36 | % | ||||||||||||||||||||
Tier 1 Capital ratio(1)(2) | 14.11 | 13.77 | 14.09 | 14.06 | ||||||||||||||||||||||||
Total Capital ratio(1)(2) | 16.31 | 16.91 | 16.30 | 17.31 | ||||||||||||||||||||||||
Common Equity Tier 1 Capital ratio(2) | 10.0 | % | 12.51 | % | 11.91 | % | 8.625 | % | 12.30 | % | 11.86 | % | ||||||||||||||||
Tier 1 Capital ratio(2) | 11.5 | 14.15 | 13.47 | 10.125 | 13.97 | 13.46 | ||||||||||||||||||||||
Total Capital ratio(2) | 13.5 | 16.44 | 16.67 | 12.125 | 16.18 | 16.64 |
In millions of dollars, except ratios | June 30, 2018 | December 31, 2017 | Effective Minimum Requirement | March 31, 2019 | December 31, 2018 | |||||||||||||
Quarterly Adjusted Average Total Assets(3) | $ | 1,876,240 | $ | 1,868,326 | $ | 1,899,790 | $ | 1,896,959 | ||||||||||
Total Leverage Exposure(4) | 2,453,497 | 2,432,491 | 2,463,958 | 2,465,641 | ||||||||||||||
Tier 1 Leverage ratio | 8.63 | % | 8.69 | % | 4.0 | % | 8.35 | % | 8.34 | % | ||||||||
Supplementary Leverage ratio | 6.60 | 6.68 | 5.0 | 6.44 | 6.41 |
(1) | Citi’s effective minimum risk-based capital requirements during 2019 and 2018 are inclusive of the 100% and 75% phase-in, respectively, of both the 2.5% Capital Conservation Buffer and the 3.0% GSIB surcharge (all of which must be composed of Common Equity Tier 1 Capital). |
(2) | As of |
(3) | Tier 1 Leverage ratio denominator. |
(4) | Supplementary Leverage ratio denominator. |
In millions of dollars | June 30, 2018 | December 31, 2017 | March 31, 2019 | December 31, 2018 | ||||||||
Common Equity Tier 1 Capital | ||||||||||||
Citigroup common stockholders’ equity(1) | $ | 181,243 | $ | 181,671 | $ | 178,427 | $ | 177,928 | ||||
Add: Qualifying noncontrolling interests | 145 | 153 | 144 | 147 | ||||||||
Regulatory Capital Adjustments and Deductions: | ||||||||||||
Less: Accumulated net unrealized losses on cash flow hedges, net of tax | (1,021 | ) | (698 | ) | (442 | ) | (728 | ) | ||||
Less: Cumulative unrealized net loss related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax(3) | (162 | ) | (721 | ) | ||||||||
Less: Cumulative unrealized net gain (loss) related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax | (67 | ) | 580 | |||||||||
Less: Intangible assets: | ||||||||||||
Goodwill, net of related DTLs | 21,809 | 22,052 | 21,768 | 21,778 | ||||||||
Identifiable intangible assets other than MSRs, net of related DTLs | 4,461 | 4,401 | 4,390 | 4,402 | ||||||||
Less: Defined benefit pension plan net assets | 882 | 896 | 811 | 806 | ||||||||
Less: DTAs arising from net operating loss, foreign tax credit and general business credit carry-forwards | 12,551 | 13,072 | 11,756 | 11,985 | ||||||||
Total Common Equity Tier 1 Capital (Standardized Approach and Advanced Approaches) | $ | 142,868 | $ | 142,822 | $ | 140,355 | $ | 139,252 | ||||
Additional Tier 1 Capital | ||||||||||||
Qualifying noncumulative perpetual preferred stock(1) | $ | 18,851 | $ | 19,069 | $ | 17,825 | $ | 18,292 | ||||
Qualifying trust preferred securities | 1,380 | 1,377 | 1,386 | 1,384 | ||||||||
Qualifying noncontrolling interests | 62 | 61 | 45 | 55 | ||||||||
Regulatory Capital Deductions: | ||||||||||||
Less: Permitted ownership interests in covered funds | 1,109 | 900 | 848 | 806 | ||||||||
Less: Minimum regulatory capital requirements of insurance underwriting subsidiaries | 50 | 52 | 51 | 55 | ||||||||
Total Additional Tier 1 Capital (Standardized Approach and Advanced Approaches) | $ | 19,134 | $ | 19,555 | $ | 18,357 | $ | 18,870 | ||||
Total Tier 1 Capital (Common Equity Tier 1 Capital + Additional Tier 1 Capital) (Standardized Approach and Advanced Approaches) | $ | 162,002 | $ | 162,377 | $ | 158,712 | $ | 158,122 | ||||
Tier 2 Capital | ||||||||||||
Qualifying subordinated debt | $ | 23,234 | $ | 23,673 | $ | 23,704 | $ | 23,324 | ||||
Qualifying trust preferred securities | 326 | 329 | 324 | 321 | ||||||||
Qualifying noncontrolling interests | 49 | 50 | 44 | 47 | ||||||||
Eligible allowance for credit losses(10) | 13,403 | 13,612 | ||||||||||
Eligible allowance for credit losses(8) | 13,719 | 13,681 | ||||||||||
Regulatory Capital Deduction: | ||||||||||||
Less: Minimum regulatory capital requirements of insurance underwriting subsidiaries | 50 | 52 | 51 | 55 | ||||||||
Total Tier 2 Capital (Standardized Approach) | $ | 36,962 | $ | 37,612 | $ | 37,740 | $ | 37,318 | ||||
Total Capital (Tier 1 Capital + Tier 2 Capital) (Standardized Approach) | $ | 198,964 | $ | 199,989 | $ | 196,452 | $ | 195,440 | ||||
Adjustment for excess of eligible credit reserves over expected credit losses(10) | $ | (11,724 | ) | $ | (12,112 | ) | ||||||
Adjustment for excess of eligible credit reserves over expected credit losses(8) | $ | (12,034 | ) | $ | (12,296 | ) | ||||||
Total Tier 2 Capital (Advanced Approaches) | $ | 25,238 | $ | 25,500 | $ | 25,706 | $ | 25,022 | ||||
Total Capital (Tier 1 Capital + Tier 2 Capital) (Advanced Approaches) | $ | 187,240 | $ | 187,877 | $ | 184,418 | $ | 183,144 |
(1) | Issuance costs of |
(2) |
Includes goodwill “embedded” in the valuation of significant common stock investments in unconsolidated financial institutions. |
Of Citi’s |
Represents Citigroup Capital XIII trust preferred securities, which are permanently grandfathered as Tier 1 Capital under the U.S. Basel III rules. |
Banking entities are required to be in compliance with the Volcker Rule of the Dodd-Frank Act, which prohibits conducting certain proprietary investment activities and limits their ownership of, and relationships with, covered funds. Accordingly, Citi is required by the Volcker Rule to deduct from Tier 1 Capital all permitted ownership interests in covered |
50% of the minimum regulatory capital requirements of insurance underwriting subsidiaries must be deducted from each of Tier 1 Capital and Tier 2 Capital. |
Represents the amount of non-grandfathered trust preferred securities eligible for inclusion in Tier 2 Capital under the U.S. Basel III rules, which will be fully phased-out of Tier 2 Capital by January 1, 2022. |
Under the Standardized Approach, the allowance for credit losses is eligible for inclusion in Tier 2 Capital up to 1.25% of credit risk-weighted assets, with any excess allowance for credit losses being deducted in arriving at credit risk-weighted assets, which differs from the Advanced Approaches framework, in which eligible credit reserves that exceed expected credit losses are eligible for inclusion in Tier 2 Capital to the extent that the excess reserves do not exceed 0.6% of credit risk-weighted assets. The total amount of eligible credit reserves in excess of expected credit losses that were eligible for inclusion in Tier 2 Capital, subject to limitation, under the Advanced Approaches framework was $1.7 billion and |
In millions of dollars | Three Months Ended June 30, 2018 | Six Months Ended June 30, 2018 | Three Months Ended March 31, 2019 | ||||||
Common Equity Tier 1 Capital, beginning of period | $ | 144,128 | $ | 142,822 | $ | 139,252 | |||
Net income | 4,490 | 9,110 | 4,710 | ||||||
Common and preferred stock dividends declared | (1,142 | ) | (2,240 | ) | |||||
Common and preferred dividends declared | (1,337 | ) | |||||||
Net increase in treasury stock | (2,298 | ) | (4,104 | ) | (3,491 | ) | |||
Net change in common stock and additional paid-in capital | 127 | (282 | ) | ||||||
Net increase in foreign currency translation adjustment net of hedges, net of tax | (2,867 | ) | (1,747 | ) | |||||
Net increase in unrealized losses on debt securities AFS, net of tax | (498 | ) | (1,559 | ) | |||||
Net decrease in defined benefit plans liability adjustment, net of tax | 301 | 389 | |||||||
Net change in adjustment related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax | (18 | ) | (113 | ) | |||||
Net decrease in ASC 815—excluded Component of Fair Value Hedges | (28 | ) | (32 | ) | |||||
Net decrease in common stock and additional paid-in capital | (384 | ) | |||||||
Net increase in foreign currency translation gains net of hedges, net of tax | 58 | ||||||||
Net decrease in unrealized losses on debt securities AFS, net of tax | 1,135 | ||||||||
Net increase in defined benefit plans liability adjustment, net of tax | (64 | ) | |||||||
Net change in adjustment related to change in fair value of financial liabilities attributable to own creditworthiness, net of tax | 76 | ||||||||
Net increase in ASC 815—excluded component of fair value hedges | 18 | ||||||||
Net decrease in goodwill, net of related DTLs | 673 | 243 | 10 | ||||||
Net increase in identifiable intangible assets other than MSRs, net of related DTLs | (252 | ) | (60 | ) | |||||
Net change in defined benefit pension plan net assets | (11 | ) | 14 | ||||||
Net decrease in identifiable intangible assets other than MSRs, net of related DTLs | 12 | ||||||||
Net increase in defined benefit pension plan net assets | (5 | ) | |||||||
Net decrease in DTAs arising from net operating loss, foreign tax credit and general business credit carry-forwards | 260 | 521 | 229 | ||||||
Other | 3 | (94 | ) | 136 | |||||
Net change in Common Equity Tier 1 Capital | $ | (1,260 | ) | $ | 46 | ||||
Net increase in Common Equity Tier 1 Capital | $ | 1,103 | |||||||
Common Equity Tier 1 Capital, end of period (Standardized Approach and Advanced Approaches) | $ | 142,868 | $ | 142,868 | $ | 140,355 | |||
Additional Tier 1 Capital, beginning of period | $ | 19,362 | $ | 19,555 | $ | 18,870 | |||
Net decrease in qualifying perpetual preferred stock | (121 | ) | (218 | ) | (467 | ) | |||
Net increase in qualifying trust preferred securities | 1 | 3 | 2 | ||||||
Net increase in permitted ownership interests in covered funds | (112 | ) | (209 | ) | |||||
Net increase in permitted ownership interest in covered funds | (42 | ) | |||||||
Other | 4 | 3 | (6 | ) | |||||
Net decrease in Additional Tier 1 Capital | $ | (228 | ) | $ | (421 | ) | $ | (513 | ) |
Tier 1 Capital, end of period (Standardized Approach and Advanced Approaches) | $ | 162,002 | $ | 162,002 | $ | 158,712 | |||
Tier 2 Capital, beginning of period (Standardized Approach) | $ | 37,402 | $ | 37,612 | $ | 37,318 | |||
Net decrease in qualifying subordinated debt | (196 | ) | (439 | ) | |||||
Net decrease in eligible allowance for credit losses | (235 | ) | (209 | ) | |||||
Net increase in qualifying subordinated debt | 380 | ||||||||
Net increase in eligible allowance for credit losses | 38 | ||||||||
Other | (9 | ) | (2 | ) | 4 | ||||
Net decrease in Tier 2 Capital (Standardized Approach) | $ | (440 | ) | $ | (650 | ) | |||
Net increase in Tier 2 Capital (Standardized Approach) | $ | 422 | |||||||
Tier 2 Capital, end of period (Standardized Approach) | $ | 36,962 | $ | 36,962 | $ | 37,740 | |||
Total Capital, end of period (Standardized Approach) | $ | 198,964 | $ | 198,964 | $ | 196,452 | |||
Tier 2 Capital, beginning of period (Advanced Approaches) | $ | 25,178 | $ | 25,500 | $ | 25,022 | |||
Net decrease in qualifying subordinated debt | (196 | ) | (439 | ) | |||||
Net increase in qualifying subordinated debt | 380 | ||||||||
Net increase in excess of eligible credit reserves over expected credit losses | 265 | 179 | 300 | ||||||
Other | (9 | ) | (2 | ) | 4 | ||||
Net change in Tier 2 Capital (Advanced Approaches) | $ | 60 | $ | (262 | ) | ||||
Net increase in Tier 2 Capital (Advanced Approaches) | $ | 684 | |||||||
Tier 2 Capital, end of period (Advanced Approaches) | $ | 25,238 | $ | 25,238 | $ | 25,706 | |||
Total Capital, end of period (Advanced Approaches) | $ | 187,240 | $ | 187,240 | $ | 184,418 |
In millions of dollars | Three Months Ended June 30, 2018 | Six Months Ended June 30, 2018 | ||||
Total Risk-Weighted Assets, beginning of period | $ | 1,195,981 | $ | 1,155,099 | ||
Changes in Credit Risk-Weighted Assets | ||||||
Net change in general credit risk exposures(1) | 1,238 | (15 | ) | |||
Net change in repo-style transactions(2) | (6,392 | ) | 1,861 | |||
Net change in securitization exposures | (981 | ) | 846 | |||
Net increase in equity exposures | 662 | 1,540 | ||||
Net increase in over-the-counter (OTC) derivatives(3) | 291 | 10,723 | ||||
Net change in other exposures(4) | (5,634 | ) | 2,319 | |||
Net change in off-balance sheet exposures(5) | (1,903 | ) | 6,237 | |||
Net change in Credit Risk-Weighted Assets | $ | (12,719 | ) | $ | 23,511 | |
Changes in Market Risk-Weighted Assets | ||||||
Net change in risk levels(6) | $ | (1,302 | ) | $ | 5,930 | |
Net decrease due to model and methodology updates(7) | (5,097 | ) | (7,677 | ) | ||
Net decrease in Market Risk-Weighted Assets | $ | (6,399 | ) | $ | (1,747 | ) |
Total Risk-Weighted Assets, end of period | $ | 1,176,863 | $ | 1,176,863 |
In millions of dollars | Three Months Ended March 31, 2019 | ||
Total Risk-Weighted Assets, beginning of period | $ | 1,174,448 | |
Changes in Credit Risk-Weighted Assets | |||
General credit risk exposures(1) | (7,072 | ) | |
Repo-style transactions(2) | 7,730 | ||
Securitization exposures(3) | 7,331 | ||
Equity exposures | 1,839 | ||
Over-the-counter (OTC) derivatives | 66 | ||
Other exposures(4) | 5,909 | ||
Off-balance sheet exposures(5) | (6,753 | ) | |
Net increase in Credit Risk-Weighted Assets | $ | 9,050 | |
Changes in Market Risk-Weighted Assets | |||
Risk levels(6) | $ | (4,513 | ) |
Model and methodology updates | (357 | ) | |
Net decrease in Market Risk-Weighted Assets | $ | (4,870 | ) |
Total Risk-Weighted Assets, end of period | $ | 1,178,628 |
(1) | General credit risk exposures include cash and balances due from depository institutions, securities, and loans and leases. General credit risk exposures |
(2) | Repo-style transactions include repurchase and reverse repurchase transactions as well as securities borrowing and securities lending transactions. |
(3) |
(4) | Other exposures include cleared transactions, unsettled transactions and other assets. Other exposures |
(5) | Off-balance sheet exposures decreased during the three months ended |
(6) | Risk levels decreased during the three months ended |
In millions of dollars | Three Months Ended June 30, 2018 | Six Months Ended June 30, 2018 | ||||
Total Risk-Weighted Assets, beginning of period | $ | 1,178,127 | $ | 1,152,644 | ||
Changes in Credit Risk-Weighted Assets | ||||||
Net decrease in retail exposures(1) | (7,106 | ) | (16,511 | ) | ||
Net change in wholesale exposures(2) | (1,013 | ) | 8,275 | |||
Net change in repo-style transactions(3) | (2,893 | ) | 1,296 | |||
Net change in securitization exposures | (956 | ) | 1,024 | |||
Net increase in equity exposures | 529 | 1,558 | ||||
Net change in over-the-counter (OTC) derivatives(4) | (1,104 | ) | 1,943 | |||
Net change in derivatives CVA(5) | (3,922 | ) | 3,198 | |||
Net change in other exposures(6) | (3,744 | ) | 1,452 | |||
Net decrease in supervisory 6% multiplier(7) | (978 | ) | (58 | ) | ||
Net change in Credit Risk-Weighted Assets | $ | (21,187 | ) | $ | 2,177 | |
Changes in Market Risk-Weighted Assets | ||||||
Net change in risk levels(8) | $ | (1,393 | ) | $ | 5,761 | |
Net decrease due to model and methodology updates(9) | (5,097 | ) | (7,677 | ) | ||
Net decrease in Market Risk-Weighted Assets | $ | (6,490 | ) | $ | (1,916 | ) |
Net decrease in Operational Risk-Weighted Assets(10) | $ | (2,585 | ) | $ | (5,040 | ) |
Total Risk-Weighted Assets, end of period | $ | 1,147,865 | $ | 1,147,865 |
In millions of dollars | Three Months Ended March 31, 2019 | ||
Total Risk-Weighted Assets, beginning of period | $ | 1,131,933 | |
Changes in Credit Risk-Weighted Assets | |||
Retail exposures | (1,512 | ) | |
Wholesale exposures(1) | (12,307 | ) | |
Repo-style transactions | (970 | ) | |
Securitization exposures(2) | 3,861 | ||
Equity exposures | 1,694 | ||
Over-the-counter (OTC) derivatives | 908 | ||
Derivatives CVA | (14 | ) | |
Other exposures(3) | 2,601 | ||
Supervisory 6% multiplier | (344 | ) | |
Net decrease in Credit Risk-Weighted Assets | $ | (6,083 | ) |
Changes in Market Risk-Weighted Assets | |||
Risk levels(4) | $ | (4,430 | ) |
Model and methodology updates | (357 | ) | |
Net decrease in Market Risk-Weighted Assets | $ | (4,787 | ) |
Net increase in Operational Risk-Weighted Assets | $ | 582 | |
Total Risk-Weighted Assets, end of period | $ | 1,121,645 |
(1) |
(2) |
(3) |
Other exposures include cleared transactions, unsettled transactions, assets other than those reportable in specific exposure categories and non-material portfolios. Other exposures |
Risk levels decreased during the three months ended |
In millions of dollars, except ratios | June 30, 2018 | December 31, 2017 | March 31, 2019 | December 31, 2018 | ||||||||
Tier 1 Capital | $ | 162,002 | $ | 162,377 | $ | 158,712 | $ | 158,122 | ||||
Total Leverage Exposure (TLE) | ||||||||||||
Total Leverage Exposure | ||||||||||||
On-balance sheet assets(1) | $ | 1,917,102 | $ | 1,909,699 | $ | 1,939,414 | $ | 1,936,791 | ||||
Certain off-balance sheet exposures:(2) | ||||||||||||
Potential future exposure on derivative contracts | 189,465 | 191,555 | 184,115 | 187,130 | ||||||||
Effective notional of sold credit derivatives, net(3) | 54,456 | 59,207 | 44,506 | 49,402 | ||||||||
Counterparty credit risk for repo-style transactions(4) | 25,732 | 27,005 | 20,696 | 23,715 | ||||||||
Unconditionally cancellable commitments | 67,896 | 67,644 | 70,252 | 69,630 | ||||||||
Other off-balance sheet exposures | 239,708 | 218,754 | 244,599 | 238,805 | ||||||||
Total of certain off-balance sheet exposures | $ | 577,257 | $ | 564,165 | $ | 564,168 | $ | 568,682 | ||||
Less: Tier 1 Capital deductions | 40,862 | 41,373 | (39,624 | ) | (39,832 | ) | ||||||
Total Leverage Exposure | $ | 2,453,497 | $ | 2,432,491 | $ | 2,463,958 | $ | 2,465,641 | ||||
Supplementary Leverage ratio | 6.60 | % | 6.68 | % | 6.44 | % | 6.41 | % |
(1) | Represents the daily average of on-balance sheet assets for the quarter. |
(2) | Represents the average of certain off-balance sheet exposures calculated as of the last day of each month in the quarter. |
(3) | Under the U.S. Basel III rules, banking organizations are required to include in |
(4) | Repo-style transactions include repurchase and reverse repurchase transactions as well as securities borrowing and securities lending transactions. |
June 30, 2018 | December 31, 2017 | March 31, 2019 | December 31, 2018 | |||||||||||||||||||||||||
In millions of dollars, except ratios | Advanced Approaches | Standardized Approach | Advanced Approaches | Standardized Approach | Effective Minimum Requirement(1) | Advanced Approaches | Standardized Approach | Effective Minimum Requirement(1) | Advanced Approaches | Standardized Approach | ||||||||||||||||||
Common Equity Tier 1 Capital | $ | 128,820 | $ | 128,820 | $ | 122,848 | $ | 122,848 | $ | 130,051 | $ | 130,051 | $ | 129,091 | $ | 129,091 | ||||||||||||
Tier 1 Capital | 130,928 | 130,928 | 124,952 | 124,952 | 132,169 | 132,169 | 131,215 | 131,215 | ||||||||||||||||||||
Total Capital (Tier 1 Capital + Tier 2 Capital)(1) | 144,418 | 154,654 | 138,008 | 148,946 | ||||||||||||||||||||||||
Total Capital (Tier 1 Capital + Tier 2 Capital)(2) | 145,516 | 156,132 | 144,358 | 155,154 | ||||||||||||||||||||||||
Total Risk-Weighted Assets | 948,803 | 1,033,050 | 965,435 | 1,024,502 | 926,758 | 1,041,251 | 926,229 | 1,032,809 | ||||||||||||||||||||
Credit Risk | $ | 667,530 | $ | 994,787 | $ | 674,659 | $ | 980,324 | $ | 651,979 | $ | 1,001,334 | $ | 654,962 | $ | 994,294 | ||||||||||||
Market Risk | 37,869 | 38,263 | 43,300 | 44,178 | 39,463 | 39,917 | 38,144 | 38,515 | ||||||||||||||||||||
Operational Risk | 243,404 | — | 247,476 | — | 235,316 | — | 233,123 | — | ||||||||||||||||||||
Common Equity Tier 1 Capital ratio(2)(3)(4) | 13.58 | % | 12.47 | % | 12.72 | % | 11.99 | % | ||||||||||||||||||||
Tier 1 Capital ratio(2)(3)(4) | 13.80 | 12.67 | 12.94 | 12.20 | ||||||||||||||||||||||||
Total Capital ratio(2)(3)(4) | 15.22 | 14.97 | 14.29 | 14.54 | ||||||||||||||||||||||||
Common Equity Tier 1 Capital ratio(3)(4) | 7.0 | % | 14.03 | % | 12.49 | % | 6.375 | % | 13.94 | % | 12.50 | % | ||||||||||||||||
Tier 1 Capital ratio(3)(4) | 8.5 | 14.26 | 12.69 | 7.875 | 14.17 | 12.70 | ||||||||||||||||||||||
Total Capital ratio(3)(4) | 10.5 | 15.70 | 14.99 | 9.875 | 15.59 | 15.02 |
In millions of dollars, except ratios | June 30, 2018 | December 31, 2017 | Effective Minimum Requirement | March 31, 2019 | December 31, 2018 | |||||||||||||
Quarterly Adjusted Average Total Assets(5) | $ | 1,375,919 | $ | 1,401,187 | $ | 1,397,703 | $ | 1,398,875 | ||||||||||
Total Leverage Exposure(6) | 1,893,607 | 1,900,641 | 1,909,587 | 1,914,663 | ||||||||||||||
Tier 1 Leverage ratio(2)(4) | 9.52 | % | 8.92 | % | ||||||||||||||
Supplementary Leverage ratio(2)(4) | 6.91 | 6.57 | ||||||||||||||||
Tier 1 Leverage ratio(4) | 4.0 | % | 9.46 | % | 9.38 | % | ||||||||||||
Supplementary Leverage ratio(4) | 6.0 | 6.92 | 6.85 |
(1) | Citibank’s effective minimum risk-based capital requirements during 2019 and 2018 are inclusive of the 100% and 75% phase-in, respectively, of the 2.5% Capital Conservation Buffer (all of which must be composed of Common Equity Tier 1 Capital). |
(2) | Under the Advanced Approaches framework, eligible credit reserves that exceed expected credit losses are eligible for inclusion in Tier 2 Capital to the extent that the excess reserves do not exceed 0.6% of credit risk-weighted assets, which differs from the Standardized Approach in which the allowance for credit losses is eligible for inclusion in Tier 2 Capital up to 1.25% of credit risk-weighted assets, with any excess allowance for credit losses being deducted in arriving at credit risk-weighted assets. |
(3) | As of |
(4) | Citibank must maintain minimum Common Equity Tier 1 Capital, Tier 1 Capital, Total Capital and Tier 1 Leverage ratios of 6.5%, 8.0%, 10.0% and 5.0%, respectively, to be considered “well capitalized” under the revised Prompt Corrective Action (PCA) regulations applicable to insured depository institutions as established by the U.S. Basel III rules. |
(5) | Tier 1 Leverage ratio denominator. |
(6) | Supplementary Leverage ratio denominator. |
Common Equity Tier 1 Capital ratio | Tier 1 Capital ratio | Total Capital ratio | Common Equity Tier 1 Capital ratio | Tier 1 Capital ratio | Total Capital ratio | |||||||
In basis points | Impact of $100 million change in Common Equity Tier 1 Capital | Impact of $1 billion change in risk- weighted assets | Impact of $100 million change in Tier 1 Capital | Impact of $1 billion change in risk- weighted assets | Impact of $100 million change in Total Capital | Impact of $1 billion change in risk- weighted assets | Impact of $100 million change in Common Equity Tier 1 Capital | Impact of $1 billion change in risk- weighted assets | Impact of $100 million change in Tier 1 Capital | Impact of $1 billion change in risk- weighted assets | Impact of $100 million change in Total Capital | Impact of $1 billion change in risk- weighted assets |
Citigroup | ||||||||||||
Advanced Approaches | 0.9 | 1.1 | 0.9 | 1.2 | 0.9 | 1.4 | 0.9 | 1.1 | 0.9 | 1.3 | 0.9 | 1.5 |
Standardized Approach | 0.8 | 1.0 | 0.8 | 1.2 | 0.8 | 1.4 | 0.8 | 1.0 | 0.8 | 1.1 | 0.8 | 1.4 |
Citibank | ||||||||||||
Advanced Approaches | 1.1 | 1.4 | 1.1 | 1.5 | 1.1 | 1.6 | 1.1 | 1.5 | 1.1 | 1.5 | 1.1 | 1.7 |
Standardized Approach | 1.0 | 1.2 | 1.0 | 1.2 | 1.0 | 1.5 | 1.0 | 1.2 | 1.0 | 1.2 | 1.0 | 1.4 |
Tier 1 Leverage ratio | Supplementary Leverage ratio | Tier 1 Leverage ratio | Supplementary Leverage ratio | |||||
In basis points | Impact of $100 million change in Tier 1 Capital | Impact of $1 billion change in quarterly adjusted average total assets | Impact of $100 million change in Tier 1 Capital | Impact of $1 billion change in Total Leverage Exposure | Impact of $100 million change in Tier 1 Capital | Impact of $1 billion change in quarterly adjusted average total assets | Impact of $100 million change in Tier 1 Capital | Impact of $1 billion change in Total Leverage Exposure |
Citigroup | 0.5 | 0.5 | 0.4 | 0.3 | 0.5 | 0.4 | 0.4 | 0.3 |
Citibank | 0.7 | 0.7 | 0.5 | 0.4 | 0.7 | 0.7 | 0.5 | 0.4 |
In millions of dollars or shares, except per share amounts | June 30, 2018 | December 31, 2017 | March 31, 2019 | December 31, 2018 | ||||||||
Total Citigroup stockholders’ equity | $ | 200,094 | $ | 200,740 | $ | 196,252 | $ | 196,220 | ||||
Less: Preferred stock | 19,035 | 19,253 | 17,980 | 18,460 | ||||||||
Common stockholders’ equity | $ | 181,059 | $ | 181,487 | $ | 178,272 | $ | 177,760 | ||||
Less: | ||||||||||||
Goodwill | 22,058 | 22,256 | 22,037 | 22,046 | ||||||||
Identifiable intangible assets (other than MSRs) | 4,729 | 4,588 | 4,645 | 4,636 | ||||||||
Goodwill and identifiable intangible assets (other than MSRs) related to assets held-for-sale (HFS) | 32 | 32 | ||||||||||
Tangible common equity (TCE) | $ | 154,240 | $ | 154,611 | $ | 151,590 | $ | 151,078 | ||||
Common shares outstanding (CSO) | 2,516.6 | 2,569.9 | 2,312.5 | 2,368.5 | ||||||||
Book value per share (common equity/CSO) | $ | 71.95 | $ | 70.62 | $ | 77.09 | $ | 75.05 | ||||
Tangible book value per share (TCE/CSO) | 61.29 | 60.16 | 65.55 | 63.79 |
In millions of dollars | Three Months Ended June 30, 2018 | Three Months Ended June 30, 2017 | Six Months Ended June 30, 2018 | Six Months Ended June 30, 2017 | Three Months Ended March 31, 2019 | Three Months Ended March 31, 2018 | ||||||||||||
Net income available to common shareholders | $ | 4,172 | $ | 3,552 | $ | 8,520 | $ | 7,341 | $ | 4,448 | $ | 4,348 | ||||||
Average common stockholders’ equity | $ | 181,229 | $ | 209,693 | $ | 176,670 | $ | 208,298 | $ | 177,485 | $ | 181,628 | ||||||
Average TCE | $ | 154,921 | $ | 182,404 | $ | 154,818 | $ | 181,276 | $ | 151,334 | $ | 155,107 | ||||||
Return on average common stockholders’ equity | 9.2 | % | 6.8 | % | 9.7 | % | 7.1 | % | 10.2 | % | 9.7 | % | ||||||
Return on average TCE (ROTCE) | 10.8 | 7.8 | 11.1 | 8.2 | 11.9 | 11.4 |
(1) |
ROTCE represents annualized net income available to common shareholders as a percentage of average TCE. |
MANAGING GLOBAL RISK | |||
CREDIT RISK(1) | |||
Consumer Credit | |||
Corporate Credit | |||
Additional Consumer and Corporate Credit Details | |||
Loans Outstanding | |||
Details of Credit Loss Experience | |||
Allowance for Loan Losses | |||
Non-Accrual Loans and Assets and Renegotiated Loans | |||
LIQUIDITY RISK | |||
High-Quality Liquid Assets (HQLA) | |||
Liquidity Coverage Ratio (LCR) | |||
Loans | |||
Deposits | |||
Long-Term Debt | |||
Secured Funding Transactions and Short-Term Borrowings | |||
Credit Ratings | |||
MARKET RISK(1) | |||
Market Risk of Non-Trading Portfolios | |||
Market Risk of Trading Portfolios | |||
Country Risk | |||
Potential Exit of U.K. from EU |
(1) | For additional information regarding certain credit risk, market risk and other quantitative and qualitative information, refer to Citi’s Pillar 3 Basel III Advanced Approaches Disclosures, as required by the rules of the Federal Reserve Board, on Citi’s Investor Relations website. |
In billions of dollars | 2Q’17 | 3Q’17 | 4Q’17 | 1Q’18 | 2Q’18 | 1Q’18 | 2Q’18 | 3Q’18 | 4Q’18 | 1Q’19 | ||||||||||||||||||||
Retail banking: | ||||||||||||||||||||||||||||||
Mortgages | $ | 81.4 | $ | 81.4 | $ | 81.7 | $ | 82.1 | $ | 80.5 | $ | 82.1 | $ | 80.5 | $ | 80.9 | $ | 80.6 | $ | 80.8 | ||||||||||
Commercial banking | 34.8 | 35.5 | 36.3 | 36.8 | 36.5 | 36.8 | 36.5 | 37.2 | 36.3 | 37.1 | ||||||||||||||||||||
Personal and other | 27.2 | 27.3 | 27.9 | 28.5 | 28.1 | 28.5 | 28.1 | 28.7 | 28.8 | 29.1 | ||||||||||||||||||||
Total retail banking | $ | 143.4 | $ | 144.2 | $ | 145.9 | $ | 147.4 | $ | 145.1 | $ | 147.4 | $ | 145.1 | $ | 146.8 | $ | 145.7 | $ | 147.0 | ||||||||||
Cards: | ||||||||||||||||||||||||||||||
Citi-branded cards | $ | 109.9 | $ | 110.7 | $ | 115.7 | $ | 110.6 | $ | 112.3 | $ | 110.6 | $ | 112.3 | $ | 112.8 | $ | 116.8 | $ | 111.4 | ||||||||||
Citi retail services | 45.2 | 45.9 | 49.2 | 46.0 | 48.6 | 46.0 | 48.6 | 49.4 | 52.7 | 48.9 | ||||||||||||||||||||
Total cards | $ | 155.1 | $ | 156.6 | $ | 164.9 | $ | 156.6 | $ | 160.9 | $ | 156.6 | $ | 160.9 | $ | 162.2 | $ | 169.5 | $ | 160.3 | ||||||||||
Total GCB | $ | 298.5 | $ | 300.8 | $ | 310.8 | $ | 304.0 | $ | 306.0 | $ | 304.0 | $ | 306.0 | $ | 309.0 | $ | 315.2 | $ | 307.3 | ||||||||||
GCB regional distribution: | ||||||||||||||||||||||||||||||
North America | 62 | % | 62 | % | 63 | % | 61 | % | 63 | % | 61 | % | 63 | % | 62 | % | 64 | % | 63 | % | ||||||||||
Latin America | 9 | 9 | 8 | 9 | 8 | 9 | 8 | 9 | 8 | 8 | ||||||||||||||||||||
Asia(2) | 29 | 29 | 29 | 30 | 29 | 30 | 29 | 29 | 28 | 29 | ||||||||||||||||||||
Total GCB | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||
Corporate/Other(3) | $ | 26.8 | $ | 24.8 | $ | 22.9 | $ | 21.1 | $ | 17.6 | $ | 21.1 | $ | 17.6 | $ | 16.5 | $ | 15.3 | $ | 12.6 | ||||||||||
Total consumer loans | $ | 325.3 | $ | 325.6 | $ | 333.7 | $ | 325.1 | $ | 323.6 | $ | 325.1 | $ | 323.6 | $ | 325.5 | $ | 330.5 | $ | 319.9 |
(1) | End-of-period loans include interest and fees on credit cards. |
(2) | Asia includes loans and leases in certain EMEA countries for all periods presented. |
(3) | Primarily consists of legacy assets, principally North America consumer mortgages. |
Global Consumer Banking |
North America GCB |
Latin America GCB |
Asia(1) GCB |
(1) | Asia includes GCB activities in certain EMEA countries for all periods presented. |
Global Cards |
North America Citi-Branded Cards |
North America Citi Retail Services |
Latin America Citi-Branded Cards |
Asia Citi-Branded Cards(1) |
(1) | Asia includes loans and leases in certain EMEA countries for all periods presented. |
FICO distribution | June 30, 2018 | March 31, 2018 | June 30, 2017 | March 31, 2019 | December 31, 2018 | March 31, 2018 | ||||||
> 760 | 43 | % | 41 | % | 43 | % | 41 | % | 43 | % | 41 | % |
680 - 760 | 40 | 42 | 42 | |||||||||
680–760 | 41 | 40 | 42 | |||||||||
< 680 | 17 | 17 | 15 | 18 | 17 | 17 | ||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
FICO distribution | June 30, 2018 | March 31, 2018 | June 30, 2017 | March 31, 2019 | December 31, 2018 | March 31, 2018 | ||||||
> 760 | 24 | % | 22 | % | 23 | % | 23 | % | 25 | % | 22 | % |
680 - 760 | 43 | 43 | 43 | |||||||||
680–760 | 43 | 42 | 43 | |||||||||
< 680 | 33 | 35 | 34 | 34 | 33 | 35 | ||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
In billions of dollars | 2Q’17 | 3Q’17 | 4Q’17 | 1Q’18 | 2Q’18 | ||||||||||
GCB: | |||||||||||||||
Residential firsts | $ | 40.2 | $ | 40.1 | $ | 40.1 | $ | 40.1 | $ | 40.3 | |||||
Home equity | 4.1 | 4.1 | 4.2 | 4.1 | 4.1 | ||||||||||
Total GCB | $ | 44.3 | $ | 44.2 | $ | 44.3 | $ | 44.2 | $ | 44.4 | |||||
Corporate/Other: | |||||||||||||||
Residential firsts | $ | 11.0 | $ | 10.1 | $ | 9.3 | $ | 8.1 | $ | 7.6 | |||||
Home equity | 12.4 | 11.5 | 10.6 | 9.9 | 8.8 | ||||||||||
Total Corporate/ Other | $ | 23.4 | $ | 21.6 | $ | 19.9 | $ | 18.0 | $ | 16.4 | |||||
Total Citigroup— North America | $ | 67.7 | $ | 65.8 | $ | 64.2 | $ | 62.2 | $ | 60.8 |
EOP loans(1) | 90+ days past due(2) | 30–89 days past due(2) | EOP loans(1) | 90+ days past due(2) | 30–89 days past due(2) | |||||||||||||||||||||||||||||||||||||
In millions of dollars, except EOP loan amounts in billions | June 30, 2018 | June 30, 2018 | March 31, 2018 | June 30, 2017 | June 30, 2018 | March 31, 2018 | June 30, 2017 | March 31, 2019 | March 31, 2019 | December 31, 2018 | March 31, 2018 | March 31, 2019 | December 31, 2018 | March 31, 2018 | ||||||||||||||||||||||||||||
Global Consumer Banking(3)(4) | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 306.0 | $ | 2,345 | $ | 2,379 | $ | 2,183 | $ | 2,558 | $ | 2,710 | $ | 2,498 | $ | 307.3 | $ | 2,585 | $ | 2,619 | $ | 2,379 | $ | 2,776 | $ | 2,902 | $ | 2,710 | ||||||||||||||
Ratio | 0.77 | % | 0.78 | % | 0.73 | % | 0.84 | % | 0.89 | % | 0.84 | % | 0.84 | % | 0.83 | % | 0.78 | % | 0.91 | % | 0.92 | % | 0.89 | % | ||||||||||||||||||
Retail banking | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 145.1 | $ | 500 | $ | 493 | $ | 477 | $ | 754 | $ | 830 | $ | 747 | $ | 147.0 | $ | 474 | $ | 485 | $ | 493 | $ | 769 | $ | 790 | $ | 830 | ||||||||||||||
Ratio | 0.35 | % | 0.34 | % | 0.33 | % | 0.52 | % | 0.57 | % | 0.52 | % | 0.32 | % | 0.33 | % | 0.34 | % | 0.53 | % | 0.54 | % | 0.57 | % | ||||||||||||||||||
North America | 55.7 | 179 | 184 | 155 | 252 | 227 | 191 | 57.3 | 179 | 180 | 184 | 269 | 282 | 227 | ||||||||||||||||||||||||||||
Ratio | 0.33 | % | 0.34 | % | 0.28 | % | 0.46 | % | 0.41 | % | 0.35 | % | 0.32 | % | 0.32 | % | 0.34 | % | 0.47 | % | 0.50 | % | 0.41 | % | ||||||||||||||||||
Latin America | 20.1 | 132 | 128 | 150 | 183 | 248 | 216 | 19.7 | 114 | 127 | 128 | 201 | 201 | 248 | ||||||||||||||||||||||||||||
Ratio | 0.66 | % | 0.60 | % | 0.71 | % | 0.91 | % | 1.17 | % | 1.03 | % | 0.58 | % | 0.64 | % | 0.60 | % | 1.02 | % | 1.02 | % | 1.17 | % | ||||||||||||||||||
Asia(5) | 69.3 | 189 | 181 | 172 | 319 | 355 | 340 | 70.0 | 181 | 178 | 181 | 299 | 307 | 355 | ||||||||||||||||||||||||||||
Ratio | 0.27 | % | 0.26 | % | 0.26 | % | 0.46 | % | 0.50 | % | 0.51 | % | 0.26 | % | 0.26 | % | 0.26 | % | 0.43 | % | 0.44 | % | 0.50 | % | ||||||||||||||||||
Cards | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 160.9 | $ | 1,845 | $ | 1,886 | $ | 1,706 | $ | 1,804 | $ | 1,880 | $ | 1,751 | $ | 160.3 | $ | 2,111 | $ | 2,134 | $ | 1,886 | $ | 2,007 | $ | 2,112 | $ | 1,880 | ||||||||||||||
Ratio | 1.15 | % | 1.20 | % | 1.10 | % | 1.12 | % | 1.20 | % | 1.13 | % | 1.32 | % | 1.26 | % | 1.20 | % | 1.25 | % | 1.25 | % | 1.20 | % | ||||||||||||||||||
North America—Citi-branded | 88.1 | 712 | 731 | 659 | 627 | 669 | 619 | 87.0 | 828 | 812 | 731 | 731 | 755 | 669 | ||||||||||||||||||||||||||||
Ratio | 0.81 | % | 0.85 | % | 0.77 | % | 0.71 | % | 0.78 | % | 0.72 | % | 0.95 | % | 0.88 | % | 0.85 | % | 0.84 | % | 0.82 | % | 0.78 | % | ||||||||||||||||||
North America—Citi retail services | 48.6 | 781 | 797 | 693 | 761 | 791 | 730 | 48.9 | 918 | 952 | 797 | 859 | 932 | 791 | ||||||||||||||||||||||||||||
Ratio | 1.61 | % | 1.73 | % | 1.53 | % | 1.57 | % | 1.72 | % | 1.62 | % | 1.88 | % | 1.81 | % | 1.73 | % | 1.76 | % | 1.77 | % | 1.72 | % | ||||||||||||||||||
Latin America | 5.4 | 160 | 160 | 161 | 156 | 160 | 151 | 5.6 | 165 | 171 | 160 | 161 | 170 | 160 | ||||||||||||||||||||||||||||
Ratio | 2.96 | % | 2.81 | % | 2.93 | % | 2.89 | % | 2.81 | % | 2.75 | % | 2.95 | % | 3.00 | % | 2.81 | % | 2.88 | % | 2.98 | % | 2.81 | % | ||||||||||||||||||
Asia(5) | 18.8 | 192 | 198 | 193 | 260 | 260 | 251 | 18.8 | 200 | 199 | 198 | 256 | 255 | 260 | ||||||||||||||||||||||||||||
Ratio | 1.02 | % | 1.03 | % | 1.03 | % | 1.38 | % | 1.35 | % | 1.34 | % | 1.06 | % | 1.03 | % | 1.03 | % | 1.36 | % | 1.32 | % | 1.35 | % | ||||||||||||||||||
Corporate/Other—Consumer(6) | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 17.6 | $ | 415 | $ | 478 | $ | 601 | $ | 355 | $ | 393 | $ | 554 | $ | 12.6 | $ | 354 | $ | 382 | $ | 478 | $ | 348 | $ | 362 | $ | 393 | ||||||||||||||
Ratio | 2.49 | % | 2.38 | % | 2.37 | % | 2.13 | % | 1.96 | % | 2.18 | % | 2.97 | % | 2.62 | % | 2.38 | % | 2.92 | % | 2.48 | % | 1.96 | % | ||||||||||||||||||
International | — | — | 32 | 63 | — | 44 | 44 | — | — | — | 32 | — | — | 44 | ||||||||||||||||||||||||||||
Ratio | — | 1.88 | % | 3.50 | % | — | 2.59 | % | 2.44 | % | — | % | — | % | 1.88 | % | — | % | — | % | 2.59 | % | ||||||||||||||||||||
North America | 17.6 | 415 | 446 | 538 | 355 | 349 | 510 | 12.6 | 354 | 382 | 446 | 348 | 362 | 349 | ||||||||||||||||||||||||||||
Ratio | 2.49 | % | 2.42 | % | 2.28 | % | 2.13 | % | 1.90 | % | 2.16 | % | 2.97 | % | 2.62 | % | 2.42 | % | 2.92 | % | 2.48 | % | 1.90 | % | ||||||||||||||||||
Total Citigroup | $ | 323.6 | $ | 2,760 | $ | 2,857 | $ | 2,784 | $ | 2,913 | $ | 3,103 | $ | 3,052 | $ | 319.9 | $ | 2,939 | $ | 3,001 | $ | 2,857 | $ | 3,124 | $ | 3,264 | $ | 3,103 | ||||||||||||||
Ratio | 0.86 | % | 0.88 | % | 0.86 | % | 0.90 | % | 0.96 | % | 0.94 | % | 0.92 | % | 0.91 | % | 0.88 | % | 0.98 | % | 0.99 | % | 0.96 | % |
(1) | End-of-period (EOP) loans include interest and fees on credit cards. |
(2) | The ratios of 90+ days past due and 30–89 days past due are calculated based on EOP loans, net of unearned income. |
(3) | The 90+ days past due balances for North America—Citi-brandedand North America—Citi retail services are generally still accruing interest. Citigroup’s policy is generally to accrue interest on credit card loans until 180 days past due, unless notification of bankruptcy filing has been received earlier. |
(4) | The 90+ days past due and 30–89 days past due and related ratios for |
(5) | Asia includes delinquencies and loans in certain EMEA countries for all periods presented. |
(6) | The loans 90+ days past due and |
Average loans(1) | Net credit losses(2)(3) | Average loans(1) | Net credit losses(2) | |||||||||||||||||||||
In millions of dollars, except average loan amounts in billions | 2Q18 | 1Q18 | 2Q17 | 1Q19 | 4Q18 | 1Q18 | ||||||||||||||||||
Global Consumer Banking | ||||||||||||||||||||||||
Total | $ | 303.1 | $ | 1,726 | $ | 1,736 | $ | 1,615 | $ | 309.2 | $ | 1,891 | $ | 1,744 | $ | 1,736 | ||||||||
Ratio | 2.28 | % | 2.30 | % | 2.20 | % | 2.48 | % | 2.24 | % | 2.30 | % | ||||||||||||
Retail banking | ||||||||||||||||||||||||
Total | $ | 145.6 | $ | 228 | $ | 232 | $ | 244 | $ | 146.5 | $ | 256 | $ | 246 | $ | 232 | ||||||||
Ratio | 0.63 | % | 0.64 | % | 0.69 | % | 0.71 | % | 0.67 | % | 0.64 | % | ||||||||||||
North America | 55.6 | 32 | 43 | 39 | 57.1 | 60 | 31 | 43 | ||||||||||||||||
Ratio | 0.23 | % | 0.31 | % | 0.28 | % | 0.43 | % | 0.22 | % | 0.31 | % | ||||||||||||
Latin America | 20.1 | 138 | 132 | 151 | 19.9 | 138 | 144 | 132 | ||||||||||||||||
Ratio | 2.75 | % | 2.59 | % | 3.00 | % | 2.81 | % | 2.91 | % | 2.59 | % | ||||||||||||
Asia | 69.9 | 58 | 57 | 54 | 69.5 | 58 | 71 | 57 | ||||||||||||||||
Ratio | 0.33 | % | 0.33 | % | 0.33 | % | 0.34 | % | 0.41 | % | 0.33 | % | ||||||||||||
Cards | ||||||||||||||||||||||||
Total | $ | 157.5 | $ | 1,498 | $ | 1,504 | $ | 1,371 | $ | 162.7 | $ | 1,635 | $ | 1,498 | $ | 1,504 | ||||||||
Ratio | 3.81 | % | 3.83 | % | 3.63 | % | 4.08 | % | 3.64 | % | 3.83 | % | ||||||||||||
North America—Citi-branded | 86.6 | 657 | 651 | 611 | 87.7 | 706 | 650 | 651 | ||||||||||||||||
Ratio | 3.04 | % | 3.04 | % | 2.94 | % | 3.26 | % | 2.90 | % | 3.04 | % | ||||||||||||
North America—Citi retail services | 46.6 | 589 | 602 | 531 | 50.2 | 663 | 600 | 602 | ||||||||||||||||
Ratio | 5.07 | % | 5.18 | % | 4.79 | % | 5.36 | % | 4.72 | % | 5.18 | % | ||||||||||||
Latin America | 5.4 | 140 | 146 | 126 | 5.7 | 160 | 146 | 146 | ||||||||||||||||
Ratio | 10.40 | % | 10.57 | % | 9.54 | % | 11.38 | % | 10.53 | % | 10.57 | % | ||||||||||||
Asia | 18.9 | 112 | 105 | 103 | 19.1 | 106 | 102 | 105 | ||||||||||||||||
Ratio | 2.38 | % | 2.17 | % | 2.25 | % | 2.25 | % | 2.16 | % | 2.17 | % | ||||||||||||
Corporate/Other—Consumer | ||||||||||||||||||||||||
Total | $ | 19.5 | $ | (20 | ) | $ | 35 | $ | 18 | $ | 13.6 | $ | 1 | $ | — | $ | 35 | |||||||
Ratio | (0.41 | )% | 0.64 | % | 0.26 | % | 0.03 | % | — | % | 0.64 | % | ||||||||||||
International | 1.1 | 19 | 23 | 24 | — | — | — | 23 | ||||||||||||||||
Ratio | 6.93 | % | 5.49 | % | 5.07 | % | — | % | — | % | 5.49 | % | ||||||||||||
North America | 18.4 | (39 | ) | 12 | (6 | ) | 13.6 | 1 | — | 12 | ||||||||||||||
Ratio | (0.85 | )% | 0.24 | % | 0.09 | % | 0.03 | % | — | % | 0.24 | % | ||||||||||||
Other | — | — | — | — | — | (3 | ) | — | ||||||||||||||||
Total Citigroup | $ | 322.6 | $ | 1,706 | $ | 1,771 | $ | 1,633 | $ | 322.8 | $ | 1,892 | $ | 1,741 | $ | 1,771 | ||||||||
Ratio | 2.12 | % | 2.19 | % | 2.04 | % | 2.38 | % | 2.12 | % | 2.19 | % |
(1) | Average loans include interest and fees on credit cards. |
(2) | The ratios of net credit losses are calculated based on average loans, net of unearned income. |
(3) |
Asia includes NCLs and average loans in certain EMEA countries for all periods presented. |
At June 30, 2018 | March 31, 2018 | December 31, 2017 | At March 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In billions of dollars | Due within 1 year | Greater than 1 year but within 5 years | Greater than 5 years | Total exposure | Due within 1 year | Greater than 1 year but within 5 years | Greater than 5 years | Total exposure | Due within 1 year | Greater than 1 year but within 5 years | Greater than 5 years | Total exposure | Due within 1 year | Greater than 1 year but within 5 years | Greater than 5 years | Total exposure | Due within 1 year | Greater than 1 year but within 5 years | Greater than 5 years | Total exposure | ||||||||||||||||||||||||||||||||||||||||
Direct outstandings (on-balance sheet)(1) | $ | 133 | $ | 103 | $ | 19 | $ | 255 | $ | 135 | $ | 101 | $ | 21 | $ | 257 | $ | 127 | $ | 96 | $ | 22 | $ | 245 | $ | 135 | $ | 109 | $ | 20 | $ | 264 | $ | 128 | $ | 110 | $ | 20 | $ | 258 | ||||||||||||||||||||
Unfunded lending commitments (off-balance sheet)(2) | 127 | 235 | 20 | 382 | 121 | 238 | 23 | 382 | 111 | 222 | 20 | 353 | 121 | 240 | 23 | 384 | 106 | 246 | 19 | 370 | ||||||||||||||||||||||||||||||||||||||||
Total exposure | $ | 260 | $ | 338 | $ | 39 | $ | 637 | $ | 256 | $ | 339 | $ | 44 | $ | 639 | $ | 238 | $ | 318 | $ | 42 | $ | 598 | $ | 256 | $ | 349 | $ | 43 | $ | 648 | $ | 234 | $ | 356 | $ | 39 | $ | 628 |
(1) | Includes drawn loans, overdrafts, bankers’ acceptances and leases. |
(2) | Includes unused commitments to lend, letters of credit and financial guarantees. |
June 30, 2018 | March 31, 2018 | December 31, 2017 | March 31, 2019 | December 31, 2018 | ||||||
North America | 54 | % | 53 | % | 54 | % | 54 | % | 55 | % |
EMEA | 27 | 28 | 27 | 28 | 27 | |||||
Asia | 12 | 12 | 12 | 11 | 11 | |||||
Latin America | 7 | 7 | 7 | 7 | 7 | |||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
Total exposure | Total exposure | |||||||||
June 30, 2018 | March 31, 2018 | December 31, 2017 | March 31, 2019 | December 31, 2018 | ||||||
AAA/AA/A | 49 | % | 48 | % | 49 | % | 49 | % | 49 | % |
BBB | 34 | 34 | 34 | 35 | 34 | |||||
BB/B | 16 | 17 | 16 | 15 | 16 | |||||
CCC or below | 1 | 1 | 1 | 1 | 1 | |||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
Total exposure | Total exposure | |||||||||
June 30, 2018 | March 31, 2018 | December 31, 2017 | March 31, 2019 | December 31, 2018 | ||||||
Transportation and industrial | 22 | % | 22 | % | 22 | % | 21 | % | 21 | % |
Consumer retail and health | 16 | 17 | 16 | 15 | 15 | |||||
Technology, media and telecom | 13 | 13 | 12 | 11 | 13 | |||||
Power, chemicals, metals and mining | 10 | 10 | 10 | 11 | 10 | |||||
Energy and commodities | 8 | 8 | 8 | 8 | 8 | |||||
Banks/broker-dealers/finance companies | 8 | 8 | 8 | 8 | 8 | |||||
Real estate | 7 | 7 | 8 | 9 | 8 | |||||
Public sector | 5 | 5 | 5 | 4 | 5 | |||||
Insurance and special purpose entities | 4 | 5 | 5 | 4 | 4 | |||||
Hedge funds | 4 | 4 | 4 | 4 | 4 | |||||
Other industries | 3 | 1 | 2 | 5 | 4 | |||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
June 30, 2018 | March 31, 2018 | December 31, 2017 | March 31, 2019 | December 31, 2018 | ||||||
AAA/AA/A | 34 | % | 26 | % | 23 | % | 36 | % | 35 | % |
BBB | 46 | 43 | 43 | 48 | 50 | |||||
BB/B | 18 | 28 | 31 | 15 | 14 | |||||
CCC or below | 2 | 3 | 3 | 1 | 1 | |||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
March 31, 2019 | December 31, 2018 | |||
Transportation and industrial | 22 | % | 23 | % |
Technology, media and telecom | 18 | 17 | ||
Consumer retail and health | 16 | 16 | ||
Power, chemicals, metals and mining | 15 | 15 | ||
Energy and commodities | 10 | 11 | ||
Insurance and special purpose entities | 6 | 6 | ||
Banks/broker-dealers/finance companies | 4 | 4 | ||
Public Sector | 4 | 3 | ||
Real Estate | 4 | 4 | ||
Other industries | 1 | 1 | ||
Total | 100 | % | 100 | % |
June 30, 2018 | March 31, 2018 | December 31, 2017 | ||||
Transportation and industrial | 25 | % | 28 | % | 27 | % |
Consumer retail and health | 15 | 9 | 10 | |||
Technology, media and telecom | 15 | 14 | 12 | |||
Power, chemicals, metals and mining | 14 | 13 | 14 | |||
Energy and commodities | 11 | 12 | 15 | |||
Public sector | 7 | 11 | 12 | |||
Insurance and special purpose entities | 5 | 4 | 2 | |||
Banks/broker-dealers | 4 | 6 | 6 | |||
Other industries | 4 | 3 | 2 | |||
Total | 100 | % | 100 | % | 100 | % |
2nd Qtr. | 1st Qtr. | 4th Qtr. | 3rd Qtr. | 2nd Qtr. | 1st Qtr. | 4th Qtr. | 3rd Qtr. | 2nd Qtr. | 1st Qtr. | |||||||||||||||||||||
In millions of dollars | 2018 | 2018 | 2017 | 2019 | 2018 | |||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||||
In U.S. offices | ||||||||||||||||||||||||||||||
Mortgage and real estate(1) | $ | 61,692 | $ | 63,412 | $ | 65,467 | $ | 67,131 | $ | 69,022 | $ | 57,461 | $ | 60,127 | $ | 61,048 | $ | 61,692 | $ | 63,412 | ||||||||||
Installment, revolving credit and other | 3,759 | 3,306 | 3,398 | 3,191 | 3,190 | 3,257 | 3,398 | 3,515 | 3,759 | 3,306 | ||||||||||||||||||||
Cards | 135,968 | 131,081 | 139,006 | 131,476 | 130,181 | 135,206 | 143,788 | 137,051 | 135,968 | 131,081 | ||||||||||||||||||||
Commercial and industrial | 7,459 | 7,493 | 7,840 | 7,619 | 7,404 | 8,859 | 8,256 | 7,686 | 7,459 | 7,493 | ||||||||||||||||||||
Total | $ | 208,878 | $ | 205,292 | $ | 215,711 | $ | 209,417 | $ | 209,797 | $ | 204,783 | $ | 215,569 | $ | 209,300 | $ | 208,878 | $ | 205,292 | ||||||||||
In offices outside the U.S. | ||||||||||||||||||||||||||||||
Mortgage and real estate(1) | $ | 43,056 | $ | 44,833 | $ | 44,081 | $ | 43,723 | $ | 43,821 | $ | 43,184 | $ | 43,379 | $ | 43,714 | $ | 43,056 | $ | 44,833 | ||||||||||
Installment, revolving credit and other | 27,254 | 27,651 | 26,556 | 26,153 | 26,480 | 27,525 | 27,609 | 27,899 | 27,254 | 27,651 | ||||||||||||||||||||
Cards | 24,712 | 25,993 | 26,257 | 25,443 | 25,376 | 24,763 | 25,400 | 24,971 | 24,712 | 25,993 | ||||||||||||||||||||
Commercial and industrial | 18,966 | 20,526 | 20,238 | 20,015 | 18,956 | 18,884 | 17,773 | 18,821 | 18,966 | 20,526 | ||||||||||||||||||||
Lease financing | 55 | 62 | 76 | 77 | 81 | 47 | 49 | 52 | 55 | 62 | ||||||||||||||||||||
Total | $ | 114,043 | $ | 119,065 | $ | 117,208 | $ | 115,411 | $ | 114,714 | $ | 114,403 | $ | 114,210 | $ | 115,457 | $ | 114,043 | $ | 119,065 | ||||||||||
Total consumer loans | $ | 322,921 | $ | 324,357 | $ | 332,919 | $ | 324,828 | $ | 324,511 | $ | 319,186 | $ | 329,779 | $ | 324,757 | $ | 322,921 | $ | 324,357 | ||||||||||
Unearned income(2) | 711 | 727 | 737 | 748 | 750 | 701 | 708 | 712 | 711 | 727 | ||||||||||||||||||||
Consumer loans, net of unearned income | $ | 323,632 | $ | 325,084 | $ | 333,656 | $ | 325,576 | $ | 325,261 | $ | 319,887 | $ | 330,487 | $ | 325,469 | $ | 323,632 | $ | 325,084 | ||||||||||
Corporate loans | ||||||||||||||||||||||||||||||
In U.S. offices | ||||||||||||||||||||||||||||||
Commercial and industrial | $ | 53,260 | $ | 54,005 | $ | 51,319 | $ | 51,679 | $ | 50,341 | $ | 56,698 | $ | 52,063 | $ | 51,365 | $ | 53,260 | $ | 54,005 | ||||||||||
Financial institutions | 42,867 | 40,472 | 39,128 | 37,203 | 36,953 | 49,985 | 48,447 | 46,255 | 42,867 | 40,472 | ||||||||||||||||||||
Mortgage and real estate(1) | 46,310 | 45,581 | 44,683 | 43,274 | 42,041 | 49,746 | 50,124 | 47,629 | 46,310 | 45,581 | ||||||||||||||||||||
Installment, revolving credit and other | 32,663 | 32,866 | 33,181 | 32,464 | 31,611 | 32,768 | 33,247 | 32,201 | 32,663 | 32,866 | ||||||||||||||||||||
Lease financing | 1,445 | 1,463 | 1,470 | 1,493 | 1,467 | 1,405 | 1,429 | 1,445 | 1,445 | 1,463 | ||||||||||||||||||||
Total | $ | 176,545 | $ | 174,387 | $ | 169,781 | $ | 166,113 | $ | 162,413 | $ | 190,602 | $ | 185,310 | $ | 178,895 | $ | 176,545 | $ | 174,387 | ||||||||||
In offices outside the U.S. | ||||||||||||||||||||||||||||||
Commercial and industrial | $ | 98,068 | $ | 101,368 | $ | 93,750 | $ | 93,107 | $ | 91,131 | $ | 97,844 | $ | 94,701 | $ | 98,281 | $ | 98,068 | $ | 101,368 | ||||||||||
Financial institutions | 38,312 | 35,659 | 35,273 | 33,050 | 34,844 | 39,155 | 36,837 | 37,851 | 38,312 | 35,659 | ||||||||||||||||||||
Mortgage and real estate(1) | 7,261 | 7,543 | 7,309 | 6,383 | 6,783 | 7,005 | 7,376 | 7,344 | 7,261 | 7,543 | ||||||||||||||||||||
Installment, revolving credit and other | 22,755 | 23,338 | 22,638 | 23,830 | 19,200 | 24,868 | 25,684 | 22,827 | 22,755 | 23,338 | ||||||||||||||||||||
Lease financing | 139 | 167 | 190 | 216 | 234 | 95 | 103 | 131 | 139 | 167 | ||||||||||||||||||||
Governments and official institutions | 5,270 | 6,170 | 5,200 | 5,628 | 5,518 | 3,698 | 4,520 | 4,898 | 5,270 | 6,170 | ||||||||||||||||||||
Total | $ | 171,805 | $ | 174,245 | $ | 164,360 | $ | 162,214 | $ | 157,710 | $ | 172,665 | $ | 169,221 | $ | 171,332 | $ | 171,805 | $ | 174,245 | ||||||||||
Total corporate loans | $ | 348,350 | $ | 348,632 | $ | 334,141 | $ | 328,327 | $ | 320,123 | $ | 363,267 | $ | 354,531 | $ | 350,227 | $ | 348,350 | $ | 348,632 | ||||||||||
Unearned income(3) | (802 | ) | (778 | ) | (763 | ) | (720 | ) | (689 | ) | (808 | ) | (822 | ) | (787 | ) | (802 | ) | (778 | ) | ||||||||||
Corporate loans, net of unearned income | $ | 347,548 | $ | 347,854 | $ | 333,378 | $ | 327,607 | $ | 319,434 | $ | 362,459 | $ | 353,709 | $ | 349,440 | $ | 347,548 | $ | 347,854 | ||||||||||
Total loans—net of unearned income | $ | 671,180 | $ | 672,938 | $ | 667,034 | $ | 653,183 | $ | 644,695 | $ | 682,346 | $ | 684,196 | $ | 674,909 | $ | 671,180 | $ | 672,938 | ||||||||||
Allowance for loan losses—on drawn exposures | (12,126 | ) | (12,354 | ) | (12,355 | ) | (12,366 | ) | (12,025 | ) | (12,329 | ) | (12,315 | ) | (12,336 | ) | (12,126 | ) | (12,354 | ) | ||||||||||
Total loans—net of unearned income and allowance for credit losses | $ | 659,054 | $ | 660,584 | $ | 654,679 | $ | 640,817 | $ | 632,670 | $ | 670,017 | $ | 671,881 | $ | 662,573 | $ | 659,054 | $ | 660,584 | ||||||||||
Allowance for loan losses as a percentage of total loans— net of unearned income(4) | 1.81 | % | 1.85 | % | 1.87 | % | 1.91 | % | 1.88 | % | 1.82 | % | 1.81 | % | 1.84 | % | 1.81 | % | 1.85 | % | ||||||||||
Allowance for consumer loan losses as a percentage of total consumer loans—net of unearned income(4) | 3.03 | % | 3.09 | % | 2.96 | % | 3.04 | % | 2.93 | % | 3.13 | % | 3.01 | % | 3.07 | % | 3.03 | % | 3.09 | % | ||||||||||
Allowance for corporate loan losses as a percentage of total corporate loans—net of unearned income(4) | 0.68 | % | 0.67 | % | 0.76 | % | 0.77 | % | 0.80 | % | 0.64 | % | 0.67 | % | 0.68 | % | 0.68 | % | 0.67 | % |
(1) | Loans secured primarily by real estate. |
(2) | Unearned income on consumer loans primarily represents unamortized origination fees and costs, premiums and discounts. |
(3) | Unearned income on corporate loans primarily represents interest received in advance, but not yet earned, on loans originated on a discounted basis. |
(4) | All periods exclude loans that are carried at fair value. |
2nd Qtr. | 1st Qtr. | 4th Qtr. | 3rd Qtr. | 2nd Qtr. | 1st Qtr. | 4th Qtr. | 3rd Qtr. | 2nd Qtr. | 1st Qtr. | |||||||||||||||||||||
In millions of dollars | 2018 | 2018 | 2017 | 2019 | 2018 | |||||||||||||||||||||||||
Allowance for loan losses at beginning of period | $ | 12,354 | $ | 12,355 | $ | 12,366 | $ | 12,025 | $ | 12,030 | $ | 12,315 | $ | 12,336 | $ | 12,126 | $ | 12,354 | $ | 12,355 | ||||||||||
Provision for loan losses | ||||||||||||||||||||||||||||||
Consumer | $ | 1,764 | $ | 1,881 | $ | 1,785 | $ | 2,142 | $ | 1,620 | $ | 1,942 | $ | 1,774 | $ | 1,869 | $ | 1,764 | $ | 1,881 | ||||||||||
Corporate | 31 | (78 | ) | 231 | 4 | 46 | 2 | 76 | 37 | 31 | (78 | ) | ||||||||||||||||||
Total | $ | 1,795 | $ | 1,803 | $ | 2,016 | $ | 2,146 | $ | 1,666 | $ | 1,944 | $ | 1,850 | $ | 1,906 | $ | 1,795 | $ | 1,803 | ||||||||||
Gross credit losses | ||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||
In U.S. offices | $ | 1,490 | $ | 1,542 | $ | 1,426 | $ | 1,429 | $ | 1,437 | $ | 1,670 | $ | 1,495 | $ | 1,462 | $ | 1,490 | $ | 1,542 | ||||||||||
In offices outside the U.S. | 599 | 615 | 611 | 642 | 597 | 602 | 595 | 596 | 599 | 615 | ||||||||||||||||||||
Corporate | ||||||||||||||||||||||||||||||
In U.S. offices | 5 | 65 | 21 | 15 | 72 | 33 | 23 | 15 | 5 | 65 | ||||||||||||||||||||
In offices outside the U.S. | 15 | 74 | 221 | 34 | 24 | 40 | 53 | 21 | 15 | 74 | ||||||||||||||||||||
Total | $ | 2,109 | $ | 2,296 | $ | 2,279 | $ | 2,120 | $ | 2,130 | $ | 2,345 | $ | 2,166 | $ | 2,094 | $ | 2,109 | $ | 2,296 | ||||||||||
Credit recoveries(1) | ||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||
In U.S. offices | $ | 255 | $ | 238 | $ | 228 | $ | 167 | $ | 266 | $ | 246 | $ | 217 | $ | 212 | $ | 255 | $ | 238 | ||||||||||
In offices outside the U.S. | 128 | 148 | 151 | 170 | 135 | 134 | 132 | 120 | 128 | 148 | ||||||||||||||||||||
Corporate | ||||||||||||||||||||||||||||||
In U.S. offices | 5 | 13 | 4 | 2 | 15 | 3 | 24 | 1 | 5 | 13 | ||||||||||||||||||||
In offices outside the U.S. | 17 | 30 | 16 | 4 | 4 | 14 | 7 | 5 | 17 | 30 | ||||||||||||||||||||
Total | $ | 405 | $ | 429 | $ | 399 | $ | 343 | $ | 420 | $ | 397 | $ | 380 | $ | 338 | $ | 405 | $ | 429 | ||||||||||
Net credit losses | ||||||||||||||||||||||||||||||
In U.S. offices | $ | 1,235 | $ | 1,356 | $ | 1,215 | $ | 1,275 | $ | 1,228 | $ | 1,454 | $ | 1,277 | $ | 1,264 | $ | 1,235 | $ | 1,356 | ||||||||||
In offices outside the U.S. | 469 | 511 | 665 | 502 | 482 | 494 | 509 | 492 | 469 | 511 | ||||||||||||||||||||
Total | $ | 1,704 | $ | 1,867 | $ | 1,880 | $ | 1,777 | $ | 1,710 | $ | 1,948 | $ | 1,786 | $ | 1,756 | $ | 1,704 | $ | 1,867 | ||||||||||
Other—net(2)(3)(4)(5)(6)(7) | $ | (319 | ) | $ | 63 | $ | (147 | ) | $ | (28 | ) | $ | 39 | $ | 18 | $ | (85 | ) | $ | 60 | $ | (319 | ) | $ | 63 | |||||
Allowance for loan losses at end of period | $ | 12,126 | $ | 12,354 | $ | 12,355 | $ | 12,366 | $ | 12,025 | $ | 12,329 | $ | 12,315 | $ | 12,336 | $ | 12,126 | $ | 12,354 | ||||||||||
Allowance for loan losses as a percentage of total loans(8) | 1.81 | % | 1.85 | % | 1.87 | % | 1.91 | % | 1.88 | % | 1.82 | % | 1.81 | % | 1.84 | % | 1.81 | % | 1.85 | % | ||||||||||
Allowance for unfunded lending commitments(9) | $ | 1,278 | $ | 1,290 | $ | 1,258 | $ | 1,232 | $ | 1,406 | $ | 1,391 | $ | 1,367 | $ | 1,321 | $ | 1,278 | $ | 1,290 | ||||||||||
Total allowance for loan losses and unfunded lending commitments | $ | 13,404 | $ | 13,644 | $ | 13,613 | $ | 13,598 | $ | 13,431 | $ | 13,720 | $ | 13,682 | $ | 13,657 | $ | 13,404 | $ | 13,644 | ||||||||||
Net consumer credit losses | $ | 1,706 | $ | 1,771 | $ | 1,658 | $ | 1,734 | $ | 1,633 | $ | 1,892 | $ | 1,741 | $ | 1,726 | $ | 1,706 | $ | 1,771 | ||||||||||
As a percentage of average consumer loans | 2.12 | % | 2.19 | % | 2.02 | % | 2.11 | % | 2.04 | % | 2.38 | % | 2.13 | % | 2.11 | % | 2.12 | % | 2.19 | % | ||||||||||
Net corporate credit losses (recoveries) | $ | (2 | ) | $ | 96 | $ | 222 | $ | 43 | $ | 77 | $ | 56 | $ | 45 | $ | 30 | $ | (2 | ) | $ | 96 | ||||||||
As a percentage of average corporate loans | — | % | 0.11 | % | 0.27 | % | 0.05 | % | 0.10 | % | 0.07 | % | 0.06 | % | 0.03 | % | — | % | 0.11 | % | ||||||||||
Allowance by type at end of period(10) | ||||||||||||||||||||||||||||||
Consumer | $ | 9,796 | $ | 10,039 | $ | 9,869 | $ | 9,892 | $ | 9,515 | $ | 10,026 | $ | 9,950 | $ | 9,997 | $ | 9,796 | $ | 10,039 | ||||||||||
Corporate | 2,330 | 2,315 | 2,486 | 2,474 | 2,510 | 2,303 | 2,365 | 2,339 | 2,330 | 2,315 | ||||||||||||||||||||
Total | $ | 12,126 | $ | 12,354 | $ | 12,355 | $ | 12,366 | $ | 12,025 | $ | 12,329 | $ | 12,315 | $ | 12,336 | $ | 12,126 | $ | 12,354 |
(1) | Recoveries have been reduced by certain collection costs that are incurred only if collection efforts are successful. |
(2) | Includes all adjustments to the allowance for credit losses, such as changes in the allowance from acquisitions, dispositions, securitizations, FX translation, purchase accounting adjustments, etc. |
(3) | The first quarter of 2019 includes an increase of approximately $26 million related to FX translation. |
(4) | The fourth quarter of 2018 includes a reduction of approximately $4 million related to the sale or transfers to held-for-sale (HFS) of various loan portfolios, including a reduction of $3 million related to the transfers of a real estate loan portfolio to HFS. Additionally, the fourth quarter includes a decrease of approximately $76 million related to FX translation. |
(5) | The third quarter of 2018 includes a reduction of approximately $5 million related to the sale or transfers to HFS of various loan portfolios, including a reduction of $2 million related to the transfers of a real estate loan portfolio to HFS. Additionally, the third quarter includes an increase of approximately $62 million related to FX translation. |
(6) | The second quarter of 2018 includes a reduction of approximately $137 million related to the sale or transfer to HFS of various loan portfolios, including a reduction of $33 million related to the transfer of a real estate loan portfolio to HFS. Additionally, the second quarter includes a decrease of approximately $164 million related to FX translation. |
The first quarter of 2018 includes a reduction of approximately $55 million related to the sale or transfer to |
(9) | Represents additional credit reserves recorded as Other liabilities on the Consolidated Balance Sheet. |
(10) | Allowance for loan losses represents management’s best estimate of probable losses inherent in the portfolio, as well as probable losses related to large individually evaluated impaired loans and troubled debt restructurings. See “Significant Accounting Policies and Significant Estimates” and Note 1 to the Consolidated Financial Statements in Citi’s |
June 30, 2018 | March 31, 2019 | |||||||||||||||
In billions of dollars | Allowance for loan losses | Loans, net of unearned income | Allowance as a percentage of loans(1) | Allowance for loan losses | Loans, net of unearned income | Allowance as a percentage of loans(1) | ||||||||||
North America cards(2) | $ | 6.3 | $ | 136.7 | 4.6 | % | $ | 6.6 | $ | 135.9 | 4.9 | % | ||||
North America mortgages(3) | 0.5 | 60.8 | 0.8 | 0.4 | 56.3 | 0.7 | ||||||||||
North America other | 0.3 | 12.6 | 2.4 | 0.3 | 13.7 | 2.2 | ||||||||||
International cards | 1.3 | 24.1 | 5.4 | 0.6 | 24.3 | 2.5 | ||||||||||
International other(4) | 1.4 | 89.4 | 1.6 | 2.1 | 89.7 | 2.3 | ||||||||||
Total consumer | $ | 9.8 | $ | 323.6 | 3.0 | % | $ | 10.0 | $ | 319.9 | 3.1 | % | ||||
Total corporate | 2.3 | 347.6 | 0.7 | 2.3 | 362.4 | 0.6 | ||||||||||
Total Citigroup | $ | 12.1 | $ | 671.2 | 1.8 | % | $ | 12.3 | $ | 682.3 | 1.8 | % |
(1) | Allowance as a percentage of loans excludes loans that are carried at fair value. |
(2) | Includes both Citi-branded cards and Citi retail services. The |
(3) | Of the |
(4) | Includes mortgages and other retail loans. |
December 31, 2017 | December 31, 2018 | |||||||||||||||
In billions of dollars | Allowance for loan losses | Loans, net of unearned income | Allowance as a percentage of loans(1) | Allowance for loan losses | Loans, net of unearned income | Allowance as a percentage of loans(1) | ||||||||||
North America cards(2) | $ | 6.1 | $ | 139.7 | 4.4 | % | $ | 6.5 | $ | 144.6 | 4.5 | % | ||||
North America mortgages(3) | 0.7 | 64.2 | 1.1 | 0.4 | 58.9 | 0.7 | ||||||||||
North America other | 0.3 | 13.0 | 2.3 | 0.3 | 13.2 | 2.3 | ||||||||||
International cards | 1.3 | 25.7 | 5.1 | 0.7 | 24.9 | 2.8 | ||||||||||
International other(4) | 1.5 | 91.1 | 1.6 | 2.0 | 88.9 | 2.2 | ||||||||||
Total consumer | $ | 9.9 | $ | 333.7 | 3.0 | % | $ | 9.9 | $ | 330.5 | 3.0 | % | ||||
Total corporate | 2.5 | 333.3 | 0.8 | 2.4 | 353.7 | 0.7 | ||||||||||
Total Citigroup | $ | 12.4 | $ | 667.0 | 1.9 | % | $ | 12.3 | $ | 684.2 | 1.8 | % |
(1) | Allowance as a percentage of loans excludes loans that are carried at fair value. |
(2) | Includes both Citi-branded cards and Citi retail services. The |
(3) | Of the |
(4) | Includes mortgages and other retail loans. |
Jun. 30, | Mar. 31, | Dec. 31, | Sept. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Sept. 30, | Jun. 30, | Mar. 31, | |||||||||||||||||||||
In millions of dollars | 2018 | 2018 | 2017 | 2019 | 2018 | |||||||||||||||||||||||||
Corporate non-accrual loans | ||||||||||||||||||||||||||||||
North America | $ | 784 | $ | 817 | $ | 784 | $ | 915 | $ | 944 | $ | 922 | $ | 483 | $ | 679 | $ | 784 | $ | 817 | ||||||||||
EMEA | 391 | 561 | 849 | 681 | 727 | 317 | 375 | 362 | 391 | 561 | ||||||||||||||||||||
Latin America | 204 | 263 | 280 | 312 | 281 | 225 | 230 | 266 | 204 | 263 | ||||||||||||||||||||
Asia | 244 | 27 | 29 | 146 | 146 | 18 | 223 | 233 | 244 | 27 | ||||||||||||||||||||
Total corporate non-accrual loans | $ | 1,623 | $ | 1,668 | $ | 1,942 | $ | 2,054 | $ | 2,098 | $ | 1,482 | $ | 1,311 | $ | 1,540 | $ | 1,623 | $ | 1,668 | ||||||||||
Consumer non-accrual loans(1) | ||||||||||||||||||||||||||||||
North America | $ | 1,373 | $ | 1,500 | $ | 1,650 | $ | 1,721 | $ | 1,754 | $ | 1,230 | $ | 1,241 | $ | 1,323 | $ | 1,373 | $ | 1,500 | ||||||||||
Latin America | 726 | 791 | 756 | 791 | 793 | 694 | 715 | 764 | 726 | 791 | ||||||||||||||||||||
Asia | 284 | 284 | 284 | 271 | 301 | 281 | 270 | 287 | 284 | 284 | ||||||||||||||||||||
Total consumer non-accrual loans | $ | 2,383 | $ | 2,575 | $ | 2,690 | $ | 2,783 | $ | 2,848 | $ | 2,205 | $ | 2,226 | $ | 2,374 | $ | 2,383 | $ | 2,575 | ||||||||||
Total non-accrual loans | $ | 4,006 | $ | 4,243 | $ | 4,632 | $ | 4,837 | $ | 4,946 | $ | 3,687 | $ | 3,537 | $ | 3,914 | $ | 4,006 | $ | 4,243 |
(1) | Excludes purchased distressed loans, as they are generally accreting interest. The carrying value of these loans was $125 million at March 31, 2019, $128 million at December 31, 2018, $131 million at September 30, 2018, $149 million at June 30, 2018 and $126 million at March 31, |
(2) | Approximately 46%, 55% and 65% of Citi’s corporate non-accrual loans were performing at March 31, 2019, December 31, |
(3) | Asia GCB includes balances in certain EMEA countries for all periods presented. |
Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||
June 30, 2018 | June 30, 2017 | March 31, 2019 | March 31, 2018 | |||||||||||||||||||||||||||||||||
In millions of dollars | Corporate | Consumer | Total | Corporate | Consumer | Total | Corporate | Consumer | Total | Corporate | Consumer | Total | ||||||||||||||||||||||||
Non-accrual loans at beginning of period | $ | 1,668 | $ | 2,575 | $ | 4,243 | $ | 2,339 | $ | 2,955 | $ | 5,294 | $ | 1,311 | $ | 2,226 | $ | 3,537 | $ | 1,942 | $ | 2,690 | $ | 4,632 | ||||||||||||
Additions | 628 | 791 | 1,419 | 311 | 697 | 1,008 | 723 | 722 | 1,445 | 825 | 861 | 1,686 | ||||||||||||||||||||||||
Sales and transfers to HFS | (8 | ) | (68 | ) | (76 | ) | (46 | ) | (82 | ) | (128 | ) | (5 | ) | (34 | ) | (39 | ) | (20 | ) | (85 | ) | (105 | ) | ||||||||||||
Returned to performing | (36 | ) | (146 | ) | (182 | ) | (3 | ) | (166 | ) | (169 | ) | (28 | ) | (142 | ) | (170 | ) | (68 | ) | (208 | ) | (276 | ) | ||||||||||||
Paydowns/settlements | (613 | ) | (327 | ) | (940 | ) | (464 | ) | (285 | ) | (749 | ) | (485 | ) | (174 | ) | (659 | ) | (884 | ) | (270 | ) | (1,154 | ) | ||||||||||||
Charge-offs | (14 | ) | (372 | ) | (386 | ) | (15 | ) | (318 | ) | (333 | ) | (35 | ) | (402 | ) | (437 | ) | (106 | ) | (454 | ) | (560 | ) | ||||||||||||
Other | (2 | ) | (70 | ) | (72 | ) | (24 | ) | 47 | 23 | 1 | 9 | 10 | (21 | ) | 41 | 20 | |||||||||||||||||||
Ending balance | $ | 1,623 | $ | 2,383 | $ | 4,006 | $ | 2,098 | $ | 2,848 | $ | 4,946 | $ | 1,482 | $ | 2,205 | $ | 3,687 | $ | 1,668 | $ | 2,575 | $ | 4,243 |
Six Months Ended | Six Months Ended | |||||||||||||||||
June 30, 2018 | June 30, 2017 | |||||||||||||||||
In millions of dollars | Corporate | Consumer | Total | Corporate | Consumer | Total | ||||||||||||
Non-accrual loans at beginning of period | $ | 1,942 | $ | 2,690 | $ | 4,632 | $ | 2,421 | $ | 3,158 | $ | 5,579 | ||||||
Additions | 1,453 | 1,652 | 3,105 | 564 | 1,521 | 2,085 | ||||||||||||
Sales and transfers to held-for-sale | (28 | ) | (153 | ) | (181 | ) | (82 | ) | (216 | ) | (298 | ) | ||||||
Returned to performing | (104 | ) | (354 | ) | (458 | ) | (40 | ) | (329 | ) | (369 | ) | ||||||
Paydowns/settlements | (1,497 | ) | (597 | ) | (2,094 | ) | (647 | ) | (565 | ) | (1,212 | ) | ||||||
Charge-offs | (120 | ) | (826 | ) | (946 | ) | (69 | ) | (842 | ) | (911 | ) | ||||||
Other | (23 | ) | (29 | ) | (52 | ) | (49 | ) | 121 | 72 | ||||||||
Ending balance | $ | 1,623 | $ | 2,383 | $ | 4,006 | $ | 2,098 | $ | 2,848 | $ | 4,946 |
Jun. 30, | Mar. 31, | Dec. 31, | Sept. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Sept. 30, | Jun. 30, | Mar. 31, | |||||||||||||||||||||
In millions of dollars | 2018 | 2018 | 2017 | 2019 | 2018 | |||||||||||||||||||||||||
OREO | ||||||||||||||||||||||||||||||
North America | $ | 66 | $ | 70 | $ | 89 | $ | 97 | $ | 128 | $ | 63 | $ | 64 | $ | 76 | $ | 66 | $ | 70 | ||||||||||
EMEA | 1 | — | 2 | 1 | 1 | 1 | 1 | 1 | 1 | — | ||||||||||||||||||||
Latin America | 24 | 29 | 35 | 30 | 31 | 13 | 12 | 25 | 24 | 29 | ||||||||||||||||||||
Asia | 10 | 15 | 18 | 15 | 8 | 21 | 22 | 7 | 10 | 15 | ||||||||||||||||||||
Total OREO | $ | 101 | $ | 114 | $ | 144 | $ | 143 | $ | 168 | $ | 98 | $ | 99 | $ | 109 | $ | 101 | $ | 114 | ||||||||||
Non-accrual assets | ||||||||||||||||||||||||||||||
Corporate non-accrual loans | $ | 1,623 | $ | 1,668 | $ | 1,942 | $ | 2,054 | $ | 2,098 | $ | 1,482 | $ | 1,311 | $ | 1,540 | $ | 1,623 | $ | 1,668 | ||||||||||
Consumer non-accrual loans | 2,383 | 2,575 | 2,690 | 2,783 | 2,848 | 2,205 | 2,226 | 2,374 | 2,383 | 2,575 | ||||||||||||||||||||
Non-accrual loans (NAL) | $ | 4,006 | $ | 4,243 | $ | 4,632 | $ | 4,837 | $ | 4,946 | $ | 3,687 | $ | 3,537 | $ | 3,914 | $ | 4,006 | $ | 4,243 | ||||||||||
OREO | $ | 101 | $ | 114 | $ | 144 | $ | 143 | $ | 168 | $ | 98 | $ | 99 | $ | 109 | $ | 101 | $ | 114 | ||||||||||
Non-accrual assets (NAA) | $ | 4,107 | $ | 4,357 | $ | 4,776 | $ | 4,980 | $ | 5,114 | $ | 3,785 | $ | 3,636 | $ | 4,023 | $ | 4,107 | $ | 4,357 | ||||||||||
NAL as a percentage of total loans | 0.60 | % | 0.63 | % | 0.69 | % | 0.74 | % | 0.77 | % | 0.54 | % | 0.52 | % | 0.58 | % | 0.60 | % | 0.63 | % | ||||||||||
NAA as a percentage of total assets | 0.21 | 0.23 | 0.26 | 0.26 | 0.27 | 0.19 | 0.19 | 0.21 | 0.21 | 0.23 | ||||||||||||||||||||
Allowance for loan losses as a percentage of NAL(1) | 303 | 291 | 267 | 256 | 243 | 334 | 348 | 315 | 303 | 291 |
(1) | The allowance for loan losses includes the allowance for Citi’s credit card portfolios and purchased distressed loans, while the non-accrual loans exclude credit card balances (with the exception of certain international portfolios) and purchased distressed loans as these continue to accrue interest until charge-off. |
In millions of dollars | Jun. 30, 2018 | Dec. 31, 2017 | Mar. 31, 2019 | Dec. 31, 2018 | ||||||||
Corporate renegotiated loans(1) | ||||||||||||
In U.S. offices | ||||||||||||
Commercial and industrial(2) | $ | 205 | $ | 225 | $ | 190 | $ | 188 | ||||
Mortgage and real estate | 78 | 90 | 91 | 111 | ||||||||
Financial institutions | 25 | 33 | 4 | 16 | ||||||||
Other | 37 | 45 | 4 | 2 | ||||||||
Total | $ | 345 | $ | 393 | $ | 289 | $ | 317 | ||||
In offices outside the U.S. | ||||||||||||
Commercial and industrial(2) | $ | 235 | $ | 392 | $ | 220 | $ | 226 | ||||
Mortgage and real estate | 9 | 11 | 21 | 12 | ||||||||
Financial institutions | 9 | 15 | 9 | 9 | ||||||||
Other | — | 7 | — | — | ||||||||
Total | $ | 253 | $ | 425 | $ | 250 | $ | 247 | ||||
Total corporate renegotiated loans | $ | 598 | $ | 818 | $ | 539 | $ | 564 | ||||
Consumer renegotiated loans(3)(4)(5) | ||||||||||||
In U.S. offices | ||||||||||||
Mortgage and real estate | $ | 2,919 | $ | 3,709 | $ | 2,452 | $ | 2,520 | ||||
Cards | 1,273 | 1,246 | 1,383 | 1,338 | ||||||||
Installment and other | 101 | 169 | 137 | 86 | ||||||||
Total | $ | 4,293 | $ | 5,124 | $ | 3,972 | $ | 3,944 | ||||
In offices outside the U.S. | ||||||||||||
Mortgage and real estate | $ | 322 | $ | 345 | $ | 325 | $ | 311 | ||||
Cards | 522 | 541 | 477 | 480 | ||||||||
Installment and other | 414 | 427 | 415 | 415 | ||||||||
Total | $ | 1,258 | $ | 1,313 | $ | 1,217 | $ | 1,206 | ||||
Total consumer renegotiated loans | $ | 5,551 | $ | 6,437 | $ | 5,189 | $ | 5,150 |
(1) | Includes |
(2) | In addition to modifications reflected as TDRs at |
(3) | Includes |
(4) | Includes |
(5) | Includes |
Citibank | Non-Bank and Other | Total | Citibank | Non-Bank and Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
In billions of dollars | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | ||||||||||||||||||||||||||||||||||||
Available cash | $ | 97.3 | $ | 94.9 | $ | 87.0 | $ | 27.4 | $ | 24.9 | $ | 28.1 | $ | 124.7 | $ | 119.9 | $ | 115.1 | $ | 94.7 | $ | 97.1 | $ | 94.9 | $ | 34.9 | $ | 27.6 | $ | 24.9 | $ | 129.6 | $ | 124.7 | $ | 119.9 | ||||||||||||||||||
U.S. sovereign | 101.4 | 114.6 | 111.4 | 28.7 | 28.9 | 24.4 | 130.1 | 143.4 | 135.8 | 94.9 | 103.2 | 114.6 | 29.5 | 24.0 | 28.9 | 124.4 | 127.2 | 143.4 | ||||||||||||||||||||||||||||||||||||
U.S. agency/agency MBS | 59.5 | 74.3 | 59.6 | 6.7 | 5.6 | 0.8 | 66.2 | 79.9 | 60.4 | 59.3 | 60.0 | 74.3 | 5.3 | 5.8 | 5.6 | 64.6 | 65.8 | 79.9 | ||||||||||||||||||||||||||||||||||||
Foreign government debt(1) | 73.5 | 69.2 | 95.7 | 10.9 | 12.9 | 15.9 | 84.4 | 82.1 | 111.6 | 67.7 | 76.8 | 69.2 | 3.5 | 6.3 | 12.9 | 71.2 | 83.2 | 82.1 | ||||||||||||||||||||||||||||||||||||
Other investment grade | 0.1 | 0.3 | 0.3 | 1.0 | 1.3 | 1.1 | 1.2 | 1.6 | 1.5 | 3.6 | 1.5 | 0.3 | 1.5 | 1.3 | 1.3 | 5.1 | 2.8 | 1.6 | ||||||||||||||||||||||||||||||||||||
Total HQLA (AVG) | $ | 331.8 | $ | 353.3 | $ | 354.0 | $ | 74.8 | $ | 73.6 | $ | 70.3 | $ | 406.6 | $ | 426.9 | $ | 424.4 | $ | 320.1 | $ | 338.6 | $ | 353.3 | $ | 74.8 | $ | 65.1 | $ | 73.6 | $ | 394.9 | $ | 403.7 | $ | 426.9 |
(1) | Foreign government debt includes securities issued or guaranteed by foreign sovereigns, agencies and multilateral development banks. Foreign government debt securities are held largely to support local liquidity requirements and Citi’s local franchises and principally include government bonds from Hong Kong, Singapore, Korea, Taiwan, India, Mexico and Brazil. |
In billions of dollars | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | ||||||
HQLA | $ | 394.9 | $ | 403.7 | $ | 426.9 | |||
Net outflows | 331.6 | 334.8 | 355.2 | ||||||
LCR | 119 | % | 121 | % | 120 | % | |||
HQLA in excess of net outflows | $63.3 | $ | 68.9 | $ | 71.7 |
In billions of dollars | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | ||||||||||||
Global Consumer Banking | ||||||||||||||||||
North America | $ | 188.8 | $ | 189.7 | $ | 183.4 | $ | 195.0 | $ | 195.7 | $ | 189.7 | ||||||
Latin America | 25.5 | 26.3 | 25.5 | 25.6 | 25.1 | 26.3 | ||||||||||||
Asia(1) | 88.8 | 90.3 | 84.9 | 88.6 | 87.6 | 90.3 | ||||||||||||
Total | $ | 303.1 | $ | 306.3 | $ | 293.8 | $ | 309.2 | $ | 308.4 | $ | 306.3 | ||||||
Institutional Clients Group | ||||||||||||||||||
Corporate lending | $ | 135.5 | $ | 131.6 | $ | 121.5 | $ | 133.1 | $ | 130.0 | $ | 131.6 | ||||||
Treasury and trade solutions (TTS) | 77.7 | 78.2 | 73.7 | 75.1 | 77.0 | 78.2 | ||||||||||||
Private Bank | 90.7 | 88.9 | 79.3 | |||||||||||||||
Private bank | 97.2 | 94.7 | 88.9 | |||||||||||||||
Markets and securities services and other | 43.0 | 40.7 | 37.9 | 51.1 | 49.3 | 40.7 | ||||||||||||
Total | $ | 346.9 | $ | 339.4 | $ | 312.4 | $ | 356.5 | $ | 351.0 | $ | 339.4 | ||||||
Total Corporate/Other | $ | 19.7 | $ | 22.2 | $ | 28.1 | $ | 13.5 | $ | 16.1 | $ | 22.2 | ||||||
Total Citigroup loans (AVG) | $ | 669.7 | $ | 667.9 | $ | 634.3 | $ | 679.2 | $ | 675.5 | $ | 667.9 | ||||||
Total Citigroup loans (EOP) | $ | 671.2 | $ | 672.9 | $ | 644.7 | $ | 682.3 | $ | 684.2 | $ | 672.9 |
(1) | Includes loans in certain EMEA countries for all periods presented. |
In billions of dollars | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | ||||||||||||
Global Consumer Banking | ||||||||||||||||||
North America | $ | 179.9 | $ | 180.9 | $ | 185.1 | $ | 182.3 | $ | 180.6 | $ | 180.9 | ||||||
Latin America | 28.3 | 28.9 | 27.8 | 28.6 | 28.2 | 28.9 | ||||||||||||
Asia(1) | 97.6 | 99.1 | 94.3 | 99.3 | 97.7 | 99.1 | ||||||||||||
Total | $ | 305.8 | $ | 308.9 | $ | 307.2 | $ | 310.2 | $ | 306.5 | $ | 308.9 | ||||||
Institutional Clients Group | ||||||||||||||||||
Treasury and trade solutions (TTS) | $ | 448.7 | $ | 440.3 | $ | 423.9 | $ | 472.4 | $ | 470.8 | $ | 440.3 | ||||||
Banking ex-TTS | 125.5 | 128.2 | 122.1 | 130.2 | 128.4 | 128.2 | ||||||||||||
Markets and securities services | 88.2 | 84.1 | 84.3 | 90.0 | 86.7 | 84.1 | ||||||||||||
Total | $ | 662.4 | $ | 652.6 | $ | 630.3 | $ | 692.6 | $ | 685.9 | $ | 652.6 | ||||||
Corporate/Other | $ | 18.0 | $ | 20.4 | $ | 22.5 | $ | 14.4 | $ | 13.3 | $ | 20.4 | ||||||
Total Citigroup deposits (AVG) | $ | 986.2 | $ | 981.9 | $ | 960.0 | $ | 1,017.2 | $ | 1,005.7 | $ | 981.9 | ||||||
Total Citigroup deposits (EOP) | $ | 996.7 | $ | 1,001.2 | $ | 958.7 | $ | 1,030.4 | $ | 1,013.2 | $ | 1,001.2 |
(1) | Includes deposits in certain EMEA countriesfor all periods presented. |
In billions of dollars | Jun. 30, 2018 | Mar. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | ||||||||||||
Parent and other(1) | ||||||||||||||||||
Benchmark debt: | ||||||||||||||||||
Senior debt | $ | 107.8 | $ | 112.0 | $ | 105.9 | $ | 109.7 | $ | 104.6 | $ | 112.0 | ||||||
Subordinated debt | 25.3 | 25.5 | 26.8 | 24.9 | 24.5 | 25.5 | ||||||||||||
Trust preferred | 1.7 | 1.7 | 1.7 | 1.7 | 1.7 | 1.7 | ||||||||||||
Customer-related debt: | 34.3 | 32.4 | 28.4 | |||||||||||||||
Customer-related debt | 42.4 | 37.1 | 32.4 | |||||||||||||||
Local country and other(2) | 3.8 | 1.6 | 2.1 | 3.3 | 2.9 | 1.6 | ||||||||||||
Total parent and other | $ | 172.9 | $ | 173.2 | $ | 164.9 | $ | 182.0 | $ | 170.8 | $ | 173.2 | ||||||
Bank | ||||||||||||||||||
FHLB borrowings | $ | 13.7 | $ | 15.7 | $ | 20.3 | $ | 10.5 | $ | 10.5 | $ | 15.7 | ||||||
Securitizations(3) | 28.5 | 30.2 | 28.2 | 25.9 | 28.4 | 30.2 | ||||||||||||
CBNA benchmark senior debt | 18.5 | 15.0 | 7.2 | |||||||||||||||
Citibank benchmark senior debt | 21.4 | 18.8 | 15.0 | |||||||||||||||
Local country and other(2) | 3.2 | 3.8 | 4.5 | 3.8 | 3.5 | 3.8 | ||||||||||||
Total bank | $ | 64.0 | $ | 64.8 | $ | 60.2 | $ | 61.5 | $ | 61.2 | $ | 64.8 | ||||||
Total long-term debt | $ | 236.8 | $ | 237.9 | $ | 225.2 | $ | 243.6 | $ | 232.0 | $ | 237.9 |
(1) | “Parent and other” includes long-term debt issued to third parties by the parent holding company (Citigroup) and Citi’s non-bank subsidiaries (including broker-dealer subsidiaries) that are consolidated into Citigroup. As of |
(2) | Local country debt includes debt issued by Citi’s affiliates in support of their local operations. |
(3) | Predominantly credit card securitizations, primarily backed by Citi-branded credit card receivables. |
2Q18 | 1Q18 | 2Q17 | 1Q19 | 4Q18 | 1Q18 | |||||||||||||||||||||||||||||||
In billions of dollars | Maturities | Issuances | Maturities | Issuances | Maturities | Issuances | Maturities | Issuances | Maturities | Issuances | Maturities | Issuances | ||||||||||||||||||||||||
Parent and other | ||||||||||||||||||||||||||||||||||||
Benchmark debt: | ||||||||||||||||||||||||||||||||||||
Senior debt | $ | 7.2 | $ | 4.9 | $ | 3.5 | $ | 5.4 | $ | 2.0 | $ | 6.3 | $ | 0.2 | $ | 4.6 | $ | 3.5 | $ | — | $ | 3.5 | $ | 5.4 | ||||||||||||
Subordinated debt | 0.3 | 0.3 | 1.6 | 0.2 | — | 0.2 | — | — | 1.0 | — | 1.6 | 0.2 | ||||||||||||||||||||||||
Trust preferred | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Customer-related debt | 1.5 | 4.7 | 2.5 | 4.9 | 2.3 | 3.6 | 1.0 | 5.2 | 1.5 | 4.4 | 2.5 | 4.9 | ||||||||||||||||||||||||
Local country and other | 0.2 | 2.1 | 0.1 | 0.1 | 0.1 | — | — | 0.3 | 0.7 | — | 0.1 | 0.1 | ||||||||||||||||||||||||
Total parent and other | $ | 9.1 | $ | 12.0 | $ | 7.7 | $ | 10.7 | $ | 4.3 | $ | 10.2 | $ | 1.2 | $ | 10.1 | $ | 6.7 | $ | 4.4 | $ | 7.7 | $ | 10.7 | ||||||||||||
Bank | ||||||||||||||||||||||||||||||||||||
FHLB borrowings | $ | 4.5 | $ | 2.5 | $ | 6.5 | $ | 3.9 | $ | 1.5 | $ | 1.5 | $ | — | $ | — | $ | 1.5 | $ | 1.5 | $ | 6.5 | $ | 3.9 | ||||||||||||
Securitizations | 2.7 | 1.1 | 2.9 | 2.8 | 0.9 | 5.1 | 2.6 | — | 0.1 | 1.0 | 2.9 | 2.8 | ||||||||||||||||||||||||
CBNA benchmark senior debt | — | 3.5 | — | 2.5 | — | 4.7 | ||||||||||||||||||||||||||||||
Citibank benchmark senior debt | 2.5 | 5.0 | 2.3 | — | — | 2.5 | ||||||||||||||||||||||||||||||
Local country and other | 0.9 | 0.9 | 0.8 | 0.8 | 0.7 | 0.3 | 0.3 | 0.5 | 0.4 | 0.7 | 0.8 | 0.8 | ||||||||||||||||||||||||
Total bank | $ | 8.1 | $ | 8.0 | $ | 10.2 | $ | 10.1 | $ | 3.0 | $ | 11.6 | $ | 5.4 | $ | 5.5 | $ | 4.2 | $ | 3.2 | $ | 10.2 | $ | 10.1 | ||||||||||||
Total | $ | 17.2 | $ | 20.0 | $ | 17.9 | $ | 20.8 | $ | 7.4 | $ | 21.8 | $ | 6.6 | $ | 15.6 | $ | 10.9 | $ | 7.6 | $ | 17.9 | $ | 20.8 |
Maturities 2018 YTD | Maturities | 1Q19 | Maturities | |||||||||||||||||||||||||||||||||||||||||||||||||||
In billions of dollars | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | Total | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total | ||||||||||||||||||||||||||||||||||||||
Parent and other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benchmark debt: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior debt | $ | 10.7 | $ | 7.8 | $ | 14.4 | $ | 8.8 | $ | 14.1 | $ | 7.9 | $ | 12.4 | $ | 42.3 | $ | 107.8 | $ | 0.2 | $ | 13.9 | $ | 8.8 | $ | 14.2 | $ | 9.3 | $ | 12.5 | $ | 7.0 | $ | 44.0 | $ | 109.7 | ||||||||||||||||||
Subordinated debt | 1.8 | 1.0 | — | — | — | 0.7 | 1.1 | 22.5 | 25.3 | — | — | — | — | 0.7 | 1.1 | 0.8 | 22.2 | $ | 24.9 | |||||||||||||||||||||||||||||||||||
Trust preferred | — | — | — | — | — | — | — | 1.7 | 1.7 | — | — | — | — | — | — | — | 1.7 | 1.7 | ||||||||||||||||||||||||||||||||||||
Customer-related debt | 4.0 | 1.1 | 3.8 | 4.7 | 2.8 | 2.3 | 1.5 | 18.1 | 34.3 | 1.0 | 0.6 | 5.1 | 6.2 | 3.9 | 3.5 | 3.1 | 20.1 | 42.4 | ||||||||||||||||||||||||||||||||||||
Local country and other | 0.2 | 2.3 | 0.4 | 0.1 | 0.3 | — | — | 0.5 | 3.8 | — | 1.4 | 0.5 | — | 0.1 | 0.1 | — | 1.2 | 3.3 | ||||||||||||||||||||||||||||||||||||
Total parent and other | $ | 16.8 | $ | 12.2 | $ | 18.6 | $ | 13.6 | $ | 17.3 | $ | 11.0 | $ | 15.0 | $ | 85.2 | $ | 172.9 | $ | 1.2 | $ | 15.9 | $ | 14.4 | $ | 20.4 | $ | 13.9 | $ | 17.2 | $ | 10.9 | $ | 89.3 | $ | 182.0 | ||||||||||||||||||
Bank | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB borrowings | $ | 11.0 | $ | 4.8 | $ | 5.6 | $ | 3.4 | $ | — | $ | — | $ | — | $ | — | $ | 13.7 | $ | — | $ | 5.6 | $ | 4.9 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 10.5 | ||||||||||||||||||
Securitizations | 5.6 | 3.0 | 7.9 | 5.5 | 5.7 | 1.2 | 2.5 | 2.6 | 28.5 | 2.6 | 5.3 | 4.5 | 7.2 | 2.2 | 2.5 | 1.2 | 2.9 | 25.9 | ||||||||||||||||||||||||||||||||||||
CBNA benchmark debt | — | 2.2 | 4.7 | 8.7 | 2.5 | — | — | 0.3 | 18.5 | |||||||||||||||||||||||||||||||||||||||||||||
Citibank benchmark debt | 2.5 | 2.2 | 8.7 | 6.1 | 1.8 | — | 2.6 | — | 21.4 | |||||||||||||||||||||||||||||||||||||||||||||
Local country and other | 1.7 | 0.2 | 0.9 | 1.3 | 0.1 | 0.3 | 0.2 | 0.3 | 3.2 | 0.3 | 0.3 | 0.8 | 1.7 | 0.3 | 0.3 | 0.1 | 0.4 | 3.8 | ||||||||||||||||||||||||||||||||||||
Total bank | $ | 18.3 | $ | 10.2 | $ | 19.1 | $ | 18.9 | $ | 8.4 | $ | 1.5 | $ | 2.7 | $ | 3.2 | $ | 64.0 | $ | 5.4 | $ | 13.4 | $ | 18.9 | $ | 14.9 | $ | 4.3 | $ | 2.7 | $ | 3.9 | $ | 3.3 | $ | 61.5 | ||||||||||||||||||
Total long-term debt | $ | 35.1 | $ | 22.4 | $ | 37.7 | $ | 32.5 | $ | 25.7 | $ | 12.5 | $ | 17.7 | $ | 88.4 | $ | 236.8 | $ | 6.6 | $ | 29.3 | $ | 33.3 | $ | 35.3 | $ | 18.2 | $ | 19.9 | $ | 14.8 | $ | 92.6 | $ | 243.6 |
In billions of dollars | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | ||||||
HQLA | $ | 406.6 | $ | 426.9 | $ | 424.4 | |||
Net outflows | 341.5 | 355.2 | 338.2 | ||||||
LCR | 119 | % | 120 | % | 125 | % | |||
HQLA in excess of net outflows | $ | 65.1 | $ | 71.7 | $ | 86.2 |
Citigroup Inc. | Citibank, N.A. | |||||
Senior debt | Commercial paper | Outlook | Long- term | Short- term | Outlook | |
Fitch Ratings (Fitch) | A | F1 | Stable | A+ | F1 | Stable |
Moody’s Investors Service (Moody’s) | P-2 | P-1 | ||||
Standard & Poor’s (S&P) | BBB+ | A-2 | Stable | A+ | A-1 | Stable |
In millions of dollars (unless otherwise noted) | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | |||||||||||||||
In millions of dollars, except as otherwise noted | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | |||||||||||||||
Estimated annualized impact to net interest revenue | ||||||||||||||||||
U.S. dollar(1) | $ | 1,046 | $ | 1,243 | $ | 1,435 | $ | 527 | $ | 758 | $ | 1,243 | ||||||
All other currencies | 635 | 651 | 589 | 677 | 661 | 651 | ||||||||||||
Total | $ | 1,681 | $ | 1,894 | $ | 2,024 | $ | 1,204 | $ | 1,419 | $ | 1,894 | ||||||
As a percentage of average interest-earning assets | 0.10 | % | 0.11 | % | 0.12 | % | 0.07 | % | 0.08 | % | 0.11 | % | ||||||
Estimated initial impact to AOCI (after-tax)(2) | $ | (4,713 | ) | $ | (4,955 | ) | $ | (4,258 | ) | $ | (3,828 | ) | $ | (3,920 | ) | $ | (4,955 | ) |
Estimated initial impact on Common Equity Tier 1 Capital ratio (bps) | (32 | ) | (33 | ) | (49 | ) | (25 | ) | (28 | ) | (33 | ) |
(1) | Certain trading-oriented businesses within Citi have accrual-accounted positions that are excluded from the estimated impact to net interest revenue in the table, since these exposures are managed economically in combination with mark-to-market positions. The U.S. dollar interest rate exposure associated with these businesses was |
(2) | Includes the effect of changes in interest rates on AOCI related to investment securities, cash flow hedges and pension liability adjustments. |
In millions of dollars (unless otherwise noted) | Scenario 1 | Scenario 2 | Scenario 3 | Scenario 4 | |||||||||||||||||||||||
In millions of dollars, except as otherwise noted | Scenario 1 | Scenario 2 | Scenario 3 | Scenario 4 | Scenario 5 | ||||||||||||||||||||||
Overnight rate change (bps) | 100 | 100 | — | — | 100 | 100 | — | — | (100 | ) | |||||||||||||||||
10-year rate change (bps) | 100 | — | 100 | (100 | ) | 100 | — | 100 | (100 | ) | (100 | ) | |||||||||||||||
Estimated annualized impact to net interest revenue | |||||||||||||||||||||||||||
U.S. dollar | $ | 1,046 | $ | 1,043 | $ | 57 | $ | (66 | ) | $ | 527 | $ | 481 | $ | 35 | $ | (52 | ) | $ | (810 | ) | ||||||
All other currencies | 635 | 595 | 37 | (37 | ) | 677 | 628 | 39 | (39 | ) | (532 | ) | |||||||||||||||
Total | $ | 1,681 | $ | 1,638 | $ | 94 | $ | (103 | ) | $ | 1,204 | $ | 1,109 | $ | 74 | $ | (91 | ) | $ | (1,342 | ) | ||||||
Estimated initial impact to AOCI (after-tax)(1) | $ | (4,713 | ) | $ | (2,713 | ) | $ | (2,176 | ) | $ | 1,688 | $ | (3,828 | ) | $ | (2,312 | ) | $ | (1,620 | ) | $ | 1,116 | $ | 3,141 | |||
Estimated initial impact to Common Equity Tier 1 Capital ratio (bps) | (32 | ) | (18 | ) | (16 | ) | 11 | (25 | ) | (15 | ) | (11 | ) | 7 | 19 |
(1) | Includes the effect of changes in interest rates on AOCI related to investment securities, cash flow hedges and pension liability adjustments. |
For the quarter ended | For the quarter ended | |||||||||||||||||
In millions of dollars (unless otherwise noted) | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | |||||||||||||||
In millions of dollars, except as otherwise noted | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | |||||||||||||||
Change in FX spot rate(1) | (5.8 | )% | 2.5 | % | 1.9 | % | 0.4 | % | (1.6 | )% | 2.5 | % | ||||||
Change in TCE due to FX translation, net of hedges | $ | (2,241 | ) | $ | 676 | $ | 478 | $ | 65 | $ | (491 | ) | $ | 676 | ||||
As a percentage of TCE | (1.5 | )% | 0.4 | % | 0.3 | % | — | % | (0.3 | )% | 0.4 | % | ||||||
Estimated impact to Common Equity Tier 1 Capital ratio (on a fully implemented basis) due to changes in FX translation, net of hedges (bps) | — | (2 | ) | (3 | ) | — | (1 | ) | (2 | ) |
(1) | FX spot rate change is a weighted average based upon Citi’s quarterly average GAAP capital exposure to foreign countries. |
2nd Qtr. | 1st Qtr. | 2nd Qtr. | Change | 1st Qtr. | 4th Qtr. | 1st Qtr. | Change | |||||||||||||||||||||||
In millions of dollars, except as otherwise noted | 2018 | 2018 | 2017 | 2Q18 vs. 2Q17 | 2019 | 2018 | 2018 | 1Q19 vs. 1Q18 | ||||||||||||||||||||||
Interest revenue(1) | $ | 17,613 | $ | 16,396 | $ | 15,416 | 14 | % | $ | 19,140 | $ | 18,845 | $ | 16,396 | 17 | % | ||||||||||||||
Interest expense(2) | 5,885 | 5,160 | 4,036 | 46 | 7,317 | 6,853 | 5,160 | 42 | ||||||||||||||||||||||
Net interest revenue | $ | 11,728 | $ | 11,236 | $ | 11,380 | 3 | % | $ | 11,823 | $ | 11,992 | $ | 11,236 | 5 | % | ||||||||||||||
Interest revenue—average rate | 4.05 | % | 3.85 | % | 3.72 | % | 33 | bps | 4.40 | % | 4.26 | % | 3.85 | % | 55 | bps | ||||||||||||||
Interest expense—average rate | 1.73 | 1.56 | 1.26 | 47 | bps | 2.10 | 1.95 | 1.56 | 54 | bps | ||||||||||||||||||||
Net interest margin(3) | 2.70 | 2.64 | 2.75 | (5 | ) | bps | ||||||||||||||||||||||||
Net interest margin(3)(4) | 2.72 | 2.71 | 2.64 | 8 | bps | |||||||||||||||||||||||||
Interest-rate benchmarks | ||||||||||||||||||||||||||||||
Two-year U.S. Treasury note—average rate | 2.48 | % | 2.16 | % | 1.30 | % | 118 | bps | 2.49 | % | 2.80 | % | 2.16 | % | 33 | bps | ||||||||||||||
10-year U.S. Treasury note—average rate | 2.92 | 2.76 | 2.26 | 66 | bps | 2.65 | 3.04 | 2.76 | (11 | ) | bps | |||||||||||||||||||
10-year vs. two-year spread | 44 | bps | 60 | bps | 96 | bps | 16 | bps | 24 | bps | 60 | bps |
(1) | Net interest revenue includes the taxable equivalent adjustments related to the tax-exempt bond portfolio (based on the U.S. federal statutory tax rates of 21% in |
(2) | Interest expense associated with certain hybrid financial instruments, which are classified as Long-term debt and accounted for at fair value, is reported together with any changes in fair value as part of Principal transactions in the Consolidated |
(3) | The average rate on interest revenue and net interest margin reflects the taxable equivalent gross-up adjustment. See footnote 1 on “Average Balances and Interest Rates—Assets” below. |
(4) | Citi’s net interest margin (NIM) is calculated by dividing |
Average volume | Interest revenue | % Average rate | Average volume | Interest revenue | % Average rate | |||||||||||||||||||||||||||||||||||||||||||
2nd Qtr. | 1st Qtr. | 2nd Qtr. | 2nd Qtr. | 1st Qtr. | 2nd Qtr. | 2nd Qtr. | 1st Qtr. | 2nd Qtr. | 1st Qtr. | 4th Qtr. | 1st Qtr. | 1st Qtr. | 4th Qtr. | 1st Qtr. | 1st Qtr. | 4th Qtr. | 1st Qtr. | |||||||||||||||||||||||||||||||
In millions of dollars, except rates | 2018 | 2018 | 2017 | 2018 | 2018 | 2017 | 2018 | 2018 | 2017 | 2019 | 2018 | 2018 | 2019 | 2018 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Deposits with banks(4) | $ | 176,151 | $ | 170,867 | $ | 166,023 | $ | 493 | $ | 432 | $ | 375 | 1.12 | % | 1.03 | % | 0.91 | % | $ | 171,369 | $ | 175,251 | $ | 170,867 | $ | 607 | $ | 649 | $ | 432 | 1.44 | % | 1.47 | % | 1.03 | % | ||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell(5) | ||||||||||||||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 153,273 | $ | 140,357 | $ | 144,483 | $ | 838 | $ | 713 | $ | 472 | 2.19 | % | 2.06 | % | 1.31 | % | $ | 152,530 | $ | 151,760 | $ | 140,357 | $ | 1,262 | $ | 1,202 | $ | 713 | 3.36 | % | 3.14 | % | 2.06 | % | ||||||||||||
In offices outside the U.S.(4) | 118,098 | 113,920 | 104,780 | 498 | 326 | 357 | 1.69 | 1.16 | 1.37 | 123,109 | 124,372 | 113,920 | 528 | 490 | 326 | 1.74 | 1.56 | 1.16 | ||||||||||||||||||||||||||||||
Total | $ | 271,371 | $ | 254,277 | $ | 249,263 | $ | 1,336 | $ | 1,039 | $ | 829 | 1.97 | % | 1.66 | % | 1.33 | % | $ | 275,639 | $ | 276,132 | $ | 254,277 | $ | 1,790 | $ | 1,692 | $ | 1,039 | 2.63 | % | 2.43 | % | 1.66 | % | ||||||||||||
Trading account assets(6)(7) | ||||||||||||||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 92,791 | $ | 97,558 | $ | 100,080 | $ | 851 | $ | 869 | $ | 877 | 3.68 | % | 3.61 | % | 3.51 | % | $ | 95,904 | $ | 93,877 | $ | 97,558 | $ | 940 | $ | 938 | $ | 869 | 3.98 | % | 3.96 | % | 3.61 | % | ||||||||||||
In offices outside the U.S.(4) | 117,840 | 118,603 | 103,581 | 922 | 512 | 646 | 3.14 | 1.75 | 2.50 | 124,673 | 112,983 | 118,603 | 752 | 567 | 512 | 2.45 | 1.99 | 1.75 | ||||||||||||||||||||||||||||||
Total | $ | 210,631 | $ | 216,161 | $ | 203,661 | $ | 1,773 | $ | 1,381 | $ | 1,523 | 3.38 | % | 2.59 | % | 3.00 | % | $ | 220,577 | $ | 206,860 | $ | 216,161 | $ | 1,692 | $ | 1,505 | $ | 1,381 | 3.11 | % | 2.89 | % | 2.59 | % | ||||||||||||
Investments | ||||||||||||||||||||||||||||||||||||||||||||||||
In U.S. offices | ||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | $ | 225,886 | $ | 229,407 | $ | 224,021 | $ | 1,315 | $ | 1,224 | $ | 1,086 | 2.34 | % | 2.16 | % | 1.94 | % | $ | 225,733 | $ | 232,169 | $ | 229,407 | $ | 1,509 | $ | 1,449 | $ | 1,224 | 2.71 | % | 2.48 | % | 2.16 | % | ||||||||||||
Exempt from U.S. income tax | 17,339 | 17,531 | 18,466 | 180 | 170 | 197 | 4.16 | 3.93 | 4.28 | 16,287 | 16,838 | 17,531 | 129 | 181 | 170 | 3.21 | 4.26 | 3.93 | ||||||||||||||||||||||||||||||
In offices outside the U.S.(4) | 104,562 | 105,307 | 106,758 | 913 | 877 | 830 | 3.50 | 3.38 | 3.12 | 108,988 | 103,144 | 105,307 | 940 | 907 | 877 | 3.50 | 3.49 | 3.38 | ||||||||||||||||||||||||||||||
Total | $ | 347,787 | $ | 352,245 | $ | 349,245 | $ | 2,408 | $ | 2,271 | $ | 2,113 | 2.78 | % | 2.61 | % | 2.43 | % | $ | 351,008 | $ | 352,151 | $ | 352,245 | $ | 2,578 | $ | 2,537 | $ | 2,271 | 2.98 | % | 2.86 | % | 2.61 | % | ||||||||||||
Loans (net of unearned income)(8) | ||||||||||||||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 382,972 | $ | 380,357 | $ | 369,342 | $ | 6,958 | $ | 6,732 | $ | 6,393 | 7.29 | % | 7.18 | % | 6.94 | % | $ | 393,398 | $ | 392,460 | $ | 380,357 | $ | 7,649 | $ | 7,606 | $ | 6,732 | 7.89 | % | 7.69 | % | 7.18 | % | ||||||||||||
In offices outside the U.S.(4) | 286,772 | 287,568 | 264,986 | 4,251 | 4,177 | 3,925 | 5.95 | 5.89 | 5.94 | 285,811 | 283,014 | 287,568 | 4,341 | 4,375 | 4,177 | 6.16 | 6.13 | 5.89 | ||||||||||||||||||||||||||||||
Total | $ | 669,744 | $ | 667,925 | $ | 634,328 | $ | 11,209 | $ | 10,909 | $ | 10,318 | 6.71 | % | 6.62 | % | 6.52 | % | $ | 679,209 | $ | 675,474 | $ | 667,925 | $ | 11,990 | $ | 11,981 | $ | 10,909 | 7.16 | % | 7.04 | % | 6.62 | % | ||||||||||||
Other interest-earning assets(9) | $ | 69,341 | $ | 66,761 | $ | 60,107 | $ | 394 | $ | 364 | $ | 258 | 2.28 | % | 2.21 | % | 1.72 | % | $ | 66,925 | $ | 69,243 | $ | 66,761 | $ | 483 | $ | 481 | $ | 364 | 2.93 | % | 2.76 | % | 2.21 | % | ||||||||||||
Total interest-earning assets | $ | 1,745,025 | $ | 1,728,236 | $ | 1,662,627 | $ | 17,613 | $ | 16,396 | $ | 15,416 | 4.05 | % | 3.85 | % | 3.72 | % | $ | 1,764,727 | $ | 1,755,111 | $ | 1,728,236 | $ | 19,140 | $ | 18,845 | $ | 16,396 | 4.40 | % | 4.26 | % | 3.85 | % | ||||||||||||
Non-interest-earning assets(6) | $ | 172,077 | $ | 175,987 | $ | 206,581 | $ | 174,687 | $ | 181,680 | $ | 175,987 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,917,102 | $ | 1,904,223 | $ | 1,869,208 | $ | 1,939,414 | $ | 1,936,791 | $ | 1,904,223 |
(1) | Net interest revenue includes the taxable equivalent adjustments related to the tax-exempt bond portfolio (based on the U.S. federal statutory tax rates of 21% in |
(2) | Interest rates and amounts include the effects of risk management activities associated with the respective asset categories. |
(3) | Monthly or quarterly averages have been used by certain subsidiaries where daily averages are unavailable. |
(4) | Average rates reflect prevailing local interest rates, including inflationary effects and monetary corrections in certain countries. |
(5) | Average volumes of securities borrowed or purchased under agreements to resell are reported net pursuant to ASC 210-20-45. However, Interest revenue excludes the impact of ASC 210-20-45. |
(6) | The fair value carrying amounts of derivative contracts are reported net, pursuant to ASC 815-10-45, in Non-interest-earning assets and Other non-interest-bearing liabilities. |
(7) | Interest expense on Trading account liabilities of ICG is reported as a reduction of Interest revenue. Interest revenue and Interest expense on cash collateral positions are reported in interest on Trading account assets and Trading account liabilities, respectively. |
(8) | Includes cash-basis loans. |
(9) | Includes brokerage receivables. |
Average volume | Interest expense | % Average rate | Average volume | Interest expense | % Average rate | |||||||||||||||||||||||||||||||||||||||||||
2nd Qtr. | 1st Qtr. | 2nd Qtr. | 2nd Qtr. | 1st Qtr. | 2nd Qtr. | 2nd Qtr. | 1st Qtr. | 2nd Qtr. | 1st Qtr. | 4th Qtr. | 1st Qtr. | 1st Qtr. | 4th Qtr. | 1st Qtr. | 1st Qtr. | 4th Qtr. | 1st Qtr. | |||||||||||||||||||||||||||||||
In millions of dollars, except rates | 2018 | 2018 | 2017 | 2018 | 2018 | 2017 | 2018 | 2018 | 2017 | 2019 | 2018 | 2018 | 2019 | 2018 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||||||||||||||||||||||||||
In U.S. offices(4) | $ | 332,595 | $ | 323,355 | $ | 311,758 | $ | 1,041 | $ | 897 | $ | 593 | 1.26 | % | 1.13 | % | 0.76 | % | $ | 366,247 | $ | 354,613 | $ | 323,355 | $ | 1,489 | $ | 1,331 | $ | 897 | 1.65 | % | 1.49 | % | 1.13 | % | ||||||||||||
In offices outside the U.S.(5) | 453,025 | 446,416 | 439,807 | 1,203 | 1,100 | 1,010 | 1.07 | 1.00 | 0.92 | 473,142 | 463,533 | 446,416 | 1,538 | 1,464 | 1,100 | 1.32 | 1.25 | 1.00 | ||||||||||||||||||||||||||||||
Total | $ | 785,620 | $ | 769,771 | $ | 751,565 | $ | 2,244 | $ | 1,997 | $ | 1,603 | 1.15 | % | 1.05 | % | 0.86 | % | $ | 839,389 | $ | 818,146 | $ | 769,771 | $ | 3,027 | $ | 2,795 | $ | 1,997 | 1.46 | % | 1.36 | % | 1.05 | % | ||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase(6) | ||||||||||||||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 102,517 | $ | 99,015 | $ | 101,623 | $ | 796 | $ | 604 | $ | 396 | 3.11 | % | 2.47 | % | 1.56 | % | $ | 111,033 | $ | 104,647 | $ | 99,015 | $ | 1,107 | $ | 1,048 | $ | 604 | 4.04 | % | 3.97 | % | 2.47 | % | ||||||||||||
In offices outside the U.S.(5) | 68,556 | 65,450 | 59,354 | 428 | 345 | 280 | 2.50 | 2.14 | 1.89 | 72,904 | 72,411 | 65,450 | 482 | 418 | 345 | 2.68 | 2.29 | 2.14 | ||||||||||||||||||||||||||||||
Total | $ | 171,073 | $ | 164,465 | $ | 160,977 | $ | 1,224 | $ | 949 | $ | 676 | 2.87 | % | 2.34 | % | 1.68 | % | $ | 183,937 | $ | 177,058 | $ | 164,465 | $ | 1,589 | $ | 1,466 | $ | 949 | 3.50 | % | 3.28 | % | 2.34 | % | ||||||||||||
Trading account liabilities(7)(8) | ||||||||||||||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 36,103 | $ | 33,996 | $ | 34,287 | $ | 140 | $ | 127 | $ | 81 | 1.56 | % | 1.52 | % | 0.95 | % | $ | 40,163 | $ | 40,735 | $ | 33,996 | $ | 196 | $ | 178 | $ | 127 | 1.98 | % | 1.73 | % | 1.52 | % | ||||||||||||
In offices outside the U.S.(5) | 61,048 | 57,725 | 56,731 | 96 | 88 | 65 | 0.63 | 0.62 | 0.46 | 55,127 | 59,157 | 57,725 | 131 | 99 | 88 | 0.96 | 0.66 | 0.62 | ||||||||||||||||||||||||||||||
Total | $ | 97,151 | $ | 91,721 | $ | 91,018 | $ | 236 | $ | 215 | $ | 146 | 0.97 | % | 0.95 | % | 0.64 | % | $ | 95,290 | $ | 99,892 | $ | 91,721 | $ | 327 | $ | 277 | $ | 215 | 1.39 | % | 1.10 | % | 0.95 | % | ||||||||||||
Short-term borrowings(9) | ||||||||||||||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 84,338 | $ | 89,202 | $ | 68,486 | $ | 439 | $ | 389 | $ | 103 | 2.09 | % | 1.77 | % | 0.60 | % | $ | 75,440 | $ | 80,903 | $ | 89,202 | $ | 571 | $ | 555 | $ | 389 | 3.07 | % | 2.72 | % | 1.77 | % | ||||||||||||
In offices outside the U.S.(5) | 23,854 | 23,482 | 23,070 | 84 | 82 | 99 | 1.41 | 1.42 | 1.72 | 23,740 | 23,693 | 23,482 | 81 | 82 | 82 | 1.38 | 1.37 | 1.42 | ||||||||||||||||||||||||||||||
Total | $ | 108,192 | $ | 112,684 | $ | 91,556 | $ | 523 | $ | 471 | $ | 202 | 1.94 | % | 1.70 | % | 0.88 | % | $ | 99,180 | $ | 104,596 | $ | 112,684 | $ | 652 | $ | 637 | $ | 471 | 2.67 | % | 2.42 | % | 1.70 | % | ||||||||||||
Long-term debt(10) | ||||||||||||||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 198,291 | $ | 199,924 | $ | 187,610 | $ | 1,620 | $ | 1,482 | $ | 1,361 | 3.28 | % | 3.01 | % | 2.91 | % | $ | 191,903 | $ | 193,317 | $ | 199,924 | $ | 1,685 | $ | 1,637 | $ | 1,482 | 3.56 | % | 3.36 | % | 3.01 | % | ||||||||||||
In offices outside the U.S.(5) | 4,980 | 4,353 | 4,534 | 38 | 46 | 48 | 3.06 | 4.29 | 4.25 | 5,060 | 4,857 | 4,353 | 37 | 41 | 46 | 2.97 | 3.35 | 4.29 | ||||||||||||||||||||||||||||||
Total | $ | 203,271 | $ | 204,277 | $ | 192,144 | $ | 1,658 | $ | 1,528 | $ | 1,409 | 3.27 | % | 3.03 | % | 2.94 | % | $ | 196,963 | $ | 198,174 | $ | 204,277 | $ | 1,722 | $ | 1,678 | $ | 1,528 | 3.55 | % | 3.36 | % | 3.03 | % | ||||||||||||
Total interest-bearing liabilities | $ | 1,365,307 | $ | 1,342,918 | $ | 1,287,260 | $ | 5,885 | $ | 5,160 | $ | 4,036 | 1.73 | % | 1.56 | % | 1.26 | % | $ | 1,414,759 | $ | 1,397,866 | $ | 1,342,918 | $ | 7,317 | $ | 6,853 | $ | 5,160 | 2.10 | % | 1.95 | % | 1.56 | % | ||||||||||||
Demand deposits in U.S. offices | $ | 33,737 | $ | 35,528 | $ | 38,772 | $ | 26,893 | $ | 32,629 | $ | 35,528 | ||||||||||||||||||||||||||||||||||||
Other non-interest-bearing liabilities(7) | 316,907 | 324,002 | 313,227 | 301,259 | 310,369 | 324,002 | ||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 1,715,951 | $ | 1,702,448 | $ | 1,639,259 | $ | 1,742,911 | $ | 1,740,864 | $ | 1,702,448 | ||||||||||||||||||||||||||||||||||||
Citigroup stockholders’ equity | $ | 200,295 | $ | 200,833 | $ | 228,946 | $ | 195,705 | $ | 195,101 | $ | 200,833 | ||||||||||||||||||||||||||||||||||||
Noncontrolling interest | 856 | 942 | 1,003 | 798 | 827 | 942 | ||||||||||||||||||||||||||||||||||||||||||
Total equity | $ | 201,151 | $ | 201,775 | $ | 229,949 | $ | 196,503 | $ | 195,928 | $ | 201,775 | ||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,917,102 | $ | 1,904,223 | $ | 1,869,208 | $ | 1,939,414 | $ | 1,936,792 | $ | 1,904,223 | ||||||||||||||||||||||||||||||||||||
Net interest revenue as a percentage of average interest-earning assets(11) | ||||||||||||||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 983,786 | $ | 973,752 | $ | 956,968 | $ | 6,710 | $ | 6,717 | $ | 6,777 | 2.74 | % | 2.80 | % | 2.84 | % | $ | 996,567 | $ | 1,007,400 | $ | 973,752 | $ | 7,232 | $ | 7,423 | $ | 6,717 | 2.94 | % | 2.92 | % | 2.80 | % | ||||||||||||
In offices outside the U.S.(6) | 761,239 | 754,484 | 705,659 | 5,018 | 4,519 | 4,603 | 2.64 | 2.43 | 2.62 | 768,160 | 747,711 | 754,484 | 4,591 | 4,569 | 4,519 | 2.42 | 2.42 | 2.43 | ||||||||||||||||||||||||||||||
Total | $ | 1,745,025 | $ | 1,728,236 | $ | 1,662,627 | $ | 11,728 | $ | 11,236 | $ | 11,380 | 2.70 | % | 2.64 | % | 2.75 | % | $ | 1,764,727 | $ | 1,755,111 | $ | 1,728,236 | $ | 11,823 | $ | 11,992 | $ | 11,236 | 2.72 | % | 2.71 | % | 2.64 | % |
(1) | Net interest revenue includes the taxable equivalent adjustments related to the tax-exempt bond portfolio (based on the U.S. federal statutory tax rates of 21% in |
(2) | Interest rates and amounts include the effects of risk management activities associated with the respective liability categories. |
(3) | Monthly or quarterly averages have been used by certain subsidiaries where daily averages are unavailable. |
(4) | Consists of other time deposits and savings deposits. Savings deposits are made up of insured money market accounts, NOW accounts and other savings deposits. The interest expense on savings deposits includes FDIC deposit insurance assessments. |
(5) | Average rates reflect prevailing local interest rates, including inflationary effects and monetary corrections in certain countries. |
(6) | Average volumes of securities sold under agreements to repurchase are reported net pursuant to ASC 210-20-45. However, Interest expense excludes the impact of ASC 210-20-45. |
(7) | The fair value carrying amounts of derivative contracts are reported net, pursuant to ASC 815-10-45, in Non-interest-earning assets and Other non-interest-bearing liabilities. |
(8) | Interest expense on Trading account liabilities of ICG is reported as a reduction of Interest revenue. Interest revenue and Interest expense on cash collateral positions are reported in interest on Trading account assets and Trading account liabilities, respectively. |
(9) | Includes brokerage payables. |
(10) | Excludes hybrid financial instruments and beneficial interests in consolidated VIEs that are classified as Long-term debt, as the changes in fair value for these obligations are recorded in Principal transactions. |
(11) | Includes allocations for capital and funding costs based on the location of the asset. |
Average volume | Interest revenue | % Average rate | ||||||||||||||
Six Months | Six Months | Six Months | Six Months | Six Months | Six Months | |||||||||||
In millions of dollars, except rates | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | ||||||||||
Assets | ||||||||||||||||
Deposits with banks(5) | $ | 173,509 | $ | 160,394 | $ | 925 | $ | 670 | 1.08 | % | 0.84 | % | ||||
Federal funds sold and securities borrowed or purchased under agreements to resell(6) | ||||||||||||||||
In U.S. offices | $ | 146,816 | $ | 144,243 | $ | 1,551 | $ | 840 | 2.13 | % | 1.17 | % | ||||
In offices outside the U.S.(5) | 116,009 | 103,906 | 824 | 650 | 1.43 | 1.26 | ||||||||||
Total | $ | 262,825 | $ | 248,149 | $ | 2,375 | $ | 1,490 | 1.82 | % | 1.21 | % | ||||
Trading account assets(7)(8) | ||||||||||||||||
In U.S. offices | $ | 95,175 | $ | 100,958 | $ | 1,720 | $ | 1,761 | 3.64 | % | 3.52 | % | ||||
In offices outside the U.S.(5) | 118,222 | 98,798 | 1,434 | 1,069 | 2.45 | 2.18 | ||||||||||
Total | $ | 213,397 | $ | 199,756 | $ | 3,154 | $ | 2,830 | 2.98 | % | 2.86 | % | ||||
Investments | ||||||||||||||||
In U.S. offices | ||||||||||||||||
Taxable | $ | 227,647 | $ | 222,736 | $ | 2,539 | $ | 2,120 | 2.25 | % | 1.92 | % | ||||
Exempt from U.S. income tax | 17,435 | 18,573 | 350 | 393 | 4.05 | 4.27 | ||||||||||
In offices outside the U.S.(5) | 104,935 | 106,992 | 1,790 | 1,619 | 3.44 | 3.05 | ||||||||||
Total | $ | 350,017 | $ | 348,301 | $ | 4,679 | $ | 4,132 | 2.70 | % | 2.39 | % | ||||
Loans (net of unearned income)(9) | ||||||||||||||||
In U.S. offices | $ | 381,665 | $ | 368,370 | $ | 13,690 | $ | 12,666 | 7.23 | % | 6.93 | % | ||||
In offices outside the U.S.(5) | 287,170 | 260,464 | 8,428 | 7,720 | 5.92 | 5.98 | ||||||||||
Total | $ | 668,835 | $ | 628,834 | $ | 22,118 | $ | 20,386 | 6.67 | % | 6.54 | % | ||||
Other interest-earning assets(10) | $ | 68,051 | $ | 58,420 | $ | 758 | $ | 552 | 2.25 | % | 1.91 | % | ||||
Total interest-earning assets | $ | 1,736,634 | $ | 1,643,854 | $ | 34,009 | $ | 30,060 | 3.95 | % | 3.69 | % | ||||
Non-interest-earning assets(7) | $ | 174,032 | $ | 206,029 | ||||||||||||
Total assets | $ | 1,910,666 | $ | 1,849,883 |
Average volume | Interest expense | % Average rate | ||||||||||||||
Six Months | Six Months | Six Months | Six Months | Six Months | Six Months | |||||||||||
In millions of dollars, except rates | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | ||||||||||
Liabilities | ||||||||||||||||
Deposits | ||||||||||||||||
In U.S. offices(5) | $ | 327,974 | $ | 307,026 | $ | 1,938 | $ | 1,100 | 1.19 | % | 0.72 | % | ||||
In offices outside the U.S.(6) | 449,721 | 434,275 | 2,303 | 1,918 | 1.03 | 0.89 | ||||||||||
Total | $ | 777,695 | $ | 741,301 | $ | 4,241 | $ | 3,018 | 1.10 | % | 0.82 | % | ||||
Federal funds purchased and securities loaned or sold under agreements to repurchase(7) | ||||||||||||||||
In U.S. offices | $ | 100,766 | $ | 98,042 | $ | 1,400 | $ | 678 | 2.80 | % | 1.39 | % | ||||
In offices outside the U.S.(6) | 67,003 | 56,890 | 773 | 491 | 2.33 | 1.74 | ||||||||||
Total | $ | 167,769 | $ | 154,932 | $ | 2,173 | $ | 1,169 | 2.61 | % | 1.52 | % | ||||
Trading account liabilities(8)(9) | ||||||||||||||||
In U.S. offices | $ | 35,050 | $ | 33,251 | $ | 267 | $ | 165 | 1.54 | % | 1.00 | % | ||||
In offices outside the U.S.(6) | 59,387 | 58,199 | 184 | 128 | 0.62 | 0.44 | ||||||||||
Total | $ | 94,437 | $ | 91,450 | $ | 451 | $ | 293 | 0.96 | % | 0.65 | % | ||||
Short-term borrowings(10) | ||||||||||||||||
In U.S. offices | $ | 86,770 | $ | 70,047 | $ | 828 | $ | 188 | 1.92 | % | 0.54 | % | ||||
In offices outside the U.S.(6) | 23,668 | 23,538 | 166 | 213 | 1.41 | 1.82 | ||||||||||
Total | $ | 110,438 | $ | 93,585 | $ | 994 | $ | 401 | 1.82 | % | 0.86 | % | ||||
Long-term debt(11) | ||||||||||||||||
In U.S. offices | $ | 199,108 | $ | 183,133 | $ | 3,102 | $ | 2,616 | 3.14 | % | 2.88 | % | ||||
In offices outside the U.S.(6) | 4,667 | 4,924 | 84 | 105 | 3.63 | 4.30 | ||||||||||
Total | $ | 203,775 | $ | 188,057 | $ | 3,186 | $ | 2,721 | 3.15 | % | 2.92 | % | ||||
Total interest-bearing liabilities | $ | 1,354,114 | $ | 1,269,325 | $ | 11,045 | $ | 7,602 | 1.64 | % | 1.21 | % | ||||
Demand deposits in U.S. offices | $ | 34,633 | $ | 38,260 | ||||||||||||
Other non-interest-bearing liabilities(8) | 320,455 | 311,376 | ||||||||||||||
Total liabilities | $ | 1,709,202 | $ | 1,618,961 | ||||||||||||
Citigroup stockholders’ equity(12) | $ | 200,564 | $ | 229,918 | ||||||||||||
Noncontrolling interest | 899 | 1,002 | ||||||||||||||
Total equity(12) | $ | 201,463 | $ | 230,920 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 1,910,665 | $ | 1,849,881 | ||||||||||||
Net interest revenue as a percentage of average interest-earning assets | ||||||||||||||||
In U.S. offices | $ | 978,772 | $ | 958,043 | $ | 13,427 | $ | 13,540 | 2.77 | % | 2.85 | % | ||||
In offices outside the U.S.(6) | 757,862 | 685,811 | 9,537 | 8,918 | 2.54 | 2.62 | ||||||||||
Total | $ | 1,736,634 | $ | 1,643,854 | $ | 22,964 | $ | 22,458 | 2.67 | % | 2.76 | % |
2nd Qtr. 2018 vs. 1st Qtr. 2018 | 2nd Qtr. 2018 vs. 2nd Qtr. 2017 | 1st Qtr. 2019 vs. 4th Qtr. 2018 | 1st Qtr. 2019 vs. 1st Qtr. 2018 | |||||||||||||||||||||||||||||||||
Increase (decrease) due to change in: | Increase (decrease) due to change in: | Increase (decrease) due to change in: | Increase (decrease) due to change in: | |||||||||||||||||||||||||||||||||
In millions of dollars | Average volume | Average rate | Net change | Average volume | Average rate | Net change | Average volume | Average rate | Net change | Average volume | Average rate | Net change | ||||||||||||||||||||||||
Deposits with banks(4) | $ | 14 | $ | 47 | $ | 61 | $ | 24 | $ | 94 | $ | 118 | $ | (14 | ) | $ | (28 | ) | $ | (42 | ) | $ | 1 | $ | 174 | $ | 175 | |||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | ||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 68 | $ | 57 | $ | 125 | $ | 30 | $ | 336 | $ | 366 | $ | 6 | $ | 54 | $ | 60 | $ | 67 | $ | 482 | $ | 549 | ||||||||||||
In offices outside the U.S.(4) | 12 | 160 | 172 | 49 | 92 | 141 | (5 | ) | 43 | 38 | 28 | 174 | 202 | |||||||||||||||||||||||
Total | $ | 80 | $ | 217 | $ | 297 | $ | 79 | $ | 428 | $ | 507 | $ | 1 | $ | 97 | $ | 98 | $ | 95 | $ | 656 | $ | 751 | ||||||||||||
Trading account assets(5) | ||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | (43 | ) | $ | 25 | $ | (18 | ) | $ | (66 | ) | $ | 40 | $ | (26 | ) | $ | 20 | $ | (18 | ) | $ | 2 | $ | (15 | ) | $ | 86 | $ | 71 | ||||||
In offices outside the U.S.(4) | (3 | ) | 413 | 410 | 97 | 179 | 276 | 63 | 122 | 185 | 27 | 213 | 240 | |||||||||||||||||||||||
Total | $ | (46 | ) | $ | 438 | $ | 392 | $ | 31 | $ | 219 | $ | 250 | $ | 83 | $ | 104 | $ | 187 | $ | 12 | $ | 299 | $ | 311 | |||||||||||
Investments(1) | ||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | (21 | ) | $ | 122 | $ | 101 | $ | 4 | $ | 208 | $ | 212 | $ | (46 | ) | $ | 54 | $ | 8 | $ | (28 | ) | $ | 272 | $ | 244 | |||||||||
In offices outside the U.S.(4) | (6 | ) | 42 | 36 | (17 | ) | 100 | 83 | 51 | (18 | ) | 33 | 31 | 32 | 63 | |||||||||||||||||||||
Total | $ | (27 | ) | $ | 164 | $ | 137 | $ | (13 | ) | $ | 308 | $ | 295 | $ | 5 | $ | 36 | $ | 41 | $ | 3 | $ | 304 | $ | 307 | ||||||||||
Loans (net of unearned income)(6) | ||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 47 | $ | 179 | $ | 226 | $ | 241 | $ | 324 | $ | 565 | $ | 18 | $ | 25 | $ | 43 | $ | 237 | $ | 680 | $ | 917 | ||||||||||||
In offices outside the U.S.(4) | (12 | ) | 86 | 74 | 323 | 3 | 326 | 43 | (77 | ) | (34 | ) | (26 | ) | 190 | 164 | ||||||||||||||||||||
Total | $ | 35 | $ | 265 | $ | 300 | $ | 564 | $ | 327 | $ | 891 | $ | 61 | $ | (52 | ) | $ | 9 | $ | 211 | $ | 870 | $ | 1,081 | |||||||||||
Other interest-earning assets(7) | $ | 14 | $ | 16 | $ | 30 | $ | 44 | $ | 92 | $ | 136 | $ | (16 | ) | $ | 18 | $ | 2 | $ | 1 | $ | 118 | $ | 119 | |||||||||||
Total interest revenue | $ | 70 | $ | 1,147 | $ | 1,217 | $ | 729 | $ | 1,468 | $ | 2,197 | $ | 120 | $ | 175 | $ | 295 | $ | 323 | $ | 2,421 | $ | 2,744 |
(1) | The taxable equivalent adjustment is related to the tax-exempt bond portfolio based on the U.S. federal statutory tax rates of 21% in |
(2) | Rate/volume variance is allocated based on the percentage relationship of changes in volume and changes in rate to the total net change. |
(3) | Detailed average volume, Interest revenue and Interest expense exclude Discontinued operations. See Note 2 to the Consolidated Financial Statements. |
(4) | Changes in average rates reflect changes in prevailing local interest rates, including inflationary effects and monetary corrections in certain countries. |
(5) | Interest expense on Trading account liabilities of ICG is reported as a reduction of Interest revenue. Interest revenue and Interest expense on cash collateral positions are reported in interest on Trading account assets and Trading account liabilities, respectively. |
(6) | Includes cash-basis loans. |
(7) | Includes brokerage receivables. |
2nd Qtr. 2018 vs. 1st Qtr. 2018 | 2nd Qtr. 2018 vs. 2nd Qtr. 2017 | 1st Qtr. 2019 vs. 4th Qtr. 2018 | 1st Qtr. 2019 vs. 1st Qtr. 2018 | |||||||||||||||||||||||||||||||||
Increase (decrease) due to change in: | Increase (decrease) due to change in: | Increase (decrease) due to change in: | Increase (decrease) due to change in: | |||||||||||||||||||||||||||||||||
In millions of dollars | Average volume | Average rate | Net change | Average volume | Average rate | Net change | Average volume | Average rate | Net change | Average volume | Average rate | Net change | ||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 26 | $ | 118 | $ | 144 | $ | 42 | $ | 406 | $ | 448 | $ | 45 | $ | 113 | $ | 158 | $ | 131 | $ | 461 | $ | 592 | ||||||||||||
In offices outside the U.S.(4) | 16 | 87 | 103 | 31 | 162 | 193 | 31 | 43 | 74 | 69 | 369 | 438 | ||||||||||||||||||||||||
Total | $ | 42 | $ | 205 | $ | 247 | $ | 73 | $ | 568 | $ | 641 | $ | 76 | $ | 156 | $ | 232 | $ | 200 | $ | 830 | $ | 1,030 | ||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | ||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 22 | $ | 170 | $ | 192 | $ | 4 | $ | 396 | $ | 400 | $ | 64 | $ | (5 | ) | $ | 59 | $ | 81 | $ | 422 | $ | 503 | |||||||||||
In offices outside the U.S.(4) | 17 | 66 | 83 | 48 | 100 | 148 | 3 | 61 | 64 | 42 | 95 | 137 | ||||||||||||||||||||||||
Total | $ | 39 | $ | 236 | $ | 275 | $ | 52 | $ | 496 | $ | 548 | $ | 67 | $ | 56 | $ | 123 | $ | 123 | $ | 517 | $ | 640 | ||||||||||||
Trading account liabilities(5) | ||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 8 | $ | 5 | $ | 13 | $ | 5 | $ | 54 | $ | 59 | $ | (3 | ) | $ | 21 | $ | 18 | $ | 26 | $ | 43 | $ | 69 | |||||||||||
In offices outside the U.S.(4) | 5 | 3 | 8 | 5 | 26 | 31 | (7 | ) | 39 | 32 | (4 | ) | 47 | 43 | ||||||||||||||||||||||
Total | $ | 13 | $ | 8 | $ | 21 | $ | 10 | $ | 80 | $ | 90 | $ | (10 | ) | $ | 60 | $ | 50 | $ | 22 | $ | 90 | $ | 112 | |||||||||||
Short-term borrowings(6) | ||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | (22 | ) | $ | 72 | $ | 50 | $ | 29 | $ | 307 | $ | 336 | $ | (39 | ) | $ | 55 | $ | 16 | $ | (68 | ) | $ | 250 | $ | 182 | |||||||||
In offices outside the U.S.(4) | 1 | 1 | 2 | 3 | (18 | ) | (15 | ) | — | (1 | ) | (1 | ) | 1 | (2 | ) | (1 | ) | ||||||||||||||||||
Total | $ | (21 | ) | $ | 73 | $ | 52 | $ | 32 | $ | 289 | $ | 321 | $ | (39 | ) | $ | 54 | $ | 15 | $ | (67 | ) | $ | 248 | $ | 181 | |||||||||
Long-term debt | ||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | (12 | ) | $ | 150 | $ | 138 | $ | 81 | $ | 178 | $ | 259 | $ | (12 | ) | $ | 60 | $ | 48 | $ | (61 | ) | $ | 264 | $ | 203 | |||||||||
In offices outside the U.S.(4) | 6 | (14 | ) | (8 | ) | 4 | (14 | ) | (10 | ) | 2 | (6 | ) | (4 | ) | 7 | (16 | ) | (9 | ) | ||||||||||||||||
Total | $ | (6 | ) | $ | 136 | $ | 130 | $ | 85 | $ | 164 | $ | 249 | $ | (10 | ) | $ | 54 | $ | 44 | $ | (54 | ) | $ | 248 | $ | 194 | |||||||||
Total interest expense | $ | 67 | $ | 658 | $ | 725 | $ | 252 | $ | 1,597 | $ | 1,849 | $ | 84 | $ | 380 | $ | 464 | $ | 224 | $ | 1,933 | $ | 2,157 | ||||||||||||
Net interest revenue | $ | 3 | $ | 489 | $ | 492 | $ | 476 | $ | (128 | ) | $ | 348 | $ | 36 | $ | (205 | ) | $ | (169 | ) | $ | 100 | $ | 487 | $ | 587 |
(1) | The taxable equivalent adjustment is related to the tax-exempt bond portfolio based on the U.S. federal statutory tax rates of 21% in |
(2) | Rate/volume variance is allocated based on the percentage relationship of changes in volume and changes in rate to the total net change. |
(3) | Detailed average volume, Interest revenue and Interest expense exclude Discontinued operations. See Note 2 to the Consolidated Financial Statements. |
(4) | Changes in average rates reflect changes in prevailing local interest rates, including inflationary effects and monetary corrections in certain countries. |
(5) | Interest expense on Trading account liabilities of ICG is reported as a reduction of Interest revenue. Interest revenue and Interest expense on cash collateral positions are reported in interest on Trading account assets and Trading account liabilities, respectively. |
(6) | Includes brokerage payables. |
Second Quarter | First Quarter | Second Quarter | First Quarter | Fourth Quarter | First Quarter | |||||||||||||||||||||||||||||||
In millions of dollars | June 30, 2018 | 2018 Average | March 31, 2018 | 2018 Average | June 30, 2017 | 2017 Average | March 31, 2019 | 2019 Average | December 31, 2018 | 2018 Average | March 31, 2018 | 2018 Average | ||||||||||||||||||||||||
Interest rate | $ | 60 | $ | 61 | $ | 84 | $ | 68 | $ | 48 | $ | 52 | $ | 32 | $ | 37 | $ | 48 | $ | 54 | $ | 84 | $ | 68 | ||||||||||||
Credit spread | 46 | 47 | 52 | 49 | 52 | $ | 49 | 43 | 48 | 55 | 51 | 52 | 49 | |||||||||||||||||||||||
Covariance adjustment(1) | (25 | ) | (26 | ) | (24 | ) | (25 | ) | (15 | ) | (15 | ) | (21 | ) | (23 | ) | (23 | ) | (22 | ) | (24 | ) | (25 | ) | ||||||||||||
Fully diversified interest rate and credit spread(2) | $ | 81 | $ | 82 | $ | 112 | $ | 92 | $ | 85 | $ | 86 | $ | 54 | $ | 62 | $ | 80 | $ | 83 | $ | 112 | $ | 92 | ||||||||||||
Foreign exchange | 29 | 30 | 33 | 30 | 23 | 23 | 15 | 26 | 18 | 21 | 33 | 30 | ||||||||||||||||||||||||
Equity | 23 | 20 | 20 | 22 | 15 | 15 | 20 | 17 | 25 | 23 | 20 | 22 | ||||||||||||||||||||||||
Commodity | 16 | 17 | 19 | 20 | 20 | 21 | 30 | 28 | 23 | 20 | 19 | 20 | ||||||||||||||||||||||||
Covariance adjustment(1) | (74 | ) | (69 | ) | (73 | ) | (71 | ) | (53 | ) | (59 | ) | (66 | ) | (67 | ) | (66 | ) | (65 | ) | (73 | ) | (71 | ) | ||||||||||||
Total trading VAR—all market risk factors, including general and specific risk (excluding credit portfolios)(2) | $ | 75 | $ | 80 | $ | 111 | $ | 93 | $ | 90 | $ | 86 | $ | 53 | $ | 66 | $ | 80 | $ | 82 | $ | 111 | $ | 93 | ||||||||||||
Specific risk-only component(3) | $ | 2 | $ | 3 | $ | 3 | $ | 3 | $ | 1 | $ | 1 | $ | 2 | $ | 3 | $ | 4 | $ | 78 | $ | 3 | $ | 3 | ||||||||||||
Total trading VAR—general market risk factors only (excluding credit portfolios) | $ | 73 | $ | 77 | $ | 108 | $ | 90 | $ | 89 | $ | 85 | $ | 51 | $ | 63 | $ | 76 | $ | 4 | $ | 108 | $ | 90 | ||||||||||||
Incremental impact of the credit portfolio(4) | $ | 16 | $ | 10 | $ | 5 | $ | 9 | $ | 5 | $ | 10 | $ | 14 | $ | 15 | $ | 18 | $ | 13 | $ | 5 | $ | 9 | ||||||||||||
Total trading and credit portfolio VAR | $ | 91 | $ | 90 | $ | 116 | $ | 102 | $ | 95 | $ | 96 | $ | 67 | $ | 81 | $ | 98 | $ | 95 | $ | 116 | $ | 102 |
(1) | Covariance adjustment (also known as diversification benefit) equals the difference between the total VAR and the sum of the VARs tied to each individual risk type. The benefit reflects the fact that the risks within each and across risk types are not perfectly correlated and, consequently, the total VAR on a given day will be lower than the sum of the VARs relating to each individual risk type. The determination of the primary drivers of changes to the covariance adjustment is made by an examination of the impact of both model parameter and position changes. |
(2) | The total trading VAR includes mark-to-market and certain fair value option trading positions in ICG,with the exception of hedges to the loan portfolio, fair value option loans and all CVA exposures. Available-for-sale and accrual exposures are not included. |
(3) | The specific risk-only component represents the level of equity and fixed income issuer-specific risk embedded in VAR. |
(4) | The credit portfolio is composed of mark-to-market positions associated with non-trading business units including Citi Treasury, the CVA relating to derivative counterparties and all associated CVA hedges. FVA and DVA are not included. The credit portfolio also includes hedges to the loan portfolio, fair value option loans and hedges to the leveraged finance pipeline within capital markets origination in ICG. |
Second Quarter | First Quarter | Second Quarter | First Quarter | Fourth Quarter | First Quarter | |||||||||||||||||||||||||||||||
2018 | 2018 | 2017 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
In millions of dollars | Low | High | Low | High | Low | High | Low | High | Low | High | Low | High | ||||||||||||||||||||||||
Interest rate | $ | 38 | $ | 91 | $ | 50 | $ | 89 | $ | 33 | $ | 72 | $ | 30 | $ | 58 | $ | 34 | $ | 81 | $ | 50 | $ | 89 | ||||||||||||
Credit spread | 43 | 52 | 45 | 53 | 47 | 53 | 41 | 55 | 45 | 53 | 45 | 53 | ||||||||||||||||||||||||
Fully diversified interest rate and credit spread | $ | 59 | $ | 118 | $ | 78 | $ | 117 | $ | 67 | $ | 107 | $ | 51 | $ | 89 | $ | 61 | $ | 106 | $ | 78 | $ | 117 | ||||||||||||
Foreign exchange | 20 | 44 | 24 | 44 | 17 | 28 | 15 | 34 | 15 | 26 | 24 | 44 | ||||||||||||||||||||||||
Equity | 15 | 26 | 16 | 32 | 10 | 24 | 10 | 29 | 17 | 33 | 16 | 32 | ||||||||||||||||||||||||
Commodity | 13 | 22 | 16 | 23 | 14 | 30 | 19 | 43 | 17 | 23 | 16 | 23 | ||||||||||||||||||||||||
Total trading | $ | 57 | $ | 120 | $ | 79 | $ | 118 | $ | 67 | $ | 116 | $ | 53 | $ | 87 | $ | 62 | $ | 102 | $ | 79 | $ | 118 | ||||||||||||
Total trading and credit portfolio | 69 | 123 | 88 | 124 | 78 | 123 | 62 | 103 | 74 | 112 | 88 | 124 |
In millions of dollars | Jun. 30, 2018 | Mar. 31, 2019 | ||||
Total—all market risk factors, including general and specific risk | ||||||
Average—during quarter | $ | 78 | $ | 65 | ||
High—during quarter | 120 | 86 | ||||
Low—during quarter | 55 | 53 |
In billions of dollars | ICG loans(1) | GCB loans | Other funded(2) | Unfunded(3) | Net MTM on derivatives/repos(4) | Total hedges (on loans and CVA) | Investment securities(5) | Trading account assets(6) | Total as of 2Q18 | Total as of 1Q18 | Total as of 2Q17 | Total as a % of Citi as of 2Q18 | ICG loans(1) | GCB loans | Other funded(2) | Unfunded(3) | Net MTM on derivatives/repos(4) | Total hedges (on loans and CVA) | Investment securities(5) | Trading account assets(6) | Total as of 1Q19 | Total as of 4Q18 | Total as of 1Q18 | Total as a % of Citi as of 1Q19 | ||||||||||||||||||||||||||||||||||||||||||||||
United Kingdom | $ | 38.5 | $ | — | $ | 10.5 | $ | 62.4 | $ | 12.4 | $ | (3.5 | ) | $ | 6.4 | $ | (0.9 | ) | $ | 125.8 | $ | 125.7 | $ | 111.8 | 7.9 | % | $ | 41.1 | $ | — | $ | 4.9 | $ | 62.9 | $ | 16.5 | $ | (4.4 | ) | $ | 4.9 | $ | (3.6 | ) | $ | 122.3 | $ | 111.6 | $ | 125.7 | 7.5 | % | ||||||||||||||||||
Mexico | 9.6 | 25.5 | 0.4 | 7.6 | 0.5 | (0.6 | ) | 13.2 | 4.0 | 60.2 | 63.9 | 61.3 | 3.8 | 10.0 | 25.2 | 0.3 | 8.1 | 0.5 | (0.7 | ) | 13.7 | 6.3 | 63.4 | 59.6 | 63.9 | 3.9 | ||||||||||||||||||||||||||||||||||||||||||||
Hong Kong | 18.8 | 11.8 | 0.9 | 6.3 | 1.2 | (0.2 | ) | 5.3 | 1.0 | 45.1 | 45.9 | 39.7 | 2.8 | 17.7 | 13.2 | 0.8 | 8.2 | 1.1 | (0.4 | ) | 7.1 | 2.6 | 50.3 | 48.1 | 45.9 | 3.1 | ||||||||||||||||||||||||||||||||||||||||||||
Singapore | 13.7 | 12.3 | 0.3 | 4.8 | 1.1 | (0.2 | ) | 8.7 | 0.5 | 41.2 | 43.0 | 41.2 | 2.6 | 12.2 | 12.7 | 0.2 | 4.7 | 1.1 | (0.2 | ) | 8.6 | 1.7 | 41.0 | 40.7 | 43.0 | 2.5 | ||||||||||||||||||||||||||||||||||||||||||||
Korea | 2.2 | 19.0 | 0.2 | 2.9 | 1.6 | (1.2 | ) | 8.9 | 1.4 | 35.0 | 35.8 | 35.1 | 2.2 | 1.9 | 18.1 | 0.2 | 2.4 | 1.5 | (0.4 | ) | 9.5 | 0.5 | 33.7 | 33.8 | 35.8 | 2.1 | ||||||||||||||||||||||||||||||||||||||||||||
Ireland | 12.7 | — | 1.1 | 16.4 | 0.4 | — | — | 0.7 | 31.3 | 32.6 | 28.9 | 2.0 | 13.3 | — | 0.8 | 18.2 | 0.4 | — | — | 0.8 | 33.5 | 33.7 | 32.6 | 2.1 | ||||||||||||||||||||||||||||||||||||||||||||||
India | 4.1 | 6.8 | 0.7 | 5.4 | 1.3 | (0.8 | ) | 8.7 | 1.4 | 27.6 | 31.7 | 33.4 | 1.7 | 4.8 | 7.1 | 0.8 | 5.7 | 2.1 | (0.7 | ) | 9.5 | 2.7 | 32.0 | 30.2 | 31.7 | 2.0 | ||||||||||||||||||||||||||||||||||||||||||||
Brazil | 11.6 | — | 0.1 | 3.0 | 5.0 | (1.4 | ) | 3.0 | 3.1 | 24.4 | 26.9 | 27.3 | 1.5 | 12.7 | — | — | 2.9 | 5.3 | (0.9 | ) | 3.5 | 3.3 | 26.8 | 26.0 | 26.9 | 1.7 | ||||||||||||||||||||||||||||||||||||||||||||
Australia | 4.7 | 10.4 | — | 6.2 | 0.8 | (0.4 | ) | 1.9 | (0.4 | ) | 23.2 | 24.6 | 23.7 | 1.5 | 5.6 | 9.9 | 0.2 | 6.8 | 1.2 | (0.4 | ) | 1.5 | (1.9 | ) | 22.9 | 23.5 | 24.6 | 1.4 | ||||||||||||||||||||||||||||||||||||||||||
Germany | 0.4 | — | 0.1 | 6.1 | 3.6 | (3.4 | ) | 9.1 | 6.3 | 22.2 | 17.4 | 14.7 | 1.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taiwan | 5.1 | 8.8 | 0.1 | 1.1 | 0.5 | (0.1 | ) | 1.2 | 0.9 | 17.6 | 17.4 | 20.3 | 1.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
China | 8.0 | 4.8 | 0.3 | 1.8 | 2.4 | (0.6 | ) | 2.4 | 0.4 | 19.5 | 19.8 | 19.4 | 1.2 | 6.4 | 4.7 | 0.4 | 1.7 | 0.8 | (0.4 | ) | 4.4 | (0.6 | ) | 17.4 | 18.0 | 19.8 | 1.1 | |||||||||||||||||||||||||||||||||||||||||||
Taiwan | 5.3 | 8.9 | 0.2 | 1.2 | 1.2 | — | 1.1 | 1.1 | 19.0 | 20.3 | 18.4 | 1.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Germany | 0.1 | — | 0.1 | 4.5 | 3.4 | (3.4 | ) | 9.4 | 2.7 | 16.8 | 14.7 | 19.5 | 1.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Japan | 2.9 | 0.1 | 0.1 | 2.3 | 4.0 | (1.3 | ) | 4.9 | 2.9 | 15.9 | 18.4 | 18.6 | 1.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Canada | 1.9 | 0.7 | 0.5 | 7.1 | 2.2 | (0.3 | ) | 3.3 | 0.4 | 15.8 | 15.6 | 16.3 | 1.0 | 2.3 | 0.6 | 0.4 | 6.8 | 2.4 | (0.4 | ) | 2.7 | 0.5 | 15.3 | 16.0 | 15.6 | 0.9 | ||||||||||||||||||||||||||||||||||||||||||||
Poland | 3.6 | 1.9 | 0.1 | 2.9 | 0.1 | (0.1 | ) | 4.0 | 0.5 | 13.0 | 14.7 | 13.1 | 0.8 | 3.8 | 1.9 | 0.1 | 3.9 | 0.1 | (0.1 | ) | 4.3 | 1.3 | 15.3 | 13.2 | 14.7 | 0.9 | ||||||||||||||||||||||||||||||||||||||||||||
Japan | 2.6 | — | 0.1 | 2.7 | 3.7 | (1.5 | ) | 6.2 | 0.6 | 14.4 | 17.6 | 18.4 | 0.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
United Arab Emirates | 5.6 | 1.5 | 0.1 | 2.8 | 0.3 | (0.1 | ) | — | — | 10.2 | 11.0 | 6.2 | 0.6 | 7.1 | 1.5 | 0.1 | 3.5 | 0.2 | (0.1 | ) | — | 0.1 | 12.4 | 9.6 | 11.0 | 0.8 | ||||||||||||||||||||||||||||||||||||||||||||
Malaysia | 1.8 | 4.6 | 0.3 | 1.2 | 0.1 | (0.1 | ) | 1.4 | 0.7 | 10.0 | 10.0 | 10.0 | 0.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jersey | 6.9 | — | 0.4 | 2.5 | 0.2 | — | — | — | 10.0 | 9.0 | 4.1 | 0.6 | 7.0 | — | 0.3 | 2.7 | 0.1 | (0.2 | ) | — | — | 9.9 | 10.4 | 9.0 | 0.6 | |||||||||||||||||||||||||||||||||||||||||||||
Malaysia | 1.7 | 4.8 | 0.3 | 1.3 | 0.1 | (0.1 | ) | 1.2 | 0.4 | 9.7 | 10.0 | 9.0 | 0.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Thailand | 1.2 | 2.3 | — | 1.5 | 0.1 | — | 1.4 | 0.4 | 6.9 | 7.4 | 7.0 | 0.4 | 0.8 | 2.5 | 0.1 | 1.6 | — | — | 1.4 | 0.4 | 6.8 | 7.4 | 7.4 | 0.4 | ||||||||||||||||||||||||||||||||||||||||||||||
Indonesia | 2.3 | 1.1 | — | 1.4 | 0.1 | (0.1 | ) | 1.2 | 0.2 | 6.2 | 6.5 | 5.7 | 0.4 | 2.3 | 1.0 | — | 1.5 | — | (0.1 | ) | 1.2 | 0.2 | 6.1 | 6.3 | 6.5 | 0.4 | ||||||||||||||||||||||||||||||||||||||||||||
Philippines | 0.6 | 1.3 | 0.1 | 0.4 | 1.3 | — | 1.8 | 0.4 | 5.9 | 5.3 | 4.3 | 0.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Russia | 2.1 | 0.9 | — | 0.8 | 0.4 | (0.1 | ) | 0.7 | (0.1 | ) | 4.7 | 4.6 | 5.5 | 0.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Luxembourg | — | — | — | — | 0.8 | (0.3 | ) | 3.2 | 0.3 | 4.0 | 4.9 | 5.7 | 0.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Africa | 1.8 | — | — | 1.3 | 0.4 | (0.1 | ) | 2.0 | (0.1 | ) | 5.3 | 4.7 | 3.9 | 0.3 | 1.2 | — | 0.1 | 0.9 | 0.2 | (0.1 | ) | 1.6 | — | 3.9 | 4.5 | 4.7 | 0.2 | |||||||||||||||||||||||||||||||||||||||||||
Philippines | 0.8 | 1.2 | 0.1 | 0.4 | 1.3 | (0.1 | ) | 1.4 | 0.1 | 5.2 | 4.3 | 3.6 | 0.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Luxembourg | — | — | — | — | 0.5 | (0.3 | ) | 4.3 | 0.4 | 4.9 | 5.7 | 5.8 | 0.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Russia | 1.9 | 0.9 | — | 0.8 | 0.2 | (0.1 | ) | 0.7 | 0.2 | 4.6 | 5.5 | 4.7 | 0.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Argentina | 1.8 | — | — | 0.1 | 1.0 | (0.4 | ) | 0.2 | 1.0 | 3.7 | 4.3 | 3.0 | 0.2 | 1.7 | — | — | 0.1 | 0.6 | — | — | 0.9 | 3.3 | 3.4 | 4.3 | 0.2 | |||||||||||||||||||||||||||||||||||||||||||||
Total | 36.3 | % | 36.7 | % |
(1) | ICG loans reflect funded corporate loans and private bank loans, net of unearned income. As of |
(2) | Other funded includes other direct exposure such as accounts receivable, loans HFS, other loans in Corporate/Other and investments accounted for under the equity method. |
(3) | Unfunded exposure includes unfunded corporate lending commitments, letters of credit and other contingencies. |
(4) | Net mark-to-market counterparty risk on OTC derivatives and securities lending/borrowing transactions (repos). Exposures are shown net of collateral and inclusive of CVA. Includes margin loans. |
(5) | Investment securities include securities available-for-sale, recorded at fair market value, and securities held-to-maturity, recorded at historical cost. |
(6) | Trading account assets are shown on a net basis and include issuer risk on cash products and derivative exposure where the underlying reference entity/issuer is located in that country. |
Jurisdiction/Component | DTAs balance | |||||
In billions of dollars | March 31, 2019 | December 31, 2018 | ||||
Total U.S. | $ | 20.6 | $ | 20.7 | ||
Total foreign | 2.2 | 2.2 | ||||
Total | $ | 22.8 | $ | 22.9 |
Jurisdiction/Component | DTAs balance | |||||
In billions of dollars | June 30, 2018 | December 31, 2017 | ||||
Total U.S. | $ | 20.3 | $ | 19.9 | ||
Total foreign | 2.6 | 2.6 | ||||
Total | $ | 22.9 | $ | 22.5 |
CONSOLIDATED FINANCIAL STATEMENTS | |
Consolidated Statement of Income (Unaudited)— For the Three | |
Consolidated Statement of Comprehensive Income (Unaudited)—For the Three | |
Consolidated Balance Sheet— | |
Consolidated Statement of Changes in Stockholders’ Equity (Unaudited)—For the | |
Consolidated Statement of Cash Flows (Unaudited)— For the |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) | |
Note 1—Basis of Presentation and Accounting Changes | |
Note 2—Discontinued Operations and Significant Disposals | |
Note 3—Business Segments | |
Note 4—Interest Revenue and Expense | |
Note 5—Commissions and Fees; Administration and Other Fiduciary Fees | |
Note 6—Principal Transactions | |
Note 7—Incentive Plans | |
Note 8—Retirement Benefits | |
Note 9—Earnings per Share | |
Note 10—Federal Funds, Securities Borrowed, Loaned and Subject to Repurchase Agreements | |
Note 11—Brokerage Receivables and Brokerage Payables | |
Note 12—Investments |
Note 13—Loans | |
Note 14—Allowance for Credit Losses | |
Note 15—Goodwill and Intangible Assets | |
Note 16—Debt | |
Note 17—Changes in Accumulated Other Comprehensive Income (Loss) (AOCI) | |
Note 18—Securitizations and Variable Interest Entities | |
Note 19—Derivatives Activities | |
Note 20—Fair Value Measurement | |
Note 21—Fair Value Elections | |
Note 22—Guarantees, Leases and Commitments | |
Note 23—Contingencies | |
Note 24—Condensed Consolidating Financial Statements |
CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) | Citigroup Inc. and Subsidiaries |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended March 31, | ||||||||||||||||
In millions of dollars, except per share amounts | 2018 | 2017 | 2018 | 2017 | 2019 | 2018 | ||||||||||||
Revenues | ||||||||||||||||||
Interest revenue | $ | 17,550 | $ | 15,294 | $ | 33,882 | $ | 29,815 | $ | 19,076 | $ | 16,332 | ||||||
Interest expense | 5,885 | 4,036 | 11,045 | 7,602 | 7,317 | 5,160 | ||||||||||||
Net interest revenue | $ | 11,665 | $ | 11,258 | $ | 22,837 | $ | 22,213 | $ | 11,759 | $ | 11,172 | ||||||
Commissions and fees | $ | 3,111 | $ | 3,256 | $ | 6,141 | $ | 6,311 | $ | 2,926 | $ | 3,030 | ||||||
Principal transactions | 2,151 | 2,643 | 5,440 | 5,737 | 2,804 | 3,242 | ||||||||||||
Administration and other fiduciary fees | 934 | 909 | 1,839 | 1,743 | 839 | 905 | ||||||||||||
Realized gains on sales of investments, net | 102 | 221 | 272 | 413 | 130 | 170 | ||||||||||||
Impairment losses on investments | ||||||||||||||||||
Gross impairment losses | (15 | ) | (20 | ) | (43 | ) | (32 | ) | (8 | ) | (28 | ) | ||||||
Less: Impairments recognized in AOCI | — | — | — | — | ||||||||||||||
Net impairment losses recognized in earnings | $ | (15 | ) | $ | (20 | ) | $ | (43 | ) | $ | (32 | ) | $ | (8 | ) | $ | (28 | ) |
Other revenue | $ | 521 | $ | (112 | ) | $ | 855 | $ | 136 | $ | 126 | $ | 381 | |||||
Total non-interest revenues | $ | 6,804 | $ | 6,897 | $ | 14,504 | $ | 14,308 | $ | 6,817 | $ | 7,700 | ||||||
Total revenues, net of interest expense | $ | 18,469 | $ | 18,155 | $ | 37,341 | $ | 36,521 | $ | 18,576 | $ | 18,872 | ||||||
Provisions for credit losses and for benefits and claims | ||||||||||||||||||
Provision for loan losses | $ | 1,795 | $ | 1,666 | $ | 3,598 | $ | 3,341 | $ | 1,944 | $ | 1,803 | ||||||
Policyholder benefits and claims | 21 | 23 | 47 | 53 | 12 | 26 | ||||||||||||
Provision (release) for unfunded lending commitments | (4 | ) | 28 | 24 | (15 | ) | ||||||||||||
Provision for unfunded lending commitments | 24 | 28 | ||||||||||||||||
Total provisions for credit losses and for benefits and claims | $ | 1,812 | $ | 1,717 | $ | 3,669 | $ | 3,379 | $ | 1,980 | $ | 1,857 | ||||||
Operating expenses | ||||||||||||||||||
Compensation and benefits | $ | 5,452 | $ | 5,463 | $ | 11,259 | $ | 10,997 | $ | 5,658 | $ | 5,807 | ||||||
Premises and equipment | 570 | 604 | 1,163 | 1,224 | 564 | 593 | ||||||||||||
Technology/communication | 1,797 | 1,695 | 3,555 | 3,358 | 1,720 | 1,758 | ||||||||||||
Advertising and marketing | 411 | 432 | 792 | 805 | 359 | 381 | ||||||||||||
Other operating | 2,482 | 2,566 | 4,868 | 5,099 | 2,283 | 2,386 | ||||||||||||
Total operating expenses | $ | 10,712 | $ | 10,760 | $ | 21,637 | $ | 21,483 | $ | 10,584 | $ | 10,925 | ||||||
Income from continuing operations before income taxes | $ | 5,945 | $ | 5,678 | $ | 12,035 | $ | 11,659 | $ | 6,012 | $ | 6,090 | ||||||
Provision for income taxes | 1,444 | 1,795 | 2,885 | 3,658 | 1,275 | 1,441 | ||||||||||||
Income from continuing operations | $ | 4,501 | $ | 3,883 | $ | 9,150 | $ | 8,001 | $ | 4,737 | $ | 4,649 | ||||||
Discontinued operations | ||||||||||||||||||
Income (loss) from discontinued operations | $ | (2 | ) | $ | 33 | $ | (9 | ) | $ | 5 | ||||||||
Provision (benefit) for income taxes | (17 | ) | 12 | (17 | ) | 2 | ||||||||||||
Income from discontinued operations, net of taxes | $ | 15 | $ | 21 | $ | 8 | $ | 3 | ||||||||||
Loss from discontinued operations | $ | (2 | ) | $ | (7 | ) | ||||||||||||
Loss from discontinued operations, net of taxes | $ | (2 | ) | $ | (7 | ) | ||||||||||||
Net income before attribution of noncontrolling interests | $ | 4,516 | $ | 3,904 | $ | 9,158 | $ | 8,004 | $ | 4,735 | $ | 4,642 | ||||||
Noncontrolling interests | 26 | 32 | 48 | 42 | 25 | 22 | ||||||||||||
Citigroup’s net income | $ | 4,490 | $ | 3,872 | $ | 9,110 | $ | 7,962 | $ | 4,710 | $ | 4,620 | ||||||
Basic earnings per share(1) | ||||||||||||||||||
Income from continuing operations | $ | 1.62 | $ | 1.27 | $ | 3.30 | $ | 2.63 | $ | 1.88 | $ | 1.68 | ||||||
Income from discontinued operations, net of taxes | 0.01 | 0.01 | 0.01 | — | — | — | ||||||||||||
Net income | $ | 1.63 | $ | 1.28 | $ | 3.31 | $ | 2.63 | $ | 1.88 | $ | 1.68 | ||||||
Weighted average common shares outstanding (in millions) | 2,530.9 | 2,739.1 | 2,546.2 | 2,752.2 | 2,340.4 | 2,561.6 | ||||||||||||
Diluted earnings per share(1) | ||||||||||||||||||
Income from continuing operations | $ | 1.87 | $ | 1.68 | ||||||||||||||
Income (loss) from discontinued operations, net of taxes | — | — | ||||||||||||||||
Net income | $ | 1.87 | $ | 1.68 | ||||||||||||||
Adjusted weighted average common shares outstanding (in millions) | 2,342.4 | 2,563.0 |
Diluted earnings per share(1) | ||||||||||||
Income from continuing operations | $ | 1.62 | $ | 1.27 | $ | 3.30 | $ | 2.63 | ||||
Income (loss) from discontinued operations, net of taxes | 0.01 | 0.01 | 0.01 | — | ||||||||
Net income | $ | 1.63 | $ | 1.28 | $ | 3.31 | $ | 2.63 | ||||
Adjusted weighted average common shares outstanding (in millions) | 2,532.3 | 2,739.2 | 2,547.6 | 2,752.3 |
(1) | Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | Citigroup Inc. and Subsidiaries | |
(UNAUDITED) |
Three Months Ended March 31, | ||||||
In millions of dollars | 2019 | 2018 | ||||
Citigroup’s net income | $ | 4,710 | $ | 4,620 | ||
Add: Citigroup's other comprehensive income | ||||||
Net change in unrealized gains and losses on debt securities, net of taxes(1) | $ | 1,135 | $ | (1,058 | ) | |
Net change in debt valuation adjustment (DVA), net of taxes(1) | (571 | ) | 128 | |||
Net change in cash flow hedges, net of taxes | 286 | (222 | ) | |||
Benefit plans liability adjustment, net of taxes | (64 | ) | 88 | |||
Net change in foreign currency translation adjustment, net of taxes and hedges | 58 | 1,120 | ||||
Net change in excluded component of fair value hedges, net of taxes | 18 | (4 | ) | |||
Citigroup’s total other comprehensive income | $ | 862 | $ | 52 | ||
Citigroup’s total comprehensive income | $ | 5,572 | $ | 4,672 | ||
Add: Other comprehensive income (loss) attributable to noncontrolling interests | $ | (13 | ) | $ | 14 | |
Add: Net income attributable to noncontrolling interests | 25 | 22 | ||||
Total comprehensive income | $ | 5,584 | $ | 4,708 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
In millions of dollars | 2018 | 2017 | 2018 | 2017 | ||||||||
Citigroup’s net income | $ | 4,490 | $ | 3,872 | $ | 9,110 | $ | 7,962 | ||||
Add: Citigroup's other comprehensive income | ||||||||||||
Net change in unrealized gains and losses on investment securities, net of taxes(1)(2) | $ | (498 | ) | $ | (27 | ) | $ | (1,556 | ) | $ | 193 | |
Net change in debt valuation adjustment (DVA), net of taxes(1) | 318 | (84 | ) | 446 | (144 | ) | ||||||
Net change in cash flow hedges, net of taxes | (101 | ) | 117 | (323 | ) | 115 | ||||||
Benefit plans liability adjustment, net of taxes | 301 | (135 | ) | 389 | (147 | ) | ||||||
Net change in foreign currency translation adjustment, net of taxes and hedges | (2,867 | ) | 643 | (1,747 | ) | 1,961 | ||||||
Net change in excluded component of fair value hedges, net of taxes | (28 | ) | — | (32 | ) | — | ||||||
Citigroup’s total other comprehensive income | $ | (2,875 | ) | $ | 514 | $ | (2,823 | ) | $ | 1,978 | ||
Citigroup’s total comprehensive income | $ | 1,615 | $ | 4,386 | $ | 6,287 | $ | 9,940 | ||||
Add: Other comprehensive income attributable to noncontrolling interests | $ | (57 | ) | $ | 39 | $ | (43 | ) | $ | 70 | ||
Add: Net income attributable to noncontrolling interests | 26 | 32 | 48 | 42 | ||||||||
Total comprehensive income | $ | 1,584 | $ | 4,457 | $ | 6,292 | $ | 10,052 |
(1) | See Note 1 to the Consolidated Financial |
CONSOLIDATED BALANCE SHEET | Citigroup Inc. and Subsidiaries |
June 30, | March 31, | |||||||||||
2018 | December 31, | 2019 | December 31, | |||||||||
In millions of dollars | (Unaudited) | 2017 | (Unaudited) | 2018 | ||||||||
Assets | ||||||||||||
Cash and due from banks (including segregated cash and other deposits) | $ | 21,077 | $ | 23,775 | $ | 24,448 | $ | 23,645 | ||||
Deposits with banks | 179,825 | 156,741 | 181,445 | 164,460 | ||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell (including $169,113 and $132,949 as of June 30, 2018 and December 31, 2017, respectively, at fair value) | 265,526 | 232,478 | ||||||||||
Federal funds sold and securities borrowed and purchased under agreements to resell (including $162,116 and $147,701 as of March 31, 2019 and December 31, 2018, respectively, at fair value) | 264,495 | 270,684 | ||||||||||
Brokerage receivables | 36,977 | 38,384 | 44,500 | 35,450 | ||||||||
Trading account assets (including $113,280 and $99,460 pledged to creditors at June 30, 2018 and December 31, 2017, respectively) | 262,949 | 252,790 | ||||||||||
Trading account assets (including $125,102 and $112,932 pledged to creditors at March 31, 2019 and December 31, 2018, respectively) | 286,511 | 256,117 | ||||||||||
Investments: | ||||||||||||
Available-for-sale debt securities (including $7,901 and $9,493 pledged to creditors as of June 30, 2018 and December 31, 2017, respectively) | 289,031 | 290,725 | ||||||||||
Held-to-maturity debt securities (including $1,094 and $435 pledged to creditors as of June 30, 2018 and December 31, 2017, respectively) | 52,897 | 53,320 | ||||||||||
Equity securities (including $1,432 and $1,395 at fair value as of June 30, 2018 and December 31, 2017, respectively, of which $189 was available for sale as of December 31, 2017) | 7,788 | 8,245 | ||||||||||
Available-for-sale debt securities (including $13,140 and $9,289 pledged to creditors as of March 31, 2019 and December 31, 2018, respectively) | 275,132 | 288,038 | ||||||||||
Held-to-maturity debt securities (including $986 and $971 pledged to creditors as of March 31, 2019 and December 31, 2018, respectively) | 66,842 | 63,357 | ||||||||||
Equity securities (including $1,012 and $1,109 at fair value as of March 31, 2019 and December 31, 2018, respectively) | 7,307 | 7,212 | ||||||||||
Total investments | $ | 349,716 | $ | 352,290 | $ | 349,281 | $ | 358,607 | ||||
Loans: | ||||||||||||
Consumer (including $22 and $25 as of June 30, 2018 and December 31, 2017, respectively, at fair value) | 323,632 | 333,656 | ||||||||||
Corporate (including $2,978 and $4,349 as of June 30, 2018 and December 31, 2017, respectively, at fair value) | 347,548 | 333,378 | ||||||||||
Consumer (including $20 and $20 as of March 31, 2019 and December 31, 2018, respectively, at fair value) | 319,887 | 330,487 | ||||||||||
Corporate (including $3,854 and $3,203 as of March 31, 2019 and December 31, 2018, respectively, at fair value) | 362,459 | 353,709 | ||||||||||
Loans, net of unearned income | $ | 671,180 | $ | 667,034 | $ | 682,346 | $ | 684,196 | ||||
Allowance for loan losses | (12,126 | ) | (12,355 | ) | (12,329 | ) | (12,315 | ) | ||||
Total loans, net | $ | 659,054 | $ | 654,679 | $ | 670,017 | $ | 671,881 | ||||
Goodwill | 22,058 | 22,256 | 22,037 | 22,046 | ||||||||
Intangible assets (other than MSRs) | 4,729 | 4,588 | ||||||||||
Mortgage servicing rights (MSRs) | 596 | 558 | ||||||||||
Other assets (including $21,703 and $18,559 as of June 30, 2018 and December 31, 2017, respectively, at fair value) | 109,827 | 103,926 | ||||||||||
Intangible assets (including MSRs of $551 and $584 as of March 31, 2019 and December 31, 2018, at fair value) | 5,196 | 5,220 | ||||||||||
Other assets (including $19,818 and $20,788 as of March 31, 2019 and December 31, 2018, respectively, at fair value) | 110,483 | 109,273 | ||||||||||
Total assets | $ | 1,912,334 | $ | 1,842,465 | $ | 1,958,413 | $ | 1,917,383 |
June 30, | March 31, | |||||||||||
2018 | December 31, | 2019 | December 31, | |||||||||
In millions of dollars | (Unaudited) | 2017 | (Unaudited) | 2018 | ||||||||
Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs | ||||||||||||
Cash and due from banks | $ | 46 | $ | 52 | $ | 105 | $ | 270 | ||||
Trading account assets | 745 | 1,129 | 1,706 | 917 | ||||||||
Investments | 2,462 | 2,498 | 1,805 | 1,796 | ||||||||
Loans, net of unearned income | ||||||||||||
Consumer | 50,042 | 54,656 | 45,885 | 49,403 | ||||||||
Corporate | 19,075 | 19,835 | 17,995 | 19,259 | ||||||||
Loans, net of unearned income | $ | 69,117 | $ | 74,491 | $ | 63,880 | $ | 68,662 | ||||
Allowance for loan losses | (1,903 | ) | (1,930 | ) | (1,858 | ) | (1,852 | ) | ||||
Total loans, net | $ | 67,214 | $ | 72,561 | $ | 62,022 | $ | 66,810 | ||||
Other assets | 171 | 154 | 140 | 151 | ||||||||
Total assets of consolidated VIEs to be used to settle obligations of consolidated VIEs | $ | 70,638 | $ | 76,394 | $ | 65,778 | $ | 69,944 |
June 30, | March 31, | |||||||||||
2018 | December 31, | 2019 | December 31, | |||||||||
In millions of dollars, except shares and per share amounts | (Unaudited) | 2017 | (Unaudited) | 2018 | ||||||||
Liabilities | ||||||||||||
Non-interest-bearing deposits in U.S. offices | $ | 117,473 | $ | 126,880 | $ | 101,354 | $ | 105,836 | ||||
Interest-bearing deposits in U.S. offices (including $334 and $303 as of June 30, 2018 and December 31, 2017, respectively, at fair value) | 337,228 | 318,613 | ||||||||||
Interest-bearing deposits in U.S. offices (including $1,408 and $717 as of March 31, 2019 and December 31, 2018, respectively, at fair value) | 373,339 | 361,573 | ||||||||||
Non-interest-bearing deposits in offices outside the U.S. | 86,241 | 87,440 | 80,594 | 80,648 | ||||||||
Interest-bearing deposits in offices outside the U.S. (including $1,294 and $1,162 as of June 30, 2018 and December 31, 2017, respectively, at fair value) | 455,788 | 426,889 | ||||||||||
Interest-bearing deposits in offices outside the U.S. (including $936 and $758 as of March 31, 2019 and December 31, 2018, respectively, at fair value) | 475,068 | 465,113 | ||||||||||
Total deposits | $ | 996,730 | $ | 959,822 | $ | 1,030,355 | $ | 1,013,170 | ||||
Federal funds purchased and securities loaned or sold under agreements to repurchase (including $49,246 and $40,638 as of June 30, 2018 and December 31, 2017, respectively, at fair value) | 177,828 | 156,277 | ||||||||||
Federal funds purchased and securities loaned and sold under agreements to repurchase (including $46,241 and $44,510 as of March 31, 2019 and December 31, 2018, respectively, at fair value) | 190,372 | 177,768 | ||||||||||
Brokerage payables | 67,672 | 61,342 | 62,656 | 64,571 | ||||||||
Trading account liabilities | 140,745 | 125,170 | 136,392 | 144,305 | ||||||||
Short-term borrowings (including $4,093 and $4,627 as of June 30, 2018 and December 31, 2017, respectively, at fair value) | 37,233 | 44,452 | ||||||||||
Long-term debt (including $35,462 and $31,392 as of June 30, 2018 and December 31, 2017, respectively, at fair value) | 236,822 | 236,709 | ||||||||||
Other liabilities (including $17,819 and $13,961 as of June 30, 2018 and December 31, 2017, respectively, at fair value) | 54,336 | 57,021 | ||||||||||
Short-term borrowings (including $5,172 and $4,483 as of March 31, 2019 and December 31, 2018, respectively, at fair value) | 39,322 | 32,346 | ||||||||||
Long-term debt (including $44,088 and $38,229 as of March 31, 2019 and December 31, 2018, respectively, at fair value) | 243,566 | 231,999 | ||||||||||
Other liabilities (including $14,577 and $15,906 as of March 31, 2019 and December 31, 2018, respectively, at fair value) | 58,735 | 56,150 | ||||||||||
Total liabilities | $ | 1,711,366 | $ | 1,640,793 | $ | 1,761,398 | $ | 1,720,309 | ||||
Stockholders’ equity | ||||||||||||
Preferred stock ($1.00 par value; authorized shares: 30 million), issued shares: as of June 30, 2018—761,400 and as of December 31, 2017—770,120, at aggregate liquidation value | $ | 19,035 | $ | 19,253 | ||||||||
Common stock ($0.01 par value; authorized shares: 6 billion), issued shares: as of June 30, 2018—3,099,558,751 and as of December 31, 2017—3,099,523,273 | 31 | 31 | ||||||||||
Preferred stock ($1.00 par value; authorized shares: 30 million), issued shares: as of March 31, 2019— 719,200 and as of December 31, 2018—738,400, at aggregate liquidation value | $ | 17,980 | $ | 18,460 | ||||||||
Common stock ($0.01 par value; authorized shares: 6 billion), issued shares: as of March 31, 2019—3,099,601,505 and as of December 31, 2018—3,099,567,177 | 31 | 31 | ||||||||||
Additional paid-in capital | 107,724 | 108,008 | 107,551 | 107,922 | ||||||||
Retained earnings | 145,211 | 138,425 | 154,859 | 151,347 | ||||||||
Treasury stock, at cost: June 30, 2018—582,953,339 shares and December 31, 2017—529,614,728 shares | (34,413 | ) | (30,309 | ) | ||||||||
Treasury stock, at cost: March 31, 2019—787,133,784 shares and December 31, 2018—731,099,833 shares | (47,861 | ) | (44,370 | ) | ||||||||
Accumulated other comprehensive income (loss) (AOCI) | (37,494 | ) | (34,668 | ) | (36,308 | ) | (37,170 | ) | ||||
Total Citigroup stockholders’ equity | $ | 200,094 | $ | 200,740 | $ | 196,252 | $ | 196,220 | ||||
Noncontrolling interest | 874 | 932 | 763 | 854 | ||||||||
Total equity | $ | 200,968 | $ | 201,672 | $ | 197,015 | $ | 197,074 | ||||
Total liabilities and equity | $ | 1,912,334 | $ | 1,842,465 | $ | 1,958,413 | $ | 1,917,383 |
June 30, | March 31, | |||||||||||
2018 | December 31, | 2019 | December 31, | |||||||||
In millions of dollars | (Unaudited) | 2017 | (Unaudited) | 2018 | ||||||||
Liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Citigroup | ||||||||||||
Short-term borrowings | $ | 12,293 | $ | 10,142 | $ | 13,071 | $ | 13,134 | ||||
Long-term debt | 28,727 | 30,492 | 25,952 | 28,514 | ||||||||
Other liabilities | 834 | 611 | 940 | 697 | ||||||||
Total liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Citigroup | $ | 41,854 | $ | 41,245 | $ | 39,963 | $ | 42,345 |
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY | Citigroup Inc. and Subsidiaries | |
(UNAUDITED) |
Six Months Ended June 30, | Three Months Ended March 31, | |||||||||||
In millions of dollars | 2018 | 2017 | 2019 | 2018 | ||||||||
Preferred stock at aggregate liquidation value | ||||||||||||
Balance, beginning of period | $ | 19,253 | $ | 19,253 | $ | 18,460 | $ | 19,253 | ||||
Redemption of preferred stock | (218 | ) | — | (480 | ) | (97 | ) | |||||
Balance, end of period | $ | 19,035 | $ | 19,253 | $ | 17,980 | $ | 19,156 | ||||
Common stock and additional paid-in capital | ||||||||||||
Balance, beginning of period | $ | 108,039 | $ | 108,073 | $ | 107,953 | $ | 108,039 | ||||
Employee benefit plans | (285 | ) | (239 | ) | (382 | ) | (405 | ) | ||||
Other | 1 | (5 | ) | 11 | (4 | ) | ||||||
Balance, end of period | $ | 107,755 | $ | 107,829 | $ | 107,582 | $ | 107,630 | ||||
Retained earnings | ||||||||||||
Balance, beginning of period | $ | 138,425 | $ | 146,477 | $ | 151,347 | $ | 138,425 | ||||
Adjustment to opening balance, net of taxes(1) | (84 | ) | (660 | ) | 151 | (84 | ) | |||||
Adjusted balance, beginning of period | $ | 138,341 | $ | 145,817 | $ | 151,498 | $ | 138,341 | ||||
Citigroup’s net income | 9,110 | 7,962 | 4,710 | 4,620 | ||||||||
Common dividends(2) | (1,650 | ) | (890 | ) | (1,075 | ) | (826 | ) | ||||
Preferred dividends | (590 | ) | (621 | ) | (262 | ) | (272 | ) | ||||
Other(3) | — | (90 | ) | (12 | ) | — | ||||||
Balance, end of period | $ | 145,211 | $ | 152,178 | $ | 154,859 | $ | 141,863 | ||||
Treasury stock, at cost | ||||||||||||
Balance, beginning of period | $ | (30,309 | ) | $ | (16,302 | ) | $ | (44,370 | ) | $ | (30,309 | ) |
Employee benefit plans(4) | 471 | 523 | 564 | 469 | ||||||||
Treasury stock acquired(5) | (4,575 | ) | (3,563 | ) | (4,055 | ) | (2,275 | ) | ||||
Balance, end of period | $ | (34,413 | ) | $ | (19,342 | ) | $ | (47,861 | ) | $ | (32,115 | ) |
Citigroup’s accumulated other comprehensive income (loss) | ||||||||||||
Balance, beginning of period | $ | (34,668 | ) | $ | (32,381 | ) | $ | (37,170 | ) | $ | (34,668 | ) |
Adjustment to opening balance, net of taxes | (3 | ) | 504 | — | (3 | ) | ||||||
Adjusted balance, beginning of period | $ | (34,671 | ) | $ | (31,877 | ) | $ | (37,170 | ) | $ | (34,671 | ) |
Citigroup’s total other comprehensive income (loss) | (2,823 | ) | 1,978 | |||||||||
Citigroup’s total other comprehensive income | 862 | 52 | ||||||||||
Balance, end of period | $ | (37,494 | ) | $ | (29,899 | ) | $ | (36,308 | ) | $ | (34,619 | ) |
Total Citigroup common stockholders’ equity | $ | 181,059 | $ | 210,766 | $ | 178,272 | $ | 182,759 | ||||
Total Citigroup stockholders’ equity | $ | 200,094 | $ | 230,019 | $ | 196,252 | $ | 201,915 | ||||
Noncontrolling interests | ||||||||||||
Balance, beginning of period | $ | 932 | $ | 1,023 | $ | 854 | $ | 932 | ||||
Transactions between Citigroup and the noncontrolling-interest shareholders | (16 | ) | 6 | (99 | ) | (15 | ) | |||||
Net income attributable to noncontrolling-interest shareholders | 48 | 42 | 25 | 22 | ||||||||
Distributions paid to noncontrolling-interest shareholders | (36 | ) | — | (4 | ) | — | ||||||
Other comprehensive income (loss) attributable to noncontrolling-interest shareholders | (43 | ) | 70 | (13 | ) | 14 | ||||||
Other | (11 | ) | (53 | ) | — | (2 | ) | |||||
Net change in noncontrolling interests | $ | (58 | ) | $ | 65 | $ | (91 | ) | $ | 19 | ||
Balance, end of period | $ | 874 | $ | 1,088 | $ | 763 | $ | 951 | ||||
Total equity | $ | 200,968 | $ | 231,107 | $ | 197,015 | $ | 202,866 |
(1) | See Note 1 to the Consolidated Financial Statements for additional details. |
(2) | Common dividends declared were |
(3) | Includes the impact of ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. See Note 1 to the Consolidated Financial Statements. |
(4) | Includes treasury stock related to (i) certain activity on employee stock option program exercises where the employee delivers existing shares to cover the option exercise, or (ii) under Citi’s employee restricted or deferred stock programs where shares are withheld to satisfy tax requirements. |
(5) | Primarily consists of open market purchases under Citi’s Board of Directors-approved common stock repurchase program. |
CONSOLIDATED STATEMENT OF CASH FLOWS | Citigroup Inc. and Subsidiaries | |
(UNAUDITED) |
Six Months Ended June 30, | Three Months Ended March 31, | |||||||||||
In millions of dollars | 2018 | 2017 | 2019 | 2018 | ||||||||
Cash flows from operating activities of continuing operations | ||||||||||||
Net income before attribution of noncontrolling interests | $ | 9,158 | $ | 8,004 | $ | 4,735 | $ | 4,642 | ||||
Net income attributable to noncontrolling interests | 48 | 42 | 25 | 22 | ||||||||
Citigroup’s net income | $ | 9,110 | $ | 7,962 | $ | 4,710 | $ | 4,620 | ||||
Income from discontinued operations, net of taxes | 8 | 3 | ||||||||||
Loss from discontinued operations, net of taxes | (2 | ) | (7 | ) | ||||||||
Income from continuing operations—excluding noncontrolling interests | $ | 9,102 | $ | 7,959 | $ | 4,712 | $ | 4,627 | ||||
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations | ||||||||||||
Net gains on significant disposals(1) | — | (19 | ) | |||||||||
Depreciation and amortization | 1,855 | 1,797 | 931 | 926 | ||||||||
Provision for loan losses | 3,598 | 3,341 | 1,944 | 1,803 | ||||||||
Realized gains from sales of investments | (272 | ) | (413 | ) | (130 | ) | (170 | ) | ||||
Net impairment losses on investments, goodwill and intangible assets | 43 | 60 | 8 | 28 | ||||||||
Change in trading account assets | (10,235 | ) | (14,741 | ) | (30,427 | ) | (16,054 | ) | ||||
Change in trading account liabilities | 15,575 | (2,847 | ) | (7,913 | ) | 18,791 | ||||||
Change in brokerage receivables net of brokerage payables | 7,737 | (5,805 | ) | (10,965 | ) | 155 | ||||||
Change in loans HFS | (147 | ) | (515 | ) | 1,439 | 1,627 | ||||||
Change in other assets | (5,799 | ) | (4,480 | ) | (2,961 | ) | (3,503 | ) | ||||
Change in other liabilities | (2,685 | ) | (2,975 | ) | 2,585 | 1,561 | ||||||
Other, net | (10,453 | ) | (2,975 | ) | 3,161 | (2,835 | ) | |||||
Total adjustments | $ | (783 | ) | $ | (29,572 | ) | $ | (42,328 | ) | $ | 2,329 | |
Net cash provided by (used in) operating activities of continuing operations | $ | 8,319 | $ | (21,613 | ) | $ | (37,616 | ) | $ | 6,956 | ||
Cash flows from investing activities of continuing operations | ||||||||||||
Change in federal funds sold and securities borrowed or purchased under agreements to resell | $ | (33,048 | ) | $ | 2,748 | |||||||
Change in federal funds sold and securities borrowed and purchased under agreements to resell | $ | 6,189 | $ | (25,409 | ) | |||||||
Change in loans | (10,132 | ) | (29,952 | ) | (892 | ) | (8,717 | ) | ||||
Proceeds from sales and securitizations of loans | 3,217 | 6,256 | 2,062 | 1,654 | ||||||||
Purchases of investments | (85,871 | ) | (96,925 | ) | (69,673 | ) | (41,030 | ) | ||||
Proceeds from sales of investments | 41,808 | 56,728 | 31,436 | 20,688 | ||||||||
Proceeds from maturities of investments | 48,846 | 47,785 | 47,363 | 21,509 | ||||||||
Proceeds from significant disposals(1) | — | 2,732 | ||||||||||
Capital expenditures on premises and equipment and capitalized software | (1,690 | ) | (1,647 | ) | (518 | ) | (969 | ) | ||||
Proceeds from sales of premises and equipment, subsidiaries and affiliates and repossessed assets | 143 | 215 | 38 | 101 | ||||||||
Other, net | 98 | 102 | 38 | 49 | ||||||||
Net cash used in investing activities of continuing operations | $ | (36,629 | ) | $ | (11,958 | ) | ||||||
Net cash provided by (used in) investing activities of continuing operations | $ | 16,043 | $ | (32,124 | ) | |||||||
Cash flows from financing activities of continuing operations | ||||||||||||
Dividends paid | $ | (2,232 | ) | $ | (1,504 | ) | $ | (1,320 | ) | $ | (1,095 | ) |
Redemption of preferred stock | (218 | ) | — | (480 | ) | (97 | ) | |||||
Treasury stock acquired | (4,686 | ) | (3,635 | ) | (4,055 | ) | (2,378 | ) | ||||
Stock tendered for payment of withholding taxes | (475 | ) | (401 | ) | (358 | ) | (475 | ) | ||||
Change in federal funds purchased and securities loaned or sold under agreements to repurchase | 21,551 | 12,959 | ||||||||||
Change in federal funds purchased and securities loaned and sold under agreements to repurchase | 12,604 | 15,482 | ||||||||||
Issuance of long-term debt | 40,757 | 37,679 | 15,552 | 20,769 | ||||||||
Payments and redemptions of long-term debt | (35,087 | ) | (21,317 | ) | (6,568 | ) | (17,882 | ) | ||||
Change in deposits | 36,908 | 29,337 | 17,186 | 41,397 | ||||||||
Change in short-term borrowings | (7,219 | ) | 5,818 | 6,976 | (8,358 | ) |
CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||||||
(UNAUDITED) (Continued) | Six Months Ended June 30, | Three Months Ended March 31, | ||||||||||
In millions of dollars | 2018 | 2017 | 2019 | 2018 | ||||||||
Net cash provided by financing activities of continuing operations | $ | 49,299 | $ | 58,936 | $ | 39,537 | $ | 47,363 | ||||
Effect of exchange rate changes on cash and due from banks | $ | (603 | ) | $ | 223 | $ | (176 | ) | $ | (7 | ) | |
Change in cash and due from banks and deposits with banks | $ | 20,386 | $ | 25,588 | $ | 17,788 | $ | 22,188 | ||||
Cash, due from banks and deposits with banks at beginning of period | 180,516 | 160,494 | 188,105 | 180,516 | ||||||||
Cash, due from banks and deposits with banks at end of period | $ | 200,902 | $ | 186,082 | $ | 205,893 | $ | 202,704 | ||||
Cash and due from banks | $ | 21,077 | $ | 20,940 | $ | 24,448 | $ | 21,850 | ||||
Deposits with banks | 179,825 | 165,142 | 181,445 | 180,854 | ||||||||
Cash, due from banks and deposits with banks at end of period | $ | 200,902 | $ | 186,082 | $ | 205,893 | $ | 202,704 | ||||
Supplemental disclosure of cash flow information for continuing operations | ||||||||||||
Cash paid during the period for income taxes | $ | 2,239 | $ | 1,975 | $ | 1,325 | $ | 738 | ||||
Cash paid during the period for interest | 9,957 | 7,329 | 6,931 | 4,586 | ||||||||
Non-cash investing activities | ||||||||||||
Transfers to loans HFS from loans | $ | 2,900 | $ | 3,300 | $ | 2,000 | $ | 900 | ||||
Transfers to OREO and other repossessed assets | 55 | 58 | 36 | 26 |
Three Months Ended March 31, | ||||||
In millions of dollars | 2019 | 2018 | ||||
Total revenues, net of interest expense | $ | — | $ | — | ||
Loss from discontinued operations | $ | (2 | ) | $ | (7 | ) |
Benefit for income taxes | — | — | ||||
Loss from discontinued operations, net of taxes | $ | (2 | ) | $ | (7 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
In millions of dollars | 2018 | 2017 | 2018 | 2017 | ||||||||
Total revenues, net of interest expense | $ | — | $ | — | $ | — | $ | — | ||||
(Loss) income from discontinued operations | $ | (2 | ) | $ | 33 | $ | (9 | ) | $ | 5 | ||
(Benefit) provision for income taxes | (17 | ) | 12 | (17 | ) | 2 | ||||||
Income from discontinued operations, net of taxes | $ | 15 | $ | 21 | $ | 8 | $ | 3 |
• | the re-attribution of certain costs between Corporate/Other and GCB and ICG; and |
Three Months Ended June 30, | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
Revenues, net of interest expense(1) | Provision (benefits) for income taxes | Income (loss) from continuing operations(2) | Identifiable assets | Revenues, net of interest expense(1) | Provision (benefits) for income taxes | Income (loss) from continuing operations(2) | Identifiable assets | |||||||||||||||||||||||||||||||||||||||||
In millions of dollars, except identifiable assets in billions | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | June 30, 2018 | December 31, 2017 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | March 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||||
Global Consumer Banking | $ | 8,250 | $ | 8,073 | $ | 411 | $ | 646 | $ | 1,279 | $ | 1,128 | $ | 422 | $ | 428 | $ | 8,451 | $ | 8,426 | $ | 422 | $ | 454 | $ | 1,437 | $ | 1,390 | $ | 426 | $ | 432 | ||||||||||||||||
Institutional Clients Group | 9,691 | 9,421 | 971 | 1,327 | 3,237 | 2,780 | 1,397 | 1,336 | 9,694 | 9,855 | 924 | 1,056 | 3,322 | 3,334 | 1,425 | 1,394 | ||||||||||||||||||||||||||||||||
Corporate/Other | 528 | 661 | 62 | (178 | ) | (15 | ) | (25 | ) | 93 | 78 | 431 | 591 | (71 | ) | (69 | ) | (22 | ) | (75 | ) | 107 | 91 | |||||||||||||||||||||||||
Total | $ | 18,469 | $ | 18,155 | $ | 1,444 | $ | 1,795 | $ | 4,501 | $ | 3,883 | $ | 1,912 | $ | 1,842 | $ | 18,576 | $ | 18,872 | $ | 1,275 | $ | 1,441 | $ | 4,737 | $ | 4,649 | $ | 1,958 | $ | 1,917 |
(1) | Includes total revenues, net of interest expense (excluding Corporate/Other), in North America of |
(2) | Includes pretax provisions for credit losses and for benefits and claims in the GCB results of |
Six Months Ended June 30, | ||||||||||||||||||
Revenues, net of interest expense(1) | Provision (benefits) for income taxes | Income (loss) from continuing operations(2) | ||||||||||||||||
In millions of dollars | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Global Consumer Banking | $ | 16,683 | $ | 15,919 | $ | 864 | $ | 1,228 | $ | 2,673 | $ | 2,126 | ||||||
Institutional Clients Group | 19,539 | 18,740 | 2,028 | 2,702 | 6,566 | 5,791 | ||||||||||||
Corporate/Other | 1,119 | 1,862 | (7 | ) | (272 | ) | (89 | ) | 84 | |||||||||
Total | $ | 37,341 | $ | 36,521 | $ | 2,885 | $ | 3,658 | $ | 9,150 | $ | 8,001 |
Three Months Ended March 31, | ||||||
In millions of dollars | 2019 | 2018 | ||||
Interest revenue | ||||||
Loan interest, including fees | $ | 11,969 | $ | 10,892 | ||
Deposits with banks | 607 | 432 | ||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 1,783 | 1,039 | ||||
Investments, including dividends | 2,548 | 2,234 | ||||
Trading account assets(1) | 1,686 | 1,371 | ||||
Other interest | 483 | 364 | ||||
Total interest revenue | $ | 19,076 | $ | 16,332 | ||
Interest expense | ||||||
Deposits(2) | $ | 3,027 | $ | 1,997 | ||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 1,589 | 949 | ||||
Trading account liabilities(1) | 327 | 215 | ||||
Short-term borrowings | 652 | 471 | ||||
Long-term debt | 1,722 | 1,528 | ||||
Total interest expense | $ | 7,317 | $ | 5,160 | ||
Net interest revenue | $ | 11,759 | $ | 11,172 | ||
Provision for loan losses | 1,944 | 1,803 | ||||
Net interest revenue after provision for loan losses | $ | 9,815 | $ | 9,369 |
(1) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
In millions of dollars | 2018 | 2017 | 2018 | 2017 | ||||||||
Interest revenue | ||||||||||||
Loan interest, including fees | $ | 11,190 | $ | 10,293 | $ | 22,082 | $ | 20,338 | ||||
Deposits with banks | 493 | 375 | 925 | 670 | ||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 1,336 | 829 | 2,375 | 1,490 | ||||||||
Investments, including dividends | 2,374 | 2,058 | 4,608 | 4,018 | ||||||||
Trading account assets(1) | 1,763 | 1,481 | 3,134 | 2,747 | ||||||||
Other interest | 394 | 258 | 758 | 552 | ||||||||
Total interest revenue | $ | 17,550 | $ | 15,294 | $ | 33,882 | $ | 29,815 | ||||
Interest expense | ||||||||||||
Deposits(2) | $ | 2,244 | $ | 1,603 | $ | 4,241 | $ | 3,018 | ||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 1,224 | 676 | 2,173 | 1,169 | ||||||||
Trading account liabilities(1) | 236 | 146 | 451 | 293 | ||||||||
Short-term borrowings | 523 | 202 | 994 | 401 | ||||||||
Long-term debt | 1,658 | 1,409 | 3,186 | 2,721 | ||||||||
Total interest expense | $ | 5,885 | $ | 4,036 | $ | 11,045 | $ | 7,602 | ||||
Net interest revenue | $ | 11,665 | $ | 11,258 | $ | 22,837 | $ | 22,213 | ||||
Provision for loan losses | 1,795 | 1,666 | 3,598 | 3,341 | ||||||||
Net interest revenue after provision for loan losses | $ | 9,870 | $ | 9,592 | $ | 19,239 | $ | 18,872 |
Interest expense on Trading account liabilities is reported as a reduction of interest revenue from Trading account assets. |
(2) | Includes deposit insurance fees and charges of |
Three Months Ended March 31, | ||||||||||||
2019 | ||||||||||||
In millions of dollars | ICG | GCB | Corporate/Other | Total | ||||||||
Investment banking | $ | 910 | $ | 4 | $ | — | $ | 914 | ||||
Brokerage commissions | 471 | 186 | — | 657 | ||||||||
Credit- and bank-card income | ||||||||||||
Interchange fees | 278 | 1,984 | — | 2,262 | ||||||||
Card-related loan fees | 13 | 160 | — | 173 | ||||||||
Card rewards and partner payments | (153 | ) | (2,061 | ) | — | (2,214 | ) | |||||
Deposit-related fees(1) | 245 | 139 | — | 384 | ||||||||
Transactional service fees | 195 | 35 | — | 230 | ||||||||
Corporate finance(2) | 178 | 1 | — | 179 | ||||||||
Insurance distribution revenue(3) | 4 | 132 | — | 136 | ||||||||
Insurance premiums(3) | — | 29 | (1 | ) | 28 | |||||||
Loan servicing | 42 | 30 | 6 | 78 | ||||||||
Other | 17 | 81 | 1 | 99 | ||||||||
Total commissions and fees(4) | $ | 2,200 | $ | 720 | $ | 6 | $ | 2,926 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
2018 | 2018 | |||||||||||||||||||||||
In millions of dollars | ICG | GCB | Corporate/Other | Total | ICG | GCB | Corporate/Other | Total | ||||||||||||||||
Investment banking | $ | 1,012 | $ | — | $ | — | $ | 1,012 | $ | 1,839 | $ | — | $ | — | $ | 1,839 | ||||||||
Brokerage commissions | 491 | 206 | — | 697 | 1,057 | 455 | — | 1,512 | ||||||||||||||||
Credit- and bank-card income | ||||||||||||||||||||||||
Interchange fees | 276 | 2,025 | 5 | 2,306 | 536 | 3,900 | 10 | 4,446 | ||||||||||||||||
Card-related loan fees | 17 | 147 | 6 | 170 | 31 | 302 | 12 | 345 | ||||||||||||||||
Card rewards and partner payments | (126 | ) | (2,065 | ) | (6 | ) | (2,197 | ) | (250 | ) | (3,940 | ) | (11 | ) | (4,201 | ) | ||||||||
Deposit-related fees(1) | 236 | 160 | 1 | 397 | 472 | 343 | 1 | 816 | ||||||||||||||||
Transactional service fees | 182 | 21 | 1 | 204 | 372 | 42 | 3 | 417 | ||||||||||||||||
Corporate finance(2) | 219 | 1 | — | 220 | 361 | 3 | — | 364 | ||||||||||||||||
Insurance distribution revenue(3) | 5 | 142 | 5 | 152 | 10 | 285 | 10 | 305 | ||||||||||||||||
Insurance premiums(3) | — | 32 | (1 | ) | 31 | — | 65 | (2 | ) | 63 | ||||||||||||||
Loan servicing | 38 | 40 | 11 | 89 | 76 | 62 | 23 | 161 | ||||||||||||||||
Other | (5 | ) | 34 | 1 | 30 | 10 | 61 | 3 | 74 | |||||||||||||||
Total commissions and fees(4) | $ | 2,345 | $ | 743 | $ | 23 | $ | 3,111 | $ | 4,514 | $ | 1,578 | $ | 49 | $ | 6,141 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||
2017 | 2018 | |||||||||||||||||||||||||||||||||||
In millions of dollars | ICG | GCB | Corporate/Other | Total | ICG | GCB | Corporate/Other | Total | ICG | GCB | Corporate/Other | Total | ||||||||||||||||||||||||
Investment banking | $ | 967 | $ | — | $ | — | $ | 967 | $ | 1,879 | $ | — | $ | — | $ | 1,879 | $ | 822 | $ | 5 | $ | — | $ | 827 | ||||||||||||
Brokerage commissions | 490 | 199 | 1 | 690 | 972 | 393 | 2 | 1,367 | 566 | 248 | — | 814 | ||||||||||||||||||||||||
Credit- and bank-card income | ||||||||||||||||||||||||||||||||||||
Interchange fees | 241 | 1,892 | 23 | 2,156 | 463 | 3,595 | 63 | 4,121 | 260 | 1,874 | 5 | 2,139 | ||||||||||||||||||||||||
Card-related loan fees | 14 | 187 | 12 | 213 | 26 | 354 | 28 | 408 | 14 | 155 | 6 | 175 | ||||||||||||||||||||||||
Card rewards and partner payments | (109 | ) | (1,844 | ) | (14 | ) | (1,967 | ) | (211 | ) | (3,530 | ) | (41 | ) | (3,782 | ) | (124 | ) | (1,874 | ) | (5 | ) | (2,003 | ) | ||||||||||||
Deposit-related fees(1) | 239 | 181 | 4 | 424 | 447 | 366 | 8 | 821 | 236 | 183 | 1 | 420 | ||||||||||||||||||||||||
Transactional service fees | 197 | 26 | 9 | 232 | 371 | 53 | 33 | 457 | 190 | 21 | 2 | 213 | ||||||||||||||||||||||||
Corporate finance(2) | 249 | 1 | — | 250 | 433 | 2 | — | 435 | 142 | 1 | — | 143 | ||||||||||||||||||||||||
Insurance distribution revenue(3) | 2 | 138 | 17 | 157 | 5 | 283 | 41 | 329 | 5 | 143 | 5 | 153 | ||||||||||||||||||||||||
Insurance premiums(3) | — | 32 | (1 | ) | 31 | — | 65 | (3 | ) | 62 | — | 33 | (1 | ) | 32 | |||||||||||||||||||||
Loan servicing | 36 | 28 | 32 | 96 | 71 | 54 | 64 | 189 | 38 | 22 | 12 | 72 | ||||||||||||||||||||||||
Other | (16 | ) | 20 | 3 | 7 | (38 | ) | 39 | 24 | 25 | 15 | 28 | 2 | 45 | ||||||||||||||||||||||
Total commissions and fees(4) | $ | 2,310 | $ | 860 | $ | 86 | $ | 3,256 | $ | 4,418 | $ | 1,674 | $ | 219 | $ | 6,311 | $ | 2,164 | $ | 839 | $ | 27 | $ | 3,030 |
(1) | Includes overdraft fees of |
(2) | Consists primarily of fees earned from structuring and underwriting loan syndications or related financing activity. This activity is accounted for under ASC 310. |
(3) | Previously reported as insurance premiums |
(4) | Commissions and fees includes |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||
2018 | 2019 | |||||||||||||||||||||||||||||||||||
In millions of dollars | ICG | GCB | Corporate/Other | Total | ICG | GCB | Corporate/Other | Total | ICG | GCB | Corporate/Other | Total | ||||||||||||||||||||||||
Custody fees | $ | 399 | $ | 45 | $ | 17 | $ | 461 | $ | 767 | $ | 92 | $ | 32 | $ | 891 | $ | 364 | $ | 3 | $ | 16 | $ | 383 | ||||||||||||
Fiduciary fees | 165 | 150 | 12 | 327 | 332 | 297 | 19 | 648 | 152 | 146 | 12 | 310 | ||||||||||||||||||||||||
Guarantee fees | 130 | 14 | 2 | 146 | 267 | 29 | 4 | 300 | 130 | 14 | 2 | 146 | ||||||||||||||||||||||||
Total administration and other fiduciary fees(1) | $ | 694 | $ | 209 | $ | 31 | $ | 934 | $ | 1,366 | $ | 418 | $ | 55 | $ | 1,839 | $ | 646 | $ | 163 | $ | 30 | $ | 839 |
Three Months Ended March 31, | ||||||||||||
2018 | ||||||||||||
In millions of dollars | ICG | GCB | Corporate/Other | Total | ||||||||
Custody fees | $ | 368 | $ | 47 | $ | 16 | $ | 431 | ||||
Fiduciary fees | 167 | 147 | 7 | 321 | ||||||||
Guarantee fees | 137 | 14 | 2 | 153 | ||||||||
Total administration and other fiduciary fees(1) | $ | 672 | $ | 208 | $ | 25 | $ | 905 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
2017 | 2017 | |||||||||||||||||||||||
In millions of dollars | ICG | GCB | Corporate/Other | Total | ICG | GCB | Corporate/Other | Total | ||||||||||||||||
Custody fees | $ | 382 | $ | 41 | $ | 14 | $ | 437 | $ | 510 | $ | 54 | $ | 16 | $ | 580 | ||||||||
Fiduciary fees | 147 | 142 | 30 | 319 | 289 | 274 | 41 | 604 | ||||||||||||||||
Guarantee fees | 138 | 13 | 2 | 153 | 494 | 50 | 15 | 559 | ||||||||||||||||
Total administration and other fiduciary fees(1) | $ | 667 | $ | 196 | $ | 46 | $ | 909 | $ | 1,293 | $ | 378 | $ | 72 | $ | 1,743 |
(1) | Administration and other fiduciary fees includes $146 million and $153 million for the three months ended |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended March 31, | ||||||||||||||||
In millions of dollars | 2018 | 2017 | 2018 | 2017 | 2019 | 2018 | ||||||||||||
Global Consumer Banking | $ | 143 | $ | 152 | $ | 293 | $ | 307 | ||||||||||
Institutional Clients Group | 2,358 | 2,151 | 5,242 | 4,882 | ||||||||||||||
Corporate/Other | (350 | ) | 340 | (95 | ) | 548 | ||||||||||||
Total Citigroup | $ | 2,151 | $ | 2,643 | $ | 5,440 | $ | 5,737 | ||||||||||
Interest rate risks(1) | $ | 1,551 | $ | 1,495 | $ | 3,173 | $ | 3,241 | $ | 1,718 | $ | 1,566 | ||||||
Foreign exchange risks(2) | 175 | 757 | 920 | 1,336 | 473 | 730 | ||||||||||||
Equity risks(3) | 120 | 74 | 686 | 286 | 456 | 589 | ||||||||||||
Commodity and other risks(4) | 208 | 169 | 300 | 322 | 119 | 101 | ||||||||||||
Credit products and risks(5) | 97 | 148 | 361 | 552 | 38 | 256 | ||||||||||||
Total | $ | 2,151 | $ | 2,643 | $ | 5,440 | $ | 5,737 | $ | 2,804 | $ | 3,242 |
(1) | Includes revenues from government securities and corporate debt, municipal securities, mortgage securities and other debt instruments. Also includes spot and forward trading of currencies and exchange-traded and over-the-counter (OTC) currency options, options on fixed income securities, interest rate swaps, currency swaps, swap options, caps and floors, financial futures, OTC options and forward contracts on fixed income securities. |
(2) | Includes revenues from foreign exchange spot, forward, option and swap contracts, as well as foreign currency translation (FX translation) gains and losses. |
(3) | Includes revenues from common, preferred and convertible preferred stock, convertible corporate debt, equity-linked notes and exchange-traded and OTC equity options and warrants. |
(4) | Primarily includes revenues from crude oil, refined oil products, natural gas and other commodities trades. |
(5) | Includes revenues from structured credit products. |
Three Months Ended June 30, | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
Pension plans | Postretirement benefit plans | Pension plans | Postretirement benefit plans | |||||||||||||||||||||||||||||||||||||||||||||
U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans | |||||||||||||||||||||||||||||||||||||||||
In millions of dollars | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Benefits earned during the period | $ | — | $ | — | $ | 38 | $ | 38 | $ | — | $ | — | $ | 3 | $ | 2 | $ | — | $ | 1 | $ | 36 | $ | 38 | $ | — | $ | — | $ | 2 | $ | 2 | ||||||||||||||||
Interest cost on benefit obligation | 126 | 136 | 72 | 74 | 7 | 8 | 25 | 25 | 130 | 123 | 75 | 75 | 7 | 6 | 26 | 26 | ||||||||||||||||||||||||||||||||
Expected return on plan assets | (211 | ) | (217 | ) | (72 | ) | (76 | ) | (3 | ) | (2 | ) | (22 | ) | (22 | ) | (203 | ) | (213 | ) | (68 | ) | (78 | ) | (5 | ) | (3 | ) | (21 | ) | (23 | ) | ||||||||||||||||
Amortization of unrecognized | ||||||||||||||||||||||||||||||||||||||||||||||||
Prior service benefit | — | 1 | (1 | ) | (1 | ) | — | — | (3 | ) | (3 | ) | ||||||||||||||||||||||||||||||||||||
Amortization of unrecognized: | ||||||||||||||||||||||||||||||||||||||||||||||||
Prior service cost (benefit) | 1 | — | (1 | ) | (1 | ) | — | — | (2 | ) | (2 | ) | ||||||||||||||||||||||||||||||||||||
Net actuarial loss | 42 | 40 | 14 | 15 | — | 1 | 8 | 9 | 44 | 47 | 15 | 13 | — | — | 5 | 7 | ||||||||||||||||||||||||||||||||
Curtailment loss (1) | 1 | 3 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Settlement loss(1) | — | — | 1 | 4 | — | — | — | — | — | — | — | 4 | — | — | — | — | ||||||||||||||||||||||||||||||||
Total net (benefit) expense | $ | (42 | ) | $ | (37 | ) | $ | 52 | $ | 54 | $ | 4 | $ | 7 | $ | 11 | $ | 11 | $ | (28 | ) | $ | (42 | ) | $ | 57 | $ | 51 | $ | 2 | $ | 3 | $ | 10 | $ | 10 |
(1) | Losses due to |
Six Months Ended June 30, | |||||||||||||||||||||||||||
Pension plans | Postretirement benefit plans | ||||||||||||||||||||||||||
U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans | ||||||||||||||||||||||||
In millions of dollars | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||||
Benefits earned during the period | $ | 1 | $ | 1 | $ | 76 | $ | 74 | $ | — | $ | — | $ | 5 | $ | 4 | |||||||||||
Interest cost on benefit obligation | 249 | 275 | 147 | 145 | 13 | 14 | 51 | 49 | |||||||||||||||||||
Expected return on plan assets | (424 | ) | (433 | ) | (150 | ) | (146 | ) | (6 | ) | (3 | ) | (45 | ) | (43 | ) | |||||||||||
Amortization of unrecognized | |||||||||||||||||||||||||||
Prior service benefit | — | 1 | (2 | ) | (2 | ) | — | — | (5 | ) | (5 | ) | |||||||||||||||
Net actuarial loss | 89 | 84 | 27 | 31 | — | — | 15 | 17 | |||||||||||||||||||
Curtailment loss (1) | 1 | 3 | — | — | — | — | — | — | |||||||||||||||||||
Settlement loss (1) | — | — | 5 | 4 | — | — | — | — | |||||||||||||||||||
Total net (benefit) expense | $ | (84 | ) | $ | (69 | ) | $ | 103 | $ | 106 | $ | 7 | $ | 11 | $ | 21 | $ | 22 |
Six Months Ended June 30, 2018 | Three Months Ended March 31, 2019 | |||||||||||||||||||||||
Pension plans | Postretirement benefit plans | Pension plans | Postretirement benefit plans | |||||||||||||||||||||
In millions of dollars | U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans | ||||||||||||||||
Change in projected benefit obligation | ||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 14,040 | $ | 7,433 | $ | 699 | $ | 1,261 | $ | 12,655 | $ | 7,149 | $ | 662 | $ | 1,159 | ||||||||
Plans measured annually | (28 | ) | (1,987 | ) | — | (334 | ) | (25 | ) | (1,862 | ) | — | (307 | ) | ||||||||||
Projected benefit obligation at beginning of year—Significant Plans | $ | 14,012 | $ | 5,446 | $ | 699 | $ | 927 | $ | 12,630 | $ | 5,287 | $ | 662 | $ | 852 | ||||||||
First quarter activity | (576 | ) | 151 | (32 | ) | 89 | ||||||||||||||||||
Projected benefit obligation at March 31, 2018—Significant Plans | $ | 13,436 | $ | 5,597 | $ | 667 | $ | 1,016 | ||||||||||||||||
Benefits earned during the period | — | 22 | — | 2 | — | 20 | — | 1 | ||||||||||||||||
Interest cost on benefit obligation | 126 | 60 | 7 | 22 | 130 | 63 | 7 | 23 | ||||||||||||||||
Actuarial (gain) loss | (516 | ) | (96 | ) | 8 | (1 | ) | |||||||||||||||||
Actuarial loss | 493 | 252 | 13 | 38 | ||||||||||||||||||||
Benefits paid, net of participants’ contributions and government subsidy | (206 | ) | (74 | ) | (15 | ) | (15 | ) | (215 | ) | (55 | ) | (7 | ) | (11 | ) | ||||||||
Curtailment loss (1) | 1 | — | — | — | ||||||||||||||||||||
Foreign exchange impact and other | — | (256 | ) | — | (73 | ) | — | 13 | — | 11 | ||||||||||||||
Projected benefit obligation at period end—Significant Plans | $ | 12,841 | $ | 5,253 | $ | 667 | $ | 951 | $ | 13,038 | $ | 5,580 | $ | 675 | $ | 914 |
Three Months Ended March 31, 2019 | ||||||||||||
Pension plans | Postretirement benefit plans | |||||||||||
In millions of dollars | U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans | ||||||||
Change in plan assets | ||||||||||||
Plan assets at fair value at beginning of year | $ | 11,490 | $ | 6,699 | $ | 345 | $ | 1,036 | ||||
Plans measured annually | — | (1,248 | ) | — | (9 | ) | ||||||
Plan assets at fair value at beginning of year—Significant Plans | $ | 11,490 | $ | 5,451 | $ | 345 | $ | 1,027 | ||||
Actual return on plan assets | 688 | 273 | 15 | 29 | ||||||||
Company contributions, net of reimbursements | 14 | 14 | (6 | ) | — | |||||||
Benefits paid, net of participants’ contributions and government subsidy | (215 | ) | (55 | ) | (7 | ) | (11 | ) | ||||
Foreign exchange impact and other | — | 25 | — | 14 | ||||||||
Plan assets at fair value at period end—Significant Plans | $ | 11,977 | $ | 5,708 | $ | 347 | $ | 1,059 | ||||
Funded status of the Significant Plans | ||||||||||||
Qualified plans(1) | $ | (391 | ) | $ | 128 | $ | (328 | ) | $ | 145 | ||
Nonqualified plans | (670 | ) | — | — | — | |||||||
Funded status of the plans at period end—Significant Plans | $ | (1,061 | ) | $ | 128 | $ | (328 | ) | $ | 145 | ||
Net amount recognized at period end | ||||||||||||
Benefit asset | $ | — | $ | 766 | $ | — | $ | 145 | ||||
Benefit liability | (1,061 | ) | (638 | ) | (328 | ) | — | |||||
Net amount recognized on the balance sheet—Significant Plans | $ | (1,061 | ) | $ | 128 | $ | (328 | ) | $ | 145 | ||
Amounts recognized in AOCI at period end | ||||||||||||
Prior service benefit | $ | — | $ | 15 | $ | — | $ | 73 | ||||
Net actuarial (loss) gain | (6,848 | ) | (978 | ) | 50 | (314 | ) | |||||
Net amount recognized in equity (pretax)—Significant Plans | $ | (6,848 | ) | $ | (963 | ) | $ | 50 | $ | (241 | ) | |
Accumulated benefit obligation at period end—Significant Plans | $ | 13,029 | $ | 5,302 | $ | 675 | $ | 914 |
Six Months Ended June 30, 2018 | ||||||||||||
Pension plans | Postretirement benefit plans | |||||||||||
In millions of dollars | U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans | ||||||||
Change in plan assets | ||||||||||||
Plan assets at fair value at beginning of year | $ | 12,725 | $ | 7,128 | $ | 262 | $ | 1,119 | ||||
Plans measured annually | — | (1,305 | ) | — | (10 | ) | ||||||
Plan assets at fair value at beginning of year—Significant Plans | $ | 12,725 | $ | 5,823 | $ | 262 | $ | 1,109 | ||||
First quarter activity | (349 | ) | 115 | $ | (21 | ) | 58 | |||||
Plan assets at fair value at March 31, 2018—Significant Plans | $ | 12,376 | $ | 5,938 | $ | 241 | $ | 1,167 | ||||
Actual return on plan assets | (27 | ) | (22 | ) | — | 20 | ||||||
Company contributions, net of reimbursements | 13 | 21 | 11 | — | ||||||||
Benefits paid, net of participants’ contributions and government subsidy | (206 | ) | (74 | ) | (15 | ) | (15 | ) | ||||
Foreign exchange impact and other | — | (253 | ) | — | (83 | ) | ||||||
Plan assets at fair value at period end—Significant Plans | $ | 12,156 | $ | 5,610 | $ | 237 | $ | 1,089 | ||||
Funded status of the Significant Plans | ||||||||||||
Qualified plans(1) | $ | (18 | ) | $ | 357 | $ | (430 | ) | $ | 138 | ||
Nonqualified plans | (667 | ) | — | — | — | |||||||
Funded status of the plans at period end—Significant Plans | $ | (685 | ) | $ | 357 | $ | (430 | ) | $ | 138 | ||
Net amount recognized at period end | ||||||||||||
Benefit asset | $ | — | $ | 847 | $ | — | $ | (380 | ) | |||
Benefit liability | (685 | ) | (490 | ) | (430 | ) | 518 | |||||
Net amount recognized on the balance sheet—Significant Plans | $ | (685 | ) | $ | 357 | $ | (430 | ) | $ | 138 | ||
Amounts recognized in AOCI at period end | ||||||||||||
Prior service benefit | $ | — | $ | 25 | $ | — | $ | 78 | ||||
Net actuarial (loss) gain | (6,324 | ) | (801 | ) | 79 | (334 | ) | |||||
Net amount recognized in equity (pretax)—Significant Plans | $ | (6,324 | ) | $ | (776 | ) | $ | 79 | $ | (256 | ) | |
Accumulated benefit obligation at period end—Significant Plans | $ | 12,833 | $ | 4,992 | $ | 667 | $ | 951 |
(1) | The U.S. qualified pension plan is fully funded pursuant to the Employee Retirement Income Security Act of 1974, as amended (ERISA), funding rules as of January 1, |
In millions of dollars | Three Months Ended June 30, 2018 | Six Months Ended June 30, 2018 | Three Months Ended March 31, 2019 | For Year Ended December 31, 2018 | ||||||||
Beginning of period balance, net of tax(1)(2) | $ | (6,095 | ) | $ | (6,183 | ) | $ | (6,257 | ) | $ | (6,183 | ) |
Actuarial assumptions changes and plan experience | 603 | 1,119 | (795 | ) | 1,288 | |||||||
Net asset (loss) gain due to difference between actual and expected returns | (328 | ) | (779 | ) | ||||||||
Net asset gain (loss) due to difference between actual and expected returns | 690 | (1,732 | ) | |||||||||
Net amortization | 54 | 112 | 62 | 214 | ||||||||
Prior service cost | — | 6 | — | (7 | ) | |||||||
Curtailment/settlement gain(3) | 2 | — | — | 7 | ||||||||
Foreign exchange impact and other | 72 | 36 | (25 | ) | 136 | |||||||
Change in deferred taxes, net | (102 | ) | (105 | ) | 4 | 20 | ||||||
Change, net of tax | $ | 301 | $ | 389 | $ | (64 | ) | $ | (74 | ) | ||
End of period balance, net of tax(1)(2) | $ | (5,794 | ) | $ | (5,794 | ) | $ | (6,321 | ) | $ | (6,257 | ) |
(1) | See Note 17 to the Consolidated Financial Statements for further discussion of net AOCI balance. |
(2) | Includes net-of-tax amounts for certain profit sharing plans outside the U.S. |
(3) |
Net (benefit) expense assumed discount rates during the period | Three Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
U.S. plans | ||
Qualified pension | 4.25% | 4.30% |
Nonqualified pension | 4.25 | 4.30 |
Postretirement | 4.20 | 4.20 |
Non-U.S. plans | ||
Pension | 0.75-10.75 | 0.95-10.75 |
Weighted average | 5.09 | 5.08 |
Postretirement | 10.75 | 10.10 |
Net (benefit) expense assumed discount rates during the period | Three Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
U.S. plans | ||
Qualified pension | 3.95% | 3.60% |
Nonqualified pension | 3.95 | 3.60 |
Postretirement | 3.90 | 3.50 |
Non-U.S. plans | ||
Pension | 0.75 -9.90 | 0.6-10.20 |
Weighted average | 4.86 | 4.75 |
Postretirement | 9.50 | 9.55 |
Plan obligations assumed discount rates at period ended | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
U.S. plans | |||
Qualified pension | 4.25% | 3.95% | 3.60% |
Nonqualified pension | 4.25 | 3.95 | 3.60 |
Postretirement | 4.20 | 3.90 | 3.50 |
Non-U.S. plans | |||
Pension | 0.80-10.70 | 0.75 -9.90 | 0.6-10.20 |
Weighted average | 4.88 | 4.86 | 4.75 |
Postretirement | 9.50 | 9.50 | 9.55 |
Plan obligations assumed discount rates at period ended | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
U.S. plans | |||
Qualified pension | 3.85% | 4.25% | 3.95% |
Nonqualified pension | 3.90 | 4.25 | 3.95 |
Postretirement | 3.80 | 4.20 | 3.90 |
Non-U.S. plans | |||
Pension | 0.45-10.30 | 0.75-10.75 | 0.75-9.90 |
Weighted average | 4.74 | 5.09 | 4.88 |
Postretirement | 10.30 | 10.75 | 9.50 |
Three Months Ended March 31, 2019 | ||||||
In millions of dollars | One-percentage-point increase | One-percentage-point decrease | ||||
Pension | ||||||
U.S. plans | $ | 5 | $ | (8 | ) | |
Non-U.S. plans | (2 | ) | 6 | |||
Postretirement | ||||||
U.S. plans | — | (1 | ) | |||
Non-U.S. plans | (2 | ) | 2 |
Three Months Ended June 30, 2018 | ||||||
In millions of dollars | One-percentage-point increase | One-percentage-point decrease | ||||
Pension | ||||||
U.S. plans | $ | 6 | $ | (9 | ) | |
Non-U.S. plans | (3 | ) | 5 | |||
Postretirement | ||||||
U.S. plans | — | (1 | ) | |||
Non-U.S. plans | (2 | ) | 2 |
Pension plans | Postretirement plans | |||||||||||||||||||||||
U.S. plans(1) | Non-U.S. plans | U.S. plans | Non-U.S. plans | |||||||||||||||||||||
In millions of dollars | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||
Company contributions(2) for the six months ended June 30 | $ | 28 | $ | 26 | $ | 112 | $ | 58 | $ | 7 | $ | 19 | $ | 5 | $ | 3 | ||||||||
Company contributions made or expected to be made during the remainder of the year | 29 | 79 | 67 | 68 | 2 | 157 | 5 | 6 |
Pension plans | Postretirement plans | |||||||||||||||||||||||
U.S. plans(1) | Non-U.S. plans | U.S. plans | Non-U.S. plans | |||||||||||||||||||||
In millions of dollars | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||
Company contributions(2) for the three months ended March 31 | $ | 14 | $ | 14 | $ | 34 | $ | 29 | $ | — | $ | — | $ | 3 | $ | 3 | ||||||||
Company contributions made during the remainder of the year | — | 41 | — | 153 | — | 150 | — | 6 | ||||||||||||||||
Company contributions expected to be made during the remainder of the year | 43 | — | 107 | — | — | — | 7 | — |
(1) | The U.S. |
(2) | Company contributions are composed of cash contributions made to the plans and benefits paid directly by the Company. |
Three Months Ended March 31, | ||||||
In millions of dollars | 2019 | 2018 | ||||
U.S. plans | $ | 99 | $ | 104 | ||
Non-U.S. plans | 68 | 76 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
In millions of dollars | 2018 | 2017 | 2018 | 2017 | ||||||||
U.S. plans | $ | 99 | $ | 100 | $ | 203 | $ | 198 | ||||
Non-U.S. plans | 72 | 66 | 148 | 135 |
Three Months Ended March 31, | ||||||
In millions of dollars | 2019 | 2018 | ||||
Service-related expense | ||||||
Interest cost on benefit obligation | $ | — | $ | — | ||
Expected return on plan assets | — | — | ||||
Amortization of unrecognized: | ||||||
Prior service benefit | — | (8 | ) | |||
Net actuarial loss | 1 | 1 | ||||
Total service-related benefit | $ | 1 | $ | (7 | ) | |
Non-service-related expense | $ | 4 | $ | 6 | ||
Total net (benefit) expense | $ | 5 | $ | (1 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
In millions of dollars | 2018 | 2017 | 2018 | 2017 | ||||||||
Interest cost on benefit obligation | $ | 1 | $ | 1 | $ | 1 | $ | 1 | ||||
Expected return on plan assets | (1 | ) | — | (1 | ) | — | ||||||
Amortization of unrecognized | ||||||||||||
Prior service benefit | (7 | ) | (7 | ) | (15 | ) | (15 | ) | ||||
Net actuarial loss | — | — | 1 | 1 | ||||||||
Total service- related benefit | $ | (7 | ) | $ | (6 | ) | $ | (14 | ) | $ | (13 | ) |
Non-service- related expense | $ | (3 | ) | $ | 4 | $ | 3 | $ | 12 | |||
Total net (benefit) expense | $ | (10 | ) | $ | (2 | ) | $ | (11 | ) | $ | (1 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended March 31, | ||||||||||||||||
In millions of dollars, except per share amounts | 2018 | 2017 | 2018 | 2017 | 2019 | 2018 | ||||||||||||
Income from continuing operations before attribution of noncontrolling interests | $ | 4,501 | $ | 3,883 | $ | 9,150 | $ | 8,001 | $ | 4,737 | $ | 4,649 | ||||||
Less: Noncontrolling interests from continuing operations | 26 | 32 | 48 | 42 | 25 | 22 | ||||||||||||
Net income from continuing operations (for EPS purposes) | $ | 4,475 | $ | 3,851 | $ | 9,102 | $ | 7,959 | $ | 4,712 | $ | 4,627 | ||||||
Income (loss) from discontinued operations, net of taxes | 15 | 21 | 8 | 3 | ||||||||||||||
Loss from discontinued operations, net of taxes | (2 | ) | (7 | ) | ||||||||||||||
Citigroup's net income | $ | 4,490 | $ | 3,872 | $ | 9,110 | $ | 7,962 | $ | 4,710 | $ | 4,620 | ||||||
Less: Preferred dividends(1) | 318 | 320 | 590 | 621 | 262 | 272 | ||||||||||||
Net income available to common shareholders | $ | 4,172 | $ | 3,552 | $ | 8,520 | $ | 7,341 | $ | 4,448 | $ | 4,348 | ||||||
Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with nonforfeitable rights to dividends, applicable to basic EPS | 49 | 48 | 90 | 103 | 59 | 51 | ||||||||||||
Net income allocated to common shareholders for basic EPS | $ | 4,123 | $ | 3,504 | $ | 8,430 | $ | 7,238 | ||||||||||
Net income allocated to common shareholders for diluted EPS | 4,123 | 3,504 | 8,430 | 7,238 | ||||||||||||||
Net income allocated to common shareholders for basic and diluted EPS | 4,389 | 4,297 | ||||||||||||||||
Weighted-average common shares outstanding applicable to basic EPS (in millions) | 2,530.9 | 2,739.1 | 2,546.2 | 2,752.2 | 2,340.4 | 2,561.6 | ||||||||||||
Effect of dilutive securities(2) | ||||||||||||||||||
Options(3) | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||||
Effect of dilutive securities | ||||||||||||||||||
Options(2) | 0.1 | 0.1 | ||||||||||||||||
Other employee plans | 1.3 | — | 1.3 | — | 1.9 | 1.3 | ||||||||||||
Adjusted weighted-average common shares outstanding applicable to diluted EPS(4) | 2,532.3 | 2,739.2 | 2,547.6 | 2,752.3 | ||||||||||||||
Basic earnings per share(5) | ||||||||||||||||||
Adjusted weighted-average common shares outstanding applicable to diluted EPS(3) | 2,342.4 | 2,563.0 | ||||||||||||||||
Basic earnings per share(4) | ||||||||||||||||||
Income from continuing operations | $ | 1.62 | $ | 1.27 | $ | 3.30 | $ | 2.63 | $ | 1.88 | $ | 1.68 | ||||||
Discontinued operations | 0.01 | 0.01 | 0.01 | — | — | — | ||||||||||||
Net income | $ | 1.63 | $ | 1.28 | $ | 3.31 | $ | 2.63 | $ | 1.88 | $ | 1.68 | ||||||
Diluted earnings per share(5) | ||||||||||||||||||
Diluted earnings per share(4) | ||||||||||||||||||
Income from continuing operations | $ | 1.62 | $ | 1.27 | $ | 3.30 | $ | 2.63 | $ | 1.87 | $ | 1.68 | ||||||
Discontinued operations | 0.01 | 0.01 | 0.01 | — | — | — | ||||||||||||
Net income | $ | 1.63 | $ | 1.28 | $ | 3.31 | $ | 2.63 | $ | 1.87 | $ | 1.68 |
(1) | As of |
(2) |
outstanding. During the |
Due to rounding, common shares outstanding applicable to basic EPS and the effect of dilutive securities may not sum to common shares outstanding applicable to diluted EPS. |
Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. |
In millions of dollars | March 31, 2019 | December 31, 2018 | ||||
Federal funds sold | $ | — | $ | — | ||
Securities purchased under agreements to resell | 163,382 | 159,364 | ||||
Deposits paid for securities borrowed | 101,113 | 111,320 | ||||
Total(1) | $ | 264,495 | $ | 270,684 |
In millions of dollars | June 30, 2018 | December 31, 2017 | ||||
Federal funds sold | $ | — | $ | — | ||
Securities purchased under agreements to resell | 142,627 | 130,984 | ||||
Deposits paid for securities borrowed | 122,899 | 101,494 | ||||
Total(1) | $ | 265,526 | $ | 232,478 |
In millions of dollars | March 31, 2019 | December 31, 2018 | ||||
Federal funds purchased | $ | — | $ | — | ||
Securities sold under agreements to repurchase | 172,231 | 166,090 | ||||
Deposits received for securities loaned | 18,141 | 11,678 | ||||
Total(1) | $ | 190,372 | $ | 177,768 |
In millions of dollars | June 30, 2018 | December 31, 2017 | ||||
Federal funds purchased | $ | 118 | $ | 326 | ||
Securities sold under agreements to repurchase | 162,555 | 142,646 | ||||
Deposits received for securities loaned | 15,155 | 13,305 | ||||
Total(1) | $ | 177,828 | $ | 156,277 |
(1) | The above tables do not include securities-for-securities lending transactions of |
As of June 30, 2018 | As of March 31, 2019 | |||||||||||||||||||||||||||||
In millions of dollars | Gross amounts of recognized assets | Gross amounts offset on the Consolidated Balance Sheet(1) | Net amounts of assets included on the Consolidated Balance Sheet(2) | Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default(3) | Net amounts(4) | Gross amounts of recognized assets | Gross amounts offset on the Consolidated Balance Sheet(1) | Net amounts of assets included on the Consolidated Balance Sheet(2) | Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default(3) | Net amounts(4) | ||||||||||||||||||||
Securities purchased under agreements to resell | $ | 223,470 | $ | 80,843 | $ | 142,627 | $ | 111,150 | $ | 31,477 | $ | 268,095 | $ | 104,713 | $ | 163,382 | $ | 129,911 | $ | 33,471 | ||||||||||
Deposits paid for securities borrowed | 122,899 | — | 122,899 | 26,497 | 96,402 | 101,113 | — | 101,113 | 28,040 | 73,073 | ||||||||||||||||||||
Total | $ | 346,369 | $ | 80,843 | $ | 265,526 | $ | 137,647 | $ | 127,879 | $ | 369,208 | $ | 104,713 | $ | 264,495 | $ | 157,951 | $ | 106,544 |
In millions of dollars | Gross amounts of recognized liabilities | Gross amounts offset on the Consolidated Balance Sheet(1) | Net amounts of liabilities included on the Consolidated Balance Sheet(2) | Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default(3) | Net amounts(4) | ||||||||||
Securities sold under agreements to repurchase | $ | 276,944 | $ | 104,713 | $ | 172,231 | $ | 91,923 | $ | 80,308 | |||||
Deposits received for securities loaned | 18,141 | — | 18,141 | 5,351 | 12,790 | ||||||||||
Total | $ | 295,085 | $ | 104,713 | $ | 190,372 | $ | 97,274 | $ | 93,098 |
As of December 31, 2018 | ||||||||||||||||||||||||||||||
In millions of dollars | Gross amounts of recognized liabilities | Gross amounts offset on the Consolidated Balance Sheet(1) | Net amounts of liabilities included on the Consolidated Balance Sheet(2) | Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default(3) | Net amounts(4) | Gross amounts of recognized assets | Gross amounts offset on the Consolidated Balance Sheet(1) | Net amounts of assets included on the Consolidated Balance Sheet(2) | Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default(3) | Net amounts(4) | ||||||||||||||||||||
Securities sold under agreements to repurchase | $ | 243,398 | $ | 80,843 | $ | 162,555 | $ | 89,609 | $ | 72,946 | ||||||||||||||||||||
Deposits received for securities loaned | 15,155 | — | 15,155 | 4,341 | 10,814 | |||||||||||||||||||||||||
Securities purchased under agreements to resell | $ | 246,788 | $ | 87,424 | $ | 159,364 | $ | 124,557 | $ | 34,807 | ||||||||||||||||||||
Deposits paid for securities borrowed | 111,320 | — | 111,320 | 35,766 | 75,554 | |||||||||||||||||||||||||
Total | $ | 258,553 | $ | 80,843 | $ | 177,710 | $ | 93,950 | $ | 83,760 | $ | 358,108 | $ | 87,424 | $ | 270,684 | $ | 160,323 | $ | 110,361 |
As of December 31, 2017 | |||||||||||||||
In millions of dollars | Gross amounts of recognized assets | Gross amounts offset on the Consolidated Balance Sheet(1) | Net amounts of assets included on the Consolidated Balance Sheet(2) | Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default(3) | Net amounts(4) | ||||||||||
Securities purchased under agreements to resell | $ | 204,460 | $ | 73,476 | $ | 130,984 | $ | 103,022 | $ | 27,962 | |||||
Deposits paid for securities borrowed | 101,494 | — | 101,494 | 22,271 | 79,223 | ||||||||||
Total | $ | 305,954 | $ | 73,476 | $ | 232,478 | $ | 125,293 | $ | 107,185 |
In millions of dollars | Gross amounts of recognized liabilities | Gross amounts offset on the Consolidated Balance Sheet(1) | Net amounts of liabilities included on the Consolidated Balance Sheet(2) | Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default(3) | Net amounts(4) | Gross amounts of recognized liabilities | Gross amounts offset on the Consolidated Balance Sheet(1) | Net amounts of liabilities included on the Consolidated Balance Sheet(2) | Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default(3) | Net amounts(4) | ||||||||||||||||||||
Securities sold under agreements to repurchase | $ | 216,122 | $ | 73,476 | $ | 142,646 | $ | 73,716 | $ | 68,930 | $ | 253,514 | $ | 87,424 | $ | 166,090 | $ | 82,823 | $ | 83,267 | ||||||||||
Deposits received for securities loaned | 13,305 | — | 13,305 | 4,079 | 9,226 | 11,678 | — | 11,678 | 3,415 | 8,263 | ||||||||||||||||||||
Total | $ | 229,427 | $ | 73,476 | $ | 155,951 | $ | 77,795 | $ | 78,156 | $ | 265,192 | $ | 87,424 | $ | 177,768 | $ | 86,238 | $ | 91,530 |
(1) | Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45. |
(2) | The total of this column for each period excludes federal funds sold/purchased. See tables above. |
(3) | Includes financial instruments subject to enforceable master netting agreements that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting right has been obtained. |
(4) | Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right. |
As of June 30, 2018 | As of March 31, 2019 | |||||||||||||||||||||||||||||
In millions of dollars | Open and overnight | Up to 30 days | 31–90 days | Greater than 90 days | Total | Open and overnight | Up to 30 days | 31–90 days | Greater than 90 days | Total | ||||||||||||||||||||
Securities sold under agreements to repurchase | $ | 114,766 | $ | 55,286 | $ | 26,266 | $ | 47,080 | $ | 243,398 | $ | 140,262 | $ | 60,664 | $ | 33,724 | $ | 42,294 | $ | 276,944 | ||||||||||
Deposits received for securities loaned | 10,431 | 207 | 2,527 | 1,990 | 15,155 | 12,567 | 459 | 2,691 | 2,424 | 18,141 | ||||||||||||||||||||
Total | $ | 125,197 | $ | 55,493 | $ | 28,793 | $ | 49,070 | $ | 258,553 | $ | 152,829 | $ | 61,123 | $ | 36,415 | $ | 44,718 | $ | 295,085 |
As of December 31, 2017 | As of December 31, 2018 | |||||||||||||||||||||||||||||
In millions of dollars | Open and overnight | Up to 30 days | 31–90 days | Greater than 90 days | Total | Open and overnight | Up to 30 days | 31–90 days | Greater than 90 days | Total | ||||||||||||||||||||
Securities sold under agreements to repurchase | $ | 82,073 | $ | 68,372 | $ | 33,846 | $ | 31,831 | $ | 216,122 | $ | 108,405 | $ | 70,850 | $ | 29,898 | $ | 44,361 | $ | 253,514 | ||||||||||
Deposits received for securities loaned | 9,946 | 266 | 1,912 | 1,181 | 13,305 | 6,296 | 774 | 2,626 | 1,982 | 11,678 | ||||||||||||||||||||
Total | $ | 92,019 | $ | 68,638 | $ | 35,758 | $ | 33,012 | $ | 229,427 | $ | 114,701 | $ | 71,624 | $ | 32,524 | $ | 46,343 | $ | 265,192 |
As of June 30, 2018 | As of March 31, 2019 | |||||||||||||||||
In millions of dollars | Repurchase agreements | Securities lending agreements | Total | Repurchase agreements | Securities lending agreements | Total | ||||||||||||
U.S. Treasury and federal agency securities | $ | 85,479 | $ | 86 | $ | 85,565 | $ | 101,780 | $ | — | $ | 101,780 | ||||||
State and municipal securities | 2,168 | — | 2,168 | 1,644 | — | 1,644 | ||||||||||||
Foreign government securities | 92,604 | 584 | 93,188 | 106,764 | 565 | 107,329 | ||||||||||||
Corporate bonds | 21,843 | 612 | 22,455 | 22,264 | 660 | 22,924 | ||||||||||||
Equity securities | 16,492 | 13,648 | 30,140 | 14,616 | 16,570 | 31,186 | ||||||||||||
Mortgage-backed securities | 14,342 | — | 14,342 | 20,112 | — | 20,112 | ||||||||||||
Asset-backed securities | 6,441 | — | 6,441 | 5,861 | — | 5,861 | ||||||||||||
Other | 4,029 | 225 | 4,254 | 3,903 | 346 | 4,249 | ||||||||||||
Total | $ | 243,398 | $ | 15,155 | $ | 258,553 | $ | 276,944 | $ | 18,141 | $ | 295,085 |
As of December 31, 2018 | |||||||||
In millions of dollars | Repurchase agreements | Securities lending agreements | Total | ||||||
U.S. Treasury and federal agency securities | $ | 86,785 | $ | 41 | $ | 86,826 | |||
State and municipal securities | 2,605 | — | 2,605 | ||||||
Foreign government securities | 99,131 | 179 | 99,310 | ||||||
Corporate bonds | 21,719 | 749 | 22,468 | ||||||
Equity securities | 12,920 | 10,664 | 23,584 | ||||||
Mortgage-backed securities | 19,421 | — | 19,421 | ||||||
Asset-backed securities | 6,207 | — | 6,207 | ||||||
Other | 4,726 | 45 | 4,771 | ||||||
Total | $ | 253,514 | $ | 11,678 | $ | 265,192 |
As of December 31, 2017 | |||||||||
In millions of dollars | Repurchase agreements | Securities lending agreements | Total | ||||||
U.S. Treasury and federal agency securities | $ | 58,774 | $ | — | $ | 58,774 | |||
State and municipal securities | 1,605 | — | 1,605 | ||||||
Foreign government securities | 89,576 | 105 | 89,681 | ||||||
Corporate bonds | 20,194 | 657 | 20,851 | ||||||
Equity securities | 20,724 | 11,907 | 32,631 | ||||||
Mortgage-backed securities | 17,791 | — | 17,791 | ||||||
Asset-backed securities | 5,479 | — | 5,479 | ||||||
Other | 1,979 | 636 | 2,615 | ||||||
Total | $ | 216,122 | $ | 13,305 | $ | 229,427 |
In millions of dollars | June 30, 2018 | December 31, 2017 | March 31, 2019 | December 31, 2018 | ||||||||
Receivables from customers | $ | 16,208 | $ | 19,215 | $ | 14,945 | $ | 14,415 | ||||
Receivables from brokers, dealers and clearing organizations | 20,769 | 19,169 | 29,555 | 21,035 | ||||||||
Total brokerage receivables(1) | $ | 36,977 | $ | 38,384 | $ | 44,500 | $ | 35,450 | ||||
Payables to customers | $ | 40,408 | $ | 38,741 | $ | 37,240 | $ | 40,273 | ||||
Payables to brokers, dealers and clearing organizations | 27,264 | 22,601 | 25,416 | 24,298 | ||||||||
Total brokerage payables(1) | $ | 67,672 | $ | 61,342 | $ | 62,656 | $ | 64,571 |
(1) | Includes brokerage receivables and payables recorded by Citi broker-dealer entities that are accounted for in accordance with the AICPA Accounting Guide for Brokers and Dealers in Securities as codified in ASC 940-320. |
In millions of dollars | June 30, 2018 | |||
Debt securities available-for-sale (AFS) | $ | 289,031 | ||
Debt securities held-to-maturity (HTM)(1) | 52,897 | |||
Marketable equity securities carried at fair value(2) | 204 | |||
Non-marketable equity securities carried at fair value(2) | 1,228 | |||
Non-marketable equity securities measured using the measurement alternative(3) | 415 | |||
Non-marketable equity securities carried at cost(4) | 5,941 | |||
Total investments | $ | 349,716 |
In millions of dollars | March 31, 2019 | December 31, 2018 | |||||
Debt securities available-for-sale (AFS) | $ | 275,132 | $ | 288,038 | |||
Debt securities held-to-maturity (HTM)(1) | 66,842 | 63,357 | |||||
Marketable equity securities carried at fair value(2) | 208 | 220 | |||||
Non-marketable equity securities carried at fair value(2) | 804 | 889 | |||||
Non-marketable equity securities measured using the measurement alternative(3) | 630 | 538 | |||||
Non-marketable equity securities carried at cost(4) | 5,665 | 5,565 | |||||
Total investments | $ | 349,281 | $ | 358,607 |
In millions of dollars | December 31, 2017 | |||
Securities available-for-sale (AFS) | $ | 290,914 | ||
Debt securities held-to-maturity (HTM)(1) | 53,320 | |||
Non-marketable equity securities carried at fair value(2) | 1,206 | |||
Non-marketable equity securities carried at cost(4) | 6,850 | |||
Total investments | $ | 352,290 |
(1) | Carried at adjusted amortized cost basis, net of any credit-related impairment. |
(2) | Unrealized gains and losses are recognized in earnings. |
(3) | Impairment losses and adjustments to the carrying value as a result of observable price changes are recognized in earnings. |
(4) | Represents shares issued by the Federal Reserve Bank, Federal Home Loan Banks and certain exchanges of which Citigroup is a member. |
Three Months Ended March 31, | ||||||
In millions of dollars | 2019 | 2018 | ||||
Taxable interest | $ | 2,372 | $ | 2,042 | ||
Interest exempt from U.S. federal income tax | 127 | 130 | ||||
Dividend income | 49 | 62 | ||||
Total interest and dividend income | $ | 2,548 | $ | 2,234 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
In millions of dollars | 2018 | 2017 | 2018 | 2017 | ||||||||
Taxable interest | $ | 2,158 | $ | 1,859 | $ | 4,200 | $ | 3,623 | ||||
Interest exempt from U.S. federal income tax | 132 | 141 | 262 | 283 | ||||||||
Dividend income | 84 | 58 | 146 | 112 | ||||||||
Total interest and dividend income | $ | 2,374 | $ | 2,058 | $ | 4,608 | $ | 4,018 |
Three Months Ended March 31, | ||||||
In millions of dollars | 2019 | 2018 | ||||
Gross realized investment gains | $ | 168 | $ | 345 | ||
Gross realized investment losses | (38 | ) | (175 | ) | ||
Net realized gains on sale of investments | $ | 130 | $ | 170 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
In millions of dollars | 2018 | 2017 | 2018 | 2017 | ||||||||
Gross realized investment gains | $ | 170 | $ | 258 | $ | 396 | $ | 546 | ||||
Gross realized investment losses | (68 | ) | (37 | ) | (124 | ) | (133 | ) | ||||
Net realized gains on sale of investments | $ | 102 | $ | 221 | $ | 272 | $ | 413 |
June 30, 2018 | December 31, 2017 | March 31, 2019 | December 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||
In millions of dollars | Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||||||||||||||||||||||||
Securities AFS | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities AFS | ||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities(1) | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 43,825 | $ | 141 | $ | 994 | $ | 42,972 | $ | 42,116 | $ | 125 | $ | 500 | $ | 41,741 | $ | 39,228 | $ | 539 | $ | 434 | $ | 39,333 | $ | 43,504 | $ | 241 | $ | 725 | $ | 43,020 | ||||||||||||||||
Prime | — | — | — | — | 11 | 6 | — | 17 | ||||||||||||||||||||||||||||||||||||||||
Alt-A | 1 | — | — | 1 | 26 | 90 | — | 116 | 1 | — | — | 1 | 1 | — | — | 1 | ||||||||||||||||||||||||||||||||
Non-U.S. residential | 1,851 | 7 | 1 | 1,857 | 2,744 | 13 | 6 | 2,751 | 1,117 | 4 | 1 | 1,120 | 1,310 | 4 | 2 | 1,312 | ||||||||||||||||||||||||||||||||
Commercial | 281 | 1 | 3 | 279 | 334 | — | 2 | 332 | 138 | 1 | 1 | 138 | 173 | 1 | 2 | 172 | ||||||||||||||||||||||||||||||||
Total mortgage-backed securities | $ | 45,958 | $ | 149 | $ | 998 | $ | 45,109 | $ | 45,231 | $ | 234 | $ | 508 | $ | 44,957 | $ | 40,484 | $ | 544 | $ | 436 | $ | 40,592 | $ | 44,988 | $ | 246 | $ | 729 | $ | 44,505 | ||||||||||||||||
U.S. Treasury and federal agency securities | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 108,616 | $ | 53 | $ | 1,772 | $ | 106,897 | $ | 108,344 | $ | 77 | $ | 971 | $ | 107,450 | $ | 100,267 | $ | 25 | $ | 1,003 | $ | 99,289 | $ | 109,376 | $ | 33 | $ | 1,339 | $ | 108,070 | ||||||||||||||||
Agency obligations | 11,557 | 7 | 190 | 11,374 | 10,813 | 7 | 124 | 10,696 | 8,472 | 2 | 90 | 8,384 | 9,283 | 1 | 132 | 9,152 | ||||||||||||||||||||||||||||||||
Total U.S. Treasury and federal agency securities | $ | 120,173 | $ | 60 | $ | 1,962 | $ | 118,271 | $ | 119,157 | $ | 84 | $ | 1,095 | $ | 118,146 | $ | 108,739 | $ | 27 | $ | 1,093 | $ | 107,673 | $ | 118,659 | $ | 34 | $ | 1,471 | $ | 117,222 | ||||||||||||||||
State and municipal(2) | $ | 9,885 | $ | 123 | $ | 244 | $ | 9,764 | $ | 8,870 | $ | 140 | $ | 245 | $ | 8,765 | ||||||||||||||||||||||||||||||||
State and municipal | $ | 8,012 | $ | 162 | $ | 65 | $ | 8,109 | $ | 9,372 | $ | 96 | $ | 262 | $ | 9,206 | ||||||||||||||||||||||||||||||||
Foreign government | 98,172 | 385 | 732 | 97,825 | 100,615 | 508 | 590 | 100,533 | 101,296 | 455 | 395 | 101,356 | 100,872 | 415 | 596 | 100,691 | ||||||||||||||||||||||||||||||||
Corporate | 12,694 | 37 | 130 | 12,601 | 14,144 | 51 | 86 | 14,109 | 12,366 | 59 | 115 | 12,310 | 11,714 | 42 | 157 | 11,599 | ||||||||||||||||||||||||||||||||
Asset-backed securities(1) | 1,868 | 5 | 3 | 1,870 | 3,906 | 14 | 2 | 3,918 | 1,421 | 1 | 2 | 1,420 | 845 | 2 | 4 | 843 | ||||||||||||||||||||||||||||||||
Other debt securities | 3,590 | 1 | — | 3,591 | 297 | — | — | 297 | 3,671 | 1 | — | 3,672 | 3,973 | — | 1 | 3,972 | ||||||||||||||||||||||||||||||||
Total debt securities AFS | $ | 292,340 | $ | 760 | $ | 4,069 | $ | 289,031 | $ | 292,220 | $ | 1,031 | $ | 2,526 | $ | 290,725 | $ | 275,989 | $ | 1,249 | $ | 2,106 | $ | 275,132 | $ | 290,423 | $ | 835 | $ | 3,220 | $ | 288,038 | ||||||||||||||||
Marketable equity securities AFS(3) | $ | — | $ | — | $ | — | $ | — | $ | 186 | $ | 4 | $ | 1 | $ | 189 | ||||||||||||||||||||||||||||||||
Total securities AFS | $ | 292,340 | $ | 760 | $ | 4,069 | $ | 289,031 | $ | 292,406 | $ | 1,035 | $ | 2,527 | $ | 290,914 |
(1) | The Company invests in |
Less than 12 months | 12 months or longer | Total | Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||
In millions of dollars | Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | ||||||||||||||||||||||||
June 30, 2018 | ||||||||||||||||||||||||||||||||||||
Debt Securities AFS(1) | ||||||||||||||||||||||||||||||||||||
March 31, 2019 | ||||||||||||||||||||||||||||||||||||
Debt securities AFS | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 13,676 | $ | 328 | $ | 13,363 | $ | 666 | $ | 27,039 | $ | 994 | ||||||||||||||||||||||||
U.S. government agency guaranteed | $ | 9,176 | $ | 268 | $ | 8,102 | $ | 166 | $ | 17,278 | $ | 434 | ||||||||||||||||||||||||
Non-U.S. residential | 203 | 1 | 1 | — | 204 | 1 | 387 | 1 | 1 | — | 388 | 1 | ||||||||||||||||||||||||
Commercial | 234 | 2 | 27 | 1 | 261 | 3 | 14 | — | 104 | 1 | 118 | 1 | ||||||||||||||||||||||||
Total mortgage-backed securities | $ | 14,113 | $ | 331 | $ | 13,391 | $ | 667 | $ | 27,504 | $ | 998 | $ | 9,577 | $ | 269 | $ | 8,207 | $ | 167 | $ | 17,784 | $ | 436 | ||||||||||||
U.S. Treasury and federal agency securities | ||||||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 68,095 | $ | 1,208 | $ | 20,384 | $ | 564 | $ | 88,479 | $ | 1,772 | $ | 8,496 | $ | 48 | $ | 80,174 | $ | 955 | $ | 88,670 | $ | 1,003 | ||||||||||||
Agency obligations | 4,900 | 78 | 4,619 | 112 | 9,519 | 190 | 126 | 2 | 8,098 | 88 | 8,224 | 90 | ||||||||||||||||||||||||
Total U.S. Treasury and federal agency securities | $ | 72,995 | $ | 1,286 | $ | 25,003 | $ | 676 | $ | 97,998 | $ | 1,962 | $ | 8,622 | $ | 50 | $ | 88,272 | $ | 1,043 | $ | 96,894 | $ | 1,093 | ||||||||||||
State and municipal | $ | 2,043 | $ | 25 | $ | 1,161 | $ | 219 | $ | 3,204 | $ | 244 | $ | 928 | $ | 6 | $ | 968 | $ | 59 | $ | 1,896 | $ | 65 | ||||||||||||
Foreign government | 50,160 | 470 | 10,488 | 262 | 60,648 | 732 | 32,453 | 159 | 11,945 | 236 | 44,398 | 395 | ||||||||||||||||||||||||
Corporate | 6,362 | 120 | 521 | 10 | 6,883 | 130 | 3,252 | 96 | 2,127 | 19 | 5,379 | 115 | ||||||||||||||||||||||||
Asset-backed securities | 511 | 3 | 11 | — | 522 | 3 | 306 | 2 | 56 | — | 362 | 2 | ||||||||||||||||||||||||
Other debt securities | 1,174 | — | — | — | 1,174 | — | 816 | — | — | — | 816 | — | ||||||||||||||||||||||||
Total debt securities AFS | $ | 147,358 | $ | 2,235 | $ | 50,575 | $ | 1,834 | $ | 197,933 | $ | 4,069 | $ | 55,954 | $ | 582 | $ | 111,575 | $ | 1,524 | $ | 167,529 | $ | 2,106 | ||||||||||||
December 31, 2017 | ||||||||||||||||||||||||||||||||||||
Securities AFS | ||||||||||||||||||||||||||||||||||||
December 31, 2018 | ||||||||||||||||||||||||||||||||||||
Debt securities AFS | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 30,994 | $ | 438 | $ | 2,206 | $ | 62 | $ | 33,200 | $ | 500 | ||||||||||||||||||||||||
U.S. government agency guaranteed | $ | 11,160 | $ | 286 | $ | 13,143 | $ | 439 | $ | 24,303 | $ | 725 | ||||||||||||||||||||||||
Non-U.S. residential | 753 | 6 | — | — | 753 | 6 | 284 | 2 | 2 | — | 286 | 2 | ||||||||||||||||||||||||
Commercial | 150 | 1 | 57 | 1 | 207 | 2 | 79 | 1 | 82 | 1 | 161 | 2 | ||||||||||||||||||||||||
Total mortgage-backed securities | $ | 31,897 | $ | 445 | $ | 2,263 | $ | 63 | $ | 34,160 | $ | 508 | $ | 11,523 | $ | 289 | $ | 13,227 | $ | 440 | $ | 24,750 | $ | 729 | ||||||||||||
U.S. Treasury and federal agency securities | ||||||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 79,050 | $ | 856 | $ | 7,404 | $ | 115 | $ | 86,454 | $ | 971 | $ | 8,389 | $ | 42 | $ | 77,883 | $ | 1,297 | $ | 86,272 | $ | 1,339 | ||||||||||||
Agency obligations | 8,857 | 110 | 1,163 | 14 | 10,020 | 124 | 277 | 2 | 8,660 | 130 | 8,937 | 132 | ||||||||||||||||||||||||
Total U.S. Treasury and federal agency securities | $ | 87,907 | $ | 966 | $ | 8,567 | $ | 129 | $ | 96,474 | $ | 1,095 | $ | 8,666 | $ | 44 | $ | 86,543 | $ | 1,427 | $ | 95,209 | $ | 1,471 | ||||||||||||
State and municipal | $ | 1,009 | $ | 11 | $ | 1,155 | $ | 234 | $ | 2,164 | $ | 245 | $ | 1,614 | $ | 34 | $ | 1,303 | $ | 228 | $ | 2,917 | $ | 262 | ||||||||||||
Foreign government | 53,206 | 356 | 9,051 | 234 | 62,257 | 590 | 40,655 | 265 | 15,053 | 331 | 55,708 | 596 | ||||||||||||||||||||||||
Corporate | 6,737 | 74 | 859 | 12 | 7,596 | 86 | 4,547 | 115 | 2,077 | 42 | 6,624 | 157 | ||||||||||||||||||||||||
Asset-backed securities | 449 | 1 | 25 | 1 | 474 | 2 | 441 | 4 | 55 | — | 496 | 4 | ||||||||||||||||||||||||
Other debt securities | — | — | — | — | — | — | 1,790 | 1 | — | — | 1,790 | 1 | ||||||||||||||||||||||||
Marketable equity securities AFS(1) | 11 | 1 | — | — | 11 | 1 | ||||||||||||||||||||||||||||||
Total securities AFS | $ | 181,216 | $ | 1,854 | $ | 21,920 | $ | 673 | $ | 203,136 | $ | 2,527 | ||||||||||||||||||||||||
Total debt securities AFS | $ | 69,236 | $ | 752 | $ | 118,258 | $ | 2,468 | $ | 187,494 | $ | 3,220 |
June 30, 2018 | December 31, 2017 | March 31, 2019 | December 31, 2018 | |||||||||||||||||||||
In millions of dollars | Amortized cost | Fair value | Amortized cost | Fair value | Amortized cost | Fair value | Amortized cost | Fair value | ||||||||||||||||
Mortgage-backed securities(1) | ||||||||||||||||||||||||
Due within 1 year | $ | 34 | $ | 34 | $ | 45 | $ | 45 | $ | 68 | $ | 68 | $ | 14 | $ | 14 | ||||||||
After 1 but within 5 years | 1,207 | 1,202 | 1,306 | 1,304 | 706 | 707 | 662 | 661 | ||||||||||||||||
After 5 but within 10 years | 1,531 | 1,503 | 1,376 | 1,369 | 1,824 | 1,922 | 2,779 | 2,828 | ||||||||||||||||
After 10 years(2) | 43,186 | 42,370 | 42,504 | 42,239 | 37,886 | 37,895 | 41,533 | 41,002 | ||||||||||||||||
Total | $ | 45,958 | $ | 45,109 | $ | 45,231 | $ | 44,957 | $ | 40,484 | $ | 40,592 | $ | 44,988 | $ | 44,505 | ||||||||
U.S. Treasury and federal agency securities | ||||||||||||||||||||||||
Due within 1 year | $ | 26,550 | $ | 26,528 | $ | 4,913 | $ | 4,907 | $ | 39,674 | $ | 39,554 | $ | 41,941 | $ | 41,867 | ||||||||
After 1 but within 5 years | 91,342 | 89,497 | 111,236 | 110,238 | 68,442 | 67,520 | 76,139 | 74,800 | ||||||||||||||||
After 5 but within 10 years | 2,190 | 2,153 | 3,008 | 3,001 | 597 | 573 | 489 | 462 | ||||||||||||||||
After 10 years(2) | 91 | 93 | — | — | 26 | 26 | 90 | 93 | ||||||||||||||||
Total | $ | 120,173 | $ | 118,271 | $ | 119,157 | $ | 118,146 | $ | 108,739 | $ | 107,673 | $ | 118,659 | $ | 117,222 | ||||||||
State and municipal | ||||||||||||||||||||||||
Due within 1 year | $ | 773 | $ | 773 | $ | 1,792 | $ | 1,792 | $ | 1,674 | $ | 1,673 | $ | 2,586 | $ | 2,586 | ||||||||
After 1 but within 5 years | 3,460 | 3,457 | 2,579 | 2,576 | 1,542 | 1,546 | 1,676 | 1,675 | ||||||||||||||||
After 5 but within 10 years | 564 | 584 | 514 | 528 | 573 | 595 | 585 | 602 | ||||||||||||||||
After 10 years(2) | 5,088 | 4,950 | 3,985 | 3,869 | 4,223 | 4,295 | 4,525 | 4,343 | ||||||||||||||||
Total | $ | 9,885 | $ | 9,764 | $ | 8,870 | $ | 8,765 | $ | 8,012 | $ | 8,109 | $ | 9,372 | $ | 9,206 | ||||||||
Foreign government | ||||||||||||||||||||||||
Due within 1 year | $ | 36,246 | $ | 36,189 | $ | 32,130 | $ | 32,100 | $ | 41,824 | $ | 41,806 | $ | 39,078 | $ | 39,028 | ||||||||
After 1 but within 5 years | 47,736 | 47,344 | 53,034 | 53,165 | 46,950 | 46,936 | 50,125 | 49,962 | ||||||||||||||||
After 5 but within 10 years | 11,805 | 11,816 | 12,949 | 12,680 | 11,034 | 11,083 | 10,153 | 10,149 | ||||||||||||||||
After 10 years(2) | 2,385 | 2,476 | 2,502 | 2,588 | 1,488 | 1,531 | 1,516 | 1,552 | ||||||||||||||||
Total | $ | 98,172 | $ | 97,825 | $ | 100,615 | $ | 100,533 | $ | 101,296 | $ | 101,356 | $ | 100,872 | $ | 100,691 | ||||||||
All other(3) | ||||||||||||||||||||||||
Due within 1 year | $ | 4,881 | $ | 4,879 | $ | 3,998 | $ | 3,991 | $ | 6,867 | $ | 6,865 | $ | 6,166 | $ | 6,166 | ||||||||
After 1 but within 5 years | 10,494 | 10,420 | 9,047 | 9,027 | 8,199 | 8,188 | 8,459 | 8,416 | ||||||||||||||||
After 5 but within 10 years | 2,004 | 2,011 | 3,415 | 3,431 | 1,429 | 1,410 | 1,474 | 1,427 | ||||||||||||||||
After 10 years(2) | 773 | 752 | 1,887 | 1,875 | 963 | 939 | 433 | 405 | ||||||||||||||||
Total | $ | 18,152 | $ | 18,062 | $ | 18,347 | $ | 18,324 | $ | 17,458 | $ | 17,402 | $ | 16,532 | $ | 16,414 | ||||||||
Total debt securities AFS | $ | 292,340 | $ | 289,031 | $ | 292,220 | $ | 290,725 | $ | 275,989 | $ | 275,132 | $ | 290,423 | $ | 288,038 |
(1) | Includes mortgage-backed securities of U.S. government-sponsored agencies. |
(2) | Investments with no stated maturities are included as contractual maturities of greater than 10 years. Actual maturities may differ due to call or prepayment rights. |
(3) | Includes corporate, asset-backed and other debt securities. |
In millions of dollars | Carrying value | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||
March 31, 2019 | ||||||||||||
Debt securities held-to-maturity | ||||||||||||
Mortgage-backed securities(1) | ||||||||||||
U.S. government agency guaranteed(2) | $ | 38,286 | $ | 392 | $ | 296 | $ | 38,382 | ||||
Non-U.S. residential | 1,313 | 13 | 1 | 1,325 | ||||||||
Commercial | 424 | 1 | 1 | 424 | ||||||||
Total mortgage-backed securities | $ | 40,023 | $ | 406 | $ | 298 | $ | 40,131 | ||||
State and municipal | $ | 7,648 | $ | 285 | $ | 70 | $ | 7,863 | ||||
Foreign government | 1,000 | — | 11 | 989 | ||||||||
Asset-backed securities(1) | 18,171 | 6 | 86 | 18,091 | ||||||||
Total debt securities held-to-maturity | $ | 66,842 | $ | 697 | $ | 465 | $ | 67,074 | ||||
December 31, 2018 | ||||||||||||
Debt securities held-to-maturity | ||||||||||||
Mortgage-backed securities(1) | ||||||||||||
U.S. government agency guaranteed | $ | 34,239 | $ | 199 | $ | 578 | $ | 33,860 | ||||
Non-U.S. residential | 1,339 | 12 | 1 | 1,350 | ||||||||
Commercial | 368 | — | — | 368 | ||||||||
Total mortgage-backed securities | $ | 35,946 | $ | 211 | $ | 579 | $ | 35,578 | ||||
State and municipal | $ | 7,628 | $ | 167 | $ | 138 | $ | 7,657 | ||||
Foreign government | 1,027 | — | 24 | 1,003 | ||||||||
Asset-backed securities(1) | 18,756 | 8 | 112 | 18,652 | ||||||||
Total debt securities held-to-maturity | $ | 63,357 | $ | 386 | $ | 853 | $ | 62,890 |
In millions of dollars | Carrying value | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||
June 30, 2018 | ||||||||||||
Debt securities held-to-maturity | ||||||||||||
Mortgage-backed securities(1) | ||||||||||||
U.S. government agency guaranteed | $ | 24,939 | $ | 11 | $ | 661 | $ | 24,289 | ||||
Alt-A | — | — | — | — | ||||||||
Non-U.S. residential | 1,356 | 20 | — | 1,376 | ||||||||
Commercial | 264 | — | — | 264 | ||||||||
Total mortgage-backed securities | $ | 26,559 | $ | 31 | $ | 661 | $ | 25,929 | ||||
State and municipal | $ | 7,480 | $ | 180 | $ | 132 | $ | 7,528 | ||||
Foreign government | 1,348 | — | 15 | 1,333 | ||||||||
Asset-backed securities(1) | 17,510 | 47 | 2 | 17,555 | ||||||||
Total debt securities held-to-maturity | $ | 52,897 | $ | 258 | $ | 810 | $ | 52,345 | ||||
December 31, 2017 | ||||||||||||
Debt securities held-to-maturity | ||||||||||||
Mortgage-backed securities(1) | ||||||||||||
U.S. government agency guaranteed | $ | 23,880 | $ | 40 | $ | 157 | $ | 23,763 | ||||
Alt-A | 141 | 57 | — | 198 | ||||||||
Non-U.S. residential | 1,841 | 65 | — | 1,906 | ||||||||
Commercial | 237 | — | — | 237 | ||||||||
Total mortgage-backed securities | $ | 26,099 | $ | 162 | $ | 157 | $ | 26,104 | ||||
State and municipal (2) | $ | 8,897 | $ | 378 | $ | 73 | $ | 9,202 | ||||
Foreign government | 740 | — | 18 | 722 | ||||||||
Asset-backed securities(1) | 17,584 | 162 | 22 | 17,724 | ||||||||
Total debt securities held-to-maturity | $ | 53,320 | $ | 702 | $ | 270 | $ | 53,752 |
(1) | The Company invests in |
(2) | In March 2019, Citibank transferred $5 billion of agency residential mortgage-backed securities (RMBS) from AFS classification to HTM classification in accordance with ASC 320. At the |
Less than 12 months | 12 months or longer | Total | Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||
In millions of dollars | Fair value | Gross unrecognized losses | Fair value | Gross unrecognized losses | Fair value | Gross unrecognized losses | Fair value | Gross unrecognized losses | Fair value | Gross unrecognized losses | Fair value | Gross unrecognized losses | ||||||||||||||||||||||||
June 30, 2018 | ||||||||||||||||||||||||||||||||||||
March 31, 2019 | ||||||||||||||||||||||||||||||||||||
Debt securities held-to-maturity | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 16,731 | $ | 410 | $ | 5,805 | $ | 251 | $ | 22,536 | $ | 661 | $ | 4,577 | $ | 11 | $ | 18,150 | $ | 287 | $ | 22,727 | $ | 298 | ||||||||||||
State and municipal | 1,518 | 24 | 747 | 108 | 2,265 | 132 | 206 | 6 | 954 | 64 | 1,160 | 70 | ||||||||||||||||||||||||
Foreign government | 1,334 | 15 | — | — | 1,334 | 15 | 989 | 11 | — | — | 989 | 11 | ||||||||||||||||||||||||
Asset-backed securities | 16 | — | 611 | 2 | 627 | 2 | 12,581 | 86 | — | — | 12,581 | 86 | ||||||||||||||||||||||||
Total debt securities held-to-maturity | $ | 19,599 | $ | 449 | $ | 7,163 | $ | 361 | $ | 26,762 | $ | 810 | $ | 18,353 | $ | 114 | $ | 19,104 | $ | 351 | $ | 37,457 | $ | 465 | ||||||||||||
December 31, 2017 | ||||||||||||||||||||||||||||||||||||
December 31, 2018 | ||||||||||||||||||||||||||||||||||||
Debt securities held-to-maturity | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 8,569 | $ | 50 | $ | 6,353 | $ | 107 | $ | 14,922 | $ | 157 | $ | 2,822 | $ | 20 | $ | 18,086 | $ | 559 | $ | 20,908 | $ | 579 | ||||||||||||
State and municipal | 353 | 5 | 835 | 68 | 1,188 | 73 | 981 | 34 | 1,242 | 104 | 2,223 | 138 | ||||||||||||||||||||||||
Foreign government | 723 | 18 | — | — | 723 | 18 | 1,003 | 24 | — | — | 1,003 | 24 | ||||||||||||||||||||||||
Asset-backed securities | 71 | 3 | 134 | 19 | 205 | 22 | 13,008 | 112 | — | — | 13,008 | 112 | ||||||||||||||||||||||||
Total debt securities held-to-maturity | $ | 9,716 | $ | 76 | $ | 7,322 | $ | 194 | $ | 17,038 | $ | 270 | $ | 17,814 | $ | 190 | $ | 19,328 | $ | 663 | $ | 37,142 | $ | 853 |
June 30, 2018 | December 31, 2017 | March 31, 2019 | December 31, 2018 | |||||||||||||||||||||
In millions of dollars | Carrying value | Fair value | Carrying value | Fair value | Carrying value | Fair value | Carrying value | Fair value | ||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||
Due within 1 year | $ | — | $ | — | $ | — | $ | — | $ | 3 | $ | 3 | $ | 3 | $ | 3 | ||||||||
After 1 but within 5 years | 130 | 128 | 720 | 720 | 544 | 547 | 539 | 540 | ||||||||||||||||
After 5 but within 10 years | 180 | 179 | 148 | 149 | 1,822 | 1,845 | 997 | 1,011 | ||||||||||||||||
After 10 years(1) | 26,249 | 25,622 | 25,231 | 25,235 | 37,654 | 37,736 | 34,407 | 34,024 | ||||||||||||||||
Total | $ | 26,559 | $ | 25,929 | $ | 26,099 | $ | 26,104 | $ | 40,023 | $ | 40,131 | $ | 35,946 | $ | 35,578 | ||||||||
State and municipal | ||||||||||||||||||||||||
Due within 1 year | $ | 67 | $ | 67 | $ | 407 | $ | 425 | $ | 37 | $ | 37 | $ | 37 | $ | 37 | ||||||||
After 1 but within 5 years | 187 | 194 | 259 | 270 | 221 | 228 | 168 | 174 | ||||||||||||||||
After 5 but within 10 years | 464 | 468 | 512 | 524 | 487 | 500 | 540 | 544 | ||||||||||||||||
After 10 years(1) | 6,762 | 6,799 | 7,719 | 7,983 | 6,903 | 7,098 | 6,883 | 6,902 | ||||||||||||||||
Total | $ | 7,480 | $ | 7,528 | $ | 8,897 | $ | 9,202 | $ | 7,648 | $ | 7,863 | $ | 7,628 | $ | 7,657 | ||||||||
Foreign government | ||||||||||||||||||||||||
Due within 1 year | $ | 362 | $ | 362 | $ | 381 | $ | 381 | $ | 20 | $ | 20 | $ | 60 | $ | 36 | ||||||||
After 1 but within 5 years | 986 | 971 | 359 | 341 | 980 | 969 | 967 | 967 | ||||||||||||||||
After 5 but within 10 years | — | — | — | — | — | — | — | — | ||||||||||||||||
After 10 years(1) | — | — | — | — | — | — | — | — | ||||||||||||||||
Total | $ | 1,348 | $ | 1,333 | $ | 740 | $ | 722 | $ | 1,000 | $ | 989 | $ | 1,027 | $ | 1,003 | ||||||||
All other(2) | ||||||||||||||||||||||||
Due within 1 year | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
After 1 but within 5 years | — | — | — | — | — | — | — | — | ||||||||||||||||
After 5 but within 10 years | 1,441 | 1,445 | 1,669 | 1,680 | 3,039 | 3,041 | 2,535 | 2,539 | ||||||||||||||||
After 10 years(1) | 16,069 | 16,110 | 15,915 | 16,044 | 15,132 | 15,050 | 16,221 | 16,113 | ||||||||||||||||
Total | $ | 17,510 | $ | 17,555 | $ | 17,584 | $ | 17,724 | $ | 18,171 | $ | 18,091 | $ | 18,756 | $ | 18,652 | ||||||||
Total debt securities held-to-maturity | $ | 52,897 | $ | 52,345 | $ | 53,320 | $ | 53,752 | $ | 66,842 | $ | 67,074 | $ | 63,357 | $ | 62,890 |
(1) | Investments with no stated maturities are included as contractual maturities of greater than 10 years. Actual maturities may differ due to call or prepayment rights. |
(2) | Includes corporate and asset-backed securities. |
Three Months Ended March 31, 2019 | |||||||||
In millions of dollars | AFS | HTM | Total | ||||||
Impairment losses related to debt securities that the Company does not intend to sell nor will likely be required to sell: | |||||||||
Total OTTI losses recognized during the period | $ | — | $ | — | $ | — | |||
Less: portion of impairment loss recognized in AOCI (before taxes) | — | — | — | ||||||
Net impairment losses recognized in earnings for debt securities that the Company does not intend to sell nor will likely be required to sell | $ | — | $ | — | $ | — | |||
Impairment losses recognized in earnings for debt securities that the Company intends to sell, would be more-likely-than-not required to sell or will be subject to an issuer call deemed probable of exercise | 3 | — | 3 | ||||||
Total OTTI losses recognized in earnings | $ | 3 | $ | — | $ | 3 |
OTTI on Investments | Three Months Ended June 30, 2018 | Six Months Ended June 30, 2018 | ||||||||||||||||
In millions of dollars | AFS(1) | HTM | Total | AFS(1) | HTM | Total | ||||||||||||
Impairment losses related to debt securities that the Company does not intend to sell nor will likely be required to sell: | ||||||||||||||||||
Total OTTI losses recognized during the period | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||
Less: portion of impairment loss recognized in AOCI (before taxes) | — | — | — | — | — | — | ||||||||||||
Net impairment losses recognized in earnings for debt securities that the Company does not intend to sell nor will likely be required to sell | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||
Impairment losses recognized in earnings for debt securities that the Company intends to sell, would be more-likely-than-not required to sell or will be subject to an issuer call deemed probable of exercise | 12 | — | 12 | 39 | — | 39 | ||||||||||||
Total OTTI losses recognized in earnings | $ | 12 | $ | — | $ | 12 | $ | 39 | $ | — | $ | 39 |
Three Months Ended March 31, 2018 | |||||||||
In millions of dollars | AFS | HTM | Total | ||||||
Impairment losses related to securities that the Company does not intend to sell nor will likely be required to sell: | |||||||||
Total OTTI losses recognized during the period | $ | — | $ | — | $ | — | |||
Less: portion of impairment loss recognized in AOCI (before taxes) | — | — | — | ||||||
Net impairment losses recognized in earnings for securities that the Company does not intend to sell nor will likely be required to sell | $ | — | $ | — | $ | — | |||
Impairment losses recognized in earnings for securities that the Company intends to sell, would be more-likely-than-not required to sell or will be subject to an issuer call deemed probable of exercise | 27 | — | 27 | ||||||
Total impairment losses recognized in earnings | $ | 27 | $ | — | $ | 27 |
OTTI on Investments | Three months ended June 30, 2017 | Six Months Ended June 30, 2017 | ||||||||||||||||
In millions of dollars | AFS (1) | HTM | Total | AFS(1) | HTM | Total | ||||||||||||
Impairment losses related to securities that the Company does not intend to sell nor will likely be required to sell: | ||||||||||||||||||
Total OTTI losses recognized during the period | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||
Less: portion of impairment loss recognized in AOCI (before taxes) | — | — | — | — | — | — | ||||||||||||
Net impairment losses recognized in earnings for securities that the Company does not intend to sell nor will likely be required to sell | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||
Impairment losses recognized in earnings for securities that the Company intends to sell, would be more-likely-than-not required to sell or will be subject to an issuer call deemed probable of exercise and FX losses | 20 | — | 20 | 31 | 1 | 32 | ||||||||||||
Total impairment losses recognized in earnings | $ | 20 | $ | — | $ | 20 | $ | 31 | $ | 1 | $ | 32 |
Cumulative OTTI credit losses recognized in earnings on debt securities still held | Cumulative OTTI credit losses recognized in earnings on debt securities still held | |||||||||||||||||||||||||||||
In millions of dollars | March 31, 2018 balance | Credit impairments recognized in earnings on securities not previously impaired | Credit impairments recognized in earnings on securities that have been previously impaired | Changes due to credit-impaired securities sold, transferred or matured | June 30, 2018 balance | December 31, 2018 balance | Credit impairments recognized in earnings on securities not previously impaired | Credit impairments recognized in earnings on securities that have been previously impaired | Changes due to credit-impaired securities sold, transferred or matured | March 31, 2019 balance | ||||||||||||||||||||
AFS debt securities | ||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 25 | $ | — | $ | — | $ | (24 | ) | $ | 1 | $ | 1 | $ | — | $ | — | $ | — | $ | 1 | |||||||||
State and municipal | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Foreign government securities | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Corporate | 4 | — | — | — | 4 | 4 | — | — | — | 4 | ||||||||||||||||||||
All other debt securities | 2 | — | — | — | 2 | — | — | — | — | — | ||||||||||||||||||||
Total OTTI credit losses recognized for AFS debt securities | $ | 31 | $ | — | $ | — | $ | (24 | ) | $ | 7 | $ | 5 | $ | — | $ | — | $ | — | $ | 5 | |||||||||
HTM debt securities | ||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
State and municipal | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total OTTI credit losses recognized for HTM debt securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
Cumulative OTTI credit losses recognized in earnings on debt securities still held | |||||||||||||||
In millions of dollars | March 31, 2017 balance | Credit impairments recognized in earnings on securities not previously impaired | Credit impairments recognized in earnings on securities that have been previously impaired | Reductions due to credit-impaired securities sold, transferred or matured | June 30, 2017 balance | ||||||||||
AFS debt securities | |||||||||||||||
Mortgage-backed securities | $ | — | $ | — | $ | — | $ | — | $ | — | |||||
State and municipal | 4 | — | — | — | 4 | ||||||||||
Foreign government securities | — | — | — | — | — | ||||||||||
Corporate | 4 | — | — | — | 4 | ||||||||||
All other debt securities | 22 | — | — | (22 | ) | — | |||||||||
Total OTTI credit losses recognized for AFS debt securities | $ | 30 | $ | — | $ | — | $ | (22 | ) | $ | 8 | ||||
HTM debt securities | |||||||||||||||
Mortgage-backed securities(1) | $ | 97 | $ | — | $ | — | $ | — | $ | 97 | |||||
State and municipal | 3 | — | — | — | 3 | ||||||||||
Total OTTI credit losses recognized for HTM debt securities | $ | 100 | $ | — | $ | — | $ | — | $ | 100 |
Cumulative OTTI credit losses recognized in earnings on debt securities still held | Cumulative OTTI credit losses recognized in earnings on debt securities still held | |||||||||||||||||||||||||||||
In millions of dollars | December 31, 2017 balance | Credit impairments recognized in earnings on securities not previously impaired | Credit impairments recognized in earnings on securities that have been previously impaired | Changes due to credit-impaired securities sold, transferred or matured(1) | June 30, 2018 balance | December 31, 2017 balance | Credit impairments recognized in earnings on securities not previously impaired | Credit impairments recognized in earnings on securities that have been previously impaired | Reductions due to credit-impaired securities sold, transferred or matured(1) | March 31, 2018 balance | ||||||||||||||||||||
AFS debt securities | ||||||||||||||||||||||||||||||
Mortgage-backed securities (2) | $ | 38 | $ | — | $ | — | $ | (37 | ) | $ | 1 | $ | 38 | $ | — | $ | — | $ | (13 | ) | $ | 25 | ||||||||
State and municipal | 4 | — | — | (4 | ) | — | 4 | — | — | (4 | ) | — | ||||||||||||||||||
Foreign government securities | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Corporate | 4 | — | — | — | 4 | 4 | — | — | — | 4 | ||||||||||||||||||||
All other debt securities | 2 | — | — | — | 2 | 2 | — | — | — | 2 | ||||||||||||||||||||
Total OTTI credit losses recognized for AFS debt securities | $ | 48 | $ | — | $ | — | $ | (41 | ) | $ | 7 | $ | 48 | $ | — | $ | — | $ | (17 | ) | $ | 31 | ||||||||
HTM debt securities | ||||||||||||||||||||||||||||||
Mortgage-backed securities(3) | $ | 54 | $ | — | $ | — | $ | (54 | ) | $ | — | $ | 54 | $ | — | $ | — | $ | (54 | ) | $ | — | ||||||||
State and municipal | 3 | — | — | (3 | ) | — | 3 | — | — | (3 | ) | — | ||||||||||||||||||
Total OTTI credit losses recognized for HTM debt securities | $ | 57 | $ | — | $ | — | $ | (57 | ) | $ | — | $ | 57 | $ | — | $ | — | $ | (57 | ) | $ | — |
(1) | Includes $18 million in cumulative OTTI reclassified from HTM to AFS due to the transfer of the related debt securities from HTM to AFS. Citi adopted ASU 2017-12, Targeted Improvements to Accounting for Hedge Activities, on January 1, 2018 and transferred approximately $4 billion of HTM debt securities into AFS classification as permitted as a one-time transfer under the standard. |
(2) | Primarily consists of Prime securities. |
(3) | Primarily consists of Alt-A securities. |
Cumulative OTTI credit losses recognized in earnings on debt securities still held | |||||||||||||||
In millions of dollars | December 31, 2016 balance | Credit impairments recognized in earnings on securities not previously impaired | Credit impairments recognized in earnings on securities that have been previously impaired | Reductions due to credit-impaired securities sold, transferred or matured | June 30, 2017 balance | ||||||||||
AFS debt securities | |||||||||||||||
Mortgage-backed securities | $ | — | $ | — | $ | — | $ | — | $ | — | |||||
State and municipal | 4 | — | — | — | 4 | ||||||||||
Foreign government securities | — | — | — | — | — | ||||||||||
Corporate | 5 | — | — | (1 | ) | 4 | |||||||||
All other debt securities | 22 | — | — | (22 | ) | — | |||||||||
Total OTTI credit losses recognized for AFS debt securities | $ | 31 | $ | — | $ | — | $ | (23 | ) | $ | 8 | ||||
HTM debt securities | |||||||||||||||
Mortgage-backed securities(1) | $ | 101 | $ | — | $ | — | $ | (4 | ) | $ | 97 | ||||
State and municipal | 3 | — | — | — | 3 | ||||||||||
Total OTTI credit losses recognized for HTM debt securities | $ | 104 | $ | — | $ | — | $ | (4 | ) | $ | 100 |
In millions of dollars | March 31, 2019 | December 31, 2018 | ||||
Measurement alternative: | ||||||
Carrying value | $ | 630 | $ | 538 |
In millions of dollars | Three Months Ended June 30, 2018 | Six Months Ended June 30, 2018 | ||||
Measurement alternative, balance at June 30, 2018 | $ | 415 | $ | 415 | ||
Measurement alternative—impairment losses(1) | 3 | 4 | ||||
Measurement alternative—downward changes for observable prices(1) | 2 | 4 | ||||
Measurement alternative—upward changes for observable prices(1) | 4 | 112 |
Three Months Ended March 31, | ||||||
In millions of dollars | 2019 | 2018 | ||||
Measurement alternative: | ||||||
Impairment losses(1) | $ | 5 | $ | 1 | ||
Downward changes for observable prices(1) | — | 2 | ||||
Upward changes for observable prices(1) | 66 | 123 |
(1) | See Note 20 to the Consolidated Financial Statements for additional information on these nonrecurring fair value measurements. |
Life-to-date amounts on securities still held | |||
In millions of dollars | March 31, 2019 | ||
Measurement alternative: | |||
Impairment losses | $ | 12 | |
Downward changes for observable prices | 18 | ||
Upward changes for observable prices | 285 |
Fair value | Unfunded commitments | Redemption frequency (if currently eligible) monthly, quarterly, annually | Redemption notice period | Fair value | Unfunded commitments | Redemption frequency (if currently eligible) monthly, quarterly, annually | Redemption notice period | |||||||||||||||||||||
In millions of dollars | June 30, 2018 | December 31, 2017 | June 30, 2018 | December 31, 2017 | March 31, 2019 | December 31, 2018 | March 31, 2019 | December 31, 2018 | ||||||||||||||||||||
Hedge funds | $ | — | $ | 1 | $ | — | $ | — | Generally quarterly | 10–95 days | $ | — | $ | — | $ | — | $ | — | Generally quarterly | 10–95 days | ||||||||
Private equity funds(1)(2) | 368 | 372 | 62 | 62 | — | 160 | 168 | 62 | 62 | — | ||||||||||||||||||
Real estate funds (2)(3) | 16 | 31 | 19 | 20 | — | 14 | 14 | 19 | 19 | — | ||||||||||||||||||
Mutual/collective investment funds | 26 | — | — | — | — | 25 | 25 | — | — | — | ||||||||||||||||||
Total | $ | 410 | $ | 404 | $ | 81 | $ | 82 | — | $ | 199 | $ | 207 | $ | 81 | $ | 81 | — |
(1) | Private equity funds include funds that invest in infrastructure, emerging markets and venture capital. |
(2) | With respect to the Company’s investments in private equity funds and real estate funds, distributions from each fund will be received as the underlying assets held by these funds are liquidated. It is estimated that the underlying assets of these funds will be liquidated over a period of several years as market conditions allow. Private equity and real estate funds do not allow redemption of investments by their investors. Investors are permitted to sell or transfer their investments, subject to the approval of the general partner or investment manager of these funds, which generally may not be unreasonably withheld. |
(3) | Includes several real estate funds that invest primarily in commercial real estate in the U.S., Europe and Asia. |
In millions of dollars | June 30, 2018 | December 31, 2017 | March 31, 2019 | December 31, 2018 | ||||||||
In U.S. offices | ||||||||||||
Mortgage and real estate(1) | $ | 61,692 | $ | 65,467 | $ | 57,461 | $ | 60,127 | ||||
Installment, revolving credit and other | 3,759 | 3,398 | 3,257 | 3,398 | ||||||||
Cards | 135,968 | 139,006 | 135,206 | 143,788 | ||||||||
Commercial and industrial | 7,459 | 7,840 | 8,859 | 8,256 | ||||||||
$ | 208,878 | $ | 215,711 | |||||||||
Total | $ | 204,783 | $ | 215,569 | ||||||||
In offices outside the U.S. | ||||||||||||
Mortgage and real estate(1) | $ | 43,056 | $ | 44,081 | $ | 43,184 | $ | 43,379 | ||||
Installment, revolving credit and other | 27,254 | 26,556 | 27,525 | 27,609 | ||||||||
Cards | 24,712 | 26,257 | 24,763 | 25,400 | ||||||||
Commercial and industrial | 18,966 | 20,238 | 18,884 | 17,773 | ||||||||
Lease financing | 55 | 76 | 47 | 49 | ||||||||
$ | 114,043 | $ | 117,208 | |||||||||
Total | $ | 114,403 | $ | 114,210 | ||||||||
Total consumer loans | $ | 322,921 | $ | 332,919 | $ | 319,186 | $ | 329,779 | ||||
Net unearned income | $ | 711 | $ | 737 | $ | 701 | $ | 708 | ||||
Consumer loans, net of unearned income | $ | 323,632 | $ | 333,656 | $ | 319,887 | $ | 330,487 |
(1) | Loans secured primarily by real estate. |
In millions of dollars | Total current(1)(2) | 30–89 days past due(3) | ≥ 90 days past due(3) | Past due government guaranteed(4) | Total loans(2) | Total non-accrual | 90 days past due and accruing | Total current(1)(2) | 30–89 days past due(3) | ≥ 90 days past due(3) | Past due government guaranteed(4) | Total loans(2) | Total non-accrual | 90 days past due and accruing | ||||||||||||||||||||||||||||
In North America offices | ||||||||||||||||||||||||||||||||||||||||||
Residential first mortgages(5) | $ | 46,314 | $ | 404 | $ | 255 | $ | 931 | $ | 47,904 | $ | 619 | $ | 673 | $ | 44,047 | $ | 393 | $ | 234 | $ | 677 | $ | 45,351 | $ | 564 | $ | 456 | ||||||||||||||
Home equity loans(6)(7) | 12,420 | 155 | 286 | — | 12,861 | 606 | — | 10,527 | 174 | 236 | — | 10,937 | 500 | — | ||||||||||||||||||||||||||||
Credit cards | 133,860 | 1,388 | 1,493 | — | 136,741 | — | 1,493 | 132,572 | 1,590 | 1,746 | — | 135,908 | — | 1,746 | ||||||||||||||||||||||||||||
Installment and other | 3,402 | 38 | 13 | — | 3,453 | 20 | — | 3,257 | 41 | 15 | — | 3,313 | 21 | — | ||||||||||||||||||||||||||||
Commercial banking loans | 9,054 | 10 | 40 | — | 9,104 | 128 | — | 10,303 | 9 | 48 | — | 10,360 | 145 | — | ||||||||||||||||||||||||||||
Total | $ | 205,050 | $ | 1,995 | $ | 2,087 | $ | 931 | $ | 210,063 | $ | 1,373 | $ | 2,166 | $ | 200,706 | $ | 2,207 | $ | 2,279 | $ | 677 | $ | 205,869 | $ | 1,230 | $ | 2,202 | ||||||||||||||
In offices outside North America | ||||||||||||||||||||||||||||||||||||||||||
Residential first mortgages(5) | $ | 35,789 | $ | 205 | $ | 140 | $ | — | $ | 36,134 | $ | 382 | $ | — | $ | 35,777 | $ | 203 | $ | 134 | $ | — | $ | 36,114 | $ | 397 | $ | — | ||||||||||||||
Credit cards | 23,389 | 416 | 352 | — | 24,157 | 312 | 227 | 23,561 | 417 | 365 | — | 24,343 | 297 | 234 | ||||||||||||||||||||||||||||
Installment and other | 24,772 | 243 | 109 | — | 25,124 | 144 | — | 25,687 | 244 | 97 | — | 26,028 | 130 | — | ||||||||||||||||||||||||||||
Commercial banking loans | 28,027 | 54 | 72 | — | 28,153 | 172 | — | 27,415 | 53 | 64 | — | 27,532 | 151 | — | ||||||||||||||||||||||||||||
Total | $ | 111,977 | $ | 918 | $ | 673 | $ | — | $ | 113,568 | $ | 1,010 | $ | 227 | $ | 112,440 | $ | 917 | $ | 660 | $ | — | $ | 114,017 | $ | 975 | $ | 234 | ||||||||||||||
Total GCB and Corporate/Other— Consumer | $ | 317,027 | $ | 2,913 | $ | 2,760 | $ | 931 | $ | 323,631 | $ | 2,383 | $ | 2,393 | $ | 313,146 | $ | 3,124 | $ | 2,939 | $ | 677 | $ | 319,886 | $ | 2,205 | $ | 2,436 | ||||||||||||||
Other(8) | 1 | — | — | — | 1 | — | — | 1 | — | — | — | 1 | — | — | ||||||||||||||||||||||||||||
Total Citigroup | $ | 317,028 | $ | 2,913 | $ | 2,760 | $ | 931 | $ | 323,632 | $ | 2,383 | $ | 2,393 | $ | 313,147 | $ | 3,124 | $ | 2,939 | $ | 677 | $ | 319,887 | $ | 2,205 | $ | 2,436 |
(1) | Loans less than 30 days past due are presented as current. |
(2) | Includes |
(3) | Excludes loans guaranteed by U.S. government-sponsored entities. |
(4) | Consists of residential first mortgages that are guaranteed by U.S. government-sponsored entities that are 30–89 days past due of $0.2 billion and 90 days or more past due of |
(5) | Includes approximately $0.1 billion of residential first mortgage loans in process of foreclosure. |
(6) | Includes approximately $0.1 billion of home equity loans in process of foreclosure. |
(7) | Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. |
(8) | Represents loans classified as consumer loans on the Consolidated Balance Sheet that are not included in GCB or Corporate/Other consumer credit metrics. |
In millions of dollars | Total current(1)(2) | 30–89 days past due(3) | ≥ 90 days past due(3) | Past due government guaranteed(4) | Total loans(2) | Total non-accrual | 90 days past due and accruing | Total current(1)(2) | 30–89 days past due(3) | ≥ 90 days past due(3) | Past due government guaranteed(4) | Total loans(2) | Total non-accrual | 90 days past due and accruing | ||||||||||||||||||||||||||||
In North America offices | ||||||||||||||||||||||||||||||||||||||||||
Residential first mortgages(5) | $ | 47,366 | $ | 505 | $ | 280 | $ | 1,225 | $ | 49,376 | $ | 665 | $ | 941 | $ | 45,953 | $ | 420 | $ | 253 | $ | 786 | $ | 47,412 | $ | 583 | $ | 549 | ||||||||||||||
Home equity loans(6)(7) | 14,268 | 207 | 352 | — | 14,827 | 750 | — | 11,135 | 161 | 247 | — | 11,543 | 527 | — | ||||||||||||||||||||||||||||
Credit cards | 136,588 | 1,528 | 1,613 | — | 139,729 | — | 1,596 | 141,106 | 1,687 | 1,764 | — | 144,557 | — | 1,764 | ||||||||||||||||||||||||||||
Installment and other | 3,395 | 45 | 16 | — | 3,456 | 22 | 1 | 3,394 | 43 | 16 | — | 3,453 | 22 | — | ||||||||||||||||||||||||||||
Commercial banking loans | 9,395 | 51 | 65 | — | 9,511 | 213 | — | 9,662 | 20 | 46 | — | 9,728 | 109 | — | ||||||||||||||||||||||||||||
Total | $ | 211,012 | $ | 2,336 | $ | 2,326 | $ | 1,225 | $ | 216,899 | $ | 1,650 | $ | 2,538 | $ | 211,250 | $ | 2,331 | $ | 2,326 | $ | 786 | $ | 216,693 | $ | 1,241 | $ | 2,313 | ||||||||||||||
In offices outside North America | ||||||||||||||||||||||||||||||||||||||||||
Residential first mortgages(5) | $ | 37,062 | $ | 209 | $ | 148 | $ | — | $ | 37,419 | $ | 400 | $ | — | $ | 35,624 | $ | 203 | $ | 145 | $ | — | $ | 35,972 | $ | 383 | $ | — | ||||||||||||||
Credit cards | 24,934 | 427 | 366 | — | 25,727 | 323 | 259 | 24,131 | 425 | 370 | — | 24,926 | 312 | 235 | ||||||||||||||||||||||||||||
Installment and other | 25,634 | 275 | 123 | — | 26,032 | 157 | — | 25,085 | 254 | 107 | — | 25,446 | 152 | — | ||||||||||||||||||||||||||||
Commercial banking loans | 27,449 | 57 | 72 | — | 27,578 | 160 | — | 27,345 | 51 | 53 | — | 27,449 | 138 | — | ||||||||||||||||||||||||||||
Total | $ | 115,079 | $ | 968 | $ | 709 | $ | — | $ | 116,756 | $ | 1,040 | $ | 259 | $ | 112,185 | $ | 933 | $ | 675 | $ | — | $ | 113,793 | $ | 985 | $ | 235 | ||||||||||||||
Total GCB and Corporate/Other— Consumer | $ | 326,091 | $ | 3,304 | $ | 3,035 | $ | 1,225 | $ | 333,655 | $ | 2,690 | $ | 2,797 | $ | 323,435 | $ | 3,264 | $ | 3,001 | $ | 786 | $ | 330,486 | $ | 2,226 | $ | 2,548 | ||||||||||||||
Other(8) | 1 | — | — | — | 1 | — | — | 1 | — | — | — | 1 | — | — | ||||||||||||||||||||||||||||
Total Citigroup | $ | 326,092 | $ | 3,304 | $ | 3,035 | $ | 1,225 | $ | 333,656 | $ | 2,690 | $ | 2,797 | $ | 323,436 | $ | 3,264 | $ | 3,001 | $ | 786 | $ | 330,487 | $ | 2,226 | $ | 2,548 |
(1) | Loans less than 30 days past due are presented as current. |
(2) | Includes |
(3) | Excludes loans guaranteed by U.S. government-sponsored entities. |
(4) | Consists of residential first mortgages that are guaranteed by U.S. government-sponsored entities that are 30–89 days past due of $0.2 billion and 90 days or more past due of |
(5) | Includes approximately $0.1 billion of residential first mortgage loans in process of foreclosure. |
(6) | Includes approximately $0.1 billion of home equity loans in process of foreclosure. |
(7) | Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. |
(8) | Represents loans classified as consumer loans on the Consolidated Balance Sheet that are not included in GCB or Corporate/Other consumer credit metrics. |
FICO score distribution in U.S. portfolio(1)(2) | June 30, 2018 | March 31, 2019 | |||||||||||||||||||
In millions of dollars | Less than 620 | ≥ 620 but less than 660 | ≥ 660 but less than 720 | Equal to or greater than 720 | Less than 680 | 680 to 760 | Greater than 760 | ||||||||||||||
Residential first mortgages | $ | 1,707 | $ | 1,626 | $ | 6,421 | $ | 35,465 | $ | 4,169 | $ | 12,922 | $ | 25,874 | |||||||
Home equity loans | 1,085 | 906 | 2,946 | 7,274 | 2,321 | 4,093 | 4,188 | ||||||||||||||
Credit cards | 8,682 | 11,129 | 38,544 | 74,911 | 32,056 | 55,975 | 45,934 | ||||||||||||||
Installment and other | 147 | 242 | 708 | 1,685 | 611 | 1,009 | 1,105 | ||||||||||||||
Total | $ | 11,621 | $ | 13,903 | $ | 48,619 | $ | 119,335 | $ | 39,157 | $ | 73,999 | $ | 77,101 |
FICO score distribution in U.S. portfolio(1)(2) | December 31, 2017 | December 31, 2018 | |||||||||||||||||||
In millions of dollars | Less than 620 | ≥ 620 but less than 660 | ≥ 660 but less than 720 | Equal to or greater than 720 | Less than 680 | 680 to 760 | Greater than 760 | ||||||||||||||
Residential first mortgages | $ | 2,100 | $ | 1,932 | $ | 6,931 | $ | 35,334 | $ | 4,530 | $ | 13,848 | $ | 26,546 | |||||||
Home equity loans | 1,379 | 1,081 | 3,446 | 8,530 | 2,438 | 4,296 | 4,471 | ||||||||||||||
Credit cards | 9,079 | 11,651 | 37,916 | 77,661 | 32,686 | 58,722 | 51,299 | ||||||||||||||
Installment and other | 276 | 250 | 667 | 1,818 | 625 | 1,097 | 1,121 | ||||||||||||||
Total | $ | 12,834 | $ | 14,914 | $ | 48,960 | $ | 123,343 | $ | 40,279 | $ | 77,963 | $ | 83,437 |
(1) | Excludes loans guaranteed by U.S. government entities, loans subject to long-term standby commitments (LTSC) with U.S. government-sponsored entities and loans recorded at fair value. |
(2) | Excludes balances where FICO was not available. Such amounts are not material. |
LTV distribution in U.S. portfolio(1)(2) | March 31, 2019 | ||||||||
In millions of dollars | Less than or equal to 80% | > 80% but less than or equal to 100% | Greater than 100% | ||||||
Residential first mortgages | $ | 40,112 | $ | 2,745 | $ | 234 | |||
Home equity loans | 8,955 | 1,224 | 380 | ||||||
Total | $ | 49,067 | $ | 3,969 | $ | 614 |
LTV distribution in U.S. portfolio(1)(2) | June 30, 2018 | ||||||||
In millions of dollars | Less than or equal to 80% | > 80% but less than or equal to 100% | Greater than 100% | ||||||
Residential first mortgages | $ | 42,778 | $ | 2,382 | $ | 189 | |||
Home equity loans | 9,972 | 1,610 | 553 | ||||||
Total | $ | 52,750 | $ | 3,992 | $ | 742 |
LTV distribution in U.S. portfolio(1)(2) | December 31, 2017 | December 31, 2018 | ||||||||||||||||
In millions of dollars | Less than or equal to 80% | > 80% but less than or equal to 100% | Greater than 100% | Less than or equal to 80% | > 80% but less than or equal to 100% | Greater than 100% | ||||||||||||
Residential first mortgages | $ | 43,626 | $ | 2,578 | $ | 247 | $ | 42,379 | $ | 2,474 | $ | 197 | ||||||
Home equity loans | 11,403 | 2,147 | 800 | 9,465 | 1,287 | 390 | ||||||||||||
Total | $ | 55,029 | $ | 4,725 | $ | 1,047 | $ | 51,844 | $ | 3,761 | $ | 587 |
(1) | Excludes loans guaranteed by U.S. government entities, loans subject to LTSCs with U.S. government-sponsored entities and loans recorded at fair value. |
(2) | Excludes balances where LTV was not available. Such amounts are not material. |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2018 | 2018 | 2017 | 2018 | 2017 | Balance at March 31, 2019 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||
In millions of dollars | Recorded investment(1)(2) | Unpaid principal balance | Related specific allowance(3) | Average carrying value (4) | Interest income recognized(5) | Interest income recognized(5) | Interest income recognized(5) | Interest income recognized(5) | Recorded investment(1)(2) | Unpaid principal balance | Related specific allowance(3) | Average carrying value(4) | Interest income recognized(5) | Interest income recognized(5) | ||||||||||||||||||||||||||||
Mortgage and real estate | ||||||||||||||||||||||||||||||||||||||||||
Residential first mortgages | $ | 2,489 | $ | 2,674 | $ | 233 | $ | 2,831 | $ | 21 | $ | 32 | $ | 42 | $ | 68 | $ | 2,085 | $ | 2,289 | $ | 162 | $ | 2,250 | $ | 17 | $ | 21 | ||||||||||||||
Home equity loans | 730 | 1,073 | 136 | 931 | 2 | 7 | 8 | 15 | 672 | 938 | 123 | 698 | 2 | 7 | ||||||||||||||||||||||||||||
Credit cards | 1,794 | 1,824 | 621 | 1,812 | 25 | 36 | 55 | 73 | 1,860 | 1,891 | 702 | 1,818 | 26 | 30 | ||||||||||||||||||||||||||||
Installment and other | ||||||||||||||||||||||||||||||||||||||||||
Individual installment and other | 405 | 434 | 166 | 427 | 6 | 5 | 12 | 13 | 397 | 429 | 146 | 402 | 5 | 6 | ||||||||||||||||||||||||||||
Commercial banking | 307 | 463 | 29 | 333 | 5 | 8 | 8 | 14 | 274 | 527 | 38 | 282 | 3 | 3 | ||||||||||||||||||||||||||||
Total | $ | 5,725 | $ | 6,468 | $ | 1,185 | $ | 6,334 | $ | 59 | $ | 88 | $ | 125 | $ | 183 | $ | 5,288 | $ | 6,074 | $ | 1,171 | $ | 5,450 | $ | 53 | $ | 67 |
(1) | Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount and direct write-downs and includes accrued interest only on credit card loans. |
(2) | $ |
(4) | Average carrying value represents the average recorded investment ending balance for the last four quarters and does not include the related specific allowance. |
Balance, December 31, 2017 | Balance, December 31, 2018 | |||||||||||||||||||||||
In millions of dollars | Recorded investment(1)(2) | Unpaid principal balance | Related specific allowance(3) | Average carrying value(4) | Recorded investment(1)(2) | Unpaid principal balance | Related specific allowance(3) | Average carrying value(4) | ||||||||||||||||
Mortgage and real estate | ||||||||||||||||||||||||
Residential first mortgages | $ | 2,877 | $ | 3,121 | $ | 278 | $ | 3,155 | $ | 2,130 | $ | 2,329 | $ | 178 | $ | 2,483 | ||||||||
Home equity loans | 1,151 | 1,590 | 216 | 1,181 | 684 | 946 | 122 | 698 | ||||||||||||||||
Credit cards | 1,787 | 1,819 | 614 | 1,803 | 1,818 | 1,842 | 677 | 1,815 | ||||||||||||||||
Installment and other | ||||||||||||||||||||||||
Individual installment and other | 431 | 460 | 175 | 415 | 400 | 434 | 146 | 414 | ||||||||||||||||
Commercial banking | 334 | 541 | 51 | 429 | 252 | 432 | 55 | 286 | ||||||||||||||||
Total | $ | 6,580 | $ | 7,531 | $ | 1,334 | $ | 6,983 | $ | 5,284 | $ | 5,983 | $ | 1,178 | $ | 5,696 |
(1) | Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount and direct write-downs and includes accrued interest only on credit card loans. |
(2) | $ |
(3) | Included in the Allowance for loan losses. |
(4) | Average carrying value represents the average recorded investment ending balance for the last four quarters and does not include the related specific allowance. |
At and for the three months ended June 30, 2018 | For the Three Months Ended March 31, 2019 | |||||||||||||||||||||||||||||||
In millions of dollars except number of loans modified | Number of loans modified | Post- modification recorded investment(1)(2) | Deferred principal(3) | Contingent principal forgiveness(4) | Principal forgiveness(5) | Average interest rate reduction | ||||||||||||||||||||||||||
In millions of dollars, except number of loans modified | Number of loans modified | Post- modification recorded investment(1)(2) | Deferred principal(3) | Contingent principal forgiveness(4) | Principal forgiveness(5) | Average interest rate reduction | ||||||||||||||||||||||||||
North America | ||||||||||||||||||||||||||||||||
Residential first mortgages | 495 | $ | 77 | $ | 1 | $ | — | $ | — | — | % | 493 | $ | 74 | $ | — | $ | — | $ | — | — | % | ||||||||||
Home equity loans | 380 | 37 | 1 | — | — | 1 | 206 | 21 | 1 | — | — | 2 | ||||||||||||||||||||
Credit cards | 55,459 | 220 | — | — | — | 17 | 72,247 | 305 | — | — | — | 18 | ||||||||||||||||||||
Installment and other revolving | 292 | 2 | — | — | — | 5 | 351 | 3 | — | — | — | 6 | ||||||||||||||||||||
Commercial banking(6) | 17 | 1 | — | — | — | — | 15 | 38 | — | — | — | — | ||||||||||||||||||||
Total(8) | 56,643 | $ | 337 | $ | 2 | $ | — | $ | — | 73,312 | $ | 441 | $ | 1 | $ | — | $ | — | ||||||||||||||
International | ||||||||||||||||||||||||||||||||
Residential first mortgages | 624 | $ | 22 | $ | — | $ | — | $ | — | — | % | 725 | $ | 20 | $ | — | $ | — | $ | — | — | % | ||||||||||
Credit cards | 17,782 | 78 | — | — | 2 | 16 | 18,493 | 75 | — | — | 3 | 16 | ||||||||||||||||||||
Installment and other revolving | 7,172 | 43 | — | — | 2 | 11 | 7,552 | 45 | — | — | 2 | 10 | ||||||||||||||||||||
Commercial banking(6) | 157 | 22 | — | — | — | — | 99 | 32 | — | — | — | — | ||||||||||||||||||||
Total(8) | 25,735 | $ | 165 | $ | — | $ | — | $ | 4 | 26,869 | $ | 172 | $ | — | $ | — | $ | 5 |
At and for the three months ended June 30, 2017 | For the Three Months Ended March 31, 2018 | |||||||||||||||||||||||||||||||
In millions of dollars except number of loans modified | Number of loans modified | Post- modification recorded investment(1)(7) | Deferred principal(3) | Contingent principal forgiveness(4) | Principal forgiveness(5) | Average interest rate reduction | ||||||||||||||||||||||||||
In millions of dollars, except number of loans modified | Number of loans modified | Post- modification recorded investment(1)(7) | Deferred principal(3) | Contingent principal forgiveness(4) | Principal forgiveness(5) | Average interest rate reduction | ||||||||||||||||||||||||||
North America | ||||||||||||||||||||||||||||||||
Residential first mortgages | 806 | $ | 116 | $ | 1 | $ | — | $ | 1 | 1 | % | 588 | $ | 89 | $ | 1 | $ | — | $ | — | — | % | ||||||||||
Home equity loans | 677 | 58 | 5 | — | — | 2 | 456 | 41 | 2 | — | — | 1 | ||||||||||||||||||||
Credit cards | 53,080 | 203 | — | — | — | 17 | 63,203 | 244 | — | — | — | 18 | ||||||||||||||||||||
Installment and other revolving | 250 | 2 | — | — | — | 5 | 342 | 3 | — | — | — | 5 | ||||||||||||||||||||
Commercial banking(6) | 30 | 43 | — | — | — | — | 9 | 1 | — | — | — | — | ||||||||||||||||||||
Total(8) | 54,843 | $ | 422 | $ | 6 | $ | — | $ | 1 | 64,598 | $ | 378 | $ | 3 | $ | — | $ | — | ||||||||||||||
International | ||||||||||||||||||||||||||||||||
Residential first mortgages | 755 | $ | 28 | $ | — | $ | — | $ | — | — | % | 549 | $ | 18 | $ | — | $ | — | $ | — | — | % | ||||||||||
Credit cards | 28,551 | 98 | — | — | 2 | 12 | 23,394 | 94 | — | — | 2 | 15 | ||||||||||||||||||||
Installment and other revolving | 11,622 | 64 | — | — | 2 | 9 | 9,325 | 59 | — | — | 2 | 10 | ||||||||||||||||||||
Commercial banking(6) | 53 | 6 | — | — | — | — | 145 | 28 | — | — | — | 2 | ||||||||||||||||||||
Total(8) | 40,981 | $ | 196 | $ | — | $ | — | $ | 4 | 33,413 | $ | 199 | $ | — | $ | — | $ | 4 |
(1) | Post-modification balances include past due amounts that are capitalized at the modification date. |
(2) | Post-modification balances in North America include |
(3) | Represents portion of contractual loan principal that is non-interest bearing, but still due from the borrower. Such deferred principal is charged off at the time of permanent modification to the extent that the related loan balance exceeds the underlying collateral value. |
(4) | Represents portion of contractual loan principal that is non-interest bearing and, depending upon borrower performance, eligible for forgiveness. |
(5) | Represents portion of contractual loan principal that was forgiven at the time of permanent modification. |
(6) | Commercial banking loans are generally borrower-specific modifications and incorporate changes in the amount and/or timing of principal and/or interest. |
(7) | Post-modification balances in North America include $11 million of residential first mortgages and $4
The following table presents consumer TDRs that defaulted for which the payment default occurred within one year of a permanent modification. Default is defined as 60 days past due, except for classifiably managed commercial banking loans, where default is defined as 90 days past due.
Corporate Loans Corporate loans represent loans and leases managed by ICG. The following table presents information by corporate loan type:
The Company sold and/or reclassified to held-for-sale Lease financing Citi is a lessor in the power, railcars, shipping and aircraft sectors, where the Company has executed operating, direct financing and leveraged leases. Citi’s $1.5 billion of lease financing receivables, as of March 31, 2019, is composed of approximately equal balances of direct financing lease receivables and net investments in leveraged leases. Citi uses the interest rate implicit in the lease to determine the present value of its lease financing receivables. Citi recognized $21 million of interest income on direct financing and leveraged leases during the three months ended March 31, 2019. The Company’s leases have an average remaining maturity of approximately 4 years. In certain cases, Citi obtains residual value insurance from third parties and/or the lessee to manage the risk associated with the residual value of the leased assets. The receivable related to the residual value of the leased assets is approximately $0.9 billion as of March 31, 2019, while the amount covered by residual value guarantees is approximately $0.3 billion. The Company’s operating leases, where Citi is a lessor, are not significant to the consolidated financial statements. Corporate Loan Delinquency and Non-Accrual Details at
Corporate Loan Delinquency and Non-Accrual Details at December 31,
Corporate Loans Credit Quality Indicators
Non-Accrual Corporate Loans The following tables present non-accrual loan information by corporate loan type and interest income recognized on non-accrual corporate loans:
N/A Not applicable Corporate Troubled Debt Restructurings
The following table presents total corporate loans modified in a TDR as well as those TDRs that defaulted and for which the payment default occurred within one year of a permanent modification. Default is defined as 60 days past due, except for classifiably managed commercial banking loans, where default is defined as 90 days past due.
14. ALLOWANCE FOR CREDIT LOSSES
Allowance for Credit Losses and
15. GOODWILL AND INTANGIBLE ASSETS Goodwill The changes in Goodwill were as follows:
There were no triggering events identified and no goodwill was impaired during the first quarter of 2019. Goodwill impairment testing is performed at the level below each business segment (referred to as a reporting unit). See Note 3 for further information on business segments. For additional information regarding Citi’s goodwill impairment testing process, see Notes 1 and 16 to the Consolidated Financial Statements in Citi’s
Intangible Assets The components of intangible assets were as follows:
The changes in intangible assets were as follows:
16. DEBT For additional information regarding Citi’s short-term borrowings and long-term debt, see Note 17 to the Consolidated Financial Statements in Citi’s Short-Term Borrowings
Long-Term Debt
Long-term debt outstanding includes trust preferred securities with a balance sheet carrying value of $1.7 billion at both The following table summarizes Citi’s outstanding trust preferred securities at
Note: Distributions on the trust preferred securities and interest on the subordinated debentures are payable semiannually for Citigroup Capital III and Citigroup Capital XVIII and quarterly for Citigroup Capital XIII.
17. CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) Changes in each component of Citigroup’s Accumulated other comprehensive income (loss) were as follows: Three Months Ended
Three Months Ended
The pretax and after-tax changes in each component of Accumulated other comprehensive income (loss) were as follows: Three Months Ended
The Company recognized pretax gains (losses) related to amounts in AOCI reclassified to the Consolidated Statement of Income as follows:
The Company recognized pretax gains (losses) related to amounts in AOCI reclassified to the Consolidated Statement of Income as follows:
18. SECURITIZATIONS AND VARIABLE INTEREST ENTITIES For additional information regarding Citi’s use of special purpose entities (SPEs) and variable interest entities (VIEs), see Note 21 to the Consolidated Financial Statements in Citi’s Citigroup’s involvement with consolidated and unconsolidated VIEs with which the Company holds significant variable interests or has continuing involvement through servicing a majority of the assets in a VIE is presented below:
(1) The definition of maximum exposure to loss is included in the text that follows this table.
The previous tables do not include: certain venture capital investments made by some of the Company’s private equity subsidiaries, as the Company accounts for these investments in accordance with the Investment Company Audit Guide (codified in ASC 946); certain investment funds for which the Company provides investment management services and personal estate trusts for which the Company provides administrative, trustee and/or investment management services; certain VIEs structured by third parties in which the Company holds securities in inventory, as these investments are made on arm’s-length terms;
certain representations and warranties exposures in Citigroup residential mortgage securitizations, VIEs such as trust preferred securities trusts used in connection with the Company’s funding activities. The Company does not have a variable interest in these trusts. The asset balances for consolidated VIEs represent the carrying amounts of the assets consolidated by the Company. The carrying amount may represent the amortized cost or the current fair value of the assets depending on the legal form of the asset (e.g., loan or security) and the Company’s standard accounting policies for the asset type and line of business. The asset balances for unconsolidated VIEs in which the Company has significant involvement represent the most current information available to the Company. In most cases, the asset balances represent an amortized cost basis without regard to impairments, unless fair value information is readily available to the Company. The maximum funded exposure represents the balance sheet carrying amount of the Company’s investment in the VIE. It reflects the initial amount of cash invested in the VIE, adjusted for any accrued interest and cash principal payments received. The carrying amount may also be adjusted for increases or declines in fair value or any impairment in value recognized in earnings. The maximum exposure of unfunded positions represents the remaining undrawn committed amount, including liquidity and credit facilities provided by the Company or the notional amount of a derivative instrument considered to be a variable interest. In certain transactions, the Company has entered into derivative instruments or other arrangements that are not considered variable interests in the VIE (e.g., interest rate swaps, cross-currency swaps or where the Company is the purchaser of credit protection under a credit default swap or total return swap where the Company pays the total return on certain assets to the SPE). Receivables under such arrangements are not included in the maximum exposure amounts. Funding Commitments for Significant Unconsolidated VIEs—Liquidity Facilities and Loan Commitments The following table presents the notional amount of liquidity facilities and loan commitments that are classified as funding commitments in the VIE tables above:
Significant Interests in Unconsolidated VIEs—Balance Sheet Classification The following table presents the carrying amounts and classification of significant variable interests in unconsolidated VIEs:
Credit Card Securitizations Substantially all of the Company’s credit card securitization activity is through two trusts—Citibank Credit Card Master Trust (Master Trust) and Citibank Omni Master Trust (Omni Trust), with the substantial majority through the Master Trust. These trusts are consolidated entities. The following table reflects amounts related to the Company’s securitized credit card receivables:
The following
Master Trust Liabilities (at Par Value) The weighted average maturity of the third-party term notes issued by the Master Trust was
Omni Trust Liabilities (at Par Value) The weighted average maturity of the third-party term notes issued by the Omni Trust was
Mortgage Securitizations The following tables summarize selected cash flow information and retained interests related to Citigroup mortgage securitizations:
Note: Excludes re-securitization transactions.
Key assumptions used in measuring the fair value of retained interests at the date of sale or securitization of mortgage receivables were as follows:
The interests retained by the Company range from highly rated and/or senior in the capital structure to unrated and/or residual interests. The key assumptions used to value retained interests, and the sensitivity of the fair value to adverse changes of 10% and 20% in each of the key assumptions, are
The following table includes information about loan delinquencies and liquidation losses for assets held in non-consolidated, non-agency-sponsored securitization entities:
Mortgage Servicing Rights (MSRs) The fair value of Citi’s capitalized MSRs was
The fair value of the MSRs is primarily affected by changes in prepayments of mortgages that result from shifts in mortgage interest rates. Specifically, higher interest rates tend to lead to declining prepayments, which causes the fair value of the MSRs to increase. In managing this risk, Citigroup economically hedges a significant portion of the value of its MSRs through the use of interest rate derivative contracts, forward purchase and sale commitments of mortgage-backed securities and purchased securities, all classified as Trading account assets. The Company receives fees during the course of servicing previously securitized mortgages. The amounts of these fees were as follows:
In the Consolidated Statement of Income these fees are primarily classified as Commissions and fees, and changes in MSR fair values are classified as Other revenue. Re-securitizations The Company engages in re-securitization transactions in which debt securities are transferred to a VIE in exchange for new beneficial interests. Citi did not transfer non-agency As of private label re-securitization transactions in which Citi The Company also re-securitizes U.S. government-agency guaranteed mortgage-backed (agency) securities. During the As of As of Citi-Administered Asset-Backed Commercial Paper Conduits At Substantially all of the funding of the conduits is in the form of short-term commercial paper. At The primary credit enhancement provided to the conduit investors is in the form of transaction-specific credit enhancements described above. In addition to the transaction-specific credit enhancements, the conduits, other than the government guaranteed loan conduit, have obtained a letter of credit from the Company, which is equal to at least 8% to 10% of the conduit’s assets with a minimum of $200 million. The letters of credit provided by the Company to the conduits total approximately $1.6 billion and $1.7 billion as of At Collateralized Loan Obligations (CLOs) There were no new securitizations during the quarters ended March 31, 2019 and 2018. The following
Asset-Based Financing The primary types of Citi’s asset-based financings, total assets of the unconsolidated VIEs with significant involvement and Citi’s maximum exposure to loss are shown below. For Citi to realize the maximum loss, the VIE (borrower) would have to default with no recovery from the assets held by the VIE.
Municipal Securities Tender Option Bond (TOB) Trusts At At The Company also provides other liquidity agreements or letters of credit to customer-sponsored municipal investment funds, which are not variable interest entities, and municipality-related issuers that totaled 19. DERIVATIVES ACTIVITIES In the ordinary course of business, Citigroup enters into various types of derivative transactions. All derivatives are recorded in Trading account assets/Trading account liabilities on the Consolidated Balance Sheet. For additional information regarding Citi’s use of and accounting for derivatives, see Note 22 to the Consolidated Financial Statements in Citi’s Information pertaining to Citigroup’s derivative activities, based on notional amounts, is presented in the table below. Derivative notional amounts are reference amounts from which contractual payments are derived and do not represent a complete measure of Citi’s exposure to derivative transactions. Rather, Citi’s derivative exposure arises primarily from market fluctuations (i.e., market risk), counterparty failure (i.e., credit risk) and/or periods of high volatility or financial stress (i.e., liquidity risk), as well as any market valuation adjustments that may be required on the transactions. Moreover, notional amounts do not reflect the netting of offsetting trades. For example, if Citi enters into a receive-fixed interest rate swap with $100 million notional, and offsets this risk with an identical but opposite pay-fixed position with a different counterparty, $200 million in derivative notionals is reported, although these offsetting positions may result in de minimis overall market risk. In addition, aggregate derivative notional amounts can fluctuate from period to period in the normal course of business based on Citi’s market share, levels of client activity and other factors. Derivative Notionals
The following tables present the gross and net fair values of the Company’s derivative transactions and the related offsetting amounts as of In addition, the following tables reflect rule changes adopted by clearing organizations that require or allow entities to treat certain derivative assets, liabilities and the related variation margin as settlement of the related derivative fair values for legal and accounting purposes, as opposed to presenting gross derivative assets and liabilities that are subject to collateral, whereby the counterparties would record a related collateral payable or receivable. As a result, the Derivative Mark-to-Market (MTM) Receivables/Payables
For the three The amounts recognized in Other revenue in the Consolidated Statement of Income related to derivatives not designated in a qualifying hedging relationship are shown below. The table below does not include any offsetting gains (losses) on the economically hedged items to the extent such amounts are also recorded in Other revenue.
Fair Value Hedging of Benchmark Interest Rate Risk Citigroup’s fair value hedges are primarily hedges of fixed-rate long-term debt or assets, such as available-for-sale debt securities or loans. For qualifying fair value hedges of interest rate risk, the changes in the fair value of the derivative and the change in the fair value of the hedged item attributable to the hedged risk, either total cash flows or In the first quarter of 2019, Citigroup executed a last-of-layer hedge, which permits an entity to hedge the Hedging of Foreign Exchange Risk Citigroup hedges the change in fair value attributable to foreign exchange rate movements in available-for-sale debt securities and long-term debt that are denominated in currencies other than the functional currency of the entity holding the securities or issuing the debt, which may be within or outside the U.S. The hedging instrument may be a forward foreign exchange contract or a Hedging of Commodity Price Risk Citigroup hedges the change in fair value attributable to spot price movements in physical commodities inventory. The hedging instrument is a futures contract to sell the underlying commodity. In this hedge, the change in the value of the hedged inventory is reflected in earnings, which offsets the change in the fair value of the futures contract that is also reflected in earnings. Although the change in the fair value of the hedging instrument recorded in earnings includes changes in forward rates, Citigroup excludes the differential between the spot and the contractual forward rates under the futures contract from the assessment of hedge effectiveness and amortizes it directly into earnings over the life of the hedge. The following table summarizes the gains (losses) on the Company’s fair value hedges:
Cumulative Basis Adjustment Upon electing to apply ASC 815 fair value hedge accounting, the carrying value of the hedged item is adjusted to reflect the cumulative
Cash Flow Hedges Citigroup hedges the variability of forecasted cash flows due to changes in contractually specified rates associated with floating-rate assets/liabilities and other forecasted transactions.
For cash flow hedges, the The pretax change in AOCI from cash flow hedges is presented below. The after-tax impact of cash flow hedges on AOCI is shown in Note 17 to the Consolidated Financial Statements.
Net Investment Hedges The pretax gain (loss) recorded in the Foreign currency translation adjustment account within AOCI, related to net investment hedges, is Credit Derivatives The following tables summarize the key characteristics of Citi’s credit derivatives portfolio by counterparty and derivative form:
Credit Risk-Related Contingent Features in Derivatives Certain derivative instruments contain provisions that require the Company to either post additional collateral or immediately settle any outstanding liability balances upon the occurrence of a specified event related to the credit risk of the Company. These events, which are defined by the existing derivative contracts, are primarily downgrades in the credit ratings of the Company and its affiliates. The fair value (excluding CVA) of all derivative instruments with credit risk-related contingent features that were in a net liability position at both A downgrade could trigger additional collateral or cash settlement requirements for the Company and certain affiliates. In the event that Citigroup and Citibank were downgraded a single notch by all three major rating agencies as of Derivatives Accompanied by Financial Asset Transfers For transfers of financial assets accounted for as a sale by the Company and for which the Company has retained substantially all of the economic exposure to the transferred asset through a total return swap executed with the same counterparty in contemplation of the initial sale (and still outstanding), both the asset amounts derecognized and the gross cash proceeds received as of the date of derecognition were At The balances for the total return swaps are on a gross basis, before the application of counterparty and cash collateral netting, and are included primarily as equity derivatives in the tabular disclosures in this Note. 20. FAIR VALUE MEASUREMENT For additional information regarding fair value measurement at Citi, see Note 24 to the Consolidated Financial Statements in Citi’s Market Valuation Adjustments The table below summarizes the credit valuation adjustments (CVA) and funding valuation adjustments (FVA) applied to the fair value of derivative instruments at
The table below summarizes pretax gains (losses) related to changes in CVA on derivative instruments, net of hedges, FVA on derivatives and debt valuation adjustments (DVA) on Citi’s own fair value option (FVO) liabilities for the periods indicated:
Items Measured at Fair Value on a Recurring Basis The following tables present for each of the fair value hierarchy levels the Company’s assets and liabilities that are measured at fair value on a recurring basis at classified as Level 3, but also with financial instruments classified as Level 1 or Level 2 of the fair value hierarchy. The effects of these hedges are presented gross in the following tables: Fair Value Levels
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Fair Value Levels
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Changes in Level 3 Fair Value Category The following tables present the changes in the Level 3 fair value category for the three The Company often hedges positions with offsetting positions that are classified in a different level. For example, the gains and losses for assets and liabilities in the Level 3 category presented in the tables below do not reflect the effect of offsetting losses and gains on hedging instruments that may be classified in the Level 1 or Level 2 categories. In addition, the Company hedges items classified in the Level 3 category with instruments also classified in Level 3 of the fair value hierarchy. The hedged items and related hedges are presented gross in the following tables: Level 3 Fair Value Rollforward
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Level 3 Fair Value Rollforward The following were the significant Level 3 transfers for the period December 31,
The following were the significant Level 3 transfers for the period December 31,
Valuation Techniques and Inputs for Level 3 Fair Value Measurements The following tables present the valuation techniques covering the majority of Level 3 inventory and the most significant unobservable inputs used in Level 3 fair value measurements. Differences between this table and amounts presented in the Level 3 Fair Value Rollforward table represent individually immaterial items that have been measured using a variety of valuation techniques other than those listed.
Items Measured at Fair Value on a Nonrecurring Basis Certain assets and liabilities are measured at fair value on a nonrecurring basis and, therefore, are not included in the tables above. These include assets measured at cost that have been written down to fair value during the periods as a result of an impairment. These also include non-marketable equity The following
Valuation Techniques and Inputs for Level 3 Nonrecurring Fair Value Measurements The following
Nonrecurring Fair Value Changes The following
Estimated Fair Value of Financial Instruments Not Carried at Fair Value The following table presents the carrying value and fair value of Citigroup’s financial instruments that are not carried at fair value. The table below therefore excludes items measured at fair value on a recurring basis presented in the tables above.
The estimated fair values of the Company’s corporate unfunded lending commitments at consumer unfunded lending commitments, which are generally cancellable by providing notice to the borrower. 21. FAIR VALUE ELECTIONS The Company may elect to report most financial instruments and certain other items at fair value on an instrument-by-instrument basis with changes in fair value reported in earnings, other than DVA (see below). The election is made upon the initial recognition of an eligible financial asset, financial liability or firm commitment or when certain specified reconsideration events occur. The fair value election may not be revoked once an election is made. The changes in fair value are recorded in current earnings, other than DVA, which from January 1, 2016 are reported in AOCI. Additional discussion regarding the applicable areas in which fair value elections were made is presented in Note 20 to the Consolidated Financial Statements. The Company has elected fair value accounting for its mortgage servicing rights. See Note 18 to the Consolidated Financial Statements for further discussions regarding the accounting and reporting of MSRs. The following table presents the changes in fair value of those items for which the fair value option has been elected:
Own Debt Valuation Adjustments (DVA) Own debt valuation adjustments are recognized on Citi’s liabilities for which the fair value option has been elected using Citi’s credit spreads observed in the bond market. Effective January 1, 2016, changes in fair value of fair value option liabilities related to changes in Citigroup’s own credit spreads (DVA) are reflected as a component of Among other variables, the fair value of liabilities for which the fair value option has been elected (other than non-recourse and similar liabilities) is impacted by the narrowing or widening of the Company’s credit spreads. The estimated The Fair Value Option for Financial Assets and Financial Liabilities Selected Portfolios of Securities Purchased Under Agreements to Resell, Securities Borrowed, Securities Sold Under Agreements to Repurchase, Securities Loaned and Certain Non-Collateralized Short-Term Borrowings The Company elected the fair value option for certain portfolios of fixed income securities purchased under agreements to resell and fixed income securities sold under agreements to repurchase, securities borrowed, securities loaned and certain non-collateralized short-term borrowings held primarily by broker-dealer entities in the United States, United Kingdom and Japan. In each case, the election was made because the related interest rate risk is managed on a portfolio basis, primarily with offsetting derivative instruments that are accounted for at fair value through earnings. Changes in fair value for transactions in these portfolios are recorded in Principal transactions. The related interest revenue and interest expense are measured based on the contractual rates specified in the transactions and are reported as Interest revenue and Interest expense in the Consolidated Statement of Income. Certain Loans and Other Credit Products Citigroup has also elected the fair value option for certain other originated and purchased loans, including certain unfunded loan products, such as guarantees and letters of credit, executed by Citigroup’s lending and trading businesses. None of these credit products are highly leveraged financing commitments. Significant groups of transactions include loans and unfunded loan products that are expected to be either sold or securitized in the near term, or transactions where the economic risks are hedged with derivative instruments, such as purchased credit default swaps or total return swaps where the Company pays the total return on the underlying loans to a third party. Citigroup has elected the fair value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications. Fair value was not elected for most lending transactions across the Company. The following table provides information about certain credit products carried at fair value:
In addition to the amounts reported above, Changes in the fair value of funded and unfunded credit products are classified in Principal transactions in Citi’s Consolidated Statement of Income. Related interest revenue is measured based on the contractual interest rates and reported as Interest revenue on Trading account assets or loan interest depending on the balance sheet classifications of the credit products. The changes in fair value for the Certain Investments in Unallocated Precious Metals Citigroup invests in unallocated precious metals accounts (gold, silver, platinum and palladium) as part of its commodity and foreign currency trading activities or to economically hedge certain exposures from issuing structured liabilities. Under ASC 815, the investment is bifurcated into a debt host contract and a commodity forward derivative instrument. Citigroup elects the fair value option for the debt host contract, and reports the debt host contract within Trading account assets on the Company’s Consolidated Balance Sheet. The total carrying amount of debt host contracts across unallocated precious metals accounts was approximately $0.5 billion and $0.4 billion As part of its commodity and foreign currency trading activities, Citi trades unallocated precious metals investments and executes forward purchase and forward sale derivative contracts with trading counterparties. When Citi sells an unallocated precious metals investment, Citi’s receivable from its depository bank is repaid and Citi derecognizes its investment in the unallocated precious metal. The forward purchase or sale contract with the trading counterparty indexed to unallocated precious metals is accounted for as a derivative, at fair value through earnings. As of Certain Investments in Private Equity and Real Estate Ventures Citigroup invests in private equity and real estate ventures for the purpose of earning investment returns and for capital appreciation. The Company has elected the fair value option for certain of these ventures, because such investments are considered similar to many private equity or hedge fund activities in Citi’s investment companies, which are reported at fair value. The fair value option brings consistency in the accounting and evaluation of these investments. All investments (debt and equity) in such private equity and real estate entities are accounted for at fair value. These investments are classified as Investments on Citigroup’s Consolidated Balance Sheet. Changes in the fair values of these investments are classified in Other revenue in the Company’s Consolidated Statement of Income. Certain Mortgage Loans Held-for-Sale (HFS) Citigroup has elected the fair value option for certain purchased and originated prime fixed-rate and conforming adjustable-rate first mortgage loans HFS. These loans are intended for sale or securitization and are hedged with derivative instruments. The Company has elected the fair value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications. The following table provides information about certain mortgage loans HFS carried at fair value:
The changes in the fair values of these mortgage loans are reported in Other revenue in the Company’s Consolidated Statement of Income. There was no net change in fair value during the Certain Structured Liabilities The Company has elected the fair value option for certain structured liabilities whose performance is linked to structured interest rates, inflation, currency, equity, referenced credit or commodity risks. The Company elected the fair value option because these exposures are considered to be trading-related positions and, therefore, are managed on a fair value basis. These positions will continue to be classified as debt, deposits or derivatives (Trading account liabilities) on the Company’s Consolidated Balance Sheet according to their legal form. The following table provides information about the carrying value of structured notes, disaggregated by type of embedded derivative instrument:
Prior to 2016, the total change in the fair value of these structured liabilities was reported in Principal transactions in the Company’s Consolidated Statement of Income. Beginning in the first quarter of 2016, the portion of the changes in fair value attributable to changes in Citigroup’s own credit spreads (DVA) is reflected as a component of AOCI while all other changes in fair value will continue to be reported in Principal transactions. Changes in the fair value of these structured liabilities include accrued interest, which is also included in the change in fair value reported in Principal transactions. Certain Non-Structured Liabilities The Company has elected the fair value option for certain non-structured liabilities with fixed and floating interest rates. The Company has elected the fair value option where the interest rate risk of such liabilities may be economically hedged with derivative contracts or the proceeds are used to purchase financial assets that will also be accounted for at fair value through earnings. The elections have been made to mitigate accounting mismatches and to achieve operational simplifications. These positions are reported in Short-term borrowings and Long-term debt on the Company’s Consolidated Balance Sheet. Interest expense on non-structured liabilities is measured based on the contractual interest rates and reported as Interest expense in the Consolidated Statement of Income. The following table provides information about long-term debt carried at fair value:
The following table provides information about short-term borrowings carried at fair value:
22. GUARANTEES, LEASES AND COMMITMENTS Citi provides a variety of guarantees and indemnifications to its customers to enhance their credit standing and enable them to complete a wide variety of business transactions. For certain contracts meeting the definition of a guarantee, the guarantor must recognize, at inception, a liability for the fair value of the obligation undertaken in issuing the guarantee. In addition, the guarantor must disclose the maximum potential amount of future payments that the guarantor could be required to make under the guarantee, if there were a total default by the guaranteed parties. The determination of the maximum potential future payments is based on the notional amount of the guarantees without consideration of possible recoveries under recourse provisions or from collateral held or pledged. As such, Citi believes such amounts bear no relationship to the anticipated losses, if any, on these guarantees. For additional information regarding Citi’s guarantees and indemnifications included in the tables below, as well as its other guarantees and indemnifications excluded from the tables below, see Note 26 to the Consolidated Financial Statements in Citi’s The following tables present information about Citi’s guarantees at
Loans Loans sold with recourse represent Citi’s obligations to reimburse the buyers for loan losses under certain circumstances. Recourse refers to the clause in a sales agreement under which a seller/lender will fully reimburse the buyer/investor for any losses resulting from the purchased loans. This may be accomplished by the seller taking back any loans that become delinquent. In addition to the amounts shown in the tables above, Citi has recorded a repurchase reserve for its potential repurchases or make-whole liability regarding residential mortgage representation and warranty claims related to its whole loan sales to U.S. government-sponsored enterprises (GSEs) and, to a lesser extent, private investors. The repurchase reserve was approximately Credit Citi, in certain of its credit card partner arrangements, provides guarantees to the partner regarding the volume of certain customer originations during the term of the agreement. To the extent that such origination targets are not met, the guarantees serve to compensate the partner for certain payments that otherwise would have been generated in connection with such originations. Other Credit Card Protection Programs Citi, through its credit card businesses, provides various cardholder protection programs on several of its card products, including programs that provide insurance coverage for rental cars, coverage for certain losses associated with purchased products, price protection for certain purchases and protection for lost luggage. These guarantees are not included in the table, since the total outstanding amount of the guarantees and Citi’s maximum exposure to loss cannot be quantified. The protection is limited to certain types of purchases and losses, and it is not possible to quantify the purchases that would qualify for these benefits at any given time. Citi assesses the probability and amount of its potential liability related to these programs based on the extent and nature of its historical loss experience. At immaterial. Value-Transfer Networks Citi is a member of, or shareholder in, hundreds of value-transfer networks (VTNs) (payment, clearing and settlement systems as well as exchanges) around the world. As a condition of membership, many of these VTNs require that members stand ready to pay a pro rata share of the losses incurred by the organization due to another member’s default on its obligations. Citi’s potential obligations may be limited to its membership interests in the VTNs, contributions to the VTN’s funds, or, in limited cases, the obligation may be unlimited. The maximum exposure cannot be estimated as this would require an assessment of claims that have not yet occurred. Citi believes the risk of loss is remote given historical experience with the VTNs. Accordingly, Citi’s participation in VTNs is not reported in the guarantees tables above, and there are no amounts reflected on the Consolidated Balance Sheet as of December 31, from Citi’s involvement with VTN associations. Long-Term Care Insurance Indemnification In 2000, Travelers Life & Annuity (Travelers), then a subsidiary of Citi, entered into a reinsurance agreement to transfer the risks and rewards of its long-term care (LTC) business to GE Life (now Genworth Financial Inc., or Genworth), then a subsidiary of the General Electric Company (GE). As part of this transaction, the reinsurance obligations were provided by two regulated insurance subsidiaries of GE Life, which funded two collateral trusts with securities. Presently, as discussed below, the trusts are referred to as the Genworth Trusts. As part of GE’s spin-off of Genworth in 2004, GE retained the risks and rewards associated with the 2000 Travelers reinsurance agreement by providing a reinsurance contract to Genworth through its Union Fidelity Life Insurance Company (UFLIC) subsidiary that covers the Travelers LTC policies. In addition, GE provided a capital maintenance agreement in favor of UFLIC that is designed to assure that UFLIC will have the funds to pay its reinsurance obligations. As a result of these reinsurance agreements and the spin-off of Genworth, Genworth has reinsurance protection from UFLIC (supported by GE) and has reinsurance obligations in connection with the Travelers LTC policies. As noted below, the Genworth reinsurance obligations now benefit Brighthouse Financial, Inc. (Brighthouse). While neither Brighthouse nor Citi are direct beneficiaries of the capital maintenance agreement between GE and UFLIC, Brighthouse and Citi benefit indirectly from the existence of the capital maintenance agreement, which helps assure that UFLIC will continue to have funds necessary to pay its reinsurance obligations to Genworth. In connection with Citi’s 2005 sale of Travelers to MetLife Inc. (MetLife), Citi provided an indemnification to MetLife for losses (including policyholder claims) relating to the LTC business for the entire term of the Travelers LTC policies, which, as noted above, are reinsured by subsidiaries of Genworth. In 2017, MetLife spun off its retail insurance business to Brighthouse. As a result, the Travelers LTC policies now reside with Brighthouse. The original reinsurance agreement between Travelers (now Brighthouse) and Genworth remains in place and Brighthouse is the sole beneficiary of the Genworth Trusts. The fair value of the Genworth Trusts is approximately evaluated and adjusted periodically to ensure that the fair value of the assets continues to provide collateral in an amount equal to these estimated statutory liabilities, as the liabilities change over time. If both (i) Genworth fails to perform under the original Travelers/GE Life reinsurance agreement for any reason, including insolvency or the failure of UFLIC to perform in a timely manner, and (ii) the assets of the two Genworth Trusts are insufficient or unavailable, then Citi, through its LTC reinsurance indemnification, must reimburse Brighthouse for any losses incurred in connection with the LTC policies. Since both events would have to occur before Citi would become responsible for any payment to Brighthouse pursuant to its indemnification obligation, and the likelihood of such events occurring is currently not probable, there is no liability reflected on the Consolidated Balance Sheet as of Separately, Genworth announced that it had agreed to be purchased by China Oceanwide Holdings Co., Ltd, subject to a series of conditions and regulatory approvals. Citi is monitoring these developments. Futures and Citi provides clearing services on central clearing parties (CCP) for clients that need to clear exchange-traded and over-the-counter (OTC) derivative contracts with CCPs. Based on all relevant facts and circumstances, Citi has concluded that it acts as an agent for accounting purposes in its role as clearing member for these client transactions. As such, Citi does not reflect the underlying exchange-traded or OTC derivatives contracts in its Consolidated Financial Statements. See Note 19 for a discussion of Citi’s derivatives activities that are reflected in its Consolidated Financial Statements. As a clearing member, Citi collects and remits cash and securities collateral (margin) between its clients and the respective CCP. In certain circumstances, Citi collects a higher amount of cash (or securities) from its clients than it needs to remit to the CCPs. This excess cash is then held at depository institutions such as banks or carry brokers. There are two types of margin: initial and variation. Where Citi obtains benefits from or controls cash initial margin (e.g., retains an interest spread), cash initial margin collected from clients and remitted to the CCP or depository institutions is reflected within Brokerage payables (payables to customers) and Brokerage receivables (receivables from brokers, dealers and clearing organizations) or Cash and due from banks, respectively. However, for exchange-traded and OTC-cleared derivative contracts where Citi does not obtain benefits from or control the client cash balances, the client cash initial margin collected from clients and remitted to the CCP or depository institutions is not reflected on Citi’s Consolidated Balance Sheet. These conditions are met when Citi has contractually agreed with the client that (i) Citi will pass through to the client all interest paid by the CCP or depository institutions on the cash initial margin, (ii) Citi will not utilize its right as a clearing member to transform cash margin into other assets, (iii) Citi does not guarantee and is not liable to the client for the performance of the CCP or the depository institution and (iv) the client cash balances are legally isolated from Citi’s bankruptcy estate. The total amount of cash initial margin collected and remitted in this manner was approximately Variation margin due from clients to the respective CCP, or from the CCP to clients, reflects changes in the value of the client’s derivative contracts for each trading day. As a clearing member, Citi is exposed to the risk of non-performance by clients (e.g., failure of a client to post variation margin to the CCP for negative changes in the value of the client’s derivative contracts). In the event of non-performance by a client, Citi would move to close out the client’s positions. The CCP would typically utilize initial margin posted by the client and held by the CCP, with any remaining shortfalls required to be paid by Citi as clearing member. Citi generally holds incremental cash or securities margin posted by the client, which would typically be expected to be sufficient to mitigate Citi’s credit risk in the event the client fails to perform. As required by ASC 860-30-25-5, securities collateral posted by clients is not recognized on Citi’s Consolidated Balance Sheet. Carrying Value—Guarantees and Indemnifications At to approximately $0.7 billion and $0.9 billion, Collateral Cash collateral available to Citi to reimburse losses realized under these guarantees and indemnifications amounted to Performance Presented in the tables below are the maximum potential amounts of future payments that are classified based upon internal and external credit ratings. The determination of the maximum potential future payments is based on the notional amount of the guarantees without consideration of possible recoveries under recourse provisions or from collateral held or pledged. As such, Citi believes such amounts bear no relationship to the anticipated losses, if any, on these guarantees.
Leases The Company’s operating leases, where Citi is a lessee, include real estate, such as office space and branches, and various types of equipment. These leases have a weighted-average lease term of approximately nine years as of March 31, 2019. The operating lease ROU asset and lease liability were both approximately $4.1 billion as of March 31, 2019. The Company recognizes fixed lease costs on a straight-line basis throughout the lease term in the Consolidated Statement of Income. Additionally, variable lease costs are recognized in the period in which the obligation for those payments is incurred. The total operating lease expense (principally for offices, branches and equipment), net of approximately $19 million sublease income, was approximately $270 million for the three months ended March 31, 2019. While Citi has, as a lessee, certain equipment finance leases, such leases are not material to the Company's Consolidated Financial Statements. Citi’s lease arrangements that have not yet commenced as of March 31, 2019 and the Company’s short-term lease costs, variable lease costs and finance lease costs, for the three months ended March 31, 2019 are not material to the Consolidated Financial Statements. Citi’s operating cash outflows related to operating leases were approximately $234 million for the three months ended March 31, 2019, while the future lease payments are as follows:
Credit Commitments and Lines of Credit The table below summarizes Citigroup’s credit commitments:
The majority of unused commitments are contingent upon customers maintaining specific credit standards. Commercial commitments generally have floating interest rates and fixed expiration dates and may require payment of fees. Such fees (net of certain direct costs) are deferred and, upon exercise of the commitment, amortized over the life of the loan or, if exercise is deemed remote, amortized over the commitment period. Other commitments and contingencies Other commitments and contingencies include all other transactions related to commitments and contingencies not reported on the lines above. Unsettled reverse repurchase and securities In addition, in the normal course of business, Citigroup enters into reverse repurchase and securities borrowing agreements, as well as repurchase and securities lending agreements, which settle at a future date. At Restricted Cash Citigroup defines restricted cash (as cash subject to withdrawal restrictions) to include cash deposited with central banks that must be maintained to meet minimum regulatory requirements, and cash set aside for the benefit of customers or for other purposes such as compensating balance arrangements or debt retirement. Restricted cash includes minimum reserve requirements with the Federal Reserve Bank and certain other central banks and cash segregated to satisfy rules regarding the protection of customer assets as required by Citigroup broker-dealers’ primary regulators, including the United States Securities and Exchange Commission (SEC), the Commodities Futures Trading Commission and the United Kingdom’s Prudential Regulation Authority. Restricted cash is included on the
23. CONTINGENCIES The following information supplements and amends, as applicable, the In accordance with ASC 450, Citigroup establishes accruals for contingencies, including the litigation and regulatory matters disclosed herein, when Citigroup believes it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted from time to time, as appropriate, in light of additional information. The amount of loss ultimately incurred in relation to those matters may be substantially higher or lower than the amounts accrued for those matters. If Citigroup has not accrued for a matter because the matter does not meet the criteria for accrual (as set forth above), or Citigroup believes an exposure to loss exists in excess of the amount accrued for a particular matter, in each case assuming a material loss is reasonably possible, Citigroup discloses the matter. In addition, for such matters, Citigroup discloses an estimate of the aggregate reasonably possible loss or range of loss in excess of the amounts accrued for those matters as to which an estimate can be made. At As available information changes, the matters for which Citigroup is able to estimate will change, and the estimates themselves will change. In addition, while many estimates presented in financial statements and other financial disclosures involve significant judgment and may be subject to significant uncertainty, estimates of the range of reasonably possible loss arising from litigation and regulatory proceedings are subject to particular uncertainties. For example, at the time of making an estimate, Citigroup may have only preliminary, incomplete or inaccurate information about the facts underlying the claim; its assumptions about the future rulings of the court or other tribunal on significant issues, or the behavior and incentives of adverse parties or regulators, may prove to be wrong; and the outcomes it is attempting to predict are often not amenable to the use of statistical or other quantitative analytical tools. In addition, from time to time an outcome may occur that Citigroup had not accounted for in its estimates because it had deemed such an outcome to be remote. For all these reasons, the amount of loss in excess of accruals ultimately incurred for the matters as to which an estimate has been made could be substantially higher or lower than the range of loss included in the estimate. Subject to the foregoing, it is the opinion of Citigroup's management, based on current knowledge and after taking into account its current legal accruals, that the eventual outcome of all matters described in this Note would not be likely to have a material adverse effect on the consolidated financial condition of Citigroup. Nonetheless, given the substantial or indeterminate amounts sought in certain of these matters and the inherent unpredictability of such matters, an adverse outcome in certain of these matters could, from time to time, have a material adverse effect on Citigroup’s consolidated results of operations or cash flows in particular quarterly or annual periods. For further information on ASC 450 and Citigroup's accounting and disclosure framework for contingencies, including for litigation and regulatory matters disclosed herein, see Note 27 to the Consolidated Financial Statements of Citigroup’s Credit Crisis-Related Litigation and Other Matters Mortgage-Related Litigation and Other Matters Mortgage-Backed Securities Trustee Actions: On March 20, 2019, the court granted Citibank’s motion to dismiss the Federal Deposit Insurance Corporation’s amended complaint. Additional information concerning this action is publicly available in court filings under the docket number 15-cv-6574 (S.D.N.Y.) (Carter, J.). Tribune Company Bankruptcy On On February 21, 2019, the litigation trustee appealed to the United States Court of Appeals for the Second Circuit Foreign Exchange Matters : On publicly available in court filings under the docket Interbank Offered Rates-Related Litigation and Other Matters Antitrust and Other Litigation: On March 28, 2019, in SCS BANQUE DELUBAC & CIE v. CITIGROUP INC. ET AL., the Court of Appeal of Nîmes held that neither the Commercial Court of Aubenas nor the Commercial Court of Marseille has territorial jurisdiction over Banque Delubac’s claims. This case is in the Commercial Court of Marseille, RG no. 2018F02750, and was in the Court of Appeal of Nîmes, no. 18/04390. On January 31 and on March 4, 2019, two additional putative class actions, which have been consolidated with PUTNAM BANK v. INTERCONTINENTAL EXCHANGE, INC., ET AL., were available in court filings under the docket Antitrust and Other Litigation: On On Sovereign Securities Matters Antitrust and Other Litigation: purchasers of supranational, sub-sovereign and agency (SSA) bonds. Plaintiffs assert claims under New York antitrust On January 24, 2019, in an action filed in the Canadian Federal Court related to the SSA bond market, plaintiffs delivered an amended statement of claim, in which they continue to assert claims for breach of the competition law and breach of foreign law, while also asserting additional claims of civil conspiracy, unjust enrichment, waiver of tort and breach of contract. Additional information relating to this Between February 22 and April 11, 2019, 12 putative class actions, which have been consolidated under the caption IN RE GSE BONDS ANTITRUST LITIGATION, were filed in the United States District Court for the Southern District of New York against Citigroup, CGMI, and numerous other defendants, on behalf of purported classes of persons or entities that transacted in bonds issued by United States government-sponsored entities with one or more of the defendants. Plaintiffs assert claims under the Sherman Act and for unjust enrichment based on defendants’ alleged conspiracy to manipulate the market for such bonds, and seek treble damages and injunctive relief. Additional information relating to this action is publicly available in court filings under the docket number 19 Civ. Variable Rate Demand Obligation Litigation In February and March 2019, certain financial institutions that served as remarketing agents for municipal bonds called variable rate demand obligations (VRDOs), including Citigroup, Citibank, CGMI, CGML and numerous other industry participants, were named as defendants in putative class actions filed by the City of Philadelphia and the City of Baltimore in the United States District Court for the Southern District of New York. Plaintiffs allege that defendants colluded to set artificially high VRDO interest rates. The complaints assert violations of the Sherman Act, as well as claims for breach of contract and unjust enrichment, and seek damages and injunctive relief. On April 5, 2019, the two suits were consolidated for pre-trial purposes. Additional information concerning these actions is publicly available in court filings under the docket numbers 19-CV-1608 (S.D.N.Y.) (Furman, J.) and 19-CV-2667 (S.D.N.Y.) (Furman, J.). Settlement Payments Payments required in settlement agreements described above have been made or are covered by existing litigation accruals. 24. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS Citigroup amended its Registration Statement on Form S-3 on file with the SEC (File No. 33-192302) to add its wholly owned subsidiary, Citigroup Global Markets Holdings Inc. (CGMHI), as a co-registrant. Any securities issued by CGMHI under the Form S-3 will be fully and unconditionally guaranteed by Citigroup. The following are the Condensed Consolidating Statements of Income and Comprehensive Income for the three These Condensed Consolidating Financial Statements have been prepared and presented in accordance with SEC Regulation S-X Rule 3-10, “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.” These Condensed Consolidating Financial Statements are presented for purposes of additional analysis, but should be considered in relation to the Consolidated Financial Statements of Citigroup taken as a whole. Condensed Consolidating Statements of Income and Comprehensive Income
Condensed Consolidating Statements of Income and Comprehensive Income
Condensed Consolidating Balance Sheet
Condensed Consolidating Balance Sheet
Condensed Consolidating Statement of Cash Flows
Condensed Consolidating Statement of Cash Flows
UNREGISTERED SALES OF EQUITY SECURITIES, PURCHASES OF EQUITY SECURITIES AND DIVIDENDS Unregistered Sales of Equity Securities None. Equity Security Repurchases The following table summarizes Citi’s
N/A Not applicable Dividends In addition to Board of Directors’ approval, Citi’s ability to pay common stock dividends substantially depends on regulatory approval, including an annual regulatory review of the results of the CCAR process required by the Federal Reserve Board and the supervisory stress tests required under the Dodd-Frank Act. For additional information regarding Citi’s capital planning and stress testing, see “Capital Resources— For information on the ability of Citigroup’s subsidiary depository institutions to pay dividends, see Note 18 to the Consolidated Financial Statements in Citi’s SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on the CITIGROUP INC. (Registrant) By /s/ Chief Financial Officer (Principal Financial Officer) By /s/ Raja J. Akram Raja J. Akram Controller and Chief Accounting Officer (Principal Accounting Officer) EXHIBIT INDEX
The total amount of securities authorized pursuant to any instrument defining rights of holders of long-term debt of the Company does not exceed 10% of the total assets of the Company and its consolidated subsidiaries. The Company will furnish copies of any such instrument to the SEC upon request. * Denotes a management contract or compensatory plan or arrangement. + Filed herewith. |