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. |
Third Quarter | Nine 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 | $ | 11,802 | $ | 11,535 | 2 | % | $ | 34,639 | $ | 33,748 | 3 | % | $ | 11,759 | $ | 11,172 | 5 | % | ||||||
Non-interest revenue | 6,587 | 6,884 | (4 | ) | 21,091 | 21,192 | — | 6,817 | 7,700 | (11 | ) | |||||||||||||
Revenues, net of interest expense | $ | 18,389 | $ | 18,419 | — | % | $ | 55,730 | $ | 54,940 | 1 | % | $ | 18,576 | $ | 18,872 | (2 | )% | ||||||
Operating expenses | 10,311 | 10,417 | (1 | ) | 31,948 | 31,900 | — | 10,584 | 10,925 | (3 | ) | |||||||||||||
Provisions for credit losses and for benefits and claims | 1,974 | 1,999 | (1 | ) | 5,643 | 5,378 | 5 | 1,980 | 1,857 | 7 | ||||||||||||||
Income from continuing operations before income taxes | $ | 6,104 | $ | 6,003 | 2 | % | $ | 18,139 | $ | 17,662 | 3 | % | $ | 6,012 | $ | 6,090 | (1 | )% | ||||||
Income taxes | 1,471 | 1,866 | (21 | ) | 4,356 | 5,524 | (21 | ) | 1,275 | 1,441 | (12 | ) | ||||||||||||
Income from continuing operations | $ | 4,633 | $ | 4,137 | 12 | % | $ | 13,783 | $ | 12,138 | 14 | % | $ | 4,737 | $ | 4,649 | 2 | % | ||||||
Income (loss) from discontinued operations, net of taxes | (8 | ) | (5 | ) | (60 | ) | — | (2 | ) | 100 | (2 | ) | (7 | ) | 71 | |||||||||
Net income before attribution of noncontrolling interests | $ | 4,625 | $ | 4,132 | 12 | % | $ | 13,783 | $ | 12,136 | 14 | % | $ | 4,735 | $ | 4,642 | 2 | % | ||||||
Net income attributable to noncontrolling interests | 3 | (1 | ) | NM | 51 | 41 | 24 | 25 | 22 | 14 | ||||||||||||||
Citigroup’s net income | $ | 4,622 | $ | 4,133 | 12 | % | $ | 13,732 | $ | 12,095 | 14 | % | $ | 4,710 | $ | 4,620 | 2 | % | ||||||
Less: | ||||||||||||||||||||||||
Preferred dividends—Basic | $ | 270 | $ | 272 | (1 | )% | $ | 860 | $ | 893 | (4 | )% | $ | 262 | $ | 272 | (4 | )% | ||||||
Dividends and undistributed earnings allocated to employee restricted and deferred shares that contain nonforfeitable rights to dividends, applicable to basic EPS | 51 | 53 | (4 | ) | 151 | 156 | (3 | ) | 59 | 51 | 16 | |||||||||||||
Income allocated to unrestricted common shareholders for basic and diluted EPS | $ | 4,301 | $ | 3,808 | 13 | % | $ | 12,721 | $ | 11,046 | 15 | % | $ | 4,389 | $ | 4,297 | 2 | % | ||||||
Earnings per share | ||||||||||||||||||||||||
Basic | ||||||||||||||||||||||||
Income from continuing operations | $ | 1.74 | $ | 1.42 | 23 | % | $ | 5.04 | $ | 4.05 | 24 | % | $ | 1.88 | $ | 1.68 | 12 | % | ||||||
Net income | 1.73 | 1.42 | 22 | 5.04 | 4.05 | 24 | 1.88 | 1.68 | 12 | |||||||||||||||
Diluted | ||||||||||||||||||||||||
Income from continuing operations | $ | 1.74 | $ | 1.42 | 23 | % | $ | 5.04 | $ | 4.05 | 24 | % | $ | 1.87 | $ | 1.68 | 11 | % | ||||||
Net income | 1.73 | 1.42 | 22 | 5.04 | 4.05 | 24 | 1.87 | 1.68 | 11 | |||||||||||||||
Dividends declared per common share | 0.45 | 0.32 | 41 | 1.09 | 0.64 | 70 | 0.45 | 0.32 | 41 |
Third Quarter | Nine 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 September 30: | |||||||||||||||||||||
At March 31: | |||||||||||||||||||||
Total assets | $ | 1,925,165 | $ | 1,889,133 | 2 | % | $ | 1,958,413 | $ | 1,922,104 | 2 | % | |||||||||
Total deposits | 1,005,176 | 964,038 | 4 | 1,030,355 | 1,001,219 | 3 | |||||||||||||||
Long-term debt | 235,270 | 232,673 | 1 | 243,566 | 237,938 | 2 | |||||||||||||||
Citigroup common stockholders’ equity | 177,969 | 208,381 | (15 | ) | 178,272 | 182,759 | (2 | ) | |||||||||||||
Total Citigroup stockholders’ equity | 197,004 | 227,634 | (13 | ) | 196,252 | 201,915 | (3 | ) | |||||||||||||
Direct staff (in thousands) | 206 | 213 | (3 | ) | 203 | 209 | (3 | ) | |||||||||||||
Performance metrics | |||||||||||||||||||||
Return on average assets | 0.95 | % | 0.87 | % | 0.96 | % | 0.87 | % | 0.98 | % | 0.98 | % | |||||||||
Return on average common stockholders’ equity | 9.6 | 7.3 | 9.5 | 7.2 | 10.2 | 9.7 | |||||||||||||||
Return on average total stockholders’ equity | 9.2 | 7.2 | 9.2 | 7.1 | 9.8 | 9.3 | |||||||||||||||
Efficiency ratio (total operating expenses/total revenues) | 56.1 | 56.6 | 57.3 | 58.1 | 57.0 | 57.9 | |||||||||||||||
Basel III ratios—full implementation(1)(4) | |||||||||||||||||||||
Basel III ratios | |||||||||||||||||||||
Common Equity Tier 1 Capital | 11.73 | % | 12.98 | % | 11.91 | % | 12.05 | % | |||||||||||||
Tier 1 Capital | 13.36 | 14.61 | 13.47 | 13.67 | |||||||||||||||||
Total Capital | 15.98 | 16.95 | 16.44 | 16.01 | |||||||||||||||||
Supplementary Leverage ratio | 6.50 | 7.11 | 6.44 | 6.71 | |||||||||||||||||
Citigroup common stockholders’ equity to assets | 9.24 | % | 11.03 | % | 9.10 | % | 9.51 | % | |||||||||||||
Total Citigroup stockholders’ equity to assets | 10.23 | 12.05 | 10.02 | 10.50 | |||||||||||||||||
Dividend payout ratio | 26.0 | 22.5 | 21.6 | % | 15.8 | % | 24 | 19 | |||||||||||||
Total payout ratio | 147.0 | 164.6 | 98.1 | 96.5 | 115 | 71 | |||||||||||||||
Book value per common share | $ | 72.88 | $ | 78.81 | (8 | )% | $ | 77.09 | $ | 71.67 | 8 | % | |||||||||
Tangible book value (TBV) per share | 61.91 | 68.55 | (10 | ) | 65.55 | 61.02 | 7 |
(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. |
Third Quarter | Nine 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 | $ | 850 | $ | 642 | 32 | % | $ | 2,407 | $ | 1,913 | 26 | % | $ | 769 | $ | 838 | (8 | )% | ||||||
Latin America | 334 | 169 | 98 | 717 | 445 | 61 | 252 | 179 | 41 | |||||||||||||||
Asia(1) | 383 | 359 | 7 | 1,116 | 938 | 19 | 416 | 373 | 12 | |||||||||||||||
Total | $ | 1,567 | $ | 1,170 | 34 | % | $ | 4,240 | $ | 3,296 | 29 | % | $ | 1,437 | $ | 1,390 | 3 | % | ||||||
Institutional Clients Group | ||||||||||||||||||||||||
North America | $ | 870 | $ | 1,298 | (33 | )% | $ | 2,755 | $ | 3,463 | (20 | )% | $ | 714 | $ | 858 | (17 | )% | ||||||
EMEA | 972 | 753 | 29 | 3,072 | 2,401 | 28 | 1,125 | 1,113 | 1 | |||||||||||||||
Latin America | 541 | 388 | 39 | 1,546 | 1,211 | 28 | 503 | 494 | 2 | |||||||||||||||
Asia | 734 | 623 | 18 | 2,310 | 1,778 | 30 | 980 | 869 | 13 | |||||||||||||||
Total | $ | 3,117 | $ | 3,062 | 2 | % | $ | 9,683 | $ | 8,853 | 9 | % | $ | 3,322 | $ | 3,334 | — | % | ||||||
Corporate/Other | (51 | ) | (95 | ) | 46 | (140 | ) | (11 | ) | NM | (22 | ) | (75 | ) | 71 | |||||||||
Income from continuing operations | $ | 4,633 | $ | 4,137 | 12 | % | $ | 13,783 | $ | 12,138 | 14 | % | $ | 4,737 | $ | 4,649 | 2 | % | ||||||
Discontinued operations | $ | (8 | ) | $ | (5 | ) | (60 | )% | $ | — | $ | (2 | ) | 100 | % | $ | (2 | ) | $ | (7 | ) | 71 | % | |
Net income attributable to noncontrolling interests | 3 | (1 | ) | NM | 51 | 41 | 24 | |||||||||||||||||
Less: Net income attributable to noncontrolling interests | 25 | 22 | 14 | |||||||||||||||||||||
Citigroup’s net income | $ | 4,622 | $ | 4,133 | 12 | % | $ | 13,732 | $ | 12,095 | 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. |
Third Quarter | Nine Months | First Quarter | ||||||||||||||||||||||
In millions of dollars | 2018 | 2017 | % Change | 2018 | 2017 | % Change | 2019 | 2018 | % Change | |||||||||||||||
Global Consumer Banking | ||||||||||||||||||||||||
North America | $ | 5,129 | $ | 5,197 | (1 | )% | $ | 15,290 | $ | 15,088 | 1 | % | $ | 5,185 | $ | 5,157 | 1 | % | ||||||
Latin America | 1,670 | 1,388 | 20 | 4,398 | 3,863 | 14 | 1,381 | 1,340 | 3 | |||||||||||||||
Asia(1) | 1,855 | 1,885 | (2 | ) | 5,649 | 5,438 | 4 | 1,885 | 1,929 | (2 | ) | |||||||||||||
Total | $ | 8,654 | $ | 8,470 | 2 | % | $ | 25,337 | $ | 24,389 | 4 | % | $ | 8,451 | $ | 8,426 | — | % | ||||||
Institutional Clients Group | ||||||||||||||||||||||||
North America | $ | 3,329 | $ | 3,709 | (10 | )% | $ | 10,105 | $ | 10,877 | (7 | )% | $ | 3,119 | $ | 3,266 | (5 | )% | ||||||
EMEA | 2,927 | 2,703 | 8 | 9,137 | 8,438 | 8 | 3,170 | 3,167 | — | |||||||||||||||
Latin America | 1,055 | 1,099 | (4 | ) | 3,427 | 3,354 | 2 | 1,160 | 1,216 | (5 | ) | |||||||||||||
Asia | 1,930 | 1,919 | 1 | 6,111 | 5,501 | 11 | 2,245 | 2,206 | 2 | |||||||||||||||
Total | $ | 9,241 | $ | 9,430 | (2 | )% | $ | 28,780 | $ | 28,170 | 2 | % | $ | 9,694 | $ | 9,855 | (2 | )% | ||||||
Corporate/Other | 494 | 519 | (5 | ) | 1,613 | 2,381 | (32 | ) | 431 | 591 | (27 | ) | ||||||||||||
Total Citigroup net revenues | $ | 18,389 | $ | 18,419 | — | % | $ | 55,730 | $ | 54,940 | 1 | % | $ | 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 | $ | 10,034 | $ | 66,084 | $ | 123,168 | $ | — | $ | 199,286 | $ | 8,747 | 64,506 | $ | 132,640 | $ | — | $ | 205,893 | |||||||||||
Federal funds sold and securities borrowed and purchased under agreements to resell | 157 | 280,556 | 228 | — | 280,941 | — | 264,264 | 231 | — | 264,495 | ||||||||||||||||||||
Trading account assets | 754 | 249,904 | 6,844 | — | 257,502 | 843 | 275,309 | 10,359 | — | 286,511 | ||||||||||||||||||||
Investments | 1,271 | 108,942 | 235,300 | — | 345,513 | 1,173 | 117,776 | 230,332 | — | 349,281 | ||||||||||||||||||||
Loans, net of unearned income and allowance for loan losses | 299,493 | 347,050 | 16,030 | — | 662,573 | 297,630 | 360,156 | 12,231 | — | 670,017 | ||||||||||||||||||||
Other assets | 37,605 | 105,200 | 36,545 | — | 179,350 | 37,544 | 103,212 | 41,460 | — | 182,216 | ||||||||||||||||||||
Net inter-segment liquid assets(4) | 77,370 | 246,754 | (324,124 | ) | — | — | 79,746 | 240,275 | (320,021 | ) | — | — | ||||||||||||||||||
Total assets | $ | 426,684 | $ | 1,404,490 | $ | 93,991 | $ | — | $ | 1,925,165 | $ | 425,683 | $ | 1,425,498 | $ | 107,232 | $ | — | $ | 1,958,413 | ||||||||||
Liabilities and equity | ||||||||||||||||||||||||||||||
Total deposits | $ | 310,689 | $ | 684,623 | $ | 9,864 | $ | — | $ | 1,005,176 | $ | 315,547 | $ | 701,544 | $ | 13,264 | $ | — | $ | 1,030,355 | ||||||||||
Federal funds purchased and securities loaned and sold under agreements to repurchase | 3,054 | 172,851 | 10 | — | 175,915 | 3,967 | 186,335 | 70 | — | 190,372 | ||||||||||||||||||||
Trading account liabilities | 141 | 147,115 | 396 | — | 147,652 | 195 | 135,864 | 333 | — | 136,392 | ||||||||||||||||||||
Short-term borrowings | 473 | 22,798 | 10,499 | — | 33,770 | 485 | 25,490 | 13,347 | — | 39,322 | ||||||||||||||||||||
Long-term debt(3) | 1,831 | 41,351 | 43,905 | 148,183 | 235,270 | 1,817 | 48,509 | 43,410 | 149,830 | 243,566 | ||||||||||||||||||||
Other liabilities | 19,613 | 94,913 | 14,993 | — | 129,519 | 19,386 | 83,420 | 18,585 | — | 121,391 | ||||||||||||||||||||
Net inter-segment funding (lending)(3) | 90,883 | 240,839 | 13,465 | (345,187 | ) | — | 84,286 | 244,336 | 17,460 | (346,082 | ) | — | ||||||||||||||||||
Total liabilities | $ | 426,684 | $ | 1,404,490 | $ | 93,132 | $ | (197,004 | ) | $ | 1,727,302 | $ | 425,683 | $ | 1,425,498 | $ | 106,469 | $ | (196,252 | ) | $ | 1,761,398 | ||||||||
Total stockholders’ equity(5) | — | — | 859 | 197,004 | 197,863 | — | — | 763 | 196,252 | 197,015 | ||||||||||||||||||||
Total liabilities and equity | $ | 426,684 | $ | 1,404,490 | $ | 93,991 | $ | — | $ | 1,925,165 | $ | 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. |
Third Quarter | Nine 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 | $ | 7,236 | $ | 7,071 | 2 | % | $ | 21,235 | $ | 20,410 | 4 | % | $ | 7,253 | $ | 6,980 | 4 | % | ||||||
Non-interest revenue | 1,418 | 1,399 | 1 | 4,102 | 3,979 | 3 | 1,198 | 1,446 | (17 | ) | ||||||||||||||
Total revenues, net of interest expense | $ | 8,654 | $ | 8,470 | 2 | % | $ | 25,337 | $ | 24,389 | 4 | % | $ | 8,451 | $ | 8,426 | — | % | ||||||
Total operating expenses | $ | 4,661 | $ | 4,452 | 5 | % | $ | 13,997 | $ | 13,440 | 4 | % | $ | 4,608 | $ | 4,677 | (1 | )% | ||||||
Net credit losses | $ | 1,714 | $ | 1,704 | 1 | % | $ | 5,176 | $ | 4,922 | 5 | % | $ | 1,891 | $ | 1,736 | 9 | % | ||||||
Credit reserve build (release) | 186 | 486 | (62 | ) | 484 | 788 | (39 | ) | 76 | 144 | (47 | ) | ||||||||||||
Provision (release) for unfunded lending commitments | 6 | (5 | ) | NM | 8 | — | NM | 5 | (1 | ) | NM | |||||||||||||
Provision for benefits and claims | 27 | 28 | (4 | ) | 75 | 80 | (6 | ) | 12 | 26 | (54 | ) | ||||||||||||
Provisions for credit losses and for benefits and claims (LLR & PBC) | $ | 1,933 | $ | 2,213 | (13 | )% | $ | 5,743 | $ | 5,790 | (1 | )% | $ | 1,984 | $ | 1,905 | 4 | % | ||||||
Income from continuing operations before taxes | $ | 2,060 | $ | 1,805 | 14 | % | $ | 5,597 | $ | 5,159 | 8 | % | $ | 1,859 | $ | 1,844 | 1 | % | ||||||
Income taxes | 493 | 635 | (22 | ) | 1,357 | 1,863 | (27 | ) | 422 | 454 | (7 | ) | ||||||||||||
Income from continuing operations | $ | 1,567 | $ | 1,170 | 34 | % | $ | 4,240 | $ | 3,296 | 29 | % | $ | 1,437 | $ | 1,390 | 3 | % | ||||||
Noncontrolling interests | 1 | 2 | (50 | ) | 4 | 7 | (43 | ) | — | 2 | (100 | ) | ||||||||||||
Net income | $ | 1,566 | $ | 1,168 | 34 | % | $ | 4,236 | $ | 3,289 | 29 | % | $ | 1,437 | $ | 1,388 | 4 | % | ||||||
Balance Sheet data (in billions of dollars) | ||||||||||||||||||||||||
Balance Sheet data and ratios (in billions of dollars) | ||||||||||||||||||||||||
Total EOP assets | $ | 427 | $ | 419 | 2 | % | $ | 426 | $ | 423 | 1 | % | ||||||||||||
Average assets | 424 | 421 | 1 | $ | 421 | $ | 415 | 1 | % | 426 | 423 | 1 | ||||||||||||
Return on average assets | 1.47 | % | 1.10 | % | 1.35 | % | 1.06 | % | 1.37 | % | 1.33 | % | ||||||||||||
Efficiency ratio | 54 | 53 | 55 | 55 | 55 | 56 | ||||||||||||||||||
Average deposits | $ | 307 | $ | 308 | — | $ | 307 | $ | 306 | — | $ | 310 | $ | 309 | — | |||||||||
Net credit losses as a percentage of average loans | 2.22 | % | 2.26 | % | 2.27 | % | 2.24 | % | 2.48 | % | 2.30 | % | ||||||||||||
Revenue by business | ||||||||||||||||||||||||
Retail banking | $ | 3,717 | $ | 3,521 | 6 | % | $ | 10,677 | $ | 10,024 | 7 | % | $ | 3,467 | $ | 3,464 | — | % | ||||||
Cards(1) | 4,937 | 4,949 | — | 14,660 | 14,365 | 2 | 4,984 | 4,962 | — | |||||||||||||||
Total | $ | 8,654 | $ | 8,470 | 2 | % | $ | 25,337 | $ | 24,389 | 4 | % | $ | 8,451 | $ | 8,426 | — | % | ||||||
Income from continuing operations by business | ||||||||||||||||||||||||
Retail banking | $ | 666 | $ | 546 | 22 | % | $ | 1,770 | $ | 1,298 | 36 | % | $ | 526 | $ | 520 | 1 | % | ||||||
Cards(1) | 901 | 624 | 44 | 2,470 | 1,998 | 24 | 911 | 870 | 5 | |||||||||||||||
Total | $ | 1,567 | $ | 1,170 | 34 | % | $ | 4,240 | $ | 3,296 | 29 | % | $ | 1,437 | $ | 1,390 | 3 | % |
Foreign currency (FX) translation impact | ||||||||||||||||||||||||
Total revenue—as reported | $ | 8,654 | $ | 8,470 | 2 | % | $ | 25,337 | $ | 24,389 | 4 | % | $ | 8,451 | $ | 8,426 | — | % | ||||||
Impact of FX translation(2) | — | (106 | ) | — | (11 | ) | — | (113 | ) | |||||||||||||||
Total revenues—ex-FX(3) | $ | 8,654 | $ | 8,364 | 3 | % | $ | 25,337 | $ | 24,378 | 4 | % | $ | 8,451 | $ | 8,313 | 2 | % | ||||||
Total operating expenses—as reported | $ | 4,661 | $ | 4,452 | 5 | % | $ | 13,997 | $ | 13,440 | 4 | % | $ | 4,608 | $ | 4,677 | (1 | )% | ||||||
Impact of FX translation(2) | — | (53 | ) | — | 15 | — | (70 | ) | ||||||||||||||||
Total operating expenses—ex-FX(3) | $ | 4,661 | $ | 4,399 | 6 | % | $ | 13,997 | $ | 13,455 | 4 | % | $ | 4,608 | $ | 4,607 | — | % | ||||||
Total provisions for LLR & PBC—as reported | $ | 1,933 | $ | 2,213 | (13 | )% | $ | 5,743 | $ | 5,790 | (1 | )% | $ | 1,984 | $ | 1,905 | 4 | % | ||||||
Impact of FX translation(2) | — | (23 | ) | — | (12 | ) | — | (19 | ) | |||||||||||||||
Total provisions for LLR & PBC—ex-FX(3) | $ | 1,933 | $ | 2,190 | (12 | )% | $ | 5,743 | $ | 5,778 | (1 | )% | $ | 1,984 | $ | 1,886 | 5 | % | ||||||
Net income—as reported | $ | 1,566 | $ | 1,168 | 34 | % | $ | 4,236 | $ | 3,289 | 29 | % | $ | 1,437 | $ | 1,388 | 4 | % | ||||||
Impact of FX translation(2) | — | (18 | ) | — | (9 | ) | — | (13 | ) | |||||||||||||||
Net income—ex-FX(3) | $ | 1,566 | $ | 1,150 | 36 | % | $ | 4,236 | $ | 3,280 | 29 | % | $ | 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. |
Third Quarter | Nine Months | First Quarter | ||||||||||||||||||||||
In millions of dollars, except as otherwise noted | 2018 | 2017 | % Change | 2018 | 2017 | % Change | 2019 | 2018 | % Change | |||||||||||||||
Net interest revenue | $ | 4,984 | $ | 4,825 | 3 | % | $ | 14,514 | $ | 14,074 | 3 | % | $ | 5,058 | $ | 4,750 | 6 | % | ||||||
Non-interest revenue | 145 | 372 | (61 | ) | 776 | 1,014 | (23 | ) | 127 | 407 | (69 | ) | ||||||||||||
Total revenues, net of interest expense | $ | 5,129 | $ | 5,197 | (1 | )% | $ | 15,290 | $ | 15,088 | 1 | % | $ | 5,185 | $ | 5,157 | 1 | % | ||||||
Total operating expenses | $ | 2,668 | $ | 2,482 | 7 | % | $ | 7,979 | $ | 7,677 | 4 | % | $ | 2,669 | $ | 2,645 | 1 | % | ||||||
Net credit losses | $ | 1,242 | $ | 1,239 | — | % | $ | 3,816 | $ | 3,610 | 6 | % | $ | 1,429 | $ | 1,296 | 10 | % | ||||||
Credit reserve build (release) | 116 | 463 | (75 | ) | 354 | 716 | (51 | ) | 98 | 123 | (20 | ) | ||||||||||||
Provision (release) for unfunded lending commitments | 5 | (3 | ) | NM | 3 | 6 | (50 | ) | 5 | (4 | ) | NM | ||||||||||||
Provision for benefits and claims | 5 | 9 | (44 | ) | 16 | 23 | (30 | ) | 6 | 6 | — | |||||||||||||
Provisions for credit losses and for benefits and claims | $ | 1,368 | $ | 1,708 | (20 | )% | $ | 4,189 | $ | 4,355 | (4 | )% | $ | 1,538 | $ | 1,421 | 8 | % | ||||||
Income from continuing operations before taxes | $ | 1,093 | $ | 1,007 | 9 | % | $ | 3,122 | $ | 3,056 | 2 | % | $ | 978 | $ | 1,091 | (10 | )% | ||||||
Income taxes | 243 | 365 | (33 | ) | 715 | 1,143 | (37 | ) | 209 | 253 | (17 | ) | ||||||||||||
Income from continuing operations | $ | 850 | $ | 642 | 32 | % | $ | 2,407 | $ | 1,913 | 26 | % | $ | 769 | $ | 838 | (8 | )% | ||||||
Noncontrolling interests | — | — | — | — | — | — | — | — | — | |||||||||||||||
Net income | $ | 850 | $ | 642 | 32 | % | $ | 2,407 | $ | 1,913 | 26 | % | $ | 769 | $ | 838 | (8 | )% | ||||||
Balance Sheet data (in billions of dollars) | ||||||||||||||||||||||||
Balance Sheet data and ratios (in billions of dollars) | ||||||||||||||||||||||||
Average assets | $ | 249 | $ | 250 | — | % | $ | 247 | $ | 246 | — | % | $ | 250 | $ | 248 | 1 | % | ||||||
Return on average assets | 1.35 | % | 1.02 | % | 1.30 | % | 1.04 | % | 1.25 | % | 1.37 | % | ||||||||||||
Efficiency ratio | 52 | 48 | 52 | 51 | 51 | 51 | ||||||||||||||||||
Average deposits | $ | 180.2 | $ | 184.1 | (2 | ) | $ | 180.3 | $ | 184.6 | (2 | ) | $ | 182.3 | $ | 180.9 | 1 | |||||||
Net credit losses as a percentage of average loans | 2.56 | % | 2.63 | % | 2.68 | % | 2.62 | % | 2.97 | % | 2.77 | % | ||||||||||||
Revenue by business | ||||||||||||||||||||||||
Retail banking | $ | 1,329 | $ | 1,366 | (3 | )% | $ | 3,984 | $ | 3,916 | 2 | % | $ | 1,316 | $ | 1,307 | 1 | % | ||||||
Citi-branded cards | 2,108 | 2,178 | (3 | ) | 6,402 | 6,353 | 1 | 2,195 | 2,232 | (2 | ) | |||||||||||||
Citi retail services | 1,692 | 1,653 | 2 | 4,904 | 4,819 | 2 | 1,674 | 1,618 | 3 | |||||||||||||||
Total | $ | 5,129 | $ | 5,197 | (1 | )% | $ | 15,290 | $ | 15,088 | 1 | % | $ | 5,185 | $ | 5,157 | 1 | % | ||||||
Income from continuing operations by business | ||||||||||||||||||||||||
Retail banking | $ | 131 | $ | 169 | (22 | )% | $ | 432 | $ | 371 | 16 | % | $ | 83 | $ | 140 | (41 | )% | ||||||
Citi-branded cards | 375 | 342 | 10 | 1,109 | 890 | 25 | 382 | 425 | (10 | ) | ||||||||||||||
Citi retail services | 344 | 131 | NM | 866 | 652 | 33 | 304 | 273 | 11 | |||||||||||||||
Total | $ | 850 | $ | 642 | 32 | % | $ | 2,407 | $ | 1,913 | 26 | % | $ | 769 | $ | 838 | (8 | )% |
Third Quarter | Nine Months | % Change | First Quarter | |||||||||||||||||||||
In millions of dollars, except as otherwise noted | 2018 | 2017 | % Change | 2018 | 2017 | 2019 | 2018 | % Change | ||||||||||||||||
Net interest revenue | $ | 1,042 | $ | 1,038 | — | % | $ | 3,052 | $ | 2,853 | 7 | % | $ | 975 | $ | 997 | (2 | )% | ||||||
Non-interest revenue | 628 | 350 | 79 | 1,346 | 1,010 | 33 | 406 | 343 | 18 | |||||||||||||||
Total revenues, net of interest expense | $ | 1,670 | $ | 1,388 | 20 | % | $ | 4,398 | $ | 3,863 | 14 | % | $ | 1,381 | $ | 1,340 | 3 | % | ||||||
Total operating expenses | $ | 828 | $ | 779 | 6 | % | $ | 2,369 | $ | 2,191 | 8 | % | $ | 735 | $ | 755 | (3 | )% | ||||||
Net credit losses | $ | 307 | $ | 295 | 4 | % | $ | 863 | $ | 825 | 5 | % | $ | 298 | $ | 278 | 7 | % | ||||||
Credit reserve build | 31 | 44 | (30 | ) | 106 | 106 | — | (7 | ) | 42 | NM | |||||||||||||
Provision (release) for unfunded lending commitments | — | (1 | ) | 100 | 1 | (2 | ) | NM | — | 1 | (100 | ) | ||||||||||||
Provision for benefits and claims | 22 | 19 | 16 | 59 | 57 | 4 | 6 | 20 | (70 | ) | ||||||||||||||
Provisions for credit losses and for benefits and claims (LLR & PBC) | $ | 360 | $ | 357 | 1 | % | $ | 1,029 | $ | 986 | 4 | % | $ | 297 | $ | 341 | (13 | )% | ||||||
Income from continuing operations before taxes | $ | 482 | $ | 252 | 91 | % | $ | 1,000 | $ | 686 | 46 | % | $ | 349 | $ | 244 | 43 | % | ||||||
Income taxes | 148 | 83 | 78 | 283 | 241 | 17 | 97 | 65 | 49 | |||||||||||||||
Income from continuing operations | $ | 334 | $ | 169 | 98 | % | $ | 717 | $ | 445 | 61 | % | $ | 252 | $ | 179 | 41 | % | ||||||
Noncontrolling interests | — | 1 | (100 | ) | — | 4 | (100 | ) | — | — | — | |||||||||||||
Net income | $ | 334 | $ | 168 | 99 | % | $ | 717 | $ | 441 | 63 | % | $ | 252 | $ | 179 | 41 | % | ||||||
Balance Sheet data (in billions of dollars) | ||||||||||||||||||||||||
Balance Sheet data and ratios (in billions of dollars) | ||||||||||||||||||||||||
Average assets | $ | 45 | $ | 47 | (4 | )% | $ | 44 | $ | 45 | (2 | )% | $ | 44 | $ | 44 | — | % | ||||||
Return on average assets | 2.94 | % | 1.42 | % | 2.18 | % | 1.31 | % | 2.32 | % | 1.65 | % | ||||||||||||
Efficiency ratio | 50 | 56 | 54 | 57 | 53 | 56 | ||||||||||||||||||
Average deposits | $ | 29.4 | $ | 28.8 | 2 | $ | 28.9 | $ | 27.3 | 6 | $ | 28.6 | $ | 28.9 | (1 | ) | ||||||||
Net credit losses as a percentage of average loans | 4.63 | % | 4.37 | % | 4.44 | % | 4.39 | % | 4.72 | % | 4.29 | % | ||||||||||||
Revenue by business | ||||||||||||||||||||||||
Retail banking | $ | 1,265 | $ | 992 | 28 | % | $ | 3,230 | $ | 2,781 | 16 | % | $ | 1,008 | $ | 959 | 5 | % | ||||||
Citi-branded cards | 405 | 396 | 2 | 1,168 | 1,082 | 8 | 373 | 381 | (2 | ) | ||||||||||||||
Total | $ | 1,670 | $ | 1,388 | 20 | % | $ | 4,398 | $ | 3,863 | 14 | % | $ | 1,381 | $ | 1,340 | 3 | % | ||||||
Income from continuing operations by business | ||||||||||||||||||||||||
Retail banking | $ | 279 | $ | 129 | NM | $ | 572 | $ | 310 | 85 | % | $ | 197 | $ | 134 | 47 | % | |||||||
Citi-branded cards | 55 | 40 | 38 | % | 145 | 135 | 7 | 55 | 45 | 22 | % | |||||||||||||
Total | $ | 334 | $ | 169 | 98 | % | $ | 717 | $ | 445 | 61 | % | $ | 252 | $ | 179 | 41 | % |
FX translation impact | ||||||||||||||||||||||||
Total revenues—as reported | $ | 1,670 | $ | 1,388 | 20 | % | $ | 4,398 | $ | 3,863 | 14 | % | $ | 1,381 | $ | 1,340 | 3 | % | ||||||
Impact of FX translation(2) | — | (66 | ) | — | (45 | ) | ||||||||||||||||||
Impact of FX translation(1) | — | (43 | ) | |||||||||||||||||||||
Total revenues—ex-FX | $ | 1,670 | $ | 1,322 | 26 | % | $ | 4,398 | $ | 3,818 | 15 | % | $ | 1,381 | $ | 1,297 | 6 | % | ||||||
Total operating expenses—as reported | $ | 828 | $ | 779 | 6 | % | $ | 2,369 | $ | 2,191 | 8 | % | $ | 735 | $ | 755 | (3 | )% | ||||||
Impact of FX translation(2) | — | (31 | ) | — | (21 | ) | ||||||||||||||||||
Impact of FX translation(1) | — | (21 | ) | |||||||||||||||||||||
Total operating expenses—ex-FX | $ | 828 | $ | 748 | 11 | % | $ | 2,369 | $ | 2,170 | 9 | % | $ | 735 | $ | 734 | — | % | ||||||
Provisions for LLR & PBC—as reported | $ | 360 | $ | 357 | 1 | % | $ | 1,029 | $ | 986 | 4 | % | $ | 297 | $ | 341 | (13 | )% | ||||||
Impact of FX translation(2) | — | (17 | ) | — | (12 | ) | ||||||||||||||||||
Impact of FX translation(1) | — | (11 | ) | |||||||||||||||||||||
Provisions for LLR & PBC—ex-FX | $ | 360 | $ | 340 | 6 | % | $ | 1,029 | $ | 974 | 6 | % | $ | 297 | $ | 330 | (10 | )% | ||||||
Net income—as reported | $ | 334 | $ | 168 | 99 | % | $ | 717 | $ | 441 | 63 | % | $ | 252 | $ | 179 | 41 | % | ||||||
Impact of FX translation(2) | — | (11 | ) | — | (9 | ) | ||||||||||||||||||
Impact of FX translation(1) | — | (7 | ) | |||||||||||||||||||||
Net income—ex-FX | $ | 334 | $ | 157 | NM | $ | 717 | $ | 432 | 66 | % | $ | 252 | $ | 172 | 47 | % |
(1) |
Reflects the impact of FX translation into U.S. dollars at the |
Presentation of this metric excluding FX translation is a non-GAAP financial measure. |
Third Quarter | Nine Months | % Change | First Quarter | |||||||||||||||||||||
In millions of dollars, except as otherwise noted (1) | 2018 | 2017 | % Change | 2018 | 2017 | 2019 | 2018 | % Change | ||||||||||||||||
Net interest revenue | $ | 1,210 | $ | 1,208 | — | % | $ | 3,669 | $ | 3,483 | 5 | % | $ | 1,220 | $ | 1,233 | (1 | )% | ||||||
Non-interest revenue | 645 | 677 | (5 | ) | 1,980 | 1,955 | 1 | 665 | 696 | (4 | ) | |||||||||||||
Total revenues, net of interest expense | $ | 1,855 | $ | 1,885 | (2 | )% | $ | 5,649 | $ | 5,438 | 4 | % | $ | 1,885 | $ | 1,929 | (2 | )% | ||||||
Total operating expenses | $ | 1,165 | $ | 1,191 | (2 | )% | $ | 3,649 | $ | 3,572 | 2 | % | $ | 1,204 | $ | 1,277 | (6 | )% | ||||||
Net credit losses | $ | 165 | $ | 170 | (3 | )% | $ | 497 | $ | 487 | 2 | % | $ | 164 | $ | 162 | 1 | % | ||||||
Credit reserve build (release) | 39 | (21 | ) | NM | 24 | (34 | ) | NM | (15 | ) | (21 | ) | 29 | |||||||||||
Provision (release) for unfunded lending commitments | 1 | (1 | ) | NM | 4 | (4 | ) | NM | — | 2 | (100 | ) | ||||||||||||
Provisions for credit losses | $ | 205 | $ | 148 | 39 | % | $ | 525 | $ | 449 | 17 | % | $ | 149 | $ | 143 | 4 | % | ||||||
Income from continuing operations before taxes | $ | 485 | $ | 546 | (11 | )% | $ | 1,475 | $ | 1,417 | 4 | % | $ | 532 | $ | 509 | 5 | % | ||||||
Income taxes | 102 | 187 | (45 | ) | 359 | 479 | (25 | ) | 116 | 136 | (15 | ) | ||||||||||||
Income from continuing operations | $ | 383 | $ | 359 | 7 | % | $ | 1,116 | $ | 938 | 19 | % | $ | 416 | $ | 373 | 12 | % | ||||||
Noncontrolling interests | 1 | 1 | — | 4 | 3 | 33 | — | 2 | (100 | ) | ||||||||||||||
Net income | $ | 382 | $ | 358 | 7 | % | $ | 1,112 | $ | 935 | 19 | % | $ | 416 | $ | 371 | 12 | % | ||||||
Balance Sheet data (in billions of dollars) | ||||||||||||||||||||||||
Balance Sheet data and ratios (in billions of dollars) | ||||||||||||||||||||||||
Average assets | $ | 130 | $ | 124 | 5 | % | $ | 130 | $ | 124 | 5 | % | $ | 132 | $ | 131 | 1 | % | ||||||
Return on average assets | 1.17 | % | 1.15 | % | 1.14 | % | 1.01 | % | 1.28 | % | 1.15 | % | ||||||||||||
Efficiency ratio | 63 | 63 | 65 | 66 | 64 | 66 | ||||||||||||||||||
Average deposits | $ | 97.6 | $ | 95.2 | 3 | $ | 98.1 | $ | 94.1 | 4 | $ | 99.3 | $ | 99.1 | — | |||||||||
Net credit losses as a percentage of average loans | 0.75 | % | 0.78 | % | 0.75 | % | 0.77 | % | 0.75 | % | 0.73 | % | ||||||||||||
Revenue by business | ||||||||||||||||||||||||
Retail banking | $ | 1,123 | $ | 1,163 | (3 | )% | $ | 3,463 | $ | 3,327 | 4 | % | $ | 1,143 | $ | 1,198 | (5 | )% | ||||||
Citi-branded cards | 732 | 722 | 1 | 2,186 | 2,111 | 4 | 742 | 731 | 2 | |||||||||||||||
Total | $ | 1,855 | $ | 1,885 | (2 | )% | $ | 5,649 | $ | 5,438 | 4 | % | $ | 1,885 | $ | 1,929 | (2 | )% | ||||||
Income from continuing operations by business | ||||||||||||||||||||||||
Retail banking | $ | 256 | $ | 248 | 3 | % | $ | 766 | $ | 617 | 24 | % | $ | 246 | $ | 246 | — | % | ||||||
Citi-branded cards | 127 | 111 | 14 | 350 | 321 | 9 | 170 | 127 | 34 | |||||||||||||||
Total | $ | 383 | $ | 359 | 7 | % | $ | 1,116 | $ | 938 | 19 | % | $ | 416 | $ | 373 | 12 | % |
FX translation impact | ||||||||||||||||||||||||
Total revenues—as reported | $ | 1,855 | $ | 1,885 | (2 | )% | $ | 5,649 | $ | 5,438 | 4 | % | $ | 1,885 | $ | 1,929 | (2 | )% | ||||||
Impact of FX translation(2) | — | (40 | ) | — | 34 | — | (70 | ) | ||||||||||||||||
Total revenues—ex-FX(3) | $ | 1,855 | $ | 1,845 | 1 | % | $ | 5,649 | $ | 5,472 | 3 | % | $ | 1,885 | $ | 1,859 | 1 | % | ||||||
Total operating expenses—as reported | $ | 1,165 | $ | 1,191 | (2 | )% | $ | 3,649 | $ | 3,572 | 2 | % | $ | 1,204 | $ | 1,277 | (6 | )% | ||||||
Impact of FX translation(2) | — | (22 | ) | — | 36 | — | (49 | ) | ||||||||||||||||
Total operating expenses—ex-FX(3) | $ | 1,165 | $ | 1,169 | — | % | $ | 3,649 | $ | 3,608 | 1 | % | $ | 1,204 | $ | 1,228 | (2 | )% | ||||||
Provisions for loan losses—as reported | $ | 205 | $ | 148 | 39 | % | $ | 525 | $ | 449 | 17 | % | $ | 149 | $ | 143 | 4 | % | ||||||
Impact of FX translation(2) | — | (6 | ) | — | — | — | (8 | ) | ||||||||||||||||
Provisions for loan losses—ex-FX(3) | $ | 205 | $ | 142 | 44 | % | $ | 525 | $ | 449 | 17 | % | $ | 149 | $ | 135 | 10 | % | ||||||
Net income—as reported | $ | 382 | $ | 358 | 7 | % | $ | 1,112 | $ | 935 | 19 | % | $ | 416 | $ | 371 | 12 | % | ||||||
Impact of FX translation(2) | — | (7 | ) | — | — | — | (6 | ) | ||||||||||||||||
Net income—ex-FX(3) | $ | 382 | $ | 351 | 9 | % | $ | 1,112 | $ | 935 | 19 | % | $ | 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 | — | % |
Third Quarter | Nine Months | % Change | ||||||||||||||
In millions of dollars, except as otherwise noted | 2018 | 2017 | % Change | 2018 | 2017 | |||||||||||
Commissions and fees | $ | 1,085 | $ | 1,100 | (1 | )% | $ | 3,425 | $ | 3,230 | 6 | % | ||||
Administration and other fiduciary fees | 686 | 688 | — | 2,093 | 1,997 | 5 | ||||||||||
Investment banking | 1,029 | 1,163 | (12 | ) | 3,260 | 3,516 | (7 | ) | ||||||||
Principal transactions | 2,447 | 1,827 | 34 | 7,689 | 6,709 | 15 | ||||||||||
Other(1) | (18 | ) | 704 | NM | 554 | 951 | (42 | ) | ||||||||
Total non-interest revenue | $ | 5,229 | $ | 5,482 | (5 | )% | $ | 17,021 | $ | 16,403 | 4 | % | ||||
Net interest revenue (including dividends) | 4,012 | 3,948 | 2 | 11,759 | 11,767 | — | ||||||||||
Total revenues, net of interest expense | $ | 9,241 | $ | 9,430 | (2 | )% | $ | 28,780 | $ | 28,170 | 2 | % | ||||
Total operating expenses | $ | 5,191 | $ | 5,138 | 1 | % | $ | 16,152 | $ | 15,503 | 4 | % | ||||
Net credit losses | $ | 23 | $ | 44 | (48 | )% | $ | 127 | $ | 140 | (9 | )% | ||||
Credit reserve build (release) | 7 | (38 | ) | NM | (136 | ) | (229 | ) | 41 | |||||||
Provision (release) for unfunded lending commitments | 41 | (170 | ) | NM | 64 | (193 | ) | NM | ||||||||
Provisions for credit losses | $ | 71 | $ | (164 | ) | NM | $ | 55 | $ | (282 | ) | NM | ||||
Income from continuing operations before taxes | $ | 3,979 | $ | 4,456 | (11 | )% | $ | 12,573 | $ | 12,949 | (3 | )% | ||||
Income taxes | 862 | 1,394 | (38 | ) | 2,890 | 4,096 | (29 | ) | ||||||||
Income from continuing operations | $ | 3,117 | $ | 3,062 | 2 | % | $ | 9,683 | $ | 8,853 | 9 | % | ||||
Noncontrolling interests | (6 | ) | 14 | NM | 21 | 47 | (55 | ) | ||||||||
Net income | $ | 3,123 | $ | 3,048 | 2 | % | $ | 9,662 | $ | 8,806 | 10 | % | ||||
EOP assets (in billions of dollars) | $ | 1,404 | $ | 1,370 | 2 | % | ||||||||||
Average assets (in billions of dollars) | 1,402 | 1,369 | 2 | $ | 1,399 | $ | 1,349 | 4 | % | |||||||
Return on average assets | 0.88 | % | 0.88 | % | 0.92 | % | 0.87 | % | ||||||||
Efficiency ratio | 56 | 54 | 56 | 55 | ||||||||||||
Revenues by region | ||||||||||||||||
North America | $ | 3,329 | $ | 3,709 | (10 | )% | $ | 10,105 | $ | 10,877 | (7 | )% | ||||
EMEA | 2,927 | 2,703 | 8 | 9,137 | 8,438 | 8 | ||||||||||
Latin America | 1,055 | 1,099 | (4 | ) | 3,427 | 3,354 | 2 | |||||||||
Asia | 1,930 | 1,919 | 1 | 6,111 | 5,501 | 11 | ||||||||||
Total | $ | 9,241 | $ | 9,430 | (2 | )% | $ | 28,780 | $ | 28,170 | 2 | % | ||||
Income from continuing operations by region | ||||||||||||||||
North America | $ | 870 | $ | 1,298 | (33 | )% | $ | 2,755 | $ | 3,463 | (20 | )% | ||||
EMEA | 972 | 753 | 29 | 3,072 | 2,401 | 28 | ||||||||||
Latin America | 541 | 388 | 39 | 1,546 | 1,211 | 28 | ||||||||||
Asia | 734 | 623 | 18 | 2,310 | 1,778 | 30 | ||||||||||
Total | $ | 3,117 | $ | 3,062 | 2 | % | $ | 9,683 | $ | 8,853 | 9 | % | ||||
Average loans by region (in billions of dollars) | ||||||||||||||||
North America | $ | 166 | $ | 152 | 9 | % | $ | 164 | $ | 149 | 10 | % | ||||
EMEA | 82 | 71 | 15 | 80 | 68 | 18 | ||||||||||
Latin America | 33 | 34 | (3 | ) | 33 | 34 | (3 | ) | ||||||||
Asia | 65 | 64 | 2 | 67 | 61 | 10 | ||||||||||
Total | $ | 346 | $ | 321 | 8 | % | $ | 344 | $ | 312 | 10 | % | ||||
EOP deposits by business (in billions of dollars) | ||||||||||||||||
Treasury and trade solutions | $ | 470 | $ | 428 | 10 | % | ||||||||||
All other ICG businesses | 215 | 212 | 1 | |||||||||||||
Total | $ | 685 | $ | 640 | 7 | % |
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 | % |
Third Quarter | Nine Months | % Change | First Quarter | |||||||||||||||||||||
In millions of dollars | 2018 | 2017 | % Change | 2018 | 2017 | 2019 | 2018 | % Change | ||||||||||||||||
Investment banking revenue details | ||||||||||||||||||||||||
Advisory | $ | 262 | $ | 240 | 9 | % | $ | 838 | $ | 807 | 4 | % | $ | 378 | $ | 215 | 76 | % | ||||||
Equity underwriting | 259 | 311 | (17 | ) | 810 | 870 | (7 | ) | 172 | 216 | (20 | ) | ||||||||||||
Debt underwriting | 660 | 729 | (9 | ) | 2,085 | 2,400 | (13 | ) | 804 | 699 | 15 | |||||||||||||
Total investment banking | $ | 1,181 | $ | 1,280 | (8 | )% | $ | 3,733 | $ | 4,077 | (8 | )% | $ | 1,354 | $ | 1,130 | 20 | % | ||||||
Treasury and trade solutions | 2,283 | 2,185 | 4 | 6,887 | 6,399 | 8 | 2,395 | 2,268 | 6 | |||||||||||||||
Corporate lending—excluding gains (losses) on loan hedges(1) | 563 | 506 | 11 | 1,673 | 1,425 | 17 | 569 | 521 | 9 | |||||||||||||||
Private bank | 849 | 790 | 7 | 2,601 | 2,332 | 12 | 880 | 904 | (3 | ) | ||||||||||||||
Total banking revenues (ex-gains (losses) on loan hedges) | $ | 4,876 | $ | 4,761 | 2 | % | $ | 14,894 | $ | 14,233 | 5 | % | $ | 5,198 | $ | 4,823 | 8 | % | ||||||
Corporate lending—gains (losses) on loan hedges(1) | $ | (106 | ) | $ | (48 | ) | NM | $ | (60 | ) | $ | (154 | ) | 61 | % | $ | (231 | ) | $ | 23 | NM | |||
Total banking revenues (including gains (losses) on loan hedges), net of interest expense | $ | 4,770 | $ | 4,713 | 1 | % | $ | 14,834 | $ | 14,079 | 5 | % | $ | 4,967 | $ | 4,846 | 2 | % | ||||||
Fixed income markets | $ | 3,199 | $ | 2,936 | 9 | % | $ | 9,693 | $ | 9,888 | (2 | )% | $ | 3,452 | $ | 3,425 | 1 | % | ||||||
Equity markets | 792 | 785 | 1 | 2,759 | 2,312 | 19 | 842 | 1,103 | (24 | ) | ||||||||||||||
Securities services | 672 | 608 | 11 | 1,978 | 1,754 | 13 | 638 | 641 | — | |||||||||||||||
Other | (192 | ) | 388 | NM | (484 | ) | 137 | NM | (205 | ) | (160 | ) | (28 | ) | ||||||||||
Total markets and securities services revenues, net of interest expense | $ | 4,471 | $ | 4,717 | (5 | )% | $ | 13,946 | $ | 14,091 | (1 | )% | $ | 4,727 | $ | 5,009 | (6 | )% | ||||||
Total revenues, net of interest expense | $ | 9,241 | $ | 9,430 | (2 | )% | $ | 28,780 | $ | 28,170 | 2 | % | $ | 9,694 | $ | 9,855 | (2 | )% | ||||||
Commissions and fees | $ | 165 | $ | 171 | (4 | )% | $ | 523 | $ | 471 | 11 | % | $ | 174 | $ | 175 | (1 | )% | ||||||
Principal transactions | 2,020 | 1,592 | 27 | 6,312 | 5,887 | 7 | 2,377 | 2,192 | 8 | |||||||||||||||
Other | 84 | 130 | (35 | ) | 388 | 464 | (16 | ) | 150 | 275 | (45 | ) | ||||||||||||
Total non-interest revenue | $ | 2,269 | $ | 1,893 | 20 | % | $ | 7,223 | $ | 6,822 | 6 | % | $ | 2,701 | $ | 2,642 | 2 | % | ||||||
Net interest revenue | 930 | 1,043 | (11 | ) | 2,470 | 3,066 | (19 | ) | 751 | 783 | (4 | ) | ||||||||||||
Total fixed income markets | $ | 3,199 | $ | 2,936 | 9 | % | $ | 9,693 | $ | 9,888 | (2 | )% | $ | 3,452 | $ | 3,425 | 1 | % | ||||||
Rates and currencies | $ | 2,347 | $ | 2,189 | 7 | % | $ | 7,052 | $ | 6,973 | 1 | % | $ | 2,402 | $ | 2,477 | (3 | )% | ||||||
Spread products/other fixed income | 852 | 747 | 14 | 2,641 | 2,915 | (9 | ) | 1,050 | 948 | 11 | ||||||||||||||
Total fixed income markets | $ | 3,199 | $ | 2,936 | 9 | % | $ | 9,693 | $ | 9,888 | (2 | )% | $ | 3,452 | $ | 3,425 | 1 | % | ||||||
Commissions and fees | $ | 284 | $ | 309 | (8 | )% | $ | 953 | $ | 958 | (1 | )% | $ | 293 | $ | 361 | (19 | )% | ||||||
Principal transactions | 284 | 211 | 35 | 922 | 399 | NM | 396 | 537 | (26 | ) | ||||||||||||||
Other | (3 | ) | (5 | ) | 40 | 97 | (2 | ) | NM | 7 | 80 | (91 | ) | |||||||||||
Total non-interest revenue | $ | 565 | $ | 515 | 10 | % | $ | 1,972 | $ | 1,355 | 46 | % | $ | 696 | $ | 978 | (29 | )% | ||||||
Net interest revenue | 227 | 270 | (16 | ) | 787 | 957 | (18 | ) | 146 | 125 | 17 | |||||||||||||
Total equity markets | $ | 792 | $ | 785 | 1 | % | $ | 2,759 | $ | 2,312 | 19 | % | $ | 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. |
Third Quarter | Nine Months | % Change | First Quarter | |||||||||||||||||||||
In millions of dollars | 2018 | 2017 | % Change | 2018 | 2017 | 2019 | 2018 | % Change | ||||||||||||||||
Net interest revenue | $ | 554 | $ | 516 | 7 | % | $ | 1,645 | $ | 1,571 | 5 | % | $ | 631 | $ | 538 | 17 | % | ||||||
Non-interest revenue | (60 | ) | 3 | NM | (32 | ) | 810 | NM | (200 | ) | 53 | NM | ||||||||||||
Total revenues, net of interest expense | $ | 494 | $ | 519 | (5 | )% | $ | 1,613 | $ | 2,381 | (32 | )% | $ | 431 | $ | 591 | (27 | )% | ||||||
Total operating expenses | $ | 459 | $ | 827 | (44 | )% | $ | 1,799 | $ | 2,957 | (39 | )% | $ | 549 | $ | 742 | (26 | )% | ||||||
Net credit losses | $ | 19 | $ | 29 | (34 | )% | $ | 24 | $ | 134 | (82 | )% | $ | 2 | $ | 26 | (92 | )% | ||||||
Credit reserve build (release) | (43 | ) | (79 | ) | 46 | (171 | ) | (268 | ) | 36 | (26 | ) | (33 | ) | 21 | |||||||||
Provision (release) for unfunded lending commitments | (5 | ) | — | — | (6 | ) | 3 | NM | (1 | ) | — | — | ||||||||||||
Provision for benefits and claims | (1 | ) | — | NM | (2 | ) | 1 | NM | — | — | NM | |||||||||||||
Provisions for credit losses and for benefits and claims | $ | (30 | ) | $ | (50 | ) | 40 | % | $ | (155 | ) | $ | (130 | ) | (19 | )% | $ | (25 | ) | $ | (7 | ) | NM | |
Income (loss) from continuing operations before taxes | $ | 65 | $ | (258 | ) | NM | $ | (31 | ) | $ | (446 | ) | 93 | % | $ | (93 | ) | $ | (144 | ) | 35 | % | ||
Income taxes (benefits) | 116 | (163 | ) | NM | 109 | (435 | ) | NM | (71 | ) | (69 | ) | (3 | ) | ||||||||||
Income (loss) from continuing operations | $ | (51 | ) | $ | (95 | ) | 46 | % | $ | (140 | ) | $ | (11 | ) | NM | $ | (22 | ) | $ | (75 | ) | 71 | % | |
Income (loss) from discontinued operations, net of taxes | (8 | ) | (5 | ) | (60 | ) | — | (2 | ) | 100 | % | (2 | ) | (7 | ) | 71 | ||||||||
Net income (loss) before attribution of noncontrolling interests | $ | (59 | ) | $ | (100 | ) | 41 | % | $ | (140 | ) | $ | (13 | ) | NM | $ | (24 | ) | $ | (82 | ) | 71 | % | |
Noncontrolling interests | 8 | (17 | ) | NM | 26 | (13 | ) | NM | 14 | 5 | NM | |||||||||||||
Net income (loss) | $ | (67 | ) | $ | (83 | ) | 19 | % | $ | (166 | ) | $ | — | — | % | $ | (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. |
September 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 | $ | 140,428 | $ | 140,428 | $ | 142,822 | $ | 142,822 | $ | 140,355 | $ | 140,355 | $ | 139,252 | $ | 139,252 | ||||||||||||
Tier 1 Capital | 159,877 | 159,877 | 162,377 | 162,377 | 158,712 | 158,712 | 158,122 | 158,122 | ||||||||||||||||||||
Total Capital (Tier 1 Capital + Tier 2 Capital) | 184,623 | 196,808 | 187,877 | 199,989 | 184,418 | 196,452 | 183,144 | 195,440 | ||||||||||||||||||||
Total Risk-Weighted Assets | 1,155,188 | 1,196,923 | 1,152,644 | 1,155,099 | 1,121,645 | 1,178,628 | 1,131,933 | 1,174,448 | ||||||||||||||||||||
Credit Risk | $ | 769,942 | $ | 1,126,869 | $ | 767,102 | $ | 1,089,372 | $ | 752,804 | $ | 1,118,057 | $ | 758,887 | $ | 1,109,007 | ||||||||||||
Market Risk | 68,647 | 70,054 | 65,003 | 65,727 | 59,200 | 60,571 | 63,987 | 65,441 | ||||||||||||||||||||
Operational Risk | 316,599 | — | 320,539 | — | 309,641 | — | 309,059 | — | ||||||||||||||||||||
Common Equity Tier 1 Capital ratio(1)(2) | 12.16 | % | 11.73 | % | 12.39 | % | 12.36 | % | ||||||||||||||||||||
Tier 1 Capital ratio(1)(2) | 13.84 | 13.36 | 14.09 | 14.06 | ||||||||||||||||||||||||
Total Capital ratio(1)(2) | 15.98 | 16.44 | 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 | September 30, 2018 | December 31, 2017 | Effective Minimum Requirement | March 31, 2019 | December 31, 2018 | |||||||||||||
Quarterly Adjusted Average Total Assets(3) | $ | 1,882,493 | $ | 1,868,326 | $ | 1,899,790 | $ | 1,896,959 | ||||||||||
Total Leverage Exposure(4) | 2,459,993 | 2,432,491 | 2,463,958 | 2,465,641 | ||||||||||||||
Tier 1 Leverage ratio | 8.49 | % | 8.69 | % | 4.0 | % | 8.35 | % | 8.34 | % | ||||||||
Supplementary Leverage ratio | 6.50 | 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 | September 30, 2018 | December 31, 2017 | March 31, 2019 | December 31, 2018 | ||||||||
Common Equity Tier 1 Capital | ||||||||||||
Citigroup common stockholders’ equity(1) | $ | 178,153 | $ | 181,671 | $ | 178,427 | $ | 177,928 | ||||
Add: Qualifying noncontrolling interests | 148 | 153 | 144 | 147 | ||||||||
Regulatory Capital Adjustments and Deductions: | ||||||||||||
Less: Accumulated net unrealized losses on cash flow hedges, net of tax | (1,095 | ) | (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) | (503 | ) | (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 | 21,891 | 22,052 | 21,768 | 21,778 | ||||||||
Identifiable intangible assets other than MSRs, net of related DTLs | 4,304 | 4,401 | 4,390 | 4,402 | ||||||||
Less: Defined benefit pension plan net assets | 931 | 896 | 811 | 806 | ||||||||
Less: DTAs arising from net operating loss, foreign tax credit and general business credit carry-forwards | 12,345 | 13,072 | 11,756 | 11,985 | ||||||||
Total Common Equity Tier 1 Capital (Standardized Approach and Advanced Approaches) | $ | 140,428 | $ | 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 | 1,382 | 1,377 | 1,386 | 1,384 | ||||||||
Qualifying noncontrolling interests | 56 | 61 | 45 | 55 | ||||||||
Regulatory Capital Deductions: | ||||||||||||
Less: Permitted ownership interests in covered funds | 795 | 900 | 848 | 806 | ||||||||
Less: Minimum regulatory capital requirements of insurance underwriting subsidiaries | 45 | 52 | 51 | 55 | ||||||||
Total Additional Tier 1 Capital (Standardized Approach and Advanced Approaches) | $ | 19,449 | $ | 19,555 | $ | 18,357 | $ | 18,870 | ||||
Total Tier 1 Capital (Common Equity Tier 1 Capital + Additional Tier 1 Capital) (Standardized Approach and Advanced Approaches) | $ | 159,877 | $ | 162,377 | $ | 158,712 | $ | 158,122 | ||||
Tier 2 Capital | ||||||||||||
Qualifying subordinated debt | $ | 22,948 | $ | 23,673 | $ | 23,704 | $ | 23,324 | ||||
Qualifying trust preferred securities | 324 | 329 | 324 | 321 | ||||||||
Qualifying noncontrolling interests | 48 | 50 | 44 | 47 | ||||||||
Eligible allowance for credit losses(10) | 13,656 | 13,612 | ||||||||||
Eligible allowance for credit losses(8) | 13,719 | 13,681 | ||||||||||
Regulatory Capital Deduction: | ||||||||||||
Less: Minimum regulatory capital requirements of insurance underwriting subsidiaries | 45 | 52 | 51 | 55 | ||||||||
Total Tier 2 Capital (Standardized Approach) | $ | 36,931 | $ | 37,612 | $ | 37,740 | $ | 37,318 | ||||
Total Capital (Tier 1 Capital + Tier 2 Capital) (Standardized Approach) | $ | 196,808 | $ | 199,989 | $ | 196,452 | $ | 195,440 | ||||
Adjustment for excess of eligible credit reserves over expected credit losses(10) | $ | (12,185 | ) | $ | (12,112 | ) | ||||||
Adjustment for excess of eligible credit reserves over expected credit losses(8) | $ | (12,034 | ) | $ | (12,296 | ) | ||||||
Total Tier 2 Capital (Advanced Approaches) | $ | 24,746 | $ | 25,500 | $ | 25,706 | $ | 25,022 | ||||
Total Capital (Tier 1 Capital + Tier 2 Capital) (Advanced Approaches) | $ | 184,623 | $ | 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 |
In millions of dollars | Three Months Ended September 30, 2018 | Nine Months Ended September 30, 2018 | Three Months Ended March 31, 2019 | ||||||
Common Equity Tier 1 Capital, beginning of period | $ | 142,868 | $ | 142,822 | $ | 139,252 | |||
Net income | 4,622 | 13,732 | 4,710 | ||||||
Common and preferred stock dividends declared | (1,397 | ) | (3,637 | ) | |||||
Common and preferred dividends declared | (1,337 | ) | |||||||
Net increase in treasury stock | (5,265 | ) | (9,369 | ) | (3,491 | ) | |||
Net change in common stock and additional paid-in capital | 98 | (184 | ) | ||||||
Net increase in foreign currency translation losses net of hedges, net of tax | (221 | ) | (1,968 | ) | |||||
Net increase in unrealized losses on debt securities AFS, net of tax | (605 | ) | (2,164 | ) | |||||
Net decrease in defined benefit plans liability adjustment, net of tax | 26 | 415 | |||||||
Net change in adjustment related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax | 54 | (59 | ) | ||||||
Net change in ASC 815—excluded component of fair value hedges | 10 | (22 | ) | ||||||
Net change in goodwill, net of related DTLs | (82 | ) | 161 | ||||||
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 | 10 | ||||||||
Net decrease in identifiable intangible assets other than MSRs, net of related DTLs | 157 | 97 | 12 | ||||||
Net increase in defined benefit pension plan net assets | (49 | ) | (35 | ) | (5 | ) | |||
Net decrease in DTAs arising from net operating loss, foreign tax credit and general business credit carry-forwards | 206 | 727 | 229 | ||||||
Other | 6 | (88 | ) | 136 | |||||
Net decrease in Common Equity Tier 1 Capital | $ | (2,440 | ) | $ | (2,394 | ) | |||
Net increase in Common Equity Tier 1 Capital | $ | 1,103 | |||||||
Common Equity Tier 1 Capital, end of period (Standardized Approach and Advanced Approaches) | $ | 140,428 | $ | 140,428 | $ | 140,355 | |||
Additional Tier 1 Capital, beginning of period | $ | 19,134 | $ | 19,555 | $ | 18,870 | |||
Net decrease in qualifying perpetual preferred stock | — | (218 | ) | (467 | ) | ||||
Net increase in qualifying trust preferred securities | 2 | 5 | 2 | ||||||
Net decrease in permitted ownership interests in covered funds | 314 | 105 | |||||||
Net increase in permitted ownership interest in covered funds | (42 | ) | |||||||
Other | (1 | ) | 2 | (6 | ) | ||||
Net change in Additional Tier 1 Capital | $ | 315 | $ | (106 | ) | ||||
Net decrease in Additional Tier 1 Capital | $ | (513 | ) | ||||||
Tier 1 Capital, end of period (Standardized Approach and Advanced Approaches) | $ | 159,877 | $ | 159,877 | $ | 158,712 | |||
Tier 2 Capital, beginning of period (Standardized Approach) | $ | 36,962 | $ | 37,612 | $ | 37,318 | |||
Net decrease in qualifying subordinated debt | (286 | ) | (725 | ) | |||||
Net increase in qualifying subordinated debt | 380 | ||||||||
Net increase in eligible allowance for credit losses | 253 | 44 | 38 | ||||||
Other | 2 | — | 4 | ||||||
Net decrease in Tier 2 Capital (Standardized Approach) | $ | (31 | ) | $ | (681 | ) | |||
Net increase in Tier 2 Capital (Standardized Approach) | $ | 422 | |||||||
Tier 2 Capital, end of period (Standardized Approach) | $ | 36,931 | $ | 36,931 | $ | 37,740 | |||
Total Capital, end of period (Standardized Approach) | $ | 196,808 | $ | 196,808 | $ | 196,452 | |||
Tier 2 Capital, beginning of period (Advanced Approaches) | $ | 25,238 | $ | 25,500 | $ | 25,022 | |||
Net decrease in qualifying subordinated debt | (286 | ) | (725 | ) | |||||
Net decrease in excess of eligible credit reserves over expected credit losses | (208 | ) | (29 | ) | |||||
Net increase in qualifying subordinated debt | 380 | ||||||||
Net increase in excess of eligible credit reserves over expected credit losses | 300 | ||||||||
Other | 2 | — | 4 | ||||||
Net decrease in Tier 2 Capital (Advanced Approaches) | $ | (492 | ) | $ | (754 | ) | |||
Net increase in Tier 2 Capital (Advanced Approaches) | $ | 684 | |||||||
Tier 2 Capital, end of period (Advanced Approaches) | $ | 24,746 | $ | 24,746 | $ | 25,706 | |||
Total Capital, end of period (Advanced Approaches) | $ | 184,623 | $ | 184,623 | $ | 184,418 |
In millions of dollars | Three Months Ended September 30, 2018 | Nine Months Ended September 30, 2018 | ||||
Total Risk-Weighted Assets, beginning of period | $ | 1,176,863 | $ | 1,155,099 | ||
Changes in Credit Risk-Weighted Assets | ||||||
Net increase in general credit risk exposures(1) | 2,730 | 2,715 | ||||
Net increase in repo-style transactions(2) | 3,761 | 5,621 | ||||
Net decrease in securitization exposures | (1,078 | ) | (232 | ) | ||
Net increase in equity exposures | 1,139 | 2,679 | ||||
Net increase in over-the-counter (OTC) derivatives(3) | 7,489 | 18,213 | ||||
Net change in other exposures(4) | (321 | ) | 1,999 | |||
Net increase in off-balance sheet exposures(5) | 266 | 6,502 | ||||
Net increase in Credit Risk-Weighted Assets | $ | 13,986 | $ | 37,497 | ||
Changes in Market Risk-Weighted Assets | ||||||
Net increase in risk levels(6) | $ | 5,673 | $ | 11,603 | ||
Net change due to model and methodology updates(7) | 401 | (7,276 | ) | |||
Net increase in Market Risk-Weighted Assets | $ | 6,074 | $ | 4,327 | ||
Total Risk-Weighted Assets, end of period | $ | 1,196,923 | $ | 1,196,923 |
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 increased during the |
(5) | Off-balance sheet exposures |
(6) | Risk levels |
In millions of dollars | Three Months Ended September 30, 2018 | Nine Months Ended September 30, 2018 | ||||
Total Risk-Weighted Assets, beginning of period | $ | 1,147,865 | $ | 1,152,644 | ||
Changes in Credit Risk-Weighted Assets | ||||||
Net change in retail exposures(1) | 2,293 | (14,218 | ) | |||
Net change in wholesale exposures(2) | (2,519 | ) | 5,756 | |||
Net increase in repo-style transactions(3) | 98 | 1,394 | ||||
Net change in securitization exposures | (637 | ) | 387 | |||
Net increase in equity exposures | 1,320 | 2,878 | ||||
Net change in over-the-counter (OTC) derivatives(4) | (189 | ) | 1,754 | |||
Net change in derivatives CVA(5) | (1,415 | ) | 1,783 | |||
Net increase in other exposures(6) | 1,594 | 3,046 | ||||
Net increase in supervisory 6% multiplier(7) | 118 | 60 | ||||
Net increase in Credit Risk-Weighted Assets | $ | 663 | $ | 2,840 | ||
Changes in Market Risk-Weighted Assets | ||||||
Net increase in risk levels(8) | $ | 5,159 | $ | 10,920 | ||
Net change due to model and methodology updates(9) | 401 | (7,276 | ) | |||
Net increase in Market Risk-Weighted Assets | $ | 5,560 | $ | 3,644 | ||
Net change in Operational Risk-Weighted Assets(10) | $ | 1,100 | $ | (3,940 | ) | |
Total Risk-Weighted Assets, end of period | $ | 1,155,188 | $ | 1,155,188 |
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) |
Wholesale exposures decreased during the three months ended |
(2) | Securitization exposures increased during the |
(3) |
Other exposures include cleared transactions, unsettled transactions, assets other than those reportable in specific exposure categories and non-material portfolios. Other exposures increased during the three months ended |
Risk levels |
In millions of dollars, except ratios | September 30, 2018 | December 31, 2017 | March 31, 2019 | December 31, 2018 | ||||||||
Tier 1 Capital | $ | 159,877 | $ | 162,377 | $ | 158,712 | $ | 158,122 | ||||
Total Leverage Exposure (TLE) | ||||||||||||
Total Leverage Exposure | ||||||||||||
On-balance sheet assets(1) | $ | 1,922,804 | $ | 1,909,699 | $ | 1,939,414 | $ | 1,936,791 | ||||
Certain off-balance sheet exposures:(2) | ||||||||||||
Potential future exposure on derivative contracts | 191,557 | 191,555 | 184,115 | 187,130 | ||||||||
Effective notional of sold credit derivatives, net(3) | 48,047 | 59,207 | 44,506 | 49,402 | ||||||||
Counterparty credit risk for repo-style transactions(4) | 22,732 | 27,005 | 20,696 | 23,715 | ||||||||
Unconditionally cancellable commitments | 69,794 | 67,644 | 70,252 | 69,630 | ||||||||
Other off-balance sheet exposures | 245,370 | 218,754 | 244,599 | 238,805 | ||||||||
Total of certain off-balance sheet exposures | $ | 577,500 | $ | 564,165 | $ | 564,168 | $ | 568,682 | ||||
Less: Tier 1 Capital deductions | 40,311 | 41,373 | (39,624 | ) | (39,832 | ) | ||||||
Total Leverage Exposure | $ | 2,459,993 | $ | 2,432,491 | $ | 2,463,958 | $ | 2,465,641 | ||||
Supplementary Leverage ratio | 6.50 | % | 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. |
September 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 | $ | 128,097 | $ | 128,097 | $ | 122,848 | $ | 122,848 | $ | 130,051 | $ | 130,051 | $ | 129,091 | $ | 129,091 | ||||||||||||
Tier 1 Capital | 130,222 | 130,222 | 124,952 | 124,952 | 132,169 | 132,169 | 131,215 | 131,215 | ||||||||||||||||||||
Total Capital (Tier 1 Capital + Tier 2 Capital)(1) | 143,471 | 154,081 | 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 | 946,235 | 1,043,721 | 965,435 | 1,024,502 | 926,758 | 1,041,251 | 926,229 | 1,032,809 | ||||||||||||||||||||
Credit Risk | $ | 667,549 | $ | 1,007,205 | $ | 674,659 | $ | 980,324 | $ | 651,979 | $ | 1,001,334 | $ | 654,962 | $ | 994,294 | ||||||||||||
Market Risk | 36,141 | 36,516 | 43,300 | 44,178 | 39,463 | 39,917 | 38,144 | 38,515 | ||||||||||||||||||||
Operational Risk | 242,545 | — | 247,476 | — | 235,316 | — | 233,123 | — | ||||||||||||||||||||
Common Equity Tier 1 Capital ratio(2)(3)(4) | 13.54 | % | 12.27 | % | 12.72 | % | 11.99 | % | ||||||||||||||||||||
Tier 1 Capital ratio(2)(3)(4) | 13.76 | 12.48 | 12.94 | 12.20 | ||||||||||||||||||||||||
Total Capital ratio(2)(3)(4) | 15.16 | 14.76 | 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 | September 30, 2018 | December 31, 2017 | Effective Minimum Requirement | March 31, 2019 | December 31, 2018 | |||||||||||||
Quarterly Adjusted Average Total Assets(5) | $ | 1,396,471 | $ | 1,401,187 | $ | 1,397,703 | $ | 1,398,875 | ||||||||||
Total Leverage Exposure(6) | 1,920,675 | 1,900,641 | 1,909,587 | 1,914,663 | ||||||||||||||
Tier 1 Leverage ratio(2)(4) | 9.33 | % | 8.92 | % | ||||||||||||||
Supplementary Leverage ratio(2)(4) | 6.78 | 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 | 1.1 | 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 | 1.4 | 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 | September 30, 2018 | December 31, 2017 | March 31, 2019 | December 31, 2018 | ||||||||
Total Citigroup stockholders’ equity | $ | 197,004 | $ | 200,740 | $ | 196,252 | $ | 196,220 | ||||
Less: Preferred stock | 19,035 | 19,253 | 17,980 | 18,460 | ||||||||
Common stockholders’ equity | $ | 177,969 | $ | 181,487 | $ | 178,272 | $ | 177,760 | ||||
Less: | ||||||||||||
Goodwill | 22,187 | 22,256 | 22,037 | 22,046 | ||||||||
Identifiable intangible assets (other than MSRs) | 4,598 | 4,588 | 4,645 | 4,636 | ||||||||
Goodwill and identifiable intangible assets (other than MSRs) related to assets held-for-sale (HFS) | — | 32 | ||||||||||
Tangible common equity (TCE) | $ | 151,184 | $ | 154,611 | $ | 151,590 | $ | 151,078 | ||||
Common shares outstanding (CSO) | 2,442.1 | 2,569.9 | 2,312.5 | 2,368.5 | ||||||||
Book value per share (common equity/CSO) | $ | 72.88 | $ | 70.62 | $ | 77.09 | $ | 75.05 | ||||
Tangible book value per share (TCE/CSO) | 61.91 | 60.16 | 65.55 | 63.79 |
In millions of dollars | Three Months Ended September 30, 2018 | Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2018 | Nine Months Ended September 30, 2017 | Three Months Ended March 31, 2019 | Three Months Ended March 31, 2018 | ||||||||||||
Net income available to common shareholders | $ | 4,352 | $ | 3,861 | $ | 12,872 | $ | 11,202 | $ | 4,448 | $ | 4,348 | ||||||
Average common stockholders’ equity | $ | 179,459 | $ | 209,764 | $ | 180,772 | $ | 208,787 | $ | 177,485 | $ | 181,628 | ||||||
Average TCE | $ | 152,712 | $ | 182,333 | $ | 153,909 | $ | 181,271 | $ | 151,334 | $ | 155,107 | ||||||
Return on average common stockholders’ equity | 9.6 | % | 7.3 | % | 9.5 | % | 7.2 | % | 10.2 | % | 9.7 | % | ||||||
Return on average TCE (ROTCE) | 11.3 | 8.4 | 11.2 | 8.3 | 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 | 3Q’17 | 4Q’17 | 1Q’18 | 2Q’18 | 3Q’18 | 1Q’18 | 2Q’18 | 3Q’18 | 4Q’18 | 1Q’19 | ||||||||||||||||||||
Retail banking: | ||||||||||||||||||||||||||||||
Mortgages | $ | 81.4 | $ | 81.7 | $ | 82.1 | $ | 80.5 | $ | 80.9 | $ | 82.1 | $ | 80.5 | $ | 80.9 | $ | 80.6 | $ | 80.8 | ||||||||||
Commercial banking | 35.5 | 36.3 | 36.8 | 36.5 | 37.2 | 36.8 | 36.5 | 37.2 | 36.3 | 37.1 | ||||||||||||||||||||
Personal and other | 27.3 | 27.9 | 28.5 | 28.1 | 28.7 | 28.5 | 28.1 | 28.7 | 28.8 | 29.1 | ||||||||||||||||||||
Total retail banking | $ | 144.2 | $ | 145.9 | $ | 147.4 | $ | 145.1 | $ | 146.8 | $ | 147.4 | $ | 145.1 | $ | 146.8 | $ | 145.7 | $ | 147.0 | ||||||||||
Cards: | ||||||||||||||||||||||||||||||
Citi-branded cards | $ | 110.7 | $ | 115.7 | $ | 110.6 | $ | 112.3 | $ | 112.8 | $ | 110.6 | $ | 112.3 | $ | 112.8 | $ | 116.8 | $ | 111.4 | ||||||||||
Citi retail services | 45.9 | 49.2 | 46.0 | 48.6 | 49.4 | 46.0 | 48.6 | 49.4 | 52.7 | 48.9 | ||||||||||||||||||||
Total cards | $ | 156.6 | $ | 164.9 | $ | 156.6 | $ | 160.9 | $ | 162.2 | $ | 156.6 | $ | 160.9 | $ | 162.2 | $ | 169.5 | $ | 160.3 | ||||||||||
Total GCB | $ | 300.8 | $ | 310.8 | $ | 304.0 | $ | 306.0 | $ | 309.0 | $ | 304.0 | $ | 306.0 | $ | 309.0 | $ | 315.2 | $ | 307.3 | ||||||||||
GCB regional distribution: | ||||||||||||||||||||||||||||||
North America | 62 | % | 63 | % | 61 | % | 63 | % | 62 | % | 61 | % | 63 | % | 62 | % | 64 | % | 63 | % | ||||||||||
Latin America | 9 | 8 | 9 | 8 | 9 | 9 | 8 | 9 | 8 | 8 | ||||||||||||||||||||
Asia(2) | 29 | 29 | 30 | 29 | 29 | 30 | 29 | 29 | 28 | 29 | ||||||||||||||||||||
Total GCB | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||
Corporate/Other(3) | $ | 24.8 | $ | 22.9 | $ | 21.1 | $ | 17.6 | $ | 16.5 | $ | 21.1 | $ | 17.6 | $ | 16.5 | $ | 15.3 | $ | 12.6 | ||||||||||
Total consumer loans | $ | 325.6 | $ | 333.7 | $ | 325.1 | $ | 323.6 | $ | 325.5 | $ | 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 | September 30, 2018 | June 30, 2018 | September 30, 2017 | March 31, 2019 | December 31, 2018 | March 31, 2018 | ||||||
> 760 | 42 | % | 43 | % | 40 | % | 41 | % | 43 | % | 41 | % |
680 - 760 | 41 | 40 | 41 | |||||||||
680–760 | 41 | 40 | 42 | |||||||||
< 680 | 17 | 17 | 19 | 18 | 17 | 17 | ||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
FICO distribution | September 30, 2018 | June 30, 2018 | September 30, 2017 | March 31, 2019 | December 31, 2018 | March 31, 2018 | ||||||
> 760 | 24 | % | 24 | % | 23 | % | 23 | % | 25 | % | 22 | % |
680 - 760 | 43 | 43 | 43 | |||||||||
680–760 | 43 | 42 | 43 | |||||||||
< 680 | 33 | 33 | 34 | 34 | 33 | 35 | ||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
In billions of dollars | 3Q’17 | 4Q’17 | 1Q’18 | 2Q’18 | 3Q’18 | ||||||||||
GCB: | |||||||||||||||
Residential firsts | $ | 40.1 | $ | 40.1 | $ | 40.1 | $ | 40.3 | $ | 40.7 | |||||
Home equity | 4.1 | 4.2 | 4.1 | 4.1 | 3.9 | ||||||||||
Total GCB | $ | 44.2 | $ | 44.3 | $ | 44.2 | $ | 44.4 | $ | 44.6 | |||||
Corporate/Other: | |||||||||||||||
Residential firsts | $ | 10.1 | $ | 9.3 | $ | 8.1 | $ | 7.6 | $ | 7.0 | |||||
Home equity | 11.5 | 10.6 | 9.9 | 8.8 | 8.2 | ||||||||||
Total Corporate/ Other | $ | 21.6 | $ | 19.9 | $ | 18.0 | $ | 16.4 | $ | 15.2 | |||||
Total Citigroup— North America | $ | 65.8 | $ | 64.2 | $ | 62.2 | $ | 60.8 | $ | 59.8 |
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 | September 30, 2018 | September 30, 2018 | June 30, 2018 | September 30, 2017 | September 30, 2018 | June 30, 2018 | September 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 | $ | 309.0 | $ | 2,404 | $ | 2,345 | $ | 2,279 | $ | 2,890 | $ | 2,558 | $ | 2,763 | $ | 307.3 | $ | 2,585 | $ | 2,619 | $ | 2,379 | $ | 2,776 | $ | 2,902 | $ | 2,710 | ||||||||||||||
Ratio | 0.78 | % | 0.77 | % | 0.76 | % | 0.94 | % | 0.84 | % | 0.92 | % | 0.84 | % | 0.83 | % | 0.78 | % | 0.91 | % | 0.92 | % | 0.89 | % | ||||||||||||||||||
Retail banking | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 146.8 | $ | 508 | $ | 500 | $ | 489 | $ | 857 | $ | 754 | $ | 805 | $ | 147.0 | $ | 474 | $ | 485 | $ | 493 | $ | 769 | $ | 790 | $ | 830 | ||||||||||||||
Ratio | 0.35 | % | 0.35 | % | 0.34 | % | 0.59 | % | 0.52 | % | 0.56 | % | 0.32 | % | 0.33 | % | 0.34 | % | 0.53 | % | 0.54 | % | 0.57 | % | ||||||||||||||||||
North America | 56.3 | 188 | 179 | 167 | 320 | 252 | 270 | 57.3 | 179 | 180 | 184 | 269 | 282 | 227 | ||||||||||||||||||||||||||||
Ratio | 0.34 | % | 0.33 | % | 0.30 | % | 0.58 | % | 0.46 | % | 0.49 | % | 0.32 | % | 0.32 | % | 0.34 | % | 0.47 | % | 0.50 | % | 0.41 | % | ||||||||||||||||||
Latin America | 21.0 | 126 | 132 | 151 | 235 | 183 | 244 | 19.7 | 114 | 127 | 128 | 201 | 201 | 248 | ||||||||||||||||||||||||||||
Ratio | 0.60 | % | 0.66 | % | 0.72 | % | 1.12 | % | 0.91 | % | 1.16 | % | 0.58 | % | 0.64 | % | 0.60 | % | 1.02 | % | 1.02 | % | 1.17 | % | ||||||||||||||||||
Asia(5) | 69.5 | 194 | 189 | 171 | 302 | 319 | 291 | 70.0 | 181 | 178 | 181 | 299 | 307 | 355 | ||||||||||||||||||||||||||||
Ratio | 0.28 | % | 0.27 | % | 0.25 | % | 0.43 | % | 0.46 | % | 0.43 | % | 0.26 | % | 0.26 | % | 0.26 | % | 0.43 | % | 0.44 | % | 0.50 | % | ||||||||||||||||||
Cards | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 162.2 | $ | 1,896 | $ | 1,845 | $ | 1,790 | $ | 2,033 | $ | 1,804 | $ | 1,958 | $ | 160.3 | $ | 2,111 | $ | 2,134 | $ | 1,886 | $ | 2,007 | $ | 2,112 | $ | 1,880 | ||||||||||||||
Ratio | 1.17 | % | 1.15 | % | 1.14 | % | 1.25 | % | 1.12 | % | 1.25 | % | 1.32 | % | 1.26 | % | 1.20 | % | 1.25 | % | 1.25 | % | 1.20 | % | ||||||||||||||||||
North America—Citi-branded | 88.4 | 707 | 712 | 668 | 722 | 627 | 705 | 87.0 | 828 | 812 | 731 | 731 | 755 | 669 | ||||||||||||||||||||||||||||
Ratio | 0.80 | % | 0.81 | % | 0.77 | % | 0.82 | % | 0.71 | % | 0.82 | % | 0.95 | % | 0.88 | % | 0.85 | % | 0.84 | % | 0.82 | % | 0.78 | % | ||||||||||||||||||
North America—Citi retail services | 49.4 | 832 | 781 | 772 | 890 | 761 | 836 | 48.9 | 918 | 952 | 797 | 859 | 932 | 791 | ||||||||||||||||||||||||||||
Ratio | 1.68 | % | 1.61 | % | 1.68 | % | 1.80 | % | 1.57 | % | 1.82 | % | 1.88 | % | 1.81 | % | 1.73 | % | 1.76 | % | 1.77 | % | 1.72 | % | ||||||||||||||||||
Latin America | 5.8 | 169 | 160 | 159 | 170 | 156 | 163 | 5.6 | 165 | 171 | 160 | 161 | 170 | 160 | ||||||||||||||||||||||||||||
Ratio | 2.91 | % | 2.96 | % | 2.84 | % | 2.93 | % | 2.89 | % | 2.91 | % | 2.95 | % | 3.00 | % | 2.81 | % | 2.88 | % | 2.98 | % | 2.81 | % | ||||||||||||||||||
Asia(5) | 18.6 | 188 | 192 | 191 | 251 | 260 | 254 | 18.8 | 200 | 199 | 198 | 256 | 255 | 260 | ||||||||||||||||||||||||||||
Ratio | 1.01 | % | 1.02 | % | 1.02 | % | 1.35 | % | 1.38 | % | 1.35 | % | 1.06 | % | 1.03 | % | 1.03 | % | 1.36 | % | 1.32 | % | 1.35 | % | ||||||||||||||||||
Corporate/Other—Consumer(6) | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 16.5 | $ | 401 | $ | 415 | $ | 605 | $ | 422 | $ | 355 | $ | 643 | $ | 12.6 | $ | 354 | $ | 382 | $ | 478 | $ | 348 | $ | 362 | $ | 393 | ||||||||||||||
Ratio | 2.57 | % | 2.49 | % | 2.57 | % | 2.71 | % | 2.13 | % | 2.74 | % | 2.97 | % | 2.62 | % | 2.38 | % | 2.92 | % | 2.48 | % | 1.96 | % | ||||||||||||||||||
International | — | — | — | 57 | — | — | 47 | — | — | — | 32 | — | — | 44 | ||||||||||||||||||||||||||||
Ratio | — | % | — | % | 3.35 | % | — | % | — | % | 2.76 | % | — | % | — | % | 1.88 | % | — | % | — | % | 2.59 | % | ||||||||||||||||||
North America | 16.5 | 401 | 415 | 548 | 422 | 355 | 596 | 12.6 | 354 | 382 | 446 | 348 | 362 | 349 | ||||||||||||||||||||||||||||
Ratio | 2.57 | % | 2.49 | % | 2.51 | % | 2.71 | % | 2.13 | % | 2.73 | % | 2.97 | % | 2.62 | % | 2.42 | % | 2.92 | % | 2.48 | % | 1.90 | % | ||||||||||||||||||
Total Citigroup | $ | 325.5 | $ | 2,805 | $ | 2,760 | $ | 2,884 | $ | 3,312 | $ | 2,913 | $ | 3,406 | $ | 319.9 | $ | 2,939 | $ | 3,001 | $ | 2,857 | $ | 3,124 | $ | 3,264 | $ | 3,103 | ||||||||||||||
Ratio | 0.87 | % | 0.86 | % | 0.89 | % | 1.02 | % | 0.90 | % | 1.05 | % | 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 North America GCB exclude U.S. mortgage loans that are guaranteed by U.S. government-sponsored entities since the potential loss predominantly resides within the U.S. government-sponsored entities. The amounts excluded for loans 90+ days past due and (EOP loans) were |
(5) | Asia includes delinquencies and loans in certain EMEA countries for all periods presented. |
(6) | The loans 90+ days past due and related ratios exclude U.S. mortgage loans that are guaranteed by U.S. government-sponsored agencies since the potential loss predominantly resides with the U.S. agencies. The amounts excluded for 90+ days past due and (EOP loans) for each period were |
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 | 3Q18 | 2Q18 | 3Q17 | 1Q19 | 4Q18 | 1Q18 | ||||||||||||||||||
Global Consumer Banking | ||||||||||||||||||||||||
Total | $ | 306.8 | $ | 1,714 | $ | 1,726 | $ | 1,704 | $ | 309.2 | $ | 1,891 | $ | 1,744 | $ | 1,736 | ||||||||
Ratio | 2.22 | % | 2.28 | % | 2.26 | % | 2.48 | % | 2.24 | % | 2.30 | % | ||||||||||||
Retail banking | ||||||||||||||||||||||||
Total | $ | 145.9 | $ | 243 | $ | 228 | $ | 300 | $ | 146.5 | $ | 256 | $ | 246 | $ | 232 | ||||||||
Ratio | 0.66 | % | 0.63 | % | 0.82 | % | 0.71 | % | 0.67 | % | 0.64 | % | ||||||||||||
North America | 56.0 | 32 | 32 | 88 | 57.1 | 60 | 31 | 43 | ||||||||||||||||
Ratio | 0.23 | % | 0.23 | % | 0.63 | % | 0.43 | % | 0.22 | % | 0.31 | % | ||||||||||||
Latin America | 20.7 | 153 | 138 | 143 | 19.9 | 138 | 144 | 132 | ||||||||||||||||
Ratio | 2.93 | % | 2.75 | % | 2.68 | % | 2.81 | % | 2.91 | % | 2.59 | % | ||||||||||||
Asia | 69.2 | 58 | 58 | 69 | 69.5 | 58 | 71 | 57 | ||||||||||||||||
Ratio | 0.33 | % | 0.33 | % | 0.41 | % | 0.34 | % | 0.41 | % | 0.33 | % | ||||||||||||
Cards | ||||||||||||||||||||||||
Total | $ | 160.9 | $ | 1,471 | $ | 1,498 | $ | 1,404 | $ | 162.7 | $ | 1,635 | $ | 1,498 | $ | 1,504 | ||||||||
Ratio | 3.63 | % | 3.81 | % | 3.58 | % | 4.08 | % | 3.64 | % | 3.83 | % | ||||||||||||
North America—Citi-branded | 87.8 | 644 | 657 | 611 | 87.7 | 706 | 650 | 651 | ||||||||||||||||
Ratio | 2.91 | % | 3.04 | % | 2.84 | % | 3.26 | % | 2.90 | % | 3.04 | % | ||||||||||||
North America—Citi retail services | 49.0 | 566 | 589 | 540 | 50.2 | 663 | 600 | 602 | ||||||||||||||||
Ratio | 4.58 | % | 5.07 | % | 4.70 | % | 5.36 | % | 4.72 | % | 5.18 | % | ||||||||||||
Latin America | 5.6 | 154 | 140 | 152 | 5.7 | 160 | 146 | 146 | ||||||||||||||||
Ratio | 10.91 | % | 10.40 | % | 10.77 | % | 11.38 | % | 10.53 | % | 10.57 | % | ||||||||||||
Asia | 18.5 | 107 | 112 | 101 | 19.1 | 106 | 102 | 105 | ||||||||||||||||
Ratio | 2.29 | % | 2.38 | % | 2.13 | % | 2.25 | % | 2.16 | % | 2.17 | % | ||||||||||||
Corporate/Other—Consumer | ||||||||||||||||||||||||
Total | $ | 17.0 | $ | 12 | $ | (20 | ) | $ | 52 | $ | 13.6 | $ | 1 | $ | — | $ | 35 | |||||||
Ratio | 0.28 | % | (0.41 | )% | 0.80 | % | 0.03 | % | — | % | 0.64 | % | ||||||||||||
International | — | — | 19 | 25 | — | — | — | 23 | ||||||||||||||||
Ratio | — | % | 6.93 | % | 5.22 | % | — | % | — | % | 5.49 | % | ||||||||||||
North America | 17.0 | 12 | (39 | ) | 27 | 13.6 | 1 | — | 12 | |||||||||||||||
Ratio | 0.28 | % | (0.85 | )% | 0.45 | % | 0.03 | % | — | % | 0.24 | % | ||||||||||||
Other | — | — | — | (22 | ) | — | — | (3 | ) | — | ||||||||||||||
Total Citigroup | $ | 323.8 | $ | 1,726 | $ | 1,706 | $ | 1,734 | $ | 322.8 | $ | 1,892 | $ | 1,741 | $ | 1,771 | ||||||||
Ratio | 2.11 | % | 2.12 | % | 2.11 | % | 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 September 30, 2018 | June 30, 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) | $ | 131 | $ | 103 | $ | 20 | $ | 254 | $ | 133 | $ | 103 | $ | 19 | $ | 255 | $ | 127 | $ | 96 | $ | 22 | $ | 245 | $ | 135 | $ | 109 | $ | 20 | $ | 264 | $ | 128 | $ | 110 | $ | 20 | $ | 258 | ||||||||||||||||||||
Unfunded lending commitments (off-balance sheet)(2) | 115 | 253 | 25 | 393 | 127 | 235 | 20 | 382 | 111 | 222 | 20 | 353 | 121 | 240 | 23 | 384 | 106 | 246 | 19 | 370 | ||||||||||||||||||||||||||||||||||||||||
Total exposure | $ | 246 | $ | 356 | $ | 45 | $ | 647 | $ | 260 | $ | 338 | $ | 39 | $ | 637 | $ | 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. |
September 30, 2018 | June 30, 2018 | December 31, 2017 | March 31, 2019 | December 31, 2018 | ||||||
North America | 55 | % | 54 | % | 54 | % | 54 | % | 55 | % |
EMEA | 27 | 27 | 27 | 28 | 27 | |||||
Asia | 11 | 12 | 12 | 11 | 11 | |||||
Latin America | 7 | 7 | 7 | 7 | 7 | |||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
Total exposure | Total exposure | |||||||||
September 30, 2018 | June 30, 2018 | December 31, 2017 | March 31, 2019 | December 31, 2018 | ||||||
AAA/AA/A | 48 | % | 49 | % | 49 | % | 49 | % | 49 | % |
BBB | 34 | 34 | 34 | 35 | 34 | |||||
BB/B | 17 | 16 | 16 | 15 | 16 | |||||
CCC or below | 1 | 1 | 1 | 1 | 1 | |||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
Total exposure | Total exposure | |||||||||
September 30, 2018 | June 30, 2018 | December 31, 2017 | March 31, 2019 | December 31, 2018 | ||||||
Transportation and industrial | 21 | % | 22 | % | 22 | % | 21 | % | 21 | % |
Consumer retail and health | 16 | 16 | 16 | 15 | 15 | |||||
Technology, media and telecom | 14 | 13 | 12 | 11 | 13 | |||||
Power, chemicals, metals and mining | 11 | 10 | 10 | 11 | 10 | |||||
Energy and commodities | 8 | 8 | 8 | 8 | 8 | |||||
Banks/broker-dealers/finance companies | 8 | 8 | 8 | 8 | 8 | |||||
Real estate | 8 | 7 | 8 | 9 | 8 | |||||
Public sector | 5 | 5 | 5 | 4 | 5 | |||||
Insurance and special purpose entities | 4 | 4 | 5 | 4 | 4 | |||||
Hedge funds | 4 | 4 | 4 | 4 | 4 | |||||
Other industries | 1 | 3 | 2 | 5 | 4 | |||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
September 30, 2018 | June 30, 2018 | December 31, 2017 | March 31, 2019 | December 31, 2018 | ||||||
AAA/AA/A | 34 | % | 34 | % | 23 | % | 36 | % | 35 | % |
BBB | 47 | 46 | 43 | 48 | 50 | |||||
BB/B | 17 | 18 | 31 | 15 | 14 | |||||
CCC or below | 2 | 2 | 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 | % |
September 30, 2018 | June 30, 2018 | December 31, 2017 | ||||
Transportation and industrial | 25 | % | 25 | % | 27 | % |
Technology, media and telecom | 15 | 15 | 12 | |||
Consumer retail and health | 14 | 15 | 10 | |||
Power, chemicals, metals and mining | 14 | 14 | 14 | |||
Energy and commodities | 11 | 11 | 15 | |||
Public sector | 7 | 7 | 12 | |||
Banks/broker-dealers/finance companies | 5 | 4 | 6 | |||
Insurance and special purpose entities | 4 | 5 | 2 | |||
Other industries | 5 | 4 | 2 | |||
Total | 100 | % | 100 | % | 100 | % |
3rd Qtr. | 2nd Qtr. | 1st Qtr. | 4th Qtr. | 3rd 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) | $ | 61,048 | $ | 61,692 | $ | 63,412 | $ | 65,467 | $ | 67,131 | $ | 57,461 | $ | 60,127 | $ | 61,048 | $ | 61,692 | $ | 63,412 | ||||||||||
Installment, revolving credit and other | 3,515 | 3,759 | 3,306 | 3,398 | 3,191 | 3,257 | 3,398 | 3,515 | 3,759 | 3,306 | ||||||||||||||||||||
Cards | 137,051 | 135,968 | 131,081 | 139,006 | 131,476 | 135,206 | 143,788 | 137,051 | 135,968 | 131,081 | ||||||||||||||||||||
Commercial and industrial | 7,686 | 7,459 | 7,493 | 7,840 | 7,619 | 8,859 | 8,256 | 7,686 | 7,459 | 7,493 | ||||||||||||||||||||
Total | $ | 209,300 | $ | 208,878 | $ | 205,292 | $ | 215,711 | $ | 209,417 | $ | 204,783 | $ | 215,569 | $ | 209,300 | $ | 208,878 | $ | 205,292 | ||||||||||
In offices outside the U.S. | ||||||||||||||||||||||||||||||
Mortgage and real estate(1) | $ | 43,714 | $ | 43,056 | $ | 44,833 | $ | 44,081 | $ | 43,723 | $ | 43,184 | $ | 43,379 | $ | 43,714 | $ | 43,056 | $ | 44,833 | ||||||||||
Installment, revolving credit and other | 27,899 | 27,254 | 27,651 | 26,556 | 26,153 | 27,525 | 27,609 | 27,899 | 27,254 | 27,651 | ||||||||||||||||||||
Cards | 24,971 | 24,712 | 25,993 | 26,257 | 25,443 | 24,763 | 25,400 | 24,971 | 24,712 | 25,993 | ||||||||||||||||||||
Commercial and industrial | 18,821 | 18,966 | 20,526 | 20,238 | 20,015 | 18,884 | 17,773 | 18,821 | 18,966 | 20,526 | ||||||||||||||||||||
Lease financing | 52 | 55 | 62 | 76 | 77 | 47 | 49 | 52 | 55 | 62 | ||||||||||||||||||||
Total | $ | 115,457 | $ | 114,043 | $ | 119,065 | $ | 117,208 | $ | 115,411 | $ | 114,403 | $ | 114,210 | $ | 115,457 | $ | 114,043 | $ | 119,065 | ||||||||||
Total consumer loans | $ | 324,757 | $ | 322,921 | $ | 324,357 | $ | 332,919 | $ | 324,828 | $ | 319,186 | $ | 329,779 | $ | 324,757 | $ | 322,921 | $ | 324,357 | ||||||||||
Unearned income(2) | 712 | 711 | 727 | 737 | 748 | 701 | 708 | 712 | 711 | 727 | ||||||||||||||||||||
Consumer loans, net of unearned income | $ | 325,469 | $ | 323,632 | $ | 325,084 | $ | 333,656 | $ | 325,576 | $ | 319,887 | $ | 330,487 | $ | 325,469 | $ | 323,632 | $ | 325,084 | ||||||||||
Corporate loans | ||||||||||||||||||||||||||||||
In U.S. offices | ||||||||||||||||||||||||||||||
Commercial and industrial | $ | 51,365 | $ | 53,260 | $ | 54,005 | $ | 51,319 | $ | 51,679 | $ | 56,698 | $ | 52,063 | $ | 51,365 | $ | 53,260 | $ | 54,005 | ||||||||||
Financial institutions | 46,255 | 42,867 | 40,472 | 39,128 | 37,203 | 49,985 | 48,447 | 46,255 | 42,867 | 40,472 | ||||||||||||||||||||
Mortgage and real estate(1) | 47,629 | 46,310 | 45,581 | 44,683 | 43,274 | 49,746 | 50,124 | 47,629 | 46,310 | 45,581 | ||||||||||||||||||||
Installment, revolving credit and other | 32,201 | 32,663 | 32,866 | 33,181 | 32,464 | 32,768 | 33,247 | 32,201 | 32,663 | 32,866 | ||||||||||||||||||||
Lease financing | 1,445 | 1,445 | 1,463 | 1,470 | 1,493 | 1,405 | 1,429 | 1,445 | 1,445 | 1,463 | ||||||||||||||||||||
Total | $ | 178,895 | $ | 176,545 | $ | 174,387 | $ | 169,781 | $ | 166,113 | $ | 190,602 | $ | 185,310 | $ | 178,895 | $ | 176,545 | $ | 174,387 | ||||||||||
In offices outside the U.S. | ||||||||||||||||||||||||||||||
Commercial and industrial | $ | 98,281 | $ | 98,068 | $ | 101,368 | $ | 93,750 | $ | 93,107 | $ | 97,844 | $ | 94,701 | $ | 98,281 | $ | 98,068 | $ | 101,368 | ||||||||||
Financial institutions | 37,851 | 38,312 | 35,659 | 35,273 | 33,050 | 39,155 | 36,837 | 37,851 | 38,312 | 35,659 | ||||||||||||||||||||
Mortgage and real estate(1) | 7,344 | 7,261 | 7,543 | 7,309 | 6,383 | 7,005 | 7,376 | 7,344 | 7,261 | 7,543 | ||||||||||||||||||||
Installment, revolving credit and other | 22,827 | 22,755 | 23,338 | 22,638 | 23,830 | 24,868 | 25,684 | 22,827 | 22,755 | 23,338 | ||||||||||||||||||||
Lease financing | 131 | 139 | 167 | 190 | 216 | 95 | 103 | 131 | 139 | 167 | ||||||||||||||||||||
Governments and official institutions | 4,898 | 5,270 | 6,170 | 5,200 | 5,628 | 3,698 | 4,520 | 4,898 | 5,270 | 6,170 | ||||||||||||||||||||
Total | $ | 171,332 | $ | 171,805 | $ | 174,245 | $ | 164,360 | $ | 162,214 | $ | 172,665 | $ | 169,221 | $ | 171,332 | $ | 171,805 | $ | 174,245 | ||||||||||
Total corporate loans | $ | 350,227 | $ | 348,350 | $ | 348,632 | $ | 334,141 | $ | 328,327 | $ | 363,267 | $ | 354,531 | $ | 350,227 | $ | 348,350 | $ | 348,632 | ||||||||||
Unearned income(3) | (787 | ) | (802 | ) | (778 | ) | (763 | ) | (720 | ) | (808 | ) | (822 | ) | (787 | ) | (802 | ) | (778 | ) | ||||||||||
Corporate loans, net of unearned income | $ | 349,440 | $ | 347,548 | $ | 347,854 | $ | 333,378 | $ | 327,607 | $ | 362,459 | $ | 353,709 | $ | 349,440 | $ | 347,548 | $ | 347,854 | ||||||||||
Total loans—net of unearned income | $ | 674,909 | $ | 671,180 | $ | 672,938 | $ | 667,034 | $ | 653,183 | $ | 682,346 | $ | 684,196 | $ | 674,909 | $ | 671,180 | $ | 672,938 | ||||||||||
Allowance for loan losses—on drawn exposures | (12,336 | ) | (12,126 | ) | (12,354 | ) | (12,355 | ) | (12,366 | ) | (12,329 | ) | (12,315 | ) | (12,336 | ) | (12,126 | ) | (12,354 | ) | ||||||||||
Total loans—net of unearned income and allowance for credit losses | $ | 662,573 | $ | 659,054 | $ | 660,584 | $ | 654,679 | $ | 640,817 | $ | 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) | 1.84 | % | 1.81 | % | 1.85 | % | 1.87 | % | 1.91 | % | 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) | 3.07 | % | 3.03 | % | 3.09 | % | 2.96 | % | 3.04 | % | 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 | % | 0.68 | % | 0.67 | % | 0.76 | % | 0.77 | % | 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. |
3rd Qtr. | 2nd Qtr. | 1st Qtr. | 4th Qtr. | 3rd 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 | $ | 12,126 | $ | 12,354 | $ | 12,355 | $ | 12,366 | $ | 12,025 | $ | 12,315 | $ | 12,336 | $ | 12,126 | $ | 12,354 | $ | 12,355 | ||||||||||
Provision for loan losses | ||||||||||||||||||||||||||||||
Consumer | $ | 1,869 | $ | 1,764 | $ | 1,881 | $ | 1,785 | $ | 2,142 | $ | 1,942 | $ | 1,774 | $ | 1,869 | $ | 1,764 | $ | 1,881 | ||||||||||
Corporate | 37 | 31 | (78 | ) | 231 | 4 | 2 | 76 | 37 | 31 | (78 | ) | ||||||||||||||||||
Total | $ | 1,906 | $ | 1,795 | $ | 1,803 | $ | 2,016 | $ | 2,146 | $ | 1,944 | $ | 1,850 | $ | 1,906 | $ | 1,795 | $ | 1,803 | ||||||||||
Gross credit losses | ||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||
In U.S. offices | $ | 1,462 | $ | 1,490 | $ | 1,542 | $ | 1,426 | $ | 1,429 | $ | 1,670 | $ | 1,495 | $ | 1,462 | $ | 1,490 | $ | 1,542 | ||||||||||
In offices outside the U.S. | 596 | 599 | 615 | 611 | 642 | 602 | 595 | 596 | 599 | 615 | ||||||||||||||||||||
Corporate | ||||||||||||||||||||||||||||||
In U.S. offices | 15 | 5 | 65 | 21 | 15 | 33 | 23 | 15 | 5 | 65 | ||||||||||||||||||||
In offices outside the U.S. | 21 | 15 | 74 | 221 | 34 | 40 | 53 | 21 | 15 | 74 | ||||||||||||||||||||
Total | $ | 2,094 | $ | 2,109 | $ | 2,296 | $ | 2,279 | $ | 2,120 | $ | 2,345 | $ | 2,166 | $ | 2,094 | $ | 2,109 | $ | 2,296 | ||||||||||
Credit recoveries(1) | ||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||
In U.S. offices | $ | 212 | $ | 255 | $ | 238 | $ | 228 | $ | 167 | $ | 246 | $ | 217 | $ | 212 | $ | 255 | $ | 238 | ||||||||||
In offices outside the U.S. | 120 | 128 | 148 | 151 | 170 | 134 | 132 | 120 | 128 | 148 | ||||||||||||||||||||
Corporate | ||||||||||||||||||||||||||||||
In U.S. offices | 1 | 5 | 13 | 4 | 2 | 3 | 24 | 1 | 5 | 13 | ||||||||||||||||||||
In offices outside the U.S. | 5 | 17 | 30 | 16 | 4 | 14 | 7 | 5 | 17 | 30 | ||||||||||||||||||||
Total | $ | 338 | $ | 405 | $ | 429 | $ | 399 | $ | 343 | $ | 397 | $ | 380 | $ | 338 | $ | 405 | $ | 429 | ||||||||||
Net credit losses | ||||||||||||||||||||||||||||||
In U.S. offices | $ | 1,264 | $ | 1,235 | $ | 1,356 | $ | 1,215 | $ | 1,275 | $ | 1,454 | $ | 1,277 | $ | 1,264 | $ | 1,235 | $ | 1,356 | ||||||||||
In offices outside the U.S. | 492 | 469 | 511 | 665 | 502 | 494 | 509 | 492 | 469 | 511 | ||||||||||||||||||||
Total | $ | 1,756 | $ | 1,704 | $ | 1,867 | $ | 1,880 | $ | 1,777 | $ | 1,948 | $ | 1,786 | $ | 1,756 | $ | 1,704 | $ | 1,867 | ||||||||||
Other—net(2)(3)(4)(5)(6)(7) | $ | 60 | $ | (319 | ) | $ | 63 | $ | (147 | ) | $ | (28 | ) | $ | 18 | $ | (85 | ) | $ | 60 | $ | (319 | ) | $ | 63 | |||||
Allowance for loan losses at end of period | $ | 12,336 | $ | 12,126 | $ | 12,354 | $ | 12,355 | $ | 12,366 | $ | 12,329 | $ | 12,315 | $ | 12,336 | $ | 12,126 | $ | 12,354 | ||||||||||
Allowance for loan losses as a percentage of total loans(8) | 1.84 | % | 1.81 | % | 1.85 | % | 1.87 | % | 1.91 | % | 1.82 | % | 1.81 | % | 1.84 | % | 1.81 | % | 1.85 | % | ||||||||||
Allowance for unfunded lending commitments(9) | $ | 1,321 | $ | 1,278 | $ | 1,290 | $ | 1,258 | $ | 1,232 | $ | 1,391 | $ | 1,367 | $ | 1,321 | $ | 1,278 | $ | 1,290 | ||||||||||
Total allowance for loan losses and unfunded lending commitments | $ | 13,657 | $ | 13,404 | $ | 13,644 | $ | 13,613 | $ | 13,598 | $ | 13,720 | $ | 13,682 | $ | 13,657 | $ | 13,404 | $ | 13,644 | ||||||||||
Net consumer credit losses | $ | 1,726 | $ | 1,706 | $ | 1,771 | $ | 1,658 | $ | 1,734 | $ | 1,892 | $ | 1,741 | $ | 1,726 | $ | 1,706 | $ | 1,771 | ||||||||||
As a percentage of average consumer loans | 2.11 | % | 2.12 | % | 2.19 | % | 2.02 | % | 2.11 | % | 2.38 | % | 2.13 | % | 2.11 | % | 2.12 | % | 2.19 | % | ||||||||||
Net corporate credit losses (recoveries) | $ | 30 | $ | (2 | ) | $ | 96 | $ | 222 | $ | 43 | $ | 56 | $ | 45 | $ | 30 | $ | (2 | ) | $ | 96 | ||||||||
As a percentage of average corporate loans | 0.03 | % | — | % | 0.11 | % | 0.27 | % | 0.05 | % | 0.07 | % | 0.06 | % | 0.03 | % | — | % | 0.11 | % | ||||||||||
Allowance by type at end of period(10) | ||||||||||||||||||||||||||||||
Consumer | $ | 9,997 | $ | 9,796 | $ | 10,039 | $ | 9,869 | $ | 9,892 | $ | 10,026 | $ | 9,950 | $ | 9,997 | $ | 9,796 | $ | 10,039 | ||||||||||
Corporate | 2,339 | 2,330 | 2,315 | 2,486 | 2,474 | 2,303 | 2,365 | 2,339 | 2,330 | 2,315 | ||||||||||||||||||||
Total | $ | 12,336 | $ | 12,126 | $ | 12,354 | $ | 12,355 | $ | 12,366 | $ | 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 |
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 HFS of various loan portfolios, including a reduction of $53 million related to the transfer of a real estate loan portfolio to HFS. Additionally, the first quarter includes an increase of approximately $118 million related to FX translation. |
(8) | March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018 and March 31, 2018 |
(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 |
September 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) | $ | 6.4 | $ | 137.9 | 4.6 | % | $ | 6.6 | $ | 135.9 | 4.9 | % | ||||
North America mortgages(3) | 0.5 | 59.8 | 0.8 | 0.4 | 56.3 | 0.7 | ||||||||||
North America other | 0.3 | 12.8 | 2.3 | 0.3 | 13.7 | 2.2 | ||||||||||
International cards | 1.4 | 24.4 | 5.7 | 0.6 | 24.3 | 2.5 | ||||||||||
International other(4) | 1.4 | 90.6 | 1.5 | 2.1 | 89.7 | 2.3 | ||||||||||
Total consumer | $ | 10.0 | $ | 325.5 | 3.1 | % | $ | 10.0 | $ | 319.9 | 3.1 | % | ||||
Total corporate | 2.3 | 349.4 | 0.7 | 2.3 | 362.4 | 0.6 | ||||||||||
Total Citigroup | $ | 12.3 | $ | 674.9 | 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. |
Sept. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Sept. 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 | $ | 679 | $ | 784 | $ | 817 | $ | 784 | $ | 915 | $ | 922 | $ | 483 | $ | 679 | $ | 784 | $ | 817 | ||||||||||
EMEA | 362 | 391 | 561 | 849 | 681 | 317 | 375 | 362 | 391 | 561 | ||||||||||||||||||||
Latin America | 266 | 204 | 263 | 280 | 312 | 225 | 230 | 266 | 204 | 263 | ||||||||||||||||||||
Asia | 233 | 244 | 27 | 29 | 146 | 18 | 223 | 233 | 244 | 27 | ||||||||||||||||||||
Total corporate non-accrual loans | $ | 1,540 | $ | 1,623 | $ | 1,668 | $ | 1,942 | $ | 2,054 | $ | 1,482 | $ | 1,311 | $ | 1,540 | $ | 1,623 | $ | 1,668 | ||||||||||
Consumer non-accrual loans(1) | ||||||||||||||||||||||||||||||
North America | $ | 1,323 | $ | 1,373 | $ | 1,500 | $ | 1,650 | $ | 1,721 | $ | 1,230 | $ | 1,241 | $ | 1,323 | $ | 1,373 | $ | 1,500 | ||||||||||
Latin America | 764 | 726 | 791 | 756 | 791 | 694 | 715 | 764 | 726 | 791 | ||||||||||||||||||||
Asia | 287 | 284 | 284 | 284 | 271 | 281 | 270 | 287 | 284 | 284 | ||||||||||||||||||||
Total consumer non-accrual loans | $ | 2,374 | $ | 2,383 | $ | 2,575 | $ | 2,690 | $ | 2,783 | $ | 2,205 | $ | 2,226 | $ | 2,374 | $ | 2,383 | $ | 2,575 | ||||||||||
Total non-accrual loans | $ | 3,914 | $ | 4,006 | $ | 4,243 | $ | 4,632 | $ | 4,837 | $ | 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, 2018 and March 31, 2018, respectively. |
(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 | |||||||||||||||||||||||||||||||||
September 30, 2018 | September 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 | $ | 1,623 | $ | 2,383 | $ | 4,006 | $ | 2,098 | $ | 2,848 | $ | 4,946 | $ | 1,311 | $ | 2,226 | $ | 3,537 | $ | 1,942 | $ | 2,690 | $ | 4,632 | ||||||||||||
Additions | 436 | 758 | 1,194 | 190 | 1,042 | 1,232 | 723 | 722 | 1,445 | 825 | 861 | 1,686 | ||||||||||||||||||||||||
Sales and transfers to HFS | (9 | ) | (44 | ) | (53 | ) | (1 | ) | (69 | ) | (70 | ) | (5 | ) | (34 | ) | (39 | ) | (20 | ) | (85 | ) | (105 | ) | ||||||||||||
Returned to performing | (14 | ) | (136 | ) | (150 | ) | (2 | ) | (133 | ) | (135 | ) | (28 | ) | (142 | ) | (170 | ) | (68 | ) | (208 | ) | (276 | ) | ||||||||||||
Paydowns/settlements | (479 | ) | (207 | ) | (686 | ) | (196 | ) | (291 | ) | (487 | ) | (485 | ) | (174 | ) | (659 | ) | (884 | ) | (270 | ) | (1,154 | ) | ||||||||||||
Charge-offs | (18 | ) | (417 | ) | (435 | ) | (33 | ) | (611 | ) | (644 | ) | (35 | ) | (402 | ) | (437 | ) | (106 | ) | (454 | ) | (560 | ) | ||||||||||||
Other | 1 | 37 | 38 | (2 | ) | (3 | ) | (5 | ) | 1 | 9 | 10 | (21 | ) | 41 | 20 | ||||||||||||||||||||
Ending balance | $ | 1,540 | $ | 2,374 | $ | 3,914 | $ | 2,054 | $ | 2,783 | $ | 4,837 | $ | 1,482 | $ | 2,205 | $ | 3,687 | $ | 1,668 | $ | 2,575 | $ | 4,243 |
Nine Months Ended | Nine Months Ended | |||||||||||||||||
September 30, 2018 | September 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 | 1,889 | 2,410 | 4,299 | 754 | 2,563 | 3,317 | ||||||||||||
Sales and transfers to held-for-sale | (37 | ) | (197 | ) | (234 | ) | (83 | ) | (286 | ) | (369 | ) | ||||||
Returned to performing | (118 | ) | (490 | ) | (608 | ) | (42 | ) | (462 | ) | (504 | ) | ||||||
Paydowns/settlements | (1,976 | ) | (804 | ) | (2,780 | ) | (843 | ) | (856 | ) | (1,699 | ) | ||||||
Charge-offs | (138 | ) | (1,243 | ) | (1,381 | ) | (102 | ) | (1,452 | ) | (1,554 | ) | ||||||
Other | (22 | ) | 8 | (14 | ) | (51 | ) | 118 | 67 | |||||||||
Ending balance | $ | 1,540 | $ | 2,374 | $ | 3,914 | $ | 2,054 | $ | 2,783 | $ | 4,837 |
Sept. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Sept. 30, | Mar. 31, | Dec. 31, | Sept. 30, | Jun. 30, | Mar. 31, | |||||||||||||||||||||
In millions of dollars | 2018 | 2018 | 2017 | 2019 | 2018 | |||||||||||||||||||||||||
OREO | ||||||||||||||||||||||||||||||
North America | $ | 76 | $ | 66 | $ | 70 | $ | 89 | $ | 97 | $ | 63 | $ | 64 | $ | 76 | $ | 66 | $ | 70 | ||||||||||
EMEA | 1 | 1 | — | 2 | 1 | 1 | 1 | 1 | 1 | — | ||||||||||||||||||||
Latin America | 25 | 24 | 29 | 35 | 30 | 13 | 12 | 25 | 24 | 29 | ||||||||||||||||||||
Asia | 7 | 10 | 15 | 18 | 15 | 21 | 22 | 7 | 10 | 15 | ||||||||||||||||||||
Total OREO | $ | 109 | $ | 101 | $ | 114 | $ | 144 | $ | 143 | $ | 98 | $ | 99 | $ | 109 | $ | 101 | $ | 114 | ||||||||||
Non-accrual assets | ||||||||||||||||||||||||||||||
Corporate non-accrual loans | $ | 1,540 | $ | 1,623 | $ | 1,668 | $ | 1,942 | $ | 2,054 | $ | 1,482 | $ | 1,311 | $ | 1,540 | $ | 1,623 | $ | 1,668 | ||||||||||
Consumer non-accrual loans | 2,374 | 2,383 | 2,575 | 2,690 | 2,783 | 2,205 | 2,226 | 2,374 | 2,383 | 2,575 | ||||||||||||||||||||
Non-accrual loans (NAL) | $ | 3,914 | $ | 4,006 | $ | 4,243 | $ | 4,632 | $ | 4,837 | $ | 3,687 | $ | 3,537 | $ | 3,914 | $ | 4,006 | $ | 4,243 | ||||||||||
OREO | $ | 109 | $ | 101 | $ | 114 | $ | 144 | $ | 143 | $ | 98 | $ | 99 | $ | 109 | $ | 101 | $ | 114 | ||||||||||
Non-accrual assets (NAA) | $ | 4,023 | $ | 4,107 | $ | 4,357 | $ | 4,776 | $ | 4,980 | $ | 3,785 | $ | 3,636 | $ | 4,023 | $ | 4,107 | $ | 4,357 | ||||||||||
NAL as a percentage of total loans | 0.58 | % | 0.60 | % | 0.63 | % | 0.69 | % | 0.74 | % | 0.54 | % | 0.52 | % | 0.58 | % | 0.60 | % | 0.63 | % | ||||||||||
NAA as a percentage of total assets | 0.21 | 0.21 | 0.23 | 0.26 | 0.26 | 0.19 | 0.19 | 0.21 | 0.21 | 0.23 | ||||||||||||||||||||
Allowance for loan losses as a percentage of NAL(1) | 315 | 303 | 291 | 267 | 256 | 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 | Sept. 30, 2018 | Dec. 31, 2017 | Mar. 31, 2019 | Dec. 31, 2018 | ||||||||
Corporate renegotiated loans(1) | ||||||||||||
In U.S. offices | ||||||||||||
Commercial and industrial(2) | $ | 226 | $ | 225 | $ | 190 | $ | 188 | ||||
Mortgage and real estate | 64 | 90 | 91 | 111 | ||||||||
Financial institutions | 21 | 33 | 4 | 16 | ||||||||
Other | 33 | 45 | 4 | 2 | ||||||||
Total | $ | 344 | $ | 393 | $ | 289 | $ | 317 | ||||
In offices outside the U.S. | ||||||||||||
Commercial and industrial(2) | $ | 254 | $ | 392 | $ | 220 | $ | 226 | ||||
Mortgage and real estate | 7 | 11 | 21 | 12 | ||||||||
Financial institutions | — | 15 | 9 | 9 | ||||||||
Other | 9 | 7 | — | — | ||||||||
Total | $ | 270 | $ | 425 | $ | 250 | $ | 247 | ||||
Total corporate renegotiated loans | $ | 614 | $ | 818 | $ | 539 | $ | 564 | ||||
Consumer renegotiated loans(3)(4)(5) | ||||||||||||
In U.S. offices | ||||||||||||
Mortgage and real estate | $ | 2,698 | $ | 3,709 | $ | 2,452 | $ | 2,520 | ||||
Cards | 1,308 | 1,246 | 1,383 | 1,338 | ||||||||
Installment and other | 84 | 169 | 137 | 86 | ||||||||
Total | $ | 4,090 | $ | 5,124 | $ | 3,972 | $ | 3,944 | ||||
In offices outside the U.S. | ||||||||||||
Mortgage and real estate | $ | 320 | $ | 345 | $ | 325 | $ | 311 | ||||
Cards | 493 | 541 | 477 | 480 | ||||||||
Installment and other | 415 | 427 | 415 | 415 | ||||||||
Total | $ | 1,228 | $ | 1,313 | $ | 1,217 | $ | 1,206 | ||||
Total consumer renegotiated loans | $ | 5,318 | $ | 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 | Sept. 30, 2018 | Jun. 30, 2018 | Sept. 30, 2017 | Sept. 30, 2018 | Jun. 30, 2018 | Sept. 30, 2017 | Sept. 30, 2018 | Jun. 30, 2018 | Sept. 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 | $ | 105.1 | $ | 97.3 | $ | 92.7 | $ | 35.1 | $ | 27.4 | $ | 32.9 | $ | 140.2 | $ | 124.7 | $ | 125.6 | $ | 94.7 | $ | 97.1 | $ | 94.9 | $ | 34.9 | $ | 27.6 | $ | 24.9 | $ | 129.6 | $ | 124.7 | $ | 119.9 | ||||||||||||||||||
U.S. sovereign | 102.2 | 101.4 | 108.4 | 29.7 | 28.7 | 26.6 | 131.9 | 130.1 | 135.0 | 94.9 | 103.2 | 114.6 | 29.5 | 24.0 | 28.9 | 124.4 | 127.2 | 143.4 | ||||||||||||||||||||||||||||||||||||
U.S. agency/agency MBS | 56.4 | 59.5 | 68.1 | 6.5 | 6.7 | 0.6 | 62.9 | 66.2 | 68.7 | 59.3 | 60.0 | 74.3 | 5.3 | 5.8 | 5.6 | 64.6 | 65.8 | 79.9 | ||||||||||||||||||||||||||||||||||||
Foreign government debt(1) | 74.9 | 73.5 | 101.3 | 9.6 | 10.9 | 16.3 | 84.5 | 84.4 | 117.6 | 67.7 | 76.8 | 69.2 | 3.5 | 6.3 | 12.9 | 71.2 | 83.2 | 82.1 | ||||||||||||||||||||||||||||||||||||
Other investment grade | 0.2 | 0.1 | 0.5 | 1.1 | 1.0 | 1.2 | 1.3 | 1.2 | 1.7 | 3.6 | 1.5 | 0.3 | 1.5 | 1.3 | 1.3 | 5.1 | 2.8 | 1.6 | ||||||||||||||||||||||||||||||||||||
Total HQLA (AVG) | $ | 338.8 | $ | 331.8 | $ | 371.0 | $ | 82.0 | $ | 74.8 | $ | 77.6 | $ | 420.8 | $ | 406.6 | $ | 448.6 | $ | 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 | Sept. 30, 2018 | Jun. 30, 2018 | Sept. 30, 2017 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | ||||||||||||
Global Consumer Banking | ||||||||||||||||||
North America | $ | 192.8 | $ | 188.8 | $ | 186.7 | $ | 195.0 | $ | 195.7 | $ | 189.7 | ||||||
Latin America | 26.3 | 25.5 | 26.8 | 25.6 | 25.1 | 26.3 | ||||||||||||
Asia(1) | 87.7 | 88.8 | 86.2 | 88.6 | 87.6 | 90.3 | ||||||||||||
Total | $ | 306.8 | $ | 303.1 | $ | 299.7 | $ | 309.2 | $ | 308.4 | $ | 306.3 | ||||||
Institutional Clients Group | ||||||||||||||||||
Corporate lending | $ | 130.9 | $ | 135.5 | $ | 123.3 | $ | 133.1 | $ | 130.0 | $ | 131.6 | ||||||
Treasury and trade solutions (TTS) | 76.9 | 77.7 | 74.9 | 75.1 | 77.0 | 78.2 | ||||||||||||
Private bank | 92.8 | 90.7 | 82.6 | 97.2 | 94.7 | 88.9 | ||||||||||||
Markets and securities services and other | 45.6 | 43.0 | 40.1 | 51.1 | 49.3 | 40.7 | ||||||||||||
Total | $ | 346.2 | $ | 346.9 | $ | 320.9 | $ | 356.5 | $ | 351.0 | $ | 339.4 | ||||||
Total Corporate/Other | $ | 17.3 | $ | 19.7 | $ | 25.7 | $ | 13.5 | $ | 16.1 | $ | 22.2 | ||||||
Total Citigroup loans (AVG) | $ | 670.3 | $ | 669.7 | $ | 646.3 | $ | 679.2 | $ | 675.5 | $ | 667.9 | ||||||
Total Citigroup loans (EOP) | $ | 674.9 | $ | 671.2 | $ | 653.2 | $ | 682.3 | $ | 684.2 | $ | 672.9 |
(1) | Includes loans in certain EMEA countries for all periods presented. |
In billions of dollars | Sept. 30, 2018 | Jun. 30, 2018 | Sept. 30, 2017 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | ||||||||||||
Global Consumer Banking | ||||||||||||||||||
North America | $ | 180.2 | $ | 179.9 | $ | 184.1 | $ | 182.3 | $ | 180.6 | $ | 180.9 | ||||||
Latin America | 29.4 | 28.3 | 28.8 | 28.6 | 28.2 | 28.9 | ||||||||||||
Asia(1) | 97.6 | 97.6 | 95.2 | 99.3 | 97.7 | 99.1 | ||||||||||||
Total | $ | 307.2 | $ | 305.8 | $ | 308.1 | $ | 310.2 | $ | 306.5 | $ | 308.9 | ||||||
Institutional Clients Group | ||||||||||||||||||
Treasury and trade solutions (TTS) | $ | 456.7 | $ | 448.7 | $ | 427.8 | $ | 472.4 | $ | 470.8 | $ | 440.3 | ||||||
Banking ex-TTS | 124.6 | 125.5 | 122.4 | 130.2 | 128.4 | 128.2 | ||||||||||||
Markets and securities services | 86.7 | 88.2 | 84.7 | 90.0 | 86.7 | 84.1 | ||||||||||||
Total | $ | 668.0 | $ | 662.4 | $ | 634.9 | $ | 692.6 | $ | 685.9 | $ | 652.6 | ||||||
Corporate/Other | $ | 10.6 | $ | 18.0 | $ | 22.9 | $ | 14.4 | $ | 13.3 | $ | 20.4 | ||||||
Total Citigroup deposits (AVG) | $ | 985.7 | $ | 986.2 | $ | 965.9 | $ | 1,017.2 | $ | 1,005.7 | $ | 981.9 | ||||||
Total Citigroup deposits (EOP) | $ | 1,005.2 | $ | 996.7 | $ | 964.0 | $ | 1,030.4 | $ | 1,013.2 | $ | 1,001.2 |
(1) | Includes deposits in certain EMEA countriesfor all periods presented. |
In billions of dollars | Sept. 30, 2018 | Jun. 30, 2018 | Sept. 30, 2017 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | ||||||||||||
Parent and other(1) | ||||||||||||||||||
Benchmark debt: | ||||||||||||||||||
Senior debt | $ | 107.2 | $ | 107.8 | $ | 109.8 | $ | 109.7 | $ | 104.6 | $ | 112.0 | ||||||
Subordinated debt | 25.1 | 25.3 | 27.0 | 24.9 | 24.5 | 25.5 | ||||||||||||
Trust preferred | 1.7 | 1.7 | 1.7 | 1.7 | 1.7 | 1.7 | ||||||||||||
Customer-related debt | 35.4 | 34.3 | 30.3 | 42.4 | 37.1 | 32.4 | ||||||||||||
Local country and other(2) | 3.8 | 3.8 | 1.8 | 3.3 | 2.9 | 1.6 | ||||||||||||
Total parent and other | $ | 173.2 | $ | 172.9 | $ | 170.6 | $ | 182.0 | $ | 170.8 | $ | 173.2 | ||||||
Bank | ||||||||||||||||||
FHLB borrowings | $ | 10.5 | $ | 13.7 | $ | 19.8 | $ | 10.5 | $ | 10.5 | $ | 15.7 | ||||||
Securitizations(3) | 27.4 | 28.5 | 28.6 | 25.9 | 28.4 | 30.2 | ||||||||||||
CBNA benchmark senior debt | 21.0 | 18.5 | 9.5 | |||||||||||||||
Citibank benchmark senior debt | 21.4 | 18.8 | 15.0 | |||||||||||||||
Local country and other(2) | 3.2 | 3.2 | 4.2 | 3.8 | 3.5 | 3.8 | ||||||||||||
Total bank | $ | 62.1 | $ | 63.9 | $ | 62.1 | $ | 61.5 | $ | 61.2 | $ | 64.8 | ||||||
Total long-term debt | $ | 235.3 | $ | 236.8 | $ | 232.7 | $ | 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. |
3Q18 | 2Q18 | 3Q17 | 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 | $ | 4.2 | $ | 4.5 | $ | 7.2 | $ | 4.9 | $ | 2.5 | $ | 5.7 | $ | 0.2 | $ | 4.6 | $ | 3.5 | $ | — | $ | 3.5 | $ | 5.4 | ||||||||||||
Subordinated debt | — | — | 0.3 | 0.3 | — | — | — | — | 1.0 | — | 1.6 | 0.2 | ||||||||||||||||||||||||
Trust preferred | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Customer-related debt | 1.2 | 2.9 | 1.5 | 4.7 | 1.8 | 3.0 | 1.0 | 5.2 | 1.5 | 4.4 | 2.5 | 4.9 | ||||||||||||||||||||||||
Local country and other | 0.3 | 0.1 | 0.2 | 2.1 | 0.4 | — | — | 0.3 | 0.7 | — | 0.1 | 0.1 | ||||||||||||||||||||||||
Total parent and other | $ | 5.7 | $ | 7.6 | $ | 9.1 | $ | 12.0 | $ | 4.7 | $ | 8.7 | $ | 1.2 | $ | 10.1 | $ | 6.7 | $ | 4.4 | $ | 7.7 | $ | 10.7 | ||||||||||||
Bank | ||||||||||||||||||||||||||||||||||||
FHLB borrowings | $ | 3.3 | $ | — | $ | 4.5 | $ | 2.5 | $ | 1.5 | $ | 1.0 | $ | — | $ | — | $ | 1.5 | $ | 1.5 | $ | 6.5 | $ | 3.9 | ||||||||||||
Securitizations | 2.9 | 1.9 | 2.7 | 1.1 | 1.8 | 2.2 | 2.6 | — | 0.1 | 1.0 | 2.9 | 2.8 | ||||||||||||||||||||||||
CBNA benchmark senior debt | — | 2.5 | — | 3.5 | — | 2.2 | ||||||||||||||||||||||||||||||
Citibank benchmark senior debt | 2.5 | 5.0 | 2.3 | — | — | 2.5 | ||||||||||||||||||||||||||||||
Local country and other | 0.2 | 0.3 | 0.9 | 0.9 | 0.5 | 0.5 | 0.3 | 0.5 | 0.4 | 0.7 | 0.8 | 0.8 | ||||||||||||||||||||||||
Total bank | $ | 6.4 | $ | 4.7 | $ | 8.1 | $ | 8.0 | $ | 3.8 | $ | 5.9 | $ | 5.4 | $ | 5.5 | $ | 4.2 | $ | 3.2 | $ | 10.2 | $ | 10.1 | ||||||||||||
Total | $ | 12.1 | $ | 12.3 | $ | 17.2 | $ | 20.0 | $ | 8.5 | $ | 14.6 | $ | 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 | $ | 14.9 | $ | 3.5 | $ | 14.3 | $ | 8.7 | $ | 14.2 | $ | 8.0 | $ | 12.4 | $ | 46.1 | $ | 107.2 | $ | 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 | 22.3 | $ | 25.1 | — | — | — | — | 0.7 | 1.1 | 0.8 | 22.2 | $ | 24.9 | ||||||||||||||||||||||||||||||||||
Trust preferred | — | — | — | — | — | — | — | 1.7 | 1.7 | — | — | — | — | — | — | — | 1.7 | 1.7 | ||||||||||||||||||||||||||||||||||||
Customer-related debt | 5.2 | 0.9 | 3.7 | 5.7 | 3.2 | 2.6 | 2.5 | 16.8 | 35.4 | 1.0 | 0.6 | 5.1 | 6.2 | 3.9 | 3.5 | 3.1 | 20.1 | 42.4 | ||||||||||||||||||||||||||||||||||||
Local country and other | 0.5 | 2.2 | 0.4 | 0.1 | 0.4 | — | — | 0.7 | 3.8 | — | 1.4 | 0.5 | — | 0.1 | 0.1 | — | 1.2 | 3.3 | ||||||||||||||||||||||||||||||||||||
Total parent and other | $ | 22.4 | $ | 7.6 | $ | 18.4 | $ | 14.5 | $ | 17.8 | $ | 11.3 | $ | 16.0 | $ | 87.6 | $ | 173.2 | $ | 1.2 | $ | 15.9 | $ | 14.4 | $ | 20.4 | $ | 13.9 | $ | 17.2 | $ | 10.9 | $ | 89.3 | $ | 182.0 | ||||||||||||||||||
Bank | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB borrowings | $ | 14.3 | $ | 1.5 | $ | 5.6 | $ | 3.4 | $ | — | $ | — | $ | — | $ | — | $ | 10.5 | $ | — | $ | 5.6 | $ | 4.9 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 10.5 | ||||||||||||||||||
Securitizations | 8.5 | 0.1 | 7.9 | 6.1 | 5.7 | 2.2 | 2.5 | 2.9 | 27.4 | 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 | 5.0 | — | — | 0.4 | 21.0 | |||||||||||||||||||||||||||||||||||||||||||||
Citibank benchmark debt | 2.5 | 2.2 | 8.7 | 6.1 | 1.8 | — | 2.6 | — | 21.4 | |||||||||||||||||||||||||||||||||||||||||||||
Local country and other | 2.0 | 0.1 | 0.5 | 1.7 | 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 | $ | 24.8 | $ | 3.9 | $ | 18.7 | $ | 19.9 | $ | 10.8 | $ | 2.5 | $ | 2.7 | $ | 3.6 | $ | 62.1 | $ | 5.4 | $ | 13.4 | $ | 18.9 | $ | 14.9 | $ | 4.3 | $ | 2.7 | $ | 3.9 | $ | 3.3 | $ | 61.5 | ||||||||||||||||||
Total long-term debt | $ | 47.2 | $ | 11.5 | $ | 37.1 | $ | 34.4 | $ | 28.6 | $ | 13.8 | $ | 18.7 | $ | 91.2 | $ | 235.3 | $ | 6.6 | $ | 29.3 | $ | 33.3 | $ | 35.3 | $ | 18.2 | $ | 19.9 | $ | 14.8 | $ | 92.6 | $ | 243.6 |
In billions of dollars | Sept. 30, 2018 | Jun. 30, 2018 | Sept. 30, 2017 | ||||||
HQLA | $ | 420.8 | $ | 406.6 | $ | 448.6 | |||
Net outflows | 350.8 | 341.5 | 365.1 | ||||||
LCR | 120 | % | 119 | % | 123 | % | |||
HQLA in excess of net outflows | $70.0 | $ | 65.1 | $ | 83.5 |
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) | Sept. 30, 2018 | Jun. 30, 2018 | Sept. 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) | $ | 879 | $ | 1,046 | $ | 1,449 | $ | 527 | $ | 758 | $ | 1,243 | ||||||
All other currencies | 649 | 635 | 610 | 677 | 661 | 651 | ||||||||||||
Total | $ | 1,528 | $ | 1,681 | $ | 2,059 | $ | 1,204 | $ | 1,419 | $ | 1,894 | ||||||
As a percentage of average interest-earning assets | 0.09 | % | 0.10 | % | 0.12 | % | 0.07 | % | 0.08 | % | 0.11 | % | ||||||
Estimated initial impact to AOCI (after-tax)(2) | $ | (4,597 | ) | $ | (4,713 | ) | $ | (4,206 | ) | $ | (3,828 | ) | $ | (3,920 | ) | $ | (4,955 | ) |
Estimated initial impact on Common Equity Tier 1 Capital ratio (bps) | (31 | ) | (32 | ) | (48 | ) | (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 | ||||||||
Overnight rate change (bps) | 100 | 100 | — | — | ||||||||
10-year rate change (bps) | 100 | — | 100 | (100 | ) | |||||||
Estimated annualized impact to net interest revenue | ||||||||||||
U.S. dollar | $ | 879 | $ | 906 | $ | 47 | $ | (56 | ) | |||
All other currencies | 649 | 617 | 37 | (37 | ) | |||||||
Total | $ | 1,528 | $ | 1,523 | $ | 84 | $ | (93 | ) | |||
Estimated initial impact to AOCI (after-tax)(1) | $ | (4,597 | ) | $ | (2,547 | ) | $ | (2,279 | ) | $ | 1,772 | |
Estimated initial impact to Common Equity Tier 1 Capital ratio (bps) | (31 | ) | (17 | ) | (16 | ) | 12 |
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 | ) | |||||||||
10-year rate change (bps) | 100 | — | 100 | (100 | ) | (100 | ) | ||||||||
Estimated annualized impact to net interest revenue | |||||||||||||||
U.S. dollar | $ | 527 | $ | 481 | $ | 35 | $ | (52 | ) | $ | (810 | ) | |||
All other currencies | 677 | 628 | 39 | (39 | ) | (532 | ) | ||||||||
Total | $ | 1,204 | $ | 1,109 | $ | 74 | $ | (91 | ) | $ | (1,342 | ) | |||
Estimated initial impact to AOCI (after-tax)(1) | $ | (3,828 | ) | $ | (2,312 | ) | $ | (1,620 | ) | $ | 1,116 | $ | 3,141 | ||
Estimated initial impact to Common Equity Tier 1 Capital ratio (bps) | (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) | Sept. 30, 2018 | Jun. 30, 2018 | Sept. 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) | (0.2 | )% | (5.8 | )% | 1.1 | % | 0.4 | % | (1.6 | )% | 2.5 | % | ||||||
Change in TCE due to FX translation, net of hedges | $ | (354 | ) | $ | (2,241 | ) | $ | 222 | $ | 65 | $ | (491 | ) | $ | 676 | |||
As a percentage of TCE | (0.2 | )% | (1.5 | )% | 0.1 | % | — | % | (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) | — | — | (3 | ) | — | (1 | ) | (2 | ) |
(1) | FX spot rate change is a weighted average based upon Citi’s quarterly average GAAP capital exposure to foreign countries. |
3rd Qtr. | 2nd Qtr. | 3rd Qtr. | Change | 1st Qtr. | 4th Qtr. | 1st Qtr. | Change | |||||||||||||||||||||||
In millions of dollars, except as otherwise noted | 2018 | 2018 | 2017 | 3Q18 vs. 3Q17 | 2019 | 2018 | 2018 | 1Q19 vs. 1Q18 | ||||||||||||||||||||||
Interest revenue(1) | $ | 18,228 | $ | 17,613 | $ | 16,037 | 14 | % | $ | 19,140 | $ | 18,845 | $ | 16,396 | 17 | % | ||||||||||||||
Interest expense(2) | 6,368 | 5,885 | 4,379 | 45 | 7,317 | 6,853 | 5,160 | 42 | ||||||||||||||||||||||
Net interest revenue | $ | 11,860 | $ | 11,728 | $ | 11,658 | 2 | % | $ | 11,823 | $ | 11,992 | $ | 11,236 | 5 | % | ||||||||||||||
Interest revenue—average rate | 4.15 | % | 4.05 | % | 3.77 | % | 38 | bps | 4.40 | % | 4.26 | % | 3.85 | % | 55 | bps | ||||||||||||||
Interest expense—average rate | 1.83 | 1.73 | 1.33 | 50 | bps | 2.10 | 1.95 | 1.56 | 54 | bps | ||||||||||||||||||||
Net interest margin(3) | 2.70 | 2.70 | 2.74 | (4 | ) | 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 | 2.67 | % | 2.48 | % | 1.36 | % | 131 | bps | 2.49 | % | 2.80 | % | 2.16 | % | 33 | bps | ||||||||||||||
10-year U.S. Treasury note—average rate | 2.92 | 2.92 | 2.24 | 68 | bps | 2.65 | 3.04 | 2.76 | (11 | ) | bps | |||||||||||||||||||
10-year vs. two-year spread | 25 | bps | 44 | bps | 88 | 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 | |||||||||||||||||||||||||||||||||||||||||||
3rd Qtr. | 2nd Qtr. | 3rd Qtr. | 3rd Qtr. | 2nd Qtr. | 3rd Qtr. | 3rd Qtr. | 2nd Qtr. | 3rd 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) | $ | 186,907 | $ | 176,151 | $ | 176,942 | $ | 629 | $ | 493 | $ | 486 | 1.34 | % | 1.12 | % | 1.09 | % | $ | 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 | $ | 154,120 | $ | 153,273 | $ | 136,681 | $ | 1,065 | $ | 838 | $ | 524 | 2.74 | % | 2.19 | % | 1.52 | % | $ | 152,530 | $ | 151,760 | $ | 140,357 | $ | 1,262 | $ | 1,202 | $ | 713 | 3.36 | % | 3.14 | % | 2.06 | % | ||||||||||||
In offices outside the U.S.(4) | 114,389 | 118,098 | 108,770 | 360 | 498 | 334 | 1.25 | 1.69 | 1.22 | 123,109 | 124,372 | 113,920 | 528 | 490 | 326 | 1.74 | 1.56 | 1.16 | ||||||||||||||||||||||||||||||
Total | $ | 268,509 | $ | 271,371 | $ | 245,451 | $ | 1,425 | $ | 1,336 | $ | 858 | 2.11 | % | 1.97 | % | 1.39 | % | $ | 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 | $ | 92,034 | $ | 92,791 | $ | 98,725 | $ | 1,048 | $ | 851 | $ | 918 | 4.52 | % | 3.68 | % | 3.69 | % | $ | 95,904 | $ | 93,877 | $ | 97,558 | $ | 940 | $ | 938 | $ | 869 | 3.98 | % | 3.96 | % | 3.61 | % | ||||||||||||
In offices outside the U.S.(4) | 112,979 | 117,840 | 105,882 | 614 | 922 | 555 | 2.16 | 3.14 | 2.08 | 124,673 | 112,983 | 118,603 | 752 | 567 | 512 | 2.45 | 1.99 | 1.75 | ||||||||||||||||||||||||||||||
Total | $ | 205,013 | $ | 210,631 | $ | 204,607 | $ | 1,662 | $ | 1,773 | $ | 1,473 | 3.22 | % | 3.38 | % | 2.86 | % | $ | 220,577 | $ | 206,860 | $ | 216,161 | $ | 1,692 | $ | 1,505 | $ | 1,381 | 3.11 | % | 2.89 | % | 2.59 | % | ||||||||||||
Investments | ||||||||||||||||||||||||||||||||||||||||||||||||
In U.S. offices | ||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | $ | 227,282 | $ | 225,886 | $ | 227,680 | $ | 1,343 | $ | 1,315 | $ | 1,138 | 2.34 | % | 2.34 | % | 1.98 | % | $ | 225,733 | $ | 232,169 | $ | 229,407 | $ | 1,509 | $ | 1,449 | $ | 1,224 | 2.71 | % | 2.48 | % | 2.16 | % | ||||||||||||
Exempt from U.S. income tax | 17,088 | 17,339 | 17,890 | 175 | 180 | 181 | 4.06 | 4.16 | 4.01 | 16,287 | 16,838 | 17,531 | 129 | 181 | 170 | 3.21 | 4.26 | 3.93 | ||||||||||||||||||||||||||||||
In offices outside the U.S.(4) | 103,120 | 104,562 | 106,456 | 903 | 913 | 835 | 3.47 | 3.50 | 3.11 | 108,988 | 103,144 | 105,307 | 940 | 907 | 877 | 3.50 | 3.49 | 3.38 | ||||||||||||||||||||||||||||||
Total | $ | 347,490 | $ | 347,787 | $ | 352,026 | $ | 2,421 | $ | 2,408 | $ | 2,154 | 2.76 | % | 2.78 | % | 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 | $ | 385,610 | $ | 382,972 | $ | 372,067 | $ | 7,331 | $ | 6,958 | $ | 6,650 | 7.54 | % | 7.29 | % | 7.09 | % | $ | 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) | 284,663 | 286,772 | 274,254 | 4,326 | 4,251 | 4,124 | 6.03 | 5.95 | 5.97 | 285,811 | 283,014 | 287,568 | 4,341 | 4,375 | 4,177 | 6.16 | 6.13 | 5.89 | ||||||||||||||||||||||||||||||
Total | $ | 670,273 | $ | 669,744 | $ | 646,321 | $ | 11,657 | $ | 11,209 | $ | 10,774 | 6.90 | % | 6.71 | % | 6.61 | % | $ | 679,209 | $ | 675,474 | $ | 667,925 | $ | 11,990 | $ | 11,981 | $ | 10,909 | 7.16 | % | 7.04 | % | 6.62 | % | ||||||||||||
Other interest-earning assets(9) | $ | 63,741 | $ | 69,341 | $ | 61,677 | $ | 434 | $ | 394 | $ | 292 | 2.70 | % | 2.28 | % | 1.88 | % | $ | 66,925 | $ | 69,243 | $ | 66,761 | $ | 483 | $ | 481 | $ | 364 | 2.93 | % | 2.76 | % | 2.21 | % | ||||||||||||
Total interest-earning assets | $ | 1,741,933 | $ | 1,745,025 | $ | 1,687,024 | $ | 18,228 | $ | 17,613 | $ | 16,037 | 4.15 | % | 4.05 | % | 3.77 | % | $ | 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) | $ | 180,871 | $ | 172,077 | $ | 205,268 | $ | 174,687 | $ | 181,680 | $ | 175,987 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,922,804 | $ | 1,917,102 | $ | 1,892,292 | $ | 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 | |||||||||||||||||||||||||||||||||||||||||||
3rd Qtr. | 2nd Qtr. | 3rd Qtr. | 3rd Qtr. | 2nd Qtr. | 3rd Qtr. | 3rd Qtr. | 2nd Qtr. | 3rd 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) | $ | 341,679 | $ | 332,595 | $ | 318,881 | $ | 1,231 | $ | 1,041 | $ | 695 | 1.43 | % | 1.26 | % | 0.86 | % | $ | 366,247 | $ | 354,613 | $ | 323,355 | $ | 1,489 | $ | 1,331 | $ | 897 | 1.65 | % | 1.49 | % | 1.13 | % | ||||||||||||
In offices outside the U.S.(5) | 452,197 | 453,025 | 438,561 | 1,349 | 1,203 | 1,080 | 1.18 | 1.07 | 0.98 | 473,142 | 463,533 | 446,416 | 1,538 | 1,464 | 1,100 | 1.32 | 1.25 | 1.00 | ||||||||||||||||||||||||||||||
Total | $ | 793,876 | $ | 785,620 | $ | 757,442 | $ | 2,580 | $ | 2,244 | $ | 1,775 | 1.29 | % | 1.15 | % | 0.93 | % | $ | 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 | $ | 105,194 | $ | 102,517 | $ | 93,167 | $ | 872 | $ | 796 | $ | 423 | 3.29 | % | 3.11 | % | 1.80 | % | $ | 111,033 | $ | 104,647 | $ | 99,015 | $ | 1,107 | $ | 1,048 | $ | 604 | 4.04 | % | 3.97 | % | 2.47 | % | ||||||||||||
In offices outside the U.S.(5) | 70,638 | 68,556 | 64,897 | 378 | 428 | 289 | 2.12 | 2.50 | 1.77 | 72,904 | 72,411 | 65,450 | 482 | 418 | 345 | 2.68 | 2.29 | 2.14 | ||||||||||||||||||||||||||||||
Total | $ | 175,832 | $ | 171,073 | $ | 158,064 | $ | 1,250 | $ | 1,224 | $ | 712 | 2.82 | % | 2.87 | % | 1.79 | % | $ | 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 | $ | 38,385 | $ | 36,103 | $ | 32,622 | $ | 167 | $ | 140 | $ | 104 | 1.73 | % | 1.56 | % | 1.26 | % | $ | 40,163 | $ | 40,735 | $ | 33,996 | $ | 196 | $ | 178 | $ | 127 | 1.98 | % | 1.73 | % | 1.52 | % | ||||||||||||
In offices outside the U.S.(5) | 57,746 | 61,048 | 57,187 | 106 | 96 | 65 | 0.73 | 0.63 | 0.45 | 55,127 | 59,157 | 57,725 | 131 | 99 | 88 | 0.96 | 0.66 | 0.62 | ||||||||||||||||||||||||||||||
Total | $ | 96,131 | $ | 97,151 | $ | 89,809 | $ | 273 | $ | 236 | $ | 169 | 1.13 | % | 0.97 | % | 0.75 | % | $ | 95,290 | $ | 99,892 | $ | 91,721 | $ | 327 | $ | 277 | $ | 215 | 1.39 | % | 1.10 | % | 0.95 | % | ||||||||||||
Short-term borrowings(9) | ||||||||||||||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 85,592 | $ | 84,338 | $ | 77,211 | $ | 502 | $ | 439 | $ | 234 | 2.33 | % | 2.09 | % | 1.20 | % | $ | 75,440 | $ | 80,903 | $ | 89,202 | $ | 571 | $ | 555 | $ | 389 | 3.07 | % | 2.72 | % | 1.77 | % | ||||||||||||
In offices outside the U.S.(5) | 22,579 | 23,854 | 20,928 | 76 | 84 | 84 | 1.34 | 1.41 | 1.59 | 23,740 | 23,693 | 23,482 | 81 | 82 | 82 | 1.38 | 1.37 | 1.42 | ||||||||||||||||||||||||||||||
Total | $ | 108,171 | $ | 108,192 | $ | 98,139 | $ | 578 | $ | 523 | $ | 318 | 2.12 | % | 1.94 | % | 1.29 | % | $ | 99,180 | $ | 104,596 | $ | 112,684 | $ | 652 | $ | 637 | $ | 471 | 2.67 | % | 2.42 | % | 1.70 | % | ||||||||||||
Long-term debt(10) | ||||||||||||||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 200,199 | $ | 198,291 | $ | 198,766 | $ | 1,647 | $ | 1,620 | $ | 1,377 | 3.26 | % | 3.28 | % | 2.75 | % | $ | 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) | 5,390 | 4,980 | 4,298 | 40 | 38 | 28 | 2.94 | 3.06 | 2.58 | 5,060 | 4,857 | 4,353 | 37 | 41 | 46 | 2.97 | 3.35 | 4.29 | ||||||||||||||||||||||||||||||
Total | $ | 205,589 | $ | 203,271 | $ | 203,064 | $ | 1,687 | $ | 1,658 | $ | 1,405 | 3.26 | % | 3.27 | % | 2.75 | % | $ | 196,963 | $ | 198,174 | $ | 204,277 | $ | 1,722 | $ | 1,678 | $ | 1,528 | 3.55 | % | 3.36 | % | 3.03 | % | ||||||||||||
Total interest-bearing liabilities | $ | 1,379,599 | $ | 1,365,307 | $ | 1,306,518 | $ | 6,368 | $ | 5,885 | $ | 4,379 | 1.83 | % | 1.73 | % | 1.33 | % | $ | 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 | $ | 31,697 | $ | 33,737 | $ | 37,673 | $ | 26,893 | $ | 32,629 | $ | 35,528 | ||||||||||||||||||||||||||||||||||||
Other non-interest-bearing liabilities(7) | 312,174 | 316,907 | 318,060 | 301,259 | 310,369 | 324,002 | ||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 1,723,470 | $ | 1,715,951 | $ | 1,662,251 | $ | 1,742,911 | $ | 1,740,864 | $ | 1,702,448 | ||||||||||||||||||||||||||||||||||||
Citigroup stockholders’ equity | $ | 198,494 | $ | 200,295 | $ | 229,017 | $ | 195,705 | $ | 195,101 | $ | 200,833 | ||||||||||||||||||||||||||||||||||||
Noncontrolling interest | 840 | 856 | 1,024 | 798 | 827 | 942 | ||||||||||||||||||||||||||||||||||||||||||
Total equity | $ | 199,334 | $ | 201,151 | $ | 230,041 | $ | 196,503 | $ | 195,928 | $ | 201,775 | ||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,922,804 | $ | 1,917,102 | $ | 1,892,292 | $ | 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 | $ | 1,005,236 | $ | 983,786 | $ | 975,283 | $ | 7,307 | $ | 6,710 | $ | 7,046 | 2.88 | % | 2.74 | % | 2.87 | % | $ | 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) | 736,697 | 761,239 | 711,741 | 4,553 | 5,018 | 4,612 | 2.45 | 2.64 | 2.57 | 768,160 | 747,711 | 754,484 | 4,591 | 4,569 | 4,519 | 2.42 | 2.42 | 2.43 | ||||||||||||||||||||||||||||||
Total | $ | 1,741,933 | $ | 1,745,025 | $ | 1,687,024 | $ | 11,860 | $ | 11,728 | $ | 11,658 | 2.70 | % | 2.70 | % | 2.74 | % | $ | 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 | ||||||||||||||
Nine Months | Nine Months | Nine Months | Nine Months | Nine Months | Nine Months | |||||||||||
In millions of dollars, except rates | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | ||||||||||
Assets | ||||||||||||||||
Deposits with banks(5) | $ | 177,975 | $ | 165,910 | $ | 1,554 | $ | 1,156 | 1.17 | % | 0.93 | % | ||||
Federal funds sold and securities borrowed or purchased under agreements to resell(6) | ||||||||||||||||
In U.S. offices | $ | 149,251 | $ | 141,723 | $ | 2,616 | $ | 1,364 | 2.34 | % | 1.29 | % | ||||
In offices outside the U.S.(5) | 115,469 | 105,527 | 1,184 | 984 | 1.37 | 1.25 | ||||||||||
Total | $ | 264,720 | $ | 247,250 | $ | 3,800 | $ | 2,348 | 1.92 | % | 1.27 | % | ||||
Trading account assets(7)(8) | ||||||||||||||||
In U.S. offices | $ | 94,128 | $ | 100,214 | $ | 2,768 | $ | 2,679 | 3.93 | % | 3.57 | % | ||||
In offices outside the U.S.(5) | 116,474 | 101,159 | 2,048 | 1,624 | 2.35 | 2.15 | ||||||||||
Total | $ | 210,602 | $ | 201,373 | $ | 4,816 | $ | 4,303 | 3.06 | % | 2.86 | % | ||||
Investments | ||||||||||||||||
In U.S. offices | ||||||||||||||||
Taxable | $ | 227,525 | $ | 224,384 | $ | 3,882 | $ | 3,258 | 2.28 | % | 1.94 | % | ||||
Exempt from U.S. income tax | 17,319 | 18,345 | 525 | 574 | 4.05 | 4.18 | ||||||||||
In offices outside the U.S.(5) | 104,330 | 106,813 | 2,693 | 2,454 | 3.45 | 3.07 | ||||||||||
Total | $ | 349,174 | $ | 349,542 | $ | 7,100 | $ | 6,286 | 2.72 | % | 2.40 | % | ||||
Loans (net of unearned income)(9) | ||||||||||||||||
In U.S. offices | $ | 382,980 | $ | 369,602 | $ | 21,021 | $ | 19,316 | 7.34 | % | 6.99 | % | ||||
In offices outside the U.S.(5) | 286,334 | 265,060 | 12,754 | 11,844 | 5.96 | 5.97 | ||||||||||
Total | $ | 669,314 | $ | 634,662 | $ | 33,775 | $ | 31,160 | 6.75 | % | 6.56 | % | ||||
Other interest-earning assets(10) | $ | 66,614 | $ | 59,506 | $ | 1,192 | $ | 846 | 2.39 | % | 1.90 | % | ||||
Total interest-earning assets | $ | 1,738,399 | $ | 1,658,243 | $ | 52,237 | $ | 46,099 | 4.02 | % | 3.72 | % | ||||
Non-interest-earning assets(7) | $ | 176,312 | $ | 205,775 | ||||||||||||
Total assets | $ | 1,914,711 | $ | 1,864,018 |
Average volume | Interest expense | % Average rate | ||||||||||||||
Nine Months | Nine Months | Nine Months | Nine Months | Nine Months | Nine Months | |||||||||||
In millions of dollars, except rates | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | ||||||||||
Liabilities | ||||||||||||||||
Deposits | ||||||||||||||||
In U.S. offices(5) | $ | 332,542 | $ | 310,977 | $ | 3,169 | $ | 1,795 | 1.27 | % | 0.77 | % | ||||
In offices outside the U.S.(6) | 450,546 | 435,704 | 3,652 | 2,998 | 1.08 | 0.92 | ||||||||||
Total | $ | 783,088 | $ | 746,681 | $ | 6,821 | $ | 4,793 | 1.16 | % | 0.86 | % | ||||
Federal funds purchased and securities loaned or sold under agreements to repurchase(7) | ||||||||||||||||
In U.S. offices | $ | 102,242 | $ | 96,417 | $ | 2,272 | $ | 1,101 | 2.97 | % | 1.53 | % | ||||
In offices outside the U.S.(6) | 68,215 | 59,559 | 1,151 | 780 | 2.26 | 1.75 | ||||||||||
Total | $ | 170,457 | $ | 155,976 | $ | 3,423 | $ | 1,881 | 2.68 | % | 1.61 | % | ||||
Trading account liabilities(8)(9) | ||||||||||||||||
In U.S. offices | $ | 36,161 | $ | 33,041 | $ | 434 | $ | 269 | 1.60 | % | 1.09 | % | ||||
In offices outside the U.S.(6) | 58,840 | 57,862 | 290 | 193 | 0.66 | 0.45 | ||||||||||
Total | $ | 95,001 | $ | 90,903 | $ | 724 | $ | 462 | 1.02 | % | 0.68 | % | ||||
Short-term borrowings(10) | ||||||||||||||||
In U.S. offices | $ | 86,377 | $ | 72,435 | $ | 1,330 | $ | 422 | 2.06 | % | 0.78 | % | ||||
In offices outside the U.S.(6) | 23,305 | 22,668 | 242 | 297 | 1.39 | 1.75 | ||||||||||
Total | $ | 109,682 | $ | 95,103 | $ | 1,572 | $ | 719 | 1.92 | % | 1.01 | % | ||||
Long-term debt(11) | ||||||||||||||||
In U.S. offices | $ | 199,471 | $ | 188,344 | $ | 4,749 | $ | 3,993 | 3.18 | % | 2.83 | % | ||||
In offices outside the U.S.(6) | 4,908 | 4,715 | 124 | 133 | 3.38 | 3.77 | ||||||||||
Total | $ | 204,379 | $ | 193,059 | $ | 4,873 | $ | 4,126 | 3.19 | % | 2.86 | % | ||||
Total interest-bearing liabilities | $ | 1,362,607 | $ | 1,281,722 | $ | 17,413 | $ | 11,981 | 1.71 | % | 1.25 | % | ||||
Demand deposits in U.S. offices | $ | 33,654 | $ | 38,064 | ||||||||||||
Other non-interest-bearing liabilities(8) | 317,697 | 313,605 | ||||||||||||||
Total liabilities | $ | 1,713,958 | $ | 1,633,391 | ||||||||||||
Citigroup stockholders’ equity(12) | $ | 199,874 | $ | 229,618 | ||||||||||||
Noncontrolling interest | 879 | 1,009 | ||||||||||||||
Total equity(12) | $ | 200,753 | $ | 230,627 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 1,914,711 | $ | 1,864,018 | ||||||||||||
Net interest revenue as a percentage of average interest-earning assets | ||||||||||||||||
In U.S. offices | $ | 987,592 | $ | 963,789 | $ | 20,734 | $ | 20,588 | 2.81 | % | 2.86 | % | ||||
In offices outside the U.S.(6) | 750,807 | 694,454 | 14,090 | 13,530 | 2.51 | 2.60 | ||||||||||
Total | $ | 1,738,399 | $ | 1,658,243 | $ | 34,824 | $ | 34,118 | 2.68 | % | 2.75 | % |
3rd Qtr. 2018 vs. 2nd Qtr. 2018 | 3rd Qtr. 2018 vs. 3rd 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) | $ | 32 | $ | 104 | $ | 136 | $ | 29 | $ | 114 | $ | 143 | $ | (14 | ) | $ | (28 | ) | $ | (42 | ) | $ | 1 | $ | 174 | $ | 175 | |||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | ||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 5 | $ | 222 | $ | 227 | $ | 74 | $ | 467 | $ | 541 | $ | 6 | $ | 54 | $ | 60 | $ | 67 | $ | 482 | $ | 549 | ||||||||||||
In offices outside the U.S.(4) | (15 | ) | (123 | ) | (138 | ) | 18 | 8 | 26 | (5 | ) | 43 | 38 | 28 | 174 | 202 | ||||||||||||||||||||
Total | $ | (10 | ) | $ | 99 | $ | 89 | $ | 92 | $ | 475 | $ | 567 | $ | 1 | $ | 97 | $ | 98 | $ | 95 | $ | 656 | $ | 751 | |||||||||||
Trading account assets(5) | ||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | (7 | ) | $ | 204 | $ | 197 | $ | (65 | ) | $ | 195 | $ | 130 | $ | 20 | $ | (18 | ) | $ | 2 | $ | (15 | ) | $ | 86 | $ | 71 | ||||||||
In offices outside the U.S.(4) | (37 | ) | (271 | ) | (308 | ) | 38 | 21 | 59 | 63 | 122 | 185 | 27 | 213 | 240 | |||||||||||||||||||||
Total | $ | (44 | ) | $ | (67 | ) | $ | (111 | ) | $ | (27 | ) | $ | 216 | $ | 189 | $ | 83 | $ | 104 | $ | 187 | $ | 12 | $ | 299 | $ | 311 | ||||||||
Investments(1) | ||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 7 | $ | 16 | $ | 23 | $ | (6 | ) | $ | 205 | $ | 199 | $ | (46 | ) | $ | 54 | $ | 8 | $ | (28 | ) | $ | 272 | $ | 244 | |||||||||
In offices outside the U.S.(4) | (13 | ) | 3 | (10 | ) | (27 | ) | 95 | 68 | 51 | (18 | ) | 33 | 31 | 32 | 63 | ||||||||||||||||||||
Total | $ | (6 | ) | $ | 19 | $ | 13 | $ | (33 | ) | $ | 300 | $ | 267 | $ | 5 | $ | 36 | $ | 41 | $ | 3 | $ | 304 | $ | 307 | ||||||||||
Loans (net of unearned income)(6) | ||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 48 | $ | 325 | $ | 373 | $ | 248 | $ | 433 | $ | 681 | $ | 18 | $ | 25 | $ | 43 | $ | 237 | $ | 680 | $ | 917 | ||||||||||||
In offices outside the U.S.(4) | (31 | ) | 106 | 75 | 158 | 44 | 202 | 43 | (77 | ) | (34 | ) | (26 | ) | 190 | 164 | ||||||||||||||||||||
Total | $ | 17 | $ | 431 | $ | 448 | $ | 406 | $ | 477 | $ | 883 | $ | 61 | $ | (52 | ) | $ | 9 | $ | 211 | $ | 870 | $ | 1,081 | |||||||||||
Other interest-earning assets(7) | $ | (34 | ) | $ | 74 | $ | 40 | $ | 10 | $ | 132 | $ | 142 | $ | (16 | ) | $ | 18 | $ | 2 | $ | 1 | $ | 118 | $ | 119 | ||||||||||
Total interest revenue | $ | (45 | ) | $ | 660 | $ | 615 | $ | 477 | $ | 1,714 | $ | 2,191 | $ | 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. |
3rd Qtr. 2018 vs. 2nd Qtr. 2018 | 3rd Qtr. 2018 vs. 3rd 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 | $ | 29 | $ | 161 | $ | 190 | $ | 53 | $ | 483 | $ | 536 | $ | 45 | $ | 113 | $ | 158 | $ | 131 | $ | 461 | $ | 592 | ||||||||||||
In offices outside the U.S.(4) | (2 | ) | 148 | 146 | 34 | 235 | 269 | 31 | 43 | 74 | 69 | 369 | 438 | |||||||||||||||||||||||
Total | $ | 27 | $ | 309 | $ | 336 | $ | 87 | $ | 718 | $ | 805 | $ | 76 | $ | 156 | $ | 232 | $ | 200 | $ | 830 | $ | 1,030 | ||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | ||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 21 | $ | 55 | $ | 76 | $ | 61 | $ | 388 | $ | 449 | $ | 64 | $ | (5 | ) | $ | 59 | $ | 81 | $ | 422 | $ | 503 | |||||||||||
In offices outside the U.S.(4) | 13 | (63 | ) | (50 | ) | 27 | 62 | 89 | 3 | 61 | 64 | 42 | 95 | 137 | ||||||||||||||||||||||
Total | $ | 34 | $ | (8 | ) | $ | 26 | $ | 88 | $ | 450 | $ | 538 | $ | 67 | $ | 56 | $ | 123 | $ | 123 | $ | 517 | $ | 640 | |||||||||||
Trading account liabilities(5) | ||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 9 | $ | 18 | $ | 27 | $ | 21 | $ | 42 | $ | 63 | $ | (3 | ) | $ | 21 | $ | 18 | $ | 26 | $ | 43 | $ | 69 | |||||||||||
In offices outside the U.S.(4) | (5 | ) | 15 | 10 | 1 | 40 | 41 | (7 | ) | 39 | 32 | (4 | ) | 47 | 43 | |||||||||||||||||||||
Total | $ | 4 | $ | 33 | $ | 37 | $ | 22 | $ | 82 | $ | 104 | $ | (10 | ) | $ | 60 | $ | 50 | $ | 22 | $ | 90 | $ | 112 | |||||||||||
Short-term borrowings(6) | ||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 7 | $ | 56 | $ | 63 | $ | 28 | $ | 240 | $ | 268 | $ | (39 | ) | $ | 55 | $ | 16 | $ | (68 | ) | $ | 250 | $ | 182 | ||||||||||
In offices outside the U.S.(4) | (4 | ) | (4 | ) | (8 | ) | 6 | (14 | ) | (8 | ) | — | (1 | ) | (1 | ) | 1 | (2 | ) | (1 | ) | |||||||||||||||
Total | $ | 3 | $ | 52 | $ | 55 | $ | 34 | $ | 226 | $ | 260 | $ | (39 | ) | $ | 54 | $ | 15 | $ | (67 | ) | $ | 248 | $ | 181 | ||||||||||
Long-term debt | ||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 16 | $ | 11 | $ | 27 | $ | 10 | $ | 260 | $ | 270 | $ | (12 | ) | $ | 60 | $ | 48 | $ | (61 | ) | $ | 264 | $ | 203 | ||||||||||
In offices outside the U.S.(4) | 3 | (1 | ) | 2 | 8 | 4 | 12 | 2 | (6 | ) | (4 | ) | 7 | (16 | ) | (9 | ) | |||||||||||||||||||
Total | $ | 19 | $ | 10 | $ | 29 | $ | 18 | $ | 264 | $ | 282 | $ | (10 | ) | $ | 54 | $ | 44 | $ | (54 | ) | $ | 248 | $ | 194 | ||||||||||
Total interest expense | $ | 85 | $ | 396 | $ | 483 | $ | 249 | $ | 1,740 | $ | 1,989 | $ | 84 | $ | 380 | $ | 464 | $ | 224 | $ | 1,933 | $ | 2,157 | ||||||||||||
Net interest revenue | $ | (130 | ) | $ | 262 | $ | 132 | $ | 225 | $ | (23 | ) | $ | 202 | $ | 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. |
Nine Months 2018 vs. Nine Months 2017 | |||||||||
Increase (decrease) due to change in: | |||||||||
In millions of dollars | Average volume | Average rate | Net change(2) | ||||||
Deposits with banks(4) | $ | 89 | $ | 309 | $ | 398 | |||
Federal funds sold and securities borrowed or purchased under agreements to resell | |||||||||
In U.S. offices | $ | 76 | $ | 1,176 | $ | 1,252 | |||
In offices outside the U.S.(4) | 97 | 103 | 200 | ||||||
Total | $ | 173 | $ | 1,279 | $ | 1,452 | |||
Trading account assets(5) | |||||||||
In U.S. offices | $ | (169 | ) | $ | 258 | $ | 89 | ||
In offices outside the U.S.(4) | 260 | 164 | 424 | ||||||
Total | $ | 91 | $ | 422 | $ | 513 | |||
Investments(1) | |||||||||
In U.S. offices | $ | 34 | $ | 541 | $ | 575 | |||
In offices outside the U.S.(4) | (58 | ) | 297 | 239 | |||||
Total | $ | (24 | ) | $ | 838 | $ | 814 | ||
Loans (net of unearned income)(6) | |||||||||
In U.S. offices | $ | 714 | $ | 991 | $ | 1,705 | |||
In offices outside the U.S.(4) | 948 | (38 | ) | 910 | |||||
Total | $ | 1,662 | $ | 953 | $ | 2,615 | |||
Other interest-earning assets | $ | 109 | $ | 237 | $ | 346 | |||
Total interest revenue | $ | 2,100 | $ | 4,038 | $ | 6,138 | |||
Deposits(7) | |||||||||
In U.S. offices | $ | 132 | $ | 1,242 | $ | 1,374 | |||
In offices outside the U.S.(4) | 105 | 549 | 654 | ||||||
Total | $ | 237 | $ | 1,791 | $ | 2,028 | |||
Federal funds purchased and securities loaned or sold under agreements to repurchase | |||||||||
In U.S. offices | $ | 70 | $ | 1,101 | $ | 1,171 | |||
In offices outside the U.S.(4) | 124 | 247 | 371 | ||||||
Total | $ | 194 | $ | 1,348 | $ | 1,542 | |||
Trading account liabilities(5) | |||||||||
In U.S. offices | $ | 27 | $ | 138 | $ | 165 | |||
In offices outside the U.S.(4) | 3 | 94 | 97 | ||||||
Total | $ | 30 | $ | 232 | $ | 262 | |||
Short-term borrowings | |||||||||
In U.S. offices | $ | 95 | $ | 813 | $ | 908 | |||
In offices outside the U.S.(4) | 8 | (63 | ) | (55 | ) | ||||
Total | $ | 103 | $ | 750 | $ | 853 | |||
Long-term debt | |||||||||
In U.S. offices | $ | 245 | $ | 511 | $ | 756 | |||
In offices outside the U.S.(4) | 5 | (14 | ) | (9 | ) | ||||
Total | $ | 250 | $ | 497 | $ | 747 | |||
Total interest expense | $ | 814 | $ | 4,618 | $ | 5,432 | |||
Net interest revenue | $ | 1,286 | $ | (580 | ) | $ | 706 |
Third Quarter | Second Quarter | Third Quarter | First Quarter | Fourth Quarter | First Quarter | |||||||||||||||||||||||||||||||
In millions of dollars | September 30, 2018 | 2018 Average | June 30, 2018 | 2018 Average | September 30, 2017 | 2017 Average | March 31, 2019 | 2019 Average | December 31, 2018 | 2018 Average | March 31, 2018 | 2018 Average | ||||||||||||||||||||||||
Interest rate | $ | 33 | $ | 58 | $ | 60 | $ | 61 | $ | 63 | $ | 63 | $ | 32 | $ | 37 | $ | 48 | $ | 54 | $ | 84 | $ | 68 | ||||||||||||
Credit spread | 45 | 42 | 46 | 47 | 43 | 44 | 43 | 48 | 55 | 51 | 52 | 49 | ||||||||||||||||||||||||
Covariance adjustment(1) | (17 | ) | (24 | ) | (25 | ) | (26 | ) | (28 | ) | (23 | ) | (21 | ) | (23 | ) | (23 | ) | (22 | ) | (24 | ) | (25 | ) | ||||||||||||
Fully diversified interest rate and credit spread(2) | $ | 61 | $ | 76 | $ | 81 | $ | 82 | $ | 78 | $ | 84 | $ | 54 | $ | 62 | $ | 80 | $ | 83 | $ | 112 | $ | 92 | ||||||||||||
Foreign exchange | 18 | 21 | 29 | 30 | 26 | 26 | 15 | 26 | 18 | 21 | 33 | 30 | ||||||||||||||||||||||||
Equity | 23 | 21 | 23 | 20 | 15 | 13 | 20 | 17 | 25 | 23 | 20 | 22 | ||||||||||||||||||||||||
Commodity | 17 | 21 | 16 | 17 | 20 | 23 | 30 | 28 | 23 | 20 | 19 | 20 | ||||||||||||||||||||||||
Covariance adjustment(1) | (58 | ) | (68 | ) | (74 | ) | (69 | ) | (64 | ) | (65 | ) | (66 | ) | (67 | ) | (66 | ) | (65 | ) | (73 | ) | (71 | ) | ||||||||||||
Total trading VAR—all market risk factors, including general and specific risk (excluding credit portfolios)(2) | $ | 61 | $ | 71 | $ | 75 | $ | 80 | $ | 75 | $ | 81 | $ | 53 | $ | 66 | $ | 80 | $ | 82 | $ | 111 | $ | 93 | ||||||||||||
Specific risk-only component(3) | $ | 7 | $ | 1 | $ | 2 | $ | 3 | $ | 3 | $ | 2 | $ | 2 | $ | 3 | $ | 4 | $ | 78 | $ | 3 | $ | 3 | ||||||||||||
Total trading VAR—general market risk factors only (excluding credit portfolios) | $ | 54 | $ | 70 | $ | 73 | $ | 77 | $ | 72 | $ | 79 | $ | 51 | $ | 63 | $ | 76 | $ | 4 | $ | 108 | $ | 90 | ||||||||||||
Incremental impact of the credit portfolio(4) | $ | 11 | $ | 11 | $ | 16 | $ | 10 | $ | 8 | $ | 8 | $ | 14 | $ | 15 | $ | 18 | $ | 13 | $ | 5 | $ | 9 | ||||||||||||
Total trading and credit portfolio VAR | $ | 72 | $ | 82 | $ | 91 | $ | 90 | $ | 83 | $ | 89 | $ | 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. |
Third Quarter | Second Quarter | Third 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 | $ | 33 | $ | 80 | $ | 38 | $ | 91 | $ | 33 | $ | 97 | $ | 30 | $ | 58 | $ | 34 | $ | 81 | $ | 50 | $ | 89 | ||||||||||||
Credit spread | 38 | 47 | 43 | 52 | 38 | 52 | 41 | 55 | 45 | 53 | 45 | 53 | ||||||||||||||||||||||||
Fully diversified interest rate and credit spread | $ | 61 | $ | 95 | $ | 59 | $ | 118 | $ | 59 | $ | 108 | $ | 51 | $ | 89 | $ | 61 | $ | 106 | $ | 78 | $ | 117 | ||||||||||||
Foreign exchange | 13 | 27 | 20 | 44 | 19 | 38 | 15 | 34 | 15 | 26 | 24 | 44 | ||||||||||||||||||||||||
Equity | 16 | 28 | 15 | 26 | 8 | 18 | 10 | 29 | 17 | 33 | 16 | 32 | ||||||||||||||||||||||||
Commodity | 16 | 27 | 13 | 22 | 14 | 31 | 19 | 43 | 17 | 23 | 16 | 23 | ||||||||||||||||||||||||
Total trading | $ | 56 | $ | 91 | $ | 57 | $ | 120 | $ | 58 | $ | 106 | $ | 53 | $ | 87 | $ | 62 | $ | 102 | $ | 79 | $ | 118 | ||||||||||||
Total trading and credit portfolio | 66 | 101 | 69 | 123 | 67 | 112 | 62 | 103 | 74 | 112 | 88 | 124 |
In millions of dollars | Sept. 30, 2018 | Mar. 31, 2019 | ||||
Total—all market risk factors, including general and specific risk | ||||||
Average—during quarter | $ | 71 | $ | 65 | ||
High—during quarter | 91 | 86 | ||||
Low—during quarter | 56 | 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 3Q18 | Total as of 2Q18 | Total as of 3Q17 | Total as a % of Citi as of 3Q18 | 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 | $ | 40.3 | $ | — | $ | 8.3 | $ | 62.1 | $ | 11.6 | $ | (3.4 | ) | $ | 5.6 | $ | (0.8 | ) | $ | 123.7 | $ | 125.8 | $ | 110.2 | 7.7 | % | $ | 41.1 | $ | — | $ | 4.9 | $ | 62.9 | $ | 16.5 | $ | (4.4 | ) | $ | 4.9 | $ | (3.6 | ) | $ | 122.3 | $ | 111.6 | $ | 125.7 | 7.5 | % | ||||||||||||||||||
Mexico | 9.9 | 26.8 | 0.3 | 7.9 | 0.9 | (0.7 | ) | 12.4 | 4.4 | 61.9 | 60.2 | 62.8 | 3.9 | 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 | 16.8 | 12.3 | 0.8 | 6.9 | 1.6 | (0.2 | ) | 6.6 | 1.1 | 45.9 | 45.1 | 40.8 | 2.9 | 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 | 13.3 | 12.3 | 0.4 | 5.1 | 1.6 | (0.2 | ) | 7.9 | 0.6 | 41.0 | 41.2 | 43.8 | 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 | 2.1 | 19.0 | 0.2 | 2.8 | 1.2 | (1.1 | ) | 8.8 | 0.7 | 33.7 | 35.0 | 34.2 | 2.1 | 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 | 12.2 | — | 0.8 | 16.7 | 0.5 | — | — | 0.9 | 31.1 | 31.3 | 28.8 | 1.9 | 13.3 | — | 0.8 | 18.2 | 0.4 | — | — | 0.8 | 33.5 | 33.7 | 32.6 | 2.1 | ||||||||||||||||||||||||||||||||||||||||||||||
India | 4.1 | 6.7 | 0.8 | 5.1 | 2.6 | (0.8 | ) | 7.8 | 0.9 | 27.2 | 27.6 | 28.7 | 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 | 12.8 | — | — | 3.0 | 4.5 | (1.0 | ) | 3.2 | 3.4 | 25.9 | 24.4 | 28.0 | 1.6 | 12.7 | — | — | 2.9 | 5.3 | (0.9 | ) | 3.5 | 3.3 | 26.8 | 26.0 | 26.9 | 1.7 | ||||||||||||||||||||||||||||||||||||||||||||
Australia | 5.1 | 10.0 | — | 6.2 | 1.0 | (0.4 | ) | 1.8 | 0.4 | 24.1 | 23.2 | 27.0 | 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 | 0.1 | — | 0.1 | 4.1 | 3.7 | (3.4 | ) | 9.3 | 5.8 | 19.7 | 16.8 | 18.6 | 1.2 | 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 | 7.4 | 4.7 | 0.4 | 1.9 | 1.5 | (0.5 | ) | 2.8 | 0.6 | 18.8 | 19.5 | 20.8 | 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 | |||||||||||||||||||||||||||||||||||||||||||
Japan | 2.9 | 0.1 | 0.1 | 2.5 | 4.4 | (1.4 | ) | 4.7 | 5.1 | 18.4 | 15.9 | 18.8 | 1.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taiwan | 5.1 | 8.9 | 0.1 | 1.1 | 0.4 | — | 1.1 | 1.1 | 17.8 | 19.0 | 18.5 | 1.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Canada | 2.3 | 0.7 | 0.5 | 7.4 | 2.3 | (0.3 | ) | 3.1 | 0.4 | 16.4 | 15.8 | 16.0 | 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 | 3.7 | 2.0 | 0.1 | 3.8 | 0.1 | (0.1 | ) | 4.0 | 0.8 | 14.4 | 13.0 | 13.6 | 0.9 | 3.8 | 1.9 | 0.1 | 3.9 | 0.1 | (0.1 | ) | 4.3 | 1.3 | 15.3 | 13.2 | 14.7 | 0.9 | ||||||||||||||||||||||||||||||||||||||||||||
Jersey | 6.6 | — | 0.3 | 3.4 | — | — | — | — | 10.3 | 10.0 | 4.5 | 0.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 1.6 | 0.1 | 2.5 | 0.1 | (0.1 | ) | — | — | 9.8 | 10.2 | 6.7 | 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 | 4.7 | 0.3 | 1.1 | 0.2 | (0.1 | ) | 1.3 | 0.3 | 9.6 | 9.7 | 9.1 | 0.6 | 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 | 7.0 | — | 0.3 | 2.7 | 0.1 | (0.2 | ) | — | — | 9.9 | 10.4 | 9.0 | 0.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Thailand | 1.2 | 2.4 | — | 1.5 | — | — | 1.4 | 0.7 | 7.2 | 6.9 | 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 | 2.2 | 1.0 | 0.1 | 1.3 | 0.1 | (0.1 | ) | 1.1 | 0.1 | 5.8 | 6.2 | 6.2 | 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 | — | — | — | — | 0.5 | (0.3 | ) | 4.1 | 0.8 | 5.1 | 4.9 | 6.1 | 0.3 | — | — | — | — | 0.8 | (0.3 | ) | 3.2 | 0.3 | 4.0 | 4.9 | 5.7 | 0.2 | ||||||||||||||||||||||||||||||||||||||||||||
South Africa | 1.8 | — | — | 1.4 | 0.5 | (0.1 | ) | 1.5 | (0.1 | ) | 5.0 | 5.3 | 4.3 | 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 | — | 0.4 | 1.1 | (0.1 | ) | 1.4 | 0.1 | 4.9 | 5.2 | 3.6 | 0.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Russia | 1.8 | 0.9 | — | 0.8 | 0.1 | (0.1 | ) | 0.7 | (0.1 | ) | 4.1 | 4.6 | 5.0 | 0.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Italy | 0.2 | — | — | 2.3 | 5.0 | (4.3 | ) | — | 0.5 | 3.7 | 3.2 | 3.1 | 0.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Argentina | 1.7 | — | — | 0.1 | 0.6 | — | — | 0.9 | 3.3 | 3.4 | 4.3 | 0.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 36.4 | % | 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 | September 30, 2018 | December 31, 2017 | ||||
Total U.S. | $ | 20.4 | $ | 19.9 | ||
Total foreign | 2.6 | 2.6 | ||||
Total | $ | 23.0 | $ | 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 Three | |
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 September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||
In millions of dollars, except per share amounts | 2018 | 2017 | 2018 | 2017 | 2019 | 2018 | ||||||||||||
Revenues | ||||||||||||||||||
Interest revenue | $ | 18,170 | $ | 15,914 | $ | 52,052 | $ | 45,729 | $ | 19,076 | $ | 16,332 | ||||||
Interest expense | 6,368 | 4,379 | 17,413 | 11,981 | 7,317 | 5,160 | ||||||||||||
Net interest revenue | $ | 11,802 | $ | 11,535 | $ | 34,639 | $ | 33,748 | $ | 11,759 | $ | 11,172 | ||||||
Commissions and fees | $ | 2,803 | $ | 3,241 | $ | 8,944 | $ | 9,552 | $ | 2,926 | $ | 3,030 | ||||||
Principal transactions | 2,566 | 2,248 | 8,006 | 7,985 | 2,804 | 3,242 | ||||||||||||
Administration and other fiduciary fees | 911 | 929 | 2,750 | 2,672 | 839 | 905 | ||||||||||||
Realized gains on sales of investments, net | 69 | 213 | 341 | 626 | 130 | 170 | ||||||||||||
Impairment losses on investments | ||||||||||||||||||
Gross impairment losses | (70 | ) | (15 | ) | (113 | ) | (47 | ) | (8 | ) | (28 | ) | ||||||
Net impairment losses recognized in earnings | $ | (70 | ) | $ | (15 | ) | $ | (113 | ) | $ | (47 | ) | $ | (8 | ) | $ | (28 | ) |
Other revenue | $ | 308 | $ | 268 | $ | 1,163 | $ | 404 | $ | 126 | $ | 381 | ||||||
Total non-interest revenues | $ | 6,587 | $ | 6,884 | $ | 21,091 | $ | 21,192 | $ | 6,817 | $ | 7,700 | ||||||
Total revenues, net of interest expense | $ | 18,389 | $ | 18,419 | $ | 55,730 | $ | 54,940 | $ | 18,576 | $ | 18,872 | ||||||
Provisions for credit losses and for benefits and claims | ||||||||||||||||||
Provision for loan losses | $ | 1,906 | $ | 2,146 | $ | 5,504 | $ | 5,487 | $ | 1,944 | $ | 1,803 | ||||||
Policyholder benefits and claims | 26 | 28 | 73 | 81 | 12 | 26 | ||||||||||||
Provision (release) for unfunded lending commitments | 42 | (175 | ) | 66 | (190 | ) | ||||||||||||
Provision for unfunded lending commitments | 24 | 28 | ||||||||||||||||
Total provisions for credit losses and for benefits and claims | $ | 1,974 | $ | 1,999 | $ | 5,643 | $ | 5,378 | $ | 1,980 | $ | 1,857 | ||||||
Operating expenses | ||||||||||||||||||
Compensation and benefits | $ | 5,319 | $ | 5,304 | $ | 16,578 | $ | 16,301 | $ | 5,658 | $ | 5,807 | ||||||
Premises and equipment | 565 | 608 | 1,728 | 1,832 | 564 | 593 | ||||||||||||
Technology/communication | 1,806 | 1,764 | 5,361 | 5,122 | 1,720 | 1,758 | ||||||||||||
Advertising and marketing | 378 | 417 | 1,170 | 1,222 | 359 | 381 | ||||||||||||
Other operating | 2,243 | 2,324 | 7,111 | 7,423 | 2,283 | 2,386 | ||||||||||||
Total operating expenses | $ | 10,311 | $ | 10,417 | $ | 31,948 | $ | 31,900 | $ | 10,584 | $ | 10,925 | ||||||
Income from continuing operations before income taxes | $ | 6,104 | $ | 6,003 | $ | 18,139 | $ | 17,662 | $ | 6,012 | $ | 6,090 | ||||||
Provision for income taxes | 1,471 | 1,866 | 4,356 | 5,524 | 1,275 | 1,441 | ||||||||||||
Income from continuing operations | $ | 4,633 | $ | 4,137 | $ | 13,783 | $ | 12,138 | $ | 4,737 | $ | 4,649 | ||||||
Discontinued operations | ||||||||||||||||||
Loss from discontinued operations | $ | (8 | ) | $ | (9 | ) | $ | (17 | ) | $ | (4 | ) | $ | (2 | ) | $ | (7 | ) |
Benefit for income taxes | — | (4 | ) | (17 | ) | (2 | ) | |||||||||||
Loss from discontinued operations, net of taxes | $ | (8 | ) | $ | (5 | ) | $ | — | $ | (2 | ) | $ | (2 | ) | $ | (7 | ) | |
Net income before attribution of noncontrolling interests | $ | 4,625 | $ | 4,132 | $ | 13,783 | $ | 12,136 | $ | 4,735 | $ | 4,642 | ||||||
Noncontrolling interests | 3 | (1 | ) | 51 | 41 | 25 | 22 | |||||||||||
Citigroup’s net income | $ | 4,622 | $ | 4,133 | $ | 13,732 | $ | 12,095 | $ | 4,710 | $ | 4,620 | ||||||
Basic earnings per share(1) | ||||||||||||||||||
Income from continuing operations | $ | 1.74 | $ | 1.42 | $ | 5.04 | $ | 4.05 | $ | 1.88 | $ | 1.68 | ||||||
Income from discontinued operations, net of taxes | — | — | — | — | — | — | ||||||||||||
Net income | $ | 1.73 | $ | 1.42 | $ | 5.04 | $ | 4.05 | $ | 1.88 | $ | 1.68 | ||||||
Weighted average common shares outstanding (in millions) | 2,479.8 | 2,683.6 | 2,524.1 | 2,729.3 | 2,340.4 | 2,561.6 | ||||||||||||
Diluted earnings per share(1) | ||||||||||||||||||
Income from continuing operations | $ | 1.74 | $ | 1.42 | $ | 5.04 | $ | 4.05 | $ | 1.87 | $ | 1.68 | ||||||
Income (loss) from discontinued operations, net of taxes | — | — | — | — | — | — | ||||||||||||
Net income | $ | 1.73 | $ | 1.42 | $ | 5.04 | $ | 4.05 | $ | 1.87 | $ | 1.68 | ||||||
Adjusted weighted average common shares outstanding (in millions) | 2,481.4 | 2,683.7 | 2,525.5 | 2,729.5 | 2,342.4 | 2,563.0 |
(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 September 30, | Nine Months Ended September 30, | |||||||||||
In millions of dollars | 2018 | 2017 | 2018 | 2017 | ||||||||
Citigroup’s net income | $ | 4,622 | $ | 4,133 | $ | 13,732 | $ | 12,095 | ||||
Add: Citigroup's other comprehensive income | ||||||||||||
Net change in unrealized gains and losses on investment securities, net of taxes(1)(2) | $ | (605 | ) | $ | (66 | ) | $ | (2,161 | ) | $ | 127 | |
Net change in debt valuation adjustment (DVA), net of taxes(1) | (287 | ) | (123 | ) | 159 | (267 | ) | |||||
Net change in cash flow hedges, net of taxes | (74 | ) | 8 | (397 | ) | 123 | ||||||
Benefit plans liability adjustment, net of taxes | 26 | (29 | ) | 415 | (176 | ) | ||||||
Net change in foreign currency translation adjustment, net of taxes and hedges | (221 | ) | 218 | (1,968 | ) | 2,179 | ||||||
Net change in excluded component of fair value hedges, net of taxes | 10 | — | (22 | ) | — | |||||||
Citigroup’s total other comprehensive income (loss) | $ | (1,151 | ) | $ | 8 | $ | (3,974 | ) | $ | 1,986 | ||
Citigroup’s total comprehensive income | $ | 3,471 | $ | 4,141 | $ | 9,758 | $ | 14,081 | ||||
Add: Other comprehensive income attributable to noncontrolling interests | $ | 8 | $ | 12 | $ | (35 | ) | $ | 82 | |||
Add: Net income attributable to noncontrolling interests | 3 | (1 | ) | 51 | 41 | |||||||
Total comprehensive income | $ | 3,482 | $ | 4,152 | $ | 9,774 | $ | 14,204 |
(1) | See Note 1 to the Consolidated Financial |
CONSOLIDATED BALANCE SHEET | Citigroup Inc. and Subsidiaries |
September 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) | $ | 25,727 | $ | 23,775 | $ | 24,448 | $ | 23,645 | ||||
Deposits with banks | 173,559 | 156,741 | 181,445 | 164,460 | ||||||||
Federal funds sold and securities borrowed and purchased under agreements to resell (including $178,442 and $132,949 as of September 30, 2018 and December 31, 2017, respectively, at fair value) | 280,941 | 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 | 40,679 | 38,384 | 44,500 | 35,450 | ||||||||
Trading account assets (including $107,753 and $99,460 pledged to creditors at September 30, 2018 and December 31, 2017, respectively) | 257,502 | 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 $7,854 and $9,493 pledged to creditors as of September 30, 2018 and December 31, 2017, respectively) | 284,782 | 290,725 | ||||||||||
Held-to-maturity debt securities (including $1,073 and $435 pledged to creditors as of September 30, 2018 and December 31, 2017, respectively) | 53,249 | 53,320 | ||||||||||
Equity securities (including $1,388 and $1,395 at fair value as of September 30, 2018 and December 31, 2017, respectively, of which $189 was available for sale as of December 31, 2017) | 7,482 | 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 | $ | 345,513 | $ | 352,290 | $ | 349,281 | $ | 358,607 | ||||
Loans: | ||||||||||||
Consumer (including $21 and $25 as of September 30, 2018 and December 31, 2017, respectively, at fair value) | 325,469 | 333,656 | ||||||||||
Corporate (including $4,218 and $4,349 as of September 30, 2018 and December 31, 2017, respectively, at fair value) | 349,440 | 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 | $ | 674,909 | $ | 667,034 | $ | 682,346 | $ | 684,196 | ||||
Allowance for loan losses | (12,336 | ) | (12,355 | ) | (12,329 | ) | (12,315 | ) | ||||
Total loans, net | $ | 662,573 | $ | 654,679 | $ | 670,017 | $ | 671,881 | ||||
Goodwill | 22,187 | 22,256 | 22,037 | 22,046 | ||||||||
Intangible assets (other than MSRs) | 4,598 | 4,588 | ||||||||||
Mortgage servicing rights (MSRs) | 618 | 558 | ||||||||||
Other assets (including $25,151 and $18,559 as of September 30, 2018 and December 31, 2017, respectively, at fair value) | 111,268 | 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 | $ | 1,925,165 | $ | 1,842,465 | $ | 1,958,413 | $ | 1,917,383 |
September 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 | $ | 40 | $ | 52 | $ | 105 | $ | 270 | ||||
Trading account assets | 722 | 1,129 | 1,706 | 917 | ||||||||
Investments | 2,276 | 2,498 | 1,805 | 1,796 | ||||||||
Loans, net of unearned income | ||||||||||||
Consumer | 48,678 | 54,656 | 45,885 | 49,403 | ||||||||
Corporate | 17,971 | 19,835 | 17,995 | 19,259 | ||||||||
Loans, net of unearned income | $ | 66,649 | $ | 74,491 | $ | 63,880 | $ | 68,662 | ||||
Allowance for loan losses | (1,876 | ) | (1,930 | ) | (1,858 | ) | (1,852 | ) | ||||
Total loans, net | $ | 64,773 | $ | 72,561 | $ | 62,022 | $ | 66,810 | ||||
Other assets | 167 | 154 | 140 | 151 | ||||||||
Total assets of consolidated VIEs to be used to settle obligations of consolidated VIEs | $ | 67,978 | $ | 76,394 | $ | 65,778 | $ | 69,944 |
September 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 | $ | 111,446 | $ | 126,880 | $ | 101,354 | $ | 105,836 | ||||
Interest-bearing deposits in U.S. offices (including $354 and $303 as of September 30, 2018 and December 31, 2017, respectively, at fair value) | 351,291 | 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. | 83,200 | 87,440 | 80,594 | 80,648 | ||||||||
Interest-bearing deposits in offices outside the U.S. (including $1,086 and $1,162 as of September 30, 2018 and December 31, 2017, respectively, at fair value) | 459,239 | 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 | $ | 1,005,176 | $ | 959,822 | $ | 1,030,355 | $ | 1,013,170 | ||||
Federal funds purchased and securities loaned and sold under agreements to repurchase (including $48,148 and $40,638 as of September 30, 2018 and December 31, 2017, respectively, at fair value) | 175,915 | 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 | 73,346 | 61,342 | 62,656 | 64,571 | ||||||||
Trading account liabilities | 147,652 | 125,170 | 136,392 | 144,305 | ||||||||
Short-term borrowings (including $5,041 and $4,627 as of September 30, 2018 and December 31, 2017, respectively, at fair value) | 33,770 | 44,452 | ||||||||||
Long-term debt (including $36,771 and $31,392 as of September 30, 2018 and December 31, 2017, respectively, at fair value) | 235,270 | 236,709 | ||||||||||
Other liabilities (including $19,947 and $13,961 as of September 30, 2018 and December 31, 2017, respectively, at fair value) | 56,173 | 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 | $ | 1,727,302 | $ | 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 September 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 September 30, 2018—3,099,567,177 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 | 107,825 | 108,008 | 107,551 | 107,922 | ||||||||
Retained earnings | 148,436 | 138,425 | 154,859 | 151,347 | ||||||||
Treasury stock, at cost: September 30, 2018—657,430,364 shares and December 31, 2017—529,614,728 shares | (39,678 | ) | (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) | (38,645 | ) | (34,668 | ) | (36,308 | ) | (37,170 | ) | ||||
Total Citigroup stockholders’ equity | $ | 197,004 | $ | 200,740 | $ | 196,252 | $ | 196,220 | ||||
Noncontrolling interest | 859 | 932 | 763 | 854 | ||||||||
Total equity | $ | 197,863 | $ | 201,672 | $ | 197,015 | $ | 197,074 | ||||
Total liabilities and equity | $ | 1,925,165 | $ | 1,842,465 | $ | 1,958,413 | $ | 1,917,383 |
September 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 | $ | 12,307 | $ | 10,142 | $ | 13,071 | $ | 13,134 | ||||
Long-term debt | 27,625 | 30,492 | 25,952 | 28,514 | ||||||||
Other liabilities | 748 | 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 | $ | 40,680 | $ | 41,245 | $ | 39,963 | $ | 42,345 |
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY | Citigroup Inc. and Subsidiaries | |
(UNAUDITED) |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||
In millions of dollars | 2018 | 2017 | 2018 | 2017 | 2019 | 2018 | ||||||||||||
Preferred stock at aggregate liquidation value | ||||||||||||||||||
Balance, beginning of period | $ | 19,035 | $ | 19,253 | $ | 19,253 | $ | 19,253 | $ | 18,460 | $ | 19,253 | ||||||
Redemption of preferred stock | — | — | (218 | ) | — | (480 | ) | (97 | ) | |||||||||
Balance, end of period | $ | 19,035 | $ | 19,253 | $ | 19,035 | $ | 19,253 | $ | 17,980 | $ | 19,156 | ||||||
Common stock and additional paid-in capital | ||||||||||||||||||
Balance, beginning of period | $ | 107,755 | $ | 107,829 | $ | 108,039 | $ | 108,073 | $ | 107,953 | $ | 108,039 | ||||||
Employee benefit plans | 98 | 102 | (187 | ) | (137 | ) | (382 | ) | (405 | ) | ||||||||
Other | 3 | (4 | ) | 4 | (9 | ) | 11 | (4 | ) | |||||||||
Balance, end of period | $ | 107,856 | $ | 107,927 | $ | 107,856 | $ | 107,927 | $ | 107,582 | $ | 107,630 | ||||||
Retained earnings | ||||||||||||||||||
Balance, beginning of period | $ | 145,211 | $ | 152,178 | $ | 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 | $ | 145,211 | $ | 152,178 | $ | 138,341 | $ | 145,817 | $ | 151,498 | $ | 138,341 | ||||||
Citigroup’s net income | 4,622 | 4,133 | 13,732 | 12,095 | 4,710 | 4,620 | ||||||||||||
Common dividends(2) | (1,127 | ) | (865 | ) | (2,777 | ) | (1,755 | ) | (1,075 | ) | (826 | ) | ||||||
Preferred dividends | (270 | ) | (272 | ) | (860 | ) | (893 | ) | (262 | ) | (272 | ) | ||||||
Other(3) | — | — | — | (90 | ) | (12 | ) | — | ||||||||||
Balance, end of period | $ | 148,436 | $ | 155,174 | $ | 148,436 | $ | 155,174 | $ | 154,859 | $ | 141,863 | ||||||
Treasury stock, at cost | ||||||||||||||||||
Balance, beginning of period | $ | (34,413 | ) | $ | (19,342 | ) | $ | (30,309 | ) | $ | (16,302 | ) | $ | (44,370 | ) | $ | (30,309 | ) |
Employee benefit plans(4) | 6 | 3 | 477 | 526 | 564 | 469 | ||||||||||||
Treasury stock acquired(5) | (5,271 | ) | (5,490 | ) | (9,846 | ) | (9,053 | ) | (4,055 | ) | (2,275 | ) | ||||||
Balance, end of period | $ | (39,678 | ) | $ | (24,829 | ) | $ | (39,678 | ) | $ | (24,829 | ) | $ | (47,861 | ) | $ | (32,115 | ) |
Citigroup’s accumulated other comprehensive income (loss) | ||||||||||||||||||
Balance, beginning of period | $ | (37,494 | ) | $ | (29,899 | ) | $ | (34,668 | ) | $ | (32,381 | ) | $ | (37,170 | ) | $ | (34,668 | ) |
Adjustment to opening balance, net of taxes | — | — | (3 | ) | 504 | — | (3 | ) | ||||||||||
Adjusted balance, beginning of period | $ | (37,494 | ) | $ | (29,899 | ) | $ | (34,671 | ) | $ | (31,877 | ) | $ | (37,170 | ) | $ | (34,671 | ) |
Citigroup’s total other comprehensive income (loss) | (1,151 | ) | 8 | (3,974 | ) | 1,986 | ||||||||||||
Citigroup’s total other comprehensive income | 862 | 52 | ||||||||||||||||
Balance, end of period | $ | (38,645 | ) | $ | (29,891 | ) | $ | (38,645 | ) | $ | (29,891 | ) | $ | (36,308 | ) | $ | (34,619 | ) |
Total Citigroup common stockholders’ equity | $ | 177,969 | $ | 208,381 | $ | 177,969 | $ | 208,381 | $ | 178,272 | $ | 182,759 | ||||||
Total Citigroup stockholders’ equity | $ | 197,004 | $ | 227,634 | $ | 197,004 | $ | 227,634 | $ | 196,252 | $ | 201,915 | ||||||
Noncontrolling interests | ||||||||||||||||||
Balance, beginning of period | $ | 874 | $ | 1,088 | $ | 932 | $ | 1,023 | $ | 854 | $ | 932 | ||||||
Transactions between noncontrolling-interest shareholders and the related consolidated subsidiary | — | (3 | ) | — | (3 | ) | ||||||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | (23 | ) | (56 | ) | (39 | ) | (50 | ) | (99 | ) | (15 | ) | ||||||
Net income attributable to noncontrolling-interest shareholders | 3 | — | 51 | 41 | 25 | 22 | ||||||||||||
Distributions paid to noncontrolling-interest shareholders | (2 | ) | (44 | ) | (38 | ) | (44 | ) | (4 | ) | — | |||||||
Other comprehensive income (loss) attributable to noncontrolling-interest shareholders | 8 | 12 | (35 | ) | 82 | (13 | ) | 14 | ||||||||||
Other | (1 | ) | (9 | ) | (12 | ) | (61 | ) | — | (2 | ) | |||||||
Net change in noncontrolling interests | $ | (15 | ) | $ | (100 | ) | $ | (73 | ) | $ | (35 | ) | $ | (91 | ) | $ | 19 | |
Balance, end of period | $ | 859 | $ | 988 | $ | 859 | $ | 988 | $ | 763 | $ | 951 | ||||||
Total equity | $ | 197,863 | $ | 228,622 | $ | 197,863 | $ | 228,622 | $ | 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) |
CONSOLIDATED STATEMENT OF CASH FLOWS | Citigroup Inc. and Subsidiaries | |
(UNAUDITED) |
Nine Months Ended September 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 | $ | 13,783 | $ | 12,136 | $ | 4,735 | $ | 4,642 | ||||
Net income attributable to noncontrolling interests | 51 | 41 | 25 | 22 | ||||||||
Citigroup’s net income | $ | 13,732 | $ | 12,095 | $ | 4,710 | $ | 4,620 | ||||
Loss from discontinued operations, net of taxes | — | (2 | ) | (2 | ) | (7 | ) | |||||
Income from continuing operations—excluding noncontrolling interests | $ | 13,732 | $ | 12,097 | $ | 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) | (247 | ) | (602 | ) | ||||||||
Depreciation and amortization | 2,800 | 2,717 | 931 | 926 | ||||||||
Provision for loan losses | 5,504 | 5,487 | 1,944 | 1,803 | ||||||||
Realized gains from sales of investments | (341 | ) | (626 | ) | (130 | ) | (170 | ) | ||||
Net impairment losses on investments, goodwill and intangible assets | 113 | 75 | 8 | 28 | ||||||||
Change in trading account assets | (4,831 | ) | (14,383 | ) | (30,427 | ) | (16,054 | ) | ||||
Change in trading account liabilities | 22,482 | (1,015 | ) | (7,913 | ) | 18,791 | ||||||
Change in brokerage receivables net of brokerage payables | 9,709 | (3,136 | ) | (10,965 | ) | 155 | ||||||
Change in loans HFS | 1,380 | 1,969 | 1,439 | 1,627 | ||||||||
Change in other assets | (8,696 | ) | (5,351 | ) | (2,961 | ) | (3,503 | ) | ||||
Change in other liabilities | (848 | ) | 1,569 | 2,585 | 1,561 | |||||||
Other, net | (10,691 | ) | (2,262 | ) | 3,161 | (2,835 | ) | |||||
Total adjustments | $ | 16,334 | $ | (15,558 | ) | $ | (42,328 | ) | $ | 2,329 | ||
Net cash provided by (used in) operating activities of continuing operations | $ | 30,066 | $ | (3,461 | ) | $ | (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 | $ | (48,462 | ) | $ | (15,795 | ) | ||||||
Change in federal funds sold and securities borrowed and purchased under agreements to resell | $ | 6,189 | $ | (25,409 | ) | |||||||
Change in loans | (16,131 | ) | (41,569 | ) | (892 | ) | (8,717 | ) | ||||
Proceeds from sales and securitizations of loans | 4,021 | 7,019 | 2,062 | 1,654 | ||||||||
Purchases of investments | (129,054 | ) | (151,362 | ) | (69,673 | ) | (41,030 | ) | ||||
Proceeds from sales of investments | 52,170 | 89,724 | 31,436 | 20,688 | ||||||||
Proceeds from maturities of investments | 82,940 | 67,166 | 47,363 | 21,509 | ||||||||
Proceeds from significant disposals(1) | 314 | 3,411 | ||||||||||
Capital expenditures on premises and equipment and capitalized software | (2,682 | ) | (2,502 | ) | (518 | ) | (969 | ) | ||||
Proceeds from sales of premises and equipment, subsidiaries and affiliates and repossessed assets | 174 | 292 | 38 | 101 | ||||||||
Other, net | 147 | 156 | 38 | 49 | ||||||||
Net cash used in investing activities of continuing operations | $ | (56,563 | ) | $ | (43,460 | ) | ||||||
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 | $ | (3,616 | ) | $ | (2,639 | ) | $ | (1,320 | ) | $ | (1,095 | ) |
Redemption of preferred stock | (218 | ) | — | (480 | ) | (97 | ) | |||||
Treasury stock acquired | (9,848 | ) | (9,071 | ) | (4,055 | ) | (2,378 | ) | ||||
Stock tendered for payment of withholding taxes | (479 | ) | (402 | ) | (358 | ) | (475 | ) | ||||
Change in federal funds purchased and securities loaned or sold under agreements to repurchase | 19,638 | 19,461 | ||||||||||
Change in federal funds purchased and securities loaned and sold under agreements to repurchase | 12,604 | 15,482 | ||||||||||
Issuance of long-term debt | 53,027 | 52,293 | 15,552 | 20,769 | ||||||||
Payments and redemptions of long-term debt | (47,201 | ) | (29,785 | ) | (6,568 | ) | (17,882 | ) | ||||
Change in deposits | 45,354 | 34,632 | 17,186 | 41,397 | ||||||||
Change in short-term borrowings | (10,681 | ) | 7,448 | 6,976 | (8,358 | ) |
CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||||||
(UNAUDITED) (Continued) | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||
In millions of dollars | 2018 | 2017 | 2019 | 2018 | ||||||||
Net cash provided by financing activities of continuing operations | $ | 45,976 | $ | 71,937 | $ | 39,537 | $ | 47,363 | ||||
Effect of exchange rate changes on cash and due from banks | $ | (709 | ) | $ | 599 | $ | (176 | ) | $ | (7 | ) | |
Change in cash and due from banks and deposits with banks | $ | 18,770 | $ | 25,615 | $ | 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 | $ | 199,286 | $ | 186,109 | $ | 205,893 | $ | 202,704 | ||||
Cash and due from banks | $ | 25,727 | $ | 22,604 | $ | 24,448 | $ | 21,850 | ||||
Deposits with banks | 173,559 | 163,505 | 181,445 | 180,854 | ||||||||
Cash, due from banks and deposits with banks at end of period | $ | 199,286 | $ | 186,109 | $ | 205,893 | $ | 202,704 | ||||
Supplemental disclosure of cash flow information for continuing operations | ||||||||||||
Cash paid during the period for income taxes | $ | 3,261 | $ | 2,714 | $ | 1,325 | $ | 738 | ||||
Cash paid during the period for interest | 16,278 | 11,604 | 6,931 | 4,586 | ||||||||
Non-cash investing activities | ||||||||||||
Transfers to loans HFS from loans | $ | 3,300 | $ | 3,800 | $ | 2,000 | $ | 900 | ||||
Transfers to OREO and other repossessed assets | 94 | 85 | 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 September 30, | Nine Months Ended September 30, | |||||||||||
In millions of dollars | 2018 | 2017 | 2018 | 2017 | ||||||||
Total revenues, net of interest expense | $ | — | $ | — | $ | — | $ | — | ||||
Loss from discontinued operations | $ | (8 | ) | $ | (9 | ) | $ | (17 | ) | $ | (4 | ) |
Benefit for income taxes | — | (4 | ) | (17 | ) | (2 | ) | |||||
Loss from discontinued operations, net of taxes | $ | (8 | ) | $ | (5 | ) | $ | — | $ | (2 | ) |
• | the re-attribution of certain costs between Corporate/Other and GCB and ICG; and |
Three Months Ended September 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 | September 30, 2018 | December 31, 2017 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | March 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||||
Global Consumer Banking | $ | 8,654 | $ | 8,470 | $ | 493 | $ | 635 | $ | 1,567 | $ | 1,170 | $ | 427 | $ | 428 | $ | 8,451 | $ | 8,426 | $ | 422 | $ | 454 | $ | 1,437 | $ | 1,390 | $ | 426 | $ | 432 | ||||||||||||||||
Institutional Clients Group | 9,241 | 9,430 | 862 | 1,394 | 3,117 | 3,062 | 1,404 | 1,336 | 9,694 | 9,855 | 924 | 1,056 | 3,322 | 3,334 | 1,425 | 1,394 | ||||||||||||||||||||||||||||||||
Corporate/Other | 494 | 519 | 116 | (163 | ) | (51 | ) | (95 | ) | 94 | 78 | 431 | 591 | (71 | ) | (69 | ) | (22 | ) | (75 | ) | 107 | 91 | |||||||||||||||||||||||||
Total | $ | 18,389 | $ | 18,419 | $ | 1,471 | $ | 1,866 | $ | 4,633 | $ | 4,137 | $ | 1,925 | $ | 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 |
Nine Months Ended September 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 | $ | 25,337 | $ | 24,389 | $ | 1,357 | $ | 1,863 | $ | 4,240 | $ | 3,296 | ||||||
Institutional Clients Group | 28,780 | 28,170 | 2,890 | 4,096 | 9,683 | 8,853 | ||||||||||||
Corporate/Other | 1,613 | 2,381 | 109 | (435 | ) | (140 | ) | (11 | ) | |||||||||
Total | $ | 55,730 | $ | 54,940 | $ | 4,356 | $ | 5,524 | $ | 13,783 | $ | 12,138 |
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 September 30, | Nine Months Ended September 30, | |||||||||||
In millions of dollars | 2018 | 2017 | 2018 | 2017 | ||||||||
Interest revenue | ||||||||||||
Loan interest, including fees | $ | 11,639 | $ | 10,745 | $ | 33,721 | $ | 31,082 | ||||
Deposits with banks | 629 | 486 | 1,554 | 1,156 | ||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 1,425 | 858 | 3,800 | 2,348 | ||||||||
Investments, including dividends | 2,388 | 2,104 | 6,996 | 6,122 | ||||||||
Trading account assets(1) | 1,655 | 1,429 | 4,789 | 4,175 | ||||||||
Other interest | 434 | 292 | 1,192 | 846 | ||||||||
Total interest revenue | $ | 18,170 | $ | 15,914 | $ | 52,052 | $ | 45,729 | ||||
Interest expense | ||||||||||||
Deposits(2) | $ | 2,580 | $ | 1,775 | $ | 6,821 | $ | 4,793 | ||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 1,250 | 712 | 3,423 | 1,881 | ||||||||
Trading account liabilities(1) | 273 | 169 | 724 | 462 | ||||||||
Short-term borrowings | 578 | 318 | 1,572 | 719 | ||||||||
Long-term debt | 1,687 | 1,405 | 4,873 | 4,126 | ||||||||
Total interest expense | $ | 6,368 | $ | 4,379 | $ | 17,413 | $ | 11,981 | ||||
Net interest revenue | $ | 11,802 | $ | 11,535 | $ | 34,639 | $ | 33,748 | ||||
Provision for loan losses | 1,906 | 2,146 | 5,504 | 5,487 | ||||||||
Net interest revenue after provision for loan losses | $ | 9,896 | $ | 9,389 | $ | 29,135 | $ | 28,261 |
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 September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2018 | 2018 | |||||||||||||||||||||||
In millions of dollars | ICG | GCB | Corporate/Other | Total | ICG | GCB | Corporate/Other | Total | ||||||||||||||||
Investment banking | $ | 856 | $ | — | $ | — | $ | 856 | $ | 2,695 | $ | — | $ | — | $ | 2,695 | ||||||||
Brokerage commissions | 453 | 199 | — | 652 | 1,510 | 654 | — | 2,164 | ||||||||||||||||
Credit- and bank-card income | ||||||||||||||||||||||||
Interchange fees | 268 | 2,063 | 1 | 2,332 | 804 | 5,963 | 11 | 6,778 | ||||||||||||||||
Card-related loan fees | 16 | 172 | — | 188 | 47 | 474 | 12 | 533 | ||||||||||||||||
Card rewards and partner payments | (125 | ) | (2,130 | ) | — | (2,255 | ) | (375 | ) | (6,070 | ) | (11 | ) | (6,456 | ) | |||||||||
Deposit-related fees(1) | 239 | 160 | — | 399 | 711 | 503 | 1 | 1,215 | ||||||||||||||||
Transactional service fees | 171 | 22 | 1 | 194 | 543 | 64 | 4 | 611 | ||||||||||||||||
Corporate finance(2) | 145 | 1 | — | 146 | 506 | 4 | — | 510 | ||||||||||||||||
Insurance distribution revenue(3) | 3 | 144 | (4 | ) | 143 | 13 | 429 | 6 | 448 | |||||||||||||||
Insurance premiums(3) | — | 31 | (2 | ) | 29 | — | 96 | (4 | ) | 92 | ||||||||||||||
Loan servicing | 42 | 27 | 8 | 77 | 118 | 89 | 31 | 238 | ||||||||||||||||
Other | 10 | 29 | 3 | 42 | 20 | 90 | 6 | 116 | ||||||||||||||||
Total commissions and fees(4) | $ | 2,078 | $ | 718 | $ | 7 | $ | 2,803 | $ | 6,592 | $ | 2,296 | $ | 56 | $ | 8,944 |
Three Months Ended September 30, | Nine Months Ended September 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 | $ | 961 | $ | — | $ | — | $ | 961 | $ | 2,840 | $ | — | $ | — | $ | 2,840 | $ | 822 | $ | 5 | $ | — | $ | 827 | ||||||||||||
Brokerage commissions | 459 | 222 | 1 | 682 | 1,431 | 615 | 3 | 2,049 | 566 | 248 | — | 814 | ||||||||||||||||||||||||
Credit- and bank-card income | ||||||||||||||||||||||||||||||||||||
Interchange fees | 242 | 1,912 | 24 | 2,178 | 705 | 5,507 | 87 | 6,299 | 260 | 1,874 | 5 | 2,139 | ||||||||||||||||||||||||
Card-related loan fees | 13 | 172 | 13 | 198 | 39 | 526 | 41 | 606 | 14 | 155 | 6 | 175 | ||||||||||||||||||||||||
Card rewards and partner payments | (105 | ) | (1,822 | ) | (8 | ) | (1,935 | ) | (316 | ) | (5,352 | ) | (49 | ) | (5,717 | ) | (124 | ) | (1,874 | ) | (5 | ) | (2,003 | ) | ||||||||||||
Deposit-related fees(1) | 249 | 188 | 4 | 441 | 696 | 554 | 12 | 1,262 | 236 | 183 | 1 | 420 | ||||||||||||||||||||||||
Transactional service fees | 185 | 21 | 11 | 217 | 556 | 74 | 44 | 674 | 190 | 21 | 2 | 213 | ||||||||||||||||||||||||
Corporate finance(2) | 183 | 2 | — | 185 | 616 | 4 | — | 620 | 142 | 1 | — | 143 | ||||||||||||||||||||||||
Insurance distribution revenue(3) | 5 | 142 | 17 | 164 | 10 | 425 | 58 | 493 | 5 | 143 | 5 | 153 | ||||||||||||||||||||||||
Insurance premiums(3) | — | 32 | (1 | ) | 31 | — | 97 | (4 | ) | 93 | — | 33 | (1 | ) | 32 | |||||||||||||||||||||
Loan servicing | 38 | 25 | 25 | 88 | 109 | 79 | 89 | 277 | 38 | 22 | 12 | 72 | ||||||||||||||||||||||||
Other | 2 | 25 | 4 | 31 | (36 | ) | 64 | 28 | 56 | 15 | 28 | 2 | 45 | |||||||||||||||||||||||
Total commissions and fees(4) | $ | 2,232 | $ | 919 | $ | 90 | $ | 3,241 | $ | 6,650 | $ | 2,593 | $ | 309 | $ | 9,552 | $ | 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 September 30, | Nine Months Ended September 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 | $ | 371 | $ | 41 | $ | 18 | $ | 430 | $ | 1,138 | $ | 133 | $ | 50 | $ | 1,321 | $ | 364 | $ | 3 | $ | 16 | $ | 383 | ||||||||||||
Fiduciary fees | 160 | 158 | 12 | 330 | 492 | 455 | 31 | 978 | 152 | 146 | 12 | 310 | ||||||||||||||||||||||||
Guarantee fees | 136 | 14 | 1 | 151 | 403 | 43 | 5 | 451 | 130 | 14 | 2 | 146 | ||||||||||||||||||||||||
Total administration and other fiduciary fees(1) | $ | 667 | $ | 213 | $ | 31 | $ | 911 | $ | 2,033 | $ | 631 | $ | 86 | $ | 2,750 | $ | 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 September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2017 | 2017 | |||||||||||||||||||||||
In millions of dollars | ICG | GCB | Corporate/Other | Total | ICG | GCB | Corporate/Other | Total | ||||||||||||||||
Custody fees | $ | 397 | $ | 44 | $ | 14 | $ | 455 | $ | 1,135 | $ | 123 | $ | 41 | $ | 1,299 | ||||||||
Fiduciary fees | 149 | 157 | 18 | 324 | 437 | 431 | 59 | 927 | ||||||||||||||||
Guarantee fees | 134 | 13 | 3 | 150 | 400 | 39 | 7 | 446 | ||||||||||||||||
Total administration and other fiduciary fees(1) | $ | 680 | $ | 214 | $ | 35 | $ | 929 | $ | 1,972 | $ | 593 | $ | 107 | $ | 2,672 |
(1) | Administration and other fiduciary fees includes |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||
In millions of dollars | 2018 | 2017 | 2018 | 2017 | 2019 | 2018 | ||||||||||||
Interest rate risks(1) | $ | 1,403 | $ | 1,180 | $ | 4,576 | $ | 4,421 | $ | 1,718 | $ | 1,566 | ||||||
Foreign exchange risks(2) | 467 | 606 | 1,387 | 1,942 | 473 | 730 | ||||||||||||
Equity risks(3) | 311 | 154 | 997 | 440 | 456 | 589 | ||||||||||||
Commodity and other risks(4) | 244 | 112 | 544 | 434 | 119 | 101 | ||||||||||||
Credit products and risks(5) | 141 | 196 | 502 | 748 | 38 | 256 | ||||||||||||
Total | $ | 2,566 | $ | 2,248 | $ | 8,006 | $ | 7,985 | $ | 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 September 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 | $ | — | $ | 1 | $ | 35 | $ | 38 | $ | — | $ | — | $ | 2 | $ | 3 | $ | — | $ | 1 | $ | 36 | $ | 38 | $ | — | $ | — | $ | 2 | $ | 2 | ||||||||||||||||
Interest cost on benefit obligation | 132 | 131 | 73 | 76 | 6 | 9 | 26 | 27 | 130 | 123 | 75 | 75 | 7 | 6 | 26 | 26 | ||||||||||||||||||||||||||||||||
Expected return on plan assets | (210 | ) | (217 | ) | (71 | ) | (77 | ) | (4 | ) | (2 | ) | (22 | ) | (24 | ) | (203 | ) | (213 | ) | (68 | ) | (78 | ) | (5 | ) | (3 | ) | (21 | ) | (23 | ) | ||||||||||||||||
Amortization of unrecognized: | ||||||||||||||||||||||||||||||||||||||||||||||||
Prior service benefit | — | — | (1 | ) | (1 | ) | — | — | (2 | ) | (2 | ) | ||||||||||||||||||||||||||||||||||||
Prior service cost (benefit) | 1 | — | (1 | ) | (1 | ) | — | — | (2 | ) | (2 | ) | ||||||||||||||||||||||||||||||||||||
Net actuarial loss | 39 | 45 | 14 | 15 | — | — | 7 | 8 | 44 | 47 | 15 | 13 | — | — | 5 | 7 | ||||||||||||||||||||||||||||||||
Curtailment loss(1) | — | 1 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Settlement loss(1) | — | — | — | 4 | — | — | — | — | — | — | — | 4 | — | — | — | — | ||||||||||||||||||||||||||||||||
Total net (benefit) expense | $ | (39 | ) | $ | (39 | ) | $ | 50 | $ | 55 | $ | 2 | $ | 7 | $ | 11 | $ | 12 | $ | (28 | ) | $ | (42 | ) | $ | 57 | $ | 51 | $ | 2 | $ | 3 | $ | 10 | $ | 10 |
(1) | Losses due to |
Nine Months Ended September 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 | $ | 2 | $ | 111 | $ | 112 | $ | — | $ | — | $ | 7 | $ | 7 | ||||||||
Interest cost on benefit obligation | 381 | 406 | 220 | 221 | 19 | 20 | 77 | 76 | ||||||||||||||||
Expected return on plan assets | (634 | ) | (650 | ) | (221 | ) | (223 | ) | (10 | ) | (5 | ) | (67 | ) | (67 | ) | ||||||||
Amortization of unrecognized: | ||||||||||||||||||||||||
Prior service benefit | — | 1 | (3 | ) | (3 | ) | — | — | (7 | ) | (7 | ) | ||||||||||||
Net actuarial loss | 128 | 129 | 41 | 46 | — | — | 22 | 25 | ||||||||||||||||
Curtailment loss(1) | 1 | 4 | — | — | — | — | — | — | ||||||||||||||||
Settlement loss(1) | — | — | 5 | 8 | — | — | — | — | ||||||||||||||||
Total net (benefit) expense | $ | (123 | ) | $ | (108 | ) | $ | 153 | $ | 161 | $ | 9 | $ | 15 | $ | 32 | $ | 34 |
Nine Months Ended September 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 | ||||||||||||||||||
Second quarter activity | (595 | ) | (344 | ) | — | (65 | ) | |||||||||||||||||
Projected benefit obligation at June 30, 2018—Significant Plans | $ | 12,841 | $ | 5,253 | $ | 667 | $ | 951 | ||||||||||||||||
Benefits earned during the period | — | 20 | — | 2 | — | 20 | — | 1 | ||||||||||||||||
Interest cost on benefit obligation | 132 | 60 | 6 | 23 | 130 | 63 | 7 | 23 | ||||||||||||||||
Actuarial gain | (60 | ) | (59 | ) | — | (61 | ) | |||||||||||||||||
Actuarial loss | 493 | 252 | 13 | 38 | ||||||||||||||||||||
Benefits paid, net of participants’ contributions and government subsidy | (217 | ) | (68 | ) | (15 | ) | (14 | ) | (215 | ) | (55 | ) | (7 | ) | (11 | ) | ||||||||
Foreign exchange impact and other | — | 48 | — | 48 | — | 13 | — | 11 | ||||||||||||||||
Projected benefit obligation at period end—Significant Plans | $ | 12,696 | $ | 5,254 | $ | 658 | $ | 949 | $ | 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 |
Nine Months Ended September 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 | ||||||
Second quarter activity | (220 | ) | (328 | ) | (4 | ) | (78 | ) | ||||
Plan assets at fair value at June 30, 2018—Significant Plans | $ | 12,156 | $ | 5,610 | $ | 237 | $ | 1,089 | ||||
Actual return on plan assets | 123 | 7 | 1 | 23 | ||||||||
Company contributions, net of reimbursements | 13 | 15 | 153 | — | ||||||||
Benefits paid, net of participants’ contributions and government subsidy | (217 | ) | (68 | ) | (15 | ) | (14 | ) | ||||
Foreign exchange impact and other | — | 40 | — | 56 | ||||||||
Plan assets at fair value at period end—Significant Plans | $ | 12,075 | $ | 5,604 | $ | 376 | $ | 1,154 | ||||
Funded status of the Significant Plans | ||||||||||||
Qualified plans(1) | $ | 36 | $ | 350 | $ | (282 | ) | $ | 205 | |||
Nonqualified plans | (657 | ) | — | — | — | |||||||
Funded status of the plans at period end—Significant Plans | $ | (621 | ) | $ | 350 | $ | (282 | ) | $ | 205 | ||
Net amount recognized at period end | ||||||||||||
Benefit asset | $ | 36 | $ | 850 | $ | — | $ | 205 | ||||
Benefit liability | (657 | ) | (500 | ) | (282 | ) | — | |||||
Net amount recognized on the balance sheet—Significant Plans | $ | (621 | ) | $ | 350 | $ | (282 | ) | $ | 205 | ||
Amounts recognized in AOCI at period end | ||||||||||||
Prior service benefit | $ | — | $ | 25 | $ | — | $ | 80 | ||||
Net actuarial (loss) gain | (6,313 | ) | (807 | ) | 77 | (284 | ) | |||||
Net amount recognized in equity (pretax)—Significant Plans | $ | (6,313 | ) | $ | (782 | ) | $ | 77 | $ | (204 | ) | |
Accumulated benefit obligation at period end—Significant Plans | $ | 12,689 | $ | 4,980 | $ | 658 | $ | 949 |
(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 September 30, 2018 | Nine Months Ended September 30, 2018 | Three Months Ended March 31, 2019 | For Year Ended December 31, 2018 | ||||||||
Beginning of period balance, net of tax(1)(2) | $ | (5,794 | ) | $ | (6,183 | ) | $ | (6,257 | ) | $ | (6,183 | ) |
Actuarial assumptions changes and plan experience | 181 | 1,300 | (795 | ) | 1,288 | |||||||
Net asset loss due to difference between actual and expected returns | (140 | ) | (919 | ) | ||||||||
Net asset gain (loss) due to difference between actual and expected returns | 690 | (1,732 | ) | |||||||||
Net amortization | 49 | 161 | 62 | 214 | ||||||||
Prior service cost | — | (7 | ) | |||||||||
Curtailment/settlement gain(3) | — | 6 | — | 7 | ||||||||
Foreign exchange impact and other | (35 | ) | 1 | (25 | ) | 136 | ||||||
Change in deferred taxes, net | (29 | ) | (134 | ) | 4 | 20 | ||||||
Change, net of tax | $ | 26 | $ | 415 | $ | (64 | ) | $ | (74 | ) | ||
End of period balance, net of tax(1)(2) | $ | (5,768 | ) | $ | (5,768 | ) | $ | (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 | |
Sept. 30, 2018 | Jun. 30, 2018 | |
U.S. plans | ||
Qualified pension | 4.25% | 3.95% |
Nonqualified pension | 4.25 | 3.95 |
Postretirement | 4.20 | 3.90 |
Non-U.S. plans | ||
Pension | 0.80-10.70 | 0.75-9.90 |
Weighted average | 4.88 | 4.86 |
Postretirement | 9.50 | 9.50 |
Plan obligations assumed discount rates at period ended | Sept. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 |
U.S. plans | |||
Qualified pension | 4.30% | 4.25% | 3.95% |
Nonqualified pension | 4.30 | 4.25 | 3.95 |
Postretirement | 4.20 | 4.20 | 3.90 |
Non-U.S. plans | |||
Pension | 0.95-10.75 | 0.80-10.70 | 0.75-9.90 |
Weighted average | 5.08 | 4.88 | 4.86 |
Postretirement | 10.10 | 9.50 | 9.50 |
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 September 30, 2018 | ||||||
In millions of dollars | One-percentage-point increase | One-percentage-point decrease | ||||
Pension | ||||||
U.S. plans | $ | 5 | $ | (8 | ) | |
Non-U.S. plans | (3 | ) | 5 | |||
Postretirement | ||||||
U.S. plans | — | (1 | ) | |||
Non-U.S. plans | (2 | ) | 2 |
Pension plans | Postretirement plans | Pension plans | Postretirement plans | |||||||||||||||||||||||||||||||||||||||||||||
U.S. plans(1) | Non-U.S. plans | U.S. plans | Non-U.S. 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 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Company contributions(2) for the nine months ended September 30 | $ | 42 | $ | 90 | $ | 143 | $ | 109 | $ | 159 | $ | 30 | $ | 7 | $ | 7 | ||||||||||||||||||||||||||||||||
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 | — | 15 | — | 26 | — | 146 | — | 3 | — | 41 | — | 153 | — | 150 | — | 6 | ||||||||||||||||||||||||||||||||
Company contributions expected to be made during the remainder of the year | 15 | — | 33 | — | 2 | — | 2 | — | 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 September 30, | Nine Months Ended September 30, | |||||||||||
In millions of dollars | 2018 | 2017 | 2018 | 2017 | ||||||||
U.S. plans | $ | 90 | $ | 95 | $ | 293 | $ | 293 | ||||
Non-U.S. plans | 68 | 68 | 216 | 203 |
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 September 30, | Nine Months Ended September 30, | |||||||||||
In millions of dollars | 2018 | 2017 | 2018 | 2017 | ||||||||
Interest cost on benefit obligation | $ | — | $ | — | $ | 1 | $ | 1 | ||||
Expected return on plan assets | — | — | (1 | ) | — | |||||||
Amortization of unrecognized: | ||||||||||||
Prior service benefit | (8 | ) | (8 | ) | (23 | ) | (23 | ) | ||||
Net actuarial loss | 1 | 1 | 2 | 2 | ||||||||
Total service- related benefit | $ | (7 | ) | $ | (7 | ) | $ | (21 | ) | $ | (20 | ) |
Non-service- related expense | $ | 4 | $ | 9 | $ | 7 | $ | 21 | ||||
Total net (benefit) expense | $ | (3 | ) | $ | 2 | $ | (14 | ) | $ | 1 |
Three Months Ended September 30, | Nine Months Ended September 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 | $ | 4,633 | $ | 4,137 | $ | 13,783 | $ | 12,138 | $ | 4,737 | $ | 4,649 | ||||||
Less: Noncontrolling interests from continuing operations | 3 | (1 | ) | 51 | 41 | 25 | 22 | |||||||||||
Net income from continuing operations (for EPS purposes) | $ | 4,630 | $ | 4,138 | $ | 13,732 | $ | 12,097 | $ | 4,712 | $ | 4,627 | ||||||
Loss from discontinued operations, net of taxes | (8 | ) | (5 | ) | — | (2 | ) | (2 | ) | (7 | ) | |||||||
Citigroup's net income | $ | 4,622 | $ | 4,133 | $ | 13,732 | $ | 12,095 | $ | 4,710 | $ | 4,620 | ||||||
Less: Preferred dividends(1) | 270 | 272 | 860 | 893 | 262 | 272 | ||||||||||||
Net income available to common shareholders | $ | 4,352 | $ | 3,861 | $ | 12,872 | $ | 11,202 | $ | 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 | 51 | 53 | 151 | 156 | 59 | 51 | ||||||||||||
Net income allocated to common shareholders for basic EPS | $ | 4,301 | $ | 3,808 | $ | 12,721 | $ | 11,046 | ||||||||||
Net income allocated to common shareholders for diluted EPS | 4,301 | 3,808 | 12,721 | 11,046 | ||||||||||||||
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) | 2,479.8 | 2,683.6 | 2,524.1 | 2,729.3 | 2,340.4 | 2,561.6 | ||||||||||||
Effect of dilutive securities(2) | ||||||||||||||||||
Options(3) | 0.2 | 0.1 | 0.1 | 0.1 | ||||||||||||||
Effect of dilutive securities | ||||||||||||||||||
Options(2) | 0.1 | 0.1 | ||||||||||||||||
Other employee plans | 1.4 | — | 1.3 | — | 1.9 | 1.3 | ||||||||||||
Adjusted weighted-average common shares outstanding applicable to diluted EPS(4) | 2,481.4 | 2,683.7 | 2,525.5 | 2,729.5 | ||||||||||||||
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 | $ | 1.74 | $ | 1.42 | $ | 5.04 | $ | 4.05 | $ | 1.88 | $ | 1.68 | ||||||
Discontinued operations | — | — | — | — | — | — | ||||||||||||
Net income | $ | 1.73 | $ | 1.42 | $ | 5.04 | $ | 4.05 | $ | 1.88 | $ | 1.68 | ||||||
Diluted earnings per share(5) | ||||||||||||||||||
Diluted earnings per share(4) | ||||||||||||||||||
Income from continuing operations | $ | 1.74 | $ | 1.42 | $ | 5.04 | $ | 4.05 | $ | 1.87 | $ | 1.68 | ||||||
Discontinued operations | — | — | — | — | — | — | ||||||||||||
Net income | $ | 1.73 | $ | 1.42 | $ | 5.04 | $ | 4.05 | $ | 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 | September 30, 2018 | December 31, 2017 | ||||
Federal funds sold | $ | 20 | $ | — | ||
Securities purchased under agreements to resell | 152,889 | 130,984 | ||||
Deposits paid for securities borrowed | 128,032 | 101,494 | ||||
Total(1) | $ | 280,941 | $ | 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 | September 30, 2018 | December 31, 2017 | ||||
Federal funds purchased | $ | 117 | $ | 326 | ||
Securities sold under agreements to repurchase | 161,987 | 142,646 | ||||
Deposits received for securities loaned | 13,811 | 13,305 | ||||
Total(1) | $ | 175,915 | $ | 156,277 |
(1) | The above tables do not include securities-for-securities lending transactions of |
As of September 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 | $ | 248,802 | $ | 95,913 | $ | 152,889 | $ | 121,141 | $ | 31,748 | $ | 268,095 | $ | 104,713 | $ | 163,382 | $ | 129,911 | $ | 33,471 | ||||||||||
Deposits paid for securities borrowed | 128,032 | — | 128,032 | 29,461 | 98,571 | 101,113 | — | 101,113 | 28,040 | 73,073 | ||||||||||||||||||||
Total | $ | 376,834 | $ | 95,913 | $ | 280,921 | $ | 150,602 | $ | 130,319 | $ | 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 | $ | 257,900 | $ | 95,913 | $ | 161,987 | $ | 87,917 | $ | 74,070 | ||||||||||||||||||||
Deposits received for securities loaned | 13,811 | — | 13,811 | 4,730 | 9,081 | |||||||||||||||||||||||||
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 | $ | 271,711 | $ | 95,913 | $ | 175,798 | $ | 92,647 | $ | 83,151 | $ | 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 September 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 | $ | 121,109 | $ | 59,246 | $ | 30,558 | $ | 46,987 | $ | 257,900 | $ | 140,262 | $ | 60,664 | $ | 33,724 | $ | 42,294 | $ | 276,944 | ||||||||||
Deposits received for securities loaned | 7,091 | 307 | 3,200 | 3,213 | 13,811 | 12,567 | 459 | 2,691 | 2,424 | 18,141 | ||||||||||||||||||||
Total | $ | 128,200 | $ | 59,553 | $ | 33,758 | $ | 50,200 | $ | 271,711 | $ | 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 September 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 | $ | 95,116 | $ | 110 | $ | 95,226 | $ | 101,780 | $ | — | $ | 101,780 | ||||||
State and municipal securities | 2,803 | — | 2,803 | 1,644 | — | 1,644 | ||||||||||||
Foreign government securities | 94,306 | 301 | 94,607 | 106,764 | 565 | 107,329 | ||||||||||||
Corporate bonds | 22,247 | 545 | 22,792 | 22,264 | 660 | 22,924 | ||||||||||||
Equity securities | 18,759 | 11,982 | 30,741 | 14,616 | 16,570 | 31,186 | ||||||||||||
Mortgage-backed securities | 15,088 | — | 15,088 | 20,112 | — | 20,112 | ||||||||||||
Asset-backed securities | 6,513 | — | 6,513 | 5,861 | — | 5,861 | ||||||||||||
Other | 3,068 | 873 | 3,941 | 3,903 | 346 | 4,249 | ||||||||||||
Total | $ | 257,900 | $ | 13,811 | $ | 271,711 | $ | 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 | September 30, 2018 | December 31, 2017 | March 31, 2019 | December 31, 2018 | ||||||||
Receivables from customers | $ | 15,195 | $ | 19,215 | $ | 14,945 | $ | 14,415 | ||||
Receivables from brokers, dealers and clearing organizations | 25,484 | 19,169 | 29,555 | 21,035 | ||||||||
Total brokerage receivables(1) | $ | 40,679 | $ | 38,384 | $ | 44,500 | $ | 35,450 | ||||
Payables to customers | $ | 41,414 | $ | 38,741 | $ | 37,240 | $ | 40,273 | ||||
Payables to brokers, dealers and clearing organizations | 31,932 | 22,601 | 25,416 | 24,298 | ||||||||
Total brokerage payables(1) | $ | 73,346 | $ | 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 | September 30, 2018 | |||
Debt securities available-for-sale (AFS) | $ | 284,782 | ||
Debt securities held-to-maturity (HTM)(1) | 53,249 | |||
Marketable equity securities carried at fair value(2) | 260 | |||
Non-marketable equity securities carried at fair value(2) | 1,128 | |||
Non-marketable equity securities measured using the measurement alternative(3) | 452 | |||
Non-marketable equity securities carried at cost(4) | 5,642 | |||
Total investments | $ | 345,513 |
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 September 30, | Nine Months Ended September 30, | |||||||||||
In millions of dollars | 2018 | 2017 | 2018 | 2017 | ||||||||
Taxable interest | $ | 2,195 | $ | 1,922 | $ | 6,395 | $ | 5,545 | ||||
Interest exempt from U.S. federal income tax | 130 | 129 | 392 | 412 | ||||||||
Dividend income | 63 | 53 | 209 | 165 | ||||||||
Total interest and dividend income | $ | 2,388 | $ | 2,104 | $ | 6,996 | $ | 6,122 |
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 September 30, | Nine Months Ended September 30, | |||||||||||
In millions of dollars | 2018 | 2017 | 2018 | 2017 | ||||||||
Gross realized investment gains | $ | 153 | $ | 293 | $ | 550 | $ | 840 | ||||
Gross realized investment losses | (84 | ) | (80 | ) | (209 | ) | (214 | ) | ||||
Net realized gains on sale of investments | $ | 69 | $ | 213 | $ | 341 | $ | 626 |
September 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 | $ | 46,675 | $ | 61 | $ | 1,575 | $ | 45,161 | $ | 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 | 1,620 | 7 | 1 | 1,626 | 2,744 | 13 | 6 | 2,751 | 1,117 | 4 | 1 | 1,120 | 1,310 | 4 | 2 | 1,312 | ||||||||||||||||||||||||||||||||
Commercial | 233 | 1 | 3 | 231 | 334 | — | 2 | 332 | 138 | 1 | 1 | 138 | 173 | 1 | 2 | 172 | ||||||||||||||||||||||||||||||||
Total mortgage-backed securities | $ | 48,529 | $ | 69 | $ | 1,579 | $ | 47,019 | $ | 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 | $ | 108,509 | $ | 28 | $ | 1,949 | $ | 106,588 | $ | 108,344 | $ | 77 | $ | 971 | $ | 107,450 | $ | 100,267 | $ | 25 | $ | 1,003 | $ | 99,289 | $ | 109,376 | $ | 33 | $ | 1,339 | $ | 108,070 | ||||||||||||||||
Agency obligations | 9,752 | — | 197 | 9,555 | 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 | $ | 118,261 | $ | 28 | $ | 2,146 | $ | 116,143 | $ | 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) | $ | 9,662 | $ | 87 | $ | 269 | $ | 9,480 | $ | 8,870 | $ | 140 | $ | 245 | $ | 8,765 | ||||||||||||||||||||||||||||||||
State and municipal | $ | 8,012 | $ | 162 | $ | 65 | $ | 8,109 | $ | 9,372 | $ | 96 | $ | 262 | $ | 9,206 | ||||||||||||||||||||||||||||||||
Foreign government | 94,937 | 293 | 769 | 94,461 | 100,615 | 508 | 590 | 100,533 | 101,296 | 455 | 395 | 101,356 | 100,872 | 415 | 596 | 100,691 | ||||||||||||||||||||||||||||||||
Corporate | 12,498 | 21 | 139 | 12,380 | 14,144 | 51 | 86 | 14,109 | 12,366 | 59 | 115 | 12,310 | 11,714 | 42 | 157 | 11,599 | ||||||||||||||||||||||||||||||||
Asset-backed securities(1) | 1,265 | 3 | 6 | 1,262 | 3,906 | 14 | 2 | 3,918 | 1,421 | 1 | 2 | 1,420 | 845 | 2 | 4 | 843 | ||||||||||||||||||||||||||||||||
Other debt securities | 4,036 | 1 | — | 4,037 | 297 | — | — | 297 | 3,671 | 1 | — | 3,672 | 3,973 | — | 1 | 3,972 | ||||||||||||||||||||||||||||||||
Total debt securities AFS | $ | 289,188 | $ | 502 | $ | 4,908 | $ | 284,782 | $ | 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 | $ | 289,188 | $ | 502 | $ | 4,908 | $ | 284,782 | $ | 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 | ||||||||||||||||||||||||
September 30, 2018 | ||||||||||||||||||||||||||||||||||||
Debt Securities AFS(1) | ||||||||||||||||||||||||||||||||||||
March 31, 2019 | ||||||||||||||||||||||||||||||||||||
Debt securities AFS | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 21,723 | $ | 574 | $ | 18,828 | $ | 1,001 | $ | 40,551 | $ | 1,575 | ||||||||||||||||||||||||
U.S. government agency guaranteed | $ | 9,176 | $ | 268 | $ | 8,102 | $ | 166 | $ | 17,278 | $ | 434 | ||||||||||||||||||||||||
Non-U.S. residential | 256 | 1 | 1 | — | 257 | 1 | 387 | 1 | 1 | — | 388 | 1 | ||||||||||||||||||||||||
Commercial | 168 | 2 | 51 | 1 | 219 | 3 | 14 | — | 104 | 1 | 118 | 1 | ||||||||||||||||||||||||
Total mortgage-backed securities | $ | 22,147 | $ | 577 | $ | 18,880 | $ | 1,002 | $ | 41,027 | $ | 1,579 | $ | 9,577 | $ | 269 | $ | 8,207 | $ | 167 | $ | 17,784 | $ | 436 | ||||||||||||
U.S. Treasury and federal agency securities | ||||||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 27,095 | $ | 279 | $ | 65,789 | $ | 1,670 | $ | 92,884 | $ | 1,949 | $ | 8,496 | $ | 48 | $ | 80,174 | $ | 955 | $ | 88,670 | $ | 1,003 | ||||||||||||
Agency obligations | 1,549 | 15 | 8,004 | 182 | 9,553 | 197 | 126 | 2 | 8,098 | 88 | 8,224 | 90 | ||||||||||||||||||||||||
Total U.S. Treasury and federal agency securities | $ | 28,644 | $ | 294 | $ | 73,793 | $ | 1,852 | $ | 102,437 | $ | 2,146 | $ | 8,622 | $ | 50 | $ | 88,272 | $ | 1,043 | $ | 96,894 | $ | 1,093 | ||||||||||||
State and municipal | $ | 1,811 | $ | 48 | $ | 1,260 | $ | 221 | $ | 3,071 | $ | 269 | $ | 928 | $ | 6 | $ | 968 | $ | 59 | $ | 1,896 | $ | 65 | ||||||||||||
Foreign government | 48,491 | 463 | 11,598 | 306 | 60,089 | 769 | 32,453 | 159 | 11,945 | 236 | 44,398 | 395 | ||||||||||||||||||||||||
Corporate | 6,556 | 114 | 798 | 25 | 7,354 | 139 | 3,252 | 96 | 2,127 | 19 | 5,379 | 115 | ||||||||||||||||||||||||
Asset-backed securities | 604 | 6 | 27 | — | 631 | 6 | 306 | 2 | 56 | — | 362 | 2 | ||||||||||||||||||||||||
Other debt securities | 1,313 | — | — | — | 1,313 | — | 816 | — | — | — | 816 | — | ||||||||||||||||||||||||
Total debt securities AFS | $ | 109,566 | $ | 1,502 | $ | 106,356 | $ | 3,406 | $ | 215,922 | $ | 4,908 | $ | 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 |
September 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 | $ | 434 | $ | 431 | $ | 45 | $ | 45 | $ | 68 | $ | 68 | $ | 14 | $ | 14 | ||||||||
After 1 but within 5 years | 1,201 | 1,194 | 1,306 | 1,304 | 706 | 707 | 662 | 661 | ||||||||||||||||
After 5 but within 10 years | 2,159 | 2,119 | 1,376 | 1,369 | 1,824 | 1,922 | 2,779 | 2,828 | ||||||||||||||||
After 10 years(2) | 44,735 | 43,275 | 42,504 | 42,239 | 37,886 | 37,895 | 41,533 | 41,002 | ||||||||||||||||
Total | $ | 48,529 | $ | 47,019 | $ | 45,231 | $ | 44,957 | $ | 40,484 | $ | 40,592 | $ | 44,988 | $ | 44,505 | ||||||||
U.S. Treasury and federal agency securities | ||||||||||||||||||||||||
Due within 1 year | $ | 34,543 | $ | 34,471 | $ | 4,913 | $ | 4,907 | $ | 39,674 | $ | 39,554 | $ | 41,941 | $ | 41,867 | ||||||||
After 1 but within 5 years | 81,735 | 79,739 | 111,236 | 110,238 | 68,442 | 67,520 | 76,139 | 74,800 | ||||||||||||||||
After 5 but within 10 years | 1,893 | 1,842 | 3,008 | 3,001 | 597 | 573 | 489 | 462 | ||||||||||||||||
After 10 years(2) | 90 | 91 | — | — | 26 | 26 | 90 | 93 | ||||||||||||||||
Total | $ | 118,261 | $ | 116,143 | $ | 119,157 | $ | 118,146 | $ | 108,739 | $ | 107,673 | $ | 118,659 | $ | 117,222 | ||||||||
State and municipal | ||||||||||||||||||||||||
Due within 1 year | $ | 2,773 | $ | 2,772 | $ | 1,792 | $ | 1,792 | $ | 1,674 | $ | 1,673 | $ | 2,586 | $ | 2,586 | ||||||||
After 1 but within 5 years | 1,575 | 1,570 | 2,579 | 2,576 | 1,542 | 1,546 | 1,676 | 1,675 | ||||||||||||||||
After 5 but within 10 years | 572 | 590 | 514 | 528 | 573 | 595 | 585 | 602 | ||||||||||||||||
After 10 years(2) | 4,742 | 4,548 | 3,985 | 3,869 | 4,223 | 4,295 | 4,525 | 4,343 | ||||||||||||||||
Total | $ | 9,662 | $ | 9,480 | $ | 8,870 | $ | 8,765 | $ | 8,012 | $ | 8,109 | $ | 9,372 | $ | 9,206 | ||||||||
Foreign government | ||||||||||||||||||||||||
Due within 1 year | $ | 34,686 | $ | 34,649 | $ | 32,130 | $ | 32,100 | $ | 41,824 | $ | 41,806 | $ | 39,078 | $ | 39,028 | ||||||||
After 1 but within 5 years | 47,933 | 47,416 | 53,034 | 53,165 | 46,950 | 46,936 | 50,125 | 49,962 | ||||||||||||||||
After 5 but within 10 years | 10,371 | 10,386 | 12,949 | 12,680 | 11,034 | 11,083 | 10,153 | 10,149 | ||||||||||||||||
After 10 years(2) | 1,947 | 2,010 | 2,502 | 2,588 | 1,488 | 1,531 | 1,516 | 1,552 | ||||||||||||||||
Total | $ | 94,937 | $ | 94,461 | $ | 100,615 | $ | 100,533 | $ | 101,296 | $ | 101,356 | $ | 100,872 | $ | 100,691 | ||||||||
All other(3) | ||||||||||||||||||||||||
Due within 1 year | $ | 6,439 | $ | 6,435 | $ | 3,998 | $ | 3,991 | $ | 6,867 | $ | 6,865 | $ | 6,166 | $ | 6,166 | ||||||||
After 1 but within 5 years | 9,151 | 9,068 | 9,047 | 9,027 | 8,199 | 8,188 | 8,459 | 8,416 | ||||||||||||||||
After 5 but within 10 years | 1,614 | 1,603 | 3,415 | 3,431 | 1,429 | 1,410 | 1,474 | 1,427 | ||||||||||||||||
After 10 years(2) | 595 | 573 | 1,887 | 1,875 | 963 | 939 | 433 | 405 | ||||||||||||||||
Total | $ | 17,799 | $ | 17,679 | $ | 18,347 | $ | 18,324 | $ | 17,458 | $ | 17,402 | $ | 16,532 | $ | 16,414 | ||||||||
Total debt securities AFS | $ | 289,188 | $ | 284,782 | $ | 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 | ||||||||
September 30, 2018 | ||||||||||||
Debt securities held-to-maturity | ||||||||||||
Mortgage-backed securities(1) | ||||||||||||
U.S. government agency guaranteed | $ | 25,058 | $ | 3 | $ | 869 | $ | 24,192 | ||||
Alt-A | — | — | — | — | ||||||||
Non-U.S. residential | 1,288 | 19 | — | 1,307 | ||||||||
Commercial | 260 | — | — | 260 | ||||||||
Total mortgage-backed securities | $ | 26,606 | $ | 22 | $ | 869 | $ | 25,759 | ||||
State and municipal | $ | 7,399 | $ | 124 | $ | 185 | $ | 7,338 | ||||
Foreign government | 1,151 | — | 14 | 1,137 | ||||||||
Asset-backed securities(1) | 18,093 | 27 | 11 | 18,109 | ||||||||
Total debt securities held-to-maturity | $ | 53,249 | $ | 173 | $ | 1,079 | $ | 52,343 | ||||
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 | ||||||||||||||||||||||||
September 30, 2018 | ||||||||||||||||||||||||||||||||||||
March 31, 2019 | ||||||||||||||||||||||||||||||||||||
Debt securities held-to-maturity | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 13,815 | $ | 392 | $ | 9,815 | $ | 477 | $ | 23,630 | $ | 869 | $ | 4,577 | $ | 11 | $ | 18,150 | $ | 287 | $ | 22,727 | $ | 298 | ||||||||||||
State and municipal | 2,283 | 58 | 799 | 127 | 3,082 | 185 | 206 | 6 | 954 | 64 | 1,160 | 70 | ||||||||||||||||||||||||
Foreign government | 1,138 | 14 | — | — | 1,138 | 14 | 989 | 11 | — | — | 989 | 11 | ||||||||||||||||||||||||
Asset-backed securities | 3,670 | 11 | 2 | — | 3,672 | 11 | 12,581 | 86 | — | — | 12,581 | 86 | ||||||||||||||||||||||||
Total debt securities held-to-maturity | $ | 20,906 | $ | 475 | $ | 10,616 | $ | 604 | $ | 31,522 | $ | 1,079 | $ | 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 |
September 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 | 129 | 127 | 720 | 720 | 544 | 547 | 539 | 540 | ||||||||||||||||
After 5 but within 10 years | 101 | 99 | 148 | 149 | 1,822 | 1,845 | 997 | 1,011 | ||||||||||||||||
After 10 years(1) | 26,376 | 25,533 | 25,231 | 25,235 | 37,654 | 37,736 | 34,407 | 34,024 | ||||||||||||||||
Total | $ | 26,606 | $ | 25,759 | $ | 26,099 | $ | 26,104 | $ | 40,023 | $ | 40,131 | $ | 35,946 | $ | 35,578 | ||||||||
State and municipal | ||||||||||||||||||||||||
Due within 1 year | $ | 31 | $ | 31 | $ | 407 | $ | 425 | $ | 37 | $ | 37 | $ | 37 | $ | 37 | ||||||||
After 1 but within 5 years | 131 | 133 | 259 | 270 | 221 | 228 | 168 | 174 | ||||||||||||||||
After 5 but within 10 years | 492 | 495 | 512 | 524 | 487 | 500 | 540 | 544 | ||||||||||||||||
After 10 years(1) | 6,745 | 6,679 | 7,719 | 7,983 | 6,903 | 7,098 | 6,883 | 6,902 | ||||||||||||||||
Total | $ | 7,399 | $ | 7,338 | $ | 8,897 | $ | 9,202 | $ | 7,648 | $ | 7,863 | $ | 7,628 | $ | 7,657 | ||||||||
Foreign government | ||||||||||||||||||||||||
Due within 1 year | $ | 114 | $ | 114 | $ | 381 | $ | 381 | $ | 20 | $ | 20 | $ | 60 | $ | 36 | ||||||||
After 1 but within 5 years | 1,037 | 1,023 | 359 | 341 | 980 | 969 | 967 | 967 | ||||||||||||||||
After 5 but within 10 years | — | — | — | — | — | — | — | — | ||||||||||||||||
After 10 years(1) | — | — | — | — | — | — | — | — | ||||||||||||||||
Total | $ | 1,151 | $ | 1,137 | $ | 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 | 2,244 | 2,250 | 1,669 | 1,680 | 3,039 | 3,041 | 2,535 | 2,539 | ||||||||||||||||
After 10 years(1) | 15,849 | 15,859 | 15,915 | 16,044 | 15,132 | 15,050 | 16,221 | 16,113 | ||||||||||||||||
Total | $ | 18,093 | $ | 18,109 | $ | 17,584 | $ | 17,724 | $ | 18,171 | $ | 18,091 | $ | 18,756 | $ | 18,652 | ||||||||
Total debt securities held-to-maturity | $ | 53,249 | $ | 52,343 | $ | 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 September 30, 2018 | Nine Months Ended September 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 | 70 | — | 70 | 109 | — | 109 | ||||||||||||
Total OTTI losses recognized in earnings | $ | 70 | $ | — | $ | 70 | $ | 109 | $ | — | $ | 109 |
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 September 30, 2017 | Nine Months Ended September 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 | $ | 2 | $ | — | $ | 2 | $ | 2 | $ | — | $ | 2 | ||||||
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 | $ | 2 | $ | — | $ | 2 | $ | 2 | $ | — | $ | 2 | ||||||
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 | 12 | 1 | 13 | 43 | 2 | 45 | ||||||||||||
Total impairment losses recognized in earnings | $ | 14 | $ | 1 | $ | 15 | $ | 45 | $ | 2 | $ | 47 |
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 | June 30, 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 | September 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 | $ | 1 | $ | — | $ | — | $ | — | $ | 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 | $ | 7 | $ | — | $ | — | $ | — | $ | 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 | June 30, 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 | September 30, 2017 balance | ||||||||||
AFS debt securities | |||||||||||||||
Mortgage-backed securities | $ | — | $ | — | $ | — | $ | — | $ | — | |||||
State and municipal | 4 | — | — | — | 4 | ||||||||||
Foreign government securities | — | — | — | — | — | ||||||||||
Corporate | 4 | — | — | — | 4 | ||||||||||
All other debt securities | — | — | 2 | — | 2 | ||||||||||
Total OTTI credit losses recognized for AFS debt securities | $ | 8 | $ | — | $ | 2 | $ | — | $ | 10 | |||||
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) | September 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 | September 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 | — | 2 | (22 | ) | 2 | |||||||||
Total OTTI credit losses recognized for AFS debt securities | $ | 31 | $ | — | $ | 2 | $ | (23 | ) | $ | 10 | ||||
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 |
Three Months Ended March 31, | ||||||||||||
In millions of dollars | Three Months Ended September 30, 2018 | Nine Months Ended September 30, 2018 | 2019 | 2018 | ||||||||
Measurement alternative: | ||||||||||||
Balance as of September 30, 2018 | $ | 452 | $ | 452 | ||||||||
Impairment losses(1) | — | 4 | $ | 5 | $ | 1 | ||||||
Downward changes for observable prices(1) | 14 | 18 | — | 2 | ||||||||
Upward changes for observable prices(1) | 21 | 133 | 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 | September 30, 2018 | December 31, 2017 | September 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) | 186 | 372 | 62 | 62 | — | 160 | 168 | 62 | 62 | — | ||||||||||||||||||
Real estate funds (2)(3) | 14 | 31 | 19 | 20 | — | 14 | 14 | 19 | 19 | — | ||||||||||||||||||
Mutual/collective investment funds | 25 | — | — | — | — | 25 | 25 | — | — | — | ||||||||||||||||||
Total | $ | 225 | $ | 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 | September 30, 2018 | December 31, 2017 | March 31, 2019 | December 31, 2018 | ||||||||
In U.S. offices | ||||||||||||
Mortgage and real estate(1) | $ | 61,048 | $ | 65,467 | $ | 57,461 | $ | 60,127 | ||||
Installment, revolving credit and other | 3,515 | 3,398 | 3,257 | 3,398 | ||||||||
Cards | 137,051 | 139,006 | 135,206 | 143,788 | ||||||||
Commercial and industrial | 7,686 | 7,840 | 8,859 | 8,256 | ||||||||
$ | 209,300 | $ | 215,711 | |||||||||
Total | $ | 204,783 | $ | 215,569 | ||||||||
In offices outside the U.S. | ||||||||||||
Mortgage and real estate(1) | $ | 43,714 | $ | 44,081 | $ | 43,184 | $ | 43,379 | ||||
Installment, revolving credit and other | 27,899 | 26,556 | 27,525 | 27,609 | ||||||||
Cards | 24,971 | 26,257 | 24,763 | 25,400 | ||||||||
Commercial and industrial | 18,821 | 20,238 | 18,884 | 17,773 | ||||||||
Lease financing | 52 | 76 | 47 | 49 | ||||||||
$ | 115,457 | $ | 117,208 | |||||||||
Total | $ | 114,403 | $ | 114,210 | ||||||||
Total consumer loans | $ | 324,757 | $ | 332,919 | $ | 319,186 | $ | 329,779 | ||||
Net unearned income | $ | 712 | $ | 737 | $ | 701 | $ | 708 | ||||
Consumer loans, net of unearned income | $ | 325,469 | $ | 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) | $ | 46,038 | $ | 503 | $ | 263 | $ | 903 | $ | 47,707 | $ | 628 | $ | 641 | $ | 44,047 | $ | 393 | $ | 234 | $ | 677 | $ | 45,351 | $ | 564 | $ | 456 | ||||||||||||||
Home equity loans(6)(7) | 11,693 | 174 | 264 | — | 12,131 | 561 | — | 10,527 | 174 | 236 | — | 10,937 | 500 | — | ||||||||||||||||||||||||||||
Credit cards | 134,721 | 1,612 | 1,539 | — | 137,872 | — | 1,539 | 132,572 | 1,590 | 1,746 | — | 135,908 | — | 1,746 | ||||||||||||||||||||||||||||
Installment and other | 3,473 | 40 | 14 | — | 3,527 | 20 | — | 3,257 | 41 | 15 | — | 3,313 | 21 | — | ||||||||||||||||||||||||||||
Commercial banking loans | 9,206 | 25 | 48 | — | 9,279 | 114 | — | 10,303 | 9 | 48 | — | 10,360 | 145 | — | ||||||||||||||||||||||||||||
Total | $ | 205,131 | $ | 2,354 | $ | 2,128 | $ | 903 | $ | 210,516 | $ | 1,323 | $ | 2,180 | $ | 200,706 | $ | 2,207 | $ | 2,279 | $ | 677 | $ | 205,869 | $ | 1,230 | $ | 2,202 | ||||||||||||||
In offices outside North America | ||||||||||||||||||||||||||||||||||||||||||
Residential first mortgages(5) | $ | 35,919 | $ | 217 | $ | 146 | $ | — | $ | 36,282 | $ | 397 | $ | — | $ | 35,777 | $ | 203 | $ | 134 | $ | — | $ | 36,114 | $ | 397 | $ | — | ||||||||||||||
Credit cards | 23,638 | 420 | 356 | — | 24,414 | 314 | 223 | 23,561 | 417 | 365 | — | 24,343 | 297 | 234 | ||||||||||||||||||||||||||||
Installment and other | 25,192 | 267 | 108 | — | 25,567 | 163 | — | 25,687 | 244 | 97 | — | 26,028 | 130 | — | ||||||||||||||||||||||||||||
Commercial banking loans | 28,569 | 54 | 66 | — | 28,689 | 177 | — | 27,415 | 53 | 64 | — | 27,532 | 151 | — | ||||||||||||||||||||||||||||
Total | $ | 113,318 | $ | 958 | $ | 676 | $ | — | $ | 114,952 | $ | 1,051 | $ | 223 | $ | 112,440 | $ | 917 | $ | 660 | $ | — | $ | 114,017 | $ | 975 | $ | 234 | ||||||||||||||
Total GCB and Corporate/Other— Consumer | $ | 318,449 | $ | 3,312 | $ | 2,804 | $ | 903 | $ | 325,468 | $ | 2,374 | $ | 2,403 | $ | 313,146 | $ | 3,124 | $ | 2,939 | $ | 677 | $ | 319,886 | $ | 2,205 | $ | 2,436 | ||||||||||||||
Other(8) | 1 | — | — | — | 1 | — | — | 1 | — | — | — | 1 | — | — | ||||||||||||||||||||||||||||
Total Citigroup | $ | 318,450 | $ | 3,312 | $ | 2,804 | $ | 903 | $ | 325,469 | $ | 2,374 | $ | 2,403 | $ | 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) | September 30, 2018 | March 31, 2019 | ||||||||||||||||
In millions of dollars | Less than 680 | 680 to 760 | Greater than 760 | Less than 680 | 680 to 760 | Greater than 760 | ||||||||||||
Residential first mortgages | $ | 4,647 | $ | 13,854 | $ | 26,553 | $ | 4,169 | $ | 12,922 | $ | 25,874 | ||||||
Home equity loans | 2,575 | 4,495 | 4,692 | 2,321 | 4,093 | 4,188 | ||||||||||||
Credit cards | 31,379 | 56,636 | 47,675 | 32,056 | 55,975 | 45,934 | ||||||||||||
Installment and other | 624 | 1,080 | 1,189 | 611 | 1,009 | 1,105 | ||||||||||||
Total | $ | 39,225 | $ | 76,065 | $ | 80,109 | $ | 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 680 | 680 to 760 | Greater than 760 | Less than 680 | 680 to 760 | Greater than 760 | ||||||||||||
Residential first mortgages | $ | 5,603 | $ | 14,423 | $ | 26,271 | $ | 4,530 | $ | 13,848 | $ | 26,546 | ||||||
Home equity loans | 3,347 | 5,439 | 5,650 | 2,438 | 4,296 | 4,471 | ||||||||||||
Credit cards | 30,875 | 56,443 | 48,989 | 32,686 | 58,722 | 51,299 | ||||||||||||
Installment and other | 716 | 1,020 | 1,275 | 625 | 1,097 | 1,121 | ||||||||||||
Total | $ | 40,541 | $ | 77,325 | $ | 82,185 | $ | 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) | September 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 | $ | 42,823 | $ | 2,205 | $ | 151 | |||
Home equity loans | 9,884 | 1,366 | 446 | ||||||
Total | $ | 52,707 | $ | 3,571 | $ | 597 |
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 September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||
Balance at September 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 | $ | 2,294 | $ | 2,508 | $ | 197 | $ | 2,670 | $ | 21 | $ | 29 | $ | 63 | $ | 97 | $ | 2,085 | $ | 2,289 | $ | 162 | $ | 2,250 | $ | 17 | $ | 21 | ||||||||||||||
Home equity loans | 704 | 980 | 125 | 815 | 2 | 7 | 10 | 21 | 672 | 938 | 123 | 698 | 2 | 7 | ||||||||||||||||||||||||||||
Credit cards | 1,801 | 1,828 | 654 | 1,807 | 24 | 37 | 79 | 110 | 1,860 | 1,891 | 702 | 1,818 | 26 | 30 | ||||||||||||||||||||||||||||
Installment and other | ||||||||||||||||||||||||||||||||||||||||||
Individual installment and other | 406 | 436 | 153 | 421 | 5 | 5 | 17 | 18 | 397 | 429 | 146 | 402 | 5 | 6 | ||||||||||||||||||||||||||||
Commercial banking | 296 | 441 | 46 | 306 | 2 | 4 | 10 | 18 | 274 | 527 | 38 | 282 | 3 | 3 | ||||||||||||||||||||||||||||
Total | $ | 5,501 | $ | 6,193 | $ | 1,175 | $ | 6,019 | $ | 54 | $ | 82 | $ | 179 | $ | 264 | $ | 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. |
For the Three Months Ended September 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 | 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 | 461 | $ | 66 | $ | — | $ | — | $ | — | — | % | 493 | $ | 74 | $ | — | $ | — | $ | — | — | % | ||||||||||
Home equity loans | 261 | 26 | 1 | — | — | 1 | 206 | 21 | 1 | — | — | 2 | ||||||||||||||||||||
Credit cards | 61,508 | 253 | — | — | — | 18 | 72,247 | 305 | — | — | — | 18 | ||||||||||||||||||||
Installment and other revolving | 322 | 2 | — | — | — | 5 | 351 | 3 | — | — | — | 6 | ||||||||||||||||||||
Commercial banking(6) | 11 | 3 | — | — | — | — | 15 | 38 | — | — | — | — | ||||||||||||||||||||
Total(8) | 62,563 | $ | 350 | $ | 1 | $ | — | $ | — | 73,312 | $ | 441 | $ | 1 | $ | — | $ | — | ||||||||||||||
International | ||||||||||||||||||||||||||||||||
Residential first mortgages | 660 | $ | 22 | $ | — | $ | — | $ | — | — | % | 725 | $ | 20 | $ | — | $ | — | $ | — | — | % | ||||||||||
Credit cards | 18,413 | 77 | — | — | 2 | 17 | 18,493 | 75 | — | — | 3 | 16 | ||||||||||||||||||||
Installment and other revolving | 6,421 | 34 | — | — | 2 | 10 | 7,552 | 45 | — | — | 2 | 10 | ||||||||||||||||||||
Commercial banking(6) | 131 | 9 | — | — | — | — | 99 | 32 | — | — | — | — | ||||||||||||||||||||
Total(8) | 25,625 | $ | 142 | $ | — | $ | — | $ | 4 | 26,869 | $ | 172 | $ | — | $ | — | $ | 5 |
For the Three Months Ended September 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 | 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 | 1,400 | $ | 199 | $ | 1 | $ | — | $ | — | — | % | 588 | $ | 89 | $ | 1 | $ | — | $ | — | — | % | ||||||||||
Home equity loans | 830 | 70 | 5 | — | — | 1 | 456 | 41 | 2 | — | — | 1 | ||||||||||||||||||||
Credit cards | 59,285 | 225 | — | — | — | 17 | 63,203 | 244 | — | — | — | 18 | ||||||||||||||||||||
Installment and other revolving | 299 | 2 | — | — | — | 6 | 342 | 3 | — | — | — | 5 | ||||||||||||||||||||
Commercial banking(6) | 33 | 59 | — | — | — | — | 9 | 1 | — | — | — | — | ||||||||||||||||||||
Total(8) | 61,847 | $ | 555 | $ | 6 | $ | — | $ | — | 64,598 | $ | 378 | $ | 3 | $ | — | $ | — | ||||||||||||||
International | ||||||||||||||||||||||||||||||||
Residential first mortgages | 703 | $ | 25 | $ | — | $ | — | $ | — | — | % | 549 | $ | 18 | $ | — | $ | — | $ | — | — | % | ||||||||||
Credit cards | 28,254 | 103 | — | — | 2 | 11 | 23,394 | 94 | — | — | 2 | 15 | ||||||||||||||||||||
Installment and other revolving | 11,725 | 70 | — | — | 3 | 11 | 9,325 | 59 | — | — | 2 | 10 | ||||||||||||||||||||
Commercial banking(6) | 97 | 11 | — | — | — | — | 145 | 28 | — | — | — | 2 | ||||||||||||||||||||
Total(8) | 40,779 | $ | 209 | $ | — | $ | — | $ | 5 | 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 |
(8) | The above tables reflect activity for loans outstanding that were considered TDRs as of the end of the reporting period. |
For the Nine Months Ended September 30, 2018 | ||||||||||||||||
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 | 1,544 | $ | 233 | $ | 2 | $ | — | $ | — | — | % | |||||
Home equity loans | 1,097 | 104 | 4 | — | — | 1 | ||||||||||
Credit cards | 180,170 | 717 | — | — | — | 17 | ||||||||||
Installment and other revolving | 956 | 7 | — | — | — | 5 | ||||||||||
Commercial banking(6) | 37 | 5 | — | — | — | — | ||||||||||
Total(8) | 183,804 | $ | 1,066 | $ | 6 | $ | — | $ | — | |||||||
International | ||||||||||||||||
Residential first mortgages | 1,833 | $ | 62 | $ | — | $ | — | $ | — | — | % | |||||
Credit cards | 59,589 | 249 | — | — | 7 | 16 | ||||||||||
Installment and other revolving | 22,918 | 136 | — | — | 6 | 10 | ||||||||||
Commercial banking(6) | 433 | 60 | — | — | — | 1 | ||||||||||
Total(8) | 84,773 | $ | 507 | $ | — | $ | — | $ | 13 |
For the Nine Months Ended September 30, 2017 | ||||||||||||||||
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 | 3,172 | $ | 445 | $ | 5 | $ | — | $ | 2 | 1 | % | |||||
Home equity loans | 2,186 | 185 | 13 | — | — | 1 | ||||||||||
Credit cards | 171,702 | 659 | — | — | — | 17 | ||||||||||
Installment and other revolving | 770 | 6 | — | — | — | 5 | ||||||||||
Commercial banking(6) | 89 | 107 | — | — | — | — | ||||||||||
Total(8) | 177,919 | $ | 1,402 | $ | 18 | $ | — | $ | 2 | |||||||
International | ||||||||||||||||
Residential first mortgages | 2,071 | $ | 80 | $ | — | $ | — | $ | — | — | % | |||||
Credit cards | 82,042 | 286 | — | — | 6 | 12 | ||||||||||
Installment and other revolving | 34,654 | 194 | — | — | 9 | 9 | ||||||||||
Commercial banking(6) | 182 | 30 | — | — | — | — | ||||||||||
Total(8) | 118,949 | $ | 590 | $ | — | $ | — | $ | 15 |
Three Months Ended March 31, | ||||||
In millions of dollars | 2019 | 2018 | ||||
North America | ||||||
Residential first mortgages | $ | 23 | $ | 44 | ||
Home equity loans | 3 | 10 | ||||
Credit cards | 70 | 59 | ||||
Installment and other revolving | 1 | 1 | ||||
Commercial banking | — | 8 | ||||
Total | $ | 97 | $ | 122 | ||
International | ||||||
Residential first mortgages | $ | 3 | $ | 2 | ||
Credit cards | 38 | 53 | ||||
Installment and other revolving | 18 | 24 | ||||
Commercial banking | — | — | ||||
Total | $ | 59 | $ | 79 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
In millions of dollars | 2018 | 2017 | 2018 | 2017 | ||||||||
North America | ||||||||||||
Residential first mortgages | $ | 31 | $ | 57 | $ | 105 | $ | 156 | ||||
Home equity loans | 5 | 8 | 21 | 25 | ||||||||
Credit cards | 57 | 54 | 173 | 163 | ||||||||
Installment and other revolving | 1 | 1 | 2 | 2 | ||||||||
Commercial banking | 1 | — | 22 | 2 | ||||||||
Total | $ | 95 | $ | 120 | $ | 323 | $ | 348 | ||||
International | ||||||||||||
Residential first mortgages | $ | 2 | $ | 3 | $ | 6 | $ | 8 | ||||
Credit cards | 48 | 48 | 156 | 136 | ||||||||
Installment and other revolving | 18 | 25 | 62 | 71 | ||||||||
Commercial banking | 7 | — | 17 | — | ||||||||
Total | $ | 75 | $ | 76 | $ | 241 | $ | 215 |
In millions of dollars | September 30, 2018 | December 31, 2017 | March 31, 2019 | December 31, 2018 | ||||||||
In U.S. offices | ||||||||||||
Commercial and industrial | $ | 51,365 | $ | 51,319 | $ | 56,698 | $ | 52,063 | ||||
Financial institutions | 46,255 | 39,128 | 49,985 | 48,447 | ||||||||
Mortgage and real estate(1) | 47,629 | 44,683 | 49,746 | 50,124 | ||||||||
Installment, revolving credit and other | 32,201 | 33,181 | 32,768 | 33,247 | ||||||||
Lease financing | 1,445 | 1,470 | 1,405 | 1,429 | ||||||||
$ | 178,895 | $ | 169,781 | $ | 190,602 | $ | 185,310 | |||||
In offices outside the U.S. | ||||||||||||
Commercial and industrial | $ | 98,281 | $ | 93,750 | $ | 97,844 | $ | 94,701 | ||||
Financial institutions | 37,851 | 35,273 | 39,155 | 36,837 | ||||||||
Mortgage and real estate(1) | 7,344 | 7,309 | 7,005 | 7,376 | ||||||||
Installment, revolving credit and other | 22,827 | 22,638 | 24,868 | 25,684 | ||||||||
Lease financing | 131 | 190 | 95 | 103 | ||||||||
Governments and official institutions | 4,898 | 5,200 | 3,698 | 4,520 | ||||||||
$ | 171,332 | $ | 164,360 | $ | 172,665 | $ | 169,221 | |||||
Total corporate loans | $ | 350,227 | $ | 334,141 | $ | 363,267 | $ | 354,531 | ||||
Net unearned income | $ | (787 | ) | $ | (763 | ) | $ | (808 | ) | $ | (822 | ) |
Corporate loans, net of unearned income | $ | 349,440 | $ | 333,378 | $ | 362,459 | $ | 353,709 |
(1) | Loans secured primarily by real estate. |
In millions of dollars | 30–89 days past due and accruing(1) | ≥ 90 days past due and accruing(1) | Total past due and accruing | Total non-accrual(2) | Total current(3) | Total loans(4) | ||||||||||||
Commercial and industrial | $ | 455 | $ | 125 | $ | 580 | $ | 1,177 | $ | 151,074 | $ | 152,831 | ||||||
Financial institutions | 301 | 136 | 437 | 92 | 86,487 | 87,016 | ||||||||||||
Mortgage and real estate | 191 | — | 191 | 182 | 56,359 | 56,732 | ||||||||||||
Leases | 16 | 19 | 35 | — | 1,465 | 1,500 | ||||||||||||
Other | 128 | 76 | 204 | 31 | 60,291 | 60,526 | ||||||||||||
Loans at fair value | 3,854 | |||||||||||||||||
Total | $ | 1,091 | $ | 356 | $ | 1,447 | $ | 1,482 | $ | 355,676 | $ | 362,459 |
In millions of dollars | 30–89 days past due and accruing(1) | ≥ 90 days past due and accruing(1) | Total past due and accruing | Total non-accrual(2) | Total current(3) | Total loans(4) | ||||||||||||
Commercial and industrial | $ | 430 | $ | 30 | $ | 460 | $ | 1,123 | $ | 145,612 | $ | 147,195 | ||||||
Financial institutions | 146 | 9 | 155 | 74 | 82,299 | 82,528 | ||||||||||||
Mortgage and real estate | 209 | 5 | 214 | 258 | 54,492 | 54,964 | ||||||||||||
Leases | 16 | 3 | 19 | — | 1,557 | 1,576 | ||||||||||||
Other | 79 | 41 | 120 | 85 | 58,754 | 58,959 | ||||||||||||
Loans at fair value | 4,218 | |||||||||||||||||
Total | $ | 880 | $ | 88 | $ | 968 | $ | 1,540 | $ | 342,714 | $ | 349,440 |
In millions of dollars | 30–89 days past due and accruing(1) | ≥ 90 days past due and accruing(1) | Total past due and accruing | Total non-accrual(2) | Total current(3) | Total loans(4) | 30–89 days past due and accruing(1) | ≥ 90 days past due and accruing(1) | Total past due and accruing | Total non-accrual(2) | Total current(3) | Total loans(4) | ||||||||||||||||||||||||
Commercial and industrial | $ | 249 | $ | 13 | $ | 262 | $ | 1,506 | $ | 139,554 | $ | 141,322 | $ | 365 | $ | 42 | $ | 407 | $ | 919 | $ | 143,960 | $ | 145,286 | ||||||||||||
Financial institutions | 93 | 15 | 108 | 92 | 73,557 | 73,757 | 87 | 7 | 94 | 102 | 83,672 | 83,868 | ||||||||||||||||||||||||
Mortgage and real estate | 147 | 59 | 206 | 195 | 51,563 | 51,964 | 128 | 5 | 133 | 215 | 57,116 | 57,464 | ||||||||||||||||||||||||
Leases | 68 | 8 | 76 | 46 | 1,533 | 1,655 | 5 | 10 | 15 | — | 1,516 | 1,531 | ||||||||||||||||||||||||
Other | 70 | 13 | 83 | 103 | 60,145 | 60,331 | 151 | 52 | 203 | 75 | 62,079 | 62,357 | ||||||||||||||||||||||||
Loans at fair value | 4,349 | 3,203 | ||||||||||||||||||||||||||||||||||
Total | $ | 627 | $ | 108 | $ | 735 | $ | 1,942 | $ | 326,352 | $ | 333,378 | $ | 736 | $ | 116 | $ | 852 | $ | 1,311 | $ | 348,343 | $ | 353,709 |
(1) | Corporate loans that are 90 days past due are generally classified as non-accrual. Corporate loans are considered past due when principal or interest is contractually due but unpaid. |
(2) | Non-accrual loans generally include those loans that are |
(3) | Loans less than 30 days past due are presented as current. |
(4) | Total loans include loans at fair value, which are not included in the various delinquency columns. |
Recorded investment in loans(1) | Recorded investment in loans(1) | |||||||||||
In millions of dollars | September 30, 2018 | December 31, 2017 | March 31, 2019 | December 31, 2018 | ||||||||
Investment grade(2) | ||||||||||||
Commercial and industrial | $ | 102,875 | $ | 101,313 | $ | 108,423 | $ | 102,722 | ||||
Financial institutions | 70,435 | 60,404 | 75,708 | 73,080 | ||||||||
Mortgage and real estate | 24,351 | 23,213 | 25,068 | 25,855 | ||||||||
Leases | 1,054 | 1,090 | 1,229 | 1,036 | ||||||||
Other | 53,609 | 56,306 | 53,919 | 57,299 | ||||||||
Total investment grade | $ | 252,324 | $ | 242,326 | $ | 264,347 | $ | 259,992 | ||||
Non-investment grade(2) | ||||||||||||
Accrual | ||||||||||||
Commercial and industrial | $ | 43,196 | $ | 38,503 | $ | 43,230 | $ | 41,645 | ||||
Financial institutions | 12,019 | 13,261 | 11,216 | 10,686 | ||||||||
Mortgage and real estate | 3,240 | 2,881 | 3,468 | 3,793 | ||||||||
Leases | 523 | 518 | 271 | 496 | ||||||||
Other | 5,264 | 3,924 | 6,577 | 4,981 | ||||||||
Non-accrual | ||||||||||||
Commercial and industrial | 1,123 | 1,506 | 1,177 | 919 | ||||||||
Financial institutions | 74 | 92 | 92 | 102 | ||||||||
Mortgage and real estate | 258 | 195 | 182 | 215 | ||||||||
Leases | — | 46 | — | — | ||||||||
Other | 85 | 103 | 31 | 75 | ||||||||
Total non-investment grade | $ | 65,782 | $ | 61,029 | $ | 66,244 | $ | 62,912 | ||||
Non-rated private bank loans managed on a delinquency basis(2) | $ | 27,116 | $ | 25,674 | $ | 28,014 | $ | 27,602 | ||||
Loans at fair value | 4,218 | 4,349 | 3,854 | 3,203 | ||||||||
Corporate loans, net of unearned income | $ | 349,440 | $ | 333,378 | $ | 362,459 | $ | 353,709 |
(1) | Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount, less any direct write-downs. |
(2) | Held-for-investment loans are accounted for on an amortized cost basis. |
September 30, 2018 | Three Months Ended September 30, 2018 | Nine Months Ended September 30, 2018 | March 31, 2019 | Three Months Ended March 31, 2019 | |||||||||||||||||||||||||||||
In millions of dollars | Recorded investment(1) | Unpaid principal balance | Related specific allowance | Average carrying value(2) | Interest income recognized(3) | Interest income recognized(3) | Recorded investment(1) | Unpaid principal balance | Related specific allowance | Average carrying value(2) | Interest income recognized(3) | ||||||||||||||||||||||
Non-accrual corporate loans | |||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 1,123 | $ | 1,379 | $ | 207 | $ | 1,246 | $ | 8 | $ | 24 | $ | 1,177 | $ | 1,336 | $ | 127 | $ | 1,079 | $ | 14 | |||||||||||
Financial institutions | 74 | 90 | 39 | 97 | — | — | 92 | 113 | 34 | 101 | — | ||||||||||||||||||||||
Mortgage and real estate | 258 | 423 | 45 | 228 | — | 1 | 182 | 376 | 15 | 231 | — | ||||||||||||||||||||||
Lease financing | — | 39 | — | 33 | — | — | — | — | — | 10 | — | ||||||||||||||||||||||
Other | 85 | 205 | 13 | 90 | — | — | 31 | 117 | 19 | 69 | — | ||||||||||||||||||||||
Total non-accrual corporate loans | $ | 1,540 | $ | 2,136 | $ | 304 | $ | 1,694 | $ | 8 | $ | 25 | $ | 1,482 | $ | 1,942 | $ | 195 | $ | 1,490 | $ | 14 |
December 31, 2017 | December 31, 2018 | |||||||||||||||||||||||
In millions of dollars | Recorded investment(1) | Unpaid principal balance | Related specific allowance | Average carrying value(2) | Recorded investment(1) | Unpaid principal balance | Related specific allowance | Average carrying value(2) | ||||||||||||||||
Non-accrual corporate loans | ||||||||||||||||||||||||
Commercial and industrial | $ | 1,506 | $ | 1,775 | $ | 368 | $ | 1,547 | $ | 919 | $ | 1,070 | $ | 183 | $ | 1,099 | ||||||||
Financial institutions | 92 | 102 | 41 | 212 | 102 | 123 | 35 | 99 | ||||||||||||||||
Mortgage and real estate | 195 | 324 | 11 | 183 | 215 | 323 | 39 | 233 | ||||||||||||||||
Lease financing | 46 | 46 | 4 | 59 | — | 28 | — | 21 | ||||||||||||||||
Other | 103 | 212 | 2 | 108 | 75 | 165 | 6 | 83 | ||||||||||||||||
Total non-accrual corporate loans | $ | 1,942 | $ | 2,459 | $ | 426 | $ | 2,109 | $ | 1,311 | $ | 1,709 | $ | 263 | $ | 1,535 |
September 30, 2018 | December 31, 2017 | March 31, 2019 | December 31, 2018 | |||||||||||||||||||||
In millions of dollars | Recorded investment(1) | Related specific allowance | Recorded investment(1) | Related specific allowance | Recorded investment(1) | Related specific allowance | Recorded investment(1) | Related specific allowance | ||||||||||||||||
Non-accrual corporate loans with valuation allowances | ||||||||||||||||||||||||
Commercial and industrial | $ | 643 | $ | 207 | $ | 1,017 | $ | 368 | $ | 450 | $ | 127 | $ | 603 | $ | 183 | ||||||||
Financial institutions | 72 | 39 | 88 | 41 | 64 | 34 | 76 | 35 | ||||||||||||||||
Mortgage and real estate | 122 | 45 | 51 | 11 | 83 | 15 | 100 | 39 | ||||||||||||||||
Lease financing | — | — | 46 | 4 | — | — | — | — | ||||||||||||||||
Other | 17 | 13 | 13 | 2 | 14 | 19 | 24 | 6 | ||||||||||||||||
Total non-accrual corporate loans with specific allowance | $ | 854 | $ | 304 | $ | 1,215 | $ | 426 | $ | 611 | $ | 195 | $ | 803 | $ | 263 | ||||||||
Non-accrual corporate loans without specific allowance | ||||||||||||||||||||||||
Commercial and industrial | $ | 480 | $ | 489 | $ | 727 | $ | 316 | ||||||||||||||||
Financial institutions | 2 | 4 | 28 | 26 | ||||||||||||||||||||
Mortgage and real estate | 136 | 144 | 99 | 115 | ||||||||||||||||||||
Lease financing | — | — | — | — | ||||||||||||||||||||
Other | 68 | 90 | 17 | 51 | ||||||||||||||||||||
Total non-accrual corporate loans without specific allowance | $ | 686 | N/A | $ | 727 | N/A | $ | 871 | N/A | $ | 508 | N/A |
(1) | Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount, less any direct write-downs. |
(2) | Average carrying value represents the average recorded investment balance and does not include related specific allowance. |
(3) | Interest income recognized for the three |
In millions of dollars | Carrying value of TDRs modified during the period | TDRs involving changes in the amount and/or timing of principal payments(1) | TDRs involving changes in the amount and/or timing of interest payments(2) | TDRs involving changes in the amount and/or timing of both principal and interest payments | ||||||||
Commercial and industrial | $ | 16 | $ | — | $ | — | $ | 16 | ||||
Mortgage and real estate | 4 | — | — | 4 | ||||||||
Total | $ | 20 | $ | — | $ | — | $ | 20 |
In millions of dollars | Carrying value of TDRs modified during the period | TDRs involving changes in the amount and/or timing of principal payments(1) | TDRs involving changes in the amount and/or timing of interest payments(2) | TDRs involving changes in the amount and/or timing of both principal and interest payments | ||||||||
Commercial and industrial | $ | 62 | $ | 1 | $ | 4 | $ | 57 | ||||
Mortgage and real estate | 3 | — | — | 3 | ||||||||
Total | $ | 65 | $ | 1 | $ | 4 | $ | 60 |
In millions of dollars | Carrying value of TDRs modified during the period | TDRs involving changes in the amount and/or timing of principal payments(1) | TDRs involving changes in the amount and/or timing of interest payments(2) | TDRs involving changes in the amount and/or timing of both principal and interest payments | ||||||||
Commercial and industrial | $ | 2 | $ | — | $ | — | $ | 2 | ||||
Mortgage and real estate | 1 | — | — | 1 | ||||||||
Total | $ | 3 | $ | — | $ | — | $ | 3 |
In millions of dollars | Carrying value of TDRs modified during the period | TDRs involving changes in the amount and/or timing of principal payments(1) | TDRs involving changes in the amount and/or timing of interest payments(2) | TDRs involving changes in the amount and/or timing of both principal and interest payments | ||||||||
Commercial and industrial | $ | 175 | $ | 99 | $ | — | $ | 76 | ||||
Mortgage and real estate | 14 | — | — | 14 | ||||||||
Total | $ | 189 | $ | 99 | $ | — | $ | 90 |
In millions of dollars | Carrying value of TDRs modified during the period | TDRs involving changes in the amount and/or timing of principal payments(1) | TDRs involving changes in the amount and/or timing of interest payments(2) | TDRs involving changes in the amount and/or timing of both principal and interest payments | ||||||||
Commercial and industrial | $ | 103 | $ | 5 | $ | 8 | $ | 90 | ||||
Mortgage and real estate | 6 | — | — | 6 | ||||||||
Total | $ | 109 | $ | 5 | $ | 8 | $ | 96 |
In millions of dollars | Carrying value of TDRs modified during the period | TDRs involving changes in the amount and/or timing of principal payments(1) | TDRs involving changes in the amount and/or timing of interest payments(2) | TDRs involving changes in the amount and/or timing of both principal and interest payments | ||||||||
Commercial and industrial | $ | 463 | $ | 131 | $ | — | $ | 332 | ||||
Mortgage and real estate | 15 | — | — | 15 | ||||||||
Other | 18 | — | — | 18 | ||||||||
Total | $ | 496 | $ | 131 | $ | — | $ | 365 |
(1) | TDRs involving changes in the amount or timing of principal payments may involve principal forgiveness or deferral of periodic and/or final principal payments. Because forgiveness of principal is rare for corporate loans, modifications typically have little to no impact on the loans’ projected cash flows and thus little to no impact on the allowance established for the loans. Charge-offs for amounts deemed uncollectable may be recorded at the time of the restructuring or may have already been recorded in prior periods such that no charge-off is required at the time of the modification. |
(2) | TDRs involving changes in the amount or timing of interest payments may involve a below-market interest rate. |
In millions of dollars | TDR balances at March 31, 2019 | TDR loans in payment default during the three months ended March 31, 2019 | TDR balances at March 31, 2018 | TDR loans in payment default during the three months ended March 31, 2018 | ||||||||
Commercial and industrial | $ | 410 | $ | — | $ | 507 | $ | 59 | ||||
Financial institutions | 13 | — | 40 | — | ||||||||
Mortgage and real estate | 112 | — | 98 | — | ||||||||
Other | 4 | — | 41 | — | ||||||||
Total(1) | $ | 539 | $ | — | $ | 686 | $ | 59 |
In millions of dollars | TDR balances at September 30, 2018 | TDR loans in payment default during the three months ended September 30, 2018 | TDR loans in payment default nine months ended September 30, 2018 | TDR balances at September 30, 2017 | TDR loans in payment default during the three months ended September 30, 2017 | TDR loans in payment default during the nine months ended September 30, 2017 | ||||||||||||
Commercial and industrial | $ | 480 | $ | — | $ | 70 | $ | 686 | $ | — | $ | 12 | ||||||
Financial institutions | 21 | — | — | 24 | — | 3 | ||||||||||||
Mortgage and real estate | 71 | — | — | 84 | — | — | ||||||||||||
Other | 42 | — | — | 155 | — | — | ||||||||||||
Total(1) | $ | 614 | $ | — | $ | 70 | $ | 949 | $ | — | $ | 15 |
(1) | The above table reflects activity for loans outstanding that were considered TDRs as of the end of the reporting period. |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||
In millions of dollars | 2018 | 2017 | 2018 | 2017 | 2019 | 2018 | ||||||||||||
Allowance for loan losses at beginning of period | $ | 12,126 | $ | 12,025 | $ | 12,355 | $ | 12,060 | $ | 12,315 | $ | 12,355 | ||||||
Gross credit losses | (2,094 | ) | (2,120 | ) | (6,499 | ) | (6,394 | ) | (2,345 | ) | (2,296 | ) | ||||||
Gross recoveries(1) | 338 | 343 | 1,172 | 1,198 | 397 | 429 | ||||||||||||
Net credit losses (NCLs) | $ | (1,756 | ) | $ | (1,777 | ) | $ | (5,327 | ) | $ | (5,196 | ) | $ | (1,948 | ) | $ | (1,867 | ) |
NCLs | $ | 1,756 | $ | 1,777 | $ | 5,327 | $ | 5,196 | $ | 1,948 | $ | 1,867 | ||||||
Net reserve builds (releases) | 169 | 419 | 302 | 466 | 67 | 102 | ||||||||||||
Net specific reserve builds (releases) | (19 | ) | (50 | ) | (125 | ) | (175 | ) | (71 | ) | (166 | ) | ||||||
Total provision for loan losses | $ | 1,906 | $ | 2,146 | $ | 5,504 | $ | 5,487 | $ | 1,944 | $ | 1,803 | ||||||
Other, net (see table below) | 60 | (28 | ) | (196 | ) | 15 | 18 | 63 | ||||||||||
Allowance for loan losses at end of period | $ | 12,336 | $ | 12,366 | $ | 12,336 | $ | 12,366 | $ | 12,329 | $ | 12,354 | ||||||
Allowance for credit losses on unfunded lending commitments at beginning of period | $ | 1,278 | $ | 1,406 | $ | 1,258 | $ | 1,418 | $ | 1,367 | $ | 1,258 | ||||||
Provision (release) for unfunded lending commitments | 42 | (175 | ) | 66 | (190 | ) | 24 | 28 | ||||||||||
Other, net | 1 | 1 | (3 | ) | 4 | — | 4 | |||||||||||
Allowance for credit losses on unfunded lending commitments at end of period(2) | $ | 1,321 | $ | 1,232 | $ | 1,321 | $ | 1,232 | $ | 1,391 | $ | 1,290 | ||||||
Total allowance for loans, leases and unfunded lending commitments | $ | 13,657 | $ | 13,598 | $ | 13,657 | $ | 13,598 | $ | 13,720 | $ | 13,644 |
(1) | Recoveries have been reduced by certain collection costs that are incurred only if collection efforts are successful. |
(2) | Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet. |
Other, net details | Three Months Ended March 31, | |||||
In millions of dollars | 2019 | 2018 | ||||
Sales or transfers of various consumer loan portfolios to HFS | ||||||
Transfer of real estate loan portfolios | $ | — | $ | (53 | ) | |
Transfer of other loan portfolios | — | (2 | ) | |||
Sales or transfers of various consumer loan portfolios to HFS | $ | — | $ | (55 | ) | |
FX translation, consumer | 26 | 118 | ||||
Other | (8 | ) | — | |||
Other, net | $ | 18 | $ | 63 |
Other, net details | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
In millions of dollars | 2018 | 2017 | 2018 | 2017 | ||||||||
Sales or transfers of various consumer loan portfolios to HFS | ||||||||||||
Transfer of real estate loan portfolios | $ | (2 | ) | $ | (28 | ) | $ | (88 | ) | $ | (84 | ) |
Transfer of other loan portfolios | (3 | ) | (6 | ) | (109 | ) | (130 | ) | ||||
Sales or transfers of various consumer loan portfolios to HFS | $ | (5 | ) | $ | (34 | ) | $ | (197 | ) | $ | (214 | ) |
FX translation, consumer | 62 | 7 | 16 | 221 | ||||||||
Other | 3 | (1 | ) | (15 | ) | 8 | ||||||
Other, net | $ | 60 | $ | (28 | ) | $ | (196 | ) | $ | 15 |
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||
September 30, 2018 | September 30, 2017 | March 31, 2019 | March 31, 2018 | |||||||||||||||||||||||||||||||||
In millions of dollars | Corporate | Consumer | Total | Corporate | Consumer | Total | Corporate | Consumer | Total | Corporate | Consumer | Total | ||||||||||||||||||||||||
Allowance for loan losses at beginning of period | $ | 2,330 | $ | 9,796 | $ | 12,126 | $ | 2,510 | $ | 9,515 | $ | 12,025 | $ | 2,365 | $ | 9,950 | $ | 12,315 | $ | 2,486 | $ | 9,869 | $ | 12,355 | ||||||||||||
Charge-offs | (36 | ) | (2,058 | ) | (2,094 | ) | (49 | ) | (2,071 | ) | (2,120 | ) | (73 | ) | (2,272 | ) | (2,345 | ) | (139 | ) | (2,157 | ) | (2,296 | ) | ||||||||||||
Recoveries | 6 | 332 | 338 | 6 | 337 | 343 | 17 | 380 | 397 | 43 | 386 | 429 | ||||||||||||||||||||||||
Replenishment of net charge-offs | 30 | 1,726 | 1,756 | 43 | 1,734 | 1,777 | 56 | 1,892 | 1,948 | 96 | 1,771 | 1,867 | ||||||||||||||||||||||||
Net reserve builds (releases) | 34 | 135 | 169 | (60 | ) | 479 | 419 | 7 | 60 | 67 | (19 | ) | 121 | 102 | ||||||||||||||||||||||
Net specific reserve builds (releases) | (27 | ) | 8 | (19 | ) | 21 | (71 | ) | (50 | ) | (61 | ) | (10 | ) | (71 | ) | (155 | ) | (11 | ) | (166 | ) | ||||||||||||||
Other | 2 | 58 | 60 | 3 | (31 | ) | (28 | ) | (8 | ) | 26 | 18 | 3 | 60 | 63 | |||||||||||||||||||||
Ending balance | $ | 2,339 | $ | 9,997 | $ | 12,336 | $ | 2,474 | $ | 9,892 | $ | 12,366 | $ | 2,303 | $ | 10,026 | $ | 12,329 | $ | 2,315 | $ | 10,039 | $ | 12,354 |
March 31, 2019 | December 31, 2018 | |||||||||||||||||
In millions of dollars | Corporate | Consumer | Total | Corporate | Consumer | Total | ||||||||||||
Allowance for loan losses | ||||||||||||||||||
Collectively evaluated in accordance with ASC 450 | $ | 2,108 | $ | 8,853 | $ | 10,961 | $ | 2,102 | $ | 8,770 | $ | 10,872 | ||||||
Individually evaluated in accordance with ASC 310-10-35 | 195 | 1,171 | 1,366 | 263 | 1,178 | 1,441 | ||||||||||||
Purchased credit impaired in accordance with ASC 310-30 | — | 2 | 2 | — | 2 | 2 | ||||||||||||
Total allowance for loan losses | $ | 2,303 | $ | 10,026 | $ | 12,329 | $ | 2,365 | $ | 9,950 | $ | 12,315 | ||||||
Loans, net of unearned income | ||||||||||||||||||
Collectively evaluated in accordance with ASC 450 | $ | 357,210 | $ | 314,454 | $ | 671,664 | $ | 349,292 | $ | 325,055 | $ | 674,347 | ||||||
Individually evaluated in accordance with ASC 310-10-35 | 1,395 | 5,288 | 6,683 | 1,214 | 5,284 | 6,498 | ||||||||||||
Purchased credit impaired in accordance with ASC 310-30 | — | 125 | 125 | — | 128 | 128 | ||||||||||||
Held at fair value | 3,854 | 20 | 3,874 | 3,203 | 20 | 3,223 | ||||||||||||
Total loans, net of unearned income | $ | 362,459 | $ | 319,887 | $ | 682,346 | $ | 353,709 | $ | 330,487 | $ | 684,196 |
Nine Months Ended | ||||||||||||||||||
September 30, 2018 | September 30, 2017 | |||||||||||||||||
In millions of dollars | Corporate | Consumer | Total | Corporate | Consumer | Total | ||||||||||||
Allowance for loan losses at beginning of period | $ | 2,486 | $ | 9,869 | $ | 12,355 | $ | 2,702 | $ | 9,358 | $ | 12,060 | ||||||
Charge-offs | (195 | ) | (6,304 | ) | (6,499 | ) | (248 | ) | (6,146 | ) | (6,394 | ) | ||||||
Recoveries | 71 | 1,101 | 1,172 | 91 | 1,107 | 1,198 | ||||||||||||
Replenishment of net charge-offs | 124 | 5,203 | 5,327 | 157 | 5,039 | 5,196 | ||||||||||||
Net reserve builds (releases) | (15 | ) | 317 | 302 | (230 | ) | 696 | 466 | ||||||||||
Net specific reserve builds (releases) | (119 | ) | (6 | ) | (125 | ) | (18 | ) | (157 | ) | (175 | ) | ||||||
Other | (13 | ) | (183 | ) | (196 | ) | 20 | (5 | ) | 15 | ||||||||
Ending balance | $ | 2,339 | $ | 9,997 | $ | 12,336 | $ | 2,474 | $ | 9,892 | $ | 12,366 |
September 30, 2018 | December 31, 2017 | |||||||||||||||||
In millions of dollars | Corporate | Consumer | Total | Corporate | Consumer | Total | ||||||||||||
Allowance for loan losses | ||||||||||||||||||
Collectively evaluated in accordance with ASC 450 | $ | 2,035 | $ | 8,820 | $ | 10,855 | $ | 2,060 | $ | 8,531 | $ | 10,591 | ||||||
Individually evaluated in accordance with ASC 310-10-35 | 304 | 1,175 | 1,479 | 426 | 1,334 | 1,760 | ||||||||||||
Purchased credit impaired in accordance with ASC 310-30 | — | 2 | 2 | — | 4 | 4 | ||||||||||||
Total allowance for loan losses | $ | 2,339 | $ | 9,997 | $ | 12,336 | $ | 2,486 | $ | 9,869 | $ | 12,355 | ||||||
Loans, net of unearned income | ||||||||||||||||||
Collectively evaluated in accordance with ASC 450 | $ | 343,774 | $ | 319,816 | $ | 663,590 | $ | 327,142 | $ | 326,884 | $ | 654,026 | ||||||
Individually evaluated in accordance with ASC 310-10-35 | 1,448 | 5,501 | 6,949 | 1,887 | 6,580 | 8,467 | ||||||||||||
Purchased credit impaired in accordance with ASC 310-30 | — | 131 | 131 | — | 167 | 167 | ||||||||||||
Held at fair value | 4,218 | 21 | 4,239 | 4,349 | 25 | 4,374 | ||||||||||||
Total loans, net of unearned income | $ | 349,440 | $ | 325,469 | $ | 674,909 | $ | 333,378 | $ | 333,656 | $ | 667,034 |
In millions of dollars | Global Consumer Banking | Institutional Clients Group | Corporate/Other | Total | ||||||||
Balance at December 31, 2018 | $ | 12,743 | $ | 9,303 | $ | — | $ | 22,046 | ||||
Foreign currency translation and other | — | (9 | ) | — | (9 | ) | ||||||
Balance at March 31, 2019 | $ | 12,743 | $ | 9,294 | $ | — | $ | 22,037 |
In millions of dollars | Global Consumer Banking | Institutional Clients Group | Corporate/Other | Total | ||||||||
Balance at December 31, 2017 | $ | 12,784 | $ | 9,456 | $ | 16 | $ | 22,256 | ||||
Foreign currency translation and other | $ | 184 | $ | 235 | $ | — | $ | 419 | ||||
Divestiture(1) | — | — | (16 | ) | (16 | ) | ||||||
Balance at March 31, 2018 | $ | 12,968 | $ | 9,691 | $ | — | $ | 22,659 | ||||
Foreign exchange translation and other | $ | (226 | ) | $ | (375 | ) | $ | — | $ | (601 | ) | |
Balance at June 30, 2018 | $ | 12,742 | $ | 9,316 | $ | — | $ | 22,058 | ||||
Foreign exchange translation and other | $ | 7 | $ | 122 | $ | — | $ | 129 | ||||
Balance at September 30, 2018 | $ | 12,749 | $ | 9,438 | $ | — | $ | 22,187 |
March 31, 2019 | December 31, 2018 | |||||||||||||||||
In millions of dollars | Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | ||||||||||||
Purchased credit card relationships | $ | 5,734 | $ | 3,985 | $ | 1,749 | $ | 5,733 | $ | 3,936 | $ | 1,797 | ||||||
Credit card contract-related intangibles(1) | 5,375 | 2,875 | 2,500 | 5,225 | 2,791 | 2,434 | ||||||||||||
Core deposit intangibles | 424 | 422 | 2 | 419 | 415 | 4 | ||||||||||||
Other customer relationships | 453 | 288 | 165 | 470 | 299 | 171 | ||||||||||||
Present value of future profits | 33 | 29 | 4 | 32 | 29 | 3 | ||||||||||||
Indefinite-lived intangible assets | 220 | — | 220 | 218 | — | 218 | ||||||||||||
Other | 84 | 79 | 5 | 84 | 75 | 9 | ||||||||||||
Intangible assets (excluding MSRs) | $ | 12,323 | $ | 7,678 | $ | 4,645 | $ | 12,181 | $ | 7,545 | $ | 4,636 | ||||||
Mortgage servicing rights (MSRs)(2) | 551 | — | 551 | 584 | — | 584 | ||||||||||||
Total intangible assets | $ | 12,874 | $ | 7,678 | $ | 5,196 | $ | 12,765 | $ | 7,545 | $ | 5,220 |
September 30, 2018 | December 31, 2017 | |||||||||||||||||
In millions of dollars | Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | ||||||||||||
Purchased credit card relationships | $ | 5,732 | $ | 3,890 | $ | 1,842 | $ | 5,375 | $ | 3,836 | $ | 1,539 | ||||||
Credit card contract related intangibles(1) | 5,042 | 2,708 | 2,334 | 5,045 | 2,456 | 2,589 | ||||||||||||
Core deposit intangibles | 438 | 433 | 5 | 639 | 628 | 11 | ||||||||||||
Other customer relationships | 463 | 289 | 174 | 459 | 272 | 187 | ||||||||||||
Present value of future profits | 34 | 30 | 4 | 32 | 28 | 4 | ||||||||||||
Indefinite-lived intangible assets | 227 | — | 227 | 244 | — | 244 | ||||||||||||
Other | 84 | 72 | 12 | 100 | 86 | 14 | ||||||||||||
Intangible assets (excluding MSRs) | $ | 12,020 | $ | 7,422 | $ | 4,598 | $ | 11,894 | $ | 7,306 | $ | 4,588 | ||||||
Mortgage servicing rights (MSRs)(2) | 618 | — | 618 | 558 | — | 558 | ||||||||||||
Total intangible assets | $ | 12,638 | $ | 7,422 | $ | 5,216 | $ | 12,452 | $ | 7,306 | $ | 5,146 |
(1) | Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco, Sears and AT&T credit card program agreements, which represented 97% of the aggregate net carrying amount as of |
(2) | For additional information on Citi’s MSRs, see Note 18 to the Consolidated Financial Statements. |
Net carrying amount at | Net carrying amount at | Net carrying amount at | Net carrying amount at | |||||||||||||||||||||||||||
In millions of dollars | December 31, 2017 | Acquisitions/ divestitures | Amortization | FX translation and other | September 30, 2018 | December 31, 2018 | Acquisitions/ divestitures | Amortization | FX translation and other | March 31, 2019 | ||||||||||||||||||||
Purchased credit card relationships(1) | $ | 1,539 | $ | 429 | $ | (124 | ) | $ | (2 | ) | $ | 1,842 | $ | 1,797 | $ | — | $ | (48 | ) | $ | — | $ | 1,749 | |||||||
Credit card contract related intangibles(2) | 2,589 | — | (255 | ) | — | 2,334 | ||||||||||||||||||||||||
Credit card contract-related intangibles(2) | 2,434 | — | (84 | ) | 150 | 2,500 | ||||||||||||||||||||||||
Core deposit intangibles | 11 | — | (6 | ) | — | 5 | 4 | — | (2 | ) | — | 2 | ||||||||||||||||||
Other customer relationships | 187 | — | (19 | ) | 6 | 174 | 171 | — | (6 | ) | — | 165 | ||||||||||||||||||
Present value of future profits | 4 | — | — | — | 4 | 3 | — | — | 1 | 4 | ||||||||||||||||||||
Indefinite-lived intangible assets | 244 | — | — | (17 | ) | 227 | 218 | — | — | 2 | 220 | |||||||||||||||||||
Other | 14 | — | (9 | ) | 7 | 12 | 9 | — | (4 | ) | — | 5 | ||||||||||||||||||
Intangible assets (excluding MSRs) | $ | 4,588 | $ | 429 | $ | (413 | ) | $ | (6 | ) | $ | 4,598 | $ | 4,636 | $ | — | $ | (144 | ) | $ | 153 | $ | 4,645 | |||||||
Mortgage servicing rights (MSRs)(3) | 558 | 618 | 584 | 551 | ||||||||||||||||||||||||||
Total intangible assets | $ | 5,146 | $ | 5,216 | $ | 5,220 | $ | 5,196 |
(1) | Reflects intangibles for the value of cardholder relationships, which are discrete from partner contract intangibles and include credit card accounts primarily in the Costco, Macy’s and Sears portfolios. The increase since December 31, |
(2) | Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco, Sears and AT&T credit card program agreements, which represented 97% of the aggregate net carrying amount at |
(3) | For additional information on Citi’s MSRs, including the rollforward for the |
In millions of dollars | March 31, 2019 | December 31, 2018 | ||||
Commercial paper | ||||||
Bank(1) | $ | 13,060 | $ | 13,238 | ||
Broker-dealer and other(2) | 1,974 | — | ||||
Total commercial paper | $ | 15,034 | $ | 13,238 | ||
Other borrowings(3) | 24,288 | 19,108 | ||||
Total | $ | 39,322 | $ | 32,346 |
In millions of dollars | September 30, 2018 | December 31, 2017 | ||||
Commercial paper | $ | 12,051 | $ | 9,940 | ||
Other borrowings(1) | 21,719 | 34,512 | ||||
Total | $ | 33,770 | $ | 44,452 |
(1) | Represents Citibank entities as well as other bank entities. |
(2) | Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company. |
(3) | Includes borrowings from Federal Home Loan Banks and other market participants. At |
In millions of dollars | September 30, 2018 | December 31, 2017 | March 31, 2019 | December 31, 2018 | ||||||||
Citigroup Inc.(1) | $ | 148,183 | $ | 152,163 | $ | 149,830 | $ | 143,767 | ||||
Bank(2) | 62,085 | 65,856 | 61,522 | 61,237 | ||||||||
Broker-dealer and other(3) | 25,002 | 18,690 | 32,214 | 26,995 | ||||||||
Total | $ | 235,270 | $ | 236,709 | $ | 243,566 | $ | 231,999 |
(1) | Represents the parent holding company. |
(2) | Represents Citibank entities as well as other bank entities. At |
(3) | Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company. |
Junior subordinated debentures owned by trust | Junior subordinated debentures owned by trust | |||||||||||||||||||||||||||||
Trust | Issuance date | Securities issued | Liquidation value(1) | Coupon rate(2) | Common shares issued to parent | Amount | Maturity | Redeemable by issuer beginning | Issuance date | Securities issued | Liquidation value(1) | Coupon rate(2) | Common shares issued to parent | Amount | Maturity | Redeemable by issuer beginning | ||||||||||||||
In millions of dollars, except share amounts | ||||||||||||||||||||||||||||||
In millions of dollars, except securities and share amounts | In millions of dollars, except securities and share amounts | |||||||||||||||||||||||||||||
Citigroup Capital III | Dec. 1996 | 194,053 | $ | 194 | 7.625 | % | 6,003 | $ | 200 | Dec. 1, 2036 | Not redeemable | Dec. 1996 | 194,053 | $ | 194 | 7.625 | % | 6,003 | $ | 200 | Dec. 1, 2036 | Not redeemable | ||||||||
Citigroup Capital XIII | Sept. 2010 | 89,840,000 | 2,246 | 3 mo LIBOR + 637 bps | 1,000 | 2,246 | Oct. 30, 2040 | Oct. 30, 2015 | Sept. 2010 | 89,840,000 | 2,246 | 3 mo LIBOR + 637 bps | 1,000 | 2,246 | Oct. 30, 2040 | Oct. 30, 2015 | ||||||||||||||
Citigroup Capital XVIII | Jun. 2007 | 99,901 | 130 | 3 mo LIBOR + 88.75 bps | 50 | 130 | Jun. 28, 2067 | June 28, 2017 | Jun. 2007 | 99,901 | 130 | 3 mo LIBOR + 88.75 bps | 50 | 130 | Jun. 28, 2067 | June 28, 2017 | ||||||||||||||
Total obligated | $ | 2,570 | $ | 2,576 | $ | 2,570 | $ | 2,576 |
(1) | Represents the notional value received by outside investors from the trusts at the time of issuance. |
(2) | In each case, the coupon rate on the subordinated debentures is the same as that on the trust preferred securities. |
In millions of dollars | Net unrealized gains (losses) on investment securities | Debt valuation adjustment (DVA) | Cash flow hedges(1) | Benefit plans(2) | Foreign currency translation adjustment (CTA), net of hedges(3) | Excluded component of fair value hedges(4) | Accumulated other comprehensive income (loss) | ||||||||||||||
Balance, June 30, 2018 | $ | (2,717 | ) | $ | (475 | ) | $ | (1,021 | ) | $ | (5,794 | ) | $ | (27,455 | ) | $ | (32 | ) | $ | (37,494 | ) |
Other comprehensive income before reclassifications | (601 | ) | (294 | ) | (114 | ) | (14 | ) | (221 | ) | 10 | (1,234 | ) | ||||||||
Increase (decrease) due to amounts reclassified from AOCI | (4 | ) | 7 | 40 | 40 | — | — | 83 | |||||||||||||
Change, net of taxes | $ | (605 | ) | $ | (287 | ) | $ | (74 | ) | $ | 26 | $ | (221 | ) | $ | 10 | $ | (1,151 | ) | ||
Balance at September 30, 2018 | $ | (3,322 | ) | $ | (762 | ) | $ | (1,095 | ) | $ | (5,768 | ) | $ | (27,676 | ) | $ | (22 | ) | $ | (38,645 | ) |
In millions of dollars | Net unrealized gains (losses) on investment securities | Debt valuation adjustment (DVA) | Cash flow hedges(1) | Benefit plans(2) | Foreign currency translation adjustment (CTA), net of hedges(3) | Excluded component of fair value hedges(4) | Accumulated other comprehensive income (loss) | ||||||||||||||
Balance, December 31, 2017 | $ | (1,158 | ) | $ | (921 | ) | $ | (698 | ) | $ | (6,183 | ) | $ | (25,708 | ) | $ | — | $ | (34,668 | ) | |
Adjustment to opening balance, net of taxes(5) | (3 | ) | — | — | — | — | — | (3 | ) | ||||||||||||
Adjusted balance, beginning of period | $ | (1,161 | ) | $ | (921 | ) | $ | (698 | ) | $ | (6,183 | ) | $ | (25,708 | ) | $ | — | $ | (34,671 | ) | |
Other comprehensive income before reclassifications | (1,984 | ) | 123 | (393 | ) | 288 | (1,968 | ) | (22 | ) | (3,956 | ) | |||||||||
Increase (decrease) due to amounts reclassified from AOCI | (177 | ) | 36 | (4 | ) | 127 | — | — | (18 | ) | |||||||||||
Change, net of taxes | $ | (2,161 | ) | $ | 159 | $ | (397 | ) | $ | 415 | $ | (1,968 | ) | $ | (22 | ) | $ | (3,974 | ) | ||
Balance, September 30, 2018 | $ | (3,322 | ) | $ | (762 | ) | $ | (1,095 | ) | $ | (5,768 | ) | $ | (27,676 | ) | $ | (22 | ) | $ | (38,645 | ) |
In millions of dollars | Net unrealized gains (losses) on debt securities | Debt valuation adjustment (DVA)(1) | Cash flow hedges(2) | Benefit plans(3) | Foreign currency translation adjustment (CTA), net of hedges(4) | Excluded component of fair value hedges(5) | Accumulated other comprehensive income (loss) | ||||||||||||||
Balance, December 31, 2018 | $ | (2,250 | ) | $ | 192 | $ | (728 | ) | $ | (6,257 | ) | $ | (28,070 | ) | $ | (57 | ) | $ | (37,170 | ) | |
Other comprehensive income before reclassifications | 1,226 | (575 | ) | 186 | (110 | ) | 58 | 18 | 803 | ||||||||||||
Increase (decrease) due to amounts reclassified from AOCI | (91 | ) | 4 | 100 | 46 | — | — | 59 | |||||||||||||
Change, net of taxes | $ | 1,135 | $ | (571 | ) | $ | 286 | $ | (64 | ) | $ | 58 | $ | 18 | $ | 862 | |||||
Balance at March 31, 2019 | $ | (1,115 | ) | $ | (379 | ) | $ | (442 | ) | $ | (6,321 | ) | $ | (28,012 | ) | $ | (39 | ) | $ | (36,308 | ) |
In millions of dollars | Net unrealized gains (losses) on investment securities | Debt valuation adjustment (DVA) | Cash flow hedges(1) | Benefit plans(2) | Foreign currency translation adjustment (CTA), net of hedges(3) | Excluded component of fair value hedges(4) | Accumulated other comprehensive income (loss) | ||||||||||||||
Balance, June 30, 2017 | $ | (102 | ) | $ | (496 | ) | $ | (445 | ) | $ | (5,311 | ) | $ | (23,545 | ) | $ | — | $ | (29,899 | ) | |
Other comprehensive income before reclassifications | 60 | (125 | ) | (27 | ) | (71 | ) | 218 | — | 55 | |||||||||||
Increase (decrease) due to amounts reclassified from AOCI | (126 | ) | 2 | 35 | 42 | — | — | (47 | ) | ||||||||||||
Change, net of taxes | $ | (66 | ) | $ | (123 | ) | $ | 8 | $ | (29 | ) | $ | 218 | $ | — | $ | 8 | ||||
Balance, September 30, 2017 | $ | (168 | ) | $ | (619 | ) | $ | (437 | ) | $ | (5,340 | ) | $ | (23,327 | ) | $ | — | $ | (29,891 | ) |
In millions of dollars | Net unrealized gains (losses) on investment securities | Debt valuation adjustment (DVA) | Cash flow hedges(1) | Benefit plans(2) | Foreign currency translation adjustment (CTA), net of hedges(3) | Excluded component of fair value hedges(4) | Accumulated other comprehensive income (loss) | Net unrealized gains (losses) on debt securities | Debt valuation adjustment (DVA)(1) | Cash flow hedges(2) | Benefit plans(3) | Foreign currency translation adjustment (CTA), net of hedges(4) | Excluded component of fair value hedges(5) | Accumulated other comprehensive income (loss) | ||||||||||||||||||||||||||||
Balance, December 31, 2016 | $ | (799 | ) | $ | (352 | ) | $ | (560 | ) | $ | (5,164 | ) | $ | (25,506 | ) | $ | — | $ | (32,381 | ) | ||||||||||||||||||||||
Balance, December 31, 2017 | $ | (1,158 | ) | $ | (921 | ) | $ | (698 | ) | $ | (6,183 | ) | $ | (25,708 | ) | $ | — | $ | (34,668 | ) | ||||||||||||||||||||||
Adjustment to opening balance, net of taxes(6) | 504 | — | — | — | — | — | 504 | (3 | ) | — | — | — | — | — | (3 | ) | ||||||||||||||||||||||||||
Adjusted balance, beginning of period | $ | (295 | ) | $ | (352 | ) | $ | (560 | ) | $ | (5,164 | ) | $ | (25,506 | ) | $ | — | $ | (31,877 | ) | $ | (1,161 | ) | $ | (921 | ) | $ | (698 | ) | $ | (6,183 | ) | $ | (25,708 | ) | $ | — | $ | (34,671 | ) | ||
Other comprehensive income before reclassifications | 495 | (259 | ) | 59 | (293 | ) | 2,326 | — | 2,328 | (949 | ) | 101 | (243 | ) | 41 | 1,120 | (4 | ) | 66 | |||||||||||||||||||||||
Increase (decrease) due to amounts reclassified from AOCI | (368 | ) | (8 | ) | 64 | 117 | (147 | ) | — | (342 | ) | (109 | ) | 27 | 21 | 47 | — | — | (14 | ) | ||||||||||||||||||||||
Change, net of taxes | $ | 127 | $ | (267 | ) | $ | 123 | $ | (176 | ) | $ | 2,179 | $ | — | $ | 1,986 | $ | (1,058 | ) | $ | 128 | $ | (222 | ) | $ | 88 | $ | 1,120 | $ | (4 | ) | $ | 52 | |||||||||
Balance, September 30, 2017 | $ | (168 | ) | $ | (619 | ) | $ | (437 | ) | $ | (5,340 | ) | $ | (23,327 | ) | $ | — | $ | (29,891 | ) | ||||||||||||||||||||||
Balance, March 31, 2018 | $ | (2,219 | ) | $ | (793 | ) | $ | (920 | ) | $ | (6,095 | ) | $ | (24,588 | ) | $ | (4 | ) | $ | (34,619 | ) |
(1) | Changes in DVA are reflected as a component of AOCI, pursuant to the adoption of only the provisions of ASU 2016-01 relating to the presentation of DVA on fair value options liabilities. See Note 1 to the Consolidated Financial Statements in Citi’s 2018 Annual Report on Form 10-K. |
(2) | Primarily driven by Citigroup’s pay fixed/receive floating interest rate swap programs that hedge the floating rates on liabilities. |
Primarily reflects adjustments based on the quarterly actuarial valuations of the Company’s significant pension and postretirement plans, annual actuarial valuations of all other plans and amortization of amounts previously recognized in other comprehensive income. |
Primarily reflects the movements in (by order of impact) the |
Beginning in the first quarter of 2018, changes in the excluded component of fair value hedges are reflected as a component of AOCI, pursuant to the early adoption of ASU |
Citi adopted ASU 2016-01 and ASU 2018-03 on January 1, 2018. Upon adoption, a cumulative effect adjustment was recorded from AOCI to Retained earnings for net unrealized gains on former AFS equity securities. For additional information, see Note 1 to the Consolidated Financial |
In millions of dollars | Pretax | Tax effect(1) | After-tax | ||||||
Balance, December 31, 2018 | $ | (44,082 | ) | $ | 6,912 | $ | (37,170 | ) | |
Change in net unrealized gains (losses) on debt securities | 1,500 | (365 | ) | 1,135 | |||||
Debt valuation adjustment (DVA) | (725 | ) | 154 | (571 | ) | ||||
Cash flow hedges | 378 | (92 | ) | 286 | |||||
Benefit plans | (68 | ) | 4 | (64 | ) | ||||
Foreign currency translation adjustment | 69 | (11 | ) | 58 | |||||
Excluded component of fair value hedges | 24 | (6 | ) | 18 | |||||
Change | $ | 1,178 | $ | (316 | ) | $ | 862 | ||
Balance, March 31, 2019 | $ | (42,904 | ) | $ | 6,596 | $ | (36,308 | ) |
In millions of dollars | Pretax | Tax effect(1) | After-tax | ||||||
Balance, June 30, 2018 | $ | (44,407 | ) | $ | 6,913 | $ | (37,494 | ) | |
Change in net unrealized gains (losses) on AFS debt securities | (810 | ) | 205 | (605 | ) | ||||
Debt valuation adjustment (DVA) | (377 | ) | 90 | (287 | ) | ||||
Cash flow hedges | (97 | ) | 23 | (74 | ) | ||||
Benefit plans | 55 | (29 | ) | 26 | |||||
Foreign currency translation adjustment | (192 | ) | (29 | ) | (221 | ) | |||
Excluded component of fair value hedges | 13 | (3 | ) | 10 | |||||
Change | $ | (1,408 | ) | $ | 257 | $ | (1,151 | ) | |
Balance, September 30, 2018 | $ | (45,815 | ) | $ | 7,170 | $ | (38,645 | ) |
In millions of dollars | Pretax | Tax effect(1) | After-tax | ||||||
Balance, December 31, 2017(1) | $ | (41,228 | ) | $ | 6,560 | $ | (34,668 | ) | |
Adjustment to opening balance(2) | (4 | ) | 1 | (3 | ) | ||||
Adjusted balance, beginning of period | $ | (41,232 | ) | $ | 6,561 | $ | (34,671 | ) | |
Change in net unrealized gains (losses) on debt securities | (1,380 | ) | 322 | (1,058 | ) | ||||
Debt valuation adjustment (DVA) | 167 | (39 | ) | 128 | |||||
Cash flow hedges | (290 | ) | 68 | (222 | ) | ||||
Benefit plans | 91 | (3 | ) | 88 | |||||
Foreign currency translation adjustment | 1,130 | (10 | ) | 1,120 | |||||
Excluded component of fair value hedges | (5 | ) | 1 | (4 | ) | ||||
Change | $ | (287 | ) | $ | 339 | $ | 52 | ||
Balance, March 31, 2018 | $ | (41,519 | ) | $ | 6,900 | $ | (34,619 | ) |
In millions of dollars | Pretax | Tax effect(1) | After-tax | ||||||
Balance, December 31, 2017(1) | $ | (41,228 | ) | $ | 6,560 | $ | (34,668 | ) | |
Adjustment to opening balance(2) | (4 | ) | 1 | (3 | ) | ||||
Adjusted balance, beginning of period | $ | (41,232 | ) | $ | 6,561 | $ | (34,671 | ) | |
Change in net unrealized gains (losses) on investment securities | (2,861 | ) | 700 | (2,161 | ) | ||||
Debt valuation adjustment (DVA) | 208 | (49 | ) | 159 | |||||
Cash flow hedges | (519 | ) | 122 | (397 | ) | ||||
Benefit plans | 549 | (134 | ) | 415 | |||||
Foreign currency translation adjustment | (1,931 | ) | (37 | ) | (1,968 | ) | |||
Excluded component of fair value hedges | (29 | ) | 7 | (22 | ) | ||||
Change | $ | (4,583 | ) | $ | 609 | $ | (3,974 | ) | |
Balance, September 30, 2018 | $ | (45,815 | ) | $ | 7,170 | $ | (38,645 | ) |
(1) | Includes the impact of ASU 2018-02, which transferred amounts from AOCI to Retained earnings. For additional information, see Note 19 to the Consolidated Financial Statements in Citi’s |
(2) | Citi adopted ASU 2016-01 and ASU 2018-03 on January 1, 2018. Upon adoption, a cumulative effect adjustment was recorded from AOCI to Retained earnings for net unrealized gains on former AFS equity securities. For additional information, see Note 1 to the Consolidated Financial |
In millions of dollars | Pretax | Tax effect | After-tax | ||||||
Balance, June 30, 2017 | $ | (39,106 | ) | $ | 9,207 | $ | (29,899 | ) | |
Change in net unrealized gains (losses) on investment securities | (107 | ) | 41 | (66 | ) | ||||
Debt valuation adjustment (DVA) | (195 | ) | 72 | (123 | ) | ||||
Cash flow hedges | 12 | (4 | ) | 8 | |||||
Benefit plans | (45 | ) | 16 | (29 | ) | ||||
Foreign currency translation adjustment | 285 | (67 | ) | 218 | |||||
Excluded component of fair value hedges | — | — | — | ||||||
Change | $ | (50 | ) | $ | 58 | $ | 8 | ||
Balance, September 30, 2017 | $ | (39,156 | ) | $ | 9,265 | $ | (29,891 | ) |
In millions of dollars | Pretax | Tax effect | After-tax | ||||||
Balance, December 31, 2016 | $ | (42,035 | ) | $ | 9,654 | $ | (32,381 | ) | |
Adjustment to opening balance(1) | 803 | (299 | ) | 504 | |||||
Adjusted balance, beginning of period | $ | (41,232 | ) | $ | 9,355 | $ | (31,877 | ) | |
Change in net unrealized gains (losses) on investment securities | 194 | (67 | ) | 127 | |||||
Debt valuation adjustment (DVA) | (422 | ) | 155 | (267 | ) | ||||
Cash flow hedges | 198 | (75 | ) | 123 | |||||
Benefit plans | (266 | ) | 90 | (176 | ) | ||||
Foreign currency translation adjustment | 2,372 | (193 | ) | 2,179 | |||||
Excluded component of fair value hedges | — | — | — | ||||||
Change | $ | 2,076 | $ | (90 | ) | $ | 1,986 | ||
Balance, September 30, 2017 | $ | (39,156 | ) | $ | 9,265 | $ | (29,891 | ) |
Increase (decrease) in AOCI due to amounts reclassified to Consolidated Statement of Income | Increase (decrease) in AOCI due to amounts reclassified to Consolidated Statement of Income | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | |||||||
In millions of dollars | 2018 | 2018 | 2019 | ||||||
Realized (gains) losses on sales of investments | $ | (69 | ) | $ | (341 | ) | $ | (130 | ) |
Gross impairment losses | 68 | 111 | 3 | ||||||
Subtotal, pretax | $ | (1 | ) | $ | (230 | ) | $ | (127 | ) |
Tax effect | (3 | ) | 53 | 36 | |||||
Net realized (gains) losses on investments after-tax(1) | $ | (4 | ) | $ | (177 | ) | $ | (91 | ) |
Realized DVA (gains) losses on fair value option liabilities | $ | 9 | $ | 46 | $ | 5 | |||
Subtotal, pretax | $ | 9 | $ | 46 | $ | 5 | |||
Tax effect | (2 | ) | (10 | ) | (1 | ) | |||
Net realized debt valuation adjustment, after-tax | $ | 7 | $ | 36 | $ | 4 | |||
Interest rate contracts | $ | 54 | $ | 3 | $ | 130 | |||
Foreign exchange contracts | (2 | ) | (8 | ) | 2 | ||||
Subtotal, pretax | $ | 52 | $ | (5 | ) | $ | 132 | ||
Tax effect | (12 | ) | 1 | (32 | ) | ||||
Amortization of cash flow hedges, after-tax(2) | $ | 40 | $ | (4 | ) | $ | 100 | ||
Amortization of unrecognized | |||||||||
Prior service cost (benefit) | $ | (10 | ) | $ | (32 | ) | $ | (4 | ) |
Net actuarial loss | 60 | 193 | 65 | ||||||
Curtailment/settlement impact(3) | — | 6 | — | ||||||
Subtotal, pretax | $ | 50 | $ | 167 | $ | 61 | |||
Tax effect | (10 | ) | (40 | ) | (15 | ) | |||
Amortization of benefit plans, after-tax(3) | $ | 40 | $ | 127 | $ | 46 | |||
Foreign currency translation adjustment | $ | — | $ | — | $ | — | |||
Tax effect | — | — | — | ||||||
Foreign currency translation adjustment | $ | — | $ | — | $ | — | |||
Total amounts reclassified out of AOCI, pretax | $ | 110 | $ | (22 | ) | $ | 71 | ||
Total tax effect | (27 | ) | 4 | (12 | ) | ||||
Total amounts reclassified out of AOCI, after-tax | $ | 83 | $ | (18 | ) | $ | 59 |
(1) | The pretax amount is reclassified to Realized gains (losses) on sales of investments, net and Gross impairment losses in the Consolidated Statement of Income. See Note 12 to the Consolidated Financial Statements for additional details. |
(2) | See Note 19 to the Consolidated Financial Statements for additional details. |
(3) | See Note 8 to the Consolidated Financial Statements for additional details. |
Increase (decrease) in AOCI due to amounts reclassified to Consolidated Statement of Income | Increase (decrease) in AOCI due to amounts reclassified to Consolidated Statement of Income | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | |||||||
In millions of dollars | 2017 | 2017 | 2018 | ||||||
Realized (gains) losses on sales of investments | $ | (213 | ) | $ | (626 | ) | $ | (170 | ) |
OTTI gross impairment losses | 15 | 47 | 27 | ||||||
Subtotal, pretax | $ | (198 | ) | $ | (579 | ) | $ | (143 | ) |
Tax effect | 72 | 211 | 34 | ||||||
Net realized (gains) losses on investment securities, after-tax(1) | $ | (126 | ) | $ | (368 | ) | $ | (109 | ) |
Realized DVA (gains) losses on fair value option liabilities | $ | 3 | $ | (13 | ) | $ | 35 | ||
Subtotal, pretax | $ | 3 | $ | (13 | ) | $ | 35 | ||
Tax effect | $ | (1 | ) | $ | 5 | (8 | ) | ||
Net realized debt valuation adjustment, after-tax | $ | 2 | $ | (8 | ) | $ | 27 | ||
Interest rate contracts | $ | 48 | $ | 94 | $ | 31 | |||
Foreign exchange contracts | 7 | 8 | (2 | ) | |||||
Subtotal, pretax | $ | 55 | $ | 102 | $ | 29 | |||
Tax effect | (20 | ) | (38 | ) | (8 | ) | |||
Amortization of cash flow hedges, after-tax(2) | $ | 35 | $ | 64 | $ | 21 | |||
Amortization of unrecognized | |||||||||
Prior service cost (benefit) | $ | (10 | ) | $ | (32 | ) | $ | (11 | ) |
Net actuarial loss | 70 | 203 | 69 | ||||||
Curtailment/settlement impact(3) | 5 | 12 | 4 | ||||||
Subtotal, pretax | $ | 65 | $ | 183 | $ | 62 | |||
Tax effect | (23 | ) | (66 | ) | (15 | ) | |||
Amortization of benefit plans, after-tax(3) | $ | 42 | $ | 117 | $ | 47 | |||
Foreign currency translation adjustment | $ | — | $ | (232 | ) | $ | — | ||
Tax effect | — | 85 | — | ||||||
Foreign currency translation adjustment | $ | — | $ | (147 | ) | $ | — | ||
Total amounts reclassified out of AOCI, pretax | $ | (75 | ) | $ | (539 | ) | $ | (17 | ) |
Total tax effect | 28 | 197 | 3 | ||||||
Total amounts reclassified out of AOCI, after-tax | $ | (47 | ) | $ | (342 | ) | $ | (14 | ) |
(1) | The pretax amount is reclassified to Realized gains (losses) on sales of investments, net and Gross impairment losses |
(2) | See Note 19 to the Consolidated Financial Statements for additional details. |
(3) | See Note 8 to the Consolidated Financial Statements for additional details. |
As of March 31, 2019 | ||||||||||||||||||||||||
Maximum exposure to loss in significant unconsolidated VIEs(1) | ||||||||||||||||||||||||
Funded exposures(2) | Unfunded exposures | |||||||||||||||||||||||
In millions of dollars | Total involvement with SPE assets | Consolidated VIE/SPE assets | Significant unconsolidated VIE assets(3) | Debt investments | Equity investments | Funding commitments | Guarantees and derivatives | Total | ||||||||||||||||
Credit card securitizations | $ | 42,790 | $ | 42,790 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
Mortgage securitizations(4) | ||||||||||||||||||||||||
U.S. agency-sponsored | 116,062 | — | 116,062 | 3,251 | — | — | 61 | 3,312 | ||||||||||||||||
Non-agency-sponsored | 32,769 | 1,424 | 31,345 | 500 | — | — | 1 | 501 | ||||||||||||||||
Citi-administered asset-backed commercial paper conduits | 17,494 | 17,494 | — | — | — | — | — | — | ||||||||||||||||
Collateralized loan obligations (CLOs) | 21,612 | — | 21,612 | 5,408 | — | — | 9 | 5,417 | ||||||||||||||||
Asset-based financing | 105,765 | 612 | 105,153 | 22,940 | 834 | 10,394 | — | 34,168 | ||||||||||||||||
Municipal securities tender option bond trusts (TOBs) | 8,165 | 1,787 | 6,378 | 21 | — | 4,278 | — | 4,299 | ||||||||||||||||
Municipal investments | 18,518 | 1 | 18,517 | 2,768 | 3,932 | 2,641 | — | 9,341 | ||||||||||||||||
Client intermediation | 1,649 | 1,403 | 246 | 171 | — | — | 8 | 179 | ||||||||||||||||
Investment funds | 1,037 | 265 | 772 | 14 | — | 20 | — | 34 | ||||||||||||||||
Other | 62 | 2 | 60 | 49 | — | 11 | — | 60 | ||||||||||||||||
Total | $ | 365,923 | $ | 65,778 | $ | 300,145 | $ | 35,122 | $ | 4,766 | $ | 17,344 | $ | 79 | $ | 57,311 |
As of September 30, 2018 | ||||||||||||||||||||||||
Maximum exposure to loss in significant unconsolidated VIEs(1) | ||||||||||||||||||||||||
Funded exposures(2) | Unfunded exposures | |||||||||||||||||||||||
In millions of dollars | Total involvement with SPE assets | Consolidated VIE/SPE assets | Significant unconsolidated VIE assets(3) | Debt investments | Equity investments | Funding commitments | Guarantees and derivatives | Total | ||||||||||||||||
Credit card securitizations | $ | 45,319 | $ | 45,319 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
Mortgage securitizations(4) | ||||||||||||||||||||||||
U.S. agency-sponsored | 113,565 | — | 113,565 | 2,965 | — | — | 68 | 3,033 | ||||||||||||||||
Non-agency-sponsored | 25,452 | 1,580 | 23,872 | 356 | — | — | 1 | 357 | ||||||||||||||||
Citi-administered asset-backed commercial paper conduits (ABCP) | 17,435 | 17,435 | — | — | — | — | — | — | ||||||||||||||||
Collateralized loan obligations (CLOs) | 17,870 | — | 17,870 | 5,524 | — | — | 9 | 5,533 | ||||||||||||||||
Asset-based financing | 64,817 | 639 | 64,178 | 20,060 | 601 | 9,214 | — | 29,875 | ||||||||||||||||
Municipal securities tender option bond trusts (TOBs) | 8,016 | 2,029 | 5,987 | 37 | — | 4,106 | — | 4,143 | ||||||||||||||||
Municipal investments | 17,765 | 1 | 17,764 | 2,622 | 3,798 | 2,268 | — | 8,688 | ||||||||||||||||
Client intermediation | 592 | 419 | 173 | 72 | — | — | 9 | 81 | ||||||||||||||||
Investment funds | 1,353 | 525 | 828 | 12 | — | 3 | 5 | 20 | ||||||||||||||||
Other | 652 | 31 | 621 | 39 | 8 | 22 | 46 | 115 | ||||||||||||||||
Total | $ | 312,836 | $ | 67,978 | $ | 244,858 | $ | 31,687 | $ | 4,407 | $ | 15,613 | $ | 138 | $ | 51,845 |
As of December 31, 2017 | As of December 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||
Maximum exposure to loss in significant unconsolidated VIEs(1) | Maximum exposure to loss in significant unconsolidated VIEs(1) | |||||||||||||||||||||||||||||||||||||||||||||||
Funded exposures(2) | Unfunded exposures | Funded exposures(2) | Unfunded exposures | |||||||||||||||||||||||||||||||||||||||||||||
In millions of dollars | Total involvement with SPE assets | Consolidated VIE/SPE assets | Significant unconsolidated VIE assets(3) | Debt investments | Equity investments | Funding commitments | Guarantees and derivatives | Total | Total involvement with SPE assets | Consolidated VIE/SPE assets | Significant unconsolidated VIE assets(3) | Debt investments | Equity investments | Funding commitments | Guarantees and derivatives | Total | ||||||||||||||||||||||||||||||||
Credit card securitizations | $ | 50,795 | $ | 50,795 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 46,232 | $ | 46,232 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Mortgage securitizations(4) | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. agency-sponsored | 116,610 | — | 116,610 | 2,647 | — | — | 74 | 2,721 | 116,563 | — | 116,563 | 3,038 | — | — | 60 | 3,098 | ||||||||||||||||||||||||||||||||
Non-agency-sponsored | 22,251 | 2,035 | 20,216 | 330 | — | — | 1 | 331 | 30,886 | 1,498 | 29,388 | 431 | — | — | 1 | 432 | ||||||||||||||||||||||||||||||||
Citi-administered asset-backed commercial paper conduits (ABCP) | 19,282 | 19,282 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Citi-administered asset-backed commercial paper conduits | 18,750 | 18,750 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations (CLOs) | 20,588 | — | 20,588 | 5,956 | — | — | 9 | 5,965 | 21,837 | — | 21,837 | 5,891 | — | — | 9 | 5,900 | ||||||||||||||||||||||||||||||||
Asset-based financing | 60,472 | 633 | 59,839 | 19,478 | 583 | 5,878 | — | 25,939 | 99,433 | 628 | 98,805 | 21,640 | 715 | 9,757 | — | 32,112 | ||||||||||||||||||||||||||||||||
Municipal securities tender option bond trusts (TOBs) | 6,925 | 2,166 | 4,759 | 138 | — | 3,035 | — | 3,173 | 7,998 | 1,776 | 6,222 | 9 | — | 4,262 | — | 4,271 | ||||||||||||||||||||||||||||||||
Municipal investments | 19,119 | 7 | 19,112 | 2,709 | 3,640 | 2,344 | — | 8,693 | 18,044 | 3 | 18,041 | 2,813 | 3,922 | 2,738 | — | 9,473 | ||||||||||||||||||||||||||||||||
Client intermediation | 958 | 824 | 134 | 32 | — | — | 9 | 41 | 858 | 614 | 244 | 172 | — | — | 2 | 174 | ||||||||||||||||||||||||||||||||
Investment funds | 1,892 | 616 | 1,276 | 14 | 7 | 13 | — | 34 | 1,272 | 440 | 832 | 12 | — | 1 | 1 | 14 | ||||||||||||||||||||||||||||||||
Other | 677 | 36 | 641 | 27 | 9 | 34 | 47 | 117 | 63 | 3 | 60 | 37 | — | 23 | — | 60 | ||||||||||||||||||||||||||||||||
Total | $ | 319,569 | $ | 76,394 | $ | 243,175 | $ | 31,331 | $ | 4,239 | $ | 11,304 | $ | 140 | $ | 47,014 | $ | 361,936 | $ | 69,944 | $ | 291,992 | $ | 34,043 | $ | 4,637 | $ | 16,781 | $ | 73 | $ | 55,534 |
(2) | Included on Citigroup’s |
(3) | A significant unconsolidated VIE is an entity in which the Company has any variable interest or continuing involvement considered to be significant, regardless of the likelihood of loss. |
(4) | Citigroup mortgage securitizations also include agency and non-agency |
• | certain positions in mortgage- and asset-backed securities held by the Company, which are classified as Trading account assets or Investments, in which the Company has no other involvement with the related securitization entity deemed to be significant (for more information on these positions, see Notes 12 and 20 to the Consolidated Financial Statements); |
• | certain representations and warranties exposures in legacy ICG-sponsored mortgage- and asset-backed securitizations in which the Company has no variable interest or continuing involvement as servicer. The outstanding balance of mortgage loans securitized during 2005 to 2008 in which the Company has no variable interest or continuing involvement as servicer was approximately $7 billion at March 31, 2019 and December 31, 2018; |
March 31, 2019 | December 31, 2018 | |||||||||||
In millions of dollars | Liquidity facilities | Loan/equity commitments | Liquidity facilities | Loan/equity commitments | ||||||||
Asset-based financing | $ | — | $ | 10,394 | $ | — | $ | 9,757 | ||||
Municipal securities tender option bond trusts (TOBs) | 4,278 | — | 4,262 | — | ||||||||
Municipal investments | — | 2,641 | — | 2,738 | ||||||||
Investment funds | — | 20 | — | 1 | ||||||||
Other | — | 11 | — | 23 | ||||||||
Total funding commitments | $ | 4,278 | $ | 13,066 | $ | 4,262 | $ | 12,519 |
September 30, 2018 | December 31, 2017 | |||||||||||
In millions of dollars | Liquidity facilities | Loan/equity commitments | Liquidity facilities | Loan/equity commitments | ||||||||
Asset-based financing | $ | — | $ | 9,214 | $ | — | $ | 5,878 | ||||
Municipal securities tender option bond trusts (TOBs) | 4,106 | — | 3,035 | — | ||||||||
Municipal investments | — | 2,268 | — | 2,344 | ||||||||
Investment funds | — | 3 | — | 13 | ||||||||
Other | — | 22 | — | 34 | ||||||||
Total funding commitments | $ | 4,106 | $ | 11,507 | $ | 3,035 | $ | 8,269 |
In billions of dollars | March 31, 2019 | December 31, 2018 | ||||
Cash | $ | — | $ | — | ||
Trading account assets | 3.4 | 3.0 | ||||
Investments | 10.3 | 10.7 | ||||
Total loans, net of allowance | 25.7 | 24.5 | ||||
Other | 0.5 | 0.5 | ||||
Total assets | $ | 39.9 | $ | 38.7 |
In billions of dollars | September 30, 2018 | December 31, 2017 | ||||
Cash | $ | — | $ | — | ||
Trading account assets | 8.2 | 8.5 | ||||
Investments | 4.7 | 4.4 | ||||
Total loans, net of allowance | 22.7 | 22.2 | ||||
Other | 0.5 | 0.5 | ||||
Total assets | $ | 36.1 | $ | 35.6 |
In billions of dollars | September 30, 2018 | December 31, 2017 | March 31, 2019 | December 31, 2018 | Ownership interests in principal amount of trust credit card receivables | |||||||
Sold to investors via trust-issued securities | $ | 26.3 | $ | 28.8 | $ | 24.8 | $ | 27.3 | ||||
Retained by Citigroup as trust-issued securities | 7.5 | 7.6 | 7.6 | 7.6 | ||||||||
Retained by Citigroup via non-certificated interests | 11.6 | 14.4 | 10.5 | 11.3 | ||||||||
Total | $ | 45.4 | $ | 50.8 | $ | 42.9 | $ | 46.2 |
Three Months Ended March 31, | ||||||
In billions of dollars | 2019 | 2018 | ||||
Proceeds from new securitizations | $ | — | $ | 2.8 | ||
Pay down of maturing notes | (2.5 | ) | (2.8 | ) |
Three Months Ended September 30, | ||||||
In billions of dollars | 2018 | 2017 | ||||
Proceeds from new securitizations | $ | 1.9 | $ | 2.2 | ||
Pay down of maturing notes | (2.9 | ) | (1.8 | ) |
Nine Months Ended September 30, | ||||||
In billions of dollars | 2018 | 2017 | ||||
Proceeds from new securitizations | $ | 5.8 | $ | 9.8 | ||
Pay down of maturing notes | (8.3 | ) | (4.6 | ) |
In billions of dollars | Mar. 31, 2019 | Dec. 31, 2018 | ||||
Term notes issued to third parties | $ | 23.3 | $ | 25.8 | ||
Term notes retained by Citigroup affiliates | 5.7 | 5.7 | ||||
Total Master Trust liabilities | $ | 29.0 | $ | 31.5 |
In billions of dollars | Sept. 30, 2018 | Dec. 31, 2017 | ||||
Term notes issued to third parties | $ | 24.8 | $ | 27.8 | ||
Term notes retained by Citigroup affiliates | 5.7 | 5.7 | ||||
Total Master Trust liabilities | $ | 30.5 | $ | 33.5 |
In billions of dollars | Sept. 30, 2018 | Dec. 31, 2017 | Mar. 31, 2019 | Dec. 31, 2018 | ||||||||
Term notes issued to third parties | $ | 1.5 | $ | 1.0 | $ | 1.5 | $ | 1.5 | ||||
Term notes retained by Citigroup affiliates | 1.9 | 1.9 | 1.9 | 1.9 | ||||||||
Total Omni Trust liabilities | $ | 3.4 | $ | 2.9 | $ | 3.4 | $ | 3.4 |
Three Months Ended March 31, | ||||||||||||
2019 | 2018 | |||||||||||
In billions of dollars | U.S. agency- sponsored mortgages | Non-agency- sponsored mortgages | U.S. agency- sponsored mortgages | Non-agency- sponsored mortgages | ||||||||
Principal securitized | $ | 1.0 | $ | 2.7 | $ | 1.2 | $ | — | ||||
Proceeds from new securitizations | 1.0 | 2.7 | 1.2 | 1.6 | ||||||||
Purchases of previously transferred financial assets | — | — | 0.1 | — |
Three Months Ended September 30, | ||||||||||||
2018 | 2017 | |||||||||||
In billions of dollars | U.S. agency- sponsored mortgages | Non-agency- sponsored mortgages | U.S. agency- sponsored mortgages | Non-agency- sponsored mortgages | ||||||||
Proceeds from new securitizations | $ | 7.9 | $ | 2.1 | $ | 11.7 | $ | 4.1 | ||||
Contractual servicing fees received | — | — | 0.1 | — |
Nine Months Ended September 30, | ||||||||||||
2018 | 2017 | |||||||||||
In billions of dollars | U.S. agency- sponsored mortgages | Non-agency- sponsored mortgages | U.S. agency- sponsored mortgages | Non-agency- sponsored mortgages | ||||||||
Proceeds from new securitizations | $ | 23.7 | $ | 8.2 | $ | 26.2 | $ | 6.9 | ||||
Contractual servicing fees received | 0.1 | — | 0.2 | — |
March 31, 2019 | December 31, 2018 | |||||||||||||||||
Non-agency-sponsored mortgages(1) | Non-agency-sponsored mortgages(1) | |||||||||||||||||
In millions of dollars | U.S. agency- sponsored mortgages | Senior interests | Subordinated interests | U.S. agency- sponsored mortgages | Senior interests | Subordinated interests | ||||||||||||
Carrying value of retained interests(2) | $ | 531 | $ | 366 | $ | 55 | $ | 564 | $ | 300 | $ | 51 |
September 30, 2018 | December 31, 2017 | |||||||||||||||||
Non-agency-sponsored mortgages(1) | Non-agency-sponsored mortgages(1) | |||||||||||||||||
In millions of dollars | U.S. agency- sponsored mortgages | Senior interests | Subordinated interests | U.S. agency- sponsored mortgages | Senior interests | Subordinated interests | ||||||||||||
Carrying value of retained interests | $ | 2,092 | $ | 296 | $ | 112 | $ | 1,634 | $ | 214 | $ | 139 |
(1) | Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. |
(2) | Retained interests consist of Level 2 or Level 3 assets depending on the observability of significant inputs. See Note 20 to the Consolidated Financial Statements for more information about fair value measurements. |
Three Months Ended September 30, 2018 | ||||||
Non-agency-sponsored mortgages(1) | ||||||
U.S. agency- sponsored mortgages | Senior interests | Subordinated interests | ||||
Discount rate | 3.0% to 10.4% | 3.8% to 4.2% | 4.1% to 8.6% | |||
Weighted average discount rate | 6.9 | % | 4.1 | % | 5.6 | % |
Constant prepayment rate | 5.3% to 12.8% | 7.0% to 10.0% | 7.0% to 10.0% | |||
Weighted average constant prepayment rate | 8.1 | % | 7.9 | % | 8.2 | % |
Anticipated net credit losses(2) | NM | 3.4% to 3.7% | 3.4% to 3.7% | |||
Weighted average anticipated net credit losses | NM | 3.6 | % | 3.6 | % | |
Weighted average life | 6.9 to 22.1 years | 3.0 to 3.9 years | 7.3 to 15.7 years |
March 31, 2019 | ||||||
Non-agency-sponsored mortgages(1) | ||||||
U.S. agency- sponsored mortgages | Senior interests | Subordinated interests | ||||
Weighted average discount rate | 6.6 | % | 3.6 | % | 7.1 | % |
Weighted average constant prepayment rate | 14.1 | % | 6.0 | % | 6.0 | % |
Weighted average anticipated net credit losses(2) | NM | 5.0 | % | 3.5 | % | |
Weighted average life | 6.1 years | 7.6 years | 19.4 years |
Three Months Ended September 30, 2017 | ||||||
Non-agency-sponsored mortgages(1) | ||||||
U.S. agency- sponsored mortgages | Senior interests | Subordinated interests | ||||
Discount rate | 2.0% to 13.2% | 1.4% to 4.5% | 1.7% to 4.2% | |||
Weighted average discount rate | 8.5 | % | 2.8 | % | 3.5 | % |
Constant prepayment rate | 6.6% to 31.6% | — | — | |||
Weighted average constant prepayment rate | 10.6 | % | — | — | ||
Anticipated net credit losses(2) | NM | 6.7% to 6.8% | 6.4 | % | ||
Weighted average anticipated net credit losses | NM | 6.7 | 6.4 | % | ||
Weighted average life | 2.5 to 10.5 years | 4.9 to 9.4 years | 5.0 to 9.1 years |
March 31, 2018 | ||||||
Non-agency-sponsored mortgages(1) | ||||||
U.S. agency- sponsored mortgages | Senior interests | Subordinated interests | ||||
Weighted average discount rate | 10.4 | % | 3.4 | % | 3.0 | % |
Weighted average constant prepayment rate | 4.5 | % | 12.0 | % | 12.0 | % |
Weighted average anticipated net credit losses(2) | NM | 5.0 | % | 2.0 | % | |
Weighted average life | 7.7 years | 6.9 years | 2.5 years |
Nine Months Ended September 30, 2018 | ||||||
Non-agency-sponsored mortgages(1) | ||||||
U.S. agency- sponsored mortgages | Senior interests | Subordinated interests | ||||
Discount rate | 3.0% to 11.4% | 1.6% to 4.5% | 3.0% to 8.6% | |||
Weighted average discount rate | 6.3 | % | 3.6 | % | 4.4 | % |
Constant prepayment rate | 3.5% to 16.0% | 7.0% to 12.0% | 7.0% to 12.0% | |||
Weighted average constant prepayment rate | 8.2 | % | 8.8 | % | 9.1 | % |
Anticipated net credit losses(2) | NM | 2.0% to 6.7% | 2.0% to 4.6% | |||
Weighted average anticipated net credit losses | NM | 4.4 | % | 3.4 | % | |
Weighted average life | 5.0 to 22.1 years | 2.5 to 9.9 years | 2.5 to 15.7 years |
Nine Months Ended September 30, 2017 | ||||||
Non-agency-sponsored mortgages(1) | ||||||
U.S. agency- sponsored mortgages | Senior interests | Subordinated interests | ||||
Discount rate | 2.0% to 19.9% | 1.4% to 4.5% | 1.7% to 19.1% | |||
Weighted average discount rate | 9.1 | % | 2.8 | % | 4.0 | % |
Constant prepayment rate | 3.8% to 31.6% | — | — | |||
Weighted average constant prepayment rate | 9.6 | % | — | — | ||
Anticipated net credit losses(2) | NM | 6.7% to 6.8% | 6.4% to 69.1% | |||
Weighted average anticipated net credit losses | NM | 6.7 | % | 10.8 | % | |
Weighted average life | 2.5 to 14.5 years | 4.9 to 10.0 years | 5.0 to 10.0 years |
(1) | Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. |
(2) | Anticipated net credit losses represent estimated loss severity associated with defaulted mortgage loans underlying the mortgage securitizations disclosed above. Anticipated net credit losses, in this instance, do not represent total credit losses incurred to date, nor do they represent credit losses expected on retained interests in mortgage securitizations. |
NM | Anticipated net credit losses are not meaningful due to U.S. agency guarantees. |
March 31, 2019 | ||||||
Non-agency-sponsored mortgages(1) | ||||||
U.S. agency- sponsored mortgages | Senior interests | Subordinated interests | ||||
Weighted average discount rate | 7.2 | % | 5.9 | % | 18.4 | % |
Weighted average constant prepayment rate | 11.1 | % | 1.9 | % | 1.3 | % |
Weighted average anticipated net credit losses(2) | NM | 47.0 | % | — | ||
Weighted average life | 6.0 years | 3.1 years | 22.0 years |
September 30, 2018 | ||||||
Non-agency-sponsored mortgages(1) | ||||||
U.S. agency- sponsored mortgages | Senior interests | Subordinated interests | ||||
Discount rate | 2.6% to 55.0% | 12.2 | % | 4.9% to 5.8% | ||
Weighted average discount rate | 6.0 | % | 12.2 | % | 5.2 | % |
Constant prepayment rate | 3.7% to 19.6% | 8.0 | % | 5.0% to 16.0% | ||
Weighted average constant prepayment rate | 8.8 | % | 8.0 | % | 7.7 | % |
Anticipated net credit losses(2) | NM | 38.0 | % | 37.0% to 91.0% | ||
Weighted average anticipated net credit losses | NM | 38.0 | % | 49.7 | % | |
Weighted average life | 0.5 to 28.2 years | 7.6 years | 6.2 to 15.5 years |
December 31, 2018 | |||||
Non-agency-sponsored mortgages(1) | |||||
U.S. agency- sponsored mortgages | Senior interests | Subordinated interests | |||
Weighted average discount rate | 7.8 | % | 9.3 | % | — |
Weighted average constant prepayment rate | 9.1 | % | 8.0 | % | — |
Weighted average anticipated net credit losses(2) | NM | 40.0 | % | — | |
Weighted average life | 6.4 years | 6.6 years | — |
December 31, 2017 | ||||||
Non-agency-sponsored mortgages(1) | ||||||
U.S. agency- sponsored mortgages | Senior interests | Subordinated interests | ||||
Discount rate | 1.8% to 84.2% | 5.8% to 100.0% | 2.8% to 35.1% | |||
Weighted average discount rate | 7.1 | % | 5.8 | % | 9.0 | % |
Constant prepayment rate | 6.9% to 27.8% | 8.9% to 15.5% | 8.6% to 13.1% | |||
Weighted average constant prepayment rate | 11.6 | % | 8.9 | % | 10.6 | % |
Anticipated net credit losses(2) | NM | 0.4% to 46.9% | 35.1% to 52.1% | |||
Weighted average anticipated net credit losses | NM | 46.9 | % | 44.9 | % | |
Weighted average life | 0.1 to 27.8 years | 4.8 to 5.3 years | 0.2 to 18.6 years |
(1) | Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. |
(2) | Anticipated net credit losses represent estimated loss severity associated with defaulted mortgage loans underlying the mortgage securitizations disclosed above. Anticipated net credit losses, in this instance, do not represent total credit losses incurred to date, nor do they represent credit losses expected on retained interests in mortgage securitizations. |
NM | Anticipated net credit losses are not meaningful due to U.S. agency guarantees. |
September 30, 2018 | March 31, 2019 | |||||||||||||||||
Non-agency-sponsored mortgages | Non-agency-sponsored mortgages | |||||||||||||||||
In millions of dollars | U.S. agency- sponsored mortgages | Senior interests | Subordinated interests | U.S. agency- sponsored mortgages | Senior interests | Subordinated interests | ||||||||||||
Discount rates | ||||||||||||||||||
Discount rate | ||||||||||||||||||
Adverse change of 10% | $ | (61 | ) | $ | — | $ | (1 | ) | $ | (14 | ) | $ | — | $ | — | |||
Adverse change of 20% | (119 | ) | — | (2 | ) | (27 | ) | — | — | |||||||||
Constant prepayment rate | ||||||||||||||||||
Adverse change of 10% | (32 | ) | — | — | (22 | ) | — | — | ||||||||||
Adverse change of 20% | (63 | ) | — | — | (43 | ) | — | — | ||||||||||
Anticipated net credit losses | ||||||||||||||||||
Adverse change of 10% | NM | — | — | NM | — | — | ||||||||||||
Adverse change of 20% | NM | — | — | NM | — | — |
December 31, 2018 | |||||||||
Non-agency-sponsored mortgages | |||||||||
In millions of dollars | U.S. agency- sponsored mortgages | Senior interests | Subordinated interests | ||||||
Discount rate | |||||||||
Adverse change of 10% | $ | (16 | ) | $ | — | $ | — | ||
Adverse change of 20% | (32 | ) | — | — | |||||
Constant prepayment rate | |||||||||
Adverse change of 10% | (21 | ) | — | — | |||||
Adverse change of 20% | (41 | ) | — | — | |||||
Anticipated net credit losses | |||||||||
Adverse change of 10% | NM | — | — | ||||||
Adverse change of 20% | NM | — | — |
December 31, 2017 | |||||||||
Non-agency-sponsored mortgages | |||||||||
In millions of dollars | U.S. agency- sponsored mortgages | Senior interests | Subordinated interests | ||||||
Discount rates | |||||||||
Adverse change of 10% | $ | (44 | ) | $ | (2 | ) | $ | (3 | ) |
Adverse change of 20% | (85 | ) | (4 | ) | (5 | ) | |||
Constant prepayment rate | |||||||||
Adverse change of 10% | (41 | ) | (1 | ) | (1 | ) | |||
Adverse change of 20% | (84 | ) | (1 | ) | (2 | ) | |||
Anticipated net credit losses | |||||||||
Adverse change of 10% | NM | (3 | ) | — | |||||
Adverse change of 20% | NM | (7 | ) | — |
NM | Anticipated net credit losses are not meaningful due to U.S. agency guarantees. |
Three Months Ended March 31, | ||||||||||||||||||
Securitized assets | 90 days past due | Liquidation losses | ||||||||||||||||
In billions of dollars | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | 2019 | 2018 | ||||||||||||
Securitized assets | ||||||||||||||||||
Residential mortgage | $ | 5.4 | $ | 5.2 | $ | 0.4 | $ | 0.4 | $ | — | $ | — | ||||||
Commercial and other | 14.5 | 13.1 | — | — | — | — | ||||||||||||
Total | $ | 19.9 | $ | 18.3 | $ | 0.4 | $ | 0.4 | $ | — | $ | — |
Three Months Ended September 30, | ||||||||||||
In millions of dollars | 2018 | 2017 | 2019 | 2018 | ||||||||
Balance, as of June 30 | $ | 596 | $ | 560 | ||||||||
Balance, beginning of year | $ | 584 | $ | 558 | ||||||||
Originations | 14 | 19 | 12 | 17 | ||||||||
Changes in fair value of MSRs due to changes in inputs and assumptions | 25 | (6 | ) | (27 | ) | 46 | ||||||
Other changes(1) | (17 | ) | (20 | ) | (18 | ) | (17 | ) | ||||
Sale of MSRs | — | — | — | (17 | ) | |||||||
Balance, as of September 30 | $ | 618 | $ | 553 | ||||||||
Balance, as of March 31 | $ | 551 | $ | 587 |
Nine Months Ended September 30, | ||||||
In millions of dollars | 2018 | 2017 | ||||
Balance, beginning of year | $ | 558 | $ | 1,564 | ||
Originations | 46 | 75 | ||||
Changes in fair value of MSRs due to changes in inputs and assumptions | 82 | 50 | ||||
Other changes(1) | (50 | ) | (90 | ) | ||
Sale of MSRs(2) | (18 | ) | (1,046 | ) | ||
Balance, as of September 30 | $ | 618 | $ | 553 |
(1) | Represents changes due to customer payments and passage of time. |
In millions of dollars | 2019 | 2018 | ||||
Servicing fees | $ | 41 | $ | 46 | ||
Late fees | 2 | 1 | ||||
Ancillary fees | 1 | 3 | ||||
Total MSR fees | $ | 44 | $ | 50 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
In millions of dollars | 2018 | 2017 | 2018 | 2017 | ||||||||
Servicing fees | $ | 41 | $ | 65 | $ | 130 | $ | 236 | ||||
Late fees | 1 | 2 | 3 | 8 | ||||||||
Ancillary fees | 1 | 3 | 7 | 11 | ||||||||
Total MSR fees | $ | 43 | $ | 70 | $ | 140 | $ | 255 |
In millions of dollars | Mar. 31, 2019 | Dec. 31, 2018 | ||||
Carrying value of retained interests | $ | 2,766 | $ | 3,142 |
Three Months Ended September 30, | ||||||
In billions of dollars | 2018 | 2017 | ||||
Proceeds from new securitizations | $ | 0.4 | $ | 1.1 |
Nine Months Ended September 30, | ||||||
In billions of dollars | 2018 | 2017 | ||||
Proceeds from new securitizations | $ | 4.0 | $ | 2.5 | ||
Cash flows received on retained interests and other cash flows | 0.1 | 0.1 |
In millions of dollars | Sept. 30, 2018 | Dec. 31, 2017 | ||||
Carrying value of retained interests | $ | 3,461 | $ | 4,079 |
September 30, 2018 | March 31, 2019 | |||||||||||
In millions of dollars | Total unconsolidated VIE assets | Maximum exposure to unconsolidated VIEs | Total unconsolidated VIE assets | Maximum exposure to unconsolidated VIEs | ||||||||
Type | ||||||||||||
Commercial and other real estate | $ | 18,098 | $ | 6,949 | $ | 25,189 | $ | 6,530 | ||||
Corporate loans | 6,815 | 5,764 | 7,438 | 7,277 | ||||||||
Hedge funds and equities | 416 | 54 | 444 | 53 | ||||||||
Airplanes, ships and other assets | 38,849 | 17,108 | 72,082 | 20,308 | ||||||||
Total | $ | 64,178 | $ | 29,875 | $ | 105,153 | $ | 34,168 |
December 31, 2018 | ||||||
In millions of dollars | Total unconsolidated VIE assets | Maximum exposure to unconsolidated VIEs | ||||
Type | ||||||
Commercial and other real estate | $ | 23,918 | $ | 6,928 | ||
Corporate loans | 6,973 | 5,744 | ||||
Hedge funds and equities | 388 | 53 | ||||
Airplanes, ships and other assets | 67,526 | 19,387 | ||||
Total | $ | 98,805 | $ | 32,112 |
December 31, 2017 | ||||||
In millions of dollars | Total unconsolidated VIE assets | Maximum exposure to unconsolidated VIEs | ||||
Type | ||||||
Commercial and other real estate | $ | 15,370 | $ | 5,445 | ||
Corporate loans | 4,725 | 3,587 | ||||
Hedge funds and equities | 542 | 58 | ||||
Airplanes, ships and other assets | 39,202 | 16,849 | ||||
Total | $ | 59,839 | $ | 25,939 |
Hedging instruments under ASC 815 | Trading derivative instruments | |||||||||||
In millions of dollars | March 31, 2019 | December 31, 2018 | March 31, 2019 | December 31, 2018 | ||||||||
Interest rate contracts | ||||||||||||
Swaps | $ | 284,066 | $ | 273,636 | $ | 19,877,888 | $ | 18,138,686 | ||||
Futures and forwards | — | — | 6,301,489 | 4,632,257 | ||||||||
Written options | — | — | 3,014,698 | 3,018,469 | ||||||||
Purchased options | — | — | 2,625,618 | 2,532,479 | ||||||||
Total interest rate contract notionals | $ | 284,066 | $ | 273,636 | $ | 31,819,693 | $ | 28,321,891 | ||||
Foreign exchange contracts | ||||||||||||
Swaps | $ | 59,696 | $ | 57,153 | $ | 7,004,203 | $ | 6,738,158 | ||||
Futures, forwards and spot | 39,885 | 41,410 | 5,767,521 | 5,115,504 | ||||||||
Written options | 1,369 | 1,726 | 1,749,838 | 1,566,717 | ||||||||
Purchased options | 1,699 | 2,104 | 1,744,873 | 1,543,516 | ||||||||
Total foreign exchange contract notionals | $ | 102,649 | $ | 102,393 | $ | 16,266,435 | $ | 14,963,895 | ||||
Equity contracts | ||||||||||||
Swaps | $ | — | $ | — | $ | 216,741 | $ | 217,580 | ||||
Futures and forwards | — | — | 61,707 | 52,053 | ||||||||
Written options | — | — | 464,551 | 454,675 | ||||||||
Purchased options | — | — | 345,934 | 341,018 | ||||||||
Total equity contract notionals | $ | — | $ | — | $ | 1,088,933 | $ | 1,065,326 | ||||
Commodity and other contracts | ||||||||||||
Swaps | $ | — | $ | — | $ | 83,460 | $ | 79,133 | ||||
Futures and forwards | 831 | 802 | 153,109 | 146,647 | ||||||||
Written options | — | — | 68,930 | 62,629 | ||||||||
Purchased options | — | — | 68,302 | 61,298 | ||||||||
Total commodity and other contract notionals | $ | 831 | $ | 802 | $ | 373,801 | $ | 349,707 | ||||
Credit derivatives(1) | ||||||||||||
Protection sold | $ | — | $ | — | $ | 701,018 | $ | 724,939 | ||||
Protection purchased | — | — | 757,539 | 795,649 | ||||||||
Total credit derivatives | $ | — | $ | — | $ | 1,458,557 | $ | 1,520,588 | ||||
Total derivative notionals | $ | 387,546 | $ | 376,831 | $ | 51,007,419 | $ | 46,221,407 |
Hedging instruments under ASC 815 | Trading derivative instruments | |||||||||||
In millions of dollars | September 30, 2018 | December 31, 2017 | September 30, 2018 | December 31, 2017 | ||||||||
Interest rate contracts | ||||||||||||
Swaps | $ | 246,079 | $ | 189,779 | $ | 19,759,439 | $ | 18,754,219 | ||||
Futures and forwards | — | — | 8,297,965 | 6,460,539 | ||||||||
Written options | — | — | 3,857,773 | 3,516,131 | ||||||||
Purchased options | — | — | 3,236,924 | 3,234,025 | ||||||||
Total interest rate contract notionals | $ | 246,079 | $ | 189,779 | $ | 35,152,101 | $ | 31,964,914 | ||||
Foreign exchange contracts | ||||||||||||
Swaps | $ | 54,502 | $ | 37,162 | $ | 7,004,521 | $ | 5,576,357 | ||||
Futures, forwards and spot | 37,769 | 33,103 | 5,711,577 | 3,097,700 | ||||||||
Written options | 2,497 | 3,951 | 1,727,916 | 1,127,728 | ||||||||
Purchased options | 2,934 | 6,427 | 1,695,392 | 1,148,686 | ||||||||
Total foreign exchange contract notionals | $ | 97,702 | $ | 80,643 | $ | 16,139,406 | $ | 10,950,471 | ||||
Equity contracts | ||||||||||||
Swaps | $ | — | $ | — | $ | 245,167 | $ | 215,834 | ||||
Futures and forwards | — | — | 70,526 | 72,616 | ||||||||
Written options | — | — | 436,032 | 389,961 | ||||||||
Purchased options | — | — | 333,448 | 328,154 | ||||||||
Total equity contract notionals | $ | — | $ | — | $ | 1,085,173 | $ | 1,006,565 | ||||
Commodity and other contracts | ||||||||||||
Swaps | $ | — | $ | — | $ | 118,699 | $ | 82,039 | ||||
Futures and forwards | 397 | 23 | 164,427 | 153,248 | ||||||||
Written options | — | — | 72,021 | 62,045 | ||||||||
Purchased options | — | — | 69,862 | 60,526 | ||||||||
Total commodity and other contract notionals | $ | 397 | $ | 23 | $ | 425,009 | $ | 357,858 | ||||
Credit derivatives(1) | ||||||||||||
Protection sold | $ | — | $ | — | $ | 723,060 | $ | 735,142 | ||||
Protection purchased | — | — | 793,792 | 777,713 | ||||||||
Total credit derivatives | $ | — | $ | — | $ | 1,516,852 | $ | 1,512,855 | ||||
Total derivative notionals | $ | 344,178 | $ | 270,445 | $ | 54,318,541 | $ | 45,792,663 |
(1) | Credit derivatives are arrangements designed to allow one party (protection buyer) to transfer the credit risk of a “reference asset” to another party (protection seller). These arrangements allow a protection seller to assume the credit risk associated with the reference asset without directly purchasing that asset. The Company enters into credit derivative positions for purposes such as risk management, yield enhancement, reduction of credit concentrations and diversification of overall risk. |
In millions of dollars at September 30, 2018 | Derivatives classified in Trading account assets/liabilities(1)(2) | |||||||||||
In millions of dollars at March 31, 2019 | Derivatives classified in Trading account assets/liabilities(1)(2) | |||||||||||
Derivatives instruments designated as ASC 815 hedges | Assets | Liabilities | Assets | Liabilities | ||||||||
Over-the-counter | $ | 1,411 | $ | 81 | $ | 283 | $ | 128 | ||||
Cleared | 137 | 575 | 1,241 | 80 | ||||||||
Interest rate contracts | $ | 1,548 | $ | 656 | $ | 1,524 | $ | 208 | ||||
Over-the-counter | $ | 1,568 | $ | 718 | $ | 1,211 | $ | 834 | ||||
Cleared | — | 3 | ||||||||||
Foreign exchange contracts | $ | 1,568 | $ | 718 | $ | 1,211 | $ | 837 | ||||
Total derivatives instruments designated as ASC 815 hedges | $ | 3,116 | $ | 1,374 | $ | 2,735 | $ | 1,045 | ||||
Derivatives instruments not designated as ASC 815 hedges | ||||||||||||
Over-the-counter | $ | 155,901 | $ | 136,989 | $ | 170,941 | $ | 137,554 | ||||
Cleared | 8,262 | 10,062 | 13,534 | 29,063 | ||||||||
Exchange traded | 130 | 136 | 124 | 89 | ||||||||
Interest rate contracts | $ | 164,293 | $ | 147,187 | $ | 184,599 | $ | 166,706 | ||||
Over-the-counter | $ | 169,989 | $ | 164,571 | $ | 131,291 | $ | 129,524 | ||||
Cleared | 3,326 | 3,360 | 1,821 | 1,691 | ||||||||
Exchange traded | 88 | 236 | 43 | 56 | ||||||||
Foreign exchange contracts | $ | 173,403 | $ | 168,167 | $ | 133,155 | $ | 131,271 | ||||
Over-the-counter | $ | 19,891 | $ | 24,766 | $ | 17,049 | $ | 19,203 | ||||
Cleared | 10 | 9 | 4 | 54 | ||||||||
Exchange traded | 10,143 | 10,354 | 8,730 | 12,371 | ||||||||
Equity contracts | $ | 30,044 | $ | 35,129 | $ | 25,783 | $ | 31,628 | ||||
Over-the-counter | $ | 22,449 | $ | 25,024 | $ | 14,399 | $ | 17,249 | ||||
Exchange traded | 826 | 756 | 581 | 429 | ||||||||
Commodity and other contracts | $ | 23,275 | $ | 25,780 | $ | 14,980 | $ | 17,678 | ||||
Over-the-counter | $ | 4,240 | $ | 5,912 | $ | 3,786 | $ | 6,906 | ||||
Cleared | 7,326 | 5,781 | 6,898 | 4,579 | ||||||||
Credit derivatives | $ | 11,566 | $ | 11,693 | $ | 10,684 | $ | 11,485 | ||||
Total derivatives instruments not designated as ASC 815 hedges | $ | 402,581 | $ | 387,956 | $ | 369,201 | $ | 358,768 | ||||
Total derivatives | $ | 405,697 | $ | 389,330 | $ | 371,936 | $ | 359,813 | ||||
Cash collateral paid/received(3) | $ | 10,759 | $ | 13,676 | $ | 11,349 | $ | 13,886 | ||||
Less: Netting agreements(4) | (322,565 | ) | (322,565 | ) | (292,121 | ) | (292,121 | ) | ||||
Less: Netting cash collateral received/paid(5) | (37,678 | ) | (30,701 | ) | (39,750 | ) | (33,190 | ) | ||||
Net receivables/payables included on the Consolidated Balance Sheet(6) | $ | 56,213 | $ | 49,740 | $ | 51,414 | $ | 48,388 | ||||
Additional amounts subject to an enforceable master netting agreement, but not offset on the Consolidated Balance Sheet | ||||||||||||
Less: Cash collateral received/paid | $ | (739 | ) | $ | (83 | ) | $ | (607 | ) | $ | (88 | ) |
Less: Non-cash collateral received/paid | (12,389 | ) | (11,376 | ) | (11,393 | ) | (15,144 | ) | ||||
Total net receivables/payables(6) | $ | 43,085 | $ | 38,281 | $ | 39,414 | $ | 33,156 |
(1) | The derivatives fair values are also presented in Note 20 to the Consolidated Financial Statements. |
(2) | Over-the-counter (OTC) derivatives are derivatives executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house. Cleared derivatives include derivatives executed bilaterally with a counterparty in the OTC market, but then novated to a central clearing house, whereby the central clearing house becomes the counterparty to both of the original counterparties. Exchange-traded derivatives include derivatives executed directly on an organized exchange that provides pre-trade price transparency. |
(3) | Reflects the net amount of the |
(4) | Represents the netting of |
(5) | Represents the netting of cash collateral paid and received by counterparty under enforceable credit support agreements. Substantially all cash collateral received and paid is netted against OTC derivative assets and liabilities, respectively. |
(6) | The net receivables/payables include approximately |
In millions of dollars at December 31, 2017 | Derivatives classified in Trading account assets/liabilities(1)(2) | |||||||||||
In millions of dollars at December 31, 2018 | Derivatives classified in Trading account assets/liabilities(1)(2) | |||||||||||
Derivatives instruments designated as ASC 815 hedges | Assets | Liabilities | Assets | Liabilities | ||||||||
Over-the-counter | $ | 1,969 | $ | 134 | $ | 1,631 | $ | 172 | ||||
Cleared | 110 | 92 | 238 | 53 | ||||||||
Interest rate contracts | $ | 2,079 | $ | 226 | $ | 1,869 | $ | 225 | ||||
Over-the-counter | $ | 1,143 | $ | 1,150 | $ | 1,402 | $ | 736 | ||||
Cleared | — | 4 | ||||||||||
Foreign exchange contracts | $ | 1,143 | $ | 1,150 | $ | 1,402 | $ | 740 | ||||
Total derivatives instruments designated as ASC 815 hedges | $ | 3,222 | $ | 1,376 | $ | 3,271 | $ | 965 | ||||
Derivatives instruments not designated as ASC 815 hedges | ||||||||||||
Over-the-counter | $ | 195,677 | $ | 173,937 | $ | 161,183 | $ | 146,909 | ||||
Cleared | 7,129 | 10,381 | 8,489 | 7,594 | ||||||||
Exchange traded | 102 | 95 | 91 | 99 | ||||||||
Interest rate contracts | $ | 202,908 | $ | 184,413 | $ | 169,763 | $ | 154,602 | ||||
Over-the-counter | $ | 119,092 | $ | 117,473 | $ | 159,099 | $ | 156,904 | ||||
Cleared | 1,690 | 2,028 | 1,900 | 1,671 | ||||||||
Exchange traded | 34 | 121 | 53 | 40 | ||||||||
Foreign exchange contracts | $ | 120,816 | $ | 119,622 | $ | 161,052 | $ | 158,615 | ||||
Over-the-counter | $ | 17,221 | $ | 21,201 | $ | 18,253 | $ | 21,527 | ||||
Cleared | 21 | 25 | 17 | 32 | ||||||||
Exchange traded | 9,736 | 10,147 | 11,623 | 12,249 | ||||||||
Equity contracts | $ | 26,978 | $ | 31,373 | $ | 29,893 | $ | 33,808 | ||||
Over-the-counter | $ | 13,499 | $ | 16,362 | $ | 16,661 | $ | 19,894 | ||||
Exchange traded | 604 | 665 | 894 | 795 | ||||||||
Commodity and other contracts | $ | 14,103 | $ | 17,027 | $ | 17,555 | $ | 20,689 | ||||
Over-the-counter | $ | 12,972 | $ | 12,958 | $ | 6,967 | $ | 6,155 | ||||
Cleared | 7,562 | 8,575 | 3,798 | 4,196 | ||||||||
Credit derivatives | $ | 20,534 | $ | 21,533 | $ | 10,765 | $ | 10,351 | ||||
Total derivatives instruments not designated as ASC 815 hedges | $ | 385,339 | $ | 373,968 | $ | 389,028 | $ | 378,065 | ||||
Total derivatives | $ | 388,561 | $ | 375,344 | $ | 392,299 | $ | 379,030 | ||||
Cash collateral paid/received(3) | $ | 7,541 | $ | 14,308 | $ | 11,518 | $ | 13,906 | ||||
Less: Netting agreements(4) | (306,401 | ) | (306,401 | ) | (311,089 | ) | (311,089 | ) | ||||
Less: Netting cash collateral received/paid(5) | (38,532 | ) | (35,666 | ) | (38,608 | ) | (29,911 | ) | ||||
Net receivables/payables included on the Consolidated Balance Sheet(6) | $ | 51,169 | $ | 47,585 | $ | 54,120 | $ | 51,936 | ||||
Additional amounts subject to an enforceable master netting agreement, but not offset on the Consolidated Balance Sheet | ||||||||||||
Less: Cash collateral received/paid | $ | (872 | ) | $ | (121 | ) | $ | (767 | ) | $ | (164 | ) |
Less: Non-cash collateral received/paid | (12,739 | ) | (6,929 | ) | (13,509 | ) | (13,354 | ) | ||||
Total net receivables/payables(6) | $ | 37,558 | $ | 40,535 | $ | 39,844 | $ | 38,418 |
(1) | The derivatives fair values are also presented in Note 20 to the Consolidated Financial Statements. |
(2) | Over-the-counter (OTC) derivatives are derivatives executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house. Cleared derivatives include derivatives executed bilaterally with a counterparty in the OTC market, but then novated to a central clearing house, whereby the central clearing house becomes the counterparty to both of the original counterparties. Exchange-traded derivatives include derivatives executed directly on an organized exchange that provides pre-trade price transparency. |
(3) | Reflects the net amount of the |
(4) | Represents the netting of |
(5) | Represents the netting of cash collateral paid and received by counterparty under enforceable credit support agreements. Substantially all cash collateral received and paid is netted against OTC derivative assets and liabilities, respectively. |
(6) | The net receivables/payables include approximately |
Gains (losses) included in Other revenue | ||||||
Three Months Ended March 31, | ||||||
In millions of dollars | 2019 | 2018 | ||||
Interest rate contracts | $ | 27 | $ | (28 | ) | |
Foreign exchange | (58 | ) | 527 | |||
Total | $ | (31 | ) | $ | 499 |
Gains (losses) included in Other revenue | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
In millions of dollars | 2018 | 2017 | 2018 | 2017 | ||||||||
Interest rate contracts | $ | (22 | ) | $ | (5 | ) | $ | (65 | ) | $ | (72 | ) |
Foreign exchange | 7 | 596 | (6 | ) | 1,897 | |||||||
Credit derivatives | (200 | ) | (125 | ) | (271 | ) | (501 | ) | ||||
Total | $ | (215 | ) | $ | 466 | $ | (342 | ) | $ | 1,324 |
Gains (losses) on fair value hedges(1) | Gains (losses) on fair value hedges(1) | |||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||
2018 | 2017(3) | 2018 | 2017(3) | 2019 | 2018 | |||||||||||||||||||||||||
In millions of dollars | Other revenue | Net interest revenue | Other revenue | Other revenue | Net interest revenue | Other revenue | Other revenue | Net interest revenue | Other revenue | Net interest revenue | ||||||||||||||||||||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | ||||||||||||||||||||||||||||||
Interest rate hedges | $ | — | $ | (857 | ) | $ | (194 | ) | $ | — | $ | (497 | ) | $ | (570 | ) | $ | — | $ | 963 | $ | — | $ | 878 | ||||||
Foreign exchange hedges | (158 | ) | — | (166 | ) | 341 | — | (803 | ) | 165 | — | 179 | — | |||||||||||||||||
Commodity hedges | (14 | ) | — | (11 | ) | (14 | ) | — | (20 | ) | 88 | — | (2 | ) | — | |||||||||||||||
Total gain (loss) on the derivatives in designated and qualifying fair value hedges | $ | (172 | ) | $ | (857 | ) | $ | (371 | ) | $ | 327 | $ | (497 | ) | $ | (1,393 | ) | $ | 253 | $ | 963 | $ | 177 | $ | 878 | |||||
Gain (loss) on the hedged item in designated and qualifying fair value hedges | ||||||||||||||||||||||||||||||
Interest rate hedges | $ | — | $ | 871 | $ | 189 | $ | — | $ | 525 | $ | 532 | $ | — | $ | (879 | ) | $ | — | $ | (866 | ) | ||||||||
Foreign exchange hedges | 132 | — | 144 | (464 | ) | — | 910 | (168 | ) | — | (249 | ) | — | |||||||||||||||||
Commodity hedges | 8 | — | 12 | 9 | — | 22 | (70 | ) | — | 1 | — | |||||||||||||||||||
Total gain (loss) on the hedged item in designated and qualifying fair value hedges | $ | 140 | $ | 871 | $ | 345 | $ | (455 | ) | $ | 525 | $ | 1,464 | $ | (238 | ) | $ | (879 | ) | $ | (248 | ) | $ | (866 | ) | |||||
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | ||||||||||||||||||||||||||||||
Interest rate hedges | $ | — | $ | — | $ | — | $ | — | $ | (5 | ) | $ | (7 | ) | ||||||||||||||||
Foreign exchange hedges(2) | 7 | — | (5 | ) | 63 | — | 75 | $ | (2 | ) | $ | — | $ | 23 | $ | — | ||||||||||||||
Commodity hedges | (7 | ) | — | 1 | (5 | ) | — | 2 | (18 | ) | — | 1 | — | |||||||||||||||||
Total net gain (loss) excluded from assessment of the effectiveness of fair value hedges | $ | — | $ | — | $ | (4 | ) | $ | 58 | $ | (5 | ) | $ | 70 | $ | (20 | ) | $ | — | $ | 24 | $ | — |
(1) |
(2) | Amounts relate to the premium associated with forward contracts (differential between spot and contractual forward rates) |
In millions of dollars as of September 30, 2018 | ||||||||||||||||||
(In millions of dollars) | (In millions of dollars) | |||||||||||||||||
Balance sheet line item in which hedged item is recorded | Carrying amount of hedged asset/ liability | Cumulative fair value hedging adjustment increasing (decreasing) the carrying amount | Carrying amount of hedged asset/ liability | Cumulative fair value hedging adjustment increasing (decreasing) the carrying amount | ||||||||||||||
Active | De-designated | Active | De-designated | |||||||||||||||
As of March 31, 2019 | As of March 31, 2019 | |||||||||||||||||
Debt securities AFS(1) | $ | 98,902 | $ | 302 | $ | 329 | ||||||||||||
Long-term debt | 157,139 | 2,275 | 1,236 | |||||||||||||||
As of December 31, 2018 | As of December 31, 2018 | |||||||||||||||||
Debt securities AFS | $ | 80,244 | $ | (326 | ) | $ | 421 | $ | 81,632 | $ | (196 | ) | $ | 295 | ||||
Long-term debt | 154,540 | (775 | ) | 1,218 | 149,054 | 1,211 | 869 |
(1) | These amounts include the cumulative basis adjustment ($46 million as of March 31, 2019) related to certain prepayable financial assets designated as the hedged item in a fair value hedge using the last-of-layer approach. The Company designated $2 billion as the hedged amount (from a closed portfolio of prepayable financial assets with a carrying value of $16.5 billion) in a last-of-layer hedging relationship. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
In millions of dollars | 2018 | 2017 | 2018 | 2017 | ||||||||||||||
Amount of gain (loss) recognized in AOCI on derivative | ||||||||||||||||||
Interest rate contracts(1) | $ | (146 | ) | $ | (36 | ) | $ | (665 | ) | $ | 103 | |||||||
Foreign exchange contracts | (3 | ) | (7 | ) | (4 | ) | (7 | ) | ||||||||||
Total gain (loss) recognized in AOCI | $ | (149 | ) | $ | (43 | ) | $ | (669 | ) | $ | 96 | |||||||
Amount of gain (loss) reclassified from AOCI to earnings | Other revenue | Net interest revenue | Other revenue | Other revenue | Net interest revenue | Other revenue | ||||||||||||
Interest rate contracts(1) | $ | — | $ | (54 | ) | $ | (48 | ) | $ | — | $ | (142 | ) | $ | (94 | ) | ||
Foreign exchange contracts | 2 | — | (7 | ) | (8 | ) | — | (8 | ) | |||||||||
Total gain (loss) reclassified from AOCI into earnings | $ | 2 | $ | (54 | ) | $ | (55 | ) | $ | (8 | ) | $ | (142 | ) | $ | (102 | ) |
Three Months Ended March 31, | ||||||||||||
In millions of dollars | 2019 | 2018 | ||||||||||
Amount of gain (loss) recognized in AOCI on derivative | ||||||||||||
Interest rate contracts(1) | $ | 254 | $ | (322 | ) | |||||||
Foreign exchange contracts | (8 | ) | 6 | |||||||||
Total gain (loss) recognized in AOCI | $ | 246 | $ | (316 | ) | |||||||
Amount of gain (loss) reclassified from AOCI to earnings | Other revenue | Net interest revenue | Other revenue | Net interest revenue | ||||||||
Interest rate contracts(1) | $ | — | $ | (130 | ) | $ | — | $ | (31 | ) | ||
Foreign exchange contracts | (2 | ) | 2 | — | ||||||||
Total gain (loss) reclassified from AOCI into earnings | $ | (2 | ) | $ | (130 | ) | $ | 2 | $ | (31 | ) | |
Net pretax change in cash flow hedges included within AOCI | $ | 378 | $ | (287 | ) |
(1) | All amounts reclassified into earnings for interest rate contracts are included in Interest income/Interest expense (Net interest revenue). For all other hedges, the amounts reclassified to earnings are included primarily in Other revenue and Net interest revenue on the Consolidated Income Statement. |
Fair values | Notionals | Fair values | Notionals | |||||||||||||||||||||
In millions of dollars at September 30, 2018 | Receivable(1) | Payable(2) | Protection purchased | Protection sold | ||||||||||||||||||||
In millions of dollars at March 31, 2019 | Receivable(1) | Payable(2) | Protection purchased | Protection sold | ||||||||||||||||||||
By industry/counterparty | ||||||||||||||||||||||||
Banks | $ | 5,366 | $ | 5,097 | $ | 222,802 | $ | 234,338 | $ | 4,855 | $ | 4,613 | $ | 202,581 | $ | 213,437 | ||||||||
Broker-dealers | 1,826 | 1,661 | 66,676 | 67,833 | 1,776 | 1,670 | 57,539 | 68,978 | ||||||||||||||||
Non-financial | 65 | 90 | 2,823 | 4,247 | 80 | 93 | 5,509 | 2,801 | ||||||||||||||||
Insurance and other financial institutions | 4,309 | 4,845 | 501,491 | 416,642 | 3,973 | 5,109 | 491,910 | 415,802 | ||||||||||||||||
Total by industry/counterparty | $ | 11,566 | $ | 11,693 | $ | 793,792 | $ | 723,060 | $ | 10,684 | $ | 11,485 | $ | 757,539 | $ | 701,018 | ||||||||
By instrument | ||||||||||||||||||||||||
Credit default swaps and options | $ | 10,997 | $ | 11,168 | $ | 771,239 | $ | 712,451 | $ | 10,173 | $ | 10,514 | $ | 733,530 | $ | 690,880 | ||||||||
Total return swaps and other | 569 | 525 | 22,553 | 10,609 | 511 | 971 | 24,009 | 10,138 | ||||||||||||||||
Total by instrument | $ | 11,566 | $ | 11,693 | $ | 793,792 | $ | 723,060 | $ | 10,684 | $ | 11,485 | $ | 757,539 | $ | 701,018 | ||||||||
By rating | ||||||||||||||||||||||||
Investment grade | $ | 5,180 | $ | 5,014 | $ | 616,595 | $ | 552,452 | $ | 4,788 | $ | 5,032 | $ | 597,069 | $ | 544,124 | ||||||||
Non-investment grade | 6,386 | 6,679 | 177,197 | 170,608 | 5,896 | 6,453 | 160,470 | 156,894 | ||||||||||||||||
Total by rating | $ | 11,566 | $ | 11,693 | $ | 793,792 | $ | 723,060 | $ | 10,684 | $ | 11,485 | $ | 757,539 | $ | 701,018 | ||||||||
By maturity | ||||||||||||||||||||||||
Within 1 year | $ | 1,442 | $ | 1,680 | $ | 232,670 | $ | 204,358 | $ | 1,400 | $ | 1,874 | $ | 217,434 | $ | 210,754 | ||||||||
From 1 to 5 years | 8,083 | 7,855 | 472,276 | 439,089 | 7,051 | 7,448 | 450,084 | 411,686 | ||||||||||||||||
After 5 years | 2,041 | 2,158 | 88,846 | 79,613 | 2,233 | 2,163 | 90,021 | 78,578 | ||||||||||||||||
Total by maturity | $ | 11,566 | $ | 11,693 | $ | 793,792 | $ | 723,060 | $ | 10,684 | $ | 11,485 | $ | 757,539 | $ | 701,018 |
(1) | The fair value amount receivable is composed of |
(2) | The fair value amount payable is composed of |
Fair values | Notionals | Fair values | Notionals | |||||||||||||||||||||
In millions of dollars at December 31, 2017 | Receivable(1) | Payable(2) | Protection purchased | Protection sold | ||||||||||||||||||||
In millions of dollars at December 31, 2018 | Receivable(1) | Payable(2) | Protection purchased | Protection sold | ||||||||||||||||||||
By industry/counterparty | ||||||||||||||||||||||||
Banks | $ | 7,471 | $ | 6,669 | $ | 264,414 | $ | 273,711 | $ | 4,785 | $ | 4,432 | $ | 214,842 | $ | 218,273 | ||||||||
Broker-dealers | 2,325 | 2,285 | 73,273 | 83,229 | 1,706 | 1,612 | 62,904 | 63,014 | ||||||||||||||||
Non-financial | 70 | 91 | 1,288 | 1,140 | 64 | 87 | 2,687 | 1,192 | ||||||||||||||||
Insurance and other financial institutions | 10,668 | 12,488 | 438,738 | 377,062 | 4,210 | 4,220 | 515,216 | 442,460 | ||||||||||||||||
Total by industry/counterparty | $ | 20,534 | $ | 21,533 | $ | 777,713 | $ | 735,142 | $ | 10,765 | $ | 10,351 | $ | 795,649 | $ | 724,939 | ||||||||
By instrument | ||||||||||||||||||||||||
Credit default swaps and options | $ | 20,251 | $ | 20,554 | $ | 754,114 | $ | 724,228 | $ | 10,030 | $ | 9,755 | $ | 771,865 | $ | 712,623 | ||||||||
Total return swaps and other | 283 | 979 | 23,599 | 10,914 | 735 | 596 | 23,784 | 12,316 | ||||||||||||||||
Total by instrument | $ | 20,534 | $ | 21,533 | $ | 777,713 | $ | 735,142 | $ | 10,765 | $ | 10,351 | $ | 795,649 | $ | 724,939 | ||||||||
By rating | ||||||||||||||||||||||||
Investment grade | $ | 10,473 | $ | 10,616 | $ | 588,324 | $ | 557,987 | $ | 4,725 | $ | 4,544 | $ | 637,790 | $ | 568,849 | ||||||||
Non-investment grade | 10,061 | 10,917 | 189,389 | 177,155 | 6,040 | 5,807 | 157,859 | 156,090 | ||||||||||||||||
Total by rating | $ | 20,534 | $ | 21,533 | $ | 777,713 | $ | 735,142 | $ | 10,765 | $ | 10,351 | $ | 795,649 | $ | 724,939 | ||||||||
By maturity | ||||||||||||||||||||||||
Within 1 year | $ | 2,477 | $ | 2,914 | $ | 231,878 | $ | 218,097 | $ | 2,037 | $ | 2,063 | $ | 251,994 | $ | 225,597 | ||||||||
From 1 to 5 years | 16,098 | 16,435 | 498,606 | 476,345 | 6,720 | 6,414 | 493,096 | 456,409 | ||||||||||||||||
After 5 years | 1,959 | 2,184 | 47,229 | 40,700 | 2,008 | 1,874 | 50,559 | 42,933 | ||||||||||||||||
Total by maturity | $ | 20,534 | $ | 21,533 | $ | 777,713 | $ | 735,142 | $ | 10,765 | $ | 10,351 | $ | 795,649 | $ | 724,939 |
(1) | The fair value amount receivable is composed of |
(2) | The fair value amount payable is composed of |
Credit and funding valuation adjustments contra-liability (contra-asset) | Credit and funding valuation adjustments contra-liability (contra-asset) | |||||||||||
In millions of dollars | September 30, 2018 | December 31, 2017 | March 31, 2019 | December 31, 2018 | ||||||||
Counterparty CVA | $ | (815 | ) | $ | (970 | ) | $ | (982 | ) | $ | (1,085 | ) |
Asset FVA | (324 | ) | (447 | ) | (524 | ) | (544 | ) | ||||
Citigroup (own-credit) CVA | 317 | 287 | 402 | 482 | ||||||||
Liability FVA | 39 | 47 | 87 | 135 | ||||||||
Total CVA—derivative instruments(1) | $ | (783 | ) | $ | (1,083 | ) | $ | (1,017 | ) | $ | (1,012 | ) |
(1) | FVA is included with CVA for presentation purposes. |
Credit/funding/debt valuation adjustments gain (loss) | Credit/funding/debt valuation adjustments gain (loss) | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||
In millions of dollars | 2018 | 2017 | 2018 | 2017 | 2019 | 2018 | ||||||||||||
Counterparty CVA | $ | 94 | $ | 27 | $ | 117 | $ | 197 | $ | 74 | $ | 23 | ||||||
Asset FVA | 74 | (5 | ) | 123 | 74 | 20 | 9 | |||||||||||
Own-credit CVA | (75 | ) | (2 | ) | 24 | (127 | ) | (92 | ) | 75 | ||||||||
Liability FVA | (23 | ) | (16 | ) | (8 | ) | (10 | ) | (48 | ) | (7 | ) | ||||||
Total CVA—derivative instruments | $ | 70 | $ | 4 | $ | 256 | $ | 134 | $ | (46 | ) | $ | 100 | |||||
DVA related to own FVO liabilities(1) | $ | (377 | ) | $ | (195 | ) | $ | 208 | $ | (422 | ) | $ | (725 | ) | $ | 167 | ||
Total CVA and DVA(2) | $ | (307 | ) | $ | (191 | ) | $ | 464 | $ | (288 | ) | $ | (771 | ) | $ | 267 |
(1) | See |
(2) | FVA is included with CVA for presentation purposes. |
In millions of dollars at September 30, 2018 | Level 1(1) | Level 2(1) | Level 3 | Gross inventory | Netting(2) | Net balance | ||||||||||||||||||||||||||||||
In millions of dollars at March 31, 2019 | Level 1(1) | Level 2(1) | Level 3 | Gross inventory | Netting(2) | Net balance | ||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed and purchased under agreements to resell | $ | — | $ | 241,745 | $ | 65 | $ | 241,810 | $ | (63,368 | ) | $ | 178,442 | $ | — | $ | 241,414 | $ | 66 | $ | 241,480 | $ | (79,364 | ) | $ | 162,116 | ||||||||||
Trading non-derivative assets | ||||||||||||||||||||||||||||||||||||
Trading mortgage-backed securities | ||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | — | 20,293 | 128 | 20,421 | — | 20,421 | — | 26,285 | 154 | 26,439 | — | 26,439 | ||||||||||||||||||||||||
Residential | 1 | 730 | 215 | 946 | — | 946 | — | 574 | 128 | 702 | — | 702 | ||||||||||||||||||||||||
Commercial | — | 1,346 | 57 | 1,403 | — | 1,403 | — | 1,359 | 69 | 1,428 | — | 1,428 | ||||||||||||||||||||||||
Total trading mortgage-backed securities | $ | 1 | $ | 22,369 | $ | 400 | $ | 22,770 | $ | — | $ | 22,770 | $ | — | $ | 28,218 | $ | 351 | $ | 28,569 | $ | — | $ | 28,569 | ||||||||||||
U.S. Treasury and federal agency securities | $ | 22,054 | $ | 5,347 | $ | 6 | $ | 27,407 | $ | — | $ | 27,407 | $ | 36,579 | $ | 4,966 | $ | — | $ | 41,545 | $ | — | $ | 41,545 | ||||||||||||
State and municipal | — | 3,612 | 200 | 3,812 | — | 3,812 | — | 2,425 | 178 | 2,603 | — | 2,603 | ||||||||||||||||||||||||
Foreign government | 44,714 | 19,945 | 52 | 64,711 | — | 64,711 | 51,976 | 23,108 | 39 | 75,123 | — | 75,123 | ||||||||||||||||||||||||
Corporate | 835 | 13,409 | 253 | 14,497 | — | 14,497 | 1,949 | 14,371 | 378 | 16,698 | — | 16,698 | ||||||||||||||||||||||||
Equity securities | 45,556 | 8,195 | 170 | 53,921 | — | 53,921 | 46,995 | 8,798 | 127 | 55,920 | — | 55,920 | ||||||||||||||||||||||||
Asset-backed securities | — | 1,628 | 1,453 | 3,081 | — | 3,081 | — | 1,578 | 1,429 | 3,007 | — | 3,007 | ||||||||||||||||||||||||
Other trading assets(3) | 5 | 10,355 | 730 | 11,090 | — | 11,090 | 40 | 10,550 | 1,042 | 11,632 | — | 11,632 | ||||||||||||||||||||||||
Total trading non-derivative assets | $ | 113,165 | $ | 84,860 | $ | 3,264 | $ | 201,289 | $ | — | $ | 201,289 | $ | 137,539 | $ | 94,014 | $ | 3,544 | $ | 235,097 | $ | — | $ | 235,097 | ||||||||||||
Trading derivatives | ||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 183 | $ | 163,345 | $ | 2,313 | $ | 165,841 | $ | 283 | $ | 184,259 | $ | 1,581 | $ | 186,123 | ||||||||||||||||||||
Foreign exchange contracts | 6 | 174,455 | 510 | 174,971 | 1 | 134,011 | 354 | 134,366 | ||||||||||||||||||||||||||||
Equity contracts | 2,495 | 27,255 | 294 | 30,044 | 453 | 24,988 | 342 | 25,783 | ||||||||||||||||||||||||||||
Commodity contracts | 15 | 22,576 | 684 | 23,275 | — | 14,246 | 734 | 14,980 | ||||||||||||||||||||||||||||
Credit derivatives | — | 10,750 | 816 | 11,566 | — | 9,934 | 750 | 10,684 | ||||||||||||||||||||||||||||
Total trading derivatives | $ | 2,699 | $ | 398,381 | $ | 4,617 | $ | 405,697 | $ | 737 | $ | 367,438 | $ | 3,761 | $ | 371,936 | ||||||||||||||||||||
Cash collateral paid(4) | $ | 10,759 | $ | 11,349 | ||||||||||||||||||||||||||||||||
Netting agreements | $ | (322,565 | ) | $ | (292,121 | ) | ||||||||||||||||||||||||||||||
Netting of cash collateral received | (37,678 | ) | (39,750 | ) | ||||||||||||||||||||||||||||||||
Total trading derivatives | $ | 2,699 | $ | 398,381 | $ | 4,617 | $ | 416,456 | $ | (360,243 | ) | $ | 56,213 | $ | 737 | $ | 367,438 | $ | 3,761 | $ | 383,285 | $ | (331,871 | ) | $ | 51,414 | ||||||||||
Investments | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | — | $ | 45,127 | $ | 34 | $ | 45,161 | $ | — | $ | 45,161 | $ | — | $ | 39,301 | $ | 32 | $ | 39,333 | $ | — | $ | 39,333 | ||||||||||||
Residential | — | 1,627 | — | 1,627 | — | 1,627 | — | 1,121 | — | 1,121 | — | 1,121 | ||||||||||||||||||||||||
Commercial | — | 226 | 5 | 231 | — | 231 | — | 138 | — | 138 | — | 138 | ||||||||||||||||||||||||
Total investment mortgage-backed securities | $ | — | $ | 46,980 | $ | 39 | $ | 47,019 | $ | — | $ | 47,019 | $ | — | $ | 40,560 | $ | 32 | $ | 40,592 | $ | — | $ | 40,592 | ||||||||||||
U.S. Treasury and federal agency securities | $ | 106,098 | $ | 10,045 | $ | — | $ | 116,143 | $ | — | $ | 116,143 | $ | 98,793 | $ | 8,880 | $ | — | $ | 107,673 | $ | — | $ | 107,673 | ||||||||||||
State and municipal | — | 8,798 | 682 | 9,480 | — | 9,480 | — | 7,199 | 910 | 8,109 | — | 8,109 | ||||||||||||||||||||||||
Foreign government | 56,866 | 37,514 | 81 | 94,461 | — | 94,461 | 60,695 | 40,590 | 71 | 101,356 | — | 101,356 | ||||||||||||||||||||||||
Corporate | 4,687 | 7,693 | — | 12,380 | — | 12,380 | 4,722 | 7,528 | 60 | 12,310 | — | 12,310 | ||||||||||||||||||||||||
Equity securities | 246 | 14 | — | 260 | — | 260 | ||||||||||||||||||||||||||||||
Marketable equity securities | 194 | 14 | — | 208 | — | 208 | ||||||||||||||||||||||||||||||
Asset-backed securities | — | 978 | 284 | 1,262 | — | 1,262 | — | 614 | 806 | 1,420 | — | 1,420 | ||||||||||||||||||||||||
Other debt securities | — | 4,037 | — | 4,037 | — | 4,037 | — | 3,672 | — | 3,672 | — | 3,672 | ||||||||||||||||||||||||
Non-marketable equity securities(5) | — | 170 | 733 | 903 | — | 903 | — | 100 | 505 | 605 | — | 605 | ||||||||||||||||||||||||
Total investments | $ | 167,897 | $ | 116,229 | $ | 1,819 | $ | 285,945 | $ | — | $ | 285,945 | $ | 164,404 | $ | 109,157 | $ | 2,384 | $ | 275,945 | $ | — | $ | 275,945 |
In millions of dollars at March 31, 2019 | Level 1(1) | Level 2(1) | Level 3 | Gross inventory | Netting(2) | Net balance | ||||||||||||
Loans | $ | — | $ | 3,501 | $ | 373 | $ | 3,874 | $ | — | $ | 3,874 | ||||||
Mortgage servicing rights | — | — | 551 | 551 | — | 551 | ||||||||||||
Non-trading derivatives and other financial assets measured on a recurring basis | $ | 14,577 | $ | 5,241 | $ | — | $ | 19,818 | $ | — | $ | 19,818 | ||||||
Total assets | $ | 317,257 | $ | 820,765 | $ | 10,679 | $ | 1,160,050 | $ | (411,235 | ) | $ | 748,815 | |||||
Total as a percentage of gross assets(6) | 27.6 | % | 71.5 | % | 0.9 | % | ||||||||||||
Liabilities | ||||||||||||||||||
Interest-bearing deposits | $ | — | $ | 1,297 | $ | 1,047 | $ | 2,344 | $ | — | $ | 2,344 | ||||||
Federal funds purchased and securities loaned and sold under agreements to repurchase | — | 124,564 | 1,041 | 125,605 | (79,364 | ) | 46,241 | |||||||||||
Trading account liabilities | ||||||||||||||||||
Securities sold, not yet purchased | 74,650 | 13,222 | 15 | 87,887 | — | 87,887 | ||||||||||||
Other trading liabilities | — | 117 | — | 117 | — | 117 | ||||||||||||
Total trading liabilities | $ | 74,650 | $ | 13,339 | $ | 15 | $ | 88,004 | $ | — | $ | 88,004 | ||||||
Trading derivatives | ||||||||||||||||||
Interest rate contracts | $ | 179 | $ | 165,038 | $ | 1,697 | $ | 166,914 | ||||||||||
Foreign exchange contracts | 3 | 131,797 | 308 | 132,108 | ||||||||||||||
Equity contracts | 207 | 29,734 | 1,687 | 31,628 | ||||||||||||||
Commodity contracts | — | 17,248 | 430 | 17,678 | ||||||||||||||
Credit derivatives | — | 10,769 | 716 | 11,485 | ||||||||||||||
Total trading derivatives | $ | 389 | $ | 354,586 | $ | 4,838 | $ | 359,813 | ||||||||||
Cash collateral received(7) | $ | 13,886 | ||||||||||||||||
Netting agreements | $ | (292,121 | ) | |||||||||||||||
Netting of cash collateral paid | (33,190 | ) | ||||||||||||||||
Total trading derivatives | $ | 389 | $ | 354,586 | $ | 4,838 | $ | 373,699 | $ | (325,311 | ) | $ | 48,388 | |||||
Short-term borrowings | $ | — | $ | 5,002 | $ | 170 | $ | 5,172 | $ | — | $ | 5,172 | ||||||
Long-term debt | — | 30,354 | 13,734 | 44,088 | — | 44,088 | ||||||||||||
Total non-trading derivatives and other financial liabilities measured on a recurring basis | $ | 14,577 | $ | — | $ | — | $ | 14,577 | $ | — | $ | 14,577 | ||||||
Total liabilities | $ | 89,616 | $ | 529,142 | $ | 20,845 | $ | 653,489 | $ | (404,675 | ) | $ | 248,814 | |||||
Total as a percentage of gross liabilities(6) | 14.0 | % | 82.7 | % | 3.3 | % |
In millions of dollars at September 30, 2018 | Level 1(1) | Level 2(1) | Level 3 | Gross inventory | Netting(2) | Net balance | ||||||||||||
Loans | $ | — | $ | 3,856 | $ | 383 | $ | 4,239 | $ | — | $ | 4,239 | ||||||
Mortgage servicing rights | — | — | 618 | 618 | — | 618 | ||||||||||||
Non-trading derivatives and other financial assets measured on a recurring basis | $ | 19,789 | $ | 5,362 | $ | — | $ | 25,151 | $ | — | $ | 25,151 | ||||||
Total assets | $ | 303,550 | $ | 850,433 | $ | 10,766 | $ | 1,175,508 | $ | (423,611 | ) | $ | 751,897 | |||||
Total as a percentage of gross assets(6) | 26.1 | % | 73.0 | % | 0.9 | % | ||||||||||||
Liabilities | ||||||||||||||||||
Interest-bearing deposits | $ | — | $ | 1,137 | $ | 303 | $ | 1,440 | $ | — | $ | 1,440 | ||||||
Federal funds purchased and securities loaned and sold under agreements to repurchase | — | 110,519 | 997 | 111,516 | (63,368 | ) | 48,148 | |||||||||||
Trading account liabilities | ||||||||||||||||||
Securities sold, not yet purchased | 85,760 | 10,281 | 387 | 96,428 | — | 96,428 | ||||||||||||
Other trading liabilities | — | 1,484 | — | 1,484 | — | 1,484 | ||||||||||||
Total trading liabilities | $ | 85,760 | $ | 11,765 | $ | 387 | $ | 97,912 | $ | — | $ | 97,912 | ||||||
Trading derivatives | ||||||||||||||||||
Interest rate contracts | $ | 189 | $ | 145,460 | $ | 2,194 | $ | 147,843 | ||||||||||
Foreign exchange contracts | 7 | 168,557 | 321 | 168,885 | ||||||||||||||
Equity contracts | 2,667 | 31,254 | 1,208 | 35,129 | ||||||||||||||
Commodity contracts | 5 | 23,286 | 2,489 | 25,780 | ||||||||||||||
Credit derivatives | — | 9,871 | 1,822 | 11,693 | ||||||||||||||
Total trading derivatives | $ | 2,868 | $ | 378,428 | $ | 8,034 | $ | 389,330 | ||||||||||
Cash collateral received(7) | $ | 13,676 | ||||||||||||||||
Netting agreements | $ | (322,565 | ) | |||||||||||||||
Netting of cash collateral paid | (30,701 | ) | ||||||||||||||||
Total trading derivatives | $ | 2,868 | $ | 378,428 | $ | 8,034 | $ | 403,006 | $ | (353,266 | ) | $ | 49,740 | |||||
Short-term borrowings | $ | — | $ | 5,002 | $ | 39 | $ | 5,041 | $ | — | $ | 5,041 | ||||||
Long-term debt | — | 22,980 | 13,791 | 36,771 | — | 36,771 | ||||||||||||
Total non-trading derivatives and other financial liabilities measured on a recurring basis | $ | 19,789 | $ | 158 | $ | — | $ | 19,947 | $ | — | $ | 19,947 | ||||||
Total liabilities | $ | 108,417 | $ | 529,989 | $ | 23,551 | $ | 675,633 | $ | (416,634 | ) | $ | 258,999 | |||||
Total as a percentage of gross liabilities(6) | 16.4 | % | 80.1 | % | 3.6 | % |
(1) |
Represents netting of (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting. |
Includes positions related to investments in unallocated precious metals, as discussed in Note 21 to the Consolidated Financial Statements. Also includes physical commodities accounted for at the lower of cost or fair value and unfunded credit products. |
Reflects the net amount of |
Because the amount of the cash collateral paid/received has not been allocated to the Level 1, 2 and 3 subtotals, these percentages are calculated based on total assets and liabilities measured at fair value on a recurring basis, excluding the cash collateral paid/received on derivatives. |
Amounts exclude $0.2 billion of investments measured at net asset value (NAV) in accordance with ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). |
(6) | Reflects the net amount |
In millions of dollars at December 31, 2017 | Level 1(1) | Level 2(1) | Level 3 | Gross inventory | Netting(2) | Net balance | ||||||||||||||||||||||||||||||
In millions of dollars at December 31, 2018 | Level 1(1) | Level 2(1) | Level 3 | Gross inventory | Netting(2) | Net balance | ||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed and purchased under agreements to resell | $ | — | $ | 188,571 | $ | 16 | $ | 188,587 | $ | (55,638 | ) | $ | 132,949 | $ | — | $ | 214,570 | $ | 115 | $ | 214,685 | $ | (66,984 | ) | $ | 147,701 | ||||||||||
Trading non-derivative assets | ||||||||||||||||||||||||||||||||||||
Trading mortgage-backed securities | ||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | — | 22,801 | 163 | 22,964 | — | 22,964 | — | 24,090 | 156 | 24,246 | — | 24,246 | ||||||||||||||||||||||||
Residential | — | 649 | 164 | 813 | — | 813 | — | 709 | 268 | 977 | — | 977 | ||||||||||||||||||||||||
Commercial | — | 1,309 | 57 | 1,366 | — | 1,366 | — | 1,323 | 77 | 1,400 | — | 1,400 | ||||||||||||||||||||||||
Total trading mortgage-backed securities | $ | — | $ | 24,759 | $ | 384 | $ | 25,143 | $ | — | $ | 25,143 | $ | — | $ | 26,122 | $ | 501 | $ | 26,623 | $ | — | $ | 26,623 | ||||||||||||
U.S. Treasury and federal agency securities | $ | 17,524 | $ | 3,613 | $ | — | $ | 21,137 | $ | — | $ | 21,137 | $ | 26,439 | $ | 4,802 | $ | 1 | $ | 31,242 | $ | — | $ | 31,242 | ||||||||||||
State and municipal | — | 4,426 | 274 | 4,700 | — | 4,700 | — | 3,782 | 200 | 3,982 | — | 3,982 | ||||||||||||||||||||||||
Foreign government | 39,347 | 20,843 | 16 | 60,206 | — | 60,206 | 43,309 | 21,179 | 31 | 64,519 | — | 64,519 | ||||||||||||||||||||||||
Corporate | 301 | 15,129 | 275 | 15,705 | — | 15,705 | 1,026 | 14,510 | 360 | 15,896 | — | 15,896 | ||||||||||||||||||||||||
Equity securities | 53,305 | 6,794 | 120 | 60,219 | — | 60,219 | 36,342 | 7,308 | 153 | 43,803 | — | 43,803 | ||||||||||||||||||||||||
Asset-backed securities | — | 1,198 | 1,590 | 2,788 | — | 2,788 | — | 1,429 | 1,484 | 2,913 | — | 2,913 | ||||||||||||||||||||||||
Other trading assets(3) | 3 | 11,105 | 615 | 11,723 | — | 11,723 | 3 | 12,198 | 818 | 13,019 | — | 13,019 | ||||||||||||||||||||||||
Total trading non-derivative assets | $ | 110,480 | $ | 87,867 | $ | 3,274 | $ | 201,621 | $ | — | $ | 201,621 | $ | 107,119 | $ | 91,330 | $ | 3,548 | $ | 201,997 | $ | — | $ | 201,997 | ||||||||||||
Trading derivatives | ||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 145 | $ | 203,134 | $ | 1,708 | $ | 204,987 | $ | 101 | $ | 169,860 | $ | 1,671 | $ | 171,632 | ||||||||||||||||||||
Foreign exchange contracts | 19 | 121,363 | 577 | 121,959 | — | 162,108 | 346 | 162,454 | ||||||||||||||||||||||||||||
Equity contracts | 2,364 | 24,170 | 444 | 26,978 | 647 | 28,903 | 343 | 29,893 | ||||||||||||||||||||||||||||
Commodity contracts | 282 | 13,252 | 569 | 14,103 | — | 16,788 | 767 | 17,555 | ||||||||||||||||||||||||||||
Credit derivatives | — | 19,624 | 910 | 20,534 | — | 9,839 | 926 | 10,765 | ||||||||||||||||||||||||||||
Total trading derivatives | $ | 2,810 | $ | 381,543 | $ | 4,208 | $ | 388,561 | $ | 748 | $ | 387,498 | $ | 4,053 | $ | 392,299 | ||||||||||||||||||||
Cash collateral paid(4) | $ | 7,541 | $ | 11,518 | ||||||||||||||||||||||||||||||||
Netting agreements | $ | (306,401 | ) | $ | (311,089 | ) | ||||||||||||||||||||||||||||||
Netting of cash collateral received | (38,532 | ) | (38,608 | ) | ||||||||||||||||||||||||||||||||
Total trading derivatives | $ | 2,810 | $ | 381,543 | $ | 4,208 | $ | 396,102 | $ | (344,933 | ) | $ | 51,169 | $ | 748 | $ | 387,498 | $ | 4,053 | $ | 403,817 | $ | (349,697 | ) | $ | 54,120 | ||||||||||
Investments | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | — | $ | 41,717 | $ | 24 | $ | 41,741 | $ | — | $ | 41,741 | $ | — | $ | 42,988 | $ | 32 | $ | 43,020 | $ | — | $ | 43,020 | ||||||||||||
Residential | — | 2,884 | — | 2,884 | — | 2,884 | — | 1,313 | — | 1,313 | — | 1,313 | ||||||||||||||||||||||||
Commercial | — | 329 | 3 | 332 | — | 332 | — | 172 | — | 172 | — | 172 | ||||||||||||||||||||||||
Total investment mortgage-backed securities | $ | — | $ | 44,930 | $ | 27 | $ | 44,957 | $ | — | $ | 44,957 | $ | — | $ | 44,473 | $ | 32 | $ | 44,505 | $ | — | $ | 44,505 | ||||||||||||
U.S. Treasury and federal agency securities | $ | 106,964 | $ | 11,182 | $ | — | $ | 118,146 | $ | — | $ | 118,146 | $ | 107,577 | $ | 9,645 | $ | — | $ | 117,222 | $ | — | $ | 117,222 | ||||||||||||
State and municipal | — | 8,028 | 737 | 8,765 | — | 8,765 | — | 8,498 | 708 | 9,206 | — | 9,206 | ||||||||||||||||||||||||
Foreign government | 56,456 | 43,985 | 92 | 100,533 | — | 100,533 | 58,252 | 42,371 | 68 | 100,691 | — | 100,691 | ||||||||||||||||||||||||
Corporate | 1,911 | 12,127 | 71 | 14,109 | — | 14,109 | 4,410 | 7,033 | 156 | 11,599 | — | 11,599 | ||||||||||||||||||||||||
Equity securities | 176 | 11 | 2 | 189 | — | 189 | ||||||||||||||||||||||||||||||
Marketable equity securities | 206 | 14 | — | 220 | — | 220 | ||||||||||||||||||||||||||||||
Asset-backed securities | — | 3,091 | 827 | 3,918 | — | 3,918 | — | 656 | 187 | 843 | — | 843 | ||||||||||||||||||||||||
Other debt securities | — | 297 | — | 297 | — | 297 | — | 3,972 | — | 3,972 | — | 3,972 | ||||||||||||||||||||||||
Non-marketable equity securities(5) | — | 121 | 681 | 802 | — | 802 | — | 96 | 586 | 682 | — | 682 | ||||||||||||||||||||||||
Total investments | $ | 165,507 | $ | 123,772 | $ | 2,437 | $ | 291,716 | $ | — | $ | 291,716 | $ | 170,445 | $ | 116,758 | $ | 1,737 | $ | 288,940 | $ | — | $ | 288,940 |
In millions of dollars at December 31, 2018 | Level 1(1) | Level 2(1) | Level 3 | Gross inventory | Netting(2) | Net balance | ||||||||||||
Loans | $ | — | $ | 2,946 | $ | 277 | $ | 3,223 | $ | — | $ | 3,223 | ||||||
Mortgage servicing rights | — | — | 584 | 584 | — | 584 | ||||||||||||
Non-trading derivatives and other financial assets measured on a recurring basis | $ | 15,839 | $ | 4,949 | $ | — | $ | 20,788 | $ | — | $ | 20,788 | ||||||
Total assets | $ | 294,151 | $ | 818,051 | $ | 10,314 | $ | 1,134,034 | $ | (416,681 | ) | $ | 717,353 | |||||
Total as a percentage of gross assets(6) | 26.2 | % | 72.9 | % | 0.9 | % | ||||||||||||
Liabilities | ||||||||||||||||||
Interest-bearing deposits | $ | — | $ | 980 | $ | 495 | $ | 1,475 | $ | — | $ | 1,475 | ||||||
Federal funds purchased and securities loaned and sold under agreements to repurchase | — | 110,511 | 983 | 111,494 | (66,984 | ) | 44,510 | |||||||||||
Trading account liabilities | ||||||||||||||||||
Securities sold, not yet purchased | 78,872 | 11,364 | 586 | 90,822 | — | 90,822 | ||||||||||||
Other trading liabilities | — | 1,547 | — | 1,547 | — | 1,547 | ||||||||||||
Total trading liabilities | $ | 78,872 | $ | 12,911 | $ | 586 | $ | 92,369 | $ | — | $ | 92,369 | ||||||
Trading account derivatives | ||||||||||||||||||
Interest rate contracts | $ | 71 | $ | 152,931 | $ | 1,825 | $ | 154,827 | ||||||||||
Foreign exchange contracts | — | 159,003 | 352 | 159,355 | ||||||||||||||
Equity contracts | 351 | 32,330 | 1,127 | 33,808 | ||||||||||||||
Commodity contracts | — | 19,904 | 785 | 20,689 | ||||||||||||||
Credit derivatives | — | 9,486 | 865 | 10,351 | ||||||||||||||
Total trading derivatives | $ | 422 | $ | 373,654 | $ | 4,954 | $ | 379,030 | ||||||||||
Cash collateral received(7) | $ | 13,906 | ||||||||||||||||
Netting agreements | $ | (311,089 | ) | |||||||||||||||
Netting of cash collateral paid | (29,911 | ) | ||||||||||||||||
Total trading derivatives | $ | 422 | $ | 373,654 | $ | 4,954 | $ | 392,936 | $ | (341,000 | ) | $ | 51,936 | |||||
Short-term borrowings | $ | — | $ | 4,446 | $ | 37 | $ | 4,483 | $ | — | $ | 4,483 | ||||||
Long-term debt | — | 25,659 | 12,570 | 38,229 | — | 38,229 | ||||||||||||
Non-trading derivatives and other financial liabilities measured on a recurring basis | $ | 15,839 | $ | 67 | $ | — | $ | 15,906 | $ | — | $ | 15,906 | ||||||
Total liabilities | $ | 95,133 | $ | 528,228 | $ | 19,625 | $ | 656,892 | $ | (407,984 | ) | $ | 248,908 | |||||
Total as a percentage of gross liabilities(6) | 14.8 | % | 82.1 | % | 3.1 | % |
In millions of dollars at December 31, 2017 | Level 1(1) | Level 2(1) | Level 3 | Gross inventory | Netting(2) | Net balance | ||||||||||||
Loans | $ | — | $ | 3,824 | $ | 550 | $ | 4,374 | $ | — | $ | 4,374 | ||||||
Mortgage servicing rights | — | — | 558 | 558 | — | 558 | ||||||||||||
Non-trading derivatives and other financial assets measured on a recurring basis | $ | 13,903 | $ | 4,640 | $ | 16 | $ | 18,559 | $ | — | $ | 18,559 | ||||||
Total assets | $ | 292,700 | $ | 790,217 | $ | 11,059 | $ | 1,101,517 | $ | (400,571 | ) | $ | 700,946 | |||||
Total as a percentage of gross assets(6) | 26.8 | % | 72.2 | % | 1.0 | % | ||||||||||||
Liabilities | ||||||||||||||||||
Interest-bearing deposits | $ | — | $ | 1,179 | $ | 286 | $ | 1,465 | $ | — | $ | 1,465 | ||||||
Federal funds purchased and securities loaned and sold under agreements to repurchase | — | 95,550 | 726 | 96,276 | (55,638 | ) | 40,638 | |||||||||||
Trading account liabilities | ||||||||||||||||||
Securities sold, not yet purchased | 65,843 | 10,306 | 22 | 76,171 | — | 76,171 | ||||||||||||
Other trading liabilities | — | 1,409 | 5 | 1,414 | — | 1,414 | ||||||||||||
Total trading liabilities | $ | 65,843 | $ | 11,715 | $ | 27 | $ | 77,585 | $ | — | $ | 77,585 | ||||||
Trading account derivatives | ||||||||||||||||||
Interest rate contracts | $ | 137 | $ | 182,372 | $ | 2,130 | $ | 184,639 | ||||||||||
Foreign exchange contracts | 9 | 120,316 | 447 | 120,772 | ||||||||||||||
Equity contracts | 2,430 | 26,472 | 2,471 | 31,373 | ||||||||||||||
Commodity contracts | 115 | 14,482 | 2,430 | 17,027 | ||||||||||||||
Credit derivatives | — | 19,824 | 1,709 | 21,533 | ||||||||||||||
Total trading derivatives | $ | 2,691 | $ | 363,466 | $ | 9,187 | $ | 375,344 | ||||||||||
Cash collateral received(7) | $ | 14,308 | ||||||||||||||||
Netting agreements | $ | (306,401 | ) | |||||||||||||||
Netting of cash collateral paid | (35,666 | ) | ||||||||||||||||
Total trading derivatives | $ | 2,691 | $ | 363,466 | $ | 9,187 | $ | 389,652 | $ | (342,067 | ) | $ | 47,585 | |||||
Short-term borrowings | $ | — | $ | 4,609 | $ | 18 | $ | 4,627 | $ | — | $ | 4,627 | ||||||
Long-term debt | — | 18,310 | 13,082 | 31,392 | — | 31,392 | ||||||||||||
Non-trading derivatives and other financial liabilities measured on a recurring basis | $ | 13,903 | $ | 50 | $ | 8 | $ | 13,961 | $ | — | $ | 13,961 | ||||||
Total liabilities | $ | 82,437 | $ | 494,879 | $ | 23,334 | $ | 614,958 | $ | (397,705 | ) | $ | 217,253 | |||||
Total as a percentage of gross liabilities(6) | 13.7 | % | 82.4 | % | 3.9 | % |
(1) |
Represents netting of (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting. |
Includes positions related to investments in unallocated precious metals, as discussed in Note 21 to the Consolidated Financial Statements. Also includes physical commodities accounted for at the lower of cost or fair value and unfunded credit products. |
Reflects the net amount of |
Because the amount of the cash collateral paid/received has not been allocated to the Level 1, 2 and 3 subtotals, these percentages are calculated based on total assets and liabilities measured at fair value on a recurring basis, excluding the cash collateral paid/received on derivatives. |
Amounts exclude $0.2 billion of investments measured at net asset value (NAV) in accordance with ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). |
(6) | Reflects the net amount of |
Net realized/unrealized gains (losses) incl. in | Transfers | Unrealized gains (losses) still held(3) | Net realized/unrealized gains (losses) incl. in | Transfers | Unrealized gains (losses) still held(3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In millions of dollars | Jun. 30, 2018 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Sept. 30, 2018 | Dec. 31, 2018 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed and purchased under agreements to resell | $ | 66 | $ | — | $ | — | $ | (1 | ) | $ | — | $ | 61 | $ | — | $ | — | $ | (61 | ) | $ | 65 | $ | 4 | $ | 115 | $ | (4 | ) | $ | — | $ | (4 | ) | $ | 3 | $ | 45 | $ | — | $ | — | $ | (89 | ) | $ | 66 | $ | (2 | ) | ||||||||||||||||
Trading non-derivative assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading mortgage- backed securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | 99 | (2 | ) | — | 3 | (7 | ) | 38 | — | (3 | ) | — | 128 | (2 | ) | 156 | — | — | — | (25 | ) | 48 | — | (25 | ) | — | 154 | 3 | ||||||||||||||||||||||||||||||||||||||
Residential | 132 | 111 | — | 17 | (36 | ) | 8 | — | (17 | ) | — | 215 | (2 | ) | 268 | 1 | — | 5 | (31 | ) | 69 | — | (184 | ) | — | 128 | 10 | |||||||||||||||||||||||||||||||||||||||
Commercial | 51 | (2 | ) | — | 4 | (8 | ) | 29 | — | (17 | ) | — | 57 | (1 | ) | 77 | 2 | — | 2 | (1 | ) | 24 | — | (35 | ) | — | 69 | 1 | ||||||||||||||||||||||||||||||||||||||
Total trading mortgage- backed securities | $ | 282 | $ | 107 | $ | — | $ | 24 | $ | (51 | ) | $ | 75 | $ | — | $ | (37 | ) | $ | — | $ | 400 | $ | (5 | ) | $ | 501 | $ | 3 | $ | — | $ | 7 | $ | (57 | ) | $ | 141 | $ | — | $ | (244 | ) | $ | — | $ | 351 | $ | 14 | |||||||||||||||||
U.S. Treasury and federal agency securities | $ | 7 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (1 | ) | $ | 6 | $ | — | $ | 1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (1 | ) | $ | — | $ | — | ||||||||||||||||||||
State and municipal | 226 | 6 | — | — | (52 | ) | 22 | — | (2 | ) | — | 200 | 6 | 200 | (1 | ) | — | — | (19 | ) | 1 | — | (3 | ) | — | 178 | — | |||||||||||||||||||||||||||||||||||||||
Foreign government | 36 | 27 | — | — | (8 | ) | 4 | — | (7 | ) | — | 52 | 26 | 31 | (1 | ) | — | 9 | — | 3 | — | (3 | ) | — | 39 | 1 | ||||||||||||||||||||||||||||||||||||||||
Corporate | 520 | (214 | ) | — | 24 | (15 | ) | 110 | — | (172 | ) | — | 253 | 7 | 360 | 90 | — | 21 | (26 | ) | 69 | (33 | ) | (103 | ) | — | 378 | (35 | ) | |||||||||||||||||||||||||||||||||||||
Equity securities | 293 | (87 | ) | — | 7 | (21 | ) | 24 | — | (46 | ) | — | 170 | (99 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable equity securities | 153 | (10 | ) | — | 1 | (11 | ) | 9 | — | (15 | ) | — | 127 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 1,688 | (44 | ) | — | 20 | (39 | ) | 305 | — | (477 | ) | — | 1,453 | (45 | ) | 1,484 | (26 | ) | — | 7 | (32 | ) | 221 | — | (225 | ) | — | 1,429 | 38 | |||||||||||||||||||||||||||||||||||||
Other trading assets | 542 | 78 | — | 94 | (10 | ) | 185 | 2 | (157 | ) | (4 | ) | 730 | 53 | 818 | 5 | — | 13 | (32 | ) | 340 | 4 | (102 | ) | (4 | ) | 1,042 | (20 | ) | |||||||||||||||||||||||||||||||||||||
Total trading non- derivative assets | $ | 3,594 | $ | (127 | ) | $ | — | $ | 169 | $ | (196 | ) | $ | 725 | $ | 2 | $ | (898 | ) | $ | (5 | ) | $ | 3,264 | $ | (57 | ) | $ | 3,548 | $ | 60 | $ | — | $ | 58 | $ | (177 | ) | $ | 784 | $ | (29 | ) | $ | (695 | ) | $ | (5 | ) | $ | 3,544 | $ | 12 | |||||||||||||
Trading derivatives, net(4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 86 | $ | 10 | $ | — | $ | (11 | ) | $ | (2 | ) | $ | — | $ | 8 | $ | — | $ | 28 | $ | 119 | $ | 59 | $ | (154 | ) | $ | (51 | ) | $ | — | $ | (15 | ) | $ | 27 | $ | 6 | $ | 12 | $ | — | $ | 59 | $ | (116 | ) | $ | (60 | ) | |||||||||||||||
Foreign exchange contracts | 239 | (16 | ) | — | (15 | ) | 56 | 4 | — | (66 | ) | (13 | ) | 189 | (51 | ) | (6 | ) | 60 | — | (15 | ) | 15 | 3 | — | (4 | ) | (7 | ) | 46 | 28 | |||||||||||||||||||||||||||||||||||
Equity contracts | (1,446 | ) | 265 | — | 3 | 372 | 3 | (15 | ) | (3 | ) | (93 | ) | (914 | ) | 283 | (784 | ) | (294 | ) | — | (154 | ) | 9 | (1 | ) | (59 | ) | 2 | (64 | ) | (1,345 | ) | (222 | ) | |||||||||||||||||||||||||||||||
Commodity contracts | (1,906 | ) | (67 | ) | — | 44 | (16 | ) | 12 | — | (8 | ) | 136 | (1,805 | ) | 1 | (18 | ) | 280 | — | (3 | ) | 10 | 54 | — | (34 | ) | 15 | 304 | 300 | ||||||||||||||||||||||||||||||||||||
Credit derivatives | (848 | ) | (240 | ) | — | (6 | ) | 7 | — | — | — | 81 | (1,006 | ) | (231 | ) | 61 | (319 | ) | — | (18 | ) | 232 | — | — | — | 78 | 34 | (320 | ) | ||||||||||||||||||||||||||||||||||||
Total trading derivatives, net(4) | $ | (3,875 | ) | $ | (48 | ) | $ | — | $ | 15 | $ | 417 | $ | 19 | $ | (7 | ) | $ | (77 | ) | $ | 139 | $ | (3,417 | ) | $ | 61 | $ | (901 | ) | $ | (324 | ) | $ | — | $ | (205 | ) | $ | 293 | $ | 62 | $ | (47 | ) | $ | (36 | ) | $ | 81 | $ | (1,077 | ) | $ | (274 | ) |
Net realized/unrealized gains (losses) incl. in | Transfers | Unrealized gains (losses) still held(3) | Net realized/unrealized gains (losses) incl. in | Transfers | Unrealized gains (losses) still held(3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In millions of dollars | Jun. 30, 2018 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Sept. 30, 2018 | Dec. 31, 2018 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 34 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 34 | $ | — | $ | 32 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 32 | $ | (2 | ) | |||||||||||||||||||||
Residential | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | 6 | — | — | — | (1 | ) | — | — | — | — | 5 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Total investment mortgage-backed securities | $ | 40 | $ | — | $ | — | $ | — | $ | (1 | ) | $ | — | $ | — | $ | — | $ | — | $ | 39 | $ | — | $ | 32 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 32 | $ | (2 | ) | ||||||||||||||||||||
U.S. Treasury and federal agency securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
State and municipal | 762 | — | (10 | ) | — | — | 17 | — | (87 | ) | — | 682 | (7 | ) | 708 | — | 52 | 3 | — | 185 | — | (38 | ) | — | 910 | 44 | ||||||||||||||||||||||||||||||||||||||||
Foreign government | 54 | — | (3 | ) | — | (2 | ) | 45 | — | (13 | ) | — | 81 | (3 | ) | 68 | — | (4 | ) | — | — | 39 | — | (32 | ) | — | 71 | (1 | ) | |||||||||||||||||||||||||||||||||||||
Corporate | 68 | — | — | — | (64 | ) | — | — | (4 | ) | — | — | — | 156 | — | — | — | (94 | ) | — | — | (2 | ) | — | 60 | — | ||||||||||||||||||||||||||||||||||||||||
Equity securities | 1 | — | — | — | — | — | — | — | (1 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable equity securities | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 456 | — | (6 | ) | — | (177 | ) | 34 | — | (23 | ) | — | 284 | (5 | ) | 187 | — | (2 | ) | 94 | — | 550 | — | (23 | ) | — | 806 | (4 | ) | |||||||||||||||||||||||||||||||||||||
Other debt securities | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Non-marketable equity securities | 611 | — | (73 | ) | 163 | — | 71 | — | (40 | ) | 1 | 733 | (70 | ) | 586 | — | 22 | — | — | 4 | — | (86 | ) | (21 | ) | 505 | (11 | ) | ||||||||||||||||||||||||||||||||||||||
Total investments | $ | 1,992 | $ | — | $ | (92 | ) | $ | 163 | $ | (244 | ) | $ | 167 | $ | — | $ | (167 | ) | $ | — | $ | 1,819 | $ | (85 | ) | $ | 1,737 | $ | — | $ | 68 | $ | 97 | $ | (94 | ) | $ | 778 | $ | — | $ | (181 | ) | $ | (21 | ) | $ | 2,384 | $ | 26 | |||||||||||||||
Loans | $ | 381 | $ | — | $ | (27 | ) | $ | — | $ | (46 | ) | $ | 79 | $ | — | $ | (3 | ) | $ | (1 | ) | $ | 383 | $ | 95 | $ | 277 | $ | — | $ | 45 | $ | 125 | $ | (70 | ) | $ | 6 | $ | — | $ | (10 | ) | $ | — | $ | 373 | $ | 45 | ||||||||||||||||
Mortgage servicing rights | 596 | — | 25 | — | — | — | 14 | — | (17 | ) | 618 | 26 | 584 | — | (27 | ) | — | — | — | 12 | — | (18 | ) | 551 | (25 | ) | ||||||||||||||||||||||||||||||||||||||||
Other financial assets measured on a recurring basis | — | — | 15 | — | — | — | — | (4 | ) | (11 | ) | — | 14 | — | — | 16 | — | — | — | (2 | ) | (4 | ) | (10 | ) | — | 12 | |||||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 320 | $ | — | $ | 14 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (3 | ) | $ | 303 | $ | 14 | $ | 495 | $ | — | $ | (10 | ) | $ | 1 | $ | (4 | ) | $ | — | $ | 674 | $ | — | $ | (129 | ) | $ | 1,047 | $ | (157 | ) | |||||||||||||||||
Federal funds purchased and securities loaned and sold under agreements to repurchase | 966 | (31 | ) | — | — | — | — | — | — | — | 997 | 24 | 983 | 4 | — | (1 | ) | 4 | — | — | 1 | 58 | 1,041 | (2 | ) | |||||||||||||||||||||||||||||||||||||||||
Trading account liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | 189 | (137 | ) | — | 28 | (55 | ) | 14 | 121 | (45 | ) | (2 | ) | 387 | (90 | ) | 586 | 124 | — | 1 | (441 | ) | — | — | — | (7 | ) | 15 | 13 | |||||||||||||||||||||||||||||||||||||
Other trading liabilities | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 90 | 1 | — | — | (18 | ) | — | 5 | — | (37 | ) | 39 | 19 | 37 | 23 | — | 9 | (6 | ) | — | 153 | — | — | 170 | 18 | |||||||||||||||||||||||||||||||||||||||||
Long-term debt | 13,781 | (231 | ) | — | 445 | (646 | ) | — | (42 | ) | (1 | ) | 23 | 13,791 | (298 | ) | 12,570 | (407 | ) | — | 877 | (1,601 | ) | — | 5,950 | (3 | ) | (4,466 | ) | 13,734 | (1,001 | ) | ||||||||||||||||||||||||||||||||||
Other financial liabilities measured on a recurring basis | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
(1) | Changes in fair value of available-for-sale debt securities are recorded in AOCI, unless related to other-than-temporary impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments |
(2) | Unrealized gains (losses) on MSRs are recorded in Other revenue |
(3) | Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at |
(4) | Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only. |
Net realized/unrealized gains (losses) incl. in | Transfers | Unrealized gains (losses) still held(3) | Net realized/unrealized gains (losses) incl. in | Transfers | Unrealized gains (losses) still held(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2017 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Sept. 30, 2018 | Dec. 31, 2017 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed and purchased under agreements to resell | 16 | 19 | — | 48 | — | 61 | — | — | (79 | ) | 65 | 10 | $ | 16 | $ | 18 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (18 | ) | $ | 16 | $ | 3 | ||||||||||||||||||||
Trading non-derivative assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading mortgage-backed securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | 163 | — | — | 92 | (97 | ) | 191 | — | (221 | ) | — | 128 | — | 163 | 1 | — | 86 | (49 | ) | 116 | — | (111 | ) | — | 206 | — | |||||||||||||||||||||||||||||
Residential | 164 | 116 | — | 75 | (124 | ) | 99 | — | (115 | ) | — | 215 | (1 | ) | 164 | 22 | — | 35 | (77 | ) | 46 | — | (47 | ) | — | 143 | 3 | ||||||||||||||||||||||||||||
Commercial | 57 | (3 | ) | — | 15 | (45 | ) | 67 | — | (34 | ) | — | 57 | 2 | 57 | 1 | — | 4 | (35 | ) | 15 | — | (7 | ) | — | 35 | 3 | ||||||||||||||||||||||||||||
Total trading mortgage-backed securities | 384 | 113 | — | 182 | (266 | ) | 357 | — | (370 | ) | — | 400 | 1 | $ | 384 | $ | 24 | $ | — | $ | 125 | $ | (161 | ) | $ | 177 | $ | — | $ | (165 | ) | $ | — | $ | 384 | $ | 6 | ||||||||||||||||||
U.S. Treasury and federal agency securities | — | — | — | 6 | — | 1 | — | — | (1 | ) | 6 | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
State and municipal | 274 | 16 | — | — | (96 | ) | 35 | — | (29 | ) | — | 200 | 8 | 274 | 6 | — | — | (44 | ) | — | — | (25 | ) | — | 211 | (1 | ) | ||||||||||||||||||||||||||||
Foreign government | 16 | 26 | — | 2 | (13 | ) | 50 | — | (29 | ) | — | 52 | 26 | 16 | — | — | 2 | — | 14 | — | (11 | ) | — | 21 | — | ||||||||||||||||||||||||||||||
Corporate | 275 | (119 | ) | — | 85 | (106 | ) | 389 | — | (271 | ) | — | 253 | (1 | ) | 275 | 43 | — | 49 | (72 | ) | 34 | — | (77 | ) | — | 252 | 84 | |||||||||||||||||||||||||||
Equity securities | 120 | (5 | ) | — | 24 | (41 | ) | 266 | — | (194 | ) | — | 170 | (68 | ) | ||||||||||||||||||||||||||||||||||||||||
Marketable equity securities | 120 | 75 | — | 1 | (15 | ) | 168 | — | (112 | ) | — | 237 | (3 | ) | |||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 1,590 | 31 | — | 65 | (86 | ) | 994 | — | (1,141 | ) | — | 1,453 | (6 | ) | 1,590 | 58 | — | 18 | (15 | ) | 316 | — | (370 | ) | — | 1,597 | 73 | ||||||||||||||||||||||||||||
Other trading assets | 615 | 161 | — | 179 | (52 | ) | 342 | 7 | (509 | ) | (13 | ) | 730 | 31 | 615 | 135 | — | 58 | (10 | ) | 112 | — | (194 | ) | (5 | ) | 716 | 6 | |||||||||||||||||||||||||||
Total trading non-derivative assets | 3,274 | 223 | — | 543 | (660 | ) | 2,434 | 7 | (2,543 | ) | (14 | ) | 3,264 | (9 | ) | $ | 3,274 | $ | 341 | $ | — | $ | 253 | $ | (317 | ) | $ | 821 | $ | — | $ | (954 | ) | $ | (5 | ) | $ | 3,418 | $ | 165 | |||||||||||||||
Trading derivatives, net(4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | (422 | ) | 597 | — | (6 | ) | (74 | ) | 8 | 8 | (16 | ) | 24 | 119 | 540 | $ | (422 | ) | $ | 381 | $ | — | $ | 5 | $ | 37 | $ | 7 | $ | — | $ | (16 | ) | $ | 2 | $ | (6 | ) | $ | (94 | ) | ||||||||||||||
Foreign exchange contracts | 130 | 89 | — | (28 | ) | 59 | 11 | — | (71 | ) | (1 | ) | 189 | 52 | 130 | (62 | ) | — | (1 | ) | 8 | 1 | — | — | 12 | 88 | (155 | ) | |||||||||||||||||||||||||||
Equity contracts | (2,027 | ) | 163 | — | (70 | ) | 1,123 | 20 | (15 | ) | (14 | ) | (94 | ) | (914 | ) | 66 | (2,027 | ) | (136 | ) | — | (57 | ) | 472 | 13 | — | (7 | ) | 1 | (1,741 | ) | 156 | ||||||||||||||||||||||
Commodity contracts | (1,861 | ) | (241 | ) | — | 1 | 82 | 39 | — | (8 | ) | 183 | (1,805 | ) | (70 | ) | (1,861 | ) | (33 | ) | — | (47 | ) | 8 | 20 | — | — | 4 | (1,909 | ) | (42 | ) | |||||||||||||||||||||||
Credit derivatives | (799 | ) | (338 | ) | — | (15 | ) | 19 | 2 | — | 1 | 124 | (1,006 | ) | (468 | ) | (799 | ) | (62 | ) | — | 1 | (2 | ) | 2 | — | 1 | — | (859 | ) | (203 | ) | |||||||||||||||||||||||
Total trading derivatives, net(4) | (4,979 | ) | 270 | — | (118 | ) | 1,209 | 80 | (7 | ) | (108 | ) | 236 | (3,417 | ) | 120 | $ | (4,979 | ) | $ | 88 | $ | — | $ | (99 | ) | $ | 523 | $ | 43 | $ | — | $ | (22 | ) | $ | 19 | $ | (4,427 | ) | $ | (338 | ) | ||||||||||||
Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | 24 | — | 10 | — | — | — | — | — | — | 34 | (12 | ) | $ | 24 | $ | — | $ | (1 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 23 | $ | 2 | ||||||||||||||||||||
Residential | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Commercial | 3 | — | 2 | 1 | (1 | ) | — | — | — | — | 5 | — | 3 | — | 2 | — | — | — | — | — | — | 5 | — | ||||||||||||||||||||||||||||||||
Total investment mortgage-backed securities | 27 | — | 12 | 1 | (1 | ) | — | — | — | — | 39 | (12 | ) | $ | 27 | $ | — | $ | 1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 28 | $ | 2 | ||||||||||||||||||||
U.S. Treasury and federal agency securities | — | — | — | — | — | — | — | — | — | — | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
State and municipal | 737 | — | (23 | ) | — | (18 | ) | 157 | — | (171 | ) | — | 682 | (32 | ) | 737 | — | (16 | ) | — | (9 | ) | 29 | — | (59 | ) | — | 682 | (33 | ) | |||||||||||||||||||||||||
Foreign government | 92 | — | (7 | ) | 1 | (4 | ) | 107 | — | (108 | ) | — | 81 | (3 | ) | 92 | — | (1 | ) | — | (2 | ) | 57 | — | (76 | ) | — | 70 | — | ||||||||||||||||||||||||||
Corporate | 71 | — | (1 | ) | 3 | (66 | ) | 3 | — | (10 | ) | — | — | — | 71 | — | (1 | ) | 3 | — | 3 | — | — | — | 76 | — | |||||||||||||||||||||||||||||
Equity securities | 2 | — | — | — | — | — | — | (1 | ) | (1 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Marketable equity securities | 2 | — | — | — | — | — | — | (1 | ) | — | 1 | — | |||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 827 | — | (21 | ) | 3 | (521 | ) | 45 | — | (49 | ) | — | 284 | (6 | ) | 827 | — | 10 | 2 | (342 | ) | — | — | — | — | 497 | 7 | ||||||||||||||||||||||||||||
Other debt securities | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Non-marketable equity securities | 681 | — | (103 | ) | 193 | — | 86 | — | (73 | ) | (51 | ) | 733 | (56 | ) | 681 | — | 24 | 30 | — | 15 | — | — | (16 | ) | 734 | 22 | ||||||||||||||||||||||||||||
Total investments | 2,437 | — | (143 | ) | 201 | (610 | ) | 398 | — | (412 | ) | (52 | ) | 1,819 | (109 | ) | $ | 2,437 | $ | — | $ | 17 | $ | 35 | $ | (353 | ) | $ | 104 | $ | — | $ | (136 | ) | $ | (16 | ) | $ | 2,088 | $ | (2 | ) |
Net realized/unrealized gains (losses) incl. in | Transfers | Unrealized gains (losses) still held(3) | Net realized/unrealized gains (losses) incl. in | Transfers | Unrealized gains (losses) still held(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2017 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Sept. 30, 2018 | Dec. 31, 2017 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||
Loans | 550 | — | (282 | ) | — | 13 | 130 | — | (25 | ) | (3 | ) | 383 | 286 | $ | 550 | $ | — | $ | 19 | $ | — | $ | (1 | ) | $ | 4 | $ | — | $ | (16 | ) | $ | (2 | ) | $ | 554 | $ | 26 | ||||||||||||||||
Mortgage servicing rights | 558 | — | 82 | — | — | — | 46 | (18 | ) | (50 | ) | 618 | 83 | 558 | — | 46 | — | — | — | 17 | (17 | ) | (17 | ) | 587 | 46 | |||||||||||||||||||||||||||||
Other financial assets measured on a recurring basis | 16 | — | 37 | — | (11 | ) | 4 | 12 | (8 | ) | (50 | ) | — | 53 | 16 | — | 8 | — | — | 4 | 12 | — | (27 | ) | 13 | 18 | |||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | 286 | — | 37 | 12 | — | — | 45 | — | (3 | ) | 303 | (104 | ) | $ | 286 | $ | — | $ | 26 | $ | 12 | $ | — | $ | — | $ | 20 | $ | — | $ | — | $ | 292 | $ | 29 | ||||||||||||||||||||
Federal funds purchased and securities loaned and sold under agreements to repurchase | 726 | 8 | — | — | — | — | 243 | — | 36 | 997 | 52 | 726 | 14 | — | — | — | — | 147 | — | (2 | ) | 857 | 14 | ||||||||||||||||||||||||||||||||
Trading account liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | 22 | (384 | ) | — | 35 | (86 | ) | 14 | 121 | (36 | ) | (67 | ) | 387 | (128 | ) | 22 | (105 | ) | — | 3 | (19 | ) | — | — | 3 | (66 | ) | 48 | (7 | ) | ||||||||||||||||||||||||
Other trading liabilities | 5 | 5 | — | — | — | — | — | — | — | — | — | 5 | 5 | — | — | — | — | — | — | — | — | (5 | ) | ||||||||||||||||||||||||||||||||
Short-term borrowings | 18 | 2 | — | 48 | (39 | ) | — | 54 | — | (40 | ) | 39 | 22 | 18 | 7 | — | 45 | — | — | 25 | — | — | 81 | (2 | ) | ||||||||||||||||||||||||||||||
Long-term debt | 13,082 | (474 | ) | — | 2,200 | (1,950 | ) | 36 | (35 | ) | (45 | ) | 29 | 13,791 | (1,709 | ) | 13,082 | (236 | ) | — | 940 | (764 | ) | 36 | 3 | (44 | ) | (5 | ) | 13,484 | 254 | ||||||||||||||||||||||||
Other financial liabilities measured on a recurring basis | 8 | — | (2 | ) | 1 | (10 | ) | — | 2 | — | (3 | ) | — | (9 | ) | 8 | — | — | — | (5 | ) | — | 2 | — | (2 | ) | 3 | (1 | ) |
(1) | Changes in fair value of available-for-sale debt securities are recorded in AOCI, unless related to other-than-temporary impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments |
(2) | Unrealized gains (losses) on MSRs are recorded in Other revenue |
(3) | Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at December 31, |
(4) | Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only. |
Net realized/unrealized gains (losses) incl. in | Transfers | Unrealized gains (losses) still held(3) | |||||||||||||||||||||||||||||||
In millions of dollars | Jun. 30, 2017 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Sept. 30, 2017 | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed and purchased under agreements to resell | $ | 1,002 | $ | (338 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 664 | $ | (338 | ) | |||||||||
Trading non-derivative assets | |||||||||||||||||||||||||||||||||
Trading mortgage-backed securities | |||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 204 | $ | — | $ | — | $ | 75 | $ | (21 | ) | $ | 174 | $ | — | $ | (123 | ) | $ | — | $ | 309 | $ | — | |||||||||
Residential | 327 | 24 | — | 41 | (9 | ) | 39 | — | (71 | ) | — | 351 | 12 | ||||||||||||||||||||
Commercial | 318 | 10 | — | 22 | (17 | ) | 11 | — | (232 | ) | — | 112 | 5 | ||||||||||||||||||||
Total trading mortgage-backed securities | $ | 849 | $ | 34 | $ | — | $ | 138 | $ | (47 | ) | $ | 224 | $ | — | $ | (426 | ) | $ | — | $ | 772 | $ | 17 | |||||||||
U.S. Treasury and federal agency securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
State and municipal | 284 | (2 | ) | — | — | — | 49 | — | (61 | ) | — | 270 | (1 | ) | |||||||||||||||||||
Foreign government | 108 | (5 | ) | — | 4 | (114 | ) | 161 | — | (59 | ) | — | 95 | (2 | ) | ||||||||||||||||||
Corporate | 401 | 105 | — | 16 | (11 | ) | 148 | — | (268 | ) | — | 391 | 103 | ||||||||||||||||||||
Equity securities | 240 | 183 | — | 3 | (41 | ) | 29 | — | (178 | ) | — | 236 | 6 | ||||||||||||||||||||
Asset-backed securities | 1,570 | 114 | — | 5 | (6 | ) | 481 | — | (460 | ) | — | 1,704 | 26 | ||||||||||||||||||||
Other trading assets | 1,803 | (38 | ) | — | 38 | (607 | ) | 1,349 | 4 | (394 | ) | (4 | ) | 2,151 | 29 | ||||||||||||||||||
Total trading non-derivative assets | $ | 5,255 | $ | 391 | $ | — | $ | 204 | $ | (826 | ) | $ | 2,441 | $ | 4 | $ | (1,846 | ) | $ | (4 | ) | $ | 5,619 | $ | 178 | ||||||||
Trading derivatives, net(4) | |||||||||||||||||||||||||||||||||
Interest rate contracts | (288 | ) | 196 | — | 4 | (4 | ) | 25 | — | (20 | ) | (114 | ) | (201 | ) | 120 | |||||||||||||||||
Foreign exchange contracts | 184 | (92 | ) | — | 1 | (4 | ) | (6 | ) | — | (3 | ) | 68 | 148 | (92 | ) | |||||||||||||||||
Equity contracts | (1,647 | ) | 201 | — | (52 | ) | (34 | ) | 31 | — | (126 | ) | (221 | ) | (1,848 | ) | (10 | ) | |||||||||||||||
Commodity contracts | (2,024 | ) | (248 | ) | — | (29 | ) | (10 | ) | — | — | (3 | ) | (25 | ) | (2,339 | ) | (255 | ) | ||||||||||||||
Credit derivatives | (1,339 | ) | (150 | ) | — | 25 | 115 | 7 | — | — | 401 | (941 | ) | (185 | ) | ||||||||||||||||||
Total trading derivatives, net(4) | $ | (5,114 | ) | $ | (93 | ) | $ | — | $ | (51 | ) | $ | 63 | $ | 57 | $ | — | $ | (152 | ) | $ | 109 | $ | (5,181 | ) | $ | (422 | ) | |||||
Investments | |||||||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 50 | $ | — | $ | 12 | $ | — | $ | (5 | ) | $ | — | $ | — | $ | — | $ | — | $ | 57 | $ | 28 | ||||||||||
Residential | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Commercial | — | — | — | 3 | — | — | — | — | — | 3 | — | ||||||||||||||||||||||
Total investment mortgage-backed securities | $ | 50 | $ | — | $ | 12 | $ | 3 | $ | (5 | ) | $ | — | $ | — | $ | — | $ | — | $ | 60 | $ | 28 | ||||||||||
U.S. Treasury and federal agency securities | $ | 1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (1 | ) | $ | — | $ | — | $ | — | ||||||||||
State and municipal | 1,285 | — | (2 | ) | 21 | (3 | ) | 16 | — | (45 | ) | — | 1,272 | 17 | |||||||||||||||||||
Foreign government | 358 | — | (58 | ) | — | (18 | ) | 122 | — | (103 | ) | — | 301 | (7 | ) | ||||||||||||||||||
Corporate | 156 | — | 146 | 10 | (2 | ) | 41 | — | (231 | ) | — | 120 | — | ||||||||||||||||||||
Equity securities | 9 | — | (1 | ) | — | — | — | — | (5 | ) | — | 3 | — | ||||||||||||||||||||
Asset-backed securities | 1,028 | — | (280 | ) | 2 | (7 | ) | 504 | — | (417 | ) | — | 830 | (134 | ) | ||||||||||||||||||
Other debt securities | 10 | — | — | — | — | — | — | — | — | 10 | — | ||||||||||||||||||||||
Non-marketable equity securities | 939 | — | (61 | ) | — | — | 1 | — | (1 | ) | (49 | ) | 829 | (18 | ) | ||||||||||||||||||
Total investments | $ | 3,836 | $ | — | $ | (244 | ) | $ | 36 | $ | (35 | ) | $ | 684 | $ | — | $ | (803 | ) | $ | (49 | ) | $ | 3,425 | $ | (114 | ) |
Net realized/unrealized gains (losses) incl. in | Transfers | Unrealized gains (losses) still held(3) | |||||||||||||||||||||||||||||||
In millions of dollars | Jun. 30, 2017 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Sept. 30, 2017 | |||||||||||||||||||||||
Loans | $ | 577 | $ | — | $ | 73 | $ | — | $ | — | $ | 131 | $ | — | $ | (236 | ) | $ | (1 | ) | $ | 544 | $ | 264 | |||||||||
Mortgage servicing rights | 560 | — | (6 | ) | — | — | — | 19 | — | (20 | ) | 553 | 3 | ||||||||||||||||||||
Other financial assets measured on a recurring basis | 17 | — | 13 | — | — | 1 | 43 | (4 | ) | (56 | ) | 14 | 17 | ||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 300 | $ | — | $ | (2 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (2 | ) | $ | 300 | $ | 6 | |||||||||
Federal funds purchased and securities loaned and sold under agreements to repurchase | 807 | (1 | ) | — | — | — | — | — | — | (43 | ) | 765 | 4 | ||||||||||||||||||||
Trading account liabilities | |||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | 1,143 | 496 | — | 5 | (10 | ) | — | — | 88 | (46 | ) | 684 | 24 | ||||||||||||||||||||
Short-term borrowings | 29 | (13 | ) | — | 3 | (1 | ) | — | 12 | — | — | 56 | 7 | ||||||||||||||||||||
Long-term debt | 11,831 | 1,057 | — | 181 | (490 | ) | — | 419 | — | 437 | 11,321 | 716 | |||||||||||||||||||||
Other financial liabilities measured on a recurring basis | 2 | — | — | — | — | — | 1 | — | (1 | ) | 2 | (1 | ) |
Net realized/unrealized gains (losses) incl. in | Transfers | Unrealized gains (losses) still held(3) | |||||||||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2016 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Sept. 30, 2017 | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed and purchased under agreements to resell | $ | 1,496 | $ | (340 | ) | $ | — | $ | — | $ | (491 | ) | $ | — | $ | — | $ | — | $ | (1 | ) | $ | 664 | $ | — | ||||||||
Trading non-derivative assets | |||||||||||||||||||||||||||||||||
Trading mortgage-backed securities | |||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | 176 | 4 | — | 154 | (86 | ) | 438 | — | (377 | ) | — | 309 | 1 | ||||||||||||||||||||
Residential | 399 | 61 | — | 88 | (58 | ) | 105 | — | (244 | ) | — | 351 | 35 | ||||||||||||||||||||
Commercial | 206 | 7 | — | 66 | (46 | ) | 445 | — | (566 | ) | — | 112 | (5 | ) | |||||||||||||||||||
Total trading mortgage-backed securities | $ | 781 | $ | 72 | $ | — | $ | 308 | $ | (190 | ) | $ | 988 | $ | — | $ | (1,187 | ) | $ | — | $ | 772 | $ | 31 | |||||||||
U.S. Treasury and federal agency securities | $ | 1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (1 | ) | $ | — | $ | — | $ | — | ||||||||||
State and municipal | 296 | 3 | — | 24 | (48 | ) | 137 | — | (142 | ) | — | 270 | (1 | ) | |||||||||||||||||||
Foreign government | 40 | 2 | — | 88 | (204 | ) | 288 | — | (119 | ) | — | 95 | (1 | ) | |||||||||||||||||||
Corporate | 324 | 320 | — | 132 | (84 | ) | 424 | — | (725 | ) | — | 391 | 167 | ||||||||||||||||||||
Equity securities | 127 | 212 | — | 135 | (54 | ) | 38 | — | (222 | ) | — | 236 | 20 | ||||||||||||||||||||
Asset-backed securities | 1,868 | 251 | — | 28 | (87 | ) | 1,185 | — | (1,541 | ) | — | 1,704 | 34 | ||||||||||||||||||||
Other trading assets | 2,814 | (88 | ) | — | 470 | (1,381 | ) | 2,002 | 5 | (1,652 | ) | (19 | ) | 2,151 | 29 | ||||||||||||||||||
Total trading non-derivative assets | $ | 6,251 | $ | 772 | $ | — | $ | 1,185 | $ | (2,048 | ) | $ | 5,062 | $ | 5 | $ | (5,589 | ) | $ | (19 | ) | $ | 5,619 | $ | 279 | ||||||||
Trading derivatives, net(4) | |||||||||||||||||||||||||||||||||
Interest rate contracts | $ | (663 | ) | $ | 4 | $ | — | $ | (24 | ) | $ | 647 | $ | 90 | $ | — | $ | (225 | ) | $ | (30 | ) | $ | (201 | ) | $ | 65 | ||||||
Foreign exchange contracts | 413 | (389 | ) | — | 54 | (63 | ) | 32 | — | (37 | ) | 138 | 148 | (134 | ) | ||||||||||||||||||
Equity contracts | (1,557 | ) | 98 | — | (34 | ) | (8 | ) | 180 | — | (263 | ) | (264 | ) | (1,848 | ) | (22 | ) | |||||||||||||||
Commodity contracts | (1,945 | ) | (576 | ) | — | 29 | 39 | — | — | (3 | ) | 117 | (2,339 | ) | (255 | ) | |||||||||||||||||
Credit derivatives | (1,001 | ) | (535 | ) | — | (43 | ) | 91 | 5 | — | 2 | 540 | (941 | ) | (197 | ) | |||||||||||||||||
Total trading derivatives, net(4) | $ | (4,753 | ) | $ | (1,398 | ) | $ | — | $ | (18 | ) | $ | 706 | $ | 307 | $ | — | $ | (526 | ) | $ | 501 | $ | (5,181 | ) | $ | (543 | ) | |||||
Investments | |||||||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 101 | $ | — | $ | 15 | $ | 1 | $ | (60 | ) | $ | — | $ | — | $ | — | $ | — | $ | 57 | $ | 30 | ||||||||||
Residential | 50 | — | 2 | — | (47 | ) | — | — | (5 | ) | — | — | — | ||||||||||||||||||||
Commercial | — | — | — | 3 | — | 8 | — | (8 | ) | — | 3 | — | |||||||||||||||||||||
Total investment mortgage-backed securities | $ | 151 | $ | — | $ | 17 | $ | 4 | $ | (107 | ) | $ | 8 | $ | — | $ | (13 | ) | $ | — | $ | 60 | $ | 30 | |||||||||
U.S. Treasury and federal agency securities | $ | 2 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (2 | ) | $ | — | $ | — | $ | — | ||||||||||
State and municipal | 1,211 | — | 37 | 70 | (36 | ) | 92 | — | (102 | ) | — | 1,272 | 35 | ||||||||||||||||||||
Foreign government | 186 | — | (47 | ) | 2 | (37 | ) | 455 | — | (258 | ) | — | 301 | (5 | ) | ||||||||||||||||||
Corporate | 311 | — | 11 | 74 | (6 | ) | 224 | — | (494 | ) | — | 120 | — | ||||||||||||||||||||
Equity securities | 9 | — | (1 | ) | — | — | — | — | (5 | ) | — | 3 | — | ||||||||||||||||||||
Asset-backed securities | 660 | — | (98 | ) | 23 | (20 | ) | 864 | — | (599 | ) | — | 830 | (134 | ) | ||||||||||||||||||
Other debt securities | — | — | — | — | — | 21 | — | (11 | ) | — | 10 | — | |||||||||||||||||||||
Non-marketable equity securities | 1,331 | — | (124 | ) | 2 | — | 10 | — | (228 | ) | (162 | ) | 829 | 49 | |||||||||||||||||||
Total investments | $ | 3,861 | $ | — | $ | (205 | ) | $ | 175 | $ | (206 | ) | $ | 1,674 | $ | — | $ | (1,712 | ) | $ | (162 | ) | $ | 3,425 | $ | (25 | ) |
Net realized/unrealized gains (losses) incl. in | Transfers | Unrealized gains (losses) still held(3) | |||||||||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2016 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Sept. 30, 2017 | |||||||||||||||||||||||
Loans | $ | 568 | $ | — | $ | 57 | $ | 80 | $ | (16 | ) | $ | 173 | $ | — | $ | (312 | ) | $ | (6 | ) | $ | 544 | $ | 266 | ||||||||
Mortgage servicing rights | 1,564 | — | 50 | — | — | — | 75 | (1,046 | ) | (90 | ) | 553 | (40 | ) | |||||||||||||||||||
Other financial assets measured on a recurring basis | 34 | — | (147 | ) | 3 | (8 | ) | 1 | 303 | (8 | ) | (164 | ) | 14 | (68 | ) | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 293 | $ | — | $ | 9 | $ | 40 | $ | — | $ | — | $ | — | $ | — | $ | (24 | ) | $ | 300 | $ | 6 | ||||||||||
Federal funds purchased and securities loaned and sold under agreements to repurchase | 849 | 7 | — | — | — | — | — | — | (77 | ) | 765 | 4 | |||||||||||||||||||||
Trading account liabilities | |||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | 1,177 | 490 | — | 18 | (53 | ) | — | — | 265 | (233 | ) | 684 | 24 | ||||||||||||||||||||
Short-term borrowings | 42 | 18 | — | 4 | (1 | ) | — | 31 | — | (2 | ) | 56 | 7 | ||||||||||||||||||||
Long-term debt | 9,744 | 456 | — | 702 | (1,457 | ) | — | 2,701 | — | 87 | 11,321 | 708 | |||||||||||||||||||||
Other financial liabilities measured on a recurring basis | 8 | — | — | — | — | — | 3 | (1 | ) | (8 | ) | 2 | (1 | ) |
• | Transfers of Long-term debt of $0.9 billion from Level 2 to Level 3, and of $1.6 billion from Level 3 to Level 2, mainly related to structured debt, reflecting changes in the significance of unobservable inputs as well as certain underlying market inputs becoming less or more observable. |
• | Transfers of Long-term debt of $0.9 billion from Level 2 to Level 3, and of $0.8 billion from Level 3 to Level 2, mainly related to structured debt, reflecting changes in the significance of unobservable inputs as well as certain underlying market inputs becoming less or more observable. |
As of September 30, 2018 | Fair value(1) (in millions) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted average(4) | ||||||||||||||||||||||
As of March 31, 2019 | Fair value(1) (in millions) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted average(4) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Federal funds sold and securities borrowed and purchased under agreements to resell | $ | 65 | Model-based | Interest rate | 2.27 | % | 3.67 | % | 3.54 | % | $ | 66 | Model-based | Interest rate | 2.27 | % | 3.67 | % | 3.40 | % | ||||||||
Mortgage-backed securities | $ | 273 | Price-based | Price | $ | 37.40 | $ | 108.00 | $ | 92.56 | $ | 192 | Yield analysis | Yield | 2.49 | % | 4.63 | % | 3.47 | % | ||||||||
137 | Yield analysis | Yield | 3.13 | % | 14.29 | % | 4.72 | % | 166 | Price-based | Price | $ | 35.00 | $ | 320.00 | $ | 91.58 | |||||||||||
State and municipal, foreign government, corporate and other debt securities | $ | 930 | Price-based | Price | $ | — | $ | 108.15 | $ | 79.65 | $ | 1,436 | Price-based | Price | $ | — | $ | 568.28 | $ | 78.53 | ||||||||
926 | Model-based | Credit spread | 35 bps | 446 bps | 246 bps | 1,037 | Model-based | Credit spread | 35 bps | 375 bps | 238 bps | |||||||||||||||||
Equity securities(5) | $ | 124 | Price-based | Price | $ | — | $ | 865.86 | $ | 3.50 | ||||||||||||||||||
46 | Model-based | WAL | 1.73 years | 1.73 years | 1.73 years | |||||||||||||||||||||||
Marketable equity securities(5) | $ | 110 | Price-based | Price | $ | 0.01 | $ | 28,822.00 | $ | 2,698.08 | ||||||||||||||||||
16 | Model-based | |||||||||||||||||||||||||||
Asset-backed securities | $ | 1,666 | Price-based | Price | $ | 3.56 | $ | 100.91 | $ | 69.41 | $ | 2,154 | Price-based | Price | $ | 4.20 | $ | 101.20 | $ | 79.18 | ||||||||
Non-marketable equities | $ | 428 | Comparables analysis | Net operating income multiple | $ | 7.30 | $ | 25.00 | $ | 10.49 | $ | 266 | Comparables analysis | Discount to price | — | % | 10.00 | % | 1.11 | % | ||||||||
219 | Price based | EBITDA multiples | 7.75 | x | 11.50 | x | 8.66 | x | ||||||||||||||||||||
Price | $ | 13.80 | $ | 1,345.00 | $ | 711.39 | ||||||||||||||||||||||
$ | 282 | Price-based | Discount to price | — | % | 100.00 | % | 0.62 | % | Revenue multiple | 1.50 | x | 18.40 | x | 7.17 | x | ||||||||||||
Derivatives—gross(6) | ||||||||||||||||||||||||||||
Interest rate contracts (gross) | $ | 4,470 | Model-based | Mean reversion | 1.00 | % | 20.00 | % | 10.50 | % | $ | 3,248 | Model-based | Inflation volatility | 0.22 | % | 2.63 | % | 0.79 | % | ||||||||
IR normal volatility | 0.14 | % | 78.79 | % | 53.37 | % | Mean reversion | 1.00 | % | 20.00 | % | 10.50 | % | |||||||||||||||
Inflation volatility | 0.20 | % | 2.56 | % | 0.76 | % | IR normal volatility | 0.16 | % | 71.90 | % | 49.46 | % | |||||||||||||||
Foreign exchange contracts (gross) | $ | 749 | Model-based | FX volatility | 3.15 | % | 17.35 | % | 10.96 | % | $ | 597 | Model-based | FX volatility | 3.15 | % | 18.85 | % | 11.34 | % | ||||||||
$ | 82 | Cash flow | Credit spread | 39 bps | 880 bps | 379 bps | IR-IR correlation | (51.00 | )% | 40.00 | % | 31.87 | % | |||||||||||||||
IR-IR correlation | (51.00 | )% | 40.00 | % | 33.60 | % | IR-FX correlation | 40.00 | % | 60.00 | % | 50.00 | % | |||||||||||||||
IR-FX correlation | 40.00 | % | 60.00 | % | 50.00 | % | Interest rate | 5.05 | % | 12.89 | % | 9.00 | % | |||||||||||||||
FX rate | — | % | 0.04 | % | 0.03 | % | Credit spread | 34 bps | 642 bps | 403 bps | ||||||||||||||||||
IR basis | (0.79 | )% | 9.00 | % | 0.67 | % | IR Normal Volatility | 0.16 | % | 71.90 | % | 50.81 | % | |||||||||||||||
Equity contracts (gross) | $ | 1,478 | Model-based | Equity volatility | 3.00 | % | 83.72 | % | 28.96 | % | $ | 2,026 | Model-based | Equity volatility | 3.00 | % | 82.43 | % | 41.37 | % | ||||||||
Forward price | 63.10 | % | 159.10 | % | 97.77 | % | Forward price | 64.31 | % | 132.11 | % | 108.84 | % | |||||||||||||||
WAL | 1.73 years | 1.73 years | 1.73 years | |||||||||||||||||||||||||
Commodity and other contracts (gross) | $ | 3,049 | Model-based | Forward price | 45.19 | % | 549.00 | % | 129.77 | % | $ | 1,163 | Model-based | Forward price | 71.67 | % | 524.74 | % | 137.37 | % | ||||||||
Commodity volatility | 7.60 | % | 55.00 | % | 17.32 | % | Commodity volatility | 6.88 | % | 55.75 | % | 18.17 | % | |||||||||||||||
Commodity Correlation | (52.45 | )% | 91.37 | % | 17.71 | % | Commodity correlation | (38.66 | )% | 89.50 | % | 48.87 | % | |||||||||||||||
Credit derivatives (gross) | $ | 1,924 | Model-based | Credit correlation | 25.00 | % | 85.00 | % | 43.50 | % | $ | 816 | Model-based | Upfront points | 6.17 | % | 99.00 | % | 61.76 | % | ||||||||
714 | Price-based | Upfront points | 5.13 | % | 97.98 | % | 53.49 | % | 650 | Price-based | Credit spread | 3 bps | 530 bps | 86 bps | ||||||||||||||
Credit spread | 2 bps | 1,260 bps | 84 bps | Credit correlation | 25.00 | % | 85.00 | % | 43.55 | % | ||||||||||||||||||
Price | $ | 31.77 | $ | 98.00 | $ | 79.28 | Recovery rate | 5.00 | % | 65.00 | % | 42.85 | % | |||||||||||||||
Recovery rate | 5.00 | % | 65.00 | % | 48.09 | % | Price | $ | 12.00 | $ | 98.00 | $ | 76.69 |
As of September 30, 2018 | Fair value(1) (in millions) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted average(4) | ||||||||||||||||||||||
As of March 31, 2019 | Fair value(1) (in millions) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted average(4) | ||||||||||||||||||||||
Loans and leases | $ | 318 | Model-based | Credit spread | 128 bps | 215 bps | 161 bps | $ | 353 | Model-based | Credit spread | 115 bps | 470 bps | 129 bps | ||||||||||||||
66 | Price-based | Yield | 4.15 | % | 4.15 | % | 4.15 | % | Equity volatility | 26.53 | % | 30.83 | % | 28.66 | % | |||||||||||||
Yield | — | % | — | % | — | % | ||||||||||||||||||||||
Mortgage servicing rights | $ | 531 | Cash flow | Yield | 4.79 | % | 12.00 | % | 8.31 | % | $ | 467 | Cash flow | Yield | 4.42 | % | 12.00 | % | 7.30 | % | ||||||||
87 | Model-based | WAL | 4.11 years | 8.10 years | 6.92 years | 83 | Model-based | WAL | 3.35 years | 6.91 years | 5.99 years | |||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 303 | Model-based | Mean reversion | — | % | 20.00 | % | 7.95 | % | $ | 1,047 | Model-based | Mean reversion | 1.00 | % | 20.00 | % | 10.50 | % | ||||||||
Forward price | 99.23 | % | 106.69 | % | 101.80 | % | ||||||||||||||||||||||
Equity volatility | 7.34 | % | 20.78 | % | 17.98 | % | ||||||||||||||||||||||
Federal funds purchased and securities loaned and sold under agreement to repurchase | $ | 997 | Model-based | Interest rate | 2.27 | % | 3.41 | % | 3.14 | % | $ | 1,041 | Model-based | Interest rate | 2.27 | % | 2.89 | % | 2.52 | % | ||||||||
Trading account liabilities | ||||||||||||||||||||||||||||
Securities sold, not yet purchased | $ | 360 | Model-based | Forward price | 45.19 | % | 549.00 | % | 100.21 | % | $ | 8 | Price-based | Price | $ | — | $ | 994.85 | $ | 89.80 | ||||||||
Equity volatility | 3.00 | % | 83.72 | % | 22.17 | % | 6 | Model-based | ||||||||||||||||||||
Equity-equity correlation | (81.39 | )% | 100.00 | % | 41.02 | % | ||||||||||||||||||||||
Equity-FX correlation | (82.74 | )% | 54.00 | % | (32.58 | )% | ||||||||||||||||||||||
Mean reversion | 1.00 | % | 20.00 | % | 10.50 | % | ||||||||||||||||||||||
Short-term borrowings and long-term debt | $ | 12,944 | Model-based | Mean reversion | 1.00 | % | 20.00 | % | 10.50 | % | $ | 14,026 | Model-based | Mean reversion | 1.00 | % | 20.00 | % | 10.50 | % | ||||||||
Forward price | 65.99 | % | 259.53 | % | 103.59 | % | Forward price | 64.31 | % | 524.74 | % | 109.75 | % | |||||||||||||||
Equity volatility | 3.00 | % | 83.72 | % | 19.28 | % | IR normal volatility | 0.16 | % | 71.90 | % | 52.74 | % |
As of December 31, 2017 | Fair value(1) (in millions) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted average(4) | ||||||||||||||||||||||
As of December 31, 2018 | Fair value(1) (in millions) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted average(4) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Federal funds sold and securities borrowed and purchased under agreements to resell | $ | 16 | Model-based | Interest rate | 1.43 | % | 2.16 | % | 2.09 | % | $ | 115 | Model-based | Interest rate | 2.52 | % | 7.43 | % | 5.08 | % | ||||||||
Mortgage-backed securities | $ | 214 | Price-based | Price | $ | 2.96 | $ | 101.00 | $ | 56.52 | $ | 313 | Price-based | Price | $ | 11.25 | $ | 110.35 | $ | 90.07 | ||||||||
184 | Yield analysis | Yield | 2.52 | % | 14.06 | % | 5.97 | % | 198 | Yield analysis | Yield | 2.27 | % | 8.70 | % | 3.74 | % | |||||||||||
State and municipal, foreign government, corporate and other debt securities | $ | 949 | Model-based | Price | $ | — | $ | 184.04 | $ | 91.74 | $ | 1,212 | Price-based | Price | $ | — | $ | 103.75 | $ | 91.39 | ||||||||
914 | Price-based | Credit spread | 35 bps | 500 bps | 249 bps | 938 | Model-based | Credit spread | 35 bps | 446 bps | 238 bps | |||||||||||||||||
Yield | 2.36 | % | 14.25 | % | 6.03 | % | ||||||||||||||||||||||
Equity securities(5) | $ | 65 | Price-based | Price | $ | — | $ | 25,450.00 | $ | 2,526.62 | ||||||||||||||||||
Marketable equity securities(5) | $ | 108 | Price-based | Price | $ | — | $ | 20,255.00 | $ | 1,247.85 | ||||||||||||||||||
55 | Model-based | WAL | 2.50 years | 2.50 years | 2.50 years | 45 | Model-based | WAL | 1.47years | 1.47years | 1.47years | |||||||||||||||||
Asset-backed securities | $ | 2,287 | Price-based | Price | $ | 4.25 | $ | 100.60 | $ | 74.57 | $ | 1,608 | Price-based | Price | $ | 2.75 | $ | 101.03 | $ | 66.18 | ||||||||
Non-marketable equity | $ | 423 | Comparables analysis | EBITDA multiples | 6.90 | x | 12.80 | x | 8.66 | x | $ | 293 | Comparables analysis | Discount to price | — | % | 100.00 | % | 0.66 | % | ||||||||
223 | Price-based | Discount to price | — | % | 100.00 | % | 11.83 | % | 255 | Price-based | EBITDA multiples | 5.00 | x | 34.00 | x | 9.73 | x | |||||||||||
Price-to-book ratio | 0.05 | x | 1.00 | x | 0.32 | x | Net operating income multiple | 24.70 | x | 24.70 | x | 24.70 | x | |||||||||||||||
Price | $ | 2.38 | $ | 1,073.80 | $ | 420.24 | ||||||||||||||||||||||
Revenue multiple | 2.25 | x | 16.50 | x | 7.06 | x | ||||||||||||||||||||||
Derivatives—gross(6) | ||||||||||||||||||||||||||||
Interest rate contracts (gross) | $ | 3,818 | Model-based | IR normal volatility | 9.40 | % | 77.40 | % | 58.86 | % | $ | 3,467 | Model-based | Mean reversion | 1.00 | % | 20.00 | % | 10.50 | % | ||||||||
Mean reversion | 1.00 | % | 20.00 | % | 10.50 | % | Inflation volatility | 0.22 | % | 2.65 | % | 0.77 | % | |||||||||||||||
IR Normal volaitility | 0.16 | % | 86.31 | % | 56.24 | % | ||||||||||||||||||||||
Foreign exchange contracts (gross) | $ | 940 | Model-based | Foreign exchange (FX) volatility | 4.58 | % | 15.02 | % | 8.16 | % | $ | 626 | Model-based | Foreign exchange (FX) volatility | 3.15 | % | 17.35 | % | 11.37 | % | ||||||||
73 | Cash flow | IR-IR correlation | (51.00 | )% | 40.00 | % | 32.69 | % | ||||||||||||||||||||
IR-FX correlation | 40.00 | % | 60.00 | % | 50.00 | % | ||||||||||||||||||||||
Credit spread | 39 bps | 676 bps | 423 bps |
As of December 31, 2017 | Fair value(1) (in millions) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted average(4) | ||||||||||||||||||||||
As of December 31, 2018 | Fair value(1) (in millions) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted average(4) | ||||||||||||||||||||||
IR basis | (0.65 | )% | 0.11 | % | (0.17 | )% | ||||||||||||||||||||||
Yield | 6.98 | % | 7.48 | % | 7.23 | % | ||||||||||||||||||||||
Equity contracts (gross)(7) | $ | 1,467 | Model-based | Equity volatility | 3.00 | % | 78.39 | % | 37.53 | % | ||||||||||||||||||
Interest rate | (0.55 | )% | 0.28 | % | 0.04 | % | Forward price | 64.66 | % | 144.45 | % | 98.55 | % | |||||||||||||||
IR-IR correlation | (51.00 | )% | 40.00 | % | 36.56 | % | Equity-Equity correlation | (81.39 | )% | 100.00 | % | 35.49 | % | |||||||||||||||
IR-FX correlation | (7.34 | )% | 60.00 | % | 49.04 | % | Equity-FX correlation | (86.27 | )% | 70.00 | % | (1.20 | )% | |||||||||||||||
Credit spread | 11 bps | 717 bps | 173 bps | |||||||||||||||||||||||||
Equity contracts (gross)(7) | $ | 2,897 | Model-based | Equity volatility | 3.00 | % | 68.93 | % | 24.66 | % | ||||||||||||||||||
Forward price | 69.74 | % | 154.19 | % | 92.80 | % | WAL | 1.47 years | 1.47 years | 1.47 years | ||||||||||||||||||
Commodity contracts (gross) | $ | 2,937 | Model-based | Forward price | 3.66 | % | 290.59 | % | 114.16 | % | $ | 1,552 | Model-based | Forward price | 15.30 | % | 585.07 | % | 145.08 | % | ||||||||
Commodity volatility | 8.60 | % | 66.73 | % | 25.04 | % | Commodity volatility | 8.92 | % | 59.86 | % | 20.34 | % | |||||||||||||||
Commodity correlation | (37.64 | )% | 91.71 | % | 15.21 | % | Commodity correlation | (51.90 | )% | 92.11 | % | 40.71 | % | |||||||||||||||
Credit derivatives (gross) | $ | 1,797 | Model-based | Credit correlation | 25.00 | % | 90.00 | % | 44.64 | % | $ | 1,089 | Model-based | Credit correlation | 5.00 | % | 85.00 | % | 41.06 | % | ||||||||
823 | Price-based | Upfront points | 6.03 | % | 97.26 | % | 62.88 | % | 701 | Price-based | Upfront points | 7.41 | % | 99.04 | % | 58.95 | % | |||||||||||
Credit spread | 3 bps | 1,636 bps | 173 bps | |||||||||||||||||||||||||
Price | $ | 1.00 | $ | 100.24 | $ | 57.63 | ||||||||||||||||||||||
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross)(6) | $ | 24 | Model-based | Recovery rate | 25.00 | % | 40.00 | % | 31.56 | % | ||||||||||||||||||
Redemption rate | 10.72 | % | 99.50 | % | 74.24 | % | Credit spread | 2 bps | 1127 bps | 87 bps | ||||||||||||||||||
Credit spread | 38 bps | 275 bps | 127 bps | Recovery rate | 5.00 | % | 65.00 | % | 46.40 | % | ||||||||||||||||||
Upfront points | 61.00 | % | 61.00 | % | 61.00 | % | Price | $ | 16.59 | $ | 98.00 | $ | 81.19 | |||||||||||||||
Loans and leases | $ | 391 | Model-based | Equity volatility | 3.00 | % | 68.93 | % | 22.52 | % | $ | 248 | Model-based | Credit spread | 138 bps | 255 bps | 147 bps | |||||||||||
148 | Price-based | Credit spread | 134 bps | 500 bps | 173 bps | 29 | Price-based | Yield | 0.30 | % | 0.47 | % | 0.32 | % | ||||||||||||||
Yield | 3.09 | % | 4.40 | % | 3.13 | % | Price | $ | 55.83 | $ | 110.00 | $ | 92.40 | |||||||||||||||
Mortgage servicing rights | $ | 471 | Cash flow | Yield | 8.00 | % | 16.38 | % | 11.47 | % | $ | 500 | Cash flow | Yield | 4.60 | % | 12.00 | % | 7.79 | % | ||||||||
87 | Model-based | WAL | 3.83 years | 6.89 years | 5.93 years | 84 | Model-based | WAL | 3.55 years | 7.45 years | 6.39 years | |||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 286 | Model-based | Mean reversion | 1.00 | % | 20.00 | % | 10.50 | % | $ | 495 | Model-based | Mean reversion | 1.00 | % | 20.00 | % | 10.50 | % | ||||||||
Forward price | 99.56 | % | 99.95 | % | 99.72 | % | Forward price | 64.66 | % | 144.45 | % | 98.55 | % | |||||||||||||||
Equity volatility | 3.00 | % | 78.39 | % | 43.49 | % | ||||||||||||||||||||||
Federal funds purchased and securities loaned and sold under agreements to repurchase | $ | 726 | Model-based | Interest rate | 1.43 | % | 2.16 | % | 2.09 | % | $ | 983 | Model-based | Interest rate | 2.52 | % | 3.21 | % | 2.87 | % | ||||||||
Trading account liabilities | ||||||||||||||||||||||||||||
Securities sold, not yet purchased | $ | 21 | Price-based | Price | $ | 1.00 | $ | 287.64 | $ | 88.19 | $ | 509 | Model-based | Forward price | 15.30 | % | 585.07 | % | 105.69 | % | ||||||||
77 | Price-based | Equity volatility | 3.00 | % | 78.39 | % | 43.49 | % | ||||||||||||||||||||
Equity-Equity correlation | (81.39 | )% | 100.00 | % | 34.04 | % | ||||||||||||||||||||||
Equity-FX correlation | (86.27 | )% | 70.00 | % | (1.20 | )% | ||||||||||||||||||||||
Commodity volatility | 8.92 | % | 59.86 | % | 20.34 | % | ||||||||||||||||||||||
Commodity correlation | (51.90 | )% | 92.11 | % | 40.71 | % | ||||||||||||||||||||||
Equity-IR correlation | (40.00 | )% | 70.37 | % | 30.80 | % | ||||||||||||||||||||||
Short-term borrowings and long-term debt | $ | 13,100 | Model-based | Forward price | 69.74 | % | 161.11 | % | 100.70 | % | $ | 12,289 | Model-based | Mean reversion | 1.00 | % | 20.00 | % | 10.50 | % | ||||||||
IR normal volatility | 0.16 | % | 86.31 | % | 56.61 | % | ||||||||||||||||||||||
Forward price | 64.66 | % | 144.45 | % | 98.58 | % | ||||||||||||||||||||||
Equity volatility | 3.00 | % | 78.39 | % | 43.24 | % |
(1) | The fair value amounts presented in these tables represent the primary valuation technique or techniques for each class of assets or liabilities. |
(2) | Some inputs are shown as zero due to rounding. |
(3) | When the low and high inputs are the same, there is either a constant input applied to all positions, or the methodology involving the input applies to only one large position. |
(4) | Weighted averages are calculated based on the fair values of the instruments. |
(5) | For equity securities, the price inputs are expressed on an absolute basis, not as a percentage of the notional amount. |
(6) | Both trading and nontrading account derivatives—assets and liabilities—are presented on a gross absolute value basis. |
(7) | Includes hybrid products. |
In millions of dollars | Fair value | Level 2 | Level 3 | ||||||
March 31, 2019 | |||||||||
Loans HFS(1) | $ | 3,304 | $ | 1,869 | $ | 1,435 | |||
Other real estate owned | 67 | 55 | 12 | ||||||
Loans(2) | 361 | 128 | 233 | ||||||
Non-marketable equity securities measured using the measurement alternative | 268 | 144 | 124 | ||||||
Total assets at fair value on a nonrecurring basis | $ | 4,000 | $ | 2,196 | $ | 1,804 |
In millions of dollars | Fair value | Level 2 | Level 3 | ||||||
September 30, 2018 | |||||||||
Loans HFS(1) | $ | 4,823 | $ | 1,870 | $ | 2,953 | |||
Other real estate owned | 85 | 68 | 17 | ||||||
Loans(2) | 349 | 155 | 194 | ||||||
Non-marketable equity investments measured using the measurement alternative | 115 | 115 | — | ||||||
Total assets at fair value on a nonrecurring basis | $ | 5,372 | $ | 2,208 | $ | 3,164 |
In millions of dollars | Fair value | Level 2 | Level 3 | ||||||
December 31, 2018 | |||||||||
Loans HFS(1) | $ | 5,055 | $ | 3,261 | $ | 1,794 | |||
Other real estate owned | 78 | 62 | 16 | ||||||
Loans(2) | 390 | 139 | 251 | ||||||
Non-marketable equity securities measured using the measurement alternative | 261 | 192 | 69 | ||||||
Total assets at fair value on a nonrecurring basis | $ | 5,784 | $ | 3,654 | $ | 2,130 |
In millions of dollars | Fair value | Level 2 | Level 3 | ||||||
December 31, 2017 | |||||||||
Loans HFS(1) | $ | 5,675 | $ | 2,066 | $ | 3,609 | |||
Other real estate owned | 54 | 10 | 44 | ||||||
Loans(2) | 630 | 216 | 414 | ||||||
Total assets at fair value on a nonrecurring basis | $ | 6,359 | $ | 2,292 | $ | 4,067 |
(1) | Net of fair value amounts on the unfunded portion of loans HFS recognized as Other liabilities on the Consolidated Balance Sheet. |
(2) | Represents impaired loans held for investment whose carrying amount is based on the fair value of the underlying collateral less costs to sell, primarily real estate. |
As of March 31, 2019 | Fair value(1) (in millions) | Methodology | Input | Low(2) | High | Weighted average(3) | ||||||||
Loans held-for-sale | $ | 1,334 | Price-based | Price | $ | 0.77 | $ | 100.00 | $ | 89.97 | ||||
Other real estate owned | $ | 9 | Price-based | Appraised value(4) | $ | 2,993,681 | $ | 8,394,102 | $ | 6,974,411 | ||||
$ | 3 | Cashflow | Discount to price(5) | 13.00 | % | 13.00 | % | 13.00 | % | |||||
Loans(6) | $ | 184 | Recovery analysis | Recovery rate | 39.27 | % | 99.26 | % | 78.25 | % | ||||
$ | 27 | Price-based | Price | $ | 2.60 | $ | 54.00 | $ | 3.40 | |||||
Non-marketable equity securities measured using the measurement alternative | $ | 78 | Price-based | Price | $ | 33.65 | $ | 2,018.12 | $ | 725.12 | ||||
40 | Price-based | Price | $ | 2.84 | $ | 2.84 | $ | 2.84 |
As of September 30, 2018 | Fair value(1) (in millions) | Methodology | Input | Low(2) | High | Weighted average(3) | ||||||||||||||||||||||
As of December 31, 2018 | Fair value(1) (in millions) | Methodology | Input | Low(2) | High | Weighted average(3) | ||||||||||||||||||||||
Loans held-for-sale | $ | 2,533 | Price-based | Price | $ | 80.90 | $ | 100.00 | $ | 99.26 | $ | 1,729 | Price-based | Price | $ | 0.79 | $ | 100.00 | $ | 69.52 | ||||||||
Other real estate owned | $ | 17 | Price-based | Appraised value | $ | 2,353,777 | $ | 8,394,102 | $ | 7,071,276 | $ | 15 | Price-based | Appraised value(4) | $ | 8,394,102 | $ | 8,394,102 | $ | 8,394,102 | ||||||||
Discount to price | 13.00 | % | 13.00 | % | 13.00 | % | 2 | Recovery analysis | Discount to price(5) | 13.00 | % | 13.00 | % | 13.00 | % | |||||||||||||
Price | $ | 56.31 | $ | 56.31 | $ | 56.31 | Price | $ | 56.30 | $ | 83.08 | $ | 58.27 | |||||||||||||||
Loans | $ | 123 | Recovery analysis | Price | $ | 13.36 | $ | 100.00 | $ | 92.33 | $ | 251 | Recovery analysis | Recovery rate | 30.60 | % | 100.00 | % | 50.51 | % | ||||||||
54 | Price-based | Recovery rate | 9.00 | % | 90.00 | % | 76.62 | % | Price | $ | 2.60 | $ | 85.04 | $ | 28.21 | |||||||||||||
Appraised Value | $ | 9,855,140 | $ | 55,972,000 | $ | 38,154,269 | ||||||||||||||||||||||
Non-marketable equity securities measured using the measurement alternative | 66 | Price-based | Price | $ | 45.80 | $ | 1,514.00 | $ | 570.26 |
As of December 31, 2017 | Fair value(1) (in millions) | Methodology | Input | Low(2) | High | Weighted average(3) | ||||||||
Loans held-for-sale | $ | 3,186 | Price-based | Price | $ | 77.93 | $ | 100.00 | $ | 99.26 | ||||
Other real estate owned | $ | 42 | Price-based | Appraised value(4) | $ | 20,278 | $ | 8,091,760 | $ | 4,016,665 | ||||
Discount to price(5) | 34.00 | % | 34.00 | % | 34.00 | % | ||||||||
Price | $ | 30.00 | $ | 50.36 | $ | 49.09 | ||||||||
Loans(6) | $ | 133 | Price-based | Price | $ | 2.80 | $ | 100.00 | $ | 62.46 | ||||
129 | Cash flow | Recovery rate | 50.00 | % | 100.00 | % | 63.59 | % | ||||||
127 | Recovery analysis | Appraised value | $ | — | $ | 45,500,000 | $ | 38,785,667 |
(1) | The fair value amounts presented in this table represent the primary valuation technique or techniques for each class of assets or liabilities. |
(2) | Some inputs are shown as zero due to rounding. |
(3) | Weighted averages are calculated based on the fair values of the instruments. |
(4) | Appraised values are disclosed in whole dollars. |
(5) | Includes estimated costs to sell. |
(6) | Represents impaired loans held for investment whose carrying amounts are based on the fair value of the underlying collateral, primarily real estate secured loans. |
Three Months Ended September 30, | ||||||
In millions of dollars | 2018 | 2017 | ||||
Loans HFS | $ | (1 | ) | $ | 10 | |
Other real estate owned | (1 | ) | (4 | ) | ||
Loans(1) | (22 | ) | (66 | ) | ||
Non-marketable equity investments measured using the measurement alternative | 7 | — | ||||
Total nonrecurring fair value gains (losses) | $ | (17 | ) | $ | (60 | ) |
Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||
In millions of dollars | 2018 | 2017 | 2019 | ||||||
Loans HFS | $ | 8 | $ | (15 | ) | $ | (2 | ) | |
Other real estate owned | (2 | ) | (6 | ) | 1 | ||||
Loans(1) | (51 | ) | (110 | ) | (27 | ) | |||
Non-marketable equity investments measured using the measurement alternative | 111 | — | |||||||
Non-marketable equity securities measured using the measurement alternative | 61 | ||||||||
Total nonrecurring fair value gains (losses) | $ | 66 | $ | (131 | ) | $ | 33 |
(1) | Represents loans held for investment whose carrying amount is based on the fair value of the underlying collateral, primarily real estate. |
Three Months Ended March 31, | |||
In millions of dollars | 2018 | ||
Loans HFS | $ | (35 | ) |
Other real estate owned | (3 | ) | |
Loans(1) | (32 | ) | |
Non-marketable equity securities measured using the measurement alternative | 120 | ||
Total nonrecurring fair value gains (losses) | $ | 50 |
(1) | Represents loans held for investment whose carrying amount is based on the fair value of the underlying collateral, primarily real estate. |
September 30, 2018 | Estimated fair value | March 31, 2019 | Estimated fair value | |||||||||||||||||||||||||||
Carrying value | Estimated fair value | Carrying value | Estimated fair value | |||||||||||||||||||||||||||
In billions of dollars | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||
Investments | $ | 58.9 | $ | 58.0 | $ | 1.1 | $ | 54.9 | $ | 2.0 | $ | 72.5 | $ | 72.7 | $ | 1.0 | $ | 69.6 | $ | 2.1 | ||||||||||
Federal funds sold and securities borrowed and purchased under agreements to resell | 102.5 | 102.5 | — | 100.5 | 2.0 | 102.4 | 102.4 | — | 102.2 | 0.2 | ||||||||||||||||||||
Loans(1)(2) | 656.7 | 655.2 | — | 5.2 | 650.0 | 664.6 | 669.3 | — | 11.0 | 658.3 | ||||||||||||||||||||
Other financial assets(2)(3) | 263.9 | 264.4 | 184.6 | 14.7 | 65.1 | 276.5 | 277.0 | 189.4 | 16.5 | 71.1 | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||
Deposits | $ | 1,003.7 | $ | 1,002.8 | $ | — | $ | 836.7 | $ | 166.1 | $ | 1,028.0 | $ | 1,026.2 | $ | — | $ | 824.0 | $ | 202.2 | ||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 127.8 | 127.8 | — | 127.8 | — | |||||||||||||||||||||||||
Federal funds purchased and securities loaned and sold under agreements to repurchase | 144.1 | 144.1 | — | 144.1 | — | |||||||||||||||||||||||||
Long-term debt(4) | 198.5 | 200.6 | — | 186.3 | 14.3 | 199.4 | 204.0 | — | 188.0 | 16.0 | ||||||||||||||||||||
Other financial liabilities(5) | 110.6 | 110.6 | — | 16.1 | 94.5 | 111.2 | 111.2 | — | 18.9 | 92.3 |
December 31, 2017 | Estimated fair value | December 31, 2018 | Estimated fair value | |||||||||||||||||||||||||||
Carrying value | Estimated fair value | Carrying value | Estimated fair value | |||||||||||||||||||||||||||
In billions of dollars | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||
Investments | $ | 60.2 | $ | 60.6 | $ | 0.5 | $ | 57.5 | $ | 2.6 | $ | 68.9 | $ | 68.5 | $ | 1.0 | $ | 65.4 | $ | 2.1 | ||||||||||
Federal funds sold and securities borrowed and purchased under agreements to resell | 99.5 | 99.5 | — | 94.4 | 5.1 | 123.0 | 123.0 | — | 121.6 | 1.4 | ||||||||||||||||||||
Loans(1)(2) | 648.6 | 644.9 | — | 6.0 | 638.9 | 667.1 | 666.9 | — | 5.6 | 661.3 | ||||||||||||||||||||
Other financial assets(2)(3) | 242.6 | 243.0 | 166.4 | 14.1 | 62.5 | 249.7 | 250.1 | 172.3 | 15.8 | 62.0 | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||
Deposits | $ | 958.4 | $ | 955.6 | $ | — | $ | 816.1 | $ | 139.5 | $ | 1,011.7 | $ | 1,009.5 | $ | — | $ | 847.1 | $ | 162.4 | ||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 115.6 | 115.6 | — | 115.6 | — | |||||||||||||||||||||||||
Federal funds purchased and securities loaned and sold under agreements to repurchase | 133.3 | 133.3 | — | 133.3 | — | |||||||||||||||||||||||||
Long-term debt(4) | 205.3 | 214.0 | — | 187.2 | 26.8 | 193.8 | 193.7 | — | 178.4 | 15.3 | ||||||||||||||||||||
Other financial liabilities(5) | 129.9 | 129.9 | — | 15.5 | 114.4 | 103.8 | 103.8 | — | 17.2 | 86.6 |
(1) | The carrying value of loans is net of the Allowance for loan losses of $12.3 billion for |
(2) | Includes items measured at fair value on a nonrecurring basis. |
(3) | Includes cash and due from banks, deposits with banks, brokerage receivables, reinsurance recoverables and other financial instruments included in Other assets on the Consolidated Balance Sheet, for all of which the carrying value is a reasonable estimate of fair value. |
(4) | The carrying value includes long-term debt balances under qualifying fair value hedges. |
(5) | Includes brokerage payables, separate and variable accounts, short-term borrowings (carried at cost) and other financial instruments included in Other liabilities on the Consolidated Balance Sheet, for all of which the carrying value is a reasonable estimate of fair value. |
Changes in fair value—gains (losses) | ||||||
Three Months Ended March 31, | ||||||
In millions of dollars | 2019 | 2018 | ||||
Assets | ||||||
Federal funds sold and securities borrowed and purchased under agreements to resell | $ | 29 | $ | (16 | ) | |
Trading account assets | 167 | (16 | ) | |||
Investments | — | — | ||||
Loans | ||||||
Certain corporate loans | (133 | ) | (123 | ) | ||
Certain consumer loans | — | — | ||||
Total loans | $ | (133 | ) | $ | (123 | ) |
Other assets | ||||||
MSRs | $ | (27 | ) | $ | 46 | |
Certain mortgage loans HFS(1) | 16 | 2 | ||||
Total other assets | $ | (11 | ) | $ | 48 | |
Total assets | $ | 52 | $ | (107 | ) | |
Liabilities | ||||||
Interest-bearing deposits | $ | (91 | ) | $ | 28 | |
Federal funds purchased and securities loaned and sold under agreements to repurchase | 35 | (111 | ) | |||
Trading account liabilities | 11 | (6 | ) | |||
Short-term borrowings | (175 | ) | 177 | |||
Long-term debt(2) | (2,681 | ) | 618 | |||
Total liabilities | $ | (2,901 | ) | $ | 706 |
Changes in fair value—gains (losses) | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
In millions of dollars | 2018 | 2017 | 2018 | 2017 | ||||||||
Assets | ||||||||||||
Federal funds sold and securities borrowed and purchased under agreements to resell | $ | (17 | ) | $ | (17 | ) | $ | (14 | ) | $ | (108 | ) |
Trading account assets | 3 | 581 | (98 | ) | 1,243 | |||||||
Investments | — | — | — | (3 | ) | |||||||
Loans | ||||||||||||
Certain corporate loans | 11 | (61 | ) | (115 | ) | (42 | ) | |||||
Certain consumer loans | — | 1 | — | 3 | ||||||||
Total loans | $ | 11 | $ | (60 | ) | $ | (115 | ) | $ | (39 | ) | |
Other assets | ||||||||||||
MSRs | $ | 25 | $ | (6 | ) | $ | 82 | $ | 50 | |||
Certain mortgage loans held-for-sale(1) | 9 | 34 | 21 | 115 | ||||||||
Total other assets | $ | 34 | $ | 28 | $ | 103 | $ | 165 | ||||
Total assets | $ | 31 | $ | 532 | $ | (124 | ) | $ | 1,258 | |||
Liabilities | ||||||||||||
Interest-bearing deposits | $ | (20 | ) | $ | (16 | ) | $ | 18 | $ | (60 | ) | |
Federal funds purchased and securities loaned and sold under agreements to repurchase | 230 | 97 | 104 | 183 | ||||||||
Trading account liabilities | 25 | 19 | 4 | 70 | ||||||||
Short-term borrowings | 20 | (30 | ) | 138 | (110 | ) | ||||||
Long-term debt | (270 | ) | (510 | ) | 1,269 | (981 | ) | |||||
Total liabilities | $ | (15 | ) | $ | (440 | ) | $ | 1,533 | $ | (898 | ) |
(1) | Includes gains (losses) associated with interest rate lock commitments for those loans that have been originated and elected under the fair value option. |
(2) | Includes a loss of ($0.7) billion and a gain of $0.2 billion of DVA which is included in AOCI for the three months ended March 31, 2019 and 2018, respectively. |
March 31, 2019 | December 31, 2018 | |||||||||||
In millions of dollars | Trading assets | Loans | Trading assets | Loans | ||||||||
Carrying amount reported on the Consolidated Balance Sheet | $ | 9,287 | $ | 3,874 | $ | 10,108 | $ | 3,224 | ||||
Aggregate unpaid principal balance in excess of (less than) fair value | 870 | 750 | 435 | 741 | ||||||||
Balance of non-accrual loans or loans more than 90 days past due | — | 1 | — | 1 | ||||||||
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | — | — | — | — |
September 30, 2018 | December 31, 2017 | |||||||||||
In millions of dollars | Trading assets | Loans | Trading assets | Loans | ||||||||
Carrying amount reported on the Consolidated Balance Sheet | $ | 8,922 | $ | 4,239 | $ | 8,851 | $ | 4,374 | ||||
Aggregate unpaid principal balance in excess of (less than) fair value | 432 | 538 | 623 | 682 | ||||||||
Balance of non-accrual loans or loans more than 90 days past due | — | 1 | — | 1 | ||||||||
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | — | — | — | 1 |
In millions of dollars | March 31, 2019 | December 31, 2018 | ||||
Carrying amount reported on the Consolidated Balance Sheet | $ | 459 | $ | 556 | ||
Aggregate fair value in excess of (less than) unpaid principal balance | 18 | 21 | ||||
Balance of non-accrual loans or loans more than 90 days past due | — | — | ||||
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | — | — |
In millions of dollars | September 30, 2018 | December 31, 2017 | ||||
Carrying amount reported on the Consolidated Balance Sheet | $ | 480 | $ | 426 | ||
Aggregate fair value in excess of (less than) unpaid principal balance | 9 | 14 | ||||
Balance of non-accrual loans or loans more than 90 days past due | — | — | ||||
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | — | — |
In billions of dollars | March 31, 2019 | December 31, 2018 | ||||
Interest rate linked | $ | 18.7 | $ | 17.3 | ||
Foreign exchange linked | 1.0 | 0.5 | ||||
Equity linked | 17.9 | 14.8 | ||||
Commodity linked | 1.2 | 1.2 | ||||
Credit linked | 2.0 | 1.9 | ||||
Total | $ | 40.8 | $ | 35.7 |
In billions of dollars | September 30, 2018 | December 31, 2017 | ||||
Interest rate linked | $ | 16.8 | $ | 13.9 | ||
Foreign exchange linked | 0.4 | 0.3 | ||||
Equity linked | 15.2 | 13.0 | ||||
Commodity linked | 0.2 | 0.2 | ||||
Credit linked | 1.4 | 1.9 | ||||
Total | $ | 34.0 | $ | 29.3 |
In millions of dollars | March 31, 2019 | December 31, 2018 | ||||
Carrying amount reported on the Consolidated Balance Sheet | $ | 44,088 | $ | 38,229 | ||
Aggregate unpaid principal balance in excess of (less than) fair value | 2,610 | 3,814 |
In millions of dollars | September 30, 2018 | December 31, 2017 | ||||
Carrying amount reported on the Consolidated Balance Sheet | $ | 36,772 | $ | 31,392 | ||
Aggregate unpaid principal balance in excess of (less than) fair value | 1,967 | (579 | ) |
In millions of dollars | March 31, 2019 | December 31, 2018 | ||||
Carrying amount reported on the Consolidated Balance Sheet | $ | 5,172 | $ | 4,483 | ||
Aggregate unpaid principal balance in excess of fair value | 631 | 861 |
In millions of dollars | September 30, 2018 | December 31, 2017 | ||||
Carrying amount reported on the Consolidated Balance Sheet | $ | 5,042 | $ | 4,627 | ||
Aggregate unpaid principal balance in excess of fair value | 781 | 74 |
Maximum potential amount of future payments | Maximum potential amount of future payments | |||||||||||||||||||||||
In billions of dollars at September 30, 2018 except carrying value in millions | Expire within 1 year | Expire after 1 year | Total amount outstanding | Carrying value (in millions of dollars) | ||||||||||||||||||||
In billions of dollars at March 31, 2019 | Expire within 1 year | Expire after 1 year | Total amount outstanding | Carrying value (in millions of dollars) | ||||||||||||||||||||
Financial standby letters of credit | $ | 29.9 | $ | 65.5 | $ | 95.4 | $ | 165 | $ | 33.5 | $ | 63.6 | $ | 97.1 | $ | 163 | ||||||||
Performance guarantees | 7.8 | 4.0 | 11.8 | 30 | 8.2 | 3.9 | 12.1 | 28 | ||||||||||||||||
Derivative instruments considered to be guarantees | 21.2 | 84.5 | 105.7 | 307 | 46.4 | 73.4 | 119.8 | 326 | ||||||||||||||||
Loans sold with recourse | — | 1.4 | 1.4 | 9 | — | 1.3 | 1.3 | 8 | ||||||||||||||||
Securities lending indemnifications(1) | 120.5 | — | 120.5 | — | 105.1 | — | 105.1 | — | ||||||||||||||||
Credit card merchant processing(1)(2) | 95.5 | — | 95.5 | — | 85.6 | — | 85.6 | — | ||||||||||||||||
Credit card arrangements with partners | — | 1.1 | 1.1 | 162 | 0.2 | 0.8 | 1.0 | 136 | ||||||||||||||||
Custody indemnifications and other | — | 38.6 | 38.6 | 62 | — | 32.9 | 32.9 | 41 | ||||||||||||||||
Total | $ | 274.9 | $ | 195.1 | $ | 470.0 | $ | 735 | $ | 279.0 | $ | 175.9 | $ | 454.9 | $ | 702 |
Maximum potential amount of future payments | Maximum potential amount of future payments | |||||||||||||||||||||||
In billions of dollars at December 31, 2017 except carrying value in millions | Expire within 1 year | Expire after 1 year | Total amount outstanding | Carrying value (in millions of dollars) | ||||||||||||||||||||
In billions of dollars at December 31, 2018 | Expire within 1 year | Expire after 1 year | Total amount outstanding | Carrying value (in millions of dollars) | ||||||||||||||||||||
Financial standby letters of credit | $ | 27.9 | $ | 65.9 | $ | 93.8 | $ | 93 | $ | 31.8 | $ | 65.3 | $ | 97.1 | $ | 131 | ||||||||
Performance guarantees | 7.2 | 4.1 | 11.3 | 20 | 7.7 | 4.2 | 11.9 | 29 | ||||||||||||||||
Derivative instruments considered to be guarantees | 11.0 | 84.9 | 95.9 | 423 | 23.5 | 87.4 | 110.9 | 567 | ||||||||||||||||
Loans sold with recourse | — | 1.4 | 1.4 | 9 | — | 1.2 | 1.2 | 9 | ||||||||||||||||
Securities lending indemnifications(1) | 103.7 | — | 103.7 | — | 98.3 | — | 98.3 | — | ||||||||||||||||
Credit card merchant processing(1)(2) | 85.5 | — | 85.5 | — | 95.0 | — | 95.0 | — | ||||||||||||||||
Credit card arrangements with partners | 0.3 | 1.1 | 1.4 | 205 | 0.3 | 0.8 | 1.1 | 162 | ||||||||||||||||
Custody indemnifications and other | — | 36.0 | 36.0 | 59 | — | 35.4 | 35.4 | 41 | ||||||||||||||||
Total | $ | 235.6 | $ | 193.4 | $ | 429.0 | $ | 809 | $ | 256.6 | $ | 194.3 | $ | 450.9 | $ | 939 |
(1) | The carrying values of securities lending indemnifications and credit card merchant processing were not material for either period presented, as the probability of potential liabilities arising from these guarantees is minimal. |
(2) | At |
Maximum potential amount of future payments | Maximum potential amount of future payments | |||||||||||||||||||||||
In billions of dollars at September 30, 2018 | Investment grade | Non-investment grade | Not rated | Total | ||||||||||||||||||||
In billions of dollars at March 31, 2019 | Investment grade | Non-investment grade | Not rated | Total | ||||||||||||||||||||
Financial standby letters of credit | $ | 68.0 | $ | 11.4 | $ | 16.0 | $ | 95.4 | $ | 69.4 | $ | 11.5 | $ | 16.2 | $ | 97.1 | ||||||||
Performance guarantees | 8.6 | 2.2 | 1.0 | 11.8 | 9.8 | 1.9 | 0.4 | 12.1 | ||||||||||||||||
Derivative instruments deemed to be guarantees | — | — | 105.7 | 105.7 | — | — | 119.8 | 119.8 | ||||||||||||||||
Loans sold with recourse | — | — | 1.4 | 1.4 | — | — | 1.3 | 1.3 | ||||||||||||||||
Securities lending indemnifications | — | — | 120.5 | 120.5 | — | — | 105.1 | 105.1 | ||||||||||||||||
Credit card merchant processing | — | — | 95.5 | 95.5 | — | — | 85.6 | 85.6 | ||||||||||||||||
Credit card arrangements with partners | — | — | 1.1 | 1.1 | — | — | 1.0 | 1.0 | ||||||||||||||||
Custody indemnifications and other | 25.7 | 12.9 | — | 38.6 | 19.8 | 13.1 | — | 32.9 | ||||||||||||||||
Total | $ | 102.3 | $ | 26.5 | $ | 341.2 | $ | 470.0 | $ | 99.0 | $ | 26.5 | $ | 329.4 | $ | 454.9 |
Maximum potential amount of future payments | ||||||||||||
In billions of dollars at December 31, 2018 | Investment grade | Non-investment grade | Not rated | Total | ||||||||
Financial standby letters of credit | $ | 68.3 | $ | 11.8 | $ | 17.0 | $ | 97.1 | ||||
Performance guarantees | 9.2 | 2.1 | 0.6 | 11.9 | ||||||||
Derivative instruments deemed to be guarantees | — | — | 110.9 | 110.9 | ||||||||
Loans sold with recourse | — | — | 1.2 | 1.2 | ||||||||
Securities lending indemnifications | — | — | 98.3 | 98.3 | ||||||||
Credit card merchant processing | — | — | 95.0 | 95.0 | ||||||||
Credit card arrangements with partners | — | — | 1.1 | 1.1 | ||||||||
Custody indemnifications and other | 22.2 | 13.2 | — | 35.4 | ||||||||
Total | $ | 99.7 | $ | 27.1 | $ | 324.1 | $ | 450.9 |
In millions of dollars | Operating leases | ||
As of March 31, 2019 | |||
2019 (excluding the three months ended March 31, 2019) | $ | 704 | |
2020 | 755 | ||
2021 | 638 | ||
2022 | 514 | ||
2023 | 405 | ||
Thereafter | 1,794 | ||
Total future lease payments | $ | 4,810 | |
Less imputed interest (based on weighted-average discount rate of 3.5%) | (698 | ) | |
Lease liability | $ | 4,112 |
Maximum potential amount of future payments | ||||||||||||
In billions of dollars at December 31, 2017 | Investment grade | Non-investment grade | Not rated | Total | ||||||||
Financial standby letters of credit | $ | 68.1 | $ | 10.9 | $ | 14.8 | $ | 93.8 | ||||
Performance guarantees | 7.9 | 2.4 | 1.0 | 11.3 | ||||||||
Derivative instruments deemed to be guarantees | — | — | 95.9 | 95.9 | ||||||||
Loans sold with recourse | — | — | 1.4 | 1.4 | ||||||||
Securities lending indemnifications | — | — | 103.7 | 103.7 | ||||||||
Credit card merchant processing | — | — | 85.5 | 85.5 | ||||||||
Credit card arrangements with partners | — | — | 1.4 | 1.4 | ||||||||
Custody indemnifications and other | 23.7 | 12.3 | — | 36.0 | ||||||||
Total | $ | 99.7 | $ | 25.6 | $ | 303.7 | $ | 429.0 |
In millions of dollars | U.S. | Outside of U.S. | March 31, 2019 | December 31, 2018 | ||||||||
Commercial and similar letters of credit | $ | 834 | $ | 5,061 | $ | 5,895 | $ | 5,461 | ||||
One- to four-family residential mortgages | 1,750 | 1,669 | 3,419 | 2,671 | ||||||||
Revolving open-end loans secured by one- to four-family residential properties | 9,977 | 1,335 | 11,312 | 11,374 | ||||||||
Commercial real estate, construction and land development | 9,798 | 1,638 | 11,436 | 11,293 | ||||||||
Credit card lines | 615,230 | 92,865 | 708,095 | 696,007 | ||||||||
Commercial and other consumer loan commitments | 194,289 | 112,053 | 306,342 | 300,115 | ||||||||
Other commitments and contingencies | 2,384 | 563 | 2,947 | 3,321 | ||||||||
Total | $ | 834,262 | $ | 215,184 | $ | 1,049,446 | $ | 1,030,242 |
In millions of dollars | U.S. | Outside of U.S. | September 30, 2018 | December 31, 2017 | ||||||||
Commercial and similar letters of credit | $ | 798 | $ | 4,290 | $ | 5,088 | $ | 5,000 | ||||
One- to four-family residential mortgages | 1,199 | 1,709 | 2,908 | 2,674 | ||||||||
Revolving open-end loans secured by one- to four-family residential properties | 10,212 | 1,391 | 11,603 | 12,323 | ||||||||
Commercial real estate, construction and land development | 12,175 | 1,971 | 14,146 | 11,151 | ||||||||
Credit card lines | 605,614 | 94,646 | 700,260 | 678,300 | ||||||||
Commercial and other consumer loan commitments | 199,722 | 107,517 | 307,239 | 272,655 | ||||||||
Other commitments and contingencies | 3,165 | 516 | 3,681 | 3,071 | ||||||||
Total | $ | 832,885 | $ | 212,040 | $ | 1,044,925 | $ | 985,174 |
In millions of dollars | March 31, 2019 | December 31, 2018 | ||||
Cash and due from banks | $ | 3,601 | $ | 4,000 | ||
Deposits with banks | 23,832 | 27,208 | ||||
Total | $ | 27,433 | $ | 31,208 |
In millions of dollars | September 30, 2018 | December 31, 2017 | ||||
Cash and due from banks | $ | 3,488 | $ | 3,151 | ||
Deposits with banks | 24,106 | 27,664 | ||||
Total | $ | 27,594 | $ | 30,815 |
Three Months Ended March 31, 2019 | |||||||||||||||||||
In millions of dollars | Citigroup parent company | CGMHI | Other Citigroup subsidiaries and eliminations | Consolidating adjustments | Citigroup consolidated | ||||||||||||||
Revenues | |||||||||||||||||||
Dividends from subsidiaries | $ | 9,167 | $ | — | $ | — | $ | (9,167 | ) | $ | — | ||||||||
Interest revenue | — | 2,572 | 16,504 | — | 19,076 | ||||||||||||||
Interest revenue—intercompany | 1,325 | 503 | (1,828 | ) | — | — | |||||||||||||
Interest expense | 1,271 | 1,824 | 4,222 | — | 7,317 | ||||||||||||||
Interest expense—intercompany | 312 | 1,075 | (1,387 | ) | — | — | |||||||||||||
Net interest revenue | $ | (258 | ) | $ | 176 | $ | 11,841 | $ | — | $ | 11,759 | ||||||||
Commissions and fees | $ | — | $ | 1,307 | $ | 1,619 | $ | — | $ | 2,926 | |||||||||
Commissions and fees—intercompany | (1 | ) | 121 | (120 | ) | — | — | ||||||||||||
Principal transactions | (825 | ) | (1,034 | ) | 4,663 | — | 2,804 | ||||||||||||
Principal transactions—intercompany | 447 | 2,036 | (2,483 | ) | — | — | |||||||||||||
Other income | 319 | 99 | 669 | — | 1,087 | ||||||||||||||
Other income—intercompany | (34 | ) | 42 | (8 | ) | — | — | ||||||||||||
Total non-interest revenues | $ | (94 | ) | $ | 2,571 | $ | 4,340 | $ | — | $ | 6,817 | ||||||||
Total revenues, net of interest expense | $ | 8,815 | $ | 2,747 | $ | 16,181 | $ | (9,167 | ) | $ | 18,576 | ||||||||
Provisions for credit losses and for benefits and claims | $ | — | $ | — | $ | 1,980 | $ | — | $ | 1,980 | |||||||||
Operating expenses | |||||||||||||||||||
Compensation and benefits | $ | 33 | $ | 1,284 | $ | 4,341 | $ | — | $ | 5,658 | |||||||||
Compensation and benefits—intercompany | 26 | — | (26 | ) | — | — | |||||||||||||
Other operating | 5 | 553 | 4,368 | — | 4,926 | ||||||||||||||
Other operating—intercompany | 5 | 582 | (587 | ) | — | — | |||||||||||||
Total operating expenses | $ | 69 | $ | 2,419 | $ | 8,096 | $ | — | $ | 10,584 | |||||||||
Equity in undistributed income of subsidiaries | $ | (4,203 | ) | $ | — | $ | — | $ | 4,203 | $ | — | ||||||||
Income (loss) from continuing operations before income taxes | $ | 4,543 | $ | 328 | $ | 6,105 | $ | (4,964 | ) | $ | 6,012 | ||||||||
Provision (benefit) for income taxes | (167 | ) | 140 | 1,302 | — | 1,275 | |||||||||||||
Income (loss) from continuing operations | $ | 4,710 | $ | 188 | $ | 4,803 | $ | (4,964 | ) | $ | 4,737 | ||||||||
Loss from discontinued operations, net of taxes | — | — | (2 | ) | — | (2 | ) | ||||||||||||
Net income before attribution of noncontrolling interests | $ | 4,710 | $ | 188 | $ | 4,801 | $ | (4,964 | ) | $ | 4,735 | ||||||||
Noncontrolling interests | — | — | 25 | — | 25 | ||||||||||||||
Net income (loss) | $ | 4,710 | $ | 188 | $ | 4,776 | $ | (4,964 | ) | $ | 4,710 | ||||||||
Comprehensive income | |||||||||||||||||||
Add: Other comprehensive income (loss) | $ | 862 | $ | (289 | ) | $ | 999 | $ | (710 | ) | $ | 862 | |||||||
Total Citigroup comprehensive income (loss) | $ | 5,572 | $ | (101 | ) | $ | 5,775 | $ | (5,674 | ) | $ | 5,572 | |||||||
Add: Other comprehensive income attributable to noncontrolling interests | $ | — | $ | — | $ | (13 | ) | $ | — | $ | (13 | ) | |||||||
Add: Net income attributable to noncontrolling interests | — | — | 25 | — | 25 | ||||||||||||||
Total comprehensive income (loss) | $ | 5,572 | $ | (101 | ) | $ | 5,787 | $ | (5,674 | ) | $ | 5,584 |
Three Months Ended September 30, 2018 | |||||||||||||||||||
In millions of dollars | Citigroup parent company | CGMHI | Other Citigroup subsidiaries and eliminations | Consolidating adjustments | Citigroup consolidated | ||||||||||||||
Revenues | |||||||||||||||||||
Dividends from subsidiaries | $ | 7,948 | $ | — | $ | — | $ | (7,948 | ) | $ | — | ||||||||
Interest revenue | 1 | 2,291 | 15,878 | — | 18,170 | ||||||||||||||
Interest revenue—intercompany | 1,281 | 424 | (1,705 | ) | — | — | |||||||||||||
Interest expense | 1,068 | 1,405 | 3,895 | — | 6,368 | ||||||||||||||
Interest expense—intercompany | 492 | 899 | (1,391 | ) | — | — | |||||||||||||
Net interest revenue | $ | (278 | ) | $ | 411 | $ | 11,669 | $ | — | $ | 11,802 | ||||||||
Commissions and fees | $ | — | $ | 1,194 | $ | 1,609 | $ | — | $ | 2,803 | |||||||||
Commissions and fees—intercompany | — | 72 | (72 | ) | — | — | |||||||||||||
Principal transactions | (100 | ) | 581 | 2,085 | — | 2,566 | |||||||||||||
Principal transactions—intercompany | (303 | ) | (10 | ) | 313 | — | — | ||||||||||||
Other income | 266 | 325 | 627 | — | 1,218 | ||||||||||||||
Other income—intercompany | (46 | ) | 57 | (11 | ) | — | — | ||||||||||||
Total non-interest revenues | $ | (183 | ) | $ | 2,219 | $ | 4,551 | $ | — | $ | 6,587 | ||||||||
Total revenues, net of interest expense | $ | 7,487 | $ | 2,630 | $ | 16,220 | $ | (7,948 | ) | $ | 18,389 | ||||||||
Provisions for credit losses and for benefits and claims | $ | — | $ | 3 | $ | 1,971 | $ | — | $ | 1,974 | |||||||||
Operating expenses | |||||||||||||||||||
Compensation and benefits | $ | 14 | $ | 1,148 | $ | 4,157 | $ | — | $ | 5,319 | |||||||||
Compensation and benefits—intercompany | 19 | — | (19 | ) | — | — | |||||||||||||
Other operating | (201 | ) | 558 | 4,635 | — | 4,992 | |||||||||||||
Other operating—intercompany | 13 | 564 | (577 | ) | — | — | |||||||||||||
Total operating expenses | $ | (155 | ) | $ | 2,270 | $ | 8,196 | $ | — | $ | 10,311 | ||||||||
Equity in undistributed income of subsidiaries | $ | (3,098 | ) | $ | — | $ | — | $ | 3,098 | $ | — | ||||||||
Income (loss) from continuing operations before income taxes | $ | 4,544 | $ | 357 | $ | 6,053 | $ | (4,850 | ) | $ | 6,104 | ||||||||
Provision (benefit) for income taxes | (78 | ) | 169 | 1,380 | — | 1,471 | |||||||||||||
Income (loss) from continuing operations | $ | 4,622 | $ | 188 | $ | 4,673 | $ | (4,850 | ) | $ | 4,633 | ||||||||
Loss from discontinued operations, net of taxes | — | — | (8 | ) | — | (8 | ) | ||||||||||||
Net income before attribution of noncontrolling interests | $ | 4,622 | $ | 188 | $ | 4,665 | $ | (4,850 | ) | $ | 4,625 | ||||||||
Noncontrolling interests | — | — | 3 | — | 3 | ||||||||||||||
Net income (loss) | $ | 4,622 | $ | 188 | $ | 4,662 | $ | (4,850 | ) | $ | 4,622 | ||||||||
Comprehensive income | |||||||||||||||||||
Add: Other comprehensive income (loss) | $ | (1,151 | ) | $ | (196 | ) | $ | (458 | ) | $ | 654 | $ | (1,151 | ) | |||||
Total Citigroup comprehensive income (loss) | $ | 3,471 | $ | (8 | ) | $ | 4,204 | $ | (4,196 | ) | $ | 3,471 | |||||||
Add: Other comprehensive income attributable to noncontrolling interests | $ | — | $ | — | $ | 8 | $ | — | $ | 8 | |||||||||
Add: Net income attributable to noncontrolling interests | — | — | 3 | — | 3 | ||||||||||||||
Total comprehensive income (loss) | $ | 3,471 | $ | (8 | ) | $ | 4,215 | $ | (4,196 | ) | $ | 3,482 |
Three Months Ended September 30, 2017 | Three Months Ended March 31, 2018 | |||||||||||||||||||||||||||||||||||||||||
In millions of dollars | Citigroup parent company | CGMHI | Other Citigroup subsidiaries and eliminations | Consolidating adjustments | Citigroup consolidated | Citigroup parent company | CGMHI | Other Citigroup subsidiaries and eliminations | Consolidating adjustments | Citigroup consolidated | ||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||||||
Dividends from subsidiaries | $ | 5,360 | $ | — | $ | — | $ | (5,360 | ) | $ | — | $ | 5,585 | $ | — | $ | — | $ | (5,585 | ) | $ | — | ||||||||||||||||||||
Interest revenue | — | 1,442 | 14,472 | — | 15,914 | 52 | 1,656 | 14,624 | — | 16,332 | ||||||||||||||||||||||||||||||||
Interest revenue—intercompany | 1,040 | 313 | (1,353 | ) | — | — | 1,130 | 383 | (1,513 | ) | — | — | ||||||||||||||||||||||||||||||
Interest expense | 1,195 | 643 | 2,541 | — | 4,379 | 1,238 | 1,013 | 2,909 | — | 5,160 | ||||||||||||||||||||||||||||||||
Interest expense—intercompany | 240 | 580 | (820 | ) | — | — | 259 | 772 | (1,031 | ) | — | — | ||||||||||||||||||||||||||||||
Net interest revenue | $ | (395 | ) | $ | 532 | $ | 11,398 | $ | — | $ | 11,535 | $ | (315 | ) | $ | 254 | $ | 11,233 | $ | — | $ | 11,172 | ||||||||||||||||||||
Commissions and fees | $ | — | $ | 1,262 | $ | 1,979 | $ | — | $ | 3,241 | $ | — | $ | 1,252 | $ | 1,778 | $ | — | $ | 3,030 | ||||||||||||||||||||||
Commissions and fees—intercompany | — | 13 | (13 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Principal transactions | 610 | 501 | 1,137 | — | 2,248 | 1,031 | 921 | 1,290 | — | 3,242 | ||||||||||||||||||||||||||||||||
Principal transactions—intercompany | 168 | (401 | ) | 233 | — | — | (386 | ) | 192 | 194 | — | — | ||||||||||||||||||||||||||||||
Other income | (860 | ) | 729 | 1,526 | — | 1,395 | (928 | ) | 153 | 2,203 | — | 1,428 | ||||||||||||||||||||||||||||||
Other income—intercompany | 32 | 153 | (185 | ) | — | — | 55 | 55 | (110 | ) | — | — | ||||||||||||||||||||||||||||||
Total non-interest revenues | $ | (50 | ) | $ | 2,257 | $ | 4,677 | $ | — | $ | 6,884 | $ | (228 | ) | $ | 2,573 | $ | 5,355 | $ | — | $ | 7,700 | ||||||||||||||||||||
Total revenues, net of interest expense | $ | 4,915 | $ | 2,789 | $ | 16,075 | $ | (5,360 | ) | $ | 18,419 | $ | 5,042 | $ | 2,827 | $ | 16,588 | $ | (5,585 | ) | $ | 18,872 | ||||||||||||||||||||
Provisions for credit losses and for benefits and claims | $ | — | $ | (1 | ) | $ | 2,000 | $ | — | $ | 1,999 | $ | — | $ | — | $ | 1,857 | $ | — | $ | 1,857 | |||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||||||||||||||||
Compensation and benefits | $ | (3 | ) | $ | 1,104 | $ | 4,203 | $ | — | $ | 5,304 | $ | 134 | $ | 1,265 | $ | 4,408 | $ | — | $ | 5,807 | |||||||||||||||||||||
Compensation and benefits—intercompany | 46 | — | (46 | ) | — | — | 34 | — | (34 | ) | — | — | ||||||||||||||||||||||||||||||
Other operating | (18 | ) | 560 | 4,571 | — | 5,113 | 43 | 550 | 4,525 | — | 5,118 | |||||||||||||||||||||||||||||||
Other operating—intercompany | 8 | 310 | (318 | ) | — | — | 12 | 582 | (594 | ) | — | — | ||||||||||||||||||||||||||||||
Total operating expenses | $ | 33 | $ | 1,974 | $ | 8,410 | $ | — | $ | 10,417 | $ | 223 | $ | 2,397 | $ | 8,305 | $ | — | $ | 10,925 | ||||||||||||||||||||||
Equity in undistributed income of subsidiaries | $ | (1,015 | ) | $ | — | $ | — | $ | 1,015 | $ | — | $ | (446 | ) | $ | — | $ | — | $ | 446 | $ | — | ||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 3,867 | $ | 816 | $ | 5,665 | $ | (4,345 | ) | $ | 6,003 | $ | 4,373 | $ | 430 | $ | 6,426 | $ | (5,139 | ) | $ | 6,090 | ||||||||||||||||||||
Provision (benefit) for income taxes | (266 | ) | — | 324 | 1,808 | — | 1,866 | (247 | ) | — | 65 | 1,623 | — | 1,441 | ||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 4,133 | $ | 492 | $ | 3,857 | $ | (4,345 | ) | $ | 4,137 | $ | 4,620 | $ | 365 | $ | 4,803 | $ | (5,139 | ) | $ | 4,649 | ||||||||||||||||||||
Loss from discontinued operations, net of taxes | — | — | (5 | ) | — | (5 | ) | — | — | (7 | ) | — | (7 | ) | ||||||||||||||||||||||||||||
Net income (loss) before attribution of noncontrolling interests | $ | 4,133 | $ | 492 | $ | 3,852 | $ | (4,345 | ) | $ | 4,132 | $ | 4,620 | $ | 365 | $ | 4,796 | $ | (5,139 | ) | $ | 4,642 | ||||||||||||||||||||
Noncontrolling interests | — | — | (1 | ) | — | (1 | ) | — | — | 22 | — | 22 | ||||||||||||||||||||||||||||||
Net income (loss) | $ | 4,133 | $ | 492 | $ | 3,853 | $ | (4,345 | ) | $ | 4,133 | $ | 4,620 | $ | 365 | $ | 4,774 | $ | (5,139 | ) | $ | 4,620 | ||||||||||||||||||||
Comprehensive income | ||||||||||||||||||||||||||||||||||||||||||
Add: Other comprehensive income (loss) | $ | 8 | $ | (84 | ) | $ | (762 | ) | $ | 846 | $ | 8 | $ | 52 | $ | 82 | $ | (3,156 | ) | $ | 3,074 | $ | 52 | |||||||||||||||||||
Total Citigroup comprehensive income (loss) | $ | 4,141 | $ | 408 | $ | 3,091 | $ | (3,499 | ) | $ | 4,141 | $ | 4,672 | $ | 447 | $ | 1,618 | $ | (2,065 | ) | $ | 4,672 | ||||||||||||||||||||
Add: Other comprehensive income attributable to noncontrolling interests | $ | — | $ | — | — | $ | 12 | $ | — | $ | 12 | $ | — | $ | — | — | $ | 14 | $ | — | $ | 14 | ||||||||||||||||||||
Add: Net income attributable to noncontrolling interests | — | — | — | (1 | ) | — | (1 | ) | — | — | — | 22 | — | 22 | ||||||||||||||||||||||||||||
Total comprehensive income (loss) | $ | 4,141 | $ | 408 | $ | 3,102 | $ | (3,499 | ) | $ | 4,152 | $ | 4,672 | $ | 447 | $ | 1,654 | $ | (2,065 | ) | $ | 4,708 |
Nine Months Ended September 30, 2018 | |||||||||||||||||||
In millions of dollars | Citigroup parent company | CGMHI | Other Citigroup subsidiaries and eliminations | Consolidating adjustments | Citigroup consolidated | ||||||||||||||
Revenues | |||||||||||||||||||
Dividends from subsidiaries | $ | 16,648 | $ | — | $ | — | $ | (16,648 | ) | $ | — | ||||||||
Interest revenue | 67 | 6,344 | 45,641 | — | 52,052 | ||||||||||||||
Interest revenue—intercompany | 3,636 | 1,206 | (4,842 | ) | — | — | |||||||||||||
Interest expense | 3,119 | 3,732 | 10,562 | — | 17,413 | ||||||||||||||
Interest expense—intercompany | 1,467 | 2,567 | (4,034 | ) | — | — | |||||||||||||
Net interest revenue | $ | (883 | ) | $ | 1,251 | $ | 34,271 | $ | — | $ | 34,639 | ||||||||
Commissions and fees | $ | — | $ | 3,793 | $ | 5,151 | $ | — | $ | 8,944 | |||||||||
Commissions and fees—intercompany | (1 | ) | 163 | (162 | ) | — | — | ||||||||||||
Principal transactions | (275 | ) | 805 | 7,476 | — | 8,006 | |||||||||||||
Principal transactions—intercompany | (1,161 | ) | 1,461 | (300 | ) | — | — | ||||||||||||
Other income | 817 | 666 | 2,658 | — | 4,141 | ||||||||||||||
Other income—intercompany | (111 | ) | 88 | 23 | — | — | |||||||||||||
Total non-interest revenues | $ | (731 | ) | $ | 6,976 | $ | 14,846 | $ | — | $ | 21,091 | ||||||||
Total revenues, net of interest expense | $ | 15,034 | $ | 8,227 | $ | 49,117 | $ | (16,648 | ) | $ | 55,730 | ||||||||
Provisions for credit losses and for benefits and claims | $ | — | $ | (21 | ) | $ | 5,664 | $ | — | $ | 5,643 | ||||||||
Operating expenses | |||||||||||||||||||
Compensation and benefits | $ | 149 | $ | 3,695 | $ | 12,734 | $ | — | $ | 16,578 | |||||||||
Compensation and benefits—intercompany | 82 | — | (82 | ) | — | — | |||||||||||||
Other operating | (210 | ) | 1,684 | 13,896 | — | 15,370 | |||||||||||||
Other operating—intercompany | 38 | 1,835 | (1,873 | ) | — | — | |||||||||||||
Total operating expenses | $ | 59 | $ | 7,214 | $ | 24,675 | $ | — | $ | 31,948 | |||||||||
Equity in undistributed income of subsidiaries | $ | (2,060 | ) | $ | — | $ | — | $ | 2,060 | $ | — | ||||||||
Income (loss) from continuing operations before income taxes | $ | 12,915 | $ | 1,034 | $ | 18,778 | $ | (14,588 | ) | $ | 18,139 | ||||||||
Provision (benefit) for income taxes | (817 | ) | 853 | 4,320 | — | 4,356 | |||||||||||||
Income (loss) from continuing operations | $ | 13,732 | $ | 181 | $ | 14,458 | $ | (14,588 | ) | $ | 13,783 | ||||||||
Net income (loss) before attribution of noncontrolling interests | $ | 13,732 | $ | 181 | $ | 14,458 | $ | (14,588 | ) | $ | 13,783 | ||||||||
Noncontrolling interests | — | — | 51 | — | 51 | ||||||||||||||
Net income (loss) | $ | 13,732 | $ | 181 | $ | 14,407 | $ | (14,588 | ) | $ | 13,732 | ||||||||
Comprehensive income | |||||||||||||||||||
Add: Other comprehensive income (loss) | $ | (3,974 | ) | $ | (186 | ) | $ | 1,787 | $ | (1,601 | ) | $ | (3,974 | ) | |||||
Total Citigroup comprehensive income (loss) | $ | 9,758 | $ | (5 | ) | $ | 16,194 | $ | (16,189 | ) | $ | 9,758 | |||||||
Add: Other comprehensive income attributable to noncontrolling interests | $ | — | $ | — | $ | (35 | ) | $ | — | $ | (35 | ) | |||||||
Add: Net income attributable to noncontrolling interests | — | — | 51 | — | 51 | ||||||||||||||
Total comprehensive income (loss) | $ | 9,758 | $ | (5 | ) | $ | 16,210 | $ | (16,189 | ) | $ | 9,774 |
Nine Months Ended September 30, 2017 | |||||||||||||||||||
In millions of dollars | Citigroup parent company | CGMHI | Other Citigroup subsidiaries and eliminations | Consolidating adjustments | Citigroup consolidated | ||||||||||||||
Revenues | |||||||||||||||||||
Dividends from subsidiaries | $ | 11,625 | $ | — | $ | — | $ | (11,625 | ) | $ | — | ||||||||
Interest revenue | — | 3,873 | 41,856 | — | 45,729 | ||||||||||||||
Interest revenue—intercompany | 2,909 | 847 | (3,756 | ) | — | — | |||||||||||||
Interest expense | 3,549 | 1,578 | 6,854 | — | 11,981 | ||||||||||||||
Interest expense—intercompany | 593 | 1,666 | (2,259 | ) | — | — | |||||||||||||
Net interest revenue | $ | (1,233 | ) | $ | 1,476 | $ | 33,505 | $ | — | $ | 33,748 | ||||||||
Commissions and fees | $ | — | $ | 3,933 | $ | 5,619 | $ | — | $ | 9,552 | |||||||||
Commissions and fees—intercompany | (1 | ) | 123 | (122 | ) | — | — | ||||||||||||
Principal transactions | 1,569 | 2,377 | 4,039 | — | 7,985 | ||||||||||||||
Principal transactions—intercompany | 768 | (207 | ) | (561 | ) | — | — | ||||||||||||
Other income | (2,500 | ) | 868 | 5,287 | — | 3,655 | |||||||||||||
Other income—intercompany | 70 | 156 | (226 | ) | — | — | |||||||||||||
Total non-interest revenues | $ | (94 | ) | $ | 7,250 | $ | 14,036 | $ | — | $ | 21,192 | ||||||||
Total revenues, net of interest expense | $ | 10,298 | $ | 8,726 | $ | 47,541 | $ | (11,625 | ) | $ | 54,940 | ||||||||
Provisions for credit losses and for benefits and claims | $ | — | $ | — | $ | 5,378 | $ | — | $ | 5,378 | |||||||||
Operating expenses | |||||||||||||||||||
Compensation and benefits | $ | (18 | ) | $ | 3,578 | $ | 12,741 | $ | — | $ | 16,301 | ||||||||
Compensation and benefits—intercompany | 97 | — | (97 | ) | — | — | |||||||||||||
Other operating | (334 | ) | 1,605 | 14,328 | — | 15,599 | |||||||||||||
Other operating—intercompany | (41 | ) | 1,633 | (1,592 | ) | — | — | ||||||||||||
Total operating expenses | $ | (296 | ) | $ | 6,816 | $ | 25,380 | $ | — | $ | 31,900 | ||||||||
Equity in undistributed income of subsidiaries | $ | 755 | $ | — | $ | — | $ | (755 | ) | $ | — | ||||||||
Income (loss) from continuing operations before income taxes | $ | 11,349 | $ | 1,910 | $ | 16,783 | $ | (12,380 | ) | $ | 17,662 | ||||||||
Provision (benefit) for income taxes | (746 | ) | 800 | 5,470 | — | 5,524 | |||||||||||||
Income (loss) from continuing operations | $ | 12,095 | $ | 1,110 | $ | 11,313 | $ | (12,380 | ) | $ | 12,138 | ||||||||
Loss from discontinued operations, net of taxes | — | — | (2 | ) | — | (2 | ) | ||||||||||||
Net income (loss) before attribution of noncontrolling interests | $ | 12,095 | $ | 1,110 | $ | 11,311 | $ | (12,380 | ) | $ | 12,136 | ||||||||
Noncontrolling interests | — | — | 41 | — | 41 | ||||||||||||||
Net income (loss) | $ | 12,095 | $ | 1,110 | $ | 11,270 | $ | (12,380 | ) | $ | 12,095 | ||||||||
Comprehensive income | |||||||||||||||||||
Add: Other comprehensive income (loss) | $ | 1,986 | $ | (142 | ) | $ | (4,638 | ) | $ | 4,780 | $ | 1,986 | |||||||
Total Citigroup comprehensive income (loss) | $ | 14,081 | $ | 968 | $ | 6,632 | $ | (7,600 | ) | $ | 14,081 | ||||||||
Add: Other comprehensive income attributable to noncontrolling interests | $ | — | $ | — | $ | 82 | $ | — | $ | 82 | |||||||||
Add: Net income attributable to noncontrolling interests | — | — | 41 | — | 41 | ||||||||||||||
Total comprehensive income (loss) | $ | 14,081 | $ | 968 | $ | 6,755 | $ | (7,600 | ) | $ | 14,204 |
September 30, 2018 | March 31, 2019 | |||||||||||||||||||||||||||||||||||||
In millions of dollars | Citigroup parent company | CGMHI | Other Citigroup subsidiaries and eliminations | Consolidating adjustments | Citigroup consolidated | Citigroup parent company | CGMHI | Other Citigroup subsidiaries and eliminations | Consolidating adjustments | Citigroup consolidated | ||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Cash and due from banks | $ | 1 | $ | 543 | $ | 25,183 | $ | — | $ | 25,727 | $ | 1 | $ | 963 | $ | 23,484 | $ | — | $ | 24,448 | ||||||||||||||||||
Cash and due from banks—intercompany | 17 | 2,104 | (2,121 | ) | — | — | 11 | 3,953 | (3,964 | ) | — | — | ||||||||||||||||||||||||||
Deposits with banks | — | 3,302 | 170,257 | — | 173,559 | — | 5,287 | 176,158 | — | 181,445 | ||||||||||||||||||||||||||||
Deposits with banks—intercompany | 3,000 | 6,386 | (9,386 | ) | — | — | 3,000 | 6,235 | (9,235 | ) | — | — | ||||||||||||||||||||||||||
Federal funds sold and resale agreements | — | 227,147 | 53,794 | — | 280,941 | — | 210,012 | 54,483 | — | 264,495 | ||||||||||||||||||||||||||||
Federal funds sold and resale agreements—intercompany | — | 19,572 | (19,572 | ) | — | — | — | 16,034 | (16,034 | ) | — | — | ||||||||||||||||||||||||||
Trading account assets | 258 | 144,440 | 112,804 | — | 257,502 | 296 | 163,582 | 122,633 | — | 286,511 | ||||||||||||||||||||||||||||
Trading account assets—intercompany | 963 | 2,934 | (3,897 | ) | — | — | 825 | 1,770 | (2,595 | ) | — | — | ||||||||||||||||||||||||||
Investments | 7 | 215 | 345,291 | — | 345,513 | 5 | 241 | 349,035 | — | 349,281 | ||||||||||||||||||||||||||||
Loans, net of unearned income | — | 1,518 | 673,391 | — | 674,909 | — | 1,731 | 680,615 | — | 682,346 | ||||||||||||||||||||||||||||
Loans, net of unearned income—intercompany | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Allowance for loan losses | — | — | (12,336 | ) | — | (12,336 | ) | — | — | (12,329 | ) | — | (12,329 | ) | ||||||||||||||||||||||||
Total loans, net | $ | — | $ | 1,518 | $ | 661,055 | $ | — | $ | 662,573 | $ | — | $ | 1,731 | $ | 668,286 | $ | — | $ | 670,017 | ||||||||||||||||||
Advances to subsidiaries | $ | 146,339 | $ | — | $ | (146,339 | ) | $ | — | $ | — | $ | 142,884 | $ | — | $ | (142,884 | ) | $ | — | $ | — | ||||||||||||||||
Investments in subsidiaries | 203,896 | — | — | (203,896 | ) | — | 201,016 | — | — | (201,016 | ) | — | ||||||||||||||||||||||||||
Other assets(1) | 12,517 | 67,087 | 99,746 | — | 179,350 | 11,957 | 63,919 | 106,340 | — | 182,216 | ||||||||||||||||||||||||||||
Other assets—intercompany | 3,638 | 45,654 | (49,292 | ) | — | — | 3,734 | 50,591 | (54,325 | ) | — | — | ||||||||||||||||||||||||||
Total assets | $ | 370,636 | $ | 520,902 | $ | 1,237,523 | $ | (203,896 | ) | $ | 1,925,165 | $ | 363,729 | $ | 524,318 | $ | 1,271,382 | $ | (201,016 | ) | $ | 1,958,413 | ||||||||||||||||
Liabilities and equity | ||||||||||||||||||||||||||||||||||||||
Deposits | $ | — | $ | — | $ | 1,005,176 | $ | — | $ | 1,005,176 | $ | — | $ | — | $ | 1,030,355 | $ | — | $ | 1,030,355 | ||||||||||||||||||
Deposits—intercompany | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Federal funds purchased and securities loaned and sold | — | 154,341 | 21,574 | — | 175,915 | — | 163,595 | 26,777 | — | 190,372 | ||||||||||||||||||||||||||||
Federal funds purchased and securities loaned and sold—intercompany | — | 34,948 | (34,948 | ) | — | — | — | 28,561 | (28,561 | ) | — | — | ||||||||||||||||||||||||||
Trading account liabilities | 16 | 94,163 | 53,473 | — | 147,652 | 14 | 94,159 | 42,219 | — | 136,392 | ||||||||||||||||||||||||||||
Trading account liabilities—intercompany | 448 | 3,143 | (3,591 | ) | — | — | 1,863 | 1,919 | (3,782 | ) | — | — | ||||||||||||||||||||||||||
Short-term borrowings | 254 | 4,358 | 29,158 | — | 33,770 | 234 | 6,485 | 32,603 | — | 39,322 | ||||||||||||||||||||||||||||
Short-term borrowings—intercompany | — | 18,100 | (18,100 | ) | — | — | — | 20,468 | (20,468 | ) | — | — | ||||||||||||||||||||||||||
Long-term debt | 148,183 | 24,324 | 62,763 | — | 235,270 | 149,830 | 30,542 | 63,194 | — | 243,566 | ||||||||||||||||||||||||||||
Long-term debt—intercompany | — | 65,811 | (65,811 | ) | — | — | — | 73,094 | (73,094 | ) | — | — | ||||||||||||||||||||||||||
Advances from subsidiaries | 21,965 | — | (21,965 | ) | — | — | 11,634 | — | (11,634 | ) | — | — | ||||||||||||||||||||||||||
Other liabilities | 2,440 | 73,178 | 53,901 | — | 129,519 | 3,308 | 62,484 | 55,599 | — | 121,391 | ||||||||||||||||||||||||||||
Other liabilities—intercompany | 326 | 16,369 | (16,695 | ) | — | — | 594 | 10,443 | (11,037 | ) | — | — | ||||||||||||||||||||||||||
Stockholders’ equity | 197,004 | 32,167 | 172,588 | (203,896 | ) | 197,863 | 196,252 | 32,568 | 169,211 | (201,016 | ) | 197,015 | ||||||||||||||||||||||||||
Total liabilities and equity | $ | 370,636 | $ | 520,902 | $ | 1,237,523 | $ | (203,896 | ) | $ | 1,925,165 | $ | 363,729 | $ | 524,318 | $ | 1,271,382 | $ | (201,016 | ) | $ | 1,958,413 |
(1) | Other assets for Citigroup parent company at |
December 31, 2017 | December 31, 2018 | |||||||||||||||||||||||||||||||||||||
In millions of dollars | Citigroup parent company | CGMHI | Other Citigroup subsidiaries and eliminations | Consolidating adjustments | Citigroup consolidated | Citigroup parent company | CGMHI | Other Citigroup subsidiaries and eliminations | Consolidating adjustments | Citigroup consolidated | ||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Cash and due from banks | $ | — | $ | 378 | $ | 23,397 | $ | — | $ | 23,775 | $ | 1 | $ | 689 | $ | 22,955 | $ | — | $ | 23,645 | ||||||||||||||||||
Cash and due from banks—intercompany | 13 | 3,750 | (3,763 | ) | — | — | 19 | 3,545 | (3,564 | ) | — | — | ||||||||||||||||||||||||||
Deposits with banks | — | 3,348 | 153,393 | — | 156,741 | — | 4,915 | 159,545 | — | 164,460 | ||||||||||||||||||||||||||||
Deposits with banks—intercompany | 11,000 | 5,219 | (16,219 | ) | — | — | 3,000 | 6,528 | (9,528 | ) | — | — | ||||||||||||||||||||||||||
Federal funds sold and resale agreements | — | 182,685 | 49,793 | — | 232,478 | — | 212,720 | 57,964 | — | 270,684 | ||||||||||||||||||||||||||||
Federal funds sold and resale agreements—intercompany | — | 16,091 | (16,091 | ) | — | — | — | 20,074 | (20,074 | ) | — | — | ||||||||||||||||||||||||||
Trading account assets | — | 139,462 | 113,328 | — | 252,790 | 302 | 146,233 | 109,582 | — | 256,117 | ||||||||||||||||||||||||||||
Trading account assets—intercompany | 38 | 2,711 | (2,749 | ) | — | — | 627 | 1,728 | (2,355 | ) | — | — | ||||||||||||||||||||||||||
Investments | 27 | 181 | 352,082 | — | 352,290 | 7 | 224 | 358,376 | — | 358,607 | ||||||||||||||||||||||||||||
Loans, net of unearned income | — | 900 | 666,134 | — | 667,034 | — | 1,292 | 682,904 | — | 684,196 | ||||||||||||||||||||||||||||
Loans, net of unearned income—intercompany | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Allowance for loan losses | — | — | (12,355 | ) | — | (12,355 | ) | — | — | (12,315 | ) | — | (12,315 | ) | ||||||||||||||||||||||||
Total loans, net | $ | — | $ | 900 | $ | 653,779 | $ | — | $ | 654,679 | $ | — | $ | 1,292 | $ | 670,589 | $ | — | $ | 671,881 | ||||||||||||||||||
Advances to subsidiaries | $ | 139,722 | $ | — | $ | (139,722 | ) | $ | — | $ | — | $ | 143,119 | $ | — | $ | (143,119 | ) | $ | — | $ | — | ||||||||||||||||
Investments in subsidiaries | 210,537 | — | — | (210,537 | ) | — | 205,337 | — | — | (205,337 | ) | — | ||||||||||||||||||||||||||
Other assets(1) | 10,844 | 58,299 | 100,569 | — | 169,712 | 9,861 | 59,734 | 102,394 | — | 171,989 | ||||||||||||||||||||||||||||
Other assets—intercompany | 3,428 | 43,613 | (47,041 | ) | — | — | 3,037 | 44,255 | (47,292 | ) | — | — | ||||||||||||||||||||||||||
Total assets | $ | 375,609 | $ | 456,637 | $ | 1,220,756 | $ | (210,537 | ) | $ | 1,842,465 | $ | 365,310 | $ | 501,937 | $ | 1,255,473 | $ | (205,337 | ) | $ | 1,917,383 | ||||||||||||||||
Liabilities and equity | ||||||||||||||||||||||||||||||||||||||
Deposits | $ | — | $ | — | $ | 959,822 | $ | — | $ | 959,822 | $ | — | $ | — | $ | 1,013,170 | $ | — | $ | 1,013,170 | ||||||||||||||||||
Deposits—intercompany | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Federal funds purchased and securities loaned and sold | — | 134,888 | 21,389 | — | 156,277 | — | 155,830 | 21,938 | — | 177,768 | ||||||||||||||||||||||||||||
Federal funds purchased and securities loaned and sold—intercompany | — | 18,597 | (18,597 | ) | — | — | — | 21,109 | (21,109 | ) | — | — | ||||||||||||||||||||||||||
Trading account liabilities | — | 80,801 | 44,369 | — | 125,170 | 1 | 95,571 | 48,733 | — | 144,305 | ||||||||||||||||||||||||||||
Trading account liabilities—intercompany | 15 | 2,182 | (2,197 | ) | — | — | 410 | 1,398 | (1,808 | ) | — | — | ||||||||||||||||||||||||||
Short-term borrowings | 251 | 3,568 | 40,633 | — | 44,452 | 207 | 3,656 | 28,483 | — | 32,346 | ||||||||||||||||||||||||||||
Short-term borrowings—intercompany | — | 32,871 | (32,871 | ) | — | — | — | 11,343 | (11,343 | ) | — | — | ||||||||||||||||||||||||||
Long-term debt | 152,163 | 18,048 | 66,498 | — | 236,709 | 143,768 | 25,986 | 62,245 | — | 231,999 | ||||||||||||||||||||||||||||
Long-term debt—intercompany | — | 60,765 | (60,765 | ) | — | — | — | 73,884 | (73,884 | ) | — | — | ||||||||||||||||||||||||||
Advances from subsidiaries | 19,136 | — | (19,136 | ) | — | — | 21,471 | — | (21,471 | ) | — | — | ||||||||||||||||||||||||||
Other liabilities | 2,673 | 62,113 | 53,577 | — | 118,363 | 3,010 | 66,732 | 50,979 | — | 120,721 | ||||||||||||||||||||||||||||
Other liabilities—intercompany | 631 | 9,753 | (10,384 | ) | — | — | 223 | 13,763 | (13,986 | ) | — | — | ||||||||||||||||||||||||||
Stockholders’ equity | 200,740 | 33,051 | 178,418 | (210,537 | ) | 201,672 | 196,220 | 32,665 | 173,526 | (205,337 | ) | 197,074 | ||||||||||||||||||||||||||
Total liabilities and equity | $ | 375,609 | $ | 456,637 | $ | 1,220,756 | $ | (210,537 | ) | $ | 1,842,465 | $ | 365,310 | $ | 501,937 | $ | 1,255,473 | $ | (205,337 | ) | $ | 1,917,383 |
(1) | Other assets for Citigroup parent company at December 31, |
Three Months Ended March 31, 2019 | |||||||||||||||||||
In millions of dollars | Citigroup parent company | CGMHI | Other Citigroup subsidiaries and eliminations | Consolidating adjustments | Citigroup consolidated | ||||||||||||||
Net cash provided by (used in) operating activities of continuing operations | $ | 10,950 | $ | (30,786 | ) | $ | (17,780 | ) | $ | — | $ | (37,616 | ) | ||||||
Cash flows from investing activities of continuing operations | |||||||||||||||||||
Purchases of investments | $ | — | $ | — | $ | (69,673 | ) | $ | — | $ | (69,673 | ) | |||||||
Proceeds from sales of investments | — | — | 31,436 | — | 31,436 | ||||||||||||||
Proceeds from maturities of investments | — | — | 47,363 | — | 47,363 | ||||||||||||||
Change in loans | — | — | (892 | ) | — | (892 | ) | ||||||||||||
Proceeds from sales and securitizations of loans | — | — | 2,062 | — | 2,062 | ||||||||||||||
Change in federal funds sold and resales | — | 6,748 | (559 | ) | — | 6,189 | |||||||||||||
Changes in investments and advances—intercompany | (106 | ) | (6,636 | ) | 6,742 | — | — | ||||||||||||
Other investing activities | — | (17 | ) | (425 | ) | — | (442 | ) | |||||||||||
Net cash provided by (used in) investing activities of continuing operations | $ | (106 | ) | $ | 95 | $ | 16,054 | $ | — | $ | 16,043 | ||||||||
Cash flows from financing activities of continuing operations | |||||||||||||||||||
Dividends paid | $ | (1,320 | ) | $ | — | $ | — | $ | — | $ | (1,320 | ) | |||||||
Redemption of preferred stock | (480 | ) | — | — | — | (480 | ) | ||||||||||||
Treasury stock acquired | (4,055 | ) | — | — | — | (4,055 | ) | ||||||||||||
Proceeds (repayments) from issuance of long-term debt, net | 5,199 | 5,576 | (1,791 | ) | — | 8,984 | |||||||||||||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | — | (1,295 | ) | 1,295 | — | — | |||||||||||||
Change in deposits | — | — | 17,186 | — | 17,186 | ||||||||||||||
Change in federal funds purchased and repos | — | 15,217 | (2,613 | ) | — | 12,604 | |||||||||||||
Change in short-term borrowings | — | 2,829 | 4,147 | — | 6,976 | ||||||||||||||
Net change in short-term borrowings and other advances—intercompany | (9,838 | ) | 9,125 | 713 | — | — | |||||||||||||
Other financing activities | (358 | ) | — | — | — | (358 | ) | ||||||||||||
Net cash provided by (used in) financing activities of continuing operations | $ | (10,852 | ) | $ | 31,452 | $ | 18,937 | $ | — | $ | 39,537 | ||||||||
Effect of exchange rate changes on cash and due from banks | $ | — | $ | — | $ | (176 | ) | $ | — | $ | (176 | ) | |||||||
Change in cash and due from banks and deposits with banks | $ | (8 | ) | $ | 761 | $ | 17,035 | $ | — | $ | 17,788 | ||||||||
Cash and due from banks and deposits with banks at beginning of period | 3,020 | 15,677 | 169,408 | — | 188,105 | ||||||||||||||
Cash and due from banks and deposits with banks at end of period | $ | 3,012 | $ | 16,438 | $ | 186,443 | $ | — | $ | 205,893 | |||||||||
Cash and due from banks | $ | 12 | $ | 4,916 | $ | 19,520 | $ | — | $ | 24,448 | |||||||||
Deposits with banks | 3,000 | 11,522 | 166,923 | — | 181,445 | ||||||||||||||
Cash and due from banks and deposits with banks at end of period | $ | 3,012 | $ | 16,438 | $ | 186,443 | $ | — | $ | 205,893 | |||||||||
Supplemental disclosure of cash flow information for continuing operations | |||||||||||||||||||
Cash paid during the year for income taxes | $ | 306 | $ | 57 | $ | 962 | $ | — | $ | 1,325 | |||||||||
Cash paid during the year for interest | 956 | 2,694 | 3,281 | — | 6,931 | ||||||||||||||
Non-cash investing activities | |||||||||||||||||||
Transfers to loans HFS from loans | $ | — | $ | — | $ | 2,000 | $ | — | $ | 2,000 | |||||||||
Transfers to OREO and other repossessed assets | — | — | 36 | — | 36 |
Nine Months Ended September 30, 2018 | |||||||||||||||||||
In millions of dollars | Citigroup parent company | CGMHI | Other Citigroup subsidiaries and eliminations | Consolidating adjustments | Citigroup consolidated | ||||||||||||||
Net cash provided by operating activities of continuing operations | $ | 12,581 | $ | 16,232 | $ | 1,253 | $ | — | $ | 30,066 | |||||||||
Cash flows from investing activities of continuing operations | |||||||||||||||||||
Purchases of investments | $ | (7,955 | ) | $ | (18 | ) | $ | (121,081 | ) | $ | — | $ | (129,054 | ) | |||||
Proceeds from sales of investments | 7,634 | 3 | 44,533 | — | 52,170 | ||||||||||||||
Proceeds from maturities of investments | — | — | 82,940 | — | 82,940 | ||||||||||||||
Change in loans | — | — | (16,131 | ) | — | (16,131 | ) | ||||||||||||
Proceeds from sales and securitizations of loans | — | — | 4,021 | — | 4,021 | ||||||||||||||
Proceeds from significant disposals | — | — | 314 | — | 314 | ||||||||||||||
Change in federal funds sold and resales | — | (47,943 | ) | (519 | ) | — | (48,462 | ) | |||||||||||
Changes in investments and advances—intercompany | (7,769 | ) | (2,338 | ) | 10,107 | — | — | ||||||||||||
Other investing activities | 214 | (41 | ) | (2,534 | ) | — | (2,361 | ) | |||||||||||
Net cash provided by (used in) investing activities of continuing operations | $ | (7,876 | ) | $ | (50,337 | ) | $ | 1,650 | $ | — | $ | (56,563 | ) | ||||||
Cash flows from financing activities of continuing operations | |||||||||||||||||||
Dividends paid | $ | (3,616 | ) | $ | — | $ | — | $ | — | $ | (3,616 | ) | |||||||
Redemption of preferred stock | (218 | ) | — | — | — | (218 | ) | ||||||||||||
Treasury stock acquired | (9,848 | ) | — | — | — | (9,848 | ) | ||||||||||||
Proceeds (repayments) from issuance of long-term debt, net | (883 | ) | 7,538 | (829 | ) | — | 5,826 | ||||||||||||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | — | 5,048 | (5,048 | ) | — | — | |||||||||||||
Change in deposits | — | — | 45,354 | — | 45,354 | ||||||||||||||
Change in federal funds purchased and repos | — | 35,804 | (16,166 | ) | — | 19,638 | |||||||||||||
Change in short-term borrowings | 32 | 790 | (11,503 | ) | — | (10,681 | ) | ||||||||||||
Net change in short-term borrowings and other advances—intercompany | 2,312 | (14,771 | ) | 12,459 | — | — | |||||||||||||
Capital contributions from (to) parent | — | (663 | ) | 663 | — | — | |||||||||||||
Other financing activities | (479 | ) | — | — | — | (479 | ) | ||||||||||||
Net cash provided by (used in) financing activities of continuing operations | $ | (12,700 | ) | $ | 33,746 | $ | 24,930 | $ | — | $ | 45,976 | ||||||||
Effect of exchange rate changes on cash and due from banks | $ | — | $ | — | $ | (709 | ) | $ | — | $ | (709 | ) | |||||||
Change in cash and due from banks and deposits with banks | $ | (7,995 | ) | $ | (359 | ) | $ | 27,124 | $ | — | $ | 18,770 | |||||||
Cash and due from banks and deposits with banks at beginning of period | 11,013 | 12,695 | 156,808 | — | 180,516 | ||||||||||||||
Cash and due from banks and deposits with banks at end of period | $ | 3,018 | $ | 12,336 | $ | 183,932 | $ | — | $ | 199,286 | |||||||||
Cash and due from banks | $ | 18 | $ | 2,648 | $ | 23,061 | $ | — | $ | 25,727 | |||||||||
Deposits with banks | 3,000 | 9,688 | 160,871 | — | 173,559 | ||||||||||||||
Cash and due from banks and deposits with banks at end of period | $ | 3,018 | $ | 12,336 | $ | 183,932 | $ | — | $ | 199,286 | |||||||||
Supplemental disclosure of cash flow information for continuing operations | |||||||||||||||||||
Cash paid during the year for income taxes | $ | 873 | $ | 138 | $ | 2,250 | $ | — | $ | 3,261 | |||||||||
Cash paid during the year for interest | 2,870 | 6,045 | 7,363 | — | 16,278 | ||||||||||||||
Non-cash investing activities | |||||||||||||||||||
Transfers to loans HFS from loans | $ | — | $ | — | $ | 3,300 | $ | — | $ | 3,300 | |||||||||
Transfers to OREO and other repossessed assets | — | — | 94 | — | 94 |
Three Months Ended March 31, 2018 | |||||||||||||||||||
In millions of dollars | Citigroup parent company | CGMHI | Other Citigroup subsidiaries and eliminations | Consolidating adjustments | Citigroup consolidated | ||||||||||||||
Net cash provided by (used in) operating activities of continuing operations | $ | 5,268 | $ | 7,046 | $ | (5,358 | ) | $ | — | $ | 6,956 | ||||||||
Cash flows from investing activities of continuing operations | |||||||||||||||||||
Purchases of investments | $ | (7,955 | ) | $ | — | $ | (33,075 | ) | $ | — | $ | (41,030 | ) | ||||||
Proceeds from sales of investments | — | — | 20,688 | — | 20,688 | ||||||||||||||
Proceeds from maturities of investments | — | — | 21,509 | — | 21,509 | ||||||||||||||
Change in loans | — | — | (8,717 | ) | — | (8,717 | ) | ||||||||||||
Proceeds from sales and securitizations of loans | — | — | 1,654 | — | 1,654 | ||||||||||||||
Proceeds from significant disposals | — | — | — | — | — | ||||||||||||||
Change in federal funds sold and resales | — | (22,167 | ) | (3,242 | ) | — | (25,409 | ) | |||||||||||
Changes in investments and advances—intercompany | (1,463 | ) | (3,603 | ) | 5,066 | — | — | ||||||||||||
Other investing activities | (729 | ) | (9 | ) | (81 | ) | — | (819 | ) | ||||||||||
Net cash provided by (used in) investing activities of continuing operations | $ | (10,147 | ) | $ | (25,779 | ) | $ | 3,802 | $ | — | $ | (32,124 | ) | ||||||
Cash flows from financing activities of continuing operations | |||||||||||||||||||
Dividends paid | $ | (1,095 | ) | $ | — | $ | — | $ | — | $ | (1,095 | ) | |||||||
Redemption of preferred stock | (97 | ) | — | — | — | (97 | ) | ||||||||||||
Treasury stock acquired | (2,378 | ) | — | — | — | (2,378 | ) | ||||||||||||
Proceeds from issuance of long-term debt, net | 699 | 2,004 | 184 | — | 2,887 | ||||||||||||||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | — | (412 | ) | 412 | — | — | |||||||||||||
Change in deposits | — | — | 41,397 | — | 41,397 | ||||||||||||||
Change in federal funds purchased and repos | — | 11,359 | 4,123 | — | 15,482 | ||||||||||||||
Change in short-term borrowings | — | (409 | ) | (7,949 | ) | — | (8,358 | ) | |||||||||||
Net change in short-term borrowings and other advances—intercompany | 14 | 8,226 | (8,240 | ) | — | — | |||||||||||||
Capital contributions from parent | — | (585 | ) | 585 | — | — | |||||||||||||
Other financing activities | (261 | ) | — | (214 | ) | — | (475 | ) | |||||||||||
Net cash provided by (used in) financing activities of continuing operations | $ | (3,118 | ) | $ | 20,183 | $ | 30,298 | $ | — | $ | 47,363 | ||||||||
Effect of exchange rate changes on cash and due from banks | $ | — | $ | — | $ | (7 | ) | $ | — | $ | (7 | ) | |||||||
Change in cash and due from banks and deposits with banks | $ | (7,997 | ) | $ | 1,450 | $ | 28,735 | $ | — | $ | 22,188 | ||||||||
Cash and due from banks and deposits with banks at beginning of period | 11,013 | 12,695 | 156,808 | — | 180,516 | ||||||||||||||
Cash and due from banks and deposits with banks at end of period | $ | 3,016 | $ | 14,145 | $ | 185,543 | $ | — | $ | 202,704 | |||||||||
Cash and due from banks | $ | 16 | $ | 5,648 | $ | 16,186 | $ | — | $ | 21,850 | |||||||||
Deposits with banks | 3,000 | 8,497 | 169,357 | — | 180,854 | ||||||||||||||
Cash and due from banks and deposits with banks at end of period | $ | 3,016 | $ | 14,145 | $ | 185,543 | $ | — | $ | 202,704 | |||||||||
Supplemental disclosure of cash flow information for continuing operations | |||||||||||||||||||
Cash paid (received) during the year for income taxes | $ | (266 | ) | $ | 29 | $ | 975 | $ | — | $ | 738 | ||||||||
Cash paid during the year for interest | 883 | 1,627 | 2,076 | — | 4,586 | ||||||||||||||
Non-cash investing activities | |||||||||||||||||||
Transfers to loans HFS from loans | $ | — | $ | — | $ | 900 | $ | — | $ | 900 | |||||||||
Transfers to OREO and other repossessed assets | — | — | 26 | — | 26 |
Nine Months Ended September 30, 2017 | |||||||||||||||||||
In millions of dollars | Citigroup parent company | CGMHI | Other Citigroup subsidiaries and eliminations | Consolidating adjustments | Citigroup consolidated | ||||||||||||||
Net cash provided by (used in) operating activities of continuing operations | $ | 5,712 | $ | (15,236 | ) | $ | 6,063 | $ | — | $ | (3,461 | ) | |||||||
Cash flows from investing activities of continuing operations | |||||||||||||||||||
Purchases of investments | $ | — | $ | — | $ | (151,362 | ) | $ | — | $ | (151,362 | ) | |||||||
Proceeds from sales of investments | 132 | — | 89,592 | — | 89,724 | ||||||||||||||
Proceeds from maturities of investments | — | — | 67,166 | — | 67,166 | ||||||||||||||
Change in loans | — | — | (41,569 | ) | — | (41,569 | ) | ||||||||||||
Proceeds from sales and securitizations of loans | — | — | 7,019 | — | 7,019 | ||||||||||||||
Proceeds from significant disposals | — | — | 3,411 | — | 3,411 | ||||||||||||||
Change in federal funds sold and resales | — | (8,840 | ) | (6,955 | ) | — | (15,795 | ) | |||||||||||
Changes in investments and advances—intercompany | 13,269 | (5,439 | ) | (7,830 | ) | — | — | ||||||||||||
Other investing activities | — | — | (2,054 | ) | — | (2,054 | ) | ||||||||||||
Net cash provided by (used in) investing activities of continuing operations | $ | 13,401 | $ | (14,279 | ) | $ | (42,582 | ) | $ | — | $ | (43,460 | ) | ||||||
Cash flows from financing activities of continuing operations | |||||||||||||||||||
Dividends paid | $ | (2,639 | ) | $ | — | $ | — | $ | — | $ | (2,639 | ) | |||||||
Treasury stock acquired | (9,071 | ) | — | — | — | (9,071 | ) | ||||||||||||
Proceeds from issuance of long-term debt, net | 6,665 | 4,385 | 11,458 | — | 22,508 | ||||||||||||||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | — | (1,300 | ) | 1,300 | — | — | |||||||||||||
Change in deposits | — | — | 34,632 | — | 34,632 | ||||||||||||||
Change in federal funds purchased and repos | — | 6,910 | 12,551 | — | 19,461 | ||||||||||||||
Change in short-term borrowings | 44 | 1,865 | 5,539 | — | 7,448 | ||||||||||||||
Net change in short-term borrowings and other advances—intercompany | (23,342 | ) | 6,573 | 16,769 | — | — | |||||||||||||
Capital contributions from parent | — | (60 | ) | 60 | — | — | |||||||||||||
Other financing activities | (402 | ) | — | — | — | (402 | ) | ||||||||||||
Net cash provided by (used in) financing activities of continuing operations | $ | (28,745 | ) | $ | 18,373 | $ | 82,309 | $ | — | $ | 71,937 | ||||||||
Effect of exchange rate changes on cash and due from banks | $ | — | $ | — | $ | 599 | $ | — | $ | 599 | |||||||||
Change in cash and due from banks and deposits with banks | $ | (9,632 | ) | $ | (11,142 | ) | $ | 46,389 | $ | — | $ | 25,615 | |||||||
Cash and due from banks and deposits with banks at beginning of period | 20,811 | 25,118 | 114,565 | — | 160,494 | ||||||||||||||
Cash and due from banks and deposits with banks at end of period | $ | 11,179 | $ | 13,976 | $ | 160,954 | $ | — | $ | 186,109 | |||||||||
Cash and due from banks | $ | 179 | $ | 4,519 | $ | 17,906 | $ | — | $ | 22,604 | |||||||||
Deposits with banks | 11,000 | 9,457 | 143,048 | — | 163,505 | ||||||||||||||
Cash and due from banks and deposits with banks at end of period | $ | 11,179 | $ | 13,976 | $ | 160,954 | $ | — | $ | 186,109 | |||||||||
Supplemental disclosure of cash flow information for continuing operations | |||||||||||||||||||
Cash paid (received) during the year for income taxes | $ | (772 | ) | $ | 470 | $ | 3,016 | $ | — | $ | 2,714 | ||||||||
Cash paid during the year for interest | 3,319 | 3,175 | 5,110 | — | 11,604 | ||||||||||||||
Non-cash investing activities | |||||||||||||||||||
Transfers to loans HFS from loans | $ | — | $ | — | $ | 3,800 | $ | — | $ | 3,800 | |||||||||
Transfers to OREO and other repossessed assets | — | — | 85 | — | 85 |
In millions, except per share amounts | Total shares purchased | Average price paid per share | Approximate dollar value of shares that may yet be purchased under the plan or programs | Total shares purchased | Average price paid per share | Approximate dollar value of shares that may yet be purchased under the plan or programs | ||||||||||
July 2018 | ||||||||||||||||
January 2019 | ||||||||||||||||
Open market repurchases(1) | 21.0 | $ | 69.06 | $ | 16,146 | 24.1 | $ | 59.35 | $ | 6,201 | ||||||
Employee transactions(2) | — | — | N/A | — | — | N/A | ||||||||||
August 2018 | ||||||||||||||||
February 2019 | ||||||||||||||||
Open market repurchases(1) | 30.0 | 71.05 | 14,018 | 21.1 | 63.60 | 4,857 | ||||||||||
Employee transactions(2) | — | — | N/A | — | — | N/A | ||||||||||
September 2018 | ||||||||||||||||
March 2019 | ||||||||||||||||
Open market repurchases(1) | 23.6 | 71.62 | 12,330 | 20.4 | 62.98 | 3,575 | ||||||||||
Employee transactions(2) | — | — | N/A | — | — | N/A | ||||||||||
Total for 3Q18 and remaining program balance as of September 30, 2018 | 74.6 | $ | 70.67 | $ | 12,330 | |||||||||||
Total for 1Q19 and remaining program balance as of March 31, 2019 | 65.6 | $ | 61.85 | $ | 3,575 |
(1) | Represents repurchases under the $17.6 billion 2018 common stock repurchase program (2018 Repurchase Program) that was approved by Citigroup’s Board of Directors and announced on June 28, 2018. The 2018 Repurchase Program was part of the planned capital actions included by Citi in its 2018 Comprehensive Capital Analysis and Review (CCAR). The 2018 Repurchase Program expires on June 30, 2019. Shares repurchased under the 2018 Repurchase Program were added to treasury stock. |
(2) | Consisted of shares added to 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 share awards where shares are withheld to satisfy tax requirements. |
Exhibit | ||
Number | Description of Exhibit | |
3.01+ | ||