Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Mar. 31, 2015 | |
Document and Entity Information | |
Entity Registrant Name | CITIGROUP INC |
Entity Central Index Key | 831001 |
Document Type | 10-Q |
Document Period End Date | 31-Mar-15 |
Amendment Flag | FALSE |
Current Fiscal Year End Date | -19 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 3,034,139,677 |
Document Fiscal Year Focus | 2015 |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED_STATEMENT_OF_INCO
CONSOLIDATED STATEMENT OF INCOME (Unaudited) (USD $) | 3 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Revenues | ||||
Interest revenue | $14,600 | [1] | $15,350 | [1] |
Interest expense | 3,028 | [1] | 3,591 | [1] |
Net interest revenue | 11,572 | [1] | 11,759 | [1] |
Commissions and fees | 3,170 | [1] | 3,184 | [1] |
Principal transactions | 1,971 | [1] | 2,888 | [1] |
Administration and other fiduciary fees | 962 | [1] | 1,009 | [1] |
Realized gains on sales of investments, net | 307 | [1] | 128 | [1] |
Other-than-temporary impairment losses on investments | ||||
Gross impairment losses | -72 | [1] | -201 | [1] |
Less: Impairments recognized in AOCI | 0 | [1] | 0 | [1] |
Net impairment gains (losses) recognized in earnings | -72 | [1] | -201 | [1] |
Insurance premiums | 497 | [1] | 545 | [1] |
Other revenue | 1,329 | [1] | 894 | [1] |
Total non-interest revenues | 8,164 | [1] | 8,447 | [1] |
Total revenues, net of interest expense | 19,736 | [1] | 20,206 | [1] |
Provisions for credit losses and for benefits and claims | ||||
Provision for loan losses | 1,755 | 1,793 | ||
Policyholder benefits and claims | 197 | 208 | ||
Provision (release) for unfunded lending commitments | -37 | -27 | ||
Total provisions for credit losses and for benefits and claims | 1,915 | 1,974 | ||
Operating expenses | ||||
Compensation and benefits | 5,520 | [1] | 6,010 | [1] |
Premises and equipment | 709 | [1] | 805 | [1] |
Technology/communication | 1,600 | [1] | 1,530 | [1] |
Advertising and marketing | 392 | [1] | 458 | [1] |
Other operating | 2,663 | [1] | 3,346 | [1] |
Total operating expenses | 10,884 | [1] | 12,149 | [1] |
Income from continuing operations before income taxes | 6,937 | 6,083 | ||
Provision for income taxes | 2,120 | 2,131 | ||
Income from continuing operations | 4,817 | 3,952 | ||
Discontinued operations | ||||
Income (loss) from discontinued operations | -8 | 40 | ||
Gain on sale | 0 | 0 | ||
Provision (benefit) for income taxes | -3 | 3 | ||
Income (loss) from discontinued operations, net of taxes | -5 | 37 | ||
Net income before attribution of noncontrolling interests | 4,812 | 3,989 | ||
Noncontrolling interests | 42 | 45 | ||
Citigroup’s net income | $4,770 | $3,944 | ||
Basic earnings per share | ||||
Income from continuing operations (in dollars per share) | $1.51 | [2] | $1.23 | [2] |
Income (loss) from discontinued operations, net of taxes (in dollars per share) | $0 | [2] | $0.01 | [2] |
Net income (in dollars per share) | $1.51 | [2] | $1.24 | [2] |
Weighted average common shares outstanding (in shares) | 3,034.20 | 3,037.40 | ||
Diluted earnings per share | ||||
Income from continuing operations (in dollars per share) | $1.51 | [2] | $1.22 | [2] |
Income (loss) from discontinued operations, net of taxes (in dollars per share) | $0 | [2] | $0.01 | [2] |
Net income (in dollars per share) | $1.51 | [2] | $1.23 | [2] |
Adjusted weighted average common shares outstanding (in shares) | 3,039.30 | 3,043.30 | ||
[1] | Certain prior-period revenue and expense lines and totals were reclassified to conform to the current period’s presentation. See Note 3 to the Consolidated Financial Statements. | |||
[2] | 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_COMP
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net income before attribution of noncontrolling interests | $4,812 | $3,989 | ||
Add: Citigroup’s other comprehensive income (loss) | ||||
Net change in unrealized gains and losses on investment securities, net of taxes | 591 | 428 | ||
Net change in cash flow hedges, net of taxes | 86 | 118 | ||
Benefit plans liability adjustment, net of taxes | -90 | [1] | -33 | [1] |
Net change in foreign currency translation adjustment, net of taxes and hedges | -2,062 | -526 | ||
Citigroup’s total other comprehensive income (loss) | -1,475 | -13 | ||
Total comprehensive income before attribution of noncontrolling interests | 3,337 | 3,976 | ||
Less: Net income attributable to noncontrolling interests | 42 | 45 | ||
Citigroup’s comprehensive income | $3,295 | $3,931 | ||
[1] | Reflects adjustments based on the actuarial valuations of the Company’s significant pension and postretirement plans, including changes in the mortality assumptions at March 31, 2015, and amortization of amounts previously recognized in Accumulated other comprehensive income (loss). See Note 8 to the Consolidated Financial Statements. |
CONSOLIDATED_BALANCE_SHEET
CONSOLIDATED BALANCE SHEET (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Assets | ||
Cash and due from banks | $21,880 | $32,108 |
Deposits with banks | 133,896 | 128,089 |
Federal funds sold and securities borrowed or purchased under agreements to resell (including $135,894 and $144,191 as of March 31, 2015 and December 31, 2014, respectively, at fair value) | 239,015 | 242,570 |
Brokerage receivables | 35,637 | 28,419 |
Trading account assets (including $105,710 and $106,217 pledged to creditors at March 31, 2015 and December 31, 2014, respectively) | 302,983 | 296,786 |
Investments: | ||
Available for sale (including $12,595 and $13,808 pledged to creditors as of March 31, 2015 and December 31, 2014, respectively) | 295,239 | 300,143 |
Held to maturity (including $2,489 and $2,974 pledged to creditors as of March 31, 2015 and December 31, 2014, respectively) | 23,254 | 23,921 |
Non-marketable equity securities (including $2,570 and $2,758 at fair value as of March 31, 2015 and December 31, 2014 respectively) | 8,322 | 9,379 |
Investments | 326,815 | 333,443 |
Loans: | ||
Loans, net of unearned income | 621,054 | 644,635 |
Allowance for loan losses | -14,598 | -15,994 |
Total loans, net | 606,456 | 628,641 |
Goodwill | 23,150 | 23,592 |
Intangible assets (other than MSRs) | 4,244 | 4,566 |
Mortgage servicing rights (MSRs) | 1,685 | 1,845 |
Other assets (including $8,936 and $7,762 as of March 31, 2015 and December 31, 2014, respectively, at fair value) | 136,040 | 122,122 |
Total assets | 1,831,801 | 1,842,181 |
Liabilities | ||
Non-interest-bearing deposits in U.S. offices | 136,568 | 128,958 |
Interest-bearing deposits in U.S. offices (including $976 and $994 as of March 31, 2015 and December 31, 2014, respectively, at fair value) | 275,423 | 284,978 |
Non-interest-bearing deposits in offices outside the U.S. | 71,653 | 70,925 |
Interest-bearing deposits in offices outside the U.S. (including $674 and $690 as of March 31, 2015 and December 31, 2014, respectively, at fair value) | 416,003 | 414,471 |
Total deposits | 899,647 | 899,332 |
Federal funds purchased and securities loaned or sold under agreements to repurchase (including $34,225 and $36,725 as of March 31, 2015 and December 31, 2014, respectively, at fair value) | 175,371 | 173,438 |
Brokerage payables | 58,252 | 52,180 |
Trading account liabilities | 142,438 | 139,036 |
Short-term borrowings (including $926 and $1,496 as of March 31, 2015 and December 31, 2014, respectively, at fair value) | 39,405 | 58,335 |
Long-term debt (including $25,409 and $26,180 as of March 31, 2015 and December 31, 2014, respectively, at fair value) | 210,522 | 223,080 |
Other liabilities (including $2,024 and $1,776 as of March 31, 2015 and December 31, 2014, respectively, at fair value) | 90,143 | 85,084 |
Total liabilities | 1,615,778 | 1,630,485 |
Stockholders’ equity | ||
Preferred stock ($1.00 par value; authorized shares: 30 million), issued shares: 478,720 as of March 31, 2015 and 418,720 as of December 31, 2014, at aggregate liquidation value | 11,968 | 10,468 |
Common stock ($0.01 par value; authorized shares: 6 billion), issued shares: 3,099,470,853 as of March 31, 2015 and 3,082,037,568 as of December 31, 2014 | 31 | 31 |
Additional paid-in capital | 108,124 | 107,979 |
Retained earnings | 122,463 | 117,852 |
Treasury stock, at cost: March 31, 2015—65,331,175 shares and December 31, 2014—58,119,993 shares | -3,275 | -2,929 |
Accumulated other comprehensive income (loss) | -24,691 | -23,216 |
Total Citigroup stockholders’ equity | 214,620 | 210,185 |
Noncontrolling interest | 1,403 | 1,511 |
Total equity | 216,023 | 211,696 |
Total liabilities and equity | 1,831,801 | 1,842,181 |
Consumer | ||
Loans: | ||
Loans, net of unearned income | 341,706 | 369,970 |
Corporate | ||
Loans: | ||
Loans, net of unearned income | 279,348 | 274,665 |
Consolidated VIEs | ||
Assets | ||
Cash and due from banks | 111 | 300 |
Trading account assets (including $105,710 and $106,217 pledged to creditors at March 31, 2015 and December 31, 2014, respectively) | 626 | 671 |
Investments: | ||
Investments | 7,650 | 8,014 |
Loans: | ||
Loans, net of unearned income | 87,932 | 95,979 |
Allowance for loan losses | -2,533 | -2,793 |
Total loans, net | 85,399 | 93,186 |
Other assets (including $8,936 and $7,762 as of March 31, 2015 and December 31, 2014, respectively, at fair value) | 4,758 | 619 |
Total assets | 98,544 | 102,790 |
Liabilities | ||
Short-term borrowings (including $926 and $1,496 as of March 31, 2015 and December 31, 2014, respectively, at fair value) | 14,840 | 20,254 |
Long-term debt (including $25,409 and $26,180 as of March 31, 2015 and December 31, 2014, respectively, at fair value) | 35,251 | 40,078 |
Other liabilities (including $2,024 and $1,776 as of March 31, 2015 and December 31, 2014, respectively, at fair value) | 3,983 | 901 |
Total liabilities | 54,074 | 61,233 |
Consolidated VIEs | Consumer | ||
Loans: | ||
Loans, net of unearned income | 58,790 | 66,383 |
Consolidated VIEs | Corporate | ||
Loans: | ||
Loans, net of unearned income | $29,142 | $29,596 |
CONSOLIDATED_BALANCE_SHEET_Par
CONSOLIDATED BALANCE SHEET (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, except Share data, unless otherwise specified | ||
Federal funds sold and securities borrowed or purchased under agreements to resell, at fair value | $239,015 | $242,570 |
Trading account assets, pledged to creditors | 105,710 | 106,217 |
Available-for-sale securities, pledged to creditors | 12,595 | 13,808 |
Held-to-maturity securities, pledged to creditors | 2,849 | 2,974 |
Non-marketable equity securities, pledged to creditors | 2,570 | 2,758 |
Loans, net of unearned income | 621,054 | 644,635 |
Other assets | 136,040 | 122,122 |
Interest-bearing deposits in U.S. offices | 275,423 | 284,978 |
Interest-bearing deposits in offices outside the U.S. | 416,003 | 414,471 |
Federal funds purchased and securities loaned or sold under agreements to repurchase (including $34,225 and $36,725 as of March 31, 2015 and December 31, 2014, respectively, at fair value) | 175,371 | 173,438 |
Short-term borrowings | 39,405 | 58,335 |
Long-term debt | 210,522 | 223,080 |
Other liabilities | 90,143 | 85,084 |
Preferred stock, par value (in dollars per share) | $1 | $1 |
Preferred stock, authorized shares (in shares) | 30,000,000 | 30,000,000 |
Preferred stock, issued shares, at aggregate liquidation value (in shares) | 478,720 | 418,720 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, authorized shares (in shares) | 6,000,000,000 | 6,000,000,000 |
Common stock, issued shares (in shares) | 3,099,470,853 | 3,082,037,568 |
Treasury stock (in shares) | 65,331,175 | 58,119,993 |
Consumer | ||
Loans, net of unearned income | 341,706 | 369,970 |
Corporate | ||
Loans, net of unearned income | 279,348 | 274,665 |
Fair value | ||
Federal funds sold and securities borrowed or purchased under agreements to resell, at fair value | 135,894 | 144,191 |
Other assets | 8,936 | 7,762 |
Interest-bearing deposits in U.S. offices | 976 | 994 |
Interest-bearing deposits in offices outside the U.S. | 674 | 690 |
Federal funds purchased and securities loaned or sold under agreements to repurchase (including $34,225 and $36,725 as of March 31, 2015 and December 31, 2014, respectively, at fair value) | 34,225 | 36,725 |
Short-term borrowings | 926 | 1,496 |
Long-term debt | 25,409 | 26,180 |
Other liabilities | 2,024 | 1,776 |
Fair value | Consumer | ||
Loans, net of unearned income | 38 | 43 |
Fair value | Corporate | ||
Loans, net of unearned income | 6,537 | 5,858 |
Consolidated VIEs | ||
Loans, net of unearned income | 87,932 | 95,979 |
Other assets | 4,758 | 619 |
Short-term borrowings | 14,840 | 20,254 |
Long-term debt | 35,251 | 40,078 |
Other liabilities | 3,983 | 901 |
Consolidated VIEs | Consumer | ||
Loans, net of unearned income | 58,790 | 66,383 |
Consolidated VIEs | Corporate | ||
Loans, net of unearned income | 29,142 | 29,596 |
Consolidated VIEs | Fair value | ||
Long-term debt | 0 | 0 |
Consolidated VIEs | Fair value | Consumer | ||
Loans, net of unearned income | 0 | 0 |
Consolidated VIEs | Fair value | Corporate | ||
Loans, net of unearned income | $0 | $0 |
CONSOLIDATED_STATEMENT_OF_CHAN
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) (USD $) | Total | Citigroup stockholders' equity | Preferred stock at aggregate liquidation value | Citigroup common stockholders' equity | Common stock and additional paid-in capital | Retained earnings | Treasury stock, at cost | Citigroup's accumulated other comprehensive income (loss) | Noncontrolling interests | |
In Millions, unless otherwise specified | ||||||||||
Adjusted balance, beginning of year at Dec. 31, 2013 | $110,822 | |||||||||
Adjustment to opening balance, net of taxes at Dec. 31, 2013 | [1] | -346 | ||||||||
Balance, beginning of year at Dec. 31, 2013 | 6,738 | 107,224 | 111,168 | -1,658 | -19,133 | 1,794 | ||||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Issuance of new preferred stock | 480 | |||||||||
Employee benefit plans | 326 | |||||||||
Preferred stock issuance expense | -13 | |||||||||
Common dividends | [2] | -30 | ||||||||
Preferred dividends | -124 | -124 | ||||||||
Tax benefit | 134 | |||||||||
Employee benefit plans | [3] | -215 | ||||||||
Treasury stock acquired | [4] | -364 | ||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | -10 | |||||||||
Net income | 3,989 | 3,943 | 45 | |||||||
Dividends paid to noncontrolling-interest shareholders | -3 | |||||||||
Other comprehensive income (loss) | -13 | -9 | ||||||||
Other | -1 | -37 | ||||||||
Net change in noncontrolling interests | -14 | |||||||||
Balance, end of year at Mar. 31, 2014 | 209,896 | 208,116 | 7,218 | 200,898 | 107,536 | 114,745 | -2,237 | -19,146 | 1,780 | |
Adjusted balance, beginning of year at Dec. 31, 2014 | 117,852 | |||||||||
Adjustment to opening balance, net of taxes at Dec. 31, 2014 | [1] | 0 | ||||||||
Balance, beginning of year at Dec. 31, 2014 | 211,696 | 10,468 | 108,010 | 117,852 | -2,929 | -23,216 | 1,511 | |||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Issuance of new preferred stock | 1,500 | |||||||||
Employee benefit plans | 176 | |||||||||
Preferred stock issuance expense | -6 | |||||||||
Common dividends | [2] | -31 | ||||||||
Preferred dividends | -128 | -128 | ||||||||
Tax benefit | 0 | |||||||||
Employee benefit plans | [3] | -49 | ||||||||
Treasury stock acquired | [4] | -297 | ||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | -118 | |||||||||
Net income | 4,812 | 4,770 | 42 | |||||||
Dividends paid to noncontrolling-interest shareholders | -3 | |||||||||
Other comprehensive income (loss) | -1,475 | -56 | ||||||||
Other | -25 | 27 | ||||||||
Net change in noncontrolling interests | -108 | |||||||||
Balance, end of year at Mar. 31, 2015 | $216,023 | $214,620 | $11,968 | $202,652 | $108,155 | $122,463 | ($3,275) | ($24,691) | $1,403 | |
[1] | Citi adopted ASU 2014-01 Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Affordable Housing, in the first quarter of 2015 on a retrospective basis. This adjustment to opening Retained earnings represents the impact to periods prior to January 1, 2014 and is shown as an adjustment to the opening balance since the first quarter of 2014 is the earliest period disclosed in this Form 10-Q. See Note 1 to the Consolidated Financial Statements for additional information. | |||||||||
[2] | Common dividends declared were $0.01 per share in the first quarters of 2015 and 2014. | |||||||||
[3] | 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. | |||||||||
[4] | For the three months ended March 31, 2015 and 2014, primarily consists of open market purchases under Citi’s Board of Directors-approved common stock repurchase program. |
CONSOLIDATED_STATEMENT_OF_CHAN1
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||
Common dividends declared (in dollars per share) | $0.01 | $0.01 |
CONSOLIDATED_STATEMENT_OF_CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities of continuing operations | ||
Net income before attribution of noncontrolling interests | $4,812 | $3,989 |
Net income attributable to noncontrolling interests | 42 | 45 |
Citigroup’s net income | 4,770 | 3,944 |
Gain (loss) from discontinued operations, net of taxes | -5 | 37 |
Income from continuing operations—excluding noncontrolling interests | 4,775 | 3,907 |
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations | ||
Depreciation and amortization | 885 | 843 |
Provision for loan losses | 1,755 | 1,793 |
Realized gains from sales of investments | -307 | -128 |
Net impairment losses recognized in earnings | 93 | 201 |
Change in trading account assets | -6,197 | 7,748 |
Change in trading account liabilities | 3,402 | 15,278 |
Change in brokerage receivables net of brokerage payables | -1,146 | -1,110 |
Change in loans held-for-sale | -2,881 | 445 |
Change in other assets | -730 | -858 |
Change in other liabilities | 386 | 2,523 |
Other, net | 2,058 | -1,044 |
Total adjustments | -2,682 | 25,691 |
Net cash provided by (used in) operating activities of continuing operations | 2,093 | 29,598 |
Cash flows from investing activities of continuing operations | ||
Change in deposits with banks | -5,807 | -2,015 |
Change in federal funds sold and securities borrowed or purchased under agreements to resell | 3,555 | -6,361 |
Change in loans | 6,831 | -381 |
Proceeds from sales and securitizations of loans | 3,259 | 651 |
Purchases of investments | -76,463 | -57,602 |
Proceeds from sales of investments | 56,928 | 33,555 |
Proceeds from maturities of investments | 19,897 | 21,523 |
Capital expenditures on premises and equipment and capitalized software | -740 | -868 |
Proceeds from sales of premises and equipment, subsidiaries and affiliates, and repossessed assets | 135 | 102 |
Net cash provided by (used in) investing activities of continuing operations | 7,595 | -11,396 |
Cash flows from financing activities of continuing operations | ||
Dividends paid | -159 | -154 |
Issuance of preferred stock | 1,494 | 467 |
Treasury stock acquired | -297 | -364 |
Stock tendered for payment of withholding taxes | -419 | -498 |
Change in federal funds purchased and securities loaned or sold under agreements to repurchase | 1,933 | -12,836 |
Issuance of long-term debt | 11,704 | 10,547 |
Payments and redemptions of long-term debt | -15,493 | -9,671 |
Change in deposits | 315 | -2,010 |
Change in short-term borrowings | -18,930 | -41 |
Net cash used in financing activities of continuing operations | -19,852 | -14,560 |
Effect of exchange rate changes on cash and cash equivalents | -64 | -147 |
Change in cash and due from banks | -10,228 | 3,495 |
Cash and due from banks at beginning of period | 32,108 | 29,885 |
Cash and due from banks at end of period | 21,880 | 33,380 |
Supplemental disclosure of cash flow information for continuing operations | ||
Cash paid during the year for income taxes | 1,100 | 1,317 |
Cash paid during the year for interest | 2,660 | 3,000 |
Non-cash investing activities | ||
Decrease in net loans associated with significant disposals reclassified to HFS | -8,735 | 0 |
Decrease in investments associated with significant disposals reclassified to HFS | -1,499 | 0 |
Decrease in goodwill and intangible assets associated with significant disposals reclassified to HFS | -184 | 0 |
Transfers to loans HFS from loans | -12,500 | -1,500 |
Transfers to OREO and other repossessed assets | -88 | -63 |
Non-cash financing activities | ||
Decrease in long-term debt associated with significant disposals reclassified to HFS | ($4,673) | $0 |
BASIS_OF_PRESENTATION_AND_ACCO
BASIS OF PRESENTATION AND ACCOUNTING CHANGES | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND ACCOUNTING CHANGES | BASIS OF PRESENTATION AND ACCOUNTING CHANGES |
Basis of Presentation | |
The accompanying unaudited Consolidated Financial Statements as of March 31, 2015 and for the three-month periods ended March 31, 2015 and 2014 include the accounts of Citigroup Inc. (Citigroup) and its consolidated subsidiaries (collectively, the Company, Citi or Citigroup). | |
In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation have been reflected. The accompanying unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes included in Citigroup’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014 (2014 Annual Report on Form 10-K). | |
Certain financial information that is normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP), but is not required for interim reporting purposes, has been condensed or omitted. | |
Management must make estimates and assumptions that affect the Consolidated Financial Statements and the related footnote disclosures. While management makes its best judgment, actual results could differ from those estimates. Current market conditions increase the risk and complexity of the judgments in these estimates. | |
Certain reclassifications have been made to the prior-period’s financial statements and notes to conform to the current period’s presentation. | |
As noted above, the Notes to Consolidated Financial Statements are unaudited. | |
ACCOUNTING CHANGES | |
Accounting for Investments in Tax Credit Partnerships | |
In January 2014, the FASB issued Accounting Standards Update (ASU) 2014-01, Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects. Any transition adjustment is reflected as an adjustment to retained earnings in the earliest period presented (retrospective application). | |
The ASU is applicable to Citi’s portfolio of low income housing tax credit (LIHTC) partnership interests. The new standard widens the scope of investments eligible to elect to apply a new alternative method, the proportional amortization method, under which the cost of the investment is amortized to tax expense in proportion to the amount of tax credits and other tax benefits received. Citi qualifies to elect the proportional amortization method under the ASU for its entire LIHTC portfolio. These investments were previously accounted for under the equity method, which resulted in losses (due to amortization of the investment) being recognized in Other revenue and tax credits and benefits being recognized in the Income tax expense line. In contrast, the proportional amortization method combines the amortization of the investment and receipt of the tax credits/benefits into one line, Income tax expense. | |
Citi adopted ASU 2014-01 in the first quarter of 2015. | |
The adoption of this ASU was applied retrospectively and cumulatively reduced Retained earnings by approximately $349 million, Other assets by approximately $178 million, and deferred tax assets by approximately $171 million. | |
Accounting for Repurchase-to-Maturity Transactions | |
In June 2014, the FASB issued ASU No. 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. The ASU changes the accounting for repurchase-to-maturity transactions and linked repurchase financings to secured borrowing accounting, which is consistent with the accounting for other repurchase agreements. The ASU also requires disclosures about transfers accounted for as sales in transactions that are economically similar to repurchase agreements (see Note 21 to the Consolidated Financial Statements) and about the types of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. The ASU’s provisions became effective for Citi from the first quarter of 2015, with the exception of the collateral disclosures which will be effective from the second quarter of 2015. The effect of adopting the ASU is required to be reflected as a cumulative effect adjustment to retained earnings as of the beginning of the period of adoption. Adoption of the ASU did not have a material effect on the Company’s financial statements. | |
Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure | |
In August 2014, the FASB issued ASU No. 2014-14, Receivables-Troubled Debt Restructuring by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure, which requires that a mortgage loan be derecognized and a separate other receivable be recognized upon foreclosure if the following conditions are met: (i) the loan has a government guarantee that is not separable from the loan before foreclosure; (ii) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim; and (iii) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable is measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. | |
Citi early adopted the ASU on a modified retrospective basis in the fourth quarter of 2014, which resulted in reclassifying approximately $130 million of foreclosed assets from Other Real Estate Owned to a separate other receivable that is included in Other assets. Given the modified retrospective approach to adoption, prior periods have not been restated. | |
FUTURE APPLICATION OF ACCOUNTING STANDARDS | |
Revenue Recognition | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective on January 1, 2017. However, the FASB is proposing to extend the effective date to January 1, 2018. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its financial statements. | |
Consolidation | |
In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which is intended to improve certain areas of consolidation guidance for legal entities such as limited partnerships, limited liability companies, and securitization structures. The ASU will reduce the number of consolidation models. The ASU will be effective on January 1, 2016. Early adoption is permitted, including adoption in an interim period. The Company is evaluating the effect that ASU 2015-02 will have on its Consolidated Financial Statements. | |
Debt Issuance Costs | |
In April 2015, the FASB issued ASU 2015-03, Interest— Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs, to conform the presentation of debt issuance costs to that of debt discounts and premiums. Thus, the ASU requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The ASU will be effective for Citi on January 1, 2016 for both interim and annual periods and will be applied retrospectively to all periods presented. Early adoption is permitted for financial statements that have not been previously issued. The ASU is not expected to have a material effect on the Company. | |
Accounting for Financial Instruments-Credit Losses | |
In December 2012, the FASB issued a proposed ASU, Financial Instruments-Credit Losses. This proposed ASU, or exposure draft, was issued for public comment in order to allow stakeholders the opportunity to review the proposal and provide comments to the FASB and does not constitute accounting guidance until a final ASU is issued. | |
The exposure draft contains proposed guidance developed by the FASB with the goal of improving financial reporting about expected credit losses on loans, securities and other financial assets held by financial institutions and other organizations. The exposure draft proposes a new accounting model intended to require earlier recognition of credit losses, while also providing additional transparency about credit risk. | |
The FASB’s proposed model would utilize an “expected credit loss” measurement objective for the recognition of credit losses for loans, held-to-maturity securities and other receivables at the time the financial asset is originated or acquired and adjusted each period for changes in expected credit losses. For available-for-sale securities where fair value is less than cost, credit-related impairment would be recognized in the allowance for credit losses and adjusted each period for changes in credit. This would replace the multiple existing impairment models in GAAP, which generally require that a loss be “incurred” before it is recognized. | |
The FASB’s proposed model represents a significant departure from existing GAAP, and may result in material changes to the Company’s accounting for financial instruments. The impact of the FASB’s final ASU on the Company’s financial statements will be assessed when it is issued. The exposure draft does not contain a proposed effective date; this would be included in the final ASU, when issued. |
DISCONTINUED_OPERATIONS_AND_SI
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS | DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS | ||||||
Discontinued Operations | |||||||
The following Discontinued operations are recorded within the Corporate/Other segment. | |||||||
Sale of Brazil Credicard Business | |||||||
Citi sold its non-Citibank-branded cards and consumer finance business in Brazil (Credicard) in 2013 and reported them as Discontinued operations. During the first quarter of 2015 and 2014, residual costs and resolution of certain contingencies resulted in loss from Discontinued operations, net of taxes, of $2 million and income from Discontinued operations, net of taxes, of $53 million, respectively. | |||||||
Sale of Certain Citi Capital Advisors Business | |||||||
Citi sold its liquid strategies business within Citi Capital Advisors (CCA) pursuant to two separate transactions in 2013 and reported them as Discontinued operations. Citigroup retained a 24.9% passive equity interest in the management company (which is held in Citi’s Institutional Clients Group segment). Residual costs from the disposals resulted in income from Discontinued operations, net of taxes, of $1 million during the first quarter of 2015 and loss from Discontinued operations, net of taxes, of $2 million during the first quarter of 2014. | |||||||
Sale of Egg Banking plc Credit Card Business | |||||||
Citi completed the sale of the Egg Banking plc (Egg) credit card business in 2011 and reported it as Discontinued operations. Residual costs from the disposal resulted in losses from Discontinued operations, net of taxes, of $4 million and $14 million during the first quarter of 2015 and 2014, respectively. | |||||||
Audit of Citi German Consumer Tax Group | |||||||
Citi sold its German retail banking operations in 2007 and reported them as Discontinued operations. During 2014, residual costs associated with German retail banking operations resulted in a tax expense of $20 million. | |||||||
Combined Results for Discontinued Operations | |||||||
The following is summarized financial information for Credicard, CCA, Egg and previous Discontinued operations for which Citi continues to have minimal residual costs associated with the sales: | |||||||
Three Months Ended March 31, | |||||||
In millions of dollars | 2015 | 2014 | |||||
Total revenues, net of interest expense | $ | — | $ | 69 | |||
Income (loss) from discontinued operations | $ | (8 | ) | $ | 40 | ||
Provision (benefit) for income taxes | (3 | ) | 3 | ||||
Income (loss) from discontinued operations, net of taxes | $ | (5 | ) | $ | 37 | ||
Cash flows for the Discontinued operations were not material for all periods presented. | |||||||
Significant Disposals | |||||||
The following sales were identified as significant disposals, including the assets and liabilities that were reclassified to HFS within Other assets and Other liabilities on the Consolidated Balance Sheet and the Income (loss) before taxes (benefits) related to each business. | |||||||
Agreement to Sell OneMain Financial Business | |||||||
On March 3, 2015, Citi entered into an agreement to sell its OneMain Financial business that is part of Citi Holdings. The sale, which is subject to regulatory approvals and other customary closing conditions, is expected to occur in the third quarter of 2015. Income before taxes is as follows: | |||||||
Three Months Ended March 31, | |||||||
In millions of dollars | 2015 | 2014 | |||||
Income before taxes | $ | 177 | $ | 242 | |||
The following assets and liabilities for the OneMain Financial business were identified and reclassified to HFS within Other assets and Other liabilities on the Consolidated Balance Sheet at March 31, 2015: | |||||||
In millions of dollars | 31-Mar-15 | ||||||
Assets | |||||||
Cash and deposits with banks | $ | 492 | |||||
Investments | 1,499 | ||||||
Loans (net of allowance of $688 million) | 7,427 | ||||||
Intangible assets | 123 | ||||||
Other assets | 355 | ||||||
Total assets | $ | 9,896 | |||||
Liabilities | |||||||
Long-term debt | $ | 4,673 | |||||
Other liabilities, due to/from subs | 1,902 | ||||||
Other liabilities | 1,454 | ||||||
Total liabilities | $ | 8,029 | |||||
Agreement to Sell Japan Cards Business | |||||||
On March 31, 2015, Citi entered into an agreement to sell its Japan cards business that is part of Citi Holdings effective January 1, 2015. The sale, which is subject to regulatory approvals and other customary closing conditions, is expected to occur by the fourth quarter of 2015. Income before taxes is as follows: | |||||||
Three Months Ended March 31, | |||||||
In millions of dollars | 2015 | 2014 | |||||
Income before taxes | $ | (1 | ) | $ | — | ||
The following assets and liabilities for the Japan cards business were identified and reclassified to HFS within Other assets and Other liabilities on the Consolidated Balance Sheet at March 31, 2015: | |||||||
In millions of dollars | 31-Mar-15 | ||||||
Assets | |||||||
Cash and deposits with banks | $ | 16 | |||||
Loans (net of allowance of $24 million) | 1,308 | ||||||
Goodwill | 61 | ||||||
Other assets | 66 | ||||||
Total assets | $ | 1,451 | |||||
Liabilities | |||||||
Other liabilities | $ | 460 | |||||
Total liabilities | $ | 460 | |||||
Agreement to Sell Japan Retail Banking Business | |||||||
On December 25, 2014, Citi entered into an agreement to sell its Japan retail banking business that is part of Citi Holdings effective January 1, 2015. The sale, which is subject to regulatory approvals and other customary closing conditions, is expected to occur by the fourth quarter of 2015. Income before taxes is as follows: | |||||||
Three Months Ended March 31, | |||||||
In millions of dollars | 2015 | 2014 | |||||
Income before taxes | $ | — | $ | 2 | |||
The following assets and liabilities for the Japan retail banking business were identified and reclassified to HFS within Other assets and Other liabilities on the Consolidated Balance Sheet at March 31, 2015 and December 31, 2014: | |||||||
March 31, | Dec. 31, | ||||||
In millions of dollars | 2015 | 2014 | |||||
Assets | |||||||
Cash and deposits with banks | $ | 118 | $ | 151 | |||
Loans (net of allowance of $1 million and $2 million at March 31, 2015 and December 31, 2014) | 548 | 544 | |||||
Goodwill | 51 | 51 | |||||
Other assets, advances to/from subs | 19,480 | 19,854 | |||||
Other assets | 52 | 66 | |||||
Total assets | $ | 20,249 | $ | 20,666 | |||
Liabilities | |||||||
Deposits | $ | 20,193 | $ | 20,605 | |||
Other liabilities | 56 | 61 | |||||
Total liabilities | $ | 20,249 | $ | 20,666 | |||
Combined Significant Disposals—HFS Balance Sheet Reclassifications | |||||||
The following assets and liabilities for the Japan retail banking, Japan cards business and OneMain Financial business were identified and reclassified to HFS within Other assets and Other liabilities on the Consolidated Balance Sheet at March 31, 2015 (OneMain, Japan cards and Japan retail) and December 31, 2014 (Japan retail): | |||||||
In millions of dollars | March 31, | Dec. 31, | |||||
2015 | 2014 | ||||||
Assets | |||||||
Cash and deposits with banks | $ | 626 | $ | 151 | |||
Investments | 1,499 | — | |||||
Loans (net of allowance of $713 million and $2 million at March 31, 2015 and December 31, 2014) | 9,283 | 544 | |||||
Goodwill | 112 | 51 | |||||
Intangible assets | 123 | — | |||||
Other assets, advances to/from subs | 19,480 | 19,854 | |||||
Other assets | 473 | 66 | |||||
Total assets | $ | 31,596 | $ | 20,666 | |||
Liabilities | |||||||
Deposits | $ | 20,193 | $ | 20,605 | |||
Long-term debt | 4,673 | — | |||||
Other liabilities, due to/from subs | 1,902 | — | |||||
Other liabilities | 1,970 | 61 | |||||
Total liabilities | $ | 28,738 | $ | 20,666 | |||
Sale of Spain Consumer Operations | |||||||
On September 22, 2014, Citi sold its consumer operations in Spain, which was part of Citi Holdings, including $1.7 billion of consumer loans (net of allowance), $3.4 billion of assets under management, $2.2 billion of customer deposits, 45 branches, 48 ATMs and 938 employees, with the buyer assuming the related current pension commitments at closing. The transaction generated a pretax gain on sale of $243 million ($131 million after-tax). Income before taxes is as follows: | |||||||
Three Months Ended March 31, | |||||||
In millions of dollars | 2015 | 2014 | |||||
Income before taxes | $ | — | $ | 21 | |||
Sale of Greece Consumer Operations | |||||||
On September 30, 2014, Citi sold its consumer operations in Greece, which were part of Citi Holdings, including $353 million of consumer loans (net of allowance), $1.1 billion of assets under management, $1.2 billion of customer deposits, 20 branches, 85 ATMs and 719 employees, with the buyer assuming certain limited pension obligations related to Diners’ Club’s employees at closing. The transaction generated a pretax gain on sale of $209 million ($91 million after-tax). | |||||||
Income before taxes is as follows: | |||||||
Three Months Ended March 31, | |||||||
In millions of dollars | 2015 | 2014 | |||||
Income before taxes | $ | — | $ | (15 | ) | ||
BUSINESS_SEGMENTS
BUSINESS SEGMENTS | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
BUSINESS SEGMENTS | BUSINESS SEGMENTS | ||||||||||||||||||||||||
Citigroup’s activities are conducted through the Global Consumer Banking (GCB), Institutional Clients Group (ICG), Corporate/Other and Citi Holdings business segments. | |||||||||||||||||||||||||
GCB includes a global, full-service consumer franchise delivering a wide array of banking, credit card lending and investment services through a network of local branches, offices and electronic delivery systems and is composed of four GCB businesses: North America, EMEA, Latin America and Asia. | |||||||||||||||||||||||||
ICG is composed of Banking and Markets and securities services and provides corporate, institutional, public sector and high-net-worth clients in approximately 100 countries with a broad range of banking and financial products and services. | |||||||||||||||||||||||||
Corporate/Other includes certain unallocated costs of global functions, other corporate expenses and net treasury results, unallocated corporate expenses, offsets to certain line-item reclassifications and eliminations, the results of discontinued operations and unallocated taxes. | |||||||||||||||||||||||||
Citi Holdings is composed of businesses and portfolios of assets that Citigroup has determined are not central to its core Citicorp businesses. | |||||||||||||||||||||||||
The accounting policies of these reportable segments are the same as those disclosed in Note 1 to the Consolidated Financial Statements in Citi’s 2014 Annual Report on Form 10-K. | |||||||||||||||||||||||||
The prior-period balances reflect reclassifications to conform the presentation for all periods to the current period’s presentation. Effective January 1, 2015, financial data was reclassified from Citicorp to Citi Holdings for the consumer businesses in 11 markets and the consumer finance business in Korea in Global Consumer Banking (GCB) and certain businesses in Institutional Clients Group that Citi intends to exit, changes in Citi’s charge out of certain assets and non-interest revenues from the Corporate/Other segment to Citi’s businesses, changes in charge outs of certain administrative, operations and technology costs among Citi’s businesses and certain other immaterial reclassifications. Citi’s consolidated results remain unchanged for all periods presented as a result of the changes discussed above. | |||||||||||||||||||||||||
In addition, as discussed in Note 1 to the Consolidated Financial Statements, Citi adopted ASU 2014-01 in the first quarter of 2015. The ASU is applicable to Citi’s portfolio of low income housing tax credit partnership interests. Citi’s disclosures reflect the retrospective application of the ASU and impacts Citi’s consolidated assets, revenues, provision for income taxes and net income for all periods presented. | |||||||||||||||||||||||||
The following table presents certain information regarding the Company’s continuing operations by segment: | |||||||||||||||||||||||||
Revenues, | Provision (benefits) | Income (loss) from | Identifiable assets | ||||||||||||||||||||||
net of interest expense (1) | for income taxes | continuing operations (2) | |||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||
In millions of dollars, except identifiable assets in billions | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | March 31, 2015 | December 31, 2014 | |||||||||||||||||
Global Consumer Banking | $ | 8,662 | $ | 8,844 | $ | 920 | $ | 742 | $ | 1,725 | $ | 1,674 | $ | 387 | $ | 406 | |||||||||
Institutional Clients Group | 9,028 | 9,154 | 1,358 | 1,321 | 2,964 | 2,948 | 1,271 | 1,257 | |||||||||||||||||
Corporate/Other | 212 | 223 | (312 | ) | 209 | (19 | ) | (388 | ) | 52 | 50 | ||||||||||||||
Total Citicorp | $ | 17,902 | $ | 18,221 | $ | 1,966 | $ | 2,272 | $ | 4,670 | $ | 4,234 | $ | 1,710 | $ | 1,713 | |||||||||
Citi Holdings | 1,834 | 1,985 | 154 | (141 | ) | 147 | (282 | ) | 122 | 129 | |||||||||||||||
Total | $ | 19,736 | $ | 20,206 | $ | 2,120 | $ | 2,131 | $ | 4,817 | $ | 3,952 | $ | 1,832 | $ | 1,842 | |||||||||
-1 | Includes Citicorp (excluding Corporate/Other) total revenues, net of interest expense, in North America of $8.3 billion and $8.3 billion; in EMEA of $3.0 billion and $3.1 billion; in Latin America of $2.9 billion and $3.2 billion; and in Asia of $3.5 billion and $3.4 billion for the three months ended March 31, 2015 and 2014, respectively. Regional numbers exclude Citi Holdings and Corporate/Other, which largely operate within the U.S. | ||||||||||||||||||||||||
-2 | Includes pretax provisions (credits) for credit losses and for benefits and claims in the GCB results of $1.5 billion and $1.6 billion; in the ICG results of $74 million and $27 million; and in Citi Holdings results of $0.4 billion and $0.4 billion for the three months ended March 31, 2015 and 2014, respectively. |
INTEREST_REVENUE_AND_EXPENSE
INTEREST REVENUE AND EXPENSE | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Interest Revenue (Expense), Net [Abstract] | |||||||
INTEREST REVENUE AND EXPENSE | INTEREST REVENUE AND EXPENSE | ||||||
For the three months ended March 31, 2015 and 2014, Interest revenue and Interest expense consisted of the following: | |||||||
Three Months Ended | |||||||
March 31, | |||||||
In millions of dollars | 2015 | 2014 | |||||
Interest revenue | |||||||
Loan interest, including fees | $ | 10,555 | $ | 11,181 | |||
Deposits with banks | 183 | 252 | |||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 642 | 594 | |||||
Investments, including dividends | 1,711 | 1,757 | |||||
Trading account assets(1) | 1,399 | 1,486 | |||||
Other interest | 110 | 80 | |||||
Total interest revenue | $ | 14,600 | $ | 15,350 | |||
Interest expense | |||||||
Deposits(2) | $ | 1,326 | $ | 1,449 | |||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 376 | 525 | |||||
Trading account liabilities(1) | 47 | 41 | |||||
Short-term borrowings | 119 | 137 | |||||
Long-term debt | 1,160 | 1,439 | |||||
Total interest expense | $ | 3,028 | $ | 3,591 | |||
Net interest revenue | $ | 11,572 | $ | 11,759 | |||
Provision for loan losses | 1,755 | 1,793 | |||||
Net interest revenue after provision for loan losses | $ | 9,817 | $ | 9,966 | |||
-1 | Interest expense on Trading account liabilities of ICG is reported as a reduction of interest revenue from Trading account assets. | ||||||
-2 | Includes deposit insurance fees and charges of $296 million and $281 million for the three months ended March 31, 2015 and 2014. |
COMMISSIONS_AND_FEES
COMMISSIONS AND FEES | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Fees and Commissions [Abstract] | |||||||
COMMISSIONS AND FEES | COMMISSIONS AND FEES | ||||||
The primary components of Commissions and fees revenue are investment banking fees, trading-related fees, credit card and bank card fees and fees related to trade and securities services in ICG. | |||||||
Investment banking fees are substantially composed of underwriting and advisory revenues and are recognized when Citigroup’s performance under the terms of a contractual arrangement is completed, which is typically at the closing of the transaction. Underwriting revenue is recorded in Commissions and fees, net of both reimbursable and non-reimbursable expenses, consistent with the AICPA Audit and Accounting Guide for Brokers and Dealers in Securities (codified in ASC 940-605-05-1). Expenses associated with advisory transactions are recorded in Other operating expenses, net of client reimbursements. Out-of-pocket expenses are deferred and recognized at the time the related revenue is recognized. In general, expenses incurred related to investment banking transactions that fail to close (are not consummated) are recorded gross in Other operating expenses. | |||||||
Trading-related fees primarily include commissions and fees from the following: executing transactions for clients on exchanges and over-the-counter markets; sale of mutual funds, insurance and other annuity products; and assisting clients in clearing transactions, providing brokerage services and other such activities. Trading-related fees are recognized when earned in Commissions and fees. Gains or losses, if any, on these transactions are included in Principal transactions (see Note 6 to the Consolidated Financial Statements). | |||||||
Credit card and bank card fees are primarily composed of interchange revenue and certain card fees, including annual fees, reduced by reward program costs and certain partner payments. Interchange revenue and fees are recognized when earned; annual card fees are deferred and amortized on a straight-line basis over a 12-month period. Reward costs are recognized when points are earned by the customers. The following table presents Commissions and fees revenue for the three months ended March 31: | |||||||
Three Months Ended March 31, | |||||||
In millions of dollars | 2015 | 2014 | |||||
Investment banking | $ | 938 | $ | 834 | |||
Trading-related | 634 | 701 | |||||
Credit cards and bank cards | 501 | 563 | |||||
Trade and securities services | 435 | 453 | |||||
Other consumer(1) | 180 | 213 | |||||
Corporate finance(2) | 145 | 123 | |||||
Checking-related | 116 | 136 | |||||
Loan servicing | 95 | 88 | |||||
Other | 126 | 73 | |||||
Total commissions and fees | $ | 3,170 | $ | 3,184 | |||
-1 | Primarily consists of fees for investment fund administration and management, third-party collections, commercial demand deposit accounts and certain credit card services. | ||||||
-2 | Consists primarily of fees earned from structuring and underwriting loan syndications. |
PRINCIPAL_TRANSACTIONS
PRINCIPAL TRANSACTIONS | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Principal Transactions Revenue, Net [Abstract] | |||||||
PRINCIPAL TRANSACTIONS | PRINCIPAL TRANSACTIONS | ||||||
Principal transactions revenue consists of realized and unrealized gains and losses from trading activities. Trading activities include revenues from fixed income, equities, credit and commodities products and foreign exchange transactions. Not included in the table below is the impact of net interest revenue related to trading activities, which is an integral part of trading activities’ profitability. See Note 4 to the Consolidated Financial Statements for information about net interest revenue related to trading activities. Principal transactions include CVA (credit valuation adjustments on derivatives), FVA (funding valuation adjustments) on over-the-counter derivatives and DVA (debt valuation adjustments on issued liabilities for which the fair value option has been elected). | |||||||
The following table presents principal transactions revenue for the three months ended March 31: | |||||||
Three Months Ended March 31, | |||||||
In millions of dollars | 2015 | 2014 | |||||
Global Consumer Banking | $ | 173 | $ | 172 | |||
Institutional Clients Group | 2,199 | 2,604 | |||||
Corporate/Other | (422 | ) | 20 | ||||
Subtotal Citicorp | $ | 1,950 | $ | 2,796 | |||
Citi Holdings | 21 | 92 | |||||
Total Citigroup | $ | 1,971 | $ | 2,888 | |||
Interest rate contracts(1) | $ | 1,197 | $ | 1,390 | |||
Foreign exchange contracts(2) | 86 | 548 | |||||
Equity contracts(3) | 114 | 138 | |||||
Commodity and other contracts(4) | 317 | 224 | |||||
Credit products and derivatives(5) | 257 | 588 | |||||
Total | $ | 1,971 | $ | 2,888 | |||
-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 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. |
INCENTIVE_PLANS
INCENTIVE PLANS | 3 Months Ended |
Mar. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
INCENTIVE PLANS | INCENTIVE PLANS |
All equity awards granted since April 19, 2005 have been made pursuant to stockholder-approved stock incentive plans that are administered by the Personnel and Compensation Committee of the Citigroup Board of Directors, which is composed entirely of independent non-employee directors. For additional information on Citi’s incentive plans, see Note 7 to the Consolidated Financial Statements in Citi’s 2014 Annual Report on Form 10-K. |
RETIREMENT_BENEFITS
RETIREMENT BENEFITS | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||
RETIREMENT BENEFITS | RETIREMENT BENEFITS | |||||||||||||||||||||||||||
For additional information on Citi’s retirement benefits, see Note 8 to the Consolidated Financial Statements in the Company’s 2014 Annual Report on Form 10-K. | ||||||||||||||||||||||||||||
Pension and Postretirement Plans | ||||||||||||||||||||||||||||
The Company has several non-contributory defined benefit pension plans covering certain U.S. employees and has various defined benefit pension and termination indemnity plans covering employees outside the United States. | ||||||||||||||||||||||||||||
The U.S. qualified defined benefit plan was frozen effective January 1, 2008 for most employees. Accordingly, no additional compensation-based contributions were credited to the cash balance portion of the plan for existing plan participants after 2007. However, certain employees covered under the prior final pay plan formula continue to accrue benefits. The Company also offers postretirement health care and life insurance benefits to certain eligible U.S. retired employees, as well as to certain eligible employees outside the United States. | ||||||||||||||||||||||||||||
The Company also sponsors a number of non-contributory, nonqualified pension plans. These plans, which are unfunded, provide supplemental defined pension benefits to certain U.S. employees. With the exception of certain employees covered under the prior final pay plan formula, the benefits under these plans were frozen in prior years. | ||||||||||||||||||||||||||||
The plan obligations, plan assets and periodic plan expense for the Company’s most significant pension and postretirement benefit plans (Significant Plans) are remeasured and disclosed quarterly, instead of annually. The Significant Plans captured approximately 90% of the Company’s global pension and postretirement plan obligations as of March 31, 2015. All other plans (All Other Plans) are remeasured annually with a December 31 measurement date. | ||||||||||||||||||||||||||||
Net (Benefit) Expense | ||||||||||||||||||||||||||||
The following table summarizes the components of net (benefit) expense recognized in the Consolidated Statement of Income for the Company’s U.S. qualified and nonqualified pension plans and postretirement plans and plans outside the United States, for Significant Plans and All Other Plans, for the periods indicated. | ||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||
Pension plans | Postretirement benefit plans | |||||||||||||||||||||||||||
U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans | |||||||||||||||||||||||||
In millions of dollars | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||
Qualified plans | ||||||||||||||||||||||||||||
Benefits earned during the period | $ | 2 | $ | 2 | $ | 44 | $ | 46 | $ | — | $ | — | $ | 4 | $ | 4 | ||||||||||||
Interest cost on benefit obligation | 137 | 140 | 80 | 96 | 8 | 8 | 27 | 29 | ||||||||||||||||||||
Expected return on plan assets | (222 | ) | (217 | ) | (84 | ) | (95 | ) | — | (1 | ) | (29 | ) | (30 | ) | |||||||||||||
Amortization of unrecognized | ||||||||||||||||||||||||||||
Prior service (benefit) cost | (1 | ) | (1 | ) | — | 1 | — | — | (3 | ) | (3 | ) | ||||||||||||||||
Net actuarial loss | 37 | 23 | 21 | 20 | — | (1 | ) | 11 | 9 | |||||||||||||||||||
Net qualified plans (benefit) expense | $ | (47 | ) | $ | (53 | ) | $ | 61 | $ | 68 | $ | 8 | $ | 6 | $ | 10 | $ | 9 | ||||||||||
Nonqualified plans expense | 12 | 12 | — | — | — | — | — | — | ||||||||||||||||||||
Total net (benefit) expense | $ | (35 | ) | $ | (41 | ) | $ | 61 | $ | 68 | $ | 8 | $ | 6 | $ | 10 | $ | 9 | ||||||||||
Funded Status and Accumulated Other Comprehensive Income | ||||||||||||||||||||||||||||
The following table summarizes the funded status and amounts recognized in the Consolidated Balance Sheet for the Company’s Significant Plans. | ||||||||||||||||||||||||||||
Net Amount Recognized | ||||||||||||||||||||||||||||
Three months ended March 31, 2015 | ||||||||||||||||||||||||||||
Pension plans | Postretirement benefit plans | |||||||||||||||||||||||||||
U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans | |||||||||||||||||||||||||
In millions of dollars | 2015 | 2015 | 2015 | 2015 | ||||||||||||||||||||||||
Change in projected benefit obligation | ||||||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 14,839 | $ | 7,252 | $ | 917 | $ | 1,527 | ||||||||||||||||||||
Plans measured annually | — | (2,070 | ) | — | (348 | ) | ||||||||||||||||||||||
Projected benefit obligation at beginning of year - Significant Plans | $ | 14,839 | $ | 5,182 | $ | 917 | $ | 1,179 | ||||||||||||||||||||
Benefits earned during the year | 3 | 25 | — | 3 | ||||||||||||||||||||||||
Interest cost on benefit obligation | 144 | 66 | 8 | 23 | ||||||||||||||||||||||||
Plan amendments | — | 6 | — | — | ||||||||||||||||||||||||
Actuarial (gain) loss | 252 | 144 | 19 | — | ||||||||||||||||||||||||
Benefits paid, net of participants’ contributions | (198 | ) | (56 | ) | (24 | ) | (10 | ) | ||||||||||||||||||||
Foreign exchange impact and other | — | (232 | ) | — | (41 | ) | ||||||||||||||||||||||
Projected benefit obligation at period end - Significant Plans | $ | 15,040 | $ | 5,135 | $ | 920 | $ | 1,154 | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||||||||||
Pension plans | Postretirement benefit plans | |||||||||||||||||||||||||||
U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans | |||||||||||||||||||||||||
In millions of dollars | 2015 | 2015 | 2015 | 2015 | ||||||||||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||||||
Plan assets at fair value at beginning of year | $ | 13,071 | $ | 7,057 | $ | 10 | $ | 1,384 | ||||||||||||||||||||
Plans measured annually | — | (1,406 | ) | — | (9 | ) | ||||||||||||||||||||||
Plan assets at fair value at beginning of year - Significant Plans | $ | 13,071 | $ | 5,651 | $ | 10 | $ | 1,375 | ||||||||||||||||||||
Actual return on plan assets | 314 | 169 | — | 3 | ||||||||||||||||||||||||
Company contributions | 13 | 13 | 20 | — | ||||||||||||||||||||||||
Plan participants’ contributions | — | 1 | — | — | ||||||||||||||||||||||||
Benefits paid | (198 | ) | (56 | ) | (24 | ) | (10 | ) | ||||||||||||||||||||
Foreign exchange impact and other | — | (281 | ) | — | (47 | ) | ||||||||||||||||||||||
Plan assets at fair value at period end - Significant Plans | $ | 13,200 | $ | 5,497 | $ | 6 | $ | 1,321 | ||||||||||||||||||||
Funded status of the plans | ||||||||||||||||||||||||||||
Qualified plans | $ | (1,051 | ) | $ | 362 | $ | (914 | ) | $ | 167 | ||||||||||||||||||
Nonqualified plans | (789 | ) | — | — | — | |||||||||||||||||||||||
Funded status of the plans at period end - Significant Plans | $ | (1,840 | ) | $ | 362 | $ | (914 | ) | $ | 167 | ||||||||||||||||||
Net amount recognized | ||||||||||||||||||||||||||||
Benefit asset | $ | — | $ | 362 | $ | — | $ | 167 | ||||||||||||||||||||
Benefit liability | (1,840 | ) | — | (914 | ) | — | ||||||||||||||||||||||
Net amount recognized on the balance sheet - Significant Plans | $ | (1,840 | ) | $ | 362 | $ | (914 | ) | $ | 167 | ||||||||||||||||||
Amounts recognized in Accumulated other comprehensive income (loss) | ||||||||||||||||||||||||||||
Prior service benefit (cost) | $ | (1 | ) | $ | 15 | $ | — | $ | 134 | |||||||||||||||||||
Net actuarial gain (loss) | (6,060 | ) | (1,145 | ) | (75 | ) | (541 | ) | ||||||||||||||||||||
Net amount recognized in equity (pretax) - Significant Plans | $ | (6,061 | ) | $ | (1,130 | ) | $ | (75 | ) | $ | (407 | ) | ||||||||||||||||
Accumulated benefit obligation at period end - Significant Plans | $ | 15,021 | $ | 4,811 | N/A | N/A | ||||||||||||||||||||||
The following table shows the change in Accumulated other comprehensive income (loss) related to Citi’s pension and postretirement benefit plans (for Significant Plans and All Other Plans) for the periods indicated. | ||||||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||||
In millions of dollars | 31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||
Beginning of period balance, net of tax (1) (2) | $ | (5,159 | ) | $ | (3,989 | ) | ||||||||||||||||||||||
Actuarial assumptions changes and plan experience | (416 | ) | (3,404 | ) | ||||||||||||||||||||||||
Net asset gain (loss) due to difference between actual and expected returns | 165 | 833 | ||||||||||||||||||||||||||
Net amortizations | 64 | 202 | ||||||||||||||||||||||||||
Prior service credit | (6 | ) | 13 | |||||||||||||||||||||||||
Curtailment/ settlement loss (3) | — | 67 | ||||||||||||||||||||||||||
Foreign exchange impact and other | 72 | 459 | ||||||||||||||||||||||||||
Change in deferred taxes, net | 31 | 660 | ||||||||||||||||||||||||||
Change, net of tax | $ | (90 | ) | $ | (1,170 | ) | ||||||||||||||||||||||
End of period balance, net of tax (1) (2) | $ | (5,249 | ) | $ | (5,159 | ) | ||||||||||||||||||||||
-1 | See Note 18 to the Consolidated Financial Statements for further discussion of net Accumulated other comprehensive income (loss) balance. | |||||||||||||||||||||||||||
-2 | Includes net-of-tax amounts for certain profit sharing plans outside the U.S. | |||||||||||||||||||||||||||
-3 | Curtailment and settlement losses relate to repositioning actions. | |||||||||||||||||||||||||||
Plan Assumptions | ||||||||||||||||||||||||||||
The Company utilizes a number of assumptions to determine plan obligations and expenses. Changes in one or a combination of these assumptions will have an impact on the Company’s pension and postretirement projected benefit obligations, funded status and (benefit) expense. Changes in the plans’ funded status resulting from changes in the projected benefit obligation and fair value of plan assets will have a corresponding impact on Accumulated other comprehensive income (loss). | ||||||||||||||||||||||||||||
The discount rates used during the period in determining the pension and postretirement net (benefit) expense for the Significant Plans are shown in the following table: | ||||||||||||||||||||||||||||
Three months ended | Three months ended | |||||||||||||||||||||||||||
Net benefit (expense) assumed discount rates during the period(1) | Mar. 31, 2015 | Dec. 31, 2014 | ||||||||||||||||||||||||||
U.S. plans | ||||||||||||||||||||||||||||
Qualified pension | 4.00% | 4.25% | ||||||||||||||||||||||||||
Nonqualified pension | 3.9 | 4.75 | ||||||||||||||||||||||||||
Postretirement | 3.8 | 4 | ||||||||||||||||||||||||||
Non-U.S. plans | ||||||||||||||||||||||||||||
Pension | 1.00 - 12.00 | 2.20 - 11.90 | ||||||||||||||||||||||||||
Weighted average | 5.44 | 6.02 | ||||||||||||||||||||||||||
Postretirement | 8 | 8.7 | ||||||||||||||||||||||||||
(1) The Company uses a quarterly remeasurement approach for its Significant Plans. The rates for the three months ended December 31, 2014 shown above were utilized to calculate the fourth quarter expense in 2014. The rates for the three months ended March 31, 2015 shown above were utilized to calculate the first quarter expense. | ||||||||||||||||||||||||||||
The discount rates used at period end in determining the pension and postretirement benefit obligations for the Significant Plans are shown in the following table: | ||||||||||||||||||||||||||||
Plan obligations assumed discount rates at period ended (1) | Mar. 31, 2015 | Dec. 31, 2014 | ||||||||||||||||||||||||||
U.S. plans | ||||||||||||||||||||||||||||
Qualified pension | 3.85% | 4.00% | ||||||||||||||||||||||||||
Nonqualified pension | 3.7 | 3.9 | ||||||||||||||||||||||||||
Postretirement | 3.65 | 3.8 | ||||||||||||||||||||||||||
Non-U.S. plans | ||||||||||||||||||||||||||||
Pension | 0.70 - 12.25 | 1.00 - 12.00 | ||||||||||||||||||||||||||
Weighted average | 5.14 | 5.44 | ||||||||||||||||||||||||||
Postretirement | 8 | 8 | ||||||||||||||||||||||||||
(1) For the Significant Plans, the rates at March 31, 2015 shown above are utilized to calculate the March 31, 2015 benefit obligation and will be utilized to calculate the 2015 second quarter expense. | ||||||||||||||||||||||||||||
Sensitivities of Certain Key Assumptions | ||||||||||||||||||||||||||||
The following table summarizes the estimated effect on the Company’s Significant Plans quarterly pension expense of a one-percentage-point change in the discount rate: | ||||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||||||||||
In millions of dollars | One-percentage-point increase | One-percentage-point decrease | ||||||||||||||||||||||||||
Pension | ||||||||||||||||||||||||||||
U.S. plans | $7 | ($11) | ||||||||||||||||||||||||||
Non-U.S. plans | -7 | 9 | ||||||||||||||||||||||||||
Postretirement | ||||||||||||||||||||||||||||
U.S. plans | $1 | ($1) | ||||||||||||||||||||||||||
Non-U.S. plans | -3 | 3 | ||||||||||||||||||||||||||
Since the U.S. plans were frozen, the majority of the prospective service cost has been eliminated and the gain/loss amortization period was changed to the life expectancy for inactive participants. As a result, expense for the U.S. plans is driven more by interest costs than service costs and an increase in the discount rate would increase expense, while a decrease in the discount rate would decrease expense. | ||||||||||||||||||||||||||||
Contributions | ||||||||||||||||||||||||||||
The Company’s funding practice for U.S. and non-U.S. pension plans is generally to fund to minimum funding requirements in accordance with applicable local laws and regulations. The Company may increase its contributions above the minimum required contribution, if appropriate. In addition, management has the ability to change its funding practices. For the U.S. pension plans, there were no required minimum cash contributions during the first quarter of 2015. | ||||||||||||||||||||||||||||
The following table summarizes the actual Company contributions for the three months ended March 31, 2015 and 2014, as well as estimated expected Company contributions for the remainder of 2015 and the contributions made in the second, third and fourth quarters of 2014. Expected contributions are subject to change since contribution decisions are affected by various factors, such as market performance and regulatory requirements. | ||||||||||||||||||||||||||||
Summary of Company Contributions | ||||||||||||||||||||||||||||
Pension plans | Postretirement plans | |||||||||||||||||||||||||||
U.S. plans (1) | Non-U.S. plans | U.S. plans | Non-U.S. plans | |||||||||||||||||||||||||
In millions of dollars | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||
Company contributions(2) for the three months ended March 31 | $ | 11 | $ | 11 | $ | 26 | $ | 43 | $ | 20 | $ | 10 | $ | 7 | $ | 3 | ||||||||||||
Company contributions made or expected to be made in the remainder of the year | $ | 35 | $ | 32 | $ | 129 | $ | 127 | $ | 47 | $ | 47 | $ | 2 | $ | 7 | ||||||||||||
-1 | The U.S. pension plans include benefits paid directly by the Company for the nonqualified pension plans. | |||||||||||||||||||||||||||
-2 | Company contributions are composed of cash contributions made to the plans and benefits paid directly to participants by the Company. | |||||||||||||||||||||||||||
Defined Contribution Plans | ||||||||||||||||||||||||||||
The Company sponsors defined contribution plans in the U.S. and in certain non-U.S. locations, all of which are administered in accordance with local laws. The most significant defined contribution plan is the Citigroup 401(k) Plan sponsored by the Company in the U.S. | ||||||||||||||||||||||||||||
Under the Citigroup 401(k) Plan, eligible U.S. employees receive matching contributions of up to 6% of their eligible compensation for 2015 and 2014, subject to statutory limits. Additionally, for eligible employees whose eligible compensation is $100,000 or less, a fixed contribution of up to 2% of eligible compensation is provided. All Company contributions are invested according to participants’ individual elections. The expense associated with this plan amounted to approximately $101 million and $103 million for the three months ended March 31, 2015 and 2014, respectively. | ||||||||||||||||||||||||||||
Postemployment Plans | ||||||||||||||||||||||||||||
The Company sponsors U.S. postemployment plans that provide income continuation and health and welfare benefits to certain eligible U.S. employees on long-term disability. | ||||||||||||||||||||||||||||
The following table summarizes the components of net expense recognized in the Consolidated Statement of Income for the Company’s U.S. postemployment plans. | ||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||
In millions of dollars | 2015 | 2014 | ||||||||||||||||||||||||||
Service-related expense | ||||||||||||||||||||||||||||
Benefits earned during the period | $ | — | $ | — | ||||||||||||||||||||||||
Interest cost on benefit obligation | 1 | 1 | ||||||||||||||||||||||||||
Amortization of unrecognized | ||||||||||||||||||||||||||||
Prior service cost (benefit) | (7 | ) | (7 | ) | ||||||||||||||||||||||||
Net actuarial loss | 3 | 3 | ||||||||||||||||||||||||||
Total service-related expense (benefit) | $ | (3 | ) | $ | (3 | ) | ||||||||||||||||||||||
Non-service-related expense | $ | 9 | $ | 8 | ||||||||||||||||||||||||
Total net expense | $ | 6 | $ | 5 | ||||||||||||||||||||||||
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Earnings Per Share [Abstract] | |||||||
EARNINGS PER SHARE | EARNINGS PER SHARE | ||||||
The following is a reconciliation of the income and share data used in the basic and diluted earnings per share (EPS) computations for the three months ended March 31: | |||||||
Three Months Ended | |||||||
March 31, | |||||||
In millions, except per-share amounts | 2015 | 2014 | |||||
Income from continuing operations before attribution of noncontrolling interests | $ | 4,817 | $ | 3,952 | |||
Less: Noncontrolling interests from continuing operations | 42 | 45 | |||||
Net income from continuing operations (for EPS purposes) | $ | 4,775 | $ | 3,907 | |||
Income (loss) from discontinued operations, net of taxes | (5 | ) | 37 | ||||
Citigroup's net income | $ | 4,770 | $ | 3,944 | |||
Less: Preferred dividends(1) | 128 | 124 | |||||
Net income available to common shareholders | $ | 4,642 | $ | 3,820 | |||
Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with nonforfeitable rights to dividends, applicable to basic EPS | 62 | 62 | |||||
Net income allocated to common shareholders for basic EPS | $ | 4,580 | $ | 3,758 | |||
Add: Interest expense, net of tax, and dividends on convertible securities and adjustment of undistributed earnings allocated to employee restricted and deferred shares with nonforfeitable rights to dividends, applicable to diluted EPS | — | — | |||||
Net income allocated to common shareholders for diluted EPS | $ | 4,580 | $ | 3,758 | |||
Weighted-average common shares outstanding applicable to basic EPS | 3,034.20 | 3,037.40 | |||||
Effect of dilutive securities | |||||||
Options(2) | 4.9 | 5.6 | |||||
Other employee plans | 0.2 | 0.3 | |||||
Convertible securities(3) | — | — | |||||
Adjusted weighted-average common shares outstanding applicable to diluted EPS | 3,039.30 | 3,043.30 | |||||
Basic earnings per share | |||||||
Income from continuing operations | $ | 1.51 | $ | 1.23 | |||
Discontinued operations | — | 0.01 | |||||
Net income | $ | 1.51 | $ | 1.24 | |||
Diluted earnings per share | |||||||
Income from continuing operations | $ | 1.51 | $ | 1.22 | |||
Discontinued operations | — | 0.01 | |||||
Net income | $ | 1.51 | $ | 1.23 | |||
-1 | See Note 19 to the Consolidated Financial Statements for the potential future impact of preferred stock dividends. | ||||||
-2 | During the first quarters of 2015 and 2014, weighted-average options to purchase 0.9 million and 0.9 million shares of common stock, respectively, were outstanding but not included in the computation of earnings per share because the weighted-average exercise prices of $195.47 and $194.37 per share, respectively, were anti-dilutive. | ||||||
-3 | Warrants issued to the U.S. Treasury as part of the Troubled Asset Relief Program (TARP) and the loss-sharing agreement (all of which were subsequently sold to the public in January 2011), with exercise prices of $178.50 and $106.10 per share for approximately 21.0 million and 25.5 million shares of Citigroup common stock, respectively. Both warrants were not included in the computation of earnings per share in the first quarters of 2015 and 2014 because they were anti-dilutive. |
FEDERAL_FUNDS_SECURITIES_BORRO
FEDERAL FUNDS, SECURITIES BORROWED, LOANED, AND SUBJECT TO REPURCHASE AGREEMENTS | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | ||||||||||||||||
FEDERAL FUNDS, SECURITIES BORROWED, LOANED, AND SUBJECT TO REPURCHASE AGREEMENTS | FEDERAL FUNDS, SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS | |||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell, at their respective carrying values, consisted of the following at March 31, 2015 and December 31, 2014: | ||||||||||||||||
In millions of dollars | March 31, 2015 | December 31, 2014 | ||||||||||||||
Federal funds sold | $ | 135 | $ | — | ||||||||||||
Securities purchased under agreements to resell | 127,977 | 123,979 | ||||||||||||||
Deposits paid for securities borrowed | 110,903 | 118,591 | ||||||||||||||
Total | $ | 239,015 | $ | 242,570 | ||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase, at their respective carrying values, consisted of the following at March 31, 2015 and December 31, 2014: | ||||||||||||||||
In millions of dollars | March 31, 2015 | December 31, 2014 | ||||||||||||||
Federal funds purchased | $ | 247 | $ | 334 | ||||||||||||
Securities sold under agreements to repurchase | 154,312 | 147,204 | ||||||||||||||
Deposits received for securities loaned | 20,812 | 25,900 | ||||||||||||||
Total | $ | 175,371 | $ | 173,438 | ||||||||||||
The resale and repurchase agreements represent collateralized financing transactions. The Company executes these transactions primarily through its broker-dealer subsidiaries to facilitate customer matched-book activity and to efficiently fund a portion of the Company’s trading inventory. Transactions executed by the Company’s bank subsidiaries primarily facilitate customer financing activity. | ||||||||||||||||
It is the Company’s policy to take possession of the underlying collateral, monitor its market value relative to the amounts due under the agreements and, when necessary, require prompt transfer of additional collateral in order to maintain contractual margin protection. Collateral typically consists of government and government-agency securities, corporate and municipal bonds, equities, and mortgage-backed and other asset-backed securities. | ||||||||||||||||
The resale and repurchase agreements are generally documented under industry standard agreements that allow the prompt close-out of all transactions (including the liquidation of securities held) and the offsetting of obligations to return cash or securities by the non-defaulting party, following a payment default or other type of default under the relevant master agreement. Events of default generally include (i) failure to deliver cash or securities as required under the transaction, (ii) failure to provide or return cash or securities as used for margining purposes, (iii) breach of representation, (iv) cross-default to another transaction entered into among the parties, or, in some cases, their affiliates, and (v) a repudiation of obligations under the agreement. The counterparty that receives the securities in these transactions is generally unrestricted in its use of the securities, with the exception of transactions executed on a tri-party basis, where the collateral is maintained by a custodian and operational limitations may restrict its use of the securities. | ||||||||||||||||
A substantial portion of the resale and repurchase agreements is recorded at fair value, as described in Notes 22 and 23 to the Consolidated Financial Statements. The remaining portion is carried at the amount of cash initially advanced or received, plus accrued interest, as specified in the respective agreements. | ||||||||||||||||
The securities borrowing and lending agreements also represent collateralized financing transactions similar to the resale and repurchase agreements. Collateral typically consists of government and government-agency securities and corporate debt and equity securities. | ||||||||||||||||
Similar to the resale and repurchase agreements, securities borrowing and lending agreements are generally documented under industry standard agreements that allow the prompt close-out of all transactions (including the liquidation of securities held) and the offsetting of obligations to return cash or securities by the non-defaulting party, following a payment default or other default by the other party under the relevant master agreement. Events of default and rights to use securities under the securities borrowing and lending agreements are similar to the resale and repurchase agreements referenced above. | ||||||||||||||||
A substantial portion of securities borrowing and lending agreements is recorded at the amount of cash advanced or received. The remaining portion is recorded at fair value as the Company elected the fair value option for certain securities borrowed and loaned portfolios, as described in Note 23 to the Consolidated Financial Statements. With respect to securities loaned, the Company receives cash collateral in an amount generally in excess of the market value of the securities loaned. The Company monitors the market value of securities borrowed and securities loaned on a daily basis and obtains or posts additional collateral in order to maintain contractual margin protection. | ||||||||||||||||
The enforceability of offsetting rights incorporated in the master netting agreements for resale and repurchase agreements and securities borrowing and lending agreements is evidenced to the extent that a supportive legal opinion has been obtained from counsel of recognized standing that provides the requisite level of certainty regarding the enforceability of these agreements, and that the exercise of rights by the non-defaulting party to terminate and close-out transactions on a net basis under these agreements will not be stayed or avoided under applicable law upon an event of default including bankruptcy, insolvency or similar proceeding. | ||||||||||||||||
A legal opinion may not have been sought or obtained for certain jurisdictions where local law is silent or sufficiently ambiguous to determine the enforceability of offsetting rights or where adverse case law or conflicting regulation may cast doubt on the enforceability of such rights. In some jurisdictions and for some counterparty types, the insolvency law for a particular counterparty type may be nonexistent or unclear as overlapping regimes may exist. For example, this may be the case for certain sovereigns, municipalities, central banks and U.S. pension plans. | ||||||||||||||||
The following tables present the gross and net resale and repurchase agreements and securities borrowing and lending | ||||||||||||||||
agreements and the related offsetting amount permitted under ASC 210-20-45, as of March 31, 2015 and December 31, 2014. The tables also include amounts related to financial instruments 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 occurred and a legal opinion supporting enforceability of the offsetting rights has been obtained. 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 March 31, 2015 | ||||||||||||||||
In millions of dollars | Gross amounts | Gross amounts | Net amounts of | Amounts | Net | |||||||||||
of recognized | offset on the | assets included on | not offset on the | amounts(4) | ||||||||||||
assets | Consolidated | the Consolidated | Consolidated Balance | |||||||||||||
Balance Sheet(1) | Balance Sheet(2) | Sheet but eligible for | ||||||||||||||
offsetting upon | ||||||||||||||||
counterparty default(3) | ||||||||||||||||
Securities purchased under agreements to resell | $ | 181,342 | $ | 53,365 | $ | 127,977 | $ | 90,945 | $ | 37,032 | ||||||
Deposits paid for securities borrowed | 110,903 | — | 110,903 | 16,574 | 94,329 | |||||||||||
Total | $ | 292,245 | $ | 53,365 | $ | 238,880 | $ | 107,519 | $ | 131,361 | ||||||
In millions of dollars | Gross amounts | Gross amounts | Net amounts of | Amounts | Net | |||||||||||
of recognized | offset on the | liabilities included on | not offset on the | amounts(4) | ||||||||||||
liabilities | Consolidated | the Consolidated | Consolidated Balance | |||||||||||||
Balance Sheet(1) | Balance Sheet(2) | Sheet but eligible for | ||||||||||||||
offsetting upon | ||||||||||||||||
counterparty default(3) | ||||||||||||||||
Securities sold under agreements to repurchase | $ | 207,677 | $ | 53,365 | $ | 154,312 | $ | 73,184 | $ | 81,128 | ||||||
Deposits received for securities loaned | 20,812 | — | 20,812 | 3,971 | 16,841 | |||||||||||
Total | $ | 228,489 | $ | 53,365 | $ | 175,124 | $ | 77,155 | $ | 97,969 | ||||||
As of December 31, 2014 | ||||||||||||||||
In millions of dollars | Gross amounts | Gross amounts | Net amounts of | Amounts | Net | |||||||||||
of recognized | offset on the | assets included on | not offset on the | amounts(4) | ||||||||||||
assets | Consolidated | the Consolidated | Consolidated Balance | |||||||||||||
Balance Sheet(1) | Balance Sheet(2) | Sheet but eligible for | ||||||||||||||
offsetting upon | ||||||||||||||||
counterparty default(3) | ||||||||||||||||
Securities purchased under agreements to resell | $ | 180,318 | $ | 56,339 | $ | 123,979 | $ | 94,353 | $ | 29,626 | ||||||
Deposits paid for securities borrowed | 118,591 | — | 118,591 | 15,139 | 103,452 | |||||||||||
Total | $ | 298,909 | $ | 56,339 | $ | 242,570 | $ | 109,492 | $ | 133,078 | ||||||
In millions of dollars | Gross amounts | Gross amounts | Net amounts of | Amounts | Net | |||||||||||
of recognized | offset on the | liabilities included on | not offset on the | amounts(4) | ||||||||||||
liabilities | Consolidated | the Consolidated | Consolidated Balance | |||||||||||||
Balance Sheet(1) | Balance Sheet(2) | Sheet but eligible for | ||||||||||||||
offsetting upon | ||||||||||||||||
counterparty default(3) | ||||||||||||||||
Securities sold under agreements to repurchase | $ | 203,543 | $ | 56,339 | $ | 147,204 | $ | 72,928 | $ | 74,276 | ||||||
Deposits received for securities loaned | 25,900 | — | 25,900 | 5,190 | 20,710 | |||||||||||
Total | $ | 229,443 | $ | 56,339 | $ | 173,104 | $ | 78,118 | $ | 94,986 | ||||||
-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. |
BROKERAGE_RECEIVABLES_AND_BROK
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Brokers and Dealers [Abstract] | |||||||
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES | BROKERAGE RECEIVABLES AND BROKERAGE | ||||||
PAYABLES | |||||||
The Company has receivables and payables for financial instruments sold to and purchased from brokers, dealers and customers, which arise in the ordinary course of business. The Company is exposed to risk of loss from the inability of brokers, dealers or customers to pay for purchases or to deliver the financial instruments sold, in which case the Company would have to sell or purchase the financial instruments at prevailing market prices. Credit risk is reduced to the extent that an exchange or clearing organization acts as a counterparty to the transaction and replaces the broker, dealer or customer in question. | |||||||
The Company seeks to protect itself from the risks associated with customer activities by requiring customers to maintain margin collateral in compliance with regulatory and internal guidelines. Margin levels are monitored daily, and customers deposit additional collateral as required. Where customers cannot meet collateral requirements, the Company will liquidate sufficient underlying financial instruments to bring the customer into compliance with the required margin level. | |||||||
Exposure to credit risk is impacted by market volatility, which may impair the ability of clients to satisfy their obligations to the Company. Credit limits are established and closely monitored for customers and for brokers and dealers engaged in forwards, futures and other transactions deemed to be credit sensitive. | |||||||
Brokerage receivables and Brokerage payables consisted of the following at March 31, 2015 and December 31, 2014: | |||||||
In millions of dollars | March 31, 2015 | December 31, 2014 | |||||
Receivables from customers | $ | 11,790 | $ | 10,380 | |||
Receivables from brokers, dealers, and clearing organizations | 23,847 | 18,039 | |||||
Total brokerage receivables (1) | $ | 35,637 | $ | 28,419 | |||
Payables to customers | $ | 39,238 | $ | 33,984 | |||
Payables to brokers, dealers, and clearing organizations | 19,014 | 18,196 | |||||
Total brokerage payables (1) | $ | 58,252 | $ | 52,180 | |||
-1 | Brokerage receivables and payables are accounted for in accordance with ASC 940-320. |
TRADING_ACCOUNT_ASSETS_AND_LIA
TRADING ACCOUNT ASSETS AND LIABILITIES | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Trading Securities [Abstract] | |||||||
TRADING ACCOUNT ASSETS AND LIABILITIES | TRADING ACCOUNT ASSETS AND LIABILITIES | ||||||
Trading account assets and Trading account liabilities are carried at fair value, other than physical commodities accounted for at the lower of cost or fair value, and consist of the following at March 31, 2015 and December 31, 2014: | |||||||
In millions of dollars | March 31, 2015 | December 31, 2014 | |||||
Trading account assets | |||||||
Mortgage-backed securities(1) | |||||||
U.S. government-sponsored agency guaranteed | $ | 26,048 | $ | 27,053 | |||
Prime | 1,168 | 1,271 | |||||
Alt-A | 781 | 709 | |||||
Subprime | 1,163 | 1,382 | |||||
Non-U.S. residential | 1,192 | 1,476 | |||||
Commercial | 3,832 | 4,343 | |||||
Total mortgage-backed securities | $ | 34,184 | $ | 36,234 | |||
U.S. Treasury and federal agency securities | |||||||
U.S. Treasury | $ | 21,521 | $ | 18,906 | |||
Agency obligations | 2,087 | 1,568 | |||||
Total U.S. Treasury and federal agency securities | $ | 23,608 | $ | 20,474 | |||
State and municipal securities | $ | 3,796 | $ | 3,402 | |||
Foreign government securities | 69,417 | 64,937 | |||||
Corporate | 25,163 | 27,797 | |||||
Derivatives(2) | 71,581 | 67,957 | |||||
Equity securities | 57,536 | 57,846 | |||||
Asset-backed securities(1) | 4,783 | 4,546 | |||||
Other trading assets(3) | 12,915 | 13,593 | |||||
Total trading account assets | $ | 302,983 | $ | 296,786 | |||
Trading account liabilities | |||||||
Securities sold, not yet purchased | $ | 65,243 | $ | 70,944 | |||
Derivatives(2) | 77,195 | 68,092 | |||||
Total trading account liabilities | $ | 142,438 | $ | 139,036 | |||
-1 | The Company invests in mortgage-backed and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. For mortgage-backed and asset-backed securitizations in which the Company has other involvement, see Note 20 to the Consolidated Financial Statements. | ||||||
-2 | Presented net, pursuant to enforceable master netting agreements. See Note 21 to the Consolidated Financial Statements for a discussion regarding the accounting and reporting for derivatives. | ||||||
-3 | Includes investments in unallocated precious metals, as discussed in Note 23 to the Consolidated Financial Statements. Also includes physical commodities accounted for at the lower of cost or fair value. |
INVESTMENTS
INVESTMENTS | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Investments [Abstract] | |||||||||||||||||||||||||
INVESTMENTS | INVESTMENTS | ||||||||||||||||||||||||
Overview | |||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
In millions of dollars | |||||||||||||||||||||||||
Securities available-for-sale (AFS) | $ | 295,239 | $ | 300,143 | |||||||||||||||||||||
Debt securities held-to-maturity (HTM)(1) | 23,254 | 23,921 | |||||||||||||||||||||||
Non-marketable equity securities carried at fair value(2) | 2,570 | 2,758 | |||||||||||||||||||||||
Non-marketable equity securities carried at cost(3) | 5,752 | 6,621 | |||||||||||||||||||||||
Total investments | $ | 326,815 | $ | 333,443 | |||||||||||||||||||||
-1 | Carried at amortized cost basis, including any impairment for securities that have credit-related impairment. | ||||||||||||||||||||||||
-2 | Unrealized gains and losses for non-marketable equity securities carried at fair value are recognized in earnings. | ||||||||||||||||||||||||
-3 | Primarily consists of shares issued by the Federal Reserve Bank, Federal Home Loan Banks, foreign central banks and various clearing houses of which Citigroup is a member. | ||||||||||||||||||||||||
The following table presents interest and dividend income on investments for the three months ended March 31, 2015 and 2014: | |||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||
In millions of dollars | 2015 | 2014 | |||||||||||||||||||||||
Taxable interest | $ | 1,593 | $ | 1,467 | |||||||||||||||||||||
Interest exempt from U.S. federal income tax | 23 | 164 | |||||||||||||||||||||||
Dividend income | 95 | 126 | |||||||||||||||||||||||
Total interest and dividend income | $ | 1,711 | $ | 1,757 | |||||||||||||||||||||
The following table presents realized gains and losses on the sale of investments for the three months ended March 31, 2015 and 2014. The gross realized investment losses exclude losses from other-than-temporary impairment (OTTI): | |||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||
In millions of dollars | 2015 | 2014 | |||||||||||||||||||||||
Gross realized investment gains | $ | 356 | $ | 292 | |||||||||||||||||||||
Gross realized investment losses | (49 | ) | (164 | ) | |||||||||||||||||||||
Net realized gains on sale of investments | $ | 307 | $ | 128 | |||||||||||||||||||||
The Company has sold certain debt securities that were classified as HTM. These sales were in response to significant deterioration in the creditworthiness of the issuers or securities. In addition, other securities were reclassified to AFS investments in response to significant credit deterioration or because a substantial portion of the securities’ principal outstanding at acquisition has been collected. Because the Company generally intends to sell the securities, Citi recorded OTTI on the securities. The following table sets forth, for the periods indicated, gain (loss) on HTM securities sold, securities reclassified to AFS and OTTI recorded on AFS securities reclassified. | |||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||
In millions of dollars | 2015 | 2014 | |||||||||||||||||||||||
Carrying value of HTM securities sold | $ | 27 | $ | — | |||||||||||||||||||||
Net realized gain (loss) on sale of HTM securities | 2 | — | |||||||||||||||||||||||
Carrying value of securities reclassified to AFS | 94 | 52 | |||||||||||||||||||||||
OTTI losses on securities reclassified to AFS | (5 | ) | (8 | ) | |||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||
The amortized cost and fair value of AFS securities at March 31, 2015 and December 31, 2014 were as follows: | |||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
In millions of dollars | Amortized | Gross | Gross | Fair | Amortized | Gross | Gross | Fair | |||||||||||||||||
cost | unrealized | unrealized | value | cost | unrealized | unrealized | value | ||||||||||||||||||
gains(1) (2) | losses(1) (2) | gains(1) | losses(1) | ||||||||||||||||||||||
Debt securities AFS | |||||||||||||||||||||||||
Mortgage-backed securities(3) | |||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 38,433 | $ | 744 | $ | 93 | $ | 39,084 | $ | 35,647 | $ | 603 | $ | 159 | $ | 36,091 | |||||||||
Prime | 7 | 2 | — | 9 | 12 | — | — | 12 | |||||||||||||||||
Alt-A | 2 | — | — | 2 | 43 | 1 | — | 44 | |||||||||||||||||
Non-U.S. residential | 7,209 | 61 | 5 | 7,265 | 8,247 | 67 | 7 | 8,307 | |||||||||||||||||
Commercial | 500 | 8 | 1 | 507 | 551 | 6 | 3 | 554 | |||||||||||||||||
Total mortgage-backed securities | $ | 46,151 | $ | 815 | $ | 99 | $ | 46,867 | $ | 44,500 | $ | 677 | $ | 169 | $ | 45,008 | |||||||||
U.S. Treasury and federal agency securities | |||||||||||||||||||||||||
U.S. Treasury | $ | 110,963 | $ | 1,074 | $ | 69 | $ | 111,968 | $ | 110,492 | $ | 353 | $ | 127 | $ | 110,718 | |||||||||
Agency obligations | 9,291 | 102 | 2 | 9,391 | 12,925 | 60 | 13 | 12,972 | |||||||||||||||||
Total U.S. Treasury and federal agency securities | $ | 120,254 | $ | 1,176 | $ | 71 | $ | 121,359 | $ | 123,417 | $ | 413 | $ | 140 | $ | 123,690 | |||||||||
State and municipal(4) | $ | 13,025 | $ | 137 | $ | 917 | $ | 12,245 | $ | 13,526 | $ | 150 | $ | 977 | $ | 12,699 | |||||||||
Foreign government | 86,654 | 688 | 283 | 87,059 | 90,249 | 734 | 286 | 90,697 | |||||||||||||||||
Corporate | 14,363 | 245 | 54 | 14,554 | 12,033 | 215 | 91 | 12,157 | |||||||||||||||||
Asset-backed securities(3) | 11,514 | 39 | 49 | 11,504 | 12,534 | 30 | 58 | 12,506 | |||||||||||||||||
Other debt securities | 661 | — | — | 661 | 661 | — | — | 661 | |||||||||||||||||
Total debt securities AFS | $ | 292,622 | $ | 3,100 | $ | 1,473 | $ | 294,249 | $ | 296,920 | $ | 2,219 | $ | 1,721 | $ | 297,418 | |||||||||
Marketable equity securities AFS | $ | 992 | $ | 41 | $ | 43 | $ | 990 | $ | 2,461 | $ | 308 | $ | 44 | $ | 2,725 | |||||||||
Total securities AFS | $ | 293,614 | $ | 3,141 | $ | 1,516 | $ | 295,239 | $ | 299,381 | $ | 2,527 | $ | 1,765 | $ | 300,143 | |||||||||
-1 | Gross unrealized gains and losses, as presented, do not include the impact of minority investments and the related allocations and pick-up of unrealized gains and losses of AFS securities. These amounts totaled unrealized gains of $22 million and $27 million as of March 31, 2015 and December 31, 2014, respectively. | ||||||||||||||||||||||||
-2 | Gross unrealized gains and losses, as presented, as of March 31, 2015 do not include the impact of unrealized gains and losses of AFS securities of OneMain Financial (North American consumer finance business), which were reclassified as HFS as of March 31, 2015. These amounts totaled unrealized gains of $86 million and unrealized losses of $5 million as of March 31, 2015. | ||||||||||||||||||||||||
-3 | The Company invests in mortgage-backed and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. For mortgage-backed and asset-backed securitizations in which the Company has other involvement, see Note 20 to the Consolidated Financial Statements. | ||||||||||||||||||||||||
-4 | The gross unrealized losses on state and municipal debt securities are primarily attributable to the effects of fair value hedge accounting. Specifically, Citi hedges the LIBOR-benchmark interest rate component of certain fixed-rate tax-exempt state and municipal debt securities utilizing LIBOR-based interest rate swaps. During the hedge period, losses incurred on the LIBOR-hedging swaps recorded in earnings were substantially offset by gains on the state and municipal debt securities attributable to changes in the LIBOR swap rate being hedged. However, because the LIBOR swap rate decreased significantly during the hedge period while the overall fair value of the municipal debt securities was relatively unchanged, the effect of reclassifying fair value gains on these securities from Accumulated other comprehensive income (loss) (AOCI) to earnings, attributable solely to changes in the LIBOR swap rate, resulted in net unrealized losses remaining in AOCI that relate to the unhedged components of these securities. | ||||||||||||||||||||||||
As discussed in more detail below, the Company conducts periodic reviews of all securities with unrealized losses to evaluate whether the impairment is other-than-temporary. Any credit-related impairment related to debt securities is recorded in earnings as OTTI. Non-credit-related impairment is recognized in AOCI if the Company does not plan to sell and is not likely to be required to sell. For other debt securities with OTTI, the entire impairment is recognized in the Consolidated Statement of Income. | |||||||||||||||||||||||||
The table below shows the fair value of AFS securities that have been in an unrealized loss position for less than 12 months or for 12 months or longer as of March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
In millions of dollars | Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||
value | unrealized | value | unrealized | value | unrealized | ||||||||||||||||||||
losses | losses | losses | |||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Securities AFS | |||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 3,521 | $ | 14 | $ | 3,176 | $ | 79 | $ | 6,697 | $ | 93 | |||||||||||||
Prime | 1 | — | 2 | — | 3 | — | |||||||||||||||||||
Non-U.S. residential | 1,333 | 3 | 219 | 2 | 1,552 | 5 | |||||||||||||||||||
Commercial | 54 | — | 60 | 1 | 114 | 1 | |||||||||||||||||||
Total mortgage-backed securities | $ | 4,909 | $ | 17 | $ | 3,457 | $ | 82 | $ | 8,366 | $ | 99 | |||||||||||||
U.S. Treasury and federal agency securities | |||||||||||||||||||||||||
U.S. Treasury | $ | 15,077 | $ | 67 | $ | 915 | $ | 2 | $ | 15,992 | $ | 69 | |||||||||||||
Agency obligations | 644 | 2 | — | — | 644 | 2 | |||||||||||||||||||
Total U.S. Treasury and federal agency securities | $ | 15,721 | $ | 69 | $ | 915 | $ | 2 | $ | 16,636 | $ | 71 | |||||||||||||
State and municipal | $ | 303 | $ | 11 | $ | 5,162 | $ | 906 | $ | 5,465 | $ | 917 | |||||||||||||
Foreign government | 18,853 | 160 | 5,261 | 123 | 24,114 | 283 | |||||||||||||||||||
Corporate | 3,710 | 38 | 900 | 16 | 4,610 | 54 | |||||||||||||||||||
Asset-backed securities | 1,911 | 14 | 3,463 | 35 | 5,374 | 49 | |||||||||||||||||||
Marketable equity securities AFS | 24 | 2 | 214 | 41 | 238 | 43 | |||||||||||||||||||
Total securities AFS | $ | 45,431 | $ | 311 | $ | 19,372 | $ | 1,205 | $ | 64,803 | $ | 1,516 | |||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Securities AFS | |||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 4,198 | $ | 30 | $ | 5,547 | $ | 129 | $ | 9,745 | $ | 159 | |||||||||||||
Prime | 5 | — | 2 | — | 7 | — | |||||||||||||||||||
Non-U.S. residential | 1,276 | 3 | 199 | 4 | 1,475 | 7 | |||||||||||||||||||
Commercial | 124 | 1 | 136 | 2 | 260 | 3 | |||||||||||||||||||
Total mortgage-backed securities | $ | 5,603 | $ | 34 | $ | 5,884 | $ | 135 | $ | 11,487 | $ | 169 | |||||||||||||
U.S. Treasury and federal agency securities | |||||||||||||||||||||||||
U.S. Treasury | $ | 36,581 | $ | 119 | $ | 1,013 | $ | 8 | $ | 37,594 | $ | 127 | |||||||||||||
Agency obligations | 5,698 | 9 | 754 | 4 | 6,452 | 13 | |||||||||||||||||||
Total U.S. Treasury and federal agency securities | $ | 42,279 | $ | 128 | $ | 1,767 | $ | 12 | $ | 44,046 | $ | 140 | |||||||||||||
State and municipal | $ | 386 | $ | 15 | $ | 5,802 | $ | 962 | $ | 6,188 | $ | 977 | |||||||||||||
Foreign government | 18,495 | 147 | 5,984 | 139 | 24,479 | 286 | |||||||||||||||||||
Corporate | 3,511 | 63 | 1,350 | 28 | 4,861 | 91 | |||||||||||||||||||
Asset-backed securities | 3,701 | 13 | 3,816 | 45 | 7,517 | 58 | |||||||||||||||||||
Marketable equity securities AFS | 51 | 4 | 218 | 40 | 269 | 44 | |||||||||||||||||||
Total securities AFS | $ | 74,026 | $ | 404 | $ | 24,821 | $ | 1,361 | $ | 98,847 | $ | 1,765 | |||||||||||||
The following table presents the amortized cost and fair value of AFS debt securities by contractual maturity dates as of March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
In millions of dollars | Amortized | Fair | Amortized | Fair | |||||||||||||||||||||
cost | value | cost | value | ||||||||||||||||||||||
Mortgage-backed securities(1) | |||||||||||||||||||||||||
Due within 1 year | $ | 31 | $ | 31 | $ | 44 | $ | 44 | |||||||||||||||||
After 1 but within 5 years | 904 | 914 | 931 | 935 | |||||||||||||||||||||
After 5 but within 10 years | 1,292 | 1,311 | 1,362 | 1,387 | |||||||||||||||||||||
After 10 years(2) | 43,924 | 44,611 | 42,163 | 42,642 | |||||||||||||||||||||
Total | $ | 46,151 | $ | 46,867 | $ | 44,500 | $ | 45,008 | |||||||||||||||||
U.S. Treasury and federal agency securities | |||||||||||||||||||||||||
Due within 1 year | $ | 7,218 | $ | 7,243 | $ | 13,070 | $ | 13,084 | |||||||||||||||||
After 1 but within 5 years | 104,763 | 105,781 | 104,982 | 105,131 | |||||||||||||||||||||
After 5 but within 10 years | 4,812 | 4,855 | 2,286 | 2,325 | |||||||||||||||||||||
After 10 years(2) | 3,461 | 3,480 | 3,079 | 3,150 | |||||||||||||||||||||
Total | $ | 120,254 | $ | 121,359 | $ | 123,417 | $ | 123,690 | |||||||||||||||||
State and municipal | |||||||||||||||||||||||||
Due within 1 year | $ | 1,389 | $ | 1,327 | $ | 652 | $ | 651 | |||||||||||||||||
After 1 but within 5 years | 3,896 | 3,840 | 4,387 | 4,381 | |||||||||||||||||||||
After 5 but within 10 years | 549 | 567 | 524 | 537 | |||||||||||||||||||||
After 10 years(2) | 7,191 | 6,511 | 7,963 | 7,130 | |||||||||||||||||||||
Total | $ | 13,025 | $ | 12,245 | $ | 13,526 | $ | 12,699 | |||||||||||||||||
Foreign government | |||||||||||||||||||||||||
Due within 1 year | $ | 32,155 | $ | 32,056 | $ | 31,355 | $ | 31,382 | |||||||||||||||||
After 1 but within 5 years | 38,055 | 38,184 | 41,913 | 42,467 | |||||||||||||||||||||
After 5 but within 10 years | 15,493 | 15,808 | 16,008 | 15,779 | |||||||||||||||||||||
After 10 years(2) | 951 | 1,011 | 973 | 1,069 | |||||||||||||||||||||
Total | $ | 86,654 | $ | 87,059 | $ | 90,249 | $ | 90,697 | |||||||||||||||||
All other(3) | |||||||||||||||||||||||||
Due within 1 year | $ | 1,662 | $ | 1,665 | $ | 1,248 | $ | 1,251 | |||||||||||||||||
After 1 but within 5 years | 12,024 | 12,137 | 10,442 | 10,535 | |||||||||||||||||||||
After 5 but within 10 years | 7,957 | 8,026 | 7,282 | 7,318 | |||||||||||||||||||||
After 10 years(2) | 4,895 | 4,891 | 6,256 | 6,220 | |||||||||||||||||||||
Total | $ | 26,538 | $ | 26,719 | $ | 25,228 | $ | 25,324 | |||||||||||||||||
Total debt securities AFS | $ | 292,622 | $ | 294,249 | $ | 296,920 | $ | 297,418 | |||||||||||||||||
-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. | ||||||||||||||||||||||||
Debt Securities Held-to-Maturity | |||||||||||||||||||||||||
The carrying value and fair value of debt securities HTM at March 31, 2015 and December 31, 2014 were as follows: | |||||||||||||||||||||||||
In millions of dollars | Amortized | Net unrealized gains | Carrying | Gross | Gross | Fair | |||||||||||||||||||
cost basis(1) | (losses) | value(2) | unrealized | unrealized | value | ||||||||||||||||||||
recognized in | gains | (losses) | |||||||||||||||||||||||
AOCI | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Debt securities held-to-maturity | |||||||||||||||||||||||||
Mortgage-backed securities(3) | |||||||||||||||||||||||||
U.S. government agency guaranteed | $ | 8,879 | $ | 93 | $ | 8,972 | $ | 209 | $ | (2 | ) | $ | 9,179 | ||||||||||||
Prime | 59 | (12 | ) | 47 | 5 | (1 | ) | 51 | |||||||||||||||||
Alt-A | 1,094 | (203 | ) | 891 | 548 | (293 | ) | 1,146 | |||||||||||||||||
Subprime | 5 | — | 5 | 15 | — | 20 | |||||||||||||||||||
Non-U.S. residential | 607 | (86 | ) | 521 | 59 | — | 580 | ||||||||||||||||||
Commercial | 7 | — | 7 | 1 | — | 8 | |||||||||||||||||||
Total mortgage-backed securities | $ | 10,651 | $ | (208 | ) | $ | 10,443 | $ | 837 | $ | (296 | ) | $ | 10,984 | |||||||||||
State and municipal(4) | $ | 8,374 | $ | (446 | ) | $ | 7,928 | $ | 211 | $ | (70 | ) | $ | 8,069 | |||||||||||
Foreign government | 4,550 | — | 4,550 | 51 | — | 4,601 | |||||||||||||||||||
Asset-backed securities(3) | 350 | (17 | ) | 333 | 55 | (1 | ) | 387 | |||||||||||||||||
Total debt securities held-to-maturity (5) | $ | 23,925 | $ | (671 | ) | $ | 23,254 | $ | 1,154 | $ | (367 | ) | $ | 24,041 | |||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Debt securities held-to-maturity | |||||||||||||||||||||||||
Mortgage-backed securities(3) | |||||||||||||||||||||||||
U.S. government agency guaranteed | $ | 8,795 | $ | 95 | $ | 8,890 | $ | 106 | $ | (6 | ) | $ | 8,990 | ||||||||||||
Prime | 60 | (12 | ) | 48 | 6 | (1 | ) | 53 | |||||||||||||||||
Alt-A | 1,125 | (213 | ) | 912 | 537 | (287 | ) | 1,162 | |||||||||||||||||
Subprime | 6 | (1 | ) | 5 | 15 | — | 20 | ||||||||||||||||||
Non-U.S. residential | 983 | (137 | ) | 846 | 92 | — | 938 | ||||||||||||||||||
Commercial | 8 | — | 8 | 1 | — | 9 | |||||||||||||||||||
Total mortgage-backed securities | $ | 10,977 | $ | (268 | ) | $ | 10,709 | $ | 757 | $ | (294 | ) | $ | 11,172 | |||||||||||
State and municipal | $ | 8,443 | $ | (494 | ) | $ | 7,949 | $ | 227 | $ | (57 | ) | $ | 8,119 | |||||||||||
Foreign government | 4,725 | — | 4,725 | 77 | — | 4,802 | |||||||||||||||||||
Asset-backed securities(3) | 556 | (18 | ) | 538 | 50 | (10 | ) | 578 | |||||||||||||||||
Total debt securities held-to-maturity | $ | 24,701 | $ | (780 | ) | $ | 23,921 | $ | 1,111 | $ | (361 | ) | $ | 24,671 | |||||||||||
-1 | For securities transferred to HTM from Trading account assets, amortized cost basis is defined as the fair value of the securities at the date of transfer plus any accretion income and less any impairments recognized in earnings subsequent to transfer. For securities transferred to HTM from AFS, amortized cost is defined as the original purchase cost, adjusted for the cumulative accretion or amortization of any purchase discount or premium, plus or minus any cumulative fair value hedge adjustments, net of accretion or amortization, and less any other-than-temporary impairment recognized in earnings. | ||||||||||||||||||||||||
-2 | HTM securities are carried on the Consolidated Balance Sheet at amortized cost basis, plus or minus any unamortized unrealized gains and losses and fair value hedge adjustments recognized in AOCI prior to reclassifying the securities from AFS to HTM. Changes in the values of these securities are not reported in the financial statements, except for the amortization of any difference between the carrying value at the transfer date and par value of the securities, and the recognition of any non-credit fair value adjustments in AOCI in connection with the recognition of any credit impairment in earnings related to securities the Company continues to intend to hold until maturity. | ||||||||||||||||||||||||
-3 | The Company invests in mortgage-backed and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. For mortgage-backed and asset-backed securitizations in which the Company has other involvement, see Note 20 to the Consolidated Financial Statements. | ||||||||||||||||||||||||
-4 | The net unrealized losses recognized in AOCI on state and municipal debt securities are primarily attributable to the effects of fair value hedge accounting applied when these debt securities were classified as AFS. Specifically, Citi hedged the LIBOR-benchmark interest rate component of certain fixed-rate tax-exempt state and municipal debt securities utilizing LIBOR-based interest rate swaps. During the hedge period, losses incurred on the LIBOR-hedging swaps recorded in earnings were substantially offset by gains on the state and municipal debt securities attributable to changes in the LIBOR swap rate being hedged. However, because the LIBOR swap rate decreased significantly during the hedge period while the overall fair value of the municipal debt securities was relatively unchanged, the effect of reclassifying fair value gains on these securities from AOCI to earnings attributable solely to changes in the LIBOR swap rate resulted in net unrealized losses remaining in AOCI that relate to the unhedged components of these securities. Upon transfer of these debt securities to HTM, all hedges have been de-designated and hedge accounting has ceased. | ||||||||||||||||||||||||
The Company has the positive intent and ability to hold these securities to maturity or, where applicable, the exercise of any issuer call options, absent any unforeseen significant changes in circumstances, including deterioration in credit or changes in regulatory capital requirements. | |||||||||||||||||||||||||
The net unrealized losses classified in AOCI primarily relate to debt securities previously classified as AFS that have been transferred to HTM, and include any cumulative fair | |||||||||||||||||||||||||
value hedge adjustments. The net unrealized loss amount also includes any non-credit-related changes in fair value of HTM securities that have suffered credit impairment recorded in earnings. The AOCI balance related to HTM securities is amortized over the remaining contractual life of the related securities as an adjustment of yield in a manner consistent with the accretion of any difference between the carrying value at the transfer date and par value of the same debt securities. | |||||||||||||||||||||||||
The table below shows the fair value of debt securities in HTM that have been in an unrecognized loss position as of March 31, 2015 and December 31, 2014 for less than 12 months and for 12 months or longer: | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
In millions of dollars | Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||
value | unrecognized | value | unrecognized | value | unrecognized | ||||||||||||||||||||
losses | losses | losses | |||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Debt securities held-to-maturity | |||||||||||||||||||||||||
Mortgage-backed securities | $ | — | $ | — | $ | 271 | $ | 296 | $ | 271 | $ | 296 | |||||||||||||
State and municipal | 2,756 | 48 | 210 | 22 | 2,966 | 70 | |||||||||||||||||||
Asset-backed securities | — | — | 10 | 1 | 10 | 1 | |||||||||||||||||||
Total debt securities held-to-maturity | $ | 2,756 | $ | 48 | $ | 491 | $ | 319 | $ | 3,247 | $ | 367 | |||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Debt securities held-to-maturity | |||||||||||||||||||||||||
Mortgage-backed securities | $ | 4 | $ | — | $ | 1,134 | $ | 294 | $ | 1,138 | $ | 294 | |||||||||||||
State and municipal | 2,528 | 34 | 314 | 23 | 2,842 | 57 | |||||||||||||||||||
Asset-backed securities | 9 | 1 | 174 | 9 | 183 | 10 | |||||||||||||||||||
Total debt securities held-to-maturity | $ | 2,541 | $ | 35 | $ | 1,622 | $ | 326 | $ | 4,163 | $ | 361 | |||||||||||||
Excluded from the gross unrecognized losses presented in the above table are $(671) million and $(780) million of net unrealized losses recorded in AOCI as of March 31, 2015 and December 31, 2014, respectively, primarily related to the difference between the amortized cost and carrying value of HTM securities that were reclassified from AFS. Substantially all of these net unrecognized losses relate to securities that have been in a loss position for 12 months or longer at March 31, 2015 and December 31, 2014. | |||||||||||||||||||||||||
The following table presents the carrying value and fair value of HTM debt securities by contractual maturity dates as of March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
In millions of dollars | Carrying value | Fair value | Carrying value | Fair value | |||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
Due within 1 year | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
After 1 but within 5 years | 7 | 8 | — | — | |||||||||||||||||||||
After 5 but within 10 years | 833 | 851 | 863 | 869 | |||||||||||||||||||||
After 10 years(1) | 9,603 | 10,125 | 9,846 | 10,303 | |||||||||||||||||||||
Total | $ | 10,443 | $ | 10,984 | $ | 10,709 | $ | 11,172 | |||||||||||||||||
State and municipal | |||||||||||||||||||||||||
Due within 1 year | $ | 288 | $ | 281 | $ | 205 | $ | 205 | |||||||||||||||||
After 1 but within 5 years | 422 | 436 | 243 | 243 | |||||||||||||||||||||
After 5 but within 10 years | 141 | 148 | 140 | 144 | |||||||||||||||||||||
After 10 years(1) | 7,077 | 7,204 | 7,361 | 7,527 | |||||||||||||||||||||
Total | $ | 7,928 | $ | 8,069 | $ | 7,949 | $ | 8,119 | |||||||||||||||||
Foreign government | |||||||||||||||||||||||||
Due within 1 year | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
After 1 but within 5 years | 4,550 | 4,601 | 4,725 | 4,802 | |||||||||||||||||||||
After 5 but within 10 years | — | — | — | — | |||||||||||||||||||||
After 10 years(1) | — | — | — | — | |||||||||||||||||||||
Total | $ | 4,550 | $ | 4,601 | $ | 4,725 | $ | 4,802 | |||||||||||||||||
All other(2) | |||||||||||||||||||||||||
Due within 1 year | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
After 1 but within 5 years | — | — | — | — | |||||||||||||||||||||
After 5 but within 10 years | — | — | — | — | |||||||||||||||||||||
After 10 years(1) | 333 | 387 | 538 | 578 | |||||||||||||||||||||
Total | $ | 333 | $ | 387 | $ | 538 | $ | 578 | |||||||||||||||||
Total debt securities held-to-maturity | $ | 23,254 | $ | 24,041 | $ | 23,921 | $ | 24,671 | |||||||||||||||||
-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. | ||||||||||||||||||||||||
Evaluating Investments for Other-Than-Temporary Impairment | |||||||||||||||||||||||||
Overview | |||||||||||||||||||||||||
The Company conducts periodic reviews of all securities with unrealized losses to evaluate whether the impairment is other-than-temporary. | |||||||||||||||||||||||||
An unrealized loss exists when the current fair value of an individual security is less than its amortized cost basis. Unrealized losses that are determined to be temporary in nature are recorded, net of tax, in AOCI for AFS securities. Losses related to HTM securities generally are not recorded, as these investments are carried at amortized cost basis. However, for HTM securities with credit-related losses, the credit loss is recognized in earnings as OTTI and any difference between the cost basis adjusted for the OTTI and fair value is recognized in AOCI and amortized as an adjustment of yield over the remaining contractual life of the security. For securities transferred to HTM from Trading account assets, amortized cost is defined as the fair value of the securities at the date of transfer, plus any accretion income and less any impairment recognized in earnings subsequent to transfer. For securities transferred to HTM from AFS, amortized cost is defined as the original purchase cost, adjusted for the cumulative accretion or amortization of any purchase discount or premium, plus or minus any cumulative fair value hedge adjustments, net of accretion or amortization, and less any impairment recognized in earnings. | |||||||||||||||||||||||||
Regardless of the classification of the securities as AFS or HTM, the Company assesses each position with an unrealized loss for OTTI. Factors considered in determining whether a loss is temporary include: | |||||||||||||||||||||||||
• | the length of time and the extent to which fair value has been below cost; | ||||||||||||||||||||||||
• | the severity of the impairment; | ||||||||||||||||||||||||
• | the cause of the impairment and the financial condition and near-term prospects of the issuer; | ||||||||||||||||||||||||
• | activity in the market of the issuer that may indicate adverse credit conditions; and | ||||||||||||||||||||||||
• | the Company’s ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery. | ||||||||||||||||||||||||
The Company’s review for impairment generally entails: | |||||||||||||||||||||||||
• | identification and evaluation of impaired investments; | ||||||||||||||||||||||||
• | analysis of individual investments that have fair values less than amortized cost, including consideration of the length of time the investment has been in an unrealized loss position and the expected recovery period; | ||||||||||||||||||||||||
• | consideration of evidential matter, including an evaluation of factors or triggers that could cause individual investments to qualify as having other-than-temporary impairment and those that would not support other-than-temporary impairment; and | ||||||||||||||||||||||||
• | documentation of the results of these analyses, as required under business policies. | ||||||||||||||||||||||||
Debt | |||||||||||||||||||||||||
The entire difference between amortized cost basis and fair value is recognized in earnings as OTTI for impaired debt securities that the Company has an intent to sell or for which the Company believes it will more-likely-than-not be required to sell prior to recovery of the amortized cost basis. However, for those securities that the Company does not intend to sell and is not likely to be required to sell, only the credit-related impairment is recognized in earnings and any non-credit-related impairment is recorded in AOCI. | |||||||||||||||||||||||||
For debt securities, credit impairment exists where management does not expect to receive contractual principal and interest cash flows sufficient to recover the entire amortized cost basis of a security. | |||||||||||||||||||||||||
Equity | |||||||||||||||||||||||||
For equity securities, management considers the various factors described above, including its intent and ability to hold the equity security for a period of time sufficient for recovery to cost or whether it is more-likely-than-not that the Company will be required to sell the security prior to recovery of its cost basis. Where management lacks that intent or ability, the security’s decline in fair value is deemed to be other-than-temporary and is recorded in earnings. AFS equity securities deemed to be other-than-temporarily impaired are written down to fair value, with the full difference between fair value and cost recognized in earnings. | |||||||||||||||||||||||||
Management assesses equity method investments that have fair values that are less than their respective carrying values for OTTI. Fair value is measured as price multiplied by quantity if the investee has publicly listed securities. If the investee is not publicly listed, other methods are used (see Note 22 to the Consolidated Financial Statements). | |||||||||||||||||||||||||
For impaired equity method investments that Citi plans to sell prior to recovery of value or would likely be required to sell, with no expectation that the fair value will recover prior to the expected sale date, the full impairment is recognized in earnings as OTTI regardless of severity and duration. The measurement of the OTTI does not include partial projected recoveries subsequent to the balance sheet date. | |||||||||||||||||||||||||
For impaired equity method investments that management does not plan to sell and is not likely to be required to sell prior to recovery of value, the evaluation of whether an impairment is other-than-temporary is based on (i) whether and when an equity method investment will recover in value and (ii) whether the investor has the intent and ability to hold that investment for a period of time sufficient to recover the value. The determination of whether the impairment is considered other-than-temporary considers the following indicators, regardless of the time and extent of impairment: | |||||||||||||||||||||||||
• | the cause of the impairment and the financial condition and near-term prospects of the issuer, including any specific events that may influence the operations of the issuer; | ||||||||||||||||||||||||
• | the intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value; and | ||||||||||||||||||||||||
• | the length of time and extent to which fair value has been less than the carrying value. | ||||||||||||||||||||||||
The sections below describe the Company’s process for identifying credit-related impairments for security types that have the most significant unrealized losses as of March 31, 2015. | |||||||||||||||||||||||||
Akbank | |||||||||||||||||||||||||
As of December 31, 2014, Citi’s remaining 9.9% stake in Akbank T.A.S., an equity investment in Turkey (Akbank), is recorded within marketable equity securities available-for-sale. The revaluation of the Turkish lira was hedged, so the change in the value of the currency related to the Akbank investment did not have a significant impact on earnings during the year. During the first quarter of 2015, Citi sold its remaining investment in Akbank. | |||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
For U.S. mortgage-backed securities (and in particular for Alt-A and other mortgage-backed securities that have significant unrealized losses as a percentage of amortized cost), credit impairment is assessed using a cash flow model that estimates the principal and interest cash flows on the underlying mortgages using the security-specific collateral and transaction structure. The model distributes the estimated cash flows to the various tranches of securities, considering the transaction structure and any subordination and credit enhancements that exist in that structure. The cash flow model incorporates actual cash flows on the mortgage-backed securities through the current period and then estimates the remaining cash flows using a number of assumptions, including default rates, prepayment rates, recovery rates (on foreclosed properties) and loss severity rates (on non-agency mortgage-backed securities). | |||||||||||||||||||||||||
Management develops specific assumptions using market data, internal estimates and estimates published by rating agencies and other third-party sources. Default rates are projected by considering current underlying mortgage loan performance, generally assuming the default of (i) 10% of current loans, (ii) 25% of 30-59 day delinquent loans, (iii) 70% of 60-90 day delinquent loans and (iv) 100% of 91+ day delinquent loans. These estimates are extrapolated along a default timing curve to estimate the total lifetime pool default rate. Other assumptions contemplate the actual collateral attributes, including geographic concentrations, rating actions and current market prices. | |||||||||||||||||||||||||
Cash flow projections are developed using different stress test scenarios. Management evaluates the results of those stress tests (including the severity of any cash shortfall indicated and the likelihood of the stress scenarios actually occurring based on the underlying pool’s characteristics and performance) to assess whether management expects to recover the amortized cost basis of the security. If cash flow projections indicate that the Company does not expect to recover its amortized cost basis, the Company recognizes the estimated credit loss in earnings. | |||||||||||||||||||||||||
State and municipal securities | |||||||||||||||||||||||||
The process for identifying credit impairments in Citigroup’s AFS and HTM state and municipal bonds is primarily based on a credit analysis that incorporates third-party credit ratings. Citigroup monitors the bond issuers and any insurers providing default protection in the form of financial guarantee insurance. The average external credit rating, ignoring any insurance, is Aa3/AA-. In the event of an external rating downgrade or other indicator of credit impairment (i.e., based on instrument-specific estimates of cash flows or probability of issuer default), the subject bond is specifically reviewed for adverse changes in the amount or timing of expected contractual principal and interest payments. | |||||||||||||||||||||||||
For state and municipal bonds with unrealized losses that Citigroup plans to sell (for AFS only), would likely be required to sell (for AFS only) or will be subject to an issuer call deemed probable of exercise prior to the expected recovery of its amortized cost basis (for AFS and HTM), the full impairment is recognized in earnings. | |||||||||||||||||||||||||
Recognition and Measurement of OTTI | |||||||||||||||||||||||||
The following table presents the total OTTI recognized in earnings for the three months ended March 31, 2015: | |||||||||||||||||||||||||
OTTI on Investments and Other Assets | Three Months Ended | ||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
In millions of dollars | AFS(1) | HTM | Other | Total | |||||||||||||||||||||
Assets | |||||||||||||||||||||||||
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 or more-likely-than-not will be required to sell before recovery | 69 | 3 | — | 72 | |||||||||||||||||||||
Total impairment losses recognized in earnings | $ | 69 | $ | 3 | $ | — | $ | 72 | |||||||||||||||||
-1 | Includes OTTI on non-marketable equity securities. | ||||||||||||||||||||||||
The following table presents the total OTTI recognized in earnings for the three months ended March 31, 2014: | |||||||||||||||||||||||||
OTTI on Investments and Other Assets | Three Months Ended | ||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
In millions of dollars | AFS(1) | HTM | Other | Total | |||||||||||||||||||||
Assets | |||||||||||||||||||||||||
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 or more-likely-than-not will be required to sell before recovery | 201 | — | — | 201 | |||||||||||||||||||||
Total impairment losses recognized in earnings | $ | 201 | $ | — | $ | — | $ | 201 | |||||||||||||||||
-1 | Includes OTTI on non-marketable equity securities. | ||||||||||||||||||||||||
The following is a three-month roll-forward of the credit-related impairments recognized in earnings for AFS and HTM debt securities held as of March 31, 2015 that the Company does not intend to sell nor likely will be required to sell: | |||||||||||||||||||||||||
Cumulative OTTI credit losses recognized in earnings on securities still held | |||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2014 balance | Credit | Credit | Reductions due to | Mar. 31, 2015 balance | ||||||||||||||||||||
impairments | impairments | credit-impaired | |||||||||||||||||||||||
recognized in | recognized in | securities sold, | |||||||||||||||||||||||
earnings on | earnings on | transferred or | |||||||||||||||||||||||
securities not | securities that | matured | |||||||||||||||||||||||
previously | have | ||||||||||||||||||||||||
impaired | been previously | ||||||||||||||||||||||||
impaired | |||||||||||||||||||||||||
AFS debt securities | |||||||||||||||||||||||||
Mortgage-backed securities | $ | 295 | $ | — | $ | — | $ | — | $ | 295 | |||||||||||||||
Foreign government securities | 171 | — | — | (1 | ) | 170 | |||||||||||||||||||
Corporate | 118 | — | — | (6 | ) | 112 | |||||||||||||||||||
All other debt securities | 149 | — | — | — | 149 | ||||||||||||||||||||
Total OTTI credit losses recognized for AFS debt securities | $ | 733 | $ | — | $ | — | $ | (7 | ) | $ | 726 | ||||||||||||||
HTM debt securities | |||||||||||||||||||||||||
Mortgage-backed securities(1) | $ | 670 | $ | — | $ | — | $ | (2 | ) | $ | 668 | ||||||||||||||
Corporate | — | — | — | — | — | ||||||||||||||||||||
All other debt securities | 133 | — | — | — | 133 | ||||||||||||||||||||
Total OTTI credit losses recognized for HTM debt securities | $ | 803 | $ | — | $ | — | $ | (2 | ) | $ | 801 | ||||||||||||||
-1 | Primarily consists of Alt-A securities. | ||||||||||||||||||||||||
The following is a three-month roll-forward of the credit-related impairments recognized in earnings for AFS and HTM debt securities held as of March 31, 2014 that the Company does not intend to sell nor likely will be required to sell: | |||||||||||||||||||||||||
Cumulative OTTI credit losses recognized in earnings on securities still held | |||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2013 balance | Credit | Credit | Reductions due to | Mar. 31, 2014 balance | ||||||||||||||||||||
impairments | impairments | credit-impaired | |||||||||||||||||||||||
recognized in | recognized in | securities sold, | |||||||||||||||||||||||
earnings on | earnings on | transferred or | |||||||||||||||||||||||
securities not | securities that | matured | |||||||||||||||||||||||
previously | have | ||||||||||||||||||||||||
impaired | been previously | ||||||||||||||||||||||||
impaired | |||||||||||||||||||||||||
AFS debt securities | |||||||||||||||||||||||||
Mortgage-backed securities | $ | 295 | $ | — | $ | — | $ | — | $ | 295 | |||||||||||||||
Foreign government securities | 171 | — | — | — | 171 | ||||||||||||||||||||
Corporate | 113 | — | — | — | 113 | ||||||||||||||||||||
All other debt securities | 144 | — | — | — | 144 | ||||||||||||||||||||
Total OTTI credit losses recognized for AFS debt securities | $ | 723 | $ | — | $ | — | $ | — | $ | 723 | |||||||||||||||
HTM debt securities | |||||||||||||||||||||||||
Mortgage-backed securities(1) | $ | 678 | $ | — | $ | — | $ | (13 | ) | $ | 665 | ||||||||||||||
Corporate | 56 | — | — | — | 56 | ||||||||||||||||||||
All other debt securities | 133 | — | — | — | 133 | ||||||||||||||||||||
Total OTTI credit losses recognized for HTM debt securities | $ | 867 | $ | — | $ | — | $ | (13 | ) | $ | 854 | ||||||||||||||
-1 | Primarily consists of Alt-A securities. | ||||||||||||||||||||||||
Investments in Alternative Investment Funds That Calculate Net Asset Value per Share | |||||||||||||||||||||||||
The Company holds investments in certain alternative investment funds that calculate net asset value (NAV) per share, including hedge funds, private equity funds, funds of funds and real estate funds. The Company’s investments include co-investments in funds that are managed by the Company and investments in funds that are managed by third parties. Investments in funds are generally classified as non-marketable equity securities carried at fair value. The fair values of these investments are estimated using the NAV per share of the Company’s ownership interest in the funds, where it is not probable that the Company will sell an investment at a price other than the NAV. | |||||||||||||||||||||||||
Fair value | Unfunded | Redemption frequency | Redemption notice | ||||||||||||||||||||||
commitments | (if currently eligible) | period | |||||||||||||||||||||||
monthly, quarterly, annually | |||||||||||||||||||||||||
In millions of dollars | March 31, 2015 | December 31, 2014 | March 31, 2015 | December 31, 2014 | |||||||||||||||||||||
Hedge funds | $ | 4 | $ | 8 | $ | — | $ | — | Generally quarterly | 10-95 days | |||||||||||||||
Private equity funds(1)(2) | 777 | 796 | 205 | 205 | — | — | |||||||||||||||||||
Real estate funds (2)(3) | 125 | 166 | 20 | 24 | — | — | |||||||||||||||||||
Total(4) | $ | 906 | $ | 970 | $ | 225 | $ | 229 | — | — | |||||||||||||||
-1 | Private equity funds include funds that invest in infrastructure, leveraged buyout transactions, 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. | ||||||||||||||||||||||||
-4 | Included in the total fair value of investments above are $0.9 billion and $0.8 billion of fund assets that are valued using NAVs provided by third-party asset managers as of March 31, 2015 and December 31, 2014, respectively. |
LOANS
LOANS | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||
Loans and Leases Receivable Disclosure [Abstract] | ||||||||||||||||||||||
LOANS | LOANS | |||||||||||||||||||||
Citigroup loans are reported in two categories—consumer and corporate. These categories are classified primarily according to the segment and subsegment that manage the loans. | ||||||||||||||||||||||
Consumer Loans | ||||||||||||||||||||||
Consumer loans represent loans and leases managed primarily by the Global Consumer Banking businesses in Citicorp and in Citi Holdings. The following table provides information by loan type for the periods indicated: | ||||||||||||||||||||||
In millions of dollars | March 31, 2015 | December 31, 2014 | ||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||
In U.S. offices | ||||||||||||||||||||||
Mortgage and real estate(1) | $ | 92,005 | $ | 96,533 | ||||||||||||||||||
Installment, revolving credit, and other | 4,861 | 14,450 | ||||||||||||||||||||
Cards | 105,378 | 112,982 | ||||||||||||||||||||
Commercial and industrial | 6,532 | 5,895 | ||||||||||||||||||||
$ | 208,776 | $ | 229,860 | |||||||||||||||||||
In offices outside the U.S. | ||||||||||||||||||||||
Mortgage and real estate(1) | $ | 50,970 | $ | 54,462 | ||||||||||||||||||
Installment, revolving credit, and other | 31,396 | 31,128 | ||||||||||||||||||||
Cards | 28,681 | 32,032 | ||||||||||||||||||||
Commercial and industrial | 21,992 | 22,561 | ||||||||||||||||||||
Lease financing | 546 | 609 | ||||||||||||||||||||
$ | 133,585 | $ | 140,792 | |||||||||||||||||||
Total Consumer loans | $ | 342,361 | $ | 370,652 | ||||||||||||||||||
Net unearned income | (655 | ) | (682 | ) | ||||||||||||||||||
Consumer loans, net of unearned income | $ | 341,706 | $ | 369,970 | ||||||||||||||||||
-1 | Loans secured primarily by real estate. | |||||||||||||||||||||
Citigroup has established a risk management process to monitor, evaluate and manage the principal risks associated with its consumer loan portfolio. Credit quality indicators that are actively monitored include delinquency status, consumer credit scores (FICO), and loan to value (LTV) ratios, each as discussed in more detail below. | ||||||||||||||||||||||
Included in the loan table above are lending products whose terms may give rise to greater credit issues. Credit cards with below-market introductory interest rates and interest-only loans are examples of such products. These products are closely managed using credit techniques that are intended to mitigate their higher inherent risk. | ||||||||||||||||||||||
During the three months ended March 31, 2015 and 2014, the Company sold and/or reclassified to held-for-sale $11.9 billion and $0.4 billion, respectively, of consumer loans. The Company did not have significant purchases of consumer loans during the three months ended March 31, 2015 and 2014. | ||||||||||||||||||||||
Delinquency Status | ||||||||||||||||||||||
Delinquency status is monitored and considered a key indicator of credit quality of consumer loans. Principally the U.S. residential first mortgage loans use the Mortgage Banking Association (MBA) method of reporting delinquencies, which considers a loan delinquent if a monthly payment has not been received by the end of the day immediately preceding the loan’s next due date. All other loans use a method of reporting delinquencies, which considers a loan delinquent if a monthly payment has not been received by the close of business on the loan’s next due date. | ||||||||||||||||||||||
As a general policy, residential first mortgages, home equity loans and installment loans are classified as non-accrual when loan payments are 90 days contractually past due. Credit cards and unsecured revolving loans generally accrue interest until payments are 180 days past due. Home equity loans in regulated bank entities are classified as non-accrual if the related residential first mortgage is 90 days or more past due. Mortgage loans in regulated bank entities discharged through Chapter 7 bankruptcy, other than Federal Housing Administration (FHA)-insured loans, are classified as non-accrual. Commercial market loans are placed on a cash (non-accrual) basis when it is determined, based on actual experience and a forward-looking assessment of the collectability of the loan in full, that the payment of interest or principal is doubtful or when interest or principal is 90 days past due. | ||||||||||||||||||||||
The policy for re-aging modified U.S. consumer loans to current status varies by product. Generally, one of the conditions to qualify for these modifications is that a minimum number of payments (typically ranging from one to three) be made. Upon modification, the loan is re-aged to current status. However, re-aging practices for certain open-ended consumer loans, such as credit cards, are governed by Federal Financial Institutions Examination Council (FFIEC) guidelines. For open-ended consumer loans subject to FFIEC guidelines, one of the conditions for the loan to be re-aged to current status is that at least three consecutive minimum monthly payments, or the equivalent amount, must be received. In addition, under FFIEC guidelines, the number of times that such a loan can be re-aged is subject to limitations (generally once in 12 months and twice in five years). Furthermore, FHA and Department of Veterans Affairs (VA) loans are modified under those respective agencies’ guidelines and payments are not always required in order to re-age a modified loan to current. | ||||||||||||||||||||||
The following tables provide details on Citigroup’s consumer loan delinquency and non-accrual loans as of March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||
Consumer Loan Delinquency and Non-Accrual Details at March 31, 2015 | ||||||||||||||||||||||
In millions of dollars | Total | 30-89 days | ≥ 90 days | Past due | Total | Total | 90 days past due | |||||||||||||||
current(1)(2) | past due(3) | past due(3) | government | loans(2) | non-accrual | and accruing | ||||||||||||||||
guaranteed(4) | ||||||||||||||||||||||
In North America offices | ||||||||||||||||||||||
Residential first mortgages | $ | 59,466 | $ | 1,005 | $ | 1,172 | $ | 2,652 | $ | 64,295 | $ | 2,768 | $ | 2,285 | ||||||||
Home equity loans(5) | 26,339 | 281 | 505 | — | 27,125 | 1,273 | — | |||||||||||||||
Credit cards | 103,587 | 1,170 | 1,198 | — | 105,955 | — | 1,198 | |||||||||||||||
Installment and other | 4,158 | 60 | 39 | — | 4,257 | 30 | 3 | |||||||||||||||
Commercial market loans | 8,516 | 54 | 14 | — | 8,584 | 116 | 11 | |||||||||||||||
Total | $ | 202,066 | $ | 2,570 | $ | 2,928 | $ | 2,652 | $ | 210,216 | $ | 4,187 | $ | 3,497 | ||||||||
In offices outside North America | ||||||||||||||||||||||
Residential first mortgages | $ | 41,663 | $ | 304 | $ | 197 | $ | — | $ | 42,164 | $ | 434 | $ | — | ||||||||
Home equity loans(5) | — | — | — | — | — | — | — | |||||||||||||||
Credit cards | 27,457 | 567 | 488 | — | 28,512 | 347 | 307 | |||||||||||||||
Installment and other | 30,575 | 334 | 144 | — | 31,053 | 200 | — | |||||||||||||||
Commercial market loans | 29,255 | 75 | 186 | — | 29,516 | 396 | — | |||||||||||||||
Total | $ | 128,950 | $ | 1,280 | $ | 1,015 | $ | — | $ | 131,245 | $ | 1,377 | $ | 307 | ||||||||
Total GCB and Citi Holdings Consumer | $ | 331,016 | $ | 3,850 | $ | 3,943 | $ | 2,652 | $ | 341,461 | $ | 5,564 | $ | 3,804 | ||||||||
Other(6) | 227 | 9 | 9 | — | 245 | 29 | — | |||||||||||||||
Total Citigroup | $ | 331,243 | $ | 3,859 | $ | 3,952 | $ | 2,652 | $ | 341,706 | $ | 5,593 | $ | 3,804 | ||||||||
-1 | Loans less than 30 days past due are presented as current. | |||||||||||||||||||||
-2 | Includes $38 million of residential first mortgages recorded at fair value. | |||||||||||||||||||||
-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 $0.4 billion and 90 days past due of $2.3 billion. | |||||||||||||||||||||
-5 | Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. | |||||||||||||||||||||
-6 | Represents loans classified as Consumer loans on the Consolidated Balance Sheet that are not included in the Citi Holdings Consumer credit metrics. | |||||||||||||||||||||
Consumer Loan Delinquency and Non-Accrual Details at December 31, 2014 | ||||||||||||||||||||||
In millions of dollars | Total | 30-89 days | ≥ 90 days | Past due | Total | Total | 90 days past due | |||||||||||||||
current(1)(2) | past due(3) | past due(3) | government | loans(2) | non-accrual | and accruing | ||||||||||||||||
guaranteed(4) | ||||||||||||||||||||||
In North America offices | ||||||||||||||||||||||
Residential first mortgages | $ | 61,730 | $ | 1,280 | $ | 1,371 | $ | 3,443 | $ | 67,824 | $ | 2,746 | $ | 2,759 | ||||||||
Home equity loans(5) | 27,262 | 335 | 520 | — | 28,117 | 1,271 | — | |||||||||||||||
Credit cards | 111,441 | 1,316 | 1,271 | — | 114,028 | — | 1,273 | |||||||||||||||
Installment and other | 12,361 | 229 | 284 | — | 12,874 | 254 | 3 | |||||||||||||||
Commercial market loans | 8,630 | 31 | 13 | — | 8,674 | 135 | 15 | |||||||||||||||
Total | $ | 221,424 | $ | 3,191 | $ | 3,459 | $ | 3,443 | $ | 231,517 | $ | 4,406 | $ | 4,050 | ||||||||
In offices outside North America | ||||||||||||||||||||||
Residential first mortgages | $ | 44,782 | $ | 312 | $ | 223 | $ | — | $ | 45,317 | $ | 454 | $ | — | ||||||||
Home equity loans(5) | — | — | — | — | — | — | — | |||||||||||||||
Credit cards | 30,327 | 602 | 553 | — | 31,482 | 413 | 322 | |||||||||||||||
Installment and other | 29,297 | 328 | 149 | — | 29,774 | 216 | — | |||||||||||||||
Commercial market loans | 31,280 | 86 | 255 | — | 31,621 | 405 | — | |||||||||||||||
Total | $ | 135,686 | $ | 1,328 | $ | 1,180 | $ | — | $ | 138,194 | $ | 1,488 | $ | 322 | ||||||||
Total GCB and Citi Holdings | $ | 357,110 | $ | 4,519 | $ | 4,639 | $ | 3,443 | $ | 369,711 | $ | 5,894 | $ | 4,372 | ||||||||
Other | 238 | 10 | 11 | — | 259 | 30 | — | |||||||||||||||
Total Citigroup | $ | 357,348 | $ | 4,529 | $ | 4,650 | $ | 3,443 | $ | 369,970 | $ | 5,924 | $ | 4,372 | ||||||||
-1 | Loans less than 30 days past due are presented as current. | |||||||||||||||||||||
-2 | Includes $43 million of residential first mortgages recorded at fair value. | |||||||||||||||||||||
-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 $0.6 billion and 90 days past due of $2.8 billion. | |||||||||||||||||||||
-5 | Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. | |||||||||||||||||||||
Consumer Credit Scores (FICO) | ||||||||||||||||||||||
In the U.S., independent credit agencies rate an individual’s risk for assuming debt based on the individual’s credit history and assign every consumer a “FICO” (Fair Isaac Corporation) credit score. These scores are continually updated by the agencies based upon an individual’s credit actions (e.g., taking out a loan or missed or late payments). | ||||||||||||||||||||||
The following tables provide details on the FICO scores attributable to Citi’s U.S. consumer loan portfolio as of March 31, 2015 and December 31, 2014 (commercial market loans are not included in the table since they are business-based and FICO scores are not a primary driver in their credit evaluation). FICO scores are updated monthly for substantially all of the portfolio or, otherwise, on a quarterly basis, for the remaining portfolio. | ||||||||||||||||||||||
FICO score distribution in U.S. portfolio(1)(2) | 31-Mar-15 | |||||||||||||||||||||
In millions of dollars | Less than | ≥ 620 but less | Equal to or | |||||||||||||||||||
620 | than 660 | greater | ||||||||||||||||||||
than 660 | ||||||||||||||||||||||
Residential first mortgages | $ | 8,071 | $ | 4,981 | $ | 45,207 | ||||||||||||||||
Home equity loans | 3,124 | 2,367 | 20,271 | |||||||||||||||||||
Credit cards | 7,558 | 9,935 | 85,779 | |||||||||||||||||||
Installment and other | 324 | 248 | 2,576 | |||||||||||||||||||
Total | $ | 19,077 | $ | 17,531 | $ | 153,833 | ||||||||||||||||
-1 | Excludes loans guaranteed by U.S. government entities, loans subject to long-term standby commitments (LTSCs) 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. | |||||||||||||||||||||
FICO score distribution in U.S. portfolio(1)(2) | 31-Dec-14 | |||||||||||||||||||||
In millions of dollars | Less than | ≥ 620 but less | Equal to or | |||||||||||||||||||
620 | than 660 | greater | ||||||||||||||||||||
than 660 | ||||||||||||||||||||||
Residential first mortgages | $ | 8,911 | $ | 5,463 | $ | 45,783 | ||||||||||||||||
Home equity loans | 3,257 | 2,456 | 20,957 | |||||||||||||||||||
Credit cards | 7,647 | 10,296 | 92,877 | |||||||||||||||||||
Installment and other | 4,015 | 2,520 | 5,150 | |||||||||||||||||||
Total | $ | 23,830 | $ | 20,735 | $ | 164,767 | ||||||||||||||||
-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 FICO was not available. Such amounts are not material. | |||||||||||||||||||||
Loan to Value (LTV) Ratios | ||||||||||||||||||||||
LTV ratios (loan balance divided by appraised value) are calculated at origination and updated by applying market price data. | ||||||||||||||||||||||
The following tables provide details on the LTV ratios attributable to Citi’s U.S. consumer mortgage portfolios as of March 31, 2015 and December 31, 2014. LTV ratios are updated monthly using the most recent Core Logic Home Price Index data available for substantially all of the portfolio applied at the Metropolitan Statistical Area level, if available, or the state level if not. The remainder of the portfolio is updated in a similar manner using the Federal Housing Finance Agency indices. | ||||||||||||||||||||||
LTV distribution in U.S. portfolio(1)(2) | 31-Mar-15 | |||||||||||||||||||||
In millions of dollars | Less than or | > 80% but less | Greater | |||||||||||||||||||
equal to 80% | than or equal to | than | ||||||||||||||||||||
100% | 100% | |||||||||||||||||||||
Residential first mortgages | $ | 47,303 | $ | 8,619 | $ | 2,464 | ||||||||||||||||
Home equity loans | 14,330 | 6,729 | 4,588 | |||||||||||||||||||
Total | $ | 61,633 | $ | 15,348 | $ | 7,052 | ||||||||||||||||
-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. | |||||||||||||||||||||
LTV distribution in U.S. portfolio(1)(2) | 31-Dec-14 | |||||||||||||||||||||
In millions of dollars | Less than or | > 80% but less | Greater | |||||||||||||||||||
equal to 80% | than or equal to | than | ||||||||||||||||||||
100% | 100% | |||||||||||||||||||||
Residential first mortgages | $ | 48,163 | $ | 9,480 | $ | 2,670 | ||||||||||||||||
Home equity loans | 14,638 | 7,267 | 4,641 | |||||||||||||||||||
Total | $ | 62,801 | $ | 16,747 | $ | 7,311 | ||||||||||||||||
-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. | |||||||||||||||||||||
Impaired Consumer Loans | ||||||||||||||||||||||
Impaired loans are those loans where Citigroup believes it is probable all amounts due according to the original contractual terms of the loan will not be collected. Impaired consumer loans include non-accrual commercial market loans, as well as smaller-balance homogeneous loans whose terms have been modified due to the borrower’s financial difficulties and where Citigroup has granted a concession to the borrower. These modifications may include interest rate reductions and/or principal forgiveness. Impaired consumer loans exclude smaller-balance homogeneous loans that have not been modified and are carried on a non-accrual basis. | ||||||||||||||||||||||
The following tables present information about total impaired consumer loans at and for the periods ended March 31, 2015 and December 31, 2014, respectively, and for the three months ended March 31, 2015 and 2014 for interest income recognized on impaired consumer loans: | ||||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||
Balance at March 31, 2015 | 2015 | 2014 | ||||||||||||||||||||
In millions of dollars | Recorded | Unpaid | Related | Average | Interest income | Interest income | ||||||||||||||||
investment(1)(2) | principal balance | specific allowance(3) | carrying value(4) | recognized(5) | recognized(5) | |||||||||||||||||
Mortgage and real estate | ||||||||||||||||||||||
Residential first mortgages | $ | 10,636 | $ | 11,388 | $ | 1,531 | $ | 13,847 | $ | 141 | $ | 184 | ||||||||||
Home equity loans | 1,961 | 2,607 | 597 | 2,034 | 17 | 19 | ||||||||||||||||
Credit cards | 2,249 | 2,288 | 805 | 2,517 | 44 | 51 | ||||||||||||||||
Installment and other | ||||||||||||||||||||||
Individual installment and other | 432 | 459 | 260 | 834 | 9 | 34 | ||||||||||||||||
Commercial market loans | 396 | 617 | 121 | 385 | 3 | 11 | ||||||||||||||||
Total | $ | 15,674 | $ | 17,359 | $ | 3,314 | $ | 19,617 | $ | 214 | $ | 299 | ||||||||||
-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 | $1,656 million of residential first mortgages, $533 million of home equity loans and $150 million of commercial market loans do not have a specific allowance. | |||||||||||||||||||||
(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. | ||||||||||||||||||||||
(5) Includes amounts recognized on both an accrual and cash basis. | ||||||||||||||||||||||
Balance at December 31, 2014 | ||||||||||||||||||||||
In millions of dollars | Recorded | Unpaid | Related | Average | ||||||||||||||||||
investment(1)(2) | principal balance | specific allowance(3) | carrying value(4) | |||||||||||||||||||
Mortgage and real estate | ||||||||||||||||||||||
Residential first mortgages | $ | 13,551 | $ | 14,387 | $ | 1,909 | $ | 15,389 | ||||||||||||||
Home equity loans | 2,029 | 2,674 | 599 | 2,075 | ||||||||||||||||||
Credit cards | 2,407 | 2,447 | 849 | 2,732 | ||||||||||||||||||
Installment and other | ||||||||||||||||||||||
Individual installment and other | 948 | 963 | 450 | 975 | ||||||||||||||||||
Commercial market loans | 423 | 599 | 110 | 381 | ||||||||||||||||||
Total | $ | 19,358 | $ | 21,070 | $ | 3,917 | $ | 21,552 | ||||||||||||||
-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 | $1,896 million of residential first mortgages, $554 million of home equity loans and $158 million of commercial market loans do not have a specific allowance. | |||||||||||||||||||||
-3 | Included in the Allowance for loan losses. | |||||||||||||||||||||
-4 | Average carrying value represents the average recorded investment ending balance for last four quarters and does not include the related specific allowance. | |||||||||||||||||||||
Consumer Troubled Debt Restructurings | ||||||||||||||||||||||
The following tables present consumer TDRs occurring during the three months ended March 31, 2015 and 2014: | ||||||||||||||||||||||
At and for the three months ended March 31, 2015 | ||||||||||||||||||||||
In millions of dollars except number of loans modified | Number of | Post- | Deferred | Contingent | Principal | Average | ||||||||||||||||
loans modified | modification | principal(3) | principal | forgiveness(5) | interest rate | |||||||||||||||||
recorded | forgiveness(4) | reduction | ||||||||||||||||||||
investment(1)(2) | ||||||||||||||||||||||
North America | ||||||||||||||||||||||
Residential first mortgages | 3,093 | $ | 407 | $ | 4 | $ | 2 | $ | 8 | 1 | % | |||||||||||
Home equity loans | 1,258 | 46 | — | — | 1 | 2 | ||||||||||||||||
Credit cards | 50,310 | 211 | — | — | — | 16 | ||||||||||||||||
Installment and other revolving | 984 | 9 | — | — | — | 12 | ||||||||||||||||
Commercial markets(6) | 57 | 11 | — | — | — | — | ||||||||||||||||
Total(7) | 55,702 | $ | 684 | $ | 4 | $ | 2 | $ | 9 | |||||||||||||
International | ||||||||||||||||||||||
Residential first mortgages | 869 | $ | 21 | $ | — | $ | — | $ | — | — | % | |||||||||||
Home equity loans | 14 | 3 | — | — | — | — | ||||||||||||||||
Credit cards | 40,431 | 98 | — | — | 2 | 13 | ||||||||||||||||
Installment and other revolving | 15,947 | 69 | — | — | 2 | 5 | ||||||||||||||||
Commercial markets(6) | 83 | 28 | — | — | — | 3 | ||||||||||||||||
Total(7) | 57,344 | $ | 219 | $ | — | $ | — | $ | 4 | |||||||||||||
At and for the three months ended March 31, 2014 | ||||||||||||||||||||||
In millions of dollars except number of loans modified | Number of | Post- | Deferred | Contingent | Principal | Average | ||||||||||||||||
loans modified | modification | principal(3) | principal | forgiveness(5) | interest rate | |||||||||||||||||
recorded | forgiveness(4) | reduction | ||||||||||||||||||||
investment(1)(8) | ||||||||||||||||||||||
North America | ||||||||||||||||||||||
Residential first mortgages | 5,779 | $ | 685 | $ | 17 | $ | 11 | $ | 3 | 1 | % | |||||||||||
Home equity loans | 2,319 | 84 | 1 | — | 9 | 2 | ||||||||||||||||
Credit cards | 44,976 | 199 | — | — | — | 15 | ||||||||||||||||
Installment and other revolving | 13,836 | 101 | — | — | — | 7 | ||||||||||||||||
Commercial markets(6) | 38 | 13 | — | — | — | — | ||||||||||||||||
Total(7) | 66,948 | $ | 1,082 | $ | 18 | $ | 11 | $ | 12 | |||||||||||||
International | ||||||||||||||||||||||
Residential first mortgages | 546 | $ | 22 | $ | — | $ | — | $ | — | 1 | % | |||||||||||
Home equity loans | 32 | 5 | — | — | — | — | ||||||||||||||||
Credit cards | 37,106 | 121 | — | — | 2 | 14 | ||||||||||||||||
Installment and other revolving | 14,862 | 74 | — | — | 1 | 7 | ||||||||||||||||
Commercial markets(6) | 96 | 93 | — | — | — | — | ||||||||||||||||
Total(7) | 52,642 | $ | 315 | $ | — | $ | — | $ | 3 | |||||||||||||
-1 | Post-modification balances include past due amounts that are capitalized at the modification date. | |||||||||||||||||||||
-2 | Post-modification balances in North America include $66 million of residential first mortgages and $15 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the three months ended March 31, 2015. These amounts include $38 million of residential first mortgages and $12 million of home equity loans that were newly classified as TDRs in the three months ended March 31, 2015 as a result of OCC guidance, as described above. | |||||||||||||||||||||
-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 markets loans are generally borrower-specific modifications and incorporate changes in the amount and/or timing of principal and/or interest. | ||||||||||||||||||||||
(7) The above tables reflect activity for loans outstanding as of the end of the reporting period that were considered TDRs. | ||||||||||||||||||||||
(8) Post-modification balances in North America include $91 million of residential first mortgages and $22 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the three months ended March 31, 2014. These amounts include $57 million of residential first mortgages and $19 million of home equity loans that were newly classified as TDRs in the three months ended March 31, 2014 as a result of OCC guidance, as described above. | ||||||||||||||||||||||
The following table presents consumer TDRs that defaulted during the three months ended March 31, 2015 and 2014, respectively, for which the payment default occurred within one year of a permanent modification. Default is defined as 60 days past due, except for classifiably managed commercial markets loans, where default is defined as 90 days past due. | ||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||
In millions of dollars | 2015 | 2014 | ||||||||||||||||||||
North America | ||||||||||||||||||||||
Residential first mortgages | $ | 110 | $ | 245 | ||||||||||||||||||
Home equity loans | 11 | 23 | ||||||||||||||||||||
Credit cards | 43 | 51 | ||||||||||||||||||||
Installment and other revolving | 2 | 21 | ||||||||||||||||||||
Commercial markets | 2 | 6 | ||||||||||||||||||||
Total | $ | 168 | $ | 346 | ||||||||||||||||||
International | ||||||||||||||||||||||
Residential first mortgages | $ | 6 | $ | 6 | ||||||||||||||||||
Home equity loans | — | — | ||||||||||||||||||||
Credit cards | 35 | 63 | ||||||||||||||||||||
Installment and other revolving | 23 | 27 | ||||||||||||||||||||
Commercial markets | 11 | 5 | ||||||||||||||||||||
Total | $ | 75 | $ | 101 | ||||||||||||||||||
Corporate Loans | ||||||||||||||||||||||
Corporate loans represent loans and leases managed by the Institutional Clients Group in Citicorp or, to a much lesser extent, in Citi Holdings. The following table presents information by corporate loan type as of March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||
In millions of dollars | March 31, | December 31, | ||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||
Corporate | ||||||||||||||||||||||
In U.S. offices | ||||||||||||||||||||||
Commercial and industrial | $ | 37,537 | $ | 35,055 | ||||||||||||||||||
Financial institutions | 36,054 | 36,272 | ||||||||||||||||||||
Mortgage and real estate(1) | 33,145 | 32,537 | ||||||||||||||||||||
Installment, revolving credit and other | 29,267 | 29,207 | ||||||||||||||||||||
Lease financing | 1,755 | 1,758 | ||||||||||||||||||||
$ | 137,758 | $ | 134,829 | |||||||||||||||||||
In offices outside the U.S. | ||||||||||||||||||||||
Commercial and industrial | $ | 81,426 | $ | 79,239 | ||||||||||||||||||
Financial institutions | 32,210 | 33,269 | ||||||||||||||||||||
Mortgage and real estate(1) | 6,311 | 6,031 | ||||||||||||||||||||
Installment, revolving credit and other | 19,687 | 19,259 | ||||||||||||||||||||
Lease financing | 322 | 356 | ||||||||||||||||||||
Governments and official institutions | 2,174 | 2,236 | ||||||||||||||||||||
$ | 142,130 | $ | 140,390 | |||||||||||||||||||
Total Corporate loans | $ | 279,888 | $ | 275,219 | ||||||||||||||||||
Net unearned income | (540 | ) | (554 | ) | ||||||||||||||||||
Corporate loans, net of unearned income | $ | 279,348 | $ | 274,665 | ||||||||||||||||||
-1 | Loans secured primarily by real estate. | |||||||||||||||||||||
The Company sold and/or reclassified (to held-for-sale) $0.6 billion and $1.1 billion of corporate loans during the three months ended March 31, 2015 and 2014, respectively. The Company did not have significant purchases of corporate loans classified as held-for-investment for the three months ended March 31, 2015 or 2014. | ||||||||||||||||||||||
Corporate loans are identified as impaired and placed on a cash (non-accrual) basis when it is determined, based on actual experience and a forward-looking assessment of the collectability of the loan in full, that the payment of interest or principal is doubtful or when interest or principal is 90 days past due, except when the loan is well collateralized and in the process of collection. Any interest accrued on impaired corporate loans and leases is reversed at 90 days and charged against current earnings, and interest is thereafter included in earnings only to the extent actually received in cash. When there is doubt regarding the ultimate collectability of principal, all cash receipts are thereafter applied to reduce the recorded investment in the loan. While corporate loans are generally managed based on their internally assigned risk rating (see further discussion below), the following tables present delinquency information by corporate loan type as of March 31, 2015 and December 31, 2014. | ||||||||||||||||||||||
Corporate Loan Delinquency and Non-Accrual Details at March 31, 2015 | ||||||||||||||||||||||
In millions of dollars | 30-89 days | ≥ 90 days | Total past due | Total | Total | Total | ||||||||||||||||
past due | past due and | and accruing | non-accrual(2) | current(3) | loans (4) | |||||||||||||||||
and accruing(1) | accruing(1) | |||||||||||||||||||||
Commercial and industrial | $ | 541 | $ | 1 | $ | 542 | $ | 592 | $ | 113,098 | $ | 114,232 | ||||||||||
Financial institutions | 95 | — | 95 | 239 | 66,350 | 66,684 | ||||||||||||||||
Mortgage and real estate | 132 | — | 132 | 246 | 38,981 | 39,359 | ||||||||||||||||
Leases | — | 1 | 1 | 49 | 2,027 | 2,077 | ||||||||||||||||
Other | 89 | 4 | 93 | 35 | 50,286 | 50,414 | ||||||||||||||||
Loans at fair value | 6,537 | |||||||||||||||||||||
Purchased Distressed Loans | 45 | |||||||||||||||||||||
Total | $ | 857 | $ | 6 | $ | 863 | $ | 1,161 | $ | 270,742 | $ | 279,348 | ||||||||||
-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 | Citi generally does not manage corporate loans on a delinquency basis. Non-accrual loans generally include those loans that are ≥ 90 days past due or those loans for which Citi believes, based on actual experience and a forward-looking assessment of the collectability of the loan in full, that the payment of interest or principal is doubtful. | |||||||||||||||||||||
-3 | Corporate loans are past due when principal or interest is contractually due but unpaid. 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. | |||||||||||||||||||||
Corporate Loan Delinquency and Non-Accrual Details at December 31, 2014 | ||||||||||||||||||||||
In millions of dollars | 30-89 days | ≥ 90 days | Total past due | Total | Total | Total | ||||||||||||||||
past due | past due and | and accruing | non-accrual(2) | current(3) | loans (4) | |||||||||||||||||
and accruing(1) | accruing(1) | |||||||||||||||||||||
Commercial and industrial | $ | 50 | $ | — | $ | 50 | $ | 575 | $ | 109,764 | $ | 110,389 | ||||||||||
Financial institutions | 2 | — | 2 | 250 | 67,580 | 67,832 | ||||||||||||||||
Mortgage and real estate | 86 | — | 86 | 252 | 38,135 | 38,473 | ||||||||||||||||
Leases | — | — | — | 51 | 2,062 | 2,113 | ||||||||||||||||
Other | 49 | 1 | 50 | 55 | 49,844 | 49,949 | ||||||||||||||||
Loans at fair value | 5,858 | |||||||||||||||||||||
Purchased Distressed Loans | 51 | |||||||||||||||||||||
Total | $ | 187 | $ | 1 | $ | 188 | $ | 1,183 | $ | 267,385 | $ | 274,665 | ||||||||||
-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 | Citi generally does not manage corporate loans on a delinquency basis. Non-accrual loans generally include those loans that are ≥ 90 days past due or those loans for which Citi believes, based on actual experience and a forward-looking assessment of the collectability of the loan in full, that the payment of interest or principal is doubtful. | |||||||||||||||||||||
-3 | Corporate loans are past due when principal or interest is contractually due but unpaid. 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. | |||||||||||||||||||||
Citigroup has a risk management process to monitor, evaluate and manage the principal risks associated with its corporate loan portfolio. As part of its risk management process, Citi assigns numeric risk ratings to its corporate loan facilities based on quantitative and qualitative assessments of the obligor and facility. These risk ratings are reviewed at least annually or more often if material events related to the obligor or facility warrant. Factors considered in assigning the risk ratings include financial condition of the obligor, qualitative assessment of management and strategy, amount and sources of repayment, amount and type of collateral and guarantee arrangements, amount and type of any contingencies associated with the obligor, and the obligor’s industry and geography. | ||||||||||||||||||||||
The obligor risk ratings are defined by ranges of default probabilities. The facility risk ratings are defined by ranges of loss norms, which are the product of the probability of default and the loss given default. The investment grade rating categories are similar to the category BBB-/Baa3 and above as defined by S&P and Moody’s. Loans classified according to the bank regulatory definitions as special mention, substandard and doubtful will have risk ratings within the non-investment grade categories. | ||||||||||||||||||||||
Corporate Loans Credit Quality Indicators at March 31, 2015 and December 31, 2014 | ||||||||||||||||||||||
Recorded investment in loans(1) | ||||||||||||||||||||||
In millions of dollars | March 31, 2015 | December 31, | ||||||||||||||||||||
2014 | ||||||||||||||||||||||
Investment grade(2) | ||||||||||||||||||||||
Commercial and industrial | $ | 83,405 | $ | 80,812 | ||||||||||||||||||
Financial institutions | 55,902 | 56,154 | ||||||||||||||||||||
Mortgage and real estate | 17,049 | 16,068 | ||||||||||||||||||||
Leases | 1,650 | 1,669 | ||||||||||||||||||||
Other | 46,334 | 46,284 | ||||||||||||||||||||
Total investment grade | $ | 204,340 | $ | 200,987 | ||||||||||||||||||
Non-investment grade(2) | ||||||||||||||||||||||
Accrual | ||||||||||||||||||||||
Commercial and industrial | $ | 30,234 | $ | 29,003 | ||||||||||||||||||
Financial institutions | 10,543 | 11,429 | ||||||||||||||||||||
Mortgage and real estate | 3,115 | 3,587 | ||||||||||||||||||||
Leases | 378 | 393 | ||||||||||||||||||||
Other | 4,045 | 3,609 | ||||||||||||||||||||
Non-accrual | ||||||||||||||||||||||
Commercial and industrial | 592 | 575 | ||||||||||||||||||||
Financial institutions | 239 | 250 | ||||||||||||||||||||
Mortgage and real estate | 246 | 252 | ||||||||||||||||||||
Leases | 49 | 51 | ||||||||||||||||||||
Other | 35 | 55 | ||||||||||||||||||||
Total non-investment grade | $ | 49,476 | $ | 49,204 | ||||||||||||||||||
Private bank loans managed on a delinquency basis (2) | $ | 18,995 | $ | 18,616 | ||||||||||||||||||
Loans at fair value | 6,537 | 5,858 | ||||||||||||||||||||
Corporate loans, net of unearned income | $ | 279,348 | $ | 274,665 | ||||||||||||||||||
-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. | |||||||||||||||||||||
Corporate loans and leases identified as impaired and placed on non-accrual status are written down to the extent that principal is judged to be uncollectible. Impaired collateral-dependent loans and leases, where repayment is expected to be provided solely by the sale of the underlying collateral and there are no other available and reliable sources of repayment, are written down to the lower of cost or collateral value, less cost to sell. Cash-basis loans are returned to an accrual status when all contractual principal and interest amounts are reasonably assured of repayment and there is a sustained period of repayment performance, generally six months, in accordance with the contractual terms of the loan. | ||||||||||||||||||||||
The following tables present non-accrual loan information by Corporate loan type at March 31, 2015 and December 31, 2014 and interest income recognized on non-accrual Corporate loans for the three months ended March 31, 2015 and 2014, respectively: | ||||||||||||||||||||||
Non-Accrual Corporate Loans | ||||||||||||||||||||||
At and for the three months ended March 31, 2015 | ||||||||||||||||||||||
In millions of dollars | Recorded | Unpaid | Related specific | Average | Interest income | |||||||||||||||||
investment(1) | principal balance | allowance | carrying value(2) | recognized | ||||||||||||||||||
Non-accrual corporate loans | ||||||||||||||||||||||
Commercial and industrial | $ | 592 | $ | 933 | $ | 167 | $ | 630 | $ | — | ||||||||||||
Financial institutions | 239 | 252 | 9 | 253 | — | |||||||||||||||||
Mortgage and real estate | 246 | 282 | 18 | 244 | 1 | |||||||||||||||||
Lease financing | 49 | 49 | 29 | 50 | — | |||||||||||||||||
Other | 35 | 154 | 12 | 52 | — | |||||||||||||||||
Total non-accrual corporate loans | $ | 1,161 | $ | 1,670 | $ | 235 | $ | 1,229 | $ | 1 | ||||||||||||
At December 31, 2014 | Three months ended March 31, 2014 | |||||||||||||||||||||
In millions of dollars | Recorded | Unpaid | Related specific | Average | Interest income | |||||||||||||||||
investment(1) | principal balance | allowance | carrying value(2) | recognized | ||||||||||||||||||
Non-accrual corporate loans | ||||||||||||||||||||||
Commercial and industrial | $ | 575 | $ | 863 | $ | 155 | $ | 658 | $ | 5 | ||||||||||||
Financial institutions | 250 | 262 | 7 | 278 | 4 | |||||||||||||||||
Mortgage and real estate | 252 | 287 | 24 | 263 | 1 | |||||||||||||||||
Lease financing | 51 | 53 | 29 | 85 | — | |||||||||||||||||
Other | 55 | 68 | 21 | 60 | — | |||||||||||||||||
Total non-accrual corporate loans | $ | 1,183 | $ | 1,533 | $ | 236 | $ | 1,344 | $ | 10 | ||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||
In millions of dollars | Recorded | Related specific | Recorded | Related specific | ||||||||||||||||||
investment(1) | allowance | investment(1) | allowance | |||||||||||||||||||
Non-accrual corporate loans with valuation allowances | ||||||||||||||||||||||
Commercial and industrial | $ | 297 | $ | 167 | $ | 224 | $ | 155 | ||||||||||||||
Financial institutions | 45 | 9 | 37 | 7 | ||||||||||||||||||
Mortgage and real estate | 66 | 18 | 70 | 24 | ||||||||||||||||||
Lease financing | 47 | 29 | 47 | 29 | ||||||||||||||||||
Other | 34 | 12 | 55 | 21 | ||||||||||||||||||
Total non-accrual corporate loans with specific allowance | $ | 489 | $ | 235 | $ | 433 | $ | 236 | ||||||||||||||
Non-accrual corporate loans without specific allowance | ||||||||||||||||||||||
Commercial and industrial | $ | 295 | $ | 351 | ||||||||||||||||||
Financial institutions | 194 | 213 | ||||||||||||||||||||
Mortgage and real estate | 180 | 182 | ||||||||||||||||||||
Lease financing | 2 | 4 | ||||||||||||||||||||
Other | 1 | — | ||||||||||||||||||||
Total non-accrual corporate loans without specific allowance | $ | 672 | N/A | $ | 750 | 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. | |||||||||||||||||||||
N/A Not Applicable | ||||||||||||||||||||||
Corporate Troubled Debt Restructurings | ||||||||||||||||||||||
The following table presents corporate TDR activity at and for the three months ended March 31, 2015. | ||||||||||||||||||||||
In millions of dollars | Carrying | TDRs | TDRs | TDRs | ||||||||||||||||||
Value | involving changes | involving changes | involving changes | |||||||||||||||||||
in the amount | in the amount | in the amount | ||||||||||||||||||||
and/or timing of | and/or timing of | and/or timing of | ||||||||||||||||||||
principal payments(1) | interest payments(2) | both principal and | ||||||||||||||||||||
interest payments | ||||||||||||||||||||||
Commercial and industrial | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Financial institutions | — | — | — | — | ||||||||||||||||||
Mortgage and real estate | 1 | 1 | — | — | ||||||||||||||||||
Other | — | — | — | — | ||||||||||||||||||
Total | $ | 1 | $ | 1 | $ | — | $ | — | ||||||||||||||
-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 commercial 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 loan. 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. | |||||||||||||||||||||
The following table presents corporate TDR activity at and for the three months ended March 31, 2014. | ||||||||||||||||||||||
In millions of dollars | Carrying | TDRs | TDRs | TDRs | ||||||||||||||||||
Value | involving changes | involving changes | involving changes | |||||||||||||||||||
in the amount | in the amount | in the amount | ||||||||||||||||||||
and/or timing of | and/or timing of | and/or timing of | ||||||||||||||||||||
principal payments(1) | interest payments(2) | both principal and | ||||||||||||||||||||
interest payments | ||||||||||||||||||||||
Commercial and industrial | $ | 40 | $ | 23 | $ | 17 | $ | — | ||||||||||||||
Financial institutions | — | — | — | — | ||||||||||||||||||
Mortgage and real estate | 4 | 4 | — | — | ||||||||||||||||||
Other | — | — | — | — | ||||||||||||||||||
Total | $ | 44 | $ | 27 | $ | 17 | $ | — | ||||||||||||||
-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 commercial 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 loan. 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. | |||||||||||||||||||||
The following table presents total Corporate loans modified in a TDR at March 31, 2015 and 2014, as well as those TDRs that defaulted during the three months ended March 31, 2015 and 2014 and for which the payment default occurred within one year of a permanent modification. Default is defined as 60 days past due, except for classifiably managed commercial markets loans, where default is defined as 90 days past due. | ||||||||||||||||||||||
In millions of dollars | TDR balances at | TDR loans in payment default during the three months ended | TDR balances at | TDR loans in payment default during the year ended | ||||||||||||||||||
31-Mar-15 | 31-Mar-15 | 31-Mar-14 | 31-Mar-14 | |||||||||||||||||||
Commercial and industrial | $ | 88 | $ | — | $ | 182 | $ | — | ||||||||||||||
Loans to financial institutions | — | — | — | — | ||||||||||||||||||
Mortgage and real estate | 105 | — | 147 | — | ||||||||||||||||||
Other | 336 | — | 410 | — | ||||||||||||||||||
Total | $ | 529 | $ | — | $ | 739 | $ | — | ||||||||||||||
ALLOWANCE_FOR_CREDIT_LOSSES
ALLOWANCE FOR CREDIT LOSSES | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Loans and Leases Receivable, Allowance [Abstract] | |||||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES | ALLOWANCE FOR CREDIT LOSSES | ||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||
In millions of dollars | 2015 | 2014 | |||||||||||||||||
Allowance for loan losses at beginning of period | $ | 15,994 | $ | 19,648 | |||||||||||||||
Gross credit losses | (2,458 | ) | (2,983 | ) | |||||||||||||||
Gross recoveries (1) | 501 | 544 | |||||||||||||||||
Net credit losses (NCLs) | $ | (1,957 | ) | $ | (2,439 | ) | |||||||||||||
NCLs | $ | 1,957 | $ | 2,439 | |||||||||||||||
Net reserve releases | (91 | ) | (560 | ) | |||||||||||||||
Net specific reserve releases | (111 | ) | (86 | ) | |||||||||||||||
Total provision for credit losses | $ | 1,755 | $ | 1,793 | |||||||||||||||
Other, net (2) | (1,194 | ) | (79 | ) | |||||||||||||||
Allowance for loan losses at end of period | $ | 14,598 | $ | 18,923 | |||||||||||||||
Allowance for credit losses on unfunded lending commitments at beginning of period | $ | 1,063 | $ | 1,229 | |||||||||||||||
Provision (release) for unfunded lending commitments | (37 | ) | (27 | ) | |||||||||||||||
Other, net | (3 | ) | — | ||||||||||||||||
Allowance for credit losses on unfunded lending commitments at end of period (3) | $ | 1,023 | $ | 1,202 | |||||||||||||||
Total allowance for loans, leases, and unfunded lending commitments | $ | 15,621 | $ | 20,125 | |||||||||||||||
-1 | Recoveries have been reduced by certain collection costs that are incurred only if collection efforts are successful. | ||||||||||||||||||
-2 | The first quarter of 2015 includes a reduction of approximately $1.0 billion related to the sale or transfers to HFS of various loan portfolios, including a reduction of $281 million related to a transfer of a real estate loan portfolio to HFS. Additionally, the first quarter of 2015 includes a reduction of approximately $145 million related to FX translation. The first quarter of 2014 includes a reduction of approximately $79 million related to the sale or transfers to HFS of various loan portfolios. | ||||||||||||||||||
-3 | Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet. | ||||||||||||||||||
Allowance for Credit Losses and Investment in Loans | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||||
In millions of dollars | Corporate | Consumer | Total | Corporate | Consumer | Total | |||||||||||||
Allowance for loan losses at beginning of period | $ | 2,389 | $ | 13,605 | $ | 15,994 | $ | 2,584 | $ | 17,064 | $ | 19,648 | |||||||
Charge-offs | (23 | ) | (2,435 | ) | (2,458 | ) | (174 | ) | (2,809 | ) | (2,983 | ) | |||||||
Recoveries | 32 | 469 | 501 | 29 | 515 | 544 | |||||||||||||
Replenishment of net charge-offs | (9 | ) | 1,966 | 1,957 | 145 | 2,294 | 2,439 | ||||||||||||
Net reserve build (releases) | 100 | (191 | ) | (91 | ) | (101 | ) | (459 | ) | (560 | ) | ||||||||
Net specific reserve build (releases) | 3 | (114 | ) | (111 | ) | (10 | ) | (76 | ) | (86 | ) | ||||||||
Other | (16 | ) | (1,178 | ) | (1,194 | ) | (1 | ) | (78 | ) | (79 | ) | |||||||
Ending balance | $ | 2,476 | $ | 12,122 | $ | 14,598 | $ | 2,472 | $ | 16,451 | $ | 18,923 | |||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||
In millions of dollars | Corporate | Consumer | Total | Corporate | Consumer | Total | |||||||||||||
Allowance for loan losses | |||||||||||||||||||
Determined in accordance with ASC 450 | $ | 2,201 | $ | 8,793 | $ | 10,994 | $ | 2,110 | $ | 9,673 | $ | 11,783 | |||||||
Determined in accordance with ASC 310-10-35 | 236 | 3,314 | 3,550 | 235 | 3,917 | 4,152 | |||||||||||||
Determined in accordance with ASC 310-30 | 39 | 15 | 54 | 44 | 15 | 59 | |||||||||||||
Total allowance for loan losses | $ | 2,476 | $ | 12,122 | $ | 14,598 | $ | 2,389 | $ | 13,605 | $ | 15,994 | |||||||
Loans, net of unearned income | |||||||||||||||||||
Loans collectively evaluated for impairment in accordance with ASC 450 | $ | 271,335 | $ | 325,641 | $ | 596,976 | $ | 267,271 | $ | 350,199 | $ | 617,470 | |||||||
Loans individually evaluated for impairment in accordance with ASC 310-10-35 | 1,431 | 15,674 | 17,105 | 1,485 | 19,358 | 20,843 | |||||||||||||
Loans acquired with deteriorated credit quality in accordance with ASC 310-30 | 45 | 353 | 398 | 51 | 370 | 421 | |||||||||||||
Loans held at fair value | 6,537 | 38 | 6,575 | 5,858 | 43 | 5,901 | |||||||||||||
Total loans, net of unearned income | $ | 279,348 | $ | 341,706 | $ | 621,054 | $ | 274,665 | $ | 369,970 | $ | 644,635 | |||||||
GOODWILL_AND_INTANGIBLE_ASSETS
GOODWILL AND INTANGIBLE ASSETS | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS | ||||||||||||||||||
Goodwill | |||||||||||||||||||
The changes in Goodwill during the three months ended March 31, 2015 were as follows: | |||||||||||||||||||
In millions of dollars | |||||||||||||||||||
Balance at December 31, 2014 | $ | 23,592 | |||||||||||||||||
Foreign exchange translation and other | $ | (312 | ) | ||||||||||||||||
Impairment of goodwill | (16 | ) | |||||||||||||||||
Divestitures, purchase accounting adjustments and other | (114 | ) | |||||||||||||||||
Balance at March 31, 2015 | $ | 23,150 | |||||||||||||||||
The goodwill impairment testing process, including the | |||||||||||||||||||
methodology and assumptions used to estimate the fair value of the reporting units, is disclosed in more detail in Note 1 of Citigroup’s 2014 Annual Report on Form 10-K. | |||||||||||||||||||
As previously discussed, effective January 1, 2015, certain consumer banking and institutional businesses were transferred to Citi Holdings and aggregated to form five new reporting units: Citi Holdings Consumer EMEA, Citi Holdings—Consumer Latin America, Citi Holdings—Consumer Japan, Citi Holdings—Consumer Finance South Korea, and Citi Holdings—ICG. Goodwill balances associated with the transfers were allocated to each of the component businesses based on their relative fair values to the legacy reporting units. | |||||||||||||||||||
As required by ASC 350, a goodwill impairment test was performed as of January 1, 2015 under the legacy and new reporting structures. The test resulted in full impairment of the new Citi Holdings—Consumer Finance South Korea reporting unit's $16 million goodwill, which was recorded as an operating expense in the first quarter of 2015. | |||||||||||||||||||
There were no other triggering events during the first | |||||||||||||||||||
quarter of 2015 and therefore no additional goodwill impairment test was performed. The fair values of the Company’s reporting units as of July 1, 2014 and January 1, | |||||||||||||||||||
2015, substantially exceeded their carrying values and did not indicate a risk of impairment based on current valuations, with the exception of the Citi Holdings—Consumer EMEA reporting unit. | |||||||||||||||||||
While there was no indication of impairment, goodwill present in Citi Holdings—Consumer EMEA reporting unit may be particularly sensitive to further deterioration in economic conditions. The fair value as a percentage of allocated book value as of the January 1, 2015 test for Citi Holdings—Consumer EMEA reporting unit was 107%. | |||||||||||||||||||
The following table shows reporting units with goodwill balances as of March 31, 2015. | |||||||||||||||||||
In millions of dollars | |||||||||||||||||||
Reporting Unit(1)(2) | Goodwill | ||||||||||||||||||
North America Global Consumer Banking | $ | 6,725 | |||||||||||||||||
EMEA Global Consumer Banking | 293 | ||||||||||||||||||
Asia Global Consumer Banking | 4,626 | ||||||||||||||||||
Latin America Global Consumer Banking | 1,465 | ||||||||||||||||||
Banking | 3,372 | ||||||||||||||||||
Markets and Securities Services | 6,569 | ||||||||||||||||||
Latin America Retirement Services(3) | — | ||||||||||||||||||
Citi Holdings—Consumer EMEA | 23 | ||||||||||||||||||
Citi Holdings—Consumer Japan (4) | — | ||||||||||||||||||
Citi Holdings—Consumer Latin America | 77 | ||||||||||||||||||
Total | $ | 23,150 | |||||||||||||||||
-1 | Citi Holdings—Other and Citi Holdings—ICG are excluded from the table as there is no goodwill allocated to them. | ||||||||||||||||||
-2 | Citi Holdings—Consumer Finance South Korea is excluded from the table as the allocated goodwill of $16 million was fully-impaired during the first quarter of 2015. | ||||||||||||||||||
-3 | Latin America Retirement Services goodwill of $42 million was reclassified to Other assets held-for-sale as of March 31, 2015. | ||||||||||||||||||
-4 | Citi Holdings—Consumer Japan goodwill of $61 million was | ||||||||||||||||||
reclassified to Other assets held-for-sale as of March 31, 2015. | |||||||||||||||||||
Intangible Assets | |||||||||||||||||||
The components of intangible assets as of March 31, 2015 and December 31, 2014 were as follows: | |||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||
In millions of dollars | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||
carrying | amortization | carrying | carrying | amortization | carrying | ||||||||||||||
amount | amount | amount | amount | ||||||||||||||||
Purchased credit card relationships | $ | 7,618 | $ | 6,355 | $ | 1,263 | $ | 7,626 | $ | 6,294 | $ | 1,332 | |||||||
Core deposit intangibles | 1,122 | 1,006 | 116 | 1,153 | 1,021 | 132 | |||||||||||||
Other customer relationships | 518 | 335 | 183 | 579 | 331 | 248 | |||||||||||||
Present value of future profits | 163 | 156 | 7 | 233 | 154 | 79 | |||||||||||||
Indefinite-lived intangible assets | 281 | — | 281 | 290 | — | 290 | |||||||||||||
Other(1) | 5,167 | 2,773 | 2,394 | 5,217 | 2,732 | 2,485 | |||||||||||||
Intangible assets (excluding MSRs) | $ | 14,869 | $ | 10,625 | $ | 4,244 | $ | 15,098 | $ | 10,532 | $ | 4,566 | |||||||
Mortgage servicing rights (MSRs) (2) | 1,685 | — | 1,685 | 1,845 | — | 1,845 | |||||||||||||
Total intangible assets | $ | 16,554 | $ | 10,625 | $ | 5,929 | $ | 16,943 | $ | 10,532 | $ | 6,411 | |||||||
-1 | Includes contract-related intangible assets. | ||||||||||||||||||
-2 | For additional information on Citi’s MSRs, including the roll-forward for the three months ended March 31, 2015, see Note 20 to the Consolidated Financial Statements. | ||||||||||||||||||
The changes in intangible assets during the three months ended March 31, 2015 were as follows: | |||||||||||||||||||
Net carrying | Net carrying | ||||||||||||||||||
amount at | amount at | ||||||||||||||||||
In millions of dollars | 31-Dec-14 | Acquisitions/ | Amortization | Impairments | FX and | 31-Mar-15 | |||||||||||||
divestitures | other (1) | ||||||||||||||||||
Purchased credit card relationships | $ | 1,332 | $ | — | $ | (68 | ) | $ | — | $ | (1 | ) | $ | 1,263 | |||||
Core deposit intangibles | 132 | — | (11 | ) | — | (5 | ) | 116 | |||||||||||
Other customer relationships | 248 | (55 | ) | (6 | ) | — | (4 | ) | 183 | ||||||||||
Present value of future profits | 79 | (68 | ) | (3 | ) | — | (1 | ) | 7 | ||||||||||
Indefinite-lived intangible assets | 290 | — | — | — | (9 | ) | 281 | ||||||||||||
Other | 2,485 | — | (81 | ) | (5 | ) | (5 | ) | 2,394 | ||||||||||
Intangible assets (excluding MSRs) | $ | 4,566 | $ | (123 | ) | $ | (169 | ) | $ | (5 | ) | $ | (25 | ) | $ | 4,244 | |||
Mortgage servicing rights (MSRs) (2) | 1,845 | 1,685 | |||||||||||||||||
Total intangible assets | $ | 6,411 | $ | 5,929 | |||||||||||||||
-1 | Includes foreign exchange translation and purchase accounting adjustments. | ||||||||||||||||||
-2 | For additional information on Citi’s MSRs, including the roll-forward for the three months ended March 31, 2015, see Note 20 to the Consolidated Financial Statements. |
DEBT
DEBT | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||
DEBT | DEBT | |||||||||||||||
Short-Term Borrowings | ||||||||||||||||
March 31, | December 31, | |||||||||||||||
2015 | 2014 | |||||||||||||||
In millions of dollars | Balance | Balance | ||||||||||||||
Commercial paper | ||||||||||||||||
Significant Citibank entities(1) | $ | 10,906 | $ | 16,085 | ||||||||||||
Parent(2) | 70 | 70 | ||||||||||||||
Total Commercial paper | $ | 10,976 | $ | 16,155 | ||||||||||||
Other borrowings (3) | $ | 28,429 | $ | 42,180 | ||||||||||||
Total | $ | 39,405 | $ | 58,335 | ||||||||||||
-1 | Significant Citibank entities consist of Citibank, N.A. units domiciled in the U.S., Western Europe, Hong Kong and Singapore. | |||||||||||||||
-2 | Parent includes the parent holding company (Citigroup Inc.) and Citi’s broker-dealer subsidiaries that are consolidated into Citigroup. | |||||||||||||||
-3 | Includes borrowings from the Federal Home Loan Banks and other market participants. At March 31, 2015 and December 31, 2014, collateralized short-term advances from the Federal Home Loan Banks were $2.0 billion and $11.2 billion, respectively. | |||||||||||||||
Borrowings under bank lines of credit may be at interest rates based on LIBOR, CD rates, the prime rate or bids submitted by the banks. Citigroup pays commitment fees for its lines of credit. | ||||||||||||||||
Some of Citigroup’s non-bank subsidiaries have credit facilities with Citigroup’s subsidiary depository institutions, including Citibank, N.A. Borrowings under these facilities are secured in accordance with Section 23A of the Federal Reserve Act. | ||||||||||||||||
Citigroup Global Markets Holdings Inc. (CGMHI) has borrowing agreements consisting of facilities that CGMHI has been advised are available, but where no contractual lending obligation exists. These arrangements are reviewed on an ongoing basis to ensure flexibility in meeting CGMHI’s short-term requirements. | ||||||||||||||||
Long-Term Debt | ||||||||||||||||
In millions of dollars | 31-Mar-15 | 31-Dec-14 | ||||||||||||||
Citigroup Inc.(1) | $ | 147,627 | $ | 149,512 | ||||||||||||
Bank(2) | 58,699 | 65,146 | ||||||||||||||
Broker-dealer(3) | 4,196 | 8,422 | ||||||||||||||
Total | $ | 210,522 | $ | 223,080 | ||||||||||||
-1 | Parent holding company, Citigroup Inc. | |||||||||||||||
-2 | Represents the Significant Citibank entities as well as other Citibank and Banamex entities. At March 31, 2015 and December 31, 2014, collateralized long-term advances from the Federal Home Loan Banks were $16.3 billion and $19.8 billion, respectively. | |||||||||||||||
-3 | Represents broker-dealer subsidiaries that are consolidated into Citigroup Inc., the parent holding company. | |||||||||||||||
Long-term debt outstanding includes trust preferred securities with a balance sheet carrying value of $1.7 billion at both March 31, 2015 and December 31, 2014 (for the structure and terms of Citi’s trust preferred securities, see Note 20 to the Consolidated Financial Statements). | ||||||||||||||||
The following table summarizes the Company’s outstanding trust preferred securities at March 31, 2015: | ||||||||||||||||
Junior subordinated debentures owned by trust | ||||||||||||||||
Trust | Issuance | Securities | Liquidation | Coupon | Common | Amount | Maturity | Redeemable | ||||||||
date | issued | value(1) | rate(2) | shares | by issuer | |||||||||||
issued | beginning | |||||||||||||||
to parent | ||||||||||||||||
In millions of dollars, except share amounts | ||||||||||||||||
Citigroup Capital III | 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 | 7.875 | 1,000 | 2,246 | Oct. 30, 2040 | Oct. 30, 2015 | ||||||||
Citigroup Capital XVIII | Jun-07 | 99,901 | 149 | 6.829 | 50 | 148 | June 28, 2067 | June 28, 2017 | ||||||||
Total obligated | $ | 2,589 | $ | 2,594 | ||||||||||||
Note: Distributions on the trust preferred securities and interest on the subordinated debentures are payable semiannually for Citigroup Capital III and Citigroup Capital XVIII and quarterly for Citigroup Capital XIII. | ||||||||||||||||
-1 | Represents the notional value received by 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. |
CHANGES_IN_ACCUMULATED_OTHER_C
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||||||||||||||
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||
Changes in each component of Citigroup’s Accumulated other comprehensive income (loss) for the three months ended March 31, 2015 and 2014 are as follows: | ||||||||||||||||
In millions of dollars | Net | Cash flow hedges (1) | Benefit plans (2) | Foreign | Accumulated | |||||||||||
unrealized | currency | other | ||||||||||||||
gains (losses) | translation | comprehensive income (loss) | ||||||||||||||
on investment securities | adjustment, | |||||||||||||||
net of hedges (CTA)(3) | ||||||||||||||||
Balance, December 31, 2014 | $ | 57 | $ | (909 | ) | $ | (5,159 | ) | $ | (17,205 | ) | $ | (23,216 | ) | ||
Other comprehensive income (losses) before reclassifications | $ | 742 | $ | 32 | $ | (131 | ) | $ | (2,062 | ) | $ | (1,419 | ) | |||
Increase (decrease) due to amounts reclassified from AOCI | (151 | ) | 54 | 41 | — | (56 | ) | |||||||||
Change, net of taxes | $ | 591 | $ | 86 | $ | (90 | ) | $ | (2,062 | ) | $ | (1,475 | ) | |||
Balance at March 31, 2015 | $ | 648 | $ | (823 | ) | $ | (5,249 | ) | $ | (19,267 | ) | $ | (24,691 | ) | ||
In millions of dollars | Net | Cash flow hedges (1) | Benefit plans (2) | Foreign | Accumulated | |||||||||||
unrealized | currency | other | ||||||||||||||
gains (losses) | translation | comprehensive income (loss) | ||||||||||||||
on investment securities | adjustment, | |||||||||||||||
net of hedges (CTA)(3)(4) | ||||||||||||||||
Balance, December 31, 2013 | $ | (1,640 | ) | $ | (1,245 | ) | $ | (3,989 | ) | $ | (12,259 | ) | $ | (19,133 | ) | |
Other comprehensive income before reclassifications | $ | 378 | $ | 46 | $ | (62 | ) | $ | (526 | ) | $ | (164 | ) | |||
Increase (decrease) due to amounts reclassified from AOCI | 50 | 72 | 29 | — | 151 | |||||||||||
Change, net of taxes | $ | 428 | $ | 118 | $ | (33 | ) | $ | (526 | ) | $ | (13 | ) | |||
Balance at March 31, 2014 | $ | (1,212 | ) | $ | (1,127 | ) | $ | (4,022 | ) | $ | (12,785 | ) | $ | (19,146 | ) | |
-1 | Primarily driven by Citigroup’s pay fixed/receive floating interest rate swap programs that hedge the floating rates on liabilities. | |||||||||||||||
-2 | 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. | |||||||||||||||
-3 | Primarily reflects the movements in (by order of impact) the euro, Mexican peso, British pound, and Brazilian real against the U.S. dollar, and changes in related tax effects and hedges for the three months ended March 31, 2015. Primarily reflects the movements in (by order of impact) the Russian ruble, Argentine peso, Korean won, and Japanese yen against the U.S. dollar, and changes in related tax effects and hedges for the three months ended March 31, 2014. | |||||||||||||||
-4 | During 2014, $137 million ($84 million net of tax) was reclassified to reflect the allocation of foreign currency translation between net unrealized gains (losses) on investment securities to CTA. | |||||||||||||||
The pretax and after-tax changes in each component of Accumulated other comprehensive income (loss) for the three months ended March 31, 2015 and 2014 are as follows: | ||||||||||||||||
In millions of dollars | Pretax | Tax effect | After-tax | |||||||||||||
Balance, December 31, 2014 | $ | (31,060 | ) | $ | 7,844 | $ | (23,216 | ) | ||||||||
Change in net unrealized gains (losses) on investment securities | 1,048 | (457 | ) | 591 | ||||||||||||
Cash flow hedges | 156 | (70 | ) | 86 | ||||||||||||
Benefit plans | (121 | ) | 31 | (90 | ) | |||||||||||
Foreign currency translation adjustment | (2,302 | ) | 240 | (2,062 | ) | |||||||||||
Change | $ | (1,219 | ) | $ | (256 | ) | $ | (1,475 | ) | |||||||
Balance, March 31, 2015 | $ | (32,279 | ) | $ | 7,588 | $ | (24,691 | ) | ||||||||
In millions of dollars | Pretax | Tax effect | After-tax | |||||||||||||
Balance, December 31, 2013 | $ | (27,596 | ) | $ | 8,463 | $ | (19,133 | ) | ||||||||
Change in net unrealized gains (losses) on investment securities | 703 | (275 | ) | 428 | ||||||||||||
Cash flow hedges | 181 | (63 | ) | 118 | ||||||||||||
Benefit plans | (55 | ) | 22 | (33 | ) | |||||||||||
Foreign currency translation adjustment | (530 | ) | 4 | (526 | ) | |||||||||||
Change | $ | 299 | $ | (312 | ) | $ | (13 | ) | ||||||||
Balance, March 31, 2014 | $ | (27,297 | ) | $ | 8,151 | $ | (19,146 | ) | ||||||||
During the three months ended March 31, 2015 and 2014, the Company recognized a pretax gain of $(85) million ($(56) million net of tax) and pretax loss of $237 million ($151 million net of tax), respectively, related to amounts reclassified out of Accumulated other comprehensive income (loss) into the Consolidated Statement of Income. See details in the table below: | ||||||||||||||||
Increase (decrease) in AOCI due to amounts reclassified to Consolidated Statement of Income | ||||||||||||||||
In millions of dollars | Three Months Ended March 31, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Realized (gains) losses on sales of investments | $ | (307 | ) | $ | (128 | ) | ||||||||||
OTTI gross impairment losses | 72 | 201 | ||||||||||||||
Subtotal, pretax | $ | (235 | ) | $ | 73 | |||||||||||
Tax effect | 84 | (23 | ) | |||||||||||||
Net realized (gains) losses on investment securities, after-tax(1) | $ | (151 | ) | $ | 50 | |||||||||||
Interest rate contracts | $ | 46 | $ | 61 | ||||||||||||
Foreign exchange contracts | 40 | 56 | ||||||||||||||
Subtotal, pretax | $ | 86 | $ | 117 | ||||||||||||
Tax effect | (32 | ) | (45 | ) | ||||||||||||
Amortization of cash flow hedges, after-tax(2) | $ | 54 | $ | 72 | ||||||||||||
Amortization of unrecognized | ||||||||||||||||
Prior service cost (benefit) | $ | (11 | ) | $ | (9 | ) | ||||||||||
Net actuarial loss | 75 | 56 | ||||||||||||||
Subtotal, pretax | $ | 64 | $ | 47 | ||||||||||||
Tax effect | (23 | ) | (18 | ) | ||||||||||||
Amortization of benefit plans, after-tax(3) | $ | 41 | $ | 29 | ||||||||||||
Foreign currency translation adjustment | $ | — | $ | — | ||||||||||||
Total amounts reclassified out of AOCI, pretax | $ | (85 | ) | $ | 237 | |||||||||||
Total tax effect | 29 | (86 | ) | |||||||||||||
Total amounts reclassified out of AOCI, after-tax | $ | (56 | ) | $ | 151 | |||||||||||
-1 | The pretax amount is reclassified to Realized gains (losses) on sales of investments, net and Gross impairment losses on the Consolidated Statement of Income. See Note 13 to the Consolidated Financial Statements for additional details. | |||||||||||||||
-2 | See Note 21 to the Consolidated Financial Statements for additional details. | |||||||||||||||
-3 | See Notes 1 and 8 to the Consolidated Financial Statements for additional details. |
PREFERRED_STOCK
PREFERRED STOCK | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||
PREFERRED STOCK | PREFERRED STOCK | |||||||||||||||
The following table summarizes the Company’s preferred stock outstanding at March 31, 2015 and December 31, 2014: | ||||||||||||||||
Carrying value | ||||||||||||||||
in millions of dollars | ||||||||||||||||
Issuance date | Redeemable by issuer beginning | Dividend | Redemption | Number | March 31, | December 31, | ||||||||||
rate | price per depositary | of depositary | 2015 | 2014 | ||||||||||||
share/preference share | shares | |||||||||||||||
Series AA(1) | 25-Jan-08 | 15-Feb-18 | 8.125 | % | $ | 25 | 3,870,330 | $ | 97 | $ | 97 | |||||
Series E(2) | 28-Apr-08 | 30-Apr-18 | 8.4 | % | 1,000 | 121,254 | 121 | 121 | ||||||||
Series A(3) | 29-Oct-12 | 30-Jan-23 | 5.95 | % | 1,000 | 1,500,000 | 1,500 | 1,500 | ||||||||
Series B(4) | 13-Dec-12 | 15-Feb-23 | 5.9 | % | 1,000 | 750,000 | 750 | 750 | ||||||||
Series C(5) | 26-Mar-13 | 22-Apr-18 | 5.8 | % | 25 | 23,000,000 | 575 | 575 | ||||||||
Series D(6) | 30-Apr-13 | 15-May-23 | 5.35 | % | 1,000 | 1,250,000 | 1,250 | 1,250 | ||||||||
Series J(7) | 19-Sep-13 | 30-Sep-23 | 7.125 | % | 25 | 38,000,000 | 950 | 950 | ||||||||
Series K(8) | 31-Oct-13 | 15-Nov-23 | 6.875 | % | 25 | 59,800,000 | 1,495 | 1,495 | ||||||||
Series L(9) | 12-Feb-14 | 12-Feb-19 | 6.875 | % | 25 | 19,200,000 | 480 | 480 | ||||||||
Series M(10) | 30-Apr-14 | 15-May-24 | 6.3 | % | 1,000 | 1,750,000 | 1,750 | 1,750 | ||||||||
Series N(11) | 29-Oct-14 | 15-Nov-19 | 5.8 | % | 1,000 | 1,500,000 | 1,500 | 1,500 | ||||||||
Series O(12) | 20-Mar-15 | 27-Mar-20 | 5.875 | % | 1,000 | 1,500,000 | 1,500 | — | ||||||||
$ | 11,968 | $ | 10,468 | |||||||||||||
-1 | Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-2 | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on April 30 and October 30 at a fixed rate until April 30, 2018, thereafter payable quarterly on January 30, April 30, July 30 and October 30 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-3 | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on January 30 and July 30 at a fixed rate until January 30, 2023, thereafter payable quarterly on January 30, April 30, July 30 and October 30 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-4 | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on February 15 and August 15 at a fixed rate until February 15, 2023, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in `each case when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-5 | Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on January 22, April 22, July 22 and October 22 when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-6 | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on May 15 and November 15 at a fixed rate until May 15, 2023, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-7 | Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on March 30, June 30, September 30 and December 30 at a fixed rate until September 30, 2023, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-8 | Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until November 15, 2023, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-9 | Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 12, May 12, August 12 and November 12 at a fixed rate, in each case when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-10 | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on May 15 and November 15 at a fixed rate until May 15, 2024, thereafter payable quarterly on February 15, May 15, August 15, and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-11 | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on May 15 and November 15 at a fixed rate until, but excluding, November 15, 2019, and thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-12 | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on March 27 and September 27 at a fixed rate until, but excluding, March 27, 2020, and thereafter payable quarterly on March 27, June 27, September 27 and December 27 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. | |||||||||||||||
On April 24, 2015, Citi issued $2 billion of Series P Preferred Stock as depositary shares, each representing 1/25th interest in a share of corresponding series of non-cumulative perpetual preferred stock. The dividend rate is 5.950%, payable semi-annually on May 15 and November 15, commencing November 15, 2015, in each case when, as and if declared by the Citi Board of Directors. | ||||||||||||||||
During the first quarter of 2015, Citi distributed $128 million in dividends on its outstanding preferred stock. Based on its preferred stock outstanding as of April 24, 2015 (which includes the issuance of Series P Preferred Stock), Citi estimates that it will distribute preferred dividends of approximately $641 million during the remainder of 2015, in each case assuming such dividends are approved by the Citi Board of Directors. |
SECURITIZATIONS_AND_VARIABLE_I
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES | |||||||||||||||||||||||||
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES | SECURITIZATIONS AND VARIABLE INTEREST ENTITIES | ||||||||||||||||||||||||
Uses of Special Purpose Entities | |||||||||||||||||||||||||
A special purpose entity (SPE) is an entity designed to fulfill a specific limited need of the company that organized it. The principal uses of SPEs by Citi are to obtain liquidity and favorable capital treatment by securitizing certain financial assets, to assist clients in securitizing their financial assets and to create investment products for clients. SPEs may be organized in various legal forms, including trusts, partnerships or corporations. In a securitization, the company transferring assets to an SPE converts all (or a portion) of those assets into cash before they would have been realized in the normal course of business through the SPE’s issuance of debt and equity instruments, certificates, commercial paper or other notes of indebtedness. These issuances are recorded on the balance sheet of the SPE, which may or may not be consolidated onto the balance sheet of the company that organized the SPE. | |||||||||||||||||||||||||
Investors usually have recourse only to the assets in the SPE, but may also benefit from other credit enhancements, such as a collateral account, a line of credit or a liquidity facility, such as a liquidity put option or asset purchase agreement. Because of these enhancements, the SPE issuances typically obtain a more favorable credit rating than the transferor could obtain for its own debt issuances. This results in less expensive financing costs than unsecured debt. The SPE may also enter into derivative contracts in order to convert the yield or currency of the underlying assets to match the needs of the SPE investors or to limit or change the credit risk of the SPE. Citigroup may be the provider of certain credit enhancements as well as the counterparty to any related derivative contracts. | |||||||||||||||||||||||||
Most of Citigroup’s SPEs are variable interest entities (VIEs), as described below. | |||||||||||||||||||||||||
Variable Interest Entities | |||||||||||||||||||||||||
VIEs are entities that have either a total equity investment that is insufficient to permit the entity to finance its activities without additional subordinated financial support, or whose equity investors lack the characteristics of a controlling financial interest (i.e., ability to make significant decisions through voting rights and a right to receive the expected residual returns of the entity or an obligation to absorb the expected losses of the entity). Investors that finance the VIE through debt or equity interests or other counterparties providing other forms of support, such as guarantees, subordinated fee arrangements or certain types of derivative contracts are variable interest holders in the entity. | |||||||||||||||||||||||||
The variable interest holder, if any, that has a controlling financial interest in a VIE is deemed to be the primary beneficiary and must consolidate the VIE. Citigroup would be deemed to have a controlling financial interest and be the primary beneficiary if it has both of the following characteristics: | |||||||||||||||||||||||||
• | power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and | ||||||||||||||||||||||||
• | an obligation to absorb losses of the entity that could potentially be significant to the VIE, or a right to receive benefits from the entity that could potentially be significant to the VIE. | ||||||||||||||||||||||||
The Company must evaluate each VIE to understand the purpose and design of the entity, the role the Company had in the entity’s design and its involvement in the VIE’s ongoing activities. The Company then must evaluate which activities most significantly impact the economic performance of the VIE and who has the power to direct such activities. | |||||||||||||||||||||||||
For those VIEs where the Company determines that it has the power to direct the activities that most significantly impact the VIE’s economic performance, the Company must then evaluate its economic interests, if any, and determine whether it could absorb losses or receive benefits that could potentially be significant to the VIE. When evaluating whether the Company has an obligation to absorb losses that could potentially be significant, it considers the maximum exposure to such loss without consideration of probability. Such obligations could be in various forms, including, but not limited to, debt and equity investments, guarantees, liquidity agreements and certain derivative contracts. | |||||||||||||||||||||||||
In various other transactions, the Company may: (i) act as a derivative counterparty (for example, interest rate swap, cross-currency swap, or purchaser of credit protection under a credit default swap or total return swap where the Company pays the total return on certain assets to the SPE); (ii) act as underwriter or placement agent; (iii) provide administrative, trustee or other services; or (iv) make a market in debt securities or other instruments issued by VIEs. The Company generally considers such involvement, by itself, not to be variable interests and thus not an indicator of power or potentially significant benefits or losses. | |||||||||||||||||||||||||
See Note 1 to the Consolidated Financial Statements for a discussion of impending changes to targeted areas of consolidation guidance. | |||||||||||||||||||||||||
Citigroup’s involvement with consolidated and unconsolidated VIEs with which the Company holds significant variable interests or has continuing involvement through servicing a majority of the assets in a VIE, each as of March 31, 2015 and December 31, 2014, is presented below: | |||||||||||||||||||||||||
As of March 31, 2015 | |||||||||||||||||||||||||
Maximum exposure to loss in significant unconsolidated VIEs (1) | |||||||||||||||||||||||||
Funded exposures (2) | Unfunded exposures | ||||||||||||||||||||||||
In millions of dollars | Total | Consolidated | Significant | Debt | Equity | Funding | Guarantees | Total | |||||||||||||||||
involvement | VIE / SPE assets | unconsolidated | investments | investments | commitments | and | |||||||||||||||||||
with SPE | VIE assets (3) | derivatives | |||||||||||||||||||||||
assets | |||||||||||||||||||||||||
Citicorp | |||||||||||||||||||||||||
Credit card securitizations | $ | 55,367 | $ | 55,367 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Mortgage securitizations (4) | |||||||||||||||||||||||||
U.S. agency-sponsored | 230,798 | — | 230,798 | 3,000 | — | — | 18 | 3,018 | |||||||||||||||||
Non-agency-sponsored | 7,457 | 1,018 | 6,439 | 530 | — | — | — | 530 | |||||||||||||||||
Citi-administered asset-backed commercial paper conduits (ABCP) | 28,807 | 28,807 | — | — | — | — | — | — | |||||||||||||||||
Collateralized debt obligations (CDOs) | 3,027 | — | 3,027 | 38 | — | — | — | 38 | |||||||||||||||||
Collateralized loan obligations (CLOs) | 14,782 | — | 14,782 | 1,917 | — | — | — | 1,917 | |||||||||||||||||
Asset-based financing | 60,391 | 1,102 | 59,289 | 22,052 | 61 | 3,138 | 318 | 25,569 | |||||||||||||||||
Municipal securities tender option bond trusts (TOBs) | 12,017 | 6,431 | 5,586 | — | — | 3,645 | — | 3,645 | |||||||||||||||||
Municipal investments | 16,736 | 55 | 16,681 | 2,035 | 1,833 | 1,162 | — | 5,030 | |||||||||||||||||
Client intermediation | 1,810 | 105 | 1,705 | 42 | — | — | 10 | 52 | |||||||||||||||||
Investment funds (5) | 30,883 | 1,049 | 29,834 | 17 | 379 | 125 | — | 521 | |||||||||||||||||
Trust preferred securities | 2,632 | — | 2,632 | — | 6 | — | — | 6 | |||||||||||||||||
Other | 4,713 | 288 | 4,425 | 80 | 1,038 | 39 | 70 | 1,227 | |||||||||||||||||
Total | $ | 469,420 | $ | 94,222 | $ | 375,198 | $ | 29,711 | $ | 3,317 | $ | 8,109 | $ | 416 | $ | 41,553 | |||||||||
Citi Holdings | |||||||||||||||||||||||||
Credit card securitizations | $ | 254 | $ | 54 | $ | 200 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Mortgage securitizations | |||||||||||||||||||||||||
U.S. agency-sponsored | 23,286 | — | 23,286 | 110 | — | — | 88 | 198 | |||||||||||||||||
Non-agency-sponsored | 9,246 | 63 | 9,183 | 18 | — | — | 1 | 19 | |||||||||||||||||
Collateralized debt obligations (CDOs) | 2,126 | — | 2,126 | 156 | — | — | 85 | 241 | |||||||||||||||||
Collateralized loan obligations (CLOs) | 834 | — | 834 | 37 | — | — | — | 37 | |||||||||||||||||
Asset-based financing | 1,167 | 2 | 1,165 | 39 | 3 | 81 | — | 123 | |||||||||||||||||
Municipal investments | 6,838 | — | 6,838 | 2 | 168 | 888 | — | 1,058 | |||||||||||||||||
Investment funds | 507 | — | 507 | — | — | — | — | — | |||||||||||||||||
Other | 4,203 | 4,203 | — | — | — | — | — | — | |||||||||||||||||
Total | $ | 48,461 | $ | 4,322 | $ | 44,139 | $ | 362 | $ | 171 | $ | 969 | $ | 174 | $ | 1,676 | |||||||||
Total Citigroup | $ | 517,881 | $ | 98,544 | $ | 419,337 | $ | 30,073 | $ | 3,488 | $ | 9,078 | $ | 590 | $ | 43,229 | |||||||||
(1) The definition of maximum exposure to loss is included in the text that follows this table. | |||||||||||||||||||||||||
-2 | Included on Citigroup’s March 31, 2015 Consolidated Balance Sheet. | ||||||||||||||||||||||||
-3 | A significant unconsolidated VIE is an entity where the Company has any variable interest or continuing involvement considered to be significant, regardless of the likelihood of loss or the notional amount of exposure. | ||||||||||||||||||||||||
-4 | Citicorp mortgage securitizations also include agency and non-agency (private-label) re-securitization activities. These SPEs are not consolidated. See “Re-securitizations” below for further discussion. | ||||||||||||||||||||||||
(5) Substantially all of the unconsolidated investment funds’ assets are related to retirement funds in Mexico managed by Citi. See “Investment Funds” below for further discussion. | |||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
Maximum exposure to loss in significant unconsolidated VIEs (1) | |||||||||||||||||||||||||
Funded exposures (2) | Unfunded exposures | ||||||||||||||||||||||||
In millions of dollars | Total | Consolidated | Significant | Debt | Equity | Funding | Guarantees | Total | |||||||||||||||||
involvement | VIE / SPE assets | unconsolidated | investments | investments | commitments | and | |||||||||||||||||||
with SPE | VIE assets (3) | derivatives | |||||||||||||||||||||||
assets | |||||||||||||||||||||||||
Citicorp | |||||||||||||||||||||||||
Credit card securitizations | $ | 60,211 | $ | 60,211 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Mortgage securitizations (4) | |||||||||||||||||||||||||
U.S. agency-sponsored | 236,771 | — | 236,771 | 5,063 | — | — | 19 | 5,082 | |||||||||||||||||
Non-agency-sponsored | 8,071 | 1,239 | 6,832 | 560 | — | — | — | 560 | |||||||||||||||||
Citi-administered asset-backed commercial paper conduits (ABCP) | 29,181 | 29,181 | — | — | — | — | — | — | |||||||||||||||||
Collateralized debt obligations (CDOs) | 3,382 | — | 3,382 | 45 | — | — | — | 45 | |||||||||||||||||
Collateralized loan obligations (CLOs) | 13,099 | — | 13,099 | 1,692 | — | — | — | 1,692 | |||||||||||||||||
Asset-based financing | 62,577 | 1,149 | 61,428 | 22,891 | 63 | 2,185 | 333 | 25,472 | |||||||||||||||||
Municipal securities tender option bond trusts (TOBs) | 12,280 | 6,671 | 5,609 | 3 | — | 3,670 | — | 3,673 | |||||||||||||||||
Municipal investments | 16,825 | 70 | 16,755 | 2,012 | 2,021 | 1,321 | — | 5,354 | |||||||||||||||||
Client intermediation | 1,745 | 137 | 1,608 | 10 | — | — | 10 | 20 | |||||||||||||||||
Investment funds (5) | 31,474 | 1,096 | 30,378 | 16 | 382 | 124 | — | 522 | |||||||||||||||||
Trust preferred securities | 2,633 | — | 2,633 | — | 6 | — | — | 6 | |||||||||||||||||
Other | 5,685 | 296 | 5,389 | 183 | 1,451 | 23 | 73 | 1,730 | |||||||||||||||||
Total | $ | 483,934 | $ | 100,050 | $ | 383,884 | $ | 32,475 | $ | 3,923 | $ | 7,323 | $ | 435 | $ | 44,156 | |||||||||
Citi Holdings | |||||||||||||||||||||||||
Credit card securitizations | $ | 292 | $ | 60 | $ | 232 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Mortgage securitizations | |||||||||||||||||||||||||
U.S. agency-sponsored | 28,077 | — | 28,077 | 150 | — | — | 91 | 241 | |||||||||||||||||
Non-agency-sponsored | 9,817 | 65 | 9,752 | 17 | — | — | 1 | 18 | |||||||||||||||||
Collateralized debt obligations (CDOs) | 2,235 | — | 2,235 | 174 | — | — | 86 | 260 | |||||||||||||||||
Collateralized loan obligations (CLOs) | 1,020 | — | 1,020 | 54 | — | — | — | 54 | |||||||||||||||||
Asset-based financing | 1,323 | 2 | 1,321 | 37 | 3 | 86 | — | 126 | |||||||||||||||||
Municipal investments | 6,881 | — | 6,881 | 2 | 176 | 904 | — | 1,082 | |||||||||||||||||
Investment funds | 518 | — | 518 | — | — | — | — | — | |||||||||||||||||
Other | 2,613 | 2,613 | — | — | — | — | — | — | |||||||||||||||||
Total | $ | 52,776 | $ | 2,740 | $ | 50,036 | $ | 434 | $ | 179 | $ | 990 | $ | 178 | $ | 1,781 | |||||||||
Total Citigroup | $ | 536,710 | $ | 102,790 | $ | 433,920 | $ | 32,909 | $ | 4,102 | $ | 8,313 | $ | 613 | $ | 45,937 | |||||||||
-1 | The definition of maximum exposure to loss is included in the text that follows this table. | ||||||||||||||||||||||||
-2 | Included on Citigroup’s December 31, 2014 Consolidated Balance Sheet. | ||||||||||||||||||||||||
-3 | A significant unconsolidated VIE is an entity where the Company has any variable interest or continuing involvement considered to be significant, regardless of the likelihood of loss or the notional amount of exposure. | ||||||||||||||||||||||||
-4 | Citicorp mortgage securitizations also include agency and non-agency (private-label) re-securitization activities. These SPEs are not consolidated. See “Re-securitizations” below for further discussion. | ||||||||||||||||||||||||
(5) Substantially all of the unconsolidated investment funds’ assets are related to retirement funds in Mexico managed by Citi. See “Investment Funds” below for further discussion. | |||||||||||||||||||||||||
The previous tables do not include: | |||||||||||||||||||||||||
• | certain venture capital investments made by some of the Company’s private equity subsidiaries, as the Company accounts for these investments in accordance with the Investment Company Audit Guide (codified in ASC 946); | ||||||||||||||||||||||||
• | certain limited partnerships that are investment funds that qualify for the deferral from the requirements of ASC 810 where the Company is the general partner and the limited partners have the right to replace the general partner or liquidate the funds; | ||||||||||||||||||||||||
• | certain investment funds for which the Company provides investment management services and personal estate trusts for which the Company provides administrative, trustee and/or investment management services; | ||||||||||||||||||||||||
• | VIEs structured by third parties where the Company holds securities in inventory, as these investments are made on arm’s-length terms; | ||||||||||||||||||||||||
• | certain positions in mortgage-backed and asset-backed securities held by the Company, which are classified as Trading account assets or Investments, where 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 13 to the Consolidated Financial Statements); | ||||||||||||||||||||||||
• | certain representations and warranties exposures in legacy Securities and Banking-sponsored mortgage-backed and asset-backed securitizations, where the Company has no variable interest or continuing involvement as servicer. The outstanding balance of mortgage loans securitized during 2005 to 2008 where the Company has no variable interest or continuing involvement as servicer was approximately $14 billion at March 31, 2015 and December 31, 2014; and | ||||||||||||||||||||||||
• | certain representations and warranties exposures in Citigroup residential mortgage securitizations, where the original mortgage loan balances are no longer outstanding. | ||||||||||||||||||||||||
The asset balances for consolidated VIEs represent the carrying amounts of the assets consolidated by the Company. The carrying amount may represent the amortized cost or the current fair value of the assets depending on the legal form of the asset (e.g., security or loan) and the Company’s standard accounting policies for the asset type and line of business. | |||||||||||||||||||||||||
The asset balances for unconsolidated VIEs where the Company has significant involvement represent the most current information available to the Company. In most cases, the asset balances represent an amortized cost basis without regard to impairments in fair value, unless fair value information is readily available to the Company. For VIEs that obtain asset exposures synthetically through derivative instruments (for example, synthetic CDOs), the tables generally include the full original notional amount of the derivative as an asset balance. | |||||||||||||||||||||||||
The maximum funded exposure represents the balance sheet carrying amount of the Company’s investment in the VIE. It reflects the initial amount of cash invested in the VIE adjusted for any accrued interest and cash principal payments received. The carrying amount may also be adjusted for increases or declines in fair value or any impairment in value recognized in earnings. The maximum exposure of unfunded positions represents the remaining undrawn committed amount, including liquidity and credit facilities provided by the Company, or the notional amount of a derivative instrument considered to be a variable interest. In certain transactions, the Company has entered into derivative instruments or other arrangements that are not considered variable interests in the VIE (e.g., interest rate swaps, cross-currency swaps, or where the Company is the purchaser of credit protection under a credit default swap or total return swap where the Company pays the total return on certain assets to the SPE). Receivables under such arrangements are not included in the maximum exposure amounts. | |||||||||||||||||||||||||
Funding Commitments for Significant Unconsolidated VIEs—Liquidity Facilities and Loan Commitments | |||||||||||||||||||||||||
The following table presents the notional amount of liquidity facilities and loan commitments that are classified as funding commitments in the VIE tables above as of March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
Liquidity | Loan | Liquidity | Loan | ||||||||||||||||||||||
In millions of dollars | facilities | commitments | facilities | commitments | |||||||||||||||||||||
Citicorp | |||||||||||||||||||||||||
Asset-based financing | $ | 5 | $ | 3,133 | $ | 5 | $ | 2,180 | |||||||||||||||||
Municipal securities tender option bond trusts (TOBs) | 3,645 | — | 3,670 | — | |||||||||||||||||||||
Municipal investments | — | 1,162 | — | 1,321 | |||||||||||||||||||||
Investment funds | — | 125 | — | 124 | |||||||||||||||||||||
Other | — | 39 | — | 23 | |||||||||||||||||||||
Total Citicorp | $ | 3,650 | $ | 4,459 | $ | 3,675 | $ | 3,648 | |||||||||||||||||
Citi Holdings | |||||||||||||||||||||||||
Asset-based financing | $ | — | $ | 81 | $ | — | $ | 86 | |||||||||||||||||
Municipal investments | — | 888 | — | 904 | |||||||||||||||||||||
Total Citi Holdings | $ | — | $ | 969 | $ | — | $ | 990 | |||||||||||||||||
Total Citigroup funding commitments | $ | 3,650 | $ | 5,428 | $ | 3,675 | $ | 4,638 | |||||||||||||||||
Citicorp and Citi Holdings Consolidated VIEs | |||||||||||||||||||||||||
The Company engages in on-balance sheet securitizations, which are securitizations that do not qualify for sales treatment; thus, the assets remain on the Company’s balance sheet, and any proceeds received are recognized as secured liabilities. The consolidated VIEs included in the tables below represent hundreds of separate entities with which the Company is involved. In general, the third-party investors in the obligations of consolidated VIEs have legal recourse only to the assets of the respective VIEs and do not have such recourse to the Company, except where the Company has provided a guarantee to the investors or is the counterparty to certain derivative transactions involving the VIE. Thus, the | |||||||||||||||||||||||||
Company’s maximum legal exposure to loss related to consolidated VIEs is significantly less than the carrying value of the consolidated VIE assets due to outstanding third-party financing. Intercompany assets and liabilities are excluded from the table. All VIE assets are restricted from being sold or pledged as collateral. The cash flows from these assets are the only source used to pay down the associated liabilities, which are non-recourse to the Company’s general assets. | |||||||||||||||||||||||||
The following table presents the carrying amounts and classifications of consolidated assets that are collateral for consolidated VIE obligations as of March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
In billions of dollars | Citicorp | Citi Holdings | Citigroup | Citicorp | Citi Holdings | Citigroup | |||||||||||||||||||
Cash | $ | 0.1 | $ | — | $ | 0.1 | $ | 0.1 | $ | 0.2 | $ | 0.3 | |||||||||||||
Trading account assets | 0.6 | — | 0.6 | 0.7 | — | 0.7 | |||||||||||||||||||
Investments | 7.6 | — | 7.6 | 8 | — | 8 | |||||||||||||||||||
Total loans, net | 85.3 | 0.1 | 85.4 | 90.6 | 2.5 | 93.1 | |||||||||||||||||||
Other | 0.6 | 4.2 | 4.8 | 0.6 | — | 0.6 | |||||||||||||||||||
Total assets | $ | 94.2 | $ | 4.3 | $ | 98.5 | $ | 100 | $ | 2.7 | $ | 102.7 | |||||||||||||
Short-term borrowings | $ | 17.2 | $ | — | $ | 17.2 | $ | 22.7 | $ | — | $ | 22.7 | |||||||||||||
Long-term debt | 35.2 | 0.1 | 35.3 | 38.1 | 2 | 40.1 | |||||||||||||||||||
Other liabilities | 0.7 | 3.3 | 4 | 0.8 | 0.1 | 0.9 | |||||||||||||||||||
Total liabilities | $ | 53.1 | $ | 3.4 | $ | 56.5 | $ | 61.6 | $ | 2.1 | $ | 63.7 | |||||||||||||
Citicorp and Citi Holdings Significant Interests in Unconsolidated VIEs—Balance Sheet Classification | |||||||||||||||||||||||||
The following table presents the carrying amounts and classification of significant variable interests in unconsolidated VIEs as of March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
In billions of dollars | Citicorp | Citi Holdings | Citigroup | Citicorp | Citi Holdings | Citigroup | |||||||||||||||||||
Trading account assets | $ | 5.1 | $ | 0.2 | $ | 5.3 | $ | 7.4 | $ | 0.2 | $ | 7.6 | |||||||||||||
Investments | 2.2 | 0.2 | 2.4 | 2.4 | 0.2 | 2.6 | |||||||||||||||||||
Total loans, net | 24 | 0.1 | 24.1 | 24.9 | 0.1 | 25 | |||||||||||||||||||
Other | 1.6 | 0.1 | 1.7 | 1.8 | 0.2 | 2 | |||||||||||||||||||
Total assets | $ | 32.9 | $ | 0.6 | $ | 33.5 | $ | 36.5 | $ | 0.7 | $ | 37.2 | |||||||||||||
Credit Card Securitizations | |||||||||||||||||||||||||
The Company securitizes credit card receivables through trusts established to purchase the receivables. Citigroup transfers receivables into the trusts on a non-recourse basis. Credit card securitizations are revolving securitizations; as customers pay their credit card balances, the cash proceeds are used to purchase new receivables and replenish the receivables in the trust. | |||||||||||||||||||||||||
Substantially all of the Company’s credit card securitization activity is through two trusts—Citibank Credit Card Master Trust (Master Trust) and the Citibank Omni Master Trust (Omni Trust), with the substantial majority through the Master Trust. These trusts are consolidated entities because, as servicer, Citigroup has the power to direct the activities that most significantly impact the economic performance of the trusts, Citigroup holds a seller’s interest and certain securities issued by the trusts, and also provides liquidity facilities to the trusts, which could result in potentially significant losses or benefits from the trusts. Accordingly, the transferred credit card receivables remain on Citi’s Consolidated Balance Sheet with no gain or loss recognized. The debt issued by the trusts to third parties is included on Citi’s Consolidated Balance Sheet. | |||||||||||||||||||||||||
The Company utilizes securitizations as one of the sources of funding for its business in North America. The following table reflects amounts related to the Company’s securitized credit card receivables as of March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||
Citicorp | Citi Holdings | ||||||||||||||||||||||||
In billions of dollars | March 31, | December 31, 2014 | March 31, | December 31, 2014 | |||||||||||||||||||||
2015 | 2015 | ||||||||||||||||||||||||
Ownership interests in principal amount of trust credit card receivables | |||||||||||||||||||||||||
Sold to investors via trust-issued securities | $ | 34.4 | $ | 37 | $ | — | $ | — | |||||||||||||||||
Retained by Citigroup as trust-issued securities | 9.5 | 10.1 | — | — | |||||||||||||||||||||
Retained by Citigroup via non-certificated interests | 12.6 | 14.2 | — | — | |||||||||||||||||||||
Total ownership interests in principal amount of trust credit card receivables | $ | 56.5 | $ | 61.3 | $ | — | $ | — | |||||||||||||||||
Credit Card Securitizations—Citicorp | |||||||||||||||||||||||||
The following table summarizes selected cash flow information related to Citicorp’s credit card securitizations for the quarters ended March 31, 2015 and 2014: | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
In billions of dollars | 2015 | 2014 | |||||||||||||||||||||||
Proceeds from new securitizations | $ | — | $ | 4.3 | |||||||||||||||||||||
Pay down of maturing notes | (2.7 | ) | — | ||||||||||||||||||||||
Credit Card Securitizations—Citi Holdings | |||||||||||||||||||||||||
The following table summarizes selected cash flow information related to Citi Holdings’ credit card securitizations for the quarters ended March 31, 2015 and 2014: | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
In billions of dollars | 2015 | 2014 | |||||||||||||||||||||||
Proceeds from new securitizations | $ | — | $ | 0.1 | |||||||||||||||||||||
Pay down of maturing notes | — | — | |||||||||||||||||||||||
Managed Loans | |||||||||||||||||||||||||
After securitization of credit card receivables, the Company continues to maintain credit card customer account relationships and provides servicing for receivables transferred to the trusts. As a result, the Company considers the securitized credit card receivables to be part of the business it manages. As Citigroup consolidates the credit card trusts, all managed securitized card receivables are on-balance sheet. | |||||||||||||||||||||||||
Funding, Liquidity Facilities and Subordinated Interests | |||||||||||||||||||||||||
As noted above, Citigroup securitizes credit card receivables through two securitization trusts—Master Trust, which is part of Citicorp, and Omni Trust, which is also substantially all part of Citicorp. The liabilities of the trusts are included in the Consolidated Balance Sheet, excluding those retained by Citigroup. | |||||||||||||||||||||||||
The Master Trust issues fixed- and floating-rate term notes. Some of the term notes are issued to multi-seller commercial paper conduits. The weighted average maturity of the term notes issued by the Master Trust was 2.7 years as of March 31, 2015 and 2.8 years as of December 31, 2014. | |||||||||||||||||||||||||
Master Trust Liabilities (at par value) | |||||||||||||||||||||||||
In billions of dollars | 31-Mar-15 | Dec. 31, 2014 | |||||||||||||||||||||||
Term notes issued to third parties | $ | 33.1 | $ | 35.7 | |||||||||||||||||||||
Term notes retained by Citigroup affiliates | 7.6 | 8.2 | |||||||||||||||||||||||
Total Master Trust liabilities | $ | 40.7 | $ | 43.9 | |||||||||||||||||||||
The Omni Trust issues fixed- and floating-rate term notes, some of which are purchased by multi-seller commercial paper conduits. The weighted average maturity of the third-party term notes issued by the Omni Trust was 1.6 years as of March 31, 2015 and 1.9 years as of December 31, 2014. | |||||||||||||||||||||||||
Omni Trust Liabilities (at par value) | |||||||||||||||||||||||||
In billions of dollars | 31-Mar-15 | Dec. 31, 2014 | |||||||||||||||||||||||
Term notes issued to third parties | $ | 1.3 | $ | 1.3 | |||||||||||||||||||||
Term notes retained by Citigroup affiliates | 1.9 | 1.9 | |||||||||||||||||||||||
Total Omni Trust liabilities | $ | 3.2 | $ | 3.2 | |||||||||||||||||||||
Mortgage Securitizations | |||||||||||||||||||||||||
The Company provides a wide range of mortgage loan products to a diverse customer base. Once originated, the Company often securitizes these loans through the use of VIEs. These VIEs are funded through the issuance of trust certificates backed solely by the transferred assets. These certificates have the same life as the transferred assets. In addition to providing a source of liquidity and less expensive funding, securitizing these assets also reduces the Company’s credit exposure to the borrowers. These mortgage loan securitizations are primarily non-recourse, thereby effectively transferring the risk of future credit losses to the purchasers of the securities issued by the trust. However, the Company’s U.S. consumer mortgage business generally retains the servicing rights and in certain instances retains investment securities, interest-only strips and residual interests in future cash flows from the trusts and also provides servicing for a limited number of ICG securitizations. | |||||||||||||||||||||||||
The Company securitizes mortgage loans generally through either a government-sponsored agency, such as Ginnie Mae, Fannie Mae or Freddie Mac (U.S. agency-sponsored mortgages), or private-label (non-agency-sponsored mortgages) securitization. The Company is not the primary beneficiary of its U.S. agency-sponsored mortgage securitizations because Citigroup does not have the power to direct the activities of the VIE that most significantly impact the entity’s economic performance. Therefore, Citi does not consolidate these U.S. agency-sponsored mortgage securitizations. | |||||||||||||||||||||||||
The Company does not consolidate certain non-agency-sponsored mortgage securitizations because Citi is either not the servicer with the power to direct the significant activities of the entity or Citi is the servicer but the servicing relationship is deemed to be a fiduciary relationship; therefore, Citi is not deemed to be the primary beneficiary of the entity. | |||||||||||||||||||||||||
In certain instances, the Company has (i) the power to direct the activities and (ii) the obligation to either absorb losses or the right to receive benefits that could be potentially significant to its non-agency-sponsored mortgage securitizations and, therefore, is the primary beneficiary and thus consolidates the VIE. | |||||||||||||||||||||||||
Mortgage Securitizations—Citicorp | |||||||||||||||||||||||||
The following table summarizes selected cash flow information related to Citicorp mortgage securitizations for the quarters ended March 31, 2015 and 2014: | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
In billions of dollars | U.S. agency- | Non-agency- | U.S. agency- | Non-agency- | |||||||||||||||||||||
sponsored | sponsored | sponsored | sponsored | ||||||||||||||||||||||
mortgages | mortgages | mortgages | mortgages | ||||||||||||||||||||||
Proceeds from new securitizations | $ | 5.5 | $ | 3.6 | $ | 7.1 | $ | 1.6 | |||||||||||||||||
Contractual servicing fees received | — | — | 0.1 | — | |||||||||||||||||||||
Cash flows received on retained interests and other net cash flows | — | — | — | — | |||||||||||||||||||||
During the first quarter of 2015, gains recognized on the securitization of U.S. agency-sponsored mortgages and non-agency sponsored mortgages were $20 million and $16 million, respectively. | |||||||||||||||||||||||||
Agency and non-agency securitization gains for the quarter ended March 31, 2014 were $6 million and $4 million, respectively. | |||||||||||||||||||||||||
Key assumptions used in measuring the fair value of retained interests at the date of sale or securitization of mortgage receivables for the quarters ended March 31, 2015 and 2014 were as follows: | |||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
U.S. agency- | Senior | Subordinated | |||||||||||||||||||||||
sponsored mortgages | interests | interests | |||||||||||||||||||||||
Discount rate | 0.0% to 8.0% | 2.8 | % | 0.0% to 4.4% | |||||||||||||||||||||
Weighted average discount rate | 6.9 | % | 2.8 | % | 3 | % | |||||||||||||||||||
Constant prepayment rate | 16.4% to 34.9% | 0 | % | 0.0% to 3.3% | |||||||||||||||||||||
Weighted average constant prepayment rate | 18.5 | % | 0 | % | 2.3 | % | |||||||||||||||||||
Anticipated net credit losses (2) | NM | 40 | % | 0.0% to 55.9% | |||||||||||||||||||||
Weighted average anticipated net credit losses | NM | 40 | % | 37.9 | % | ||||||||||||||||||||
Weighted average life | 3.5 to 5.6 years | 9.7 years | 0.0 to 12.2 years | ||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
U.S. agency- | Senior | Subordinated | |||||||||||||||||||||||
sponsored mortgages | interests | interests | |||||||||||||||||||||||
Discount rate | 0.0% to 11.3% | 1.4 | % | 4.9% to 9.1% | |||||||||||||||||||||
Weighted average discount rate | 10.3 | % | 1.4 | % | 7.1 | % | |||||||||||||||||||
Constant prepayment rate | 0.0% to 16.0% | 0 | % | 6.1 | % | ||||||||||||||||||||
Weighted average constant prepayment rate | 4.7 | % | 0 | % | 6.1 | % | |||||||||||||||||||
Anticipated net credit losses (2) | NM | 40 | % | 40.0% to 51.8% | |||||||||||||||||||||
Weighted average anticipated net credit losses | NM | 40 | % | 50.7 | % | ||||||||||||||||||||
Weighted average life | 0.0 to 9.7 years | 2.6 years | 3.0 to 14.5 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 Not meaningful. Anticipated net credit losses are not meaningful due to U.S. agency guarantees. | |||||||||||||||||||||||||
The interests retained by the Company range from highly rated and/or senior in the capital structure to unrated and/or residual interests. | |||||||||||||||||||||||||
At March 31, 2015 and December 31, 2014, the key assumptions used to value retained interests, and the sensitivity of the fair value to adverse changes of 10% and 20% in each of the key assumptions, are set forth in the tables below. The negative effect of each change is calculated independently, holding all other assumptions constant. Because the key assumptions may not be independent, the net effect of simultaneous adverse changes in the key assumptions may be less than the sum of the individual effects shown below. | |||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
U.S. agency- | Senior | Subordinated | |||||||||||||||||||||||
sponsored mortgages | interests | interests | |||||||||||||||||||||||
Discount rate | 0.0% to 20.9% | 1.1% to 18.5% | 2.2% to 19.5% | ||||||||||||||||||||||
Weighted average discount rate | 6.7 | % | 5.6 | % | 7.8 | % | |||||||||||||||||||
Constant prepayment rate | 6.6% to 42.7% | 2.6% to 100.0% | 0.5% to 16.5% | ||||||||||||||||||||||
Weighted average constant prepayment rate | 16.8 | % | 16.1 | % | 6.4 | % | |||||||||||||||||||
Anticipated net credit losses (2) | NM | 0.0% to 94.9% | 37.8% to 91.4% | ||||||||||||||||||||||
Weighted average anticipated net credit losses | NM | 48.9 | % | 53.8 | % | ||||||||||||||||||||
Weighted average life | 0.5 to 17.8 years | 0.3 to 13.2 years | 0.5 to 25.1 years | ||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
U.S. agency- | Senior | Subordinated | |||||||||||||||||||||||
sponsored mortgages | interests | interests | |||||||||||||||||||||||
Discount rate | 0.0% to 21.2% | 1.1% to 17.7% | 1.3% to 19.6% | ||||||||||||||||||||||
Weighted average discount rate | 8 | % | 4.9 | % | 8.2 | % | |||||||||||||||||||
Constant prepayment rate | 6.0% to 41.4% | 2.0% to 100.0% | 0.5% to 16.2% | ||||||||||||||||||||||
Weighted average constant prepayment rate | 14.7 | % | 10.1 | % | 7.2 | % | |||||||||||||||||||
Anticipated net credit losses (2) | NM | 0.0% to 92.4% | 13.7% to 83.8% | ||||||||||||||||||||||
Weighted average anticipated net credit losses | NM | 54.6 | % | 52.5 | % | ||||||||||||||||||||
Weighted average life | 0.0 to 16.0 years | 0.3 to 14.4 years | 0.0 to 24.4 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 Not meaningful. Anticipated net credit losses are not meaningful due to U.S. agency guarantees. | |||||||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
In millions of dollars at March 31, 2015 | U.S. agency- | Senior | Subordinated | ||||||||||||||||||||||
sponsored mortgages | interests | interests | |||||||||||||||||||||||
Carrying value of retained interests | $ | 2,078 | $ | 234 | $ | 556 | |||||||||||||||||||
Discount rates | |||||||||||||||||||||||||
Adverse change of 10% | $ | (54 | ) | $ | (5 | ) | $ | (29 | ) | ||||||||||||||||
Adverse change of 20% | (105 | ) | (9 | ) | (55 | ) | |||||||||||||||||||
Constant prepayment rate | |||||||||||||||||||||||||
Adverse change of 10% | (95 | ) | (1 | ) | (9 | ) | |||||||||||||||||||
Adverse change of 20% | (181 | ) | (2 | ) | (18 | ) | |||||||||||||||||||
Anticipated net credit losses | |||||||||||||||||||||||||
Adverse change of 10% | NM | (3 | ) | (9 | ) | ||||||||||||||||||||
Adverse change of 20% | NM | (4 | ) | (17 | ) | ||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
In millions of dollars at December 31, 2014 | U.S. agency- | Senior | Subordinated | ||||||||||||||||||||||
sponsored mortgages | interests | interests | |||||||||||||||||||||||
Carrying value of retained interests | $ | 2,224 | $ | 285 | $ | 554 | |||||||||||||||||||
Discount rates | |||||||||||||||||||||||||
Adverse change of 10% | $ | (64 | ) | $ | (5 | ) | $ | (30 | ) | ||||||||||||||||
Adverse change of 20% | (124 | ) | (9 | ) | (57 | ) | |||||||||||||||||||
Constant prepayment rate | |||||||||||||||||||||||||
Adverse change of 10% | (86 | ) | (1 | ) | (9 | ) | |||||||||||||||||||
Adverse change of 20% | (165 | ) | (2 | ) | (18 | ) | |||||||||||||||||||
Anticipated net credit losses | |||||||||||||||||||||||||
Adverse change of 10% | NM | (2 | ) | (9 | ) | ||||||||||||||||||||
Adverse change of 20% | NM | (3 | ) | (16 | ) | ||||||||||||||||||||
-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. | ||||||||||||||||||||||||
NM Not meaningful. Anticipated net credit losses are not meaningful due to U.S. agency guarantees. | |||||||||||||||||||||||||
Mortgage Securitizations—Citi Holdings | |||||||||||||||||||||||||
The following table summarizes selected cash flow information related to Citi Holdings mortgage securitizations for the quarters ended March 31, 2015 and 2014: | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
In billions of dollars | U.S. agency- | Non-agency- | U.S. agency- | Non-agency- | |||||||||||||||||||||
sponsored | sponsored | sponsored | sponsored | ||||||||||||||||||||||
mortgages | mortgages | mortgages | mortgages | ||||||||||||||||||||||
Proceeds from new securitizations | $ | 0.1 | $ | — | $ | 0.1 | $ | — | |||||||||||||||||
Contractual servicing fees received | 0.1 | — | — | — | |||||||||||||||||||||
Gains recognized on the securitization of U.S. agency-sponsored mortgages were $22 million and $8 million for the quarters ended March 31, 2015 and 2014, respectively. | |||||||||||||||||||||||||
The Company did not securitize non-agency-sponsored mortgages for the quarters ended March 31, 2015 and 2014. | |||||||||||||||||||||||||
Similar to Citicorp mortgage securitizations discussed above, the range in the key assumptions is due to the different characteristics of the interests retained by the Company. The interests retained range from highly rated and/or senior in the capital structure to unrated and/or residual interests. | |||||||||||||||||||||||||
At March 31, 2015 and December 31, 2014, the key assumptions used to value retained interests, and the sensitivity of the fair value to adverse changes of 10% and 20% in each of the key assumptions, are set forth in the tables below. The negative effect of each change is calculated independently, holding all other assumptions constant. Because the key assumptions may not in fact be independent, the net effect of simultaneous adverse changes in the key assumptions may be less than the sum of the individual effects shown below. | |||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
U.S. agency- | Senior | Subordinated | |||||||||||||||||||||||
sponsored mortgages | interests | interests (2) | |||||||||||||||||||||||
Discount rate | 1.1% to 19.4% | 40.1 | % | — | |||||||||||||||||||||
Weighted average discount rate | 8.2 | % | 40.1 | % | — | ||||||||||||||||||||
Constant prepayment rate | 15.1% to 23.6% | 21.5 | % | — | |||||||||||||||||||||
Weighted average constant prepayment rate | 19.1 | % | 21.5 | % | — | ||||||||||||||||||||
Anticipated net credit losses | NM | 0.5 | % | — | |||||||||||||||||||||
Weighted average anticipated net credit losses | NM | 0.5 | % | — | |||||||||||||||||||||
Weighted average life | 4.2 to 4.7 years | 4.4 years | — | ||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
U.S. agency- | Senior | Subordinated | |||||||||||||||||||||||
sponsored mortgages | interests | interests (2) | |||||||||||||||||||||||
Discount rate | 1.9% to 19.2% | 5.1% to 47.1% | — | ||||||||||||||||||||||
Weighted average discount rate | 13.7 | % | 36.3 | % | — | ||||||||||||||||||||
Constant prepayment rate | 20.4% to 32.3% | 6.7% to 20.0% | — | ||||||||||||||||||||||
Weighted average constant prepayment rate | 23.9 | % | 16.6 | % | — | ||||||||||||||||||||
Anticipated net credit losses | NM | 0.3% to 73.7% | — | ||||||||||||||||||||||
Weighted average anticipated net credit losses | NM | 19.2 | % | — | |||||||||||||||||||||
Weighted average life | 3.3 to 4.6 years | 3.9 to 6.4 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 | Citi Holdings held no subordinated interests in mortgage securitizations as of March 31, 2015 and December 31, 2014. | ||||||||||||||||||||||||
NM Not meaningful. Anticipated net credit losses are not meaningful due to U.S. agency guarantees. | |||||||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
In millions of dollars at March 31, 2015 | U.S. agency- | Senior | Subordinated | ||||||||||||||||||||||
sponsored mortgages | interests | interests | |||||||||||||||||||||||
Carrying value of retained interests | $ | 110 | $ | 15 | $ | — | |||||||||||||||||||
Discount rates | |||||||||||||||||||||||||
Adverse change of 10% | $ | (4 | ) | $ | (1 | ) | $ | — | |||||||||||||||||
Adverse change of 20% | (7 | ) | (1 | ) | — | ||||||||||||||||||||
Constant prepayment rate | |||||||||||||||||||||||||
Adverse change of 10% | (7 | ) | (2 | ) | — | ||||||||||||||||||||
Adverse change of 20% | (13 | ) | (5 | ) | — | ||||||||||||||||||||
Anticipated net credit losses | |||||||||||||||||||||||||
Adverse change of 10% | NM | (4 | ) | — | |||||||||||||||||||||
Adverse change of 20% | NM | (8 | ) | — | |||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
In millions of dollars at December 31, 2014 | U.S. agency- | Senior | Subordinated | ||||||||||||||||||||||
sponsored mortgages | interests | interests | |||||||||||||||||||||||
Carrying value of retained interests | $ | 150 | $ | 25 | $ | — | |||||||||||||||||||
Discount rates | |||||||||||||||||||||||||
Adverse change of 10% | $ | (5 | ) | $ | (2 | ) | $ | — | |||||||||||||||||
Adverse change of 20% | (10 | ) | (4 | ) | — | ||||||||||||||||||||
Constant prepayment rate | |||||||||||||||||||||||||
Adverse change of 10% | (7 | ) | (2 | ) | — | ||||||||||||||||||||
Adverse change of 20% | (14 | ) | (3 | ) | — | ||||||||||||||||||||
Anticipated net credit losses | |||||||||||||||||||||||||
Adverse change of 10% | NM | (4 | ) | — | |||||||||||||||||||||
Adverse change of 20% | NM | (7 | ) | — | |||||||||||||||||||||
-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. | ||||||||||||||||||||||||
NM Not meaningful. Anticipated net credit losses are not meaningful due to U.S. agency guarantees. | |||||||||||||||||||||||||
Mortgage Servicing Rights | |||||||||||||||||||||||||
In connection with the securitization of mortgage loans, the Company’s U.S. consumer mortgage business generally retains the servicing rights, which entitle the Company to a future stream of cash flows based on the outstanding principal balances of the loans and the contractual servicing fee. Failure to service the loans in accordance with contractual requirements may lead to a termination of the servicing rights and the loss of future servicing fees. | |||||||||||||||||||||||||
These transactions create an intangible asset referred to as mortgage servicing rights (MSRs), which are recorded at fair value on Citi’s Consolidated Balance Sheet. The fair value of Citi’s capitalized MSRs was $1.7 billion and $2.6 billion at March 31, 2015 and 2014, respectively. Of these amounts, approximately $1.6 billion and $2.1 billion, respectively, were specific to Citicorp, with the remainder to Citi Holdings. The MSRs correspond to principal loan balances of $216 billion and $273 billion as of March 31, 2015 and 2014, respectively. The following table summarizes the changes in capitalized MSRs for the quarters ended March 31, 2015 and 2014: | |||||||||||||||||||||||||
In millions of dollars | 2015 | 2014 | |||||||||||||||||||||||
Balance, beginning of year | $ | 1,845 | $ | 2,718 | |||||||||||||||||||||
Originations | 43 | 50 | |||||||||||||||||||||||
Changes in fair value of MSRs due to changes in inputs and assumptions | (71 | ) | (84 | ) | |||||||||||||||||||||
Other changes (1) | (100 | ) | (126 | ) | |||||||||||||||||||||
Sale of MSRs (2) | (32 | ) | 28 | ||||||||||||||||||||||
Balance, as of March 31 | $ | 1,685 | $ | 2,586 | |||||||||||||||||||||
-1 | Represents changes due to customer payments and passage of time. | ||||||||||||||||||||||||
-2 | Prior period’s amount is related to a sale of credit challenged MSRs for which Citi paid the new servicer. | ||||||||||||||||||||||||
The fair value of the MSRs is primarily affected by changes in prepayments of mortgages that result from shifts in mortgage interest rates. Specifically, higher interest rates tend to lead to declining prepayments, which causes the fair value of the MSRs to increase. In managing this risk, the Company economically hedges a significant portion of the value of its MSRs through the use of interest rate derivative contracts, forward purchase and sale commitments of mortgage-backed securities and purchased securities classified as Trading account assets. | |||||||||||||||||||||||||
The Company receives fees during the course of servicing previously securitized mortgages. The amounts of these fees for the quarters ended March 31, 2015 and 2014 were as follows: | |||||||||||||||||||||||||
In millions of dollars | 2015 | 2014 | |||||||||||||||||||||||
Servicing fees | $ | 140 | $ | 170 | |||||||||||||||||||||
Late fees | 4 | 10 | |||||||||||||||||||||||
Ancillary fees | 7 | 20 | |||||||||||||||||||||||
Total MSR fees | $ | 151 | $ | 200 | |||||||||||||||||||||
These fees are classified in the Consolidated Statement of Income as Other revenue. | |||||||||||||||||||||||||
Re-securitizations | |||||||||||||||||||||||||
The Company engages in re-securitization transactions in which debt securities are transferred to a VIE in exchange for new beneficial interests. During the quarters ended March 31, 2015 and 2014, Citi transferred non-agency (private-label) securities with an original par value of approximately $454 million and $138 million, respectively, to re-securitization entities. These securities are backed by either residential or commercial mortgages and are often structured on behalf of clients. | |||||||||||||||||||||||||
As of March 31, 2015, the fair value of Citi-retained interests in private-label re-securitization transactions structured by Citi totaled approximately $528 million (including $56 million related to re-securitization transactions executed in 2015), which has been recorded in Trading account assets. Of this amount, approximately $206 million was related to senior beneficial interests and approximately $322 million was related to subordinated beneficial interests. As of December 31, 2014, the fair value of Citi-retained interests in private-label re-securitization transactions structured by Citi totaled approximately $545 million (including $194 million related to re-securitization transactions executed in 2014). Of this amount, approximately $133 million was related to senior beneficial interests, and approximately $412 million was related to subordinated beneficial interests. The original par value of private-label re-securitization transactions in which Citi holds a retained interest as of March 31, 2015 and December 31, 2014 was approximately $5.3 billion and $5.1 billion, respectively. | |||||||||||||||||||||||||
The Company also re-securitizes U.S. government-agency guaranteed mortgage-backed (agency) securities. During the quarters ended March 31, 2015 and 2014, Citi transferred agency securities with a fair value of approximately $4.3 billion and $6.4 billion, respectively, to re-securitization entities. | |||||||||||||||||||||||||
As of March 31, 2015, the fair value of Citi-retained interests in agency re-securitization transactions structured by Citi totaled approximately $1.4 billion (including $667 million related to re-securitization transactions executed in 2015) compared to $1.8 billion as of December 31, 2014 (including $1.5 billion related to re-securitization transactions executed in 2014), which is recorded in Trading account assets. The original fair value of agency re-securitization transactions in which Citi holds a retained interest as of March 31, 2015 and December 31, 2014 was approximately $70.2 billion and $73.0 billion, respectively. | |||||||||||||||||||||||||
As of March 31, 2015 and December 31, 2014, the Company did not consolidate any private-label or agency re-securitization entities. | |||||||||||||||||||||||||
Citi-Administered Asset-Backed Commercial Paper Conduits | |||||||||||||||||||||||||
The Company is active in the asset-backed commercial paper conduit business as administrator of several multi-seller commercial paper conduits and also as a service provider to single-seller and other commercial paper conduits sponsored by third parties. | |||||||||||||||||||||||||
Citi’s multi-seller commercial paper conduits are designed to provide the Company’s clients access to low-cost funding in the commercial paper markets. The conduits purchase assets from or provide financing facilities to clients and are funded by issuing commercial paper to third-party investors. The conduits generally do not purchase assets originated by the Company. The funding of the conduits is facilitated by the liquidity support and credit enhancements provided by the Company. | |||||||||||||||||||||||||
As administrator to Citi’s conduits, the Company is generally responsible for selecting and structuring assets purchased or financed by the conduits, making decisions regarding the funding of the conduits, including determining the tenor and other features of the commercial paper issued, monitoring the quality and performance of the conduits’ assets, and facilitating the operations and cash flows of the conduits. In return, the Company earns structuring fees from customers for individual transactions and earns an administration fee from the conduit, which is equal to the income from the client program and liquidity fees of the conduit after payment of conduit expenses. This administration fee is fairly stable, since most risks and rewards of the underlying assets are passed back to the clients. Once the asset pricing is negotiated, most ongoing income, costs and fees are relatively stable as a percentage of the conduit’s size. | |||||||||||||||||||||||||
The conduits administered by the Company do not generally invest in liquid securities that are formally rated by third parties. The assets are privately negotiated and structured transactions that are generally designed to be held by the conduit, rather than actively traded and sold. The yield earned by the conduit on each asset is generally tied to the rate on the commercial paper issued by the conduit, thus passing interest rate risk to the client. Each asset purchased by the conduit is structured with transaction-specific credit enhancement features provided by the third-party client seller, including over collateralization, cash and excess spread collateral accounts, direct recourse or third-party guarantees. These credit enhancements are sized with the objective of approximating a credit rating of A or above, based on the Company’s internal risk ratings. At March 31, 2015 and December 31, 2014, the conduits had approximately $28.8 billion and $29.2 billion of purchased assets outstanding, respectively, and had incremental funding commitments with clients of approximately $13.0 billion and $13.5 billion, respectively. | |||||||||||||||||||||||||
Substantially all of the funding of the conduits is in the form of short-term commercial paper. At the respective periods ended March 31, 2015 and December 31, 2014, the weighted average remaining lives of the commercial paper issued by the conduits were approximately 80 and 57 days, respectively. | |||||||||||||||||||||||||
The primary credit enhancement provided to the conduit investors is in the form of transaction-specific credit enhancements described above. One conduit holds only loans that are fully guaranteed primarily by AAA-rated government agencies that support export and development financing programs. In addition to the transaction-specific credit enhancements, the conduits, other than the government guaranteed loan conduit, have obtained a letter of credit from the Company, which is equal to at least 8% to 10% of the conduit’s assets with a minimum of $200 million. The letters of credit provided by the Company to the conduits total approximately $2.2 billion and $2.3 billion as of March 31, 2015 and December 31, 2014, respectively. The net result across multi-seller conduits administered by the Company, other than the government guaranteed loan conduit, is that, in the event defaulted assets exceed the transaction-specific credit enhancements described above, any losses in each conduit are allocated first to the Company and then the commercial paper investors. | |||||||||||||||||||||||||
The Company also provides the conduits with two forms of liquidity agreements that are used to provide funding to the conduits in the event of a market disruption, among other events. Each asset of the conduits is supported by a transaction-specific liquidity facility in the form of an asset purchase agreement (APA). Under the APA, the Company has generally agreed to purchase non-defaulted eligible receivables from the conduit at par. The APA is not designed to provide credit support to the conduit, as it generally does not permit the purchase of defaulted or impaired assets. Any funding under the APA will likely subject the underlying conduit clients to increased interest costs. In addition, the Company provides the conduits with program-wide liquidity in the form of short-term lending commitments. Under these commitments, the Company has agreed to lend to the conduits in the event of a short-term disruption in the commercial paper market, subject to specified conditions. The Company receives fees for providing both types of liquidity agreements and considers these fees to be on fair market terms. | |||||||||||||||||||||||||
Finally, the Company is one of several named dealers in the commercial paper issued by the conduits and earns a market-based fee for providing such services. Along with third-party dealers, the Company makes a market in the commercial paper and may from time to time fund commercial paper pending sale to a third party. On specific dates with less liquidity in the market, the Company may hold in inventory commercial paper issued by conduits administered by the Company, as well as conduits administered by third parties. Separately, in the normal course of business, the Company invests in commercial paper, including commercial paper issued by the Company's conduits. At March 31, 2015 and December 31, 2014, the Company owned $13.5 billion and $10.6 billion, respectively, of the commercial paper issued by its administered conduits. The Company's investments were not driven by market illiquidity and the Company is not obligated under any agreement to purchase the commercial paper issued by the conduits. | |||||||||||||||||||||||||
The asset-backed commercial paper conduits are consolidated by the Company. The Company has determined that, through its roles as administrator and liquidity provider, it has the power to direct the activities that most significantly impact the entities’ economic performance. These powers include its ability to structure and approve the assets purchased by the conduits, its ongoing surveillance and credit mitigation activities, its ability to sell or repurchase assets out of the conduits, and its liability management. In addition, as a result of all the Company’s involvement described above, it was concluded that the Company has an economic interest that could potentially be significant. However, the assets and liabilities of the conduits are separate and apart from those of Citigroup. No assets of any conduit are available to satisfy the creditors of Citigroup or any of its other subsidiaries. | |||||||||||||||||||||||||
Collateralized Debt and Loan Obligations | |||||||||||||||||||||||||
A securitized collateralized debt obligation (CDO) is a VIE that purchases a pool of assets consisting of asset-backed securities and synthetic exposures through derivatives on asset-backed securities and issues multiple tranches of equity and notes to investors. | |||||||||||||||||||||||||
A cash CDO, or arbitrage CDO, is a CDO designed to take advantage of the difference between the yield on a portfolio of selected assets, typically residential mortgage-backed securities, and the cost of funding the CDO through the sale of notes to investors. “Cash flow” CDOs are entities in which the CDO passes on cash flows from a pool of assets, while “market value” CDOs pay to investors the market value of the pool of assets owned by the CDO at maturity. In these transactions, all of the equity and notes issued by the CDO are funded, as the cash is needed to purchase the debt securities. | |||||||||||||||||||||||||
A synthetic CDO is similar to a cash CDO, except that the CDO obtains exposure to all or a portion of the referenced assets synthetically through derivative instruments, such as credit default swaps. Because the CDO does not need to raise cash sufficient to purchase the entire referenced portfolio, a substantial portion of the senior tranches of risk is typically passed on to CDO investors in the form of unfunded liabilities or derivative instruments. The CDO writes credit protection on select referenced debt securities to the Company or third parties. Risk is then passed on to the CDO investors in the form of funded notes or purchased credit protection through derivative instruments. Any cash raised from investors is invested in a portfolio of collateral securities or investment contracts. The collateral is then used to support the obligations of the CDO on the credit default swaps written to counterparties. | |||||||||||||||||||||||||
A securitized collateralized loan obligation (CLO) is substantially similar to the CDO transactions described above, except that the assets owned by the VIE (either cash instruments or synthetic exposures through derivative instruments) are corporate loans and to a lesser extent corporate bonds, rather than asset-backed debt securities. | |||||||||||||||||||||||||
A third-party asset manager is typically retained by the CDO/CLO to select the pool of assets and manage those assets over the term of the VIE. | |||||||||||||||||||||||||
The Company earns fees for warehousing assets prior to the creation of a “cash flow” or “market value” CDO/CLO, structuring CDOs/CLOs and placing debt securities with investors. In addition, the Company has retained interests in many of the CDOs/CLOs it has structured and makes a market in the issued notes. | |||||||||||||||||||||||||
The Company’s continuing involvement in synthetic CDOs/CLOs generally includes purchasing credit protection through credit default swaps with the CDO/CLO, owning a portion of the capital structure of the CDO/CLO in the form of both unfunded derivative positions (primarily “super-senior” exposures discussed below) and funded notes, entering into interest-rate swap and total-return swap transactions with the CDO/CLO, lending to the CDO/CLO, and making a market in the funded notes. | |||||||||||||||||||||||||
Where a CDO/CLO entity issues preferred shares (or subordinated notes that are the equivalent form), the preferred shares generally represent an insufficient amount of equity (less than 10%) and create the presumption that preferred shares are insufficient to finance the entity’s activities without subordinated financial support. In addition, although the preferred shareholders generally have full exposure to expected losses on the collateral and uncapped potential to receive expected residual returns, they generally do not have the ability to make decisions significantly affecting the entity’s financial results because of their limited role in making day-to-day decisions and their limited ability to remove the asset manager. Because one or both of the above conditions will generally be met, the Company has concluded, even where a CDO/CLO entity issued preferred shares, the entity should be classified as a VIE. | |||||||||||||||||||||||||
In general, the asset manager, through its ability to purchase and sell assets or—where the reinvestment period of a CDO/CLO has expired—the ability to sell assets, will have the power to direct the activities of the entity that most significantly impact the economic performance of the CDO/CLO. However, where a CDO/CLO has experienced an event of default or an optional redemption period has gone into effect, the activities of the asset manager may be curtailed and/or certain additional rights will generally be provided to the investors in a CDO/CLO entity, including the right to direct the liquidation of the CDO/CLO entity. | |||||||||||||||||||||||||
The Company has retained significant portions of the “super-senior” positions issued by certain CDOs. These positions are referred to as “super-senior” because they represent the most senior positions in the CDO and, at the time of structuring, were senior to tranches rated AAA by independent rating agencies. | |||||||||||||||||||||||||
The Company does not generally have the power to direct the activities of the entity that most significantly impact the economic performance of the CDOs/CLOs, as this power is generally held by a third-party asset manager of the CDO/CLO. As such, those CDOs/CLOs are not consolidated. The Company may consolidate the CDO/CLO when: (i) the Company is the asset manager and no other single investor has the unilateral ability to remove the Company or unilaterally cause the liquidation of the CDO/CLO, or the Company is not the asset manager but has a unilateral right to remove the third-party asset manager or unilaterally liquidate the CDO/CLO and receive the underlying assets, and (ii) the Company has economic exposure to the entity that could be potentially significant to the entity. | |||||||||||||||||||||||||
The Company continues to monitor its involvement in unconsolidated CDOs/CLOs to assess future consolidation risk. For example, if the Company were to acquire additional interests in these entities and obtain the right, due to an event of default trigger being met, to unilaterally liquidate or direct the activities of a CDO/CLO, the Company may be required to consolidate the asset entity. For cash CDOs/CLOs, the net result of such consolidation would be to gross up the Company’s balance sheet by the current fair value of the securities held by third parties and assets held by the CDO/CLO, which amounts are not considered material. For synthetic CDOs/CLOs, the net result of such consolidation may reduce the Company’s balance sheet, because intercompany derivative receivables and payables would be eliminated in consolidation, and other assets held by the CDO/CLO and the securities held by third parties would be recognized at their current fair values. | |||||||||||||||||||||||||
Key Assumptions and Retained Interests—Citicorp | |||||||||||||||||||||||||
At March 31, 2015 and December 31, 2014, the key assumptions used to value retained interests in CLOs, and the sensitivity of the fair value to adverse changes of 10% and 20% are set forth in the tables below: | |||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||
Discount rate | 1.4% to 1.6% | 1.4% to 1.6% | |||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
In millions of dollars | CLO | ||||||||||||||||||||||||
Carrying value of retained interests | $ | 1,537 | |||||||||||||||||||||||
Value of underlying portfolio | |||||||||||||||||||||||||
Adverse change of 10% | $ | (8 | ) | ||||||||||||||||||||||
Adverse change of 20% | (17 | ) | |||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
In millions of dollars | CLO | ||||||||||||||||||||||||
Carrying value of retained interests | $ | 1,539 | |||||||||||||||||||||||
Value of underlying portfolio | |||||||||||||||||||||||||
Adverse change of 10% | $ | (9 | ) | ||||||||||||||||||||||
Adverse change of 20% | (18 | ) | |||||||||||||||||||||||
Key Assumptions and Retained Interests—Citi Holdings | |||||||||||||||||||||||||
At March 31, 2015 and December 31, 2014, the key assumptions used to value retained interests, and the sensitivity of the fair value to adverse changes of 10% and 20% are set forth in the tables below: | |||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
CDOs | CLOs | ||||||||||||||||||||||||
Discount rate | 44.8% to 49.3% | — | |||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
CDOs | CLOs | ||||||||||||||||||||||||
Discount rate | 44.7% to 49.2% | 4.5% to 5.0% | |||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
In millions of dollars | CDOs | CLOs | |||||||||||||||||||||||
Carrying value of retained interests | $ | 6 | $ | — | |||||||||||||||||||||
Discount rates | |||||||||||||||||||||||||
Adverse change of 10% | $ | (1 | ) | $ | — | ||||||||||||||||||||
Adverse change of 20% | (1 | ) | — | ||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
In millions of dollars | CDOs | CLOs | |||||||||||||||||||||||
Carrying value of retained interests | $ | 6 | $ | 10 | |||||||||||||||||||||
Discount rates | |||||||||||||||||||||||||
Adverse change of 10% | $ | (1 | ) | $ | — | ||||||||||||||||||||
Adverse change of 20% | (2 | ) | — | ||||||||||||||||||||||
Asset-Based Financing | |||||||||||||||||||||||||
The Company provides loans and other forms of financing to VIEs that hold assets. Those loans are subject to the same credit approvals as all other loans originated or purchased by the Company. Financings in the form of debt securities or derivatives are, in most circumstances, reported in Trading account assets and accounted for at fair value through earnings. The Company generally does not have the power to direct the activities that most significantly impact these VIEs’ economic performance, and thus it does not consolidate them. | |||||||||||||||||||||||||
Asset-Based Financing—Citicorp | |||||||||||||||||||||||||
The primary types of Citicorp’s asset-based financings, total assets of the unconsolidated VIEs with significant involvement, and the Company’s maximum exposure to loss at March 31, 2015 and December 31, 2014 are shown below. For the Company to realize the maximum loss, the VIE (borrower) would have to default with no recovery from the assets held by the VIE. | |||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
In millions of dollars | Total | Maximum | |||||||||||||||||||||||
unconsolidated | exposure to | ||||||||||||||||||||||||
VIE assets | unconsolidated VIEs | ||||||||||||||||||||||||
Type | |||||||||||||||||||||||||
Commercial and other real estate | $ | 25,424 | $ | 9,687 | |||||||||||||||||||||
Corporate loans | 587 | 724 | |||||||||||||||||||||||
Hedge funds and equities | 365 | 57 | |||||||||||||||||||||||
Airplanes, ships and other assets | 32,913 | 15,101 | |||||||||||||||||||||||
Total | $ | 59,289 | $ | 25,569 | |||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
In millions of dollars | Total | Maximum | |||||||||||||||||||||||
unconsolidated | exposure to | ||||||||||||||||||||||||
VIE assets | unconsolidated VIEs | ||||||||||||||||||||||||
Type | |||||||||||||||||||||||||
Commercial and other real estate | $ | 25,978 | $ | 9,426 | |||||||||||||||||||||
Corporate loans | 460 | 473 | |||||||||||||||||||||||
Hedge funds and equities | — | — | |||||||||||||||||||||||
Airplanes, ships and other assets | 34,990 | 15,573 | |||||||||||||||||||||||
Total | $ | 61,428 | $ | 25,472 | |||||||||||||||||||||
The following table summarizes selected cash flow information related to asset-based financings for the quarters ended March 31, 2015 and 2014: | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
In billions of dollars | 2015 | 2014 | |||||||||||||||||||||||
Proceeds from new securitizations | $ | — | $ | 0.5 | |||||||||||||||||||||
Cash flows received on retained interest and other net cash flows | — | — | |||||||||||||||||||||||
Asset-Based Financing—Citi Holdings | |||||||||||||||||||||||||
The primary types of Citi Holdings’ asset-based financing, total assets of the unconsolidated VIEs with significant involvement and the Company’s maximum exposure to loss at March 31, 2015 and December 31, 2014 are shown below. For the Company to realize the maximum loss, the VIE (borrower) would have to default with no recovery from the assets held by the VIE. | |||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
In millions of dollars | Total | Maximum | |||||||||||||||||||||||
unconsolidated | exposure to | ||||||||||||||||||||||||
VIE assets | unconsolidated VIEs | ||||||||||||||||||||||||
Type | |||||||||||||||||||||||||
Commercial and other real estate | $ | 97 | $ | 50 | |||||||||||||||||||||
Airplanes, ships and other assets | 1,068 | 73 | |||||||||||||||||||||||
Total | $ | 1,165 | $ | 123 | |||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
In millions of dollars | Total | Maximum | |||||||||||||||||||||||
unconsolidated | exposure to | ||||||||||||||||||||||||
VIE assets | unconsolidated VIEs | ||||||||||||||||||||||||
Type | |||||||||||||||||||||||||
Commercial and other real estate | $ | 168 | $ | 50 | |||||||||||||||||||||
Airplanes, ships and other assets | 1,153 | 76 | |||||||||||||||||||||||
Total | $ | 1,321 | $ | 126 | |||||||||||||||||||||
The following table summarizes selected cash flow information related to asset-based financings for the quarters ended March 31, 2015 and 2014: | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
In billions of dollars | 2015 | 2014 | |||||||||||||||||||||||
Cash flows received on retained interest and other net cash flows | $ | — | $ | 0.1 | |||||||||||||||||||||
Municipal Securities Tender Option Bond (TOB) Trusts | |||||||||||||||||||||||||
TOB trusts hold fixed- and floating-rate, taxable and tax-exempt securities issued by state and local governments and municipalities. The trusts are typically single-issuer trusts whose assets are purchased from the Company or from other investors in the municipal securities market. The TOB trusts fund the purchase of their assets by issuing long-term, putable floating rate certificates (Floaters) and residual certificates (Residuals). The trusts are referred to as TOB trusts because the Floater holders have the ability to tender their interests periodically back to the issuing trust, as described further below. The Floaters and Residuals evidence beneficial ownership interests in, and are collateralized by, the underlying assets of the trust. The Floaters are held by third-party investors, typically tax-exempt money market funds. The Residuals are typically held by the original owner of the municipal securities being financed. | |||||||||||||||||||||||||
The Floaters and the Residuals have a tenor that is equal to or shorter than the tenor of the underlying municipal bonds. The Residuals entitle their holders to the residual cash flows from the issuing trust, the interest income generated by the underlying municipal securities net of interest paid on the Floaters and trust expenses. The Residuals are rated based on the long-term rating of the underlying municipal bond. The Floaters bear variable interest rates that are reset periodically to a new market rate based on a spread to a high grade, short-term, tax-exempt index. The Floaters have a long-term rating based on the long-term rating of the underlying municipal bond and a short-term rating based on that of the liquidity provider to the trust. | |||||||||||||||||||||||||
There are two kinds of TOB trusts: customer TOB trusts and non-customer TOB trusts. Customer TOB trusts are trusts through which customers finance their investments in municipal securities. The Residuals are held by customers and the Floaters by third-party investors, typically tax-exempt money market funds. Non-customer TOB trusts are trusts through which the Company finances its own investments in municipal securities. In such trusts, the Company holds the Residuals, and third-party investors, typically tax-exempt money market funds, hold the Floaters. | |||||||||||||||||||||||||
The Company serves as remarketing agent to the trusts, placing the Floaters with third-party investors at inception, facilitating the periodic reset of the variable rate of interest on the Floaters, and remarketing any tendered Floaters. If Floaters are tendered and the Company (in its role as remarketing agent) is unable to find a new investor within a specified period of time, it can declare a failed remarketing, in which case the trust is unwound. The Company may, but is not obligated to, buy the Floaters into its own inventory. The level of the Company’s inventory of Floaters fluctuates over time. At March 31, 2015 and December 31, 2014, the Company held $24 million and $3 million, respectively, of Floaters related to both customer and non-customer TOB trusts. | |||||||||||||||||||||||||
For certain non-customer trusts, the Company also provides credit enhancement. At March 31, 2015 and December 31, 2014, approximately $197 million and $198 million, respectively, of the municipal bonds owned by TOB trusts have a credit guarantee provided by the Company. | |||||||||||||||||||||||||
The Company provides liquidity to many of the outstanding trusts. If a trust is unwound early due to an event other than a credit event on the underlying municipal bond, the underlying municipal bonds are sold in the market. If there is a shortfall in the trust’s cash flows between the redemption price of the tendered Floaters and the proceeds from the sale of the underlying municipal bonds, the trust draws on a liquidity agreement in an amount equal to the shortfall. For customer TOBs where the Residual is less than 25% of the trust’s capital structure, the Company has a reimbursement agreement with the Residual holder under which the Residual holder reimburses the Company for any payment made under the liquidity arrangement. Through this reimbursement agreement, the Residual holder remains economically exposed to fluctuations in value of the underlying municipal bonds. These reimbursement agreements are generally subject to daily margining based on changes in value of the underlying municipal bond. In cases where a third party provides liquidity to a non-customer TOB trust, a similar reimbursement arrangement is made whereby the Company (or a consolidated subsidiary of the Company) as Residual holder absorbs any losses incurred by the liquidity provider. | |||||||||||||||||||||||||
At March 31, 2015 and December 31, 2014, liquidity agreements provided with respect to customer TOB trusts totaled $3.6 billion and $3.7 billion, respectively, of which $2.6 billion and $2.6 billion, respectively, were offset by reimbursement agreements. For the remaining exposure related to TOB transactions, where the Residual owned by the customer was at least 25% of the bond value at the inception of the transaction, no reimbursement agreement was executed. The Company also provides other liquidity agreements or letters of credit to customer-sponsored municipal investment funds, which are not variable interest entities, and municipality-related issuers that totaled $6.5 billion and $7.4 billion as of March 31, 2015 and December 31, 2014, respectively. These liquidity agreements and letters of credit are offset by reimbursement agreements with various term-out provisions. | |||||||||||||||||||||||||
The Company considers the customer and non-customer TOB trusts to be VIEs. Customer TOB trusts are not consolidated by the Company. The Company has concluded that the power to direct the activities that most significantly impact the economic performance of the customer TOB trusts is primarily held by the customer Residual holder, which may unilaterally cause the sale of the trust’s bonds. | |||||||||||||||||||||||||
Non-customer TOB trusts generally are consolidated. Similar to customer TOB trusts, the Company has concluded that the power over the non-customer TOB trusts is primarily held by the Residual holder, which may unilaterally cause the sale of the trust’s bonds. Because the Company holds the Residual interest, and thus has the power to direct the activities that most significantly impact the trust’s economic performance, it consolidates the non-customer TOB trusts. | |||||||||||||||||||||||||
Municipal Investments | |||||||||||||||||||||||||
Municipal investment transactions include debt and equity interests in partnerships that finance the construction and rehabilitation of low-income housing, facilitate lending in new or underserved markets, or finance the construction or operation of renewable municipal energy facilities. The Company generally invests in these partnerships as a limited partner and earns a return primarily through the receipt of tax credits and grants earned from the investments made by the partnership. The Company may also provide construction loans or permanent loans for the development or operation of real estate properties held by partnerships. These entities are generally considered VIEs. The power to direct the activities of these entities is typically held by the general partner. Accordingly, these entities are not consolidated by the Company. | |||||||||||||||||||||||||
Client Intermediation | |||||||||||||||||||||||||
Client intermediation transactions represent a range of transactions designed to provide investors with specified returns based on the returns of an underlying security, referenced asset or index. These transactions include credit-linked notes and equity-linked notes. In these transactions, the VIE typically obtains exposure to the underlying security, referenced asset or index through a derivative instrument, such as a total-return swap or a credit-default swap. In turn the VIE issues notes to investors that pay a return based on the specified underlying security, referenced asset or index. The VIE invests the proceeds in a financial asset or a guaranteed insurance contract that serves as collateral for the derivative contract over the term of the transaction. The Company’s involvement in these transactions includes being the counterparty to the VIE’s derivative instruments and investing in a portion of the notes issued by the VIE. In certain transactions, the investor’s maximum risk of loss is limited, and the Company absorbs risk of loss above a specified level. The Company does not have the power to direct the activities of the VIEs that most significantly impact their economic performance, and thus it does not consolidate them. | |||||||||||||||||||||||||
The Company’s maximum risk of loss in these transactions is defined as the amount invested in notes issued by the VIE and the notional amount of any risk of loss absorbed by the Company through a separate instrument issued by the VIE. The derivative instrument held by the Company may generate a receivable from the VIE (for example, where the Company purchases credit protection from the VIE in connection with the VIE’s issuance of a credit-linked note), which is collateralized by the assets owned by the VIE. These derivative instruments are not considered variable interests, and any associated receivables are not included in the calculation of maximum exposure to the VIE. | |||||||||||||||||||||||||
The proceeds from new securitizations related to the Company’s client intermediation transactions for the quarters ended March 31, 2015 and 2014 totaled approximately $0.2 billion and $0.9 billion, respectively. | |||||||||||||||||||||||||
Investment Funds | |||||||||||||||||||||||||
The Company is the investment manager for certain investment funds and retirement funds that invest in various asset classes including private equity, hedge funds, real estate, fixed income and infrastructure. The Company earns a management fee, which is a percentage of capital under management, and may earn performance fees. In addition, for some of these funds the Company has an ownership interest in the investment funds. The Company has also established a number of investment funds as opportunities for qualified employees to invest in private equity investments. The Company acts as investment manager to these funds and may provide employees with financing on both recourse and non-recourse bases for a portion of the employees’ investment commitments. | |||||||||||||||||||||||||
The Company has determined that a majority of the investment entities managed by Citigroup are provided a deferral from the requirements of ASC 810, because they meet the criteria in Accounting Standards Update No. 2010-10, Consolidation (Topic 810), Amendments for Certain Investment Funds (ASU 2010-10). These entities continue to be evaluated under the requirements of ASC 810-10, prior to the implementation of SFAS 167 (FIN 46(R), Consolidation of Variable Interest Entities), which required that a VIE be consolidated by the party with a variable interest that will absorb a majority of the entity’s expected losses or residual returns, or both. See Note 1 to the Consolidated Financial Statements for a discussion of ASU 2015-02 which includes impending changes to targeted areas of consolidation guidance. When ASU 2015-02 becomes effective on January 1, 2016, it will eliminate the above noted deferral for certain investment entities pursuant to ASU 2010-10. | |||||||||||||||||||||||||
Trust Preferred Securities | |||||||||||||||||||||||||
The Company has previously raised financing through the issuance of trust preferred securities. In these transactions, the Company forms a statutory business trust and owns all of the voting equity shares of the trust. The trust issues preferred equity securities to third-party investors and invests the gross proceeds in junior subordinated deferrable interest debentures issued by the Company. The trusts have no assets, operations, revenues or cash flows other than those related to the issuance, administration and repayment of the preferred equity securities held by third-party investors. Obligations of the trusts are fully and unconditionally guaranteed by the Company. | |||||||||||||||||||||||||
Because the sole asset of each of the trusts is a receivable from the Company and the proceeds to the Company from the receivable exceed the Company’s investment in the VIE’s equity shares, the Company is not permitted to consolidate the trusts, even though it owns all of the voting equity shares of the trust, has fully guaranteed the trusts’ obligations, and has the right to redeem the preferred securities in certain circumstances. The Company recognizes the subordinated debentures on its Consolidated Balance Sheet as long-term liabilities. (For additional information, see Note 17 to the Consolidated Financial Statements.) |
DERIVATIVES_ACTIVITIES
DERIVATIVES ACTIVITIES | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||
DERIVATIVES ACTIVITIES | DERIVATIVES ACTIVITIES | ||||||||||||||||||
In the ordinary course of business, Citigroup enters into various types of derivative transactions. These derivative | |||||||||||||||||||
transactions include: | |||||||||||||||||||
• | Futures and forward contracts, which are commitments to buy or sell at a future date a financial instrument, commodity or currency at a contracted price and may be settled in cash or through delivery. | ||||||||||||||||||
• | Swap contracts, which are commitments to settle in cash at a future date or dates that may range from a few days to a number of years, based on differentials between specified indices or financial instruments, as applied to a notional principal amount. | ||||||||||||||||||
• | Option contracts, which give the purchaser, for a premium, the right, but not the obligation, to buy or sell within a specified time a financial instrument, commodity or currency at a contracted price that may also be settled in cash, based on differentials between specified indices or prices. | ||||||||||||||||||
Swaps and forwards and some option contracts are over-the-counter (OTC) derivatives that are bilaterally negotiated with counterparties and settled with those counterparties, except for swap contracts that are novated and "cleared" through central counterparties (CCPs). Futures contracts and other option contracts are standardized contracts that are traded on an exchange with a CCP as the counterparty from the inception of the transaction. Citigroup enters into these derivative contracts relating to interest rate, foreign currency, commodity and other market/credit risks for the following reasons: | |||||||||||||||||||
• | Trading Purposes: Citigroup trades derivatives as an active market maker. Citigroup offers its customers derivatives in connection with their risk management actions to transfer, modify or reduce their interest rate, foreign exchange and other market/credit risks or for their own trading purposes. Citigroup also manages its derivative risk positions through offsetting trade activities, controls focused on price verification, and daily reporting of positions to senior managers. | ||||||||||||||||||
• | Hedging: Citigroup uses derivatives in connection with its risk-management activities to hedge certain risks or reposition the risk profile of the Company. For example, Citigroup issues fixed-rate long-term debt and then enters into a receive-fixed, pay-variable-rate interest rate swap with the same tenor and notional amount to convert the interest payments to a net variable-rate basis. This strategy is the most common form of an interest rate hedge, as it minimizes net interest cost in certain yield curve environments. Derivatives are also used to manage risks inherent in specific groups of on-balance-sheet assets and liabilities, including AFS securities and borrowings, as well as other interest-sensitive assets and liabilities. In addition, foreign-exchange contracts are used to hedge non-U.S.-dollar-denominated debt, foreign-currency-denominated AFS securities and net investment exposures. | ||||||||||||||||||
Derivatives may expose Citigroup to market, credit or liquidity risks in excess of the amounts recorded on the Consolidated Balance Sheet. Market risk on a derivative product is the exposure created by potential fluctuations in interest rates, foreign-exchange rates and other factors and is a function of the type of product, the volume of transactions, the tenor and terms of the agreement and the underlying volatility. Credit risk is the exposure to loss in the event of nonperformance by the other party to the transaction where the value of any collateral held is not adequate to cover such losses. The recognition in earnings of unrealized gains on these transactions is subject to management’s assessment of the probability of counterparty default. Liquidity risk is the potential exposure that arises when the size of a derivative position may not be able to be monetized in a reasonable period of time and at a reasonable cost in periods of high volatility and financial stress. | |||||||||||||||||||
Derivative transactions are customarily documented under industry standard master agreements that provide that, following an uncured payment default or other event of default, the non-defaulting party may promptly terminate all transactions between the parties and determine the net amount due to be paid to, or by, the defaulting party. Events of default include: (i) failure to make a payment on a derivatives transaction that remains uncured following applicable notice and grace periods, (ii) breach of agreement that remains uncured after applicable notice and grace periods, (iii) breach of a representation, (iv) cross default, either to third-party debt or to other derivative transactions entered into between the parties, or, in some cases, their affiliates, (v) the occurrence of a merger or consolidation which results in a party’s becoming a materially weaker credit, and (vi) the cessation or repudiation of any applicable guarantee or other credit support document. Obligations under master netting agreements are often secured by collateral posted under an industry standard credit support annex to the master netting agreement. An event of default may also occur under a credit support annex if a party fails to make a collateral delivery that remains uncured following applicable notice and grace periods. | |||||||||||||||||||
The netting and collateral rights incorporated in the master netting agreements are considered to be legally enforceable if a supportive legal opinion has been obtained from counsel of recognized standing that provides the requisite level of certainty regarding enforceability and that the exercise of rights by the non-defaulting party to terminate and close-out transactions on a net basis under these agreements will not be stayed or avoided under applicable law upon an event of default including bankruptcy, insolvency or similar proceeding. | |||||||||||||||||||
A legal opinion may not be sought for certain jurisdictions where local law is silent or unclear as to the enforceability of such rights or where adverse case law or conflicting regulation may cast doubt on the enforceability of such rights. In some jurisdictions and for some counterparty types, the insolvency law may not provide the requisite level of certainty. For example, this may be the case for certain sovereigns, municipalities, central banks and U.S. pension plans. | |||||||||||||||||||
Exposure to credit risk on derivatives is affected by market volatility, which may impair the ability of counterparties to satisfy their obligations to the Company. Credit limits are established and closely monitored for customers engaged in derivatives transactions. Citi considers the level of legal certainty regarding enforceability of its offsetting rights under master netting agreements and credit support annexes to be an important factor in its risk management process. Specifically, Citi generally transacts much lower volumes of derivatives under master netting agreements where Citi does not have the requisite level of legal certainty regarding enforceability, because such derivatives consume greater amounts of single counterparty credit limits than those executed under enforceable master netting agreements. | |||||||||||||||||||
Cash collateral and security collateral in the form of G10 government debt securities is often posted by a party to a master netting agreement to secure the net open exposure of the other party; the receiving party is free to commingle/rehypothecate such collateral in the ordinary course of its business. Nonstandard collateral such as corporate bonds, municipal bonds, U.S. agency securities and/or MBS may also be pledged as collateral for derivative transactions. Security collateral posted to open and maintain a master netting agreement with a counterparty, in the form of cash and/or securities, may from time to time be segregated in an account at a third-party custodian pursuant to a tri-party account control agreement. | |||||||||||||||||||
Information pertaining to Citigroup’s derivative activity, based on notional amounts, as of March 31, 2015 and December 31, 2014, is presented in the table below. Derivative notional amounts are reference amounts from which contractual payments are derived and do not represent a complete and accurate measure of Citi’s exposure to derivative transactions. Rather, as discussed above, Citi’s derivative exposure arises primarily from market fluctuations (i.e., market risk), counterparty failure (i.e., credit risk) and/or periods of high volatility or financial stress (i.e., liquidity risk), as well as any market valuation adjustments that may be required on the transactions. Moreover, notional amounts do not reflect the netting of offsetting trades (also as discussed above). For example, if Citi enters into an interest rate swap with $100 million notional, and offsets this risk with an identical but opposite position with a different counterparty, $200 million in derivative notionals is reported, although these offsetting positions may result in de minimus overall market risk. Aggregate derivative notional amounts can fluctuate from period to period in the normal course of business based on Citi’s market share, levels of client activity and other factors. | |||||||||||||||||||
Derivative Notionals | |||||||||||||||||||
Hedging instruments under | Other derivative instruments | ||||||||||||||||||
ASC 815(1)(2) | |||||||||||||||||||
Trading derivatives | Management hedges(3) | ||||||||||||||||||
In millions of dollars | March 31, | December 31, | March 31, | December 31, | March 31, | December 31, | |||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||
Interest rate contracts | |||||||||||||||||||
Swaps | $ | 182,718 | $ | 163,348 | $ | 27,746,788 | $ | 31,906,549 | $ | 27,731 | $ | 31,945 | |||||||
Futures and forwards | — | — | 8,526,874 | 7,044,990 | 42,582 | 42,305 | |||||||||||||
Written options | — | — | 3,119,012 | 3,311,751 | 3,695 | 3,913 | |||||||||||||
Purchased options | — | — | 2,978,642 | 3,171,056 | 3,725 | 4,910 | |||||||||||||
Total interest rate contract notionals | $ | 182,718 | $ | 163,348 | $ | 42,371,316 | $ | 45,434,346 | $ | 77,733 | $ | 83,073 | |||||||
Foreign exchange contracts | |||||||||||||||||||
Swaps | $ | 25,322 | $ | 25,157 | $ | 4,289,988 | $ | 4,567,977 | $ | 24,257 | $ | 23,990 | |||||||
Futures and forwards | 65,907 | 73,219 | 2,079,320 | 2,154,773 | 5,472 | 7,069 | |||||||||||||
Written options | — | — | 1,457,861 | 1,343,520 | 433 | 432 | |||||||||||||
Purchased options | — | — | 1,465,360 | 1,363,382 | 433 | 432 | |||||||||||||
Total foreign exchange contract notionals | $ | 91,229 | $ | 98,376 | $ | 9,292,529 | $ | 9,429,652 | $ | 30,595 | $ | 31,923 | |||||||
Equity contracts | |||||||||||||||||||
Swaps | $ | — | $ | — | $ | 137,748 | $ | 131,344 | $ | — | $ | — | |||||||
Futures and forwards | — | — | 31,473 | 30,510 | — | — | |||||||||||||
Written options | — | — | 336,827 | 305,627 | — | — | |||||||||||||
Purchased options | — | — | 303,265 | 275,216 | — | — | |||||||||||||
Total equity contract notionals | $ | — | $ | — | $ | 809,313 | $ | 742,697 | $ | — | $ | — | |||||||
Commodity and other contracts | |||||||||||||||||||
Swaps | $ | — | $ | — | $ | 80,839 | $ | 90,817 | $ | — | $ | — | |||||||
Futures and forwards | 839 | 1,089 | 108,241 | 106,021 | — | — | |||||||||||||
Written options | — | — | 103,276 | 104,581 | — | — | |||||||||||||
Purchased options | — | — | 93,484 | 95,567 | — | — | |||||||||||||
Total commodity and other contract notionals | $ | 839 | $ | 1,089 | $ | 385,840 | $ | 396,986 | $ | — | $ | — | |||||||
Credit derivatives(4) | |||||||||||||||||||
Protection sold | $ | — | $ | — | $ | 1,018,742 | $ | 1,063,858 | $ | — | $ | — | |||||||
Protection purchased | — | — | 1,047,643 | 1,100,369 | 15,417 | 16,018 | |||||||||||||
Total credit derivatives | $ | — | $ | — | $ | 2,066,385 | $ | 2,164,227 | $ | 15,417 | $ | 16,018 | |||||||
Total derivative notionals | $ | 274,786 | $ | 262,813 | $ | 54,925,383 | $ | 58,167,908 | $ | 123,745 | $ | 131,014 | |||||||
-1 | The notional amounts presented in this table do not include hedge accounting relationships under ASC 815 where Citigroup is hedging the foreign currency risk of a net investment in a foreign operation by issuing a foreign-currency-denominated debt instrument. The notional amount of such debt was $3,664 million and $3,752 million at March 31, 2015 and December 31, 2014, respectively. | ||||||||||||||||||
-2 | Derivatives in hedge accounting relationships accounted for under ASC 815 are recorded in either Other assets/Other liabilities or Trading account assets/Trading account liabilities on the Consolidated Balance Sheet. | ||||||||||||||||||
-3 | Management hedges represent derivative instruments used to mitigate certain economic risks, but for which hedge accounting is not applied. These derivatives are recorded in either Other assets/Other liabilities or Trading account assets/Trading account liabilities on the Consolidated Balance Sheet. | ||||||||||||||||||
-4 | 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. | ||||||||||||||||||
The following tables present the gross and net fair values of the Company’s derivative transactions, and the related offsetting amounts permitted under ASC 210-20-45 and ASC 815-10-45, as of March 31, 2015 and December 31, 2014. Under ASC 210-20-45, gross positive fair values are offset against gross negative fair values by counterparty pursuant to enforceable master netting agreements. Under ASC 815-10-45, payables and receivables in respect of cash collateral received from or paid to a given counterparty pursuant to a credit support annex are included in the offsetting amount if a legal opinion supporting enforceability of netting and collateral rights has been obtained. GAAP does not permit similar offsetting for security collateral. The tables also include amounts that are not permitted to be offset under ASC 210-20-45 and ASC 815-10-45, such as security collateral posted or cash collateral posted at third-party custodians, but would be eligible for offsetting to the extent an event of default occurred and a legal opinion supporting enforceability of the netting and collateral rights has been obtained. | |||||||||||||||||||
Derivative Mark-to-Market (MTM) Receivables/Payables | |||||||||||||||||||
In millions of dollars at March 31, 2015 | Derivatives classified | Derivatives classified | |||||||||||||||||
in Trading account | in Other | ||||||||||||||||||
assets / liabilities(1)(2)(3) | assets / liabilities(2)(3) | ||||||||||||||||||
Derivatives instruments designated as ASC 815 hedges | Assets | Liabilities | Assets | Liabilities | |||||||||||||||
Over-the-counter | $ | 2,000 | $ | 1,282 | $ | 2,917 | $ | 377 | |||||||||||
Cleared | 4,858 | 70 | — | 19 | |||||||||||||||
Interest rate contracts | $ | 6,858 | $ | 1,352 | $ | 2,917 | $ | 396 | |||||||||||
Over-the-counter | $ | 4,137 | $ | 944 | $ | 828 | $ | 736 | |||||||||||
Foreign exchange contracts | $ | 4,137 | $ | 944 | $ | 828 | $ | 736 | |||||||||||
Total derivative instruments designated as ASC 815 hedges | $ | 10,995 | $ | 2,296 | $ | 3,745 | $ | 1,132 | |||||||||||
Derivatives instruments not designated as ASC 815 hedges | |||||||||||||||||||
Over-the-counter | $ | 387,254 | $ | 371,214 | $ | 117 | $ | — | |||||||||||
Cleared | 245,831 | 249,950 | 259 | 264 | |||||||||||||||
Exchange traded | 39 | 57 | — | — | |||||||||||||||
Interest rate contracts | $ | 633,124 | $ | 621,221 | $ | 376 | $ | 264 | |||||||||||
Over-the-counter | $ | 171,685 | $ | 178,722 | $ | — | $ | 35 | |||||||||||
Cleared | 390 | 353 | — | — | |||||||||||||||
Exchange traded | 57 | 75 | — | — | |||||||||||||||
Foreign exchange contracts | $ | 172,132 | $ | 179,150 | $ | — | $ | 35 | |||||||||||
Over-the-counter | $ | 19,303 | $ | 28,156 | $ | — | $ | — | |||||||||||
Cleared | 27 | 22 | — | — | |||||||||||||||
Exchange traded | 4,945 | 4,452 | — | — | |||||||||||||||
Equity contracts | $ | 24,275 | $ | 32,630 | $ | — | $ | — | |||||||||||
Over-the-counter | $ | 15,912 | $ | 21,265 | $ | — | $ | — | |||||||||||
Exchange traded | 3,111 | 2,754 | — | — | |||||||||||||||
Commodity and other contracts | $ | 19,023 | $ | 24,019 | $ | — | $ | — | |||||||||||
Over-the-counter | $ | 32,954 | $ | 33,362 | $ | 357 | $ | 367 | |||||||||||
Cleared | 5,269 | 5,024 | 18 | 170 | |||||||||||||||
Credit derivatives(4) | $ | 38,223 | $ | 38,386 | $ | 375 | $ | 537 | |||||||||||
Total derivatives instruments not designated as ASC 815 hedges | $ | 886,777 | $ | 895,406 | $ | 751 | $ | 836 | |||||||||||
Total derivatives | $ | 897,772 | $ | 897,702 | $ | 4,496 | $ | 1,968 | |||||||||||
Cash collateral paid/received(5)(6) | $ | 7,270 | $ | 10,398 | $ | 29 | $ | 56 | |||||||||||
Less: Netting agreements(7) | (779,613 | ) | (779,613 | ) | — | — | |||||||||||||
Less: Netting cash collateral received/paid(8) | (53,848 | ) | (51,292 | ) | (2,150 | ) | — | ||||||||||||
Net receivables/payables included on the consolidated balance sheet(9) | $ | 71,581 | $ | 77,195 | $ | 2,375 | $ | 2,024 | |||||||||||
Additional amounts subject to an enforceable master netting agreement but not offset on the Consolidated Balance Sheet | |||||||||||||||||||
Less: Cash collateral received/paid | $ | (411 | ) | $ | (7 | ) | $ | — | $ | — | |||||||||
Less: Non-cash collateral received/paid | (10,091 | ) | (8,156 | ) | (580 | ) | — | ||||||||||||
Total net receivables/payables(9) | $ | 61,079 | $ | 69,032 | $ | 1,795 | $ | 2,024 | |||||||||||
-1 | The trading derivatives fair values are presented in Note 12 to the Consolidated Financial Statements. | ||||||||||||||||||
-2 | Derivative mark-to-market receivables/payables related to management hedges are recorded in either Other assets/Other liabilities or Trading account assets/Trading account liabilities. | ||||||||||||||||||
-3 | 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. | ||||||||||||||||||
-4 | The credit derivatives trading assets comprise $12,844 million related to protection purchased and $25,379 million related to protection sold as of March 31, 2015. The credit derivatives trading liabilities comprise $26,200 million related to protection purchased and $12,186 million related to protection sold as of March 31, 2015. | ||||||||||||||||||
-5 | For the trading account assets/liabilities, reflects the net amount of the $58,562 million and $64,246 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $51,292 million was used to offset trading derivative liabilities and, of the gross cash collateral received, $53,848 million was used to offset trading derivative assets. | ||||||||||||||||||
-6 | For cash collateral received with respect to non-trading derivative liabilities, reflects the net amount of $2,206 million the gross cash collateral received, of which $2,150 million is netted against OTC non-trading derivative positions within Other assets. | ||||||||||||||||||
-7 | Represents the netting of derivative receivable and payable balances with the same counterparty under enforceable netting agreements. Approximately $521 billion, $252 billion and $7 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange traded derivatives, respectively. | ||||||||||||||||||
-8 | 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. | ||||||||||||||||||
-9 | The net receivables/payables include approximately $11 billion of derivative asset and $10 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively. | ||||||||||||||||||
In millions of dollars at December 31, 2014 | Derivatives classified in Trading | Derivatives classified in Other assets / liabilities(2)(3) | |||||||||||||||||
account assets / liabilities(1)(2)(3) | |||||||||||||||||||
Derivatives instruments designated as ASC 815 hedges | Assets | Liabilities | Assets | Liabilities | |||||||||||||||
Over-the-counter | $ | 1,508 | $ | 204 | $ | 3,117 | $ | 414 | |||||||||||
Cleared | 4,300 | 868 | — | 25 | |||||||||||||||
Interest rate contracts | $ | 5,808 | $ | 1,072 | $ | 3,117 | $ | 439 | |||||||||||
Over-the-counter | $ | 3,885 | $ | 743 | $ | 678 | $ | 588 | |||||||||||
Foreign exchange contracts | $ | 3,885 | $ | 743 | $ | 678 | $ | 588 | |||||||||||
Total derivative instruments designated as ASC 815 hedges | $ | 9,693 | $ | 1,815 | $ | 3,795 | $ | 1,027 | |||||||||||
Derivatives instruments not designated as ASC 815 hedges | |||||||||||||||||||
Over-the-counter | $ | 376,778 | $ | 359,689 | $ | 106 | $ | — | |||||||||||
Cleared | 255,847 | 261,499 | 6 | 21 | |||||||||||||||
Exchange traded | 20 | 22 | 141 | 164 | |||||||||||||||
Interest rate contracts | $ | 632,645 | $ | 621,210 | $ | 253 | $ | 185 | |||||||||||
Over-the-counter | $ | 151,736 | $ | 157,650 | $ | — | $ | 17 | |||||||||||
Cleared | 366 | 387 | — | — | |||||||||||||||
Exchange traded | 7 | 46 | — | — | |||||||||||||||
Foreign exchange contracts | $ | 152,109 | $ | 158,083 | $ | — | $ | 17 | |||||||||||
Over-the-counter | $ | 20,425 | $ | 28,333 | $ | — | $ | — | |||||||||||
Cleared | 16 | 35 | — | — | |||||||||||||||
Exchange traded | 4,311 | 4,101 | — | — | |||||||||||||||
Equity contracts | $ | 24,752 | $ | 32,469 | $ | — | $ | — | |||||||||||
Over-the-counter | $ | 19,943 | $ | 23,103 | $ | — | $ | — | |||||||||||
Exchange traded | 3,577 | 3,083 | — | — | |||||||||||||||
Commodity and other contracts | $ | 23,520 | $ | 26,186 | $ | — | $ | — | |||||||||||
Over-the-counter | $ | 39,412 | $ | 39,439 | $ | 265 | $ | 384 | |||||||||||
Cleared | 4,106 | 3,991 | 13 | 171 | |||||||||||||||
Credit derivatives(4) | $ | 43,518 | $ | 43,430 | $ | 278 | $ | 555 | |||||||||||
Total Derivatives instruments not designated as ASC 815 hedges | $ | 876,544 | $ | 881,378 | $ | 531 | $ | 757 | |||||||||||
Total derivatives | $ | 886,237 | $ | 883,193 | $ | 4,326 | $ | 1,784 | |||||||||||
Cash collateral paid/received(5)(6) | $ | 6,523 | $ | 9,846 | $ | 123 | $ | 7 | |||||||||||
Less: Netting agreements(7) | (777,178 | ) | (777,178 | ) | — | — | |||||||||||||
Less: Netting cash collateral received/paid(8) | (47,625 | ) | (47,769 | ) | (1,791 | ) | (15 | ) | |||||||||||
Net receivables/payables included on the Consolidated Balance Sheet(9) | $ | 67,957 | $ | 68,092 | $ | 2,658 | $ | 1,776 | |||||||||||
Additional amounts subject to an enforceable master netting agreement but not offset on the Consolidated Balance Sheet | |||||||||||||||||||
Less: Cash collateral received/paid | $ | (867 | ) | $ | (11 | ) | $ | — | $ | — | |||||||||
Less: Non-cash collateral received/paid | (10,043 | ) | (6,264 | ) | (1,293 | ) | — | ||||||||||||
Total net receivables/payables(9) | $ | 57,047 | $ | 61,817 | $ | 1,365 | $ | 1,776 | |||||||||||
-1 | The trading derivatives fair values are presented in Note 12 to the Consolidated Financial Statements. | ||||||||||||||||||
-2 | Derivative mark-to-market receivables/payables related to management hedges are recorded in either Other assets/Other liabilities or Trading account assets/Trading account liabilities. | ||||||||||||||||||
-3 | Over-the-counter (OTC) derivatives include 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. | ||||||||||||||||||
-4 | The credit derivatives trading assets comprise $18,430 million related to protection purchased and $25,088 million related to protection sold as of December 31, 2014. The credit derivatives trading liabilities comprise $25,972 million related to protection purchased and $17,458 million related to protection sold as of December 31, 2014. | ||||||||||||||||||
-5 | For the trading account assets/liabilities, reflects the net amount of the $54,292 million and $57,471 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $47,769 million was used to offset derivative liabilities and, of the gross cash collateral received, $47,625 million was used to offset derivative assets. | ||||||||||||||||||
-6 | For cash collateral paid with respect to non-trading derivative liabilities, reflects the net amount of $138 million of the gross cash collateral received, of which $15 million is netted against OTC non-trading derivative positions within Other liabilities. For cash collateral received with respect to non-trading derivative liabilities, reflects the net amount of $1,798 million of gross cash collateral received of which $1,791 million is netted against non-trading derivative positions within Other assets. | ||||||||||||||||||
-7 | Represents the netting of derivative receivable and payable balances with the same counterparty under enforceable netting agreements. Approximately $510 billion, $264 billion and $3 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange-traded derivatives, respectively. | ||||||||||||||||||
-8 | Represents the netting of cash collateral paid and received by counterparty under enforceable credit support agreements. Substantially all cash collateral received is netted against OTC derivative assets. Cash collateral paid of approximately $46 billion and $2 billion is netted against OTC and cleared derivative liabilities, respectively. | ||||||||||||||||||
-9 | The net receivables/payables include approximately $11 billion of derivative asset and $10 billion of liability fair values not subject to enforceable master netting agreements. | ||||||||||||||||||
For the three months ended March 31, 2015 and 2014, the amounts recognized in Principal transactions in the Consolidated Statement of Income related to derivatives not designated in a qualifying hedging relationship, as well as the underlying non-derivative instruments, are presented in Note 6 to the Consolidated Financial Statements. Citigroup presents this disclosure by business classification, showing derivative gains and losses related to its trading activities together with gains and losses related to non-derivative instruments within the same trading portfolios, as this represents the way these portfolios are risk managed. | |||||||||||||||||||
The amounts recognized in Other revenue in the Consolidated Statement of Income for the three months ended March 31, 2015 and 2014 related to derivatives not designated in a qualifying hedging relationship are shown below. The table below does not include any offsetting gains/losses on the economically hedged items to the extent such amounts are also recorded in Other revenue. | |||||||||||||||||||
Gains (losses) included in | |||||||||||||||||||
Other revenue | |||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||
In millions of dollars | 2015 | 2014 | |||||||||||||||||
Interest rate contracts | $ | 15 | $ | (33 | ) | ||||||||||||||
Foreign exchange | (15 | ) | 31 | ||||||||||||||||
Credit derivatives | 10 | (95 | ) | ||||||||||||||||
Total Citigroup | $ | 10 | $ | (97 | ) | ||||||||||||||
Accounting for Derivative Hedging | |||||||||||||||||||
Citigroup accounts for its hedging activities in accordance with ASC 815, Derivatives and Hedging. As a general rule, hedge accounting is permitted where the Company is exposed to a particular risk, such as interest-rate or foreign-exchange risk, that causes changes in the fair value of an asset or liability or variability in the expected future cash flows of an existing asset, liability or a forecasted transaction that may affect earnings. | |||||||||||||||||||
Derivative contracts hedging the risks associated with changes in fair value are referred to as fair value hedges, while contracts hedging the variability of expected future cash flows are cash flow hedges. Hedges that utilize derivatives or debt instruments to manage the foreign exchange risk associated with equity investments in non-U.S.-dollar-functional-currency foreign subsidiaries (net investment in a foreign operation) are net investment hedges. | |||||||||||||||||||
If certain hedging criteria specified in ASC 815 are met, including testing for hedge effectiveness, hedge accounting may be applied. The hedge effectiveness assessment methodologies for similar hedges are performed in a similar manner and are used consistently throughout the hedging relationships. For fair value hedges, changes in the value of the hedging derivative, as well as changes in the value of the related hedged item due to the risk being hedged are reflected in current earnings. For cash flow hedges and net investment hedges, changes in the value of the hedging derivative are reflected in Accumulated other comprehensive income (loss) in Citigroup’s stockholders’ equity to the extent the hedge is highly effective. Hedge ineffectiveness, in either case, is reflected in current earnings. | |||||||||||||||||||
For asset/liability management hedging, fixed-rate long-term debt is recorded at amortized cost under GAAP. However, by designating an interest rate swap contract as a hedging instrument and electing to apply ASC 815 fair value hedge accounting, the carrying value of the debt is adjusted for changes in the benchmark interest rate, with such changes in value recorded in current earnings. The related interest-rate swap also is recorded on the balance sheet at fair value, with any changes in fair value also reflected in earnings. Thus, any ineffectiveness resulting from the hedging relationship is captured in current earnings. | |||||||||||||||||||
Alternatively, for management hedges that do not meet the ASC 815 hedging criteria, only the derivative is recorded at fair value on the balance sheet, with the associated changes in fair value recorded in earnings, while the debt continues to be carried at amortized cost. Therefore, current earnings are affected only by the interest rate shifts and other factors that cause a change in the swap’s value. This type of hedge is undertaken when hedging requirements cannot be achieved or management decides not to apply ASC 815 hedge accounting. | |||||||||||||||||||
Another alternative is to elect to carry the debt at fair value under the fair value option. Once the irrevocable election is made upon issuance of the debt, the full changes in fair value of the debt are reported in earnings. The related interest rate swap, with changes in fair value, is also reflected in earnings, which provides a natural offset to the debt’s fair value change. To the extent the two offsets are not exactly equal because the full change in the fair value of the debt includes risks not offset by the interest rate swap, the difference is captured in current earnings. | |||||||||||||||||||
The key requirements to achieve ASC 815 hedge accounting are documentation of a hedging strategy and specific hedge relationships at hedge inception and substantiating hedge effectiveness on an ongoing basis. A derivative must be highly effective in accomplishing the hedge objective of offsetting either changes in the fair value or cash flows of the hedged item for the risk being hedged. Any ineffectiveness in the hedge relationship is recognized in current earnings. The assessment of effectiveness may exclude changes in the value of the hedged item that are unrelated to the risks being hedged. Similarly, the assessment of effectiveness may exclude changes in the fair value of a derivative related to time value that, if excluded, are recognized in current earnings. | |||||||||||||||||||
Fair Value Hedges | |||||||||||||||||||
Hedging of benchmark interest rate risk | |||||||||||||||||||
Citigroup hedges exposure to changes in the fair value of outstanding fixed-rate issued debt and certificates of deposit. These hedges are designated as fair value hedges of the benchmark interest rate risk associated with the currency of the hedged liability. The fixed cash flows of the hedged items are converted to benchmark variable-rate cash flows by entering into receive-fixed, pay-variable interest rate swaps. These fair value hedge relationships use either regression or dollar-offset ratio analysis to assess whether the hedging relationships are highly effective at inception and on an ongoing basis. | |||||||||||||||||||
Citigroup also hedges exposure to changes in the fair value of fixed-rate assets, including available-for-sale debt securities and loans. The hedging instruments used are receive-variable, pay-fixed interest rate swaps. These fair value hedging relationships use either regression or dollar-offset ratio analysis to assess whether the hedging relationships are highly effective at inception and on an ongoing basis. | |||||||||||||||||||
Hedging of foreign exchange risk | |||||||||||||||||||
Citigroup hedges the change in fair value attributable to foreign-exchange rate movements in available-for-sale securities that are denominated in currencies other than the functional currency of the entity holding the securities, which may be within or outside the U.S. The hedging instrument employed is generally a forward foreign-exchange contract. In this hedge, the change in fair value of the hedged available-for-sale security attributable to the portion of foreign exchange risk hedged is reported in earnings, and not Accumulated other comprehensive income (loss)—which serves to offset the change in fair value of the forward contract that is also reflected in earnings. Citigroup considers the premium associated with forward contracts (i.e., the differential between spot and contractual forward rates) as the cost of hedging; this is excluded from the assessment of hedge effectiveness and reflected directly in earnings. The dollar-offset method is used to assess hedge effectiveness. Since that assessment is based on changes in fair value attributable to changes in spot rates on both the available-for-sale securities and the forward contracts for the portion of the relationship hedged, the amount of hedge ineffectiveness is not significant. | |||||||||||||||||||
The following table summarizes the gains (losses) on the Company’s fair value hedges for the three months ended March 31, 2015 and 2014: | |||||||||||||||||||
Gains (losses) on fair value hedges(1) | |||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||
In millions of dollars | 2015 | 2014 | |||||||||||||||||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | |||||||||||||||||||
Interest rate contracts | $ | 641 | $ | 264 | |||||||||||||||
Foreign exchange contracts | 1,388 | 9 | |||||||||||||||||
Commodity contracts | 116 | — | |||||||||||||||||
Total gain (loss) on the derivatives in designated and qualifying fair value hedges | $ | 2,145 | $ | 273 | |||||||||||||||
Gain (loss) on the hedged item in designated and qualifying fair value hedges | |||||||||||||||||||
Interest rate hedges | $ | (608 | ) | $ | (286 | ) | |||||||||||||
Foreign exchange hedges | (1,421 | ) | (8 | ) | |||||||||||||||
Commodity hedges | (104 | ) | — | ||||||||||||||||
Total gain (loss) on the hedged item in designated and qualifying fair value hedges | $ | (2,133 | ) | $ | (294 | ) | |||||||||||||
Hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges | |||||||||||||||||||
Interest rate hedges | $ | 33 | $ | (21 | ) | ||||||||||||||
Foreign exchange hedges | (38 | ) | 4 | ||||||||||||||||
Total hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges | $ | (5 | ) | $ | (17 | ) | |||||||||||||
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | |||||||||||||||||||
Interest rate contracts | $ | — | $ | (1 | ) | ||||||||||||||
Foreign exchange contracts(2) | 5 | (3 | ) | ||||||||||||||||
Commodity hedges(2) | 12 | — | |||||||||||||||||
Total net gain (loss) excluded from assessment of the effectiveness of fair value hedges | $ | 17 | $ | (4 | ) | ||||||||||||||
-1 | Amounts are included in Other revenue on the Consolidated Statement of Income. The accrued interest income on fair value hedges is recorded in Net interest revenue and is excluded from this table. | ||||||||||||||||||
-2 | Amounts relate to the premium associated with forward contracts (differential between spot and contractual forward rates). These amounts are excluded from the assessment of hedge effectiveness and are reflected directly in earnings. | ||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||
Hedging of benchmark interest rate risk | |||||||||||||||||||
Citigroup hedges variable cash flows associated with floating-rate liabilities and the rollover (re-issuance) of liabilities. Variable cash flows from those liabilities are converted to fixed-rate cash flows by entering into receive-variable, pay-fixed interest rate swaps and receive-variable, pay-fixed forward-starting interest rate swaps. Citi also hedges variable cash flows from recognized and forecasted floating-rate assets. Variable cash flows from those assets are converted to fixed-rate cash flows by entering into receive-fixed, pay-variable interest rate swaps. These cash-flow hedging relationships use either regression analysis or dollar-offset ratio analysis to assess whether the hedging relationships are highly effective at inception and on an ongoing basis. When certain variable interest rates, associated with hedged items, do not qualify as benchmark interest rates, Citigroup designates the risk being hedged as the risk of overall changes in the hedged cash flows. Since efforts are made to match the terms of the derivatives to those of the hedged forecasted cash flows as closely as possible, the amount of hedge ineffectiveness is not significant. | |||||||||||||||||||
Hedging of foreign exchange risk | |||||||||||||||||||
Citigroup locks in the functional currency equivalent cash flows of long-term debt and short-term borrowings that are denominated in currencies other than the functional currency of the issuing entity. Depending on the risk management objectives, these types of hedges are designated as either cash flow hedges of only foreign exchange risk or cash flow hedges of both foreign exchange and interest rate risk, and the hedging instruments used are foreign exchange cross-currency swaps and forward contracts. These cash flow hedge relationships use dollar-offset ratio analysis to determine whether the hedging relationships are highly effective at inception and on an ongoing basis. | |||||||||||||||||||
Hedging of overall changes in cash flows | |||||||||||||||||||
Citigroup makes purchases of certain “to-be-announced” (TBA) mortgage-backed securities that meet the definition of a derivative (i.e. a forward securities purchase). Citigroup commonly designates these derivatives as hedges of the overall cash flow variability related to the forecasted acquisition of the TBA mortgage-backed securities. Since the hedged transaction is the gross settlement of the forward contract, hedge effectiveness is assessed by assuring that the terms of the hedging instrument and the hedged forecasted transaction are the same and that delivery of the securities remains probable. | |||||||||||||||||||
Hedging total return | |||||||||||||||||||
Citigroup generally manages the risk associated with leveraged loans it has originated or in which it participates by transferring a majority of its exposure to the market through SPEs prior to or shortly after funding. Retained exposures to | |||||||||||||||||||
leveraged loans receivable are generally hedged using total return swaps. | |||||||||||||||||||
The amount of hedge ineffectiveness on the cash flow hedges recognized in earnings for the three months ended March 31, 2015 and 2014 is not significant. The pretax change in Accumulated other comprehensive income (loss) from cash flow hedges is presented below: | |||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||
In millions of dollars | 2015 | 2014 | |||||||||||||||||
Effective portion of cash flow hedges included in AOCI | |||||||||||||||||||
Interest rate contracts | $ | 220 | $ | 68 | |||||||||||||||
Foreign exchange contracts | (150 | ) | (6 | ) | |||||||||||||||
Credit derivatives | — | 2 | |||||||||||||||||
Total effective portion of cash flow hedges included in AOCI | $ | 70 | $ | 64 | |||||||||||||||
Effective portion of cash flow hedges reclassified from AOCI to earnings | |||||||||||||||||||
Interest rate contracts | $ | (46 | ) | $ | (61 | ) | |||||||||||||
Foreign exchange contracts | (40 | ) | (56 | ) | |||||||||||||||
Total effective portion of cash flow hedges reclassified from AOCI to earnings(1) | $ | (86 | ) | $ | (117 | ) | |||||||||||||
-1 | Included primarily in Other revenue and Net interest revenue on the Consolidated Income Statement. | ||||||||||||||||||
For cash flow hedges, the changes in the fair value of the hedging derivative remaining in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheet will be included in the earnings of future periods to offset the variability of the hedged cash flows when such cash flows affect earnings. The net loss associated with cash flow hedges expected to be reclassified from Accumulated other comprehensive income (loss) within 12 months of March 31, 2015 is approximately $0.4 billion. The maximum length of time over which forecasted cash flows are hedged is 10 years. | |||||||||||||||||||
The after-tax impact of cash flow hedges on AOCI is shown in Note 18 to the Consolidated Financial Statements. | |||||||||||||||||||
Net Investment Hedges | |||||||||||||||||||
Consistent with ASC 830-20, Foreign Currency Matters—Foreign Currency Transactions, ASC 815 allows hedging of the foreign currency risk of a net investment in a foreign operation. Citigroup uses foreign currency forwards, options and foreign-currency-denominated debt instruments to manage the foreign exchange risk associated with Citigroup’s equity investments in several non-U.S.-dollar-functional-currency foreign subsidiaries. Citigroup records the change in the carrying amount of these investments in the Foreign currency translation adjustment account within Accumulated other comprehensive income (loss). Simultaneously, the effective portion of the hedge of this exposure is also recorded in the Foreign currency translation adjustment account and the ineffective portion, if any, is immediately recorded in earnings. | |||||||||||||||||||
For derivatives designated as net investment hedges, Citigroup follows the forward-rate method outlined in ASC 815-35-35-16 through 35-26. According to that method, all changes in fair value, including changes related to the forward-rate component of the foreign currency forward contracts and the time value of foreign currency options, are recorded in the Foreign currency translation adjustment account within Accumulated other comprehensive income (loss). | |||||||||||||||||||
For foreign-currency-denominated debt instruments that are designated as hedges of net investments, the translation gain or loss that is recorded in the Foreign currency translation adjustment account is based on the spot exchange rate between the functional currency of the respective subsidiary and the U.S. dollar, which is the functional currency of Citigroup. To the extent the notional amount of the hedging instrument exactly matches the hedged net investment and the underlying exchange rate of the derivative hedging instrument relates to the exchange rate between the functional currency of the net investment and Citigroup’s functional currency (or, in the case of a non-derivative debt instrument, such instrument is denominated in the functional currency of the net investment), no ineffectiveness is recorded in earnings. | |||||||||||||||||||
The pretax gain (loss) recorded in the Foreign currency translation adjustment account within Accumulated other comprehensive income (loss), related to the effective portion of the net investment hedges, is $1,000 million and $(477) million for the three months ended March 31, 2015 and 2014, respectively. | |||||||||||||||||||
Credit Derivatives | |||||||||||||||||||
Citi is a market maker and trades a range of credit derivatives. Through these contracts, Citi either purchases or writes protection on either a single name or a portfolio of reference credits. Citi also uses credit derivatives to help mitigate credit risk in its corporate and consumer loan portfolios and other cash positions, and to facilitate client transactions. | |||||||||||||||||||
Citi monitors its counterparty credit risk in credit derivative contracts. As of March 31, 2015 and December 31, 2014, approximately 98% of the gross receivables are from counterparties with which Citi maintains collateral agreements. A majority of Citi’s top 15 counterparties (by receivable balance owed to Citi) are banks, financial institutions or other dealers. Contracts with these counterparties do not include ratings-based termination events. However, counterparty ratings downgrades may have an incremental effect by lowering the threshold at which Citi may | |||||||||||||||||||
call for additional collateral. | |||||||||||||||||||
The range of credit derivatives entered into includes credit default swaps, total return swaps, credit options and credit-linked notes. | |||||||||||||||||||
A credit default swap is a contract in which, for a fee, a protection seller agrees to reimburse a protection buyer for any losses that occur due to a predefined credit event on a reference entity. These credit events are defined by the terms of the derivative contract and the reference credit and are generally limited to the market standard of failure to pay on indebtedness and bankruptcy of the reference credit and, in a more limited range of transactions, debt restructuring. Credit derivative transactions that reference emerging market entities will also typically include additional credit events to cover the acceleration of indebtedness and the risk of repudiation or a payment moratorium. In certain transactions, protection may be provided on a portfolio of reference entities or asset-backed securities. If there is no credit event, as defined by the specific derivative contract, then the protection seller makes no payments to the protection buyer and receives only the contractually specified fee. However, if a credit event occurs as defined in the specific derivative contract sold, the protection seller will be required to make a payment to the protection buyer. Under certain contracts, the seller of protection may not be required to make payment until a specified amount of losses has occurred with respect to the portfolio and/or may only be required to pay for losses up to a specified amount. | |||||||||||||||||||
A total return swap typically transfers the total economic performance of a reference asset, which includes all associated cash flows, as well as capital appreciation or depreciation. The protection buyer receives a floating rate of interest and any depreciation on the reference asset from the protection seller and, in return, the protection seller receives the cash flows associated with the reference asset plus any appreciation. Thus, according to the total return swap agreement, the protection seller will be obligated to make a payment any time the floating interest rate payment plus any depreciation of the reference asset exceeds the cash flows associated with the underlying asset. A total return swap may terminate upon a default of the reference asset or a credit event with respect to the reference entity subject to the provisions of the related total return swap agreement between the protection seller and the protection buyer. | |||||||||||||||||||
A credit option is a credit derivative that allows investors to trade or hedge changes in the credit quality of a reference entity. For example, in a credit spread option, the option writer assumes the obligation to purchase or sell credit protection on the reference entity at a specified “strike” spread level. The option purchaser buys the right to sell credit default protection on the reference entity to, or purchase it from, the option writer at the strike spread level. The payments on credit spread options depend either on a particular credit spread or the price of the underlying credit-sensitive asset or other reference. The options usually terminate if a credit event occurs with respect to the underlying reference entity. | |||||||||||||||||||
A credit-linked note is a form of credit derivative structured as a debt security with an embedded credit default swap. The purchaser of the note effectively provides credit protection to the issuer by agreeing to receive a return that could be negatively affected by credit events on the underlying reference credit. If the reference entity defaults, the note may be cash settled or physically settled by delivery of a debt security of the reference entity. Thus, the maximum amount of the note purchaser’s exposure is the amount paid for the credit-linked note. | |||||||||||||||||||
The following tables summarize the key characteristics of Citi’s credit derivatives portfolio by counterparty and derivative form as of March 31, 2015 and December 31, 2014: | |||||||||||||||||||
Fair values | Notionals | ||||||||||||||||||
In millions of dollars at March 31, 2015 | Receivable(1) | Payable(2) | Protection | Protection | |||||||||||||||
purchased | sold | ||||||||||||||||||
By industry/counterparty | |||||||||||||||||||
Banks | $ | 20,862 | $ | 19,370 | $ | 548,556 | $ | 562,737 | |||||||||||
Broker-dealers | 6,872 | 7,604 | 186,510 | 186,727 | |||||||||||||||
Non-financial | 85 | 195 | 4,204 | 1,405 | |||||||||||||||
Insurance and other financial institutions | 10,779 | 11,754 | 323,790 | 267,873 | |||||||||||||||
Total by industry/counterparty | $ | 38,598 | $ | 38,923 | $ | 1,063,060 | $ | 1,018,742 | |||||||||||
By instrument | |||||||||||||||||||
Credit default swaps and options | $ | 38,401 | $ | 37,878 | $ | 1,045,569 | $ | 1,016,182 | |||||||||||
Total return swaps and other | 197 | 1,045 | 17,491 | 2,560 | |||||||||||||||
Total by instrument | $ | 38,598 | $ | 38,923 | $ | 1,063,060 | $ | 1,018,742 | |||||||||||
By rating | |||||||||||||||||||
Investment grade | $ | 14,717 | $ | 14,677 | $ | 784,719 | $ | 756,634 | |||||||||||
Non-investment grade | 23,881 | 24,246 | 278,341 | 262,108 | |||||||||||||||
Total by rating | $ | 38,598 | $ | 38,923 | $ | 1,063,060 | $ | 1,018,742 | |||||||||||
By maturity | |||||||||||||||||||
Within 1 year | $ | 2,217 | $ | 2,066 | $ | 213,995 | $ | 200,970 | |||||||||||
From 1 to 5 years | 31,222 | 31,762 | 743,158 | 725,345 | |||||||||||||||
After 5 years | 5,159 | 5,095 | 105,907 | 92,427 | |||||||||||||||
Total by maturity | $ | 38,598 | $ | 38,923 | $ | 1,063,060 | $ | 1,018,742 | |||||||||||
-1 | The fair value amount receivable is composed of $13,219 million under protection purchased and $25,379 million under protection sold. | ||||||||||||||||||
-2 | The fair value amount payable is composed of $26,737 million under protection purchased and $12,186 million under protection sold. | ||||||||||||||||||
Fair values | Notionals | ||||||||||||||||||
In millions of dollars at December 31, 2014 | Receivable(1) | Payable(2) | Protection | Protection | |||||||||||||||
purchased | sold | ||||||||||||||||||
By industry/counterparty | |||||||||||||||||||
Banks | $ | 24,828 | $ | 23,189 | $ | 574,764 | $ | 604,700 | |||||||||||
Broker-dealers | 8,093 | 9,309 | 204,542 | 199,693 | |||||||||||||||
Non-financial | 91 | 113 | 3,697 | 1,595 | |||||||||||||||
Insurance and other financial institutions | 10,784 | 11,374 | 333,384 | 257,870 | |||||||||||||||
Total by industry/counterparty | $ | 43,796 | $ | 43,985 | $ | 1,116,387 | $ | 1,063,858 | |||||||||||
By instrument | |||||||||||||||||||
Credit default swaps and options | $ | 42,930 | $ | 42,201 | $ | 1,094,199 | $ | 1,054,671 | |||||||||||
Total return swaps and other | 866 | 1,784 | 22,188 | 9,187 | |||||||||||||||
Total by instrument | $ | 43,796 | $ | 43,985 | $ | 1,116,387 | $ | 1,063,858 | |||||||||||
By rating | |||||||||||||||||||
Investment grade | $ | 17,432 | $ | 17,182 | $ | 824,831 | $ | 786,848 | |||||||||||
Non-investment grade | 26,364 | 26,803 | 291,556 | 277,010 | |||||||||||||||
Total by rating | $ | 43,796 | $ | 43,985 | $ | 1,116,387 | $ | 1,063,858 | |||||||||||
By maturity | |||||||||||||||||||
Within 1 year | $ | 4,356 | $ | 4,278 | $ | 250,489 | $ | 229,502 | |||||||||||
From 1 to 5 years | 34,692 | 35,160 | 790,251 | 772,001 | |||||||||||||||
After 5 years | 4,748 | 4,547 | 75,647 | 62,355 | |||||||||||||||
Total by maturity | $ | 43,796 | $ | 43,985 | $ | 1,116,387 | $ | 1,063,858 | |||||||||||
-1 | The fair value amount receivable is composed of $18,708 million under protection purchased and $25,088 million under protection sold. | ||||||||||||||||||
-2 | The fair value amount payable is composed of $26,527 million under protection purchased and $17,458 million under protection sold. | ||||||||||||||||||
Fair values included in the above tables are prior to application of any netting agreements and cash collateral. For notional amounts, Citi generally has a mismatch between the total notional amounts of protection purchased and sold, and it may hold the reference assets directly, rather than entering into offsetting credit derivative contracts as and when desired. The open risk exposures from credit derivative contracts are largely matched after certain cash positions in reference assets are considered and after notional amounts are adjusted, either to a duration-based equivalent basis or to reflect the level of subordination in tranched structures. The ratings of the credit derivatives portfolio presented in the tables and used to evaluate payment/performance risk are based on the assigned internal or external ratings of the referenced asset or entity. Where external ratings are used, investment-grade ratings are considered to be ‘Baa/BBB’ and above, while anything below is considered non-investment grade. Citi’s internal ratings are in line with the related external rating system. | |||||||||||||||||||
Citigroup evaluates the payment/performance risk of the credit derivatives for which it stands as a protection seller based on the credit rating assigned to the underlying referenced credit. Credit derivatives written on an underlying non-investment grade reference credit represent greater payment risk to the Company. The non-investment grade category in the table above also includes credit derivatives where the underlying referenced entity has been downgraded subsequent to the inception of the derivative. | |||||||||||||||||||
The maximum potential amount of future payments under credit derivative contracts presented in the table above is based on the notional value of the derivatives. The Company believes that the notional amount for credit protection sold is not representative of the actual loss exposure based on historical experience. This amount has not been reduced by the value of the reference assets and the related cash flows. In accordance with most credit derivative contracts, should a credit event occur, the Company usually is liable for the difference between the protection sold and the value of the reference assets. Furthermore, the notional amount for credit protection sold has not been reduced for any cash collateral paid to a given counterparty, as such payments would be calculated after netting all derivative exposures, including any credit derivatives with that counterparty in accordance with a related master netting agreement. Due to such netting processes, determining the amount of collateral that corresponds to credit derivative exposures alone is not possible. The Company actively monitors open credit-risk exposures and manages this exposure by using a variety of strategies, including purchased credit derivatives, cash collateral or direct holdings of the referenced assets. This risk mitigation activity is not captured in the table above. | |||||||||||||||||||
Credit-Risk-Related Contingent Features in Derivatives | |||||||||||||||||||
Certain derivative instruments contain provisions that require the Company to either post additional collateral or immediately settle any outstanding liability balances upon the occurrence of a specified event related to the credit risk of the Company. These events, which are defined by the existing derivative contracts, are primarily downgrades in the credit ratings of the Company and its affiliates. The fair value (excluding CVA) of all derivative instruments with credit-risk-related contingent features that were in a net liability position at both March 31, 2015 and December 31, 2014 was $30 billion. The Company had posted $28 billion and $27 billion as collateral for this exposure in the normal course of business as of March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||||||
Each downgrade would trigger additional collateral or cash settlement requirements for the Company and its affiliates. In the event that each legal entity was downgraded a single notch by the three rating agencies as of March 31, 2015, the Company would be required to post an additional $2.3 billion as either collateral or settlement of the derivative transactions. Additionally, the Company would be required to segregate with third-party custodians collateral previously received from existing derivative counterparties in the amount of $0.1 billion upon the single notch downgrade, resulting in aggregate cash obligations and collateral requirements of approximately $2.4 billion. | |||||||||||||||||||
Derivatives Accompanied by Financial Asset Transfers | |||||||||||||||||||
The Company executes total return swaps which provide it with synthetic exposure to substantially all of the economic return of the securities or other financial assets referenced in the contract. In certain cases, the derivative transaction is accompanied by the Company’s transfer of the referenced financial asset to the derivative counterparty, most typically in response to the derivative counterparty’s desire to hedge, in whole or in part, its synthetic exposure under the derivative contract by holding the referenced asset in funded form. In certain jurisdictions these transactions qualify as sales, resulting in derecognition of the securities transferred (see Note 1 to the Consolidated Financial Statements in Citi’s 2014 Annual Report on Form 10-K for further discussion of the related sale conditions for transfers of financial assets). For a significant portion of the transactions, the Company has also executed another total return swap where the Company passes on substantially all of the economic return of the referenced securities to a different third party seeking the exposure. In those cases, the Company is not exposed, on a net basis, to changes in the economic return of the referenced securities. | |||||||||||||||||||
These transactions generally involve the transfer of the Company’s liquid government bonds, convertible bonds, or publicly traded corporate equity securities from the trading portfolio and are executed with third-party financial institutions. The accompanying derivatives are typically total return swaps. The derivatives are cash settled and subject to ongoing margin requirements. | |||||||||||||||||||
When the conditions for sale accounting are met, the Company reports the transfer of the referenced financial asset as a sale and separately reports the accompanying derivative transaction. These transactions generally do not result in a gain or loss on the sale of the security, because the transferred security was held at fair value in the Company’s trading portfolio. For transfers of financial assets accounted for by the Company as a sale, where the Company has retained substantially all of the economic exposure to the transferred asset through a total return swap executed in contemplation of the initial sale with the same counterparty and still outstanding as of March 31, 2015, both the asset carrying amounts derecognized and gross cash proceeds received as of the date of derecognition were $2.5 billion. At March 31, 2015, the fair value of these previously derecognized assets was $2.6 billion and the fair value of the total return swaps was $157 million recorded as gross derivative assets and $14 million recorded as gross derivative liabilities. The balances for the total return swaps are on a gross basis, before the application of counterparty and cash collateral netting, and are included primarily as equity derivatives in the tabular disclosures in this Note. |
FAIR_VALUE_MEASUREMENT
FAIR VALUE MEASUREMENT | 3 Months Ended | |||||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENT | FAIR VALUE MEASUREMENT | |||||||||||||||||||||||||||||||||
ASC 820-10 Fair Value Measurement, defines fair value, establishes a consistent framework for measuring fair value and requires disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Among other things, the standard requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | ||||||||||||||||||||||||||||||||||
Under ASC 820-10, the probability of default of a counterparty is factored into the valuation of derivative positions and includes the impact of Citigroup’s own credit risk on derivatives and other liabilities measured at fair value. | ||||||||||||||||||||||||||||||||||
Fair Value Hierarchy | ||||||||||||||||||||||||||||||||||
ASC 820-10 specifies a hierarchy of inputs based on whether the inputs are observable or unobservable. Observable inputs are developed using market data and reflect market participant assumptions, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs have created the following fair value hierarchy: | ||||||||||||||||||||||||||||||||||
• | Level 1: Quoted prices for identical instruments in active markets. | |||||||||||||||||||||||||||||||||
• | Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. | |||||||||||||||||||||||||||||||||
• | Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. | |||||||||||||||||||||||||||||||||
As required under the fair value hierarchy, the Company considers relevant and observable market inputs in its valuations where possible. The frequency of transactions, the size of the bid-ask spread and the amount of adjustment necessary when comparing similar transactions are all factors in determining the liquidity of markets and the relevance of observed prices in those markets. | ||||||||||||||||||||||||||||||||||
The Company’s policy with respect to transfers between levels of the fair value hierarchy is to recognize transfers into and out of each level as of the end of the reporting period. | ||||||||||||||||||||||||||||||||||
Determination of Fair Value | ||||||||||||||||||||||||||||||||||
For assets and liabilities carried at fair value, the Company measures such value using the procedures set out below, irrespective of whether these assets and liabilities are measured at fair value as a result of an election or whether they are required to be measured at fair value. | ||||||||||||||||||||||||||||||||||
When available, the Company generally uses quoted market prices to determine fair value and classifies such items as Level 1. In some cases where a market price is available, the Company will make use of acceptable practical expedients (such as matrix pricing) to calculate fair value, in which case the items are classified as Level 2. | ||||||||||||||||||||||||||||||||||
The Company may also apply a price-based methodology, which utilizes, where available, quoted prices or other market information obtained from recent trading activity in positions with the same or similar characteristics to the position being valued. The market activity and the amount of the bid-ask spread are among the factors considered in determining the liquidity of markets and the relevance of observed prices from those markets. If relevant and observable prices are available, those valuations may be classified as Level 2. When less liquidity exists for a security or loan, a quoted price is stale, a significant adjustment to the price of a similar security is necessary to reflect differences in the terms of the actual security or loan being valued, or prices from independent sources are insufficient to corroborate the valuation, the “price” inputs are considered unobservable and the fair value measurements are classified as Level 3. | ||||||||||||||||||||||||||||||||||
If quoted market prices are not available, fair value is based upon internally developed valuation techniques that use, where possible, current market-based parameters, such as interest rates, currency rates and option volatilities. Items valued using such internally generated valuation techniques are classified according to the lowest level input or value driver that is significant to the valuation. Thus, an item may be classified as Level 3 even though there may be some significant inputs that are readily observable. | ||||||||||||||||||||||||||||||||||
Fair value estimates from internal valuation techniques are verified, where possible, to prices obtained from independent vendors or brokers. Vendors’ and brokers’ valuations may be based on a variety of inputs ranging from observed prices to proprietary valuation models. | ||||||||||||||||||||||||||||||||||
The following section describes the valuation methodologies used by the Company to measure various financial instruments at fair value, including an indication of the level in the fair value hierarchy in which each instrument is generally classified. Where appropriate, the description includes details of the valuation models, the key inputs to those models and any significant assumptions. | ||||||||||||||||||||||||||||||||||
Market valuation adjustments | ||||||||||||||||||||||||||||||||||
Generally, the unit of account for a financial instrument is the individual financial instrument. The Company applies market valuation adjustments that are consistent with the unit of account, which does not include adjustment due to the size of the Company’s position, except as follows. ASC 820-10 permits an exception, through an accounting policy election, to measure the fair value of a portfolio of financial assets and financial liabilities on the basis of the net open risk position when certain criteria are met. Citi has elected to measure certain portfolios of financial instruments, such as derivatives, that meet those criteria on the basis of the net open risk position. The Company applies market valuation adjustments, including adjustments to account for the size of the net open risk position, consistent with market participant assumptions and in accordance with the unit of account. | ||||||||||||||||||||||||||||||||||
Liquidity adjustments are applied to items in Level 2 or Level 3 of the fair-value hierarchy in an effort to ensure that the fair value reflects the price at which the net open risk position could be liquidated. The liquidity adjustment is based on the bid/offer spread for an instrument. When Citi has elected to measure certain portfolios of financial investments, such as derivatives, on the basis of the net open risk position, the liquidity adjustment is adjusted to take into account the size of the position. | ||||||||||||||||||||||||||||||||||
Credit valuation adjustments (CVA) and, effective in the third quarter of 2014, funding valuation adjustments (FVA), are applied to over-the-counter (OTC) derivative instruments in which the base valuation generally discounts expected cash flows using the relevant base interest rate curve for the currency of the derivative (e.g., LIBOR for uncollateralized U.S. dollar derivatives). As not all counterparties have the same credit risk as that implied by the relevant base curve, a CVA is necessary to incorporate the market view of both counterparty credit risk and Citi’s own credit risk in the valuation. FVA reflects a market funding risk premium inherent in the uncollateralized portion of derivative portfolios, and in collateralized derivatives where the terms of the agreement do not permit the reuse of the collateral received. | ||||||||||||||||||||||||||||||||||
Citi’s CVA methodology is composed of two steps. First, the credit exposure profile for each counterparty is determined using the terms of all individual derivative positions and a Monte Carlo simulation or other quantitative analysis to generate a series of expected cash flows at future points in time. The calculation of this exposure profile considers the effect of credit risk mitigants, including pledged cash or other collateral and any legal right of offset that exists with a counterparty through arrangements such as netting agreements. Individual derivative contracts that are subject to an enforceable master netting agreement with a counterparty are aggregated for this purpose, since it is those aggregate net cash flows that are subject to nonperformance risk. This process identifies specific, point-in-time future cash flows that are subject to nonperformance risk, rather than using the current recognized net asset or liability as a basis to measure the CVA. Second, market-based views of default probabilities | ||||||||||||||||||||||||||||||||||
derived from observed credit spreads in the credit default swap | ||||||||||||||||||||||||||||||||||
(CDS) market are applied to the expected future cash flows | ||||||||||||||||||||||||||||||||||
determined in step one. Citi’s own-credit CVA is determined | ||||||||||||||||||||||||||||||||||
using Citi-specific CDS spreads for the relevant tenor. | ||||||||||||||||||||||||||||||||||
Generally, counterparty CVA is determined using CDS spread | ||||||||||||||||||||||||||||||||||
indices for each credit rating and tenor. For certain identified | ||||||||||||||||||||||||||||||||||
netting sets where individual analysis is practicable | ||||||||||||||||||||||||||||||||||
(e.g., exposures to counterparties with liquid CDSs), | ||||||||||||||||||||||||||||||||||
counterparty-specific CDS spreads are used. | ||||||||||||||||||||||||||||||||||
The CVA and FVA are designed to incorporate a market view of the credit and funding risk, respectively, inherent in the derivative portfolio. However, most unsecured derivative instruments are negotiated bilateral contracts and are not commonly transferred to third parties. Derivative instruments are normally settled contractually or, if terminated early, are terminated at a value negotiated bilaterally between the counterparties. Thus, the CVA and FVA may not be realized upon a settlement or termination in the normal course of business. In addition, all or a portion of these adjustments may be reversed or otherwise adjusted in future periods in the event of changes in the credit or funding risk associated with the derivative instruments. | ||||||||||||||||||||||||||||||||||
The table below summarizes the CVA and FVA applied to the fair value of derivative instruments for the periods indicated: | ||||||||||||||||||||||||||||||||||
Credit and funding valuation adjustments | ||||||||||||||||||||||||||||||||||
contra-liability (contra-asset) | ||||||||||||||||||||||||||||||||||
In millions of dollars | March 31, | December 31, | ||||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||||
Counterparty CVA | $ | (1,862 | ) | $ | (1,853 | ) | ||||||||||||||||||||||||||||
Asset FVA | (560 | ) | (518 | ) | ||||||||||||||||||||||||||||||
Citigroup (own-credit) CVA | 553 | 580 | ||||||||||||||||||||||||||||||||
Liability FVA | 75 | 19 | ||||||||||||||||||||||||||||||||
Total CVA—derivative instruments (1) | $ | (1,794 | ) | $ | (1,772 | ) | ||||||||||||||||||||||||||||
-1 | FVA is included with CVA for presentation purposes. | |||||||||||||||||||||||||||||||||
The table below summarizes pretax gains (losses) related to changes in CVA on derivative instruments, net of hedges, FVA on derivatives and debt valuation adjustments (DVA) on Citi’s own fair value option (FVO) liabilities for the periods indicated: | ||||||||||||||||||||||||||||||||||
Credit/funding/debt valuation | ||||||||||||||||||||||||||||||||||
adjustments gain (loss) | ||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||
In millions of dollars | 2015 | 2014 | ||||||||||||||||||||||||||||||||
Counterparty CVA | $ | (139 | ) | $ | 7 | |||||||||||||||||||||||||||||
Asset FVA | (42 | ) | — | |||||||||||||||||||||||||||||||
Own-credit CVA | (36 | ) | (34 | ) | ||||||||||||||||||||||||||||||
Liability FVA | 57 | — | ||||||||||||||||||||||||||||||||
Total CVA—derivative instruments | $ | (160 | ) | $ | (27 | ) | ||||||||||||||||||||||||||||
DVA related to own FVO liabilities | $ | 87 | $ | 34 | ||||||||||||||||||||||||||||||
Total CVA and DVA (1) | $ | (73 | ) | $ | 7 | |||||||||||||||||||||||||||||
-1 | FVA is included with CVA for presentation purposes. | |||||||||||||||||||||||||||||||||
Valuation Process for Fair Value Measurements | ||||||||||||||||||||||||||||||||||
Price verification procedures and related internal control procedures are governed by the Citigroup Pricing and Price Verification Policy and Standards, which is jointly owned by Finance and Risk Management. | ||||||||||||||||||||||||||||||||||
For fair value measurements of substantially all assets and liabilities held by the Company, individual business units are responsible for valuing the trading account assets and liabilities, and Product Control within Finance performs independent price verification procedures to evaluate those fair value measurements. Product Control is independent of the individual business units and reports to the Global Head of Product Control. It has authority over the valuation of financial assets and liabilities. Fair value measurements of assets and liabilities are determined using various techniques, including, but not limited to, discounted cash flows and internal models, such as option and correlation models. | ||||||||||||||||||||||||||||||||||
Based on the observability of inputs used, Product Control classifies the inventory as Level 1, Level 2 or Level 3 of the fair value hierarchy. When a position involves one or more significant inputs that are not directly observable, price verification procedures are performed that may include reviewing relevant historical data, analyzing profit and loss, valuing each component of a structured trade individually, and benchmarking, among others. | ||||||||||||||||||||||||||||||||||
Reports of inventory that is classified within Level 3 of the fair value hierarchy are distributed to senior management in Finance, Risk and the business. This inventory is also discussed in Risk Committees and in monthly meetings with senior trading management. As deemed necessary, reports may go to the Audit Committee of the Board of Directors or to the full Board of Directors. Whenever an adjustment is needed to bring the price of an asset or liability to its exit price, Product Control reports it to management along with other price verification results. | ||||||||||||||||||||||||||||||||||
In addition, the pricing models used in measuring fair value are governed by an independent control framework. Although the models are developed and tested by the individual business units, they are independently validated by the Model Validation Group within Risk Management and reviewed by Finance with respect to their impact on the price verification procedures. The purpose of this independent control framework is to assess model risk arising from models’ theoretical soundness, calibration techniques where needed, and the appropriateness of the model for a specific product in a defined market. To ensure their continued applicability, models are independently reviewed annually. In addition, Risk Management approves and maintains a list of products permitted to be valued under each approved model for a given business. | ||||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell and securities sold under agreements to repurchase | ||||||||||||||||||||||||||||||||||
No quoted prices exist for such instruments, so fair value is determined using a discounted cash-flow technique. Cash flows are estimated based on the terms of the contract, taking into account any embedded derivative or other features. Expected cash flows are discounted using interest rates appropriate to the maturity of the instrument as well as the nature of the underlying collateral. Generally, when such instruments are held at fair value, they are classified within Level 2 of the fair value hierarchy, as the inputs used in the valuation are readily observable. However, certain long-dated positions are classified within Level 3 of the fair value hierarchy. | ||||||||||||||||||||||||||||||||||
Trading account assets and liabilities—trading securities and trading loans | ||||||||||||||||||||||||||||||||||
When available, the Company generally uses quoted market prices in active markets to determine the fair value of trading securities; such items are classified as Level 1 of the fair value hierarchy. Examples include some government securities and exchange-traded equity securities. | ||||||||||||||||||||||||||||||||||
For bonds and secondary market loans traded over the counter, the Company generally determines fair value utilizing valuation techniques, including discounted cash flows, price-based and internal models, such as Black-Scholes and Monte Carlo simulation. Fair value estimates from these internal valuation techniques are verified, where possible, to prices obtained from independent sources, including third-party vendors. Vendors compile prices from various sources and may apply matrix pricing for similar bonds or loans where no price is observable. A price-based methodology utilizes, where available, quoted prices or other market information obtained from recent trading activity of assets with similar characteristics to the bond or loan being valued. The yields used in discounted cash flow models are derived from the same price information. Trading securities and loans priced using such methods are generally classified as Level 2. However, when less liquidity exists for a security or loan, a quoted price is stale, a significant adjustment to the price of a similar security or loan is necessary to reflect differences in the terms of the actual security or loan being valued, or prices from independent sources are insufficient to corroborate valuation, a loan or security is generally classified as Level 3. The price input used in a price-based methodology may be zero for a security, such as a subprime CDO, that is not receiving any principal or interest and is currently written down to zero. | ||||||||||||||||||||||||||||||||||
Where the Company’s principal market for a portfolio of loans is the securitization market, the Company uses the securitization price to determine the fair value of the portfolio. The securitization price is determined from the assumed proceeds of a hypothetical securitization in the current market, adjusted for transformation costs (i.e., direct costs other than transaction costs) and securitization uncertainties such as market conditions and liquidity. As a result of the severe reduction in the level of activity in certain securitization markets since the second half of 2007, observable securitization prices for certain directly comparable portfolios of loans have not been readily available. Therefore, such portfolios of loans are generally classified as Level 3 of the fair value hierarchy. However, for other loan securitization markets, such as commercial real estate loans, price verification of the hypothetical securitizations has been possible, since these markets have remained active. Accordingly, this loan portfolio is classified as Level 2 of the fair value hierarchy. | ||||||||||||||||||||||||||||||||||
Trading account assets and liabilities—derivatives | ||||||||||||||||||||||||||||||||||
Exchange-traded derivatives, measured at fair value using quoted (i.e., exchange) prices in active markets, where available, are classified as Level 1 of the fair value hierarchy. | ||||||||||||||||||||||||||||||||||
Derivatives without a quoted price in an active market and derivatives executed over the counter are valued using internal valuation techniques. These derivative instruments are classified as either Level 2 or Level 3 depending upon the observability of the significant inputs to the model. | ||||||||||||||||||||||||||||||||||
The valuation techniques and inputs depend on the type of derivative and the nature of the underlying instrument. The principal techniques used to value these instruments are discounted cash flows and internal models, including Black-Scholes and Monte Carlo simulation. | ||||||||||||||||||||||||||||||||||
The key inputs depend upon the type of derivative and the nature of the underlying instrument and include interest rate yield curves, foreign-exchange rates, volatilities and correlation. The Company uses overnight indexed swap (OIS) curves as fair value measurement inputs for the valuation of certain collateralized derivatives. Citi uses the relevant benchmark curve for the currency of the derivative (e.g., the London Interbank Offered Rate for U.S. dollar derivatives) as the discount rate for uncollateralized derivatives. | ||||||||||||||||||||||||||||||||||
As referenced above, during the third quarter of 2014, Citi incorporated FVA into the fair value measurements due to what it believes to be an industry migration toward incorporating the market’s view of funding risk premium in OTC derivatives. The incurred charge in 2014 in connection with the implementation of FVA was reflected in Principal transactions as a change in accounting estimate. Citi’s FVA methodology leverages the existing CVA methodology to estimate a funding exposure profile. The calculation of this exposure profile considers collateral agreements where the terms do not permit the firm to reuse the collateral received, including where counterparties post collateral to third-party custodians. | ||||||||||||||||||||||||||||||||||
Subprime-related direct exposures in CDOs | ||||||||||||||||||||||||||||||||||
The valuation of high-grade and mezzanine asset-backed security (ABS) CDO positions utilizes prices based on the underlying assets of each high-grade and mezzanine ABS CDO. | ||||||||||||||||||||||||||||||||||
For most of the lending and structured direct subprime exposures, fair value is determined utilizing observable transactions where available, other market data for similar assets in markets that are not active and other internal valuation techniques. | ||||||||||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||
The investments category includes available-for-sale debt and marketable equity securities whose fair value is generally determined by utilizing similar procedures described for trading securities above or, in some cases, using vendor pricing as the primary source. | ||||||||||||||||||||||||||||||||||
Also included in investments are nonpublic investments in private equity and real estate entities. Determining the fair value of nonpublic securities involves a significant degree of management resources and judgment, as no quoted prices exist and such securities are generally very thinly traded. In addition, there may be transfer restrictions on private equity securities. The Company’s process for determining the fair value of such securities utilizes commonly accepted valuation techniques, including comparables analysis. In determining the fair value of nonpublic securities, the Company also considers events such as a proposed sale of the investee company, initial public offerings, equity issuances or other observable transactions. As discussed in Note 13 to the Consolidated Financial Statements, the Company uses net asset value to value certain of these investments. | ||||||||||||||||||||||||||||||||||
Private equity securities are generally classified as Level 3 of the fair value hierarchy. | ||||||||||||||||||||||||||||||||||
Short-term borrowings and long-term debt | ||||||||||||||||||||||||||||||||||
Where fair value accounting has been elected, the fair value of non-structured liabilities is determined by utilizing internal models using the appropriate discount rate for the applicable maturity. Such instruments are generally classified as Level 2 of the fair value hierarchy when all significant inputs are readily observable. | ||||||||||||||||||||||||||||||||||
The Company determines the fair value of hybrid financial instruments, including structured liabilities, using the appropriate derivative valuation methodology (described above in “Trading account assets and liabilities—derivatives”) given the nature of the embedded risk profile. Such instruments are classified as Level 2 or Level 3 depending on the observability of significant inputs to the model. | ||||||||||||||||||||||||||||||||||
Alt-A mortgage securities | ||||||||||||||||||||||||||||||||||
The Company classifies its Alt-A mortgage securities as held-to-maturity, available-for-sale or trading investments. The securities classified as trading and available-for-sale are recorded at fair value with changes in fair value reported in current earnings and AOCI, respectively. For these purposes, Citi defines Alt-A mortgage securities as non-agency residential mortgage-backed securities (RMBS) where (i) the underlying collateral has weighted average FICO scores between 680 and 720 or (ii) for instances where FICO scores are greater than 720, RMBS have 30% or less of the underlying collateral composed of full documentation loans. | ||||||||||||||||||||||||||||||||||
Similar to the valuation methodologies used for other trading securities and trading loans, the Company generally determines the fair values of Alt-A mortgage securities utilizing internal valuation techniques. Fair value estimates from internal valuation techniques are verified, where possible, to prices obtained from independent vendors. Consensus data providers compile prices from various sources. Where available, the Company may also make use of quoted prices for recent trading activity in securities with the same or similar characteristics to the security being valued. | ||||||||||||||||||||||||||||||||||
The valuation techniques used for Alt-A mortgage securities, as with other mortgage exposures, are price-based and yield analysis. The primary market-derived input is yield. Cash flows are based on current collateral performance with prepayment rates and loss projections reflective of current economic conditions of housing price change, unemployment rates, interest rates, borrower attributes and other market indicators. | ||||||||||||||||||||||||||||||||||
Alt-A mortgage securities that are valued using these methods are generally classified as Level 2. However, Alt-A mortgage securities backed by Alt-A mortgages of lower quality or subordinated tranches in the capital structure are mostly classified as Level 3 due to the reduced liquidity that exists for such positions, which reduces the reliability of prices available from independent sources. | ||||||||||||||||||||||||||||||||||
Items Measured at Fair Value on a Recurring Basis | ||||||||||||||||||||||||||||||||||
The following tables present for each of the fair value hierarchy levels the Company’s assets and liabilities that are measured at fair value on a recurring basis at March 31, 2015 and December 31, 2014. The Company’s hedging of positions that have been classified in the Level 3 category is not limited to other financial instruments (hedging instruments) that have been classified as Level 3, but also instruments classified as Level 1 or Level 2 of the fair value hierarchy. The effects of these hedges are presented gross in the following tables. | ||||||||||||||||||||||||||||||||||
Fair Value Levels | ||||||||||||||||||||||||||||||||||
In millions of dollars at March 31, 2015 | Level 1(1) | Level 2(1) | Level 3 | Gross | Netting(2) | Net | ||||||||||||||||||||||||||||
inventory | balance | |||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | — | $ | 174,440 | $ | 4,022 | $ | 178,462 | $ | (42,568 | ) | $ | 135,894 | |||||||||||||||||||||
Trading non-derivative assets | ||||||||||||||||||||||||||||||||||
Trading mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | — | $ | 25,230 | $ | 818 | $ | 26,048 | $ | — | $ | 26,048 | ||||||||||||||||||||||
Residential | — | 2,174 | 2,130 | 4,304 | — | 4,304 | ||||||||||||||||||||||||||||
Commercial | — | 3,233 | 599 | 3,832 | — | 3,832 | ||||||||||||||||||||||||||||
Total trading mortgage-backed securities | $ | — | $ | 30,637 | $ | 3,547 | $ | 34,184 | $ | — | $ | 34,184 | ||||||||||||||||||||||
U.S. Treasury and federal agency securities | $ | 19,680 | $ | 3,928 | $ | — | $ | 23,608 | $ | — | $ | 23,608 | ||||||||||||||||||||||
State and municipal | — | 3,549 | 247 | 3,796 | — | 3,796 | ||||||||||||||||||||||||||||
Foreign government | 41,548 | 27,754 | 115 | 69,417 | — | 69,417 | ||||||||||||||||||||||||||||
Corporate | 595 | 23,801 | 767 | 25,163 | — | 25,163 | ||||||||||||||||||||||||||||
Equity securities | 50,782 | 4,156 | 2,598 | 57,536 | — | 57,536 | ||||||||||||||||||||||||||||
Asset-backed securities | — | 1,230 | 3,553 | 4,783 | — | 4,783 | ||||||||||||||||||||||||||||
Other trading assets | — | 8,522 | 4,393 | 12,915 | — | 12,915 | ||||||||||||||||||||||||||||
Total trading non-derivative assets | $ | 112,605 | $ | 103,577 | $ | 15,220 | $ | 231,402 | $ | — | $ | 231,402 | ||||||||||||||||||||||
Trading derivatives | ||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 78 | $ | 636,186 | $ | 3,718 | $ | 639,982 | ||||||||||||||||||||||||||
Foreign exchange contracts | 1 | 174,759 | 1,509 | 176,269 | ||||||||||||||||||||||||||||||
Equity contracts | 2,502 | 19,719 | 2,054 | 24,275 | ||||||||||||||||||||||||||||||
Commodity contracts | 475 | 17,593 | 955 | 19,023 | ||||||||||||||||||||||||||||||
Credit derivatives | — | 35,689 | 2,534 | 38,223 | ||||||||||||||||||||||||||||||
Total trading derivatives | $ | 3,056 | $ | 883,946 | $ | 10,770 | $ | 897,772 | ||||||||||||||||||||||||||
Cash collateral paid (3) | $ | 7,270 | ||||||||||||||||||||||||||||||||
Netting agreements | $ | (779,613 | ) | |||||||||||||||||||||||||||||||
Netting of cash collateral received | (53,848 | ) | ||||||||||||||||||||||||||||||||
Total trading derivatives | $ | 3,056 | $ | 883,946 | $ | 10,770 | $ | 905,042 | $ | (833,461 | ) | $ | 71,581 | |||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | — | $ | 39,014 | $ | 70 | $ | 39,084 | $ | — | $ | 39,084 | ||||||||||||||||||||||
Residential | — | 7,266 | 10 | 7,276 | — | 7,276 | ||||||||||||||||||||||||||||
Commercial | — | 505 | 2 | 507 | — | 507 | ||||||||||||||||||||||||||||
Total investment mortgage-backed securities | $ | — | $ | 46,785 | $ | 82 | $ | 46,867 | $ | — | $ | 46,867 | ||||||||||||||||||||||
U.S. Treasury and federal agency securities | $ | 112,018 | $ | 9,336 | $ | 5 | $ | 121,359 | $ | — | $ | 121,359 | ||||||||||||||||||||||
State and municipal | $ | — | $ | 9,998 | $ | 2,247 | $ | 12,245 | $ | — | $ | 12,245 | ||||||||||||||||||||||
Foreign government | 36,262 | 50,222 | 575 | 87,059 | — | 87,059 | ||||||||||||||||||||||||||||
Corporate | 1,842 | 12,128 | 584 | 14,554 | — | 14,554 | ||||||||||||||||||||||||||||
Equity securities | 407 | 64 | 519 | 990 | — | 990 | ||||||||||||||||||||||||||||
Asset-backed securities | — | 10,987 | 517 | 11,504 | — | 11,504 | ||||||||||||||||||||||||||||
Other debt securities | — | 661 | — | 661 | — | 661 | ||||||||||||||||||||||||||||
Non-marketable equity securities | — | 285 | 2,285 | 2,570 | — | 2,570 | ||||||||||||||||||||||||||||
Total investments | $ | 150,529 | $ | 140,466 | $ | 6,814 | $ | 297,809 | $ | — | $ | 297,809 | ||||||||||||||||||||||
In millions of dollars at March 31, 2015 | Level 1(1) | Level 2(1) | Level 3 | Gross | Netting(2) | Net | ||||||||||||||||||||||||||||
inventory | balance | |||||||||||||||||||||||||||||||||
Loans(4) | $ | — | $ | 2,669 | $ | 3,906 | $ | 6,575 | $ | — | $ | 6,575 | ||||||||||||||||||||||
Mortgage servicing rights | — | — | 1,685 | 1,685 | — | 1,685 | ||||||||||||||||||||||||||||
Non-trading derivatives and other financial assets measured on a recurring basis, gross | $ | 194 | $ | 10,715 | $ | 148 | $ | 11,057 | ||||||||||||||||||||||||||
Cash collateral paid | 29 | |||||||||||||||||||||||||||||||||
Netting of cash collateral received | $ | (2,150 | ) | |||||||||||||||||||||||||||||||
Non-trading derivatives and other financial assets measured on a recurring basis(8) | $ | 194 | $ | 10,715 | $ | 148 | $ | 11,086 | $ | (2,150 | ) | $ | 8,936 | |||||||||||||||||||||
Total assets | $ | 266,384 | $ | 1,315,813 | $ | 42,565 | $ | 1,632,061 | $ | (878,179 | ) | $ | 753,882 | |||||||||||||||||||||
Total as a percentage of gross assets(5) | 16.4 | % | 81 | % | 2.6 | % | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | — | $ | 1,185 | $ | 465 | $ | 1,650 | $ | — | $ | 1,650 | ||||||||||||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | — | 75,733 | 1,060 | 76,793 | (42,568 | ) | 34,225 | |||||||||||||||||||||||||||
Trading account liabilities | ||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | 50,368 | 14,652 | 223 | 65,243 | — | 65,243 | ||||||||||||||||||||||||||||
Trading derivatives | ||||||||||||||||||||||||||||||||||
Interest rate contracts | 57 | 618,464 | 4,052 | 622,573 | ||||||||||||||||||||||||||||||
Foreign exchange contracts | 5 | 179,226 | 863 | 180,094 | ||||||||||||||||||||||||||||||
Equity contracts | 2,718 | 27,084 | 2,828 | 32,630 | ||||||||||||||||||||||||||||||
Commodity contracts | 515 | 20,820 | 2,684 | 24,019 | ||||||||||||||||||||||||||||||
Credit derivatives | — | 35,189 | 3,197 | 38,386 | ||||||||||||||||||||||||||||||
Total trading derivatives | $ | 3,295 | $ | 880,783 | $ | 13,624 | $ | 897,702 | ||||||||||||||||||||||||||
Cash collateral received(6) | $ | 10,398 | ||||||||||||||||||||||||||||||||
Netting agreements | $ | (779,613 | ) | |||||||||||||||||||||||||||||||
Netting of cash collateral paid | (51,292 | ) | ||||||||||||||||||||||||||||||||
Total trading derivatives | $ | 3,295 | $ | 880,783 | $ | 13,624 | $ | 908,100 | $ | (830,905 | ) | $ | 77,195 | |||||||||||||||||||||
Short-term borrowings | $ | — | $ | 806 | $ | 120 | $ | 926 | $ | — | $ | 926 | ||||||||||||||||||||||
Long-term debt | — | 18,213 | 7,196 | 25,409 | — | 25,409 | ||||||||||||||||||||||||||||
Non-trading derivatives and other financial liabilities measured on a recurring basis, gross | $ | — | $ | 1,960 | $ | 8 | $ | 1,968 | ||||||||||||||||||||||||||
Cash collateral received(7) | 56 | |||||||||||||||||||||||||||||||||
Total non-trading derivatives and other financial liabilities measured on a recurring basis | $ | — | $ | 1,960 | $ | 8 | $ | 2,024 | $ | — | $ | 2,024 | ||||||||||||||||||||||
Total liabilities | $ | 53,663 | $ | 993,332 | $ | 22,696 | $ | 1,080,145 | $ | (873,473 | ) | $ | 206,672 | |||||||||||||||||||||
Total as a percentage of gross liabilities(5) | 5 | % | 92.9 | % | 2.1 | % | ||||||||||||||||||||||||||||
-1 | For the three months ended March 31, 2015, the Company transferred assets of approximately $0.6 billion from Level 1 to Level 2, primarily related to foreign government securities not traded in active markets. During the three months ended March 31, 2015, the Company transferred assets of approximately $1.8 billion from Level 2 to Level 1, primarily related to foreign government bonds and equity securities traded with sufficient frequency to constitute a liquid market. During the three months ended March 31, 2015, the Company transferred liabilities of approximately $0.2 billion from Level 2 to Level 1 and there were no material transfers of liabilities from Level 1 to Level 2. | |||||||||||||||||||||||||||||||||
-2 | 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. | |||||||||||||||||||||||||||||||||
-3 | Reflects the net amount of $58,562 million of gross cash collateral paid, of which $51,292 million was used to offset derivative liabilities. | |||||||||||||||||||||||||||||||||
-4 | There is no allowance for loan losses recorded for loans reported at fair value. | |||||||||||||||||||||||||||||||||
-5 | 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. | |||||||||||||||||||||||||||||||||
-6 | Reflects the net amount of $64,246 million of gross cash collateral received, of which $53,848 million was used to offset derivative assets. | |||||||||||||||||||||||||||||||||
-7 | Reflects the net amount of $2,206 million of gross cash collateral received, of which $2,150 million was used to offset non-trading derivative assets. | |||||||||||||||||||||||||||||||||
-8 | Includes assets transferred as a result of the announced sale of OneMain Financial. For additional information see Note 2 to the Consolidated Financial Statements. | |||||||||||||||||||||||||||||||||
Fair Value Levels | ||||||||||||||||||||||||||||||||||
In millions of dollars at December 31, 2014 | Level 1(1) | Level 2(1) | Level 3 | Gross | Netting(2) | Net | ||||||||||||||||||||||||||||
inventory | balance | |||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | — | $ | 187,922 | $ | 3,398 | $ | 191,320 | $ | (47,129 | ) | $ | 144,191 | |||||||||||||||||||||
Trading non-derivative assets | ||||||||||||||||||||||||||||||||||
Trading mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | — | 25,968 | 1,085 | 27,053 | — | 27,053 | ||||||||||||||||||||||||||||
Residential | — | 2,158 | 2,680 | 4,838 | — | 4,838 | ||||||||||||||||||||||||||||
Commercial | — | 3,903 | 440 | 4,343 | — | 4,343 | ||||||||||||||||||||||||||||
Total trading mortgage-backed securities | $ | — | $ | 32,029 | $ | 4,205 | $ | 36,234 | $ | — | $ | 36,234 | ||||||||||||||||||||||
U.S. Treasury and federal agency securities | $ | 15,991 | $ | 4,483 | $ | — | $ | 20,474 | $ | — | $ | 20,474 | ||||||||||||||||||||||
State and municipal | — | 3,161 | 241 | 3,402 | — | 3,402 | ||||||||||||||||||||||||||||
Foreign government | 37,995 | 26,736 | 206 | 64,937 | — | 64,937 | ||||||||||||||||||||||||||||
Corporate | 1,337 | 25,640 | 820 | 27,797 | — | 27,797 | ||||||||||||||||||||||||||||
Equity securities | 51,346 | 4,281 | 2,219 | 57,846 | — | 57,846 | ||||||||||||||||||||||||||||
Asset-backed securities | — | 1,252 | 3,294 | 4,546 | — | 4,546 | ||||||||||||||||||||||||||||
Other trading assets | — | 9,221 | 4,372 | 13,593 | — | 13,593 | ||||||||||||||||||||||||||||
Total trading non-derivative assets | $ | 106,669 | $ | 106,803 | $ | 15,357 | $ | 228,829 | $ | — | $ | 228,829 | ||||||||||||||||||||||
Trading derivatives | ||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 74 | $ | 634,318 | $ | 4,061 | $ | 638,453 | ||||||||||||||||||||||||||
Foreign exchange contracts | — | 154,744 | 1,250 | 155,994 | ||||||||||||||||||||||||||||||
Equity contracts | 2,748 | 19,969 | 2,035 | 24,752 | ||||||||||||||||||||||||||||||
Commodity contracts | 647 | 21,850 | 1,023 | 23,520 | ||||||||||||||||||||||||||||||
Credit derivatives | — | 40,618 | 2,900 | 43,518 | ||||||||||||||||||||||||||||||
Total trading derivatives | $ | 3,469 | $ | 871,499 | $ | 11,269 | $ | 886,237 | ||||||||||||||||||||||||||
Cash collateral paid(3) | $ | 6,523 | ||||||||||||||||||||||||||||||||
Netting agreements | $ | (777,178 | ) | |||||||||||||||||||||||||||||||
Netting of cash collateral received(6) | (47,625 | ) | ||||||||||||||||||||||||||||||||
Total trading derivatives | $ | 3,469 | $ | 871,499 | $ | 11,269 | $ | 892,760 | $ | (824,803 | ) | $ | 67,957 | |||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | — | $ | 36,053 | $ | 38 | $ | 36,091 | $ | — | $ | 36,091 | ||||||||||||||||||||||
Residential | — | 8,355 | 8 | 8,363 | — | 8,363 | ||||||||||||||||||||||||||||
Commercial | — | 553 | 1 | 554 | — | 554 | ||||||||||||||||||||||||||||
Total investment mortgage-backed securities | $ | — | $ | 44,961 | $ | 47 | $ | 45,008 | $ | — | $ | 45,008 | ||||||||||||||||||||||
U.S. Treasury and federal agency securities | $ | 110,710 | $ | 12,974 | $ | 6 | $ | 123,690 | $ | — | $ | 123,690 | ||||||||||||||||||||||
State and municipal | $ | — | $ | 10,519 | $ | 2,180 | $ | 12,699 | $ | — | $ | 12,699 | ||||||||||||||||||||||
Foreign government | 37,280 | 52,739 | 678 | 90,697 | — | 90,697 | ||||||||||||||||||||||||||||
Corporate | 1,739 | 9,746 | 672 | 12,157 | — | 12,157 | ||||||||||||||||||||||||||||
Equity securities | 1,770 | 274 | 681 | 2,725 | — | 2,725 | ||||||||||||||||||||||||||||
Asset-backed securities | — | 11,957 | 549 | 12,506 | — | 12,506 | ||||||||||||||||||||||||||||
Other debt securities | — | 661 | — | 661 | — | 661 | ||||||||||||||||||||||||||||
Non-marketable equity securities | — | 233 | 2,525 | 2,758 | — | 2,758 | ||||||||||||||||||||||||||||
Total investments | $ | 151,499 | $ | 144,064 | $ | 7,338 | $ | 302,901 | $ | — | $ | 302,901 | ||||||||||||||||||||||
In millions of dollars at December 31, 2014 | Level 1(1) | Level 2(1) | Level 3 | Gross | Netting(2) | Net | ||||||||||||||||||||||||||||
inventory | balance | |||||||||||||||||||||||||||||||||
Loans(4) | $ | — | $ | 2,793 | $ | 3,108 | $ | 5,901 | $ | — | $ | 5,901 | ||||||||||||||||||||||
Mortgage servicing rights | — | — | 1,845 | 1,845 | — | 1,845 | ||||||||||||||||||||||||||||
Non-trading derivatives and other financial assets measured on a recurring basis, gross | $ | — | $ | 9,352 | $ | 78 | $ | 9,430 | ||||||||||||||||||||||||||
Cash collateral paid(5) | 123 | |||||||||||||||||||||||||||||||||
Netting of cash collateral received(7) | $ | (1,791 | ) | |||||||||||||||||||||||||||||||
Non-trading derivatives and other financial assets measured on a recurring basis | $ | — | $ | 9,352 | $ | 78 | $ | 9,553 | $ | (1,791 | ) | $ | 7,762 | |||||||||||||||||||||
Total assets | $ | 261,637 | $ | 1,322,433 | $ | 42,393 | $ | 1,633,109 | $ | (873,723 | ) | $ | 759,386 | |||||||||||||||||||||
Total as a percentage of gross assets(5) | 16.1 | % | 81.3 | % | 2.6 | % | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | — | $ | 1,198 | $ | 486 | $ | 1,684 | $ | — | $ | 1,684 | ||||||||||||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | — | 82,811 | 1,043 | 83,854 | (47,129 | ) | 36,725 | |||||||||||||||||||||||||||
Trading account liabilities | ||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | 59,463 | 11,057 | 424 | 70,944 | — | 70,944 | ||||||||||||||||||||||||||||
Trading account derivatives | ||||||||||||||||||||||||||||||||||
Interest rate contracts | 77 | 617,933 | 4,272 | 622,282 | ||||||||||||||||||||||||||||||
Foreign exchange contracts | — | 158,354 | 472 | 158,826 | ||||||||||||||||||||||||||||||
Equity contracts | 2,955 | 26,616 | 2,898 | 32,469 | ||||||||||||||||||||||||||||||
Commodity contracts | 669 | 22,872 | 2,645 | 26,186 | ||||||||||||||||||||||||||||||
Credit derivatives | — | 39,787 | 3,643 | 43,430 | ||||||||||||||||||||||||||||||
Total trading derivatives | $ | 3,701 | $ | 865,562 | $ | 13,930 | $ | 883,193 | ||||||||||||||||||||||||||
Cash collateral received(7) | $ | 9,846 | ||||||||||||||||||||||||||||||||
Netting agreements | $ | (777,178 | ) | |||||||||||||||||||||||||||||||
Netting of cash collateral paid(3) | (47,769 | ) | ||||||||||||||||||||||||||||||||
Total trading derivatives | $ | 3,701 | $ | 865,562 | $ | 13,930 | $ | 893,039 | $ | (824,947 | ) | $ | 68,092 | |||||||||||||||||||||
Short-term borrowings | $ | — | $ | 1,152 | $ | 344 | $ | 1,496 | $ | — | $ | 1,496 | ||||||||||||||||||||||
Long-term debt | — | 18,890 | 7,290 | 26,180 | — | 26,180 | ||||||||||||||||||||||||||||
Non-trading derivatives and other financial liabilities measured on a recurring basis, gross | $ | — | $ | 1,777 | $ | 7 | $ | 1,784 | ||||||||||||||||||||||||||
Cash collateral received(8) | $ | 7 | ||||||||||||||||||||||||||||||||
Netting of cash collateral paid(5) | (15 | ) | ||||||||||||||||||||||||||||||||
Non-trading derivatives and other financial liabilities measured on a recurring basis | — | 1,777 | 7 | 1,791 | (15 | ) | 1,776 | |||||||||||||||||||||||||||
Total liabilities | $ | 63,164 | $ | 982,447 | $ | 23,524 | $ | 1,078,988 | $ | (872,091 | ) | $ | 206,897 | |||||||||||||||||||||
Total as a percentage of gross liabilities(6) | 5.9 | % | 91.9 | % | 2.2 | % | ||||||||||||||||||||||||||||
-1 | For the year ended December 31, 2014, the Company transferred assets of approximately $4.1 billion from Level 1 to Level 2, primarily related to foreign government securities not traded with sufficient frequency to constitute an active market and Citi refining its methodology for certain equity contracts to reflect the prevalence of off-exchange trading. During the year ended December 31, 2014, the Company transferred assets of approximately $4.2 billion from Level 2 to Level 1, primarily related to foreign government bonds traded with sufficient frequency to constitute a liquid market. During the year ended December 31, 2014, the Company transferred liabilities of approximately $1.4 billion from Level 1 to Level 2, as Citi refined its methodology for certain equity contracts to reflect the prevalence of off-exchange trading. During the year ended December 31, 2014, there were no material liability transfers from Level 2 to Level 1. | |||||||||||||||||||||||||||||||||
-2 | 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. | |||||||||||||||||||||||||||||||||
-3 | Reflects the net amount of $54,292 million of gross cash collateral paid, of which $47,769 million was used to offset derivative liabilities. | |||||||||||||||||||||||||||||||||
-4 | There is no allowance for loan losses recorded for loans reported at fair value. | |||||||||||||||||||||||||||||||||
-5 | Reflects the net amount of $138 million of gross cash collateral paid, of which $15 million was used to offset non-trading derivative liabilities. | |||||||||||||||||||||||||||||||||
-6 | 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. | |||||||||||||||||||||||||||||||||
-7 | Reflects the net amount of $57,471 million of gross cash collateral received, of which $47,625 million was used to offset derivative assets. | |||||||||||||||||||||||||||||||||
-8 | Reflects the net amount of $1,798 million of gross cash collateral received, of which $1,791 million was used to offset derivative assets. | |||||||||||||||||||||||||||||||||
Changes in Level 3 Fair Value Category | ||||||||||||||||||||||||||||||||||
The following tables present the changes in the Level 3 fair value category for the three months ended March 31, 2015 and 2014. As discussed above, the Company classifies financial instruments as Level 3 of the fair value hierarchy when there is reliance on at least one significant unobservable input to the valuation model. In addition to these unobservable inputs, the valuation models for Level 3 financial instruments typically also rely on a number of inputs that are readily observable either directly or indirectly. The gains and losses presented below include changes in the fair value related to both observable and unobservable inputs. | ||||||||||||||||||||||||||||||||||
The Company often hedges positions with offsetting positions that are classified in a different level. For example, the gains and losses for assets and liabilities in the Level 3 category presented in the tables below do not reflect the effect of offsetting losses and gains on hedging instruments that have been classified by the Company in the Level 1 and Level 2 categories. In addition, the Company hedges items classified in the Level 3 category with instruments also classified in Level 3 of the fair value hierarchy. The effects of these hedges are presented gross in the following tables. | ||||||||||||||||||||||||||||||||||
Level 3 Fair Value Rollforward | ||||||||||||||||||||||||||||||||||
Net realized/unrealized | Transfers | Unrealized | ||||||||||||||||||||||||||||||||
gains (losses) incl. in | gains | |||||||||||||||||||||||||||||||||
(losses) | ||||||||||||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2014 | Principal | Other(1)(2) | into | out of | Purchases | Issuances | Sales | Settlements | Mar. 31, 2015 | still held(3) | |||||||||||||||||||||||
transactions | Level 3 | Level 3 | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | 3,398 | $ | (40 | ) | $ | — | $ | — | $ | (100 | ) | $ | 764 | $ | — | $ | — | $ | — | $ | 4,022 | $ | 71 | ||||||||||
Trading non-derivative assets | ||||||||||||||||||||||||||||||||||
Trading mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | 1,085 | 3 | — | 294 | (510 | ) | 167 | — | (221 | ) | — | 818 | (2 | ) | ||||||||||||||||||||
Residential | 2,680 | 77 | — | 45 | (216 | ) | 498 | — | (954 | ) | — | 2,130 | (106 | ) | ||||||||||||||||||||
Commercial | 440 | 15 | — | 88 | (13 | ) | 320 | — | (251 | ) | — | 599 | (4 | ) | ||||||||||||||||||||
Total trading mortgage-backed securities | $ | 4,205 | $ | 95 | $ | — | $ | 427 | $ | (739 | ) | $ | 985 | $ | — | $ | (1,426 | ) | $ | — | $ | 3,547 | $ | (112 | ) | |||||||||
U.S. Treasury and federal agency securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
State and municipal | 241 | (8 | ) | — | 14 | (7 | ) | 9 | — | (2 | ) | — | 247 | (7 | ) | |||||||||||||||||||
Foreign government | 206 | (3 | ) | — | 27 | (92 | ) | 66 | — | (40 | ) | (49 | ) | 115 | 1 | |||||||||||||||||||
Corporate | 820 | 76 | — | 13 | (59 | ) | 347 | — | (430 | ) | — | 767 | 32 | |||||||||||||||||||||
Equity securities | 2,219 | (21 | ) | — | 124 | (15 | ) | 382 | — | (91 | ) | — | 2,598 | 5 | ||||||||||||||||||||
Asset-backed securities | 3,294 | 127 | — | 65 | (34 | ) | 1,063 | — | (962 | ) | — | 3,553 | 194 | |||||||||||||||||||||
Other trading assets | 4,372 | (141 | ) | — | 210 | (392 | ) | 1,002 | 13 | (663 | ) | (8 | ) | 4,393 | (15 | ) | ||||||||||||||||||
Total trading non-derivative assets | $ | 15,357 | $ | 125 | $ | — | $ | 880 | $ | (1,338 | ) | $ | 3,854 | $ | 13 | $ | (3,614 | ) | $ | (57 | ) | $ | 15,220 | $ | 98 | |||||||||
Trading derivatives, net(4) | ||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | (211 | ) | $ | (70 | ) | $ | — | $ | (134 | ) | $ | 7 | $ | 6 | $ | — | $ | (3 | ) | $ | 71 | $ | (334 | ) | $ | (282 | ) | ||||||
Foreign exchange contracts | 778 | (301 | ) | — | 41 | 4 | 91 | — | (95 | ) | 128 | 646 | 174 | |||||||||||||||||||||
Equity contracts | (863 | ) | (29 | ) | — | (23 | ) | 101 | 89 | — | (65 | ) | 16 | (774 | ) | 110 | ||||||||||||||||||
Commodity contracts | (1,622 | ) | (334 | ) | — | 182 | 16 | — | — | — | 29 | (1,729 | ) | (263 | ) | |||||||||||||||||||
Credit derivatives | (743 | ) | (98 | ) | — | 82 | 53 | — | — | — | 43 | (663 | ) | (187 | ) | |||||||||||||||||||
Total trading derivatives, net(4) | $ | (2,661 | ) | $ | (832 | ) | $ | — | $ | 148 | $ | 181 | $ | 186 | $ | — | $ | (163 | ) | $ | 287 | $ | (2,854 | ) | $ | (448 | ) | |||||||
Net realized/unrealized | Transfers | Unrealized | ||||||||||||||||||||||||||||||||
gains (losses) incl. in | gains | |||||||||||||||||||||||||||||||||
(losses) | ||||||||||||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2014 | Principal | Other(1)(2) | into | out of | Purchases | Issuances | Sales | Settlements | Mar. 31, 2015 | still held(3) | |||||||||||||||||||||||
transactions | Level 3 | Level 3 | ||||||||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 38 | $ | — | $ | (1 | ) | $ | 45 | $ | (12 | ) | $ | — | $ | — | $ | — | $ | — | $ | 70 | $ | (2 | ) | |||||||||
Residential | 8 | — | 2 | — | — | — | — | — | — | 10 | 2 | |||||||||||||||||||||||
Commercial | 1 | — | — | 2 | (1 | ) | — | — | — | — | 2 | — | ||||||||||||||||||||||
Total investment mortgage-backed securities | $ | 47 | $ | — | $ | 1 | $ | 47 | $ | (13 | ) | $ | — | $ | — | $ | — | $ | — | $ | 82 | $ | — | |||||||||||
U.S. Treasury and federal agency securities | $ | 6 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (1 | ) | $ | — | $ | 5 | $ | — | |||||||||||
State and municipal | 2,180 | — | 32 | 105 | (139 | ) | 233 | — | (164 | ) | — | 2,247 | 13 | |||||||||||||||||||||
Foreign government | 678 | — | 51 | — | (105 | ) | 174 | — | (111 | ) | (112 | ) | 575 | (22 | ) | |||||||||||||||||||
Corporate | 672 | — | (26 | ) | 2 | (41 | ) | 14 | — | (4 | ) | (33 | ) | 584 | (20 | ) | ||||||||||||||||||
Equity securities | 681 | — | (88 | ) | 7 | (3 | ) | — | — | (78 | ) | — | 519 | (3 | ) | |||||||||||||||||||
Asset-backed securities | 549 | — | (40 | ) | — | (10 | ) | 19 | — | (1 | ) | — | 517 | (39 | ) | |||||||||||||||||||
Other debt securities | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Non-marketable equity securities | 2,525 | — | 22 | — | (1 | ) | 1 | — | — | (262 | ) | 2,285 | 25 | |||||||||||||||||||||
Total investments | $ | 7,338 | $ | — | $ | (48 | ) | $ | 161 | $ | (312 | ) | $ | 441 | $ | — | $ | (359 | ) | $ | (407 | ) | $ | 6,814 | $ | (46 | ) | |||||||
Loans | $ | 3,108 | $ | — | $ | (54 | ) | $ | 689 | $ | — | $ | 209 | $ | 321 | $ | (97 | ) | $ | (270 | ) | $ | 3,906 | $ | (4 | ) | ||||||||
Mortgage servicing rights | 1,845 | — | (77 | ) | — | — | — | 43 | (32 | ) | (94 | ) | 1,685 | (77 | ) | |||||||||||||||||||
Other financial assets measured on a recurring basis | 78 | — | 6 | 66 | (2 | ) | 3 | 60 | (5 | ) | (58 | ) | 148 | (33 | ) | |||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 486 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (21 | ) | $ | 465 | $ | 2 | |||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 1,043 | (52 | ) | — | — | — | — | — | 1 | (36 | ) | 1,060 | (11 | ) | ||||||||||||||||||||
Trading account liabilities | ||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | 424 | (10 | ) | — | 92 | (43 | ) | — | — | 70 | (330 | ) | 223 | (29 | ) | |||||||||||||||||||
Short-term borrowings | 344 | (7 | ) | — | 1 | (12 | ) | — | 16 | — | (236 | ) | 120 | (21 | ) | |||||||||||||||||||
Long-term debt | 7,290 | 286 | — | 712 | (947 | ) | — | 949 | — | (522 | ) | 7,196 | (193 | ) | ||||||||||||||||||||
Other financial liabilities measured on a recurring basis | 7 | — | (3 | ) | — | — | (1 | ) | — | — | (1 | ) | 8 | (1 | ) | |||||||||||||||||||
-1 | Changes in fair value for available-for-sale investments are recorded in Accumulated other comprehensive income (loss), unless related to other-than-temporary impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments on the Consolidated Statement of Income. | |||||||||||||||||||||||||||||||||
-2 | Unrealized gains (losses) on MSRs are recorded in Other revenue on the Consolidated Statement of Income. | |||||||||||||||||||||||||||||||||
-3 | Represents the amount of total gains or losses for the period, included in earnings (and Accumulated other comprehensive income (loss) for changes in fair value of available-for-sale investments), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at March 31, 2015. | |||||||||||||||||||||||||||||||||
-4 | Total Level 3 derivative assets and liabilities have been netted in these tables for presentation purposes only. | |||||||||||||||||||||||||||||||||
Net realized/unrealized | Transfers | Unrealized | ||||||||||||||||||||||||||||||||
gains (losses) incl. in | gains | |||||||||||||||||||||||||||||||||
(losses) | ||||||||||||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2013 | Principal | Other(1)(2) | into | out of | Purchases | Issuances | Sales | Settlements | Mar. 31, 2014 | still held(3) | |||||||||||||||||||||||
transactions | Level 3 | Level 3 | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | 3,566 | $ | (1 | ) | $ | — | $ | 51 | $ | — | $ | — | $ | — | $ | — | $ | (165 | ) | $ | 3,451 | $ | (1 | ) | |||||||||
Trading non-derivative assets | ||||||||||||||||||||||||||||||||||
Trading mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | 1,094 | 81 | — | 179 | (385 | ) | 154 | 3 | (321 | ) | (17 | ) | 788 | 10 | ||||||||||||||||||||
Residential | 2,854 | 157 | — | 74 | (153 | ) | 976 | — | (1,164 | ) | — | 2,744 | 41 | |||||||||||||||||||||
Commercial | 256 | 5 | — | 35 | (24 | ) | 32 | — | (63 | ) | — | 241 | 5 | |||||||||||||||||||||
Total trading mortgage-backed securities | $ | 4,204 | $ | 243 | $ | — | $ | 288 | $ | (562 | ) | $ | 1,162 | $ | 3 | $ | (1,548 | ) | $ | (17 | ) | $ | 3,773 | $ | 56 | |||||||||
U.S. Treasury and federal agency securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
State and municipal | 222 | 2 | — | 11 | (104 | ) | 9 | — | (19 | ) | — | 121 | 3 | |||||||||||||||||||||
Foreign government | 416 | (6 | ) | — | 49 | (85 | ) | 138 | — | (139 | ) | — | 373 | (5 | ) | |||||||||||||||||||
Corporate | 1,835 | 27 | — | 187 | (145 | ) | 592 | — | (828 | ) | (3 | ) | 1,665 | (30 | ) | |||||||||||||||||||
Equity securities | 1,057 | (171 | ) | — | 35 | (5 | ) | 532 | — | (63 | ) | — | 1,385 | 267 | ||||||||||||||||||||
Asset-backed securities | 4,342 | 269 | — | 33 | (175 | ) | 943 | — | (1,971 | ) | — | 3,441 | 164 | |||||||||||||||||||||
Other trading assets | 3,184 | 23 | — | 575 | (464 | ) | 1,064 | — | (864 | ) | (66 | ) | 3,452 | 21 | ||||||||||||||||||||
Total trading non-derivative assets | $ | 15,260 | $ | 387 | $ | — | $ | 1,178 | $ | (1,540 | ) | $ | 4,440 | $ | 3 | $ | (5,432 | ) | $ | (86 | ) | $ | 14,210 | $ | 476 | |||||||||
Trading derivatives, net(4) | ||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 839 | $ | (348 | ) | $ | — | $ | 36 | $ | 9 | $ | 18 | $ | — | $ | (46 | ) | $ | (275 | ) | $ | 233 | $ | (367 | ) | ||||||||
Foreign exchange contracts | 695 | 138 | — | (11 | ) | 19 | 1 | — | — | (13 | ) | 829 | 211 | |||||||||||||||||||||
Equity contracts | (858 | ) | 152 | — | (518 | ) | 52 | 150 | — | (94 | ) | (120 | ) | (1,236 | ) | (225 | ) | |||||||||||||||||
Commodity contracts | (1,393 | ) | 75 | — | 30 | 31 | — | — | — | (72 | ) | (1,329 | ) | 67 | ||||||||||||||||||||
Credit derivatives | (274 | ) | (63 | ) | — | (61 | ) | (30 | ) | 1 | — | (3 | ) | 173 | (257 | ) | (234 | ) | ||||||||||||||||
Total trading derivatives, net(4) | $ | (991 | ) | $ | (46 | ) | $ | — | $ | (524 | ) | $ | 81 | $ | 170 | $ | — | $ | (143 | ) | $ | (307 | ) | $ | (1,760 | ) | $ | (548 | ) | |||||
Investments | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 187 | $ | — | $ | 48 | $ | 24 | $ | (37 | ) | $ | 17 | $ | — | $ | (39 | ) | $ | (1 | ) | $ | 199 | $ | — | |||||||||
Residential | 102 | — | 23 | 13 | — | 17 | — | (125 | ) | — | 30 | 2 | ||||||||||||||||||||||
Commercial | — | — | — | 1 | — | — | — | — | — | 1 | — | |||||||||||||||||||||||
Total investment mortgage-backed securities | $ | 289 | $ | — | $ | 71 | $ | 38 | $ | (37 | ) | $ | 34 | $ | — | $ | (164 | ) | $ | (1 | ) | $ | 230 | $ | 2 | |||||||||
U.S. Treasury and federal agency securities | $ | 8 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (1 | ) | $ | — | $ | 7 | $ | — | |||||||||||
State and municipal | 1,643 | — | 36 | 254 | (285 | ) | 373 | — | (118 | ) | — | 1,903 | 26 | |||||||||||||||||||||
Foreign government | 344 | — | 2 | 22 | (42 | ) | 49 | — | (78 | ) | (23 | ) | 274 | (4 | ) | |||||||||||||||||||
Corporate | 285 | — | (1 | ) | 2 | (1 | ) | 247 | — | (1 | ) | — | 531 | (2 | ) | |||||||||||||||||||
Equity securities | 815 | — | 16 | 6 | — | 1 | — | (7 | ) | — | 831 | (4 | ) | |||||||||||||||||||||
Asset-backed securities | 1,960 | — | 8 | — | (42 | ) | 48 | — | (97 | ) | — | 1,877 | 1 | |||||||||||||||||||||
Other debt securities | 50 | — | (1 | ) | — | — | 50 | — | — | — | 99 | — | ||||||||||||||||||||||
Non-marketable equity securities | 4,347 | — | 49 | 67 | — | 252 | — | (83 | ) | (524 | ) | 4,108 | 1 | |||||||||||||||||||||
Total investments | $ | 9,741 | $ | — | $ | 180 | $ | 389 | $ | (407 | ) | $ | 1,054 | $ | — | $ | (549 | ) | $ | (548 | ) | $ | 9,860 | $ | 20 | |||||||||
Net realized/unrealized | Transfers | Unrealized | ||||||||||||||||||||||||||||||||
gains (losses) incl. in | gains | |||||||||||||||||||||||||||||||||
(losses) | ||||||||||||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2013 | Principal | Other(1)(2) | into | out of | Purchases | Issuances | Sales | Settlements | Mar. 31, 2014 | still held(3) | |||||||||||||||||||||||
transactions | Level 3 | Level 3 | ||||||||||||||||||||||||||||||||
Loans | $ | 4,143 | $ | — | $ | (28 | ) | $ | — | $ | — | $ | 153 | $ | 50 | $ | (79 | ) | $ | (97 | ) | $ | 4,142 | $ | (108 | ) | ||||||||
Mortgage servicing rights | 2,718 | — | (114 | ) | — | — | — | 50 | 28 | (96 | ) | 2,586 | (115 | ) | ||||||||||||||||||||
Other financial assets measured on a recurring basis | 181 | — | (2 | ) | — | — | — | 36 | (4 | ) | (32 | ) | 179 | (4 | ) | |||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 890 | $ | — | $ | (70 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (25 | ) | $ | 935 | $ | (19 | ) | |||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 902 | (7 | ) | — | — | — | 31 | — | — | — | 940 | (9 | ) | |||||||||||||||||||||
Trading account liabilities | ||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | 590 | 10 | — | 18 | (29 | ) | — | — | 150 | (237 | ) | 482 | (13 | ) | ||||||||||||||||||||
Short-term borrowings | 29 | (17 | ) | — | — | — | — | 1 | — | (20 | ) | 27 | — | |||||||||||||||||||||
Long-term debt | 7,621 | (284 | ) | 25 | 959 | (854 | ) | — | 940 | — | (279 | ) | 8,646 | (118 | ) | |||||||||||||||||||
Other financial liabilities measured on a recurring basis | 10 | — | — | — | — | — | 1 | (3 | ) | (5 | ) | 3 | (1 | ) | ||||||||||||||||||||
-1 | Changes in fair value for available-for-sale investments are recorded in Accumulated other comprehensive income (loss), unless related to other-than-temporary impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments on the Consolidated Statement of Income. | |||||||||||||||||||||||||||||||||
-2 | Unrealized gains (losses) on MSRs are recorded in Other revenue on the Consolidated Statement of Income. | |||||||||||||||||||||||||||||||||
-3 | Represents the amount of total gains or losses for the period, included in earnings (and Accumulated other comprehensive income (loss) for changes in fair value of available-for-sale investments), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at March 31, 2014. | |||||||||||||||||||||||||||||||||
-4 | Total Level 3 derivative assets and liabilities have been netted in these tables for presentation purposes only. | |||||||||||||||||||||||||||||||||
Level 3 Fair Value Rollforward | ||||||||||||||||||||||||||||||||||
There were no significant Level 3 transfers for the period from December 31, 2014 to March 31, 2015 as well as for the period from December 31, 2013 to March 31, 2014. | ||||||||||||||||||||||||||||||||||
Valuation Techniques and Inputs for Level 3 Fair Value Measurements | ||||||||||||||||||||||||||||||||||
The Company’s Level 3 inventory consists of both cash securities and derivatives of varying complexities. The valuation methodologies applied to measure the fair value of these positions include discounted cash flow analyses, internal models and comparative analysis. A position is classified within Level 3 of the fair value hierarchy when at least one input is unobservable and is considered significant to its valuation. The specific reason an input is deemed unobservable varies. For example, at least one significant input to the pricing model is not observable in the market, at least one significant input has been adjusted to make it more representative of the position being valued, or the price quote available does not reflect sufficient trading activities. | ||||||||||||||||||||||||||||||||||
The following tables present the valuation techniques covering the majority of Level 3 inventory and the most significant unobservable inputs used in Level 3 fair value measurements as of March 31, 2015 and December 31, 2014. Differences between this table and amounts presented in the Level 3 Fair Value Rollforward table represent individually immaterial items that have been measured using a variety of valuation techniques other than those listed. | ||||||||||||||||||||||||||||||||||
Valuation Techniques and Inputs for Level 3 Fair Value Measurements | ||||||||||||||||||||||||||||||||||
As of March 31, 2015 | Fair Value(1) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted | ||||||||||||||||||||||||||||
(in millions) | Average(4) | |||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | 3,825 | Model-based | Interest rate | 1.09 | % | 1.58 | % | 1.56 | % | ||||||||||||||||||||||||
Credit - IR correlation | (24.00 | )% | (1.00 | )% | (9.71 | )% | ||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 2,388 | Price-based | Price | $ | 10 | $ | 110.21 | $ | 81.78 | ||||||||||||||||||||||||
1,138 | Yield analysis | Yield | 0.67 | % | 29.53 | % | 4.45 | % | ||||||||||||||||||||||||||
State and municipal, foreign government, corporate and other debt securities | $ | 5,997 | Price-based | Price | $ | — | $ | 147 | $ | 87.65 | ||||||||||||||||||||||||
1,530 | Cash flow | Credit spread | 25 bps | 600 bps | 278 bps | |||||||||||||||||||||||||||||
Equity securities(5) | $ | 2,539 | Price-based | Price (5) | $ | — | $ | 146.22 | $ | 91.88 | ||||||||||||||||||||||||
505 | Cash flow | Yield | 4 | % | 5 | % | 4.5 | % | ||||||||||||||||||||||||||
WAL | 0.01 years | 3.72 years | 1.07 years | |||||||||||||||||||||||||||||||
Asset-backed securities | $ | 3,669 | Price-based | Price | $ | 4.25 | $ | 100.35 | $ | 71.18 | ||||||||||||||||||||||||
Non-marketable equity | $ | 1,087 | Comparables analysis | Discount to price | — | % | 100 | % | 7.51 | % | ||||||||||||||||||||||||
1,073 | Price-based | EBITDA multiples | 2 | x | 12 | x | 9.91 | x | ||||||||||||||||||||||||||
PE ratio | 8.1 | x | 18.2 | x | 8.69 | x | ||||||||||||||||||||||||||||
Price-to-book ratio | 1.04 | x | 2.03 | x | 1.24 | x | ||||||||||||||||||||||||||||
Fund NAV(5) | $ | 1 | $ | 62,880,962 | $ | 28,520,572 | ||||||||||||||||||||||||||||
Derivatives—Gross(6) | ||||||||||||||||||||||||||||||||||
Interest rate contracts (gross) | $ | 7,674 | Model-based | Mean reversion | (7.94 | )% | 20 | % | 0.69 | % | ||||||||||||||||||||||||
Foreign exchange contracts (gross) | $ | 1,952 | Model-based | Foreign exchange (FX) volatility | 1.75 | % | 32.34 | % | 11.08 | % | ||||||||||||||||||||||||
323 | Cash flow | Yield | 0.22 | % | 12.3 | % | 3.39 | % | ||||||||||||||||||||||||||
Interest rate | 3.72 | % | 6 | % | 5.98 | % | ||||||||||||||||||||||||||||
Contingent event probability | 80 | % | 99 | % | 96 | % | ||||||||||||||||||||||||||||
Equity contracts (gross)(7) | $ | 4,550 | Model-based | Equity volatility | 10 | % | 76.62 | % | 25.89 | % | ||||||||||||||||||||||||
Forward price | 90.7 | % | 111.88 | % | 95.79 | % | ||||||||||||||||||||||||||||
Equity-FX correlation | (88.20 | )% | 50.9 | % | (38.70 | )% | ||||||||||||||||||||||||||||
Equity-equity correlation | (66.30 | )% | 94.5 | % | 34.8 | % | ||||||||||||||||||||||||||||
As of March 31, 2015 | Fair Value(1) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted | ||||||||||||||||||||||||||||
(in millions) | Average(4) | |||||||||||||||||||||||||||||||||
Commodity contracts (gross) | $ | 3,576 | Model-based | Commodity volatility | 5 | % | 60 | % | 20 | % | ||||||||||||||||||||||||
Commodity correlation | (52.00 | )% | 91 | % | 38 | % | ||||||||||||||||||||||||||||
Forward price | 34.02 | % | 242.86 | % | 98 | % | ||||||||||||||||||||||||||||
Credit derivatives (gross) | $ | 4,426 | Model-based | Recovery rate | 18.31 | % | 75 | % | 38.75 | % | ||||||||||||||||||||||||
1,299 | Price-based | Credit correlation | 5 | % | 95 | % | 50.7 | % | ||||||||||||||||||||||||||
Price | $ | 0.1 | $ | 147 | $ | 43.22 | ||||||||||||||||||||||||||||
Credit spread | 4 bps | 1,393 bps | 150 bps | |||||||||||||||||||||||||||||||
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross)(6) | $ | 81 | Model-based | Redemption rate | 13 | % | 99.5 | % | 67.2 | % | ||||||||||||||||||||||||
47 | Yield analysis | Yield | 1.33 | % | 5.78 | % | 3.32 | % | ||||||||||||||||||||||||||
25 | Price-based | |||||||||||||||||||||||||||||||||
Loans | $ | 1,780 | Cash flow | Yield | 1.6 | % | 4.5 | % | 2.23 | % | ||||||||||||||||||||||||
964 | Model-based | Credit spread | 39 bps | 600 bps | 223 bps | |||||||||||||||||||||||||||||
723 | Price-based | Appraised value | $433,676,137 | $433,676,137 | $433,676,137 | |||||||||||||||||||||||||||||
438 | Yield analysis | Price | $ | — | $ | 131.31 | $ | 63.6 | ||||||||||||||||||||||||||
Mortgage servicing rights | $ | 1,590 | Cash flow | Yield | 4.81 | % | 23.64 | % | 7.33 | % | ||||||||||||||||||||||||
WAL | 3.24 years | 7.45 years | 5.04 years | |||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 465 | Model-based | Equity-IR correlation | 34 | % | 37 | % | 35.43 | % | ||||||||||||||||||||||||
Commodity correlation | (52.00 | )% | 91 | % | 38 | % | ||||||||||||||||||||||||||||
Commodity volatility | 5 | % | 60 | % | 20 | % | ||||||||||||||||||||||||||||
Forward price | 34.02 | % | 242.86 | % | 98 | % | ||||||||||||||||||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | $ | 1,060 | Model-based | Interest rate | 0.87 | % | 2.01 | % | 1.72 | % | ||||||||||||||||||||||||
Trading account liabilities | ||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | $ | 184 | Price-based | Price | $ | — | $ | 105.54 | $ | 33.74 | ||||||||||||||||||||||||
$ | 41 | Model-based | ||||||||||||||||||||||||||||||||
Short-term borrowings and long-term debt | $ | 7,309 | Model-based | Equity-equity correlation | (66.30 | )% | 94.8 | % | 34.89 | % | ||||||||||||||||||||||||
Mean reversion | 1 | % | 20 | % | 10.5 | % | ||||||||||||||||||||||||||||
Equity volatility | 15.41 | % | 32 | % | 15.85 | % | ||||||||||||||||||||||||||||
Credit correlation | 87.5 | % | 87.5 | % | 87.5 | % | ||||||||||||||||||||||||||||
FX volatility | 9.3 | % | 15.2 | % | 14.41 | % | ||||||||||||||||||||||||||||
Equity-FX correlation | (88.20 | )% | 50.9 | % | (38.24 | )% | ||||||||||||||||||||||||||||
Forward price | 34.02 | % | 242.86 | % | 94.4 | % | ||||||||||||||||||||||||||||
Commodity correlation | (52.00 | )% | 91 | % | 38 | % | ||||||||||||||||||||||||||||
Commodity volatility | 5 | % | 60 | % | 20 | % | ||||||||||||||||||||||||||||
As of December 31, 2014 | Fair Value(1) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted | ||||||||||||||||||||||||||||
(in millions) | Average(4) | |||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | 3,156 | Model-based | Interest rate | 1.27 | % | 1.97 | % | 1.8 | % | ||||||||||||||||||||||||
Mortgage-backed securities | $ | 2,874 | Price-based | Price | $ | — | $ | 127.87 | $ | 81.43 | ||||||||||||||||||||||||
1,117 | Yield analysis | Yield | 0.01 | % | 19.91 | % | 5.89 | % | ||||||||||||||||||||||||||
State and municipal, foreign government, corporate and other debt securities | $ | 5,937 | Price-based | Price | $ | — | $ | 124 | $ | 90.62 | ||||||||||||||||||||||||
1,860 | Cash flow | Credit spread | 25 bps | 600 bps | 233 bps | |||||||||||||||||||||||||||||
Equity securities(5) | $ | 2,163 | Price-based | Price (5) | $ | — | $ | 141 | $ | 91 | ||||||||||||||||||||||||
679 | Cash flow | Yield | 4 | % | 5 | % | 4.5 | % | ||||||||||||||||||||||||||
WAL | 0.01 years | 3.14 years | 1.07 years | |||||||||||||||||||||||||||||||
Asset-backed securities | $ | 3,607 | Price-based | Price | $ | — | $ | 105.5 | $ | 67.01 | ||||||||||||||||||||||||
Non-marketable equity | $ | 1,224 | Price-based | Discount to price | — | % | 90 | % | 4.04 | % | ||||||||||||||||||||||||
1,055 | Comparables analysis | EBITDA multiples | 2.9 | x | 13.1 | x | 9.77 | x | ||||||||||||||||||||||||||
PE ratio | 8.1 | x | 13.1 | x | 8.43 | x | ||||||||||||||||||||||||||||
Price-to-book ratio | 0.99 | x | 1.56 | x | 1.15 | x | ||||||||||||||||||||||||||||
Fund NAV(5) | $ | 1 | $ | 64,668,171 | $ | 29,975,777 | ||||||||||||||||||||||||||||
Derivatives—Gross(6) | ||||||||||||||||||||||||||||||||||
Interest rate contracts (gross) | $ | 8,309 | Model-based | Interest rate (IR) lognormal volatility | 18.05 | % | 90.65 | % | 30.21 | % | ||||||||||||||||||||||||
Mean reversion | 1 | % | 20 | % | 10.5 | % | ||||||||||||||||||||||||||||
Foreign exchange contracts (gross) | $ | 1,428 | Model-based | Foreign exchange (FX) volatility | 0.37 | % | 58.4 | % | 8.57 | % | ||||||||||||||||||||||||
294 | Cash flow | Interest rate | 3.72 | % | 8.27 | % | 5.02 | % | ||||||||||||||||||||||||||
IR-FX correlation | 40 | % | 60 | % | 50 | % | ||||||||||||||||||||||||||||
Equity contracts (gross)(7) | $ | 4,431 | Model-based | Equity volatility | 9.56 | % | 82.44 | % | 24.61 | % | ||||||||||||||||||||||||
502 | Price-based | Equity forward | 84.1 | % | 100.8 | % | 94.1 | % | ||||||||||||||||||||||||||
Equity-FX correlation | (88.20 | )% | 48.7 | % | (25.17 | )% | ||||||||||||||||||||||||||||
Equity-equity correlation | (66.30 | )% | 94.8 | % | 36.87 | % | ||||||||||||||||||||||||||||
Price | $ | 0.01 | $ | 144.5 | $ | 93.05 | ||||||||||||||||||||||||||||
Commodity contracts (gross) | $ | 3,606 | Model-based | Commodity volatility | 5 | % | 83 | % | 24 | % | ||||||||||||||||||||||||
Commodity correlation | (57.00 | )% | 91 | % | 30 | % | ||||||||||||||||||||||||||||
Forward price | 35.34 | % | 268.77 | % | 101.74 | % | ||||||||||||||||||||||||||||
Credit derivatives (gross) | $ | 4,944 | Model-based | Recovery rate | 13.97 | % | 75 | % | 37.62 | % | ||||||||||||||||||||||||
1,584 | Price-based | Credit correlation | — | % | 95 | % | 58.76 | % | ||||||||||||||||||||||||||
Price | $ | 1 | $ | 144.5 | $ | 53.86 | ||||||||||||||||||||||||||||
Credit spread | 1 bps | 3,380 bps | 180 bps | |||||||||||||||||||||||||||||||
Upfront points | 0.39 | 100 | 52.26 | |||||||||||||||||||||||||||||||
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross)(6) | $ | 74 | Model-based | Redemption rate | 13 | % | 99.5 | % | 68.73 | % | ||||||||||||||||||||||||
11 | Price-based | Forward Price | 107 | % | 107.1 | % | 107.05 | % | ||||||||||||||||||||||||||
Fund NAV | $ | 12,974 | $ | 10,087,963 | $ | 9,308,012 | ||||||||||||||||||||||||||||
As of December 31, 2014 | Fair Value(1) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted | ||||||||||||||||||||||||||||
(in millions) | Average(4) | |||||||||||||||||||||||||||||||||
Loans | $ | 1,095 | Cash flow | Yield | 1.6 | % | 4.5 | % | 2.23 | % | ||||||||||||||||||||||||
832 | Model-based | Price | $ | 4.72 | $ | 106.55 | $ | 98.56 | ||||||||||||||||||||||||||
740 | Price-based | Credit spread | 35 bps | 500 bps | 199 bps | |||||||||||||||||||||||||||||
441 | Yield analysis | |||||||||||||||||||||||||||||||||
Mortgage servicing rights | $ | 1,750 | Cash flow | Yield | 5.19 | % | 21.4 | % | 10.25 | % | ||||||||||||||||||||||||
WAL | 3.31 years | 7.89 years | 5.17 years | |||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 486 | Model-based | Equity-IR correlation | 34 | % | 37 | % | 35.43 | % | ||||||||||||||||||||||||
Commodity correlation | (57.00 | )% | 91 | % | 30 | % | ||||||||||||||||||||||||||||
Commodity volatility | 5 | % | 83 | % | 24 | % | ||||||||||||||||||||||||||||
Forward price | 35.34 | % | 268.77 | % | 101.74 | % | ||||||||||||||||||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | $ | 1,043 | Model-based | Interest rate | 0.74 | % | 2.26 | % | 1.9 | % | ||||||||||||||||||||||||
Trading account liabilities | ||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | $ | 251 | Model-based | Credit-IR correlation | (70.49 | )% | 8.81 | % | 47.17 | % | ||||||||||||||||||||||||
$ | 142 | Price-based | Price | $ | — | $ | 117 | $ | 70.33 | |||||||||||||||||||||||||
Short-term borrowings and long-term debt | $ | 7,204 | Model-based | IR lognormal volatility | 18.05 | % | 90.65 | % | 30.21 | % | ||||||||||||||||||||||||
Mean reversion | 1 | % | 20 | % | 10.5 | % | ||||||||||||||||||||||||||||
Equity volatility | 10.18 | % | 69.65 | % | 23.72 | % | ||||||||||||||||||||||||||||
Credit correlation | 87.5 | % | 87.5 | % | 87.5 | % | ||||||||||||||||||||||||||||
Equity forward | 89.5 | % | 100.8 | % | 95.8 | % | ||||||||||||||||||||||||||||
Forward price | 35.34 | % | 268.77 | % | 101.8 | % | ||||||||||||||||||||||||||||
Commodity correlation | (57.00 | )% | 91 | % | 30 | % | ||||||||||||||||||||||||||||
Commodity volatility | 5 | % | 83 | % | 24 | % | ||||||||||||||||||||||||||||
-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 | 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 value of the instrument. | |||||||||||||||||||||||||||||||||
-5 | For equity securities, the price and fund NAV 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. | |||||||||||||||||||||||||||||||||
Sensitivity to Unobservable Inputs and Interrelationships between Unobservable Inputs | ||||||||||||||||||||||||||||||||||
The impact of key unobservable inputs on the Level 3 fair value measurements may not be independent of one another. In addition, the amount and direction of the impact on a fair value measurement for a given change in an unobservable input depends on the nature of the instrument as well as whether the Company holds the instrument as an asset or a liability. For certain instruments, the pricing, hedging and risk management are sensitive to the correlation between various inputs rather than on the analysis and aggregation of the individual inputs. | ||||||||||||||||||||||||||||||||||
The following section describes the sensitivities and interrelationships of the most significant unobservable inputs used by the Company in Level 3 fair value measurements. | ||||||||||||||||||||||||||||||||||
Correlation | ||||||||||||||||||||||||||||||||||
Correlation is a measure of the co-movement between two or more variables. A variety of correlation-related assumptions are required for a wide range of instruments, including equity and credit baskets, foreign-exchange options, CDOs backed by loans or bonds, mortgages, subprime mortgages and many other instruments. For almost all of these instruments, correlations are not observable in the market and must be estimated using historical information. Estimating correlation can be especially difficult where it may vary over time. Extracting correlation information from market data requires significant assumptions regarding the informational efficiency of the market (for example, swaption markets). Changes in correlation levels can have a major impact, favorable or unfavorable, on the value of an instrument, depending on its nature. A change in the default correlation of the fair value of the underlying bonds comprising a CDO structure would affect the fair value of the senior tranche. For example, an increase in the default correlation of the underlying bonds would reduce the fair value of the senior tranche, because highly correlated instruments produce larger losses in the event of default and a part of these losses would become attributable to the senior tranche. That same change in default correlation would have a different impact on junior tranches of the same structure. | ||||||||||||||||||||||||||||||||||
Volatility | ||||||||||||||||||||||||||||||||||
Volatility represents the speed and severity of market price changes and is a key factor in pricing options. Typically, instruments can become more expensive if volatility increases. For example, as an index becomes more volatile, the cost to Citi of maintaining a given level of exposure increases because more frequent rebalancing of the portfolio is required. Volatility generally depends on the tenor of the underlying instrument and the strike price or level defined in the contract. Volatilities for certain combinations of tenor and strike are not observable. The general relationship between changes in the value of a portfolio to changes in volatility also depends on changes in interest rates and the level of the underlying index. Generally, long option positions (assets) benefit from increases in volatility, whereas short option positions (liabilities) will suffer losses. Some instruments are more sensitive to changes in volatility than others. For example, an at-the-money option would experience a larger percentage change in its fair value than a deep-in-the-money option. In addition, the fair value of an option with more than one underlying security (for example, an option on a basket of bonds) depends on the volatility of the individual underlying securities as well as their correlations. | ||||||||||||||||||||||||||||||||||
Yield | ||||||||||||||||||||||||||||||||||
Adjusted yield is generally used to discount the projected future principal and interest cash flows on instruments, such as asset-backed securities. Adjusted yield is impacted by changes in the interest rate environment and relevant credit spreads. | ||||||||||||||||||||||||||||||||||
In some circumstances, the yield of an instrument is not observable in the market and must be estimated from historical data or from yields of similar securities. This estimated yield may need to be adjusted to capture the characteristics of the security being valued. In other situations, the estimated yield may not represent sufficient market liquidity and must be adjusted as well. Whenever the amount of the adjustment is significant to the value of the security, the fair value measurement is classified as Level 3. | ||||||||||||||||||||||||||||||||||
Prepayment | ||||||||||||||||||||||||||||||||||
Voluntary unscheduled payments (prepayments) change the future cash flows for the investor and thereby change the fair value of the security. The effect of prepayments is more pronounced for residential mortgage-backed securities. An increase in prepayments—in speed or magnitude—generally creates losses for the holder of these securities. Prepayment is generally negatively correlated with delinquency and interest rate. A combination of low prepayment and high delinquencies amplify each input’s negative impact on mortgage securities’ valuation. As prepayment speeds change, the weighted average life of the security changes, which impacts the valuation either positively or negatively, depending upon the nature of the security and the direction of the change in the weighted average life. | ||||||||||||||||||||||||||||||||||
Recovery | ||||||||||||||||||||||||||||||||||
Recovery is the proportion of the total outstanding balance of a bond or loan that is expected to be collected in a liquidation scenario. For many credit securities (such as asset-backed securities), there is no directly observable market input for recovery, but indications of recovery levels are available from pricing services. The assumed recovery of a security may differ from its actual recovery that will be observable in the future. The recovery rate impacts the valuation of credit securities. Generally, an increase in the recovery rate assumption increases the fair value of the security. An increase in loss severity, the inverse of the recovery rate, reduces the amount of principal available for distribution and, as a result, decreases the fair value of the security. | ||||||||||||||||||||||||||||||||||
Credit Spread | ||||||||||||||||||||||||||||||||||
Credit spread is a component of the security representing its credit quality. Credit spread reflects the market perception of changes in prepayment, delinquency and recovery rates, therefore capturing the impact of other variables on the fair value. Changes in credit spread affect the fair value of | ||||||||||||||||||||||||||||||||||
securities differently depending on the characteristics and maturity profile of the security. For example, credit spread is a more significant driver of the fair value measurement of a high yield bond as compared to an investment grade bond. Generally, the credit spread for an investment grade bond is also more observable and less volatile than its high yield counterpart. | ||||||||||||||||||||||||||||||||||
Qualitative Discussion of the Ranges of Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||||
The following section describes the ranges of the most significant unobservable inputs used by the Company in Level 3 fair value measurements. The level of aggregation and the diversity of instruments held by the Company lead to a wide range of unobservable inputs that may not be evenly distributed across the Level 3 inventory. | ||||||||||||||||||||||||||||||||||
Correlation | ||||||||||||||||||||||||||||||||||
There are many different types of correlation inputs, including credit correlation, cross-asset correlation (such as equity-interest rate correlation), and same-asset correlation (such as interest rate-interest rate correlation). Correlation inputs are generally used to value hybrid and exotic instruments. Generally, same-asset correlation inputs have a narrower range than cross-asset correlation inputs. However, due to the complex and unique nature of these instruments, the ranges for correlation inputs can vary widely across portfolios. | ||||||||||||||||||||||||||||||||||
Volatility | ||||||||||||||||||||||||||||||||||
Similar to correlation, asset-specific volatility inputs vary widely by asset type. For example, ranges for foreign exchange volatility are generally lower and narrower than equity volatility. Equity volatilities are wider due to the nature of the equities market and the terms of certain exotic instruments. For most instruments, the interest rate volatility input is on the lower end of the range; however, for certain structured or exotic instruments (such as market-linked deposits or exotic interest rate derivatives), the range is much wider. | ||||||||||||||||||||||||||||||||||
Yield | ||||||||||||||||||||||||||||||||||
Ranges for the yield inputs vary significantly depending upon the type of security. For example, securities that typically have lower yields, such as municipal bonds, will fall on the lower end of the range, while more illiquid securities or securities with lower credit quality, such as certain residual tranche asset-backed securities, will have much higher yield inputs. | ||||||||||||||||||||||||||||||||||
Credit Spread | ||||||||||||||||||||||||||||||||||
Credit spread is relevant primarily for fixed income and credit instruments; however, the ranges for the credit spread input can vary across instruments. For example, certain fixed income instruments, such as certificates of deposit, typically have lower credit spreads, whereas certain derivative instruments with high-risk counterparties are typically subject to higher credit spreads when they are uncollateralized or have a longer tenor. Other instruments, such as credit default swaps, also have credit spreads that vary with the attributes of the underlying obligor. Stronger companies have tighter credit spreads, and weaker companies have wider credit spreads. | ||||||||||||||||||||||||||||||||||
Price | ||||||||||||||||||||||||||||||||||
The price input is a significant unobservable input for certain fixed income instruments. For these instruments, the price input is expressed as a percentage of the notional amount, with a price of $100 meaning that the instrument is valued at par. For most of these instruments, the price varies between zero to $100, or slightly above $100. Relatively illiquid assets that have experienced significant losses since issuance, such as certain asset-backed securities, are at the lower end of the range, whereas most investment grade corporate bonds will fall in the middle to the higher end of the range. For certain structured debt instruments with embedded derivatives, the price input may be above $100 to reflect the embedded features of the instrument (for example, a step-up coupon or a conversion option). | ||||||||||||||||||||||||||||||||||
The price input is also a significant unobservable input for certain equity securities; however, the range of price inputs varies depending on the nature of the position, the number of shares outstanding and other factors. | ||||||||||||||||||||||||||||||||||
Items Measured at Fair Value on a Nonrecurring Basis | ||||||||||||||||||||||||||||||||||
Certain assets and liabilities are measured at fair value on a nonrecurring basis and therefore are not included in the tables above. These include assets measured at cost that have been written down to fair value during the periods as a result of an impairment. In addition, these assets include loans held-for-sale and other real estate owned that are measured at the lower of cost or market. | ||||||||||||||||||||||||||||||||||
The following table presents the carrying amounts of all assets that were still held as of March 31, 2015 and December 31, 2014, for which a nonrecurring fair value measurement was recorded: | ||||||||||||||||||||||||||||||||||
In millions of dollars | Fair value | Level 2 | Level 3 | |||||||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||||||||
Loans held-for-sale | $ | 6,168 | $ | 3,130 | $ | 3,038 | ||||||||||||||||||||||||||||
Other real estate owned | 112 | 21 | 91 | |||||||||||||||||||||||||||||||
Loans | 855 | 506 | 349 | |||||||||||||||||||||||||||||||
Total assets at fair value on a nonrecurring basis | $ | 7,135 | $ | 3,657 | $ | 3,478 | ||||||||||||||||||||||||||||
In millions of dollars | Fair value | Level 2 | Level 3 | |||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||
Loans held-for-sale | $ | 4,152 | $ | 1,084 | $ | 3,068 | ||||||||||||||||||||||||||||
Other real estate owned | 102 | 21 | 81 | |||||||||||||||||||||||||||||||
Loans(1) | 3,367 | 2,881 | 486 | |||||||||||||||||||||||||||||||
Total assets at fair value on a nonrecurring basis | $ | 7,621 | $ | 3,986 | $ | 3,635 | ||||||||||||||||||||||||||||
-1 | Represents impaired loans held for investment whose carrying amount is based on the fair value of the underlying collateral, including primarily real-estate secured loans. | |||||||||||||||||||||||||||||||||
The fair value of loans-held-for-sale is determined where possible using quoted secondary-market prices. If no such quoted price exists, the fair value of a loan is determined using quoted prices for a similar asset or assets, adjusted for the specific attributes of that loan. Fair value for the other real estate owned is based on appraisals. For loans whose carrying amount is based on the fair value of the underlying collateral, the fair values depend on the type of collateral. Fair value of the collateral is typically estimated based on quoted market prices if available, appraisals or other internal valuation techniques. | ||||||||||||||||||||||||||||||||||
Where the fair value of the related collateral is based on an unadjusted appraised value, the loan is generally classified as Level 2. Where significant adjustments are made to the appraised value, the loan is classified as Level 3. Additionally, for corporate loans, appraisals of the collateral are often based on sales of similar assets; however, because the prices of similar assets require significant adjustments to reflect the unique features of the underlying collateral, these fair value measurements are generally classified as Level 3. | ||||||||||||||||||||||||||||||||||
Valuation Techniques and Inputs for Level 3 Nonrecurring Fair Value Measurements | ||||||||||||||||||||||||||||||||||
The following tables present the valuation techniques covering the majority of Level 3 nonrecurring fair value measurements and the most significant unobservable inputs used in those measurements as of March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||||||||||||
As of March 31, 2015 | Fair Value(1) | Methodology | Input | Low | High | Weighted | ||||||||||||||||||||||||||||
(in millions) | average(2) | |||||||||||||||||||||||||||||||||
Loans held-for-sale | $ | 2,876 | Price-based | Price | $ | — | $ | 100 | $ | 9.17 | ||||||||||||||||||||||||
Other real estate owned | $ | 66 | Price-based | Appraised Value | $ | — | $ | 18,824,904 | $ | 10,481,906 | ||||||||||||||||||||||||
19 | Comparables analysis | Discount to price(4) | 34 | % | 34 | % | 34 | % | ||||||||||||||||||||||||||
Loans(3) | $ | 259 | Price-based | Discount to price(4) | 13 | % | 34 | % | 24.51 | % | ||||||||||||||||||||||||
Appraised Value | $ | 3,817,920 | $ | 33,267,917 | $ | 26,152,931 | ||||||||||||||||||||||||||||
Yield | 8.5 | % | 15 | % | 12.98 | % | ||||||||||||||||||||||||||||
-1 | The fair value amounts presented in this table represent the primary valuation technique or techniques for each class of assets or liabilities. | |||||||||||||||||||||||||||||||||
-2 | Weighted averages are calculated based on the fair value of the instrument. | |||||||||||||||||||||||||||||||||
-3 | Represents loans held for investment whose carrying amounts are based on the fair value of the underlying collateral. | |||||||||||||||||||||||||||||||||
-4 | Includes estimated costs to sell. | |||||||||||||||||||||||||||||||||
As of December 31, 2014 | Fair Value(1) | Methodology | Input | Low | High | Weighted | ||||||||||||||||||||||||||||
(in millions) | average(2) | |||||||||||||||||||||||||||||||||
Loans held-for-sale | $ | 2,740 | Price-based | Price | $ | 92 | $ | 100 | $ | 99.54 | ||||||||||||||||||||||||
Credit Spread | 5 bps | 358 bps | 175 bps | |||||||||||||||||||||||||||||||
Other real estate owned | $ | 76 | Price-based | Appraised Value | $11,000 | $11,124,137 | $4,730,129 | |||||||||||||||||||||||||||
Discount to price(4) | 13 | % | 64 | % | 28.8 | % | ||||||||||||||||||||||||||||
Loans(3) | $ | 437 | Price-based | Discount to price(4) | 13 | % | 34 | % | 28.92 | % | ||||||||||||||||||||||||
-1 | The fair value amounts presented in this table represent the primary valuation technique or techniques for each class of assets or liabilities. | |||||||||||||||||||||||||||||||||
-2 | Weighted averages are based on the fair value of the instrument. | |||||||||||||||||||||||||||||||||
-3 | Represents loans held for investment whose carrying amounts are based on the fair value of the underlying collateral. | |||||||||||||||||||||||||||||||||
-4 | Includes estimated costs to sell. | |||||||||||||||||||||||||||||||||
Nonrecurring Fair Value Changes | ||||||||||||||||||||||||||||||||||
The following table presents total nonrecurring fair value measurements for the period, included in earnings, attributable to the change in fair value relating to assets that are still held at March 31, 2015 and March 31, 2014: | ||||||||||||||||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||||||||||||||
In millions of dollars | 2015 | 2014 | ||||||||||||||||||||||||||||||||
Loans held-for-sale | $ | (6 | ) | $ | 74 | |||||||||||||||||||||||||||||
Other real estate owned | (6 | ) | (7 | ) | ||||||||||||||||||||||||||||||
Loans(1) | (87 | ) | (211 | ) | ||||||||||||||||||||||||||||||
Total nonrecurring fair value gains (losses) | $ | (99 | ) | $ | (144 | ) | ||||||||||||||||||||||||||||
-1 | Represents loans held for investment whose carrying amount is based on the fair value of the underlying collateral, including primarily real-estate loans. | |||||||||||||||||||||||||||||||||
Estimated Fair Value of Financial Instruments Not Carried at Fair Value | ||||||||||||||||||||||||||||||||||
The table below presents the carrying value and fair value of Citigroup’s financial instruments that are not carried at fair value. The table below therefore excludes items measured at fair value on a recurring basis presented in the tables above. | ||||||||||||||||||||||||||||||||||
The disclosure also excludes leases, affiliate investments, pension and benefit obligations and insurance policy claim reserves. In addition, contract-holder fund amounts exclude certain insurance contracts. Also, as required, the disclosure excludes the effect of taxes, any premium or discount that could result from offering for sale at one time the entire holdings of a particular instrument, excess fair value associated with deposits with no fixed maturity, and other expenses that would be incurred in a market transaction. In addition, the table excludes the values of non-financial assets and liabilities, as well as a wide range of franchise, relationship and intangible values, which are integral to a full assessment of Citigroup’s financial position and the value of its net assets. | ||||||||||||||||||||||||||||||||||
The fair value represents management’s best estimates based on a range of methodologies and assumptions. The carrying value of short-term financial instruments not accounted for at fair value, as well as receivables and payables arising in the ordinary course of business, approximates fair value because of the relatively short period of time between their origination and expected realization. Quoted market prices are used when available for investments and for liabilities, such as long-term debt not carried at fair value. For loans not accounted for at fair value, cash flows are discounted at quoted secondary market rates or estimated market rates if available. Otherwise, sales of comparable loan portfolios or current market origination rates for loans with similar terms and risk characteristics are used. Expected credit losses are either embedded in the estimated future cash flows or incorporated as an adjustment to the discount rate used. The value of collateral is also considered. For liabilities such as long-term debt not accounted for at fair value and without quoted market prices, market borrowing rates of interest are used to discount contractual cash flows. | ||||||||||||||||||||||||||||||||||
31-Mar-15 | Estimated fair value | |||||||||||||||||||||||||||||||||
Carrying | Estimated | |||||||||||||||||||||||||||||||||
In billions of dollars | value | fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Investments | $ | 29 | $ | 30.7 | $ | 4.3 | $ | 23.8 | $ | 2.6 | ||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 103.1 | 103.1 | — | 96 | 7.1 | |||||||||||||||||||||||||||||
Loans(1)(2) | 597.3 | 597.1 | — | 6.1 | 591 | |||||||||||||||||||||||||||||
Other financial assets(2)(3) | 219 | 219 | 8.1 | 147.7 | 63.2 | |||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Deposits | $ | 898 | $ | 890.3 | $ | — | $ | 735.3 | $ | 155 | ||||||||||||||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 141.1 | 141.1 | — | 140.9 | 0.2 | |||||||||||||||||||||||||||||
Long-term debt(4) | 185.1 | 192 | — | 169.8 | 22.2 | |||||||||||||||||||||||||||||
Other financial liabilities(5) | 125.6 | 125.6 | — | 31.7 | 93.9 | |||||||||||||||||||||||||||||
31-Dec-14 | Estimated fair value | |||||||||||||||||||||||||||||||||
Carrying | Estimated | |||||||||||||||||||||||||||||||||
In billions of dollars | value | fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Investments | $ | 30.5 | $ | 32.2 | $ | 4.5 | $ | 25.2 | $ | 2.5 | ||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 98.4 | 98.4 | — | 89.7 | 8.7 | |||||||||||||||||||||||||||||
Loans(1)(2) | 620 | 617.6 | — | 5.6 | 612 | |||||||||||||||||||||||||||||
Other financial assets(2)(3) | 213.8 | 213.8 | 8.3 | 151.9 | 53.6 | |||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Deposits | $ | 897.6 | $ | 894.4 | $ | — | $ | 766.7 | $ | 127.7 | ||||||||||||||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 136.7 | 136.7 | — | 136.5 | 0.2 | |||||||||||||||||||||||||||||
Long-term debt(4) | 196.9 | 202.5 | — | 172.7 | 29.8 | |||||||||||||||||||||||||||||
Other financial liabilities(5) | 136.2 | 136.2 | — | 41.4 | 94.8 | |||||||||||||||||||||||||||||
-1 | The carrying value of loans is net of the Allowance for loan losses of $14.6 billion for March 31, 2015 and $16.0 billion for December 31, 2014. In addition, the carrying values exclude $2.6 billion and $2.7 billion of lease finance receivables at March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||||||||||||||||||||
-2 | Includes items measured at fair value on a nonrecurring basis. | |||||||||||||||||||||||||||||||||
-3 | Includes cash and due from banks, deposits with banks, brokerage receivables, reinsurance recoverable 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. | |||||||||||||||||||||||||||||||||
Fair values vary from period to period based on changes in a wide range of factors, including interest rates, credit quality and market perceptions of value, and as existing assets and liabilities run off and new transactions are entered into. The estimated fair values of loans reflect changes in credit status since the loans were made, changes in interest rates in the case of fixed-rate loans, and premium values at origination of certain loans. | ||||||||||||||||||||||||||||||||||
The estimated fair values of the Company’s corporate unfunded lending commitments at March 31, 2015 and December 31, 2014 were liabilities of $4.6 billion and $5.5 billion, respectively, substantially all of which are classified as Level 3. The Company does not estimate the fair values of consumer unfunded lending commitments, which are generally cancelable by providing notice to the borrower. |
FAIR_VALUE_ELECTIONS
FAIR VALUE ELECTIONS | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Fair Value, Option, Aggregate Differences [Abstract] | |||||||||||||
FAIR VALUE ELECTIONS | FAIR VALUE ELECTIONS | ||||||||||||
The Company may elect to report most financial instruments and certain other items at fair value on an instrument-by-instrument basis with changes in fair value reported in earnings. The election is made upon the initial recognition of an eligible financial asset, financial liability or firm commitment or when certain specified reconsideration events occur. The fair value election may not be revoked once an election is made. The changes in fair value are recorded in current earnings. Additional discussion regarding the applicable areas in which fair value elections were made is presented in Note 22 to the Consolidated Financial Statements. | |||||||||||||
All servicing rights are recognized initially at fair value. The Company has elected fair value accounting for its mortgage servicing rights. See Note 20 to the Consolidated Financial Statements for further discussions regarding the accounting and reporting of MSRs. | |||||||||||||
The following table presents the changes in fair value gains and losses for the three months ended March 31, 2015 and 2014 associated with those items for which the fair value option was elected: | |||||||||||||
Changes in fair value gains (losses) for the | |||||||||||||
Three Months Ended March 31, | |||||||||||||
In millions of dollars | 2015 | 2014 | |||||||||||
Assets | |||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | (4 | ) | $ | 122 | ||||||||
Selected portfolios of securities purchased under agreements to resell and securities | |||||||||||||
borrowed | |||||||||||||
Trading account assets | 91 | 190 | |||||||||||
Investments | 45 | 29 | |||||||||||
Loans | |||||||||||||
Certain corporate loans(1) | (49 | ) | 14 | ||||||||||
Certain consumer loans(1) | 2 | (24 | ) | ||||||||||
Total loans | $ | (47 | ) | $ | (10 | ) | |||||||
Other assets | |||||||||||||
MSRs | (71 | ) | (84 | ) | |||||||||
Certain mortgage loans held for sale(2) | 102 | 120 | |||||||||||
Total other assets | $ | 31 | $ | 36 | |||||||||
Total assets | $ | 116 | $ | 367 | |||||||||
Liabilities | |||||||||||||
Interest-bearing deposits | $ | 10 | $ | (24 | ) | ||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 2 | (6 | ) | ||||||||||
Selected portfolios of securities sold under agreements to repurchase and securities loaned | |||||||||||||
Trading account liabilities | 29 | 3 | |||||||||||
Short-term borrowings | (1 | ) | 19 | ||||||||||
Long-term debt | (45 | ) | (272 | ) | |||||||||
Total liabilities | $ | (5 | ) | $ | (280 | ) | |||||||
-1 | Includes mortgage loans held by mortgage loan securitization VIEs consolidated upon the adoption of ASC 810 Consolidation (SFAS 167) on January 1, 2010. | ||||||||||||
-2 | Includes gains (losses) associated with interest rate lock-commitments for those loans that have been originated and elected under the fair value option. | ||||||||||||
Own Debt Valuation Adjustments | |||||||||||||
Own debt valuation adjustments are recognized on Citi’s liabilities for which the fair value option has been elected using Citi’s credit spreads observed in the bond market. The fair value of liabilities for which the fair value option is elected (other than non-recourse and similar liabilities) is impacted by the narrowing or widening of the Company’s credit spreads. The estimated change in the fair value of these liabilities due to such changes in the Company’s own credit risk (or instrument-specific credit risk) was a gain of $87 million and $34 million for the three months ended March 31, 2015 and 2014, respectively. Changes in fair value resulting from changes in instrument-specific credit risk were estimated by incorporating the Company’s current credit spreads observable in the bond market into the relevant valuation technique used to value each liability as described above. | |||||||||||||
The Fair Value Option for Financial Assets and Financial Liabilities | |||||||||||||
Selected portfolios of securities purchased under agreements to resell, securities borrowed, securities sold under agreements to repurchase, securities loaned and certain non-collateralized short-term borrowings | |||||||||||||
The Company elected the fair value option for certain portfolios of fixed-income securities purchased under agreements to resell and fixed-income securities sold under agreements to repurchase, securities borrowed, securities loaned, and certain non-collateralized short-term borrowings held primarily by broker-dealer entities in the United States, United Kingdom and Japan. In each case, the election was made because the related interest-rate risk is managed on a portfolio basis, primarily with derivative instruments that are accounted for at fair value through earnings. | |||||||||||||
Changes in fair value for transactions in these portfolios are recorded in Principal transactions. The related interest revenue and interest expense are measured based on the contractual rates specified in the transactions and are reported as interest revenue and expense in the Consolidated Statement of Income. | |||||||||||||
Certain loans and other credit products | |||||||||||||
Citigroup has elected the fair value option for certain originated and purchased loans, including certain unfunded loan products, such as guarantees and letters of credit, executed by Citigroup’s lending and trading businesses. None of these credit products are highly leveraged financing commitments. Significant groups of transactions include loans and unfunded loan products that are expected to be either sold or securitized in the near term, or transactions where the economic risks are hedged with derivative instruments, such as purchased credit default swaps or total return swaps where the Company pays the total return on the underlying loans to a third party. Citigroup has elected the fair value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications. Fair value was not elected for most lending transactions across the Company. | |||||||||||||
The following table provides information about certain credit products carried at fair value at March 31, 2015 and December 31, 2014: | |||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||
In millions of dollars | Trading assets | Loans | Trading assets | Loans | |||||||||
Carrying amount reported on the Consolidated Balance Sheet | $ | 10,445 | $ | 6,575 | $ | 10,290 | $ | 5,901 | |||||
Aggregate unpaid principal balance in excess of (less than) fair value | 419 | 13 | 234 | 125 | |||||||||
Balance of non-accrual loans or loans more than 90 days past due | 6 | 2 | 13 | 3 | |||||||||
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | 12 | 2 | 28 | 1 | |||||||||
In addition to the amounts reported above, $1,760 million and $2,335 million of unfunded commitments related to certain credit products selected for fair value accounting were outstanding as of March 31, 2015 and December 31, 2014, respectively. | |||||||||||||
Changes in fair value of funded and unfunded credit products are classified in Principal transactions in the Company’s Consolidated Statement of Income. Related interest revenue is measured based on the contractual interest rates and reported as Interest revenue on Trading account assets or loan interest depending on the balance sheet classifications of the credit products. The changes in fair value for the three months ended March 31, 2015 and 2014 due to instrument-specific credit risk totaled to a loss of $1 million and $35 million, respectively. | |||||||||||||
Certain investments in unallocated precious metals | |||||||||||||
Citigroup invests in unallocated precious metals accounts (gold, silver, platinum and palladium) as part of its commodity and foreign currency trading activities or to economically hedge certain exposures from issuing structured liabilities. Under ASC 815, the investment is bifurcated into a debt host contract and a commodity forward derivative instrument. Citigroup elects the fair value option for the debt host contract, and reports the debt host contract within Trading account assets on the Company’s Consolidated Balance Sheet. The total carrying amount of debt host contracts across unallocated precious metals accounts was approximately $0.9 billion and $1.2 billion at March 31, 2015 and December 31, 2014, respectively. The amounts are expected to fluctuate based on trading activity in future periods. | |||||||||||||
As part of its commodity and foreign currency trading activities, Citi sells (buys) unallocated precious metals investments and executes forward purchase (sale) derivative contracts with trading counterparties. When Citi sells an unallocated precious metals investment, Citi’s receivable from its depository bank is repaid and Citi derecognizes its investment in the unallocated precious metal. The forward purchase (sale) contract with the trading counterparty indexed to unallocated precious metals is accounted for as a derivative, at fair value through earnings. As of March 31, 2015, there were approximately $6.0 billion and $6.6 billion notional amounts of such forward purchase and forward sale derivative contracts outstanding, respectively. | |||||||||||||
Certain investments in private equity and real estate ventures and certain equity method and other investments | |||||||||||||
Citigroup invests in private equity and real estate ventures for the purpose of earning investment returns and for capital appreciation. The Company has elected the fair value option for certain of these ventures, because such investments are considered similar to many private equity or hedge fund activities in Citi’s investment companies, which are reported at fair value. The fair value option brings consistency in the accounting and evaluation of these investments. All investments (debt and equity) in such private equity and real estate entities are accounted for at fair value. These investments are classified as Investments on Citigroup’s Consolidated Balance Sheet. | |||||||||||||
Changes in the fair values of these investments are classified in Other revenue in the Company’s Consolidated Statement of Income. | |||||||||||||
Citigroup also elects the fair value option for certain non-marketable equity securities whose risk is managed with derivative instruments that are accounted for at fair value through earnings. These securities are classified as Trading account assets on Citigroup’s Consolidated Balance Sheet. Changes in the fair value of these securities and the related derivative instruments are recorded in Principal transactions. | |||||||||||||
Certain mortgage loans HFS | |||||||||||||
Citigroup has elected the fair value option for certain purchased and originated prime fixed-rate and conforming adjustable-rate first mortgage loans HFS. These loans are intended for sale or securitization and are hedged with derivative instruments. The Company has elected the fair value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications. | |||||||||||||
The following table provides information about certain mortgage loans HFS carried at fair value at March 31, 2015 and December 31, 2014: | |||||||||||||
In millions of dollars | March 31, | 31-Dec-14 | |||||||||||
2015 | |||||||||||||
Carrying amount reported on the Consolidated Balance Sheet | $ | 1,226 | $ | 1,447 | |||||||||
Aggregate fair value in excess of unpaid principal balance | 52 | 67 | |||||||||||
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 | — | — | |||||||||||
The changes in fair values of these mortgage loans are reported in Other revenue in the Company’s Consolidated Statement of Income. There was no net change in fair value during the three months ended March 31, 2015 and 2014 due | |||||||||||||
to instrument-specific credit risk. Related interest income continues to be measured based on the contractual interest rates and reported as Interest revenue in the Consolidated Statement of Income. | |||||||||||||
Certain structured liabilities | |||||||||||||
The Company has elected the fair value option for certain structured liabilities whose performance is linked to structured interest rates, inflation, currency, equity, referenced credit or commodity risks. The Company elected the fair value option, because these exposures are considered to be trading-related positions and, therefore, are managed on a fair value basis. These positions will continue to be classified as debt, deposits or derivatives (Trading account liabilities) on the Company’s Consolidated Balance Sheet according to their legal form. | |||||||||||||
The following table provides information about the carrying value of structured notes, disaggregated by type of embedded derivative instrument at March 31, 2015 and December 31, 2014: | |||||||||||||
In billions of dollars | March 31, 2015 | December 31, 2014 | |||||||||||
Interest rate linked | $ | 10.1 | $ | 10.9 | |||||||||
Foreign exchange linked | 0.3 | 0.3 | |||||||||||
Equity linked | 8.4 | 8 | |||||||||||
Commodity linked | 1.6 | 1.4 | |||||||||||
Credit linked | 2.2 | 2.5 | |||||||||||
Total | $ | 22.6 | $ | 23.1 | |||||||||
The change in fair value of these structured liabilities is reported in Principal transactions in the Company’s Consolidated Statement of Income. Changes in fair value of these structured liabilities include an economic component for accrued interest, which is included in the change in fair value reported in Principal transactions. | |||||||||||||
Certain non-structured liabilities | |||||||||||||
The Company has elected the fair value option for certain non-structured liabilities with fixed and floating interest rates. The Company has elected the fair value option where the interest-rate risk of such liabilities is economically hedged with derivative contracts or the proceeds are used to purchase financial assets that will also be accounted for at fair value through earnings. The election has been made to mitigate accounting mismatches and to achieve operational simplifications. These positions are reported in Short-term borrowings and Long-term debt on the Company’s Consolidated Balance Sheet. The change in fair value of these non-structured liabilities is reported in Principal transactions in the Company’s Consolidated Statement of Income. Related interest expense on non-structured liabilities is measured based on the contractual interest rates and reported as Interest expense in the Consolidated Statement of Income. | |||||||||||||
The following table provides information about long-term debt carried at fair value, excluding debt issued by consolidated VIEs, at March 31, 2015 and December 31, 2014: | |||||||||||||
In millions of dollars | March 31, 2015 | December 31, 2014 | |||||||||||
Carrying amount reported on the Consolidated Balance Sheet | $ | 25,409 | $ | 26,180 | |||||||||
Aggregate unpaid principal balance in excess of (less than) fair value | (268 | ) | (151 | ) | |||||||||
The following table provides information about short-term borrowings carried at fair value at March 31, 2015 and December 31, 2014: | |||||||||||||
In millions of dollars | March 31, 2015 | December 31, 2014 | |||||||||||
Carrying amount reported on the Consolidated Balance Sheet | $ | 926 | $ | 1,496 | |||||||||
Aggregate unpaid principal balance in excess of (less than) fair value | (10 | ) | 31 | ||||||||||
GUARANTEES_AND_COMMITMENTS
GUARANTEES AND COMMITMENTS | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Pledged Assets, Collateral, Guarantees and Commitments [Abstract] | |||||||||||||
GUARANTEES AND COMMITMENTS | GUARANTEES AND COMMITMENTS | ||||||||||||
Citi provides a variety of guarantees and indemnifications to its customers to enhance their credit standing and enable them to complete a wide variety of business transactions. For | |||||||||||||
certain contracts meeting the definition of a guarantee, the guarantor must recognize, at inception, a liability for the fair value of the obligation undertaken in issuing the guarantee. | |||||||||||||
In addition, the guarantor must disclose the maximum potential amount of future payments that the guarantor could be required to make under the guarantee, if there were a total | |||||||||||||
default by the guaranteed parties. The determination of the maximum potential future payments is based on the notional amount of the guarantees without consideration of possible recoveries under recourse provisions or from collateral held or pledged. As such, Citi believes such amounts bear no relationship to the anticipated losses, if any, on these guarantees. | |||||||||||||
The following tables present information about Citi’s guarantees at March 31, 2015 and December 31, 2014: | |||||||||||||
Maximum potential amount of future payments | |||||||||||||
In billions of dollars at March 31, 2015 except carrying value in millions | Expire within | Expire after | Total amount | Carrying value | |||||||||
1 year | 1 year | outstanding | (in millions of dollars) | ||||||||||
Financial standby letters of credit | $ | 25.4 | $ | 71.6 | $ | 97 | $ | 239 | |||||
Performance guarantees | 7 | 4.4 | 11.4 | 25 | |||||||||
Derivative instruments considered to be guarantees | 11.5 | 73.1 | 84.6 | 2,437 | |||||||||
Loans sold with recourse | — | 0.2 | 0.2 | 15 | |||||||||
Securities lending indemnifications(1) | 147.3 | — | 147.3 | — | |||||||||
Credit card merchant processing(1) | 78.4 | — | 78.4 | — | |||||||||
Custody indemnifications and other | — | 52.2 | 52.2 | 55 | |||||||||
Total | $ | 269.6 | $ | 201.5 | $ | 471.1 | $ | 2,771 | |||||
Maximum potential amount of future payments | |||||||||||||
In billions of dollars at December 31, 2014 except carrying value in millions | Expire within | Expire after | Total amount | Carrying value | |||||||||
1 year | 1 year | outstanding | (in millions of dollars) | ||||||||||
Financial standby letters of credit | $ | 25.4 | $ | 73 | $ | 98.4 | $ | 242 | |||||
Performance guarantees | 7.1 | 4.8 | 11.9 | 29 | |||||||||
Derivative instruments considered to be guarantees | 12.5 | 79.2 | 91.7 | 2,806 | |||||||||
Loans sold with recourse | — | 0.2 | 0.2 | 15 | |||||||||
Securities lending indemnifications(1) | 127.5 | — | 127.5 | — | |||||||||
Credit card merchant processing(1) | 86 | — | 86 | — | |||||||||
Custody indemnifications and other | — | 48.9 | 48.9 | 54 | |||||||||
Total | $ | 258.5 | $ | 206.1 | $ | 464.6 | $ | 3,146 | |||||
-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. | ||||||||||||
Financial standby letters of credit | |||||||||||||
Citi issues standby letters of credit, which substitute its own credit for that of the borrower. If a letter of credit is drawn down, the borrower is obligated to repay Citi. Standby letters of credit protect a third party from defaults on contractual obligations. Financial standby letters of credit include: (i) guarantees of payment of insurance premiums and reinsurance risks that support industrial revenue bond underwriting; (ii) settlement of payment obligations to clearing houses, including futures and over-the-counter derivatives clearing (see further discussion below); (iii) support options and purchases of securities in lieu of escrow deposit accounts; and (iv) letters of credit that backstop loans, credit facilities, promissory notes and trade acceptances. | |||||||||||||
Performance guarantees | |||||||||||||
Performance guarantees and letters of credit are issued to guarantee a customer’s tender bid on a construction or systems-installation project or to guarantee completion of such projects in accordance with contract terms. They are also issued to support a customer’s obligation to supply specified products, commodities, or maintenance or warranty services to a third party. | |||||||||||||
Derivative instruments considered to be guarantees | |||||||||||||
Derivatives are financial instruments whose cash flows are based on a notional amount and an underlying instrument, reference credit or index, where there is little or no initial investment, and whose terms require or permit net settlement. For a discussion of Citi’s derivatives activities, see Note 21 to the Consolidated Financial Statements. | |||||||||||||
Derivative instruments considered to be guarantees include only those instruments that require Citi to make payments to the counterparty based on changes in an underlying instrument that is related to an asset, a liability or an equity security held by the guaranteed party. More specifically, derivative instruments considered to be guarantees include certain over-the-counter written put options where the counterparty is not a bank, hedge fund or broker-dealer (such counterparties are considered to be dealers in these markets and may, therefore, not hold the underlying instruments). Credit derivatives sold by Citi are excluded from the tables above, as they are disclosed separately in Note 21 to the Consolidated Financial Statements. In instances where Citi’s maximum potential future payment is unlimited, the notional amount of the contract is disclosed. | |||||||||||||
Loans sold with recourse | |||||||||||||
Loans sold with recourse represent Citi’s obligations to reimburse the buyers for loan losses under certain circumstances. Recourse refers to the clause in a sales agreement under which a seller/lender will fully reimburse the buyer/investor for any losses resulting from the purchased loans. This may be accomplished by the seller taking back any loans that become delinquent. | |||||||||||||
In addition to the amounts shown in the tables above, Citi has recorded a repurchase reserve for its potential repurchases or make-whole liability regarding residential mortgage representation and warranty claims related to its whole loan sales to the U.S. government-sponsored enterprises (GSEs) and, to a lesser extent, private investors. The repurchase reserve was approximately $216 million and $224 million at March 31, 2015 and December 31, 2014, respectively, and these amounts are included in Other liabilities on the Consolidated Balance Sheet. | |||||||||||||
Securities lending indemnifications | |||||||||||||
Owners of securities frequently lend those securities for a fee to other parties who may sell them short or deliver them to another party to satisfy some other obligation. Banks may administer such securities lending programs for their clients. Securities lending indemnifications are issued by the bank to guarantee that a securities lending customer will be made whole in the event that the security borrower does not return the security subject to the lending agreement and collateral held is insufficient to cover the market value of the security. | |||||||||||||
Credit card merchant processing | |||||||||||||
Credit card merchant processing guarantees represent the Company’s indirect obligations in connection with: (i) providing transaction processing services to various merchants with respect to its private-label cards; and (ii) potential liability for bank card transaction processing services. The nature of the liability in either case arises as a result of a billing dispute between a merchant and a cardholder that is ultimately resolved in the cardholder’s favor. The merchant is liable to refund the amount to the cardholder. In general, if the credit card processing company is unable to collect this amount from the merchant, the credit card processing company bears the loss for the amount of the credit or refund paid to the cardholder. | |||||||||||||
With regard to (i) above, Citi has the primary contingent liability with respect to its portfolio of private-label merchants. The risk of loss is mitigated as the cash flows between Citi and the merchant are settled on a net basis and Citi has the right to offset any payments with cash flows otherwise due to the merchant. To further mitigate this risk, Citi may delay settlement, require a merchant to make an escrow deposit, include event triggers to provide Citi with more financial and operational control in the event of the financial deterioration of the merchant or require various credit enhancements (including letters of credit and bank guarantees). In the unlikely event that a private-label merchant is unable to deliver products, services or a refund to its private-label cardholders, Citi is contingently liable to credit or refund cardholders. | |||||||||||||
With regard to (ii) above, Citi has a potential liability for bank card transactions where Citi provides the transaction processing services as well as those where a third party provides the services and Citi acts as a secondary guarantor, should that processor fail to perform. | |||||||||||||
Citi’s maximum potential contingent liability related to both bank card and private-label merchant processing services is estimated to be the total volume of credit card transactions that meet the requirements to be valid charge-back transactions at any given time. At March 31, 2015 and December 31, 2014, this maximum potential exposure was estimated to be $78 billion and $86 billion, respectively. | |||||||||||||
However, Citi believes that the maximum exposure is not representative of the actual potential loss exposure based on its historical experience. This contingent liability is unlikely to arise, as most products and services are delivered when purchased and amounts are refunded when items are returned to merchants. Citi assesses the probability and amount of its contingent liability related to merchant processing based on the financial strength of the primary guarantor, the extent and nature of unresolved charge-backs and its historical loss experience. At March 31, 2015 and December 31, 2014, the losses incurred and the carrying amounts of Citi’s contingent obligations related to merchant processing activities were immaterial. | |||||||||||||
Custody indemnifications | |||||||||||||
Custody indemnifications are issued to guarantee that custody clients will be made whole in the event that a third-party subcustodian or depository institution fails to safeguard clients’ assets. | |||||||||||||
Other guarantees and indemnifications | |||||||||||||
Credit Card Protection Programs | |||||||||||||
Citi, through its credit card businesses, provides various cardholder protection programs on several of its card products, including programs that provide insurance coverage for rental cars, coverage for certain losses associated with purchased products, price protection for certain purchases and protection for lost luggage. These guarantees are not included in the table, since the total outstanding amount of the guarantees and Citi’s maximum exposure to loss cannot be quantified. The protection is limited to certain types of purchases and losses, and it is not possible to quantify the purchases that would qualify for these benefits at any given time. Citi assesses the probability and amount of its potential liability related to these programs based on the extent and nature of its historical loss experience. At March 31, 2015 and December 31, 2014, the actual and estimated losses incurred and the carrying value of Citi’s obligations related to these programs were immaterial. | |||||||||||||
Other Representation and Warranty Indemnifications | |||||||||||||
In the normal course of business, Citi provides standard representations and warranties to counterparties in contracts in connection with numerous transactions and also provides indemnifications, including indemnifications that protect the counterparties to the contracts in the event that additional taxes are owed due either to a change in the tax law or an adverse interpretation of the tax law. Counterparties to these transactions provide Citi with comparable indemnifications. While such representations, warranties and indemnifications are essential components of many contractual relationships, they do not represent the underlying business purpose for the transactions. The indemnification clauses are often standard contractual terms related to Citi’s own performance under the terms of a contract and are entered into in the normal course of business based on an assessment that the risk of loss is remote. Often these clauses are intended to ensure that terms of a contract are met at inception. No compensation is received for these standard representations and warranties, and it is not possible to determine their fair value because they rarely, if ever, result in a payment. In many cases, there are no stated or notional amounts included in the indemnification clauses, and the contingencies potentially triggering the obligation to indemnify have not occurred and are not expected to occur. As a result, these indemnifications are not included in the tables above. | |||||||||||||
Value-Transfer Networks | |||||||||||||
Citi is a member of, or shareholder in, hundreds of value-transfer networks (VTNs) (payment, clearing and settlement systems as well as exchanges) around the world. As a condition of membership, many of these VTNs require that members stand ready to pay a pro rata share of the losses incurred by the organization due to another member’s default on its obligations. Citi’s potential obligations may be limited to its membership interests in the VTNs, contributions to the VTN’s funds, or, in limited cases, the obligation may be unlimited. The maximum exposure cannot be estimated as this would require an assessment of future claims that have not yet occurred. Citi believes the risk of loss is remote given historical experience with the VTNs. Accordingly, Citi’s participation in VTNs is not reported in the guarantees tables above, and there are no amounts reflected on the Consolidated Balance Sheet as of March 31, 2015 or December 31, 2014 for potential obligations that could arise from Citi’s involvement with VTN associations. | |||||||||||||
Long-Term Care Insurance Indemnification | |||||||||||||
In the sale of an insurance subsidiary, the Company provided an indemnification to an insurance company for policyholder claims and other liabilities relating to a book of long-term care (LTC) business (for the entire term of the LTC policies) that is fully reinsured by another insurance company. The reinsurer has funded two trusts with securities whose fair value (approximately $6.7 billion at March 31, 2015, compared to $6.2 billion at December 31, 2014) is designed to cover the insurance company’s statutory liabilities for the LTC policies. The assets in these trusts are evaluated and adjusted periodically to ensure that the fair value of the assets continues to cover the estimated statutory liabilities related to the LTC policies, as those statutory liabilities change over time. | |||||||||||||
If the reinsurer fails to perform under the reinsurance agreement for any reason, including insolvency, and the assets in the two trusts are insufficient or unavailable to the ceding insurance company, then Citi must indemnify the ceding insurance company for any losses actually incurred in connection with the LTC policies. Since both events would have to occur before Citi would become responsible for any payment to the ceding insurance company pursuant to its indemnification obligation, and the likelihood of such events occurring is currently not probable, there is no liability reflected in the Consolidated Balance Sheet as of March 31, 2015 and December 31, 2014 related to this indemnification. Citi continues to closely monitor its potential exposure under this indemnification obligation. | |||||||||||||
Futures and over-the-counter derivatives clearing | |||||||||||||
Citi provides clearing services for clients executing exchange-traded futures and over-the-counter (OTC) derivatives contracts with central counterparties (CCPs). Based on all relevant facts and circumstances, Citi has concluded that it acts as an agent for accounting purposes in its role as clearing member for these client transactions. As such, Citi does not reflect the underlying exchange-traded futures or OTC derivatives contracts in its Consolidated Financial Statements. See Note 21 for a discussion of Citi’s derivatives activities that are reflected in its Consolidated Financial Statements. | |||||||||||||
As a clearing member, Citi collects and remits cash and securities collateral (margin) between its clients and the respective CCP. There are two types of margin: initial margin and variation margin. Where Citi obtains benefits from or controls cash initial margin (e.g., retains an interest spread), cash initial margin collected from clients and remitted to the CCP is reflected within Brokerage Payables (payables to customers) and Brokerage Receivables (receivables from brokers, dealers and clearing organizations), respectively. However, for OTC derivatives contracts where Citi has contractually agreed with the client that (a) Citi will pass through to the client all interest paid by the CCP on cash initial margin; (b) Citi will not utilize its right as clearing member to transform cash margin into other assets; and (c) Citi does not guarantee and is not liable to the client for the performance of the CCP, cash initial margin collected from clients and remitted to the CCP is not reflected on Citi’s Consolidated Balance Sheet. The total amount of cash initial margin collected and remitted in this manner was approximately $4.1 billion and $3.2 billion as of March 31, 2015 and December 31, 2014, respectively. | |||||||||||||
Variation margin due from clients to the respective CCP, or from the CCP to clients, reflects changes in the value of the client’s derivative contracts for each trading day. As a clearing member, Citi is exposed to the risk of non-performance by clients (e.g., failure of a client to post variation margin to the CCP for negative changes in the value of the client’s derivative contracts). In the event of non-performance by a client, Citi would move to close out the client’s positions. The CCP would typically utilize initial margin posted by the client and held by the CCP, with any remaining shortfalls required to be paid by Citi as clearing member. Citi generally holds incremental cash or securities margin posted by the client, which would typically be expected to be sufficient to mitigate Citi’s credit risk in the event the client fails to perform. | |||||||||||||
As required by ASC 860-30-25-5, securities collateral posted by clients is not recognized on Citi’s Consolidated Balance Sheet. | |||||||||||||
Carrying Value—Guarantees and Indemnifications | |||||||||||||
At March 31, 2015 and December 31, 2014, the total carrying amounts of the liabilities related to the guarantees and indemnifications included in the tables above amounted to approximately $2.8 billion and $3.1 billion, respectively. The carrying value of financial and performance guarantees is included in Other liabilities. For loans sold with recourse, the carrying value of the liability is included in Other liabilities. | |||||||||||||
Collateral | |||||||||||||
Cash collateral available to Citi to reimburse losses realized under these guarantees and indemnifications amounted to $63 billion at both March 31, 2015 and December 31, 2014. Securities and other marketable assets held as collateral amounted to $91 billion and $70 billion at March 31, 2015 and December 31, 2014, respectively. The majority of collateral is held to reimburse losses realized under securities lending indemnifications. Additionally, letters of credit in favor of Citi held as collateral amounted to $4.2 billion and $4.0 billion at March 31, 2015 and December 31, 2014, respectively. Other property may also be available to Citi to cover losses under certain guarantees and indemnifications; however, the value of such property has not been determined. | |||||||||||||
Performance risk | |||||||||||||
Citi evaluates the performance risk of its guarantees based on the assigned referenced counterparty internal or external ratings. Where external ratings are used, investment-grade ratings are considered to be Baa/BBB and above, while anything below is considered non-investment grade. Citi’s internal ratings are in line with the related external rating system. On certain underlying referenced assets or entities, ratings are not available. Such referenced assets are included in the “not rated” category. The maximum potential amount of the future payments related to the outstanding guarantees is determined to be the notional amount of these contracts, which is the par amount of the assets guaranteed. | |||||||||||||
Presented in the tables below are the maximum potential amounts of future payments that are classified based upon internal and external credit ratings as of March 31, 2015 and December 31, 2014. As previously mentioned, the determination of the maximum potential future payments is based on the notional amount of the guarantees without consideration of possible recoveries under recourse provisions or from collateral held or pledged. As such, Citi believes such amounts bear no relationship to the anticipated losses, if any, on these guarantees. | |||||||||||||
Maximum potential amount of future payments | |||||||||||||
In billions of dollars at March 31, 2015 | Investment | Non-investment | Not | Total | |||||||||
grade | grade | rated | |||||||||||
Financial standby letters of credit | $ | 72.5 | $ | 13.6 | $ | 10.9 | $ | 97 | |||||
Performance guarantees | 6.7 | 4 | 0.7 | 11.4 | |||||||||
Derivative instruments deemed to be guarantees | — | — | 84.6 | 84.6 | |||||||||
Loans sold with recourse | — | — | 0.2 | 0.2 | |||||||||
Securities lending indemnifications | — | — | 147.3 | 147.3 | |||||||||
Credit card merchant processing | — | — | 78.4 | 78.4 | |||||||||
Custody indemnifications and other | 52.1 | 0.1 | — | 52.2 | |||||||||
Total | $ | 131.3 | $ | 17.7 | $ | 322.1 | $ | 471.1 | |||||
Maximum potential amount of future payments | |||||||||||||
In billions of dollars at December 31, 2014 | Investment | Non-investment | Not | Total | |||||||||
grade | grade | rated | |||||||||||
Financial standby letters of credit | $ | 73 | $ | 15.9 | $ | 9.5 | $ | 98.4 | |||||
Performance guarantees | 7.3 | 3.9 | 0.7 | 11.9 | |||||||||
Derivative instruments deemed to be guarantees | — | — | 91.7 | 91.7 | |||||||||
Loans sold with recourse | — | — | 0.2 | 0.2 | |||||||||
Securities lending indemnifications | — | — | 127.5 | 127.5 | |||||||||
Credit card merchant processing | — | — | 86 | 86 | |||||||||
Custody indemnifications and other | 48.8 | 0.1 | — | 48.9 | |||||||||
Total | $ | 129.1 | $ | 19.9 | $ | 315.6 | $ | 464.6 | |||||
Credit Commitments and Lines of Credit | |||||||||||||
The table below summarizes Citigroup’s credit commitments as of March 31, 2015 and December 31, 2014: | |||||||||||||
In millions of dollars | U.S. | Outside of | March 31, | December 31, | |||||||||
U.S. | 2015 | 2014 | |||||||||||
Commercial and similar letters of credit | $ | 1,037 | $ | 4,678 | $ | 5,715 | $ | 6,634 | |||||
One- to four-family residential mortgages | 1,840 | 2,276 | 4,116 | 5,674 | |||||||||
Revolving open-end loans secured by one- to four-family residential properties | 13,597 | 2,359 | 15,956 | 16,098 | |||||||||
Commercial real estate, construction and land development | 6,817 | 1,172 | 7,989 | 9,242 | |||||||||
Credit card lines | 492,021 | 117,461 | 609,482 | 612,049 | |||||||||
Commercial and other consumer loan commitments | 152,069 | 84,347 | 236,416 | 243,680 | |||||||||
Other commitments and contingencies | 4,856 | 4,638 | 9,494 | 10,663 | |||||||||
Total | $ | 672,237 | $ | 216,931 | $ | 889,168 | $ | 904,040 | |||||
The majority of unused commitments are contingent upon customers’ maintaining specific credit standards. | |||||||||||||
Commercial commitments generally have floating interest rates and fixed expiration dates and may require payment of fees. Such fees (net of certain direct costs) are deferred and, upon exercise of the commitment, amortized over the life of the loan or, if exercise is deemed remote, amortized over the commitment period. | |||||||||||||
Commercial and similar letters of credit | |||||||||||||
A commercial letter of credit is an instrument by which Citigroup substitutes its credit for that of a customer to enable the customer to finance the purchase of goods or to incur other commitments. Citigroup issues a letter on behalf of its client to a supplier and agrees to pay the supplier upon presentation of documentary evidence that the supplier has performed in accordance with the terms of the letter of credit. When a letter of credit is drawn, the customer is then required to reimburse Citigroup. | |||||||||||||
One- to four-family residential mortgages | |||||||||||||
A one- to four-family residential mortgage commitment is a written confirmation from Citigroup to a seller of a property that the bank will advance the specified sums enabling the buyer to complete the purchase. | |||||||||||||
Revolving open-end loans secured by one- to four-family | |||||||||||||
residential properties | |||||||||||||
Revolving open-end loans secured by one- to four-family residential properties are essentially home equity lines of credit. A home equity line of credit is a loan secured by a primary residence or second home to the extent of the excess of fair market value over the debt outstanding for the first mortgage. | |||||||||||||
Commercial real estate, construction and land development | |||||||||||||
Commercial real estate, construction and land development include unused portions of commitments to extend credit for the purpose of financing commercial and multifamily residential properties as well as land development projects. | |||||||||||||
Both secured-by-real-estate and unsecured commitments are included in this line, as well as undistributed loan proceeds, where there is an obligation to advance for construction progress payments. However, this line only includes those extensions of credit that, once funded, will be classified as Total loans, net on the Consolidated Balance Sheet. | |||||||||||||
Credit card lines | |||||||||||||
Citigroup provides credit to customers by issuing credit cards. The credit card lines are cancellable by providing notice to the cardholder or without such notice as permitted by local law. | |||||||||||||
Commercial and other consumer loan commitments | |||||||||||||
Commercial and other consumer loan commitments include overdraft and liquidity facilities, as well as commercial commitments to make or purchase loans, to purchase third-party receivables, to provide note issuance or revolving underwriting facilities and to invest in the form of equity. Amounts include $50 billion and $53 billion with an original maturity of less than one year at March 31, 2015 and December 31, 2014, respectively. | |||||||||||||
In addition, included in this line item are highly leveraged financing commitments, which are agreements that provide funding to a borrower with higher levels of debt (measured by the ratio of debt capital to equity capital of the borrower) than is generally considered normal for other companies. This type of financing is commonly employed in corporate acquisitions, management buy-outs and similar transactions. | |||||||||||||
Other commitments and contingencies | |||||||||||||
Other commitments and contingencies include committed or unsettled regular-way reverse repurchase agreements and all other transactions related to commitments and contingencies not reported on the lines above. |
CONTINGENCIES
CONTINGENCIES | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES |
The following information supplements and amends, as applicable, the disclosures in Note 28 to the Consolidated Financial Statements of Citigroup's 2014 Annual Report on Form 10-K. For purposes of this Note, Citigroup, its affiliates and subsidiaries, and current and former officers, directors and employees, are sometimes collectively referred to as Citigroup and Related Parties. | |
In accordance with ASC 450, Citigroup establishes accruals for contingencies, including the litigation and regulatory matters disclosed herein, when Citigroup believes it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted from time to time, as appropriate, in light of additional information. The amount of loss ultimately incurred in relation to those matters may be substantially higher or lower than the amounts accrued for those matters. | |
If Citigroup has not accrued for a matter because the matter does not meet the criteria for accrual (as set forth above), or Citigroup believes an exposure to loss exists in excess of the amount accrued for a particular matter, in each case assuming a material loss is reasonably possible, Citigroup discloses the matter. In addition, for such matters, Citigroup discloses an estimate of the aggregate reasonably possible loss or range of loss in excess of the amounts accrued for those matters as to which an estimate can be made. At March 31, 2015, Citigroup's estimate was materially unchanged from its estimate of approximately $4 billion at December 31, 2014, as more fully described in Note 28 to the Consolidated Financial Statements in the 2014 Annual Report on Form 10-K. | |
As available information changes, the matters for which Citigroup is able to estimate will change, and the estimates themselves will change. In addition, while many estimates presented in financial statements and other financial disclosures involve significant judgment and may be subject to significant uncertainty, estimates of the range of reasonably possible loss arising from litigation and regulatory proceedings are subject to particular uncertainties. For example, at the time of making an estimate, Citigroup may have only preliminary, incomplete or inaccurate information about the facts underlying the claim; its assumptions about the future rulings of the court or other tribunal on significant issues, or the behavior and incentives of adverse parties or regulators, may prove to be wrong; and the outcomes it is attempting to predict are often not amenable to the use of statistical or other quantitative analytical tools. In addition, from time to time an outcome may occur that Citigroup had not accounted for in its estimates because it had deemed such an outcome to be remote. For all these reasons, the amount of loss in excess of accruals ultimately incurred for the matters as to which an estimate has been made could be substantially higher or lower than the range of loss included in the estimate. | |
Subject to the foregoing, it is the opinion of Citigroup's management, based on current knowledge and after taking into account its current legal accruals, that the eventual outcome of all matters described in this Note would not be likely to have a material adverse effect on the consolidated financial condition of Citigroup. Nonetheless, given the substantial or indeterminate amounts sought in certain of these matters, and the inherent unpredictability of such matters, an adverse outcome in certain of these matters could, from time to time, have a material adverse effect on Citigroup’s consolidated results of operations or cash flows in particular quarterly or annual periods. | |
For further information on ASC 450 and Citigroup's accounting and disclosure framework for contingencies, including for litigation and regulatory matters disclosed herein, see Note 28 to the Consolidated Financial Statements of Citigroup’s 2014 Annual Report on Form 10-K. | |
Credit Crisis-Related Litigation and Other Matters | |
Mortgage-Related Litigation and Other Matters | |
Mortgage-Backed Securities and CDO Investor Actions: On February 2, 2015, Citigroup Global Markets Inc. (CGMI) and its remaining co-defendants filed a stipulation of agreement and settlement in the class action NEW JERSEY CARPENTERS HEALTH FUND, ET AL. v. RESIDENTIAL CAPITAL, LLC, ET AL. This settlement is subject to court approval. Additional information relating to this action is publicly available in court filings under the docket number 08 Civ. 8781 (S.D.N.Y.) (Failla, J.). | |
On February 6, 2015, the Tennessee Consolidated Retirement System filed a complaint intervening in TENNESSEE CONSOLIDATED RETIREMENT SYSTEM v. J.P. MORGAN SECURITIES LLC, ET AL., asserting claims for fraud, negligent misrepresentation, and violation of the Tennessee Securities Act concerning CGMI’s alleged sale of residential mortgage-backed securities (MBS) to the Tennessee Consolidated Retirement System. Additional information relating to this action is publicly available in court filings under the docket number 13-1729-II (Tenn. Ch. Ct.) (McCoy, Ch.). | |
As of March 31, 2015, the aggregate original purchase amount of the purchases at issue in the pending MBS and CDO investor suits was approximately $1.9 billion, and the aggregate original purchase amount of the purchases covered by tolling agreements with MBS and CDO investors threatening litigation was an additional approximately $1.4 billion. | |
Lehman Brothers Bankruptcy Proceedings | |
In connection with an adversary proceeding related to the Chapter 11 bankruptcy proceedings of Lehman Brothers Holdings Inc., in which plaintiffs assert, among other claims, objections to proofs of claim totaling approximately $2.6 billion filed by Citibank, N.A. and certain Citigroup affiliates, plaintiffs dismissed, with prejudice, their claim to avoid a $500 million transfer, pursuant to a stipulation entered by the Court on March 12, 2015. Discovery related to the remaining claims is ongoing. Additional information relating to this action is publicly available in court filings under the docket numbers 12-01044 and 08-13555 (Bankr. S.D.N.Y.) (Chapman, J.). | |
Tribune Company Bankruptcy | |
In KIRSCHNER v. FITZSIMONS, ET AL., claims against certain Citigroup affiliates have been dismissed or reduced in amount by orders dated January 13, January 15, March 26, and April 1, 2015. Additional information relating to these actions is publicly available in court filings under the docket numbers 11 MD 2296 (S.D.N.Y.) (Sullivan, J.), 12 2296 (S.D.N.Y.) (Sullivan, J.), and 13-3992(L) (2d Cir.). | |
Foreign Exchange Matters | |
Regulatory Actions: Citigroup is in active discussions with the Department of Justice about a potential resolution of the previously-disclosed investigation by the Antitrust Division and the Criminal Division of the Department of Justice regarding Citigroup’s foreign exchange business. A resolution with the Department of Justice could include a guilty plea on an antitrust charge. | |
Antitrust and Other Litigation: On April 7, 2015, an action captioned STERK v. BANK OF AMERICA CORPORATION, ET AL. was brought in the United States District Court for the Southern District of New York against Citigroup, Citibank, N.A., and CGMI, as well as numerous other foreign exchange dealers. The plaintiffs seek to represent a putative class of investors who transacted in foreign exchange futures contracts and options on foreign exchange futures contracts, alleging that the class suffered losses as a result of the defendants’ alleged manipulation of, and collusion with respect to, the foreign exchange market. The plaintiffs assert a federal antitrust claim and claims under the Commodity Exchange Act, and seek compensatory damages, treble damages where authorized by statute, and declaratory relief. Additional information concerning this action is publicly available in court filings under the docket number 1:15-cv-2705 (S.D.N.Y.) (Schofield, J.). | |
Interbank Offered Rates-Related Litigation and Other Matters | |
Regulatory Actions: In connection with the previously disclosed investigation by the Department of Justice regarding submissions made by panel banks to bodies that publish various interbank offered rates and other benchmark rates, the Department of Justice has advised Citigroup that, based on the facts and circumstances as the Department of Justice currently understands them, the Department of Justice has decided to decline prosecution with respect to LIBOR. | |
Antitrust and Other Litigation: On March 31, 2015, the United States District Court for the Southern District of New York dismissed the action captioned 7 WEST 57th STREET REALTY CO. v. CITIGROUP, INC., ET AL., but permitted plaintiff to file a motion for leave to file a second amended complaint by June 1, 2015. Additional information concerning this action is publicly available in court filings under the docket number 1:13-cv-981 (S.D.N.Y.) (Gardephe, J.). | |
Citigroup and Citibank, N.A., as well as other U.S. dollar (USD) LIBOR panel banks, have been named as defendants in two putative class actions filed in the United States District Court for the Southern District of New York in which plaintiffs allege that they received depressed returns on LIBOR-linked financial instruments as a result of defendants artificially suppressing USD LIBOR. In the first action, filed on February 24, 2015, and captioned NATIONAL ASBESTOS WORKERS PENSION FUND, ET AL. v. BANK OF AMERICA CORP., ET AL., plaintiffs assert federal antitrust claims and seek compensatory damages and declaratory relief. This action has been consolidated with other related cases in a multi-district litigation proceeding before Judge Buchwald in the United States District Court for the Southern District of New York. Additional information concerning this action is publicly available in court filings under the docket number 1:15-cv-01334 (S.D.N.Y.) (Buchwald, J.). In the second action, filed on April 16, 2015, and captioned AXIOM INVESTMENT ADVISORS, LLC, ET AL. v. BANK OF AMERICA CORP., ET AL., plaintiffs assert federal and state antitrust claims, RICO claims, and various common law claims against USD LIBOR panel banks and the British Bankers’ Association. Plaintiffs seek compensatory and punitive damages, disgorgement and restitution, and declaratory and injunctive relief. Additional information concerning this action is publicly available in court filings under the docket number 1:15-cv-02973 (S.D.N.Y.). | |
ISDAFIX-Related Litigation and Other Matters | |
Antitrust and Other Litigation: Beginning in September 2014, various plaintiffs filed putative class actions in the United States District Court for the Southern District of New York against Citigroup and other USD ISDAFIX panel banks, which are proceeding on a consolidated basis. On April 13, 2015, defendants filed a motion to dismiss the claims in plaintiffs’ amended consolidated complaint. Additional information concerning these actions is publicly available in court filings under the consolidated lead docket number 1:14-cv-7126 (S.D.N.Y.) (Furman, J.). | |
Oceanografia Fraud and Related Matters | |
In connection with the Mexican National Banking and Securities Commission’s (CNBV) continued review of Banamex’s compliance with the corrective action order, the CNBV recently imposed an additional fine of $90,000 on Banamex. Citigroup continues to cooperate fully with all of the inquiries related to the Oceanografía fraud. | |
Derivative Actions and Related Proceedings: On April 24, 2015, in an action filed by Oklahoma Firefighters Pension & Retirement System, the Court of Chancery issued a decision adopting the Master’s September 30, 2014 recommendation granting in part and denying in part plaintiff’s request to inspect Citigroup’s books and records. On May 5, 2015, Citigroup answered a similar complaint filed by Key West Municipal Firefighters & Police Officers’ Retirement Trust Fund. Additional information concerning these actions is publicly available in court filings under the docket numbers C.A. No. 9587-ML (VCN) (Noble, V.C.) and C.A. No. 10468-ML (VCN) (Noble, V.C.). | |
Parmalat Litigation and Related Matters | |
On March 5, 2015, the Parma criminal court accepted plea bargain agreements reached with each of the defendants (eight current and former Citigroup employees) and closed criminal proceedings commenced by prosecutors in Parma. As a result of the agreements, the Parma criminal court can no longer hear the civil complaint filed by the Parmalat administrator against Citigroup. The Parmalat administrator is permitted to refile his claim in Italian civil court. | |
In January 2011, certain Parmalat institutional investors filed a civil complaint seeking damages of approximately 130 million euro against Citigroup and other financial institutions. In January 2015, the Court of Milan issued its first instance decision that denied relief to the investors in respect of all claims against Citigroup and other banks. | |
Settlement Payments | |
Payments required in settlement agreements described above have been made or are covered by existing litigation accruals. | |
[End of Consolidated Financial Statements and Notes to Consolidated Financial Statements] |
BASIS_OF_PRESENTATION_AND_ACCO1
BASIS OF PRESENTATION AND ACCOUNTING CHANGES (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Accounting Changes | ACCOUNTING CHANGES |
Accounting for Investments in Tax Credit Partnerships | |
In January 2014, the FASB issued Accounting Standards Update (ASU) 2014-01, Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects. Any transition adjustment is reflected as an adjustment to retained earnings in the earliest period presented (retrospective application). | |
The ASU is applicable to Citi’s portfolio of low income housing tax credit (LIHTC) partnership interests. The new standard widens the scope of investments eligible to elect to apply a new alternative method, the proportional amortization method, under which the cost of the investment is amortized to tax expense in proportion to the amount of tax credits and other tax benefits received. Citi qualifies to elect the proportional amortization method under the ASU for its entire LIHTC portfolio. These investments were previously accounted for under the equity method, which resulted in losses (due to amortization of the investment) being recognized in Other revenue and tax credits and benefits being recognized in the Income tax expense line. In contrast, the proportional amortization method combines the amortization of the investment and receipt of the tax credits/benefits into one line, Income tax expense. | |
Citi adopted ASU 2014-01 in the first quarter of 2015. | |
The adoption of this ASU was applied retrospectively and cumulatively reduced Retained earnings by approximately $349 million, Other assets by approximately $178 million, and deferred tax assets by approximately $171 million. | |
Accounting for Repurchase-to-Maturity Transactions | |
In June 2014, the FASB issued ASU No. 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. The ASU changes the accounting for repurchase-to-maturity transactions and linked repurchase financings to secured borrowing accounting, which is consistent with the accounting for other repurchase agreements. The ASU also requires disclosures about transfers accounted for as sales in transactions that are economically similar to repurchase agreements (see Note 21 to the Consolidated Financial Statements) and about the types of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. The ASU’s provisions became effective for Citi from the first quarter of 2015, with the exception of the collateral disclosures which will be effective from the second quarter of 2015. The effect of adopting the ASU is required to be reflected as a cumulative effect adjustment to retained earnings as of the beginning of the period of adoption. Adoption of the ASU did not have a material effect on the Company’s financial statements. | |
Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure | |
In August 2014, the FASB issued ASU No. 2014-14, Receivables-Troubled Debt Restructuring by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure, which requires that a mortgage loan be derecognized and a separate other receivable be recognized upon foreclosure if the following conditions are met: (i) the loan has a government guarantee that is not separable from the loan before foreclosure; (ii) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim; and (iii) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable is measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. | |
Citi early adopted the ASU on a modified retrospective basis in the fourth quarter of 2014, which resulted in reclassifying approximately $130 million of foreclosed assets from Other Real Estate Owned to a separate other receivable that is included in Other assets. Given the modified retrospective approach to adoption, prior periods have not been restated. | |
FUTURE APPLICATION OF ACCOUNTING STANDARDS | |
Revenue Recognition | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective on January 1, 2017. However, the FASB is proposing to extend the effective date to January 1, 2018. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its financial statements. | |
Consolidation | |
In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which is intended to improve certain areas of consolidation guidance for legal entities such as limited partnerships, limited liability companies, and securitization structures. The ASU will reduce the number of consolidation models. The ASU will be effective on January 1, 2016. Early adoption is permitted, including adoption in an interim period. The Company is evaluating the effect that ASU 2015-02 will have on its Consolidated Financial Statements. | |
Debt Issuance Costs | |
In April 2015, the FASB issued ASU 2015-03, Interest— Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs, to conform the presentation of debt issuance costs to that of debt discounts and premiums. Thus, the ASU requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The ASU will be effective for Citi on January 1, 2016 for both interim and annual periods and will be applied retrospectively to all periods presented. Early adoption is permitted for financial statements that have not been previously issued. The ASU is not expected to have a material effect on the Company. | |
Accounting for Financial Instruments-Credit Losses | |
In December 2012, the FASB issued a proposed ASU, Financial Instruments-Credit Losses. This proposed ASU, or exposure draft, was issued for public comment in order to allow stakeholders the opportunity to review the proposal and provide comments to the FASB and does not constitute accounting guidance until a final ASU is issued. | |
The exposure draft contains proposed guidance developed by the FASB with the goal of improving financial reporting about expected credit losses on loans, securities and other financial assets held by financial institutions and other organizations. The exposure draft proposes a new accounting model intended to require earlier recognition of credit losses, while also providing additional transparency about credit risk. | |
The FASB’s proposed model would utilize an “expected credit loss” measurement objective for the recognition of credit losses for loans, held-to-maturity securities and other receivables at the time the financial asset is originated or acquired and adjusted each period for changes in expected credit losses. For available-for-sale securities where fair value is less than cost, credit-related impairment would be recognized in the allowance for credit losses and adjusted each period for changes in credit. This would replace the multiple existing impairment models in GAAP, which generally require that a loss be “incurred” before it is recognized. | |
The FASB’s proposed model represents a significant departure from existing GAAP, and may result in material changes to the Company’s accounting for financial instruments. The impact of the FASB’s final ASU on the Company’s financial statements will be assessed when it is issued. The exposure draft does not contain a proposed effective date; this would be included in the final ASU, when issued. |
DISCONTINUED_OPERATIONS_AND_SI1
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Discontinued operations | |||||||
Summarized financial information disposal groups including discontinued operations | The following assets and liabilities for the Japan retail banking, Japan cards business and OneMain Financial business were identified and reclassified to HFS within Other assets and Other liabilities on the Consolidated Balance Sheet at March 31, 2015 (OneMain, Japan cards and Japan retail) and December 31, 2014 (Japan retail): | ||||||
In millions of dollars | March 31, | Dec. 31, | |||||
2015 | 2014 | ||||||
Assets | |||||||
Cash and deposits with banks | $ | 626 | $ | 151 | |||
Investments | 1,499 | — | |||||
Loans (net of allowance of $713 million and $2 million at March 31, 2015 and December 31, 2014) | 9,283 | 544 | |||||
Goodwill | 112 | 51 | |||||
Intangible assets | 123 | — | |||||
Other assets, advances to/from subs | 19,480 | 19,854 | |||||
Other assets | 473 | 66 | |||||
Total assets | $ | 31,596 | $ | 20,666 | |||
Liabilities | |||||||
Deposits | $ | 20,193 | $ | 20,605 | |||
Long-term debt | 4,673 | — | |||||
Other liabilities, due to/from subs | 1,902 | — | |||||
Other liabilities | 1,970 | 61 | |||||
Total liabilities | $ | 28,738 | $ | 20,666 | |||
The following is summarized financial information for Credicard, CCA, Egg and previous Discontinued operations for which Citi continues to have minimal residual costs associated with the sales: | |||||||
Three Months Ended March 31, | |||||||
In millions of dollars | 2015 | 2014 | |||||
Total revenues, net of interest expense | $ | — | $ | 69 | |||
Income (loss) from discontinued operations | $ | (8 | ) | $ | 40 | ||
Provision (benefit) for income taxes | (3 | ) | 3 | ||||
Income (loss) from discontinued operations, net of taxes | $ | (5 | ) | $ | 37 | ||
OneMain Financial Business | |||||||
Discontinued operations | |||||||
Summarized financial information disposal groups including discontinued operations | Income before taxes is as follows: | ||||||
Three Months Ended March 31, | |||||||
In millions of dollars | 2015 | 2014 | |||||
Income before taxes | $ | 177 | $ | 242 | |||
The following assets and liabilities for the OneMain Financial business were identified and reclassified to HFS within Other assets and Other liabilities on the Consolidated Balance Sheet at March 31, 2015: | |||||||
In millions of dollars | 31-Mar-15 | ||||||
Assets | |||||||
Cash and deposits with banks | $ | 492 | |||||
Investments | 1,499 | ||||||
Loans (net of allowance of $688 million) | 7,427 | ||||||
Intangible assets | 123 | ||||||
Other assets | 355 | ||||||
Total assets | $ | 9,896 | |||||
Liabilities | |||||||
Long-term debt | $ | 4,673 | |||||
Other liabilities, due to/from subs | 1,902 | ||||||
Other liabilities | 1,454 | ||||||
Total liabilities | $ | 8,029 | |||||
Japan Cards Business | |||||||
Discontinued operations | |||||||
Summarized financial information disposal groups including discontinued operations | Income before taxes is as follows: | ||||||
Three Months Ended March 31, | |||||||
In millions of dollars | 2015 | 2014 | |||||
Income before taxes | $ | (1 | ) | $ | — | ||
The following assets and liabilities for the Japan cards business were identified and reclassified to HFS within Other assets and Other liabilities on the Consolidated Balance Sheet at March 31, 2015: | |||||||
In millions of dollars | 31-Mar-15 | ||||||
Assets | |||||||
Cash and deposits with banks | $ | 16 | |||||
Loans (net of allowance of $24 million) | 1,308 | ||||||
Goodwill | 61 | ||||||
Other assets | 66 | ||||||
Total assets | $ | 1,451 | |||||
Liabilities | |||||||
Other liabilities | $ | 460 | |||||
Total liabilities | $ | 460 | |||||
Japan Retail Business | |||||||
Discontinued operations | |||||||
Summarized financial information disposal groups including discontinued operations | Income before taxes is as follows: | ||||||
Three Months Ended March 31, | |||||||
In millions of dollars | 2015 | 2014 | |||||
Income before taxes | $ | — | $ | 2 | |||
The following assets and liabilities for the Japan retail banking business were identified and reclassified to HFS within Other assets and Other liabilities on the Consolidated Balance Sheet at March 31, 2015 and December 31, 2014: | |||||||
March 31, | Dec. 31, | ||||||
In millions of dollars | 2015 | 2014 | |||||
Assets | |||||||
Cash and deposits with banks | $ | 118 | $ | 151 | |||
Loans (net of allowance of $1 million and $2 million at March 31, 2015 and December 31, 2014) | 548 | 544 | |||||
Goodwill | 51 | 51 | |||||
Other assets, advances to/from subs | 19,480 | 19,854 | |||||
Other assets | 52 | 66 | |||||
Total assets | $ | 20,249 | $ | 20,666 | |||
Liabilities | |||||||
Deposits | $ | 20,193 | $ | 20,605 | |||
Other liabilities | 56 | 61 | |||||
Total liabilities | $ | 20,249 | $ | 20,666 | |||
Spain Consumer Business | |||||||
Discontinued operations | |||||||
Summarized financial information disposal groups including discontinued operations | |||||||
Three Months Ended March 31, | |||||||
In millions of dollars | 2015 | 2014 | |||||
Income before taxes | $ | — | $ | 21 | |||
Greece Consumer Business | |||||||
Discontinued operations | |||||||
Summarized financial information disposal groups including discontinued operations | |||||||
Three Months Ended March 31, | |||||||
In millions of dollars | 2015 | 2014 | |||||
Income before taxes | $ | — | $ | (15 | ) | ||
BUSINESS_SEGMENTS_Tables
BUSINESS SEGMENTS (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Information regarding the Company's operations by segment | The following table presents certain information regarding the Company’s continuing operations by segment: | ||||||||||||||||||||||||
Revenues, | Provision (benefits) | Income (loss) from | Identifiable assets | ||||||||||||||||||||||
net of interest expense (1) | for income taxes | continuing operations (2) | |||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||
In millions of dollars, except identifiable assets in billions | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | March 31, 2015 | December 31, 2014 | |||||||||||||||||
Global Consumer Banking | $ | 8,662 | $ | 8,844 | $ | 920 | $ | 742 | $ | 1,725 | $ | 1,674 | $ | 387 | $ | 406 | |||||||||
Institutional Clients Group | 9,028 | 9,154 | 1,358 | 1,321 | 2,964 | 2,948 | 1,271 | 1,257 | |||||||||||||||||
Corporate/Other | 212 | 223 | (312 | ) | 209 | (19 | ) | (388 | ) | 52 | 50 | ||||||||||||||
Total Citicorp | $ | 17,902 | $ | 18,221 | $ | 1,966 | $ | 2,272 | $ | 4,670 | $ | 4,234 | $ | 1,710 | $ | 1,713 | |||||||||
Citi Holdings | 1,834 | 1,985 | 154 | (141 | ) | 147 | (282 | ) | 122 | 129 | |||||||||||||||
Total | $ | 19,736 | $ | 20,206 | $ | 2,120 | $ | 2,131 | $ | 4,817 | $ | 3,952 | $ | 1,832 | $ | 1,842 | |||||||||
-1 | Includes Citicorp (excluding Corporate/Other) total revenues, net of interest expense, in North America of $8.3 billion and $8.3 billion; in EMEA of $3.0 billion and $3.1 billion; in Latin America of $2.9 billion and $3.2 billion; and in Asia of $3.5 billion and $3.4 billion for the three months ended March 31, 2015 and 2014, respectively. Regional numbers exclude Citi Holdings and Corporate/Other, which largely operate within the U.S. | ||||||||||||||||||||||||
-2 | Includes pretax provisions (credits) for credit losses and for benefits and claims in the GCB results of $1.5 billion and $1.6 billion; in the ICG results of $74 million and $27 million; and in Citi Holdings results of $0.4 billion and $0.4 billion for the three months ended March 31, 2015 and 2014, respectively. |
INTEREST_REVENUE_AND_EXPENSE_T
INTEREST REVENUE AND EXPENSE (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Interest Revenue (Expense), Net [Abstract] | |||||||
Interest revenue and expense | For the three months ended March 31, 2015 and 2014, Interest revenue and Interest expense consisted of the following: | ||||||
Three Months Ended | |||||||
March 31, | |||||||
In millions of dollars | 2015 | 2014 | |||||
Interest revenue | |||||||
Loan interest, including fees | $ | 10,555 | $ | 11,181 | |||
Deposits with banks | 183 | 252 | |||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 642 | 594 | |||||
Investments, including dividends | 1,711 | 1,757 | |||||
Trading account assets(1) | 1,399 | 1,486 | |||||
Other interest | 110 | 80 | |||||
Total interest revenue | $ | 14,600 | $ | 15,350 | |||
Interest expense | |||||||
Deposits(2) | $ | 1,326 | $ | 1,449 | |||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 376 | 525 | |||||
Trading account liabilities(1) | 47 | 41 | |||||
Short-term borrowings | 119 | 137 | |||||
Long-term debt | 1,160 | 1,439 | |||||
Total interest expense | $ | 3,028 | $ | 3,591 | |||
Net interest revenue | $ | 11,572 | $ | 11,759 | |||
Provision for loan losses | 1,755 | 1,793 | |||||
Net interest revenue after provision for loan losses | $ | 9,817 | $ | 9,966 | |||
-1 | Interest expense on Trading account liabilities of ICG is reported as a reduction of interest revenue from Trading account assets. | ||||||
-2 | Includes deposit insurance fees and charges of $296 million and $281 million for the three months ended March 31, 2015 and 2014. |
COMMISSIONS_AND_FEES_Tables
COMMISSIONS AND FEES (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Fees and Commissions [Abstract] | |||||||
Commissions and fees revenues | The following table presents Commissions and fees revenue for the three months ended March 31: | ||||||
Three Months Ended March 31, | |||||||
In millions of dollars | 2015 | 2014 | |||||
Investment banking | $ | 938 | $ | 834 | |||
Trading-related | 634 | 701 | |||||
Credit cards and bank cards | 501 | 563 | |||||
Trade and securities services | 435 | 453 | |||||
Other consumer(1) | 180 | 213 | |||||
Corporate finance(2) | 145 | 123 | |||||
Checking-related | 116 | 136 | |||||
Loan servicing | 95 | 88 | |||||
Other | 126 | 73 | |||||
Total commissions and fees | $ | 3,170 | $ | 3,184 | |||
-1 | Primarily consists of fees for investment fund administration and management, third-party collections, commercial demand deposit accounts and certain credit card services. | ||||||
-2 | Consists primarily of fees earned from structuring and underwriting loan syndications. |
PRINCIPAL_TRANSACTIONS_Tables
PRINCIPAL TRANSACTIONS (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Principal Transactions Revenue, Net [Abstract] | |||||||
Principal transactions revenue | The following table presents principal transactions revenue for the three months ended March 31: | ||||||
Three Months Ended March 31, | |||||||
In millions of dollars | 2015 | 2014 | |||||
Global Consumer Banking | $ | 173 | $ | 172 | |||
Institutional Clients Group | 2,199 | 2,604 | |||||
Corporate/Other | (422 | ) | 20 | ||||
Subtotal Citicorp | $ | 1,950 | $ | 2,796 | |||
Citi Holdings | 21 | 92 | |||||
Total Citigroup | $ | 1,971 | $ | 2,888 | |||
Interest rate contracts(1) | $ | 1,197 | $ | 1,390 | |||
Foreign exchange contracts(2) | 86 | 548 | |||||
Equity contracts(3) | 114 | 138 | |||||
Commodity and other contracts(4) | 317 | 224 | |||||
Credit products and derivatives(5) | 257 | 588 | |||||
Total | $ | 1,971 | $ | 2,888 | |||
-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 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. |
RETIREMENT_BENEFITS_Tables
RETIREMENT BENEFITS (Tables) | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||
Components of net (benefit) expense | The following table summarizes the components of net expense recognized in the Consolidated Statement of Income for the Company’s U.S. postemployment plans. | |||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||
In millions of dollars | 2015 | 2014 | ||||||||||||||||||||||||||
Service-related expense | ||||||||||||||||||||||||||||
Benefits earned during the period | $ | — | $ | — | ||||||||||||||||||||||||
Interest cost on benefit obligation | 1 | 1 | ||||||||||||||||||||||||||
Amortization of unrecognized | ||||||||||||||||||||||||||||
Prior service cost (benefit) | (7 | ) | (7 | ) | ||||||||||||||||||||||||
Net actuarial loss | 3 | 3 | ||||||||||||||||||||||||||
Total service-related expense (benefit) | $ | (3 | ) | $ | (3 | ) | ||||||||||||||||||||||
Non-service-related expense | $ | 9 | $ | 8 | ||||||||||||||||||||||||
Total net expense | $ | 6 | $ | 5 | ||||||||||||||||||||||||
The following table summarizes the components of net (benefit) expense recognized in the Consolidated Statement of Income for the Company’s U.S. qualified and nonqualified pension plans and postretirement plans and plans outside the United States, for Significant Plans and All Other Plans, for the periods indicated. | ||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||
Pension plans | Postretirement benefit plans | |||||||||||||||||||||||||||
U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans | |||||||||||||||||||||||||
In millions of dollars | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||
Qualified plans | ||||||||||||||||||||||||||||
Benefits earned during the period | $ | 2 | $ | 2 | $ | 44 | $ | 46 | $ | — | $ | — | $ | 4 | $ | 4 | ||||||||||||
Interest cost on benefit obligation | 137 | 140 | 80 | 96 | 8 | 8 | 27 | 29 | ||||||||||||||||||||
Expected return on plan assets | (222 | ) | (217 | ) | (84 | ) | (95 | ) | — | (1 | ) | (29 | ) | (30 | ) | |||||||||||||
Amortization of unrecognized | ||||||||||||||||||||||||||||
Prior service (benefit) cost | (1 | ) | (1 | ) | — | 1 | — | — | (3 | ) | (3 | ) | ||||||||||||||||
Net actuarial loss | 37 | 23 | 21 | 20 | — | (1 | ) | 11 | 9 | |||||||||||||||||||
Net qualified plans (benefit) expense | $ | (47 | ) | $ | (53 | ) | $ | 61 | $ | 68 | $ | 8 | $ | 6 | $ | 10 | $ | 9 | ||||||||||
Nonqualified plans expense | 12 | 12 | — | — | — | — | — | — | ||||||||||||||||||||
Total net (benefit) expense | $ | (35 | ) | $ | (41 | ) | $ | 61 | $ | 68 | $ | 8 | $ | 6 | $ | 10 | $ | 9 | ||||||||||
Summary of the funded status and amounts recognized in the Consolidated Balance Sheet for the Company's U.S. qualified, non-qualified plans and plans outside the U.S. | The following table summarizes the funded status and amounts recognized in the Consolidated Balance Sheet for the Company’s Significant Plans. | |||||||||||||||||||||||||||
Net Amount Recognized | ||||||||||||||||||||||||||||
Three months ended March 31, 2015 | ||||||||||||||||||||||||||||
Pension plans | Postretirement benefit plans | |||||||||||||||||||||||||||
U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans | |||||||||||||||||||||||||
In millions of dollars | 2015 | 2015 | 2015 | 2015 | ||||||||||||||||||||||||
Change in projected benefit obligation | ||||||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 14,839 | $ | 7,252 | $ | 917 | $ | 1,527 | ||||||||||||||||||||
Plans measured annually | — | (2,070 | ) | — | (348 | ) | ||||||||||||||||||||||
Projected benefit obligation at beginning of year - Significant Plans | $ | 14,839 | $ | 5,182 | $ | 917 | $ | 1,179 | ||||||||||||||||||||
Benefits earned during the year | 3 | 25 | — | 3 | ||||||||||||||||||||||||
Interest cost on benefit obligation | 144 | 66 | 8 | 23 | ||||||||||||||||||||||||
Plan amendments | — | 6 | — | — | ||||||||||||||||||||||||
Actuarial (gain) loss | 252 | 144 | 19 | — | ||||||||||||||||||||||||
Benefits paid, net of participants’ contributions | (198 | ) | (56 | ) | (24 | ) | (10 | ) | ||||||||||||||||||||
Foreign exchange impact and other | — | (232 | ) | — | (41 | ) | ||||||||||||||||||||||
Projected benefit obligation at period end - Significant Plans | $ | 15,040 | $ | 5,135 | $ | 920 | $ | 1,154 | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||||||||||
Pension plans | Postretirement benefit plans | |||||||||||||||||||||||||||
U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans | |||||||||||||||||||||||||
In millions of dollars | 2015 | 2015 | 2015 | 2015 | ||||||||||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||||||
Plan assets at fair value at beginning of year | $ | 13,071 | $ | 7,057 | $ | 10 | $ | 1,384 | ||||||||||||||||||||
Plans measured annually | — | (1,406 | ) | — | (9 | ) | ||||||||||||||||||||||
Plan assets at fair value at beginning of year - Significant Plans | $ | 13,071 | $ | 5,651 | $ | 10 | $ | 1,375 | ||||||||||||||||||||
Actual return on plan assets | 314 | 169 | — | 3 | ||||||||||||||||||||||||
Company contributions | 13 | 13 | 20 | — | ||||||||||||||||||||||||
Plan participants’ contributions | — | 1 | — | — | ||||||||||||||||||||||||
Benefits paid | (198 | ) | (56 | ) | (24 | ) | (10 | ) | ||||||||||||||||||||
Foreign exchange impact and other | — | (281 | ) | — | (47 | ) | ||||||||||||||||||||||
Plan assets at fair value at period end - Significant Plans | $ | 13,200 | $ | 5,497 | $ | 6 | $ | 1,321 | ||||||||||||||||||||
Funded status of the plans | ||||||||||||||||||||||||||||
Qualified plans | $ | (1,051 | ) | $ | 362 | $ | (914 | ) | $ | 167 | ||||||||||||||||||
Nonqualified plans | (789 | ) | — | — | — | |||||||||||||||||||||||
Funded status of the plans at period end - Significant Plans | $ | (1,840 | ) | $ | 362 | $ | (914 | ) | $ | 167 | ||||||||||||||||||
Net amount recognized | ||||||||||||||||||||||||||||
Benefit asset | $ | — | $ | 362 | $ | — | $ | 167 | ||||||||||||||||||||
Benefit liability | (1,840 | ) | — | (914 | ) | — | ||||||||||||||||||||||
Net amount recognized on the balance sheet - Significant Plans | $ | (1,840 | ) | $ | 362 | $ | (914 | ) | $ | 167 | ||||||||||||||||||
Amounts recognized in Accumulated other comprehensive income (loss) | ||||||||||||||||||||||||||||
Prior service benefit (cost) | $ | (1 | ) | $ | 15 | $ | — | $ | 134 | |||||||||||||||||||
Net actuarial gain (loss) | (6,060 | ) | (1,145 | ) | (75 | ) | (541 | ) | ||||||||||||||||||||
Net amount recognized in equity (pretax) - Significant Plans | $ | (6,061 | ) | $ | (1,130 | ) | $ | (75 | ) | $ | (407 | ) | ||||||||||||||||
Accumulated benefit obligation at period end - Significant Plans | $ | 15,021 | $ | 4,811 | N/A | N/A | ||||||||||||||||||||||
Change in Accumulated other comprehensive income (loss) | The following table shows the change in Accumulated other comprehensive income (loss) related to Citi’s pension and postretirement benefit plans (for Significant Plans and All Other Plans) for the periods indicated. | |||||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||||
In millions of dollars | 31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||
Beginning of period balance, net of tax (1) (2) | $ | (5,159 | ) | $ | (3,989 | ) | ||||||||||||||||||||||
Actuarial assumptions changes and plan experience | (416 | ) | (3,404 | ) | ||||||||||||||||||||||||
Net asset gain (loss) due to difference between actual and expected returns | 165 | 833 | ||||||||||||||||||||||||||
Net amortizations | 64 | 202 | ||||||||||||||||||||||||||
Prior service credit | (6 | ) | 13 | |||||||||||||||||||||||||
Curtailment/ settlement loss (3) | — | 67 | ||||||||||||||||||||||||||
Foreign exchange impact and other | 72 | 459 | ||||||||||||||||||||||||||
Change in deferred taxes, net | 31 | 660 | ||||||||||||||||||||||||||
Change, net of tax | $ | (90 | ) | $ | (1,170 | ) | ||||||||||||||||||||||
End of period balance, net of tax (1) (2) | $ | (5,249 | ) | $ | (5,159 | ) | ||||||||||||||||||||||
-1 | See Note 18 to the Consolidated Financial Statements for further discussion of net Accumulated other comprehensive income (loss) balance. | |||||||||||||||||||||||||||
-2 | Includes net-of-tax amounts for certain profit sharing plans outside the U.S. | |||||||||||||||||||||||||||
-3 | Curtailment and settlement losses relate to repositioning actions. | |||||||||||||||||||||||||||
Assumptions used in determining benefit obligations and net benefit expense | The discount rates used during the period in determining the pension and postretirement net (benefit) expense for the Significant Plans are shown in the following table: | |||||||||||||||||||||||||||
Three months ended | Three months ended | |||||||||||||||||||||||||||
Net benefit (expense) assumed discount rates during the period(1) | Mar. 31, 2015 | Dec. 31, 2014 | ||||||||||||||||||||||||||
U.S. plans | ||||||||||||||||||||||||||||
Qualified pension | 4.00% | 4.25% | ||||||||||||||||||||||||||
Nonqualified pension | 3.9 | 4.75 | ||||||||||||||||||||||||||
Postretirement | 3.8 | 4 | ||||||||||||||||||||||||||
Non-U.S. plans | ||||||||||||||||||||||||||||
Pension | 1.00 - 12.00 | 2.20 - 11.90 | ||||||||||||||||||||||||||
Weighted average | 5.44 | 6.02 | ||||||||||||||||||||||||||
Postretirement | 8 | 8.7 | ||||||||||||||||||||||||||
(1) The Company uses a quarterly remeasurement approach for its Significant Plans. The rates for the three months ended December 31, 2014 shown above were utilized to calculate the fourth quarter expense in 2014. The rates for the three months ended March 31, 2015 shown above were utilized to calculate the first quarter expense. | ||||||||||||||||||||||||||||
The discount rates used at period end in determining the pension and postretirement benefit obligations for the Significant Plans are shown in the following table: | ||||||||||||||||||||||||||||
Plan obligations assumed discount rates at period ended (1) | Mar. 31, 2015 | Dec. 31, 2014 | ||||||||||||||||||||||||||
U.S. plans | ||||||||||||||||||||||||||||
Qualified pension | 3.85% | 4.00% | ||||||||||||||||||||||||||
Nonqualified pension | 3.7 | 3.9 | ||||||||||||||||||||||||||
Postretirement | 3.65 | 3.8 | ||||||||||||||||||||||||||
Non-U.S. plans | ||||||||||||||||||||||||||||
Pension | 0.70 - 12.25 | 1.00 - 12.00 | ||||||||||||||||||||||||||
Weighted average | 5.14 | 5.44 | ||||||||||||||||||||||||||
Postretirement | 8 | 8 | ||||||||||||||||||||||||||
(1) For the Significant Plans, the rates at March 31, 2015 shown above are utilized to calculate the March 31, 2015 benefit obligation and will be utilized to calculate the 2015 second quarter expense. | ||||||||||||||||||||||||||||
Effect of one-percentage-point change in the discount rates on pension expense | The following table summarizes the estimated effect on the Company’s Significant Plans quarterly pension expense of a one-percentage-point change in the discount rate: | |||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||||||||||
In millions of dollars | One-percentage-point increase | One-percentage-point decrease | ||||||||||||||||||||||||||
Pension | ||||||||||||||||||||||||||||
U.S. plans | $7 | ($11) | ||||||||||||||||||||||||||
Non-U.S. plans | -7 | 9 | ||||||||||||||||||||||||||
Postretirement | ||||||||||||||||||||||||||||
U.S. plans | $1 | ($1) | ||||||||||||||||||||||||||
Non-U.S. plans | -3 | 3 | ||||||||||||||||||||||||||
Summary of entity's contributions | The following table summarizes the actual Company contributions for the three months ended March 31, 2015 and 2014, as well as estimated expected Company contributions for the remainder of 2015 and the contributions made in the second, third and fourth quarters of 2014. Expected contributions are subject to change since contribution decisions are affected by various factors, such as market performance and regulatory requirements. | |||||||||||||||||||||||||||
Summary of Company Contributions | ||||||||||||||||||||||||||||
Pension plans | Postretirement plans | |||||||||||||||||||||||||||
U.S. plans (1) | Non-U.S. plans | U.S. plans | Non-U.S. plans | |||||||||||||||||||||||||
In millions of dollars | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||
Company contributions(2) for the three months ended March 31 | $ | 11 | $ | 11 | $ | 26 | $ | 43 | $ | 20 | $ | 10 | $ | 7 | $ | 3 | ||||||||||||
Company contributions made or expected to be made in the remainder of the year | $ | 35 | $ | 32 | $ | 129 | $ | 127 | $ | 47 | $ | 47 | $ | 2 | $ | 7 | ||||||||||||
-1 | The U.S. pension plans include benefits paid directly by the Company for the nonqualified pension plans. | |||||||||||||||||||||||||||
-2 | Company contributions are composed of cash contributions made to the plans and benefits paid directly to participants by the Company. |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Earnings Per Share [Abstract] | |||||||
Reconciliation of the income and share data used in the basic and diluted earnings per share computations | The following is a reconciliation of the income and share data used in the basic and diluted earnings per share (EPS) computations for the three months ended March 31: | ||||||
Three Months Ended | |||||||
March 31, | |||||||
In millions, except per-share amounts | 2015 | 2014 | |||||
Income from continuing operations before attribution of noncontrolling interests | $ | 4,817 | $ | 3,952 | |||
Less: Noncontrolling interests from continuing operations | 42 | 45 | |||||
Net income from continuing operations (for EPS purposes) | $ | 4,775 | $ | 3,907 | |||
Income (loss) from discontinued operations, net of taxes | (5 | ) | 37 | ||||
Citigroup's net income | $ | 4,770 | $ | 3,944 | |||
Less: Preferred dividends(1) | 128 | 124 | |||||
Net income available to common shareholders | $ | 4,642 | $ | 3,820 | |||
Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with nonforfeitable rights to dividends, applicable to basic EPS | 62 | 62 | |||||
Net income allocated to common shareholders for basic EPS | $ | 4,580 | $ | 3,758 | |||
Add: Interest expense, net of tax, and dividends on convertible securities and adjustment of undistributed earnings allocated to employee restricted and deferred shares with nonforfeitable rights to dividends, applicable to diluted EPS | — | — | |||||
Net income allocated to common shareholders for diluted EPS | $ | 4,580 | $ | 3,758 | |||
Weighted-average common shares outstanding applicable to basic EPS | 3,034.20 | 3,037.40 | |||||
Effect of dilutive securities | |||||||
Options(2) | 4.9 | 5.6 | |||||
Other employee plans | 0.2 | 0.3 | |||||
Convertible securities(3) | — | — | |||||
Adjusted weighted-average common shares outstanding applicable to diluted EPS | 3,039.30 | 3,043.30 | |||||
Basic earnings per share | |||||||
Income from continuing operations | $ | 1.51 | $ | 1.23 | |||
Discontinued operations | — | 0.01 | |||||
Net income | $ | 1.51 | $ | 1.24 | |||
Diluted earnings per share | |||||||
Income from continuing operations | $ | 1.51 | $ | 1.22 | |||
Discontinued operations | — | 0.01 | |||||
Net income | $ | 1.51 | $ | 1.23 | |||
-1 | See Note 19 to the Consolidated Financial Statements for the potential future impact of preferred stock dividends. | ||||||
-2 | During the first quarters of 2015 and 2014, weighted-average options to purchase 0.9 million and 0.9 million shares of common stock, respectively, were outstanding but not included in the computation of earnings per share because the weighted-average exercise prices of $195.47 and $194.37 per share, respectively, were anti-dilutive. | ||||||
-3 | Warrants issued to the U.S. Treasury as part of the Troubled Asset Relief Program (TARP) and the loss-sharing agreement (all of which were subsequently sold to the public in January 2011), with exercise prices of $178.50 and $106.10 per share for approximately 21.0 million and 25.5 million shares of Citigroup common stock, respectively. Both warrants were not included in the computation of earnings per share in the first quarters of 2015 and 2014 because they were anti-dilutive. |
FEDERAL_FUNDS_SECURITIES_BORRO1
FEDERAL FUNDS, SECURITIES BORROWED, LOANED, AND SUBJECT TO REPURCHASE AGREEMENTS (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | ||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | Federal funds sold and securities borrowed or purchased under agreements to resell, at their respective carrying values, consisted of the following at March 31, 2015 and December 31, 2014: | |||||||||||||||
In millions of dollars | March 31, 2015 | December 31, 2014 | ||||||||||||||
Federal funds sold | $ | 135 | $ | — | ||||||||||||
Securities purchased under agreements to resell | 127,977 | 123,979 | ||||||||||||||
Deposits paid for securities borrowed | 110,903 | 118,591 | ||||||||||||||
Total | $ | 239,015 | $ | 242,570 | ||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | Federal funds purchased and securities loaned or sold under agreements to repurchase, at their respective carrying values, consisted of the following at March 31, 2015 and December 31, 2014: | |||||||||||||||
In millions of dollars | March 31, 2015 | December 31, 2014 | ||||||||||||||
Federal funds purchased | $ | 247 | $ | 334 | ||||||||||||
Securities sold under agreements to repurchase | 154,312 | 147,204 | ||||||||||||||
Deposits received for securities loaned | 20,812 | 25,900 | ||||||||||||||
Total | $ | 175,371 | $ | 173,438 | ||||||||||||
Schedule of gross and net resale agreements and securities borrowing agreements and the related offsetting amount permitted as well as not permitted under ASC 210-20-45 | The following tables present the gross and net resale and repurchase agreements and securities borrowing and lending | |||||||||||||||
agreements and the related offsetting amount permitted under ASC 210-20-45, as of March 31, 2015 and December 31, 2014. The tables also include amounts related to financial instruments 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 occurred and a legal opinion supporting enforceability of the offsetting rights has been obtained. 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 March 31, 2015 | ||||||||||||||||
In millions of dollars | Gross amounts | Gross amounts | Net amounts of | Amounts | Net | |||||||||||
of recognized | offset on the | assets included on | not offset on the | amounts(4) | ||||||||||||
assets | Consolidated | the Consolidated | Consolidated Balance | |||||||||||||
Balance Sheet(1) | Balance Sheet(2) | Sheet but eligible for | ||||||||||||||
offsetting upon | ||||||||||||||||
counterparty default(3) | ||||||||||||||||
Securities purchased under agreements to resell | $ | 181,342 | $ | 53,365 | $ | 127,977 | $ | 90,945 | $ | 37,032 | ||||||
Deposits paid for securities borrowed | 110,903 | — | 110,903 | 16,574 | 94,329 | |||||||||||
Total | $ | 292,245 | $ | 53,365 | $ | 238,880 | $ | 107,519 | $ | 131,361 | ||||||
In millions of dollars | Gross amounts | Gross amounts | Net amounts of | Amounts | Net | |||||||||||
of recognized | offset on the | liabilities included on | not offset on the | amounts(4) | ||||||||||||
liabilities | Consolidated | the Consolidated | Consolidated Balance | |||||||||||||
Balance Sheet(1) | Balance Sheet(2) | Sheet but eligible for | ||||||||||||||
offsetting upon | ||||||||||||||||
counterparty default(3) | ||||||||||||||||
Securities sold under agreements to repurchase | $ | 207,677 | $ | 53,365 | $ | 154,312 | $ | 73,184 | $ | 81,128 | ||||||
Deposits received for securities loaned | 20,812 | — | 20,812 | 3,971 | 16,841 | |||||||||||
Total | $ | 228,489 | $ | 53,365 | $ | 175,124 | $ | 77,155 | $ | 97,969 | ||||||
As of December 31, 2014 | ||||||||||||||||
In millions of dollars | Gross amounts | Gross amounts | Net amounts of | Amounts | Net | |||||||||||
of recognized | offset on the | assets included on | not offset on the | amounts(4) | ||||||||||||
assets | Consolidated | the Consolidated | Consolidated Balance | |||||||||||||
Balance Sheet(1) | Balance Sheet(2) | Sheet but eligible for | ||||||||||||||
offsetting upon | ||||||||||||||||
counterparty default(3) | ||||||||||||||||
Securities purchased under agreements to resell | $ | 180,318 | $ | 56,339 | $ | 123,979 | $ | 94,353 | $ | 29,626 | ||||||
Deposits paid for securities borrowed | 118,591 | — | 118,591 | 15,139 | 103,452 | |||||||||||
Total | $ | 298,909 | $ | 56,339 | $ | 242,570 | $ | 109,492 | $ | 133,078 | ||||||
In millions of dollars | Gross amounts | Gross amounts | Net amounts of | Amounts | Net | |||||||||||
of recognized | offset on the | liabilities included on | not offset on the | amounts(4) | ||||||||||||
liabilities | Consolidated | the Consolidated | Consolidated Balance | |||||||||||||
Balance Sheet(1) | Balance Sheet(2) | Sheet but eligible for | ||||||||||||||
offsetting upon | ||||||||||||||||
counterparty default(3) | ||||||||||||||||
Securities sold under agreements to repurchase | $ | 203,543 | $ | 56,339 | $ | 147,204 | $ | 72,928 | $ | 74,276 | ||||||
Deposits received for securities loaned | 25,900 | — | 25,900 | 5,190 | 20,710 | |||||||||||
Total | $ | 229,443 | $ | 56,339 | $ | 173,104 | $ | 78,118 | $ | 94,986 | ||||||
-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. | |||||||||||||||
Schedule of gross and net repurchase agreements and securities lending agreements and the related offsetting amount permitted as well as not permitted under ASC 210-20-45 | The following tables present the gross and net resale and repurchase agreements and securities borrowing and lending | |||||||||||||||
agreements and the related offsetting amount permitted under ASC 210-20-45, as of March 31, 2015 and December 31, 2014. The tables also include amounts related to financial instruments 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 occurred and a legal opinion supporting enforceability of the offsetting rights has been obtained. 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 March 31, 2015 | ||||||||||||||||
In millions of dollars | Gross amounts | Gross amounts | Net amounts of | Amounts | Net | |||||||||||
of recognized | offset on the | assets included on | not offset on the | amounts(4) | ||||||||||||
assets | Consolidated | the Consolidated | Consolidated Balance | |||||||||||||
Balance Sheet(1) | Balance Sheet(2) | Sheet but eligible for | ||||||||||||||
offsetting upon | ||||||||||||||||
counterparty default(3) | ||||||||||||||||
Securities purchased under agreements to resell | $ | 181,342 | $ | 53,365 | $ | 127,977 | $ | 90,945 | $ | 37,032 | ||||||
Deposits paid for securities borrowed | 110,903 | — | 110,903 | 16,574 | 94,329 | |||||||||||
Total | $ | 292,245 | $ | 53,365 | $ | 238,880 | $ | 107,519 | $ | 131,361 | ||||||
In millions of dollars | Gross amounts | Gross amounts | Net amounts of | Amounts | Net | |||||||||||
of recognized | offset on the | liabilities included on | not offset on the | amounts(4) | ||||||||||||
liabilities | Consolidated | the Consolidated | Consolidated Balance | |||||||||||||
Balance Sheet(1) | Balance Sheet(2) | Sheet but eligible for | ||||||||||||||
offsetting upon | ||||||||||||||||
counterparty default(3) | ||||||||||||||||
Securities sold under agreements to repurchase | $ | 207,677 | $ | 53,365 | $ | 154,312 | $ | 73,184 | $ | 81,128 | ||||||
Deposits received for securities loaned | 20,812 | — | 20,812 | 3,971 | 16,841 | |||||||||||
Total | $ | 228,489 | $ | 53,365 | $ | 175,124 | $ | 77,155 | $ | 97,969 | ||||||
As of December 31, 2014 | ||||||||||||||||
In millions of dollars | Gross amounts | Gross amounts | Net amounts of | Amounts | Net | |||||||||||
of recognized | offset on the | assets included on | not offset on the | amounts(4) | ||||||||||||
assets | Consolidated | the Consolidated | Consolidated Balance | |||||||||||||
Balance Sheet(1) | Balance Sheet(2) | Sheet but eligible for | ||||||||||||||
offsetting upon | ||||||||||||||||
counterparty default(3) | ||||||||||||||||
Securities purchased under agreements to resell | $ | 180,318 | $ | 56,339 | $ | 123,979 | $ | 94,353 | $ | 29,626 | ||||||
Deposits paid for securities borrowed | 118,591 | — | 118,591 | 15,139 | 103,452 | |||||||||||
Total | $ | 298,909 | $ | 56,339 | $ | 242,570 | $ | 109,492 | $ | 133,078 | ||||||
In millions of dollars | Gross amounts | Gross amounts | Net amounts of | Amounts | Net | |||||||||||
of recognized | offset on the | liabilities included on | not offset on the | amounts(4) | ||||||||||||
liabilities | Consolidated | the Consolidated | Consolidated Balance | |||||||||||||
Balance Sheet(1) | Balance Sheet(2) | Sheet but eligible for | ||||||||||||||
offsetting upon | ||||||||||||||||
counterparty default(3) | ||||||||||||||||
Securities sold under agreements to repurchase | $ | 203,543 | $ | 56,339 | $ | 147,204 | $ | 72,928 | $ | 74,276 | ||||||
Deposits received for securities loaned | 25,900 | — | 25,900 | 5,190 | 20,710 | |||||||||||
Total | $ | 229,443 | $ | 56,339 | $ | 173,104 | $ | 78,118 | $ | 94,986 | ||||||
-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. |
BROKERAGE_RECEIVABLES_AND_BROK1
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Brokers and Dealers [Abstract] | |||||||
Brokerage receivables and Brokerage payables | Brokerage receivables and Brokerage payables consisted of the following at March 31, 2015 and December 31, 2014: | ||||||
In millions of dollars | March 31, 2015 | December 31, 2014 | |||||
Receivables from customers | $ | 11,790 | $ | 10,380 | |||
Receivables from brokers, dealers, and clearing organizations | 23,847 | 18,039 | |||||
Total brokerage receivables (1) | $ | 35,637 | $ | 28,419 | |||
Payables to customers | $ | 39,238 | $ | 33,984 | |||
Payables to brokers, dealers, and clearing organizations | 19,014 | 18,196 | |||||
Total brokerage payables (1) | $ | 58,252 | $ | 52,180 | |||
-1 | Brokerage receivables and payables are accounted for in accordance with ASC 940-320. |
TRADING_ACCOUNT_ASSETS_AND_LIA1
TRADING ACCOUNT ASSETS AND LIABILITIES (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Trading Securities [Abstract] | |||||||
Trading account assets and liabilities | Trading account assets and Trading account liabilities are carried at fair value, other than physical commodities accounted for at the lower of cost or fair value, and consist of the following at March 31, 2015 and December 31, 2014: | ||||||
In millions of dollars | March 31, 2015 | December 31, 2014 | |||||
Trading account assets | |||||||
Mortgage-backed securities(1) | |||||||
U.S. government-sponsored agency guaranteed | $ | 26,048 | $ | 27,053 | |||
Prime | 1,168 | 1,271 | |||||
Alt-A | 781 | 709 | |||||
Subprime | 1,163 | 1,382 | |||||
Non-U.S. residential | 1,192 | 1,476 | |||||
Commercial | 3,832 | 4,343 | |||||
Total mortgage-backed securities | $ | 34,184 | $ | 36,234 | |||
U.S. Treasury and federal agency securities | |||||||
U.S. Treasury | $ | 21,521 | $ | 18,906 | |||
Agency obligations | 2,087 | 1,568 | |||||
Total U.S. Treasury and federal agency securities | $ | 23,608 | $ | 20,474 | |||
State and municipal securities | $ | 3,796 | $ | 3,402 | |||
Foreign government securities | 69,417 | 64,937 | |||||
Corporate | 25,163 | 27,797 | |||||
Derivatives(2) | 71,581 | 67,957 | |||||
Equity securities | 57,536 | 57,846 | |||||
Asset-backed securities(1) | 4,783 | 4,546 | |||||
Other trading assets(3) | 12,915 | 13,593 | |||||
Total trading account assets | $ | 302,983 | $ | 296,786 | |||
Trading account liabilities | |||||||
Securities sold, not yet purchased | $ | 65,243 | $ | 70,944 | |||
Derivatives(2) | 77,195 | 68,092 | |||||
Total trading account liabilities | $ | 142,438 | $ | 139,036 | |||
-1 | The Company invests in mortgage-backed and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. For mortgage-backed and asset-backed securitizations in which the Company has other involvement, see Note 20 to the Consolidated Financial Statements. | ||||||
-2 | Presented net, pursuant to enforceable master netting agreements. See Note 21 to the Consolidated Financial Statements for a discussion regarding the accounting and reporting for derivatives. | ||||||
-3 | Includes investments in unallocated precious metals, as discussed in Note 23 to the Consolidated Financial Statements. Also includes physical commodities accounted for at the lower of cost or fair value. |
INVESTMENTS_Tables
INVESTMENTS (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Schedule of Investments disclosures | |||||||||||||||||||||||||
Schedule of Investments | |||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
In millions of dollars | |||||||||||||||||||||||||
Securities available-for-sale (AFS) | $ | 295,239 | $ | 300,143 | |||||||||||||||||||||
Debt securities held-to-maturity (HTM)(1) | 23,254 | 23,921 | |||||||||||||||||||||||
Non-marketable equity securities carried at fair value(2) | 2,570 | 2,758 | |||||||||||||||||||||||
Non-marketable equity securities carried at cost(3) | 5,752 | 6,621 | |||||||||||||||||||||||
Total investments | $ | 326,815 | $ | 333,443 | |||||||||||||||||||||
-1 | Carried at amortized cost basis, including any impairment for securities that have credit-related impairment. | ||||||||||||||||||||||||
-2 | Unrealized gains and losses for non-marketable equity securities carried at fair value are recognized in earnings. | ||||||||||||||||||||||||
-3 | Primarily consists of shares issued by the Federal Reserve Bank, Federal Home Loan Banks, foreign central banks and various clearing houses of which Citigroup is a member. | ||||||||||||||||||||||||
Interest and dividends on investments | The following table presents interest and dividend income on investments for the three months ended March 31, 2015 and 2014: | ||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||
In millions of dollars | 2015 | 2014 | |||||||||||||||||||||||
Taxable interest | $ | 1,593 | $ | 1,467 | |||||||||||||||||||||
Interest exempt from U.S. federal income tax | 23 | 164 | |||||||||||||||||||||||
Dividend income | 95 | 126 | |||||||||||||||||||||||
Total interest and dividend income | $ | 1,711 | $ | 1,757 | |||||||||||||||||||||
Realized gains and losses on investments | The following table presents realized gains and losses on the sale of investments for the three months ended March 31, 2015 and 2014. The gross realized investment losses exclude losses from other-than-temporary impairment (OTTI): | ||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||
In millions of dollars | 2015 | 2014 | |||||||||||||||||||||||
Gross realized investment gains | $ | 356 | $ | 292 | |||||||||||||||||||||
Gross realized investment losses | (49 | ) | (164 | ) | |||||||||||||||||||||
Net realized gains on sale of investments | $ | 307 | $ | 128 | |||||||||||||||||||||
Schedule of gain (loss) on HTM securities sold, securities reclassified to AFS and OTTI recorded on AFS securities reclassified | The following table sets forth, for the periods indicated, gain (loss) on HTM securities sold, securities reclassified to AFS and OTTI recorded on AFS securities reclassified. | ||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||
In millions of dollars | 2015 | 2014 | |||||||||||||||||||||||
Carrying value of HTM securities sold | $ | 27 | $ | — | |||||||||||||||||||||
Net realized gain (loss) on sale of HTM securities | 2 | — | |||||||||||||||||||||||
Carrying value of securities reclassified to AFS | 94 | 52 | |||||||||||||||||||||||
OTTI losses on securities reclassified to AFS | (5 | ) | (8 | ) | |||||||||||||||||||||
Amortized cost and fair value of AFS | The amortized cost and fair value of AFS securities at March 31, 2015 and December 31, 2014 were as follows: | ||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
In millions of dollars | Amortized | Gross | Gross | Fair | Amortized | Gross | Gross | Fair | |||||||||||||||||
cost | unrealized | unrealized | value | cost | unrealized | unrealized | value | ||||||||||||||||||
gains(1) (2) | losses(1) (2) | gains(1) | losses(1) | ||||||||||||||||||||||
Debt securities AFS | |||||||||||||||||||||||||
Mortgage-backed securities(3) | |||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 38,433 | $ | 744 | $ | 93 | $ | 39,084 | $ | 35,647 | $ | 603 | $ | 159 | $ | 36,091 | |||||||||
Prime | 7 | 2 | — | 9 | 12 | — | — | 12 | |||||||||||||||||
Alt-A | 2 | — | — | 2 | 43 | 1 | — | 44 | |||||||||||||||||
Non-U.S. residential | 7,209 | 61 | 5 | 7,265 | 8,247 | 67 | 7 | 8,307 | |||||||||||||||||
Commercial | 500 | 8 | 1 | 507 | 551 | 6 | 3 | 554 | |||||||||||||||||
Total mortgage-backed securities | $ | 46,151 | $ | 815 | $ | 99 | $ | 46,867 | $ | 44,500 | $ | 677 | $ | 169 | $ | 45,008 | |||||||||
U.S. Treasury and federal agency securities | |||||||||||||||||||||||||
U.S. Treasury | $ | 110,963 | $ | 1,074 | $ | 69 | $ | 111,968 | $ | 110,492 | $ | 353 | $ | 127 | $ | 110,718 | |||||||||
Agency obligations | 9,291 | 102 | 2 | 9,391 | 12,925 | 60 | 13 | 12,972 | |||||||||||||||||
Total U.S. Treasury and federal agency securities | $ | 120,254 | $ | 1,176 | $ | 71 | $ | 121,359 | $ | 123,417 | $ | 413 | $ | 140 | $ | 123,690 | |||||||||
State and municipal(4) | $ | 13,025 | $ | 137 | $ | 917 | $ | 12,245 | $ | 13,526 | $ | 150 | $ | 977 | $ | 12,699 | |||||||||
Foreign government | 86,654 | 688 | 283 | 87,059 | 90,249 | 734 | 286 | 90,697 | |||||||||||||||||
Corporate | 14,363 | 245 | 54 | 14,554 | 12,033 | 215 | 91 | 12,157 | |||||||||||||||||
Asset-backed securities(3) | 11,514 | 39 | 49 | 11,504 | 12,534 | 30 | 58 | 12,506 | |||||||||||||||||
Other debt securities | 661 | — | — | 661 | 661 | — | — | 661 | |||||||||||||||||
Total debt securities AFS | $ | 292,622 | $ | 3,100 | $ | 1,473 | $ | 294,249 | $ | 296,920 | $ | 2,219 | $ | 1,721 | $ | 297,418 | |||||||||
Marketable equity securities AFS | $ | 992 | $ | 41 | $ | 43 | $ | 990 | $ | 2,461 | $ | 308 | $ | 44 | $ | 2,725 | |||||||||
Total securities AFS | $ | 293,614 | $ | 3,141 | $ | 1,516 | $ | 295,239 | $ | 299,381 | $ | 2,527 | $ | 1,765 | $ | 300,143 | |||||||||
-1 | Gross unrealized gains and losses, as presented, do not include the impact of minority investments and the related allocations and pick-up of unrealized gains and losses of AFS securities. These amounts totaled unrealized gains of $22 million and $27 million as of March 31, 2015 and December 31, 2014, respectively. | ||||||||||||||||||||||||
-2 | Gross unrealized gains and losses, as presented, as of March 31, 2015 do not include the impact of unrealized gains and losses of AFS securities of OneMain Financial (North American consumer finance business), which were reclassified as HFS as of March 31, 2015. These amounts totaled unrealized gains of $86 million and unrealized losses of $5 million as of March 31, 2015. | ||||||||||||||||||||||||
-3 | The Company invests in mortgage-backed and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. For mortgage-backed and asset-backed securitizations in which the Company has other involvement, see Note 20 to the Consolidated Financial Statements. | ||||||||||||||||||||||||
-4 | The gross unrealized losses on state and municipal debt securities are primarily attributable to the effects of fair value hedge accounting. Specifically, Citi hedges the LIBOR-benchmark interest rate component of certain fixed-rate tax-exempt state and municipal debt securities utilizing LIBOR-based interest rate swaps. During the hedge period, losses incurred on the LIBOR-hedging swaps recorded in earnings were substantially offset by gains on the state and municipal debt securities attributable to changes in the LIBOR swap rate being hedged. However, because the LIBOR swap rate decreased significantly during the hedge period while the overall fair value of the municipal debt securities was relatively unchanged, the effect of reclassifying fair value gains on these securities from Accumulated other comprehensive income (loss) (AOCI) to earnings, attributable solely to changes in the LIBOR swap rate, resulted in net unrealized losses remaining in AOCI that relate to the unhedged components of these securities. | ||||||||||||||||||||||||
Carrying value and fair value of debt securities HTM | The carrying value and fair value of debt securities HTM at March 31, 2015 and December 31, 2014 were as follows: | ||||||||||||||||||||||||
In millions of dollars | Amortized | Net unrealized gains | Carrying | Gross | Gross | Fair | |||||||||||||||||||
cost basis(1) | (losses) | value(2) | unrealized | unrealized | value | ||||||||||||||||||||
recognized in | gains | (losses) | |||||||||||||||||||||||
AOCI | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Debt securities held-to-maturity | |||||||||||||||||||||||||
Mortgage-backed securities(3) | |||||||||||||||||||||||||
U.S. government agency guaranteed | $ | 8,879 | $ | 93 | $ | 8,972 | $ | 209 | $ | (2 | ) | $ | 9,179 | ||||||||||||
Prime | 59 | (12 | ) | 47 | 5 | (1 | ) | 51 | |||||||||||||||||
Alt-A | 1,094 | (203 | ) | 891 | 548 | (293 | ) | 1,146 | |||||||||||||||||
Subprime | 5 | — | 5 | 15 | — | 20 | |||||||||||||||||||
Non-U.S. residential | 607 | (86 | ) | 521 | 59 | — | 580 | ||||||||||||||||||
Commercial | 7 | — | 7 | 1 | — | 8 | |||||||||||||||||||
Total mortgage-backed securities | $ | 10,651 | $ | (208 | ) | $ | 10,443 | $ | 837 | $ | (296 | ) | $ | 10,984 | |||||||||||
State and municipal(4) | $ | 8,374 | $ | (446 | ) | $ | 7,928 | $ | 211 | $ | (70 | ) | $ | 8,069 | |||||||||||
Foreign government | 4,550 | — | 4,550 | 51 | — | 4,601 | |||||||||||||||||||
Asset-backed securities(3) | 350 | (17 | ) | 333 | 55 | (1 | ) | 387 | |||||||||||||||||
Total debt securities held-to-maturity (5) | $ | 23,925 | $ | (671 | ) | $ | 23,254 | $ | 1,154 | $ | (367 | ) | $ | 24,041 | |||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Debt securities held-to-maturity | |||||||||||||||||||||||||
Mortgage-backed securities(3) | |||||||||||||||||||||||||
U.S. government agency guaranteed | $ | 8,795 | $ | 95 | $ | 8,890 | $ | 106 | $ | (6 | ) | $ | 8,990 | ||||||||||||
Prime | 60 | (12 | ) | 48 | 6 | (1 | ) | 53 | |||||||||||||||||
Alt-A | 1,125 | (213 | ) | 912 | 537 | (287 | ) | 1,162 | |||||||||||||||||
Subprime | 6 | (1 | ) | 5 | 15 | — | 20 | ||||||||||||||||||
Non-U.S. residential | 983 | (137 | ) | 846 | 92 | — | 938 | ||||||||||||||||||
Commercial | 8 | — | 8 | 1 | — | 9 | |||||||||||||||||||
Total mortgage-backed securities | $ | 10,977 | $ | (268 | ) | $ | 10,709 | $ | 757 | $ | (294 | ) | $ | 11,172 | |||||||||||
State and municipal | $ | 8,443 | $ | (494 | ) | $ | 7,949 | $ | 227 | $ | (57 | ) | $ | 8,119 | |||||||||||
Foreign government | 4,725 | — | 4,725 | 77 | — | 4,802 | |||||||||||||||||||
Asset-backed securities(3) | 556 | (18 | ) | 538 | 50 | (10 | ) | 578 | |||||||||||||||||
Total debt securities held-to-maturity | $ | 24,701 | $ | (780 | ) | $ | 23,921 | $ | 1,111 | $ | (361 | ) | $ | 24,671 | |||||||||||
-1 | For securities transferred to HTM from Trading account assets, amortized cost basis is defined as the fair value of the securities at the date of transfer plus any accretion income and less any impairments recognized in earnings subsequent to transfer. For securities transferred to HTM from AFS, amortized cost is defined as the original purchase cost, adjusted for the cumulative accretion or amortization of any purchase discount or premium, plus or minus any cumulative fair value hedge adjustments, net of accretion or amortization, and less any other-than-temporary impairment recognized in earnings. | ||||||||||||||||||||||||
-2 | HTM securities are carried on the Consolidated Balance Sheet at amortized cost basis, plus or minus any unamortized unrealized gains and losses and fair value hedge adjustments recognized in AOCI prior to reclassifying the securities from AFS to HTM. Changes in the values of these securities are not reported in the financial statements, except for the amortization of any difference between the carrying value at the transfer date and par value of the securities, and the recognition of any non-credit fair value adjustments in AOCI in connection with the recognition of any credit impairment in earnings related to securities the Company continues to intend to hold until maturity. | ||||||||||||||||||||||||
-3 | The Company invests in mortgage-backed and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. For mortgage-backed and asset-backed securitizations in which the Company has other involvement, see Note 20 to the Consolidated Financial Statements. | ||||||||||||||||||||||||
-4 | The net unrealized losses recognized in AOCI on state and municipal debt securities are primarily attributable to the effects of fair value hedge accounting applied when these debt securities were classified as AFS. Specifically, Citi hedged the LIBOR-benchmark interest rate component of certain fixed-rate tax-exempt state and municipal debt securities utilizing LIBOR-based interest rate swaps. During the hedge period, losses incurred on the LIBOR-hedging swaps recorded in earnings were substantially offset by gains on the state and municipal debt securities attributable to changes in the LIBOR swap rate being hedged. However, because the LIBOR swap rate decreased significantly during the hedge period while the overall fair value of the municipal debt securities was relatively unchanged, the effect of reclassifying fair value gains on these securities from AOCI to earnings attributable solely to changes in the LIBOR swap rate resulted in net unrealized losses remaining in AOCI that relate to the unhedged components of these securities. Upon transfer of these debt securities to HTM, all hedges have been de-designated and hedge accounting has ceased. | ||||||||||||||||||||||||
Total other-than-temporary impairments recognized | The following table presents the total OTTI recognized in earnings for the three months ended March 31, 2015: | ||||||||||||||||||||||||
OTTI on Investments and Other Assets | Three Months Ended | ||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
In millions of dollars | AFS(1) | HTM | Other | Total | |||||||||||||||||||||
Assets | |||||||||||||||||||||||||
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 or more-likely-than-not will be required to sell before recovery | 69 | 3 | — | 72 | |||||||||||||||||||||
Total impairment losses recognized in earnings | $ | 69 | $ | 3 | $ | — | $ | 72 | |||||||||||||||||
-1 | Includes OTTI on non-marketable equity securities. | ||||||||||||||||||||||||
The following table presents the total OTTI recognized in earnings for the three months ended March 31, 2014: | |||||||||||||||||||||||||
OTTI on Investments and Other Assets | Three Months Ended | ||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
In millions of dollars | AFS(1) | HTM | Other | Total | |||||||||||||||||||||
Assets | |||||||||||||||||||||||||
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 or more-likely-than-not will be required to sell before recovery | 201 | — | — | 201 | |||||||||||||||||||||
Total impairment losses recognized in earnings | $ | 201 | $ | — | $ | — | $ | 201 | |||||||||||||||||
-1 | Includes OTTI on non-marketable equity securities. | ||||||||||||||||||||||||
Cumulative Other-Than-Temporary Impairment Credit Losses Recognized in Earnings | The following is a three-month roll-forward of the credit-related impairments recognized in earnings for AFS and HTM debt securities held as of March 31, 2015 that the Company does not intend to sell nor likely will be required to sell: | ||||||||||||||||||||||||
Cumulative OTTI credit losses recognized in earnings on securities still held | |||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2014 balance | Credit | Credit | Reductions due to | Mar. 31, 2015 balance | ||||||||||||||||||||
impairments | impairments | credit-impaired | |||||||||||||||||||||||
recognized in | recognized in | securities sold, | |||||||||||||||||||||||
earnings on | earnings on | transferred or | |||||||||||||||||||||||
securities not | securities that | matured | |||||||||||||||||||||||
previously | have | ||||||||||||||||||||||||
impaired | been previously | ||||||||||||||||||||||||
impaired | |||||||||||||||||||||||||
AFS debt securities | |||||||||||||||||||||||||
Mortgage-backed securities | $ | 295 | $ | — | $ | — | $ | — | $ | 295 | |||||||||||||||
Foreign government securities | 171 | — | — | (1 | ) | 170 | |||||||||||||||||||
Corporate | 118 | — | — | (6 | ) | 112 | |||||||||||||||||||
All other debt securities | 149 | — | — | — | 149 | ||||||||||||||||||||
Total OTTI credit losses recognized for AFS debt securities | $ | 733 | $ | — | $ | — | $ | (7 | ) | $ | 726 | ||||||||||||||
HTM debt securities | |||||||||||||||||||||||||
Mortgage-backed securities(1) | $ | 670 | $ | — | $ | — | $ | (2 | ) | $ | 668 | ||||||||||||||
Corporate | — | — | — | — | — | ||||||||||||||||||||
All other debt securities | 133 | — | — | — | 133 | ||||||||||||||||||||
Total OTTI credit losses recognized for HTM debt securities | $ | 803 | $ | — | $ | — | $ | (2 | ) | $ | 801 | ||||||||||||||
-1 | Primarily consists of Alt-A securities. | ||||||||||||||||||||||||
The following is a three-month roll-forward of the credit-related impairments recognized in earnings for AFS and HTM debt securities held as of March 31, 2014 that the Company does not intend to sell nor likely will be required to sell: | |||||||||||||||||||||||||
Cumulative OTTI credit losses recognized in earnings on securities still held | |||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2013 balance | Credit | Credit | Reductions due to | Mar. 31, 2014 balance | ||||||||||||||||||||
impairments | impairments | credit-impaired | |||||||||||||||||||||||
recognized in | recognized in | securities sold, | |||||||||||||||||||||||
earnings on | earnings on | transferred or | |||||||||||||||||||||||
securities not | securities that | matured | |||||||||||||||||||||||
previously | have | ||||||||||||||||||||||||
impaired | been previously | ||||||||||||||||||||||||
impaired | |||||||||||||||||||||||||
AFS debt securities | |||||||||||||||||||||||||
Mortgage-backed securities | $ | 295 | $ | — | $ | — | $ | — | $ | 295 | |||||||||||||||
Foreign government securities | 171 | — | — | — | 171 | ||||||||||||||||||||
Corporate | 113 | — | — | — | 113 | ||||||||||||||||||||
All other debt securities | 144 | — | — | — | 144 | ||||||||||||||||||||
Total OTTI credit losses recognized for AFS debt securities | $ | 723 | $ | — | $ | — | $ | — | $ | 723 | |||||||||||||||
HTM debt securities | |||||||||||||||||||||||||
Mortgage-backed securities(1) | $ | 678 | $ | — | $ | — | $ | (13 | ) | $ | 665 | ||||||||||||||
Corporate | 56 | — | — | — | 56 | ||||||||||||||||||||
All other debt securities | 133 | — | — | — | 133 | ||||||||||||||||||||
Total OTTI credit losses recognized for HTM debt securities | $ | 867 | $ | — | $ | — | $ | (13 | ) | $ | 854 | ||||||||||||||
-1 | Primarily consists of Alt-A securities. | ||||||||||||||||||||||||
Investments in Alternative Investment Funds | |||||||||||||||||||||||||
Fair value | Unfunded | Redemption frequency | Redemption notice | ||||||||||||||||||||||
commitments | (if currently eligible) | period | |||||||||||||||||||||||
monthly, quarterly, annually | |||||||||||||||||||||||||
In millions of dollars | March 31, 2015 | December 31, 2014 | March 31, 2015 | December 31, 2014 | |||||||||||||||||||||
Hedge funds | $ | 4 | $ | 8 | $ | — | $ | — | Generally quarterly | 10-95 days | |||||||||||||||
Private equity funds(1)(2) | 777 | 796 | 205 | 205 | — | — | |||||||||||||||||||
Real estate funds (2)(3) | 125 | 166 | 20 | 24 | — | — | |||||||||||||||||||
Total(4) | $ | 906 | $ | 970 | $ | 225 | $ | 229 | — | — | |||||||||||||||
-1 | Private equity funds include funds that invest in infrastructure, leveraged buyout transactions, 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. | ||||||||||||||||||||||||
-4 | Included in the total fair value of investments above are $0.9 billion and $0.8 billion of fund assets that are valued using NAVs provided by third-party asset managers as of March 31, 2015 and December 31, 2014, respectively. | ||||||||||||||||||||||||
AFS debt securities | |||||||||||||||||||||||||
Schedule of Investments disclosures | |||||||||||||||||||||||||
Fair value of securities in unrealized loss position | The table below shows the fair value of AFS securities that have been in an unrealized loss position for less than 12 months or for 12 months or longer as of March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
In millions of dollars | Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||
value | unrealized | value | unrealized | value | unrealized | ||||||||||||||||||||
losses | losses | losses | |||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Securities AFS | |||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 3,521 | $ | 14 | $ | 3,176 | $ | 79 | $ | 6,697 | $ | 93 | |||||||||||||
Prime | 1 | — | 2 | — | 3 | — | |||||||||||||||||||
Non-U.S. residential | 1,333 | 3 | 219 | 2 | 1,552 | 5 | |||||||||||||||||||
Commercial | 54 | — | 60 | 1 | 114 | 1 | |||||||||||||||||||
Total mortgage-backed securities | $ | 4,909 | $ | 17 | $ | 3,457 | $ | 82 | $ | 8,366 | $ | 99 | |||||||||||||
U.S. Treasury and federal agency securities | |||||||||||||||||||||||||
U.S. Treasury | $ | 15,077 | $ | 67 | $ | 915 | $ | 2 | $ | 15,992 | $ | 69 | |||||||||||||
Agency obligations | 644 | 2 | — | — | 644 | 2 | |||||||||||||||||||
Total U.S. Treasury and federal agency securities | $ | 15,721 | $ | 69 | $ | 915 | $ | 2 | $ | 16,636 | $ | 71 | |||||||||||||
State and municipal | $ | 303 | $ | 11 | $ | 5,162 | $ | 906 | $ | 5,465 | $ | 917 | |||||||||||||
Foreign government | 18,853 | 160 | 5,261 | 123 | 24,114 | 283 | |||||||||||||||||||
Corporate | 3,710 | 38 | 900 | 16 | 4,610 | 54 | |||||||||||||||||||
Asset-backed securities | 1,911 | 14 | 3,463 | 35 | 5,374 | 49 | |||||||||||||||||||
Marketable equity securities AFS | 24 | 2 | 214 | 41 | 238 | 43 | |||||||||||||||||||
Total securities AFS | $ | 45,431 | $ | 311 | $ | 19,372 | $ | 1,205 | $ | 64,803 | $ | 1,516 | |||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Securities AFS | |||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 4,198 | $ | 30 | $ | 5,547 | $ | 129 | $ | 9,745 | $ | 159 | |||||||||||||
Prime | 5 | — | 2 | — | 7 | — | |||||||||||||||||||
Non-U.S. residential | 1,276 | 3 | 199 | 4 | 1,475 | 7 | |||||||||||||||||||
Commercial | 124 | 1 | 136 | 2 | 260 | 3 | |||||||||||||||||||
Total mortgage-backed securities | $ | 5,603 | $ | 34 | $ | 5,884 | $ | 135 | $ | 11,487 | $ | 169 | |||||||||||||
U.S. Treasury and federal agency securities | |||||||||||||||||||||||||
U.S. Treasury | $ | 36,581 | $ | 119 | $ | 1,013 | $ | 8 | $ | 37,594 | $ | 127 | |||||||||||||
Agency obligations | 5,698 | 9 | 754 | 4 | 6,452 | 13 | |||||||||||||||||||
Total U.S. Treasury and federal agency securities | $ | 42,279 | $ | 128 | $ | 1,767 | $ | 12 | $ | 44,046 | $ | 140 | |||||||||||||
State and municipal | $ | 386 | $ | 15 | $ | 5,802 | $ | 962 | $ | 6,188 | $ | 977 | |||||||||||||
Foreign government | 18,495 | 147 | 5,984 | 139 | 24,479 | 286 | |||||||||||||||||||
Corporate | 3,511 | 63 | 1,350 | 28 | 4,861 | 91 | |||||||||||||||||||
Asset-backed securities | 3,701 | 13 | 3,816 | 45 | 7,517 | 58 | |||||||||||||||||||
Marketable equity securities AFS | 51 | 4 | 218 | 40 | 269 | 44 | |||||||||||||||||||
Total securities AFS | $ | 74,026 | $ | 404 | $ | 24,821 | $ | 1,361 | $ | 98,847 | $ | 1,765 | |||||||||||||
Amortized cost and fair value of debt securities by contractual maturity dates | The following table presents the amortized cost and fair value of AFS debt securities by contractual maturity dates as of March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
In millions of dollars | Amortized | Fair | Amortized | Fair | |||||||||||||||||||||
cost | value | cost | value | ||||||||||||||||||||||
Mortgage-backed securities(1) | |||||||||||||||||||||||||
Due within 1 year | $ | 31 | $ | 31 | $ | 44 | $ | 44 | |||||||||||||||||
After 1 but within 5 years | 904 | 914 | 931 | 935 | |||||||||||||||||||||
After 5 but within 10 years | 1,292 | 1,311 | 1,362 | 1,387 | |||||||||||||||||||||
After 10 years(2) | 43,924 | 44,611 | 42,163 | 42,642 | |||||||||||||||||||||
Total | $ | 46,151 | $ | 46,867 | $ | 44,500 | $ | 45,008 | |||||||||||||||||
U.S. Treasury and federal agency securities | |||||||||||||||||||||||||
Due within 1 year | $ | 7,218 | $ | 7,243 | $ | 13,070 | $ | 13,084 | |||||||||||||||||
After 1 but within 5 years | 104,763 | 105,781 | 104,982 | 105,131 | |||||||||||||||||||||
After 5 but within 10 years | 4,812 | 4,855 | 2,286 | 2,325 | |||||||||||||||||||||
After 10 years(2) | 3,461 | 3,480 | 3,079 | 3,150 | |||||||||||||||||||||
Total | $ | 120,254 | $ | 121,359 | $ | 123,417 | $ | 123,690 | |||||||||||||||||
State and municipal | |||||||||||||||||||||||||
Due within 1 year | $ | 1,389 | $ | 1,327 | $ | 652 | $ | 651 | |||||||||||||||||
After 1 but within 5 years | 3,896 | 3,840 | 4,387 | 4,381 | |||||||||||||||||||||
After 5 but within 10 years | 549 | 567 | 524 | 537 | |||||||||||||||||||||
After 10 years(2) | 7,191 | 6,511 | 7,963 | 7,130 | |||||||||||||||||||||
Total | $ | 13,025 | $ | 12,245 | $ | 13,526 | $ | 12,699 | |||||||||||||||||
Foreign government | |||||||||||||||||||||||||
Due within 1 year | $ | 32,155 | $ | 32,056 | $ | 31,355 | $ | 31,382 | |||||||||||||||||
After 1 but within 5 years | 38,055 | 38,184 | 41,913 | 42,467 | |||||||||||||||||||||
After 5 but within 10 years | 15,493 | 15,808 | 16,008 | 15,779 | |||||||||||||||||||||
After 10 years(2) | 951 | 1,011 | 973 | 1,069 | |||||||||||||||||||||
Total | $ | 86,654 | $ | 87,059 | $ | 90,249 | $ | 90,697 | |||||||||||||||||
All other(3) | |||||||||||||||||||||||||
Due within 1 year | $ | 1,662 | $ | 1,665 | $ | 1,248 | $ | 1,251 | |||||||||||||||||
After 1 but within 5 years | 12,024 | 12,137 | 10,442 | 10,535 | |||||||||||||||||||||
After 5 but within 10 years | 7,957 | 8,026 | 7,282 | 7,318 | |||||||||||||||||||||
After 10 years(2) | 4,895 | 4,891 | 6,256 | 6,220 | |||||||||||||||||||||
Total | $ | 26,538 | $ | 26,719 | $ | 25,228 | $ | 25,324 | |||||||||||||||||
Total debt securities AFS | $ | 292,622 | $ | 294,249 | $ | 296,920 | $ | 297,418 | |||||||||||||||||
-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. | ||||||||||||||||||||||||
HTM debt securities | |||||||||||||||||||||||||
Schedule of Investments disclosures | |||||||||||||||||||||||||
Fair value of securities in unrealized loss position | The table below shows the fair value of debt securities in HTM that have been in an unrecognized loss position as of March 31, 2015 and December 31, 2014 for less than 12 months and for 12 months or longer: | ||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
In millions of dollars | Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||
value | unrecognized | value | unrecognized | value | unrecognized | ||||||||||||||||||||
losses | losses | losses | |||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Debt securities held-to-maturity | |||||||||||||||||||||||||
Mortgage-backed securities | $ | — | $ | — | $ | 271 | $ | 296 | $ | 271 | $ | 296 | |||||||||||||
State and municipal | 2,756 | 48 | 210 | 22 | 2,966 | 70 | |||||||||||||||||||
Asset-backed securities | — | — | 10 | 1 | 10 | 1 | |||||||||||||||||||
Total debt securities held-to-maturity | $ | 2,756 | $ | 48 | $ | 491 | $ | 319 | $ | 3,247 | $ | 367 | |||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Debt securities held-to-maturity | |||||||||||||||||||||||||
Mortgage-backed securities | $ | 4 | $ | — | $ | 1,134 | $ | 294 | $ | 1,138 | $ | 294 | |||||||||||||
State and municipal | 2,528 | 34 | 314 | 23 | 2,842 | 57 | |||||||||||||||||||
Asset-backed securities | 9 | 1 | 174 | 9 | 183 | 10 | |||||||||||||||||||
Total debt securities held-to-maturity | $ | 2,541 | $ | 35 | $ | 1,622 | $ | 326 | $ | 4,163 | $ | 361 | |||||||||||||
Amortized cost and fair value of debt securities by contractual maturity dates | The following table presents the carrying value and fair value of HTM debt securities by contractual maturity dates as of March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
In millions of dollars | Carrying value | Fair value | Carrying value | Fair value | |||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
Due within 1 year | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
After 1 but within 5 years | 7 | 8 | — | — | |||||||||||||||||||||
After 5 but within 10 years | 833 | 851 | 863 | 869 | |||||||||||||||||||||
After 10 years(1) | 9,603 | 10,125 | 9,846 | 10,303 | |||||||||||||||||||||
Total | $ | 10,443 | $ | 10,984 | $ | 10,709 | $ | 11,172 | |||||||||||||||||
State and municipal | |||||||||||||||||||||||||
Due within 1 year | $ | 288 | $ | 281 | $ | 205 | $ | 205 | |||||||||||||||||
After 1 but within 5 years | 422 | 436 | 243 | 243 | |||||||||||||||||||||
After 5 but within 10 years | 141 | 148 | 140 | 144 | |||||||||||||||||||||
After 10 years(1) | 7,077 | 7,204 | 7,361 | 7,527 | |||||||||||||||||||||
Total | $ | 7,928 | $ | 8,069 | $ | 7,949 | $ | 8,119 | |||||||||||||||||
Foreign government | |||||||||||||||||||||||||
Due within 1 year | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
After 1 but within 5 years | 4,550 | 4,601 | 4,725 | 4,802 | |||||||||||||||||||||
After 5 but within 10 years | — | — | — | — | |||||||||||||||||||||
After 10 years(1) | — | — | — | — | |||||||||||||||||||||
Total | $ | 4,550 | $ | 4,601 | $ | 4,725 | $ | 4,802 | |||||||||||||||||
All other(2) | |||||||||||||||||||||||||
Due within 1 year | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
After 1 but within 5 years | — | — | — | — | |||||||||||||||||||||
After 5 but within 10 years | — | — | — | — | |||||||||||||||||||||
After 10 years(1) | 333 | 387 | 538 | 578 | |||||||||||||||||||||
Total | $ | 333 | $ | 387 | $ | 538 | $ | 578 | |||||||||||||||||
Total debt securities held-to-maturity | $ | 23,254 | $ | 24,041 | $ | 23,921 | $ | 24,671 | |||||||||||||||||
-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. |
LOANS_Tables
LOANS (Tables) | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||
Consumer | ||||||||||||||||||||||
Loans receivable | ||||||||||||||||||||||
Schedule of loans | The following table provides information by loan type for the periods indicated: | |||||||||||||||||||||
In millions of dollars | March 31, 2015 | December 31, 2014 | ||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||
In U.S. offices | ||||||||||||||||||||||
Mortgage and real estate(1) | $ | 92,005 | $ | 96,533 | ||||||||||||||||||
Installment, revolving credit, and other | 4,861 | 14,450 | ||||||||||||||||||||
Cards | 105,378 | 112,982 | ||||||||||||||||||||
Commercial and industrial | 6,532 | 5,895 | ||||||||||||||||||||
$ | 208,776 | $ | 229,860 | |||||||||||||||||||
In offices outside the U.S. | ||||||||||||||||||||||
Mortgage and real estate(1) | $ | 50,970 | $ | 54,462 | ||||||||||||||||||
Installment, revolving credit, and other | 31,396 | 31,128 | ||||||||||||||||||||
Cards | 28,681 | 32,032 | ||||||||||||||||||||
Commercial and industrial | 21,992 | 22,561 | ||||||||||||||||||||
Lease financing | 546 | 609 | ||||||||||||||||||||
$ | 133,585 | $ | 140,792 | |||||||||||||||||||
Total Consumer loans | $ | 342,361 | $ | 370,652 | ||||||||||||||||||
Net unearned income | (655 | ) | (682 | ) | ||||||||||||||||||
Consumer loans, net of unearned income | $ | 341,706 | $ | 369,970 | ||||||||||||||||||
-1 | Loans secured primarily by real estate. | |||||||||||||||||||||
Schedule of loan delinquency and non-accrual details | Consumer Loan Delinquency and Non-Accrual Details at March 31, 2015 | |||||||||||||||||||||
In millions of dollars | Total | 30-89 days | ≥ 90 days | Past due | Total | Total | 90 days past due | |||||||||||||||
current(1)(2) | past due(3) | past due(3) | government | loans(2) | non-accrual | and accruing | ||||||||||||||||
guaranteed(4) | ||||||||||||||||||||||
In North America offices | ||||||||||||||||||||||
Residential first mortgages | $ | 59,466 | $ | 1,005 | $ | 1,172 | $ | 2,652 | $ | 64,295 | $ | 2,768 | $ | 2,285 | ||||||||
Home equity loans(5) | 26,339 | 281 | 505 | — | 27,125 | 1,273 | — | |||||||||||||||
Credit cards | 103,587 | 1,170 | 1,198 | — | 105,955 | — | 1,198 | |||||||||||||||
Installment and other | 4,158 | 60 | 39 | — | 4,257 | 30 | 3 | |||||||||||||||
Commercial market loans | 8,516 | 54 | 14 | — | 8,584 | 116 | 11 | |||||||||||||||
Total | $ | 202,066 | $ | 2,570 | $ | 2,928 | $ | 2,652 | $ | 210,216 | $ | 4,187 | $ | 3,497 | ||||||||
In offices outside North America | ||||||||||||||||||||||
Residential first mortgages | $ | 41,663 | $ | 304 | $ | 197 | $ | — | $ | 42,164 | $ | 434 | $ | — | ||||||||
Home equity loans(5) | — | — | — | — | — | — | — | |||||||||||||||
Credit cards | 27,457 | 567 | 488 | — | 28,512 | 347 | 307 | |||||||||||||||
Installment and other | 30,575 | 334 | 144 | — | 31,053 | 200 | — | |||||||||||||||
Commercial market loans | 29,255 | 75 | 186 | — | 29,516 | 396 | — | |||||||||||||||
Total | $ | 128,950 | $ | 1,280 | $ | 1,015 | $ | — | $ | 131,245 | $ | 1,377 | $ | 307 | ||||||||
Total GCB and Citi Holdings Consumer | $ | 331,016 | $ | 3,850 | $ | 3,943 | $ | 2,652 | $ | 341,461 | $ | 5,564 | $ | 3,804 | ||||||||
Other(6) | 227 | 9 | 9 | — | 245 | 29 | — | |||||||||||||||
Total Citigroup | $ | 331,243 | $ | 3,859 | $ | 3,952 | $ | 2,652 | $ | 341,706 | $ | 5,593 | $ | 3,804 | ||||||||
-1 | Loans less than 30 days past due are presented as current. | |||||||||||||||||||||
-2 | Includes $38 million of residential first mortgages recorded at fair value. | |||||||||||||||||||||
-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 $0.4 billion and 90 days past due of $2.3 billion. | |||||||||||||||||||||
-5 | Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. | |||||||||||||||||||||
-6 | Represents loans classified as Consumer loans on the Consolidated Balance Sheet that are not included in the Citi Holdings Consumer credit metrics. | |||||||||||||||||||||
Consumer Loan Delinquency and Non-Accrual Details at December 31, 2014 | ||||||||||||||||||||||
In millions of dollars | Total | 30-89 days | ≥ 90 days | Past due | Total | Total | 90 days past due | |||||||||||||||
current(1)(2) | past due(3) | past due(3) | government | loans(2) | non-accrual | and accruing | ||||||||||||||||
guaranteed(4) | ||||||||||||||||||||||
In North America offices | ||||||||||||||||||||||
Residential first mortgages | $ | 61,730 | $ | 1,280 | $ | 1,371 | $ | 3,443 | $ | 67,824 | $ | 2,746 | $ | 2,759 | ||||||||
Home equity loans(5) | 27,262 | 335 | 520 | — | 28,117 | 1,271 | — | |||||||||||||||
Credit cards | 111,441 | 1,316 | 1,271 | — | 114,028 | — | 1,273 | |||||||||||||||
Installment and other | 12,361 | 229 | 284 | — | 12,874 | 254 | 3 | |||||||||||||||
Commercial market loans | 8,630 | 31 | 13 | — | 8,674 | 135 | 15 | |||||||||||||||
Total | $ | 221,424 | $ | 3,191 | $ | 3,459 | $ | 3,443 | $ | 231,517 | $ | 4,406 | $ | 4,050 | ||||||||
In offices outside North America | ||||||||||||||||||||||
Residential first mortgages | $ | 44,782 | $ | 312 | $ | 223 | $ | — | $ | 45,317 | $ | 454 | $ | — | ||||||||
Home equity loans(5) | — | — | — | — | — | — | — | |||||||||||||||
Credit cards | 30,327 | 602 | 553 | — | 31,482 | 413 | 322 | |||||||||||||||
Installment and other | 29,297 | 328 | 149 | — | 29,774 | 216 | — | |||||||||||||||
Commercial market loans | 31,280 | 86 | 255 | — | 31,621 | 405 | — | |||||||||||||||
Total | $ | 135,686 | $ | 1,328 | $ | 1,180 | $ | — | $ | 138,194 | $ | 1,488 | $ | 322 | ||||||||
Total GCB and Citi Holdings | $ | 357,110 | $ | 4,519 | $ | 4,639 | $ | 3,443 | $ | 369,711 | $ | 5,894 | $ | 4,372 | ||||||||
Other | 238 | 10 | 11 | — | 259 | 30 | — | |||||||||||||||
Total Citigroup | $ | 357,348 | $ | 4,529 | $ | 4,650 | $ | 3,443 | $ | 369,970 | $ | 5,924 | $ | 4,372 | ||||||||
-1 | Loans less than 30 days past due are presented as current. | |||||||||||||||||||||
-2 | Includes $43 million of residential first mortgages recorded at fair value. | |||||||||||||||||||||
-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 $0.6 billion and 90 days past due of $2.8 billion. | |||||||||||||||||||||
-5 | Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. | |||||||||||||||||||||
Schedule of loans credit quality indicators | The following tables provide details on the FICO scores attributable to Citi’s U.S. consumer loan portfolio as of March 31, 2015 and December 31, 2014 (commercial market loans are not included in the table since they are business-based and FICO scores are not a primary driver in their credit evaluation). FICO scores are updated monthly for substantially all of the portfolio or, otherwise, on a quarterly basis, for the remaining portfolio. | |||||||||||||||||||||
FICO score distribution in U.S. portfolio(1)(2) | 31-Mar-15 | |||||||||||||||||||||
In millions of dollars | Less than | ≥ 620 but less | Equal to or | |||||||||||||||||||
620 | than 660 | greater | ||||||||||||||||||||
than 660 | ||||||||||||||||||||||
Residential first mortgages | $ | 8,071 | $ | 4,981 | $ | 45,207 | ||||||||||||||||
Home equity loans | 3,124 | 2,367 | 20,271 | |||||||||||||||||||
Credit cards | 7,558 | 9,935 | 85,779 | |||||||||||||||||||
Installment and other | 324 | 248 | 2,576 | |||||||||||||||||||
Total | $ | 19,077 | $ | 17,531 | $ | 153,833 | ||||||||||||||||
-1 | Excludes loans guaranteed by U.S. government entities, loans subject to long-term standby commitments (LTSCs) 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. | |||||||||||||||||||||
FICO score distribution in U.S. portfolio(1)(2) | 31-Dec-14 | |||||||||||||||||||||
In millions of dollars | Less than | ≥ 620 but less | Equal to or | |||||||||||||||||||
620 | than 660 | greater | ||||||||||||||||||||
than 660 | ||||||||||||||||||||||
Residential first mortgages | $ | 8,911 | $ | 5,463 | $ | 45,783 | ||||||||||||||||
Home equity loans | 3,257 | 2,456 | 20,957 | |||||||||||||||||||
Credit cards | 7,647 | 10,296 | 92,877 | |||||||||||||||||||
Installment and other | 4,015 | 2,520 | 5,150 | |||||||||||||||||||
Total | $ | 23,830 | $ | 20,735 | $ | 164,767 | ||||||||||||||||
-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 FICO was not available. Such amounts are not material. | |||||||||||||||||||||
Schedule of impaired loans | The following tables present information about total impaired consumer loans at and for the periods ended March 31, 2015 and December 31, 2014, respectively, and for the three months ended March 31, 2015 and 2014 for interest income recognized on impaired consumer loans: | |||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||
Balance at March 31, 2015 | 2015 | 2014 | ||||||||||||||||||||
In millions of dollars | Recorded | Unpaid | Related | Average | Interest income | Interest income | ||||||||||||||||
investment(1)(2) | principal balance | specific allowance(3) | carrying value(4) | recognized(5) | recognized(5) | |||||||||||||||||
Mortgage and real estate | ||||||||||||||||||||||
Residential first mortgages | $ | 10,636 | $ | 11,388 | $ | 1,531 | $ | 13,847 | $ | 141 | $ | 184 | ||||||||||
Home equity loans | 1,961 | 2,607 | 597 | 2,034 | 17 | 19 | ||||||||||||||||
Credit cards | 2,249 | 2,288 | 805 | 2,517 | 44 | 51 | ||||||||||||||||
Installment and other | ||||||||||||||||||||||
Individual installment and other | 432 | 459 | 260 | 834 | 9 | 34 | ||||||||||||||||
Commercial market loans | 396 | 617 | 121 | 385 | 3 | 11 | ||||||||||||||||
Total | $ | 15,674 | $ | 17,359 | $ | 3,314 | $ | 19,617 | $ | 214 | $ | 299 | ||||||||||
-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 | $1,656 million of residential first mortgages, $533 million of home equity loans and $150 million of commercial market loans do not have a specific allowance. | |||||||||||||||||||||
(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. | ||||||||||||||||||||||
(5) Includes amounts recognized on both an accrual and cash basis. | ||||||||||||||||||||||
Balance at December 31, 2014 | ||||||||||||||||||||||
In millions of dollars | Recorded | Unpaid | Related | Average | ||||||||||||||||||
investment(1)(2) | principal balance | specific allowance(3) | carrying value(4) | |||||||||||||||||||
Mortgage and real estate | ||||||||||||||||||||||
Residential first mortgages | $ | 13,551 | $ | 14,387 | $ | 1,909 | $ | 15,389 | ||||||||||||||
Home equity loans | 2,029 | 2,674 | 599 | 2,075 | ||||||||||||||||||
Credit cards | 2,407 | 2,447 | 849 | 2,732 | ||||||||||||||||||
Installment and other | ||||||||||||||||||||||
Individual installment and other | 948 | 963 | 450 | 975 | ||||||||||||||||||
Commercial market loans | 423 | 599 | 110 | 381 | ||||||||||||||||||
Total | $ | 19,358 | $ | 21,070 | $ | 3,917 | $ | 21,552 | ||||||||||||||
-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 | $1,896 million of residential first mortgages, $554 million of home equity loans and $158 million of commercial market loans do not have a specific allowance. | |||||||||||||||||||||
-3 | Included in the Allowance for loan losses. | |||||||||||||||||||||
-4 | Average carrying value represents the average recorded investment ending balance for last four quarters and does not include the related specific allowance. | |||||||||||||||||||||
Schedule of troubled debt restructurings | The following tables present consumer TDRs occurring during the three months ended March 31, 2015 and 2014: | |||||||||||||||||||||
At and for the three months ended March 31, 2015 | ||||||||||||||||||||||
In millions of dollars except number of loans modified | Number of | Post- | Deferred | Contingent | Principal | Average | ||||||||||||||||
loans modified | modification | principal(3) | principal | forgiveness(5) | interest rate | |||||||||||||||||
recorded | forgiveness(4) | reduction | ||||||||||||||||||||
investment(1)(2) | ||||||||||||||||||||||
North America | ||||||||||||||||||||||
Residential first mortgages | 3,093 | $ | 407 | $ | 4 | $ | 2 | $ | 8 | 1 | % | |||||||||||
Home equity loans | 1,258 | 46 | — | — | 1 | 2 | ||||||||||||||||
Credit cards | 50,310 | 211 | — | — | — | 16 | ||||||||||||||||
Installment and other revolving | 984 | 9 | — | — | — | 12 | ||||||||||||||||
Commercial markets(6) | 57 | 11 | — | — | — | — | ||||||||||||||||
Total(7) | 55,702 | $ | 684 | $ | 4 | $ | 2 | $ | 9 | |||||||||||||
International | ||||||||||||||||||||||
Residential first mortgages | 869 | $ | 21 | $ | — | $ | — | $ | — | — | % | |||||||||||
Home equity loans | 14 | 3 | — | — | — | — | ||||||||||||||||
Credit cards | 40,431 | 98 | — | — | 2 | 13 | ||||||||||||||||
Installment and other revolving | 15,947 | 69 | — | — | 2 | 5 | ||||||||||||||||
Commercial markets(6) | 83 | 28 | — | — | — | 3 | ||||||||||||||||
Total(7) | 57,344 | $ | 219 | $ | — | $ | — | $ | 4 | |||||||||||||
At and for the three months ended March 31, 2014 | ||||||||||||||||||||||
In millions of dollars except number of loans modified | Number of | Post- | Deferred | Contingent | Principal | Average | ||||||||||||||||
loans modified | modification | principal(3) | principal | forgiveness(5) | interest rate | |||||||||||||||||
recorded | forgiveness(4) | reduction | ||||||||||||||||||||
investment(1)(8) | ||||||||||||||||||||||
North America | ||||||||||||||||||||||
Residential first mortgages | 5,779 | $ | 685 | $ | 17 | $ | 11 | $ | 3 | 1 | % | |||||||||||
Home equity loans | 2,319 | 84 | 1 | — | 9 | 2 | ||||||||||||||||
Credit cards | 44,976 | 199 | — | — | — | 15 | ||||||||||||||||
Installment and other revolving | 13,836 | 101 | — | — | — | 7 | ||||||||||||||||
Commercial markets(6) | 38 | 13 | — | — | — | — | ||||||||||||||||
Total(7) | 66,948 | $ | 1,082 | $ | 18 | $ | 11 | $ | 12 | |||||||||||||
International | ||||||||||||||||||||||
Residential first mortgages | 546 | $ | 22 | $ | — | $ | — | $ | — | 1 | % | |||||||||||
Home equity loans | 32 | 5 | — | — | — | — | ||||||||||||||||
Credit cards | 37,106 | 121 | — | — | 2 | 14 | ||||||||||||||||
Installment and other revolving | 14,862 | 74 | — | — | 1 | 7 | ||||||||||||||||
Commercial markets(6) | 96 | 93 | — | — | — | — | ||||||||||||||||
Total(7) | 52,642 | $ | 315 | $ | — | $ | — | $ | 3 | |||||||||||||
-1 | Post-modification balances include past due amounts that are capitalized at the modification date. | |||||||||||||||||||||
-2 | Post-modification balances in North America include $66 million of residential first mortgages and $15 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the three months ended March 31, 2015. These amounts include $38 million of residential first mortgages and $12 million of home equity loans that were newly classified as TDRs in the three months ended March 31, 2015 as a result of OCC guidance, as described above. | |||||||||||||||||||||
-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 markets loans are generally borrower-specific modifications and incorporate changes in the amount and/or timing of principal and/or interest. | ||||||||||||||||||||||
(7) The above tables reflect activity for loans outstanding as of the end of the reporting period that were considered TDRs. | ||||||||||||||||||||||
(8) Post-modification balances in North America include $91 million of residential first mortgages and $22 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the three months ended March 31, 2014. These amounts include $57 million of residential first mortgages and $19 million of home equity loans that were newly classified as TDRs in the three months ended March 31, 2014 as a result of OCC guidance, as described above. | ||||||||||||||||||||||
Schedule of troubled debt restructuring loans that defaulted | The following table presents consumer TDRs that defaulted during the three months ended March 31, 2015 and 2014, respectively, for which the payment default occurred within one year of a permanent modification. Default is defined as 60 days past due, except for classifiably managed commercial markets loans, where default is defined as 90 days past due. | |||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||
In millions of dollars | 2015 | 2014 | ||||||||||||||||||||
North America | ||||||||||||||||||||||
Residential first mortgages | $ | 110 | $ | 245 | ||||||||||||||||||
Home equity loans | 11 | 23 | ||||||||||||||||||||
Credit cards | 43 | 51 | ||||||||||||||||||||
Installment and other revolving | 2 | 21 | ||||||||||||||||||||
Commercial markets | 2 | 6 | ||||||||||||||||||||
Total | $ | 168 | $ | 346 | ||||||||||||||||||
International | ||||||||||||||||||||||
Residential first mortgages | $ | 6 | $ | 6 | ||||||||||||||||||
Home equity loans | — | — | ||||||||||||||||||||
Credit cards | 35 | 63 | ||||||||||||||||||||
Installment and other revolving | 23 | 27 | ||||||||||||||||||||
Commercial markets | 11 | 5 | ||||||||||||||||||||
Total | $ | 75 | $ | 101 | ||||||||||||||||||
Mortgage and real estate | ||||||||||||||||||||||
Loans receivable | ||||||||||||||||||||||
Schedule of loans credit quality indicators | The following tables provide details on the LTV ratios attributable to Citi’s U.S. consumer mortgage portfolios as of March 31, 2015 and December 31, 2014. LTV ratios are updated monthly using the most recent Core Logic Home Price Index data available for substantially all of the portfolio applied at the Metropolitan Statistical Area level, if available, or the state level if not. The remainder of the portfolio is updated in a similar manner using the Federal Housing Finance Agency indices. | |||||||||||||||||||||
LTV distribution in U.S. portfolio(1)(2) | 31-Mar-15 | |||||||||||||||||||||
In millions of dollars | Less than or | > 80% but less | Greater | |||||||||||||||||||
equal to 80% | than or equal to | than | ||||||||||||||||||||
100% | 100% | |||||||||||||||||||||
Residential first mortgages | $ | 47,303 | $ | 8,619 | $ | 2,464 | ||||||||||||||||
Home equity loans | 14,330 | 6,729 | 4,588 | |||||||||||||||||||
Total | $ | 61,633 | $ | 15,348 | $ | 7,052 | ||||||||||||||||
-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. | |||||||||||||||||||||
LTV distribution in U.S. portfolio(1)(2) | 31-Dec-14 | |||||||||||||||||||||
In millions of dollars | Less than or | > 80% but less | Greater | |||||||||||||||||||
equal to 80% | than or equal to | than | ||||||||||||||||||||
100% | 100% | |||||||||||||||||||||
Residential first mortgages | $ | 48,163 | $ | 9,480 | $ | 2,670 | ||||||||||||||||
Home equity loans | 14,638 | 7,267 | 4,641 | |||||||||||||||||||
Total | $ | 62,801 | $ | 16,747 | $ | 7,311 | ||||||||||||||||
-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. | |||||||||||||||||||||
Corporate | ||||||||||||||||||||||
Loans receivable | ||||||||||||||||||||||
Schedule of loans | The following table presents information by corporate loan type as of March 31, 2015 and December 31, 2014: | |||||||||||||||||||||
In millions of dollars | March 31, | December 31, | ||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||
Corporate | ||||||||||||||||||||||
In U.S. offices | ||||||||||||||||||||||
Commercial and industrial | $ | 37,537 | $ | 35,055 | ||||||||||||||||||
Financial institutions | 36,054 | 36,272 | ||||||||||||||||||||
Mortgage and real estate(1) | 33,145 | 32,537 | ||||||||||||||||||||
Installment, revolving credit and other | 29,267 | 29,207 | ||||||||||||||||||||
Lease financing | 1,755 | 1,758 | ||||||||||||||||||||
$ | 137,758 | $ | 134,829 | |||||||||||||||||||
In offices outside the U.S. | ||||||||||||||||||||||
Commercial and industrial | $ | 81,426 | $ | 79,239 | ||||||||||||||||||
Financial institutions | 32,210 | 33,269 | ||||||||||||||||||||
Mortgage and real estate(1) | 6,311 | 6,031 | ||||||||||||||||||||
Installment, revolving credit and other | 19,687 | 19,259 | ||||||||||||||||||||
Lease financing | 322 | 356 | ||||||||||||||||||||
Governments and official institutions | 2,174 | 2,236 | ||||||||||||||||||||
$ | 142,130 | $ | 140,390 | |||||||||||||||||||
Total Corporate loans | $ | 279,888 | $ | 275,219 | ||||||||||||||||||
Net unearned income | (540 | ) | (554 | ) | ||||||||||||||||||
Corporate loans, net of unearned income | $ | 279,348 | $ | 274,665 | ||||||||||||||||||
-1 | Loans secured primarily by real estate. | |||||||||||||||||||||
Schedule of loan delinquency and non-accrual details | ||||||||||||||||||||||
In millions of dollars | 30-89 days | ≥ 90 days | Total past due | Total | Total | Total | ||||||||||||||||
past due | past due and | and accruing | non-accrual(2) | current(3) | loans (4) | |||||||||||||||||
and accruing(1) | accruing(1) | |||||||||||||||||||||
Commercial and industrial | $ | 541 | $ | 1 | $ | 542 | $ | 592 | $ | 113,098 | $ | 114,232 | ||||||||||
Financial institutions | 95 | — | 95 | 239 | 66,350 | 66,684 | ||||||||||||||||
Mortgage and real estate | 132 | — | 132 | 246 | 38,981 | 39,359 | ||||||||||||||||
Leases | — | 1 | 1 | 49 | 2,027 | 2,077 | ||||||||||||||||
Other | 89 | 4 | 93 | 35 | 50,286 | 50,414 | ||||||||||||||||
Loans at fair value | 6,537 | |||||||||||||||||||||
Purchased Distressed Loans | 45 | |||||||||||||||||||||
Total | $ | 857 | $ | 6 | $ | 863 | $ | 1,161 | $ | 270,742 | $ | 279,348 | ||||||||||
-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 | Citi generally does not manage corporate loans on a delinquency basis. Non-accrual loans generally include those loans that are ≥ 90 days past due or those loans for which Citi believes, based on actual experience and a forward-looking assessment of the collectability of the loan in full, that the payment of interest or principal is doubtful. | |||||||||||||||||||||
-3 | Corporate loans are past due when principal or interest is contractually due but unpaid. 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. | |||||||||||||||||||||
Corporate Loan Delinquency and Non-Accrual Details at December 31, 2014 | ||||||||||||||||||||||
In millions of dollars | 30-89 days | ≥ 90 days | Total past due | Total | Total | Total | ||||||||||||||||
past due | past due and | and accruing | non-accrual(2) | current(3) | loans (4) | |||||||||||||||||
and accruing(1) | accruing(1) | |||||||||||||||||||||
Commercial and industrial | $ | 50 | $ | — | $ | 50 | $ | 575 | $ | 109,764 | $ | 110,389 | ||||||||||
Financial institutions | 2 | — | 2 | 250 | 67,580 | 67,832 | ||||||||||||||||
Mortgage and real estate | 86 | — | 86 | 252 | 38,135 | 38,473 | ||||||||||||||||
Leases | — | — | — | 51 | 2,062 | 2,113 | ||||||||||||||||
Other | 49 | 1 | 50 | 55 | 49,844 | 49,949 | ||||||||||||||||
Loans at fair value | 5,858 | |||||||||||||||||||||
Purchased Distressed Loans | 51 | |||||||||||||||||||||
Total | $ | 187 | $ | 1 | $ | 188 | $ | 1,183 | $ | 267,385 | $ | 274,665 | ||||||||||
-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 | Citi generally does not manage corporate loans on a delinquency basis. Non-accrual loans generally include those loans that are ≥ 90 days past due or those loans for which Citi believes, based on actual experience and a forward-looking assessment of the collectability of the loan in full, that the payment of interest or principal is doubtful. | |||||||||||||||||||||
-3 | Corporate loans are past due when principal or interest is contractually due but unpaid. 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. | |||||||||||||||||||||
Schedule of loans credit quality indicators | Corporate Loans Credit Quality Indicators at March 31, 2015 and December 31, 2014 | |||||||||||||||||||||
Recorded investment in loans(1) | ||||||||||||||||||||||
In millions of dollars | March 31, 2015 | December 31, | ||||||||||||||||||||
2014 | ||||||||||||||||||||||
Investment grade(2) | ||||||||||||||||||||||
Commercial and industrial | $ | 83,405 | $ | 80,812 | ||||||||||||||||||
Financial institutions | 55,902 | 56,154 | ||||||||||||||||||||
Mortgage and real estate | 17,049 | 16,068 | ||||||||||||||||||||
Leases | 1,650 | 1,669 | ||||||||||||||||||||
Other | 46,334 | 46,284 | ||||||||||||||||||||
Total investment grade | $ | 204,340 | $ | 200,987 | ||||||||||||||||||
Non-investment grade(2) | ||||||||||||||||||||||
Accrual | ||||||||||||||||||||||
Commercial and industrial | $ | 30,234 | $ | 29,003 | ||||||||||||||||||
Financial institutions | 10,543 | 11,429 | ||||||||||||||||||||
Mortgage and real estate | 3,115 | 3,587 | ||||||||||||||||||||
Leases | 378 | 393 | ||||||||||||||||||||
Other | 4,045 | 3,609 | ||||||||||||||||||||
Non-accrual | ||||||||||||||||||||||
Commercial and industrial | 592 | 575 | ||||||||||||||||||||
Financial institutions | 239 | 250 | ||||||||||||||||||||
Mortgage and real estate | 246 | 252 | ||||||||||||||||||||
Leases | 49 | 51 | ||||||||||||||||||||
Other | 35 | 55 | ||||||||||||||||||||
Total non-investment grade | $ | 49,476 | $ | 49,204 | ||||||||||||||||||
Private bank loans managed on a delinquency basis (2) | $ | 18,995 | $ | 18,616 | ||||||||||||||||||
Loans at fair value | 6,537 | 5,858 | ||||||||||||||||||||
Corporate loans, net of unearned income | $ | 279,348 | $ | 274,665 | ||||||||||||||||||
-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. | |||||||||||||||||||||
Schedule of impaired loans | The following tables present non-accrual loan information by Corporate loan type at March 31, 2015 and December 31, 2014 and interest income recognized on non-accrual Corporate loans for the three months ended March 31, 2015 and 2014, respectively: | |||||||||||||||||||||
Non-Accrual Corporate Loans | ||||||||||||||||||||||
At and for the three months ended March 31, 2015 | ||||||||||||||||||||||
In millions of dollars | Recorded | Unpaid | Related specific | Average | Interest income | |||||||||||||||||
investment(1) | principal balance | allowance | carrying value(2) | recognized | ||||||||||||||||||
Non-accrual corporate loans | ||||||||||||||||||||||
Commercial and industrial | $ | 592 | $ | 933 | $ | 167 | $ | 630 | $ | — | ||||||||||||
Financial institutions | 239 | 252 | 9 | 253 | — | |||||||||||||||||
Mortgage and real estate | 246 | 282 | 18 | 244 | 1 | |||||||||||||||||
Lease financing | 49 | 49 | 29 | 50 | — | |||||||||||||||||
Other | 35 | 154 | 12 | 52 | — | |||||||||||||||||
Total non-accrual corporate loans | $ | 1,161 | $ | 1,670 | $ | 235 | $ | 1,229 | $ | 1 | ||||||||||||
At December 31, 2014 | Three months ended March 31, 2014 | |||||||||||||||||||||
In millions of dollars | Recorded | Unpaid | Related specific | Average | Interest income | |||||||||||||||||
investment(1) | principal balance | allowance | carrying value(2) | recognized | ||||||||||||||||||
Non-accrual corporate loans | ||||||||||||||||||||||
Commercial and industrial | $ | 575 | $ | 863 | $ | 155 | $ | 658 | $ | 5 | ||||||||||||
Financial institutions | 250 | 262 | 7 | 278 | 4 | |||||||||||||||||
Mortgage and real estate | 252 | 287 | 24 | 263 | 1 | |||||||||||||||||
Lease financing | 51 | 53 | 29 | 85 | — | |||||||||||||||||
Other | 55 | 68 | 21 | 60 | — | |||||||||||||||||
Total non-accrual corporate loans | $ | 1,183 | $ | 1,533 | $ | 236 | $ | 1,344 | $ | 10 | ||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||
In millions of dollars | Recorded | Related specific | Recorded | Related specific | ||||||||||||||||||
investment(1) | allowance | investment(1) | allowance | |||||||||||||||||||
Non-accrual corporate loans with valuation allowances | ||||||||||||||||||||||
Commercial and industrial | $ | 297 | $ | 167 | $ | 224 | $ | 155 | ||||||||||||||
Financial institutions | 45 | 9 | 37 | 7 | ||||||||||||||||||
Mortgage and real estate | 66 | 18 | 70 | 24 | ||||||||||||||||||
Lease financing | 47 | 29 | 47 | 29 | ||||||||||||||||||
Other | 34 | 12 | 55 | 21 | ||||||||||||||||||
Total non-accrual corporate loans with specific allowance | $ | 489 | $ | 235 | $ | 433 | $ | 236 | ||||||||||||||
Non-accrual corporate loans without specific allowance | ||||||||||||||||||||||
Commercial and industrial | $ | 295 | $ | 351 | ||||||||||||||||||
Financial institutions | 194 | 213 | ||||||||||||||||||||
Mortgage and real estate | 180 | 182 | ||||||||||||||||||||
Lease financing | 2 | 4 | ||||||||||||||||||||
Other | 1 | — | ||||||||||||||||||||
Total non-accrual corporate loans without specific allowance | $ | 672 | N/A | $ | 750 | 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. | |||||||||||||||||||||
N/A Not Applicable | ||||||||||||||||||||||
Schedule of troubled debt restructurings | Corporate Troubled Debt Restructurings | |||||||||||||||||||||
The following table presents corporate TDR activity at and for the three months ended March 31, 2015. | ||||||||||||||||||||||
In millions of dollars | Carrying | TDRs | TDRs | TDRs | ||||||||||||||||||
Value | involving changes | involving changes | involving changes | |||||||||||||||||||
in the amount | in the amount | in the amount | ||||||||||||||||||||
and/or timing of | and/or timing of | and/or timing of | ||||||||||||||||||||
principal payments(1) | interest payments(2) | both principal and | ||||||||||||||||||||
interest payments | ||||||||||||||||||||||
Commercial and industrial | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Financial institutions | — | — | — | — | ||||||||||||||||||
Mortgage and real estate | 1 | 1 | — | — | ||||||||||||||||||
Other | — | — | — | — | ||||||||||||||||||
Total | $ | 1 | $ | 1 | $ | — | $ | — | ||||||||||||||
-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 commercial 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 loan. 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. | |||||||||||||||||||||
The following table presents corporate TDR activity at and for the three months ended March 31, 2014. | ||||||||||||||||||||||
In millions of dollars | Carrying | TDRs | TDRs | TDRs | ||||||||||||||||||
Value | involving changes | involving changes | involving changes | |||||||||||||||||||
in the amount | in the amount | in the amount | ||||||||||||||||||||
and/or timing of | and/or timing of | and/or timing of | ||||||||||||||||||||
principal payments(1) | interest payments(2) | both principal and | ||||||||||||||||||||
interest payments | ||||||||||||||||||||||
Commercial and industrial | $ | 40 | $ | 23 | $ | 17 | $ | — | ||||||||||||||
Financial institutions | — | — | — | — | ||||||||||||||||||
Mortgage and real estate | 4 | 4 | — | — | ||||||||||||||||||
Other | — | — | — | — | ||||||||||||||||||
Total | $ | 44 | $ | 27 | $ | 17 | $ | — | ||||||||||||||
-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 commercial 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 loan. 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. | |||||||||||||||||||||
Schedule of troubled debt restructuring loans that defaulted | The following table presents total Corporate loans modified in a TDR at March 31, 2015 and 2014, as well as those TDRs that defaulted during the three months ended March 31, 2015 and 2014 and for which the payment default occurred within one year of a permanent modification. Default is defined as 60 days past due, except for classifiably managed commercial markets loans, where default is defined as 90 days past due. | |||||||||||||||||||||
In millions of dollars | TDR balances at | TDR loans in payment default during the three months ended | TDR balances at | TDR loans in payment default during the year ended | ||||||||||||||||||
31-Mar-15 | 31-Mar-15 | 31-Mar-14 | 31-Mar-14 | |||||||||||||||||||
Commercial and industrial | $ | 88 | $ | — | $ | 182 | $ | — | ||||||||||||||
Loans to financial institutions | — | — | — | — | ||||||||||||||||||
Mortgage and real estate | 105 | — | 147 | — | ||||||||||||||||||
Other | 336 | — | 410 | — | ||||||||||||||||||
Total | $ | 529 | $ | — | $ | 739 | $ | — | ||||||||||||||
ALLOWANCE_FOR_CREDIT_LOSSES_Ta
ALLOWANCE FOR CREDIT LOSSES (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Loans and Leases Receivable, Allowance [Abstract] | |||||||||||||||||||
Allowance for credit losses | |||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||
In millions of dollars | 2015 | 2014 | |||||||||||||||||
Allowance for loan losses at beginning of period | $ | 15,994 | $ | 19,648 | |||||||||||||||
Gross credit losses | (2,458 | ) | (2,983 | ) | |||||||||||||||
Gross recoveries (1) | 501 | 544 | |||||||||||||||||
Net credit losses (NCLs) | $ | (1,957 | ) | $ | (2,439 | ) | |||||||||||||
NCLs | $ | 1,957 | $ | 2,439 | |||||||||||||||
Net reserve releases | (91 | ) | (560 | ) | |||||||||||||||
Net specific reserve releases | (111 | ) | (86 | ) | |||||||||||||||
Total provision for credit losses | $ | 1,755 | $ | 1,793 | |||||||||||||||
Other, net (2) | (1,194 | ) | (79 | ) | |||||||||||||||
Allowance for loan losses at end of period | $ | 14,598 | $ | 18,923 | |||||||||||||||
Allowance for credit losses on unfunded lending commitments at beginning of period | $ | 1,063 | $ | 1,229 | |||||||||||||||
Provision (release) for unfunded lending commitments | (37 | ) | (27 | ) | |||||||||||||||
Other, net | (3 | ) | — | ||||||||||||||||
Allowance for credit losses on unfunded lending commitments at end of period (3) | $ | 1,023 | $ | 1,202 | |||||||||||||||
Total allowance for loans, leases, and unfunded lending commitments | $ | 15,621 | $ | 20,125 | |||||||||||||||
-1 | Recoveries have been reduced by certain collection costs that are incurred only if collection efforts are successful. | ||||||||||||||||||
-2 | The first quarter of 2015 includes a reduction of approximately $1.0 billion related to the sale or transfers to HFS of various loan portfolios, including a reduction of $281 million related to a transfer of a real estate loan portfolio to HFS. Additionally, the first quarter of 2015 includes a reduction of approximately $145 million related to FX translation. The first quarter of 2014 includes a reduction of approximately $79 million related to the sale or transfers to HFS of various loan portfolios. | ||||||||||||||||||
-3 | Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet. | ||||||||||||||||||
Schedule of allowance for credit losses and investment in loans by portfolio segment | Allowance for Credit Losses and Investment in Loans | ||||||||||||||||||
Three Months Ended | |||||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||||
In millions of dollars | Corporate | Consumer | Total | Corporate | Consumer | Total | |||||||||||||
Allowance for loan losses at beginning of period | $ | 2,389 | $ | 13,605 | $ | 15,994 | $ | 2,584 | $ | 17,064 | $ | 19,648 | |||||||
Charge-offs | (23 | ) | (2,435 | ) | (2,458 | ) | (174 | ) | (2,809 | ) | (2,983 | ) | |||||||
Recoveries | 32 | 469 | 501 | 29 | 515 | 544 | |||||||||||||
Replenishment of net charge-offs | (9 | ) | 1,966 | 1,957 | 145 | 2,294 | 2,439 | ||||||||||||
Net reserve build (releases) | 100 | (191 | ) | (91 | ) | (101 | ) | (459 | ) | (560 | ) | ||||||||
Net specific reserve build (releases) | 3 | (114 | ) | (111 | ) | (10 | ) | (76 | ) | (86 | ) | ||||||||
Other | (16 | ) | (1,178 | ) | (1,194 | ) | (1 | ) | (78 | ) | (79 | ) | |||||||
Ending balance | $ | 2,476 | $ | 12,122 | $ | 14,598 | $ | 2,472 | $ | 16,451 | $ | 18,923 | |||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||
In millions of dollars | Corporate | Consumer | Total | Corporate | Consumer | Total | |||||||||||||
Allowance for loan losses | |||||||||||||||||||
Determined in accordance with ASC 450 | $ | 2,201 | $ | 8,793 | $ | 10,994 | $ | 2,110 | $ | 9,673 | $ | 11,783 | |||||||
Determined in accordance with ASC 310-10-35 | 236 | 3,314 | 3,550 | 235 | 3,917 | 4,152 | |||||||||||||
Determined in accordance with ASC 310-30 | 39 | 15 | 54 | 44 | 15 | 59 | |||||||||||||
Total allowance for loan losses | $ | 2,476 | $ | 12,122 | $ | 14,598 | $ | 2,389 | $ | 13,605 | $ | 15,994 | |||||||
Loans, net of unearned income | |||||||||||||||||||
Loans collectively evaluated for impairment in accordance with ASC 450 | $ | 271,335 | $ | 325,641 | $ | 596,976 | $ | 267,271 | $ | 350,199 | $ | 617,470 | |||||||
Loans individually evaluated for impairment in accordance with ASC 310-10-35 | 1,431 | 15,674 | 17,105 | 1,485 | 19,358 | 20,843 | |||||||||||||
Loans acquired with deteriorated credit quality in accordance with ASC 310-30 | 45 | 353 | 398 | 51 | 370 | 421 | |||||||||||||
Loans held at fair value | 6,537 | 38 | 6,575 | 5,858 | 43 | 5,901 | |||||||||||||
Total loans, net of unearned income | $ | 279,348 | $ | 341,706 | $ | 621,054 | $ | 274,665 | $ | 369,970 | $ | 644,635 | |||||||
GOODWILL_AND_INTANGIBLE_ASSETS1
GOODWILL AND INTANGIBLE ASSETS (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||
Changes in Goodwill | The changes in Goodwill during the three months ended March 31, 2015 were as follows: | ||||||||||||||||||
In millions of dollars | |||||||||||||||||||
Balance at December 31, 2014 | $ | 23,592 | |||||||||||||||||
Foreign exchange translation and other | $ | (312 | ) | ||||||||||||||||
Impairment of goodwill | (16 | ) | |||||||||||||||||
Divestitures, purchase accounting adjustments and other | (114 | ) | |||||||||||||||||
Balance at March 31, 2015 | $ | 23,150 | |||||||||||||||||
Changes in Goodwill by segment | The following table shows reporting units with goodwill balances as of March 31, 2015. | ||||||||||||||||||
In millions of dollars | |||||||||||||||||||
Reporting Unit(1)(2) | Goodwill | ||||||||||||||||||
North America Global Consumer Banking | $ | 6,725 | |||||||||||||||||
EMEA Global Consumer Banking | 293 | ||||||||||||||||||
Asia Global Consumer Banking | 4,626 | ||||||||||||||||||
Latin America Global Consumer Banking | 1,465 | ||||||||||||||||||
Banking | 3,372 | ||||||||||||||||||
Markets and Securities Services | 6,569 | ||||||||||||||||||
Latin America Retirement Services(3) | — | ||||||||||||||||||
Citi Holdings—Consumer EMEA | 23 | ||||||||||||||||||
Citi Holdings—Consumer Japan (4) | — | ||||||||||||||||||
Citi Holdings—Consumer Latin America | 77 | ||||||||||||||||||
Total | $ | 23,150 | |||||||||||||||||
-1 | Citi Holdings—Other and Citi Holdings—ICG are excluded from the table as there is no goodwill allocated to them. | ||||||||||||||||||
-2 | Citi Holdings—Consumer Finance South Korea is excluded from the table as the allocated goodwill of $16 million was fully-impaired during the first quarter of 2015. | ||||||||||||||||||
-3 | Latin America Retirement Services goodwill of $42 million was reclassified to Other assets held-for-sale as of March 31, 2015. | ||||||||||||||||||
-4 | Citi Holdings—Consumer Japan goodwill of $61 million was | ||||||||||||||||||
reclassified to Other assets held-for-sale as of March 31, 2015 | |||||||||||||||||||
Components of intangible assets | The components of intangible assets as of March 31, 2015 and December 31, 2014 were as follows: | ||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||
In millions of dollars | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||
carrying | amortization | carrying | carrying | amortization | carrying | ||||||||||||||
amount | amount | amount | amount | ||||||||||||||||
Purchased credit card relationships | $ | 7,618 | $ | 6,355 | $ | 1,263 | $ | 7,626 | $ | 6,294 | $ | 1,332 | |||||||
Core deposit intangibles | 1,122 | 1,006 | 116 | 1,153 | 1,021 | 132 | |||||||||||||
Other customer relationships | 518 | 335 | 183 | 579 | 331 | 248 | |||||||||||||
Present value of future profits | 163 | 156 | 7 | 233 | 154 | 79 | |||||||||||||
Indefinite-lived intangible assets | 281 | — | 281 | 290 | — | 290 | |||||||||||||
Other(1) | 5,167 | 2,773 | 2,394 | 5,217 | 2,732 | 2,485 | |||||||||||||
Intangible assets (excluding MSRs) | $ | 14,869 | $ | 10,625 | $ | 4,244 | $ | 15,098 | $ | 10,532 | $ | 4,566 | |||||||
Mortgage servicing rights (MSRs) (2) | 1,685 | — | 1,685 | 1,845 | — | 1,845 | |||||||||||||
Total intangible assets | $ | 16,554 | $ | 10,625 | $ | 5,929 | $ | 16,943 | $ | 10,532 | $ | 6,411 | |||||||
-1 | Includes contract-related intangible assets. | ||||||||||||||||||
-2 | For additional information on Citi’s MSRs, including the roll-forward for the three months ended March 31, 2015, see Note 20 to the Consolidated Financial Statements. | ||||||||||||||||||
Changes in intangible assets | The changes in intangible assets during the three months ended March 31, 2015 were as follows: | ||||||||||||||||||
Net carrying | Net carrying | ||||||||||||||||||
amount at | amount at | ||||||||||||||||||
In millions of dollars | 31-Dec-14 | Acquisitions/ | Amortization | Impairments | FX and | 31-Mar-15 | |||||||||||||
divestitures | other (1) | ||||||||||||||||||
Purchased credit card relationships | $ | 1,332 | $ | — | $ | (68 | ) | $ | — | $ | (1 | ) | $ | 1,263 | |||||
Core deposit intangibles | 132 | — | (11 | ) | — | (5 | ) | 116 | |||||||||||
Other customer relationships | 248 | (55 | ) | (6 | ) | — | (4 | ) | 183 | ||||||||||
Present value of future profits | 79 | (68 | ) | (3 | ) | — | (1 | ) | 7 | ||||||||||
Indefinite-lived intangible assets | 290 | — | — | — | (9 | ) | 281 | ||||||||||||
Other | 2,485 | — | (81 | ) | (5 | ) | (5 | ) | 2,394 | ||||||||||
Intangible assets (excluding MSRs) | $ | 4,566 | $ | (123 | ) | $ | (169 | ) | $ | (5 | ) | $ | (25 | ) | $ | 4,244 | |||
Mortgage servicing rights (MSRs) (2) | 1,845 | 1,685 | |||||||||||||||||
Total intangible assets | $ | 6,411 | $ | 5,929 | |||||||||||||||
-1 | Includes foreign exchange translation and purchase accounting adjustments. | ||||||||||||||||||
-2 | For additional information on Citi’s MSRs, including the roll-forward for the three months ended March 31, 2015, see Note 20 to the Consolidated Financial Statements |
DEBT_Tables
DEBT (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||
Schedule of Short-Term Borrowings | Short-Term Borrowings | |||||||||||||||
March 31, | December 31, | |||||||||||||||
2015 | 2014 | |||||||||||||||
In millions of dollars | Balance | Balance | ||||||||||||||
Commercial paper | ||||||||||||||||
Significant Citibank entities(1) | $ | 10,906 | $ | 16,085 | ||||||||||||
Parent(2) | 70 | 70 | ||||||||||||||
Total Commercial paper | $ | 10,976 | $ | 16,155 | ||||||||||||
Other borrowings (3) | $ | 28,429 | $ | 42,180 | ||||||||||||
Total | $ | 39,405 | $ | 58,335 | ||||||||||||
-1 | Significant Citibank entities consist of Citibank, N.A. units domiciled in the U.S., Western Europe, Hong Kong and Singapore. | |||||||||||||||
-2 | Parent includes the parent holding company (Citigroup Inc.) and Citi’s broker-dealer subsidiaries that are consolidated into Citigroup. | |||||||||||||||
-3 | Includes borrowings from the Federal Home Loan Banks and other market participants. At March 31, 2015 and December 31, 2014, collateralized short-term advances from the Federal Home Loan Banks were $2.0 billion and $11.2 billion, respectively. | |||||||||||||||
Schedule of Long-Term Debt | Long-Term Debt | |||||||||||||||
In millions of dollars | 31-Mar-15 | 31-Dec-14 | ||||||||||||||
Citigroup Inc.(1) | $ | 147,627 | $ | 149,512 | ||||||||||||
Bank(2) | 58,699 | 65,146 | ||||||||||||||
Broker-dealer(3) | 4,196 | 8,422 | ||||||||||||||
Total | $ | 210,522 | $ | 223,080 | ||||||||||||
-1 | Parent holding company, Citigroup Inc. | |||||||||||||||
-2 | Represents the Significant Citibank entities as well as other Citibank and Banamex entities. At March 31, 2015 and December 31, 2014, collateralized long-term advances from the Federal Home Loan Banks were $16.3 billion and $19.8 billion, respectively. | |||||||||||||||
-3 | Represents broker-dealer subsidiaries that are consolidated into Citigroup Inc., the parent holding company. | |||||||||||||||
Summary of outstanding trust preferred securities | The following table summarizes the Company’s outstanding trust preferred securities at March 31, 2015: | |||||||||||||||
Junior subordinated debentures owned by trust | ||||||||||||||||
Trust | Issuance | Securities | Liquidation | Coupon | Common | Amount | Maturity | Redeemable | ||||||||
date | issued | value(1) | rate(2) | shares | by issuer | |||||||||||
issued | beginning | |||||||||||||||
to parent | ||||||||||||||||
In millions of dollars, except share amounts | ||||||||||||||||
Citigroup Capital III | 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 | 7.875 | 1,000 | 2,246 | Oct. 30, 2040 | Oct. 30, 2015 | ||||||||
Citigroup Capital XVIII | Jun-07 | 99,901 | 149 | 6.829 | 50 | 148 | June 28, 2067 | June 28, 2017 | ||||||||
Total obligated | $ | 2,589 | $ | 2,594 | ||||||||||||
Note: Distributions on the trust preferred securities and interest on the subordinated debentures are payable semiannually for Citigroup Capital III and Citigroup Capital XVIII and quarterly for Citigroup Capital XIII. | ||||||||||||||||
-1 | Represents the notional value received by 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. |
CHANGES_IN_ACCUMULATED_OTHER_C1
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||||||||||||||
Changes in each component of Accumulated Other Comprehensive Income (Loss) | Changes in each component of Citigroup’s Accumulated other comprehensive income (loss) for the three months ended March 31, 2015 and 2014 are as follows: | |||||||||||||||
In millions of dollars | Net | Cash flow hedges (1) | Benefit plans (2) | Foreign | Accumulated | |||||||||||
unrealized | currency | other | ||||||||||||||
gains (losses) | translation | comprehensive income (loss) | ||||||||||||||
on investment securities | adjustment, | |||||||||||||||
net of hedges (CTA)(3) | ||||||||||||||||
Balance, December 31, 2014 | $ | 57 | $ | (909 | ) | $ | (5,159 | ) | $ | (17,205 | ) | $ | (23,216 | ) | ||
Other comprehensive income (losses) before reclassifications | $ | 742 | $ | 32 | $ | (131 | ) | $ | (2,062 | ) | $ | (1,419 | ) | |||
Increase (decrease) due to amounts reclassified from AOCI | (151 | ) | 54 | 41 | — | (56 | ) | |||||||||
Change, net of taxes | $ | 591 | $ | 86 | $ | (90 | ) | $ | (2,062 | ) | $ | (1,475 | ) | |||
Balance at March 31, 2015 | $ | 648 | $ | (823 | ) | $ | (5,249 | ) | $ | (19,267 | ) | $ | (24,691 | ) | ||
In millions of dollars | Net | Cash flow hedges (1) | Benefit plans (2) | Foreign | Accumulated | |||||||||||
unrealized | currency | other | ||||||||||||||
gains (losses) | translation | comprehensive income (loss) | ||||||||||||||
on investment securities | adjustment, | |||||||||||||||
net of hedges (CTA)(3)(4) | ||||||||||||||||
Balance, December 31, 2013 | $ | (1,640 | ) | $ | (1,245 | ) | $ | (3,989 | ) | $ | (12,259 | ) | $ | (19,133 | ) | |
Other comprehensive income before reclassifications | $ | 378 | $ | 46 | $ | (62 | ) | $ | (526 | ) | $ | (164 | ) | |||
Increase (decrease) due to amounts reclassified from AOCI | 50 | 72 | 29 | — | 151 | |||||||||||
Change, net of taxes | $ | 428 | $ | 118 | $ | (33 | ) | $ | (526 | ) | $ | (13 | ) | |||
Balance at March 31, 2014 | $ | (1,212 | ) | $ | (1,127 | ) | $ | (4,022 | ) | $ | (12,785 | ) | $ | (19,146 | ) | |
-1 | Primarily driven by Citigroup’s pay fixed/receive floating interest rate swap programs that hedge the floating rates on liabilities. | |||||||||||||||
-2 | 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. | |||||||||||||||
-3 | Primarily reflects the movements in (by order of impact) the euro, Mexican peso, British pound, and Brazilian real against the U.S. dollar, and changes in related tax effects and hedges for the three months ended March 31, 2015. Primarily reflects the movements in (by order of impact) the Russian ruble, Argentine peso, Korean won, and Japanese yen against the U.S. dollar, and changes in related tax effects and hedges for the three months ended March 31, 2014. | |||||||||||||||
-4 | During 2014, $137 million ($84 million net of tax) was reclassified to reflect the allocation of foreign currency translation between net unrealized gains (losses) on investment securities to CTA. | |||||||||||||||
Schedule of pretax and after-tax changes in each component of Accumulated other comprehensive income (loss) | The pretax and after-tax changes in each component of Accumulated other comprehensive income (loss) for the three months ended March 31, 2015 and 2014 are as follows: | |||||||||||||||
In millions of dollars | Pretax | Tax effect | After-tax | |||||||||||||
Balance, December 31, 2014 | $ | (31,060 | ) | $ | 7,844 | $ | (23,216 | ) | ||||||||
Change in net unrealized gains (losses) on investment securities | 1,048 | (457 | ) | 591 | ||||||||||||
Cash flow hedges | 156 | (70 | ) | 86 | ||||||||||||
Benefit plans | (121 | ) | 31 | (90 | ) | |||||||||||
Foreign currency translation adjustment | (2,302 | ) | 240 | (2,062 | ) | |||||||||||
Change | $ | (1,219 | ) | $ | (256 | ) | $ | (1,475 | ) | |||||||
Balance, March 31, 2015 | $ | (32,279 | ) | $ | 7,588 | $ | (24,691 | ) | ||||||||
In millions of dollars | Pretax | Tax effect | After-tax | |||||||||||||
Balance, December 31, 2013 | $ | (27,596 | ) | $ | 8,463 | $ | (19,133 | ) | ||||||||
Change in net unrealized gains (losses) on investment securities | 703 | (275 | ) | 428 | ||||||||||||
Cash flow hedges | 181 | (63 | ) | 118 | ||||||||||||
Benefit plans | (55 | ) | 22 | (33 | ) | |||||||||||
Foreign currency translation adjustment | (530 | ) | 4 | (526 | ) | |||||||||||
Change | $ | 299 | $ | (312 | ) | $ | (13 | ) | ||||||||
Balance, March 31, 2014 | $ | (27,297 | ) | $ | 8,151 | $ | (19,146 | ) | ||||||||
Summary of amounts reclassified out of Accumulated other comprehensive income (loss) into the Consolidated Statement of income | During the three months ended March 31, 2015 and 2014, the Company recognized a pretax gain of $(85) million ($(56) million net of tax) and pretax loss of $237 million ($151 million net of tax), respectively, related to amounts reclassified out of Accumulated other comprehensive income (loss) into the Consolidated Statement of Income. See details in the table below: | |||||||||||||||
Increase (decrease) in AOCI due to amounts reclassified to Consolidated Statement of Income | ||||||||||||||||
In millions of dollars | Three Months Ended March 31, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Realized (gains) losses on sales of investments | $ | (307 | ) | $ | (128 | ) | ||||||||||
OTTI gross impairment losses | 72 | 201 | ||||||||||||||
Subtotal, pretax | $ | (235 | ) | $ | 73 | |||||||||||
Tax effect | 84 | (23 | ) | |||||||||||||
Net realized (gains) losses on investment securities, after-tax(1) | $ | (151 | ) | $ | 50 | |||||||||||
Interest rate contracts | $ | 46 | $ | 61 | ||||||||||||
Foreign exchange contracts | 40 | 56 | ||||||||||||||
Subtotal, pretax | $ | 86 | $ | 117 | ||||||||||||
Tax effect | (32 | ) | (45 | ) | ||||||||||||
Amortization of cash flow hedges, after-tax(2) | $ | 54 | $ | 72 | ||||||||||||
Amortization of unrecognized | ||||||||||||||||
Prior service cost (benefit) | $ | (11 | ) | $ | (9 | ) | ||||||||||
Net actuarial loss | 75 | 56 | ||||||||||||||
Subtotal, pretax | $ | 64 | $ | 47 | ||||||||||||
Tax effect | (23 | ) | (18 | ) | ||||||||||||
Amortization of benefit plans, after-tax(3) | $ | 41 | $ | 29 | ||||||||||||
Foreign currency translation adjustment | $ | — | $ | — | ||||||||||||
Total amounts reclassified out of AOCI, pretax | $ | (85 | ) | $ | 237 | |||||||||||
Total tax effect | 29 | (86 | ) | |||||||||||||
Total amounts reclassified out of AOCI, after-tax | $ | (56 | ) | $ | 151 | |||||||||||
-1 | The pretax amount is reclassified to Realized gains (losses) on sales of investments, net and Gross impairment losses on the Consolidated Statement of Income. See Note 13 to the Consolidated Financial Statements for additional details. | |||||||||||||||
-2 | See Note 21 to the Consolidated Financial Statements for additional details. | |||||||||||||||
-3 | See Notes 1 and 8 to the Consolidated Financial Statements for additional details. |
PREFERRED_STOCK_Tables
PREFERRED STOCK (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||
Summary of preferred stock outstanding | The following table summarizes the Company’s preferred stock outstanding at March 31, 2015 and December 31, 2014: | |||||||||||||||
Carrying value | ||||||||||||||||
in millions of dollars | ||||||||||||||||
Issuance date | Redeemable by issuer beginning | Dividend | Redemption | Number | March 31, | December 31, | ||||||||||
rate | price per depositary | of depositary | 2015 | 2014 | ||||||||||||
share/preference share | shares | |||||||||||||||
Series AA(1) | 25-Jan-08 | 15-Feb-18 | 8.125 | % | $ | 25 | 3,870,330 | $ | 97 | $ | 97 | |||||
Series E(2) | 28-Apr-08 | 30-Apr-18 | 8.4 | % | 1,000 | 121,254 | 121 | 121 | ||||||||
Series A(3) | 29-Oct-12 | 30-Jan-23 | 5.95 | % | 1,000 | 1,500,000 | 1,500 | 1,500 | ||||||||
Series B(4) | 13-Dec-12 | 15-Feb-23 | 5.9 | % | 1,000 | 750,000 | 750 | 750 | ||||||||
Series C(5) | 26-Mar-13 | 22-Apr-18 | 5.8 | % | 25 | 23,000,000 | 575 | 575 | ||||||||
Series D(6) | 30-Apr-13 | 15-May-23 | 5.35 | % | 1,000 | 1,250,000 | 1,250 | 1,250 | ||||||||
Series J(7) | 19-Sep-13 | 30-Sep-23 | 7.125 | % | 25 | 38,000,000 | 950 | 950 | ||||||||
Series K(8) | 31-Oct-13 | 15-Nov-23 | 6.875 | % | 25 | 59,800,000 | 1,495 | 1,495 | ||||||||
Series L(9) | 12-Feb-14 | 12-Feb-19 | 6.875 | % | 25 | 19,200,000 | 480 | 480 | ||||||||
Series M(10) | 30-Apr-14 | 15-May-24 | 6.3 | % | 1,000 | 1,750,000 | 1,750 | 1,750 | ||||||||
Series N(11) | 29-Oct-14 | 15-Nov-19 | 5.8 | % | 1,000 | 1,500,000 | 1,500 | 1,500 | ||||||||
Series O(12) | 20-Mar-15 | 27-Mar-20 | 5.875 | % | 1,000 | 1,500,000 | 1,500 | — | ||||||||
$ | 11,968 | $ | 10,468 | |||||||||||||
-1 | Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-2 | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on April 30 and October 30 at a fixed rate until April 30, 2018, thereafter payable quarterly on January 30, April 30, July 30 and October 30 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-3 | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on January 30 and July 30 at a fixed rate until January 30, 2023, thereafter payable quarterly on January 30, April 30, July 30 and October 30 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-4 | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on February 15 and August 15 at a fixed rate until February 15, 2023, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in `each case when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-5 | Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on January 22, April 22, July 22 and October 22 when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-6 | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on May 15 and November 15 at a fixed rate until May 15, 2023, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-7 | Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on March 30, June 30, September 30 and December 30 at a fixed rate until September 30, 2023, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-8 | Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until November 15, 2023, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-9 | Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 12, May 12, August 12 and November 12 at a fixed rate, in each case when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-10 | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on May 15 and November 15 at a fixed rate until May 15, 2024, thereafter payable quarterly on February 15, May 15, August 15, and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-11 | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on May 15 and November 15 at a fixed rate until, but excluding, November 15, 2019, and thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-12 | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on March 27 and September 27 at a fixed rate until, but excluding, March 27, 2020, and thereafter payable quarterly on March 27, June 27, September 27 and December 27 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. |
SECURITIZATIONS_AND_VARIABLE_I1
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Variable Interest Entity | |||||||||||||||||||||||||
Schedule of consolidated and unconsolidated VIEs with which the Company holds significant variable interests | Citigroup’s involvement with consolidated and unconsolidated VIEs with which the Company holds significant variable interests or has continuing involvement through servicing a majority of the assets in a VIE, each as of March 31, 2015 and December 31, 2014, is presented below: | ||||||||||||||||||||||||
As of March 31, 2015 | |||||||||||||||||||||||||
Maximum exposure to loss in significant unconsolidated VIEs (1) | |||||||||||||||||||||||||
Funded exposures (2) | Unfunded exposures | ||||||||||||||||||||||||
In millions of dollars | Total | Consolidated | Significant | Debt | Equity | Funding | Guarantees | Total | |||||||||||||||||
involvement | VIE / SPE assets | unconsolidated | investments | investments | commitments | and | |||||||||||||||||||
with SPE | VIE assets (3) | derivatives | |||||||||||||||||||||||
assets | |||||||||||||||||||||||||
Citicorp | |||||||||||||||||||||||||
Credit card securitizations | $ | 55,367 | $ | 55,367 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Mortgage securitizations (4) | |||||||||||||||||||||||||
U.S. agency-sponsored | 230,798 | — | 230,798 | 3,000 | — | — | 18 | 3,018 | |||||||||||||||||
Non-agency-sponsored | 7,457 | 1,018 | 6,439 | 530 | — | — | — | 530 | |||||||||||||||||
Citi-administered asset-backed commercial paper conduits (ABCP) | 28,807 | 28,807 | — | — | — | — | — | — | |||||||||||||||||
Collateralized debt obligations (CDOs) | 3,027 | — | 3,027 | 38 | — | — | — | 38 | |||||||||||||||||
Collateralized loan obligations (CLOs) | 14,782 | — | 14,782 | 1,917 | — | — | — | 1,917 | |||||||||||||||||
Asset-based financing | 60,391 | 1,102 | 59,289 | 22,052 | 61 | 3,138 | 318 | 25,569 | |||||||||||||||||
Municipal securities tender option bond trusts (TOBs) | 12,017 | 6,431 | 5,586 | — | — | 3,645 | — | 3,645 | |||||||||||||||||
Municipal investments | 16,736 | 55 | 16,681 | 2,035 | 1,833 | 1,162 | — | 5,030 | |||||||||||||||||
Client intermediation | 1,810 | 105 | 1,705 | 42 | — | — | 10 | 52 | |||||||||||||||||
Investment funds (5) | 30,883 | 1,049 | 29,834 | 17 | 379 | 125 | — | 521 | |||||||||||||||||
Trust preferred securities | 2,632 | — | 2,632 | — | 6 | — | — | 6 | |||||||||||||||||
Other | 4,713 | 288 | 4,425 | 80 | 1,038 | 39 | 70 | 1,227 | |||||||||||||||||
Total | $ | 469,420 | $ | 94,222 | $ | 375,198 | $ | 29,711 | $ | 3,317 | $ | 8,109 | $ | 416 | $ | 41,553 | |||||||||
Citi Holdings | |||||||||||||||||||||||||
Credit card securitizations | $ | 254 | $ | 54 | $ | 200 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Mortgage securitizations | |||||||||||||||||||||||||
U.S. agency-sponsored | 23,286 | — | 23,286 | 110 | — | — | 88 | 198 | |||||||||||||||||
Non-agency-sponsored | 9,246 | 63 | 9,183 | 18 | — | — | 1 | 19 | |||||||||||||||||
Collateralized debt obligations (CDOs) | 2,126 | — | 2,126 | 156 | — | — | 85 | 241 | |||||||||||||||||
Collateralized loan obligations (CLOs) | 834 | — | 834 | 37 | — | — | — | 37 | |||||||||||||||||
Asset-based financing | 1,167 | 2 | 1,165 | 39 | 3 | 81 | — | 123 | |||||||||||||||||
Municipal investments | 6,838 | — | 6,838 | 2 | 168 | 888 | — | 1,058 | |||||||||||||||||
Investment funds | 507 | — | 507 | — | — | — | — | — | |||||||||||||||||
Other | 4,203 | 4,203 | — | — | — | — | — | — | |||||||||||||||||
Total | $ | 48,461 | $ | 4,322 | $ | 44,139 | $ | 362 | $ | 171 | $ | 969 | $ | 174 | $ | 1,676 | |||||||||
Total Citigroup | $ | 517,881 | $ | 98,544 | $ | 419,337 | $ | 30,073 | $ | 3,488 | $ | 9,078 | $ | 590 | $ | 43,229 | |||||||||
(1) The definition of maximum exposure to loss is included in the text that follows this table. | |||||||||||||||||||||||||
-2 | Included on Citigroup’s March 31, 2015 Consolidated Balance Sheet. | ||||||||||||||||||||||||
-3 | A significant unconsolidated VIE is an entity where the Company has any variable interest or continuing involvement considered to be significant, regardless of the likelihood of loss or the notional amount of exposure. | ||||||||||||||||||||||||
-4 | Citicorp mortgage securitizations also include agency and non-agency (private-label) re-securitization activities. These SPEs are not consolidated. See “Re-securitizations” below for further discussion. | ||||||||||||||||||||||||
(5) Substantially all of the unconsolidated investment funds’ assets are related to retirement funds in Mexico managed by Citi. See “Investment Funds” below for further discussion. | |||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
Maximum exposure to loss in significant unconsolidated VIEs (1) | |||||||||||||||||||||||||
Funded exposures (2) | Unfunded exposures | ||||||||||||||||||||||||
In millions of dollars | Total | Consolidated | Significant | Debt | Equity | Funding | Guarantees | Total | |||||||||||||||||
involvement | VIE / SPE assets | unconsolidated | investments | investments | commitments | and | |||||||||||||||||||
with SPE | VIE assets (3) | derivatives | |||||||||||||||||||||||
assets | |||||||||||||||||||||||||
Citicorp | |||||||||||||||||||||||||
Credit card securitizations | $ | 60,211 | $ | 60,211 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Mortgage securitizations (4) | |||||||||||||||||||||||||
U.S. agency-sponsored | 236,771 | — | 236,771 | 5,063 | — | — | 19 | 5,082 | |||||||||||||||||
Non-agency-sponsored | 8,071 | 1,239 | 6,832 | 560 | — | — | — | 560 | |||||||||||||||||
Citi-administered asset-backed commercial paper conduits (ABCP) | 29,181 | 29,181 | — | — | — | — | — | — | |||||||||||||||||
Collateralized debt obligations (CDOs) | 3,382 | — | 3,382 | 45 | — | — | — | 45 | |||||||||||||||||
Collateralized loan obligations (CLOs) | 13,099 | — | 13,099 | 1,692 | — | — | — | 1,692 | |||||||||||||||||
Asset-based financing | 62,577 | 1,149 | 61,428 | 22,891 | 63 | 2,185 | 333 | 25,472 | |||||||||||||||||
Municipal securities tender option bond trusts (TOBs) | 12,280 | 6,671 | 5,609 | 3 | — | 3,670 | — | 3,673 | |||||||||||||||||
Municipal investments | 16,825 | 70 | 16,755 | 2,012 | 2,021 | 1,321 | — | 5,354 | |||||||||||||||||
Client intermediation | 1,745 | 137 | 1,608 | 10 | — | — | 10 | 20 | |||||||||||||||||
Investment funds (5) | 31,474 | 1,096 | 30,378 | 16 | 382 | 124 | — | 522 | |||||||||||||||||
Trust preferred securities | 2,633 | — | 2,633 | — | 6 | — | — | 6 | |||||||||||||||||
Other | 5,685 | 296 | 5,389 | 183 | 1,451 | 23 | 73 | 1,730 | |||||||||||||||||
Total | $ | 483,934 | $ | 100,050 | $ | 383,884 | $ | 32,475 | $ | 3,923 | $ | 7,323 | $ | 435 | $ | 44,156 | |||||||||
Citi Holdings | |||||||||||||||||||||||||
Credit card securitizations | $ | 292 | $ | 60 | $ | 232 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Mortgage securitizations | |||||||||||||||||||||||||
U.S. agency-sponsored | 28,077 | — | 28,077 | 150 | — | — | 91 | 241 | |||||||||||||||||
Non-agency-sponsored | 9,817 | 65 | 9,752 | 17 | — | — | 1 | 18 | |||||||||||||||||
Collateralized debt obligations (CDOs) | 2,235 | — | 2,235 | 174 | — | — | 86 | 260 | |||||||||||||||||
Collateralized loan obligations (CLOs) | 1,020 | — | 1,020 | 54 | — | — | — | 54 | |||||||||||||||||
Asset-based financing | 1,323 | 2 | 1,321 | 37 | 3 | 86 | — | 126 | |||||||||||||||||
Municipal investments | 6,881 | — | 6,881 | 2 | 176 | 904 | — | 1,082 | |||||||||||||||||
Investment funds | 518 | — | 518 | — | — | — | — | — | |||||||||||||||||
Other | 2,613 | 2,613 | — | — | — | — | — | — | |||||||||||||||||
Total | $ | 52,776 | $ | 2,740 | $ | 50,036 | $ | 434 | $ | 179 | $ | 990 | $ | 178 | $ | 1,781 | |||||||||
Total Citigroup | $ | 536,710 | $ | 102,790 | $ | 433,920 | $ | 32,909 | $ | 4,102 | $ | 8,313 | $ | 613 | $ | 45,937 | |||||||||
-1 | The definition of maximum exposure to loss is included in the text that follows this table. | ||||||||||||||||||||||||
-2 | Included on Citigroup’s December 31, 2014 Consolidated Balance Sheet. | ||||||||||||||||||||||||
-3 | A significant unconsolidated VIE is an entity where the Company has any variable interest or continuing involvement considered to be significant, regardless of the likelihood of loss or the notional amount of exposure. | ||||||||||||||||||||||||
-4 | Citicorp mortgage securitizations also include agency and non-agency (private-label) re-securitization activities. These SPEs are not consolidated. See “Re-securitizations” below for further discussion. | ||||||||||||||||||||||||
(5) Substantially all of the unconsolidated investment funds’ assets are related to retirement funds in Mexico managed by Citi. See “Investment Funds” below for further discussion. | |||||||||||||||||||||||||
Schedule of funding commitments of unconsolidated Variable Interest Entities | The following table presents the notional amount of liquidity facilities and loan commitments that are classified as funding commitments in the VIE tables above as of March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
Liquidity | Loan | Liquidity | Loan | ||||||||||||||||||||||
In millions of dollars | facilities | commitments | facilities | commitments | |||||||||||||||||||||
Citicorp | |||||||||||||||||||||||||
Asset-based financing | $ | 5 | $ | 3,133 | $ | 5 | $ | 2,180 | |||||||||||||||||
Municipal securities tender option bond trusts (TOBs) | 3,645 | — | 3,670 | — | |||||||||||||||||||||
Municipal investments | — | 1,162 | — | 1,321 | |||||||||||||||||||||
Investment funds | — | 125 | — | 124 | |||||||||||||||||||||
Other | — | 39 | — | 23 | |||||||||||||||||||||
Total Citicorp | $ | 3,650 | $ | 4,459 | $ | 3,675 | $ | 3,648 | |||||||||||||||||
Citi Holdings | |||||||||||||||||||||||||
Asset-based financing | $ | — | $ | 81 | $ | — | $ | 86 | |||||||||||||||||
Municipal investments | — | 888 | — | 904 | |||||||||||||||||||||
Total Citi Holdings | $ | — | $ | 969 | $ | — | $ | 990 | |||||||||||||||||
Total Citigroup funding commitments | $ | 3,650 | $ | 5,428 | $ | 3,675 | $ | 4,638 | |||||||||||||||||
Schedule of carrying amounts and classifications of consolidated assets that are collateral for consolidated VIE and SPE obligations | The following table presents the carrying amounts and classifications of consolidated assets that are collateral for consolidated VIE obligations as of March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
In billions of dollars | Citicorp | Citi Holdings | Citigroup | Citicorp | Citi Holdings | Citigroup | |||||||||||||||||||
Cash | $ | 0.1 | $ | — | $ | 0.1 | $ | 0.1 | $ | 0.2 | $ | 0.3 | |||||||||||||
Trading account assets | 0.6 | — | 0.6 | 0.7 | — | 0.7 | |||||||||||||||||||
Investments | 7.6 | — | 7.6 | 8 | — | 8 | |||||||||||||||||||
Total loans, net | 85.3 | 0.1 | 85.4 | 90.6 | 2.5 | 93.1 | |||||||||||||||||||
Other | 0.6 | 4.2 | 4.8 | 0.6 | — | 0.6 | |||||||||||||||||||
Total assets | $ | 94.2 | $ | 4.3 | $ | 98.5 | $ | 100 | $ | 2.7 | $ | 102.7 | |||||||||||||
Short-term borrowings | $ | 17.2 | $ | — | $ | 17.2 | $ | 22.7 | $ | — | $ | 22.7 | |||||||||||||
Long-term debt | 35.2 | 0.1 | 35.3 | 38.1 | 2 | 40.1 | |||||||||||||||||||
Other liabilities | 0.7 | 3.3 | 4 | 0.8 | 0.1 | 0.9 | |||||||||||||||||||
Total liabilities | $ | 53.1 | $ | 3.4 | $ | 56.5 | $ | 61.6 | $ | 2.1 | $ | 63.7 | |||||||||||||
Schedule of significant interests in unconsolidated VIEs - balance sheet classification | The following table presents the carrying amounts and classification of significant variable interests in unconsolidated VIEs as of March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
In billions of dollars | Citicorp | Citi Holdings | Citigroup | Citicorp | Citi Holdings | Citigroup | |||||||||||||||||||
Trading account assets | $ | 5.1 | $ | 0.2 | $ | 5.3 | $ | 7.4 | $ | 0.2 | $ | 7.6 | |||||||||||||
Investments | 2.2 | 0.2 | 2.4 | 2.4 | 0.2 | 2.6 | |||||||||||||||||||
Total loans, net | 24 | 0.1 | 24.1 | 24.9 | 0.1 | 25 | |||||||||||||||||||
Other | 1.6 | 0.1 | 1.7 | 1.8 | 0.2 | 2 | |||||||||||||||||||
Total assets | $ | 32.9 | $ | 0.6 | $ | 33.5 | $ | 36.5 | $ | 0.7 | $ | 37.2 | |||||||||||||
Schedule of securitized credit card receivables | The following table reflects amounts related to the Company’s securitized credit card receivables as of March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||
Citicorp | Citi Holdings | ||||||||||||||||||||||||
In billions of dollars | March 31, | December 31, 2014 | March 31, | December 31, 2014 | |||||||||||||||||||||
2015 | 2015 | ||||||||||||||||||||||||
Ownership interests in principal amount of trust credit card receivables | |||||||||||||||||||||||||
Sold to investors via trust-issued securities | $ | 34.4 | $ | 37 | $ | — | $ | — | |||||||||||||||||
Retained by Citigroup as trust-issued securities | 9.5 | 10.1 | — | — | |||||||||||||||||||||
Retained by Citigroup via non-certificated interests | 12.6 | 14.2 | — | — | |||||||||||||||||||||
Total ownership interests in principal amount of trust credit card receivables | $ | 56.5 | $ | 61.3 | $ | — | $ | — | |||||||||||||||||
Schedule of Master Trust liabilities (at par value) | Master Trust Liabilities (at par value) | ||||||||||||||||||||||||
In billions of dollars | 31-Mar-15 | Dec. 31, 2014 | |||||||||||||||||||||||
Term notes issued to third parties | $ | 33.1 | $ | 35.7 | |||||||||||||||||||||
Term notes retained by Citigroup affiliates | 7.6 | 8.2 | |||||||||||||||||||||||
Total Master Trust liabilities | $ | 40.7 | $ | 43.9 | |||||||||||||||||||||
Schedule of Omni Trust liabilities (at par value) | Omni Trust Liabilities (at par value) | ||||||||||||||||||||||||
In billions of dollars | 31-Mar-15 | Dec. 31, 2014 | |||||||||||||||||||||||
Term notes issued to third parties | $ | 1.3 | $ | 1.3 | |||||||||||||||||||||
Term notes retained by Citigroup affiliates | 1.9 | 1.9 | |||||||||||||||||||||||
Total Omni Trust liabilities | $ | 3.2 | $ | 3.2 | |||||||||||||||||||||
Schedule of changes in capitalized MSRs | The following table summarizes the changes in capitalized MSRs for the quarters ended March 31, 2015 and 2014: | ||||||||||||||||||||||||
In millions of dollars | 2015 | 2014 | |||||||||||||||||||||||
Balance, beginning of year | $ | 1,845 | $ | 2,718 | |||||||||||||||||||||
Originations | 43 | 50 | |||||||||||||||||||||||
Changes in fair value of MSRs due to changes in inputs and assumptions | (71 | ) | (84 | ) | |||||||||||||||||||||
Other changes (1) | (100 | ) | (126 | ) | |||||||||||||||||||||
Sale of MSRs (2) | (32 | ) | 28 | ||||||||||||||||||||||
Balance, as of March 31 | $ | 1,685 | $ | 2,586 | |||||||||||||||||||||
-1 | Represents changes due to customer payments and passage of time. | ||||||||||||||||||||||||
-2 | Prior period’s amount is related to a sale of credit challenged MSRs for which Citi paid the new servicer. | ||||||||||||||||||||||||
Schedule of fees received on servicing previously securitized mortgages | The Company receives fees during the course of servicing previously securitized mortgages. The amounts of these fees for the quarters ended March 31, 2015 and 2014 were as follows: | ||||||||||||||||||||||||
In millions of dollars | 2015 | 2014 | |||||||||||||||||||||||
Servicing fees | $ | 140 | $ | 170 | |||||||||||||||||||||
Late fees | 4 | 10 | |||||||||||||||||||||||
Ancillary fees | 7 | 20 | |||||||||||||||||||||||
Total MSR fees | $ | 151 | $ | 200 | |||||||||||||||||||||
Citicorp | |||||||||||||||||||||||||
Variable Interest Entity | |||||||||||||||||||||||||
Schedule of securitized credit card receivables | The following table summarizes selected cash flow information related to Citicorp’s credit card securitizations for the quarters ended March 31, 2015 and 2014: | ||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
In billions of dollars | 2015 | 2014 | |||||||||||||||||||||||
Proceeds from new securitizations | $ | — | $ | 4.3 | |||||||||||||||||||||
Pay down of maturing notes | (2.7 | ) | — | ||||||||||||||||||||||
Schedule of cash flow information, mortgage securitizations | The following table summarizes selected cash flow information related to Citicorp mortgage securitizations for the quarters ended March 31, 2015 and 2014: | ||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
In billions of dollars | U.S. agency- | Non-agency- | U.S. agency- | Non-agency- | |||||||||||||||||||||
sponsored | sponsored | sponsored | sponsored | ||||||||||||||||||||||
mortgages | mortgages | mortgages | mortgages | ||||||||||||||||||||||
Proceeds from new securitizations | $ | 5.5 | $ | 3.6 | $ | 7.1 | $ | 1.6 | |||||||||||||||||
Contractual servicing fees received | — | — | 0.1 | — | |||||||||||||||||||||
Cash flows received on retained interests and other net cash flows | — | — | — | — | |||||||||||||||||||||
Schedule of key assumptions used in measuring fair value of retained interest at the date of sale or securitization of mortgage receivables | Key assumptions used in measuring the fair value of retained interests at the date of sale or securitization of mortgage receivables for the quarters ended March 31, 2015 and 2014 were as follows: | ||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
U.S. agency- | Senior | Subordinated | |||||||||||||||||||||||
sponsored mortgages | interests | interests | |||||||||||||||||||||||
Discount rate | 0.0% to 8.0% | 2.8 | % | 0.0% to 4.4% | |||||||||||||||||||||
Weighted average discount rate | 6.9 | % | 2.8 | % | 3 | % | |||||||||||||||||||
Constant prepayment rate | 16.4% to 34.9% | 0 | % | 0.0% to 3.3% | |||||||||||||||||||||
Weighted average constant prepayment rate | 18.5 | % | 0 | % | 2.3 | % | |||||||||||||||||||
Anticipated net credit losses (2) | NM | 40 | % | 0.0% to 55.9% | |||||||||||||||||||||
Weighted average anticipated net credit losses | NM | 40 | % | 37.9 | % | ||||||||||||||||||||
Weighted average life | 3.5 to 5.6 years | 9.7 years | 0.0 to 12.2 years | ||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
U.S. agency- | Senior | Subordinated | |||||||||||||||||||||||
sponsored mortgages | interests | interests | |||||||||||||||||||||||
Discount rate | 0.0% to 11.3% | 1.4 | % | 4.9% to 9.1% | |||||||||||||||||||||
Weighted average discount rate | 10.3 | % | 1.4 | % | 7.1 | % | |||||||||||||||||||
Constant prepayment rate | 0.0% to 16.0% | 0 | % | 6.1 | % | ||||||||||||||||||||
Weighted average constant prepayment rate | 4.7 | % | 0 | % | 6.1 | % | |||||||||||||||||||
Anticipated net credit losses (2) | NM | 40 | % | 40.0% to 51.8% | |||||||||||||||||||||
Weighted average anticipated net credit losses | NM | 40 | % | 50.7 | % | ||||||||||||||||||||
Weighted average life | 0.0 to 9.7 years | 2.6 years | 3.0 to 14.5 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 Not meaningful. Anticipated net credit losses are not meaningful due to U.S. agency guarantees. | |||||||||||||||||||||||||
Schedule of key assumptions used to value retained interests and sensitivity of adverse changes of 10% and 20%, mortgage securitizations | At March 31, 2015 and December 31, 2014, the key assumptions used to value retained interests, and the sensitivity of the fair value to adverse changes of 10% and 20% in each of the key assumptions, are set forth in the tables below. The negative effect of each change is calculated independently, holding all other assumptions constant. Because the key assumptions may not be independent, the net effect of simultaneous adverse changes in the key assumptions may be less than the sum of the individual effects shown below. | ||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
U.S. agency- | Senior | Subordinated | |||||||||||||||||||||||
sponsored mortgages | interests | interests | |||||||||||||||||||||||
Discount rate | 0.0% to 20.9% | 1.1% to 18.5% | 2.2% to 19.5% | ||||||||||||||||||||||
Weighted average discount rate | 6.7 | % | 5.6 | % | 7.8 | % | |||||||||||||||||||
Constant prepayment rate | 6.6% to 42.7% | 2.6% to 100.0% | 0.5% to 16.5% | ||||||||||||||||||||||
Weighted average constant prepayment rate | 16.8 | % | 16.1 | % | 6.4 | % | |||||||||||||||||||
Anticipated net credit losses (2) | NM | 0.0% to 94.9% | 37.8% to 91.4% | ||||||||||||||||||||||
Weighted average anticipated net credit losses | NM | 48.9 | % | 53.8 | % | ||||||||||||||||||||
Weighted average life | 0.5 to 17.8 years | 0.3 to 13.2 years | 0.5 to 25.1 years | ||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
U.S. agency- | Senior | Subordinated | |||||||||||||||||||||||
sponsored mortgages | interests | interests | |||||||||||||||||||||||
Discount rate | 0.0% to 21.2% | 1.1% to 17.7% | 1.3% to 19.6% | ||||||||||||||||||||||
Weighted average discount rate | 8 | % | 4.9 | % | 8.2 | % | |||||||||||||||||||
Constant prepayment rate | 6.0% to 41.4% | 2.0% to 100.0% | 0.5% to 16.2% | ||||||||||||||||||||||
Weighted average constant prepayment rate | 14.7 | % | 10.1 | % | 7.2 | % | |||||||||||||||||||
Anticipated net credit losses (2) | NM | 0.0% to 92.4% | 13.7% to 83.8% | ||||||||||||||||||||||
Weighted average anticipated net credit losses | NM | 54.6 | % | 52.5 | % | ||||||||||||||||||||
Weighted average life | 0.0 to 16.0 years | 0.3 to 14.4 years | 0.0 to 24.4 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 Not meaningful. Anticipated net credit losses are not meaningful due to U.S. agency guarantees. | |||||||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
In millions of dollars at March 31, 2015 | U.S. agency- | Senior | Subordinated | ||||||||||||||||||||||
sponsored mortgages | interests | interests | |||||||||||||||||||||||
Carrying value of retained interests | $ | 2,078 | $ | 234 | $ | 556 | |||||||||||||||||||
Discount rates | |||||||||||||||||||||||||
Adverse change of 10% | $ | (54 | ) | $ | (5 | ) | $ | (29 | ) | ||||||||||||||||
Adverse change of 20% | (105 | ) | (9 | ) | (55 | ) | |||||||||||||||||||
Constant prepayment rate | |||||||||||||||||||||||||
Adverse change of 10% | (95 | ) | (1 | ) | (9 | ) | |||||||||||||||||||
Adverse change of 20% | (181 | ) | (2 | ) | (18 | ) | |||||||||||||||||||
Anticipated net credit losses | |||||||||||||||||||||||||
Adverse change of 10% | NM | (3 | ) | (9 | ) | ||||||||||||||||||||
Adverse change of 20% | NM | (4 | ) | (17 | ) | ||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
In millions of dollars at December 31, 2014 | U.S. agency- | Senior | Subordinated | ||||||||||||||||||||||
sponsored mortgages | interests | interests | |||||||||||||||||||||||
Carrying value of retained interests | $ | 2,224 | $ | 285 | $ | 554 | |||||||||||||||||||
Discount rates | |||||||||||||||||||||||||
Adverse change of 10% | $ | (64 | ) | $ | (5 | ) | $ | (30 | ) | ||||||||||||||||
Adverse change of 20% | (124 | ) | (9 | ) | (57 | ) | |||||||||||||||||||
Constant prepayment rate | |||||||||||||||||||||||||
Adverse change of 10% | (86 | ) | (1 | ) | (9 | ) | |||||||||||||||||||
Adverse change of 20% | (165 | ) | (2 | ) | (18 | ) | |||||||||||||||||||
Anticipated net credit losses | |||||||||||||||||||||||||
Adverse change of 10% | NM | (2 | ) | (9 | ) | ||||||||||||||||||||
Adverse change of 20% | NM | (3 | ) | (16 | ) | ||||||||||||||||||||
-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. | ||||||||||||||||||||||||
NM Not meaningful. Anticipated net credit losses are not meaningful due to U.S. agency guarantees. | |||||||||||||||||||||||||
Schedule of key assumptions for measuring fair value of retained interests at the date of sale or securitization of CDOs and CLOs | At March 31, 2015 and December 31, 2014, the key assumptions used to value retained interests in CLOs, and the sensitivity of the fair value to adverse changes of 10% and 20% are set forth in the tables below: | ||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||
Discount rate | 1.4% to 1.6% | 1.4% to 1.6% | |||||||||||||||||||||||
Schedule of sensitivity of adverse changes of 10% and 20% to discount rate, CDOs and CLOs | |||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
In millions of dollars | CLO | ||||||||||||||||||||||||
Carrying value of retained interests | $ | 1,537 | |||||||||||||||||||||||
Value of underlying portfolio | |||||||||||||||||||||||||
Adverse change of 10% | $ | (8 | ) | ||||||||||||||||||||||
Adverse change of 20% | (17 | ) | |||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
In millions of dollars | CLO | ||||||||||||||||||||||||
Carrying value of retained interests | $ | 1,539 | |||||||||||||||||||||||
Value of underlying portfolio | |||||||||||||||||||||||||
Adverse change of 10% | $ | (9 | ) | ||||||||||||||||||||||
Adverse change of 20% | (18 | ) | |||||||||||||||||||||||
Schedule of asset-based financing | The primary types of Citicorp’s asset-based financings, total assets of the unconsolidated VIEs with significant involvement, and the Company’s maximum exposure to loss at March 31, 2015 and December 31, 2014 are shown below. For the Company to realize the maximum loss, the VIE (borrower) would have to default with no recovery from the assets held by the VIE. | ||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
In millions of dollars | Total | Maximum | |||||||||||||||||||||||
unconsolidated | exposure to | ||||||||||||||||||||||||
VIE assets | unconsolidated VIEs | ||||||||||||||||||||||||
Type | |||||||||||||||||||||||||
Commercial and other real estate | $ | 25,424 | $ | 9,687 | |||||||||||||||||||||
Corporate loans | 587 | 724 | |||||||||||||||||||||||
Hedge funds and equities | 365 | 57 | |||||||||||||||||||||||
Airplanes, ships and other assets | 32,913 | 15,101 | |||||||||||||||||||||||
Total | $ | 59,289 | $ | 25,569 | |||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
In millions of dollars | Total | Maximum | |||||||||||||||||||||||
unconsolidated | exposure to | ||||||||||||||||||||||||
VIE assets | unconsolidated VIEs | ||||||||||||||||||||||||
Type | |||||||||||||||||||||||||
Commercial and other real estate | $ | 25,978 | $ | 9,426 | |||||||||||||||||||||
Corporate loans | 460 | 473 | |||||||||||||||||||||||
Hedge funds and equities | — | — | |||||||||||||||||||||||
Airplanes, ships and other assets | 34,990 | 15,573 | |||||||||||||||||||||||
Total | $ | 61,428 | $ | 25,472 | |||||||||||||||||||||
Schedule of selected cash flow information related to asset-based financing | The following table summarizes selected cash flow information related to asset-based financings for the quarters ended March 31, 2015 and 2014: | ||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
In billions of dollars | 2015 | 2014 | |||||||||||||||||||||||
Proceeds from new securitizations | $ | — | $ | 0.5 | |||||||||||||||||||||
Cash flows received on retained interest and other net cash flows | — | — | |||||||||||||||||||||||
Citi Holdings | |||||||||||||||||||||||||
Variable Interest Entity | |||||||||||||||||||||||||
Schedule of securitized credit card receivables | The following table summarizes selected cash flow information related to Citi Holdings’ credit card securitizations for the quarters ended March 31, 2015 and 2014: | ||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
In billions of dollars | 2015 | 2014 | |||||||||||||||||||||||
Proceeds from new securitizations | $ | — | $ | 0.1 | |||||||||||||||||||||
Pay down of maturing notes | — | — | |||||||||||||||||||||||
Schedule of cash flow information, mortgage securitizations | The following table summarizes selected cash flow information related to Citi Holdings mortgage securitizations for the quarters ended March 31, 2015 and 2014: | ||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
In billions of dollars | U.S. agency- | Non-agency- | U.S. agency- | Non-agency- | |||||||||||||||||||||
sponsored | sponsored | sponsored | sponsored | ||||||||||||||||||||||
mortgages | mortgages | mortgages | mortgages | ||||||||||||||||||||||
Proceeds from new securitizations | $ | 0.1 | $ | — | $ | 0.1 | $ | — | |||||||||||||||||
Contractual servicing fees received | 0.1 | — | — | — | |||||||||||||||||||||
Schedule of key assumptions used to value retained interests and sensitivity of adverse changes of 10% and 20%, mortgage securitizations | At March 31, 2015 and December 31, 2014, the key assumptions used to value retained interests, and the sensitivity of the fair value to adverse changes of 10% and 20% in each of the key assumptions, are set forth in the tables below. The negative effect of each change is calculated independently, holding all other assumptions constant. Because the key assumptions may not in fact be independent, the net effect of simultaneous adverse changes in the key assumptions may be less than the sum of the individual effects shown below. | ||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
U.S. agency- | Senior | Subordinated | |||||||||||||||||||||||
sponsored mortgages | interests | interests (2) | |||||||||||||||||||||||
Discount rate | 1.1% to 19.4% | 40.1 | % | — | |||||||||||||||||||||
Weighted average discount rate | 8.2 | % | 40.1 | % | — | ||||||||||||||||||||
Constant prepayment rate | 15.1% to 23.6% | 21.5 | % | — | |||||||||||||||||||||
Weighted average constant prepayment rate | 19.1 | % | 21.5 | % | — | ||||||||||||||||||||
Anticipated net credit losses | NM | 0.5 | % | — | |||||||||||||||||||||
Weighted average anticipated net credit losses | NM | 0.5 | % | — | |||||||||||||||||||||
Weighted average life | 4.2 to 4.7 years | 4.4 years | — | ||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
U.S. agency- | Senior | Subordinated | |||||||||||||||||||||||
sponsored mortgages | interests | interests (2) | |||||||||||||||||||||||
Discount rate | 1.9% to 19.2% | 5.1% to 47.1% | — | ||||||||||||||||||||||
Weighted average discount rate | 13.7 | % | 36.3 | % | — | ||||||||||||||||||||
Constant prepayment rate | 20.4% to 32.3% | 6.7% to 20.0% | — | ||||||||||||||||||||||
Weighted average constant prepayment rate | 23.9 | % | 16.6 | % | — | ||||||||||||||||||||
Anticipated net credit losses | NM | 0.3% to 73.7% | — | ||||||||||||||||||||||
Weighted average anticipated net credit losses | NM | 19.2 | % | — | |||||||||||||||||||||
Weighted average life | 3.3 to 4.6 years | 3.9 to 6.4 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 | Citi Holdings held no subordinated interests in mortgage securitizations as of March 31, 2015 and December 31, 2014. | ||||||||||||||||||||||||
NM Not meaningful. Anticipated net credit losses are not meaningful due to U.S. agency guarantees. | |||||||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
In millions of dollars at March 31, 2015 | U.S. agency- | Senior | Subordinated | ||||||||||||||||||||||
sponsored mortgages | interests | interests | |||||||||||||||||||||||
Carrying value of retained interests | $ | 110 | $ | 15 | $ | — | |||||||||||||||||||
Discount rates | |||||||||||||||||||||||||
Adverse change of 10% | $ | (4 | ) | $ | (1 | ) | $ | — | |||||||||||||||||
Adverse change of 20% | (7 | ) | (1 | ) | — | ||||||||||||||||||||
Constant prepayment rate | |||||||||||||||||||||||||
Adverse change of 10% | (7 | ) | (2 | ) | — | ||||||||||||||||||||
Adverse change of 20% | (13 | ) | (5 | ) | — | ||||||||||||||||||||
Anticipated net credit losses | |||||||||||||||||||||||||
Adverse change of 10% | NM | (4 | ) | — | |||||||||||||||||||||
Adverse change of 20% | NM | (8 | ) | — | |||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
In millions of dollars at December 31, 2014 | U.S. agency- | Senior | Subordinated | ||||||||||||||||||||||
sponsored mortgages | interests | interests | |||||||||||||||||||||||
Carrying value of retained interests | $ | 150 | $ | 25 | $ | — | |||||||||||||||||||
Discount rates | |||||||||||||||||||||||||
Adverse change of 10% | $ | (5 | ) | $ | (2 | ) | $ | — | |||||||||||||||||
Adverse change of 20% | (10 | ) | (4 | ) | — | ||||||||||||||||||||
Constant prepayment rate | |||||||||||||||||||||||||
Adverse change of 10% | (7 | ) | (2 | ) | — | ||||||||||||||||||||
Adverse change of 20% | (14 | ) | (3 | ) | — | ||||||||||||||||||||
Anticipated net credit losses | |||||||||||||||||||||||||
Adverse change of 10% | NM | (4 | ) | — | |||||||||||||||||||||
Adverse change of 20% | NM | (7 | ) | — | |||||||||||||||||||||
-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. | ||||||||||||||||||||||||
NM Not meaningful. Anticipated net credit losses are not meaningful due to U.S. agency guarantees. | |||||||||||||||||||||||||
Schedule of key assumptions for measuring fair value of retained interests at the date of sale or securitization of CDOs and CLOs | At March 31, 2015 and December 31, 2014, the key assumptions used to value retained interests, and the sensitivity of the fair value to adverse changes of 10% and 20% are set forth in the tables below: | ||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
CDOs | CLOs | ||||||||||||||||||||||||
Discount rate | 44.8% to 49.3% | — | |||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
CDOs | CLOs | ||||||||||||||||||||||||
Discount rate | 44.7% to 49.2% | 4.5% to 5.0% | |||||||||||||||||||||||
Schedule of sensitivity of adverse changes of 10% and 20% to discount rate, CDOs and CLOs | |||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
In millions of dollars | CDOs | CLOs | |||||||||||||||||||||||
Carrying value of retained interests | $ | 6 | $ | — | |||||||||||||||||||||
Discount rates | |||||||||||||||||||||||||
Adverse change of 10% | $ | (1 | ) | $ | — | ||||||||||||||||||||
Adverse change of 20% | (1 | ) | — | ||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
In millions of dollars | CDOs | CLOs | |||||||||||||||||||||||
Carrying value of retained interests | $ | 6 | $ | 10 | |||||||||||||||||||||
Discount rates | |||||||||||||||||||||||||
Adverse change of 10% | $ | (1 | ) | $ | — | ||||||||||||||||||||
Adverse change of 20% | (2 | ) | — | ||||||||||||||||||||||
Schedule of asset-based financing | The primary types of Citi Holdings’ asset-based financing, total assets of the unconsolidated VIEs with significant involvement and the Company’s maximum exposure to loss at March 31, 2015 and December 31, 2014 are shown below. For the Company to realize the maximum loss, the VIE (borrower) would have to default with no recovery from the assets held by the VIE. | ||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
In millions of dollars | Total | Maximum | |||||||||||||||||||||||
unconsolidated | exposure to | ||||||||||||||||||||||||
VIE assets | unconsolidated VIEs | ||||||||||||||||||||||||
Type | |||||||||||||||||||||||||
Commercial and other real estate | $ | 97 | $ | 50 | |||||||||||||||||||||
Airplanes, ships and other assets | 1,068 | 73 | |||||||||||||||||||||||
Total | $ | 1,165 | $ | 123 | |||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
In millions of dollars | Total | Maximum | |||||||||||||||||||||||
unconsolidated | exposure to | ||||||||||||||||||||||||
VIE assets | unconsolidated VIEs | ||||||||||||||||||||||||
Type | |||||||||||||||||||||||||
Commercial and other real estate | $ | 168 | $ | 50 | |||||||||||||||||||||
Airplanes, ships and other assets | 1,153 | 76 | |||||||||||||||||||||||
Total | $ | 1,321 | $ | 126 | |||||||||||||||||||||
Schedule of selected cash flow information related to asset-based financing | The following table summarizes selected cash flow information related to asset-based financings for the quarters ended March 31, 2015 and 2014: | ||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
In billions of dollars | 2015 | 2014 | |||||||||||||||||||||||
Cash flows received on retained interest and other net cash flows | $ | — | $ | 0.1 | |||||||||||||||||||||
DERIVATIVES_ACTIVITIES_Tables
DERIVATIVES ACTIVITIES (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||
Derivative Notionals | Derivative Notionals | ||||||||||||||||||
Hedging instruments under | Other derivative instruments | ||||||||||||||||||
ASC 815(1)(2) | |||||||||||||||||||
Trading derivatives | Management hedges(3) | ||||||||||||||||||
In millions of dollars | March 31, | December 31, | March 31, | December 31, | March 31, | December 31, | |||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||
Interest rate contracts | |||||||||||||||||||
Swaps | $ | 182,718 | $ | 163,348 | $ | 27,746,788 | $ | 31,906,549 | $ | 27,731 | $ | 31,945 | |||||||
Futures and forwards | — | — | 8,526,874 | 7,044,990 | 42,582 | 42,305 | |||||||||||||
Written options | — | — | 3,119,012 | 3,311,751 | 3,695 | 3,913 | |||||||||||||
Purchased options | — | — | 2,978,642 | 3,171,056 | 3,725 | 4,910 | |||||||||||||
Total interest rate contract notionals | $ | 182,718 | $ | 163,348 | $ | 42,371,316 | $ | 45,434,346 | $ | 77,733 | $ | 83,073 | |||||||
Foreign exchange contracts | |||||||||||||||||||
Swaps | $ | 25,322 | $ | 25,157 | $ | 4,289,988 | $ | 4,567,977 | $ | 24,257 | $ | 23,990 | |||||||
Futures and forwards | 65,907 | 73,219 | 2,079,320 | 2,154,773 | 5,472 | 7,069 | |||||||||||||
Written options | — | — | 1,457,861 | 1,343,520 | 433 | 432 | |||||||||||||
Purchased options | — | — | 1,465,360 | 1,363,382 | 433 | 432 | |||||||||||||
Total foreign exchange contract notionals | $ | 91,229 | $ | 98,376 | $ | 9,292,529 | $ | 9,429,652 | $ | 30,595 | $ | 31,923 | |||||||
Equity contracts | |||||||||||||||||||
Swaps | $ | — | $ | — | $ | 137,748 | $ | 131,344 | $ | — | $ | — | |||||||
Futures and forwards | — | — | 31,473 | 30,510 | — | — | |||||||||||||
Written options | — | — | 336,827 | 305,627 | — | — | |||||||||||||
Purchased options | — | — | 303,265 | 275,216 | — | — | |||||||||||||
Total equity contract notionals | $ | — | $ | — | $ | 809,313 | $ | 742,697 | $ | — | $ | — | |||||||
Commodity and other contracts | |||||||||||||||||||
Swaps | $ | — | $ | — | $ | 80,839 | $ | 90,817 | $ | — | $ | — | |||||||
Futures and forwards | 839 | 1,089 | 108,241 | 106,021 | — | — | |||||||||||||
Written options | — | — | 103,276 | 104,581 | — | — | |||||||||||||
Purchased options | — | — | 93,484 | 95,567 | — | — | |||||||||||||
Total commodity and other contract notionals | $ | 839 | $ | 1,089 | $ | 385,840 | $ | 396,986 | $ | — | $ | — | |||||||
Credit derivatives(4) | |||||||||||||||||||
Protection sold | $ | — | $ | — | $ | 1,018,742 | $ | 1,063,858 | $ | — | $ | — | |||||||
Protection purchased | — | — | 1,047,643 | 1,100,369 | 15,417 | 16,018 | |||||||||||||
Total credit derivatives | $ | — | $ | — | $ | 2,066,385 | $ | 2,164,227 | $ | 15,417 | $ | 16,018 | |||||||
Total derivative notionals | $ | 274,786 | $ | 262,813 | $ | 54,925,383 | $ | 58,167,908 | $ | 123,745 | $ | 131,014 | |||||||
-1 | The notional amounts presented in this table do not include hedge accounting relationships under ASC 815 where Citigroup is hedging the foreign currency risk of a net investment in a foreign operation by issuing a foreign-currency-denominated debt instrument. The notional amount of such debt was $3,664 million and $3,752 million at March 31, 2015 and December 31, 2014, respectively. | ||||||||||||||||||
-2 | Derivatives in hedge accounting relationships accounted for under ASC 815 are recorded in either Other assets/Other liabilities or Trading account assets/Trading account liabilities on the Consolidated Balance Sheet. | ||||||||||||||||||
-3 | Management hedges represent derivative instruments used to mitigate certain economic risks, but for which hedge accounting is not applied. These derivatives are recorded in either Other assets/Other liabilities or Trading account assets/Trading account liabilities on the Consolidated Balance Sheet. | ||||||||||||||||||
-4 | 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. | ||||||||||||||||||
Derivative Mark-to-Market (MTM) Receivables/Payables | Derivative Mark-to-Market (MTM) Receivables/Payables | ||||||||||||||||||
In millions of dollars at March 31, 2015 | Derivatives classified | Derivatives classified | |||||||||||||||||
in Trading account | in Other | ||||||||||||||||||
assets / liabilities(1)(2)(3) | assets / liabilities(2)(3) | ||||||||||||||||||
Derivatives instruments designated as ASC 815 hedges | Assets | Liabilities | Assets | Liabilities | |||||||||||||||
Over-the-counter | $ | 2,000 | $ | 1,282 | $ | 2,917 | $ | 377 | |||||||||||
Cleared | 4,858 | 70 | — | 19 | |||||||||||||||
Interest rate contracts | $ | 6,858 | $ | 1,352 | $ | 2,917 | $ | 396 | |||||||||||
Over-the-counter | $ | 4,137 | $ | 944 | $ | 828 | $ | 736 | |||||||||||
Foreign exchange contracts | $ | 4,137 | $ | 944 | $ | 828 | $ | 736 | |||||||||||
Total derivative instruments designated as ASC 815 hedges | $ | 10,995 | $ | 2,296 | $ | 3,745 | $ | 1,132 | |||||||||||
Derivatives instruments not designated as ASC 815 hedges | |||||||||||||||||||
Over-the-counter | $ | 387,254 | $ | 371,214 | $ | 117 | $ | — | |||||||||||
Cleared | 245,831 | 249,950 | 259 | 264 | |||||||||||||||
Exchange traded | 39 | 57 | — | — | |||||||||||||||
Interest rate contracts | $ | 633,124 | $ | 621,221 | $ | 376 | $ | 264 | |||||||||||
Over-the-counter | $ | 171,685 | $ | 178,722 | $ | — | $ | 35 | |||||||||||
Cleared | 390 | 353 | — | — | |||||||||||||||
Exchange traded | 57 | 75 | — | — | |||||||||||||||
Foreign exchange contracts | $ | 172,132 | $ | 179,150 | $ | — | $ | 35 | |||||||||||
Over-the-counter | $ | 19,303 | $ | 28,156 | $ | — | $ | — | |||||||||||
Cleared | 27 | 22 | — | — | |||||||||||||||
Exchange traded | 4,945 | 4,452 | — | — | |||||||||||||||
Equity contracts | $ | 24,275 | $ | 32,630 | $ | — | $ | — | |||||||||||
Over-the-counter | $ | 15,912 | $ | 21,265 | $ | — | $ | — | |||||||||||
Exchange traded | 3,111 | 2,754 | — | — | |||||||||||||||
Commodity and other contracts | $ | 19,023 | $ | 24,019 | $ | — | $ | — | |||||||||||
Over-the-counter | $ | 32,954 | $ | 33,362 | $ | 357 | $ | 367 | |||||||||||
Cleared | 5,269 | 5,024 | 18 | 170 | |||||||||||||||
Credit derivatives(4) | $ | 38,223 | $ | 38,386 | $ | 375 | $ | 537 | |||||||||||
Total derivatives instruments not designated as ASC 815 hedges | $ | 886,777 | $ | 895,406 | $ | 751 | $ | 836 | |||||||||||
Total derivatives | $ | 897,772 | $ | 897,702 | $ | 4,496 | $ | 1,968 | |||||||||||
Cash collateral paid/received(5)(6) | $ | 7,270 | $ | 10,398 | $ | 29 | $ | 56 | |||||||||||
Less: Netting agreements(7) | (779,613 | ) | (779,613 | ) | — | — | |||||||||||||
Less: Netting cash collateral received/paid(8) | (53,848 | ) | (51,292 | ) | (2,150 | ) | — | ||||||||||||
Net receivables/payables included on the consolidated balance sheet(9) | $ | 71,581 | $ | 77,195 | $ | 2,375 | $ | 2,024 | |||||||||||
Additional amounts subject to an enforceable master netting agreement but not offset on the Consolidated Balance Sheet | |||||||||||||||||||
Less: Cash collateral received/paid | $ | (411 | ) | $ | (7 | ) | $ | — | $ | — | |||||||||
Less: Non-cash collateral received/paid | (10,091 | ) | (8,156 | ) | (580 | ) | — | ||||||||||||
Total net receivables/payables(9) | $ | 61,079 | $ | 69,032 | $ | 1,795 | $ | 2,024 | |||||||||||
-1 | The trading derivatives fair values are presented in Note 12 to the Consolidated Financial Statements. | ||||||||||||||||||
-2 | Derivative mark-to-market receivables/payables related to management hedges are recorded in either Other assets/Other liabilities or Trading account assets/Trading account liabilities. | ||||||||||||||||||
-3 | 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. | ||||||||||||||||||
-4 | The credit derivatives trading assets comprise $12,844 million related to protection purchased and $25,379 million related to protection sold as of March 31, 2015. The credit derivatives trading liabilities comprise $26,200 million related to protection purchased and $12,186 million related to protection sold as of March 31, 2015. | ||||||||||||||||||
-5 | For the trading account assets/liabilities, reflects the net amount of the $58,562 million and $64,246 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $51,292 million was used to offset trading derivative liabilities and, of the gross cash collateral received, $53,848 million was used to offset trading derivative assets. | ||||||||||||||||||
-6 | For cash collateral received with respect to non-trading derivative liabilities, reflects the net amount of $2,206 million the gross cash collateral received, of which $2,150 million is netted against OTC non-trading derivative positions within Other assets. | ||||||||||||||||||
-7 | Represents the netting of derivative receivable and payable balances with the same counterparty under enforceable netting agreements. Approximately $521 billion, $252 billion and $7 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange traded derivatives, respectively. | ||||||||||||||||||
-8 | 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. | ||||||||||||||||||
-9 | The net receivables/payables include approximately $11 billion of derivative asset and $10 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively. | ||||||||||||||||||
In millions of dollars at December 31, 2014 | Derivatives classified in Trading | Derivatives classified in Other assets / liabilities(2)(3) | |||||||||||||||||
account assets / liabilities(1)(2)(3) | |||||||||||||||||||
Derivatives instruments designated as ASC 815 hedges | Assets | Liabilities | Assets | Liabilities | |||||||||||||||
Over-the-counter | $ | 1,508 | $ | 204 | $ | 3,117 | $ | 414 | |||||||||||
Cleared | 4,300 | 868 | — | 25 | |||||||||||||||
Interest rate contracts | $ | 5,808 | $ | 1,072 | $ | 3,117 | $ | 439 | |||||||||||
Over-the-counter | $ | 3,885 | $ | 743 | $ | 678 | $ | 588 | |||||||||||
Foreign exchange contracts | $ | 3,885 | $ | 743 | $ | 678 | $ | 588 | |||||||||||
Total derivative instruments designated as ASC 815 hedges | $ | 9,693 | $ | 1,815 | $ | 3,795 | $ | 1,027 | |||||||||||
Derivatives instruments not designated as ASC 815 hedges | |||||||||||||||||||
Over-the-counter | $ | 376,778 | $ | 359,689 | $ | 106 | $ | — | |||||||||||
Cleared | 255,847 | 261,499 | 6 | 21 | |||||||||||||||
Exchange traded | 20 | 22 | 141 | 164 | |||||||||||||||
Interest rate contracts | $ | 632,645 | $ | 621,210 | $ | 253 | $ | 185 | |||||||||||
Over-the-counter | $ | 151,736 | $ | 157,650 | $ | — | $ | 17 | |||||||||||
Cleared | 366 | 387 | — | — | |||||||||||||||
Exchange traded | 7 | 46 | — | — | |||||||||||||||
Foreign exchange contracts | $ | 152,109 | $ | 158,083 | $ | — | $ | 17 | |||||||||||
Over-the-counter | $ | 20,425 | $ | 28,333 | $ | — | $ | — | |||||||||||
Cleared | 16 | 35 | — | — | |||||||||||||||
Exchange traded | 4,311 | 4,101 | — | — | |||||||||||||||
Equity contracts | $ | 24,752 | $ | 32,469 | $ | — | $ | — | |||||||||||
Over-the-counter | $ | 19,943 | $ | 23,103 | $ | — | $ | — | |||||||||||
Exchange traded | 3,577 | 3,083 | — | — | |||||||||||||||
Commodity and other contracts | $ | 23,520 | $ | 26,186 | $ | — | $ | — | |||||||||||
Over-the-counter | $ | 39,412 | $ | 39,439 | $ | 265 | $ | 384 | |||||||||||
Cleared | 4,106 | 3,991 | 13 | 171 | |||||||||||||||
Credit derivatives(4) | $ | 43,518 | $ | 43,430 | $ | 278 | $ | 555 | |||||||||||
Total Derivatives instruments not designated as ASC 815 hedges | $ | 876,544 | $ | 881,378 | $ | 531 | $ | 757 | |||||||||||
Total derivatives | $ | 886,237 | $ | 883,193 | $ | 4,326 | $ | 1,784 | |||||||||||
Cash collateral paid/received(5)(6) | $ | 6,523 | $ | 9,846 | $ | 123 | $ | 7 | |||||||||||
Less: Netting agreements(7) | (777,178 | ) | (777,178 | ) | — | — | |||||||||||||
Less: Netting cash collateral received/paid(8) | (47,625 | ) | (47,769 | ) | (1,791 | ) | (15 | ) | |||||||||||
Net receivables/payables included on the Consolidated Balance Sheet(9) | $ | 67,957 | $ | 68,092 | $ | 2,658 | $ | 1,776 | |||||||||||
Additional amounts subject to an enforceable master netting agreement but not offset on the Consolidated Balance Sheet | |||||||||||||||||||
Less: Cash collateral received/paid | $ | (867 | ) | $ | (11 | ) | $ | — | $ | — | |||||||||
Less: Non-cash collateral received/paid | (10,043 | ) | (6,264 | ) | (1,293 | ) | — | ||||||||||||
Total net receivables/payables(9) | $ | 57,047 | $ | 61,817 | $ | 1,365 | $ | 1,776 | |||||||||||
-1 | The trading derivatives fair values are presented in Note 12 to the Consolidated Financial Statements. | ||||||||||||||||||
-2 | Derivative mark-to-market receivables/payables related to management hedges are recorded in either Other assets/Other liabilities or Trading account assets/Trading account liabilities. | ||||||||||||||||||
-3 | Over-the-counter (OTC) derivatives include 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. | ||||||||||||||||||
-4 | The credit derivatives trading assets comprise $18,430 million related to protection purchased and $25,088 million related to protection sold as of December 31, 2014. The credit derivatives trading liabilities comprise $25,972 million related to protection purchased and $17,458 million related to protection sold as of December 31, 2014. | ||||||||||||||||||
-5 | For the trading account assets/liabilities, reflects the net amount of the $54,292 million and $57,471 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $47,769 million was used to offset derivative liabilities and, of the gross cash collateral received, $47,625 million was used to offset derivative assets. | ||||||||||||||||||
-6 | For cash collateral paid with respect to non-trading derivative liabilities, reflects the net amount of $138 million of the gross cash collateral received, of which $15 million is netted against OTC non-trading derivative positions within Other liabilities. For cash collateral received with respect to non-trading derivative liabilities, reflects the net amount of $1,798 million of gross cash collateral received of which $1,791 million is netted against non-trading derivative positions within Other assets. | ||||||||||||||||||
-7 | Represents the netting of derivative receivable and payable balances with the same counterparty under enforceable netting agreements. Approximately $510 billion, $264 billion and $3 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange-traded derivatives, respectively. | ||||||||||||||||||
-8 | Represents the netting of cash collateral paid and received by counterparty under enforceable credit support agreements. Substantially all cash collateral received is netted against OTC derivative assets. Cash collateral paid of approximately $46 billion and $2 billion is netted against OTC and cleared derivative liabilities, respectively. | ||||||||||||||||||
-9 | The net receivables/payables include approximately $11 billion of derivative asset and $10 billion of liability fair values not subject to enforceable master netting agreements. | ||||||||||||||||||
Derivative gain (losses) | |||||||||||||||||||
Schedule of pretax change in Accumulated other comprehensive income (loss) from cash flow hedges | The pretax change in Accumulated other comprehensive income (loss) from cash flow hedges is presented below: | ||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||
In millions of dollars | 2015 | 2014 | |||||||||||||||||
Effective portion of cash flow hedges included in AOCI | |||||||||||||||||||
Interest rate contracts | $ | 220 | $ | 68 | |||||||||||||||
Foreign exchange contracts | (150 | ) | (6 | ) | |||||||||||||||
Credit derivatives | — | 2 | |||||||||||||||||
Total effective portion of cash flow hedges included in AOCI | $ | 70 | $ | 64 | |||||||||||||||
Effective portion of cash flow hedges reclassified from AOCI to earnings | |||||||||||||||||||
Interest rate contracts | $ | (46 | ) | $ | (61 | ) | |||||||||||||
Foreign exchange contracts | (40 | ) | (56 | ) | |||||||||||||||
Total effective portion of cash flow hedges reclassified from AOCI to earnings(1) | $ | (86 | ) | $ | (117 | ) | |||||||||||||
-1 | Included primarily in Other revenue and Net interest revenue on the Consolidated Income Statement. | ||||||||||||||||||
Schedule of key characteristics of credit derivative portfolio | The following tables summarize the key characteristics of Citi’s credit derivatives portfolio by counterparty and derivative form as of March 31, 2015 and December 31, 2014: | ||||||||||||||||||
Fair values | Notionals | ||||||||||||||||||
In millions of dollars at March 31, 2015 | Receivable(1) | Payable(2) | Protection | Protection | |||||||||||||||
purchased | sold | ||||||||||||||||||
By industry/counterparty | |||||||||||||||||||
Banks | $ | 20,862 | $ | 19,370 | $ | 548,556 | $ | 562,737 | |||||||||||
Broker-dealers | 6,872 | 7,604 | 186,510 | 186,727 | |||||||||||||||
Non-financial | 85 | 195 | 4,204 | 1,405 | |||||||||||||||
Insurance and other financial institutions | 10,779 | 11,754 | 323,790 | 267,873 | |||||||||||||||
Total by industry/counterparty | $ | 38,598 | $ | 38,923 | $ | 1,063,060 | $ | 1,018,742 | |||||||||||
By instrument | |||||||||||||||||||
Credit default swaps and options | $ | 38,401 | $ | 37,878 | $ | 1,045,569 | $ | 1,016,182 | |||||||||||
Total return swaps and other | 197 | 1,045 | 17,491 | 2,560 | |||||||||||||||
Total by instrument | $ | 38,598 | $ | 38,923 | $ | 1,063,060 | $ | 1,018,742 | |||||||||||
By rating | |||||||||||||||||||
Investment grade | $ | 14,717 | $ | 14,677 | $ | 784,719 | $ | 756,634 | |||||||||||
Non-investment grade | 23,881 | 24,246 | 278,341 | 262,108 | |||||||||||||||
Total by rating | $ | 38,598 | $ | 38,923 | $ | 1,063,060 | $ | 1,018,742 | |||||||||||
By maturity | |||||||||||||||||||
Within 1 year | $ | 2,217 | $ | 2,066 | $ | 213,995 | $ | 200,970 | |||||||||||
From 1 to 5 years | 31,222 | 31,762 | 743,158 | 725,345 | |||||||||||||||
After 5 years | 5,159 | 5,095 | 105,907 | 92,427 | |||||||||||||||
Total by maturity | $ | 38,598 | $ | 38,923 | $ | 1,063,060 | $ | 1,018,742 | |||||||||||
-1 | The fair value amount receivable is composed of $13,219 million under protection purchased and $25,379 million under protection sold. | ||||||||||||||||||
-2 | The fair value amount payable is composed of $26,737 million under protection purchased and $12,186 million under protection sold. | ||||||||||||||||||
Fair values | Notionals | ||||||||||||||||||
In millions of dollars at December 31, 2014 | Receivable(1) | Payable(2) | Protection | Protection | |||||||||||||||
purchased | sold | ||||||||||||||||||
By industry/counterparty | |||||||||||||||||||
Banks | $ | 24,828 | $ | 23,189 | $ | 574,764 | $ | 604,700 | |||||||||||
Broker-dealers | 8,093 | 9,309 | 204,542 | 199,693 | |||||||||||||||
Non-financial | 91 | 113 | 3,697 | 1,595 | |||||||||||||||
Insurance and other financial institutions | 10,784 | 11,374 | 333,384 | 257,870 | |||||||||||||||
Total by industry/counterparty | $ | 43,796 | $ | 43,985 | $ | 1,116,387 | $ | 1,063,858 | |||||||||||
By instrument | |||||||||||||||||||
Credit default swaps and options | $ | 42,930 | $ | 42,201 | $ | 1,094,199 | $ | 1,054,671 | |||||||||||
Total return swaps and other | 866 | 1,784 | 22,188 | 9,187 | |||||||||||||||
Total by instrument | $ | 43,796 | $ | 43,985 | $ | 1,116,387 | $ | 1,063,858 | |||||||||||
By rating | |||||||||||||||||||
Investment grade | $ | 17,432 | $ | 17,182 | $ | 824,831 | $ | 786,848 | |||||||||||
Non-investment grade | 26,364 | 26,803 | 291,556 | 277,010 | |||||||||||||||
Total by rating | $ | 43,796 | $ | 43,985 | $ | 1,116,387 | $ | 1,063,858 | |||||||||||
By maturity | |||||||||||||||||||
Within 1 year | $ | 4,356 | $ | 4,278 | $ | 250,489 | $ | 229,502 | |||||||||||
From 1 to 5 years | 34,692 | 35,160 | 790,251 | 772,001 | |||||||||||||||
After 5 years | 4,748 | 4,547 | 75,647 | 62,355 | |||||||||||||||
Total by maturity | $ | 43,796 | $ | 43,985 | $ | 1,116,387 | $ | 1,063,858 | |||||||||||
-1 | The fair value amount receivable is composed of $18,708 million under protection purchased and $25,088 million under protection sold. | ||||||||||||||||||
-2 | The fair value amount payable is composed of $26,527 million under protection purchased and $17,458 million under protection sold. | ||||||||||||||||||
Fair value hedges | |||||||||||||||||||
Derivative gain (losses) | |||||||||||||||||||
Schedule of gains (losses) on derivatives not designated in a qualifying hedging relationship recognized in Other revenue and gains (losses) on fair value hedges | The following table summarizes the gains (losses) on the Company’s fair value hedges for the three months ended March 31, 2015 and 2014: | ||||||||||||||||||
Gains (losses) on fair value hedges(1) | |||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||
In millions of dollars | 2015 | 2014 | |||||||||||||||||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | |||||||||||||||||||
Interest rate contracts | $ | 641 | $ | 264 | |||||||||||||||
Foreign exchange contracts | 1,388 | 9 | |||||||||||||||||
Commodity contracts | 116 | — | |||||||||||||||||
Total gain (loss) on the derivatives in designated and qualifying fair value hedges | $ | 2,145 | $ | 273 | |||||||||||||||
Gain (loss) on the hedged item in designated and qualifying fair value hedges | |||||||||||||||||||
Interest rate hedges | $ | (608 | ) | $ | (286 | ) | |||||||||||||
Foreign exchange hedges | (1,421 | ) | (8 | ) | |||||||||||||||
Commodity hedges | (104 | ) | — | ||||||||||||||||
Total gain (loss) on the hedged item in designated and qualifying fair value hedges | $ | (2,133 | ) | $ | (294 | ) | |||||||||||||
Hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges | |||||||||||||||||||
Interest rate hedges | $ | 33 | $ | (21 | ) | ||||||||||||||
Foreign exchange hedges | (38 | ) | 4 | ||||||||||||||||
Total hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges | $ | (5 | ) | $ | (17 | ) | |||||||||||||
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | |||||||||||||||||||
Interest rate contracts | $ | — | $ | (1 | ) | ||||||||||||||
Foreign exchange contracts(2) | 5 | (3 | ) | ||||||||||||||||
Commodity hedges(2) | 12 | — | |||||||||||||||||
Total net gain (loss) excluded from assessment of the effectiveness of fair value hedges | $ | 17 | $ | (4 | ) | ||||||||||||||
-1 | Amounts are included in Other revenue on the Consolidated Statement of Income. The accrued interest income on fair value hedges is recorded in Net interest revenue and is excluded from this table. | ||||||||||||||||||
-2 | Amounts relate to the premium associated with forward contracts (differential between spot and contractual forward rates). These amounts are excluded from the assessment of hedge effectiveness and are reflected directly in earnings. | ||||||||||||||||||
Derivatives not designated in a qualifying hedging relationship | |||||||||||||||||||
Derivative gain (losses) | |||||||||||||||||||
Schedule of gains (losses) on derivatives not designated in a qualifying hedging relationship recognized in Other revenue and gains (losses) on fair value hedges | The amounts recognized in Other revenue in the Consolidated Statement of Income for the three months ended March 31, 2015 and 2014 related to derivatives not designated in a qualifying hedging relationship are shown below. The table below does not include any offsetting gains/losses on the economically hedged items to the extent such amounts are also recorded in Other revenue. | ||||||||||||||||||
Gains (losses) included in | |||||||||||||||||||
Other revenue | |||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||
In millions of dollars | 2015 | 2014 | |||||||||||||||||
Interest rate contracts | $ | 15 | $ | (33 | ) | ||||||||||||||
Foreign exchange | (15 | ) | 31 | ||||||||||||||||
Credit derivatives | 10 | (95 | ) | ||||||||||||||||
Total Citigroup | $ | 10 | $ | (97 | ) | ||||||||||||||
FAIR_VALUE_MEASUREMENT_Tables
FAIR VALUE MEASUREMENT (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||
Schedule of CVA and FVA applied to fair value of derivative instruments | The table below summarizes the CVA and FVA applied to the fair value of derivative instruments for the periods indicated: | |||||||||||||||||||||||||||||||||
Credit and funding valuation adjustments | ||||||||||||||||||||||||||||||||||
contra-liability (contra-asset) | ||||||||||||||||||||||||||||||||||
In millions of dollars | March 31, | December 31, | ||||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||||
Counterparty CVA | $ | (1,862 | ) | $ | (1,853 | ) | ||||||||||||||||||||||||||||
Asset FVA | (560 | ) | (518 | ) | ||||||||||||||||||||||||||||||
Citigroup (own-credit) CVA | 553 | 580 | ||||||||||||||||||||||||||||||||
Liability FVA | 75 | 19 | ||||||||||||||||||||||||||||||||
Total CVA—derivative instruments (1) | $ | (1,794 | ) | $ | (1,772 | ) | ||||||||||||||||||||||||||||
-1 | FVA is included with CVA for presentation purposes. | |||||||||||||||||||||||||||||||||
Schedule of pretax gains (losses) related to changes in CVA, FVA and DVA | The table below summarizes pretax gains (losses) related to changes in CVA on derivative instruments, net of hedges, FVA on derivatives and debt valuation adjustments (DVA) on Citi’s own fair value option (FVO) liabilities for the periods indicated: | |||||||||||||||||||||||||||||||||
Credit/funding/debt valuation | ||||||||||||||||||||||||||||||||||
adjustments gain (loss) | ||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||
In millions of dollars | 2015 | 2014 | ||||||||||||||||||||||||||||||||
Counterparty CVA | $ | (139 | ) | $ | 7 | |||||||||||||||||||||||||||||
Asset FVA | (42 | ) | — | |||||||||||||||||||||||||||||||
Own-credit CVA | (36 | ) | (34 | ) | ||||||||||||||||||||||||||||||
Liability FVA | 57 | — | ||||||||||||||||||||||||||||||||
Total CVA—derivative instruments | $ | (160 | ) | $ | (27 | ) | ||||||||||||||||||||||||||||
DVA related to own FVO liabilities | $ | 87 | $ | 34 | ||||||||||||||||||||||||||||||
Total CVA and DVA (1) | $ | (73 | ) | $ | 7 | |||||||||||||||||||||||||||||
-1 | FVA is included with CVA for presentation purposes. | |||||||||||||||||||||||||||||||||
Items measured at fair value on a recurring basis | Fair Value Levels | |||||||||||||||||||||||||||||||||
In millions of dollars at March 31, 2015 | Level 1(1) | Level 2(1) | Level 3 | Gross | Netting(2) | Net | ||||||||||||||||||||||||||||
inventory | balance | |||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | — | $ | 174,440 | $ | 4,022 | $ | 178,462 | $ | (42,568 | ) | $ | 135,894 | |||||||||||||||||||||
Trading non-derivative assets | ||||||||||||||||||||||||||||||||||
Trading mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | — | $ | 25,230 | $ | 818 | $ | 26,048 | $ | — | $ | 26,048 | ||||||||||||||||||||||
Residential | — | 2,174 | 2,130 | 4,304 | — | 4,304 | ||||||||||||||||||||||||||||
Commercial | — | 3,233 | 599 | 3,832 | — | 3,832 | ||||||||||||||||||||||||||||
Total trading mortgage-backed securities | $ | — | $ | 30,637 | $ | 3,547 | $ | 34,184 | $ | — | $ | 34,184 | ||||||||||||||||||||||
U.S. Treasury and federal agency securities | $ | 19,680 | $ | 3,928 | $ | — | $ | 23,608 | $ | — | $ | 23,608 | ||||||||||||||||||||||
State and municipal | — | 3,549 | 247 | 3,796 | — | 3,796 | ||||||||||||||||||||||||||||
Foreign government | 41,548 | 27,754 | 115 | 69,417 | — | 69,417 | ||||||||||||||||||||||||||||
Corporate | 595 | 23,801 | 767 | 25,163 | — | 25,163 | ||||||||||||||||||||||||||||
Equity securities | 50,782 | 4,156 | 2,598 | 57,536 | — | 57,536 | ||||||||||||||||||||||||||||
Asset-backed securities | — | 1,230 | 3,553 | 4,783 | — | 4,783 | ||||||||||||||||||||||||||||
Other trading assets | — | 8,522 | 4,393 | 12,915 | — | 12,915 | ||||||||||||||||||||||||||||
Total trading non-derivative assets | $ | 112,605 | $ | 103,577 | $ | 15,220 | $ | 231,402 | $ | — | $ | 231,402 | ||||||||||||||||||||||
Trading derivatives | ||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 78 | $ | 636,186 | $ | 3,718 | $ | 639,982 | ||||||||||||||||||||||||||
Foreign exchange contracts | 1 | 174,759 | 1,509 | 176,269 | ||||||||||||||||||||||||||||||
Equity contracts | 2,502 | 19,719 | 2,054 | 24,275 | ||||||||||||||||||||||||||||||
Commodity contracts | 475 | 17,593 | 955 | 19,023 | ||||||||||||||||||||||||||||||
Credit derivatives | — | 35,689 | 2,534 | 38,223 | ||||||||||||||||||||||||||||||
Total trading derivatives | $ | 3,056 | $ | 883,946 | $ | 10,770 | $ | 897,772 | ||||||||||||||||||||||||||
Cash collateral paid (3) | $ | 7,270 | ||||||||||||||||||||||||||||||||
Netting agreements | $ | (779,613 | ) | |||||||||||||||||||||||||||||||
Netting of cash collateral received | (53,848 | ) | ||||||||||||||||||||||||||||||||
Total trading derivatives | $ | 3,056 | $ | 883,946 | $ | 10,770 | $ | 905,042 | $ | (833,461 | ) | $ | 71,581 | |||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | — | $ | 39,014 | $ | 70 | $ | 39,084 | $ | — | $ | 39,084 | ||||||||||||||||||||||
Residential | — | 7,266 | 10 | 7,276 | — | 7,276 | ||||||||||||||||||||||||||||
Commercial | — | 505 | 2 | 507 | — | 507 | ||||||||||||||||||||||||||||
Total investment mortgage-backed securities | $ | — | $ | 46,785 | $ | 82 | $ | 46,867 | $ | — | $ | 46,867 | ||||||||||||||||||||||
U.S. Treasury and federal agency securities | $ | 112,018 | $ | 9,336 | $ | 5 | $ | 121,359 | $ | — | $ | 121,359 | ||||||||||||||||||||||
State and municipal | $ | — | $ | 9,998 | $ | 2,247 | $ | 12,245 | $ | — | $ | 12,245 | ||||||||||||||||||||||
Foreign government | 36,262 | 50,222 | 575 | 87,059 | — | 87,059 | ||||||||||||||||||||||||||||
Corporate | 1,842 | 12,128 | 584 | 14,554 | — | 14,554 | ||||||||||||||||||||||||||||
Equity securities | 407 | 64 | 519 | 990 | — | 990 | ||||||||||||||||||||||||||||
Asset-backed securities | — | 10,987 | 517 | 11,504 | — | 11,504 | ||||||||||||||||||||||||||||
Other debt securities | — | 661 | — | 661 | — | 661 | ||||||||||||||||||||||||||||
Non-marketable equity securities | — | 285 | 2,285 | 2,570 | — | 2,570 | ||||||||||||||||||||||||||||
Total investments | $ | 150,529 | $ | 140,466 | $ | 6,814 | $ | 297,809 | $ | — | $ | 297,809 | ||||||||||||||||||||||
In millions of dollars at March 31, 2015 | Level 1(1) | Level 2(1) | Level 3 | Gross | Netting(2) | Net | ||||||||||||||||||||||||||||
inventory | balance | |||||||||||||||||||||||||||||||||
Loans(4) | $ | — | $ | 2,669 | $ | 3,906 | $ | 6,575 | $ | — | $ | 6,575 | ||||||||||||||||||||||
Mortgage servicing rights | — | — | 1,685 | 1,685 | — | 1,685 | ||||||||||||||||||||||||||||
Non-trading derivatives and other financial assets measured on a recurring basis, gross | $ | 194 | $ | 10,715 | $ | 148 | $ | 11,057 | ||||||||||||||||||||||||||
Cash collateral paid | 29 | |||||||||||||||||||||||||||||||||
Netting of cash collateral received | $ | (2,150 | ) | |||||||||||||||||||||||||||||||
Non-trading derivatives and other financial assets measured on a recurring basis(8) | $ | 194 | $ | 10,715 | $ | 148 | $ | 11,086 | $ | (2,150 | ) | $ | 8,936 | |||||||||||||||||||||
Total assets | $ | 266,384 | $ | 1,315,813 | $ | 42,565 | $ | 1,632,061 | $ | (878,179 | ) | $ | 753,882 | |||||||||||||||||||||
Total as a percentage of gross assets(5) | 16.4 | % | 81 | % | 2.6 | % | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | — | $ | 1,185 | $ | 465 | $ | 1,650 | $ | — | $ | 1,650 | ||||||||||||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | — | 75,733 | 1,060 | 76,793 | (42,568 | ) | 34,225 | |||||||||||||||||||||||||||
Trading account liabilities | ||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | 50,368 | 14,652 | 223 | 65,243 | — | 65,243 | ||||||||||||||||||||||||||||
Trading derivatives | ||||||||||||||||||||||||||||||||||
Interest rate contracts | 57 | 618,464 | 4,052 | 622,573 | ||||||||||||||||||||||||||||||
Foreign exchange contracts | 5 | 179,226 | 863 | 180,094 | ||||||||||||||||||||||||||||||
Equity contracts | 2,718 | 27,084 | 2,828 | 32,630 | ||||||||||||||||||||||||||||||
Commodity contracts | 515 | 20,820 | 2,684 | 24,019 | ||||||||||||||||||||||||||||||
Credit derivatives | — | 35,189 | 3,197 | 38,386 | ||||||||||||||||||||||||||||||
Total trading derivatives | $ | 3,295 | $ | 880,783 | $ | 13,624 | $ | 897,702 | ||||||||||||||||||||||||||
Cash collateral received(6) | $ | 10,398 | ||||||||||||||||||||||||||||||||
Netting agreements | $ | (779,613 | ) | |||||||||||||||||||||||||||||||
Netting of cash collateral paid | (51,292 | ) | ||||||||||||||||||||||||||||||||
Total trading derivatives | $ | 3,295 | $ | 880,783 | $ | 13,624 | $ | 908,100 | $ | (830,905 | ) | $ | 77,195 | |||||||||||||||||||||
Short-term borrowings | $ | — | $ | 806 | $ | 120 | $ | 926 | $ | — | $ | 926 | ||||||||||||||||||||||
Long-term debt | — | 18,213 | 7,196 | 25,409 | — | 25,409 | ||||||||||||||||||||||||||||
Non-trading derivatives and other financial liabilities measured on a recurring basis, gross | $ | — | $ | 1,960 | $ | 8 | $ | 1,968 | ||||||||||||||||||||||||||
Cash collateral received(7) | 56 | |||||||||||||||||||||||||||||||||
Total non-trading derivatives and other financial liabilities measured on a recurring basis | $ | — | $ | 1,960 | $ | 8 | $ | 2,024 | $ | — | $ | 2,024 | ||||||||||||||||||||||
Total liabilities | $ | 53,663 | $ | 993,332 | $ | 22,696 | $ | 1,080,145 | $ | (873,473 | ) | $ | 206,672 | |||||||||||||||||||||
Total as a percentage of gross liabilities(5) | 5 | % | 92.9 | % | 2.1 | % | ||||||||||||||||||||||||||||
-1 | For the three months ended March 31, 2015, the Company transferred assets of approximately $0.6 billion from Level 1 to Level 2, primarily related to foreign government securities not traded in active markets. During the three months ended March 31, 2015, the Company transferred assets of approximately $1.8 billion from Level 2 to Level 1, primarily related to foreign government bonds and equity securities traded with sufficient frequency to constitute a liquid market. During the three months ended March 31, 2015, the Company transferred liabilities of approximately $0.2 billion from Level 2 to Level 1 and there were no material transfers of liabilities from Level 1 to Level 2. | |||||||||||||||||||||||||||||||||
-2 | 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. | |||||||||||||||||||||||||||||||||
-3 | Reflects the net amount of $58,562 million of gross cash collateral paid, of which $51,292 million was used to offset derivative liabilities. | |||||||||||||||||||||||||||||||||
-4 | There is no allowance for loan losses recorded for loans reported at fair value. | |||||||||||||||||||||||||||||||||
-5 | 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. | |||||||||||||||||||||||||||||||||
-6 | Reflects the net amount of $64,246 million of gross cash collateral received, of which $53,848 million was used to offset derivative assets. | |||||||||||||||||||||||||||||||||
-7 | Reflects the net amount of $2,206 million of gross cash collateral received, of which $2,150 million was used to offset non-trading derivative assets. | |||||||||||||||||||||||||||||||||
-8 | Includes assets transferred as a result of the announced sale of OneMain Financial. For additional information see Note 2 to the Consolidated Financial Statements. | |||||||||||||||||||||||||||||||||
Fair Value Levels | ||||||||||||||||||||||||||||||||||
In millions of dollars at December 31, 2014 | Level 1(1) | Level 2(1) | Level 3 | Gross | Netting(2) | Net | ||||||||||||||||||||||||||||
inventory | balance | |||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | — | $ | 187,922 | $ | 3,398 | $ | 191,320 | $ | (47,129 | ) | $ | 144,191 | |||||||||||||||||||||
Trading non-derivative assets | ||||||||||||||||||||||||||||||||||
Trading mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | — | 25,968 | 1,085 | 27,053 | — | 27,053 | ||||||||||||||||||||||||||||
Residential | — | 2,158 | 2,680 | 4,838 | — | 4,838 | ||||||||||||||||||||||||||||
Commercial | — | 3,903 | 440 | 4,343 | — | 4,343 | ||||||||||||||||||||||||||||
Total trading mortgage-backed securities | $ | — | $ | 32,029 | $ | 4,205 | $ | 36,234 | $ | — | $ | 36,234 | ||||||||||||||||||||||
U.S. Treasury and federal agency securities | $ | 15,991 | $ | 4,483 | $ | — | $ | 20,474 | $ | — | $ | 20,474 | ||||||||||||||||||||||
State and municipal | — | 3,161 | 241 | 3,402 | — | 3,402 | ||||||||||||||||||||||||||||
Foreign government | 37,995 | 26,736 | 206 | 64,937 | — | 64,937 | ||||||||||||||||||||||||||||
Corporate | 1,337 | 25,640 | 820 | 27,797 | — | 27,797 | ||||||||||||||||||||||||||||
Equity securities | 51,346 | 4,281 | 2,219 | 57,846 | — | 57,846 | ||||||||||||||||||||||||||||
Asset-backed securities | — | 1,252 | 3,294 | 4,546 | — | 4,546 | ||||||||||||||||||||||||||||
Other trading assets | — | 9,221 | 4,372 | 13,593 | — | 13,593 | ||||||||||||||||||||||||||||
Total trading non-derivative assets | $ | 106,669 | $ | 106,803 | $ | 15,357 | $ | 228,829 | $ | — | $ | 228,829 | ||||||||||||||||||||||
Trading derivatives | ||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 74 | $ | 634,318 | $ | 4,061 | $ | 638,453 | ||||||||||||||||||||||||||
Foreign exchange contracts | — | 154,744 | 1,250 | 155,994 | ||||||||||||||||||||||||||||||
Equity contracts | 2,748 | 19,969 | 2,035 | 24,752 | ||||||||||||||||||||||||||||||
Commodity contracts | 647 | 21,850 | 1,023 | 23,520 | ||||||||||||||||||||||||||||||
Credit derivatives | — | 40,618 | 2,900 | 43,518 | ||||||||||||||||||||||||||||||
Total trading derivatives | $ | 3,469 | $ | 871,499 | $ | 11,269 | $ | 886,237 | ||||||||||||||||||||||||||
Cash collateral paid(3) | $ | 6,523 | ||||||||||||||||||||||||||||||||
Netting agreements | $ | (777,178 | ) | |||||||||||||||||||||||||||||||
Netting of cash collateral received(6) | (47,625 | ) | ||||||||||||||||||||||||||||||||
Total trading derivatives | $ | 3,469 | $ | 871,499 | $ | 11,269 | $ | 892,760 | $ | (824,803 | ) | $ | 67,957 | |||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | — | $ | 36,053 | $ | 38 | $ | 36,091 | $ | — | $ | 36,091 | ||||||||||||||||||||||
Residential | — | 8,355 | 8 | 8,363 | — | 8,363 | ||||||||||||||||||||||||||||
Commercial | — | 553 | 1 | 554 | — | 554 | ||||||||||||||||||||||||||||
Total investment mortgage-backed securities | $ | — | $ | 44,961 | $ | 47 | $ | 45,008 | $ | — | $ | 45,008 | ||||||||||||||||||||||
U.S. Treasury and federal agency securities | $ | 110,710 | $ | 12,974 | $ | 6 | $ | 123,690 | $ | — | $ | 123,690 | ||||||||||||||||||||||
State and municipal | $ | — | $ | 10,519 | $ | 2,180 | $ | 12,699 | $ | — | $ | 12,699 | ||||||||||||||||||||||
Foreign government | 37,280 | 52,739 | 678 | 90,697 | — | 90,697 | ||||||||||||||||||||||||||||
Corporate | 1,739 | 9,746 | 672 | 12,157 | — | 12,157 | ||||||||||||||||||||||||||||
Equity securities | 1,770 | 274 | 681 | 2,725 | — | 2,725 | ||||||||||||||||||||||||||||
Asset-backed securities | — | 11,957 | 549 | 12,506 | — | 12,506 | ||||||||||||||||||||||||||||
Other debt securities | — | 661 | — | 661 | — | 661 | ||||||||||||||||||||||||||||
Non-marketable equity securities | — | 233 | 2,525 | 2,758 | — | 2,758 | ||||||||||||||||||||||||||||
Total investments | $ | 151,499 | $ | 144,064 | $ | 7,338 | $ | 302,901 | $ | — | $ | 302,901 | ||||||||||||||||||||||
In millions of dollars at December 31, 2014 | Level 1(1) | Level 2(1) | Level 3 | Gross | Netting(2) | Net | ||||||||||||||||||||||||||||
inventory | balance | |||||||||||||||||||||||||||||||||
Loans(4) | $ | — | $ | 2,793 | $ | 3,108 | $ | 5,901 | $ | — | $ | 5,901 | ||||||||||||||||||||||
Mortgage servicing rights | — | — | 1,845 | 1,845 | — | 1,845 | ||||||||||||||||||||||||||||
Non-trading derivatives and other financial assets measured on a recurring basis, gross | $ | — | $ | 9,352 | $ | 78 | $ | 9,430 | ||||||||||||||||||||||||||
Cash collateral paid(5) | 123 | |||||||||||||||||||||||||||||||||
Netting of cash collateral received(7) | $ | (1,791 | ) | |||||||||||||||||||||||||||||||
Non-trading derivatives and other financial assets measured on a recurring basis | $ | — | $ | 9,352 | $ | 78 | $ | 9,553 | $ | (1,791 | ) | $ | 7,762 | |||||||||||||||||||||
Total assets | $ | 261,637 | $ | 1,322,433 | $ | 42,393 | $ | 1,633,109 | $ | (873,723 | ) | $ | 759,386 | |||||||||||||||||||||
Total as a percentage of gross assets(5) | 16.1 | % | 81.3 | % | 2.6 | % | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | — | $ | 1,198 | $ | 486 | $ | 1,684 | $ | — | $ | 1,684 | ||||||||||||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | — | 82,811 | 1,043 | 83,854 | (47,129 | ) | 36,725 | |||||||||||||||||||||||||||
Trading account liabilities | ||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | 59,463 | 11,057 | 424 | 70,944 | — | 70,944 | ||||||||||||||||||||||||||||
Trading account derivatives | ||||||||||||||||||||||||||||||||||
Interest rate contracts | 77 | 617,933 | 4,272 | 622,282 | ||||||||||||||||||||||||||||||
Foreign exchange contracts | — | 158,354 | 472 | 158,826 | ||||||||||||||||||||||||||||||
Equity contracts | 2,955 | 26,616 | 2,898 | 32,469 | ||||||||||||||||||||||||||||||
Commodity contracts | 669 | 22,872 | 2,645 | 26,186 | ||||||||||||||||||||||||||||||
Credit derivatives | — | 39,787 | 3,643 | 43,430 | ||||||||||||||||||||||||||||||
Total trading derivatives | $ | 3,701 | $ | 865,562 | $ | 13,930 | $ | 883,193 | ||||||||||||||||||||||||||
Cash collateral received(7) | $ | 9,846 | ||||||||||||||||||||||||||||||||
Netting agreements | $ | (777,178 | ) | |||||||||||||||||||||||||||||||
Netting of cash collateral paid(3) | (47,769 | ) | ||||||||||||||||||||||||||||||||
Total trading derivatives | $ | 3,701 | $ | 865,562 | $ | 13,930 | $ | 893,039 | $ | (824,947 | ) | $ | 68,092 | |||||||||||||||||||||
Short-term borrowings | $ | — | $ | 1,152 | $ | 344 | $ | 1,496 | $ | — | $ | 1,496 | ||||||||||||||||||||||
Long-term debt | — | 18,890 | 7,290 | 26,180 | — | 26,180 | ||||||||||||||||||||||||||||
Non-trading derivatives and other financial liabilities measured on a recurring basis, gross | $ | — | $ | 1,777 | $ | 7 | $ | 1,784 | ||||||||||||||||||||||||||
Cash collateral received(8) | $ | 7 | ||||||||||||||||||||||||||||||||
Netting of cash collateral paid(5) | (15 | ) | ||||||||||||||||||||||||||||||||
Non-trading derivatives and other financial liabilities measured on a recurring basis | — | 1,777 | 7 | 1,791 | (15 | ) | 1,776 | |||||||||||||||||||||||||||
Total liabilities | $ | 63,164 | $ | 982,447 | $ | 23,524 | $ | 1,078,988 | $ | (872,091 | ) | $ | 206,897 | |||||||||||||||||||||
Total as a percentage of gross liabilities(6) | 5.9 | % | 91.9 | % | 2.2 | % | ||||||||||||||||||||||||||||
-1 | For the year ended December 31, 2014, the Company transferred assets of approximately $4.1 billion from Level 1 to Level 2, primarily related to foreign government securities not traded with sufficient frequency to constitute an active market and Citi refining its methodology for certain equity contracts to reflect the prevalence of off-exchange trading. During the year ended December 31, 2014, the Company transferred assets of approximately $4.2 billion from Level 2 to Level 1, primarily related to foreign government bonds traded with sufficient frequency to constitute a liquid market. During the year ended December 31, 2014, the Company transferred liabilities of approximately $1.4 billion from Level 1 to Level 2, as Citi refined its methodology for certain equity contracts to reflect the prevalence of off-exchange trading. During the year ended December 31, 2014, there were no material liability transfers from Level 2 to Level 1. | |||||||||||||||||||||||||||||||||
-2 | 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. | |||||||||||||||||||||||||||||||||
-3 | Reflects the net amount of $54,292 million of gross cash collateral paid, of which $47,769 million was used to offset derivative liabilities. | |||||||||||||||||||||||||||||||||
-4 | There is no allowance for loan losses recorded for loans reported at fair value. | |||||||||||||||||||||||||||||||||
-5 | Reflects the net amount of $138 million of gross cash collateral paid, of which $15 million was used to offset non-trading derivative liabilities. | |||||||||||||||||||||||||||||||||
-6 | 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. | |||||||||||||||||||||||||||||||||
-7 | Reflects the net amount of $57,471 million of gross cash collateral received, of which $47,625 million was used to offset derivative assets. | |||||||||||||||||||||||||||||||||
-8 | Reflects the net amount of $1,798 million of gross cash collateral received, of which $1,791 million was used to offset derivative assets. | |||||||||||||||||||||||||||||||||
Changes in level 3 fair value category | Level 3 Fair Value Rollforward | |||||||||||||||||||||||||||||||||
Net realized/unrealized | Transfers | Unrealized | ||||||||||||||||||||||||||||||||
gains (losses) incl. in | gains | |||||||||||||||||||||||||||||||||
(losses) | ||||||||||||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2014 | Principal | Other(1)(2) | into | out of | Purchases | Issuances | Sales | Settlements | Mar. 31, 2015 | still held(3) | |||||||||||||||||||||||
transactions | Level 3 | Level 3 | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | 3,398 | $ | (40 | ) | $ | — | $ | — | $ | (100 | ) | $ | 764 | $ | — | $ | — | $ | — | $ | 4,022 | $ | 71 | ||||||||||
Trading non-derivative assets | ||||||||||||||||||||||||||||||||||
Trading mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | 1,085 | 3 | — | 294 | (510 | ) | 167 | — | (221 | ) | — | 818 | (2 | ) | ||||||||||||||||||||
Residential | 2,680 | 77 | — | 45 | (216 | ) | 498 | — | (954 | ) | — | 2,130 | (106 | ) | ||||||||||||||||||||
Commercial | 440 | 15 | — | 88 | (13 | ) | 320 | — | (251 | ) | — | 599 | (4 | ) | ||||||||||||||||||||
Total trading mortgage-backed securities | $ | 4,205 | $ | 95 | $ | — | $ | 427 | $ | (739 | ) | $ | 985 | $ | — | $ | (1,426 | ) | $ | — | $ | 3,547 | $ | (112 | ) | |||||||||
U.S. Treasury and federal agency securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
State and municipal | 241 | (8 | ) | — | 14 | (7 | ) | 9 | — | (2 | ) | — | 247 | (7 | ) | |||||||||||||||||||
Foreign government | 206 | (3 | ) | — | 27 | (92 | ) | 66 | — | (40 | ) | (49 | ) | 115 | 1 | |||||||||||||||||||
Corporate | 820 | 76 | — | 13 | (59 | ) | 347 | — | (430 | ) | — | 767 | 32 | |||||||||||||||||||||
Equity securities | 2,219 | (21 | ) | — | 124 | (15 | ) | 382 | — | (91 | ) | — | 2,598 | 5 | ||||||||||||||||||||
Asset-backed securities | 3,294 | 127 | — | 65 | (34 | ) | 1,063 | — | (962 | ) | — | 3,553 | 194 | |||||||||||||||||||||
Other trading assets | 4,372 | (141 | ) | — | 210 | (392 | ) | 1,002 | 13 | (663 | ) | (8 | ) | 4,393 | (15 | ) | ||||||||||||||||||
Total trading non-derivative assets | $ | 15,357 | $ | 125 | $ | — | $ | 880 | $ | (1,338 | ) | $ | 3,854 | $ | 13 | $ | (3,614 | ) | $ | (57 | ) | $ | 15,220 | $ | 98 | |||||||||
Trading derivatives, net(4) | ||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | (211 | ) | $ | (70 | ) | $ | — | $ | (134 | ) | $ | 7 | $ | 6 | $ | — | $ | (3 | ) | $ | 71 | $ | (334 | ) | $ | (282 | ) | ||||||
Foreign exchange contracts | 778 | (301 | ) | — | 41 | 4 | 91 | — | (95 | ) | 128 | 646 | 174 | |||||||||||||||||||||
Equity contracts | (863 | ) | (29 | ) | — | (23 | ) | 101 | 89 | — | (65 | ) | 16 | (774 | ) | 110 | ||||||||||||||||||
Commodity contracts | (1,622 | ) | (334 | ) | — | 182 | 16 | — | — | — | 29 | (1,729 | ) | (263 | ) | |||||||||||||||||||
Credit derivatives | (743 | ) | (98 | ) | — | 82 | 53 | — | — | — | 43 | (663 | ) | (187 | ) | |||||||||||||||||||
Total trading derivatives, net(4) | $ | (2,661 | ) | $ | (832 | ) | $ | — | $ | 148 | $ | 181 | $ | 186 | $ | — | $ | (163 | ) | $ | 287 | $ | (2,854 | ) | $ | (448 | ) | |||||||
Net realized/unrealized | Transfers | Unrealized | ||||||||||||||||||||||||||||||||
gains (losses) incl. in | gains | |||||||||||||||||||||||||||||||||
(losses) | ||||||||||||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2014 | Principal | Other(1)(2) | into | out of | Purchases | Issuances | Sales | Settlements | Mar. 31, 2015 | still held(3) | |||||||||||||||||||||||
transactions | Level 3 | Level 3 | ||||||||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 38 | $ | — | $ | (1 | ) | $ | 45 | $ | (12 | ) | $ | — | $ | — | $ | — | $ | — | $ | 70 | $ | (2 | ) | |||||||||
Residential | 8 | — | 2 | — | — | — | — | — | — | 10 | 2 | |||||||||||||||||||||||
Commercial | 1 | — | — | 2 | (1 | ) | — | — | — | — | 2 | — | ||||||||||||||||||||||
Total investment mortgage-backed securities | $ | 47 | $ | — | $ | 1 | $ | 47 | $ | (13 | ) | $ | — | $ | — | $ | — | $ | — | $ | 82 | $ | — | |||||||||||
U.S. Treasury and federal agency securities | $ | 6 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (1 | ) | $ | — | $ | 5 | $ | — | |||||||||||
State and municipal | 2,180 | — | 32 | 105 | (139 | ) | 233 | — | (164 | ) | — | 2,247 | 13 | |||||||||||||||||||||
Foreign government | 678 | — | 51 | — | (105 | ) | 174 | — | (111 | ) | (112 | ) | 575 | (22 | ) | |||||||||||||||||||
Corporate | 672 | — | (26 | ) | 2 | (41 | ) | 14 | — | (4 | ) | (33 | ) | 584 | (20 | ) | ||||||||||||||||||
Equity securities | 681 | — | (88 | ) | 7 | (3 | ) | — | — | (78 | ) | — | 519 | (3 | ) | |||||||||||||||||||
Asset-backed securities | 549 | — | (40 | ) | — | (10 | ) | 19 | — | (1 | ) | — | 517 | (39 | ) | |||||||||||||||||||
Other debt securities | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Non-marketable equity securities | 2,525 | — | 22 | — | (1 | ) | 1 | — | — | (262 | ) | 2,285 | 25 | |||||||||||||||||||||
Total investments | $ | 7,338 | $ | — | $ | (48 | ) | $ | 161 | $ | (312 | ) | $ | 441 | $ | — | $ | (359 | ) | $ | (407 | ) | $ | 6,814 | $ | (46 | ) | |||||||
Loans | $ | 3,108 | $ | — | $ | (54 | ) | $ | 689 | $ | — | $ | 209 | $ | 321 | $ | (97 | ) | $ | (270 | ) | $ | 3,906 | $ | (4 | ) | ||||||||
Mortgage servicing rights | 1,845 | — | (77 | ) | — | — | — | 43 | (32 | ) | (94 | ) | 1,685 | (77 | ) | |||||||||||||||||||
Other financial assets measured on a recurring basis | 78 | — | 6 | 66 | (2 | ) | 3 | 60 | (5 | ) | (58 | ) | 148 | (33 | ) | |||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 486 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (21 | ) | $ | 465 | $ | 2 | |||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 1,043 | (52 | ) | — | — | — | — | — | 1 | (36 | ) | 1,060 | (11 | ) | ||||||||||||||||||||
Trading account liabilities | ||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | 424 | (10 | ) | — | 92 | (43 | ) | — | — | 70 | (330 | ) | 223 | (29 | ) | |||||||||||||||||||
Short-term borrowings | 344 | (7 | ) | — | 1 | (12 | ) | — | 16 | — | (236 | ) | 120 | (21 | ) | |||||||||||||||||||
Long-term debt | 7,290 | 286 | — | 712 | (947 | ) | — | 949 | — | (522 | ) | 7,196 | (193 | ) | ||||||||||||||||||||
Other financial liabilities measured on a recurring basis | 7 | — | (3 | ) | — | — | (1 | ) | — | — | (1 | ) | 8 | (1 | ) | |||||||||||||||||||
-1 | Changes in fair value for available-for-sale investments are recorded in Accumulated other comprehensive income (loss), unless related to other-than-temporary impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments on the Consolidated Statement of Income. | |||||||||||||||||||||||||||||||||
-2 | Unrealized gains (losses) on MSRs are recorded in Other revenue on the Consolidated Statement of Income. | |||||||||||||||||||||||||||||||||
-3 | Represents the amount of total gains or losses for the period, included in earnings (and Accumulated other comprehensive income (loss) for changes in fair value of available-for-sale investments), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at March 31, 2015. | |||||||||||||||||||||||||||||||||
-4 | Total Level 3 derivative assets and liabilities have been netted in these tables for presentation purposes only. | |||||||||||||||||||||||||||||||||
Net realized/unrealized | Transfers | Unrealized | ||||||||||||||||||||||||||||||||
gains (losses) incl. in | gains | |||||||||||||||||||||||||||||||||
(losses) | ||||||||||||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2013 | Principal | Other(1)(2) | into | out of | Purchases | Issuances | Sales | Settlements | Mar. 31, 2014 | still held(3) | |||||||||||||||||||||||
transactions | Level 3 | Level 3 | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | 3,566 | $ | (1 | ) | $ | — | $ | 51 | $ | — | $ | — | $ | — | $ | — | $ | (165 | ) | $ | 3,451 | $ | (1 | ) | |||||||||
Trading non-derivative assets | ||||||||||||||||||||||||||||||||||
Trading mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | 1,094 | 81 | — | 179 | (385 | ) | 154 | 3 | (321 | ) | (17 | ) | 788 | 10 | ||||||||||||||||||||
Residential | 2,854 | 157 | — | 74 | (153 | ) | 976 | — | (1,164 | ) | — | 2,744 | 41 | |||||||||||||||||||||
Commercial | 256 | 5 | — | 35 | (24 | ) | 32 | — | (63 | ) | — | 241 | 5 | |||||||||||||||||||||
Total trading mortgage-backed securities | $ | 4,204 | $ | 243 | $ | — | $ | 288 | $ | (562 | ) | $ | 1,162 | $ | 3 | $ | (1,548 | ) | $ | (17 | ) | $ | 3,773 | $ | 56 | |||||||||
U.S. Treasury and federal agency securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
State and municipal | 222 | 2 | — | 11 | (104 | ) | 9 | — | (19 | ) | — | 121 | 3 | |||||||||||||||||||||
Foreign government | 416 | (6 | ) | — | 49 | (85 | ) | 138 | — | (139 | ) | — | 373 | (5 | ) | |||||||||||||||||||
Corporate | 1,835 | 27 | — | 187 | (145 | ) | 592 | — | (828 | ) | (3 | ) | 1,665 | (30 | ) | |||||||||||||||||||
Equity securities | 1,057 | (171 | ) | — | 35 | (5 | ) | 532 | — | (63 | ) | — | 1,385 | 267 | ||||||||||||||||||||
Asset-backed securities | 4,342 | 269 | — | 33 | (175 | ) | 943 | — | (1,971 | ) | — | 3,441 | 164 | |||||||||||||||||||||
Other trading assets | 3,184 | 23 | — | 575 | (464 | ) | 1,064 | — | (864 | ) | (66 | ) | 3,452 | 21 | ||||||||||||||||||||
Total trading non-derivative assets | $ | 15,260 | $ | 387 | $ | — | $ | 1,178 | $ | (1,540 | ) | $ | 4,440 | $ | 3 | $ | (5,432 | ) | $ | (86 | ) | $ | 14,210 | $ | 476 | |||||||||
Trading derivatives, net(4) | ||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 839 | $ | (348 | ) | $ | — | $ | 36 | $ | 9 | $ | 18 | $ | — | $ | (46 | ) | $ | (275 | ) | $ | 233 | $ | (367 | ) | ||||||||
Foreign exchange contracts | 695 | 138 | — | (11 | ) | 19 | 1 | — | — | (13 | ) | 829 | 211 | |||||||||||||||||||||
Equity contracts | (858 | ) | 152 | — | (518 | ) | 52 | 150 | — | (94 | ) | (120 | ) | (1,236 | ) | (225 | ) | |||||||||||||||||
Commodity contracts | (1,393 | ) | 75 | — | 30 | 31 | — | — | — | (72 | ) | (1,329 | ) | 67 | ||||||||||||||||||||
Credit derivatives | (274 | ) | (63 | ) | — | (61 | ) | (30 | ) | 1 | — | (3 | ) | 173 | (257 | ) | (234 | ) | ||||||||||||||||
Total trading derivatives, net(4) | $ | (991 | ) | $ | (46 | ) | $ | — | $ | (524 | ) | $ | 81 | $ | 170 | $ | — | $ | (143 | ) | $ | (307 | ) | $ | (1,760 | ) | $ | (548 | ) | |||||
Investments | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 187 | $ | — | $ | 48 | $ | 24 | $ | (37 | ) | $ | 17 | $ | — | $ | (39 | ) | $ | (1 | ) | $ | 199 | $ | — | |||||||||
Residential | 102 | — | 23 | 13 | — | 17 | — | (125 | ) | — | 30 | 2 | ||||||||||||||||||||||
Commercial | — | — | — | 1 | — | — | — | — | — | 1 | — | |||||||||||||||||||||||
Total investment mortgage-backed securities | $ | 289 | $ | — | $ | 71 | $ | 38 | $ | (37 | ) | $ | 34 | $ | — | $ | (164 | ) | $ | (1 | ) | $ | 230 | $ | 2 | |||||||||
U.S. Treasury and federal agency securities | $ | 8 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (1 | ) | $ | — | $ | 7 | $ | — | |||||||||||
State and municipal | 1,643 | — | 36 | 254 | (285 | ) | 373 | — | (118 | ) | — | 1,903 | 26 | |||||||||||||||||||||
Foreign government | 344 | — | 2 | 22 | (42 | ) | 49 | — | (78 | ) | (23 | ) | 274 | (4 | ) | |||||||||||||||||||
Corporate | 285 | — | (1 | ) | 2 | (1 | ) | 247 | — | (1 | ) | — | 531 | (2 | ) | |||||||||||||||||||
Equity securities | 815 | — | 16 | 6 | — | 1 | — | (7 | ) | — | 831 | (4 | ) | |||||||||||||||||||||
Asset-backed securities | 1,960 | — | 8 | — | (42 | ) | 48 | — | (97 | ) | — | 1,877 | 1 | |||||||||||||||||||||
Other debt securities | 50 | — | (1 | ) | — | — | 50 | — | — | — | 99 | — | ||||||||||||||||||||||
Non-marketable equity securities | 4,347 | — | 49 | 67 | — | 252 | — | (83 | ) | (524 | ) | 4,108 | 1 | |||||||||||||||||||||
Total investments | $ | 9,741 | $ | — | $ | 180 | $ | 389 | $ | (407 | ) | $ | 1,054 | $ | — | $ | (549 | ) | $ | (548 | ) | $ | 9,860 | $ | 20 | |||||||||
Net realized/unrealized | Transfers | Unrealized | ||||||||||||||||||||||||||||||||
gains (losses) incl. in | gains | |||||||||||||||||||||||||||||||||
(losses) | ||||||||||||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2013 | Principal | Other(1)(2) | into | out of | Purchases | Issuances | Sales | Settlements | Mar. 31, 2014 | still held(3) | |||||||||||||||||||||||
transactions | Level 3 | Level 3 | ||||||||||||||||||||||||||||||||
Loans | $ | 4,143 | $ | — | $ | (28 | ) | $ | — | $ | — | $ | 153 | $ | 50 | $ | (79 | ) | $ | (97 | ) | $ | 4,142 | $ | (108 | ) | ||||||||
Mortgage servicing rights | 2,718 | — | (114 | ) | — | — | — | 50 | 28 | (96 | ) | 2,586 | (115 | ) | ||||||||||||||||||||
Other financial assets measured on a recurring basis | 181 | — | (2 | ) | — | — | — | 36 | (4 | ) | (32 | ) | 179 | (4 | ) | |||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 890 | $ | — | $ | (70 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (25 | ) | $ | 935 | $ | (19 | ) | |||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 902 | (7 | ) | — | — | — | 31 | — | — | — | 940 | (9 | ) | |||||||||||||||||||||
Trading account liabilities | ||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | 590 | 10 | — | 18 | (29 | ) | — | — | 150 | (237 | ) | 482 | (13 | ) | ||||||||||||||||||||
Short-term borrowings | 29 | (17 | ) | — | — | — | — | 1 | — | (20 | ) | 27 | — | |||||||||||||||||||||
Long-term debt | 7,621 | (284 | ) | 25 | 959 | (854 | ) | — | 940 | — | (279 | ) | 8,646 | (118 | ) | |||||||||||||||||||
Other financial liabilities measured on a recurring basis | 10 | — | — | — | — | — | 1 | (3 | ) | (5 | ) | 3 | (1 | ) | ||||||||||||||||||||
-1 | Changes in fair value for available-for-sale investments are recorded in Accumulated other comprehensive income (loss), unless related to other-than-temporary impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments on the Consolidated Statement of Income. | |||||||||||||||||||||||||||||||||
-2 | Unrealized gains (losses) on MSRs are recorded in Other revenue on the Consolidated Statement of Income. | |||||||||||||||||||||||||||||||||
-3 | Represents the amount of total gains or losses for the period, included in earnings (and Accumulated other comprehensive income (loss) for changes in fair value of available-for-sale investments), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at March 31, 2014. | |||||||||||||||||||||||||||||||||
-4 | Total Level 3 derivative assets and liabilities have been netted in these tables for presentation purposes only. | |||||||||||||||||||||||||||||||||
Significant valuation techniques and most significant unobservable inputs used in Level 3 fair value measurements | Valuation Techniques and Inputs for Level 3 Fair Value Measurements | |||||||||||||||||||||||||||||||||
As of March 31, 2015 | Fair Value(1) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted | ||||||||||||||||||||||||||||
(in millions) | Average(4) | |||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | 3,825 | Model-based | Interest rate | 1.09 | % | 1.58 | % | 1.56 | % | ||||||||||||||||||||||||
Credit - IR correlation | (24.00 | )% | (1.00 | )% | (9.71 | )% | ||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 2,388 | Price-based | Price | $ | 10 | $ | 110.21 | $ | 81.78 | ||||||||||||||||||||||||
1,138 | Yield analysis | Yield | 0.67 | % | 29.53 | % | 4.45 | % | ||||||||||||||||||||||||||
State and municipal, foreign government, corporate and other debt securities | $ | 5,997 | Price-based | Price | $ | — | $ | 147 | $ | 87.65 | ||||||||||||||||||||||||
1,530 | Cash flow | Credit spread | 25 bps | 600 bps | 278 bps | |||||||||||||||||||||||||||||
Equity securities(5) | $ | 2,539 | Price-based | Price (5) | $ | — | $ | 146.22 | $ | 91.88 | ||||||||||||||||||||||||
505 | Cash flow | Yield | 4 | % | 5 | % | 4.5 | % | ||||||||||||||||||||||||||
WAL | 0.01 years | 3.72 years | 1.07 years | |||||||||||||||||||||||||||||||
Asset-backed securities | $ | 3,669 | Price-based | Price | $ | 4.25 | $ | 100.35 | $ | 71.18 | ||||||||||||||||||||||||
Non-marketable equity | $ | 1,087 | Comparables analysis | Discount to price | — | % | 100 | % | 7.51 | % | ||||||||||||||||||||||||
1,073 | Price-based | EBITDA multiples | 2 | x | 12 | x | 9.91 | x | ||||||||||||||||||||||||||
PE ratio | 8.1 | x | 18.2 | x | 8.69 | x | ||||||||||||||||||||||||||||
Price-to-book ratio | 1.04 | x | 2.03 | x | 1.24 | x | ||||||||||||||||||||||||||||
Fund NAV(5) | $ | 1 | $ | 62,880,962 | $ | 28,520,572 | ||||||||||||||||||||||||||||
Derivatives—Gross(6) | ||||||||||||||||||||||||||||||||||
Interest rate contracts (gross) | $ | 7,674 | Model-based | Mean reversion | (7.94 | )% | 20 | % | 0.69 | % | ||||||||||||||||||||||||
Foreign exchange contracts (gross) | $ | 1,952 | Model-based | Foreign exchange (FX) volatility | 1.75 | % | 32.34 | % | 11.08 | % | ||||||||||||||||||||||||
323 | Cash flow | Yield | 0.22 | % | 12.3 | % | 3.39 | % | ||||||||||||||||||||||||||
Interest rate | 3.72 | % | 6 | % | 5.98 | % | ||||||||||||||||||||||||||||
Contingent event probability | 80 | % | 99 | % | 96 | % | ||||||||||||||||||||||||||||
Equity contracts (gross)(7) | $ | 4,550 | Model-based | Equity volatility | 10 | % | 76.62 | % | 25.89 | % | ||||||||||||||||||||||||
Forward price | 90.7 | % | 111.88 | % | 95.79 | % | ||||||||||||||||||||||||||||
Equity-FX correlation | (88.20 | )% | 50.9 | % | (38.70 | )% | ||||||||||||||||||||||||||||
Equity-equity correlation | (66.30 | )% | 94.5 | % | 34.8 | % | ||||||||||||||||||||||||||||
As of March 31, 2015 | Fair Value(1) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted | ||||||||||||||||||||||||||||
(in millions) | Average(4) | |||||||||||||||||||||||||||||||||
Commodity contracts (gross) | $ | 3,576 | Model-based | Commodity volatility | 5 | % | 60 | % | 20 | % | ||||||||||||||||||||||||
Commodity correlation | (52.00 | )% | 91 | % | 38 | % | ||||||||||||||||||||||||||||
Forward price | 34.02 | % | 242.86 | % | 98 | % | ||||||||||||||||||||||||||||
Credit derivatives (gross) | $ | 4,426 | Model-based | Recovery rate | 18.31 | % | 75 | % | 38.75 | % | ||||||||||||||||||||||||
1,299 | Price-based | Credit correlation | 5 | % | 95 | % | 50.7 | % | ||||||||||||||||||||||||||
Price | $ | 0.1 | $ | 147 | $ | 43.22 | ||||||||||||||||||||||||||||
Credit spread | 4 bps | 1,393 bps | 150 bps | |||||||||||||||||||||||||||||||
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross)(6) | $ | 81 | Model-based | Redemption rate | 13 | % | 99.5 | % | 67.2 | % | ||||||||||||||||||||||||
47 | Yield analysis | Yield | 1.33 | % | 5.78 | % | 3.32 | % | ||||||||||||||||||||||||||
25 | Price-based | |||||||||||||||||||||||||||||||||
Loans | $ | 1,780 | Cash flow | Yield | 1.6 | % | 4.5 | % | 2.23 | % | ||||||||||||||||||||||||
964 | Model-based | Credit spread | 39 bps | 600 bps | 223 bps | |||||||||||||||||||||||||||||
723 | Price-based | Appraised value | $433,676,137 | $433,676,137 | $433,676,137 | |||||||||||||||||||||||||||||
438 | Yield analysis | Price | $ | — | $ | 131.31 | $ | 63.6 | ||||||||||||||||||||||||||
Mortgage servicing rights | $ | 1,590 | Cash flow | Yield | 4.81 | % | 23.64 | % | 7.33 | % | ||||||||||||||||||||||||
WAL | 3.24 years | 7.45 years | 5.04 years | |||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 465 | Model-based | Equity-IR correlation | 34 | % | 37 | % | 35.43 | % | ||||||||||||||||||||||||
Commodity correlation | (52.00 | )% | 91 | % | 38 | % | ||||||||||||||||||||||||||||
Commodity volatility | 5 | % | 60 | % | 20 | % | ||||||||||||||||||||||||||||
Forward price | 34.02 | % | 242.86 | % | 98 | % | ||||||||||||||||||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | $ | 1,060 | Model-based | Interest rate | 0.87 | % | 2.01 | % | 1.72 | % | ||||||||||||||||||||||||
Trading account liabilities | ||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | $ | 184 | Price-based | Price | $ | — | $ | 105.54 | $ | 33.74 | ||||||||||||||||||||||||
$ | 41 | Model-based | ||||||||||||||||||||||||||||||||
Short-term borrowings and long-term debt | $ | 7,309 | Model-based | Equity-equity correlation | (66.30 | )% | 94.8 | % | 34.89 | % | ||||||||||||||||||||||||
Mean reversion | 1 | % | 20 | % | 10.5 | % | ||||||||||||||||||||||||||||
Equity volatility | 15.41 | % | 32 | % | 15.85 | % | ||||||||||||||||||||||||||||
Credit correlation | 87.5 | % | 87.5 | % | 87.5 | % | ||||||||||||||||||||||||||||
FX volatility | 9.3 | % | 15.2 | % | 14.41 | % | ||||||||||||||||||||||||||||
Equity-FX correlation | (88.20 | )% | 50.9 | % | (38.24 | )% | ||||||||||||||||||||||||||||
Forward price | 34.02 | % | 242.86 | % | 94.4 | % | ||||||||||||||||||||||||||||
Commodity correlation | (52.00 | )% | 91 | % | 38 | % | ||||||||||||||||||||||||||||
Commodity volatility | 5 | % | 60 | % | 20 | % | ||||||||||||||||||||||||||||
As of December 31, 2014 | Fair Value(1) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted | ||||||||||||||||||||||||||||
(in millions) | Average(4) | |||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | 3,156 | Model-based | Interest rate | 1.27 | % | 1.97 | % | 1.8 | % | ||||||||||||||||||||||||
Mortgage-backed securities | $ | 2,874 | Price-based | Price | $ | — | $ | 127.87 | $ | 81.43 | ||||||||||||||||||||||||
1,117 | Yield analysis | Yield | 0.01 | % | 19.91 | % | 5.89 | % | ||||||||||||||||||||||||||
State and municipal, foreign government, corporate and other debt securities | $ | 5,937 | Price-based | Price | $ | — | $ | 124 | $ | 90.62 | ||||||||||||||||||||||||
1,860 | Cash flow | Credit spread | 25 bps | 600 bps | 233 bps | |||||||||||||||||||||||||||||
Equity securities(5) | $ | 2,163 | Price-based | Price (5) | $ | — | $ | 141 | $ | 91 | ||||||||||||||||||||||||
679 | Cash flow | Yield | 4 | % | 5 | % | 4.5 | % | ||||||||||||||||||||||||||
WAL | 0.01 years | 3.14 years | 1.07 years | |||||||||||||||||||||||||||||||
Asset-backed securities | $ | 3,607 | Price-based | Price | $ | — | $ | 105.5 | $ | 67.01 | ||||||||||||||||||||||||
Non-marketable equity | $ | 1,224 | Price-based | Discount to price | — | % | 90 | % | 4.04 | % | ||||||||||||||||||||||||
1,055 | Comparables analysis | EBITDA multiples | 2.9 | x | 13.1 | x | 9.77 | x | ||||||||||||||||||||||||||
PE ratio | 8.1 | x | 13.1 | x | 8.43 | x | ||||||||||||||||||||||||||||
Price-to-book ratio | 0.99 | x | 1.56 | x | 1.15 | x | ||||||||||||||||||||||||||||
Fund NAV(5) | $ | 1 | $ | 64,668,171 | $ | 29,975,777 | ||||||||||||||||||||||||||||
Derivatives—Gross(6) | ||||||||||||||||||||||||||||||||||
Interest rate contracts (gross) | $ | 8,309 | Model-based | Interest rate (IR) lognormal volatility | 18.05 | % | 90.65 | % | 30.21 | % | ||||||||||||||||||||||||
Mean reversion | 1 | % | 20 | % | 10.5 | % | ||||||||||||||||||||||||||||
Foreign exchange contracts (gross) | $ | 1,428 | Model-based | Foreign exchange (FX) volatility | 0.37 | % | 58.4 | % | 8.57 | % | ||||||||||||||||||||||||
294 | Cash flow | Interest rate | 3.72 | % | 8.27 | % | 5.02 | % | ||||||||||||||||||||||||||
IR-FX correlation | 40 | % | 60 | % | 50 | % | ||||||||||||||||||||||||||||
Equity contracts (gross)(7) | $ | 4,431 | Model-based | Equity volatility | 9.56 | % | 82.44 | % | 24.61 | % | ||||||||||||||||||||||||
502 | Price-based | Equity forward | 84.1 | % | 100.8 | % | 94.1 | % | ||||||||||||||||||||||||||
Equity-FX correlation | (88.20 | )% | 48.7 | % | (25.17 | )% | ||||||||||||||||||||||||||||
Equity-equity correlation | (66.30 | )% | 94.8 | % | 36.87 | % | ||||||||||||||||||||||||||||
Price | $ | 0.01 | $ | 144.5 | $ | 93.05 | ||||||||||||||||||||||||||||
Commodity contracts (gross) | $ | 3,606 | Model-based | Commodity volatility | 5 | % | 83 | % | 24 | % | ||||||||||||||||||||||||
Commodity correlation | (57.00 | )% | 91 | % | 30 | % | ||||||||||||||||||||||||||||
Forward price | 35.34 | % | 268.77 | % | 101.74 | % | ||||||||||||||||||||||||||||
Credit derivatives (gross) | $ | 4,944 | Model-based | Recovery rate | 13.97 | % | 75 | % | 37.62 | % | ||||||||||||||||||||||||
1,584 | Price-based | Credit correlation | — | % | 95 | % | 58.76 | % | ||||||||||||||||||||||||||
Price | $ | 1 | $ | 144.5 | $ | 53.86 | ||||||||||||||||||||||||||||
Credit spread | 1 bps | 3,380 bps | 180 bps | |||||||||||||||||||||||||||||||
Upfront points | 0.39 | 100 | 52.26 | |||||||||||||||||||||||||||||||
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross)(6) | $ | 74 | Model-based | Redemption rate | 13 | % | 99.5 | % | 68.73 | % | ||||||||||||||||||||||||
11 | Price-based | Forward Price | 107 | % | 107.1 | % | 107.05 | % | ||||||||||||||||||||||||||
Fund NAV | $ | 12,974 | $ | 10,087,963 | $ | 9,308,012 | ||||||||||||||||||||||||||||
As of December 31, 2014 | Fair Value(1) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted | ||||||||||||||||||||||||||||
(in millions) | Average(4) | |||||||||||||||||||||||||||||||||
Loans | $ | 1,095 | Cash flow | Yield | 1.6 | % | 4.5 | % | 2.23 | % | ||||||||||||||||||||||||
832 | Model-based | Price | $ | 4.72 | $ | 106.55 | $ | 98.56 | ||||||||||||||||||||||||||
740 | Price-based | Credit spread | 35 bps | 500 bps | 199 bps | |||||||||||||||||||||||||||||
441 | Yield analysis | |||||||||||||||||||||||||||||||||
Mortgage servicing rights | $ | 1,750 | Cash flow | Yield | 5.19 | % | 21.4 | % | 10.25 | % | ||||||||||||||||||||||||
WAL | 3.31 years | 7.89 years | 5.17 years | |||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 486 | Model-based | Equity-IR correlation | 34 | % | 37 | % | 35.43 | % | ||||||||||||||||||||||||
Commodity correlation | (57.00 | )% | 91 | % | 30 | % | ||||||||||||||||||||||||||||
Commodity volatility | 5 | % | 83 | % | 24 | % | ||||||||||||||||||||||||||||
Forward price | 35.34 | % | 268.77 | % | 101.74 | % | ||||||||||||||||||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | $ | 1,043 | Model-based | Interest rate | 0.74 | % | 2.26 | % | 1.9 | % | ||||||||||||||||||||||||
Trading account liabilities | ||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | $ | 251 | Model-based | Credit-IR correlation | (70.49 | )% | 8.81 | % | 47.17 | % | ||||||||||||||||||||||||
$ | 142 | Price-based | Price | $ | — | $ | 117 | $ | 70.33 | |||||||||||||||||||||||||
Short-term borrowings and long-term debt | $ | 7,204 | Model-based | IR lognormal volatility | 18.05 | % | 90.65 | % | 30.21 | % | ||||||||||||||||||||||||
Mean reversion | 1 | % | 20 | % | 10.5 | % | ||||||||||||||||||||||||||||
Equity volatility | 10.18 | % | 69.65 | % | 23.72 | % | ||||||||||||||||||||||||||||
Credit correlation | 87.5 | % | 87.5 | % | 87.5 | % | ||||||||||||||||||||||||||||
Equity forward | 89.5 | % | 100.8 | % | 95.8 | % | ||||||||||||||||||||||||||||
Forward price | 35.34 | % | 268.77 | % | 101.8 | % | ||||||||||||||||||||||||||||
Commodity correlation | (57.00 | )% | 91 | % | 30 | % | ||||||||||||||||||||||||||||
Commodity volatility | 5 | % | 83 | % | 24 | % | ||||||||||||||||||||||||||||
-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 | 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 value of the instrument. | |||||||||||||||||||||||||||||||||
-5 | For equity securities, the price and fund NAV 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. | |||||||||||||||||||||||||||||||||
Items measured at fair value of a nonrecurring basis | The following table presents the carrying amounts of all assets that were still held as of March 31, 2015 and December 31, 2014, for which a nonrecurring fair value measurement was recorded: | |||||||||||||||||||||||||||||||||
In millions of dollars | Fair value | Level 2 | Level 3 | |||||||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||||||||
Loans held-for-sale | $ | 6,168 | $ | 3,130 | $ | 3,038 | ||||||||||||||||||||||||||||
Other real estate owned | 112 | 21 | 91 | |||||||||||||||||||||||||||||||
Loans | 855 | 506 | 349 | |||||||||||||||||||||||||||||||
Total assets at fair value on a nonrecurring basis | $ | 7,135 | $ | 3,657 | $ | 3,478 | ||||||||||||||||||||||||||||
In millions of dollars | Fair value | Level 2 | Level 3 | |||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||
Loans held-for-sale | $ | 4,152 | $ | 1,084 | $ | 3,068 | ||||||||||||||||||||||||||||
Other real estate owned | 102 | 21 | 81 | |||||||||||||||||||||||||||||||
Loans(1) | 3,367 | 2,881 | 486 | |||||||||||||||||||||||||||||||
Total assets at fair value on a nonrecurring basis | $ | 7,621 | $ | 3,986 | $ | 3,635 | ||||||||||||||||||||||||||||
-1 | Represents impaired loans held for investment whose carrying amount is based on the fair value of the underlying collateral, including primarily real-estate secured loans. | |||||||||||||||||||||||||||||||||
Valuation techniques and inputs for Level 3 nonrecurring fair value measurements | The following tables present the valuation techniques covering the majority of Level 3 nonrecurring fair value measurements and the most significant unobservable inputs used in those measurements as of March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||||||||||
As of March 31, 2015 | Fair Value(1) | Methodology | Input | Low | High | Weighted | ||||||||||||||||||||||||||||
(in millions) | average(2) | |||||||||||||||||||||||||||||||||
Loans held-for-sale | $ | 2,876 | Price-based | Price | $ | — | $ | 100 | $ | 9.17 | ||||||||||||||||||||||||
Other real estate owned | $ | 66 | Price-based | Appraised Value | $ | — | $ | 18,824,904 | $ | 10,481,906 | ||||||||||||||||||||||||
19 | Comparables analysis | Discount to price(4) | 34 | % | 34 | % | 34 | % | ||||||||||||||||||||||||||
Loans(3) | $ | 259 | Price-based | Discount to price(4) | 13 | % | 34 | % | 24.51 | % | ||||||||||||||||||||||||
Appraised Value | $ | 3,817,920 | $ | 33,267,917 | $ | 26,152,931 | ||||||||||||||||||||||||||||
Yield | 8.5 | % | 15 | % | 12.98 | % | ||||||||||||||||||||||||||||
-1 | The fair value amounts presented in this table represent the primary valuation technique or techniques for each class of assets or liabilities. | |||||||||||||||||||||||||||||||||
-2 | Weighted averages are calculated based on the fair value of the instrument. | |||||||||||||||||||||||||||||||||
-3 | Represents loans held for investment whose carrying amounts are based on the fair value of the underlying collateral. | |||||||||||||||||||||||||||||||||
-4 | Includes estimated costs to sell. | |||||||||||||||||||||||||||||||||
As of December 31, 2014 | Fair Value(1) | Methodology | Input | Low | High | Weighted | ||||||||||||||||||||||||||||
(in millions) | average(2) | |||||||||||||||||||||||||||||||||
Loans held-for-sale | $ | 2,740 | Price-based | Price | $ | 92 | $ | 100 | $ | 99.54 | ||||||||||||||||||||||||
Credit Spread | 5 bps | 358 bps | 175 bps | |||||||||||||||||||||||||||||||
Other real estate owned | $ | 76 | Price-based | Appraised Value | $11,000 | $11,124,137 | $4,730,129 | |||||||||||||||||||||||||||
Discount to price(4) | 13 | % | 64 | % | 28.8 | % | ||||||||||||||||||||||||||||
Loans(3) | $ | 437 | Price-based | Discount to price(4) | 13 | % | 34 | % | 28.92 | % | ||||||||||||||||||||||||
-1 | The fair value amounts presented in this table represent the primary valuation technique or techniques for each class of assets or liabilities. | |||||||||||||||||||||||||||||||||
-2 | Weighted averages are based on the fair value of the instrument. | |||||||||||||||||||||||||||||||||
-3 | Represents loans held for investment whose carrying amounts are based on the fair value of the underlying collateral. | |||||||||||||||||||||||||||||||||
-4 | Includes estimated costs to sell. | |||||||||||||||||||||||||||||||||
Changes in total nonrecurring fair value measurements | The following table presents total nonrecurring fair value measurements for the period, included in earnings, attributable to the change in fair value relating to assets that are still held at March 31, 2015 and March 31, 2014: | |||||||||||||||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||||||||||||||
In millions of dollars | 2015 | 2014 | ||||||||||||||||||||||||||||||||
Loans held-for-sale | $ | (6 | ) | $ | 74 | |||||||||||||||||||||||||||||
Other real estate owned | (6 | ) | (7 | ) | ||||||||||||||||||||||||||||||
Loans(1) | (87 | ) | (211 | ) | ||||||||||||||||||||||||||||||
Total nonrecurring fair value gains (losses) | $ | (99 | ) | $ | (144 | ) | ||||||||||||||||||||||||||||
-1 | Represents loans held for investment whose carrying amount is based on the fair value of the underlying collateral, including primarily real-estate loans. | |||||||||||||||||||||||||||||||||
Estimated Fair Value of Financial Instruments | The table below presents the carrying value and fair value of Citigroup’s financial instruments that are not carried at fair value. The table below therefore excludes items measured at fair value on a recurring basis presented in the tables above. | |||||||||||||||||||||||||||||||||
The disclosure also excludes leases, affiliate investments, pension and benefit obligations and insurance policy claim reserves. In addition, contract-holder fund amounts exclude certain insurance contracts. Also, as required, the disclosure excludes the effect of taxes, any premium or discount that could result from offering for sale at one time the entire holdings of a particular instrument, excess fair value associated with deposits with no fixed maturity, and other expenses that would be incurred in a market transaction. In addition, the table excludes the values of non-financial assets and liabilities, as well as a wide range of franchise, relationship and intangible values, which are integral to a full assessment of Citigroup’s financial position and the value of its net assets. | ||||||||||||||||||||||||||||||||||
The fair value represents management’s best estimates based on a range of methodologies and assumptions. The carrying value of short-term financial instruments not accounted for at fair value, as well as receivables and payables arising in the ordinary course of business, approximates fair value because of the relatively short period of time between their origination and expected realization. Quoted market prices are used when available for investments and for liabilities, such as long-term debt not carried at fair value. For loans not accounted for at fair value, cash flows are discounted at quoted secondary market rates or estimated market rates if available. Otherwise, sales of comparable loan portfolios or current market origination rates for loans with similar terms and risk characteristics are used. Expected credit losses are either embedded in the estimated future cash flows or incorporated as an adjustment to the discount rate used. The value of collateral is also considered. For liabilities such as long-term debt not accounted for at fair value and without quoted market prices, market borrowing rates of interest are used to discount contractual cash flows. | ||||||||||||||||||||||||||||||||||
31-Mar-15 | Estimated fair value | |||||||||||||||||||||||||||||||||
Carrying | Estimated | |||||||||||||||||||||||||||||||||
In billions of dollars | value | fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Investments | $ | 29 | $ | 30.7 | $ | 4.3 | $ | 23.8 | $ | 2.6 | ||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 103.1 | 103.1 | — | 96 | 7.1 | |||||||||||||||||||||||||||||
Loans(1)(2) | 597.3 | 597.1 | — | 6.1 | 591 | |||||||||||||||||||||||||||||
Other financial assets(2)(3) | 219 | 219 | 8.1 | 147.7 | 63.2 | |||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Deposits | $ | 898 | $ | 890.3 | $ | — | $ | 735.3 | $ | 155 | ||||||||||||||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 141.1 | 141.1 | — | 140.9 | 0.2 | |||||||||||||||||||||||||||||
Long-term debt(4) | 185.1 | 192 | — | 169.8 | 22.2 | |||||||||||||||||||||||||||||
Other financial liabilities(5) | 125.6 | 125.6 | — | 31.7 | 93.9 | |||||||||||||||||||||||||||||
31-Dec-14 | Estimated fair value | |||||||||||||||||||||||||||||||||
Carrying | Estimated | |||||||||||||||||||||||||||||||||
In billions of dollars | value | fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Investments | $ | 30.5 | $ | 32.2 | $ | 4.5 | $ | 25.2 | $ | 2.5 | ||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 98.4 | 98.4 | — | 89.7 | 8.7 | |||||||||||||||||||||||||||||
Loans(1)(2) | 620 | 617.6 | — | 5.6 | 612 | |||||||||||||||||||||||||||||
Other financial assets(2)(3) | 213.8 | 213.8 | 8.3 | 151.9 | 53.6 | |||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Deposits | $ | 897.6 | $ | 894.4 | $ | — | $ | 766.7 | $ | 127.7 | ||||||||||||||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 136.7 | 136.7 | — | 136.5 | 0.2 | |||||||||||||||||||||||||||||
Long-term debt(4) | 196.9 | 202.5 | — | 172.7 | 29.8 | |||||||||||||||||||||||||||||
Other financial liabilities(5) | 136.2 | 136.2 | — | 41.4 | 94.8 | |||||||||||||||||||||||||||||
-1 | The carrying value of loans is net of the Allowance for loan losses of $14.6 billion for March 31, 2015 and $16.0 billion for December 31, 2014. In addition, the carrying values exclude $2.6 billion and $2.7 billion of lease finance receivables at March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||||||||||||||||||||
-2 | Includes items measured at fair value on a nonrecurring basis. | |||||||||||||||||||||||||||||||||
-3 | Includes cash and due from banks, deposits with banks, brokerage receivables, reinsurance recoverable 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. |
FAIR_VALUE_ELECTIONS_Tables
FAIR VALUE ELECTIONS (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Fair Value, Option, Aggregate Differences [Abstract] | |||||||||||||
Schedule of financial instruments selected for changes in fair value gains and losses | The following table presents the changes in fair value gains and losses for the three months ended March 31, 2015 and 2014 associated with those items for which the fair value option was elected: | ||||||||||||
Changes in fair value gains (losses) for the | |||||||||||||
Three Months Ended March 31, | |||||||||||||
In millions of dollars | 2015 | 2014 | |||||||||||
Assets | |||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | (4 | ) | $ | 122 | ||||||||
Selected portfolios of securities purchased under agreements to resell and securities | |||||||||||||
borrowed | |||||||||||||
Trading account assets | 91 | 190 | |||||||||||
Investments | 45 | 29 | |||||||||||
Loans | |||||||||||||
Certain corporate loans(1) | (49 | ) | 14 | ||||||||||
Certain consumer loans(1) | 2 | (24 | ) | ||||||||||
Total loans | $ | (47 | ) | $ | (10 | ) | |||||||
Other assets | |||||||||||||
MSRs | (71 | ) | (84 | ) | |||||||||
Certain mortgage loans held for sale(2) | 102 | 120 | |||||||||||
Total other assets | $ | 31 | $ | 36 | |||||||||
Total assets | $ | 116 | $ | 367 | |||||||||
Liabilities | |||||||||||||
Interest-bearing deposits | $ | 10 | $ | (24 | ) | ||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 2 | (6 | ) | ||||||||||
Selected portfolios of securities sold under agreements to repurchase and securities loaned | |||||||||||||
Trading account liabilities | 29 | 3 | |||||||||||
Short-term borrowings | (1 | ) | 19 | ||||||||||
Long-term debt | (45 | ) | (272 | ) | |||||||||
Total liabilities | $ | (5 | ) | $ | (280 | ) | |||||||
-1 | Includes mortgage loans held by mortgage loan securitization VIEs consolidated upon the adoption of ASC 810 Consolidation (SFAS 167) on January 1, 2010. | ||||||||||||
-2 | Includes gains (losses) associated with interest rate lock-commitments for those loans that have been originated and elected under the fair value option. | ||||||||||||
Schedule of fair value of loans and other disclosures for certain credit related products | The following table provides information about certain credit products carried at fair value at March 31, 2015 and December 31, 2014: | ||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||
In millions of dollars | Trading assets | Loans | Trading assets | Loans | |||||||||
Carrying amount reported on the Consolidated Balance Sheet | $ | 10,445 | $ | 6,575 | $ | 10,290 | $ | 5,901 | |||||
Aggregate unpaid principal balance in excess of (less than) fair value | 419 | 13 | 234 | 125 | |||||||||
Balance of non-accrual loans or loans more than 90 days past due | 6 | 2 | 13 | 3 | |||||||||
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | 12 | 2 | 28 | 1 | |||||||||
Schedule of fair value of loans and other disclosures for certain mortgage loans | The following table provides information about certain mortgage loans HFS carried at fair value at March 31, 2015 and December 31, 2014: | ||||||||||||
In millions of dollars | March 31, | 31-Dec-14 | |||||||||||
2015 | |||||||||||||
Carrying amount reported on the Consolidated Balance Sheet | $ | 1,226 | $ | 1,447 | |||||||||
Aggregate fair value in excess of unpaid principal balance | 52 | 67 | |||||||||||
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 | — | — | |||||||||||
Schedule of carrying value of structured notes, disaggregated by type of embedded derivative instrument | The following table provides information about the carrying value of structured notes, disaggregated by type of embedded derivative instrument at March 31, 2015 and December 31, 2014: | ||||||||||||
In billions of dollars | March 31, 2015 | December 31, 2014 | |||||||||||
Interest rate linked | $ | 10.1 | $ | 10.9 | |||||||||
Foreign exchange linked | 0.3 | 0.3 | |||||||||||
Equity linked | 8.4 | 8 | |||||||||||
Commodity linked | 1.6 | 1.4 | |||||||||||
Credit linked | 2.2 | 2.5 | |||||||||||
Total | $ | 22.6 | $ | 23.1 | |||||||||
Schedule of long-term debt carried at fair value, excluding debt issued by consolidated VIEs | The following table provides information about long-term debt carried at fair value, excluding debt issued by consolidated VIEs, at March 31, 2015 and December 31, 2014: | ||||||||||||
In millions of dollars | March 31, 2015 | December 31, 2014 | |||||||||||
Carrying amount reported on the Consolidated Balance Sheet | $ | 25,409 | $ | 26,180 | |||||||||
Aggregate unpaid principal balance in excess of (less than) fair value | (268 | ) | (151 | ) | |||||||||
Schedule of short-term borrowings carried at fair value | The following table provides information about short-term borrowings carried at fair value at March 31, 2015 and December 31, 2014: | ||||||||||||
In millions of dollars | March 31, 2015 | December 31, 2014 | |||||||||||
Carrying amount reported on the Consolidated Balance Sheet | $ | 926 | $ | 1,496 | |||||||||
Aggregate unpaid principal balance in excess of (less than) fair value | (10 | ) | 31 | ||||||||||
GUARANTEES_AND_COMMITMENTS_Tab
GUARANTEES AND COMMITMENTS (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Pledged Assets, Collateral, Guarantees and Commitments [Abstract] | |||||||||||||
Schedule of guarantor obligations | The following tables present information about Citi’s guarantees at March 31, 2015 and December 31, 2014: | ||||||||||||
Maximum potential amount of future payments | |||||||||||||
In billions of dollars at March 31, 2015 except carrying value in millions | Expire within | Expire after | Total amount | Carrying value | |||||||||
1 year | 1 year | outstanding | (in millions of dollars) | ||||||||||
Financial standby letters of credit | $ | 25.4 | $ | 71.6 | $ | 97 | $ | 239 | |||||
Performance guarantees | 7 | 4.4 | 11.4 | 25 | |||||||||
Derivative instruments considered to be guarantees | 11.5 | 73.1 | 84.6 | 2,437 | |||||||||
Loans sold with recourse | — | 0.2 | 0.2 | 15 | |||||||||
Securities lending indemnifications(1) | 147.3 | — | 147.3 | — | |||||||||
Credit card merchant processing(1) | 78.4 | — | 78.4 | — | |||||||||
Custody indemnifications and other | — | 52.2 | 52.2 | 55 | |||||||||
Total | $ | 269.6 | $ | 201.5 | $ | 471.1 | $ | 2,771 | |||||
Maximum potential amount of future payments | |||||||||||||
In billions of dollars at December 31, 2014 except carrying value in millions | Expire within | Expire after | Total amount | Carrying value | |||||||||
1 year | 1 year | outstanding | (in millions of dollars) | ||||||||||
Financial standby letters of credit | $ | 25.4 | $ | 73 | $ | 98.4 | $ | 242 | |||||
Performance guarantees | 7.1 | 4.8 | 11.9 | 29 | |||||||||
Derivative instruments considered to be guarantees | 12.5 | 79.2 | 91.7 | 2,806 | |||||||||
Loans sold with recourse | — | 0.2 | 0.2 | 15 | |||||||||
Securities lending indemnifications(1) | 127.5 | — | 127.5 | — | |||||||||
Credit card merchant processing(1) | 86 | — | 86 | — | |||||||||
Custody indemnifications and other | — | 48.9 | 48.9 | 54 | |||||||||
Total | $ | 258.5 | $ | 206.1 | $ | 464.6 | $ | 3,146 | |||||
-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. | ||||||||||||
Schedule of guarantor obligations by credit ratings | Presented in the tables below are the maximum potential amounts of future payments that are classified based upon internal and external credit ratings as of March 31, 2015 and December 31, 2014. As previously mentioned, the determination of the maximum potential future payments is based on the notional amount of the guarantees without consideration of possible recoveries under recourse provisions or from collateral held or pledged. As such, Citi believes such amounts bear no relationship to the anticipated losses, if any, on these guarantees. | ||||||||||||
Maximum potential amount of future payments | |||||||||||||
In billions of dollars at March 31, 2015 | Investment | Non-investment | Not | Total | |||||||||
grade | grade | rated | |||||||||||
Financial standby letters of credit | $ | 72.5 | $ | 13.6 | $ | 10.9 | $ | 97 | |||||
Performance guarantees | 6.7 | 4 | 0.7 | 11.4 | |||||||||
Derivative instruments deemed to be guarantees | — | — | 84.6 | 84.6 | |||||||||
Loans sold with recourse | — | — | 0.2 | 0.2 | |||||||||
Securities lending indemnifications | — | — | 147.3 | 147.3 | |||||||||
Credit card merchant processing | — | — | 78.4 | 78.4 | |||||||||
Custody indemnifications and other | 52.1 | 0.1 | — | 52.2 | |||||||||
Total | $ | 131.3 | $ | 17.7 | $ | 322.1 | $ | 471.1 | |||||
Maximum potential amount of future payments | |||||||||||||
In billions of dollars at December 31, 2014 | Investment | Non-investment | Not | Total | |||||||||
grade | grade | rated | |||||||||||
Financial standby letters of credit | $ | 73 | $ | 15.9 | $ | 9.5 | $ | 98.4 | |||||
Performance guarantees | 7.3 | 3.9 | 0.7 | 11.9 | |||||||||
Derivative instruments deemed to be guarantees | — | — | 91.7 | 91.7 | |||||||||
Loans sold with recourse | — | — | 0.2 | 0.2 | |||||||||
Securities lending indemnifications | — | — | 127.5 | 127.5 | |||||||||
Credit card merchant processing | — | — | 86 | 86 | |||||||||
Custody indemnifications and other | 48.8 | 0.1 | — | 48.9 | |||||||||
Total | $ | 129.1 | $ | 19.9 | $ | 315.6 | $ | 464.6 | |||||
Schedule of Credit Commitments | The table below summarizes Citigroup’s credit commitments as of March 31, 2015 and December 31, 2014: | ||||||||||||
In millions of dollars | U.S. | Outside of | March 31, | December 31, | |||||||||
U.S. | 2015 | 2014 | |||||||||||
Commercial and similar letters of credit | $ | 1,037 | $ | 4,678 | $ | 5,715 | $ | 6,634 | |||||
One- to four-family residential mortgages | 1,840 | 2,276 | 4,116 | 5,674 | |||||||||
Revolving open-end loans secured by one- to four-family residential properties | 13,597 | 2,359 | 15,956 | 16,098 | |||||||||
Commercial real estate, construction and land development | 6,817 | 1,172 | 7,989 | 9,242 | |||||||||
Credit card lines | 492,021 | 117,461 | 609,482 | 612,049 | |||||||||
Commercial and other consumer loan commitments | 152,069 | 84,347 | 236,416 | 243,680 | |||||||||
Other commitments and contingencies | 4,856 | 4,638 | 9,494 | 10,663 | |||||||||
Total | $ | 672,237 | $ | 216,931 | $ | 889,168 | $ | 904,040 | |||||
BASIS_OF_PRESENTATION_AND_ACCO2
BASIS OF PRESENTATION AND ACCOUNTING CHANGES - Accounting Changes (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Mar. 31, 2015 |
New Accounting Pronouncements or Change in Accounting Principle | ||
Addition (reduction) in Retained earnings | $117,852 | $122,463 |
Other assets | 122,122 | 136,040 |
Accounting Standards Update 2014-01 | ||
New Accounting Pronouncements or Change in Accounting Principle | ||
Addition (reduction) in Retained earnings | -349 | |
Other assets | -178 | |
Addition (reduction) in deferred tax assets | -171 | |
Accounting Standards Update 2014-14 | ||
New Accounting Pronouncements or Change in Accounting Principle | ||
Reclassification adjustment | $130 |
DISCONTINUED_OPERATIONS_AND_SI2
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS - Discontinued Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 |
transaction | ||||
Results of Discontinued Operations | ||||
Total revenues, net of interest expense | $0 | $69 | ||
Income (loss) from discontinued operations | -8 | 40 | ||
Provision (benefit) for income taxes | -3 | 3 | ||
Income (loss) from discontinued operations, net of taxes | -5 | 37 | ||
Brazil Creditcard | ||||
Results of Discontinued Operations | ||||
Income (loss) from discontinued operations, net of taxes | -2 | 53 | ||
Citi Capital Advisors Business | ||||
Discontinued operations | ||||
Number of transactions | 2 | |||
Ownership interest (as a percent) | 24.90% | |||
Results of Discontinued Operations | ||||
Income (loss) from discontinued operations, net of taxes | 1 | -2 | ||
Egg Banking PLC | ||||
Results of Discontinued Operations | ||||
Income (loss) from discontinued operations, net of taxes | -4 | -14 | ||
German retail banking operations | ||||
Discontinued operations | ||||
Residual costs associated with banking operations tax effect | $20 |
DISCONTINUED_OPERATIONS_AND_SI3
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS - Significant Disposals (Details) (USD $) | 3 Months Ended | 0 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Sep. 22, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||||
Assets | |||||
Cash and deposits with banks | $626,000,000 | $151,000,000 | |||
Investments | 1,499,000,000 | 0 | |||
Loans, net | 9,283,000,000 | 544,000,000 | |||
Allowance | 713,000,000 | 2,000,000 | |||
Goodwill | 112,000,000 | 51,000,000 | |||
Intangible assets | 123,000,000 | 0 | |||
Other assets, advances to/from subs | 19,480,000,000 | 19,854,000,000 | |||
Other assets | 473,000,000 | 66,000,000 | |||
Total assets | 31,596,000,000 | 20,666,000,000 | |||
Liabilities | |||||
Deposits | 20,193,000,000 | 20,605,000,000 | |||
Long-term debt | 4,673,000,000 | 0 | |||
Other liabilities, due to/from subs | 1,902,000,000 | 0 | |||
Other liabilities | 1,970,000,000 | 61,000,000 | |||
Total liabilities | 28,738,000,000 | 20,666,000,000 | |||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | OneMain Financial Business | |||||
Discontinued operations | |||||
Income before taxes | 177,000,000 | 242,000,000 | |||
Assets | |||||
Cash and deposits with banks | 492,000,000 | ||||
Investments | 1,499,000,000 | ||||
Loans, net | 7,427,000,000 | ||||
Allowance | 688,000,000 | ||||
Intangible assets | 123,000,000 | ||||
Other assets | 355,000,000 | ||||
Total assets | 9,896,000,000 | ||||
Liabilities | |||||
Long-term debt | 4,673,000,000 | ||||
Other liabilities, due to/from subs | 1,902,000,000 | ||||
Other liabilities | 1,454,000,000 | ||||
Total liabilities | 8,029,000,000 | ||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Japan Cards Business | |||||
Discontinued operations | |||||
Income before taxes | -1,000,000 | 0 | |||
Assets | |||||
Cash and deposits with banks | 16,000,000 | ||||
Loans, net | 1,308,000,000 | ||||
Allowance | 24,000,000 | ||||
Goodwill | 61,000,000 | ||||
Other assets | 66,000,000 | ||||
Total assets | 1,451,000,000 | ||||
Liabilities | |||||
Other liabilities | 460,000,000 | ||||
Total liabilities | 460,000,000 | ||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Japan Retail Business | |||||
Discontinued operations | |||||
Income before taxes | 0 | 2,000,000 | |||
Assets | |||||
Cash and deposits with banks | 118,000,000 | 151,000,000 | |||
Loans, net | 548,000,000 | 544,000,000 | |||
Allowance | 1,000,000 | 2,000,000 | |||
Goodwill | 51,000,000 | 51,000,000 | |||
Other assets, advances to/from subs | 19,480,000,000 | 19,854,000,000 | |||
Other assets | 52,000,000 | 66,000,000 | |||
Total assets | 20,249,000,000 | 20,666,000,000 | |||
Liabilities | |||||
Deposits | 20,193,000,000 | 20,605,000,000 | |||
Other liabilities | 56,000,000 | 61,000,000 | |||
Total liabilities | 20,249,000,000 | 20,666,000,000 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Spain Consumer Business | |||||
Discontinued operations | |||||
Income before taxes | 0 | 21,000,000 | |||
Assets | |||||
Loans, net | 1,700,000,000 | ||||
Liabilities | |||||
Deposits | 2,200,000,000 | ||||
Additional Disclosures | |||||
Assets under management | 3,400,000,000 | ||||
Number of branches | 45 | ||||
Number of ATMs | 48 | ||||
Number of employees | 938 | ||||
Pre-tax gain on sale | 243,000,000 | ||||
After tax gain on sale of discontinued operations | 131,000,000 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Greece Consumer Business | |||||
Discontinued operations | |||||
Income before taxes | 0 | -15,000,000 | |||
Assets | |||||
Loans, net | 353,000,000 | ||||
Liabilities | |||||
Deposits | 1,200,000,000 | ||||
Additional Disclosures | |||||
Assets under management | 1,100,000,000 | ||||
Number of branches | 20 | ||||
Number of ATMs | 85 | ||||
Number of employees | 719 | ||||
Pre-tax gain on sale | 209,000,000 | ||||
After tax gain on sale of discontinued operations | $91,000,000 |
BUSINESS_SEGMENTS_Details
BUSINESS SEGMENTS (Details) (USD $) | 3 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | ||
market | |||||
Segment reporting information | |||||
Number of markets | 11 | ||||
Revenues, net of interest expense | $19,736 | [1] | $20,206 | [1] | |
Provision for income taxes | 2,120 | 2,131 | |||
Income (loss) from continuing operations | 4,817 | 3,952 | |||
Identifiable assets | 1,831,801 | 1,842,181 | |||
Provisions for credit losses and for benefits and claims | 1,915 | 1,974 | |||
Citicorp | North America | |||||
Segment reporting information | |||||
Revenues, net of interest expense | 8,300 | 8,300 | |||
Citicorp | EMEA | |||||
Segment reporting information | |||||
Revenues, net of interest expense | 3,000 | 3,100 | |||
Citicorp | Latin America | |||||
Segment reporting information | |||||
Revenues, net of interest expense | 2,900 | 3,200 | |||
Citicorp | Asia | |||||
Segment reporting information | |||||
Revenues, net of interest expense | 3,500 | 3,400 | |||
Global Consumer Banking | |||||
Segment reporting information | |||||
Regional business | 4 | ||||
Provisions for credit losses and for benefits and claims | 1,500 | 1,600 | |||
Institutional Clients Group | |||||
Segment reporting information | |||||
Number of countries where the entity provides a broad range of banking and financial products and services | 100 | ||||
Provisions for credit losses and for benefits and claims | 74 | 27 | |||
Citi Holdings | |||||
Segment reporting information | |||||
Provisions for credit losses and for benefits and claims | 400 | 400 | |||
Operating Segments | Total Citicorp and Corporate/Other | |||||
Segment reporting information | |||||
Revenues, net of interest expense | 17,902 | 18,221 | |||
Provision for income taxes | 1,966 | 2,272 | |||
Income (loss) from continuing operations | 4,670 | 4,234 | |||
Identifiable assets | 1,710,000 | 1,713,000 | |||
Operating Segments | Global Consumer Banking | |||||
Segment reporting information | |||||
Revenues, net of interest expense | 8,662 | 8,844 | |||
Provision for income taxes | 920 | 742 | |||
Income (loss) from continuing operations | 1,725 | 1,674 | |||
Identifiable assets | 387,000 | 406,000 | |||
Operating Segments | Institutional Clients Group | |||||
Segment reporting information | |||||
Revenues, net of interest expense | 9,028 | 9,154 | |||
Provision for income taxes | 1,358 | 1,321 | |||
Income (loss) from continuing operations | 2,964 | 2,948 | |||
Identifiable assets | 1,271,000 | 1,257,000 | |||
Operating Segments | Corporate/Other | |||||
Segment reporting information | |||||
Revenues, net of interest expense | 212 | 223 | |||
Provision for income taxes | -312 | 209 | |||
Income (loss) from continuing operations | -19 | -388 | |||
Identifiable assets | 52,000 | 50,000 | |||
Operating Segments | Citi Holdings | |||||
Segment reporting information | |||||
Revenues, net of interest expense | 1,834 | 1,985 | |||
Provision for income taxes | 154 | -141 | |||
Income (loss) from continuing operations | 147 | -282 | |||
Identifiable assets | $122,000 | $129,000 | |||
[1] | Certain prior-period revenue and expense lines and totals were reclassified to conform to the current period’s presentation. See Note 3 to the Consolidated Financial Statements. |
INTEREST_REVENUE_AND_EXPENSE_D
INTEREST REVENUE AND EXPENSE (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Interest revenue | ||||
Loan interest, including fees | $10,555 | $11,181 | ||
Deposits with banks | 183 | 252 | ||
Federal funds sold and securities borrowed or purchased under agreements to resell | 642 | 594 | ||
Investments, including dividends | 1,711 | 1,757 | ||
Trading account assets | 1,399 | 1,486 | ||
Other interest | 110 | 80 | ||
Total interest revenue | 14,600 | [1] | 15,350 | [1] |
Interest expense | ||||
Deposits | 1,326 | 1,449 | ||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 376 | 525 | ||
Trading account liabilities | 47 | 41 | ||
Short-term borrowings | 119 | 137 | ||
Long-term debt | 1,160 | 1,439 | ||
Total interest expense | 3,028 | [1] | 3,591 | [1] |
Net interest revenue | 11,572 | [1] | 11,759 | [1] |
Provision for loan losses | 1,755 | 1,793 | ||
Net interest revenue after provision for loan losses | 9,817 | 9,966 | ||
Insurance fees and charges | $296 | $281 | ||
[1] | Certain prior-period revenue and expense lines and totals were reclassified to conform to the current period’s presentation. See Note 3 to the Consolidated Financial Statements. |
COMMISSIONS_AND_FEES_Details
COMMISSIONS AND FEES (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Commissions and fees | ||||
Card fees amortization period | 12 months | |||
Total commissions and fees | $3,170 | [1] | $3,184 | [1] |
Investment banking | ||||
Commissions and fees | ||||
Total commissions and fees | 938 | 834 | ||
Trading-related | ||||
Commissions and fees | ||||
Total commissions and fees | 634 | 701 | ||
Credit cards and bank cards | ||||
Commissions and fees | ||||
Total commissions and fees | 501 | 563 | ||
Trade and securities services | ||||
Commissions and fees | ||||
Total commissions and fees | 435 | 453 | ||
Other consumer | ||||
Commissions and fees | ||||
Total commissions and fees | 180 | 213 | ||
Corporate finance | ||||
Commissions and fees | ||||
Total commissions and fees | 145 | 123 | ||
Checking-related | ||||
Commissions and fees | ||||
Total commissions and fees | 116 | 136 | ||
Loan servicing | ||||
Commissions and fees | ||||
Total commissions and fees | 95 | 88 | ||
Other | ||||
Commissions and fees | ||||
Total commissions and fees | $126 | $73 | ||
[1] | Certain prior-period revenue and expense lines and totals were reclassified to conform to the current period’s presentation. See Note 3 to the Consolidated Financial Statements. |
PRINCIPAL_TRANSACTIONS_Details
PRINCIPAL TRANSACTIONS (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Principal transactions revenue | ||||
Principal transactions revenue | $1,971 | [1] | $2,888 | [1] |
Interest rate contracts | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 1,197 | 1,390 | ||
Foreign exchange contracts | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 86 | 548 | ||
Equity contracts | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 114 | 138 | ||
Commodity and other contracts | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 317 | 224 | ||
Credit products and derivatives | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 257 | 588 | ||
Citicorp | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 1,950 | 2,796 | ||
Global Consumer Banking | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 173 | 172 | ||
Institutional Clients Group | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 2,199 | 2,604 | ||
Corporate/Other | ||||
Principal transactions revenue | ||||
Principal transactions revenue | -422 | 20 | ||
Citi Holdings | ||||
Principal transactions revenue | ||||
Principal transactions revenue | $21 | $92 | ||
[1] | Certain prior-period revenue and expense lines and totals were reclassified to conform to the current period’s presentation. See Note 3 to the Consolidated Financial Statements. |
RETIREMENT_BENEFITS_Net_Benefi
RETIREMENT BENEFITS - Net (Benefit) Expense (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Defined Benefit Plan Disclosure | ||
Percentage of the significant plans over global pension and postretirement liabilities, which utilize quarterly measurement policy | 90.00% | |
U.S. Pension Plans | ||
Amortization of unrecognized | ||
Total net (benefit) expense | ($35) | ($41) |
U.S. Qualified Pension Plan | ||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||
Benefits earned during the year | 2 | 2 |
Interest cost on benefit obligation | 137 | 140 |
Expected return on plan assets | -222 | -217 |
Amortization of unrecognized | ||
Prior service (benefit) cost | -1 | -1 |
Net actuarial loss | 37 | 23 |
Total net (benefit) expense | -47 | -53 |
U.S. Nonqualified Pension Plan | ||
Amortization of unrecognized | ||
Total net (benefit) expense | 12 | 12 |
Non - U.S. Pension Plans | ||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||
Benefits earned during the year | 44 | 46 |
Interest cost on benefit obligation | 80 | 96 |
Expected return on plan assets | -84 | -95 |
Amortization of unrecognized | ||
Prior service (benefit) cost | 0 | 1 |
Net actuarial loss | 21 | 20 |
Total net (benefit) expense | 61 | 68 |
U.S. Postretirement Benefit Plans | ||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||
Benefits earned during the year | 0 | 0 |
Interest cost on benefit obligation | 8 | 8 |
Expected return on plan assets | 0 | -1 |
Amortization of unrecognized | ||
Prior service (benefit) cost | 0 | 0 |
Net actuarial loss | 0 | -1 |
Total net (benefit) expense | 8 | 6 |
Non-U.S. Postretirement Benefit Plans | ||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||
Benefits earned during the year | 4 | 4 |
Interest cost on benefit obligation | 27 | 29 |
Expected return on plan assets | -29 | -30 |
Amortization of unrecognized | ||
Prior service (benefit) cost | -3 | -3 |
Net actuarial loss | 11 | 9 |
Total net (benefit) expense | $10 | $9 |
RETIREMENT_BENEFITS_Funded_Sta
RETIREMENT BENEFITS - Funded Status and Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
U.S. Pension Plans | |||
Change in plan assets | |||
Company contributions | $11 | $11 | |
U.S. Pension Plans | Significant Plans Measured Quarterly | |||
Change in projected benefit obligation | |||
Projected benefit obligation at period end - Significant Plans | 15,040 | ||
Change in plan assets | |||
Plan assets at fair value at period end - Significant Plans | 13,200 | ||
Funded status of the plans | -1,840 | ||
Net amount recognized | |||
Net amount recognized on the balance sheet - Significant Plans | -1,840 | ||
Amounts recognized in Accumulated other comprehensive income (loss) | |||
Net amount recognized in equity-pretax | -6,061 | ||
Accumulated benefit obligation at period end | 15,021 | ||
U.S. Qualified Pension Plan | |||
Change in projected benefit obligation | |||
Projected benefit obligation at beginning of year | 14,839 | ||
Benefits earned during the year | 2 | 2 | |
Interest cost on benefit obligation | 137 | 140 | |
Change in plan assets | |||
Plan assets at fair value at beginning of year | 13,071 | ||
U.S. Qualified Pension Plan | Plans measured annually | |||
Change in projected benefit obligation | |||
Projected benefit obligation at beginning of year | 0 | ||
Projected benefit obligation at period end - Significant Plans | 0 | ||
Change in plan assets | |||
Plan assets at fair value at beginning of year | 0 | ||
Plan assets at fair value at period end - Significant Plans | 0 | ||
U.S. Qualified Pension Plan | Significant Plans Measured Quarterly | |||
Change in projected benefit obligation | |||
Projected benefit obligation at beginning of year | 14,839 | ||
Benefits earned during the year | 3 | ||
Interest cost on benefit obligation | 144 | ||
Plan amendments | 0 | ||
Actuarial (gain) loss | 252 | ||
Benefits paid, net of participants’ contributions | -198 | ||
Foreign exchange impact and other | 0 | ||
Change in plan assets | |||
Plan assets at fair value at beginning of year | 13,071 | ||
Actual return on plan assets | 314 | ||
Company contributions | 13 | ||
Plan participants’ contributions | 0 | ||
Benefits paid | -198 | ||
Foreign exchange impact and other | 0 | ||
Funded status of the plans | -1,051 | ||
Net amount recognized | |||
Benefit asset | 0 | ||
Benefit liability | -1,840 | ||
Amounts recognized in Accumulated other comprehensive income (loss) | |||
Prior service benefit (cost) | -1 | ||
Net actuarial gain (loss) | -6,060 | ||
U.S. Nonqualified Pension Plan | Significant Plans Measured Quarterly | |||
Change in plan assets | |||
Funded status of the plans | -789 | ||
Non - U.S. Pension Plans | |||
Change in projected benefit obligation | |||
Projected benefit obligation at beginning of year | 7,252 | ||
Benefits earned during the year | 44 | 46 | |
Interest cost on benefit obligation | 80 | 96 | |
Change in plan assets | |||
Plan assets at fair value at beginning of year | 7,057 | ||
Company contributions | 26 | 43 | |
Non - U.S. Pension Plans | Plans measured annually | |||
Change in projected benefit obligation | |||
Projected benefit obligation at beginning of year | 2,070 | ||
Projected benefit obligation at period end - Significant Plans | 2,070 | ||
Change in plan assets | |||
Plan assets at fair value at beginning of year | 1,406 | ||
Plan assets at fair value at period end - Significant Plans | 1,406 | ||
Non - U.S. Pension Plans | Significant Plans Measured Quarterly | |||
Change in projected benefit obligation | |||
Projected benefit obligation at beginning of year | 5,182 | ||
Benefits earned during the year | 25 | ||
Interest cost on benefit obligation | 66 | ||
Plan amendments | 6 | ||
Actuarial (gain) loss | 144 | ||
Benefits paid, net of participants’ contributions | -56 | ||
Foreign exchange impact and other | -232 | ||
Projected benefit obligation at period end - Significant Plans | 5,135 | ||
Change in plan assets | |||
Plan assets at fair value at beginning of year | 5,651 | ||
Actual return on plan assets | 169 | ||
Company contributions | 13 | ||
Plan participants’ contributions | 1 | ||
Benefits paid | -56 | ||
Foreign exchange impact and other | -281 | ||
Plan assets at fair value at period end - Significant Plans | 5,497 | ||
Funded status of the plans | 362 | ||
Net amount recognized | |||
Benefit asset | 362 | ||
Benefit liability | 0 | ||
Net amount recognized on the balance sheet - Significant Plans | 362 | ||
Amounts recognized in Accumulated other comprehensive income (loss) | |||
Prior service benefit (cost) | 15 | ||
Net actuarial gain (loss) | -1,145 | ||
Net amount recognized in equity-pretax | -1,130 | ||
Accumulated benefit obligation at period end | 4,811 | ||
U.S. Postretirement Benefit Plans | |||
Change in projected benefit obligation | |||
Projected benefit obligation at beginning of year | 917 | ||
Benefits earned during the year | 0 | 0 | |
Interest cost on benefit obligation | 8 | 8 | |
Change in plan assets | |||
Plan assets at fair value at beginning of year | 10 | ||
Company contributions | 20 | 10 | |
U.S. Postretirement Benefit Plans | Plans measured annually | |||
Change in projected benefit obligation | |||
Projected benefit obligation at beginning of year | 0 | ||
Projected benefit obligation at period end - Significant Plans | 0 | ||
Change in plan assets | |||
Plan assets at fair value at beginning of year | 0 | ||
Plan assets at fair value at period end - Significant Plans | 0 | ||
U.S. Postretirement Benefit Plans | Significant Plans Measured Quarterly | |||
Change in projected benefit obligation | |||
Projected benefit obligation at beginning of year | 917 | ||
Benefits earned during the year | 0 | ||
Interest cost on benefit obligation | 8 | ||
Plan amendments | 0 | ||
Actuarial (gain) loss | 19 | ||
Benefits paid, net of participants’ contributions | -24 | ||
Foreign exchange impact and other | 0 | ||
Projected benefit obligation at period end - Significant Plans | 920 | ||
Change in plan assets | |||
Plan assets at fair value at beginning of year | 10 | ||
Actual return on plan assets | 0 | ||
Company contributions | 20 | ||
Plan participants’ contributions | 0 | ||
Benefits paid | -24 | ||
Foreign exchange impact and other | 0 | ||
Plan assets at fair value at period end - Significant Plans | 6 | ||
Funded status of the plans | -914 | ||
Net amount recognized | |||
Benefit asset | 0 | ||
Benefit liability | -914 | ||
Net amount recognized on the balance sheet - Significant Plans | -914 | ||
Amounts recognized in Accumulated other comprehensive income (loss) | |||
Prior service benefit (cost) | 0 | ||
Net actuarial gain (loss) | -75 | ||
Net amount recognized in equity-pretax | -75 | ||
Non-U.S. Postretirement Benefit Plans | |||
Change in projected benefit obligation | |||
Projected benefit obligation at beginning of year | 1,527 | ||
Benefits earned during the year | 4 | 4 | |
Interest cost on benefit obligation | 27 | 29 | |
Change in plan assets | |||
Plan assets at fair value at beginning of year | 1,384 | ||
Company contributions | 7 | 3 | |
Non-U.S. Postretirement Benefit Plans | Plans measured annually | |||
Change in projected benefit obligation | |||
Projected benefit obligation at beginning of year | 348 | ||
Projected benefit obligation at period end - Significant Plans | 348 | ||
Change in plan assets | |||
Plan assets at fair value at beginning of year | 9 | ||
Plan assets at fair value at period end - Significant Plans | 9 | ||
Non-U.S. Postretirement Benefit Plans | Significant Plans Measured Quarterly | |||
Change in projected benefit obligation | |||
Projected benefit obligation at beginning of year | 1,179 | ||
Benefits earned during the year | 3 | ||
Interest cost on benefit obligation | 23 | ||
Plan amendments | 0 | ||
Actuarial (gain) loss | 0 | ||
Benefits paid, net of participants’ contributions | -10 | ||
Foreign exchange impact and other | -41 | ||
Projected benefit obligation at period end - Significant Plans | 1,154 | ||
Change in plan assets | |||
Plan assets at fair value at beginning of year | 1,375 | ||
Actual return on plan assets | 3 | ||
Company contributions | 0 | ||
Plan participants’ contributions | 0 | ||
Benefits paid | -10 | ||
Foreign exchange impact and other | -47 | ||
Plan assets at fair value at period end - Significant Plans | 1,321 | ||
Funded status of the plans | 167 | ||
Net amount recognized | |||
Benefit asset | 167 | ||
Benefit liability | 0 | ||
Net amount recognized on the balance sheet - Significant Plans | 167 | ||
Amounts recognized in Accumulated other comprehensive income (loss) | |||
Prior service benefit (cost) | 134 | ||
Net actuarial gain (loss) | -541 | ||
Net amount recognized in equity-pretax | ($407) |
RETIREMENT_BENEFITS_Accumulate
RETIREMENT BENEFITS - Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | ||
Change in accumulated other comprehensive income (loss) | |||||
Beginning-of-period balance, net of tax | ($5,159) | ($3,989) | ($3,989) | ||
Actuarial assumptions changes and plan experience | -416 | -3,404 | |||
Net asset gain (loss) due to difference between actual and expected returns | 165 | 833 | |||
Net amortizations | 64 | 202 | |||
Prior service credit | -6 | 13 | |||
Curtailment/settlement loss | 0 | 67 | |||
Foreign exchange impact and other | 72 | 459 | |||
Change in deferred taxes, net | 31 | 22 | 660 | ||
Change, net of tax | -90 | [1] | -33 | [1] | -1,170 |
End-of-period balance, net of tax | ($5,249) | ($5,159) | |||
[1] | Reflects adjustments based on the actuarial valuations of the Company’s significant pension and postretirement plans, including changes in the mortality assumptions at March 31, 2015, and amortization of amounts previously recognized in Accumulated other comprehensive income (loss). See Note 8 to the Consolidated Financial Statements. |
RETIREMENT_BENEFITS_Assumption
RETIREMENT BENEFITS - Assumptions Used (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
U.S. Qualified Pension Plan | ||
Plan Assumptions - During the year | ||
Discount rate (as a percent) | 4.00% | 4.25% |
Plan Assumptions - At year end | ||
Discount rate (as a percent) | 3.85% | 4.00% |
U.S. Nonqualified Pension Plan | ||
Plan Assumptions - During the year | ||
Discount rate (as a percent) | 3.90% | 4.75% |
Plan Assumptions - At year end | ||
Discount rate (as a percent) | 3.70% | 3.90% |
U.S. Postretirement Benefit Plans | ||
Plan Assumptions - During the year | ||
Discount rate (as a percent) | 3.80% | 4.00% |
Plan Assumptions - At year end | ||
Discount rate (as a percent) | 3.65% | 3.80% |
Non - U.S. Pension Plans | Minimum | ||
Plan Assumptions - During the year | ||
Discount rate (as a percent) | 1.00% | 2.20% |
Plan Assumptions - At year end | ||
Discount rate (as a percent) | 0.70% | 1.00% |
Non - U.S. Pension Plans | Maximum | ||
Plan Assumptions - During the year | ||
Discount rate (as a percent) | 12.00% | 11.90% |
Plan Assumptions - At year end | ||
Discount rate (as a percent) | 12.25% | 12.00% |
Non - U.S. Pension Plans | Weighted Average | ||
Plan Assumptions - During the year | ||
Discount rate (as a percent) | 5.44% | 6.02% |
Plan Assumptions - At year end | ||
Discount rate (as a percent) | 5.14% | 5.44% |
Non-U.S. Postretirement Benefit Plans | ||
Plan Assumptions - During the year | ||
Discount rate (as a percent) | 8.00% | 8.70% |
Plan Assumptions - At year end | ||
Discount rate (as a percent) | 8.00% | 8.00% |
RETIREMENT_BENEFITS_Sensitivit
RETIREMENT BENEFITS - Sensitivities of Certain Key Assumptions (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
U.S. Pension Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Effect of one-percentage-point increase in discount rates | $7 |
Effect of one-percentage-point decrease in discount rates | -11 |
Non - U.S. Pension Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Effect of one-percentage-point increase in discount rates | -7 |
Effect of one-percentage-point decrease in discount rates | 9 |
U.S. Postretirement Benefit Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Effect of one-percentage-point increase on benefits earned and interest cost for U.S. postretirement plans | 1 |
Effect of one-percentage-point decrease on benefits earned and interest cost for U.S. postretirement plans | -1 |
Non-U.S. Postretirement Benefit Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Effect of one-percentage-point increase on benefits earned and interest cost for U.S. postretirement plans | -3 |
Effect of one-percentage-point decrease on benefits earned and interest cost for U.S. postretirement plans | $3 |
RETIREMENT_BENEFITS_Contributi
RETIREMENT BENEFITS - Contributions (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
U.S. Pension Plans | ||
Defined Benefit Plan, Estimated Future Employer Contributions [Abstract] | ||
Total Company contributions | $11 | $11 |
Estimated total company contributions | 35 | 32 |
Non - U.S. Pension Plans | ||
Defined Benefit Plan, Estimated Future Employer Contributions [Abstract] | ||
Total Company contributions | 26 | 43 |
Estimated total company contributions | 129 | 127 |
U.S. Postretirement Benefit Plans | ||
Defined Benefit Plan, Estimated Future Employer Contributions [Abstract] | ||
Total Company contributions | 20 | 10 |
Estimated total company contributions | 47 | 47 |
Non-U.S. Postretirement Benefit Plans | ||
Defined Benefit Plan, Estimated Future Employer Contributions [Abstract] | ||
Total Company contributions | 7 | 3 |
Estimated total company contributions | $2 | $7 |
RETIREMENT_BENEFITS_Post_Emplo
RETIREMENT BENEFITS - Post Employment and Defined Contribution Plans (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Defined Contribution Plans | ||
Maximum percentage contribution by employer of employees eligible pay | 6.00% | 6.00% |
Maximum compensation to be eligible for fixed contribution from employer | $100,000 | |
Percentage of fixed contribution by employer, for eligible employees whose compensation is $100,000 or less | 2.00% | |
Pretax expense associated with Citigroup 401(k) plan | 101,000,000 | 103,000,000 |
Postemployment Plans | ||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||
Benefits earned during the year | 0 | 0 |
Interest cost on benefit obligation | 1,000,000 | 1,000,000 |
Amortization of unrecognized | ||
Prior service cost (benefit) | -7,000,000 | -7,000,000 |
Net actuarial loss | 3,000,000 | 3,000,000 |
Total service related expense | -3,000,000 | -3,000,000 |
Non-service related expense (benefit) | 9,000,000 | 8,000,000 |
Total net (benefit) expense | $6,000,000 | $5,000,000 |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | ||||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | ||
Earnings Per Share [Abstract] | |||||
Income from continuing operations before attribution of noncontrolling interests | $4,817 | 3,952 | |||
Less: Noncontrolling interests from continuing operations | 42 | 45 | |||
Net income from continuing operations (for EPS purposes) | 4,775 | 3,907 | |||
Income (loss) from discontinued operations, net of taxes | -5 | 37 | |||
Citigroup’s net income | 4,770 | 3,944 | |||
Less: Preferred dividends | 128 | 124 | |||
Net income available to common shareholders | 4,642 | 3,820 | |||
Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with nonforfeitable rights to dividends, applicable to basic EPS | 62 | 62 | |||
Net income allocated to common shareholders for basic EPS | 4,580 | 3,758 | |||
Add: Interest expense, net of tax, and dividends on convertible securities and adjustment of undistributed earnings allocated to employee restricted and deferred shares with nonforfeitable rights to dividends, applicable to diluted EPS | 0 | 0 | |||
Net income allocated to common shareholders for diluted EPS | $4,580 | 3,758 | |||
Weighted-average common shares outstanding applicable to basic EPS | 3,034.20 | 3,037.40 | |||
Effect of dilutive securities | |||||
Options (in shares) | 4.9 | 5.6 | |||
Other employee plans (in shares) | 0.2 | 0.3 | |||
Convertible securities (in shares) | 0 | 0 | |||
Adjusted weighted-average common shares outstanding applicable to diluted EPS | 3,039.30 | 3,043.30 | |||
Basic earnings per share | |||||
Income from continuing operations (in dollars per share) | $1.51 | [1] | 1.23 | [1] | |
Discontinued operations (in dollars per share) | $0 | [1] | 0.01 | [1] | |
Net income (in dollars per share) | $1.51 | [1] | 1.24 | [1] | |
Diluted earnings per share | |||||
Income from continuing operations (in dollars per share) | $1.51 | [1] | 1.22 | [1] | |
Discontinued operations (in dollars per share) | $0 | [1] | 0.01 | [1] | |
Net income (in dollars per share) | $1.51 | [1] | 1.23 | [1] | |
Weighted-average options to purchase common stock | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | |||||
Antidilutive securities excluded from computation of earnings per common share (in shares) | 0.9 | 0.9 | |||
Antidilutive securities exercise price (in dollars per share) | $195.47 | 194.37 | |||
Warrants issued to U.S. Treasury as part of TARP and loss-sharing agreement | Warrant with the exercise price of $178.50 | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | |||||
Antidilutive securities excluded from computation of earnings per common share (in shares) | 21 | 21 | |||
Antidilutive securities exercise price (in dollars per share) | $178.50 | $178.50 | |||
Warrants issued to U.S. Treasury as part of TARP and loss-sharing agreement | Warrant with the exercise price of $106.10 | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | |||||
Antidilutive securities excluded from computation of earnings per common share (in shares) | 25.5 | 25.5 | |||
Antidilutive securities exercise price (in dollars per share) | $106.10 | $106.10 | |||
[1] | Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. |
FEDERAL_FUNDS_SECURITIES_BORRO2
FEDERAL FUNDS, SECURITIES BORROWED, LOANED, AND SUBJECT TO REPURCHASE AGREEMENTS (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | ||
Federal funds sold | $135 | $0 |
Securities purchased under agreements to resell | 127,977 | 123,979 |
Deposits paid for securities borrowed | 110,903 | 118,591 |
Total | 239,015 | 242,570 |
Federal funds purchased | 247 | 334 |
Securities sold under agreements to repurchase | 154,312 | 147,204 |
Deposits received for securities loaned | 20,812 | 25,900 |
Total | $175,371 | $173,438 |
FEDERAL_FUNDS_SECURITIES_BORRO3
FEDERAL FUNDS, SECURITIES BORROWED, LOANED, AND SUBJECT TO REPURCHASE AGREEMENTS - Offsetting (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Securities purchased under agreements to resell | ||
Gross amounts of recognized assets | $181,342 | $180,318 |
Gross amounts offset on the Consolidated Balance Sheet | 53,365 | 56,339 |
Net amounts of assets included on the Consolidated Balance Sheet | 127,977 | 123,979 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 90,945 | 94,353 |
Net amounts | 37,032 | 29,626 |
Deposits paid for securities borrowed | ||
Gross amounts of recognized assets | 110,903 | 118,591 |
Net amounts of assets included on the Consolidated Balance Sheet | 110,903 | 118,591 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 16,574 | 15,139 |
Net amounts | 94,329 | 103,452 |
Total | ||
Total | 292,245 | 298,909 |
Gross amounts offset on the Consolidated Balance Sheet | 53,365 | 56,339 |
Net amounts of assets included on the Consolidated Balance Sheet | 238,880 | 242,570 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 107,519 | 109,492 |
Net amounts | 131,361 | 133,078 |
Securities sold under agreements to repurchase | ||
Gross amounts of recognized liabilities | 207,677 | 203,543 |
Gross amounts offset on the Consolidated Balance Sheet | 53,365 | 56,339 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 154,312 | 147,204 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 73,184 | 72,928 |
Net amounts | 81,128 | 74,276 |
Deposits received for securities loaned | ||
Gross amounts of recognized liabilities | 20,812 | 25,900 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 20,812 | 25,900 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 3,971 | 5,190 |
Net amounts | 16,841 | 20,710 |
Total | ||
Gross amounts of recognized liabilities | 228,489 | 229,443 |
Gross amounts offset on the Consolidated Balance Sheet | 53,365 | 56,339 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 175,124 | 173,104 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 77,155 | 78,118 |
Net amounts | $97,969 | $94,986 |
BROKERAGE_RECEIVABLES_AND_BROK2
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Brokers and Dealers [Abstract] | ||
Receivables from customers | $11,790 | $10,380 |
Receivables from brokers, dealers, and clearing organization | 23,847 | 18,039 |
Total brokerage receivable | 35,637 | 28,419 |
Payables to customers | 39,238 | 33,984 |
Payables to brokers, dealers, and clearing organization | 19,014 | 18,196 |
Total brokerage payable | $58,252 | $52,180 |
TRADING_ACCOUNT_ASSETS_AND_LIA2
TRADING ACCOUNT ASSETS AND LIABILITIES (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Trading account assets and Trading account liabilities | ||
Trading account assets | $302,983 | $296,786 |
Trading account liabilities | 142,438 | 139,036 |
Securities sold, not yet purchased | ||
Trading account assets and Trading account liabilities | ||
Trading account liabilities | 65,243 | 70,944 |
Derivatives, liabilities | ||
Trading account assets and Trading account liabilities | ||
Trading account liabilities | 77,195 | 68,092 |
Derivatives, assets | ||
Trading account assets and Trading account liabilities | ||
Trading account assets | 71,581 | 67,957 |
Mortgage-backed securities - U.S. agency-sponsored | ||
Trading account assets and Trading account liabilities | ||
Trading account assets | 26,048 | 27,053 |
Mortgage-backed securities - Prime | ||
Trading account assets and Trading account liabilities | ||
Trading account assets | 1,168 | 1,271 |
Mortgage-backed securities - Alt-A | ||
Trading account assets and Trading account liabilities | ||
Trading account assets | 781 | 709 |
Mortgage-backed securities - Subprime | ||
Trading account assets and Trading account liabilities | ||
Trading account assets | 1,163 | 1,382 |
Mortgage-backed securities - Non-U.S. residential | ||
Trading account assets and Trading account liabilities | ||
Trading account assets | 1,192 | 1,476 |
Mortgage-backed securities - Commercial | ||
Trading account assets and Trading account liabilities | ||
Trading account assets | 3,832 | 4,343 |
Mortgage-backed securities | ||
Trading account assets and Trading account liabilities | ||
Trading account assets | 34,184 | 36,234 |
U.S. Treasury and federal agency securities | ||
Trading account assets and Trading account liabilities | ||
Trading account assets | 23,608 | 20,474 |
U.S. Treasury | ||
Trading account assets and Trading account liabilities | ||
Trading account assets | 21,521 | 18,906 |
Agency obligations | ||
Trading account assets and Trading account liabilities | ||
Trading account assets | 2,087 | 1,568 |
State and municipal securities | ||
Trading account assets and Trading account liabilities | ||
Trading account assets | 3,796 | 3,402 |
Foreign government securities | ||
Trading account assets and Trading account liabilities | ||
Trading account assets | 69,417 | 64,937 |
Corporate | ||
Trading account assets and Trading account liabilities | ||
Trading account assets | 25,163 | 27,797 |
Equity securities | ||
Trading account assets and Trading account liabilities | ||
Trading account assets | 57,536 | 57,846 |
Asset-backed securities | ||
Trading account assets and Trading account liabilities | ||
Trading account assets | 4,783 | 4,546 |
Other trading assets | ||
Trading account assets and Trading account liabilities | ||
Trading account assets | $12,915 | $13,593 |
INVESTMENTS_Overview_Details
INVESTMENTS - Overview (Details) (USD $) | 3 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | ||
Investment Holdings | |||||
Investments | $326,815 | $333,443 | |||
Interest and dividends on investments | |||||
Taxable interest | 1,593 | 1,467 | |||
Interest exempt from U.S. federal income tax | 23 | 164 | |||
Dividends | 95 | 126 | |||
Total interest and dividends | 1,711 | 1,757 | |||
Gross realized investments losses, excluding losses from other-than-temporary impairment | |||||
Gross realized investment gains | 356 | 292 | |||
Gross realized investment losses | -49 | -164 | |||
Net realized gains (losses) | 307 | [1] | 128 | [1] | |
Available-for-sale Securities transferred from Held-to-maturity | |||||
Carrying value of HTM securities sold | 27 | 0 | |||
Net realized gain (loss) on sale of held-to-maturity securities | 2 | 0 | |||
Carrying value of securities reclassified to available-for-sale | 94 | 52 | |||
OTTI losses on securities reclassified to available-for-sale | -5 | -8 | |||
Securities available-for-sale | |||||
Amortized cost | 293,614 | 299,381 | |||
Gross unrealized gains | 3,141 | 2,527 | |||
Gross unrealized losses | 1,516 | 1,765 | |||
Fair value | 295,239 | 300,143 | |||
Unrealized gains from impact of minority investments and the related allocations and pick up of unrealized gains and losses of AFS securities | 22 | 27 | |||
Unrealized gains from impact of securities reclassified to held-for-sale | 86 | ||||
Unrealized loss from impact of securities reclassified to held-for-sale | 5 | ||||
Mortgage-backed securities - U.S. agency-sponsored | |||||
Securities available-for-sale | |||||
Amortized cost | 38,433 | 35,647 | |||
Gross unrealized gains | 744 | 603 | |||
Gross unrealized losses | 93 | 159 | |||
Fair value | 39,084 | 36,091 | |||
Mortgage-backed securities - Prime | |||||
Securities available-for-sale | |||||
Amortized cost | 7 | 12 | |||
Gross unrealized gains | 2 | 0 | |||
Gross unrealized losses | 0 | 0 | |||
Fair value | 9 | 12 | |||
Mortgage-backed securities - Alt-A | |||||
Securities available-for-sale | |||||
Amortized cost | 2 | 43 | |||
Gross unrealized gains | 0 | 1 | |||
Gross unrealized losses | 0 | 0 | |||
Fair value | 2 | 44 | |||
Mortgage-backed securities - Non-U.S. residential | |||||
Securities available-for-sale | |||||
Amortized cost | 7,209 | 8,247 | |||
Gross unrealized gains | 61 | 67 | |||
Gross unrealized losses | 5 | 7 | |||
Fair value | 7,265 | 8,307 | |||
Mortgage-backed securities - Commercial | |||||
Securities available-for-sale | |||||
Amortized cost | 500 | 551 | |||
Gross unrealized gains | 8 | 6 | |||
Gross unrealized losses | 1 | 3 | |||
Fair value | 507 | 554 | |||
Mortgage-backed securities | |||||
Securities available-for-sale | |||||
Amortized cost | 46,151 | 44,500 | |||
Gross unrealized gains | 815 | 677 | |||
Gross unrealized losses | 99 | 169 | |||
Fair value | 46,867 | 45,008 | |||
U.S. Treasury | |||||
Securities available-for-sale | |||||
Amortized cost | 110,963 | 110,492 | |||
Gross unrealized gains | 1,074 | 353 | |||
Gross unrealized losses | 69 | 127 | |||
Fair value | 111,968 | 110,718 | |||
Agency obligations | |||||
Securities available-for-sale | |||||
Amortized cost | 9,291 | 12,925 | |||
Gross unrealized gains | 102 | 60 | |||
Gross unrealized losses | 2 | 13 | |||
Fair value | 9,391 | 12,972 | |||
U.S. Treasury and federal agency securities | |||||
Securities available-for-sale | |||||
Amortized cost | 120,254 | 123,417 | |||
Gross unrealized gains | 1,176 | 413 | |||
Gross unrealized losses | 71 | 140 | |||
Fair value | 121,359 | 123,690 | |||
State and municipal securities | |||||
Securities available-for-sale | |||||
Amortized cost | 13,025 | 13,526 | |||
Gross unrealized gains | 137 | 150 | |||
Gross unrealized losses | 917 | 977 | |||
Fair value | 12,245 | 12,699 | |||
Foreign government | |||||
Securities available-for-sale | |||||
Amortized cost | 86,654 | 90,249 | |||
Gross unrealized gains | 688 | 734 | |||
Gross unrealized losses | 283 | 286 | |||
Fair value | 87,059 | 90,697 | |||
Corporate | |||||
Securities available-for-sale | |||||
Amortized cost | 14,363 | 12,033 | |||
Gross unrealized gains | 245 | 215 | |||
Gross unrealized losses | 54 | 91 | |||
Fair value | 14,554 | 12,157 | |||
Asset-backed securities | |||||
Securities available-for-sale | |||||
Amortized cost | 11,514 | 12,534 | |||
Gross unrealized gains | 39 | 30 | |||
Gross unrealized losses | 49 | 58 | |||
Fair value | 11,504 | 12,506 | |||
Other debt securities | |||||
Securities available-for-sale | |||||
Amortized cost | 661 | 661 | |||
Gross unrealized gains | 0 | 0 | |||
Gross unrealized losses | 0 | 0 | |||
Fair value | 661 | 661 | |||
Debt securities | |||||
Securities available-for-sale | |||||
Amortized cost | 292,622 | 296,920 | |||
Gross unrealized gains | 3,100 | 2,219 | |||
Gross unrealized losses | 1,473 | 1,721 | |||
Fair value | 294,249 | 297,418 | |||
Equity securities | |||||
Securities available-for-sale | |||||
Amortized cost | 992 | 2,461 | |||
Gross unrealized gains | 41 | 308 | |||
Gross unrealized losses | 43 | 44 | |||
Fair value | 990 | 2,725 | |||
Securities available-for-sale (AFS) | |||||
Investment Holdings | |||||
Investments | 295,239 | 300,143 | |||
Held-to-maturity Securities | |||||
Investment Holdings | |||||
Investments | 23,254 | 23,921 | |||
Non-marketable equity securities | Fair value | |||||
Investment Holdings | |||||
Investments | 2,570 | 2,758 | |||
Non-marketable equity securities | Carried at cost | |||||
Investment Holdings | |||||
Investments | $5,752 | $6,621 | |||
[1] | Certain prior-period revenue and expense lines and totals were reclassified to conform to the current period’s presentation. See Note 3 to the Consolidated Financial Statements. |
INVESTMENTS_Fair_Value_of_AFS_
INVESTMENTS - Fair Value of AFS Securities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Available for Sale Securities Continuous Unrealized Loss Position | ||
Fair value of available for sale securities that have been in an unrealized loss position for less than twelve months | $45,431 | $74,026 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 311 | 404 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 19,372 | 24,821 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 1,205 | 1,361 |
Total fair value of available for sale securities that have been in an unrealized loss position | 64,803 | 98,847 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | 1,516 | 1,765 |
Mortgage-backed securities - U.S. agency-sponsored | ||
Available for Sale Securities Continuous Unrealized Loss Position | ||
Fair value of available for sale securities that have been in an unrealized loss position for less than twelve months | 3,521 | 4,198 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 14 | 30 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 3,176 | 5,547 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 79 | 129 |
Total fair value of available for sale securities that have been in an unrealized loss position | 6,697 | 9,745 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | 93 | 159 |
Mortgage-backed securities - Prime | ||
Available for Sale Securities Continuous Unrealized Loss Position | ||
Fair value of available for sale securities that have been in an unrealized loss position for less than twelve months | 1 | 5 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 0 | 0 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 2 | 2 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 0 | 0 |
Total fair value of available for sale securities that have been in an unrealized loss position | 3 | 7 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | 0 | 0 |
Mortgage-backed securities - Non-U.S. residential | ||
Available for Sale Securities Continuous Unrealized Loss Position | ||
Fair value of available for sale securities that have been in an unrealized loss position for less than twelve months | 1,333 | 1,276 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 3 | 3 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 219 | 199 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 2 | 4 |
Total fair value of available for sale securities that have been in an unrealized loss position | 1,552 | 1,475 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | 5 | 7 |
Mortgage-backed securities - Commercial | ||
Available for Sale Securities Continuous Unrealized Loss Position | ||
Fair value of available for sale securities that have been in an unrealized loss position for less than twelve months | 54 | 124 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 0 | 1 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 60 | 136 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 1 | 2 |
Total fair value of available for sale securities that have been in an unrealized loss position | 114 | 260 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | 1 | 3 |
Mortgage-backed securities | ||
Available for Sale Securities Continuous Unrealized Loss Position | ||
Fair value of available for sale securities that have been in an unrealized loss position for less than twelve months | 4,909 | 5,603 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 17 | 34 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 3,457 | 5,884 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 82 | 135 |
Total fair value of available for sale securities that have been in an unrealized loss position | 8,366 | 11,487 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | 99 | 169 |
U.S. Treasury | ||
Available for Sale Securities Continuous Unrealized Loss Position | ||
Fair value of available for sale securities that have been in an unrealized loss position for less than twelve months | 15,077 | 36,581 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 67 | 119 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 915 | 1,013 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 2 | 8 |
Total fair value of available for sale securities that have been in an unrealized loss position | 15,992 | 37,594 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | 69 | 127 |
Agency obligations | ||
Available for Sale Securities Continuous Unrealized Loss Position | ||
Fair value of available for sale securities that have been in an unrealized loss position for less than twelve months | 644 | 5,698 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 2 | 9 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 0 | 754 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 0 | 4 |
Total fair value of available for sale securities that have been in an unrealized loss position | 644 | 6,452 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | 2 | 13 |
U.S. Treasury and federal agency securities | ||
Available for Sale Securities Continuous Unrealized Loss Position | ||
Fair value of available for sale securities that have been in an unrealized loss position for less than twelve months | 15,721 | 42,279 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 69 | 128 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 915 | 1,767 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 2 | 12 |
Total fair value of available for sale securities that have been in an unrealized loss position | 16,636 | 44,046 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | 71 | 140 |
State and municipal securities | ||
Available for Sale Securities Continuous Unrealized Loss Position | ||
Fair value of available for sale securities that have been in an unrealized loss position for less than twelve months | 303 | 386 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 11 | 15 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 5,162 | 5,802 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 906 | 962 |
Total fair value of available for sale securities that have been in an unrealized loss position | 5,465 | 6,188 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | 917 | 977 |
Foreign government | ||
Available for Sale Securities Continuous Unrealized Loss Position | ||
Fair value of available for sale securities that have been in an unrealized loss position for less than twelve months | 18,853 | 18,495 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 160 | 147 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 5,261 | 5,984 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 123 | 139 |
Total fair value of available for sale securities that have been in an unrealized loss position | 24,114 | 24,479 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | 283 | 286 |
Corporate | ||
Available for Sale Securities Continuous Unrealized Loss Position | ||
Fair value of available for sale securities that have been in an unrealized loss position for less than twelve months | 3,710 | 3,511 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 38 | 63 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 900 | 1,350 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 16 | 28 |
Total fair value of available for sale securities that have been in an unrealized loss position | 4,610 | 4,861 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | 54 | 91 |
Asset-backed securities | ||
Available for Sale Securities Continuous Unrealized Loss Position | ||
Fair value of available for sale securities that have been in an unrealized loss position for less than twelve months | 1,911 | 3,701 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 14 | 13 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 3,463 | 3,816 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 35 | 45 |
Total fair value of available for sale securities that have been in an unrealized loss position | 5,374 | 7,517 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | 49 | 58 |
Equity securities | ||
Available for Sale Securities Continuous Unrealized Loss Position | ||
Fair value of available for sale securities that have been in an unrealized loss position for less than twelve months | 24 | 51 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 2 | 4 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 214 | 218 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 41 | 40 |
Total fair value of available for sale securities that have been in an unrealized loss position | 238 | 269 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | $43 | $44 |
INVESTMENTS_Fair_Value_of_AFS_1
INVESTMENTS - Fair Value of AFS Debt Securities by Contractual Maturity Date (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Available-for-sale Securities, Debt Maturities | ||
Total amortized cost | $292,622 | $296,920 |
Total fair value | 294,249 | 297,418 |
Mortgage-backed securities | ||
Available-for-sale Securities, Debt Maturities | ||
Due within 1 year, amortized cost | 31 | 44 |
After 1 but within 5 years, amortized cost | 904 | 931 |
After 5 but within 10 years, amortized cost | 1,292 | 1,362 |
After 10 years, amortized cost | 43,924 | 42,163 |
Total amortized cost | 46,151 | 44,500 |
Fair value, due within 1 year | 31 | 44 |
Fair value, after 1 but within 5 years | 914 | 935 |
Fair value, after 5 but within 10 years | 1,311 | 1,387 |
Fair value, after 10 years | 44,611 | 42,642 |
Total fair value | 46,867 | 45,008 |
U.S. Treasury and federal agency securities | ||
Available-for-sale Securities, Debt Maturities | ||
Due within 1 year, amortized cost | 7,218 | 13,070 |
After 1 but within 5 years, amortized cost | 104,763 | 104,982 |
After 5 but within 10 years, amortized cost | 4,812 | 2,286 |
After 10 years, amortized cost | 3,461 | 3,079 |
Total amortized cost | 120,254 | 123,417 |
Fair value, due within 1 year | 7,243 | 13,084 |
Fair value, after 1 but within 5 years | 105,781 | 105,131 |
Fair value, after 5 but within 10 years | 4,855 | 2,325 |
Fair value, after 10 years | 3,480 | 3,150 |
Total fair value | 121,359 | 123,690 |
State and municipal securities | ||
Available-for-sale Securities, Debt Maturities | ||
Due within 1 year, amortized cost | 1,389 | 652 |
After 1 but within 5 years, amortized cost | 3,896 | 4,387 |
After 5 but within 10 years, amortized cost | 549 | 524 |
After 10 years, amortized cost | 7,191 | 7,963 |
Total amortized cost | 13,025 | 13,526 |
Fair value, due within 1 year | 1,327 | 651 |
Fair value, after 1 but within 5 years | 3,840 | 4,381 |
Fair value, after 5 but within 10 years | 567 | 537 |
Fair value, after 10 years | 6,511 | 7,130 |
Total fair value | 12,245 | 12,699 |
Foreign government | ||
Available-for-sale Securities, Debt Maturities | ||
Due within 1 year, amortized cost | 32,155 | 31,355 |
After 1 but within 5 years, amortized cost | 38,055 | 41,913 |
After 5 but within 10 years, amortized cost | 15,493 | 16,008 |
After 10 years, amortized cost | 951 | 973 |
Total amortized cost | 86,654 | 90,249 |
Fair value, due within 1 year | 32,056 | 31,382 |
Fair value, after 1 but within 5 years | 38,184 | 42,467 |
Fair value, after 5 but within 10 years | 15,808 | 15,779 |
Fair value, after 10 years | 1,011 | 1,069 |
Total fair value | 87,059 | 90,697 |
All other | ||
Available-for-sale Securities, Debt Maturities | ||
Due within 1 year, amortized cost | 1,662 | 1,248 |
After 1 but within 5 years, amortized cost | 12,024 | 10,442 |
After 5 but within 10 years, amortized cost | 7,957 | 7,282 |
After 10 years, amortized cost | 4,895 | 6,256 |
Total amortized cost | 26,538 | 25,228 |
Fair value, due within 1 year | 1,665 | 1,251 |
Fair value, after 1 but within 5 years | 12,137 | 10,535 |
Fair value, after 5 but within 10 years | 8,026 | 7,318 |
Fair value, after 10 years | 4,891 | 6,220 |
Total fair value | $26,719 | $25,324 |
INVESTMENTS_Debt_Securities_He
INVESTMENTS - Debt Securities Held-to-Maturity (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Debt Securities Held-to-maturity | ||
Amortized cost | $23,925 | $24,701 |
Net unrealized gains (losses) recognized in AOCI | -671 | -780 |
Carrying value | 23,254 | 23,921 |
Gross unrecognized gains | 1,154 | 1,111 |
Gross unrecognized losses | -367 | -361 |
Fair value | 24,041 | 24,671 |
Mortgage-backed securities - U.S. agency-sponsored | ||
Debt Securities Held-to-maturity | ||
Amortized cost | 8,879 | 8,795 |
Net unrealized gains (losses) recognized in AOCI | 93 | 95 |
Carrying value | 8,972 | 8,890 |
Gross unrecognized gains | 209 | 106 |
Gross unrecognized losses | -2 | -6 |
Fair value | 9,179 | 8,990 |
Mortgage-backed securities - Prime | ||
Debt Securities Held-to-maturity | ||
Amortized cost | 59 | 60 |
Net unrealized gains (losses) recognized in AOCI | -12 | -12 |
Carrying value | 47 | 48 |
Gross unrecognized gains | 5 | 6 |
Gross unrecognized losses | -1 | -1 |
Fair value | 51 | 53 |
Mortgage-backed securities - Alt-A | ||
Debt Securities Held-to-maturity | ||
Amortized cost | 1,094 | 1,125 |
Net unrealized gains (losses) recognized in AOCI | -203 | -213 |
Carrying value | 891 | 912 |
Gross unrecognized gains | 548 | 537 |
Gross unrecognized losses | -293 | -287 |
Fair value | 1,146 | 1,162 |
Mortgage-backed securities - Subprime | ||
Debt Securities Held-to-maturity | ||
Amortized cost | 5 | 6 |
Net unrealized gains (losses) recognized in AOCI | 0 | -1 |
Carrying value | 5 | 5 |
Gross unrecognized gains | 15 | 15 |
Gross unrecognized losses | 0 | 0 |
Fair value | 20 | 20 |
Mortgage-backed securities - Non-U.S. residential | ||
Debt Securities Held-to-maturity | ||
Amortized cost | 607 | 983 |
Net unrealized gains (losses) recognized in AOCI | -86 | -137 |
Carrying value | 521 | 846 |
Gross unrecognized gains | 59 | 92 |
Gross unrecognized losses | 0 | 0 |
Fair value | 580 | 938 |
Mortgage-backed securities - Commercial | ||
Debt Securities Held-to-maturity | ||
Amortized cost | 7 | 8 |
Net unrealized gains (losses) recognized in AOCI | 0 | 0 |
Carrying value | 7 | 8 |
Gross unrecognized gains | 1 | 1 |
Gross unrecognized losses | 0 | 0 |
Fair value | 8 | 9 |
Mortgage-backed securities | ||
Debt Securities Held-to-maturity | ||
Amortized cost | 10,651 | 10,977 |
Net unrealized gains (losses) recognized in AOCI | -208 | -268 |
Carrying value | 10,443 | 10,709 |
Gross unrecognized gains | 837 | 757 |
Gross unrecognized losses | -296 | -294 |
Fair value | 10,984 | 11,172 |
State and municipal securities | ||
Debt Securities Held-to-maturity | ||
Amortized cost | 8,374 | 8,443 |
Net unrealized gains (losses) recognized in AOCI | -446 | -494 |
Carrying value | 7,928 | 7,949 |
Gross unrecognized gains | 211 | 227 |
Gross unrecognized losses | -70 | -57 |
Fair value | 8,069 | 8,119 |
Foreign government | ||
Debt Securities Held-to-maturity | ||
Amortized cost | 4,550 | 4,725 |
Net unrealized gains (losses) recognized in AOCI | 0 | 0 |
Carrying value | 4,550 | 4,725 |
Gross unrecognized gains | 51 | 77 |
Gross unrecognized losses | 0 | 0 |
Fair value | 4,601 | 4,802 |
Asset-backed securities | ||
Debt Securities Held-to-maturity | ||
Amortized cost | 350 | 556 |
Net unrealized gains (losses) recognized in AOCI | -17 | -18 |
Carrying value | 333 | 538 |
Gross unrecognized gains | 55 | 50 |
Gross unrecognized losses | -1 | -10 |
Fair value | $387 | $578 |
INVESTMENTS_Debt_Securities_in
INVESTMENTS - Debt Securities in HTM in Unrecognized Loss Position (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position | ||
Fair value less than 12 months | $2,756 | $2,541 |
Gross unrecognized losses less than 12 months | 48 | 35 |
Fair value 12 months or longer | 491 | 1,622 |
Gross unrecognized losses 12 months or longer | 319 | 326 |
Fair value, total | 3,247 | 4,163 |
Gross unrecognized losses, total | 367 | 361 |
Unrealized loss, other than temporary impairment, not credit loss, recorded in AOCI | -671 | -780 |
Mortgage-backed securities | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position | ||
Fair value less than 12 months | 0 | 4 |
Gross unrecognized losses less than 12 months | 0 | 0 |
Fair value 12 months or longer | 271 | 1,134 |
Gross unrecognized losses 12 months or longer | 296 | 294 |
Fair value, total | 271 | 1,138 |
Gross unrecognized losses, total | 296 | 294 |
State and municipal securities | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position | ||
Fair value less than 12 months | 2,756 | 2,528 |
Gross unrecognized losses less than 12 months | 48 | 34 |
Fair value 12 months or longer | 210 | 314 |
Gross unrecognized losses 12 months or longer | 22 | 23 |
Fair value, total | 2,966 | 2,842 |
Gross unrecognized losses, total | 70 | 57 |
Asset-backed securities | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position | ||
Fair value less than 12 months | 0 | 9 |
Gross unrecognized losses less than 12 months | 0 | 1 |
Fair value 12 months or longer | 10 | 174 |
Gross unrecognized losses 12 months or longer | 1 | 9 |
Fair value, total | 10 | 183 |
Gross unrecognized losses, total | $1 | $10 |
INVESTMENTS_Carrying_Value_and
INVESTMENTS - Carrying Value and Fair Value of HTM Debt Securities by Contractual Maturity Dates (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||
Carrying value | $23,254 | $23,921 |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||
Fair value | 24,041 | 24,671 |
Akbank | ||
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||
Equity investment ownership percentage | 9.90% | |
Mortgage-backed securities | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||
Due within 1 year, carrying value | 0 | 0 |
After 1 but within 5 years, carrying value | 7 | 0 |
After 5 but within 10 years, carrying value | 833 | 863 |
After 10 years, carrying value | 9,603 | 9,846 |
Carrying value | 10,443 | 10,709 |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||
Due within 1 year, fair value | 0 | 0 |
After 1 but within 5 years, fair value | 8 | 0 |
After 5 but within 10 years, fair value | 851 | 869 |
After 10 years, fair value | 10,125 | 10,303 |
Fair value | 10,984 | 11,172 |
State and municipal securities | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||
Due within 1 year, carrying value | 288 | 205 |
After 1 but within 5 years, carrying value | 422 | 243 |
After 5 but within 10 years, carrying value | 141 | 140 |
After 10 years, carrying value | 7,077 | 7,361 |
Carrying value | 7,928 | 7,949 |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||
Due within 1 year, fair value | 281 | 205 |
After 1 but within 5 years, fair value | 436 | 243 |
After 5 but within 10 years, fair value | 148 | 144 |
After 10 years, fair value | 7,204 | 7,527 |
Fair value | 8,069 | 8,119 |
Foreign government | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||
Due within 1 year, carrying value | 0 | 0 |
After 1 but within 5 years, carrying value | 4,550 | 4,725 |
After 5 but within 10 years, carrying value | 0 | 0 |
After 10 years, carrying value | 0 | 0 |
Carrying value | 4,550 | 4,725 |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||
Due within 1 year, fair value | 0 | 0 |
After 1 but within 5 years, fair value | 4,601 | 4,802 |
After 5 but within 10 years, fair value | 0 | 0 |
After 10 years, fair value | 0 | 0 |
Fair value | 4,601 | 4,802 |
All other | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||
Due within 1 year, carrying value | 0 | 0 |
After 1 but within 5 years, carrying value | 0 | 0 |
After 5 but within 10 years, carrying value | 0 | 0 |
After 10 years, carrying value | 333 | 538 |
Carrying value | 333 | 538 |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||
Due within 1 year, fair value | 0 | 0 |
After 1 but within 5 years, fair value | 0 | 0 |
After 5 but within 10 years, fair value | 0 | 0 |
After 10 years, fair value | 387 | 578 |
Fair value | $387 | $578 |
INVESTMENTS_Mortgagebacked_Sec
INVESTMENTS - Mortgage-backed Securities (Details) (Mortgage-backed securities) | 3 Months Ended |
Mar. 31, 2015 | |
30-59 day delinquent loans | |
Key assumptions for mortgage-backed securities | |
Default rate projection (as a percent) | 25.00% |
60-90 day deliquent loans | |
Key assumptions for mortgage-backed securities | |
Default rate projection (as a percent) | 70.00% |
91+ day deliquent loans | |
Key assumptions for mortgage-backed securities | |
Default rate projection (as a percent) | 100.00% |
Current loans | |
Key assumptions for mortgage-backed securities | |
Default rate projection (as a percent) | 10.00% |
INVESTMENTS_Recognition_and_Me
INVESTMENTS - Recognition and Measurement of OTTI (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
OTTI on Investments disclosures | ||||
Total OTTI losses recognized during the period | $0 | $0 | ||
Less: Impairments recognized in AOCI | 0 | [1] | 0 | [1] |
Net impairment losses recognized in earnings for securities that the Company does not intend to sell nor will likely be required to sell | 0 | 0 | ||
Impairment losses recognized in earnings for securities that the Company intends to sell or more- likely-than-not will be required to sell before recovery | 72 | 201 | ||
Net impairment losses recognized in earnings | 72 | [1] | 201 | [1] |
Securities available-for-sale (AFS) | ||||
OTTI on Investments disclosures | ||||
Total OTTI losses recognized during the period | 0 | 0 | ||
Less: Impairments recognized in AOCI | 0 | 0 | ||
Net impairment losses recognized in earnings for securities that the Company does not intend to sell nor will likely be required to sell | 0 | 0 | ||
Impairment losses recognized in earnings for securities that the Company intends to sell or more- likely-than-not will be required to sell before recovery | 69 | 201 | ||
Net impairment losses recognized in earnings | 69 | 201 | ||
Held-to-maturity Securities | ||||
OTTI on Investments disclosures | ||||
Total OTTI losses recognized during the period | 0 | 0 | ||
Less: Impairments recognized in AOCI | 0 | 0 | ||
Net impairment losses recognized in earnings for securities that the Company does not intend to sell nor will likely be required to sell | 0 | 0 | ||
Impairment losses recognized in earnings for securities that the Company intends to sell or more- likely-than-not will be required to sell before recovery | 3 | 0 | ||
Net impairment losses recognized in earnings | 3 | 0 | ||
Other assets | ||||
OTTI on Investments disclosures | ||||
Total OTTI losses recognized during the period | 0 | 0 | ||
Less: Impairments recognized in AOCI | 0 | 0 | ||
Net impairment losses recognized in earnings for securities that the Company does not intend to sell nor will likely be required to sell | 0 | 0 | ||
Impairment losses recognized in earnings for securities that the Company intends to sell or more- likely-than-not will be required to sell before recovery | 0 | 0 | ||
Net impairment losses recognized in earnings | $0 | $0 | ||
[1] | Certain prior-period revenue and expense lines and totals were reclassified to conform to the current period’s presentation. See Note 3 to the Consolidated Financial Statements. |
INVESTMENTS_Cumulative_OTTI_Cr
INVESTMENTS - Cumulative OTTI Credit Losses (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
AFS debt securities | ||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||
Balance at beginning of period | $733 | $723 |
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 |
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 |
Reductions due to credit-impaired securities sold, transferred or matured | -7 | 0 |
Balance at end of period | 726 | 723 |
AFS debt securities | Mortgage-backed securities | ||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||
Balance at beginning of period | 295 | 295 |
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 |
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 |
Reductions due to credit-impaired securities sold, transferred or matured | 0 | 0 |
Balance at end of period | 295 | 295 |
AFS debt securities | Foreign government securities | ||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||
Balance at beginning of period | 171 | 171 |
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 |
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 |
Reductions due to credit-impaired securities sold, transferred or matured | -1 | 0 |
Balance at end of period | 170 | 171 |
AFS debt securities | Corporate | ||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||
Balance at beginning of period | 118 | 113 |
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 |
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 |
Reductions due to credit-impaired securities sold, transferred or matured | -6 | 0 |
Balance at end of period | 112 | 113 |
AFS debt securities | Other debt securities | ||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||
Balance at beginning of period | 149 | 144 |
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 |
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 |
Reductions due to credit-impaired securities sold, transferred or matured | 0 | 0 |
Balance at end of period | 149 | 144 |
HTM debt securities | ||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||
Balance at beginning of period | 803 | 867 |
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 |
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 |
Reductions due to credit-impaired securities sold, transferred or matured | -2 | -13 |
Balance at end of period | 801 | 854 |
HTM debt securities | Mortgage-backed securities | ||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||
Balance at beginning of period | 670 | 678 |
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 |
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 |
Reductions due to credit-impaired securities sold, transferred or matured | -2 | -13 |
Balance at end of period | 668 | 665 |
HTM debt securities | Corporate | ||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||
Balance at beginning of period | 0 | 56 |
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 |
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 |
Reductions due to credit-impaired securities sold, transferred or matured | 0 | 0 |
Balance at end of period | 0 | 56 |
HTM debt securities | Other debt securities | ||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||
Balance at beginning of period | 133 | 133 |
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 |
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 |
Reductions due to credit-impaired securities sold, transferred or matured | 0 | 0 |
Balance at end of period | $133 | $133 |
INVESTMENTS_Alternative_Invest
INVESTMENTS - Alternative Investment Funds (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Investments in Alternative Investment Funds | ||
Alternative investment funds, fair value | $906,000,000 | $970,000,000 |
Alternative investment funds, unfunded commitments | 225,000,000 | 229,000,000 |
Amount of fund assets valued using net asset values provided by third party asset managers which is included in the total fair value amount of alternative investment funds | 900,000,000 | 800,000,000 |
Hedge funds | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, fair value | 4,000,000 | 8,000,000 |
Alternative investment funds, unfunded commitments | 0 | 0 |
Alternative investment funds, redemption frequency (if currently eligible) | Generally quarterly | |
Hedge funds | Minimum | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, redemption notice period | 10 days | |
Hedge funds | Maximum | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, redemption notice period | 95 days | |
Private equity funds | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, fair value | 777,000,000 | 796,000,000 |
Alternative investment funds, unfunded commitments | 205,000,000 | 205,000,000 |
Real estate funds | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, fair value | 125,000,000 | 166,000,000 |
Alternative investment funds, unfunded commitments | $20,000,000 | $24,000,000 |
LOANS_Consumer_Loans_Details
LOANS - Consumer Loans (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Loans | |||
Number of loan categories | 2 | ||
Loans, net of unearned income | $621,054,000,000 | $644,635,000,000 | |
Consumer | |||
Loans | |||
Total loans | 342,361,000,000 | 370,652,000,000 | |
Net unearned income | -655,000,000 | -682,000,000 | |
Loans, net of unearned income | 341,706,000,000 | 369,970,000,000 | |
Loans sold and/or reclassified to held-for-sale | 11,900,000,000 | 400,000,000 | |
In U.S. offices | Consumer | |||
Loans | |||
Total loans | 208,776,000,000 | 229,860,000,000 | |
In U.S. offices | Consumer | Mortgage and real estate | |||
Loans | |||
Total loans | 92,005,000,000 | 96,533,000,000 | |
In U.S. offices | Consumer | Installment, revolving credit and other | |||
Loans | |||
Total loans | 4,861,000,000 | 14,450,000,000 | |
In U.S. offices | Consumer | Cards | |||
Loans | |||
Total loans | 105,378,000,000 | 112,982,000,000 | |
In U.S. offices | Consumer | Commercial and industrial | |||
Loans | |||
Total loans | 6,532,000,000 | 5,895,000,000 | |
In offices outside the U.S. | Consumer | |||
Loans | |||
Total loans | 133,585,000,000 | 140,792,000,000 | |
In offices outside the U.S. | Consumer | Mortgage and real estate | |||
Loans | |||
Total loans | 50,970,000,000 | 54,462,000,000 | |
In offices outside the U.S. | Consumer | Installment, revolving credit and other | |||
Loans | |||
Total loans | 31,396,000,000 | 31,128,000,000 | |
In offices outside the U.S. | Consumer | Cards | |||
Loans | |||
Total loans | 28,681,000,000 | 32,032,000,000 | |
In offices outside the U.S. | Consumer | Commercial and industrial | |||
Loans | |||
Total loans | 21,992,000,000 | 22,561,000,000 | |
In offices outside the U.S. | Consumer | Lease financing | |||
Loans | |||
Total loans | $546,000,000 | $609,000,000 |
LOANS_Consumer_Loan_Delinquenc
LOANS - Consumer Loan Delinquency (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Loans receivable | ||
Loans, net of unearned income | $621,054 | $644,635 |
Loans at fair value | 6,575 | 5,901 |
Residential first mortgages | Less than or equal to 80% | Loan to Values (LTVs) | ||
Loans receivable | ||
Loans | 47,303 | 48,163 |
Residential first mortgages | 80% but less than or equal to 100% | Loan to Values (LTVs) | ||
Loans receivable | ||
Loans | 8,619 | 9,480 |
Residential first mortgages | Greater than 100% | Loan to Values (LTVs) | ||
Loans receivable | ||
Loans | 2,464 | 2,670 |
Residential first mortgages | Less than 620 | Consumer | ||
Loans receivable | ||
Loans | 8,071 | 8,911 |
Residential first mortgages | ≥ 620 but less than 660 | Consumer | ||
Loans receivable | ||
Loans | 4,981 | 5,463 |
Residential first mortgages | Equal to or greater than 660 | Consumer | ||
Loans receivable | ||
Loans | 45,207 | 45,783 |
Home equity loans | Less than or equal to 80% | Loan to Values (LTVs) | ||
Loans receivable | ||
Loans | 14,330 | 14,638 |
Home equity loans | 80% but less than or equal to 100% | Loan to Values (LTVs) | ||
Loans receivable | ||
Loans | 6,729 | 7,267 |
Home equity loans | Greater than 100% | Loan to Values (LTVs) | ||
Loans receivable | ||
Loans | 4,588 | 4,641 |
Home equity loans | Less than 620 | Consumer | ||
Loans receivable | ||
Loans | 3,124 | 3,257 |
Home equity loans | ≥ 620 but less than 660 | Consumer | ||
Loans receivable | ||
Loans | 2,367 | 2,456 |
Home equity loans | Equal to or greater than 660 | Consumer | ||
Loans receivable | ||
Loans | 20,271 | 20,957 |
Credit cards | Less than 620 | Consumer | ||
Loans receivable | ||
Loans | 7,558 | 7,647 |
Credit cards | ≥ 620 but less than 660 | Consumer | ||
Loans receivable | ||
Loans | 9,935 | 10,296 |
Credit cards | Equal to or greater than 660 | Consumer | ||
Loans receivable | ||
Loans | 85,779 | 92,877 |
Installment and other | Less than 620 | Consumer | ||
Loans receivable | ||
Loans | 324 | 4,015 |
Installment and other | ≥ 620 but less than 660 | Consumer | ||
Loans receivable | ||
Loans | 248 | 2,520 |
Installment and other | Equal to or greater than 660 | Consumer | ||
Loans receivable | ||
Loans | 2,576 | 5,150 |
Open-ended consumer loans | ||
Loans receivable | ||
Minimum number of payments made consecutively for the loans to be re-aged | 3 | |
Consumer | ||
Loans receivable | ||
Period within which default occurred post-modification | 1 year | |
Number of days past due, non-accrual status | 60 days | |
Loans, current | 331,243 | 357,348 |
Loans, net of unearned income | 341,706 | 369,970 |
Loans, total non-accrual | 5,593 | 5,924 |
Loans, 90 days past due and accruing | 3,804 | 4,372 |
Loans less than this number of days past due are considered current | 30 days | 30 days |
Consumer | Minimum | ||
Loans receivable | ||
Minimum number of payments made consecutively for the loans to be re-aged | 1 | |
Consumer | Maximum | ||
Loans receivable | ||
Minimum number of payments made consecutively for the loans to be re-aged | 3 | |
Consumer | Less than or equal to 80% | Loan to Values (LTVs) | ||
Loans receivable | ||
Loans | 61,633 | 62,801 |
Consumer | 80% but less than or equal to 100% | Loan to Values (LTVs) | ||
Loans receivable | ||
Loans | 15,348 | 16,747 |
Consumer | Greater than 100% | Loan to Values (LTVs) | ||
Loans receivable | ||
Loans | 7,052 | 7,311 |
Consumer | Less than 620 | Consumer | ||
Loans receivable | ||
Loans | 19,077 | 23,830 |
Consumer | ≥ 620 but less than 660 | Consumer | ||
Loans receivable | ||
Loans | 17,531 | 20,735 |
Consumer | Equal to or greater than 660 | Consumer | ||
Loans receivable | ||
Loans | 153,833 | 164,767 |
Consumer | Government-guaranteed | ||
Loans receivable | ||
Loans, past due | 2,652 | 3,443 |
Consumer | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 3,859 | 4,529 |
Consumer | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | 3,952 | 4,650 |
Consumer | Residential first mortgages | ||
Loans receivable | ||
Number of days past due, non-accrual status | 90 days | 90 days |
Loans at fair value | 38 | 43 |
Consumer | Home equity loans | ||
Loans receivable | ||
Number of days past due, non-accrual status | 90 days | |
Consumer | Credit cards | ||
Loans receivable | ||
Number of days past due, non-accrual status | 180 days | |
Consumer | Installment and other | ||
Loans receivable | ||
Number of days past due, non-accrual status | 90 days | |
Consumer | Commercial market loans | ||
Loans receivable | ||
Number of days past due, non-accrual status | 90 days | |
Consumer | Total GCB and Citi Holdings Consumer | ||
Loans receivable | ||
Loans, current | 331,016 | 357,110 |
Loans, net of unearned income | 341,461 | 369,711 |
Loans, total non-accrual | 5,564 | 5,894 |
Loans, 90 days past due and accruing | 3,804 | 4,372 |
Consumer | Total GCB and Citi Holdings Consumer | Government-guaranteed | ||
Loans receivable | ||
Loans, past due | 2,652 | 3,443 |
Consumer | Total GCB and Citi Holdings Consumer | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 3,850 | 4,519 |
Consumer | Total GCB and Citi Holdings Consumer | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | 3,943 | 4,639 |
Consumer | Other | ||
Loans receivable | ||
Loans, current | 227 | 238 |
Loans, net of unearned income | 245 | 259 |
Loans, total non-accrual | 29 | 30 |
Loans, 90 days past due and accruing | 0 | 0 |
Consumer | Other | Government-guaranteed | ||
Loans receivable | ||
Loans, past due | 0 | 0 |
Consumer | Other | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 9 | 10 |
Consumer | Other | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | 9 | 11 |
Consumer | Open-ended consumer loans | ||
Loans receivable | ||
Number of re-age modification limitations in twelve months | 1 | |
Number of re-age modification limitations in five years | 2 | |
Consumer | Unsecured Revolving Loans | ||
Loans receivable | ||
Number of days past due, non-accrual status | 180 days | |
Consumer | In North America Offices | ||
Loans receivable | ||
Loans, current | 202,066 | 221,424 |
Loans, net of unearned income | 210,216 | 231,517 |
Loans, total non-accrual | 4,187 | 4,406 |
Loans, 90 days past due and accruing | 3,497 | 4,050 |
Consumer | In North America Offices | Government-guaranteed | ||
Loans receivable | ||
Loans, past due | 2,652 | 3,443 |
Consumer | In North America Offices | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 2,570 | 3,191 |
Consumer | In North America Offices | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | 2,928 | 3,459 |
Consumer | In North America Offices | Residential first mortgages | ||
Loans receivable | ||
Loans, current | 59,466 | 61,730 |
Loans, net of unearned income | 64,295 | 67,824 |
Loans, total non-accrual | 2,768 | 2,746 |
Loans, 90 days past due and accruing | 2,285 | 2,759 |
Consumer | In North America Offices | Residential first mortgages | Government-guaranteed | ||
Loans receivable | ||
Loans, past due | 2,652 | 3,443 |
Consumer | In North America Offices | Residential first mortgages | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 1,005 | 1,280 |
Consumer | In North America Offices | Residential first mortgages | 30 to 89 Days Past Due | Government-guaranteed | ||
Loans receivable | ||
Loans, past due | 400 | 600 |
Consumer | In North America Offices | Residential first mortgages | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | 1,172 | 1,371 |
Consumer | In North America Offices | Residential first mortgages | Equal to greater than 90 days past due | Government-guaranteed | ||
Loans receivable | ||
Loans, past due | 2,300 | 2,800 |
Consumer | In North America Offices | Home equity loans | ||
Loans receivable | ||
Loans, current | 26,339 | 27,262 |
Loans, net of unearned income | 27,125 | 28,117 |
Loans, total non-accrual | 1,273 | 1,271 |
Loans, 90 days past due and accruing | 0 | 0 |
Consumer | In North America Offices | Home equity loans | Government-guaranteed | ||
Loans receivable | ||
Loans, past due | 0 | 0 |
Consumer | In North America Offices | Home equity loans | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 281 | 335 |
Consumer | In North America Offices | Home equity loans | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | 505 | 520 |
Consumer | In North America Offices | Credit cards | ||
Loans receivable | ||
Loans, current | 103,587 | 111,441 |
Loans, net of unearned income | 105,955 | 114,028 |
Loans, total non-accrual | 0 | 0 |
Loans, 90 days past due and accruing | 1,198 | 1,273 |
Consumer | In North America Offices | Credit cards | Government-guaranteed | ||
Loans receivable | ||
Loans, past due | 0 | 0 |
Consumer | In North America Offices | Credit cards | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 1,170 | 1,316 |
Consumer | In North America Offices | Credit cards | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | 1,198 | 1,271 |
Consumer | In North America Offices | Installment and other | ||
Loans receivable | ||
Loans, current | 4,158 | 12,361 |
Loans, net of unearned income | 4,257 | 12,874 |
Loans, total non-accrual | 30 | 254 |
Loans, 90 days past due and accruing | 3 | 3 |
Consumer | In North America Offices | Installment and other | Government-guaranteed | ||
Loans receivable | ||
Loans, past due | 0 | 0 |
Consumer | In North America Offices | Installment and other | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 60 | 229 |
Consumer | In North America Offices | Installment and other | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | 39 | 284 |
Consumer | In North America Offices | Commercial market loans | ||
Loans receivable | ||
Loans, current | 8,516 | 8,630 |
Loans, net of unearned income | 8,584 | 8,674 |
Loans, total non-accrual | 116 | 135 |
Loans, 90 days past due and accruing | 11 | 15 |
Consumer | In North America Offices | Commercial market loans | Government-guaranteed | ||
Loans receivable | ||
Loans, past due | 0 | 0 |
Consumer | In North America Offices | Commercial market loans | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 54 | 31 |
Consumer | In North America Offices | Commercial market loans | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | 14 | 13 |
Consumer | In offices outside North America | ||
Loans receivable | ||
Loans, current | 128,950 | 135,686 |
Loans, net of unearned income | 131,245 | 138,194 |
Loans, total non-accrual | 1,377 | 1,488 |
Loans, 90 days past due and accruing | 307 | 322 |
Consumer | In offices outside North America | Government-guaranteed | ||
Loans receivable | ||
Loans, past due | 0 | 0 |
Consumer | In offices outside North America | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 1,280 | 1,328 |
Consumer | In offices outside North America | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | 1,015 | 1,180 |
Consumer | In offices outside North America | Residential first mortgages | ||
Loans receivable | ||
Loans, current | 41,663 | 44,782 |
Loans, net of unearned income | 42,164 | 45,317 |
Loans, total non-accrual | 434 | 454 |
Loans, 90 days past due and accruing | 0 | 0 |
Consumer | In offices outside North America | Residential first mortgages | Government-guaranteed | ||
Loans receivable | ||
Loans, past due | 0 | 0 |
Consumer | In offices outside North America | Residential first mortgages | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 304 | 312 |
Consumer | In offices outside North America | Residential first mortgages | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | 197 | 223 |
Consumer | In offices outside North America | Home equity loans | ||
Loans receivable | ||
Loans, current | 0 | 0 |
Loans, net of unearned income | 0 | 0 |
Loans, total non-accrual | 0 | 0 |
Loans, 90 days past due and accruing | 0 | 0 |
Consumer | In offices outside North America | Home equity loans | Government-guaranteed | ||
Loans receivable | ||
Loans, past due | 0 | 0 |
Consumer | In offices outside North America | Home equity loans | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 0 | 0 |
Consumer | In offices outside North America | Home equity loans | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | 0 | 0 |
Consumer | In offices outside North America | Credit cards | ||
Loans receivable | ||
Loans, current | 27,457 | 30,327 |
Loans, net of unearned income | 28,512 | 31,482 |
Loans, total non-accrual | 347 | 413 |
Loans, 90 days past due and accruing | 307 | 322 |
Consumer | In offices outside North America | Credit cards | Government-guaranteed | ||
Loans receivable | ||
Loans, past due | 0 | 0 |
Consumer | In offices outside North America | Credit cards | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 567 | 602 |
Consumer | In offices outside North America | Credit cards | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | 488 | 553 |
Consumer | In offices outside North America | Installment and other | ||
Loans receivable | ||
Loans, current | 30,575 | 29,297 |
Loans, net of unearned income | 31,053 | 29,774 |
Loans, total non-accrual | 200 | 216 |
Loans, 90 days past due and accruing | 0 | 0 |
Consumer | In offices outside North America | Installment and other | Government-guaranteed | ||
Loans receivable | ||
Loans, past due | 0 | 0 |
Consumer | In offices outside North America | Installment and other | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 334 | 328 |
Consumer | In offices outside North America | Installment and other | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | 144 | 149 |
Consumer | In offices outside North America | Commercial market loans | ||
Loans receivable | ||
Loans, current | 29,255 | 31,280 |
Loans, net of unearned income | 29,516 | 31,621 |
Loans, total non-accrual | 396 | 405 |
Loans, 90 days past due and accruing | 0 | 0 |
Consumer | In offices outside North America | Commercial market loans | Government-guaranteed | ||
Loans receivable | ||
Loans, past due | 0 | 0 |
Consumer | In offices outside North America | Commercial market loans | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 75 | 86 |
Consumer | In offices outside North America | Commercial market loans | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | $186 | $255 |
LOANS_Impaired_Consumer_Loans_
LOANS - Impaired Consumer Loans (Details) (Consumer, USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Q | Q | ||
Financing receivable impaired | |||
Recorded investment | $15,674 | $19,358 | |
Unpaid principal balance | 17,359 | 21,070 | |
Related specific allowance | 3,314 | 3,917 | |
Average carrying value | 19,617 | 21,552 | |
Interest income recognized | 214 | 299 | |
Number of quarters used to calculate the average recorded investment balance | 4 | 4 | |
Residential first mortgages | |||
Financing receivable impaired | |||
Recorded investment | 10,636 | 13,551 | |
Unpaid principal balance | 11,388 | 14,387 | |
Related specific allowance | 1,531 | 1,909 | |
Average carrying value | 13,847 | 15,389 | |
Interest income recognized | 141 | 184 | |
Impaired financing receivable without specific allowance | 1,656 | 1,896 | |
Home equity loans | |||
Financing receivable impaired | |||
Recorded investment | 1,961 | 2,029 | |
Unpaid principal balance | 2,607 | 2,674 | |
Related specific allowance | 597 | 599 | |
Average carrying value | 2,034 | 2,075 | |
Interest income recognized | 17 | 19 | |
Impaired financing receivable without specific allowance | 533 | 554 | |
Credit cards | |||
Financing receivable impaired | |||
Recorded investment | 2,249 | 2,407 | |
Unpaid principal balance | 2,288 | 2,447 | |
Related specific allowance | 805 | 849 | |
Average carrying value | 2,517 | 2,732 | |
Interest income recognized | 44 | 51 | |
Individual installment and other | |||
Financing receivable impaired | |||
Recorded investment | 432 | 948 | |
Unpaid principal balance | 459 | 963 | |
Related specific allowance | 260 | 450 | |
Average carrying value | 834 | 975 | |
Interest income recognized | 9 | 34 | |
Commercial market loans | |||
Financing receivable impaired | |||
Recorded investment | 396 | 423 | |
Unpaid principal balance | 617 | 599 | |
Related specific allowance | 121 | 110 | |
Average carrying value | 385 | 381 | |
Interest income recognized | 3 | 11 | |
Impaired financing receivable without specific allowance | $150 | $158 |
LOANS_Consumer_Troubled_Debt_R
LOANS - Consumer Troubled Debt Restructurings (Details) (Consumer, USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
loan | |||
Loans receivable | |||
Period within which default occurred post-modification | 1 year | ||
Number of days past due, non-accrual status | 60 days | ||
Residential first mortgages | |||
Loans receivable | |||
Number of days past due, non-accrual status | 90 days | 90 days | |
Home equity loans | |||
Loans receivable | |||
Number of days past due, non-accrual status | 90 days | ||
Credit cards | |||
Loans receivable | |||
Number of days past due, non-accrual status | 180 days | ||
Installment and other | |||
Loans receivable | |||
Number of days past due, non-accrual status | 90 days | ||
Commercial market loans | |||
Loans receivable | |||
Number of days past due, non-accrual status | 90 days | ||
In North America Offices | |||
Loans receivable | |||
Number of loans modified | 55,702 | 66,948 | |
Post-modification recorded investment | 684 | $1,082 | |
Deferred principal | 4 | 18 | |
Contingent principal forgiveness | 2 | 11 | |
Principal forgiveness | 9 | 12 | |
Loans in default | 168 | 346 | |
In North America Offices | Residential first mortgages | |||
Loans receivable | |||
Number of loans modified | 3,093 | 5,779 | |
Post-modification recorded investment | 407 | 685 | |
Deferred principal | 4 | 17 | |
Contingent principal forgiveness | 2 | 11 | |
Principal forgiveness | 8 | 3 | |
Average interest rate reduction (as a percent) | 1.00% | 1.00% | |
Post-modification recorded investment for borrowers that have gone through Chapter 7 bankruptcy | 66 | 91 | |
Loans in default | 110 | 245 | |
In North America Offices | Residential first mortgages | New OCC guidance | |||
Loans receivable | |||
Post-modification recorded investment for borrowers that have gone through Chapter 7 bankruptcy | 38 | 57 | |
In North America Offices | Home equity loans | |||
Loans receivable | |||
Number of loans modified | 1,258 | 2,319 | |
Post-modification recorded investment | 46 | 84 | |
Deferred principal | 0 | 1 | |
Contingent principal forgiveness | 0 | 0 | |
Principal forgiveness | 1 | 9 | |
Average interest rate reduction (as a percent) | 2.00% | 2.00% | |
Post-modification recorded investment for borrowers that have gone through Chapter 7 bankruptcy | 15 | 22 | |
Loans in default | 11 | 23 | |
In North America Offices | Home equity loans | New OCC guidance | |||
Loans receivable | |||
Post-modification recorded investment for borrowers that have gone through Chapter 7 bankruptcy | 12 | 19 | |
In North America Offices | Credit cards | |||
Loans receivable | |||
Number of loans modified | 50,310 | 44,976 | |
Post-modification recorded investment | 211 | 199 | |
Deferred principal | 0 | 0 | |
Contingent principal forgiveness | 0 | 0 | |
Principal forgiveness | 0 | 0 | |
Average interest rate reduction (as a percent) | 16.00% | 15.00% | |
Loans in default | 43 | 51 | |
In North America Offices | Installment and other | |||
Loans receivable | |||
Number of loans modified | 984 | 13,836 | |
Post-modification recorded investment | 9 | 101 | |
Deferred principal | 0 | 0 | |
Contingent principal forgiveness | 0 | 0 | |
Principal forgiveness | 0 | 0 | |
Average interest rate reduction (as a percent) | 12.00% | 7.00% | |
Loans in default | 2 | 21 | |
In North America Offices | Commercial market loans | |||
Loans receivable | |||
Number of loans modified | 57 | 38 | |
Post-modification recorded investment | 11 | 13 | |
Deferred principal | 0 | 0 | |
Contingent principal forgiveness | 0 | 0 | |
Principal forgiveness | 0 | 0 | |
Average interest rate reduction (as a percent) | 0.00% | 0.00% | |
Loans in default | 2 | 6 | |
In offices outside North America | |||
Loans receivable | |||
Number of loans modified | 57,344 | 52,642 | |
Post-modification recorded investment | 219 | 315 | |
Deferred principal | 0 | 0 | |
Contingent principal forgiveness | 0 | 0 | |
Principal forgiveness | 4 | 3 | |
Loans in default | 75 | 101 | |
In offices outside North America | Residential first mortgages | |||
Loans receivable | |||
Number of loans modified | 869 | 546 | |
Post-modification recorded investment | 21 | 22 | |
Deferred principal | 0 | 0 | |
Contingent principal forgiveness | 0 | 0 | |
Principal forgiveness | 0 | 0 | |
Average interest rate reduction (as a percent) | 0.00% | 1.00% | |
Loans in default | 6 | 6 | |
In offices outside North America | Home equity loans | |||
Loans receivable | |||
Number of loans modified | 14 | 32 | |
Post-modification recorded investment | 3 | 5 | |
Deferred principal | 0 | 0 | |
Contingent principal forgiveness | 0 | 0 | |
Principal forgiveness | 0 | 0 | |
Average interest rate reduction (as a percent) | 0.00% | 0.00% | |
Loans in default | 0 | 0 | |
In offices outside North America | Credit cards | |||
Loans receivable | |||
Number of loans modified | 40,431 | 37,106 | |
Post-modification recorded investment | 98 | 121 | |
Deferred principal | 0 | 0 | |
Contingent principal forgiveness | 0 | 0 | |
Principal forgiveness | 2 | 2 | |
Average interest rate reduction (as a percent) | 13.00% | 14.00% | |
Loans in default | 35 | 63 | |
In offices outside North America | Installment and other | |||
Loans receivable | |||
Number of loans modified | 15,947 | 14,862 | |
Post-modification recorded investment | 69 | 74 | |
Deferred principal | 0 | 0 | |
Contingent principal forgiveness | 0 | 0 | |
Principal forgiveness | 2 | 1 | |
Average interest rate reduction (as a percent) | 5.00% | 7.00% | |
Loans in default | 23 | 27 | |
In offices outside North America | Commercial market loans | |||
Loans receivable | |||
Number of loans modified | 83 | 96 | |
Post-modification recorded investment | 28 | 93 | |
Deferred principal | 0 | 0 | |
Contingent principal forgiveness | 0 | 0 | |
Principal forgiveness | 0 | 0 | |
Average interest rate reduction (as a percent) | 3.00% | 0.00% | |
Loans in default | 11 | $5 |
LOANS_Corporate_Loans_Details
LOANS - Corporate Loans (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Loans | ||
Loans, net of unearned income | $621,054 | $644,635 |
Corporate | ||
Loans | ||
Total loans | 279,888 | 275,219 |
Net unearned income (loss) | -540 | -554 |
Loans, net of unearned income | 279,348 | 274,665 |
Corporate | Commercial and industrial | ||
Loans | ||
Loans, net of unearned income | 114,232 | 110,389 |
Corporate | Financial institutions | ||
Loans | ||
Loans, net of unearned income | 66,684 | 67,832 |
Corporate | Mortgage and real estate | ||
Loans | ||
Loans, net of unearned income | 39,359 | 38,473 |
Corporate | Lease financing | ||
Loans | ||
Loans, net of unearned income | 2,077 | 2,113 |
In U.S. offices | Corporate | ||
Loans | ||
Total loans | 137,758 | 134,829 |
In U.S. offices | Corporate | Commercial and industrial | ||
Loans | ||
Total loans | 37,537 | 35,055 |
In U.S. offices | Corporate | Financial institutions | ||
Loans | ||
Total loans | 36,054 | 36,272 |
In U.S. offices | Corporate | Mortgage and real estate | ||
Loans | ||
Total loans | 33,145 | 32,537 |
In U.S. offices | Corporate | Installment, revolving credit and other | ||
Loans | ||
Total loans | 29,267 | 29,207 |
In U.S. offices | Corporate | Lease financing | ||
Loans | ||
Total loans | 1,755 | 1,758 |
In offices outside the U.S. | Corporate | ||
Loans | ||
Total loans | 142,130 | 140,390 |
In offices outside the U.S. | Corporate | Commercial and industrial | ||
Loans | ||
Total loans | 81,426 | 79,239 |
In offices outside the U.S. | Corporate | Financial institutions | ||
Loans | ||
Total loans | 32,210 | 33,269 |
In offices outside the U.S. | Corporate | Mortgage and real estate | ||
Loans | ||
Total loans | 6,311 | 6,031 |
In offices outside the U.S. | Corporate | Installment, revolving credit and other | ||
Loans | ||
Total loans | 19,687 | 19,259 |
In offices outside the U.S. | Corporate | Lease financing | ||
Loans | ||
Total loans | 322 | 356 |
In offices outside the U.S. | Corporate | Government and official institutions | ||
Loans | ||
Total loans | $2,174 | $2,236 |
LOANS_Corporate_Loan_Delinquen
LOANS - Corporate Loan Delinquency (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Loans receivable | |||
Loans, net of unearned income | $621,054,000,000 | $644,635,000,000 | |
Loans at fair value | 6,575,000,000 | 5,901,000,000 | |
Corporate | |||
Loans receivable | |||
Loans sold and/or reclassified to held-for-sale | 600,000,000 | 1,100,000,000 | |
Number of days past due, non-accrual status | 90 days | 90 days | |
Number of days past due for reversal of accrued interest and charging to earnings | 90 days | ||
Loans, equal to 30- 89 days past due and accruing | 857,000,000 | 187,000,000 | |
Loans, greater than or equal to 90 days past due and accruing | 6,000,000 | 1,000,000 | |
Loans, total Past due and accruing | 863,000,000 | 188,000,000 | |
Loans, total non-accrual | 1,161,000,000 | 1,183,000,000 | |
Loans, total current | 270,742,000,000 | 267,385,000,000 | |
Loans, net of unearned income | 279,348,000,000 | 274,665,000,000 | |
Loans at fair value | 6,537,000,000 | 5,858,000,000 | |
Purchased distressed loans | 45,000,000 | 51,000,000 | |
Loans less than this number of days past due are considered current | 30 days | 30 days | |
Corporate | Commercial and industrial | |||
Loans receivable | |||
Loans, equal to 30- 89 days past due and accruing | 541,000,000 | 50,000,000 | |
Loans, greater than or equal to 90 days past due and accruing | 1,000,000 | 0 | |
Loans, total Past due and accruing | 542,000,000 | 50,000,000 | |
Loans, total non-accrual | 592,000,000 | 575,000,000 | |
Loans, total current | 113,098,000,000 | 109,764,000,000 | |
Loans, net of unearned income | 114,232,000,000 | 110,389,000,000 | |
Corporate | Financial institutions | |||
Loans receivable | |||
Loans, equal to 30- 89 days past due and accruing | 95,000,000 | 2,000,000 | |
Loans, greater than or equal to 90 days past due and accruing | 0 | 0 | |
Loans, total Past due and accruing | 95,000,000 | 2,000,000 | |
Loans, total non-accrual | 239,000,000 | 250,000,000 | |
Loans, total current | 66,350,000,000 | 67,580,000,000 | |
Loans, net of unearned income | 66,684,000,000 | 67,832,000,000 | |
Corporate | Mortgage and real estate | |||
Loans receivable | |||
Loans, equal to 30- 89 days past due and accruing | 132,000,000 | 86,000,000 | |
Loans, greater than or equal to 90 days past due and accruing | 0 | 0 | |
Loans, total Past due and accruing | 132,000,000 | 86,000,000 | |
Loans, total non-accrual | 246,000,000 | 252,000,000 | |
Loans, total current | 38,981,000,000 | 38,135,000,000 | |
Loans, net of unearned income | 39,359,000,000 | 38,473,000,000 | |
Corporate | Leases | |||
Loans receivable | |||
Loans, equal to 30- 89 days past due and accruing | 0 | 0 | |
Loans, greater than or equal to 90 days past due and accruing | 1,000,000 | 0 | |
Loans, total Past due and accruing | 1,000,000 | 0 | |
Loans, total non-accrual | 49,000,000 | 51,000,000 | |
Loans, total current | 2,027,000,000 | 2,062,000,000 | |
Loans, net of unearned income | 2,077,000,000 | 2,113,000,000 | |
Corporate | Other | |||
Loans receivable | |||
Loans, equal to 30- 89 days past due and accruing | 89,000,000 | 49,000,000 | |
Loans, greater than or equal to 90 days past due and accruing | 4,000,000 | 1,000,000 | |
Loans, total Past due and accruing | 93,000,000 | 50,000,000 | |
Loans, total non-accrual | 35,000,000 | 55,000,000 | |
Loans, total current | 50,286,000,000 | 49,844,000,000 | |
Loans, net of unearned income | $50,414,000,000 | $49,949,000,000 |
LOANS_Corporate_Loans_Credit_Q
LOANS - Corporate Loans Credit Quality Indicators (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Loans receivable | ||
Loans, net of unearned income | $621,054 | $644,635 |
Loans at fair value | 6,575 | 5,901 |
Corporate | ||
Loans receivable | ||
Loans, net of unearned income | 279,348 | 274,665 |
Loans, total non-accrual | 1,161 | 1,183 |
Loans at fair value | 6,537 | 5,858 |
Corporate | Commercial and industrial | ||
Loans receivable | ||
Loans, net of unearned income | 114,232 | 110,389 |
Loans, total non-accrual | 592 | 575 |
Corporate | Financial institutions | ||
Loans receivable | ||
Loans, net of unearned income | 66,684 | 67,832 |
Loans, total non-accrual | 239 | 250 |
Corporate | Mortgage and real estate | ||
Loans receivable | ||
Loans, net of unearned income | 39,359 | 38,473 |
Loans, total non-accrual | 246 | 252 |
Corporate | Lease financing | ||
Loans receivable | ||
Loans, net of unearned income | 2,077 | 2,113 |
Loans, total non-accrual | 49 | 51 |
Corporate | Other | ||
Loans receivable | ||
Loans, net of unearned income | 50,414 | 49,949 |
Loans, total non-accrual | 35 | 55 |
Corporate | Private Banking loans managed on a delinquency basis | ||
Loans receivable | ||
Loans, net of unearned income | 18,995 | 18,616 |
Corporate | Investment Grade | ||
Loans receivable | ||
Loans, net of unearned income | 204,340 | 200,987 |
Corporate | Investment Grade | Commercial and industrial | ||
Loans receivable | ||
Loans, net of unearned income | 83,405 | 80,812 |
Corporate | Investment Grade | Financial institutions | ||
Loans receivable | ||
Loans, net of unearned income | 55,902 | 56,154 |
Corporate | Investment Grade | Mortgage and real estate | ||
Loans receivable | ||
Loans, net of unearned income | 17,049 | 16,068 |
Corporate | Investment Grade | Lease financing | ||
Loans receivable | ||
Loans, net of unearned income | 1,650 | 1,669 |
Corporate | Investment Grade | Other | ||
Loans receivable | ||
Loans, net of unearned income | 46,334 | 46,284 |
Corporate | Non-Investment Grade | ||
Loans receivable | ||
Loans, net of unearned income | 49,476 | 49,204 |
Corporate | Non-Investment Grade | Commercial and industrial | ||
Loans receivable | ||
Loans, net of unearned income | 30,234 | 29,003 |
Loans, total non-accrual | 592 | 575 |
Corporate | Non-Investment Grade | Financial institutions | ||
Loans receivable | ||
Loans, net of unearned income | 10,543 | 11,429 |
Loans, total non-accrual | 239 | 250 |
Corporate | Non-Investment Grade | Mortgage and real estate | ||
Loans receivable | ||
Loans, net of unearned income | 3,115 | 3,587 |
Loans, total non-accrual | 246 | 252 |
Corporate | Non-Investment Grade | Lease financing | ||
Loans receivable | ||
Loans, net of unearned income | 378 | 393 |
Loans, total non-accrual | 49 | 51 |
Corporate | Non-Investment Grade | Other | ||
Loans receivable | ||
Loans, net of unearned income | 4,045 | 3,609 |
Loans, total non-accrual | $35 | $55 |
LOANS_Nonaccrual_Corporate_Loa
LOANS - Non-accrual Corporate Loans (Details) (Corporate, USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Financing receivable impaired | |||
Number of months in sustained period of repayment performance for cash-basis loans to return to an accrual status | 6 months | ||
Recorded investment | $1,161 | $1,183 | |
Unpaid principal balance | 1,670 | 1,533 | |
Related specific allowance | 235 | 236 | |
Average carrying value | 1,229 | 1,344 | |
Interest Income Recognized | 1 | 10 | |
Impaired financing receivable with specific allowance | 489 | 433 | |
Impaired financing receivable without specific allowance | 672 | 750 | |
Commercial and industrial | |||
Financing receivable impaired | |||
Recorded investment | 592 | 575 | |
Unpaid principal balance | 933 | 863 | |
Related specific allowance | 167 | 155 | |
Average carrying value | 630 | 658 | |
Interest Income Recognized | 0 | 5 | |
Impaired financing receivable with specific allowance | 297 | 224 | |
Impaired financing receivable without specific allowance | 295 | 351 | |
Financial institutions | |||
Financing receivable impaired | |||
Recorded investment | 239 | 250 | |
Unpaid principal balance | 252 | 262 | |
Related specific allowance | 9 | 7 | |
Average carrying value | 253 | 278 | |
Interest Income Recognized | 0 | 4 | |
Impaired financing receivable with specific allowance | 45 | 37 | |
Impaired financing receivable without specific allowance | 194 | 213 | |
Mortgage and real estate | |||
Financing receivable impaired | |||
Recorded investment | 246 | 252 | |
Unpaid principal balance | 282 | 287 | |
Related specific allowance | 18 | 24 | |
Average carrying value | 244 | 263 | |
Interest Income Recognized | 1 | 1 | |
Impaired financing receivable with specific allowance | 66 | 70 | |
Impaired financing receivable without specific allowance | 180 | 182 | |
Lease financing | |||
Financing receivable impaired | |||
Recorded investment | 49 | 51 | |
Unpaid principal balance | 49 | 53 | |
Related specific allowance | 29 | 29 | |
Average carrying value | 50 | 85 | |
Interest Income Recognized | 0 | 0 | |
Impaired financing receivable with specific allowance | 47 | 47 | |
Impaired financing receivable without specific allowance | 2 | 4 | |
Other | |||
Financing receivable impaired | |||
Recorded investment | 35 | 55 | |
Unpaid principal balance | 154 | 68 | |
Related specific allowance | 12 | 21 | |
Average carrying value | 52 | 60 | |
Interest Income Recognized | 0 | 0 | |
Impaired financing receivable with specific allowance | 34 | 55 | |
Impaired financing receivable without specific allowance | $1 | $0 |
LOANS_Corporate_Troubled_Debt_
LOANS - Corporate Troubled Debt Restructurings (Details) (Corporate, USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Financing receivable impaired | ||
Carrying Value | $1 | $44 |
TDRs involving changes in the amount and/or timing of principal payments | 1 | 27 |
TDRs involving changes in the amount and/or timing of interest payments | 0 | 17 |
TDRs involving changes in the amount and/or timing of both principal and interest payments | 0 | 0 |
Period within which default occurred post-modification | 1 year | |
Number of days past due, default status | 60 days | |
Carrying Value | 529 | 739 |
TDR in payment default | 0 | 0 |
Commercial market loans | ||
Financing receivable impaired | ||
Number of days past due, default status | 90 days | |
Commercial and industrial | ||
Financing receivable impaired | ||
Carrying Value | 0 | 40 |
TDRs involving changes in the amount and/or timing of principal payments | 0 | 23 |
TDRs involving changes in the amount and/or timing of interest payments | 0 | 17 |
TDRs involving changes in the amount and/or timing of both principal and interest payments | 0 | 0 |
Carrying Value | 88 | 182 |
TDR in payment default | 0 | 0 |
Financial institutions | ||
Financing receivable impaired | ||
Carrying Value | 0 | 0 |
TDRs involving changes in the amount and/or timing of principal payments | 0 | 0 |
TDRs involving changes in the amount and/or timing of interest payments | 0 | 0 |
TDRs involving changes in the amount and/or timing of both principal and interest payments | 0 | 0 |
Carrying Value | 0 | 0 |
TDR in payment default | 0 | 0 |
Mortgage and real estate | ||
Financing receivable impaired | ||
Carrying Value | 1 | 4 |
TDRs involving changes in the amount and/or timing of principal payments | 1 | 4 |
TDRs involving changes in the amount and/or timing of interest payments | 0 | 0 |
TDRs involving changes in the amount and/or timing of both principal and interest payments | 0 | 0 |
Carrying Value | 105 | 147 |
TDR in payment default | 0 | 0 |
Other | ||
Financing receivable impaired | ||
Carrying Value | 0 | 0 |
TDRs involving changes in the amount and/or timing of principal payments | 0 | 0 |
TDRs involving changes in the amount and/or timing of interest payments | 0 | 0 |
TDRs involving changes in the amount and/or timing of both principal and interest payments | 0 | 0 |
Carrying Value | 336 | 410 |
TDR in payment default | $0 | $0 |
ALLOWANCE_FOR_CREDIT_LOSSES_Al
ALLOWANCE FOR CREDIT LOSSES - Allowance for Loan Losses Roll Forward (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Allowance for credit losses | ||
Allowance for loan losses at beginning of period | $15,994 | $19,648 |
Gross credit losses | -2,458 | -2,983 |
Gross recoveries | 501 | 544 |
NCLs | 1,957 | 2,439 |
Net reserve build (releases) | -91 | -560 |
Net specific reserve builds (releases) | -111 | -86 |
Total provision for credit losses | 1,755 | 1,793 |
Other, net | -1,194 | -79 |
Allowance for loan losses at the end of year | 14,598 | 18,923 |
Allowance for credit losses on unfunded lending commitments | ||
Allowance for credit losses on unfunded lending commitments at beginning of year | 1,063 | 1,229 |
Provision (release) for unfunded lending commitments | -37 | -27 |
Other, net | -3 | 0 |
Allowance for credit losses on unfunded lending commitments at end of year | 1,023 | 1,202 |
Total allowance for loans, leases, and unfunded lending commitments at end of period | $15,621 | $20,125 |
ALLOWANCE_FOR_CREDIT_LOSSES_Ad
ALLOWANCE FOR CREDIT LOSSES - Additional Information (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Loans and Leases Receivable, Allowance [Abstract] | ||
Reduction of allowance for loan and leases losses due to loans sold or transferred to held-for-sale or to discontinued operations | $1,000 | $79 |
Reduction of allowance for loan and leases losses due to transfer to real estate loan portfolio | 281 | |
Reduction of allowance related to foreign currency translation | $145 |
ALLOWANCE_FOR_CREDIT_LOSSES_Al1
ALLOWANCE FOR CREDIT LOSSES - Allowance for Loan Losses Roll Forward by Segment (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Allowance for credit losses | |||
Allowance for loan losses at beginning of period | $15,994 | $19,648 | |
Charge-offs | -2,458 | -2,983 | |
Recoveries | 501 | 544 | |
Replenishment of net charge-offs | 1,957 | 2,439 | |
Net reserve build (releases) | -91 | -560 | |
Net specific reserve releases | -111 | -86 | |
Other | -1,194 | -79 | |
Allowance for loan losses at the end of year | 14,598 | 18,923 | |
Allowance for loan losses: | |||
Determined in accordance with ASC 450-20 | 10,994 | 11,783 | |
Determined in accordance with ASC 310-10-35 | 3,550 | 4,152 | |
Allowance for loan losses | 14,598 | 18,923 | |
Loans, net of unearned income: | |||
Loans collectively evaluated for impairment in accordance with ASC 450-20 | 596,976 | 617,470 | |
Loans individually evaluated for impairment in accordance with ASC 310-10-35 | 17,105 | 20,843 | |
Loans held at fair value | 6,575 | 5,901 | |
Loans, net of unearned income | 621,054 | 644,635 | |
Receivables Acquired with Deteriorated Credit Quality | |||
Allowance for loan losses: | |||
Determined in accordance with ASC 310-30 | 54 | 59 | |
Loans, net of unearned income: | |||
Loans | 398 | 421 | |
Corporate | |||
Allowance for credit losses | |||
Allowance for loan losses at beginning of period | 2,389 | 2,584 | |
Charge-offs | -23 | -174 | |
Recoveries | 32 | 29 | |
Replenishment of net charge-offs | -9 | 145 | |
Net reserve build (releases) | 100 | -101 | |
Net specific reserve releases | 3 | -10 | |
Other | -16 | -1 | |
Allowance for loan losses at the end of year | 2,476 | 2,472 | |
Allowance for loan losses: | |||
Determined in accordance with ASC 450-20 | 2,201 | 2,110 | |
Determined in accordance with ASC 310-10-35 | 236 | 235 | |
Allowance for loan losses | 2,476 | 2,472 | |
Loans, net of unearned income: | |||
Loans collectively evaluated for impairment in accordance with ASC 450-20 | 271,335 | 267,271 | |
Loans individually evaluated for impairment in accordance with ASC 310-10-35 | 1,431 | 1,485 | |
Loans held at fair value | 6,537 | 5,858 | |
Loans, net of unearned income | 279,348 | 274,665 | |
Corporate | Receivables Acquired with Deteriorated Credit Quality | |||
Allowance for loan losses: | |||
Determined in accordance with ASC 310-30 | 39 | 44 | |
Loans, net of unearned income: | |||
Loans | 45 | 51 | |
Consumer | |||
Allowance for credit losses | |||
Allowance for loan losses at beginning of period | 13,605 | 17,064 | |
Charge-offs | -2,435 | -2,809 | |
Recoveries | 469 | 515 | |
Replenishment of net charge-offs | 1,966 | 2,294 | |
Net reserve build (releases) | -191 | -459 | |
Net specific reserve releases | -114 | -76 | |
Other | -1,178 | -78 | |
Allowance for loan losses at the end of year | 12,122 | 16,451 | |
Allowance for loan losses: | |||
Determined in accordance with ASC 450-20 | 8,793 | 9,673 | |
Determined in accordance with ASC 310-10-35 | 3,314 | 3,917 | |
Allowance for loan losses | 12,122 | 16,451 | |
Loans, net of unearned income: | |||
Loans collectively evaluated for impairment in accordance with ASC 450-20 | 325,641 | 350,199 | |
Loans individually evaluated for impairment in accordance with ASC 310-10-35 | 15,674 | 19,358 | |
Loans held at fair value | 38 | 43 | |
Loans, net of unearned income | 341,706 | 369,970 | |
Consumer | Receivables Acquired with Deteriorated Credit Quality | |||
Allowance for loan losses: | |||
Determined in accordance with ASC 310-30 | 15 | 15 | |
Loans, net of unearned income: | |||
Loans | $353 | $370 |
GOODWILL_AND_INTANGIBLE_ASSETS2
GOODWILL AND INTANGIBLE ASSETS - Changes in Goodwill (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2012 | |
Goodwill | |||
Balance of goodwill at beginning of period | $23,592,000,000 | ||
Foreign exchange translation and other | -312,000,000 | ||
Impairment of goodwill | -16,000,000 | 0 | 0 |
Divestitures, purchase accounting adjustments and other | -114,000,000 | ||
Balance of goodwill at end of period | $23,150,000,000 |
GOODWILL_AND_INTANGIBLE_ASSETS3
GOODWILL AND INTANGIBLE ASSETS - Goodwill by Reporting Units (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2012 | Jan. 01, 2015 | Dec. 31, 2014 | |
Goodwill: | |||||
Impairments | $16,000,000 | $0 | $0 | ||
Goodwill | 23,150,000,000 | 23,592,000,000 | |||
North America Global Consumer Banking | |||||
Goodwill: | |||||
Goodwill | 6,725,000,000 | ||||
EMEA Global Consumer Banking | |||||
Goodwill: | |||||
Goodwill | 293,000,000 | ||||
Asia Global Consumer Banking | |||||
Goodwill: | |||||
Goodwill | 4,626,000,000 | ||||
Latin America Global Consumer Banking | |||||
Goodwill: | |||||
Goodwill | 1,465,000,000 | ||||
Banking | |||||
Goodwill: | |||||
Goodwill | 3,372,000,000 | ||||
Markets and Securities Services | |||||
Goodwill: | |||||
Goodwill | 6,569,000,000 | ||||
Latin America Retirement Services | |||||
Goodwill: | |||||
Goodwill | 0 | ||||
Goodwill, reclassified to other assets held-for-sale | 42,000,000 | ||||
Citi Holdings—Consumer EMEA | |||||
Goodwill: | |||||
Fair Value as a % of allocated book value | 107.00% | ||||
Goodwill | 23,000,000 | ||||
Citi Holdings — Consumer Japan | |||||
Goodwill: | |||||
Goodwill | 0 | ||||
Goodwill, reclassified to other assets held-for-sale | 61,000,000 | ||||
Citi Holdings—Consumer Latin America | |||||
Goodwill: | |||||
Goodwill | 77,000,000 | ||||
Consumer Finance South Korea | |||||
Goodwill: | |||||
Impairments | $16,000,000 |
GOODWILL_AND_INTANGIBLE_ASSETS4
GOODWILL AND INTANGIBLE ASSETS - Components of Intangible Assets (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Finite and Indefinite-lived Intangible Assets [Line Items] | ||
Gross carrying amount of Intangible assets (excluding MSRs) | $14,869 | $15,098 |
Accumulated amortization of Intangible assets (excluding MSRs) | 10,625 | 10,532 |
Net carrying amount of Intangible assets (excluding MSRs) | 4,244 | 4,566 |
Gross carrying amount, Mortgage servicing rights (MSRs) | 1,685 | 1,845 |
Mortgage servicing rights (MSRs) | 1,685 | 1,845 |
Gross carrying amount of Intangible assets | 16,554 | 16,943 |
Accumulated amortization of Intangible assets | 10,625 | 10,532 |
Net carrying amount of Intangible assets, balance at end of period | 5,929 | 6,411 |
Indefinite-lived intangible assets | ||
Finite and Indefinite-lived Intangible Assets [Line Items] | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 281 | 290 |
Accumulated amortization of Intangible assets (excluding MSRs) | 0 | 0 |
Net carrying amount of Intangible assets (excluding MSRs) | 281 | 290 |
Purchased credit card relationships | ||
Finite and Indefinite-lived Intangible Assets [Line Items] | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 7,618 | 7,626 |
Accumulated amortization of Intangible assets (excluding MSRs) | 6,355 | 6,294 |
Net carrying amount of Intangible assets (excluding MSRs) | 1,263 | 1,332 |
Core deposit intangibles | ||
Finite and Indefinite-lived Intangible Assets [Line Items] | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 1,122 | 1,153 |
Accumulated amortization of Intangible assets (excluding MSRs) | 1,006 | 1,021 |
Net carrying amount of Intangible assets (excluding MSRs) | 116 | 132 |
Other customer relationships | ||
Finite and Indefinite-lived Intangible Assets [Line Items] | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 518 | 579 |
Accumulated amortization of Intangible assets (excluding MSRs) | 335 | 331 |
Net carrying amount of Intangible assets (excluding MSRs) | 183 | 248 |
Present value of future profits | ||
Finite and Indefinite-lived Intangible Assets [Line Items] | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 163 | 233 |
Accumulated amortization of Intangible assets (excluding MSRs) | 156 | 154 |
Net carrying amount of Intangible assets (excluding MSRs) | 7 | 79 |
Other | ||
Finite and Indefinite-lived Intangible Assets [Line Items] | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 5,167 | 5,217 |
Accumulated amortization of Intangible assets (excluding MSRs) | 2,773 | 2,732 |
Net carrying amount of Intangible assets (excluding MSRs) | $2,394 | $2,485 |
GOODWILL_AND_INTANGIBLE_ASSETS5
GOODWILL AND INTANGIBLE ASSETS - Changes in Intangible Assets (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Finite and Indefinite-lived Intangible Assets [Roll Forward] | ||
Net carrying amount of Intangible assets (excluding MSRs), beginning balance | $4,566 | |
Acquisitions/ divestitures | -123 | |
Amortization | -169 | |
Impairments | -5 | |
FX and other | -25 | |
Net carrying amount of Intangible assets (excluding MSRs), ending balance | 4,244 | |
Mortgage servicing rights (MSRs) | 1,685 | 1,845 |
Net carrying amount of Intangible assets, balance at end of period | 5,929 | 6,411 |
Indefinite-lived intangible assets | ||
Finite and Indefinite-lived Intangible Assets [Roll Forward] | ||
Net carrying amount of Intangible assets (excluding MSRs), beginning balance | 290 | |
Acquisitions/ divestitures | 0 | |
Amortization | 0 | |
Impairments | 0 | |
FX and other | -9 | |
Net carrying amount of Intangible assets (excluding MSRs), ending balance | 281 | |
Purchased credit card relationships | ||
Finite and Indefinite-lived Intangible Assets [Roll Forward] | ||
Net carrying amount of Intangible assets (excluding MSRs), beginning balance | 1,332 | |
Acquisitions/ divestitures | 0 | |
Amortization | -68 | |
Impairments | 0 | |
FX and other | -1 | |
Net carrying amount of Intangible assets (excluding MSRs), ending balance | 1,263 | |
Core deposit intangibles | ||
Finite and Indefinite-lived Intangible Assets [Roll Forward] | ||
Net carrying amount of Intangible assets (excluding MSRs), beginning balance | 132 | |
Acquisitions/ divestitures | 0 | |
Amortization | -11 | |
Impairments | 0 | |
FX and other | -5 | |
Net carrying amount of Intangible assets (excluding MSRs), ending balance | 116 | |
Other customer relationships | ||
Finite and Indefinite-lived Intangible Assets [Roll Forward] | ||
Net carrying amount of Intangible assets (excluding MSRs), beginning balance | 248 | |
Acquisitions/ divestitures | -55 | |
Amortization | -6 | |
Impairments | 0 | |
FX and other | -4 | |
Net carrying amount of Intangible assets (excluding MSRs), ending balance | 183 | |
Present value of future profits | ||
Finite and Indefinite-lived Intangible Assets [Roll Forward] | ||
Net carrying amount of Intangible assets (excluding MSRs), beginning balance | 79 | |
Acquisitions/ divestitures | -68 | |
Amortization | -3 | |
Impairments | 0 | |
FX and other | -1 | |
Net carrying amount of Intangible assets (excluding MSRs), ending balance | 7 | |
Other | ||
Finite and Indefinite-lived Intangible Assets [Roll Forward] | ||
Net carrying amount of Intangible assets (excluding MSRs), beginning balance | 2,485 | |
Acquisitions/ divestitures | 0 | |
Amortization | -81 | |
Impairments | -5 | |
FX and other | -5 | |
Net carrying amount of Intangible assets (excluding MSRs), ending balance | $2,394 |
DEBT_ShortTerm_Borrowings_Deta
DEBT - Short-Term Borrowings (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Short-Term Borrowings: | ||
Commercial paper | $10,976,000,000 | $16,155,000,000 |
Other borrowings | 28,429,000,000 | 42,180,000,000 |
Total short-term borrowings | 39,405,000,000 | 58,335,000,000 |
Collateralized short-term advances from Federal Home Loan Bank | 2,000,000,000 | 11,200,000,000 |
Significant Citibank Entities | ||
Short-Term Borrowings: | ||
Commercial paper | 10,906,000,000 | 16,085,000,000 |
Citigroup Inc. | ||
Short-Term Borrowings: | ||
Commercial paper | $70,000,000 | $70,000,000 |
DEBT_LongTerm_Debt_Details
DEBT - Long-Term Debt (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Long-term debt | $210,522,000,000 | $223,080,000,000 |
Carrying value of Principal-Protected Trust Securities | 1,700,000,000 | 1,700,000,000 |
Citigroup Inc. | ||
Debt Instrument [Line Items] | ||
Long-term debt | 147,627,000,000 | 149,512,000,000 |
Bank | ||
Debt Instrument [Line Items] | ||
Long-term debt | 58,699,000,000 | 65,146,000,000 |
Bank | Senior debt | ||
Debt Instrument [Line Items] | ||
Collateralized long-term advances from Federal Home Loan Bank | 16,300,000,000 | 19,800,000,000 |
Broker-dealer | ||
Debt Instrument [Line Items] | ||
Long-term debt | $4,196,000,000 | $8,422,000,000 |
DEBT_Trust_Preferred_Securitie
DEBT - Trust Preferred Securities (Details) (USD $) | Mar. 31, 2015 |
In Millions, except Share data, unless otherwise specified | |
Trust Preferred Securities | |
Liquidation value | $2,589 |
Junior subordinated debentures owned by the Trust, amount | 2,594 |
Citigroup Capital III | |
Trust Preferred Securities | |
Securities issued (in shares) | 194,053 |
Liquidation value | 194 |
Coupon rate (as a percent) | 7.63% |
Common shares issued to parent (in shares) | 6,003 |
Junior subordinated debentures owned by the Trust, amount | 200 |
Citigroup Capital XIII | |
Trust Preferred Securities | |
Securities issued (in shares) | 89,840,000 |
Liquidation value | 2,246 |
Coupon rate (as a percent) | 7.88% |
Common shares issued to parent (in shares) | 1,000 |
Junior subordinated debentures owned by the Trust, amount | 2,246 |
Citigroup Capital XVIII | |
Trust Preferred Securities | |
Securities issued (in shares) | 99,901 |
Liquidation value | 149 |
Coupon rate (as a percent) | 6.83% |
Common shares issued to parent (in shares) | 50 |
Junior subordinated debentures owned by the Trust, amount | $148 |
CHANGES_IN_ACCUMULATED_OTHER_C2
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Change in Each Compenant of AOCI (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Change in accumulated other comprehensive income (loss) | ||||
Beginning-of-period balance, net of tax | ($19,133) | |||
End-of-period balance, net of tax | -24,691 | -19,146 | -23,216 | -19,133 |
Net unrealized gains (losses) on investment securities | ||||
Change in accumulated other comprehensive income (loss) | ||||
Beginning-of-period balance, net of tax | 57 | -1,640 | -1,640 | |
Other comprehensive income before reclassifications | 742 | 378 | ||
Increase (decrease) due to amounts reclassified from AOCI | -151 | 50 | ||
Change, net of taxes | 591 | 428 | ||
End-of-period balance, net of tax | 648 | -1,212 | ||
Cash flow hedges | ||||
Change in accumulated other comprehensive income (loss) | ||||
Beginning-of-period balance, net of tax | -909 | -1,245 | -1,245 | |
Other comprehensive income before reclassifications | 32 | 46 | ||
Increase (decrease) due to amounts reclassified from AOCI | 54 | 72 | ||
Change, net of taxes | 86 | 118 | ||
End-of-period balance, net of tax | -823 | -1,127 | ||
Benefit plans | ||||
Change in accumulated other comprehensive income (loss) | ||||
Beginning-of-period balance, net of tax | -5,159 | -3,989 | -3,989 | |
Other comprehensive income before reclassifications | -131 | -62 | ||
Increase (decrease) due to amounts reclassified from AOCI | 41 | 29 | ||
Change, net of taxes | -90 | -33 | ||
End-of-period balance, net of tax | -5,249 | -4,022 | ||
Foreign currency translation adjustment | ||||
Change in accumulated other comprehensive income (loss) | ||||
Beginning-of-period balance, net of tax | -17,205 | -12,259 | -12,259 | |
Other comprehensive income before reclassifications | -2,062 | -526 | ||
Increase (decrease) due to amounts reclassified from AOCI | 0 | 0 | ||
Change, net of taxes | -2,062 | -526 | ||
End-of-period balance, net of tax | -19,267 | -12,785 | -17,205 | |
Reclassification for allocation between net unrealized gains (losses) on investment securities to CTA, before tax | 137 | |||
Reclassification for allocation between net unrealized gains (losses) on investment securities to CTA, net of tax | 84 | |||
Accumulated other comprehensive income (loss) | ||||
Change in accumulated other comprehensive income (loss) | ||||
Beginning-of-period balance, net of tax | -23,216 | -19,133 | -19,133 | |
Other comprehensive income before reclassifications | -1,419 | -164 | ||
Increase (decrease) due to amounts reclassified from AOCI | -56 | 151 | ||
Change, net of taxes | -1,475 | -13 | ||
End-of-period balance, net of tax | ($24,691) | ($19,146) |
CHANGES_IN_ACCUMULATED_OTHER_C3
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Pre-Tax and After-Tax (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | ||
Change in accumulated other comprehensive income (loss), pretax | |||||
Balance at the beginning of the period, pretax | ($31,060) | ($27,596) | ($27,596) | ||
Change in net unrealized gains (losses) on investment securities, pretax | 1,048 | 703 | |||
Cash flow hedges, pretax | 156 | 181 | |||
Benefit plans, pretax | -121 | -55 | |||
Foreign currency translation adjustment, pretax | -2,302 | -530 | |||
Change, pretax | -1,219 | 299 | |||
Balance at the end of the period, pretax | -32,279 | -27,297 | -31,060 | ||
Change in accumulated other comprehensive income (loss), tax effect | |||||
Balance at the beginning of the period, tax effect | 7,844 | 8,463 | 8,463 | ||
Change in net unrealized gains (losses) on investment securities, tax effect | -457 | -275 | |||
Cash flow hedges, tax effect | -70 | -63 | |||
Benefit plans | 31 | 22 | 660 | ||
Foreign currency translation adjustment, tax effect | 240 | 4 | |||
Change, tax effect | -256 | -312 | |||
Balance at the end of the period, tax effect | 7,588 | 8,151 | 7,844 | ||
Change in accumulated other comprehensive income (loss), after-tax | |||||
Beginning-of-period balance, net of tax | -23,216 | -19,133 | -19,133 | ||
Change in net unrealized gains (losses) on investment securities, after-tax | 591 | 428 | |||
Cash flow hedges, after-tax | 86 | 118 | |||
Change, net of tax | -90 | [1] | -33 | [1] | -1,170 |
Foreign currency translation adjustment, after-tax | -2,062 | -526 | |||
Citigroup’s total other comprehensive income (loss) | -1,475 | -13 | |||
End-of-period balance, net of tax | ($24,691) | ($19,146) | ($23,216) | ||
[1] | Reflects adjustments based on the actuarial valuations of the Company’s significant pension and postretirement plans, including changes in the mortality assumptions at March 31, 2015, and amortization of amounts previously recognized in Accumulated other comprehensive income (loss). See Note 8 to the Consolidated Financial Statements. |
CHANGES_IN_ACCUMULATED_OTHER_C4
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Reclassification out of AOCI (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Realized (gains) losses on sales of investments | ($307) | [1] | ($128) | [1] |
Income from continuing operations before income taxes | -6,937 | -6,083 | ||
Tax effect | 2,120 | 2,131 | ||
Income from continuing operations | -4,817 | -3,952 | ||
(Gain) loss reclassified from AOCI | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Income from continuing operations before income taxes | -85 | 237 | ||
Tax effect | 29 | -86 | ||
Income from continuing operations | -56 | 151 | ||
(Gain) loss reclassified from AOCI | Realized gains (losses) on investment securities | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Realized (gains) losses on sales of investments | -307 | -128 | ||
OTTI gross impairment losses | 72 | 201 | ||
Income from continuing operations before income taxes | -235 | 73 | ||
Tax effect | 84 | -23 | ||
Income from continuing operations | -151 | 50 | ||
(Gain) loss reclassified from AOCI | Cash flow hedges | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Income from continuing operations before income taxes | 86 | 117 | ||
Tax effect | -32 | -45 | ||
Income from continuing operations | 54 | 72 | ||
(Gain) loss reclassified from AOCI | Cash flow hedges | Interest rate | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Income from continuing operations before income taxes | 46 | 61 | ||
(Gain) loss reclassified from AOCI | Cash flow hedges | Foreign exchange contracts | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Income from continuing operations before income taxes | 40 | 56 | ||
(Gain) loss reclassified from AOCI | Pension liability adjustments | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Amortization of unrecognized prior service cost (benefit) | -11 | -9 | ||
Amortization of unrecognized Net actuarial loss | 75 | 56 | ||
Income from continuing operations before income taxes | 64 | 47 | ||
Tax effect | -23 | -18 | ||
Income from continuing operations | 41 | 29 | ||
(Gain) loss reclassified from AOCI | Foreign currency translation adjustment | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Income from continuing operations | $0 | $0 | ||
[1] | Certain prior-period revenue and expense lines and totals were reclassified to conform to the current period’s presentation. See Note 3 to the Consolidated Financial Statements. |
PREFERRED_STOCK_Details
PREFERRED STOCK (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2015 | Jan. 25, 2008 | Dec. 31, 2014 | Apr. 28, 2008 | Oct. 29, 2012 | Dec. 13, 2012 | Mar. 26, 2013 | Apr. 30, 2013 | Sep. 19, 2013 | Oct. 31, 2013 | Feb. 12, 2014 | Apr. 30, 2014 | Oct. 29, 2014 | Mar. 20, 2015 | Apr. 24, 2015 |
Preferred stock | ||||||||||||||||
Carrying value | $11,968 | $10,468 | ||||||||||||||
Distribution of preferred dividends | 128 | |||||||||||||||
Forecast | ||||||||||||||||
Preferred stock | ||||||||||||||||
Distribution of preferred dividends | 641 | |||||||||||||||
Series AA | ||||||||||||||||
Preferred stock | ||||||||||||||||
Dividend rate (as a percent) | 8.13% | 8.13% | ||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $25 | $25 | ||||||||||||||
Number of depositary shares (in shares) | 3,870,330 | 3,870,330 | ||||||||||||||
Carrying value | 97 | 97 | ||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.001 | |||||||||||||||
Series E | ||||||||||||||||
Preferred stock | ||||||||||||||||
Dividend rate (as a percent) | 8.40% | 8.40% | ||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $1,000 | $1,000 | ||||||||||||||
Number of depositary shares (in shares) | 121,254 | 121,254 | ||||||||||||||
Carrying value | 121 | 121 | ||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.04 | |||||||||||||||
Series A | ||||||||||||||||
Preferred stock | ||||||||||||||||
Dividend rate (as a percent) | 5.95% | 5.95% | ||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $1,000 | $1,000 | ||||||||||||||
Number of depositary shares (in shares) | 1,500,000 | 1,500,000 | ||||||||||||||
Carrying value | 1,500 | 1,500 | ||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.04 | |||||||||||||||
Series B | ||||||||||||||||
Preferred stock | ||||||||||||||||
Dividend rate (as a percent) | 5.90% | 5.90% | ||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $1,000 | $1,000 | ||||||||||||||
Number of depositary shares (in shares) | 750,000 | 750,000 | ||||||||||||||
Carrying value | 750 | 750 | ||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.04 | |||||||||||||||
Series C | ||||||||||||||||
Preferred stock | ||||||||||||||||
Dividend rate (as a percent) | 5.80% | 5.80% | ||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $25 | $25 | ||||||||||||||
Number of depositary shares (in shares) | 23,000,000 | 23,000,000 | ||||||||||||||
Carrying value | 575 | 575 | ||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.001 | |||||||||||||||
Series D | ||||||||||||||||
Preferred stock | ||||||||||||||||
Dividend rate (as a percent) | 5.35% | 5.35% | ||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $1,000 | $1,000 | ||||||||||||||
Number of depositary shares (in shares) | 1,250,000 | 1,250,000 | ||||||||||||||
Carrying value | 1,250 | 1,250 | ||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.04 | |||||||||||||||
Series J | ||||||||||||||||
Preferred stock | ||||||||||||||||
Dividend rate (as a percent) | 7.13% | 7.13% | ||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $25 | $25 | ||||||||||||||
Number of depositary shares (in shares) | 38,000,000 | 38,000,000 | ||||||||||||||
Carrying value | 950 | 950 | ||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.001 | |||||||||||||||
Series K | ||||||||||||||||
Preferred stock | ||||||||||||||||
Dividend rate (as a percent) | 6.88% | 6.88% | ||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $25 | $25 | ||||||||||||||
Number of depositary shares (in shares) | 59,800,000 | 59,800,000 | ||||||||||||||
Carrying value | 1,495 | 1,495 | ||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.001 | |||||||||||||||
Series L | ||||||||||||||||
Preferred stock | ||||||||||||||||
Dividend rate (as a percent) | 6.88% | 6.88% | ||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $25 | $25 | ||||||||||||||
Number of depositary shares (in shares) | 19,200,000 | 19,200,000 | ||||||||||||||
Carrying value | 480 | 480 | ||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.001 | |||||||||||||||
Series M | ||||||||||||||||
Preferred stock | ||||||||||||||||
Dividend rate (as a percent) | 6.30% | 6.30% | ||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $1,000 | $1,000 | ||||||||||||||
Number of depositary shares (in shares) | 1,750,000 | 1,750,000 | ||||||||||||||
Carrying value | 1,750 | 1,750 | ||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.04 | |||||||||||||||
Series N | ||||||||||||||||
Preferred stock | ||||||||||||||||
Dividend rate (as a percent) | 5.80% | 5.80% | ||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $1,000 | $1,000 | ||||||||||||||
Number of depositary shares (in shares) | 1,500,000 | 1,500,000 | ||||||||||||||
Carrying value | 1,500 | 1,500 | ||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.04 | |||||||||||||||
Series O | ||||||||||||||||
Preferred stock | ||||||||||||||||
Dividend rate (as a percent) | 5.88% | 5.88% | ||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $1,000 | $1,000 | ||||||||||||||
Number of depositary shares (in shares) | 1,500,000 | 1,500,000 | ||||||||||||||
Carrying value | $1,500 | $0 | ||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.04 | |||||||||||||||
Subsequent Event | Series P | ||||||||||||||||
Preferred stock | ||||||||||||||||
Dividend rate (as a percent) | 5.95% | |||||||||||||||
Number of depositary shares (in shares) | 2,000,000,000 |
SECURITIZATIONS_AND_VARIABLE_I2
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Schedule of Variable Interest Entities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Variable Interest Entity | ||
Total involvement with SPE assets | $517,881,000,000 | $536,710,000,000 |
Consolidated VIE / SPE assets | 98,544,000,000 | 102,790,000,000 |
Significant unconsolidated VIE assets | 419,337,000,000 | 433,920,000,000 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 30,073,000,000 | 32,909,000,000 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 3,488,000,000 | 4,102,000,000 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 9,078,000,000 | 8,313,000,000 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 590,000,000 | 613,000,000 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 43,229,000,000 | 45,937,000,000 |
Citicorp | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 469,420,000,000 | 483,934,000,000 |
Consolidated VIE / SPE assets | 94,222,000,000 | 100,050,000,000 |
Significant unconsolidated VIE assets | 375,198,000,000 | 383,884,000,000 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 29,711,000,000 | 32,475,000,000 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 3,317,000,000 | 3,923,000,000 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 8,109,000,000 | 7,323,000,000 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 416,000,000 | 435,000,000 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 41,553,000,000 | 44,156,000,000 |
Citicorp | Credit card securitizations | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 55,367,000,000 | 60,211,000,000 |
Consolidated VIE / SPE assets | 55,367,000,000 | 60,211,000,000 |
Significant unconsolidated VIE assets | 0 | 0 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 0 | 0 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 0 | 0 |
Citicorp | Mortgage-backed securities - U.S. agency-sponsored | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 230,798,000,000 | 236,771,000,000 |
Consolidated VIE / SPE assets | 0 | 0 |
Significant unconsolidated VIE assets | 230,798,000,000 | 236,771,000,000 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 3,000,000,000 | 5,063,000,000 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 18,000,000 | 19,000,000 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 3,018,000,000 | 5,082,000,000 |
Citicorp | Mortgage securitizations - Non-agency-sponsored | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 7,457,000,000 | 8,071,000,000 |
Consolidated VIE / SPE assets | 1,018,000,000 | 1,239,000,000 |
Significant unconsolidated VIE assets | 6,439,000,000 | 6,832,000,000 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 530,000,000 | 560,000,000 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 0 | 0 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 530,000,000 | 560,000,000 |
Citicorp | Citi-administered asset-backed commercial paper conduits (ABCP) | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 28,807,000,000 | 29,181,000,000 |
Consolidated VIE / SPE assets | 28,807,000,000 | 29,181,000,000 |
Significant unconsolidated VIE assets | 0 | 0 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 0 | 0 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 0 | 0 |
Citicorp | Collateralized debt obligations (CDOs) | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 3,027,000,000 | 3,382,000,000 |
Consolidated VIE / SPE assets | 0 | 0 |
Significant unconsolidated VIE assets | 3,027,000,000 | 3,382,000,000 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 38,000,000 | 45,000,000 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 0 | 0 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 38,000,000 | 45,000,000 |
Citicorp | Collateralized loan obligations (CLOs) | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 14,782,000,000 | 13,099,000,000 |
Consolidated VIE / SPE assets | 0 | 0 |
Significant unconsolidated VIE assets | 14,782,000,000 | 13,099,000,000 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 1,917,000,000 | 1,692,000,000 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 0 | 0 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 1,917,000,000 | 1,692,000,000 |
Citicorp | Asset-based financing | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 60,391,000,000 | 62,577,000,000 |
Consolidated VIE / SPE assets | 1,102,000,000 | 1,149,000,000 |
Significant unconsolidated VIE assets | 59,289,000,000 | 61,428,000,000 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 22,052,000,000 | 22,891,000,000 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 61,000,000 | 63,000,000 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 3,138,000,000 | 2,185,000,000 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 318,000,000 | 333,000,000 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 25,569,000,000 | 25,472,000,000 |
Citicorp | Municipal securities tender option bond trusts (TOBs) | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 12,017,000,000 | 12,280,000,000 |
Consolidated VIE / SPE assets | 6,431,000,000 | 6,671,000,000 |
Significant unconsolidated VIE assets | 5,586,000,000 | 5,609,000,000 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 0 | 3,000,000 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 3,645,000,000 | 3,670,000,000 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 0 | 0 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 3,645,000,000 | 3,673,000,000 |
Citicorp | Municipal investments | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 16,736,000,000 | 16,825,000,000 |
Consolidated VIE / SPE assets | 55,000,000 | 70,000,000 |
Significant unconsolidated VIE assets | 16,681,000,000 | 16,755,000,000 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 2,035,000,000 | 2,012,000,000 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 1,833,000,000 | 2,021,000,000 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 1,162,000,000 | 1,321,000,000 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 0 | 0 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 5,030,000,000 | 5,354,000,000 |
Citicorp | Client intermediation | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 1,810,000,000 | 1,745,000,000 |
Consolidated VIE / SPE assets | 105,000,000 | 137,000,000 |
Significant unconsolidated VIE assets | 1,705,000,000 | 1,608,000,000 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 42,000,000 | 10,000,000 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 10,000,000 | 10,000,000 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 52,000,000 | 20,000,000 |
Citicorp | Investment funds | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 30,883,000,000 | 31,474,000,000 |
Consolidated VIE / SPE assets | 1,049,000,000 | 1,096,000,000 |
Significant unconsolidated VIE assets | 29,834,000,000 | 30,378,000,000 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 17,000,000 | 16,000,000 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 379,000,000 | 382,000,000 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 125,000,000 | 124,000,000 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 0 | 0 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 521,000,000 | 522,000,000 |
Citicorp | Trust preferred securities | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 2,632,000,000 | 2,633,000,000 |
Consolidated VIE / SPE assets | 0 | 0 |
Significant unconsolidated VIE assets | 2,632,000,000 | 2,633,000,000 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 6,000,000 | 6,000,000 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 0 | 0 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 6,000,000 | 6,000,000 |
Citicorp | Other | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 4,713,000,000 | 5,685,000,000 |
Consolidated VIE / SPE assets | 288,000,000 | 296,000,000 |
Significant unconsolidated VIE assets | 4,425,000,000 | 5,389,000,000 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 80,000,000 | 183,000,000 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 1,038,000,000 | 1,451,000,000 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 39,000,000 | 23,000,000 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 70,000,000 | 73,000,000 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 1,227,000,000 | 1,730,000,000 |
Citicorp | Mortgage-backed securities | ||
Funded and Unfunded Exposure | ||
Private label mortgage-backed securities, outstanding | 14,000,000,000 | 14,000,000,000 |
Citi Holdings | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 48,461,000,000 | 52,776,000,000 |
Consolidated VIE / SPE assets | 4,322,000,000 | 2,740,000,000 |
Significant unconsolidated VIE assets | 44,139,000,000 | 50,036,000,000 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 362,000,000 | 434,000,000 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 171,000,000 | 179,000,000 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 969,000,000 | 990,000,000 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 174,000,000 | 178,000,000 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 1,676,000,000 | 1,781,000,000 |
Citi Holdings | Credit card securitizations | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 254,000,000 | 292,000,000 |
Consolidated VIE / SPE assets | 54,000,000 | 60,000,000 |
Significant unconsolidated VIE assets | 200,000,000 | 232,000,000 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 0 | 0 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 0 | 0 |
Citi Holdings | Mortgage-backed securities - U.S. agency-sponsored | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 23,286,000,000 | 28,077,000,000 |
Consolidated VIE / SPE assets | 0 | 0 |
Significant unconsolidated VIE assets | 23,286,000,000 | 28,077,000,000 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 110,000,000 | 150,000,000 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 88,000,000 | 91,000,000 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 198,000,000 | 241,000,000 |
Citi Holdings | Mortgage securitizations - Non-agency-sponsored | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 9,246,000,000 | 9,817,000,000 |
Consolidated VIE / SPE assets | 63,000,000 | 65,000,000 |
Significant unconsolidated VIE assets | 9,183,000,000 | 9,752,000,000 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 18,000,000 | 17,000,000 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 1,000,000 | 1,000,000 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 19,000,000 | 18,000,000 |
Citi Holdings | Collateralized debt obligations (CDOs) | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 2,126,000,000 | 2,235,000,000 |
Consolidated VIE / SPE assets | 0 | 0 |
Significant unconsolidated VIE assets | 2,126,000,000 | 2,235,000,000 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 156,000,000 | 174,000,000 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 85,000,000 | 86,000,000 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 241,000,000 | 260,000,000 |
Citi Holdings | Collateralized loan obligations (CLOs) | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 834,000,000 | 1,020,000,000 |
Consolidated VIE / SPE assets | 0 | 0 |
Significant unconsolidated VIE assets | 834,000,000 | 1,020,000,000 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 37,000,000 | 54,000,000 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 0 | 0 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 37,000,000 | 54,000,000 |
Citi Holdings | Asset-based financing | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 1,167,000,000 | 1,323,000,000 |
Consolidated VIE / SPE assets | 2,000,000 | 2,000,000 |
Significant unconsolidated VIE assets | 1,165,000,000 | 1,321,000,000 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 39,000,000 | 37,000,000 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 3,000,000 | 3,000,000 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 81,000,000 | 86,000,000 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 0 | 0 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 123,000,000 | 126,000,000 |
Citi Holdings | Municipal investments | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 6,838,000,000 | 6,881,000,000 |
Consolidated VIE / SPE assets | 0 | 0 |
Significant unconsolidated VIE assets | 6,838,000,000 | 6,881,000,000 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 2,000,000 | 2,000,000 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 168,000,000 | 176,000,000 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 888,000,000 | 904,000,000 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 0 | 0 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 1,058,000,000 | 1,082,000,000 |
Citi Holdings | Investment funds | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 507,000,000 | 518,000,000 |
Consolidated VIE / SPE assets | 0 | 0 |
Significant unconsolidated VIE assets | 507,000,000 | 518,000,000 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 0 | 0 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 0 | 0 |
Citi Holdings | Other | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 4,203,000,000 | 2,613,000,000 |
Consolidated VIE / SPE assets | 4,203,000,000 | 2,613,000,000 |
Significant unconsolidated VIE assets | 0 | 0 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 0 | 0 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | $0 | $0 |
SECURITIZATIONS_AND_VARIABLE_I3
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Funding Commitments (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | $9,078 | $8,313 |
Liquidity facilities Citigroup | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 3,650 | 3,675 |
Loan commitments Citigroup | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 5,428 | 4,638 |
Citicorp | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 8,109 | 7,323 |
Citicorp | Liquidity facilities Citigroup | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 3,650 | 3,675 |
Citicorp | Liquidity facilities Citigroup | Asset-based financing | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 5 | 5 |
Citicorp | Liquidity facilities Citigroup | Municipal securities tender option bond trusts (TOBs) | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 3,645 | 3,670 |
Citicorp | Liquidity facilities Citigroup | Municipal investments | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 0 |
Citicorp | Liquidity facilities Citigroup | Investment funds | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 0 |
Citicorp | Liquidity facilities Citigroup | Other | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 0 |
Citicorp | Loan commitments Citigroup | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 4,459 | 3,648 |
Citicorp | Loan commitments Citigroup | Asset-based financing | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 3,133 | 2,180 |
Citicorp | Loan commitments Citigroup | Municipal securities tender option bond trusts (TOBs) | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 0 |
Citicorp | Loan commitments Citigroup | Municipal investments | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 1,162 | 1,321 |
Citicorp | Loan commitments Citigroup | Investment funds | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 125 | 124 |
Citicorp | Loan commitments Citigroup | Other | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 39 | 23 |
Citi Holdings | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 969 | 990 |
Citi Holdings | Liquidity facilities Citigroup | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 0 |
Citi Holdings | Liquidity facilities Citigroup | Asset-based financing | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 0 |
Citi Holdings | Liquidity facilities Citigroup | Municipal investments | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 0 |
Citi Holdings | Loan commitments Citigroup | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 969 | 990 |
Citi Holdings | Loan commitments Citigroup | Asset-based financing | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 81 | 86 |
Citi Holdings | Loan commitments Citigroup | Municipal investments | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | $888 | $904 |
SECURITIZATIONS_AND_VARIABLE_I4
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Carrying Amounts and Classifications of Consolidated Assets (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Variable Interest Entity | ||||
Cash | $21,880,000,000 | $32,108,000,000 | $33,380,000,000 | $29,885,000,000 |
Trading account assets | 302,983,000,000 | 296,786,000,000 | ||
Investments | 326,815,000,000 | 333,443,000,000 | ||
Total loans, net | 606,456,000,000 | 628,641,000,000 | ||
Other assets | 136,040,000,000 | 122,122,000,000 | ||
Total assets | 1,831,801,000,000 | 1,842,181,000,000 | ||
Consolidated VIEs | ||||
Variable Interest Entity | ||||
Cash | 100,000,000 | 300,000,000 | ||
Trading account assets | 600,000,000 | 700,000,000 | ||
Investments | 7,600,000,000 | 8,000,000,000 | ||
Total loans, net | 85,400,000,000 | 93,100,000,000 | ||
Other assets | 4,800,000,000 | 600,000,000 | ||
Total assets | 98,500,000,000 | 102,700,000,000 | ||
Short-term borrowings | 17,200,000,000 | 22,700,000,000 | ||
Long-term debt | 35,300,000,000 | 40,100,000,000 | ||
Other liabilities | 4,000,000,000 | 900,000,000 | ||
Total Liabilities | 56,500,000,000 | 63,700,000,000 | ||
Significant unconsolidated VIE assets | ||||
Variable Interest Entity | ||||
Trading account assets | 5,300,000,000 | 7,600,000,000 | ||
Investments | 2,400,000,000 | 2,600,000,000 | ||
Total loans, net | 24,100,000,000 | 25,000,000,000 | ||
Other assets | 1,700,000,000 | 2,000,000,000 | ||
Total assets | 33,500,000,000 | 37,200,000,000 | ||
Citicorp | Consolidated VIEs | ||||
Variable Interest Entity | ||||
Cash | 100,000,000 | 100,000,000 | ||
Trading account assets | 600,000,000 | 700,000,000 | ||
Investments | 7,600,000,000 | 8,000,000,000 | ||
Total loans, net | 85,300,000,000 | 90,600,000,000 | ||
Other assets | 600,000,000 | 600,000,000 | ||
Total assets | 94,200,000,000 | 100,000,000,000 | ||
Short-term borrowings | 17,200,000,000 | 22,700,000,000 | ||
Long-term debt | 35,200,000,000 | 38,100,000,000 | ||
Other liabilities | 700,000,000 | 800,000,000 | ||
Total Liabilities | 53,100,000,000 | 61,600,000,000 | ||
Citicorp | Significant unconsolidated VIE assets | ||||
Variable Interest Entity | ||||
Trading account assets | 5,100,000,000 | 7,400,000,000 | ||
Investments | 2,200,000,000 | 2,400,000,000 | ||
Total loans, net | 24,000,000,000 | 24,900,000,000 | ||
Other assets | 1,600,000,000 | 1,800,000,000 | ||
Total assets | 32,900,000,000 | 36,500,000,000 | ||
Citi Holdings | Consolidated VIEs | ||||
Variable Interest Entity | ||||
Cash | 0 | 200,000,000 | ||
Trading account assets | 0 | 0 | ||
Investments | 0 | 0 | ||
Total loans, net | 100,000,000 | 2,500,000,000 | ||
Other assets | 4,200,000,000 | 0 | ||
Total assets | 4,300,000,000 | 2,700,000,000 | ||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 100,000,000 | 2,000,000,000 | ||
Other liabilities | 3,300,000,000 | 100,000,000 | ||
Total Liabilities | 3,400,000,000 | 2,100,000,000 | ||
Citi Holdings | Significant unconsolidated VIE assets | ||||
Variable Interest Entity | ||||
Trading account assets | 200,000,000 | 200,000,000 | ||
Investments | 200,000,000 | 200,000,000 | ||
Total loans, net | 100,000,000 | 100,000,000 | ||
Other assets | 100,000,000 | 200,000,000 | ||
Total assets | $600,000,000 | $700,000,000 |
SECURITIZATIONS_AND_VARIABLE_I5
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Credit Card Securitizations (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Securitized credit card receivables | |||
Gains (losses) recognized on the securitization | $0 | ||
Ownership interests in principal amount of trust credit card receivables | |||
Sold to investors via trust-issued securities | 0 | ||
Retained by Citigroup via non-certificated interests | 0 | ||
Citicorp | |||
Ownership interests in principal amount of trust credit card receivables | |||
Sold to investors via trust-issued securities | 34,400,000,000 | 37,000,000,000 | |
Retained by Citigroup as trust-issued securities | 9,500,000,000 | 10,100,000,000 | |
Retained by Citigroup via non-certificated interests | 12,600,000,000 | 14,200,000,000 | |
Total ownership interests in principal amount of trust credit card receivables | 56,500,000,000 | 61,300,000,000 | |
Citicorp | Credit card securitizations | |||
Cash Flows Between Transferor and Transferee | |||
Proceeds from new securitizations | 0 | 4,300,000,000 | |
Pay down of maturing notes | -2,700,000,000 | 0 | |
Citi Holdings | |||
Ownership interests in principal amount of trust credit card receivables | |||
Sold to investors via trust-issued securities | 0 | ||
Retained by Citigroup as trust-issued securities | 0 | 0 | |
Retained by Citigroup via non-certificated interests | 0 | ||
Total ownership interests in principal amount of trust credit card receivables | 0 | 0 | |
Citi Holdings | Credit card securitizations | |||
Cash Flows Between Transferor and Transferee | |||
Proceeds from new securitizations | 0 | 100,000,000 | |
Pay down of maturing notes | $0 | $0 |
SECURITIZATIONS_AND_VARIABLE_I6
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Funding, Liquidity Facilities and Subordinated Interests (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Billions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Funding, Liquidity Facilities and Subordinated Interests | ||
Number of trusts to hold securitized credit card receivables | 2 | |
Citibank Credit Card Master Trust (Master Trust) | ||
Funding, Liquidity Facilities and Subordinated Interests | ||
Weighted average maturity of term notes | 2 years 8 months | 2 years 10 months 5 days |
Term notes issued to third parties | $33.10 | $35.70 |
Term notes retained by Citigroup affiliates | 7.6 | 8.2 |
Total Trust liabilities | 40.7 | 43.9 |
Citibank OMNI Master Trust (Omni Trust) | ||
Funding, Liquidity Facilities and Subordinated Interests | ||
Weighted average maturity of term notes | 1 year 7 months | 1 year 11 months |
Term notes issued to third parties | 1.3 | 1.3 |
Term notes retained by Citigroup affiliates | 1.9 | 1.9 |
Total Trust liabilities | $3.20 | $3.20 |
SECURITIZATIONS_AND_VARIABLE_I7
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Mortgage Securitizations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Cash Flows Between Transferor and Transferee | |||
Gains recognized on the securitization | $0 | ||
U.S. government-sponsored agency guaranteed | Citicorp | |||
Cash Flows Between Transferor and Transferee | |||
Proceeds from new securitizations | 5,500,000,000 | 7,100,000,000 | |
Contractual servicing fees received | 0 | 100,000,000 | |
Cash flows received on retained interests and other net cash flows | 0 | 0 | |
Gains recognized on the securitization | 20,000,000 | 6,000,000 | |
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||
Weighted average discount rate | 6.90% | 10.30% | |
Weighted average constant prepayment rate | 18.50% | 4.70% | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||
Weighted average discount rate | 6.70% | 8.00% | |
Weighted average constant prepayment rate | 16.80% | 14.70% | |
Sensitivity analysis of fair value of interests continued to be held by transferor | |||
Carrying value of retained interests | 2,078,000,000 | 2,224,000,000 | |
Carrying value of retained interests, impact of 10% adverse change in discount rate | -54,000,000 | -64,000,000 | |
Carrying value of retained interests, impact of 20% adverse change in discount rate | -105,000,000 | -124,000,000 | |
Carrying value of retained interests, impact of 10% adverse change in constant prepayment rate | -95,000,000 | -86,000,000 | |
Carrying value of retained interests, impact of 20% adverse change in constant prepayment rate | -181,000,000 | -165,000,000 | |
U.S. government-sponsored agency guaranteed | Citicorp | Low end of range | |||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||
Discount rate | 0.00% | 0.00% | |
Constant prepayment rate | 16.40% | 0.00% | |
Weighted average life | 3 years 6 months | 0 years | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||
Discount rate | 0.00% | 0.00% | |
Constant prepayment rate | 6.60% | 6.00% | |
Weighted average life | 0 years 6 months | 0 years | |
U.S. government-sponsored agency guaranteed | Citicorp | High end of range | |||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||
Discount rate | 8.00% | 11.30% | |
Constant prepayment rate | 34.90% | 16.00% | |
Weighted average life | 5 years 7 months 6 days | 9 years 8 months 12 days | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||
Discount rate | 20.90% | 21.20% | |
Constant prepayment rate | 42.70% | 41.40% | |
Weighted average life | 17 years 9 months 18 days | 16 years | |
U.S. government-sponsored agency guaranteed | Citi Holdings | |||
Cash Flows Between Transferor and Transferee | |||
Proceeds from new securitizations | 100,000,000 | 100,000,000 | |
Contractual servicing fees received | 100,000,000 | 0 | |
Gains recognized on the securitization | 22,000,000 | 8,000,000 | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||
Weighted average discount rate | 8.20% | 13.70% | |
Weighted average constant prepayment rate | 19.10% | 23.90% | |
Sensitivity analysis of fair value of interests continued to be held by transferor | |||
Carrying value of retained interests | 110,000,000 | 150,000,000 | |
Carrying value of retained interests, impact of 10% adverse change in discount rate | -4,000,000 | -5,000,000 | |
Carrying value of retained interests, impact of 20% adverse change in discount rate | -7,000,000 | -10,000,000 | |
Carrying value of retained interests, impact of 10% adverse change in constant prepayment rate | -7,000,000 | -7,000,000 | |
Carrying value of retained interests, impact of 20% adverse change in constant prepayment rate | -13,000,000 | -14,000,000 | |
U.S. government-sponsored agency guaranteed | Citi Holdings | Low end of range | |||
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||
Discount rate | 1.10% | 1.90% | |
Constant prepayment rate | 15.10% | 20.40% | |
Weighted average life | 4 years 2 months 12 days | 3 years 3 months 18 days | |
U.S. government-sponsored agency guaranteed | Citi Holdings | High end of range | |||
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||
Discount rate | 19.40% | 19.20% | |
Constant prepayment rate | 23.60% | 32.30% | |
Weighted average life | 4 years 8 months 12 days | 4 years 7 months 6 days | |
Mortgage securitizations - Non-agency-sponsored | Citicorp | |||
Cash Flows Between Transferor and Transferee | |||
Proceeds from new securitizations | 3,600,000,000 | 1,600,000,000 | |
Contractual servicing fees received | 0 | 0 | |
Cash flows received on retained interests and other net cash flows | 0 | 0 | |
Gains recognized on the securitization | 16,000,000 | 4,000,000 | |
Mortgage securitizations - Non-agency-sponsored | Citi Holdings | |||
Cash Flows Between Transferor and Transferee | |||
Proceeds from new securitizations | 0 | 0 | |
Contractual servicing fees received | 0 | 0 | |
Senior interests | Citicorp | |||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||
Discount rate | 2.80% | 1.40% | |
Weighted average discount rate | 2.80% | 1.40% | |
Constant prepayment rate | 0.00% | 0.00% | |
Weighted average constant prepayment rate | 0.00% | 0.00% | |
Anticipated net credit losses | 40.00% | 40.00% | |
Weighted average anticipated net credit losses | 40.00% | 40.00% | |
Weighted average life | 9 years 8 months 12 days | 2 years 7 months 6 days | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||
Weighted average discount rate | 5.60% | 4.90% | |
Weighted average constant prepayment rate | 16.10% | 10.10% | |
Weighted average anticipated net credit losses | 48.90% | 54.60% | |
Sensitivity analysis of fair value of interests continued to be held by transferor | |||
Carrying value of retained interests | 234,000,000 | 285,000,000 | |
Carrying value of retained interests, impact of 10% adverse change in discount rate | -5,000,000 | -5,000,000 | |
Carrying value of retained interests, impact of 20% adverse change in discount rate | -9,000,000 | -9,000,000 | |
Carrying value of retained interests, impact of 10% adverse change in constant prepayment rate | -1,000,000 | -1,000,000 | |
Carrying value of retained interests, impact of 20% adverse change in constant prepayment rate | -2,000,000 | -2,000,000 | |
Carrying value of retained interests, impact of 10% adverse change in anticipated net credit losses | -3,000,000 | -2,000,000 | |
Carrying value of retained interests, impact of 20% adverse change in anticipated net credit losses | -4,000,000 | -3,000,000 | |
Senior interests | Citicorp | Low end of range | |||
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||
Discount rate | 1.10% | 1.10% | |
Constant prepayment rate | 2.60% | 2.00% | |
Anticipated net credit losses | 0.00% | 0.00% | |
Weighted average life | 3 months 18 days | 3 months 18 days | |
Senior interests | Citicorp | High end of range | |||
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||
Discount rate | 18.50% | 17.70% | |
Constant prepayment rate | 100.00% | 100.00% | |
Anticipated net credit losses | 94.90% | 92.40% | |
Weighted average life | 13 years 2 months 12 days | 14 years 4 months 24 days | |
Senior interests | Citi Holdings | |||
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||
Discount rate | 40.10% | ||
Weighted average discount rate | 40.10% | 36.30% | |
Constant prepayment rate | 21.50% | ||
Weighted average constant prepayment rate | 21.50% | 16.60% | |
Anticipated net credit losses | 0.50% | ||
Weighted average anticipated net credit losses | 0.50% | 19.20% | |
Weighted average life | 4 years 4 months 24 days | ||
Sensitivity analysis of fair value of interests continued to be held by transferor | |||
Carrying value of retained interests | 15,000,000 | 25,000,000 | |
Carrying value of retained interests, impact of 10% adverse change in discount rate | -1,000,000 | -2,000,000 | |
Carrying value of retained interests, impact of 20% adverse change in discount rate | -1,000,000 | -4,000,000 | |
Carrying value of retained interests, impact of 10% adverse change in constant prepayment rate | -2,000,000 | -2,000,000 | |
Carrying value of retained interests, impact of 20% adverse change in constant prepayment rate | -5,000,000 | -3,000,000 | |
Carrying value of retained interests, impact of 10% adverse change in anticipated net credit losses | -4,000,000 | -4,000,000 | |
Carrying value of retained interests, impact of 20% adverse change in anticipated net credit losses | -8,000,000 | -7,000,000 | |
Senior interests | Citi Holdings | Low end of range | |||
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||
Discount rate | 5.10% | ||
Constant prepayment rate | 6.70% | ||
Anticipated net credit losses | 0.30% | ||
Weighted average life | 3 years 10 months 24 days | ||
Senior interests | Citi Holdings | High end of range | |||
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||
Discount rate | 47.10% | ||
Constant prepayment rate | 20.00% | ||
Anticipated net credit losses | 73.70% | ||
Weighted average life | 6 years 4 months 24 days | ||
Subordinated interests | Citicorp | |||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||
Weighted average discount rate | 3.00% | 7.10% | |
Constant prepayment rate | 6.10% | ||
Weighted average constant prepayment rate | 2.30% | 6.10% | |
Weighted average anticipated net credit losses | 37.90% | 50.70% | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||
Weighted average discount rate | 7.80% | 8.20% | |
Weighted average constant prepayment rate | 6.40% | 7.20% | |
Weighted average anticipated net credit losses | 53.80% | 52.50% | |
Sensitivity analysis of fair value of interests continued to be held by transferor | |||
Carrying value of retained interests | 556,000,000 | 554,000,000 | |
Carrying value of retained interests, impact of 10% adverse change in discount rate | -29,000,000 | -30,000,000 | |
Carrying value of retained interests, impact of 20% adverse change in discount rate | -55,000,000 | -57,000,000 | |
Carrying value of retained interests, impact of 10% adverse change in constant prepayment rate | -9,000,000 | -9,000,000 | |
Carrying value of retained interests, impact of 20% adverse change in constant prepayment rate | -18,000,000 | -18,000,000 | |
Carrying value of retained interests, impact of 10% adverse change in anticipated net credit losses | -9,000,000 | -9,000,000 | |
Carrying value of retained interests, impact of 20% adverse change in anticipated net credit losses | -17,000,000 | -16,000,000 | |
Subordinated interests | Citicorp | Low end of range | |||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||
Discount rate | 0.00% | 4.90% | |
Constant prepayment rate | 0.00% | ||
Anticipated net credit losses | 0.00% | 40.00% | |
Weighted average life | 0 years | 3 years | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||
Discount rate | 2.20% | 1.30% | |
Constant prepayment rate | 0.50% | 0.50% | |
Anticipated net credit losses | 37.80% | 13.70% | |
Weighted average life | 0 years 6 months | 0 years | |
Subordinated interests | Citicorp | High end of range | |||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||
Discount rate | 4.40% | 9.10% | |
Constant prepayment rate | 3.30% | ||
Anticipated net credit losses | 55.90% | 51.80% | |
Weighted average life | 12 years 2 months 12 days | 14 years 6 months | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||
Discount rate | 19.50% | 19.60% | |
Constant prepayment rate | 16.50% | 16.20% | |
Anticipated net credit losses | 91.40% | 83.80% | |
Weighted average life | 25 years 1 month 6 days | 24 years 4 months 24 days | |
Collateralized debt obligations (CDOs) | Citi Holdings | |||
Sensitivity analysis of fair value of interests continued to be held by transferor | |||
Carrying value of retained interests | 6,000,000 | 6,000,000 | |
Carrying value of retained interests, impact of 10% adverse change in discount rate | -1,000,000 | -1,000,000 | |
Carrying value of retained interests, impact of 20% adverse change in discount rate | -1,000,000 | -2,000,000 | |
Collateralized debt obligations (CDOs) | Citi Holdings | Low end of range | |||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||
Discount rate | 44.80% | 44.70% | |
Collateralized debt obligations (CDOs) | Citi Holdings | High end of range | |||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||
Discount rate | 49.30% | 49.20% | |
Collateralized loan obligations (CLOs) | Low end of range | |||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||
Discount rate | 1.40% | 1.40% | |
Collateralized loan obligations (CLOs) | High end of range | |||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||
Discount rate | 1.60% | 1.60% | |
Collateralized loan obligations (CLOs) | Citicorp | |||
Sensitivity analysis of fair value of interests continued to be held by transferor | |||
Carrying value of retained interests | 1,537,000,000 | 1,539,000,000 | |
Carrying value of retained interests, impact of 10% adverse change in discount rate | -8,000,000 | -9,000,000 | |
Carrying value of retained interests, impact of 20% adverse change in discount rate | -17,000,000 | -18,000,000 | |
Collateralized loan obligations (CLOs) | Citi Holdings | |||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||
Discount rate | 0.00% | ||
Sensitivity analysis of fair value of interests continued to be held by transferor | |||
Carrying value of retained interests | 0 | 10,000,000 | |
Collateralized loan obligations (CLOs) | Citi Holdings | Low end of range | |||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||
Discount rate | 4.50% | ||
Collateralized loan obligations (CLOs) | Citi Holdings | High end of range | |||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||
Discount rate | 5.00% | ||
Asset-backed securities | Citicorp | |||
Cash Flows Between Transferor and Transferee | |||
Proceeds from new securitizations | $0 | $500,000,000 |
SECURITIZATIONS_AND_VARIABLE_I8
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Mortgage Servicing Rights (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Capitalized MSRs | |||
Balance at beginning of period | $1,845,000,000 | ||
Balance at end of period | 1,685,000,000 | 1,845,000,000 | |
Mortgage servicing rights | |||
Classification of Securitizations | |||
Fair value of capitalized mortgage servicing rights | 1,700,000,000 | 2,600,000,000 | |
Principal amount of loans and other financial instruments | 216,000,000,000 | 273,000,000,000 | |
Capitalized MSRs | |||
Balance at beginning of period | 1,845,000,000 | 2,718,000,000 | |
Originations | 43,000,000 | 50,000,000 | |
Changes in fair value of MSRs due to changes in inputs and assumptions | -71,000,000 | -84,000,000 | |
Other changes | -100,000,000 | -126,000,000 | |
Sale of MSRs | -32,000,000 | 28,000,000 | |
Balance at end of period | 1,685,000,000 | 2,586,000,000 | |
MSR fees | |||
Servicing fees | 140,000,000 | 170,000,000 | |
Late fees | 4,000,000 | 10,000,000 | |
Ancillary fees | 7,000,000 | 20,000,000 | |
Total MSR fees | 151,000,000 | 200,000,000 | |
Mortgage securitizations - Non-agency-sponsored | |||
Re-securitizations | |||
Original par value of securities transferred to re-securitization entities | 454,000,000 | 138,000,000 | |
Fair value of re-securitizations deals in which the entity holds a retained interest | 528,000,000 | 545,000,000 | |
Market value of retained interest related to re-securitization transaction | 56,000,000 | 194,000,000 | |
Original par value of re-securitizations deals in which the entity holds a retained interest | 5,300,000,000 | 5,100,000,000 | |
Senior interests | |||
Re-securitizations | |||
Fair value of re-securitizations deals in which the entity holds a retained interest | 206,000,000 | 133,000,000 | |
Subordinated interests | |||
Re-securitizations | |||
Fair value of re-securitizations deals in which the entity holds a retained interest | 322,000,000 | 412,000,000 | |
U.S. government-sponsored agency guaranteed | |||
Re-securitizations | |||
Fair value of re-securitizations deals in which the entity holds a retained interest | 1,400,000,000 | 1,800,000,000 | |
Market value of retained interest related to re-securitization transaction | 667,000,000 | 1,500,000,000 | |
Securities transferred to re-securitization entities | 4,300,000,000 | 6,400,000,000 | |
Original fair value of re-securitizations deals in which the entity holds a retained interest | 70,200,000,000 | 73,000,000,000 | |
Citicorp | Mortgage servicing rights | |||
Classification of Securitizations | |||
Fair value of capitalized mortgage servicing rights | $1,600,000,000 | $2,100,000,000 |
SECURITIZATIONS_AND_VARIABLE_I9
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Asset-Backed Commercial Paper Conduits (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
conduit | ||
Classification of Other Securitization Details | ||
Commercial paper | $10,976,000,000 | $16,155,000,000 |
Citi-administered asset-backed commercial paper conduits (ABCP) | ||
Classification of Other Securitization Details | ||
Purchased assets outstanding under conduits | 28,800,000,000 | 29,200,000,000 |
Incremental funding commitments with clients | 13,000,000,000 | 13,500,000,000 |
Weighted average life of commercial paper issued by conduits | 80 days | 57 days |
Number of conduit which holds only loans that are fully guaranteed primarily by AAA-rated government agencies | 1 | |
Citi-administered asset-backed commercial paper conduits (ABCP) | Minimum | ||
Classification of Other Securitization Details | ||
Letters of credit as percentage of conduit assets | 8.00% | |
Floor price of conduit's assets | 200,000,000 | |
Citi-administered asset-backed commercial paper conduits (ABCP) | Maximum | ||
Classification of Other Securitization Details | ||
Letters of credit as percentage of conduit assets | 10.00% | |
Citi-administered asset-backed consolidated commercial paper conduits (ABCP) | ||
Classification of Other Securitization Details | ||
Letters of credit provided to conduits | 2,200,000,000 | 2,300,000,000 |
Commercial paper | $13,500,000,000 | $10,600,000,000 |
Recovered_Sheet1
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Asset Based Financing (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Variable Interest Entity | |||
Total unconsolidated VIE assets | $419,337,000,000 | $433,920,000,000 | |
Maximum exposure to unconsolidated VIEs | 43,229,000,000 | 45,937,000,000 | |
Citicorp | |||
Variable Interest Entity | |||
Total unconsolidated VIE assets | 375,198,000,000 | 383,884,000,000 | |
Maximum exposure to unconsolidated VIEs | 41,553,000,000 | 44,156,000,000 | |
Citicorp | Asset-based financing | |||
Variable Interest Entity | |||
Total unconsolidated VIE assets | 59,289,000,000 | 61,428,000,000 | |
Maximum exposure to unconsolidated VIEs | 25,569,000,000 | 25,472,000,000 | |
Proceeds from new securitizations | 0 | 500,000,000 | |
Cash flows received on retained interest and other net cash flows | 0 | 0 | |
Citi Holdings | |||
Variable Interest Entity | |||
Total unconsolidated VIE assets | 44,139,000,000 | 50,036,000,000 | |
Maximum exposure to unconsolidated VIEs | 1,676,000,000 | 1,781,000,000 | |
Citi Holdings | Asset-based financing | |||
Variable Interest Entity | |||
Total unconsolidated VIE assets | 1,165,000,000 | 1,321,000,000 | |
Maximum exposure to unconsolidated VIEs | 123,000,000 | 126,000,000 | |
Cash flows received on retained interest and other net cash flows | 0 | 100,000,000 | |
Commercial and other real estate | Citicorp | Asset-based financing | |||
Variable Interest Entity | |||
Total unconsolidated VIE assets | 25,424,000,000 | 25,978,000,000 | |
Maximum exposure to unconsolidated VIEs | 9,687,000,000 | 9,426,000,000 | |
Commercial and other real estate | Citi Holdings | Asset-based financing | |||
Variable Interest Entity | |||
Total unconsolidated VIE assets | 97,000,000 | 168,000,000 | |
Maximum exposure to unconsolidated VIEs | 50,000,000 | 50,000,000 | |
Corporate loans | Citicorp | Asset-based financing | |||
Variable Interest Entity | |||
Total unconsolidated VIE assets | 587,000,000 | 460,000,000 | |
Maximum exposure to unconsolidated VIEs | 724,000,000 | 473,000,000 | |
Hedge funds and equities | Citicorp | Asset-based financing | |||
Variable Interest Entity | |||
Total unconsolidated VIE assets | 365,000,000 | 0 | |
Maximum exposure to unconsolidated VIEs | 57,000,000 | 0 | |
Airplanes, ships and other assets | Citicorp | Asset-based financing | |||
Variable Interest Entity | |||
Total unconsolidated VIE assets | 32,913,000,000 | 34,990,000,000 | |
Maximum exposure to unconsolidated VIEs | 15,101,000,000 | 15,573,000,000 | |
Airplanes, ships and other assets | Citi Holdings | Asset-based financing | |||
Variable Interest Entity | |||
Total unconsolidated VIE assets | 1,068,000,000 | 1,153,000,000 | |
Maximum exposure to unconsolidated VIEs | $73,000,000 | $76,000,000 |
Recovered_Sheet2
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Municipal Securities Tender Option Bond Trusts (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Variable Interest Entity | |||
Number of TOB trusts | 2 | ||
Municipal securities tender option bond trusts (TOBs) | |||
Variable Interest Entity | |||
Floater inventory held by entity | 24,000,000 | $3,000,000 | |
Municipal bonds owned by trusts, that have credit guarantee provided by the Company | 197,000,000 | 198,000,000 | |
Liquidity agreements, customer TOB trust | 3,600,000,000 | 3,700,000,000 | |
Notional amount of offsetting reimbursement agreements | 2,600,000,000 | 2,600,000,000 | |
Liquidity agreements, other trusts | 6,500,000,000 | 7,400,000,000 | |
Maximum | Municipal securities tender option bond trusts (TOBs) | |||
Variable Interest Entity | |||
The threshold ownership percentage on Residual value of customers TOBs for which the reimbursement agreement applied | 25.00% | ||
Client intermediation | |||
Variable Interest Entity | |||
Proceeds from new securitizations | 200,000,000 | $900,000,000 |
DERIVATIVES_ACTIVITIES_Derivat
DERIVATIVES ACTIVITIES - Derivative Notionals (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Net investment hedge under ASC 815 (SFAS 133) | ||
Derivatives | ||
Derivative notionals | $3,664 | $3,752 |
Hedging instruments under ASC 815 (SFAS 133) | ||
Derivatives | ||
Derivative notionals | 274,786 | 262,813 |
Hedging instruments under ASC 815 (SFAS 133) | Interest rate contracts | ||
Derivatives | ||
Derivative notionals | 182,718 | 163,348 |
Hedging instruments under ASC 815 (SFAS 133) | Interest rate contracts | Swaps | ||
Derivatives | ||
Derivative notionals | 182,718 | 163,348 |
Hedging instruments under ASC 815 (SFAS 133) | Interest rate contracts | Futures and forwards | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 (SFAS 133) | Interest rate contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 (SFAS 133) | Interest rate contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 (SFAS 133) | Foreign exchange contracts | ||
Derivatives | ||
Derivative notionals | 91,229 | 98,376 |
Hedging instruments under ASC 815 (SFAS 133) | Foreign exchange contracts | Swaps | ||
Derivatives | ||
Derivative notionals | 25,322 | 25,157 |
Hedging instruments under ASC 815 (SFAS 133) | Foreign exchange contracts | Futures and forwards | ||
Derivatives | ||
Derivative notionals | 65,907 | 73,219 |
Hedging instruments under ASC 815 (SFAS 133) | Foreign exchange contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 (SFAS 133) | Foreign exchange contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 (SFAS 133) | Equity contracts | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 (SFAS 133) | Equity contracts | Swaps | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 (SFAS 133) | Equity contracts | Futures and forwards | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 (SFAS 133) | Equity contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 (SFAS 133) | Equity contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 (SFAS 133) | Commodity and other contracts | ||
Derivatives | ||
Derivative notionals | 839 | 1,089 |
Hedging instruments under ASC 815 (SFAS 133) | Commodity and other contracts | Swaps | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 (SFAS 133) | Commodity and other contracts | Futures and forwards | ||
Derivatives | ||
Derivative notionals | 839 | 1,089 |
Hedging instruments under ASC 815 (SFAS 133) | Commodity and other contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 (SFAS 133) | Commodity and other contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 (SFAS 133) | Credit derivatives | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 (SFAS 133) | Credit derivatives | Written or Sold | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 (SFAS 133) | Credit derivatives | Purchased | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Trading derivatives | ||
Derivatives | ||
Derivative notionals | 54,925,383 | 58,167,908 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Trading derivatives | Interest rate contracts | ||
Derivatives | ||
Derivative notionals | 42,371,316 | 45,434,346 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Trading derivatives | Interest rate contracts | Swaps | ||
Derivatives | ||
Derivative notionals | 27,746,788 | 31,906,549 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Trading derivatives | Interest rate contracts | Futures and forwards | ||
Derivatives | ||
Derivative notionals | 8,526,874 | 7,044,990 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Trading derivatives | Interest rate contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 3,119,012 | 3,311,751 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Trading derivatives | Interest rate contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 2,978,642 | 3,171,056 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Trading derivatives | Foreign exchange contracts | ||
Derivatives | ||
Derivative notionals | 9,292,529 | 9,429,652 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Trading derivatives | Foreign exchange contracts | Swaps | ||
Derivatives | ||
Derivative notionals | 4,289,988 | 4,567,977 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Trading derivatives | Foreign exchange contracts | Futures and forwards | ||
Derivatives | ||
Derivative notionals | 2,079,320 | 2,154,773 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Trading derivatives | Foreign exchange contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 1,457,861 | 1,343,520 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Trading derivatives | Foreign exchange contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 1,465,360 | 1,363,382 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Trading derivatives | Equity contracts | ||
Derivatives | ||
Derivative notionals | 809,313 | 742,697 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Trading derivatives | Equity contracts | Swaps | ||
Derivatives | ||
Derivative notionals | 137,748 | 131,344 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Trading derivatives | Equity contracts | Futures and forwards | ||
Derivatives | ||
Derivative notionals | 31,473 | 30,510 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Trading derivatives | Equity contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 336,827 | 305,627 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Trading derivatives | Equity contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 303,265 | 275,216 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Trading derivatives | Commodity and other contracts | ||
Derivatives | ||
Derivative notionals | 385,840 | 396,986 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Trading derivatives | Commodity and other contracts | Swaps | ||
Derivatives | ||
Derivative notionals | 80,839 | 90,817 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Trading derivatives | Commodity and other contracts | Futures and forwards | ||
Derivatives | ||
Derivative notionals | 108,241 | 106,021 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Trading derivatives | Commodity and other contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 103,276 | 104,581 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Trading derivatives | Commodity and other contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 93,484 | 95,567 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Trading derivatives | Credit derivatives | ||
Derivatives | ||
Derivative notionals | 2,066,385 | 2,164,227 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Trading derivatives | Credit derivatives | Written or Sold | ||
Derivatives | ||
Derivative notionals | 1,018,742 | 1,063,858 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Trading derivatives | Credit derivatives | Purchased | ||
Derivatives | ||
Derivative notionals | 1,047,643 | 1,100,369 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Management hedges | ||
Derivatives | ||
Derivative notionals | 123,745 | 131,014 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Management hedges | Interest rate contracts | ||
Derivatives | ||
Derivative notionals | 77,733 | 83,073 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Management hedges | Interest rate contracts | Swaps | ||
Derivatives | ||
Derivative notionals | 27,731 | 31,945 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Management hedges | Interest rate contracts | Futures and forwards | ||
Derivatives | ||
Derivative notionals | 42,582 | 42,305 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Management hedges | Interest rate contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 3,695 | 3,913 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Management hedges | Interest rate contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 3,725 | 4,910 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Management hedges | Foreign exchange contracts | ||
Derivatives | ||
Derivative notionals | 30,595 | 31,923 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Management hedges | Foreign exchange contracts | Swaps | ||
Derivatives | ||
Derivative notionals | 24,257 | 23,990 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Management hedges | Foreign exchange contracts | Futures and forwards | ||
Derivatives | ||
Derivative notionals | 5,472 | 7,069 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Management hedges | Foreign exchange contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 433 | 432 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Management hedges | Foreign exchange contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 433 | 432 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Management hedges | Equity contracts | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Management hedges | Equity contracts | Swaps | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Management hedges | Equity contracts | Futures and forwards | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Management hedges | Equity contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Management hedges | Equity contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Management hedges | Commodity and other contracts | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Management hedges | Commodity and other contracts | Swaps | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Management hedges | Commodity and other contracts | Futures and forwards | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Management hedges | Commodity and other contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Management hedges | Commodity and other contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Management hedges | Credit derivatives | ||
Derivatives | ||
Derivative notionals | 15,417 | 16,018 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Management hedges | Credit derivatives | Written or Sold | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other derivative instruments, Management hedges | Credit derivatives | Purchased | ||
Derivatives | ||
Derivative notionals | $15,417 | $16,018 |
DERIVATIVES_ACTIVITIES_Derivat1
DERIVATIVES ACTIVITIES - Derivative Mark-to-Market (MTM) Receivables/Payables (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Netting of cash collateral received | ($53,848,000,000) | ($47,625,000,000) |
Netting of cash collateral paid | -51,292,000,000 | -47,769,000,000 |
Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Cash collateral received, gross | 2,206,000,000 | 138,000,000 |
Trading accounts assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 897,772,000,000 | 886,237,000,000 |
Cash collateral paid, net of amount used to offset derivative liabilities | 7,270,000,000 | 6,523,000,000 |
Less: Netting agreements to assets | -779,613,000,000 | -777,178,000,000 |
Netting of cash collateral received | -53,848,000,000 | -47,625,000,000 |
Total trading account derivatives, assets | 71,581,000,000 | 67,957,000,000 |
Cash collateral received | -411,000,000 | -867,000,000 |
Non-cash collateral received | -10,091,000,000 | -10,043,000,000 |
Total Net receivables | 61,079,000,000 | 57,047,000,000 |
Cash collateral paid, gross | 58,562,000,000 | 54,292,000,000 |
Does not meet applicable offsetting guidance, assets | 11,000,000,000 | 11,000,000,000 |
Trading accounts assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to assets | -521,000,000,000 | -510,000,000,000 |
Less: Netting agreements to liabilities | -510,000,000,000 | |
Trading accounts assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to assets | -252,000,000,000 | -264,000,000,000 |
Less: Netting agreements to liabilities | -264,000,000,000 | |
Trading accounts assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to assets | -7,000,000,000 | -3,000,000,000 |
Less: Netting agreements to liabilities | -3,000,000,000 | |
Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 897,702,000,000 | 883,193,000,000 |
Cash collateral received, net of amount used to offset derivative assets | 10,398,000,000 | 9,846,000,000 |
Less: Netting agreements to liabilities | -779,613,000,000 | -777,178,000,000 |
Netting of cash collateral paid | -51,292,000,000 | -47,769,000,000 |
Total derivative liabilities | 77,195,000,000 | 68,092,000,000 |
Cash collateral paid | -7,000,000 | -11,000,000 |
Non-cash collateral paid | -8,156,000,000 | -6,264,000,000 |
Total Net payables | 69,032,000,000 | 61,817,000,000 |
Cash collateral received, gross | 64,246,000,000 | 57,471,000,000 |
Does not meet applicable offsetting guidance, liabilities | 10,000,000,000 | 10,000,000,000 |
Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to liabilities | -521,000,000,000 | |
Netting of cash collateral paid | -46,000,000,000 | |
Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to liabilities | -252,000,000,000 | |
Netting of cash collateral paid | -2,000,000,000 | |
Trading accounts liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to liabilities | -7,000,000,000 | |
Other assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 4,496,000,000 | 4,326,000,000 |
Cash collateral paid, net of amount used to offset derivative liabilities | 29,000,000 | 123,000,000 |
Less: Netting agreements to assets | 0 | 0 |
Netting of cash collateral received | -2,150,000,000 | -1,791,000,000 |
Total trading account derivatives, assets | 2,375,000,000 | 2,658,000,000 |
Cash collateral received | 0 | 0 |
Non-cash collateral received | -580,000,000 | -1,293,000,000 |
Total Net receivables | 1,795,000,000 | 1,365,000,000 |
Other liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 1,968,000,000 | 1,784,000,000 |
Cash collateral received, net of amount used to offset derivative assets | 56,000,000 | 7,000,000 |
Less: Netting agreements to liabilities | 0 | 0 |
Netting of cash collateral received | -2,150,000,000 | -15,000,000 |
Netting of cash collateral paid | 0 | -15,000,000 |
Total derivative liabilities | 2,024,000,000 | 1,776,000,000 |
Cash collateral paid | 0 | 0 |
Non-cash collateral paid | 0 | 0 |
Total Net payables | 2,024,000,000 | 1,776,000,000 |
Cash collateral received, gross | 1,798,000,000 | |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Trading accounts assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 10,995,000,000 | 9,693,000,000 |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 2,296,000,000 | 1,815,000,000 |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Other assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 3,745,000,000 | 3,795,000,000 |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Other liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 1,132,000,000 | 1,027,000,000 |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Trading accounts assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 6,858,000,000 | 5,808,000,000 |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Trading accounts assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 2,000,000,000 | 1,508,000,000 |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Trading accounts assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 4,858,000,000 | 4,300,000,000 |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 1,352,000,000 | 1,072,000,000 |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 1,282,000,000 | 204,000,000 |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 70,000,000 | 868,000,000 |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Other assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 2,917,000,000 | 3,117,000,000 |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Other assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 2,917,000,000 | 3,117,000,000 |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Other assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 0 | 0 |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Other liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 396,000,000 | 439,000,000 |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Other liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 377,000,000 | 414,000,000 |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Other liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 19,000,000 | 25,000,000 |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Trading accounts assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 4,137,000,000 | 3,885,000,000 |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Trading accounts assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 4,137,000,000 | 3,885,000,000 |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 944,000,000 | 743,000,000 |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 944,000,000 | 743,000,000 |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Other assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 828,000,000 | 678,000,000 |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Other assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 828,000,000 | 678,000,000 |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Other liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 736,000,000 | 588,000,000 |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Other liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 736,000,000 | 588,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Trading accounts assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 886,777,000,000 | 876,544,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 895,406,000,000 | 881,378,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 751,000,000 | 531,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 836,000,000 | 757,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Trading accounts assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 633,124,000,000 | 632,645,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Trading accounts assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 387,254,000,000 | 376,778,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Trading accounts assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 245,831,000,000 | 255,847,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Trading accounts assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 39,000,000 | 20,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 621,221,000,000 | 621,210,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 371,214,000,000 | 359,689,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 249,950,000,000 | 261,499,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Trading accounts liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 57,000,000 | 22,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Other assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 376,000,000 | 253,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Other assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 117,000,000 | 106,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Other assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 259,000,000 | 6,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Other assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 0 | 141,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Other liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 264,000,000 | 185,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Other liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 0 | 0 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Other liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 264,000,000 | 21,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Other liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 0 | 164,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Trading accounts assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 172,132,000,000 | 152,109,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Trading accounts assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 171,685,000,000 | 151,736,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Trading accounts assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 390,000,000 | 366,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Trading accounts assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 57,000,000 | 7,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 179,150,000,000 | 158,083,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 178,722,000,000 | 157,650,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 353,000,000 | 387,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Trading accounts liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 75,000,000 | 46,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Other assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 0 | 0 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Other assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 0 | 0 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Other assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 0 | 0 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Other assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 0 | 0 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Other liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 35,000,000 | 17,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Other liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 35,000,000 | 17,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Other liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 0 | 0 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Other liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 0 | 0 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Equity contracts | Trading accounts assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 24,275,000,000 | 24,752,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Equity contracts | Trading accounts assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 19,303,000,000 | 20,425,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Equity contracts | Trading accounts assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 27,000,000 | 16,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Equity contracts | Trading accounts assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 4,945,000,000 | 4,311,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Equity contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 32,630,000,000 | 32,469,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Equity contracts | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 28,156,000,000 | 28,333,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Equity contracts | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 22,000,000 | 35,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Equity contracts | Trading accounts liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 4,452,000,000 | 4,101,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Equity contracts | Other assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 0 | 0 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Equity contracts | Other assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 0 | 0 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Equity contracts | Other assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 0 | 0 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Equity contracts | Other assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 0 | 0 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Equity contracts | Other liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 0 | 0 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Equity contracts | Other liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 0 | 0 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Equity contracts | Other liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 0 | 0 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Equity contracts | Other liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 0 | 0 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Commodity and other contract options | Trading accounts assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 19,023,000,000 | 23,520,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Commodity and other contract options | Trading accounts assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 15,912,000,000 | 19,943,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Commodity and other contract options | Trading accounts assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 3,111,000,000 | 3,577,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Commodity and other contract options | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 24,019,000,000 | 26,186,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Commodity and other contract options | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 21,265,000,000 | 23,103,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Commodity and other contract options | Trading accounts liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 2,754,000,000 | 3,083,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Commodity and other contract options | Other assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 0 | 0 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Commodity and other contract options | Other assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 0 | 0 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Commodity and other contract options | Other assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 0 | 0 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Commodity and other contract options | Other liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 0 | 0 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Commodity and other contract options | Other liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 0 | 0 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Commodity and other contract options | Other liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 0 | 0 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Credit derivatives | Trading accounts assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 38,223,000,000 | 43,518,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Credit derivatives | Trading accounts assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 32,954,000,000 | 39,412,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Credit derivatives | Trading accounts assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 5,269,000,000 | 4,106,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Credit derivatives | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 38,386,000,000 | 43,430,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Credit derivatives | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 33,362,000,000 | 39,439,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Credit derivatives | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 5,024,000,000 | 3,991,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Credit derivatives | Other assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 375,000,000 | 278,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Credit derivatives | Other assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 357,000,000 | 265,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Credit derivatives | Other assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 18,000,000 | 13,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Credit derivatives | Other liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 537,000,000 | 555,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Credit derivatives | Other liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 367,000,000 | 384,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Credit derivatives | Other liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 170,000,000 | 171,000,000 |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Credit derivatives | Purchased | Trading accounts assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 12,844,000,000 | 18,430,000,000 |
Derivative payables | 25,972,000,000 | |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Credit derivatives | Purchased | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 26,200,000,000 | |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Credit derivatives | Sold | Trading accounts assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 25,379,000,000 | 25,088,000,000 |
Derivative payables | 17,458,000,000 | |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Credit derivatives | Sold | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | $12,186,000,000 |
DERIVATIVES_ACTIVITIES_Gains_L
DERIVATIVES ACTIVITIES - Gains (Losses) Included in Other Revenue (Details) (Other revenue, USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Derivative gain (losses) | ||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | $10 | ($97) |
Interest rate contracts | ||
Derivative gain (losses) | ||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | 15 | -33 |
Foreign exchange contracts | ||
Derivative gain (losses) | ||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | -15 | 31 |
Credit derivatives | ||
Derivative gain (losses) | ||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | $10 | ($95) |
DERIVATIVES_ACTIVITIES_Fair_Va
DERIVATIVES ACTIVITIES - Fair Value Hedges (Details) (Other revenue, USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Gain (loss) on fair value hedges | ||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | $2,145 | $273 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | -2,133 | -294 |
Hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges | -5 | -17 |
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | 17 | -4 |
Interest rate contracts | ||
Gain (loss) on fair value hedges | ||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | 641 | 264 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | -608 | -286 |
Hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges | 33 | -21 |
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | 0 | -1 |
Foreign exchange contracts | ||
Gain (loss) on fair value hedges | ||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | 1,388 | 9 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | -1,421 | -8 |
Hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges | -38 | 4 |
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | 5 | -3 |
Commodity and other contract options | ||
Gain (loss) on fair value hedges | ||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | 116 | 0 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | -104 | 0 |
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | $12 | $0 |
DERIVATIVES_ACTIVITIES_Cash_Fl
DERIVATIVES ACTIVITIES - Cash Flow Hedges (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Pretax change in accumulated other comprehensive income (loss) | ||
Cash flow hedges expected to be reclassified within 12 months | ($400,000,000) | |
Maximum length of time hedged in cash flow hedge | 10 years | |
Cash Flow Hedging | ||
Pretax change in accumulated other comprehensive income (loss) | ||
Effective portion of cash flow hedges included in AOCI | 70,000,000 | 64,000,000 |
Effective portion of cash flow hedges reclassified from AOCI to earnings | -86,000,000 | -117,000,000 |
Interest rate contracts | Cash Flow Hedging | ||
Pretax change in accumulated other comprehensive income (loss) | ||
Effective portion of cash flow hedges included in AOCI | 220,000,000 | 68,000,000 |
Effective portion of cash flow hedges reclassified from AOCI to earnings | -46,000,000 | -61,000,000 |
Foreign exchange contracts | Cash Flow Hedging | ||
Pretax change in accumulated other comprehensive income (loss) | ||
Effective portion of cash flow hedges included in AOCI | -150,000,000 | -6,000,000 |
Effective portion of cash flow hedges reclassified from AOCI to earnings | -40,000,000 | -56,000,000 |
Credit derivatives | Cash Flow Hedging | ||
Pretax change in accumulated other comprehensive income (loss) | ||
Effective portion of cash flow hedges included in AOCI | $0 | $2,000,000 |
DERIVATIVES_ACTIVITIES_Net_Inv
DERIVATIVES ACTIVITIES - Net Investment Hedges (Details) (Net Investment Hedging, USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Net Investment Hedging | ||
Derivative gain (losses) | ||
Net investment hedge ineffectiveness recorded in earnings | $0 | |
Gain (loss) recognized in OCI, effective portion, net | $1,000,000,000 | ($477,000,000) |
DERIVATIVES_ACTIVITIES_Credit_
DERIVATIVES ACTIVITIES - Credit Derivatives (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
agency | ||
counterparty | ||
Credit Derivative | ||
Percentage of receivables from counterparties with collateral agreements | 98.00% | 98.00% |
Number of top counterparties which are banks, financial institutions, and other dealers | 15 | |
Fair value, Receivable | $38,598,000,000 | $43,796,000,000 |
Fair Value, Payable | 38,923,000,000 | 43,985,000,000 |
Notionals, Protection Purchased | 1,063,060,000,000 | 1,116,387,000,000 |
Notionals, Protection Sold | 1,018,742,000,000 | 1,063,858,000,000 |
Fair value of derivative in liability position | 30,000,000,000 | 30,000,000,000 |
Fair value of collateral already posted | 28,000,000,000 | 27,000,000,000 |
Number of rating agencies | 3 | |
Additional collateral to be posted | 2,300,000,000 | |
Collateral to be segregated | 100,000,000 | |
Aggregate cash obligations and collateral requirements | 2,400,000,000 | |
Purchased | ||
Credit Derivative | ||
Fair value, Receivable | 13,219,000,000 | 18,708,000,000 |
Fair Value, Payable | 26,737,000,000 | 26,527,000,000 |
Sold | ||
Credit Derivative | ||
Fair value, Receivable | 25,379,000,000 | 25,088,000,000 |
Fair Value, Payable | 12,186,000,000 | 17,458,000,000 |
Within 1 year | ||
Credit Derivative | ||
Fair value, Receivable | 2,217,000,000 | 4,356,000,000 |
Fair Value, Payable | 2,066,000,000 | 4,278,000,000 |
Notionals, Protection Purchased | 213,995,000,000 | 250,489,000,000 |
Notionals, Protection Sold | 200,970,000,000 | 229,502,000,000 |
From 1 to 5 years | ||
Credit Derivative | ||
Fair value, Receivable | 31,222,000,000 | 34,692,000,000 |
Fair Value, Payable | 31,762,000,000 | 35,160,000,000 |
Notionals, Protection Purchased | 743,158,000,000 | 790,251,000,000 |
Notionals, Protection Sold | 725,345,000,000 | 772,001,000,000 |
After 5 years | ||
Credit Derivative | ||
Fair value, Receivable | 5,159,000,000 | 4,748,000,000 |
Fair Value, Payable | 5,095,000,000 | 4,547,000,000 |
Notionals, Protection Purchased | 105,907,000,000 | 75,647,000,000 |
Notionals, Protection Sold | 92,427,000,000 | 62,355,000,000 |
Investment Grade | ||
Credit Derivative | ||
Fair value, Receivable | 14,717,000,000 | 17,432,000,000 |
Fair Value, Payable | 14,677,000,000 | 17,182,000,000 |
Notionals, Protection Purchased | 784,719,000,000 | 824,831,000,000 |
Notionals, Protection Sold | 756,634,000,000 | 786,848,000,000 |
Non-Investment Grade | ||
Credit Derivative | ||
Fair value, Receivable | 23,881,000,000 | 26,364,000,000 |
Fair Value, Payable | 24,246,000,000 | 26,803,000,000 |
Notionals, Protection Purchased | 278,341,000,000 | 291,556,000,000 |
Notionals, Protection Sold | 262,108,000,000 | 277,010,000,000 |
Credit default swaps and options | ||
Credit Derivative | ||
Fair value, Receivable | 38,401,000,000 | 42,930,000,000 |
Fair Value, Payable | 37,878,000,000 | 42,201,000,000 |
Notionals, Protection Purchased | 1,045,569,000,000 | 1,094,199,000,000 |
Notionals, Protection Sold | 1,016,182,000,000 | 1,054,671,000,000 |
Total return swaps and other | ||
Credit Derivative | ||
Fair value, Receivable | 197,000,000 | 866,000,000 |
Fair Value, Payable | 1,045,000,000 | 1,784,000,000 |
Notionals, Protection Purchased | 17,491,000,000 | 22,188,000,000 |
Notionals, Protection Sold | 2,560,000,000 | 9,187,000,000 |
Bank | ||
Credit Derivative | ||
Fair value, Receivable | 20,862,000,000 | 24,828,000,000 |
Fair Value, Payable | 19,370,000,000 | 23,189,000,000 |
Notionals, Protection Purchased | 548,556,000,000 | 574,764,000,000 |
Notionals, Protection Sold | 562,737,000,000 | 604,700,000,000 |
Broker-dealer | ||
Credit Derivative | ||
Fair value, Receivable | 6,872,000,000 | 8,093,000,000 |
Fair Value, Payable | 7,604,000,000 | 9,309,000,000 |
Notionals, Protection Purchased | 186,510,000,000 | 204,542,000,000 |
Notionals, Protection Sold | 186,727,000,000 | 199,693,000,000 |
Non-financial | ||
Credit Derivative | ||
Fair value, Receivable | 85,000,000 | 91,000,000 |
Fair Value, Payable | 195,000,000 | 113,000,000 |
Notionals, Protection Purchased | 4,204,000,000 | 3,697,000,000 |
Notionals, Protection Sold | 1,405,000,000 | 1,595,000,000 |
Insurance and other financial institutions | ||
Credit Derivative | ||
Fair value, Receivable | 10,779,000,000 | 10,784,000,000 |
Fair Value, Payable | 11,754,000,000 | 11,374,000,000 |
Notionals, Protection Purchased | 323,790,000,000 | 333,384,000,000 |
Notionals, Protection Sold | 267,873,000,000 | 257,870,000,000 |
Interest Rate Swap [Member] | ||
Credit Derivative | ||
Amount derecognized | 2,500,000,000 | |
Cash proceeds received for assets derecognized | 2,500,000,000 | |
Fair value of derecognized assets | 2,600,000,000 | |
Fair value gross derivative assets | 157,000,000 | |
Trading derivatives, liability | $14,000,000 |
FAIR_VALUE_MEASUREMENT_Market_
FAIR VALUE MEASUREMENT - Market Valuation Adjustments (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Credit and funding valuation adjustments contra-liability (contra-asset) | |||
Counterparty CVA | ($1,862) | ($1,853) | |
Asset FVA | -560 | -518 | |
Citigroup (own-credit) CVA | 553 | 580 | |
Liability FVA | 75 | 19 | |
Total CVA—derivative instruments | -1,794 | -1,772 | |
Credit, Funding and Debt Valuation Adjustments Gain (Loss) [Abstract] | |||
Counterparty CVA | -139 | 7 | |
Asset FVA | -42 | 0 | |
Own-credit CVA | -36 | -34 | |
Liability FVA | 57 | 0 | |
Total CVA—derivative instruments | -160 | -27 | |
DVA related to own FVO liabilities | 87 | 34 | |
Total CVA and DVA | ($73) | $7 | |
Weighted average FICO score of the underlying collateral for Alt-A mortgage securities recorded at fair value, low end of range | 680 | ||
Weighted average FICO score of the underlying collateral for Alt-A mortgage securities recorded at fair value, high end of range | 720 | ||
Maximum percentage of underlying collateral where FICO scores are greater than 720 | 30.00% |
FAIR_VALUE_MEASUREMENT_Items_M
FAIR VALUE MEASUREMENT - Items Measured at Fair Value on a Recurring Basis (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed or purchased under agreements to resell, selected portfolios of securities purchased under agreements to resell, Netting | ($53,365,000,000) | ($56,339,000,000) |
Trading account assets | 302,983,000,000 | 296,786,000,000 |
Netting of cash collateral received | -53,848,000,000 | -47,625,000,000 |
Investments | 326,815,000,000 | 333,443,000,000 |
Loans | 6,575,000,000 | 5,901,000,000 |
Mortgage servicing rights (MSRs) | 1,685,000,000 | 1,845,000,000 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Federal funds purchased and securities loaned or sold under agreements to repurchase, selected portfolios of securities sold under agreements to repurchase, Netting | -53,365,000,000 | -56,339,000,000 |
Netting of cash collateral paid | -51,292,000,000 | -47,769,000,000 |
Assets transferred from Level 1 to Level 2 | 600,000,000 | 4,100,000,000 |
Assets transferred from Level 2 to Level 1 | 1,800,000,000 | 4,200,000,000 |
Liabilities transferred from Level 1 to Level 2 | 1,400,000,000 | |
Liabilities transferred from Level 2 to Level 1 | 200,000,000 | |
Mortgage-backed securities - U.S. agency-sponsored | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 26,048,000,000 | 27,053,000,000 |
Mortgage-backed securities - Commercial | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 3,832,000,000 | 4,343,000,000 |
Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 34,184,000,000 | 36,234,000,000 |
U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 23,608,000,000 | 20,474,000,000 |
State and municipal securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 3,796,000,000 | 3,402,000,000 |
Foreign government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 69,417,000,000 | 64,937,000,000 |
Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 25,163,000,000 | 27,797,000,000 |
Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 57,536,000,000 | 57,846,000,000 |
Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 4,783,000,000 | 4,546,000,000 |
Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 12,915,000,000 | 13,593,000,000 |
Recurring | ||
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed or purchased under agreements to resell | 178,462,000,000 | 191,320,000,000 |
Federal funds sold and securities borrowed or purchased under agreements to resell, selected portfolios of securities purchased under agreements to resell, Netting | -42,568,000,000 | -47,129,000,000 |
Federal funds sold and securities borrowed or purchased under agreements to resell, selected portfolios of securities purchased under agreements to resell | 135,894,000,000 | 144,191,000,000 |
Investments | 297,809,000,000 | 302,901,000,000 |
Loans | 6,575,000,000 | 5,901,000,000 |
Mortgage servicing rights (MSRs) | 1,685,000,000 | 1,845,000,000 |
Assets before netting | 1,632,061,000,000 | 1,633,109,000,000 |
Total assets, Netting | -878,179,000,000 | -873,723,000,000 |
Total assets | 753,882,000,000 | 759,386,000,000 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest-bearing deposits | 1,650,000,000 | 1,684,000,000 |
Federal funds purchased and securities loaned or sold under agreements to repurchase, selected portfolios of securities sold under agreements to repurchase, Gross | 76,793,000,000 | 83,854,000,000 |
Federal funds purchased and securities loaned or sold under agreements to repurchase, selected portfolios of securities sold under agreements to repurchase, Netting | -42,568,000,000 | -47,129,000,000 |
Federal funds purchased and securities loaned or sold under agreements to repurchase, selected portfolios of securities sold under agreements to repurchase | 34,225,000,000 | 36,725,000,000 |
Securities sold, not yet purchased | 65,243,000,000 | 70,944,000,000 |
Short-term borrowings | 926,000,000 | 1,496,000,000 |
Long-term debt, at fair value | 25,409,000,000 | 26,180,000,000 |
Total liabilities, Gross | 1,080,145,000,000 | 1,078,988,000,000 |
Total liabilities, Netting | -873,473,000,000 | -872,091,000,000 |
Total liabilities | 206,672,000,000 | 206,897,000,000 |
Recurring | Trading derivatives liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 897,702,000,000 | 883,193,000,000 |
Cash collateral received | 10,398,000,000 | 9,846,000,000 |
Total trading derivatives and cash collateral, liability | 908,100,000,000 | 893,039,000,000 |
Netting agreements | -779,613,000,000 | -777,178,000,000 |
Netting of cash collateral paid | -51,292,000,000 | -47,769,000,000 |
Netting, Liabilities, total of netting agreements and cash collateral received | -830,905,000,000 | -824,947,000,000 |
Total derivative liabilities | 77,195,000,000 | 68,092,000,000 |
Cash collateral received, gross | 64,246,000,000 | 57,471,000,000 |
Recurring | Trading derivatives liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 622,573,000,000 | 622,282,000,000 |
Recurring | Trading derivatives liabilities | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 180,094,000,000 | 158,826,000,000 |
Recurring | Trading derivatives liabilities | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 32,630,000,000 | 32,469,000,000 |
Recurring | Trading derivatives liabilities | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 24,019,000,000 | 26,186,000,000 |
Recurring | Trading derivatives liabilities | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 38,386,000,000 | 43,430,000,000 |
Recurring | Non-trading derivatives and other financial liabilities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Netting of cash collateral received | -1,791,000,000 | |
Cash collateral paid, gross | 138,000,000 | |
Liabilities, Fair Value Disclosure [Abstract] | ||
Cash collateral received | 56,000,000 | 7,000,000 |
Netting of cash collateral paid | -15,000,000 | |
Netting, Liabilities, total of netting agreements and cash collateral received | 0 | |
Other liabilities, gross | 1,968,000,000 | 1,784,000,000 |
Non-trading derivatives and other financial liabilities measured on a recurring basis, gross | 2,024,000,000 | 1,791,000,000 |
Total other assets and cash collateral, gross | 2,024,000,000 | 1,776,000,000 |
Cash collateral received, gross | 2,206,000,000 | 1,798,000,000 |
Recurring | Mortgage-backed securities - U.S. agency-sponsored | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 26,048,000,000 | 27,053,000,000 |
Investments | 39,084,000,000 | 36,091,000,000 |
Recurring | Mortgage-backed securities - Residential | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 4,304,000,000 | 4,838,000,000 |
Investments | 7,276,000,000 | 8,363,000,000 |
Recurring | Mortgage-backed securities - Commercial | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 3,832,000,000 | 4,343,000,000 |
Investments | 507,000,000 | 554,000,000 |
Recurring | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 34,184,000,000 | 36,234,000,000 |
Investments | 46,867,000,000 | 45,008,000,000 |
Recurring | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 23,608,000,000 | 20,474,000,000 |
Investments | 121,359,000,000 | 123,690,000,000 |
Recurring | State and municipal securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 3,796,000,000 | 3,402,000,000 |
Investments | 12,245,000,000 | 12,699,000,000 |
Recurring | Foreign government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 69,417,000,000 | 64,937,000,000 |
Investments | 87,059,000,000 | 90,697,000,000 |
Recurring | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 25,163,000,000 | 27,797,000,000 |
Investments | 14,554,000,000 | 12,157,000,000 |
Recurring | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 57,536,000,000 | 57,846,000,000 |
Investments | 990,000,000 | 2,725,000,000 |
Recurring | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 4,783,000,000 | 4,546,000,000 |
Investments | 11,504,000,000 | 12,506,000,000 |
Recurring | Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 12,915,000,000 | 13,593,000,000 |
Investments | 661,000,000 | 661,000,000 |
Recurring | Non-marketable equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 2,570,000,000 | 2,758,000,000 |
Recurring | Trading account assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 897,772,000,000 | 886,237,000,000 |
Gross cash collateral paid | 7,270,000,000 | 6,523,000,000 |
Trading derivative, asset, gross net cash collateral paid | 905,042,000,000 | 892,760,000,000 |
Less: Netting agreements to assets | -779,613,000,000 | -777,178,000,000 |
Netting of cash collateral received | -53,848,000,000 | -47,625,000,000 |
Netting, Assets, total of netting agreements and cash collateral received | -833,461,000,000 | -824,803,000,000 |
Trading derivatives | 71,581,000,000 | 67,957,000,000 |
Cash collateral paid, gross | 58,562,000,000 | 54,292,000,000 |
Recurring | Trading account assets | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 639,982,000,000 | 638,453,000,000 |
Recurring | Trading account assets | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 176,269,000,000 | 155,994,000,000 |
Recurring | Trading account assets | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 24,275,000,000 | 24,752,000,000 |
Recurring | Trading account assets | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 19,023,000,000 | 23,520,000,000 |
Recurring | Trading account assets | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 38,223,000,000 | 43,518,000,000 |
Recurring | Non-trading derivatives and other financial assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Netting of cash collateral received | -2,150,000,000 | -1,791,000,000 |
Netting, Assets, total of netting agreements and cash collateral received | -2,150,000,000 | -1,791,000,000 |
Other assets, gross | 11,057,000,000 | 9,430,000,000 |
Cash collateral paid, gross | 29,000,000 | 123,000,000 |
Total other assets and cash collateral, gross | 11,086,000,000 | 9,553,000,000 |
Other assets | 8,936,000,000 | 7,762,000,000 |
Recurring | Trading securities (excluding trading account derivatives) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 231,402,000,000 | 228,829,000,000 |
Recurring | Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed or purchased under agreements to resell | 0 | 0 |
Investments | 150,529,000,000 | 151,499,000,000 |
Loans | 0 | 0 |
Mortgage servicing rights (MSRs) | 0 | 0 |
Assets before netting | 266,384,000,000 | 261,637,000,000 |
Total as a percentage of gross assets | 16.40% | 16.10% |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest-bearing deposits | 0 | 0 |
Federal funds purchased and securities loaned or sold under agreements to repurchase, selected portfolios of securities sold under agreements to repurchase, Gross | 0 | 0 |
Securities sold, not yet purchased | 50,368,000,000 | 59,463,000,000 |
Short-term borrowings | 0 | 0 |
Long-term debt, at fair value | 0 | 0 |
Total liabilities, Gross | 53,663,000,000 | 63,164,000,000 |
Total as a percentage of gross liabilities | 5.00% | 5.90% |
Recurring | Level 1 | Trading derivatives liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 3,295,000,000 | 3,701,000,000 |
Recurring | Level 1 | Trading derivatives liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 57,000,000 | 77,000,000 |
Recurring | Level 1 | Trading derivatives liabilities | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 5,000,000 | 0 |
Recurring | Level 1 | Trading derivatives liabilities | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 2,718,000,000 | 2,955,000,000 |
Recurring | Level 1 | Trading derivatives liabilities | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 515,000,000 | 669,000,000 |
Recurring | Level 1 | Trading derivatives liabilities | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 0 | 0 |
Recurring | Level 1 | Non-trading derivatives and other financial liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other liabilities, gross | 0 | 0 |
Recurring | Level 1 | Mortgage-backed securities - U.S. agency-sponsored | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | Mortgage-backed securities - Residential | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | Mortgage-backed securities - Commercial | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 0 | 0 |
Other assets, gross | 0 | |
Recurring | Level 1 | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 19,680,000,000 | 15,991,000,000 |
Investments | 112,018,000,000 | 110,710,000,000 |
Recurring | Level 1 | State and municipal securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | Foreign government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 41,548,000,000 | 37,995,000,000 |
Investments | 36,262,000,000 | 37,280,000,000 |
Recurring | Level 1 | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 595,000,000 | 1,337,000,000 |
Investments | 1,842,000,000 | 1,739,000,000 |
Recurring | Level 1 | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 50,782,000,000 | 51,346,000,000 |
Investments | 407,000,000 | 1,770,000,000 |
Recurring | Level 1 | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | Non-marketable equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 0 | 0 |
Recurring | Level 1 | Trading account assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 3,056,000,000 | 3,469,000,000 |
Recurring | Level 1 | Trading account assets | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 78,000,000 | 74,000,000 |
Recurring | Level 1 | Trading account assets | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 1,000,000 | 0 |
Recurring | Level 1 | Trading account assets | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 2,502,000,000 | 2,748,000,000 |
Recurring | Level 1 | Trading account assets | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 475,000,000 | 647,000,000 |
Recurring | Level 1 | Trading account assets | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 0 | 0 |
Recurring | Level 1 | Non-trading derivatives and other financial assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other assets, gross | 194,000,000 | 0 |
Recurring | Level 1 | Trading securities (excluding trading account derivatives) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 112,605,000,000 | 106,669,000,000 |
Recurring | Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed or purchased under agreements to resell | 174,440,000,000 | 187,922,000,000 |
Investments | 140,466,000,000 | 144,064,000,000 |
Loans | 2,669,000,000 | 2,793,000,000 |
Mortgage servicing rights (MSRs) | 0 | 0 |
Assets before netting | 1,315,813,000,000 | 1,322,433,000,000 |
Total as a percentage of gross assets | 81.00% | 81.30% |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest-bearing deposits | 1,185,000,000 | 1,198,000,000 |
Federal funds purchased and securities loaned or sold under agreements to repurchase, selected portfolios of securities sold under agreements to repurchase, Gross | 75,733,000,000 | 82,811,000,000 |
Securities sold, not yet purchased | 14,652,000,000 | 11,057,000,000 |
Short-term borrowings | 806,000,000 | 1,152,000,000 |
Long-term debt, at fair value | 18,213,000,000 | 18,890,000,000 |
Total liabilities, Gross | 993,332,000,000 | 982,447,000,000 |
Total as a percentage of gross liabilities | 92.90% | 91.90% |
Recurring | Level 2 | Trading derivatives liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 880,783,000,000 | 865,562,000,000 |
Recurring | Level 2 | Trading derivatives liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 618,464,000,000 | 617,933,000,000 |
Recurring | Level 2 | Trading derivatives liabilities | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 179,226,000,000 | 158,354,000,000 |
Recurring | Level 2 | Trading derivatives liabilities | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 27,084,000,000 | 26,616,000,000 |
Recurring | Level 2 | Trading derivatives liabilities | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 20,820,000,000 | 22,872,000,000 |
Recurring | Level 2 | Trading derivatives liabilities | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 35,189,000,000 | 39,787,000,000 |
Recurring | Level 2 | Non-trading derivatives and other financial liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other liabilities, gross | 1,960,000,000 | 1,777,000,000 |
Recurring | Level 2 | Mortgage-backed securities - U.S. agency-sponsored | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 25,230,000,000 | 25,968,000,000 |
Investments | 39,014,000,000 | 36,053,000,000 |
Recurring | Level 2 | Mortgage-backed securities - Residential | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 2,174,000,000 | 2,158,000,000 |
Investments | 7,266,000,000 | 8,355,000,000 |
Recurring | Level 2 | Mortgage-backed securities - Commercial | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 3,233,000,000 | 3,903,000,000 |
Investments | 505,000,000 | 553,000,000 |
Recurring | Level 2 | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 30,637,000,000 | 32,029,000,000 |
Investments | 46,785,000,000 | 44,961,000,000 |
Recurring | Level 2 | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 3,928,000,000 | 4,483,000,000 |
Investments | 9,336,000,000 | 12,974,000,000 |
Recurring | Level 2 | State and municipal securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 3,549,000,000 | 3,161,000,000 |
Investments | 9,998,000,000 | 10,519,000,000 |
Recurring | Level 2 | Foreign government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 27,754,000,000 | 26,736,000,000 |
Investments | 50,222,000,000 | 52,739,000,000 |
Recurring | Level 2 | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 23,801,000,000 | 25,640,000,000 |
Investments | 12,128,000,000 | 9,746,000,000 |
Recurring | Level 2 | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 4,156,000,000 | 4,281,000,000 |
Investments | 64,000,000 | 274,000,000 |
Recurring | Level 2 | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,230,000,000 | 1,252,000,000 |
Investments | 10,987,000,000 | 11,957,000,000 |
Recurring | Level 2 | Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 8,522,000,000 | 9,221,000,000 |
Investments | 661,000,000 | 661,000,000 |
Recurring | Level 2 | Non-marketable equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 285,000,000 | 233,000,000 |
Recurring | Level 2 | Trading account assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 883,946,000,000 | 871,499,000,000 |
Recurring | Level 2 | Trading account assets | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 636,186,000,000 | 634,318,000,000 |
Recurring | Level 2 | Trading account assets | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 174,759,000,000 | 154,744,000,000 |
Recurring | Level 2 | Trading account assets | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 19,719,000,000 | 19,969,000,000 |
Recurring | Level 2 | Trading account assets | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 17,593,000,000 | 21,850,000,000 |
Recurring | Level 2 | Trading account assets | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 35,689,000,000 | 40,618,000,000 |
Recurring | Level 2 | Non-trading derivatives and other financial assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other assets, gross | 10,715,000,000 | 9,352,000,000 |
Recurring | Level 2 | Trading securities (excluding trading account derivatives) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 103,577,000,000 | 106,803,000,000 |
Recurring | Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed or purchased under agreements to resell | 4,022,000,000 | 3,398,000,000 |
Investments | 6,814,000,000 | 7,338,000,000 |
Loans | 3,906,000,000 | 3,108,000,000 |
Mortgage servicing rights (MSRs) | 1,685,000,000 | 1,845,000,000 |
Assets before netting | 42,565,000,000 | 42,393,000,000 |
Total as a percentage of gross assets | 2.60% | 2.60% |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest-bearing deposits | 465,000,000 | 486,000,000 |
Federal funds purchased and securities loaned or sold under agreements to repurchase, selected portfolios of securities sold under agreements to repurchase, Gross | 1,060,000,000 | 1,043,000,000 |
Securities sold, not yet purchased | 223,000,000 | 424,000,000 |
Short-term borrowings | 120,000,000 | 344,000,000 |
Long-term debt, at fair value | 7,196,000,000 | 7,290,000,000 |
Total liabilities, Gross | 22,696,000,000 | 23,524,000,000 |
Total as a percentage of gross liabilities | 2.10% | 2.20% |
Recurring | Level 3 | Trading derivatives liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 13,624,000,000 | 13,930,000,000 |
Recurring | Level 3 | Trading derivatives liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 4,052,000,000 | 4,272,000,000 |
Recurring | Level 3 | Trading derivatives liabilities | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 863,000,000 | 472,000,000 |
Recurring | Level 3 | Trading derivatives liabilities | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 2,828,000,000 | 2,898,000,000 |
Recurring | Level 3 | Trading derivatives liabilities | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 2,684,000,000 | 2,645,000,000 |
Recurring | Level 3 | Trading derivatives liabilities | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 3,197,000,000 | 3,643,000,000 |
Recurring | Level 3 | Non-trading derivatives and other financial liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other liabilities, gross | 8,000,000 | 7,000,000 |
Recurring | Level 3 | Mortgage-backed securities - U.S. agency-sponsored | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 818,000,000 | 1,085,000,000 |
Investments | 70,000,000 | 38,000,000 |
Recurring | Level 3 | Mortgage-backed securities - Residential | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 2,130,000,000 | 2,680,000,000 |
Investments | 10,000,000 | 8,000,000 |
Recurring | Level 3 | Mortgage-backed securities - Commercial | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 599,000,000 | 440,000,000 |
Investments | 2,000,000 | 1,000,000 |
Recurring | Level 3 | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 3,547,000,000 | 4,205,000,000 |
Investments | 82,000,000 | 47,000,000 |
Recurring | Level 3 | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 5,000,000 | 6,000,000 |
Recurring | Level 3 | State and municipal securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 247,000,000 | 241,000,000 |
Investments | 2,247,000,000 | 2,180,000,000 |
Recurring | Level 3 | Foreign government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 115,000,000 | 206,000,000 |
Investments | 575,000,000 | 678,000,000 |
Recurring | Level 3 | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 767,000,000 | 820,000,000 |
Investments | 584,000,000 | 672,000,000 |
Recurring | Level 3 | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 2,598,000,000 | 2,219,000,000 |
Investments | 519,000,000 | 681,000,000 |
Recurring | Level 3 | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 3,553,000,000 | 3,294,000,000 |
Investments | 517,000,000 | 549,000,000 |
Recurring | Level 3 | Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 4,393,000,000 | 4,372,000,000 |
Investments | 0 | 0 |
Recurring | Level 3 | Non-marketable equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 2,285,000,000 | 2,525,000,000 |
Recurring | Level 3 | Trading account assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 10,770,000,000 | 11,269,000,000 |
Recurring | Level 3 | Trading account assets | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 3,718,000,000 | 4,061,000,000 |
Recurring | Level 3 | Trading account assets | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 1,509,000,000 | 1,250,000,000 |
Recurring | Level 3 | Trading account assets | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 2,054,000,000 | 2,035,000,000 |
Recurring | Level 3 | Trading account assets | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 955,000,000 | 1,023,000,000 |
Recurring | Level 3 | Trading account assets | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 2,534,000,000 | 2,900,000,000 |
Recurring | Level 3 | Non-trading derivatives and other financial assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other assets, gross | 148,000,000 | 78,000,000 |
Recurring | Level 3 | Trading securities (excluding trading account derivatives) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | $15,220,000,000 | $15,357,000,000 |
FAIR_VALUE_MEASUREMENT_Level_3
FAIR VALUE MEASUREMENT - Level 3 Roll Forward (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Trading account assets and liabilities | ||
Fair value, Derivative assets (liabilities) measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset (liability), net | ($2,661) | ($991) |
Net realized/unrealized gains (losses) included in earnings | -832 | -46 |
Transfers into Level 3 | 148 | -524 |
Transfers out of Level 3 | 181 | 81 |
Purchases | 186 | 170 |
Sales | -163 | -143 |
Settlements | 287 | -307 |
Balance at end of period, asset (liability), net | -2,854 | -1,760 |
Unrealized gains (losses) still held | -448 | -548 |
Trading account assets and liabilities | Interest rate contracts | ||
Fair value, Derivative assets (liabilities) measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset (liability), net | -211 | 839 |
Net realized/unrealized gains (losses) included in earnings | -70 | -348 |
Transfers into Level 3 | -134 | 36 |
Transfers out of Level 3 | 7 | 9 |
Purchases | 6 | 18 |
Sales | -3 | -46 |
Settlements | 71 | -275 |
Balance at end of period, asset (liability), net | -334 | 233 |
Unrealized gains (losses) still held | -282 | -367 |
Trading account assets and liabilities | Foreign exchange contracts | ||
Fair value, Derivative assets (liabilities) measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset (liability), net | 778 | 695 |
Net realized/unrealized gains (losses) included in earnings | -301 | 138 |
Transfers into Level 3 | 41 | -11 |
Transfers out of Level 3 | 4 | 19 |
Purchases | 91 | 1 |
Sales | -95 | 0 |
Settlements | 128 | -13 |
Balance at end of period, asset (liability), net | 646 | 829 |
Unrealized gains (losses) still held | 174 | 211 |
Trading account assets and liabilities | Equity contracts | ||
Fair value, Derivative assets (liabilities) measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset (liability), net | -863 | -858 |
Net realized/unrealized gains (losses) included in earnings | -29 | 152 |
Transfers into Level 3 | -23 | -518 |
Transfers out of Level 3 | 101 | 52 |
Purchases | 89 | 150 |
Sales | -65 | -94 |
Settlements | 16 | -120 |
Balance at end of period, asset (liability), net | -774 | -1,236 |
Unrealized gains (losses) still held | 110 | -225 |
Trading account assets and liabilities | Commodity contracts | ||
Fair value, Derivative assets (liabilities) measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset (liability), net | -1,622 | -1,393 |
Net realized/unrealized gains (losses) included in earnings | -334 | 75 |
Transfers into Level 3 | 182 | 30 |
Transfers out of Level 3 | 16 | 31 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Settlements | 29 | -72 |
Balance at end of period, asset (liability), net | -1,729 | -1,329 |
Unrealized gains (losses) still held | -263 | 67 |
Trading account assets and liabilities | Credit derivatives | ||
Fair value, Derivative assets (liabilities) measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset (liability), net | -743 | -274 |
Net realized/unrealized gains (losses) included in earnings | -98 | -63 |
Transfers into Level 3 | 82 | -61 |
Transfers out of Level 3 | 53 | -30 |
Purchases | 0 | 1 |
Sales | 0 | -3 |
Settlements | 43 | 173 |
Balance at end of period, asset (liability), net | -663 | -257 |
Unrealized gains (losses) still held | -187 | -234 |
Interest-bearing deposits | ||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, liability | 486 | 890 |
Net realized/unrealized gains (losses) included in earnings, liabilities | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | -70 |
Transfers into Level 3, liabilities | 0 | 0 |
Transfers out of Level 3, liabilities | 0 | 0 |
Purchases, liability | 0 | 0 |
Issuance, liability | 0 | 0 |
Sales, liability | 0 | 0 |
Settlements, liability | -21 | -25 |
Balance at end of period, liability | 465 | 935 |
Unrealized gains (losses) still held, liabilities | 2 | -19 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | ||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, liability | 1,043 | 902 |
Net realized/unrealized gains (losses) included in earnings, liabilities | -52 | -7 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 |
Transfers into Level 3, liabilities | 0 | 0 |
Transfers out of Level 3, liabilities | 0 | 0 |
Purchases, liability | 0 | 31 |
Issuance, liability | 0 | 0 |
Sales, liability | 1 | 0 |
Settlements, liability | -36 | 0 |
Balance at end of period, liability | 1,060 | 940 |
Unrealized gains (losses) still held, liabilities | -11 | -9 |
Trading account liabilities | Securities sold, not yet purchased | ||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, liability | 424 | 590 |
Net realized/unrealized gains (losses) included in earnings, liabilities | -10 | 10 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 |
Transfers into Level 3, liabilities | 92 | 18 |
Transfers out of Level 3, liabilities | -43 | -29 |
Purchases, liability | 0 | 0 |
Issuance, liability | 0 | 0 |
Sales, liability | 70 | 150 |
Settlements, liability | -330 | -237 |
Balance at end of period, liability | 223 | 482 |
Unrealized gains (losses) still held, liabilities | -29 | -13 |
Short-term borrowings | ||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, liability | 344 | 29 |
Net realized/unrealized gains (losses) included in earnings, liabilities | -7 | -17 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 |
Transfers into Level 3, liabilities | 1 | 0 |
Transfers out of Level 3, liabilities | -12 | 0 |
Purchases, liability | 0 | 0 |
Issuance, liability | 16 | 1 |
Sales, liability | 0 | 0 |
Settlements, liability | -236 | -20 |
Balance at end of period, liability | 120 | 27 |
Unrealized gains (losses) still held, liabilities | -21 | 0 |
Long-term debt | ||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, liability | 7,290 | 7,621 |
Net realized/unrealized gains (losses) included in earnings, liabilities | 286 | -284 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 25 |
Transfers into Level 3, liabilities | 712 | 959 |
Transfers out of Level 3, liabilities | -947 | -854 |
Purchases, liability | 0 | 0 |
Issuance, liability | 949 | 940 |
Sales, liability | 0 | 0 |
Settlements, liability | -522 | -279 |
Balance at end of period, liability | 7,196 | 8,646 |
Unrealized gains (losses) still held, liabilities | -193 | -118 |
Other financial liabilities | ||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, liability | 7 | 10 |
Net realized/unrealized gains (losses) included in earnings, liabilities | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | -3 | 0 |
Transfers into Level 3, liabilities | 0 | 0 |
Transfers out of Level 3, liabilities | 0 | 0 |
Purchases, liability | -1 | 0 |
Issuance, liability | 0 | 1 |
Sales, liability | 0 | -3 |
Settlements, liability | -1 | -5 |
Balance at end of period, liability | 8 | 3 |
Unrealized gains (losses) still held, liabilities | -1 | -1 |
Federal funds sold and securities borrowed or purchased under agreements to resell | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 3,398 | 3,566 |
Net realized/unrealized gains (losses) included in principal transactions | -40 | -1 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 |
Transfers into Level 3 | 0 | 51 |
Transfers out of Level 3, assets | -100 | 0 |
Purchases, assets | 764 | 0 |
Issuance, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Settlements, assets | 0 | -165 |
Balance at end of period, asset | 4,022 | 3,451 |
Unrealized gains (losses) still held, assets | 71 | -1 |
Trading non-derivative assets | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 15,357 | 15,260 |
Net realized/unrealized gains (losses) included in principal transactions | 125 | 387 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 |
Transfers into Level 3 | 880 | 1,178 |
Transfers out of Level 3, assets | -1,338 | -1,540 |
Purchases, assets | 3,854 | 4,440 |
Issuance, assets | 13 | 3 |
Sales, assets | -3,614 | -5,432 |
Settlements, assets | -57 | -86 |
Balance at end of period, asset | 15,220 | 14,210 |
Unrealized gains (losses) still held, assets | 98 | 476 |
Trading non-derivative assets | U.S. government-sponsored agency guaranteed | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 1,085 | 1,094 |
Net realized/unrealized gains (losses) included in principal transactions | 3 | 81 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 |
Transfers into Level 3 | 294 | 179 |
Transfers out of Level 3, assets | -510 | -385 |
Purchases, assets | 167 | 154 |
Issuance, assets | 0 | 3 |
Sales, assets | -221 | -321 |
Settlements, assets | 0 | -17 |
Balance at end of period, asset | 818 | 788 |
Unrealized gains (losses) still held, assets | -2 | 10 |
Trading non-derivative assets | Mortgage-backed securities - Residential | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 2,680 | 2,854 |
Net realized/unrealized gains (losses) included in principal transactions | 77 | 157 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 |
Transfers into Level 3 | 45 | 74 |
Transfers out of Level 3, assets | -216 | -153 |
Purchases, assets | 498 | 976 |
Issuance, assets | 0 | 0 |
Sales, assets | -954 | -1,164 |
Settlements, assets | 0 | 0 |
Balance at end of period, asset | 2,130 | 2,744 |
Unrealized gains (losses) still held, assets | -106 | 41 |
Trading non-derivative assets | Mortgage-backed securities - Commercial | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 440 | 256 |
Net realized/unrealized gains (losses) included in principal transactions | 15 | 5 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 |
Transfers into Level 3 | 88 | 35 |
Transfers out of Level 3, assets | -13 | -24 |
Purchases, assets | 320 | 32 |
Issuance, assets | 0 | 0 |
Sales, assets | -251 | -63 |
Settlements, assets | 0 | 0 |
Balance at end of period, asset | 599 | 241 |
Unrealized gains (losses) still held, assets | -4 | 5 |
Trading non-derivative assets | Mortgage-backed securities | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 4,205 | 4,204 |
Net realized/unrealized gains (losses) included in principal transactions | 95 | 243 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 |
Transfers into Level 3 | 427 | 288 |
Transfers out of Level 3, assets | -739 | -562 |
Purchases, assets | 985 | 1,162 |
Issuance, assets | 0 | 3 |
Sales, assets | -1,426 | -1,548 |
Settlements, assets | 0 | -17 |
Balance at end of period, asset | 3,547 | 3,773 |
Unrealized gains (losses) still held, assets | -112 | 56 |
Trading non-derivative assets | U.S. Treasury and federal agency securities | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 0 | 0 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 |
Purchases, assets | 0 | 0 |
Issuance, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Balance at end of period, asset | 0 | 0 |
Unrealized gains (losses) still held, assets | 0 | 0 |
Trading non-derivative assets | State and municipal securities | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 241 | 222 |
Net realized/unrealized gains (losses) included in principal transactions | -8 | 2 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 |
Transfers into Level 3 | 14 | 11 |
Transfers out of Level 3, assets | -7 | -104 |
Purchases, assets | 9 | 9 |
Issuance, assets | 0 | 0 |
Sales, assets | -2 | -19 |
Settlements, assets | 0 | 0 |
Balance at end of period, asset | 247 | 121 |
Unrealized gains (losses) still held, assets | -7 | 3 |
Trading non-derivative assets | Foreign government | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 206 | 416 |
Net realized/unrealized gains (losses) included in principal transactions | -3 | -6 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 |
Transfers into Level 3 | 27 | 49 |
Transfers out of Level 3, assets | -92 | -85 |
Purchases, assets | 66 | 138 |
Issuance, assets | 0 | 0 |
Sales, assets | -40 | -139 |
Settlements, assets | -49 | 0 |
Balance at end of period, asset | 115 | 373 |
Unrealized gains (losses) still held, assets | 1 | -5 |
Trading non-derivative assets | Corporate | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 820 | 1,835 |
Net realized/unrealized gains (losses) included in principal transactions | 76 | 27 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 |
Transfers into Level 3 | 13 | 187 |
Transfers out of Level 3, assets | -59 | -145 |
Purchases, assets | 347 | 592 |
Issuance, assets | 0 | 0 |
Sales, assets | -430 | -828 |
Settlements, assets | 0 | -3 |
Balance at end of period, asset | 767 | 1,665 |
Unrealized gains (losses) still held, assets | 32 | -30 |
Trading non-derivative assets | Equity securities | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 2,219 | 1,057 |
Net realized/unrealized gains (losses) included in principal transactions | -21 | -171 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 |
Transfers into Level 3 | 124 | 35 |
Transfers out of Level 3, assets | -15 | -5 |
Purchases, assets | 382 | 532 |
Issuance, assets | 0 | 0 |
Sales, assets | -91 | -63 |
Settlements, assets | 0 | 0 |
Balance at end of period, asset | 2,598 | 1,385 |
Unrealized gains (losses) still held, assets | 5 | 267 |
Trading non-derivative assets | Asset-backed securities | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 3,294 | 4,342 |
Net realized/unrealized gains (losses) included in principal transactions | 127 | 269 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 |
Transfers into Level 3 | 65 | 33 |
Transfers out of Level 3, assets | -34 | -175 |
Purchases, assets | 1,063 | 943 |
Issuance, assets | 0 | 0 |
Sales, assets | -962 | -1,971 |
Settlements, assets | 0 | 0 |
Balance at end of period, asset | 3,553 | 3,441 |
Unrealized gains (losses) still held, assets | 194 | 164 |
Trading non-derivative assets | Other debt securities | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 4,372 | 3,184 |
Net realized/unrealized gains (losses) included in principal transactions | -141 | 23 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 |
Transfers into Level 3 | 210 | 575 |
Transfers out of Level 3, assets | -392 | -464 |
Purchases, assets | 1,002 | 1,064 |
Issuance, assets | 13 | 0 |
Sales, assets | -663 | -864 |
Settlements, assets | -8 | -66 |
Balance at end of period, asset | 4,393 | 3,452 |
Unrealized gains (losses) still held, assets | -15 | 21 |
Investments | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 7,338 | 9,741 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | -48 | 180 |
Transfers into Level 3 | 161 | 389 |
Transfers out of Level 3, assets | -312 | -407 |
Purchases, assets | 441 | 1,054 |
Issuance, assets | 0 | 0 |
Sales, assets | -359 | -549 |
Settlements, assets | -407 | -548 |
Balance at end of period, asset | 6,814 | 9,860 |
Unrealized gains (losses) still held, assets | -46 | 20 |
Investments | U.S. government-sponsored agency guaranteed | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 38 | 187 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | -1 | 48 |
Transfers into Level 3 | 45 | 24 |
Transfers out of Level 3, assets | -12 | -37 |
Purchases, assets | 0 | 17 |
Issuance, assets | 0 | 0 |
Sales, assets | 0 | -39 |
Settlements, assets | 0 | -1 |
Balance at end of period, asset | 70 | 199 |
Unrealized gains (losses) still held, assets | -2 | 0 |
Investments | Mortgage-backed securities - Residential | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 8 | 102 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 2 | 23 |
Transfers into Level 3 | 0 | 13 |
Transfers out of Level 3, assets | 0 | 0 |
Purchases, assets | 0 | 17 |
Issuance, assets | 0 | 0 |
Sales, assets | 0 | -125 |
Settlements, assets | 0 | 0 |
Balance at end of period, asset | 10 | 30 |
Unrealized gains (losses) still held, assets | 2 | 2 |
Investments | Mortgage-backed securities - Commercial | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 1 | 0 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 |
Transfers into Level 3 | 2 | 1 |
Transfers out of Level 3, assets | -1 | 0 |
Purchases, assets | 0 | 0 |
Issuance, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Balance at end of period, asset | 2 | 1 |
Unrealized gains (losses) still held, assets | 0 | 0 |
Investments | Mortgage-backed securities | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 47 | 289 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 1 | 71 |
Transfers into Level 3 | 47 | 38 |
Transfers out of Level 3, assets | -13 | -37 |
Purchases, assets | 0 | 34 |
Issuance, assets | 0 | 0 |
Sales, assets | 0 | -164 |
Settlements, assets | 0 | -1 |
Balance at end of period, asset | 82 | 230 |
Unrealized gains (losses) still held, assets | 0 | 2 |
Investments | U.S. Treasury and federal agency securities | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 6 | 8 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 |
Purchases, assets | 0 | 0 |
Issuance, assets | 0 | 0 |
Sales, assets | -1 | -1 |
Settlements, assets | 0 | 0 |
Balance at end of period, asset | 5 | 7 |
Unrealized gains (losses) still held, assets | 0 | 0 |
Investments | State and municipal securities | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 2,180 | 1,643 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 32 | 36 |
Transfers into Level 3 | 105 | 254 |
Transfers out of Level 3, assets | -139 | -285 |
Purchases, assets | 233 | 373 |
Issuance, assets | 0 | 0 |
Sales, assets | -164 | -118 |
Settlements, assets | 0 | 0 |
Balance at end of period, asset | 2,247 | 1,903 |
Unrealized gains (losses) still held, assets | 13 | 26 |
Investments | Foreign government | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 678 | 344 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 51 | 2 |
Transfers into Level 3 | 0 | 22 |
Transfers out of Level 3, assets | -105 | -42 |
Purchases, assets | 174 | 49 |
Issuance, assets | 0 | 0 |
Sales, assets | -111 | -78 |
Settlements, assets | -112 | -23 |
Balance at end of period, asset | 575 | 274 |
Unrealized gains (losses) still held, assets | -22 | -4 |
Investments | Corporate | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 672 | 285 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | -26 | -1 |
Transfers into Level 3 | 2 | 2 |
Transfers out of Level 3, assets | -41 | -1 |
Purchases, assets | 14 | 247 |
Issuance, assets | 0 | 0 |
Sales, assets | -4 | -1 |
Settlements, assets | -33 | 0 |
Balance at end of period, asset | 584 | 531 |
Unrealized gains (losses) still held, assets | -20 | -2 |
Investments | Equity securities | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 681 | 815 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | -88 | 16 |
Transfers into Level 3 | 7 | 6 |
Transfers out of Level 3, assets | -3 | 0 |
Purchases, assets | 0 | 1 |
Issuance, assets | 0 | 0 |
Sales, assets | -78 | -7 |
Settlements, assets | 0 | 0 |
Balance at end of period, asset | 519 | 831 |
Unrealized gains (losses) still held, assets | -3 | -4 |
Investments | Asset-backed securities | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 549 | 1,960 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | -40 | 8 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3, assets | -10 | -42 |
Purchases, assets | 19 | 48 |
Issuance, assets | 0 | 0 |
Sales, assets | -1 | -97 |
Settlements, assets | 0 | 0 |
Balance at end of period, asset | 517 | 1,877 |
Unrealized gains (losses) still held, assets | -39 | 1 |
Investments | Other debt securities | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 0 | 50 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | -1 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 |
Purchases, assets | 0 | 50 |
Issuance, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Balance at end of period, asset | 0 | 99 |
Unrealized gains (losses) still held, assets | 0 | 0 |
Investments | Non-marketable equity securities | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 2,525 | 4,347 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 22 | 49 |
Transfers into Level 3 | 0 | 67 |
Transfers out of Level 3, assets | -1 | 0 |
Purchases, assets | 1 | 252 |
Issuance, assets | 0 | 0 |
Sales, assets | 0 | -83 |
Settlements, assets | -262 | -524 |
Balance at end of period, asset | 2,285 | 4,108 |
Unrealized gains (losses) still held, assets | 25 | 1 |
Loans | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 3,108 | 4,143 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | -54 | -28 |
Transfers into Level 3 | 689 | 0 |
Transfers out of Level 3, assets | 0 | 0 |
Purchases, assets | 209 | 153 |
Issuance, assets | 321 | 50 |
Sales, assets | -97 | -79 |
Settlements, assets | -270 | -97 |
Balance at end of period, asset | 3,906 | 4,142 |
Unrealized gains (losses) still held, assets | -4 | -108 |
Mortgage servicing rights | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 1,845 | 2,718 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | -77 | -114 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 |
Purchases, assets | 0 | 0 |
Issuance, assets | 43 | 50 |
Sales, assets | -32 | 28 |
Settlements, assets | -94 | -96 |
Balance at end of period, asset | 1,685 | 2,586 |
Unrealized gains (losses) still held, assets | -77 | -115 |
Other financial assets measured on a recurring basis | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 78 | 181 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 6 | -2 |
Transfers into Level 3 | 66 | 0 |
Transfers out of Level 3, assets | -2 | 0 |
Purchases, assets | 3 | 0 |
Issuance, assets | 60 | 36 |
Sales, assets | -5 | -4 |
Settlements, assets | -58 | -32 |
Balance at end of period, asset | 148 | 179 |
Unrealized gains (losses) still held, assets | ($33) | ($4) |
FAIR_VALUE_MEASUREMENT_Valuati
FAIR VALUE MEASUREMENT - Valuation Techniques and Inputs for Level 3 Fair Value Measurements (Details) (Level 3, USD $) | 0 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Mortgage-backed securities | Price-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Total assets | $2,388,000,000 | $2,874,000,000 |
Mortgage-backed securities | Price-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 10 | 0 |
Mortgage-backed securities | Price-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 110.21 | 127.87 |
Mortgage-backed securities | Price-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 81.78 | 81.43 |
Mortgage-backed securities | Yield analysis | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Total assets | 1,138,000,000 | 1,117,000,000 |
Mortgage-backed securities | Yield analysis | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Yield (as a percent) | 0.67% | 0.01% |
Mortgage-backed securities | Yield analysis | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Yield (as a percent) | 29.53% | 19.91% |
Mortgage-backed securities | Yield analysis | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Yield (as a percent) | 4.45% | 5.89% |
State and municipal, foreign government, corporate, and other debt securities | Cash flow | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Total assets | 1,530,000,000 | 1,860,000,000 |
State and municipal, foreign government, corporate, and other debt securities | Cash flow | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Credit spread (as a percent) | 0.25% | 0.25% |
State and municipal, foreign government, corporate, and other debt securities | Cash flow | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Credit spread (as a percent) | 6.00% | 6.00% |
State and municipal, foreign government, corporate, and other debt securities | Cash flow | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Credit spread (as a percent) | 2.78% | 2.33% |
State and municipal, foreign government, corporate, and other debt securities | Price-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Total assets | 5,997,000,000 | 5,937,000,000 |
State and municipal, foreign government, corporate, and other debt securities | Price-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 0 | 0 |
State and municipal, foreign government, corporate, and other debt securities | Price-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 147 | 124 |
State and municipal, foreign government, corporate, and other debt securities | Price-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 87.65 | 90.62 |
Equity securities | Cash flow | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Total assets | 505,000,000 | 679,000,000 |
Equity securities | Cash flow | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Yield (as a percent) | 4.00% | 4.00% |
WAL (in years) | 0 years 3 days | 0 years 4 days |
Equity securities | Cash flow | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Yield (as a percent) | 5.00% | 5.00% |
WAL (in years) | 3 years 8 months 20 days | 3 years 1 month 22 days |
Equity securities | Cash flow | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Yield (as a percent) | 4.50% | 4.50% |
WAL (in years) | 1 year 26 days | 1 year 26 days |
Equity securities | Price-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Total assets | 2,539,000,000 | 2,163,000,000 |
Equity securities | Price-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 0 | 0 |
Equity securities | Price-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 146.22 | 141 |
Equity securities | Price-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 91.88 | 91 |
Asset-backed securities | Price-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Total assets | 3,669,000,000 | 3,607,000,000 |
Asset-backed securities | Price-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 4.25 | 0 |
Asset-backed securities | Price-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 100.35 | 105.5 |
Asset-backed securities | Price-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 71.18 | 67.01 |
Non-marketable equity securities | Price-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Total assets | 1,073,000,000 | 1,224,000,000 |
Non-marketable equity securities | Price-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Discount to price (as a percent) | 0.00% | |
EBITDA multiples | 2 | |
Price-earnings ratio | 8.1 | |
Price-to-book ratio | 1.04 | |
Fund NAV | 1 | |
Non-marketable equity securities | Price-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Discount to price (as a percent) | 90.00% | |
EBITDA multiples | 12 | |
Price-earnings ratio | 18.2 | |
Price-to-book ratio | 2.03 | |
Fund NAV | 62,880,962 | |
Non-marketable equity securities | Price-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Discount to price (as a percent) | 4.04% | |
EBITDA multiples | 9.91 | |
Price-earnings ratio | 8.69 | |
Price-to-book ratio | 1.24 | |
Fund NAV | 28,520,572 | |
Non-marketable equity securities | Comparables Analysis | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Total assets | 1,087,000,000 | 1,055,000,000 |
Non-marketable equity securities | Comparables Analysis | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Discount to price (as a percent) | 0.00% | |
EBITDA multiples | 2.9 | |
Price-earnings ratio | 8.1 | |
Price-to-book ratio | 0.99 | |
Fund NAV | 1 | |
Non-marketable equity securities | Comparables Analysis | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Discount to price (as a percent) | 100.00% | |
EBITDA multiples | 13.1 | |
Price-earnings ratio | 13.1 | |
Price-to-book ratio | 1.56 | |
Fund NAV | 64,668,171 | |
Non-marketable equity securities | Comparables Analysis | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Discount to price (as a percent) | 7.51% | |
EBITDA multiples | 9.77 | |
Price-earnings ratio | 8.43 | |
Price-to-book ratio | 1.15 | |
Fund NAV | 29,975,777 | |
Trading account assets and liabilities | Interest rate contracts | Model-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Fair value (gross) | 7,674,000,000 | 8,309,000,000 |
Trading account assets and liabilities | Interest rate contracts | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
IR lognormal volatility (as a percent) | 18.05% | |
Mean reversion (as a percent) | -7.94% | 1.00% |
Trading account assets and liabilities | Interest rate contracts | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
IR lognormal volatility (as a percent) | 90.65% | |
Mean reversion (as a percent) | 20.00% | 20.00% |
Trading account assets and liabilities | Interest rate contracts | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
IR lognormal volatility (as a percent) | 30.21% | |
Mean reversion (as a percent) | 0.69% | 10.50% |
Trading account assets and liabilities | Foreign exchange contracts | Model-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Fair value (gross) | 1,952,000,000 | 1,428,000,000 |
Trading account assets and liabilities | Foreign exchange contracts | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Foreign exchange (FX) volatility (as a percent) | 1.75% | 0.37% |
Trading account assets and liabilities | Foreign exchange contracts | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Foreign exchange (FX) volatility (as a percent) | 32.34% | 58.40% |
Trading account assets and liabilities | Foreign exchange contracts | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Foreign exchange (FX) volatility (as a percent) | 11.08% | 8.57% |
Trading account assets and liabilities | Foreign exchange contracts | Cash flow | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Fair value (gross) | 323,000,000 | 294,000,000 |
Trading account assets and liabilities | Foreign exchange contracts | Cash flow | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Interest rate (as a percent) | 3.72% | 3.72% |
Contingent event probability (as a percent) | 80.00% | |
Yield (as a percent) | 0.22% | |
IR-FX correlation (as a percent) | 40.00% | |
Trading account assets and liabilities | Foreign exchange contracts | Cash flow | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Interest rate (as a percent) | 6.00% | 8.27% |
Contingent event probability (as a percent) | 99.00% | |
Yield (as a percent) | 12.30% | |
IR-FX correlation (as a percent) | 60.00% | |
Trading account assets and liabilities | Foreign exchange contracts | Cash flow | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Interest rate (as a percent) | 5.98% | 5.02% |
Contingent event probability (as a percent) | 96.00% | |
Yield (as a percent) | 3.39% | |
IR-FX correlation (as a percent) | 50.00% | |
Trading account assets and liabilities | Equity contracts | Model-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Fair value (gross) | 4,550,000,000 | 4,431,000,000 |
Trading account assets and liabilities | Equity contracts | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Equity volatility (as a percent) | 10.00% | 9.56% |
Equity-FX correlation (as a percent) | -88.20% | |
Equity-Equity correlation (as a percent) | -66.30% | |
Forward price (as a percent) | 90.70% | |
Trading account assets and liabilities | Equity contracts | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Equity volatility (as a percent) | 76.62% | 82.44% |
Equity-FX correlation (as a percent) | 50.90% | |
Equity-Equity correlation (as a percent) | 94.50% | |
Forward price (as a percent) | 111.88% | |
Trading account assets and liabilities | Equity contracts | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Equity volatility (as a percent) | 25.89% | 24.61% |
Equity-FX correlation (as a percent) | -38.70% | |
Equity-Equity correlation (as a percent) | 34.80% | |
Forward price (as a percent) | 95.79% | |
Trading account assets and liabilities | Equity contracts | Price-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Fair value (gross) | 502,000,000 | |
Trading account assets and liabilities | Equity contracts | Price-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 0.01 | |
Equity forward (as a percent) | 84.10% | |
Equity-FX correlation (as a percent) | -88.20% | |
Equity-Equity correlation (as a percent) | -66.30% | |
Trading account assets and liabilities | Equity contracts | Price-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 144.5 | |
Equity forward (as a percent) | 100.80% | |
Equity-FX correlation (as a percent) | 48.70% | |
Equity-Equity correlation (as a percent) | 94.80% | |
Trading account assets and liabilities | Equity contracts | Price-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 93.05 | |
Equity forward (as a percent) | 94.10% | |
Equity-FX correlation (as a percent) | -25.17% | |
Equity-Equity correlation (as a percent) | 36.87% | |
Trading account assets and liabilities | Commodity contracts | Model-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Fair value (gross) | 3,576,000,000 | 3,606,000,000 |
Trading account assets and liabilities | Commodity contracts | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Commodity volatility (as a percent) | 5.00% | 5.00% |
Commodity correlation (as a percent) | -52.00% | -57.00% |
Forward price (as a percent) | 34.02% | 35.34% |
Trading account assets and liabilities | Commodity contracts | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Commodity volatility (as a percent) | 60.00% | 83.00% |
Commodity correlation (as a percent) | 91.00% | 91.00% |
Forward price (as a percent) | 242.86% | 268.77% |
Trading account assets and liabilities | Commodity contracts | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Commodity volatility (as a percent) | 20.00% | 24.00% |
Commodity correlation (as a percent) | 38.00% | 30.00% |
Forward price (as a percent) | 98.00% | 101.74% |
Trading account assets and liabilities | Credit derivatives | Model-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Fair value (gross) | 4,426,000,000 | 4,944,000,000 |
Trading account assets and liabilities | Credit derivatives | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Recovery rate (as a percent) | 18.31% | 13.97% |
Trading account assets and liabilities | Credit derivatives | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Recovery rate (as a percent) | 75.00% | 75.00% |
Trading account assets and liabilities | Credit derivatives | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Recovery rate (as a percent) | 38.75% | 37.62% |
Trading account assets and liabilities | Credit derivatives | Price-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Fair value (gross) | 1,299,000,000 | 1,584,000,000 |
Trading account assets and liabilities | Credit derivatives | Price-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 0.1 | 1 |
Credit spread (as a percent) | 0.04% | 0.01% |
Credit correlation (as a percent) | 5.00% | 0.00% |
Upfront points | 0.39 | |
Trading account assets and liabilities | Credit derivatives | Price-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 147 | 144.5 |
Credit spread (as a percent) | 13.93% | 33.80% |
Credit correlation (as a percent) | 95.00% | 95.00% |
Upfront points | 100 | |
Trading account assets and liabilities | Credit derivatives | Price-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 43.22 | 53.86 |
Credit spread (as a percent) | 1.50% | 1.80% |
Credit correlation (as a percent) | 50.70% | 58.76% |
Upfront points | 52.26 | |
Nontrading derivatives and other financial assets and liabilities | Model-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Fair value (gross) | 81,000,000 | 74,000,000 |
Nontrading derivatives and other financial assets and liabilities | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Redemption rate (as a percent) | 13.00% | 13.00% |
Nontrading derivatives and other financial assets and liabilities | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Redemption rate (as a percent) | 99.50% | 99.50% |
Nontrading derivatives and other financial assets and liabilities | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Redemption rate (as a percent) | 67.20% | 68.73% |
Nontrading derivatives and other financial assets and liabilities | Price-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Fair value (gross) | 25,000,000 | 11,000,000 |
Nontrading derivatives and other financial assets and liabilities | Price-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Fund NAV | 12,974 | |
Forward price (as a percent) | 107.00% | |
Nontrading derivatives and other financial assets and liabilities | Price-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Fund NAV | 10,087,963 | |
Forward price (as a percent) | 107.10% | |
Nontrading derivatives and other financial assets and liabilities | Price-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Fund NAV | 9,308,012 | |
Forward price (as a percent) | 107.05% | |
Nontrading derivatives and other financial assets and liabilities | Yield analysis | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Fair value (gross) | 47,000,000 | |
Nontrading derivatives and other financial assets and liabilities | Yield analysis | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Yield (as a percent) | 1.33% | |
Nontrading derivatives and other financial assets and liabilities | Yield analysis | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Yield (as a percent) | 5.78% | |
Nontrading derivatives and other financial assets and liabilities | Yield analysis | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Yield (as a percent) | 3.32% | |
Fixed income securities | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price for instrument valued at par | 100 | |
Interest-bearing deposits | Model-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Liabilities | 465,000,000 | 486,000,000 |
Interest-bearing deposits | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Commodity volatility (as a percent) | 5.00% | 5.00% |
Commodity correlation (as a percent) | -52.00% | -57.00% |
Forward price (as a percent) | 34.02% | 35.34% |
Equity-IR correlation (as a percent) | 34.00% | 34.00% |
Interest-bearing deposits | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Commodity volatility (as a percent) | 60.00% | 83.00% |
Commodity correlation (as a percent) | 91.00% | 91.00% |
Forward price (as a percent) | 242.86% | 268.77% |
Equity-IR correlation (as a percent) | 37.00% | 37.00% |
Interest-bearing deposits | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Commodity volatility (as a percent) | 20.00% | 24.00% |
Commodity correlation (as a percent) | 38.00% | 30.00% |
Forward price (as a percent) | 98.00% | 101.74% |
Equity-IR correlation (as a percent) | 35.43% | 35.43% |
Federal funds purchased and securities loaned or sold under agreements to repurchase | Model-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Liabilities | 1,060,000,000 | 1,043,000,000 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Interest rate (as a percent) | 0.87% | 0.74% |
Federal funds purchased and securities loaned or sold under agreements to repurchase | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Interest rate (as a percent) | 2.01% | 2.26% |
Federal funds purchased and securities loaned or sold under agreements to repurchase | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Interest rate (as a percent) | 1.72% | 1.90% |
Trading account liabilities | Securities sold, not yet purchased | Model-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Liabilities | 41,000,000 | 251,000,000 |
Trading account liabilities | Securities sold, not yet purchased | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Credit-IR correlation (as a percent) | -70.49% | |
Trading account liabilities | Securities sold, not yet purchased | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Credit-IR correlation (as a percent) | 8.81% | |
Trading account liabilities | Securities sold, not yet purchased | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Credit-IR correlation (as a percent) | 47.17% | |
Trading account liabilities | Securities sold, not yet purchased | Price-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Liabilities | 184,000,000 | 142,000,000 |
Trading account liabilities | Securities sold, not yet purchased | Price-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 0 | 0 |
Trading account liabilities | Securities sold, not yet purchased | Price-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 105.54 | 117 |
Trading account liabilities | Securities sold, not yet purchased | Price-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 33.74 | 70.33 |
Short-term borrowings and long-term debt | Model-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Liabilities | 7,309,000,000 | 7,204,000,000 |
Short-term borrowings and long-term debt | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Credit correlation (as a percent) | 87.50% | 87.50% |
IR lognormal volatility (as a percent) | 18.05% | |
Mean reversion (as a percent) | 1.00% | 1.00% |
Foreign exchange (FX) volatility (as a percent) | 9.30% | |
Equity volatility (as a percent) | 15.41% | 10.18% |
Equity forward (as a percent) | 89.50% | |
Equity-FX correlation (as a percent) | -88.20% | |
Equity-Equity correlation (as a percent) | -66.30% | |
Commodity volatility (as a percent) | 5.00% | 5.00% |
Commodity correlation (as a percent) | -52.00% | -57.00% |
Forward price (as a percent) | 34.02% | 35.34% |
Short-term borrowings and long-term debt | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Credit correlation (as a percent) | 87.50% | 87.50% |
IR lognormal volatility (as a percent) | 90.65% | |
Mean reversion (as a percent) | 20.00% | 20.00% |
Foreign exchange (FX) volatility (as a percent) | 15.20% | |
Equity volatility (as a percent) | 32.00% | 69.65% |
Equity forward (as a percent) | 100.80% | |
Equity-FX correlation (as a percent) | 50.90% | |
Equity-Equity correlation (as a percent) | 94.80% | |
Commodity volatility (as a percent) | 60.00% | 83.00% |
Commodity correlation (as a percent) | 91.00% | 91.00% |
Forward price (as a percent) | 242.86% | 268.77% |
Short-term borrowings and long-term debt | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Credit correlation (as a percent) | 87.50% | 87.50% |
IR lognormal volatility (as a percent) | 30.21% | |
Mean reversion (as a percent) | 10.50% | 10.50% |
Foreign exchange (FX) volatility (as a percent) | 14.41% | |
Equity volatility (as a percent) | 15.85% | 23.72% |
Equity forward (as a percent) | 95.80% | |
Equity-FX correlation (as a percent) | -38.24% | |
Equity-Equity correlation (as a percent) | 34.89% | |
Commodity volatility (as a percent) | 20.00% | 24.00% |
Commodity correlation (as a percent) | 38.00% | 30.00% |
Forward price (as a percent) | 94.40% | 101.80% |
Federal funds sold and securities borrowed or purchased under agreements to resell | Model-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Total assets | 3,825,000,000 | 3,156,000,000 |
Federal funds sold and securities borrowed or purchased under agreements to resell | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Interest rate (as a percent) | 1.09% | 1.27% |
Credit-IR correlation (as a percent) | -24.00% | |
Federal funds sold and securities borrowed or purchased under agreements to resell | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Interest rate (as a percent) | 1.58% | 1.97% |
Credit-IR correlation (as a percent) | -1.00% | |
Federal funds sold and securities borrowed or purchased under agreements to resell | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Interest rate (as a percent) | 1.56% | 1.80% |
Credit-IR correlation (as a percent) | -9.71% | |
Loans | Model-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Total assets | 964,000,000 | 832,000,000 |
Loans | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 4.72 | |
Credit spread (as a percent) | 0.39% | |
Loans | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 106.55 | |
Credit spread (as a percent) | 6.00% | |
Loans | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 98.56 | |
Credit spread (as a percent) | 2.33% | |
Loans | Cash flow | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Total assets | 1,780,000,000 | 1,095,000,000 |
Loans | Cash flow | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Yield (as a percent) | 1.60% | 1.60% |
Loans | Cash flow | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Yield (as a percent) | 4.50% | 4.50% |
Loans | Cash flow | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Yield (as a percent) | 2.23% | 2.23% |
Loans | Price-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Total assets | 723,000,000 | 740,000,000 |
Loans | Price-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Credit spread (as a percent) | 0.35% | |
Appraised value | 433,676,137 | |
Loans | Price-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Credit spread (as a percent) | 5.00% | |
Appraised value | 433,676,137 | |
Loans | Price-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Credit spread (as a percent) | 1.99% | |
Appraised value | 433,676,137 | |
Loans | Yield analysis | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Total assets | 438,000,000 | 441,000,000 |
Loans | Yield analysis | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 0 | |
Loans | Yield analysis | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 131.31 | |
Loans | Yield analysis | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 63.6 | |
Mortgage servicing rights | Cash flow | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Total assets | $1,590,000,000 | $1,750,000,000 |
Mortgage servicing rights | Cash flow | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Yield (as a percent) | 4.81% | 5.19% |
WAL (in years) | 3 years 2 months 26 days | 3 years 3 months 22 days |
Mortgage servicing rights | Cash flow | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Yield (as a percent) | 23.64% | 21.40% |
WAL (in years) | 7 years 5 months 13 days | 7 years 10 months 21 days |
Mortgage servicing rights | Cash flow | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Yield (as a percent) | 7.33% | 10.25% |
WAL (in years) | 5 years 15 days | 5 years 2 months 2 days |
FAIR_VALUE_MEASUREMENT_Items_M1
FAIR VALUE MEASUREMENT - Items Measured at Fair Value on a Nonrecurring Basis (Details) (Nonrecurring, USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Level 2 | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans held-for-sale | $3,130 | $1,084 |
Other real estate owned | 21 | 21 |
Loans | 506 | 2,881 |
Total assets | 3,657 | 3,986 |
Level 3 | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans held-for-sale | 3,038 | 3,068 |
Other real estate owned | 91 | 81 |
Loans | 349 | 486 |
Total assets | 3,478 | 3,635 |
Fair value | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans held-for-sale | 6,168 | 4,152 |
Other real estate owned | 112 | 102 |
Loans | 855 | 3,367 |
Total assets | $7,135 | $7,621 |
FAIR_VALUE_MEASUREMENT_Valuati1
FAIR VALUE MEASUREMENT - Valuation Techniques and Inputs for Level 3 Nonrecurring Fair Value Measurements (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | |
Nonrecurring fair value changes included in earnings | ||||
Nonrecurring fair value measurements included in earnings | ($99,000,000) | ($144,000,000) | ||
Loans held-for-sale | ||||
Nonrecurring fair value changes included in earnings | ||||
Nonrecurring fair value measurements included in earnings | -6,000,000 | 74,000,000 | ||
Other real estate owned | ||||
Nonrecurring fair value changes included in earnings | ||||
Nonrecurring fair value measurements included in earnings | -6,000,000 | -7,000,000 | ||
Loans | ||||
Nonrecurring fair value changes included in earnings | ||||
Nonrecurring fair value measurements included in earnings | -87,000,000 | -211,000,000 | ||
Nonrecurring | Level 3 | ||||
Valuation techniques and inputs | ||||
Total assets | 3,478,000,000 | 3,478,000,000 | 3,635,000,000 | |
Nonrecurring | Level 3 | Loans held-for-sale | Price-based | ||||
Valuation techniques and inputs | ||||
Total assets | 2,876,000,000 | 2,876,000,000 | 2,740,000,000 | |
Nonrecurring | Level 3 | Loans held-for-sale | Price-based | Minimum | ||||
Valuation techniques and inputs | ||||
Price | 0 | 92 | ||
Credit spread (as a percent) | 0.05% | |||
Nonrecurring | Level 3 | Loans held-for-sale | Price-based | Maximum | ||||
Valuation techniques and inputs | ||||
Price | 100 | 100 | ||
Credit spread (as a percent) | 3.58% | |||
Nonrecurring | Level 3 | Loans held-for-sale | Price-based | Weighted Average | ||||
Valuation techniques and inputs | ||||
Price | 9.17 | 99.54 | ||
Credit spread (as a percent) | 1.75% | |||
Nonrecurring | Level 3 | Other real estate owned | Price-based | ||||
Valuation techniques and inputs | ||||
Total assets | 66,000,000 | 66,000,000 | 76,000,000 | |
Nonrecurring | Level 3 | Other real estate owned | Price-based | Minimum | ||||
Valuation techniques and inputs | ||||
Appraised value | 0 | 11,000 | ||
Discount to price (as a percent) | 13.00% | |||
Nonrecurring | Level 3 | Other real estate owned | Price-based | Maximum | ||||
Valuation techniques and inputs | ||||
Appraised value | 18,824,904 | 11,124,137 | ||
Discount to price (as a percent) | 64.00% | |||
Nonrecurring | Level 3 | Other real estate owned | Price-based | Weighted Average | ||||
Valuation techniques and inputs | ||||
Appraised value | 10,481,906 | 4,730,129 | ||
Discount to price (as a percent) | 28.80% | |||
Nonrecurring | Level 3 | Other real estate owned | Comparables Analysis | ||||
Valuation techniques and inputs | ||||
Total assets | 19,000,000 | 19,000,000 | ||
Nonrecurring | Level 3 | Other real estate owned | Comparables Analysis | Minimum | ||||
Valuation techniques and inputs | ||||
Discount to price (as a percent) | 34.00% | |||
Nonrecurring | Level 3 | Other real estate owned | Comparables Analysis | Maximum | ||||
Valuation techniques and inputs | ||||
Discount to price (as a percent) | 34.00% | |||
Nonrecurring | Level 3 | Other real estate owned | Comparables Analysis | Weighted Average | ||||
Valuation techniques and inputs | ||||
Discount to price (as a percent) | 34.00% | |||
Nonrecurring | Level 3 | Loans | Price-based | ||||
Valuation techniques and inputs | ||||
Total assets | 259,000,000 | 259,000,000 | 437,000,000 | |
Nonrecurring | Level 3 | Loans | Price-based | Minimum | ||||
Valuation techniques and inputs | ||||
Appraised value | 3,817,920 | |||
Discount to price (as a percent) | 13.00% | 13.00% | ||
Yield (as a percent) | 8.50% | |||
Nonrecurring | Level 3 | Loans | Price-based | Maximum | ||||
Valuation techniques and inputs | ||||
Appraised value | 33,267,917 | |||
Discount to price (as a percent) | 34.00% | 34.00% | ||
Yield (as a percent) | 15.00% | |||
Nonrecurring | Level 3 | Loans | Price-based | Weighted Average | ||||
Valuation techniques and inputs | ||||
Appraised value | $26,152,931 | |||
Discount to price (as a percent) | 24.51% | 28.92% | ||
Yield (as a percent) | 12.98% |
FAIR_VALUE_MEASUREMENT_Estimat
FAIR VALUE MEASUREMENT - Estimate Fair Value of Financial Instruments Not Carried at Fair Value (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Assets | ||||
Loans | $6,575,000,000 | $5,901,000,000 | ||
Liabilities | ||||
Deposits | 899,647,000,000 | 899,332,000,000 | ||
Allowance for loan losses | 14,598,000,000 | 15,994,000,000 | 18,923,000,000 | 19,648,000,000 |
Lease finance receivables | 2,600,000,000 | 2,700,000,000 | ||
Corporate | ||||
Assets | ||||
Loans | 6,537,000,000 | 5,858,000,000 | ||
Carrying value | ||||
Assets | ||||
Investments | 29,000,000,000 | 30,500,000,000 | ||
Federal funds sold and securities borrowed or purchased under agreements to resell | 103,100,000,000 | 98,400,000,000 | ||
Loans | 597,300,000,000 | 620,000,000,000 | ||
Other financial assets | 219,000,000,000 | 213,800,000,000 | ||
Liabilities | ||||
Deposits | 898,000,000,000 | 897,600,000,000 | ||
Federal funds purchased and securities loaned or sold under agreements to repurchase, selected portfolios of securities sold under agreements to repurchase and securities loaned | 141,100,000,000 | 136,700,000,000 | ||
Long-term debt | 185,100,000,000 | 196,900,000,000 | ||
Other financial liabilities | 125,600,000,000 | 136,200,000,000 | ||
Fair value | ||||
Assets | ||||
Investments | 30,700,000,000 | 32,200,000,000 | ||
Federal funds sold and securities borrowed or purchased under agreements to resell | 103,100,000,000 | 98,400,000,000 | ||
Loans | 597,100,000,000 | 617,600,000,000 | ||
Other financial assets | 219,000,000,000 | 213,800,000,000 | ||
Liabilities | ||||
Deposits | 890,300,000,000 | 894,400,000,000 | ||
Federal funds purchased and securities loaned or sold under agreements to repurchase, selected portfolios of securities sold under agreements to repurchase and securities loaned | 141,100,000,000 | 136,700,000,000 | ||
Long-term debt | 192,000,000,000 | 202,500,000,000 | ||
Other financial liabilities | 125,600,000,000 | 136,200,000,000 | ||
Fair value | Level 1 | ||||
Assets | ||||
Investments | 4,300,000,000 | 4,500,000,000 | ||
Federal funds sold and securities borrowed or purchased under agreements to resell | 0 | 0 | ||
Loans | 0 | 0 | ||
Other financial assets | 8,100,000,000 | 8,300,000,000 | ||
Liabilities | ||||
Deposits | 0 | 0 | ||
Federal funds purchased and securities loaned or sold under agreements to repurchase, selected portfolios of securities sold under agreements to repurchase and securities loaned | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Other financial liabilities | 0 | 0 | ||
Fair value | Level 2 | ||||
Assets | ||||
Investments | 23,800,000,000 | 25,200,000,000 | ||
Federal funds sold and securities borrowed or purchased under agreements to resell | 96,000,000,000 | 89,700,000,000 | ||
Loans | 6,100,000,000 | 5,600,000,000 | ||
Other financial assets | 147,700,000,000 | 151,900,000,000 | ||
Liabilities | ||||
Deposits | 735,300,000,000 | 766,700,000,000 | ||
Federal funds purchased and securities loaned or sold under agreements to repurchase, selected portfolios of securities sold under agreements to repurchase and securities loaned | 140,900,000,000 | 136,500,000,000 | ||
Long-term debt | 169,800,000,000 | 172,700,000,000 | ||
Other financial liabilities | 31,700,000,000 | 41,400,000,000 | ||
Fair value | Level 3 | ||||
Assets | ||||
Investments | 2,600,000,000 | 2,500,000,000 | ||
Federal funds sold and securities borrowed or purchased under agreements to resell | 7,100,000,000 | 8,700,000,000 | ||
Loans | 591,000,000,000 | 612,000,000,000 | ||
Other financial assets | 63,200,000,000 | 53,600,000,000 | ||
Liabilities | ||||
Deposits | 155,000,000,000 | 127,700,000,000 | ||
Federal funds purchased and securities loaned or sold under agreements to repurchase, selected portfolios of securities sold under agreements to repurchase and securities loaned | 200,000,000 | 200,000,000 | ||
Long-term debt | 22,200,000,000 | 29,800,000,000 | ||
Other financial liabilities | 93,900,000,000 | 94,800,000,000 | ||
Fair value | Level 3 | Corporate | ||||
Fair value measurements additional disclosures | ||||
Unfunded lending commitments | $4,600,000,000 | $5,500,000,000 |
FAIR_VALUE_ELECTIONS_Changes_i
FAIR VALUE ELECTIONS - Changes in Fair Value Gains (Losses) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Federal funds sold and securities borrowed or purchased under agreements to resell Selected portfolios of securities purchased under agreements to resell and securities borrowed | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | ($4) | $122 |
Trading account assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | 91 | 190 |
Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | 45 | 29 |
Corporate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | -49 | 14 |
Consumer loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | 2 | -24 |
Loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | -47 | -10 |
Mortgage servicing rights | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | -71 | -84 |
Certain mortgage loans (HFS) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | 102 | 120 |
Other assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | 31 | 36 |
Total assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | 116 | 367 |
Interest-bearing deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | 10 | -24 |
Federal funds purchased and securities loaned or sold under agreements to repurchase Selected portfolios of securities sold under agreements to repurchase and securities loaned | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | 2 | -6 |
Trading account liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | 29 | 3 |
Short-term borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | -1 | 19 |
Long-term debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | -45 | -272 |
Total liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | ($5) | ($280) |
FAIR_VALUE_ELECTIONS_Valuation
FAIR VALUE ELECTIONS - Valuation Adjustments, Fair Value Option for Financial Assets and Financial Liabilities (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Fair Value Option Quantitative Disclosures | |||
Gain (loss) on change in estimated fair value of debt liabilities due to change in company's own credit risk | $87 | $34 | |
Balance of non-accrual loans or loans more than 90 days past due | 0 | 0 | |
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | 0 | 0 | |
Certain loans and other credit product | |||
Fair Value Option Quantitative Disclosures | |||
Changes in fair value due to instrument-specific credit risk gain (loss) | -1 | -35 | |
Certain loans and other credit product | Trading assets | |||
Fair Value Option Quantitative Disclosures | |||
Aggregate unpaid principal balance in excess of (less than) fair value | 419 | 234 | |
Balance of non-accrual loans or loans more than 90 days past due | 6 | 13 | |
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | 12 | 28 | |
Certain loans and other credit product | Loans | |||
Fair Value Option Quantitative Disclosures | |||
Aggregate unpaid principal balance in excess of (less than) fair value | 13 | 125 | |
Balance of non-accrual loans or loans more than 90 days past due | 2 | 3 | |
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | 2 | 1 | |
Certain debt host contracts across unallocated precious metals accounts | |||
Fair Value Option Quantitative Disclosures | |||
Carrying amount reported on the Consolidated Balance Sheet | 900 | 1,200 | |
Certain Investments in Unallocated Precious Metals | Forward derivative contract | Purchased | |||
Fair Value Option Quantitative Disclosures | |||
Derivative notionals | 6,000 | ||
Certain Investments in Unallocated Precious Metals | Forward derivative contract | Sold | |||
Fair Value Option Quantitative Disclosures | |||
Derivative notionals | 6,600 | ||
Mortgage loans | |||
Fair Value Option Quantitative Disclosures | |||
Aggregate unpaid principal balance in excess of (less than) fair value | 52 | 67 | |
Carrying amount | Certain loans and other credit product | Trading assets | |||
Fair Value Option Quantitative Disclosures | |||
Carrying amount reported on the Consolidated Balance Sheet | 10,445 | 10,290 | |
Carrying amount | Certain loans and other credit product | Loans | |||
Fair Value Option Quantitative Disclosures | |||
Carrying amount reported on the Consolidated Balance Sheet | 6,575 | 5,901 | |
Carrying amount | Certain mortgage loans (HFS) | |||
Fair Value Option Quantitative Disclosures | |||
Carrying amount reported on the Consolidated Balance Sheet | 1,226 | 1,447 | |
Fair value | Certain loans and other credit product | |||
Fair Value Option Quantitative Disclosures | |||
Unfunded lending commitments | $1,760 | $2,335 |
FAIR_VALUE_ELECTIONS_Certain_S
FAIR VALUE ELECTIONS - Certain Structured and Non-Structed Liabilities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | $22,600,000,000 | $23,100,000,000 |
Excluding Consolidated VIE's | ||
Certain non-structured liabilities | ||
Aggregate unpaid principal balance in excess of (less than) fair value | -268,000,000 | -151,000,000 |
Long-term debt | Carrying amount | Excluding Consolidated VIE's | ||
Certain non-structured liabilities | ||
Carrying amount reported on the Consolidated Balance Sheet | 25,409,000,000 | 26,180,000,000 |
Short-term borrowings | ||
Certain non-structured liabilities | ||
Aggregate unpaid principal balance in excess of (less than) fair value | -10,000,000 | 31,000,000 |
Short-term borrowings | Carrying amount | ||
Certain non-structured liabilities | ||
Carrying amount reported on the Consolidated Balance Sheet | 926,000,000 | 1,496,000,000 |
Interest Rate Linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 10,100,000,000 | 10,900,000,000 |
Foreign Exchange Linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 300,000,000 | 300,000,000 |
Equity Linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 8,400,000,000 | 8,000,000,000 |
Commodity Linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 1,600,000,000 | 1,400,000,000 |
Credit Linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | $2,200,000,000 | $2,500,000,000 |
GUARANTEES_AND_COMMITMENTS_Gur
GUARANTEES AND COMMITMENTS - Gurantees (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
trust | trust | |
Maximum potential amount of future payments | ||
Expire Within One Year | $269,600,000,000 | $258,500,000,000 |
Expire After One Year | 201,500,000,000 | 206,100,000,000 |
Total amount outstanding | 471,100,000,000 | 464,600,000,000 |
Carrying value | 2,771,000,000 | 3,146,000,000 |
Compensation for standard representations and warranties | 0 | |
Stated or notional amounts included in the indemnification clauses | 0 | |
Liability related to VTNs | 0 | 0 |
Number of trusts funded by the reinsurer | 2 | 2 |
Fair value of securities in trusts funded by reinsurer relating to indemnification | 6,700,000,000 | 6,200,000,000 |
Liability related to long-term care insurance indemnification | 0 | 0 |
Cash collateral available to reimburse losses realized under guarantees and indemnifications | 63,000,000,000 | 63,000,000,000 |
Securities and other marketable assets held as collateral, the majority of which collateral is held to reimburse losses realized under securities lending indemnifications | 91,000,000,000 | 70,000,000,000 |
Letters of credit in favor of the Company held as collateral | 4,200,000,000 | 4,000,000,000 |
Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 131,300,000,000 | 129,100,000,000 |
Non-Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 17,700,000,000 | 19,900,000,000 |
Not rated | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 322,100,000,000 | 315,600,000,000 |
Financial standby letters of credit | ||
Maximum potential amount of future payments | ||
Expire Within One Year | 25,400,000,000 | 25,400,000,000 |
Expire After One Year | 71,600,000,000 | 73,000,000,000 |
Total amount outstanding | 97,000,000,000 | 98,400,000,000 |
Carrying value | 239,000,000 | 242,000,000 |
Financial standby letters of credit | Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 72,500,000,000 | 73,000,000,000 |
Financial standby letters of credit | Non-Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 13,600,000,000 | 15,900,000,000 |
Financial standby letters of credit | Not rated | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 10,900,000,000 | 9,500,000,000 |
Performance guarantees | ||
Maximum potential amount of future payments | ||
Expire Within One Year | 7,000,000,000 | 7,100,000,000 |
Expire After One Year | 4,400,000,000 | 4,800,000,000 |
Total amount outstanding | 11,400,000,000 | 11,900,000,000 |
Carrying value | 25,000,000 | 29,000,000 |
Performance guarantees | Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 6,700,000,000 | 7,300,000,000 |
Performance guarantees | Non-Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 4,000,000,000 | 3,900,000,000 |
Performance guarantees | Not rated | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 700,000,000 | 700,000,000 |
Derivative instruments considered to be guarantees | ||
Maximum potential amount of future payments | ||
Expire Within One Year | 11,500,000,000 | 12,500,000,000 |
Expire After One Year | 73,100,000,000 | 79,200,000,000 |
Total amount outstanding | 84,600,000,000 | 91,700,000,000 |
Carrying value | 2,437,000,000 | 2,806,000,000 |
Derivative instruments considered to be guarantees | Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 0 | 0 |
Derivative instruments considered to be guarantees | Non-Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 0 | 0 |
Derivative instruments considered to be guarantees | Not rated | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 84,600,000,000 | 91,700,000,000 |
Loans sold with recourse | ||
Maximum potential amount of future payments | ||
Expire Within One Year | 0 | 0 |
Expire After One Year | 200,000,000 | 200,000,000 |
Total amount outstanding | 200,000,000 | 200,000,000 |
Carrying value | 15,000,000 | 15,000,000 |
Repurchase reserve for Consumer mortgages representations and warranties | 216,000,000 | 224,000,000 |
Loans sold with recourse | Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 0 | 0 |
Loans sold with recourse | Non-Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 0 | 0 |
Loans sold with recourse | Not rated | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 200,000,000 | 200,000,000 |
Securities lending indemnifications | ||
Maximum potential amount of future payments | ||
Expire Within One Year | 147,300,000,000 | 127,500,000,000 |
Expire After One Year | 0 | 0 |
Total amount outstanding | 147,300,000,000 | 127,500,000,000 |
Carrying value | 0 | 0 |
Securities lending indemnifications | Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 0 | 0 |
Securities lending indemnifications | Non-Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 0 | 0 |
Securities lending indemnifications | Not rated | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 147,300,000,000 | 127,500,000,000 |
Credit card merchant processing | ||
Maximum potential amount of future payments | ||
Expire Within One Year | 78,400,000,000 | 86,000,000,000 |
Expire After One Year | 0 | 0 |
Total amount outstanding | 78,400,000,000 | 86,000,000,000 |
Carrying value | 0 | 0 |
Maximum potential contingent liability related to bankcard and private-label merchant processing services | 78,000,000,000 | 86,000,000,000 |
Credit card merchant processing | Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 0 | 0 |
Credit card merchant processing | Non-Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 0 | 0 |
Credit card merchant processing | Not rated | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 78,400,000,000 | 86,000,000,000 |
Custody indemnifications and other | ||
Maximum potential amount of future payments | ||
Expire Within One Year | 0 | 0 |
Expire After One Year | 52,200,000,000 | 48,900,000,000 |
Total amount outstanding | 52,200,000,000 | 48,900,000,000 |
Carrying value | 55,000,000 | 54,000,000 |
Custody indemnifications and other | Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 52,100,000,000 | 48,800,000,000 |
Custody indemnifications and other | Non-Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 100,000,000 | 100,000,000 |
Custody indemnifications and other | Not rated | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 0 | 0 |
Futures and over-the-counter derivatives clearing | ||
Maximum potential amount of future payments | ||
Number of types of margin | 2 | |
Amount of cash initial margin collected and remitted | $4,100,000,000 | $3,200,000,000 |
GUARANTEES_AND_COMMITMENTS_Cre
GUARANTEES AND COMMITMENTS - Credit Commitments and Lines of Credit (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Credit Commitments | ||
Credit commitments | $889,168,000,000 | $904,040,000,000 |
Commercial and similar letters of credit | ||
Credit Commitments | ||
Credit commitments | 5,715,000,000 | 6,634,000,000 |
One-to four-family residential mortgages | ||
Credit Commitments | ||
Credit commitments | 4,116,000,000 | 5,674,000,000 |
Revolving open-end loans secured by one-to four-family residential properties | ||
Credit Commitments | ||
Credit commitments | 15,956,000,000 | 16,098,000,000 |
Commercial real estate, construction and land development | ||
Credit Commitments | ||
Credit commitments | 7,989,000,000 | 9,242,000,000 |
Credit card lines | ||
Credit Commitments | ||
Credit commitments | 609,482,000,000 | 612,049,000,000 |
Commercial and other consumer loan commitments | ||
Credit Commitments | ||
Credit commitments | 236,416,000,000 | 243,680,000,000 |
Commercial and other consumer loan commitments original maturity of less than 1 year | 50,000,000,000 | 53,000,000,000 |
Other commitments and contingencies | ||
Credit Commitments | ||
Credit commitments | 9,494,000,000 | 10,663,000,000 |
U.S. | ||
Credit Commitments | ||
Credit commitments | 672,237,000,000 | |
U.S. | Commercial and similar letters of credit | ||
Credit Commitments | ||
Credit commitments | 1,037,000,000 | |
U.S. | One-to four-family residential mortgages | ||
Credit Commitments | ||
Credit commitments | 1,840,000,000 | |
U.S. | Revolving open-end loans secured by one-to four-family residential properties | ||
Credit Commitments | ||
Credit commitments | 13,597,000,000 | |
U.S. | Commercial real estate, construction and land development | ||
Credit Commitments | ||
Credit commitments | 6,817,000,000 | |
U.S. | Credit card lines | ||
Credit Commitments | ||
Credit commitments | 492,021,000,000 | |
U.S. | Commercial and other consumer loan commitments | ||
Credit Commitments | ||
Credit commitments | 152,069,000,000 | |
U.S. | Other commitments and contingencies | ||
Credit Commitments | ||
Credit commitments | 4,856,000,000 | |
Outside U.S. | ||
Credit Commitments | ||
Credit commitments | 216,931,000,000 | |
Outside U.S. | Commercial and similar letters of credit | ||
Credit Commitments | ||
Credit commitments | 4,678,000,000 | |
Outside U.S. | One-to four-family residential mortgages | ||
Credit Commitments | ||
Credit commitments | 2,276,000,000 | |
Outside U.S. | Revolving open-end loans secured by one-to four-family residential properties | ||
Credit Commitments | ||
Credit commitments | 2,359,000,000 | |
Outside U.S. | Commercial real estate, construction and land development | ||
Credit Commitments | ||
Credit commitments | 1,172,000,000 | |
Outside U.S. | Credit card lines | ||
Credit Commitments | ||
Credit commitments | 117,461,000,000 | |
Outside U.S. | Commercial and other consumer loan commitments | ||
Credit Commitments | ||
Credit commitments | 84,347,000,000 | |
Outside U.S. | Other commitments and contingencies | ||
Credit Commitments | ||
Credit commitments | $4,638,000,000 |
CONTINGENCIES_Details
CONTINGENCIES (Details) | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 05, 2015 | Jan. 31, 2011 | Mar. 31, 2015 | Mar. 31, 2015 |
USD ($) | Oceanografia | Parmalat Litigation | Parmalat Litigation | Mortgage-backed securities trustee actions | Lehman Brothers Bankruptcy | |
USD ($) | defendant | EUR (€) | Citigroup, Inc. Securities Litigation | USD ($) | ||
USD ($) | ||||||
Contingencies | ||||||
Possible loss, high end of the range | $4,000,000,000 | |||||
Aggregate original purchase amount | 1,900,000,000 | |||||
Aggregate original purchase amount of the purchases covered by tolling agreements | 1,400,000,000 | |||||
Proofs of claims | 2,600,000,000 | |||||
Bankruptcy claim clearing obligations amount to avoid from setoff | 500,000,000 | |||||
Amount of fine | 90,000 | |||||
Number of defendants | 8 | |||||
Damages sought | € 130,000,000 |