Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2018shares | |
Document and Entity Information | |
Entity Registrant Name | CITIGROUP INC |
Entity Central Index Key | 831,001 |
Document Type | 10-Q |
Document Period End Date | Sep. 30, 2018 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | Q3 |
Entity Common Stock, Shares Outstanding | 2,442,136,813 |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues | ||||
Interest revenue | $ 18,170 | $ 15,914 | $ 52,052 | $ 45,729 |
Interest expense | 6,368 | 4,379 | 17,413 | 11,981 |
Net interest revenue | 11,802 | 11,535 | 34,639 | 33,748 |
Commissions and fees | 2,803 | 3,241 | 8,944 | 9,552 |
Principal transactions | 2,566 | 2,248 | 8,006 | 7,985 |
Administration and other fiduciary fees | 911 | 929 | 2,750 | 2,672 |
Realized gains on sales of investments, net | 69 | 213 | 341 | 626 |
Impairment losses on investments | ||||
Gross impairment losses | (70) | (15) | (113) | (47) |
Net impairment losses recognized in earnings | (70) | (15) | (113) | (47) |
Other revenue | 308 | 268 | 1,163 | 404 |
Total non-interest revenues | 6,587 | 6,884 | 21,091 | 21,192 |
Total revenues, net of interest expense | 18,389 | 18,419 | 55,730 | 54,940 |
Provisions for credit losses and for benefits and claims | ||||
Provision for loan losses | 1,906 | 2,146 | 5,504 | 5,487 |
Policyholder benefits and claims | 26 | 28 | 73 | 81 |
Provision (release) for unfunded lending commitments | 42 | (175) | 66 | (190) |
Total provisions for credit losses and for benefits and claims | 1,974 | 1,999 | 5,643 | 5,378 |
Operating expenses | ||||
Compensation and benefits | 5,319 | 5,304 | 16,578 | 16,301 |
Premises and equipment | 565 | 608 | 1,728 | 1,832 |
Technology/communication | 1,806 | 1,764 | 5,361 | 5,122 |
Advertising and marketing | 378 | 417 | 1,170 | 1,222 |
Other operating | 2,243 | 2,324 | 7,111 | 7,423 |
Total operating expenses | 10,311 | 10,417 | 31,948 | 31,900 |
Income from continuing operations before income taxes | 6,104 | 6,003 | 18,139 | 17,662 |
Provision for income taxes | 1,471 | 1,866 | 4,356 | 5,524 |
Income from continuing operations | 4,633 | 4,137 | 13,783 | 12,138 |
Discontinued operations | ||||
Loss from discontinued operations | (8) | (9) | (17) | (4) |
Benefit for income taxes | 0 | (4) | (17) | (2) |
Loss from discontinued operations, net of taxes | (8) | (5) | 0 | (2) |
Net income before attribution of noncontrolling interests | 4,625 | 4,132 | 13,783 | 12,136 |
Noncontrolling interests | 3 | (1) | 51 | 41 |
Citigroup’s net income | $ 4,622 | $ 4,133 | $ 13,732 | $ 12,095 |
Basic earnings per share | ||||
Income from continuing operations (in dollars per share) | $ 1.74 | $ 1.42 | $ 5.04 | $ 4.05 |
Income from discontinued operations, net of taxes (in dollars per share) | 0 | 0 | 0 | 0 |
Net income (in dollars per share) | $ 1.73 | $ 1.42 | $ 5.04 | $ 4.05 |
Weighted average common shares outstanding (in shares) | 2,479.8 | 2,683.6 | 2,524.1 | 2,729.3 |
Diluted earnings per share | ||||
Income from continuing operations (in dollars per share) | $ 1.74 | $ 1.42 | $ 5.04 | $ 4.05 |
Income (loss) from discontinued operations, net of taxes (in dollars per share) | 0 | 0 | 0 | 0 |
Net income (in dollars per share) | $ 1.73 | $ 1.42 | $ 5.04 | $ 4.05 |
Adjusted weighted average common shares outstanding (in shares) | 2,481.4 | 2,683.7 | 2,525.5 | 2,729.5 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Statement of Comprehensive Income [Abstract] | |||||
Citigroup’s net income | $ 4,622 | $ 4,133 | $ 13,732 | $ 12,095 | |
Add: Citigroup's other comprehensive income | |||||
Net change in unrealized gains and losses on investment securities, net of taxes | [1],[2] | (605) | (66) | (2,161) | 127 |
Net change in debt valuation adjustment (DVA), net of taxes | [2] | (287) | (123) | 159 | (267) |
Net change in cash flow hedges, net of taxes | (74) | 8 | (397) | 123 | |
Benefit plans liability adjustment, net of taxes | 26 | (29) | 415 | (176) | |
Net change in foreign currency translation adjustment, net of taxes and hedges | (221) | 218 | (1,968) | 2,179 | |
Net change in excluded component of fair value hedges, net of taxes | 10 | 0 | (22) | 0 | |
Citigroup’s total other comprehensive income | (1,151) | 8 | (3,974) | 1,986 | |
Citigroup’s total comprehensive income | 3,471 | 4,141 | 9,758 | 14,081 | |
Add: Other comprehensive income attributable to noncontrolling interests | 8 | 12 | (35) | 82 | |
Add: Net income attributable to noncontrolling interests | 3 | (1) | 51 | 41 | |
Total comprehensive income | $ 3,482 | $ 4,152 | $ 9,774 | $ 14,204 | |
[1] | For the three and nine months ended September 30, 2018, respectively, amount represents the net change in unrealized gains and losses on available-for-sale (AFS) debt securities. Effective January 1, 2018, the AFS category is eliminated for equity securities under ASU 2016-01. | ||||
[2] | See Note 1 to the Consolidated Financial Statements. |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and due from banks (including segregated cash and other deposits) | $ 25,727 | $ 23,775 |
Deposits with banks | 173,559 | 156,741 |
Federal funds sold and securities borrowed and purchased under agreements to resell (including $178,442 and $132,949 as of September 30, 2018 and December 31, 2017, respectively, at fair value) | 280,941 | 232,478 |
Brokerage receivables | 40,679 | 38,384 |
Trading account assets (including $107,753 and $99,460 pledged to creditors at September 30, 2018 and December 31, 2017, respectively) | 257,502 | 252,790 |
Investments: | ||
Available-for-sale debt securities (including $7,854 and $9,493 pledged to creditors as of September 30, 2018 and December 31, 2017, respectively) | 284,782 | 290,725 |
Held-to-maturity debt securities (including $1,073 and $435 pledged to creditors as of September 30, 2018 and December 31, 2017, respectively) | 53,249 | 53,320 |
Equity securities (including $1,388 and $1,395 at fair value as of September 30, 2018 and December 31, 2017, respectively, of which $189 was available for sale as of December 31, 2017) | 7,482 | |
Equity securities (including $1,388 and $1,395 at fair value as of September 30, 2018 and December 31, 2017, respectively, of which $189 was available for sale as of December 31, 2017) | 8,245 | |
Total investments | 345,513 | 352,290 |
Loans: | ||
Loans, net of unearned income | 674,909 | 667,034 |
Allowance for loan losses | (12,336) | (12,355) |
Total loans, net | 662,573 | 654,679 |
Goodwill | 22,187 | 22,256 |
Intangible assets (other than MSRs) | 4,598 | 4,588 |
Mortgage servicing rights (MSRs) | 618 | 558 |
Other assets (including $25,151 and $18,559 as of September 30, 2018 and December 31, 2017, respectively, at fair value) | 111,268 | 103,926 |
Total assets | 1,925,165 | 1,842,465 |
Liabilities | ||
Non-interest-bearing deposits in U.S. offices | 111,446 | 126,880 |
Interest-bearing deposits in U.S. offices (including $354 and $303 as of September 30, 2018 and December 31, 2017, respectively, at fair value) | 351,291 | 318,613 |
Non-interest-bearing deposits in offices outside the U.S. | 83,200 | 87,440 |
Interest-bearing deposits in offices outside the U.S. (including $1,086 and $1,162 as of September 30, 2018 and December 31, 2017, respectively, at fair value) | 459,239 | 426,889 |
Total deposits | 1,005,176 | 959,822 |
Federal funds purchased and securities loaned and sold under agreements to repurchase (including $48,148 and $40,638 as of September 30, 2018 and December 31, 2017, respectively, at fair value) | 175,915 | 156,277 |
Brokerage payables | 73,346 | 61,342 |
Trading account liabilities | 147,652 | 125,170 |
Short-term borrowings (including $5,041 and $4,627 as of September 30, 2018 and December 31, 2017, respectively, at fair value) | 33,770 | 44,452 |
Long-term debt (including $36,771 and $31,392 as of September 30, 2018 and December 31, 2017, respectively, at fair value) | 235,270 | 236,709 |
Other liabilities (including $19,947 and $13,961 as of September 30, 2018 and December 31, 2017, respectively, at fair value) | 56,173 | 57,021 |
Total liabilities | 1,727,302 | 1,640,793 |
Stockholders’ equity | ||
Preferred stock ($1.00 par value; authorized shares: 30 million), issued shares: as of September 30, 2018—761,400 and as of December 31, 2017—770,120, at aggregate liquidation value | 19,035 | 19,253 |
Common stock ($0.01 par value; authorized shares: 6 billion), issued shares: as of September 30, 2018—3,099,567,177 and as of December 31, 2017—3,099,523,273 | 31 | 31 |
Additional paid-in capital | 107,825 | 108,008 |
Retained earnings | 148,436 | 138,425 |
Treasury stock, at cost: September 30, 2018—657,430,364 shares and December 31, 2017—529,614,728 shares | (39,678) | (30,309) |
Accumulated other comprehensive income (loss) (AOCI) | (38,645) | (34,668) |
Total Citigroup stockholders’ equity | 197,004 | 200,740 |
Noncontrolling interest | 859 | 932 |
Total equity | 197,863 | 201,672 |
Total liabilities and equity | 1,925,165 | 1,842,465 |
Consumer | ||
Loans: | ||
Loans, net of unearned income | 325,469 | 333,656 |
Allowance for loan losses | (9,997) | (9,869) |
Corporate | ||
Loans: | ||
Loans, net of unearned income | 349,440 | 333,378 |
Allowance for loan losses | (2,339) | (2,486) |
Consolidated VIEs | ||
Assets | ||
Cash and due from banks (including segregated cash and other deposits) | 40 | 52 |
Trading account assets (including $107,753 and $99,460 pledged to creditors at September 30, 2018 and December 31, 2017, respectively) | 722 | 1,129 |
Investments: | ||
Total investments | 2,276 | 2,498 |
Loans: | ||
Loans, net of unearned income | 66,649 | 74,491 |
Allowance for loan losses | (1,876) | (1,930) |
Total loans, net | 64,773 | 72,561 |
Other assets (including $25,151 and $18,559 as of September 30, 2018 and December 31, 2017, respectively, at fair value) | 167 | 154 |
Total assets | 67,978 | 76,394 |
Liabilities | ||
Short-term borrowings (including $5,041 and $4,627 as of September 30, 2018 and December 31, 2017, respectively, at fair value) | 12,307 | 10,142 |
Long-term debt (including $36,771 and $31,392 as of September 30, 2018 and December 31, 2017, respectively, at fair value) | 27,625 | 30,492 |
Other liabilities (including $19,947 and $13,961 as of September 30, 2018 and December 31, 2017, respectively, at fair value) | 748 | 611 |
Total liabilities | 40,680 | 41,245 |
Consolidated VIEs | Consumer | ||
Loans: | ||
Loans, net of unearned income | 48,678 | 54,656 |
Consolidated VIEs | Corporate | ||
Loans: | ||
Loans, net of unearned income | $ 17,971 | $ 19,835 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Federal funds sold and securities borrowed or purchased under agreements to resell, at fair value | $ 280,941 | $ 232,478 |
Trading account assets, pledged to creditors | 107,753 | 99,460 |
Available-for-sale securities, pledged to creditors | 7,854 | 9,493 |
Held-to-maturity securities, pledged to creditors | 1,073 | 435 |
Equity securities, available for sale | 189 | |
Loans, net of unearned income | 674,909 | 667,034 |
Other assets, at fair value | 111,268 | 103,926 |
Interest-bearing deposits in U.S. offices | 351,291 | 318,613 |
Interest-bearing deposits in offices outside the U.S. | 459,239 | 426,889 |
Federal funds purchased and securities loaned or sold under agreements to repurchase, at fair value | 175,915 | 156,277 |
Short-term borrowings, at fair value | 33,770 | 44,452 |
Long-term debt, at fair value | 235,270 | 236,709 |
Other liabilities | $ 56,173 | $ 57,021 |
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) | 761,400 | 770,120 |
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) | 3,099,567,177 | 3,099,523,273 |
Treasury stock (in shares) | 657,430,364 | 529,614,728 |
Consumer | ||
Loans, net of unearned income | $ 325,469 | $ 333,656 |
Corporate | ||
Loans, net of unearned income | 349,440 | 333,378 |
Fair value | ||
Federal funds sold and securities borrowed or purchased under agreements to resell, at fair value | 178,442 | 132,949 |
Non-marketable equity securities, pledged to creditors | 1,388 | 1,395 |
Other assets, at fair value | 25,151 | 18,559 |
Interest-bearing deposits in U.S. offices | 354 | 303 |
Interest-bearing deposits in offices outside the U.S. | 1,086 | 1,162 |
Federal funds purchased and securities loaned or sold under agreements to repurchase, at fair value | 48,148 | 40,638 |
Short-term borrowings, at fair value | 5,041 | 4,627 |
Long-term debt, at fair value | 36,771 | 31,392 |
Other liabilities | 19,947 | 13,961 |
Fair value | Consumer | ||
Loans, net of unearned income | 21 | 25 |
Fair value | Corporate | ||
Loans, net of unearned income | $ 4,218 | $ 4,349 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Millions | 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 | |||
Balance, beginning of period at Dec. 31, 2016 | $ 19,253 | $ 108,073 | $ 146,477 | $ (16,302) | $ (32,381) | $ 1,023 | ||||||
Adjustment to opening balance, net of taxes at Dec. 31, 2016 | [1] | (660) | 504 | |||||||||
Adjusted balance, beginning of period at Dec. 31, 2016 | 145,817 | (31,877) | ||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Redemption of preferred stock | 0 | |||||||||||
Employee benefit plans | (137) | 526 | [2] | |||||||||
Other | (9) | (90) | [3] | (61) | ||||||||
Citigroup’s net income | $ 12,136 | 12,095 | 41 | |||||||||
Common dividends | [4] | (1,755) | ||||||||||
Preferred dividends | (893) | (893) | ||||||||||
Treasury stock acquired | [5] | (9,053) | ||||||||||
Citigroup's total other comprehensive income (loss) | 1,986 | 82 | ||||||||||
Transactions between noncontrolling-interest shareholders and the related consolidated subsidiary | (3) | |||||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | (50) | |||||||||||
Distributions paid to noncontrolling-interest shareholders | (44) | |||||||||||
Net change in noncontrolling interests | (35) | |||||||||||
Balance, end of period at Sep. 30, 2017 | 228,622 | $ 227,634 | 19,253 | $ 208,381 | 107,927 | 155,174 | (24,829) | (29,891) | 988 | |||
Balance, beginning of period at Jun. 30, 2017 | 19,253 | 107,829 | 152,178 | (19,342) | (29,899) | 1,088 | ||||||
Adjustment to opening balance, net of taxes at Jun. 30, 2017 | [1] | 0 | 0 | |||||||||
Adjusted balance, beginning of period at Jun. 30, 2017 | 152,178 | (29,899) | ||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Employee benefit plans | 102 | 3 | [2] | |||||||||
Other | (4) | 0 | [3] | (9) | ||||||||
Citigroup’s net income | 4,132 | 4,133 | 0 | |||||||||
Common dividends | [4] | (865) | ||||||||||
Preferred dividends | (272) | (272) | ||||||||||
Treasury stock acquired | [5] | (5,490) | ||||||||||
Citigroup's total other comprehensive income (loss) | 8 | 12 | ||||||||||
Transactions between noncontrolling-interest shareholders and the related consolidated subsidiary | (3) | |||||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | (56) | |||||||||||
Distributions paid to noncontrolling-interest shareholders | (44) | |||||||||||
Net change in noncontrolling interests | (100) | |||||||||||
Balance, end of period at Sep. 30, 2017 | 228,622 | 227,634 | 19,253 | 208,381 | 107,927 | 155,174 | (24,829) | (29,891) | 988 | |||
Balance, beginning of period at Dec. 31, 2017 | 201,672 | 19,253 | 108,039 | 138,425 | (30,309) | (34,668) | 932 | |||||
Adjustment to opening balance, net of taxes at Dec. 31, 2017 | [1] | (84) | (3) | |||||||||
Adjusted balance, beginning of period at Dec. 31, 2017 | 138,341 | (34,671) | ||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Redemption of preferred stock | (218) | |||||||||||
Employee benefit plans | (187) | 477 | [2] | |||||||||
Other | 4 | 0 | [3] | (12) | ||||||||
Citigroup’s net income | 13,783 | 13,732 | 51 | |||||||||
Common dividends | [4] | (2,777) | ||||||||||
Preferred dividends | (860) | (860) | ||||||||||
Treasury stock acquired | [5] | (9,846) | ||||||||||
Citigroup's total other comprehensive income (loss) | (3,974) | (35) | ||||||||||
Transactions between noncontrolling-interest shareholders and the related consolidated subsidiary | 0 | |||||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | (39) | |||||||||||
Distributions paid to noncontrolling-interest shareholders | (38) | |||||||||||
Net change in noncontrolling interests | (73) | |||||||||||
Balance, end of period at Sep. 30, 2018 | 197,863 | 197,004 | 19,035 | 177,969 | 107,856 | 148,436 | (39,678) | (38,645) | 859 | |||
Balance, beginning of period at Jun. 30, 2018 | 19,035 | 107,755 | 145,211 | (34,413) | (37,494) | 874 | ||||||
Adjustment to opening balance, net of taxes at Jun. 30, 2018 | [1] | 0 | 0 | |||||||||
Adjusted balance, beginning of period at Jun. 30, 2018 | 145,211 | (37,494) | ||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Redemption of preferred stock | 0 | |||||||||||
Employee benefit plans | 98 | 6 | [2] | |||||||||
Other | 3 | 0 | [3] | (1) | ||||||||
Citigroup’s net income | 4,625 | 4,622 | 3 | |||||||||
Common dividends | [4] | (1,127) | ||||||||||
Preferred dividends | (270) | (270) | ||||||||||
Treasury stock acquired | [5] | (5,271) | ||||||||||
Citigroup's total other comprehensive income (loss) | (1,151) | 8 | ||||||||||
Transactions between noncontrolling-interest shareholders and the related consolidated subsidiary | 0 | |||||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | (23) | |||||||||||
Distributions paid to noncontrolling-interest shareholders | (2) | |||||||||||
Net change in noncontrolling interests | (15) | |||||||||||
Balance, end of period at Sep. 30, 2018 | $ 197,863 | $ 197,004 | $ 19,035 | $ 177,969 | $ 107,856 | $ 148,436 | $ (39,678) | $ (38,645) | $ 859 | |||
[1] | See Note 1 to the Consolidated Financial Statements for additional details. | |||||||||||
[2] | 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. | |||||||||||
[3] | Includes the impact of ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. See Note 1 to the Consolidated Financial Statements. | |||||||||||
[4] | Common dividends declared were $0.32 per share in the first and second quarters and $0.45 per share in the third quarter of 2018. Common dividends declared were $0.16 per share in the first and second quarters and $0.32 for the third quarter of 2017. | |||||||||||
[5] | For the three and nine months ended September 30, 2018 and 2017, primarily consists of open market purchases under Citi’s Board of Directors-approved common stock repurchase program. |
CONSOLIDATED STATEMENT OF CHA_2
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Common dividends declared (in dollars per share) | $ 0.45 | $ 0.32 | $ 0.32 | $ 0.32 | $ 0.16 | $ 0.16 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | ||
Cash flows from operating activities of continuing operations | |||
Net income before attribution of noncontrolling interests | $ 13,783 | $ 12,136 | |
Net income attributable to noncontrolling interests | 51 | 41 | |
Citigroup’s net income | 13,732 | 12,095 | |
Loss from discontinued operations, net of taxes | 0 | (2) | |
Income from continuing operations—excluding noncontrolling interests | 13,732 | 12,097 | |
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations | |||
Net gains on significant disposals | [1] | (247) | (602) |
Depreciation and amortization | 2,800 | 2,717 | |
Provision for loan losses | 5,504 | 5,487 | |
Realized gains from sales of investments | (341) | (626) | |
Net impairment losses on investments, goodwill and intangible assets | 113 | 75 | |
Change in trading account assets | (4,831) | (14,383) | |
Change in trading account liabilities | 22,482 | (1,015) | |
Change in brokerage receivables net of brokerage payables | 9,709 | (3,136) | |
Change in loans HFS | 1,380 | 1,969 | |
Change in other assets | (8,696) | (5,351) | |
Change in other liabilities | (848) | 1,569 | |
Other, net | (10,691) | (2,262) | |
Total adjustments | 16,334 | (15,558) | |
Net cash provided by (used in) operating activities of continuing operations | 30,066 | (3,461) | |
Cash flows from investing activities of continuing operations | |||
Change in federal funds sold and securities borrowed or purchased under agreements to resell | (48,462) | (15,795) | |
Change in loans | (16,131) | (41,569) | |
Proceeds from sales and securitizations of loans | 4,021 | 7,019 | |
Purchases of investments | (129,054) | (151,362) | |
Proceeds from sales of investments | 52,170 | 89,724 | |
Proceeds from maturities of investments | 82,940 | 67,166 | |
Proceeds from significant disposals | [1] | 314 | 3,411 |
Capital expenditures on premises and equipment and capitalized software | (2,682) | (2,502) | |
Proceeds from sales of premises and equipment, subsidiaries and affiliates and repossessed assets | 174 | 292 | |
Other, net | 147 | 156 | |
Net cash used in investing activities of continuing operations | (56,563) | (43,460) | |
Cash flows from financing activities of continuing operations | |||
Dividends paid | (3,616) | (2,639) | |
Redemption of preferred stock | (218) | 0 | |
Treasury stock acquired | (9,848) | (9,071) | |
Stock tendered for payment of withholding taxes | (479) | (402) | |
Change in federal funds purchased and securities loaned or sold under agreements to repurchase | 19,638 | 19,461 | |
Issuance of long-term debt | 53,027 | 52,293 | |
Payments and redemptions of long-term debt | (47,201) | (29,785) | |
Change in deposits | 45,354 | 34,632 | |
Change in short-term borrowings | (10,681) | 7,448 | |
Net cash provided by financing activities of continuing operations | 45,976 | 71,937 | |
Effect of exchange rate changes on cash and due from banks | (709) | 599 | |
Change in cash and due from banks and deposits with banks | [2] | 18,770 | 25,615 |
Cash, due from banks and deposits with banks at beginning of period | [2] | 180,516 | 160,494 |
Cash, due from banks and deposits with banks at end of period | [2] | 199,286 | 186,109 |
Cash, due from banks and deposits with banks at end of period | [2] | 180,516 | 160,494 |
Supplemental disclosure of cash flow information for continuing operations | |||
Cash paid during the period for income taxes | 3,261 | 2,714 | |
Cash paid during the period for interest | 16,278 | 11,604 | |
Non-cash investing activities | |||
Transfers to loans HFS from loans | 3,300 | 3,800 | |
Transfers to OREO and other repossessed assets | $ 94 | $ 85 | |
[1] | See Note 2 to the Consolidated Financial Statements for further information on significant disposals. | ||
[2] | Includes the impact of ASU 2016-18, Restricted Cash. See Notes 1 and 22 to the Consolidated Financial Statements. |
BASIS OF PRESENTATION AND ACCOU
BASIS OF PRESENTATION AND ACCOUNTING CHANGES | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018 and for the three- and nine-month periods ended September 30, 2018 and 2017 include the accounts of Citigroup Inc. and its consolidated subsidiaries. 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, 2017 (2017 Annual Report on Form 10-K) and Citigroup’s Quarterly Reports on Form 10-Q for the quarters ended June 30, 2018 (Second Quarter of 2018 Form 10-Q) and March 31, 2018 (First Quarter of 2018 Form 10-Q). 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 uses its best judgment, actual results could differ from those estimates. As noted above, the Notes to Consolidated Financial Statements are unaudited. Throughout these Notes, “Citigroup,” “Citi” and the “Company” refer to Citigroup Inc. and its consolidated subsidiaries. Certain reclassifications have been made to the prior periods’ financial statements and notes to conform to the current period’s presentation. ACCOUNTING CHANGES Revenue Recognition In May 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-09, Revenue from Contracts with Customers (Revenue Recognition), which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The core principle of the revenue model is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU defines the promised good or service as the performance obligation under the contract. While the guidance replaces most existing revenue recognition guidance in GAAP, the ASU is not applicable to financial instruments and, therefore, does not impact a majority of the Company’s revenues, including net interest income, loan fees, gains on sales and mark-to-market accounting. In accordance with the new revenue recognition standard, Citi has identified the specific performance obligation (promised services) associated with the contract with the customer and has determined when that specific performance obligation has been satisfied, which may be at a point in time or over time depending on how the performance obligation is defined. The contracts with customers also contain the transaction price, which consists of fixed consideration and/or consideration that may vary (variable consideration), and is defined as the amount of consideration an entity expects to be entitled to when or as the performance obligation is satisfied, excluding amounts collected on behalf of third parties (including transaction taxes). The amounts recognized at the point in time the performance obligation is satisfied may differ from the ultimate transaction price associated with that performance obligation when a portion of it is based on variable consideration. For example, some consideration is based on the client’s month-end balance or market values which are unknown at the time the contract is executed. The remaining transaction price amount, if any, will be recognized as the variable consideration becomes determinable. In certain transactions, the performance obligation is considered satisfied at a point in time in the future. In this instance, Citi defers revenue on the balance sheet that will only be recognized upon completion of the performance obligation. The new revenue recognition standard further clarified the guidance related to reporting revenue gross as principal versus net as an agent. In many cases, Citi outsources a component of its performance obligations to third parties. The Company has determined that it acts as principal in the majority of these transactions and therefore presents the amounts paid to these third parties gross within operating expenses. The Company has retrospectively adopted this standard as of January 1, 2018 and as a result was required to report amounts paid to third parties where Citi is principal to the contract within Operating expenses. The adoption resulted in an increase in both revenue and expenses of approximately $250 million for the three-month period ended September 30, 2018 and approximately $750 million for the nine-month period ended September 30, 2018, respectively, while increasing approximately $1 billion for the year ended December 31, 2017 with similar amounts for prior periods. Prior to adoption, these expense amounts were reported as contra revenue primarily within Commissions and fees and Administration and other fiduciary fees revenue. Accordingly, prior periods have been reclassified to conform to the new presentation. See Note 5 to the Consolidated Financial Statements for a description of the Company’s revenue recognition policies for Commissions and fees and Administration and other fiduciary fees . Income Tax Impact of Intra-Entity Transfers of Assets In October 2016, the FASB issued ASU No. 2016-16, Income Taxes—Intra-Entity Transfers of Assets Other Than Inventory , which requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The ASU was effective January 1, 2018 and was adopted as of that date. The impact of this standard was an increase of DTAs by approximately $300 million , a decrease of retained earnings by approximately $80 million and a decrease of prepaid tax assets by approximately $380 million . Clarifying the Definition of a Business In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. The definition of a business directly and indirectly affects many areas of accounting (e.g., acquisitions, disposals, goodwill and consolidation). The ASU narrows the definition of a business by introducing a quantitative screen as the first step, such that if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business. If the set is not scoped out from the quantitative screen, the entity then evaluates whether the set meets the requirement that a business include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The ASU was effective for public entities, including Citi, as of January 1, 2018 with prospective application. The ongoing impact of the ASU will depend upon the acquisition and disposal activities of Citi. If fewer transactions qualify as a business, there could be less initial recognition of goodwill, but also less goodwill allocated to disposals. Changes in Accounting for Pension and Postretirement (Benefit) Expense In March 2017, the FASB issued ASU No. 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which changes the income statement presentation of net benefit expense and requires restating the Company’s financial statements for each of the earlier periods presented in Citi’s annual and interim financial statements. The change in presentation was effective for annual and interim periods starting January 1, 2018. The ASU requires that only the service cost component of net benefit expense be included in Compensation and benefits on the income statement. The other components of net benefit expense are required to be presented outside of Compensation and benefits and are presented in Other operating expenses . Since both of these income statement line items are part of Operating expenses , total Operating expenses and Net income will not change. This change in presentation did not have a material effect on Compensation and benefits and Other operating expenses and is applied prospectively. The components of the net benefit expense are currently disclosed in Note 8 to the Consolidated Financial Statements. The new standard also changes the components of net benefit expense that are eligible for capitalization when employee costs are capitalized in connection with various activities, such as internally developed software, construction-in-progress and loan origination costs. Prospectively from January 1, 2018, only the service cost component of net benefit expense may be capitalized. Existing capitalized balances are not affected. This change in amounts eligible for capitalization does not have a material effect on the Company’s Consolidated Financial Statements and related disclosures. Hedging In August 2017, the FASB issued ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities , which better aligns an entity’s risk management activities and financial reporting for hedging relationships through changes to the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. The ASU requires the change in the fair value of the hedging instrument to be presented in the same income statement line as the hedged item and also requires expanded disclosures. Citi adopted this standard on January 1, 2018 and transferred approximately $4 billion of pre-payable mortgage-backed securities and municipal bonds from held-to-maturity (HTM) into available-for-sale (AFS) securities classification as permitted as a one-time transfer upon adoption of the standard, as these assets were deemed to be eligible to be hedged under the last of layer hedge strategy. The impact to opening retained earnings was immaterial. See Note 19 to the Consolidated Financial Statements for more information. Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities , which addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. In February 2018, the FASB issued ASU No. 2018-03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10) , to clarify certain provisions in ASU 2016-01. The ASUs require entities to present separately in AOCI the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. The ASUs also require equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, thus eliminating the AFS category for equity investments. However, Federal Reserve Bank and Federal Home Loan Bank stock, as well as certain exchange seats, will continue to be presented at cost. The ASUs also provide an instrument-by-instrument election to measure non-marketable equity investments using a measurement alternative. Under the measurement alternative, the investment is carried at cost plus or minus changes resulting from observable prices in orderly transactions for the identical or a similar investment of the same issuer. Equity securities under the measurement alternative are also assessed for impairment. Finally, the ASUs require that fair value disclosures for financial instruments not measured at fair value on the balance sheet be presented at their exit prices (e.g., held-for-investment loans). Citi early adopted the provisions of ASU 2016-01 related to presentation of the change in fair value of liabilities for which the fair value option was elected, related to changes in Citigroup’s own credit spreads in Accumulated other comprehensive income (loss) (AOCI) effective January 1, 2016. Accordingly, since the first quarter of 2016, these amounts have been reflected as a component of AOCI, whereas these amounts were previously recognized in Citigroup’s revenues and net income. The impact of adopting this amendment resulted in a cumulative catch-up reclassification from Retained earnings to AOCI of an accumulated after-tax loss of approximately $15 million at January 1, 2016. Financial statements for periods prior to 2016 were not subject to restatement under the provisions of this ASU. For additional information, see Notes 17, 20 and 21 to the Consolidated Financial Statements. The other provisions of ASU 2016-01, as discussed above, were effective on January 1, 2018. Citi has adopted both ASU 2016-01 and ASU 2018-03 as of January 1, 2018. Accordingly, as of the first quarter of 2018, the changes to accounting for equity securities and fair value disclosures have been reflected in Citigroup’s financial statements. The impact of adopting the change to AFS equity securities resulted in a cumulative catch-up reclassification from AOCI to Retained earnings of an accumulated after-tax gain of approximately $3 million at January 1, 2018. Citi elected the measurement alternative for all non-marketable equity investments that no longer qualify for cost measurement under the ASUs. This provision in the ASUs was adopted prospectively. Financial statements for periods prior to 2018 were not subject to restatement under the provisions of the ASUs. For additional information, see Notes 12, 17 and 20 to the Consolidated Financial Statements. Statement of Cash Flows In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash , which requires that companies present cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents (restricted cash) when reconciling beginning-of-period and end-of-period totals on the Statement of Cash Flows. In connection with the adoption of the ASU, Citigroup also changed its definition of cash and cash equivalents to include all of Cash and due from banks and predominately all of Deposits with banks. The Company has retrospectively adopted this ASU as of January 1, 2018 and as a result Net cash provided by investing activities of continuing operations on the Statement of Cash Flows increased by $26.1 billion for the nine months ended September 30, 2017. In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments , which provides guidance on the classification and presentation of certain cash receipts and payments on the Statement of Cash Flows. The Company has retrospectively adopted this ASU as of January 1, 2018, which resulted in immaterial changes to Citi’s Consolidated Statement of Cash Flows. Premium Amortization on Purchased Callable Debt Securities In March 2017, the FASB issued Accounting Standards Update (ASU) No. 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities , which amends the amortization period for certain purchased callable debt securities held at a premium. The ASU requires entities to amortize premiums on debt securities by the first call date when the securities have fixed and determinable call dates and prices. The scope of the ASU includes all accounting premiums, such as purchase premiums and cumulative fair value hedge adjustments. The ASU does not change the accounting for discounts, which continue to be recognized over the contractual life of a security. Citi early adopted the ASU in the second quarter of 2017, with an effective date of January 1, 2017. Adoption of the ASU is on a modified retrospective basis through a cumulative effect adjustment to Retained earnings as of the beginning of the year of adoption. Adoption of the ASU primarily affected Citi’s AFS and HTM portfolios of callable state and municipal debt securities. The ASU adoption resulted in a net reduction to total stockholders’ equity of $156 million (after-tax), effective as of January 1, 2017. This amount is composed of a reduction of approximately $660 million to Retained earnings for the incremental amortization of purchase premiums and cumulative hedge adjustments generated under fair value hedges of these callable debt securities, offset by an increase to AOCI of $504 million related to the cumulative fair value hedge adjustments reclassified to Retained earnings for AFS debt securities. |
DISCONTINUED OPERATIONS AND SIG
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS | 9 Months Ended |
Sep. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS | DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS Summary of Discontinued Operations Citi sold its German retail banking operations and Egg Banking plc credit card business in 2008 and 2011, respectively. Residual items from these disposals are summarized below. All Discontinued operations results are recorded within Corporate/Other. Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2018 2017 2018 2017 Total revenues, net of interest expense $ — $ — $ — $ — Loss from discontinued operations $ (8 ) $ (9 ) $ (17 ) $ (4 ) Benefit for income taxes — (4 ) (17 ) (2 ) Loss from discontinued operations, net of taxes $ (8 ) $ (5 ) $ — $ (2 ) Cash flows for discontinued operations were not material for the periods presented. Significant Disposals During the third quarter of 2018, one previously disclosed significant disposal transaction was completed as summarized below. There were no new significant disposal transactions during the three and nine months ended September 30, 2018. For a description of the Company’s significant disposal transactions and financial impact, see Note 2 to the Consolidated Financial Statements in Citi’s 2017 Annual Report on Form 10-K. Sale of Mexico Asset Management Business On September 21, 2018, Citi completed the sale of its Mexico asset management business, which was part of Latin America Global Consumer Banking (GCB) . As part of the sale, Citi derecognized net assets of $96 million , including goodwill of $32 million , already classified as held-for-sale beginning in the fourth quarter of 2017. The transaction resulted in a pretax gain on sale of approximately $250 million (approximately $150 million after-tax) recorded in Other revenue in the third quarter of 2018. Income before taxes, excluding the pretax gain on sale, of the divested business was immaterial for the periods presented. Going forward, revenues in Latin America GCB will reflect the loss of ongoing operating revenues from the Mexico asset management business. However, this impact should be partially offset by lower operating expenses related to the asset management business, as well as expected growth in distribution revenues resulting from the transaction over time. |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENTS | BUSINESS SEGMENTS Citigroup’s activities are conducted through the following business segments: GCB and Institutional Clients Group (ICG) . In addition, Corporate/Other includes activities not assigned to a specific business segment, as well as certain North America and international loan portfolios, discontinued operations and other legacy assets. The prior-period balances reflect reclassifications to conform the presentation for all periods to the current period’s presentation. Effective January 1, 2018, financial data was reclassified to reflect: • adoption of ASU No. 2014-09, Revenue Recognition , which occurred on January 1, 2018 on a retrospective basis. See “Accounting Changes” in Note 1 to the Consolidated Financial Statements; • the re-attribution of certain costs between Corporate/Other and GCB and ICG ; and • certain other immaterial reclassifications. Citi’s consolidated results remain unchanged for all periods presented as a result of the changes and reclassifications discussed above. For additional information regarding Citigroup’s business segments, see Note 3 to the Consolidated Financial Statements in Citi’s 2017 Annual Report on Form 10-K. The following table presents certain information regarding the Company’s continuing operations by segment: Three Months Ended September 30, Revenues, (1) Provision (benefits) Income (loss) from (2) Identifiable assets In millions of dollars, except identifiable assets in billions 2018 2017 2018 2017 2018 2017 September 30, December 31, 2017 Global Consumer Banking $ 8,654 $ 8,470 $ 493 $ 635 $ 1,567 $ 1,170 $ 427 $ 428 Institutional Clients Group 9,241 9,430 862 1,394 3,117 3,062 1,404 1,336 Corporate/Other 494 519 116 (163 ) (51 ) (95 ) 94 78 Total $ 18,389 $ 18,419 $ 1,471 $ 1,866 $ 4,633 $ 4,137 $ 1,925 $ 1,842 (1) Includes total revenues, net of interest expense (excluding Corporate/Other ), in North America of $8.5 billion and $8.9 billion ; in EMEA of $2.9 billion and $2.7 billion ; in Latin America of $2.7 billion and $2.5 billion ; and in Asia of $3.8 billion and $3.8 billion for the three months ended September 30, 2018 and 2017 , respectively. These regional numbers exclude Corporate/Other , which largely operates within the U.S. (2) Includes pretax provisions for credit losses and for benefits and claims in the GCB results of $1.9 billion and $2.2 billion ; in the ICG results of $71 million and $(164) million ; and in the Corporate/Other results of $(30) million and $(50) million for the three months ended September 30, 2018 and 2017 , respectively. Nine Months Ended September 30, Revenues, (1) Provision (benefits) Income (loss) from (2) In millions of dollars 2018 2017 2018 2017 2018 2017 Global Consumer Banking $ 25,337 $ 24,389 $ 1,357 $ 1,863 $ 4,240 $ 3,296 Institutional Clients Group 28,780 28,170 2,890 4,096 9,683 8,853 Corporate/Other 1,613 2,381 109 (435 ) (140 ) (11 ) Total $ 55,730 $ 54,940 $ 4,356 $ 5,524 $ 13,783 $ 12,138 (1) Includes total revenues, net of interest expense, in North America of $25.4 billion and $26.0 billion ; in EMEA of $9.1 billion and $8.4 billion ; in Latin America of $7.8 billion and $7.2 billion ; and in Asia of $11.8 billion and $10.9 billion for the nine months ended September 30, 2018 and 2017 , respectively. Regional numbers exclude Corporate/Other , which largely operates within the U.S. (2) Includes pretax provisions for credit losses and for benefits and claims in the GCB results of $5.7 billion and $5.8 billion ; in the ICG results of $55 million and $(282) million ; and in Corporate/Other results of $(155) million and $(130) million for the nine months ended September 30, 2018 and 2017 , respectively. |
INTEREST REVENUE AND EXPENSE
INTEREST REVENUE AND EXPENSE | 9 Months Ended |
Sep. 30, 2018 | |
Banking and Thrift, Interest [Abstract] | |
INTEREST REVENUE AND EXPENSE | INTEREST REVENUE AND EXPENSE Interest revenue and Interest expense consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2018 2017 2018 2017 Interest revenue Loan interest, including fees $ 11,639 $ 10,745 $ 33,721 $ 31,082 Deposits with banks 629 486 1,554 1,156 Federal funds sold and securities borrowed or purchased under agreements to resell 1,425 858 3,800 2,348 Investments, including dividends 2,388 2,104 6,996 6,122 Trading account assets (1) 1,655 1,429 4,789 4,175 Other interest 434 292 1,192 846 Total interest revenue $ 18,170 $ 15,914 $ 52,052 $ 45,729 Interest expense Deposits (2) $ 2,580 $ 1,775 $ 6,821 $ 4,793 Federal funds purchased and securities loaned or sold under agreements to repurchase 1,250 712 3,423 1,881 Trading account liabilities (1) 273 169 724 462 Short-term borrowings 578 318 1,572 719 Long-term debt 1,687 1,405 4,873 4,126 Total interest expense $ 6,368 $ 4,379 $ 17,413 $ 11,981 Net interest revenue $ 11,802 $ 11,535 $ 34,639 $ 33,748 Provision for loan losses 1,906 2,146 5,504 5,487 Net interest revenue after provision for loan losses $ 9,896 $ 9,389 $ 29,135 $ 28,261 (1) Interest expense on Trading account liabilities is reported as a reduction of interest revenue from Trading account assets . (2) Includes deposit insurance fees and charges of $311 million and $301 million for the three months ended September 30, 2018 and 2017 , respectively, and $1,006 million and $935 million for the nine months ended September 30, 2018 and 2017 , respectively. |
COMMISSIONS AND FEES; ADMINISTR
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES | 9 Months Ended |
Sep. 30, 2018 | |
Banking and Thrift [Abstract] | |
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES | COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES The primary components of Commissions and fees revenue are investment banking fees, brokerage commissions, credit- and bank-card income and deposit-related fees. Investment banking fees are substantially composed of underwriting and advisory revenues. Such fees are recognized at the point in time when Citigroup’s performance under the terms of a contractual arrangement is completed, which is typically at the closing of a transaction. Reimbursed expenses related to these transactions are recorded as revenue and are included within investment banking fees. In certain instances for advisory contracts, Citi will receive amounts in advance of the deal’s closing. In these instances, the amounts received will be recognized as a liability and not recognized in revenue until the transaction closes. The contract liability amount for the periods presented was negligible. Out-of-pocket expenses associated with underwriting activity are deferred and recognized at the time the related revenue is recognized, while out-of-pocket expenses associated with advisory arrangements are expensed as incurred. In general, expenses incurred related to investment banking transactions, whether consummated or not, are recorded in Other operating expenses . The Company has determined that it acts as principal in the majority of these transactions and therefore presents expenses gross within Other operating expenses . Brokerage commissions primarily include commissions and fees from the following: executing transactions for clients on exchanges and over-the-counter markets; sales of mutual funds and other annuity products; and assisting clients in clearing transactions, providing brokerage services and other such activities. Brokerage commissions are recognized in Commissions and fees at the point in time the associated service is fulfilled, generally on trade-execution date. Gains or losses, if any, on these transactions are included in Principal transactions (see Note 6 to the Consolidated Financial Statements). Sales of certain investment products include a portion of variable consideration associated with the underlying product. In these instances, a portion of the revenue associated with the sale of the product is not recognized until the variable consideration becomes fixed. The Company recognized $130 million and $107 million of revenue related to such variable consideration for the three months ended September 30, 2018 and 2017, respectively, and $402 million and $302 million for the nine months ended September 30, 2018 and 2017, respectively. These amounts primarily relate to performance obligations satisfied in prior periods. Credit- and bank-card income is primarily composed of interchange fees, which are earned by card issuers based on purchase sales, and certain card fees, including annual fees. Costs related to customer reward programs and certain payments to partners (primarily based on program sales, profitability and customer acquisitions) are recorded as a reduction of credit- and bank-card income. Interchange revenues are recognized as earned on a daily basis when Citi's performance obligation to transmit funds to the payment networks has been satisfied. Annual card fees, net of origination costs, are deferred and amortized on a straight-line basis over a 12-month period. Costs related to card reward programs are recognized when the rewards are earned by the cardholders. Payments to partners are recognized when incurred. Deposit-related fees consist of service charges on deposit accounts and fees earned from performing cash management activities and other deposit account services. Such fees are recognized in the period in which the related service is provided. Transactional service fees primarily consist of fees charged for processing services such as cash management, global payments, clearing, international funds transfer and other trade services. Such fees are recognized as/when the associated service is satisfied, which normally occurs at the point in time the service is requested by the customer and provided by Citi. Insurance distribution revenue consists of commissions earned from third-party insurance companies for marketing and selling insurance policies on behalf of such entities. Such commissions are recognized in Commissions and fees at the point in time the associated service is fulfilled, generally when the insurance policy is sold to the policyholder. Sales of certain insurance products include a portion of variable consideration associated with the underlying product. In these instances, a portion of the revenue associated with the sale of the policy is not recognized until the variable consideration becomes determinable. The Company recognized $92 million and $115 million for the three months ended September 30, 2018 and 2017, respectively, and $296 million and $342 million for the nine months ended September 30, 2018 and 2017, respectively. These amounts primarily relate to performance obligations in prior periods. Insurance premiums consist of premium income from insurance policies that Citi has underwritten and sold to policyholders. The following tables present Commissions and fees revenue: Three Months Ended September 30, Nine Months Ended September 30, 2018 2018 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Investment banking $ 856 $ — $ — $ 856 $ 2,695 $ — $ — $ 2,695 Brokerage commissions 453 199 — 652 1,510 654 — 2,164 Credit- and bank-card income Interchange fees 268 2,063 1 2,332 804 5,963 11 6,778 Card-related loan fees 16 172 — 188 47 474 12 533 Card rewards and partner payments (125 ) (2,130 ) — (2,255 ) (375 ) (6,070 ) (11 ) (6,456 ) Deposit-related fees (1) 239 160 — 399 711 503 1 1,215 Transactional service fees 171 22 1 194 543 64 4 611 Corporate finance (2) 145 1 — 146 506 4 — 510 Insurance distribution revenue (3) 3 144 (4 ) 143 13 429 6 448 Insurance premiums (3) — 31 (2 ) 29 — 96 (4 ) 92 Loan servicing 42 27 8 77 118 89 31 238 Other 10 29 3 42 20 90 6 116 Total commissions and fees (4) $ 2,078 $ 718 $ 7 $ 2,803 $ 6,592 $ 2,296 $ 56 $ 8,944 Three Months Ended September 30, Nine Months Ended September 30, 2017 2017 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Investment banking $ 961 $ — $ — $ 961 $ 2,840 $ — $ — $ 2,840 Brokerage commissions 459 222 1 682 1,431 615 3 2,049 Credit- and bank-card income Interchange fees 242 1,912 24 2,178 705 5,507 87 6,299 Card-related loan fees 13 172 13 198 39 526 41 606 Card rewards and partner payments (105 ) (1,822 ) (8 ) (1,935 ) (316 ) (5,352 ) (49 ) (5,717 ) Deposit-related fees (1) 249 188 4 441 696 554 12 1,262 Transactional service fees 185 21 11 217 556 74 44 674 Corporate finance (2) 183 2 — 185 616 4 — 620 Insurance distribution revenue (3) 5 142 17 164 10 425 58 493 Insurance premiums (3) — 32 (1 ) 31 — 97 (4 ) 93 Loan servicing 38 25 25 88 109 79 89 277 Other 2 25 4 31 (36 ) 64 28 56 Total commissions and fees (4) $ 2,232 $ 919 $ 90 $ 3,241 $ 6,650 $ 2,593 $ 309 $ 9,552 (1) Includes overdraft fees of $33 million and $35 million for the three months ended September 30, 2018 and 2017 , respectively, and $95 million and $101 million for the nine months ended September 30, 2018 and 2017, respectively. Overdraft fees are accounted for under ASC 310. (2) Consists primarily of fees earned from structuring and underwriting loan syndications or related financing activity. This activity is accounted for under ASC 310. (3) Previously reported as insurance premiums on the Consolidated Statement of Income. (4) Commissions and fees includes $(1,774) million and $(1,398) million not accounted for under ASC 606, Revenue from Contracts with Customers , for the three months ended September 30, 2018 and 2017 , respectively, and $(4,967) million and $(4,023) million for the nine months ended September 30, 2018 and 2017, respectively. Amounts reported in Commissions and fees accounted for under other guidance primarily include card-related loan fees, card reward programs and certain partner payments, corporate finance fees, insurance premiums and loan servicing fees. Administration and Other Fiduciary Fees Administration and other fiduciary fees are primarily composed of custody fees and fiduciary fees. The custody product is composed of numerous services related to the administration, safekeeping and reporting for both U.S. and non-U.S. denominated securities. The services offered to clients include trade settlement, safekeeping, income collection, corporate action notification, record-keeping and reporting, tax reporting and cash management. These services are provided for a wide range of securities, including but not limited to equities, municipal and corporate bonds, mortgage-backed and asset-backed securities, money market instruments, U.S. Treasuries and agencies, derivative instruments, mutual funds, alternative investments and precious metals. Custody fees are recognized as/when the associated promised service is satisfied, which normally occurs at the point in time the service is requested by the customer and provided by Citi. Fiduciary fees consist of trust services and investment management services. As an escrow agent, Citi receives, safe-keeps, services and manages clients’ escrowed assets such as cash, securities, property (including intellectual property), contracts or other collateral. Citi performs its escrow agent duties by safekeeping the funds during the specified time period agreed upon by all parties and therefore earns its revenue evenly during the contract duration. Investment management services consist of managing assets on behalf of Citi’s retail and institutional clients. Revenue from these services primarily consists of asset-based fees for advisory accounts, which are based on the market value of the client’s assets and recognized monthly, when the market value is fixed. In some instances, the Company contracts with third-party advisors and with third-party custodians. The Company has determined that it acts as principal in the majority of these transactions and therefore presents the amounts paid to third parties gross within Other operating expenses . The following table presents Administration and other fiduciary fees : Three Months Ended September 30, Nine Months Ended September 30, 2018 2018 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Custody fees $ 371 $ 41 $ 18 $ 430 $ 1,138 $ 133 $ 50 $ 1,321 Fiduciary fees 160 158 12 330 492 455 31 978 Guarantee fees 136 14 1 151 403 43 5 451 Total administration and other fiduciary fees (1) $ 667 $ 213 $ 31 $ 911 $ 2,033 $ 631 $ 86 $ 2,750 Three Months Ended September 30, Nine Months Ended September 30, 2017 2017 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Custody fees $ 397 $ 44 $ 14 $ 455 $ 1,135 $ 123 $ 41 $ 1,299 Fiduciary fees 149 157 18 324 437 431 59 927 Guarantee fees 134 13 3 150 400 39 7 446 Total administration and other fiduciary fees (1) $ 680 $ 214 $ 35 $ 929 $ 1,972 $ 593 $ 107 $ 2,672 (1) Administration and other fiduciary fees includes $151 million and $150 million for the three months ended September 30, 2018 and 2017, respectively, and $451 million and $446 million for the nine months ended September 30, 2018 and 2017, respectively, that are not accounted for under ASC 606, Revenue from Contracts with Customers. These amounts include guarantee fees. |
PRINCIPAL TRANSACTIONS
PRINCIPAL TRANSACTIONS | 9 Months Ended |
Sep. 30, 2018 | |
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 that are managed on a portfolio basis characterized by primary risk. 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) and FVA (funding valuation adjustments) on over-the-counter derivatives. These adjustments are discussed further in Note 20 to the Consolidated Financial Statements. In certain transactions, Citi incurs fees and presents these fees paid to third parties in operating expenses. The following table presents Principal transactions revenue: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2018 2017 2018 2017 Interest rate risks (1) $ 1,403 $ 1,180 $ 4,576 $ 4,421 Foreign exchange risks (2) 467 606 1,387 1,942 Equity risks (3) 311 154 997 440 Commodity and other risks (4) 244 112 544 434 Credit products and risks (5) 141 196 502 748 Total $ 2,566 $ 2,248 $ 8,006 $ 7,985 (1) Includes revenues from government securities and corporate debt, municipal securities, mortgage securities and other debt instruments. Also includes spot and forward trading of currencies and exchange-traded and over-the-counter (OTC) currency options, options on fixed income securities, interest rate swaps, currency swaps, swap options, caps and floors, financial futures, OTC options and forward contracts on fixed income securities. (2) Includes revenues from foreign exchange spot, forward, option and swap contracts, as well as foreign currency translation (FX translation) gains and losses. (3) Includes revenues from common, preferred and convertible preferred stock, convertible corporate debt, equity-linked notes and exchange-traded and OTC equity options and warrants. (4) Primarily includes revenues from crude oil, refined oil products, natural gas and other commodities trades. (5) Includes revenues from structured credit products. |
INCENTIVE PLANS
INCENTIVE PLANS | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
INCENTIVE PLANS | INCENTIVE PLANS For additional information on Citi’s incentive plans, see Note 7 to the Consolidated Financial Statements in Citi’s 2017 Annual Report on Form 10-K. |
RETIREMENT BENEFITS
RETIREMENT BENEFITS | 9 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
RETIREMENT BENEFITS | RETIREMENT BENEFITS For additional information on Citi’s retirement benefits, see Note 8 to the Consolidated Financial Statements in Citi’s 2017 Annual Report on Form 10-K. Net (Benefit) Expense The following table summarizes the components of net (benefit) expense recognized in the Consolidated Statement of Income for the Company’s pension and postretirement plans for Significant Plans and All Other Plans: Three Months Ended September 30, Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2018 2017 2018 2017 2018 2017 2018 2017 Benefits earned during the period $ — $ 1 $ 35 $ 38 $ — $ — $ 2 $ 3 Interest cost on benefit obligation 132 131 73 76 6 9 26 27 Expected return on plan assets (210 ) (217 ) (71 ) (77 ) (4 ) (2 ) (22 ) (24 ) Amortization of unrecognized: Prior service benefit — — (1 ) (1 ) — — (2 ) (2 ) Net actuarial loss 39 45 14 15 — — 7 8 Curtailment loss (1) — 1 — — — — — — Settlement loss (1) — — — 4 — — — — Total net (benefit) expense $ (39 ) $ (39 ) $ 50 $ 55 $ 2 $ 7 $ 11 $ 12 (1) Losses due to curtailment and settlement relate to repositioning and divestiture activities. Nine Months Ended September 30, Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2018 2017 2018 2017 2018 2017 2018 2017 Benefits earned during the period $ 1 $ 2 $ 111 $ 112 $ — $ — $ 7 $ 7 Interest cost on benefit obligation 381 406 220 221 19 20 77 76 Expected return on plan assets (634 ) (650 ) (221 ) (223 ) (10 ) (5 ) (67 ) (67 ) Amortization of unrecognized: Prior service benefit — 1 (3 ) (3 ) — — (7 ) (7 ) Net actuarial loss 128 129 41 46 — — 22 25 Curtailment loss (1) 1 4 — — — — — — Settlement loss (1) — — 5 8 — — — — Total net (benefit) expense $ (123 ) $ (108 ) $ 153 $ 161 $ 9 $ 15 $ 32 $ 34 (1) Losses due to curtailment and settlement relate to repositioning and divestiture activities. Funded Status and Accumulated Other Comprehensive Income (AOCI) The following tables summarize the funded status and amounts recognized in the Consolidated Balance Sheet for the Company’s Significant Plans: Nine Months Ended September 30, 2018 Pension plans Postretirement benefit plans In millions of dollars U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans Change in projected benefit obligation Projected benefit obligation at beginning of year $ 14,040 $ 7,433 $ 699 $ 1,261 Plans measured annually (28 ) (1,987 ) — (334 ) Projected benefit obligation at beginning of year—Significant Plans $ 14,012 $ 5,446 $ 699 $ 927 First quarter activity (576 ) 151 (32 ) 89 Second quarter activity (595 ) (344 ) — (65 ) Projected benefit obligation at June 30, 2018—Significant Plans $ 12,841 $ 5,253 $ 667 $ 951 Benefits earned during the period — 20 — 2 Interest cost on benefit obligation 132 60 6 23 Actuarial gain (60 ) (59 ) — (61 ) Benefits paid, net of participants’ contributions and government subsidy (217 ) (68 ) (15 ) (14 ) Foreign exchange impact and other — 48 — 48 Projected benefit obligation at period end—Significant Plans $ 12,696 $ 5,254 $ 658 $ 949 Nine Months Ended September 30, 2018 Pension plans Postretirement benefit plans In millions of dollars U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans Change in plan assets Plan assets at fair value at beginning of year $ 12,725 $ 7,128 $ 262 $ 1,119 Plans measured annually — (1,305 ) — (10 ) Plan assets at fair value at beginning of year—Significant Plans $ 12,725 $ 5,823 $ 262 $ 1,109 First quarter activity (349 ) 115 (21 ) 58 Second quarter activity (220 ) (328 ) (4 ) (78 ) Plan assets at fair value at June 30, 2018 — Significant Plans $ 12,156 $ 5,610 $ 237 $ 1,089 Actual return on plan assets 123 7 1 23 Company contributions, net of reimbursements 13 15 153 — Benefits paid, net of participants’ contributions and government subsidy (217 ) (68 ) (15 ) (14 ) Foreign exchange impact and other — 40 — 56 Plan assets at fair value at period end—Significant Plans $ 12,075 $ 5,604 $ 376 $ 1,154 Funded status of the Significant Plans Qualified plans (1) $ 36 $ 350 $ (282 ) $ 205 Nonqualified plans (657 ) — — — Funded status of the plans at period end—Significant Plans $ (621 ) $ 350 $ (282 ) $ 205 Net amount recognized at period end Benefit asset $ 36 $ 850 $ — $ 205 Benefit liability (657 ) (500 ) (282 ) — Net amount recognized on the balance sheet—Significant Plans $ (621 ) $ 350 $ (282 ) $ 205 Amounts recognized in AOCI at period end Prior service benefit $ — $ 25 $ — $ 80 Net actuarial (loss) gain (6,313 ) (807 ) 77 (284 ) Net amount recognized in equity (pretax)—Significant Plans $ (6,313 ) $ (782 ) $ 77 $ (204 ) Accumulated benefit obligation at period end—Significant Plans $ 12,689 $ 4,980 $ 658 $ 949 (1) The U.S. qualified pension plan is fully funded pursuant to the Employee Retirement Income Security Act of 1974, as amended (ERISA), funding rules as of January 1, 2018 and no minimum required funding is expected for 2018 . The following table shows the change in AOCI related to the Company’s pension, postretirement and post employment plans: In millions of dollars Three Months Ended Nine Months Ended September 30, 2018 Beginning of period balance, net of tax (1)(2) $ (5,794 ) $ (6,183 ) Actuarial assumptions changes and plan experience 181 1,300 Net asset loss due to difference between actual and expected returns (140 ) (919 ) Net amortization 49 161 Curtailment/settlement gain (3) — 6 Foreign exchange impact and other (35 ) 1 Change in deferred taxes, net (29 ) (134 ) Change, net of tax $ 26 $ 415 End of period balance, net of tax (1)(2) $ (5,768 ) $ (5,768 ) (1) See Note 17 to the Consolidated Financial Statements for further discussion of net AOCI balance. (2) Includes net-of-tax amounts for certain profit sharing plans outside the U.S. (3) Gains due to curtailment and settlement relate to repositioning and divestiture activities. Plan Assumptions The discount rates utilized during the period in determining the pension and postretirement net (benefit) expense for the Significant Plans are as follows: Net (benefit) expense assumed discount rates during the period Three Months Ended Sept. 30, 2018 Jun. 30, 2018 U.S. plans Qualified pension 4.25% 3.95% Nonqualified pension 4.25 3.95 Postretirement 4.20 3.90 Non-U.S. plans Pension 0.80-10.70 0.75-9.90 Weighted average 4.88 4.86 Postretirement 9.50 9.50 The discount rates utilized at period-end in determining the pension and postretirement benefit obligations for the Significant Plans are as follows: Plan obligations assumed discount rates at period ended Sept. 30, 2018 Jun. 30, 2018 Mar. 31, 2018 U.S. plans Qualified pension 4.30% 4.25% 3.95% Nonqualified pension 4.30 4.25 3.95 Postretirement 4.20 4.20 3.90 Non-U.S. plans Pension 0.95-10.75 0.80-10.70 0.75-9.90 Weighted average 5.08 4.88 4.86 Postretirement 10.10 9.50 9.50 Sensitivities of Certain Key Assumptions The following table summarizes the estimated effect on the Company’s Significant Plans quarterly expense of a one-percentage-point change in the discount rate: Three Months Ended September 30, 2018 In millions of dollars One-percentage-point increase One-percentage-point decrease Pension U.S. plans $ 5 $ (8 ) Non-U.S. plans (3 ) 5 Postretirement U.S. plans — (1 ) Non-U.S. plans (2 ) 2 Contributions For the U.S. pension plans, there were no required minimum cash contributions during the first nine months of 2018 . The following table summarizes the Company’s actual contributions for the nine months ended September 30, 2018 and 2017 , as well as estimated expected Company contributions for the remainder of 2018 and the actual contributions made for the remainder of 2017 : Pension plans Postretirement plans U.S. plans (1) Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2018 2017 2018 2017 2018 2017 2018 2017 Company contributions (2) for the nine months ended September 30 $ 42 $ 90 $ 143 $ 109 $ 159 $ 30 $ 7 $ 7 Company contributions made during the remainder of the year — 15 — 26 — 146 — 3 Company contributions expected to be made during the remainder of the year 15 — 33 — 2 — 2 — (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 by the Company. Defined Contribution Plans The following table summarizes the Company’s contributions for the defined contribution plans: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2018 2017 2018 2017 U.S. plans $ 90 $ 95 $ 293 $ 293 Non-U.S. plans 68 68 216 203 Post Employment Plans The following table summarizes the components of net expense recognized in the Consolidated Statement of Income for the Company’s U.S. post employment plans: Three Months Ended September 30, Nine Months Ended In millions of dollars 2018 2017 2018 2017 Interest cost on benefit obligation $ — $ — $ 1 $ 1 Expected return on plan assets — — (1 ) — Amortization of unrecognized: Prior service benefit (8 ) (8 ) (23 ) (23 ) Net actuarial loss 1 1 2 2 Total service- related benefit $ (7 ) $ (7 ) $ (21 ) $ (20 ) Non-service- related expense $ 4 $ 9 $ 7 $ 21 Total net (benefit) expense $ (3 ) $ 2 $ (14 ) $ 1 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The following table reconciles the income and share data used in the basic and diluted earnings per share (EPS) computations: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars, except per share amounts 2018 2017 2018 2017 Income from continuing operations before attribution of noncontrolling interests $ 4,633 $ 4,137 $ 13,783 $ 12,138 Less: Noncontrolling interests from continuing operations 3 (1 ) 51 41 Net income from continuing operations (for EPS purposes) $ 4,630 $ 4,138 $ 13,732 $ 12,097 Loss from discontinued operations, net of taxes (8 ) (5 ) — (2 ) Citigroup's net income $ 4,622 $ 4,133 $ 13,732 $ 12,095 Less: Preferred dividends (1) 270 272 860 893 Net income available to common shareholders $ 4,352 $ 3,861 $ 12,872 $ 11,202 Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with nonforfeitable rights to dividends, applicable to basic EPS 51 53 151 156 Net income allocated to common shareholders for basic EPS $ 4,301 $ 3,808 $ 12,721 $ 11,046 Net income allocated to common shareholders for diluted EPS 4,301 3,808 12,721 11,046 Weighted-average common shares outstanding applicable to basic EPS (in millions) 2,479.8 2,683.6 2,524.1 2,729.3 Effect of dilutive securities (2) Options (3) 0.2 0.1 0.1 0.1 Other employee plans 1.4 — 1.3 — Adjusted weighted-average common shares outstanding applicable to diluted EPS (4) 2,481.4 2,683.7 2,525.5 2,729.5 Basic earnings per share (5) Income from continuing operations $ 1.74 $ 1.42 $ 5.04 $ 4.05 Discontinued operations — — — — Net income $ 1.73 $ 1.42 $ 5.04 $ 4.05 Diluted earnings per share (5) Income from continuing operations $ 1.74 $ 1.42 $ 5.04 $ 4.05 Discontinued operations — — — — Net income $ 1.73 $ 1.42 $ 5.04 $ 4.05 (1) As of September 30, 2018 , Citi estimates it will distribute preferred dividends of approximately $313 million during the remainder of 2018, assuming such dividends are declared by the Citi Board of Directors. During the first nine months of 2018, Citi redeemed all of its 3.8 million Series AA preferred shares for $96.8 million and all of its 4.9 million Series E preferred shares for $121.3 million . All preferred shares were redeemed at par value. Citi redeemed all of its 23 million Series C preferred shares for $575 million in October 2018. (2) 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 $103.82 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 three and nine months ended September 30, 2018 and 2017 because they were anti-dilutive. (3) During the third quarters of 2018 and 2017 , weighted-average options to purchase 0.5 million and 0.8 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 $142.30 and $206.70 per share, respectively, were anti-dilutive. (4) Due to rounding, common shares outstanding applicable to basic EPS and the effect of dilutive securities may not sum to common shares outstanding applicable to diluted EPS. (5) 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 BORRO
FEDERAL FUNDS, SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS | 9 Months Ended |
Sep. 30, 2018 | |
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 For additional information on the Company’s resale and repurchase agreements and securities borrowing and lending agreements, see Note 11 to the Consolidated Financial Statements in Citi’s 2017 Annual Report on Form 10-K. Federal funds sold and securities borrowed and purchased under agreements to resell , at their respective carrying values, consisted of the following: In millions of dollars September 30, December 31, 2017 Federal funds sold $ 20 $ — Securities purchased under agreements to resell 152,889 130,984 Deposits paid for securities borrowed 128,032 101,494 Total (1) $ 280,941 $ 232,478 Federal funds purchased and securities loaned and sold under agreements to repurchase , at their respective carrying values, consisted of the following: In millions of dollars September 30, December 31, 2017 Federal funds purchased $ 117 $ 326 Securities sold under agreements to repurchase 161,987 142,646 Deposits received for securities loaned 13,811 13,305 Total (1) $ 175,915 $ 156,277 (1) The above tables do not include securities-for-securities lending transactions of $19.9 billion and $14.0 billion at September 30, 2018 and December 31, 2017, respectively, where the Company acts as lender and receives securities that can be sold or pledged as collateral. In these transactions, the Company recognizes the securities received at fair value within Other assets and the obligation to return those securities as a liability within Brokerage payables . 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. For resale and repurchase agreements, when necessary, the Company posts additional collateral in order to maintain contractual margin protection. A substantial portion of the resale and repurchase agreements is recorded at fair value, as described in Notes 20 and 21 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. 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 21 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 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. 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 September 30, 2018 In millions of dollars Gross amounts Gross amounts (1) Net amounts of (2) Amounts (3) Net (4) Securities purchased under agreements to resell $ 248,802 $ 95,913 $ 152,889 $ 121,141 $ 31,748 Deposits paid for securities borrowed 128,032 — 128,032 29,461 98,571 Total $ 376,834 $ 95,913 $ 280,921 $ 150,602 $ 130,319 In millions of dollars Gross amounts Gross amounts (1) Net amounts of (2) Amounts (3) Net (4) Securities sold under agreements to repurchase $ 257,900 $ 95,913 $ 161,987 $ 87,917 $ 74,070 Deposits received for securities loaned 13,811 — 13,811 4,730 9,081 Total $ 271,711 $ 95,913 $ 175,798 $ 92,647 $ 83,151 As of December 31, 2017 In millions of dollars Gross amounts Gross amounts (1) Net amounts of (2) Amounts (3) Net (4) Securities purchased under agreements to resell $ 204,460 $ 73,476 $ 130,984 $ 103,022 $ 27,962 Deposits paid for securities borrowed 101,494 — 101,494 22,271 79,223 Total $ 305,954 $ 73,476 $ 232,478 $ 125,293 $ 107,185 In millions of dollars Gross amounts Gross amounts (1) Net amounts of (2) Amounts (3) Net (4) Securities sold under agreements to repurchase $ 216,122 $ 73,476 $ 142,646 $ 73,716 $ 68,930 Deposits received for securities loaned 13,305 — 13,305 4,079 9,226 Total $ 229,427 $ 73,476 $ 155,951 $ 77,795 $ 78,156 (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. The following tables present the gross amount of liabilities associated with repurchase agreements and securities lending agreements, by remaining contractual maturity: As of September 30, 2018 In millions of dollars Open and overnight Up to 30 days 31–90 days Greater than 90 days Total Securities sold under agreements to repurchase $ 121,109 $ 59,246 $ 30,558 $ 46,987 $ 257,900 Deposits received for securities loaned 7,091 307 3,200 3,213 13,811 Total $ 128,200 $ 59,553 $ 33,758 $ 50,200 $ 271,711 As of December 31, 2017 In millions of dollars Open and overnight Up to 30 days 31–90 days Greater than 90 days Total Securities sold under agreements to repurchase $ 82,073 $ 68,372 $ 33,846 $ 31,831 $ 216,122 Deposits received for securities loaned 9,946 266 1,912 1,181 13,305 Total $ 92,019 $ 68,638 $ 35,758 $ 33,012 $ 229,427 The following tables present the gross amount of liabilities associated with repurchase agreements and securities lending agreements, by class of underlying collateral: As of September 30, 2018 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 95,116 $ 110 $ 95,226 State and municipal securities 2,803 — 2,803 Foreign government securities 94,306 301 94,607 Corporate bonds 22,247 545 22,792 Equity securities 18,759 11,982 30,741 Mortgage-backed securities 15,088 — 15,088 Asset-backed securities 6,513 — 6,513 Other 3,068 873 3,941 Total $ 257,900 $ 13,811 $ 271,711 As of December 31, 2017 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 58,774 $ — $ 58,774 State and municipal securities 1,605 — 1,605 Foreign government securities 89,576 105 89,681 Corporate bonds 20,194 657 20,851 Equity securities 20,724 11,907 32,631 Mortgage-backed securities 17,791 — 17,791 Asset-backed securities 5,479 — 5,479 Other 1,979 636 2,615 Total $ 216,122 $ 13,305 $ 229,427 |
BROKERAGE RECEIVABLES AND BROKE
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES | 9 Months Ended |
Sep. 30, 2018 | |
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. For additional information on these receivables and payables, see Note 12 to the Consolidated Financial Statements in Citi’s 2017 Annual Report on Form 10-K. Brokerage receivables and Brokerage payables consisted of the following: In millions of dollars September 30, December 31, 2017 Receivables from customers $ 15,195 $ 19,215 Receivables from brokers, dealers and clearing organizations 25,484 19,169 Total brokerage receivables (1) $ 40,679 $ 38,384 Payables to customers $ 41,414 $ 38,741 Payables to brokers, dealers and clearing organizations 31,932 22,601 Total brokerage payables (1) $ 73,346 $ 61,342 (1) Includes brokerage receivables and payables recorded by Citi broker-dealer entities that are accounted for in accordance with the AICPA Accounting Guide for Brokers and Dealers in Securities as codified in ASC 940-320. |
INVESTMENTS
INVESTMENTS | 9 Months Ended |
Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS | INVESTMENTS For additional information regarding Citi’s investment portfolios, including evaluating investments for other-than-temporary impairment (OTTI), see Note 13 to the Consolidated Financial Statements in Citi’s 2017 Annual Report on Form 10-K. Overview Citi adopted ASU 2016-01 and ASU 2018-03 as of January 1, 2018. The ASUs require fair value changes on marketable equity securities to be recognized in earnings. The available-for-sale category was eliminated for equity securities. Also, non-marketable equity securities are required to be measured at fair value with changes in fair value recognized in earnings unless (i) the measurement alternative is elected or (ii) the investment represents Federal Reserve Bank and Federal Home Loan Bank stock or certain exchange seats that continue to be carried at cost. See Note 1 to the Consolidated Financial Statements for additional details. The following tables present Citi’s investments by category: In millions of dollars September 30, Debt securities available-for-sale (AFS) $ 284,782 Debt securities held-to-maturity (HTM) (1) 53,249 Marketable equity securities carried at fair value (2) 260 Non-marketable equity securities carried at fair value (2) 1,128 Non-marketable equity securities measured using the measurement alternative (3) 452 Non-marketable equity securities carried at cost (4) 5,642 Total investments $ 345,513 In millions of dollars December 31, Securities available-for-sale (AFS) $ 290,914 Debt securities held-to-maturity (HTM) (1) 53,320 Non-marketable equity securities carried at fair value (2) 1,206 Non-marketable equity securities carried at cost (4) 6,850 Total investments $ 352,290 (1) Carried at adjusted amortized cost basis, net of any credit-related impairment. (2) Unrealized gains and losses are recognized in earnings. (3) Impairment losses and adjustments to the carrying value as a result of observable price changes are recognized in earnings. (4) Represents shares issued by the Federal Reserve Bank, Federal Home Loan Banks and certain exchanges of which Citigroup is a member. The following table presents interest and dividend income on investments: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2018 2017 2018 2017 Taxable interest $ 2,195 $ 1,922 $ 6,395 $ 5,545 Interest exempt from U.S. federal income tax 130 129 392 412 Dividend income 63 53 209 165 Total interest and dividend income $ 2,388 $ 2,104 $ 6,996 $ 6,122 The following table presents realized gains and losses on the sales of investments, which excludes OTTI losses: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2018 2017 2018 2017 Gross realized investment gains $ 153 $ 293 $ 550 $ 840 Gross realized investment losses (84 ) (80 ) (209 ) (214 ) Net realized gains on sale of investments $ 69 $ 213 $ 341 $ 626 Securities Available-for-Sale The amortized cost and fair value of AFS securities were as follows: September 30, 2018 December 31, 2017 In millions of dollars Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Securities AFS Mortgage-backed securities (1) U.S. government-sponsored agency guaranteed $ 46,675 $ 61 $ 1,575 $ 45,161 $ 42,116 $ 125 $ 500 $ 41,741 Prime — — — — 11 6 — 17 Alt-A 1 — — 1 26 90 — 116 Non-U.S. residential 1,620 7 1 1,626 2,744 13 6 2,751 Commercial 233 1 3 231 334 — 2 332 Total mortgage-backed securities $ 48,529 $ 69 $ 1,579 $ 47,019 $ 45,231 $ 234 $ 508 $ 44,957 U.S. Treasury and federal agency securities U.S. Treasury $ 108,509 $ 28 $ 1,949 $ 106,588 $ 108,344 $ 77 $ 971 $ 107,450 Agency obligations 9,752 — 197 9,555 10,813 7 124 10,696 Total U.S. Treasury and federal agency securities $ 118,261 $ 28 $ 2,146 $ 116,143 $ 119,157 $ 84 $ 1,095 $ 118,146 State and municipal (2) $ 9,662 $ 87 $ 269 $ 9,480 $ 8,870 $ 140 $ 245 $ 8,765 Foreign government 94,937 293 769 94,461 100,615 508 590 100,533 Corporate 12,498 21 139 12,380 14,144 51 86 14,109 Asset-backed securities (1) 1,265 3 6 1,262 3,906 14 2 3,918 Other debt securities 4,036 1 — 4,037 297 — — 297 Total debt securities AFS $ 289,188 $ 502 $ 4,908 $ 284,782 $ 292,220 $ 1,031 $ 2,526 $ 290,725 Marketable equity securities AFS (3) $ — $ — $ — $ — $ 186 $ 4 $ 1 $ 189 Total securities AFS $ 289,188 $ 502 $ 4,908 $ 284,782 $ 292,406 $ 1,035 $ 2,527 $ 290,914 (1) The Company invests in 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 18 to the Consolidated Financial Statements. (2) In the second quarter of 2017, Citi early adopted ASU 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. Upon adoption, a cumulative effect adjustment was recorded to reduce Retained earnings , effective January 1, 2017, for the incremental amortization of purchase premiums and cumulative fair value hedge adjustments on callable state and municipal debt securities. For additional information, see Note 1 to the Consolidated Financial Statements. (3) Citi adopted ASU 2016-01 and ASU 2018-03 as of January 1, 2018, resulting in a cumulative effect adjustment from AOCI to Retained earnings for net unrealized gains on marketable equity securities AFS. The available-for-sale category was eliminated for equity securities effective January 1, 2018. See Note 1 to the Consolidated Financial Statements for additional details. The following table shows the fair value of AFS securities that have been in an unrealized loss position: Less than 12 months 12 months or longer Total In millions of dollars Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses September 30, 2018 Debt Securities AFS (1) Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 21,723 $ 574 $ 18,828 $ 1,001 $ 40,551 $ 1,575 Non-U.S. residential 256 1 1 — 257 1 Commercial 168 2 51 1 219 3 Total mortgage-backed securities $ 22,147 $ 577 $ 18,880 $ 1,002 $ 41,027 $ 1,579 U.S. Treasury and federal agency securities U.S. Treasury $ 27,095 $ 279 $ 65,789 $ 1,670 $ 92,884 $ 1,949 Agency obligations 1,549 15 8,004 182 9,553 197 Total U.S. Treasury and federal agency securities $ 28,644 $ 294 $ 73,793 $ 1,852 $ 102,437 $ 2,146 State and municipal $ 1,811 $ 48 $ 1,260 $ 221 $ 3,071 $ 269 Foreign government 48,491 463 11,598 306 60,089 769 Corporate 6,556 114 798 25 7,354 139 Asset-backed securities 604 6 27 — 631 6 Other debt securities 1,313 — — — 1,313 — Total debt securities AFS $ 109,566 $ 1,502 $ 106,356 $ 3,406 $ 215,922 $ 4,908 December 31, 2017 Securities AFS Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 30,994 $ 438 $ 2,206 $ 62 $ 33,200 $ 500 Non-U.S. residential 753 6 — — 753 6 Commercial 150 1 57 1 207 2 Total mortgage-backed securities $ 31,897 $ 445 $ 2,263 $ 63 $ 34,160 $ 508 U.S. Treasury and federal agency securities U.S. Treasury $ 79,050 $ 856 $ 7,404 $ 115 $ 86,454 $ 971 Agency obligations 8,857 110 1,163 14 10,020 124 Total U.S. Treasury and federal agency securities $ 87,907 $ 966 $ 8,567 $ 129 $ 96,474 $ 1,095 State and municipal $ 1,009 $ 11 $ 1,155 $ 234 $ 2,164 $ 245 Foreign government 53,206 356 9,051 234 62,257 590 Corporate 6,737 74 859 12 7,596 86 Asset-backed securities 449 1 25 1 474 2 Other debt securities — — — — — — Marketable equity securities AFS (1) 11 1 — — 11 1 Total securities AFS $ 181,216 $ 1,854 $ 21,920 $ 673 $ 203,136 $ 2,527 (1) Citi adopted ASU 2016-01 and ASU 2018-03 as of January 1, 2018, resulting in a cumulative effect adjustment from AOCI to retained earnings for net unrealized gains on marketable equity securities AFS. The available-for-sale category was eliminated for equity securities effective January 1, 2018. See Note 1 to the Consolidated Financial Statements for additional details. The following table presents the amortized cost and fair value of AFS debt securities by contractual maturity dates: September 30, 2018 December 31, 2017 In millions of dollars Amortized cost Fair value Amortized cost Fair value Mortgage-backed securities (1) Due within 1 year $ 434 $ 431 $ 45 $ 45 After 1 but within 5 years 1,201 1,194 1,306 1,304 After 5 but within 10 years 2,159 2,119 1,376 1,369 After 10 years (2) 44,735 43,275 42,504 42,239 Total $ 48,529 $ 47,019 $ 45,231 $ 44,957 U.S. Treasury and federal agency securities Due within 1 year $ 34,543 $ 34,471 $ 4,913 $ 4,907 After 1 but within 5 years 81,735 79,739 111,236 110,238 After 5 but within 10 years 1,893 1,842 3,008 3,001 After 10 years (2) 90 91 — — Total $ 118,261 $ 116,143 $ 119,157 $ 118,146 State and municipal Due within 1 year $ 2,773 $ 2,772 $ 1,792 $ 1,792 After 1 but within 5 years 1,575 1,570 2,579 2,576 After 5 but within 10 years 572 590 514 528 After 10 years (2) 4,742 4,548 3,985 3,869 Total $ 9,662 $ 9,480 $ 8,870 $ 8,765 Foreign government Due within 1 year $ 34,686 $ 34,649 $ 32,130 $ 32,100 After 1 but within 5 years 47,933 47,416 53,034 53,165 After 5 but within 10 years 10,371 10,386 12,949 12,680 After 10 years (2) 1,947 2,010 2,502 2,588 Total $ 94,937 $ 94,461 $ 100,615 $ 100,533 All other (3) Due within 1 year $ 6,439 $ 6,435 $ 3,998 $ 3,991 After 1 but within 5 years 9,151 9,068 9,047 9,027 After 5 but within 10 years 1,614 1,603 3,415 3,431 After 10 years (2) 595 573 1,887 1,875 Total $ 17,799 $ 17,679 $ 18,347 $ 18,324 Total debt securities AFS $ 289,188 $ 284,782 $ 292,220 $ 290,725 (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 were as follows: In millions of dollars Carrying value Gross unrealized gains Gross unrealized losses Fair value September 30, 2018 Debt securities held-to-maturity Mortgage-backed securities (1) U.S. government agency guaranteed $ 25,058 $ 3 $ 869 $ 24,192 Alt-A — — — — Non-U.S. residential 1,288 19 — 1,307 Commercial 260 — — 260 Total mortgage-backed securities $ 26,606 $ 22 $ 869 $ 25,759 State and municipal $ 7,399 $ 124 $ 185 $ 7,338 Foreign government 1,151 — 14 1,137 Asset-backed securities (1) 18,093 27 11 18,109 Total debt securities held-to-maturity $ 53,249 $ 173 $ 1,079 $ 52,343 December 31, 2017 Debt securities held-to-maturity Mortgage-backed securities (1) U.S. government agency guaranteed $ 23,880 $ 40 $ 157 $ 23,763 Alt-A 141 57 — 198 Non-U.S. residential 1,841 65 — 1,906 Commercial 237 — — 237 Total mortgage-backed securities $ 26,099 $ 162 $ 157 $ 26,104 State and municipal (2) $ 8,897 $ 378 $ 73 $ 9,202 Foreign government 740 — 18 722 Asset-backed securities (1) 17,584 162 22 17,724 Total debt securities held-to-maturity $ 53,320 $ 702 $ 270 $ 53,752 (1) The Company invests in 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 18 to the Consolidated Financial Statements. (2) In the second quarter of 2017, Citi early adopted ASU 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. Upon adoption, a cumulative effect adjustment was recorded to reduce retained earnings, effective January 1, 2017, for the incremental amortization of purchase premiums and cumulative fair value hedge adjustments on callable state and municipal debt securities. For additional information, see Note 1 to the Consolidated Financial Statements. The table below shows the fair value of debt securities HTM that have been in an unrecognized loss position: Less than 12 months 12 months or longer Total In millions of dollars Fair Gross Fair Gross Fair Gross September 30, 2018 Debt securities held-to-maturity Mortgage-backed securities $ 13,815 $ 392 $ 9,815 $ 477 $ 23,630 $ 869 State and municipal 2,283 58 799 127 3,082 185 Foreign government 1,138 14 — — 1,138 14 Asset-backed securities 3,670 11 2 — 3,672 11 Total debt securities held-to-maturity $ 20,906 $ 475 $ 10,616 $ 604 $ 31,522 $ 1,079 December 31, 2017 Debt securities held-to-maturity Mortgage-backed securities $ 8,569 $ 50 $ 6,353 $ 107 $ 14,922 $ 157 State and municipal 353 5 835 68 1,188 73 Foreign government 723 18 — — 723 18 Asset-backed securities 71 3 134 19 205 22 Total debt securities held-to-maturity $ 9,716 $ 76 $ 7,322 $ 194 $ 17,038 $ 270 Note: Excluded from the gross unrecognized losses presented in the table above are $(65) million and $(117) million of net unrealized losses recorded in AOCI as of September 30, 2018 and December 31, 2017 , respectively, primarily related to the difference between the amortized cost and carrying value of HTM debt 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 September 30, 2018 and December 31, 2017 . The following table presents the carrying value and fair value of HTM debt securities by contractual maturity dates: September 30, 2018 December 31, 2017 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 129 127 720 720 After 5 but within 10 years 101 99 148 149 After 10 years (1) 26,376 25,533 25,231 25,235 Total $ 26,606 $ 25,759 $ 26,099 $ 26,104 State and municipal Due within 1 year $ 31 $ 31 $ 407 $ 425 After 1 but within 5 years 131 133 259 270 After 5 but within 10 years 492 495 512 524 After 10 years (1) 6,745 6,679 7,719 7,983 Total $ 7,399 $ 7,338 $ 8,897 $ 9,202 Foreign government Due within 1 year $ 114 $ 114 $ 381 $ 381 After 1 but within 5 years 1,037 1,023 359 341 After 5 but within 10 years — — — — After 10 years (1) — — — — Total $ 1,151 $ 1,137 $ 740 $ 722 All other (2) Due within 1 year $ — $ — $ — $ — After 1 but within 5 years — — — — After 5 but within 10 years 2,244 2,250 1,669 1,680 After 10 years (1) 15,849 15,859 15,915 16,044 Total $ 18,093 $ 18,109 $ 17,584 $ 17,724 Total debt securities held-to-maturity $ 53,249 $ 52,343 $ 53,320 $ 53,752 (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. This review applies to all securities that are not measured at fair value through earnings. Effective January 1, 2018, the AFS category was eliminated for equity securities and, therefore, other-than-temporary impairment (OTTI) review is not required for those securities. See Note 1 to the Consolidated Financial Statements for additional details. 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. Temporary losses related to HTM debt securities generally are not recorded, as these investments are carried at adjusted amortized cost basis. However, for HTM debt securities with credit-related impairment, 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 debt 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 debt 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 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 Securities 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. AFS Equity Securities and Equity Method Investments For AFS equity securities, prior to January 1, 2018, management considered the various factors described above, including its intent and ability to hold an equity security for a period of time sufficient for recovery to cost or whether it was more-likely-than-not that the Company would have been required to sell the security prior to recovery of its cost basis. Where management lacked that intent or ability, the security’s decline in fair value was deemed to be other-than-temporary and was recorded in earnings. Effective January 1, 2018, the AFS category has been eliminated for equity securities and, therefore, OTTI review is not required for those securities. See Note 1 to the Consolidated Financial Statements for additional details. 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 20 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: • 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 September 30, 2018. Mortgage-Backed Securities For U.S. mortgage-backed securities, 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, or would be more-likely-than-not required to sell, the full impairment is recognized in earnings. Recognition and Measurement of OTTI The following tables present total OTTI recognized in earnings: OTTI on Investments Three Months Ended Nine Months Ended In millions of dollars AFS (1) HTM Total AFS (1) HTM Total Impairment losses related to debt securities that the Company does not intend to sell nor will likely be required to sell: Total OTTI losses recognized during the period $ — $ — $ — $ — $ — $ — Less: portion of impairment loss recognized in AOCI (before taxes) — — — — — — Net impairment losses recognized in earnings for debt securities that the Company does not intend to sell nor will likely be required to sell $ — $ — $ — $ — $ — $ — Impairment losses recognized in earnings for debt securities that the Company intends to sell, would be more-likely-than-not required to sell or will be subject to an issuer call deemed probable of exercise 70 — 70 109 — 109 Total OTTI losses recognized in earnings $ 70 $ — $ 70 $ 109 $ — $ 109 (1) For the three and nine months ended September 30, 2018, amounts represent AFS debt securities. Effective January 1, 2018, the AFS category was eliminated for equity securities. See Note 1 to the Consolidated Financial Statements for additional details. OTTI on Investments Three Months Ended Nine Months Ended In millions of dollars AFS (1) HTM Total AFS (1) HTM Total Impairment losses related to securities that the Company does not intend to sell nor will likely be required to sell: Total OTTI losses recognized during the period $ 2 $ — $ 2 $ 2 $ — $ 2 Less: portion of impairment loss recognized in AOCI (before taxes) — — — — — — Net impairment losses recognized in earnings for securities that the Company does not intend to sell nor will likely be required to sell $ 2 $ — $ 2 $ 2 $ — $ 2 Impairment losses recognized in earnings for securities that the Company intends to sell, would be more-likely-than-not required to sell or will be subject to an issuer call deemed probable of exercise and FX losses 12 1 13 43 2 45 Total impairment losses recognized in earnings $ 14 $ 1 $ 15 $ 45 $ 2 $ 47 (1) Includes OTTI on non-marketable equity securities. The following are three-month rollforwards of the credit-related impairments recognized in earnings for AFS and HTM debt securities held that the Company does not intend to sell nor likely will be required to sell: Cumulative OTTI credit losses recognized in earnings on debt securities still held In millions of dollars June 30, 2018 balance Credit Credit Changes due to September 30, 2018 balance AFS debt securities Mortgage-backed securities (1) $ 1 $ — $ — $ — $ 1 State and municipal — — — — — Foreign government securities — — — — — Corporate 4 — — — 4 All other debt securities 2 — — — 2 Total OTTI credit losses recognized for AFS debt securities $ 7 $ — $ — $ — $ 7 HTM debt securities Mortgage-backed securities $ — $ — $ — $ — $ — State and municipal — — — — — Total OTTI credit losses recognized for HTM debt securities $ — $ — $ — $ — $ — (1) Primarily consists of Prime securities. Cumulative OTTI credit losses recognized in earnings on debt securities still held In millions of dollars June 30, 2017 balance Credit Credit Reductions due to September 30, 2017 balance AFS debt securities Mortgage-backed securities $ — $ — $ — $ — $ — State and municipal 4 — — — 4 Foreign government securities — — — — — Corporate 4 — — — 4 All other debt securities — — 2 — 2 Total OTTI credit losses recognized for AFS debt securities $ 8 $ — $ 2 $ — $ 10 HTM debt securities Mortgage-backed securities (1) $ 97 $ — $ — $ — $ 97 State and municipal 3 — — — 3 Total OTTI credit losses recognized for HTM debt securities $ 100 $ — $ — $ — $ 100 (1) Primarily consists of Alt-A securities. The following are nine-month rollforwards of the credit-related impairments recognized in earnings for AFS and HTM debt securities held that the Company does not intend to sell nor likely will be required to sell: Cumulative OTTI credit losses recognized in earnings on debt securities still held In millions of dollars December 31, 2017 balance Credit Credit Changes due to (1) September 30, 2018 balance AFS debt securities Mortgage-backed securities (2) $ 38 $ — $ — $ (37 ) $ 1 State and municipal 4 — — (4 ) — Foreign government securities — — — — — Corporate 4 — — — 4 All other debt securities 2 — — — 2 Total OTTI credit losses recognized for AFS debt securities $ 48 $ — $ — $ (41 ) $ 7 HTM debt securities Mortgage-backed securities (3) $ 54 $ — $ — $ (54 ) $ — State and municipal 3 — — (3 ) — Total OTTI credit losses recognized for HTM debt securities $ 57 $ — $ — $ (57 ) $ — (1) Includes $18 million in cumulative OTTI reclassified from HTM to AFS due to the transfer of the related debt securities from HTM to AFS. Citi adopted ASU 2017-12, Targeted Improvements to Accounting for Hedge Activities , on January 1, 2018 and transferred approximately $4 billion of HTM debt securities into AFS classification as permitted as a one-time transfer under the standard. (2) Primarily consists of Prime securities. (3) Primarily consists of Alt-A securities. Cumulative OTTI credit losses recognized in earnings on debt securities still held In millions of dollars December 31, 2016 balance Credit Credit Reductions due to September 30, 2017 balance AFS debt securities Mortgage-backed securities $ — $ — $ — $ — $ — State and municipal 4 — — — 4 Foreign government securities — — — — — Corporate 5 — — (1 ) 4 All other debt securities 22 — 2 (22 ) 2 Total OTTI credit losses recognized for AFS debt securities $ 31 $ — $ 2 $ (23 ) $ 10 HTM debt securities Mortgage-backed securities (1) $ 101 $ — $ — $ (4 ) $ 97 State and municipal 3 — — — 3 Total OTTI credit losses recognized for HTM debt securities $ 104 $ — $ — $ (4 ) $ 100 (1) Primarily consists of Alt-A securities. Non-Marketable Equity Securities Not Carried at Fair Value Effective January 1, 2018, non-marketable equity securities are required to be measured at fair value with changes in fair value recognized in earnings unless (i) the measurement alternative is elected or (ii) the investment represents Federal Reserve Bank and Federal Home Loan Bank stock or certain exchange seats that continue to be carried at cost. See Note 1 to the Consolidated Financial Statements for additional details. The election to measure a non-marketable equity security using the measurement alternative is made on an instrument-by-instrument basis. Under the measurement alternative, an equity security is carried at cost plus or minus changes resulting from observable prices in orderly transactions for the identical or a similar investment of the same issuer. The carrying value of the equity security is adjusted to fair value on the date of an observed transaction. Fair value may differ from the observed transaction price due to a number of factors, including marketability adjustments and differences in rights and obligations when the observed transaction is not for the identical investment held by Citi. Equity securities under the measurement alternative are also assessed for impairment. On a quarterly basis, management qualitatively assesses whether each equity security under the measurement alternative is impaired. Impairment indicators that are considered include, but are not limited to, the following: • a significant deterioration in the earnings performance, credit rating, asset quality or business prospects of the investee; • a significant adverse change in the regulatory, economic or technological environment of the investee; • a significant adverse change in the general market condition of either the geographical area or the industry in which the investee operates; • a bona fide offer to purchase, an offer by the investee to sell or a completed auction process for the same or similar investment for an amount less than the carrying amount of that investment; and • factors that raise significant concerns about the investee’s ability to continue as a going concern, such as negative cash flows from operations, working capital deficiencies or noncompliance with statutory capital requirements or debt covenants. When the qualitative assessment indicates |
LOANS
LOANS | 9 Months Ended |
Sep. 30, 2018 | |
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. For additional information regarding Citi’s consumer and corporate loans, including related accounting policies, see Note 14 to the Consolidated Financial Statements in Citi’s 2017 Annual Report on Form 10-K. Consumer Loans Consumer loans represent loans and leases managed primarily by GCB and Corporate/Other . The following table provides Citi’s consumer loans by loan type: In millions of dollars September 30, December 31, 2017 In U.S. offices Mortgage and real estate (1) $ 61,048 $ 65,467 Installment, revolving credit and other 3,515 3,398 Cards 137,051 139,006 Commercial and industrial 7,686 7,840 $ 209,300 $ 215,711 In offices outside the U.S. Mortgage and real estate (1) $ 43,714 $ 44,081 Installment, revolving credit and other 27,899 26,556 Cards 24,971 26,257 Commercial and industrial 18,821 20,238 Lease financing 52 76 $ 115,457 $ 117,208 Total consumer loans $ 324,757 $ 332,919 Net unearned income $ 712 $ 737 Consumer loans, net of unearned income $ 325,469 $ 333,656 (1) Loans secured primarily by real estate. The Company sold and/or reclassified to held-for-sale $0.3 billion and $3.0 billion , $0.4 billion and $3.2 billion of consumer loans during the three and nine months ended September 30, 2018 and 2017, respectively. Consumer Loan Delinquency and Non-Accrual Details at September 30, 2018 In millions of dollars Total current (1)(2) 30–89 days past due (3) ≥ 90 days past due (3) Past due government guaranteed (4) Total loans (2) Total non-accrual 90 days past due and accruing In North America offices Residential first mortgages (5) $ 46,038 $ 503 $ 263 $ 903 $ 47,707 $ 628 $ 641 Home equity loans (6)(7) 11,693 174 264 — 12,131 561 — Credit cards 134,721 1,612 1,539 — 137,872 — 1,539 Installment and other 3,473 40 14 — 3,527 20 — Commercial banking loans 9,206 25 48 — 9,279 114 — Total $ 205,131 $ 2,354 $ 2,128 $ 903 $ 210,516 $ 1,323 $ 2,180 In offices outside North America Residential first mortgages (5) $ 35,919 $ 217 $ 146 $ — $ 36,282 $ 397 $ — Credit cards 23,638 420 356 — 24,414 314 223 Installment and other 25,192 267 108 — 25,567 163 — Commercial banking loans 28,569 54 66 — 28,689 177 — Total $ 113,318 $ 958 $ 676 $ — $ 114,952 $ 1,051 $ 223 Total GCB and Corporate/Other — Consumer $ 318,449 $ 3,312 $ 2,804 $ 903 $ 325,468 $ 2,374 $ 2,403 Other (8) 1 — — — 1 — — Total Citigroup $ 318,450 $ 3,312 $ 2,804 $ 903 $ 325,469 $ 2,374 $ 2,403 (1) Loans less than 30 days past due are presented as current. (2) Includes $21 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 $0.2 billion and 90 days or more past due of $0.7 billion . (5) Includes approximately $0.1 billion of residential first mortgage loans in process of foreclosure. (6) Includes approximately $0.1 billion of home equity loans in process of foreclosure. (7) Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. (8) Represents loans classified as consumer loans on the Consolidated Balance Sheet that are not included in GCB or Corporate/Other consumer credit metrics. Consumer Loan Delinquency and Non-Accrual Details at December 31, 2017 In millions of dollars Total current (1)(2) 30–89 days past due (3) ≥ 90 days past due (3) Past due government guaranteed (4) Total loans (2) Total non-accrual 90 days past due and accruing In North America offices Residential first mortgages (5) $ 47,366 $ 505 $ 280 $ 1,225 $ 49,376 $ 665 $ 941 Home equity loans (6)(7) 14,268 207 352 — 14,827 750 — Credit cards 136,588 1,528 1,613 — 139,729 — 1,596 Installment and other 3,395 45 16 — 3,456 22 1 Commercial banking loans 9,395 51 65 — 9,511 213 — Total $ 211,012 $ 2,336 $ 2,326 $ 1,225 $ 216,899 $ 1,650 $ 2,538 In offices outside North America Residential first mortgages (5) $ 37,062 $ 209 $ 148 $ — $ 37,419 $ 400 $ — Credit cards 24,934 427 366 — 25,727 323 259 Installment and other 25,634 275 123 — 26,032 157 — Commercial banking loans 27,449 57 72 — 27,578 160 — Total $ 115,079 $ 968 $ 709 $ — $ 116,756 $ 1,040 $ 259 Total GCB and Corporate/Other — Consumer $ 326,091 $ 3,304 $ 3,035 $ 1,225 $ 333,655 $ 2,690 $ 2,797 Other (8) 1 — — — 1 — — Total Citigroup $ 326,092 $ 3,304 $ 3,035 $ 1,225 $ 333,656 $ 2,690 $ 2,797 (1) Loans less than 30 days past due are presented as current. (2) Includes $25 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 $0.2 billion and 90 days or more past due of $1.0 billion . (5) Includes approximately $0.1 billion of residential first mortgage loans in process of foreclosure. (6) Includes approximately $0.1 billion of home equity loans in process of foreclosure. (7) Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. (8) Represents loans classified as consumer loans on the Consolidated Balance Sheet that are not included in GCB or Corporate/Other consumer credit metrics. Consumer Credit Scores (FICO) The following tables provide details on the FICO scores for Citi’s U.S. consumer loan portfolio based on end-of-period receivables (commercial banking loans are excluded from 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) September 30, 2018 In millions of dollars Less than 680 to 760 Greater Residential first mortgages $ 4,647 $ 13,854 $ 26,553 Home equity loans 2,575 4,495 4,692 Credit cards 31,379 56,636 47,675 Installment and other 624 1,080 1,189 Total $ 39,225 $ 76,065 $ 80,109 FICO score distribution in U.S. portfolio (1)(2) December 31, 2017 In millions of dollars Less than 680 680 to 760 Greater than 760 Residential first mortgages $ 5,603 $ 14,423 $ 26,271 Home equity loans 3,347 5,439 5,650 Credit cards 30,875 56,443 48,989 Installment and other 716 1,020 1,275 Total $ 40,541 $ 77,325 $ 82,185 (1) Excludes loans guaranteed by U.S. government entities, loans subject to long-term standby commitments (LTSC) with U.S. government-sponsored entities and loans recorded at fair value. (2) Excludes balances where FICO was not available. Such amounts are not material. Loan to Value (LTV) Ratios The following tables provide details on the LTV ratios for Citi’s U.S. consumer mortgage portfolios. 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) September 30, 2018 In millions of dollars Less than or equal to 80% > 80% but less than or equal to 100% Greater than 100% Residential first mortgages $ 42,823 $ 2,205 $ 151 Home equity loans 9,884 1,366 446 Total $ 52,707 $ 3,571 $ 597 LTV distribution in U.S. portfolio (1)(2) December 31, 2017 In millions of dollars Less than or equal to 80% > 80% but less than or equal to 100% Greater than 100% Residential first mortgages $ 43,626 $ 2,578 $ 247 Home equity loans 11,403 2,147 800 Total $ 55,029 $ 4,725 $ 1,047 (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 The following tables present information about impaired consumer loans and interest income recognized on impaired consumer loans: Three Months Ended Nine Months Ended September 30, Balance at September 30, 2018 2018 2017 2018 2017 In millions of dollars Recorded investment (1)(2) Unpaid principal balance Related specific allowance (3) Average carrying value (4) Interest income (5) Interest income (5) Interest income recognized (5) Interest income recognized (5) Mortgage and real estate Residential first mortgages $ 2,294 $ 2,508 $ 197 $ 2,670 $ 21 $ 29 $ 63 $ 97 Home equity loans 704 980 125 815 2 7 10 21 Credit cards 1,801 1,828 654 1,807 24 37 79 110 Installment and other Individual installment and other 406 436 153 421 5 5 17 18 Commercial banking 296 441 46 306 2 4 10 18 Total $ 5,501 $ 6,193 $ 1,175 $ 6,019 $ 54 $ 82 $ 179 $ 264 (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) $529 million of residential first mortgages, $270 million of home equity loans and $25 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, December 31, 2017 In millions of dollars Recorded investment (1)(2) Unpaid principal balance Related specific allowance (3) Average carrying value (4) Mortgage and real estate Residential first mortgages $ 2,877 $ 3,121 $ 278 $ 3,155 Home equity loans 1,151 1,590 216 1,181 Credit cards 1,787 1,819 614 1,803 Installment and other Individual installment and other 431 460 175 415 Commercial banking 334 541 51 429 Total $ 6,580 $ 7,531 $ 1,334 $ 6,983 (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) $607 million of residential first mortgages, $370 million of home equity loans and $10 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. Consumer Troubled Debt Restructurings For the Three Months Ended September 30, 2018 In millions of dollars, except number of loans modified Number of Post- (1)(2) Deferred (3) Contingent (4) Principal (5) Average North America Residential first mortgages 461 $ 66 $ — $ — $ — — % Home equity loans 261 26 1 — — 1 Credit cards 61,508 253 — — — 18 Installment and other revolving 322 2 — — — 5 Commercial banking (6) 11 3 — — — — Total (8) 62,563 $ 350 $ 1 $ — $ — International Residential first mortgages 660 $ 22 $ — $ — $ — — % Credit cards 18,413 77 — — 2 17 Installment and other revolving 6,421 34 — — 2 10 Commercial banking (6) 131 9 — — — — Total (8) 25,625 $ 142 $ — $ — $ 4 For the Three Months Ended September 30, 2017 In millions of dollars, except number of loans modified Number of loans modified Post- modification recorded investment (1)(7) Deferred principal (3) Contingent principal forgiveness (4) Principal forgiveness (5) Average interest rate reduction North America Residential first mortgages 1,400 $ 199 $ 1 $ — $ — — % Home equity loans 830 70 5 — — 1 Credit cards 59,285 225 — — — 17 Installment and other revolving 299 2 — — — 6 Commercial banking (6) 33 59 — — — — Total (8) 61,847 $ 555 $ 6 $ — $ — International Residential first mortgages 703 $ 25 $ — $ — $ — — % Credit cards 28,254 103 — — 2 11 Installment and other revolving 11,725 70 — — 3 11 Commercial banking (6) 97 11 — — — — Total (8) 40,779 $ 209 $ — $ — $ 5 (1) Post-modification balances include past due amounts that are capitalized at the modification date. (2) Post-modification balances in North America include $10 million of residential first mortgages and $2 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the three months ended September 30, 2018 . These amounts include $7 million of residential first mortgages and $2 million of home equity loans that were newly classified as TDRs in the three months ended September 30, 2018 , based on previously received OCC guidance. (3) Represents portion of contractual loan principal that is non-interest bearing, but still due from the borrower. Such deferred principal is charged off at the time of permanent modification to the extent that the related loan balance exceeds the underlying collateral value. (4) Represents portion of contractual loan principal that is non-interest bearing and, depending upon borrower performance, eligible for forgiveness. (5) Represents portion of contractual loan principal that was forgiven at the time of permanent modification. (6) Commercial banking loans are generally borrower-specific modifications and incorporate changes in the amount and/or timing of principal and/or interest. (7) Post-modification balances in North America include $ 12 million of residential first mortgages and $ 5 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the three months ended September 30, 2017 . These amounts include $ 7 million of residential first mortgages and $ 5 million of home equity loans that were newly classified as TDRs in the three months ended September 30, 2017 , based on previously received OCC guidance. (8) The above tables reflect activity for loans outstanding that were considered TDRs as of the end of the reporting period. For the Nine Months Ended September 30, 2018 In millions of dollars, except number of loans modified Number of loans modified Post- modification recorded investment (1)(2) Deferred principal (3) Contingent principal forgiveness (4) Principal forgiveness (5) Average interest rate reduction North America Residential first mortgages 1,544 $ 233 $ 2 $ — $ — — % Home equity loans 1,097 104 4 — — 1 Credit cards 180,170 717 — — — 17 Installment and other revolving 956 7 — — — 5 Commercial banking (6) 37 5 — — — — Total (8) 183,804 $ 1,066 $ 6 $ — $ — International Residential first mortgages 1,833 $ 62 $ — $ — $ — — % Credit cards 59,589 249 — — 7 16 Installment and other revolving 22,918 136 — — 6 10 Commercial banking (6) 433 60 — — — 1 Total (8) 84,773 $ 507 $ — $ — $ 13 For the Nine Months Ended September 30, 2017 In millions of dollars, except number of loans modified Number of loans modified Post- modification recorded investment (1)(7) Deferred principal (3) Contingent principal forgiveness (4) Principal forgiveness (5) Average interest rate reduction North America Residential first mortgages 3,172 $ 445 $ 5 $ — $ 2 1 % Home equity loans 2,186 185 13 — — 1 Credit cards 171,702 659 — — — 17 Installment and other revolving 770 6 — — — 5 Commercial banking (6) 89 107 — — — — Total (8) 177,919 $ 1,402 $ 18 $ — $ 2 International Residential first mortgages 2,071 $ 80 $ — $ — $ — — % Credit cards 82,042 286 — — 6 12 Installment and other revolving 34,654 194 — — 9 9 Commercial banking (6) 182 30 — — — — Total (8) 118,949 $ 590 $ — $ — $ 15 (1) Post-modification balances include past due amounts that are capitalized at the modification date. (2) Post-modification balances in North America include $ 29 million of residential first mortgages and $ 10 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the nine months ended September 30, 2018. These amounts include $ 20 million of residential first mortgages and $ 9 million of home equity loans that were newly classified as TDRs in the nine months ended September 30, 2018, based on previously received OCC guidance. (3) Represents portion of contractual loan principal that is non-interest bearing but still due from the borrower. Such deferred principal is charged off at the time of permanent modification to the extent that the related loan balance exceeds the underlying collateral value. (4) Represents portion of contractual loan principal that is non-interest bearing and, depending upon borrower performance, eligible for forgiveness. (5) Represents portion of contractual loan principal that was forgiven at the time of permanent modification. (6) Commercial banking loans are generally borrower-specific modifications and incorporate changes in the amount and/or timing of principal and/or interest. (7) Post-modification balances in North America include $ 42 million of residential first mortgages and $ 16 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the nine months ended September 30, 2017 . These amounts include $ 28 million of residential first mortgages and $ 14 million of home equity loans that were newly classified as TDRs in the nine months ended September 30, 2017 , based on previously received OCC guidance. (8) The above tables reflect activity for loans outstanding that were considered TDRs as of the end of the reporting period. The following table presents consumer TDRs that defaulted for which the payment default occurred within one year of a permanent modification. Default is defined as 60 days past due, except for classifiably managed commercial banking loans, where default is defined as 90 days past due. Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2018 2017 2018 2017 North America Residential first mortgages $ 31 $ 57 $ 105 $ 156 Home equity loans 5 8 21 25 Credit cards 57 54 173 163 Installment and other revolving 1 1 2 2 Commercial banking 1 — 22 2 Total $ 95 $ 120 $ 323 $ 348 International Residential first mortgages $ 2 $ 3 $ 6 $ 8 Credit cards 48 48 156 136 Installment and other revolving 18 25 62 71 Commercial banking 7 — 17 — Total $ 75 $ 76 $ 241 $ 215 Corporate Loans Corporate loans represent loans and leases managed by ICG . The following table presents information by corporate loan type: In millions of dollars September 30, December 31, In U.S. offices Commercial and industrial $ 51,365 $ 51,319 Financial institutions 46,255 39,128 Mortgage and real estate (1) 47,629 44,683 Installment, revolving credit and other 32,201 33,181 Lease financing 1,445 1,470 $ 178,895 $ 169,781 In offices outside the U.S. Commercial and industrial $ 98,281 $ 93,750 Financial institutions 37,851 35,273 Mortgage and real estate (1) 7,344 7,309 Installment, revolving credit and other 22,827 22,638 Lease financing 131 190 Governments and official institutions 4,898 5,200 $ 171,332 $ 164,360 Total corporate loans $ 350,227 $ 334,141 Net unearned income $ (787 ) $ (763 ) Corporate loans, net of unearned income $ 349,440 $ 333,378 (1) Loans secured primarily by real estate. The Company sold and/or reclassified to held-for-sale $0.3 billion and $0.8 billion of corporate loans during the three and nine months ended September 30, 2018 , respectively, and $0.1 billion and $0.6 billion during three and nine months ended September 30, 2017, respectively. The Company did not have significant purchases of corporate loans classified as held-for-investment for the three and nine months ended September 30, 2018 or 2017 . Corporate Loan Delinquency and Non-Accrual Details at September 30, 2018 In millions of dollars 30–89 days past due and accruing (1) ≥ 90 days past due and accruing (1) Total past due and accruing Total non-accrual (2) Total current (3) Total loans (4) Commercial and industrial $ 430 $ 30 $ 460 $ 1,123 $ 145,612 $ 147,195 Financial institutions 146 9 155 74 82,299 82,528 Mortgage and real estate 209 5 214 258 54,492 54,964 Leases 16 3 19 — 1,557 1,576 Other 79 41 120 85 58,754 58,959 Loans at fair value 4,218 Total $ 880 $ 88 $ 968 $ 1,540 $ 342,714 $ 349,440 Corporate Loan Delinquency and Non-Accrual Details at December 31, 2017 In millions of dollars 30–89 days past due and accruing (1) ≥ 90 days past due and accruing (1) Total past due and accruing Total non-accrual (2) Total current (3) Total loans (4) Commercial and industrial $ 249 $ 13 $ 262 $ 1,506 $ 139,554 $ 141,322 Financial institutions 93 15 108 92 73,557 73,757 Mortgage and real estate 147 59 206 195 51,563 51,964 Leases 68 8 76 46 1,533 1,655 Other 70 13 83 103 60,145 60,331 Loans at fair value 4,349 Total $ 627 $ 108 $ 735 $ 1,942 $ 326,352 $ 333,378 (1) Corporate loans that are 90 days past due are generally classified as non-accrual. Corporate loans are considered past due when principal or interest is contractually due but unpaid. (2) Non-accrual loans generally include those loans that are ≥ 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) 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 Loans Credit Quality Indicators Recorded investment in loans (1) In millions of dollars September 30, December 31, Investment grade (2) Commercial and industrial $ 102,875 $ 101,313 Financial institutions 70,435 60,404 Mortgage and real estate 24,351 23,213 Leases 1,054 1,090 Other 53,609 56,306 Total investment grade $ 252,324 $ 242,326 Non-investment grade (2) Accrual Commercial and industrial $ 43,196 $ 38,503 Financial institutions 12,019 13,261 Mortgage and real estate 3,240 2,881 Leases 523 518 Other 5,264 3,924 Non-accrual Commercial and industrial 1,123 1,506 Financial institutions 74 92 Mortgage and real estate 258 195 Leases — 46 Other 85 103 Total non-investment grade $ 65,782 $ 61,029 Non-rated private bank loans managed on a delinquency basis (2) $ 27,116 $ 25,674 Loans at fair value 4,218 4,349 Corporate loans, net of unearned income $ 349,440 $ 333,378 (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. Non-Accrual Corporate Loans The following tables present non-accrual loan information by corporate loan type and interest income recognized on non-accrual corporate loans: September 30, 2018 Three Months Ended Nine Months Ended In millions of dollars Recorded investment (1) Unpaid principal balance Related specific allowance Average carrying value (2) Interest income recognized (3) Interest income recognized (3) Non-accrual corporate loans Commercial and industrial $ 1,123 $ 1,379 $ 207 $ 1,246 $ 8 $ 24 Financial institutions 74 90 39 97 — — Mortgage and real estate 258 423 45 228 — 1 Lease financing — 39 — 33 — — Other 85 205 13 90 — — Total non-accrual corporate loans $ 1,540 $ 2,136 $ 304 $ 1,694 $ 8 $ 25 December 31, 2017 In millions of dollars Recorded investment (1) Unpaid principal balance Related specific allowance Average carrying value (2) Non-accrual corporate loans Commercial and industrial $ 1,506 $ 1,775 $ 368 $ 1,547 Financial institutions 92 102 41 212 Mortgage and real estate 195 324 11 183 Lease financing 46 46 4 59 Other 103 212 2 108 Total non-accrual corporate loans $ 1,942 $ 2,459 $ 426 $ 2,109 September 30, 2018 December 31, 2017 In millions of dollars Recorded investment (1) Related specific allowance Recorded investment (1) Related specific allowance Non-accrual corporate loans with valuation allowances Commercial and industrial $ 643 $ 207 $ 1,017 $ 368 Financial institutions 72 39 88 41 Mortgage and real estate 122 45 51 11 Lease financing — — 46 4 Other 17 13 13 2 Total non-accrual corporate loans with specific allowance $ 854 $ 304 $ 1,215 $ 426 Non-accrual corporate loans without specific allowance Commercial and industrial $ 480 $ 489 Financial institutions 2 4 Mortgage and real estate 136 144 Lease financing — — Other 68 90 Total non-accrual corporate loans without specific allowance $ 686 N/A $ 727 N/A (1) Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount, less any direct write-downs. (2) Average carrying value represents the average recorded investment balance and does not include related specific allowance. (3) Interest income recognized for the three and nine months ended September 30 , 2017 was $11 million and $30 million , respectively. N/A Not applicable Corporate Troubled Debt Restructurings For the three months ended September 30, 2018 : In millions of dollars Carrying value of TDRs modified during the period TDRs involving changes in the amount and/or timing of principal payments (1) TDRs involving changes in the amount and/or timing of interest payments (2) TDRs involving changes in the amount and/or timing of both principal and interest payments Commercial and industrial $ 62 $ 1 $ 4 $ 57 Mortgage and real estate 3 — — 3 Total $ 65 $ 1 $ 4 $ 60 For the three months ended September 30, 2017 : In millions of dollars Carrying value of TDRs modified during the period TDRs involving changes in the amount and/or timing of principal payments (1) TDRs involving changes in the amount and/or timing of interest payments (2) TDRs involving changes in the amount and/or timing of both principal and interest payments Commercial and industrial $ 175 $ 99 $ — $ 76 Mortgage and real estate 14 — — 14 Total $ 189 $ 99 $ — $ 90 For the nine months ended September 30, 2018 : In millions of dollars Carrying value of TDRs modified during the period TDRs involving changes in the amount and/or timing of principal payments (1) TDRs involving changes in the amount and/or timing of interest payments (2) TDRs involving changes in the amount and/or timing of both principal and interest payments Commercial and industrial $ 103 $ 5 $ 8 $ 90 Mortgage and real estate 6 — — 6 Total $ 109 $ 5 $ 8 $ 96 For the nine months ended September 30, 2017 : In millions of dollars Carrying value of TDRs modified during the period TDRs involving changes in the amount and/or timing of principal payments (1) TDRs involving changes in the amount and/or timing of interest payments (2) TDRs involving changes in the amount and/or timing of both principal and interest payments Commercial and industrial $ 463 $ 131 $ — $ 332 Mortgage and real estate 15 — — 15 Other 18 — — 18 Total $ 496 $ 131 $ — $ 365 (1) TDRs involving changes in the amount or timing of principal payments may involve principal forgiveness or deferral of periodic and/or final principal payments. Because forgiveness of principal is rare for corporate loans, modifications typically have little to no impact on the loans’ projected cash flows and thus little to no impact on the allowance established for the loans. Charge-offs for amounts deemed uncollectable may be recorded at the time of the restructuring or may have already been recorded in prior periods such that no charge-off is required at the time of the modification. (2) TDRs involving changes in the amount or timing of interest payments may involve a below-market interest rate. The following table presents total corporate loans modified in a TDR as well as those TDRs that defaulted and for which the payment default occurred within one year of a permanent modification. Default is defined as 60 days past due, except for classifiably managed commercial banking loans, where default is defined as 90 days past due. In millions of dollars TDR balances at September 30, 2018 TDR loans in payment default during the three months ended September 30, 2018 TDR loans in payment default nine months ended September 30, 2018 TDR balances at September 30, 2017 TDR loans in payment default during the three months ended September 30, 2017 TDR loans in payment default during the nine months ended Commercial and industrial $ 480 $ — $ 70 $ 686 $ — $ 12 Financial institutions 21 — — 24 — 3 Mortgage and real estate 71 — — 84 — — Other 42 — — 155 — — Total (1) $ 614 $ — $ 70 $ 949 $ — $ 15 (1) The above table reflects activity for loans outstanding that were considered TDRs as of the end of the reporting period. |
ALLOWANCE FOR CREDIT LOSSES
ALLOWANCE FOR CREDIT LOSSES | 9 Months Ended |
Sep. 30, 2018 | |
Loans and Leases Receivable Disclosure [Abstract] | |
ALLOWANCE FOR CREDIT LOSSES | ALLOWANCE FOR CREDIT LOSSES Three Months Ended September 30, Nine Months Ended In millions of dollars 2018 2017 2018 2017 Allowance for loan losses at beginning of period $ 12,126 $ 12,025 $ 12,355 $ 12,060 Gross credit losses (2,094 ) (2,120 ) (6,499 ) (6,394 ) Gross recoveries (1) 338 343 1,172 1,198 Net credit losses (NCLs) $ (1,756 ) $ (1,777 ) $ (5,327 ) $ (5,196 ) NCLs $ 1,756 $ 1,777 $ 5,327 $ 5,196 Net reserve builds (releases) 169 419 302 466 Net specific reserve builds (releases) (19 ) (50 ) (125 ) (175 ) Total provision for loan losses $ 1,906 $ 2,146 $ 5,504 $ 5,487 Other, net (see table below) 60 (28 ) (196 ) 15 Allowance for loan losses at end of period $ 12,336 $ 12,366 $ 12,336 $ 12,366 Allowance for credit losses on unfunded lending commitments at beginning of period $ 1,278 $ 1,406 $ 1,258 $ 1,418 Provision (release) for unfunded lending commitments 42 (175 ) 66 (190 ) Other, net 1 1 (3 ) 4 Allowance for credit losses on unfunded lending commitments at end of period (2) $ 1,321 $ 1,232 $ 1,321 $ 1,232 Total allowance for loans, leases and unfunded lending commitments $ 13,657 $ 13,598 $ 13,657 $ 13,598 (1) Recoveries have been reduced by certain collection costs that are incurred only if collection efforts are successful. (2) Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet. Other, net details Three Months Ended September 30, Nine Months Ended In millions of dollars 2018 2017 2018 2017 Sales or transfers of various consumer loan portfolios to HFS Transfer of real estate loan portfolios $ (2 ) $ (28 ) $ (88 ) $ (84 ) Transfer of other loan portfolios (3 ) (6 ) (109 ) (130 ) Sales or transfers of various consumer loan portfolios to HFS $ (5 ) $ (34 ) $ (197 ) $ (214 ) FX translation, consumer 62 7 16 221 Other 3 (1 ) (15 ) 8 Other, net $ 60 $ (28 ) $ (196 ) $ 15 Allowance for Credit Losses and Investment in Loans Three Months Ended September 30, 2018 September 30, 2017 In millions of dollars Corporate Consumer Total Corporate Consumer Total Allowance for loan losses at beginning of period $ 2,330 $ 9,796 $ 12,126 $ 2,510 $ 9,515 $ 12,025 Charge-offs (36 ) (2,058 ) (2,094 ) (49 ) (2,071 ) (2,120 ) Recoveries 6 332 338 6 337 343 Replenishment of net charge-offs 30 1,726 1,756 43 1,734 1,777 Net reserve builds (releases) 34 135 169 (60 ) 479 419 Net specific reserve builds (releases) (27 ) 8 (19 ) 21 (71 ) (50 ) Other 2 58 60 3 (31 ) (28 ) Ending balance $ 2,339 $ 9,997 $ 12,336 $ 2,474 $ 9,892 $ 12,366 Nine Months Ended September 30, 2018 September 30, 2017 In millions of dollars Corporate Consumer Total Corporate Consumer Total Allowance for loan losses at beginning of period $ 2,486 $ 9,869 $ 12,355 $ 2,702 $ 9,358 $ 12,060 Charge-offs (195 ) (6,304 ) (6,499 ) (248 ) (6,146 ) (6,394 ) Recoveries 71 1,101 1,172 91 1,107 1,198 Replenishment of net charge-offs 124 5,203 5,327 157 5,039 5,196 Net reserve builds (releases) (15 ) 317 302 (230 ) 696 466 Net specific reserve builds (releases) (119 ) (6 ) (125 ) (18 ) (157 ) (175 ) Other (13 ) (183 ) (196 ) 20 (5 ) 15 Ending balance $ 2,339 $ 9,997 $ 12,336 $ 2,474 $ 9,892 $ 12,366 September 30, 2018 December 31, 2017 In millions of dollars Corporate Consumer Total Corporate Consumer Total Allowance for loan losses Collectively evaluated in accordance with ASC 450 $ 2,035 $ 8,820 $ 10,855 $ 2,060 $ 8,531 $ 10,591 Individually evaluated in accordance with ASC 310-10-35 304 1,175 1,479 426 1,334 1,760 Purchased credit impaired in accordance with ASC 310-30 — 2 2 — 4 4 Total allowance for loan losses $ 2,339 $ 9,997 $ 12,336 $ 2,486 $ 9,869 $ 12,355 Loans, net of unearned income Collectively evaluated in accordance with ASC 450 $ 343,774 $ 319,816 $ 663,590 $ 327,142 $ 326,884 $ 654,026 Individually evaluated in accordance with ASC 310-10-35 1,448 5,501 6,949 1,887 6,580 8,467 Purchased credit impaired in accordance with ASC 310-30 — 131 131 — 167 167 Held at fair value 4,218 21 4,239 4,349 25 4,374 Total loans, net of unearned income $ 349,440 $ 325,469 $ 674,909 $ 333,378 $ 333,656 $ 667,034 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS Goodwill The changes in Goodwill were as follows: In millions of dollars Global Consumer Banking Institutional Clients Group Corporate/Other Total Balance at December 31, 2017 $ 12,784 $ 9,456 $ 16 $ 22,256 Foreign currency translation and other $ 184 $ 235 $ — $ 419 Divestiture (1) — — (16 ) (16 ) Balance at March 31, 2018 $ 12,968 $ 9,691 $ — $ 22,659 Foreign exchange translation and other $ (226 ) $ (375 ) $ — $ (601 ) Balance at June 30, 2018 $ 12,742 $ 9,316 $ — $ 22,058 Foreign exchange translation and other $ 7 $ 122 $ — $ 129 Balance at September 30, 2018 $ 12,749 $ 9,438 $ — $ 22,187 (1) Goodwill allocated to the sale of the Citi Colombia consumer business, the only remaining business in Citi Holdings—Consumer Latin America reporting unit reported as part of Corporate/Other , which was classified as HFS beginning the first quarter of 2018. The sale was completed during the second quarter of 2018. Goodwill impairment testing is performed at the level below each business segment (referred to as a reporting unit). See Note 3 for further information on business segments. For additional information regarding Citi’s goodwill impairment testing process, see Notes 1 and 16 to the Consolidated Financial Statements in Citi’s 2017 Annual Report on Form 10-K. The Company performed its annual goodwill impairment test as of July 1, 2018. The fair values of the Company’s reporting units exceeded their carrying values by approximately 14% to 243% and no reporting unit is at risk of impairment. Further, there were no triggering events identified and no goodwill was impaired during the three and nine months ended September 30, 2018. Intangible Assets The components of intangible assets were as follows: September 30, 2018 December 31, 2017 In millions of dollars Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Purchased credit card relationships $ 5,732 $ 3,890 $ 1,842 $ 5,375 $ 3,836 $ 1,539 Credit card contract related intangibles (1) 5,042 2,708 2,334 5,045 2,456 2,589 Core deposit intangibles 438 433 5 639 628 11 Other customer relationships 463 289 174 459 272 187 Present value of future profits 34 30 4 32 28 4 Indefinite-lived intangible assets 227 — 227 244 — 244 Other 84 72 12 100 86 14 Intangible assets (excluding MSRs) $ 12,020 $ 7,422 $ 4,598 $ 11,894 $ 7,306 $ 4,588 Mortgage servicing rights (MSRs) (2) 618 — 618 558 — 558 Total intangible assets $ 12,638 $ 7,422 $ 5,216 $ 12,452 $ 7,306 $ 5,146 (1) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco, Sears and AT&T credit card program agreements, which represented 97% of the aggregate net carrying amount as of September 30, 2018. (2) For additional information on Citi’s MSRs, see Note 18 to the Consolidated Financial Statements. The changes in intangible assets were as follows: Net carrying Net carrying amount at In millions of dollars December 31, Acquisitions/ divestitures Amortization FX translation and other September 30, Purchased credit card relationships (1) $ 1,539 $ 429 $ (124 ) $ (2 ) $ 1,842 Credit card contract related intangibles (2) 2,589 — (255 ) — 2,334 Core deposit intangibles 11 — (6 ) — 5 Other customer relationships 187 — (19 ) 6 174 Present value of future profits 4 — — — 4 Indefinite-lived intangible assets 244 — — (17 ) 227 Other 14 — (9 ) 7 12 Intangible assets (excluding MSRs) $ 4,588 $ 429 $ (413 ) $ (6 ) $ 4,598 Mortgage servicing rights (MSRs) (3) 558 618 Total intangible assets $ 5,146 $ 5,216 (1) Reflects intangibles for the value of cardholder relationships, which are discrete from partner contract intangibles and include credit card accounts primarily in the Costco, Macy’s and Sears portfolios. The increase since December 31, 2017 reflects the purchase of certain rights related to credit card accounts in the Sears portfolio. (2) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco, Sears and AT&T credit card program agreements, which represented 97% of the aggregate net carrying amount at September 30, 2018 and December 31, 2017 . (3) For additional information on Citi’s MSRs, including the rollforward for the nine months ended September 30, 2018 , see Note 18 to the Consolidated Financial Statements. |
DEBT
DEBT | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT For additional information regarding Citi’s short-term borrowings and long-term debt, see Note 17 to the Consolidated Financial Statements in Citi’s 2017 Annual Report on Form 10-K. Short-Term Borrowings In millions of dollars September 30, December 31, Commercial paper $ 12,051 $ 9,940 Other borrowings (1) 21,719 34,512 Total $ 33,770 $ 44,452 (1) Includes borrowings from Federal Home Loan Banks and other market participants. At September 30, 2018 and December 31, 2017 , collateralized short-term advances from the Federal Home Loan Banks were $10.5 billion and $23.8 billion , respectively. Long-Term Debt In millions of dollars September 30, December 31, 2017 Citigroup Inc. (1) $ 148,183 $ 152,163 Bank (2) 62,085 65,856 Broker-dealer and other (3) 25,002 18,690 Total $ 235,270 $ 236,709 (1) Represents the parent holding company. (2) Represents Citibank entities as well as other bank entities. At September 30, 2018 and December 31, 2017 , collateralized long-term advances from the Federal Home Loan Banks were $10.5 billion and $19.3 billion , respectively. (3) Represents broker-dealer and other non-bank 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 September 30, 2018 and December 31, 2017 . The following table summarizes Citi’s outstanding trust preferred securities at September 30, 2018 : Junior subordinated debentures owned by trust Trust Issuance date Securities issued Liquidation value (1) Coupon rate (2) Common shares issued to parent Amount Maturity Redeemable by issuer beginning 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 3 mo LIBOR + 637 bps 1,000 2,246 Oct. 30, 2040 Oct. 30, 2015 Citigroup Capital XVIII Jun. 2007 99,901 130 3 mo LIBOR + 88.75 bps 50 130 Jun. 28, 2067 June 28, 2017 Total obligated $ 2,570 $ 2,576 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 outside investors from the trusts at the time of issuance. (2) In each case, the coupon rate on the subordinated debentures is the same as that on the trust preferred securities. |
CHANGES IN ACCUMULATED OTHER CO
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) | 9 Months Ended |
Sep. 30, 2018 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) | CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) Changes in each component of Citigroup’s Accumulated other comprehensive income (loss) were as follows: Three Months Ended September 30, 2018 In millions of dollars Net Debt valuation adjustment (DVA) Cash flow hedges (1) Benefit plans (2) Foreign (3) Excluded component of fair value hedges (4) Accumulated Balance, June 30, 2018 $ (2,717 ) $ (475 ) $ (1,021 ) $ (5,794 ) $ (27,455 ) $ (32 ) $ (37,494 ) Other comprehensive income before reclassifications (601 ) (294 ) (114 ) (14 ) (221 ) 10 (1,234 ) Increase (decrease) due to amounts reclassified from AOCI (4 ) 7 40 40 — — 83 Change, net of taxes $ (605 ) $ (287 ) $ (74 ) $ 26 $ (221 ) $ 10 $ (1,151 ) Balance at September 30, 2018 $ (3,322 ) $ (762 ) $ (1,095 ) $ (5,768 ) $ (27,676 ) $ (22 ) $ (38,645 ) Nine Months Ended September 30, 2018 In millions of dollars Net Debt valuation adjustment (DVA) Cash flow hedges (1) Benefit plans (2) Foreign (3) Excluded component of fair value hedges (4) Accumulated Balance, December 31, 2017 $ (1,158 ) $ (921 ) $ (698 ) $ (6,183 ) $ (25,708 ) $ — $ (34,668 ) Adjustment to opening balance, net of taxes (5) (3 ) — — — — — (3 ) Adjusted balance, beginning of period $ (1,161 ) $ (921 ) $ (698 ) $ (6,183 ) $ (25,708 ) $ — $ (34,671 ) Other comprehensive income before reclassifications (1,984 ) 123 (393 ) 288 (1,968 ) (22 ) (3,956 ) Increase (decrease) due to amounts reclassified from AOCI (177 ) 36 (4 ) 127 — — (18 ) Change, net of taxes $ (2,161 ) $ 159 $ (397 ) $ 415 $ (1,968 ) $ (22 ) $ (3,974 ) Balance, September 30, 2018 $ (3,322 ) $ (762 ) $ (1,095 ) $ (5,768 ) $ (27,676 ) $ (22 ) $ (38,645 ) Note: Footnotes to the tables above appear on the following page. Three Months Ended September 30, 2017 In millions of dollars Net Debt valuation adjustment (DVA) Cash flow hedges (1) Benefit plans (2) Foreign (3) Excluded component of fair value hedges (4) Accumulated Balance, June 30, 2017 $ (102 ) $ (496 ) $ (445 ) $ (5,311 ) $ (23,545 ) $ — $ (29,899 ) Other comprehensive income before reclassifications 60 (125 ) (27 ) (71 ) 218 — 55 Increase (decrease) due to amounts reclassified from AOCI (126 ) 2 35 42 — — (47 ) Change, net of taxes $ (66 ) $ (123 ) $ 8 $ (29 ) $ 218 $ — $ 8 Balance, September 30, 2017 $ (168 ) $ (619 ) $ (437 ) $ (5,340 ) $ (23,327 ) $ — $ (29,891 ) Nine Months Ended September 30, 2017 In millions of dollars Net Debt valuation adjustment (DVA) Cash flow hedges (1) Benefit plans (2) Foreign (3) Excluded component of fair value hedges (4) Accumulated Balance, December 31, 2016 $ (799 ) $ (352 ) $ (560 ) $ (5,164 ) $ (25,506 ) $ — $ (32,381 ) Adjustment to opening balance, net of taxes (6) 504 — — — — — 504 Adjusted balance, beginning of period $ (295 ) $ (352 ) $ (560 ) $ (5,164 ) $ (25,506 ) $ — $ (31,877 ) Other comprehensive income before reclassifications 495 (259 ) 59 (293 ) 2,326 — 2,328 Increase (decrease) due to amounts reclassified from AOCI (368 ) (8 ) 64 117 (147 ) — (342 ) Change, net of taxes $ 127 $ (267 ) $ 123 $ (176 ) $ 2,179 $ — $ 1,986 Balance, September 30, 2017 $ (168 ) $ (619 ) $ (437 ) $ (5,340 ) $ (23,327 ) $ — $ (29,891 ) (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 Indian rupee, Chinese yuan renminbi, Turkish lira and Brazilian real against the U.S. dollar and changes in related tax effects and hedges for the three months ended September 30, 2018 . Primarily reflects the movements in (by order of impact) the Brazilian real, Indian rupee, Australian dollar, and Argentine peso against the U.S. dollar and changes in related tax effects and hedges for the nine months ended September 30, 2018. Primarily reflects the movements in (by order of impact) the Euro, British pound, Chilean peso and Brazilian real against the U.S. dollar and changes in related tax effects and hedges for the three months ended September 30, 2017. Primarily reflects the movements in (by order of impact) the Mexican peso, Euro, Korean won and Polish zloty against the U.S. dollar and changes in related tax effects and hedges for the nine months ended September 30, 2017. Amounts recorded in the CTA component of AOCI remain in AOCI until the sale or substantial liquidation of the foreign entity, at which point such amounts related to the foreign entity are reclassified into earnings. (4) Beginning in the first quarter of 2018, changes in the excluded component of fair value hedges are reflected as a component of AOCI, pursuant to the early adoption of ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities . See Note 1 to the Consolidated Financial Statements for further information regarding this change. (5) Citi adopted ASU 2016-01 and ASU 2018-03 on January 1, 2018. Upon adoption, a cumulative effect adjustment was recorded from AOCI to Retained earnings for net unrealized gains on former AFS equity securities. For additional information, see Note 1 to the Consolidated Financial Statements. (6) In the second quarter of 2017, Citi early adopted ASU 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. Upon adoption, a cumulative effect adjustment was recorded to reduce Retained earnings , effective January 1, 2017, for the incremental amortization of cumulative fair value hedge adjustments on callable state and municipal debt securities. For additional information, see Note 1 to the Consolidated Financial Statements. The pretax and after-tax changes in each component of Accumulated other comprehensive income (loss) were as follows: Three Months Ended September 30, 2018 In millions of dollars Pretax Tax effect (1) After-tax Balance, June 30, 2018 $ (44,407 ) $ 6,913 $ (37,494 ) Change in net unrealized gains (losses) on AFS debt securities (810 ) 205 (605 ) Debt valuation adjustment (DVA) (377 ) 90 (287 ) Cash flow hedges (97 ) 23 (74 ) Benefit plans 55 (29 ) 26 Foreign currency translation adjustment (192 ) (29 ) (221 ) Excluded component of fair value hedges 13 (3 ) 10 Change $ (1,408 ) $ 257 $ (1,151 ) Balance, September 30, 2018 $ (45,815 ) $ 7,170 $ (38,645 ) Nine Months Ended September 30, 2018 In millions of dollars Pretax Tax effect (1) After-tax Balance, December 31, 2017 (1) $ (41,228 ) $ 6,560 $ (34,668 ) Adjustment to opening balance (2) (4 ) 1 (3 ) Adjusted balance, beginning of period $ (41,232 ) $ 6,561 $ (34,671 ) Change in net unrealized gains (losses) on investment securities (2,861 ) 700 (2,161 ) Debt valuation adjustment (DVA) 208 (49 ) 159 Cash flow hedges (519 ) 122 (397 ) Benefit plans 549 (134 ) 415 Foreign currency translation adjustment (1,931 ) (37 ) (1,968 ) Excluded component of fair value hedges (29 ) 7 (22 ) Change $ (4,583 ) $ 609 $ (3,974 ) Balance, September 30, 2018 $ (45,815 ) $ 7,170 $ (38,645 ) (1) Includes the impact of ASU 2018-02, which transferred amounts from AOCI to Retained earnings . For additional information, see Note 19 to the Consolidated Financial Statements in Citi’s 2017 Annual Report on Form 10-K. (2) Citi adopted ASU 2016-01 and ASU 2018-03 on January 1, 2018. Upon adoption, a cumulative effect adjustment was recorded from AOCI to Retained earnings for net unrealized gains on former AFS equity securities. For additional information, see Note 1 to the Consolidated Financial Statements. Three Months Ended September 30, 2017 In millions of dollars Pretax Tax effect After-tax Balance, June 30, 2017 $ (39,106 ) $ 9,207 $ (29,899 ) Change in net unrealized gains (losses) on investment securities (107 ) 41 (66 ) Debt valuation adjustment (DVA) (195 ) 72 (123 ) Cash flow hedges 12 (4 ) 8 Benefit plans (45 ) 16 (29 ) Foreign currency translation adjustment 285 (67 ) 218 Excluded component of fair value hedges — — — Change $ (50 ) $ 58 $ 8 Balance, September 30, 2017 $ (39,156 ) $ 9,265 $ (29,891 ) Nine Months Ended September 30, 2017 In millions of dollars Pretax Tax effect After-tax Balance, December 31, 2016 $ (42,035 ) $ 9,654 $ (32,381 ) Adjustment to opening balance (1) 803 (299 ) 504 Adjusted balance, beginning of period $ (41,232 ) $ 9,355 $ (31,877 ) Change in net unrealized gains (losses) on investment securities 194 (67 ) 127 Debt valuation adjustment (DVA) (422 ) 155 (267 ) Cash flow hedges 198 (75 ) 123 Benefit plans (266 ) 90 (176 ) Foreign currency translation adjustment 2,372 (193 ) 2,179 Excluded component of fair value hedges — — — Change $ 2,076 $ (90 ) $ 1,986 Balance, September 30, 2017 $ (39,156 ) $ 9,265 $ (29,891 ) (1) In the second quarter of 2017, Citi early adopted ASU 2017-08 . Upon adoption, a cumulative effect adjustment was recorded to reduce Retained earnings , effective January 1, 2017, for the incremental amortization of cumulative fair value hedge adjustments on callable state and municipal debt securities. See Note 1 to the Consolidated Financial Statements. The Company recognized pretax gains (losses) related to amounts in AOCI reclassified to the Consolidated Statement of Income as follows: Increase (decrease) in AOCI due to amounts reclassified to Consolidated Statement of Income Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2018 2018 Realized (gains) losses on sales of investments $ (69 ) $ (341 ) Gross impairment losses 68 111 Subtotal, pretax $ (1 ) $ (230 ) Tax effect (3 ) 53 Net realized (gains) losses on investments after-tax (1) $ (4 ) $ (177 ) Realized DVA (gains) losses on fair value option liabilities $ 9 $ 46 Subtotal, pretax $ 9 $ 46 Tax effect (2 ) (10 ) Net realized debt valuation adjustment, after-tax $ 7 $ 36 Interest rate contracts $ 54 $ 3 Foreign exchange contracts (2 ) (8 ) Subtotal, pretax $ 52 $ (5 ) Tax effect (12 ) 1 Amortization of cash flow hedges, after-tax (2) $ 40 $ (4 ) Amortization of unrecognized Prior service cost (benefit) $ (10 ) $ (32 ) Net actuarial loss 60 193 Curtailment/settlement impact (3) — 6 Subtotal, pretax $ 50 $ 167 Tax effect (10 ) (40 ) Amortization of benefit plans, after-tax (3) $ 40 $ 127 Foreign currency translation adjustment $ — $ — Tax effect — — Foreign currency translation adjustment $ — $ — Total amounts reclassified out of AOCI, pretax $ 110 $ (22 ) Total tax effect (27 ) 4 Total amounts reclassified out of AOCI, after-tax $ 83 $ (18 ) (1) The pretax amount is reclassified to Realized gains (losses) on sales of investments, net and Gross impairment losses in the Consolidated Statement of Income. See Note 12 to the Consolidated Financial Statements for additional details. (2) See Note 19 to the Consolidated Financial Statements for additional details. (3) See Note 8 to the Consolidated Financial Statements for additional details. The Company recognized pretax gains (losses) related to amounts in AOCI reclassified to the Consolidated Statement of Income as follows: Increase (decrease) in AOCI due to amounts reclassified to Consolidated Statement of Income Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2017 2017 Realized (gains) losses on sales of investments $ (213 ) $ (626 ) OTTI gross impairment losses 15 47 Subtotal, pretax $ (198 ) $ (579 ) Tax effect 72 211 Net realized (gains) losses on investment securities, after-tax (1) $ (126 ) $ (368 ) Realized DVA (gains) losses on fair value option liabilities $ 3 $ (13 ) Subtotal, pretax $ 3 $ (13 ) Tax effect $ (1 ) $ 5 Net realized debt valuation adjustment, after-tax $ 2 $ (8 ) Interest rate contracts $ 48 $ 94 Foreign exchange contracts 7 8 Subtotal, pretax $ 55 $ 102 Tax effect (20 ) (38 ) Amortization of cash flow hedges, after-tax (2) $ 35 $ 64 Amortization of unrecognized Prior service cost (benefit) $ (10 ) $ (32 ) Net actuarial loss 70 203 Curtailment/settlement impact (3) 5 12 Subtotal, pretax $ 65 $ 183 Tax effect (23 ) (66 ) Amortization of benefit plans, after-tax (3) $ 42 $ 117 Foreign currency translation adjustment $ — $ (232 ) Tax effect — 85 Foreign currency translation adjustment $ — $ (147 ) Total amounts reclassified out of AOCI, pretax $ (75 ) $ (539 ) Total tax effect 28 197 Total amounts reclassified out of AOCI, after-tax $ (47 ) $ (342 ) (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 12 to the Consolidated Financial Statements for additional details. (2) See Note 19 to the Consolidated Financial Statements for additional details. (3) See Note 8 to the Consolidated Financial Statements for additional details. |
SECURITIZATIONS AND VARIABLE IN
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES | 9 Months Ended |
Sep. 30, 2018 | |
Securitizations and Variable Interest Entities [Abstract] | |
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES | SECURITIZATIONS AND VARIABLE INTEREST ENTITIES For additional information regarding Citi’s use of special purpose entities (SPEs) and variable interest entities (VIEs), see Note 21 to the Consolidated Financial Statements in Citi’s 2017 Annual Report on Form 10-K. Citigroup’s involvement with consolidated and unconsolidated VIEs with which the Company holds significant variable interests or has continuing involvement through servicing a majority of the assets in a VIE is presented below: As of September 30, 2018 Maximum exposure to loss in significant unconsolidated VIEs (1) Funded exposures (2) Unfunded exposures In millions of dollars Total involvement with SPE assets Consolidated VIE/SPE assets Significant unconsolidated VIE assets (3) Debt investments Equity investments Funding commitments Guarantees and derivatives Total Credit card securitizations $ 45,319 $ 45,319 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 113,565 — 113,565 2,965 — — 68 3,033 Non-agency-sponsored 25,452 1,580 23,872 356 — — 1 357 Citi-administered asset-backed commercial paper conduits (ABCP) 17,435 17,435 — — — — — — Collateralized loan obligations (CLOs) 17,870 — 17,870 5,524 — — 9 5,533 Asset-based financing 64,817 639 64,178 20,060 601 9,214 — 29,875 Municipal securities tender option bond trusts (TOBs) 8,016 2,029 5,987 37 — 4,106 — 4,143 Municipal investments 17,765 1 17,764 2,622 3,798 2,268 — 8,688 Client intermediation 592 419 173 72 — — 9 81 Investment funds 1,353 525 828 12 — 3 5 20 Other 652 31 621 39 8 22 46 115 Total $ 312,836 $ 67,978 $ 244,858 $ 31,687 $ 4,407 $ 15,613 $ 138 $ 51,845 As of December 31, 2017 Maximum exposure to loss in significant unconsolidated VIEs (1) Funded exposures (2) Unfunded exposures In millions of dollars Total involvement with SPE assets Consolidated VIE/SPE assets Significant unconsolidated VIE assets (3) Debt investments Equity investments Funding commitments Guarantees and derivatives Total Credit card securitizations $ 50,795 $ 50,795 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 116,610 — 116,610 2,647 — — 74 2,721 Non-agency-sponsored 22,251 2,035 20,216 330 — — 1 331 Citi-administered asset-backed commercial paper conduits (ABCP) 19,282 19,282 — — — — — — Collateralized loan obligations (CLOs) 20,588 — 20,588 5,956 — — 9 5,965 Asset-based financing 60,472 633 59,839 19,478 583 5,878 — 25,939 Municipal securities tender option bond trusts (TOBs) 6,925 2,166 4,759 138 — 3,035 — 3,173 Municipal investments 19,119 7 19,112 2,709 3,640 2,344 — 8,693 Client intermediation 958 824 134 32 — — 9 41 Investment funds 1,892 616 1,276 14 7 13 — 34 Other 677 36 641 27 9 34 47 117 Total $ 319,569 $ 76,394 $ 243,175 $ 31,331 $ 4,239 $ 11,304 $ 140 $ 47,014 (1) The definition of maximum exposure to loss is included in the text that follows this table. (2) Included on Citigroup’s September 30, 2018 and December 31, 2017 Consolidated Balance Sheet. (3) A significant unconsolidated VIE is an entity in which the Company has any variable interest or continuing involvement considered to be significant, regardless of the likelihood of loss. (4) Citigroup mortgage securitizations also include agency and non-agency (private-label) re-securitization activities. These SPEs are not consolidated. See “Re-securitizations” 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 investment funds for which the Company provides investment management services and personal estate trusts for which the Company provides administrative, trustee and/or investment management services; • certain VIEs structured by third parties in which the Company holds securities in inventory, as these investments are made on arm’s-length terms; • certain positions in mortgage-backed and asset-backed securities held by the Company, which are classified as Trading account assets or Investments , in which the Company has no other involvement with the related securitization entity deemed to be significant (for more information on these positions, see Notes 12 and 20 to the Consolidated Financial Statements); • certain representations and warranties exposures in legacy ICG -sponsored mortgage-backed and asset-backed securitizations in which the Company has no variable interest or continuing involvement as servicer. The outstanding balance of mortgage loans securitized during 2005 to 2008 in which the Company has no variable interest or continuing involvement as servicer was approximately $8 billion and $9 billion at September 30, 2018 and December 31, 2017 , respectively; • certain representations and warranties exposures in Citigroup residential mortgage securitizations, where the original mortgage loan balances are no longer outstanding; and • VIEs such as trust preferred securities trusts used in connection with the Company’s funding activities. The Company does not have a variable interest in these trusts. The asset balances for consolidated VIEs represent the carrying amounts of the assets consolidated by the Company. The carrying amount may represent the amortized cost or the current fair value of the assets depending on the legal form of the asset (e.g., loan or security) and the Company’s standard accounting policies for the asset type and line of business. The asset balances for unconsolidated VIEs in which the Company has significant involvement represent the most current information available to the Company. In most cases, the asset balances represent an amortized cost basis without regard to impairments, unless fair value information is readily available to the Company. The maximum funded exposure represents the balance sheet carrying amount of the Company’s investment in the VIE. It reflects the initial amount of cash invested in the VIE, adjusted for any accrued interest and cash principal payments received. The carrying amount may also be adjusted for increases or declines in fair value or any impairment in value recognized in earnings. The maximum exposure of unfunded positions represents the remaining undrawn committed amount, including liquidity and credit facilities provided by the Company or the notional amount of a derivative instrument considered to be a variable interest. In certain transactions, the Company has entered into derivative instruments or other arrangements that are not considered variable interests in the VIE (e.g., interest rate swaps, cross-currency swaps or where the Company is the purchaser of credit protection under a credit default swap or total return swap where the Company pays the total return on certain assets to the SPE). Receivables under such arrangements are not included in the maximum exposure amounts. Funding Commitments for Significant Unconsolidated VIEs—Liquidity Facilities and Loan Commitments The following table presents the notional amount of liquidity facilities and loan commitments that are classified as funding commitments in the VIE tables above: September 30, 2018 December 31, 2017 In millions of dollars Liquidity facilities Loan/equity commitments Liquidity facilities Loan/equity commitments Asset-based financing $ — $ 9,214 $ — $ 5,878 Municipal securities tender option bond trusts (TOBs) 4,106 — 3,035 — Municipal investments — 2,268 — 2,344 Investment funds — 3 — 13 Other — 22 — 34 Total funding commitments $ 4,106 $ 11,507 $ 3,035 $ 8,269 Significant Interests in Unconsolidated VIEs—Balance Sheet Classification The following table presents the carrying amounts and classification of significant variable interests in unconsolidated VIEs: In billions of dollars September 30, 2018 December 31, 2017 Cash $ — $ — Trading account assets 8.2 8.5 Investments 4.7 4.4 Total loans, net of allowance 22.7 22.2 Other 0.5 0.5 Total assets $ 36.1 $ 35.6 Credit Card Securitizations Substantially all of the Company’s credit card securitization activity is through two trusts—Citibank Credit Card Master Trust (Master Trust) and Citibank Omni Master Trust (Omni Trust), with the substantial majority through the Master Trust. These trusts are consolidated entities. The following table reflects amounts related to the Company’s securitized credit card receivables: In billions of dollars September 30, 2018 December 31, 2017 Ownership interests in principal amount of trust credit card receivables Sold to investors via trust-issued securities $ 26.3 $ 28.8 Retained by Citigroup as trust-issued securities 7.5 7.6 Retained by Citigroup via non-certificated interests 11.6 14.4 Total $ 45.4 $ 50.8 The following tables summarize selected cash flow information related to Citigroup’s credit card securitizations: Three Months Ended September 30, In billions of dollars 2018 2017 Proceeds from new securitizations $ 1.9 $ 2.2 Pay down of maturing notes (2.9 ) (1.8 ) Nine Months Ended September 30, In billions of dollars 2018 2017 Proceeds from new securitizations $ 5.8 $ 9.8 Pay down of maturing notes (8.3 ) (4.6 ) Master Trust Liabilities (at Par Value) The weighted average maturity of the third-party term notes issued by the Master Trust was 3.0 years as of September 30, 2018 and 2.6 years as of December 31, 2017 . In billions of dollars Sept. 30, 2018 Dec. 31, 2017 Term notes issued to third parties $ 24.8 $ 27.8 Term notes retained by Citigroup affiliates 5.7 5.7 Total Master Trust liabilities $ 30.5 $ 33.5 Omni Trust Liabilities (at Par Value) The weighted average maturity of the third-party term notes issued by the Omni Trust was 1.7 years as of September 30, 2018 and 1.9 years as of December 31, 2017 . In billions of dollars Sept. 30, 2018 Dec. 31, 2017 Term notes issued to third parties $ 1.5 $ 1.0 Term notes retained by Citigroup affiliates 1.9 1.9 Total Omni Trust liabilities $ 3.4 $ 2.9 Mortgage Securitizations The following tables summarize selected cash flow information and retained interests related to Citigroup mortgage securitizations: Three Months Ended September 30, 2018 2017 In billions of dollars U.S. agency- Non-agency- U.S. agency- Non-agency- Proceeds from new securitizations $ 7.9 $ 2.1 $ 11.7 $ 4.1 Contractual servicing fees received — — 0.1 — Nine Months Ended September 30, 2018 2017 In billions of dollars U.S. agency- Non-agency- U.S. agency- Non-agency- Proceeds from new securitizations $ 23.7 $ 8.2 $ 26.2 $ 6.9 Contractual servicing fees received 0.1 — 0.2 — Gains recognized on the securitization of U.S. agency-sponsored mortgages were $6 million and $18 million for the three and nine months ended September 30, 2018 , respectively. For the three and nine months ended September 30, 2018 , gains recognized on the securitization of non-agency-sponsored mortgages were $5 million and $40 million , respectively. Gains recognized on the securitization of U.S. agency-sponsored mortgages were $14 million and $61 million for the three and nine months ended September 30, 2017 , respectively. For the three and nine months ended September 30, 2017 , gains recognized on the securitization of non-agency-sponsored mortgages were $29 million and $75 million , respectively. September 30, 2018 December 31, 2017 Non-agency-sponsored mortgages (1) Non-agency-sponsored mortgages (1) In millions of dollars U.S. agency- Senior Subordinated U.S. agency- Senior Subordinated Carrying value of retained interests $ 2,092 $ 296 $ 112 $ 1,634 $ 214 $ 139 (1) Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. Key assumptions used in measuring the fair value of retained interests at the date of sale or securitization of mortgage receivables were as follows: Three Months Ended September 30, 2018 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests Discount rate 3.0% to 10.4% 3.8% to 4.2% 4.1% to 8.6% Weighted average discount rate 6.9 % 4.1 % 5.6 % Constant prepayment rate 5.3% to 12.8% 7.0% to 10.0% 7.0% to 10.0% Weighted average constant prepayment rate 8.1 % 7.9 % 8.2 % Anticipated net credit losses (2) NM 3.4% to 3.7% 3.4% to 3.7% Weighted average anticipated net credit losses NM 3.6 % 3.6 % Weighted average life 6.9 to 22.1 years 3.0 to 3.9 years 7.3 to 15.7 years Three Months Ended September 30, 2017 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Discount rate 2.0% to 13.2% 1.4% to 4.5% 1.7% to 4.2% Weighted average discount rate 8.5 % 2.8 % 3.5 % Constant prepayment rate 6.6% to 31.6% — — Weighted average constant prepayment rate 10.6 % — — Anticipated net credit losses (2) NM 6.7% to 6.8% 6.4 % Weighted average anticipated net credit losses NM 6.7 6.4 % Weighted average life 2.5 to 10.5 years 4.9 to 9.4 years 5.0 to 9.1 years Nine Months Ended September 30, 2018 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Discount rate 3.0% to 11.4% 1.6% to 4.5% 3.0% to 8.6% Weighted average discount rate 6.3 % 3.6 % 4.4 % Constant prepayment rate 3.5% to 16.0% 7.0% to 12.0% 7.0% to 12.0% Weighted average constant prepayment rate 8.2 % 8.8 % 9.1 % Anticipated net credit losses (2) NM 2.0% to 6.7% 2.0% to 4.6% Weighted average anticipated net credit losses NM 4.4 % 3.4 % Weighted average life 5.0 to 22.1 years 2.5 to 9.9 years 2.5 to 15.7 years Nine Months Ended September 30, 2017 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Discount rate 2.0% to 19.9% 1.4% to 4.5% 1.7% to 19.1% Weighted average discount rate 9.1 % 2.8 % 4.0 % Constant prepayment rate 3.8% to 31.6% — — Weighted average constant prepayment rate 9.6 % — — Anticipated net credit losses (2) NM 6.7% to 6.8% 6.4% to 69.1% Weighted average anticipated net credit losses NM 6.7 % 10.8 % Weighted average life 2.5 to 14.5 years 4.9 to 10.0 years 5.0 to 10.0 years (1) Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. (2) Anticipated net credit losses represent estimated loss severity associated with defaulted mortgage loans underlying the mortgage securitizations disclosed above. Anticipated net credit losses, in this instance, do not represent total credit losses incurred to date, nor do they represent credit losses expected on retained interests in mortgage securitizations. NM Anticipated net credit losses are not meaningful due to U.S. agency guarantees. The interests retained by the Company range from highly rated and/or senior in the capital structure to unrated and/or residual interests. The key assumptions used to value retained interests, and the sensitivity of the fair value to adverse changes of 10% and 20% in each of the key assumptions, are 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. September 30, 2018 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Discount rate 2.6% to 55.0% 12.2 % 4.9% to 5.8% Weighted average discount rate 6.0 % 12.2 % 5.2 % Constant prepayment rate 3.7% to 19.6% 8.0 % 5.0% to 16.0% Weighted average constant prepayment rate 8.8 % 8.0 % 7.7 % Anticipated net credit losses (2) NM 38.0 % 37.0% to 91.0% Weighted average anticipated net credit losses NM 38.0 % 49.7 % Weighted average life 0.5 to 28.2 years 7.6 years 6.2 to 15.5 years December 31, 2017 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Discount rate 1.8% to 84.2% 5.8% to 100.0% 2.8% to 35.1% Weighted average discount rate 7.1 % 5.8 % 9.0 % Constant prepayment rate 6.9% to 27.8% 8.9% to 15.5% 8.6% to 13.1% Weighted average constant prepayment rate 11.6 % 8.9 % 10.6 % Anticipated net credit losses (2) NM 0.4% to 46.9% 35.1% to 52.1% Weighted average anticipated net credit losses NM 46.9 % 44.9 % Weighted average life 0.1 to 27.8 years 4.8 to 5.3 years 0.2 to 18.6 years (1) Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. (2) Anticipated net credit losses represent estimated loss severity associated with defaulted mortgage loans underlying the mortgage securitizations disclosed above. Anticipated net credit losses, in this instance, do not represent total credit losses incurred to date, nor do they represent credit losses expected on retained interests in mortgage securitizations. NM Anticipated net credit losses are not meaningful due to U.S. agency guarantees. September 30, 2018 Non-agency-sponsored mortgages In millions of dollars U.S. agency- sponsored mortgages Senior interests Subordinated interests Discount rates Adverse change of 10% $ (61 ) $ — $ (1 ) Adverse change of 20% (119 ) — (2 ) Constant prepayment rate Adverse change of 10% (32 ) — — Adverse change of 20% (63 ) — — Anticipated net credit losses Adverse change of 10% NM — — Adverse change of 20% NM — — December 31, 2017 Non-agency-sponsored mortgages In millions of dollars U.S. agency- Senior Subordinated Discount rates Adverse change of 10% $ (44 ) $ (2 ) $ (3 ) Adverse change of 20% (85 ) (4 ) (5 ) Constant prepayment rate Adverse change of 10% (41 ) (1 ) (1 ) Adverse change of 20% (84 ) (1 ) (2 ) Anticipated net credit losses Adverse change of 10% NM (3 ) — Adverse change of 20% NM (7 ) — NM Anticipated net credit losses are not meaningful due to U.S. agency guarantees. Mortgage Servicing Rights (MSRs) The fair value of Citi’s capitalized MSRs was $618 million and $553 million at September 30, 2018 and 2017 , respectively. The MSRs correspond to principal loan balances of $62 billion and $68 billion as of September 30, 2018 and 2017 , respectively. The following tables summarize the changes in capitalized MSRs: Three Months Ended September 30, In millions of dollars 2018 2017 Balance, as of June 30 $ 596 $ 560 Originations 14 19 Changes in fair value of MSRs due to changes in inputs and assumptions 25 (6 ) Other changes (1) (17 ) (20 ) Sale of MSRs — — Balance, as of September 30 $ 618 $ 553 Nine Months Ended September 30, In millions of dollars 2018 2017 Balance, beginning of year $ 558 $ 1,564 Originations 46 75 Changes in fair value of MSRs due to changes in inputs and assumptions 82 50 Other changes (1) (50 ) (90 ) Sale of MSRs (2) (18 ) (1,046 ) Balance, as of September 30 $ 618 $ 553 (1) Represents changes due to customer payments and passage of time. (2) See Note 2 to the Consolidated Financial Statements in Citi’s 2017 Annual Report on Form 10-K for more information on the exit of the U.S. mortgage servicing operations and sale of MSRs in 2017 . The Company receives fees during the course of servicing previously securitized mortgages. The amounts of these fees were as follows: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2018 2017 2018 2017 Servicing fees $ 41 $ 65 $ 130 $ 236 Late fees 1 2 3 8 Ancillary fees 1 3 7 11 Total MSR fees $ 43 $ 70 $ 140 $ 255 In the Consolidated Statement of Income these fees are primarily classified as Commissions and fees , and changes in MSR fair values are classified as Other revenue . Re-securitizations The Company engages in re-securitization transactions in which debt securities are transferred to a VIE in exchange for new beneficial interests. Citi did not transfer non-agency (private-label) securities to re-securitization entities during the three and nine months ended September 30, 2018 and 2017 . These securities are backed by either residential or commercial mortgages and are often structured on behalf of clients. As of September 30, 2018 , the fair value of Citi-retained interests in private-label re-securitization transactions structured by Citi totaled approximately $33 million (all related to re-securitization transactions executed prior to 2016), which has been recorded in Trading account assets . Of this amount, substantially all was related to subordinated beneficial interests. As of December 31, 2017 , the fair value of Citi-retained interests in private-label re-securitization transactions structured by Citi totaled approximately $79 million (all related to re-securitization transactions executed prior to 2016). Of this amount, substantially all 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 September 30, 2018 and December 31, 2017 was approximately $316 million and $887 million , respectively. The Company also re-securitizes U.S. government-agency guaranteed mortgage-backed (agency) securities. During the three and nine months ended September 30, 2018 , Citi transferred agency securities with a fair value of approximately $6.8 billion and $20.4 billion , respectively, to re-securitization entities compared to approximately $9.9 billion and $20.0 billion for the three and nine months ended September 30, 2017 , respectively. As of September 30, 2018 , the fair value of Citi-retained interests in agency re-securitization transactions structured by Citi totaled approximately $2.4 billion (including $1.3 billion related to re-securitization transactions executed in 2018 ) compared to $2.1 billion as of December 31, 2017 (including $854 million related to re-securitization transactions executed in 2017 ), 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 September 30, 2018 and December 31, 2017 was approximately $67.2 billion and $68.3 billion , respectively. As of September 30, 2018 and December 31, 2017 , the Company did not consolidate any private-label or agency re-securitization entities. Citi-Administered Asset-Backed Commercial Paper Conduits At September 30, 2018 and December 31, 2017 , the commercial paper conduits administered by Citi had approximately $17.4 billion and $19.3 billion of purchased assets outstanding, respectively, and had incremental funding commitments with clients of approximately $16.3 billion and $14.5 billion , respectively. Substantially all of the funding of the conduits is in the form of short-term commercial paper. At September 30, 2018 and December 31, 2017 , the weighted average remaining lives of the commercial paper issued by the conduits were approximately 55 and 51 days , respectively. The primary credit enhancement provided to the conduit investors is in the form of transaction-specific credit enhancements described above. In addition to the transaction-specific credit enhancements, the conduits, other than the government guaranteed loan conduit, have obtained a letter of credit from the Company, which is equal to at least 8% to 10% of the conduit’s assets with a minimum of $200 million . The letters of credit provided by the Company to the conduits total approximately $1.6 billion as of September 30, 2018 and December 31, 2017 . The net result across multi-seller conduits administered by the Company 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 to the commercial paper investors. At September 30, 2018 and December 31, 2017 , the Company owned $5.4 billion and $9.3 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. Collateralized Loan Obligations The following tables summarize selected cash flow information and retained interests related to Citigroup CLOs: Three Months Ended September 30, In billions of dollars 2018 2017 Proceeds from new securitizations $ 0.4 $ 1.1 Nine Months Ended September 30, In billions of dollars 2018 2017 Proceeds from new securitizations $ 4.0 $ 2.5 Cash flows received on retained interests and other cash flows 0.1 0.1 In millions of dollars Sept. 30, 2018 Dec. 31, 2017 Carrying value of retained interests $ 3,461 $ 4,079 Asset-Based Financing The primary types of Citi’s asset-based financings, total assets of the unconsolidated VIEs with significant involvement and Citi’s maximum exposure to loss are shown below. For Citi to realize the maximum loss, the VIE (borrower) would have to default with no recovery from the assets held by the VIE. September 30, 2018 In millions of dollars Total unconsolidated VIE assets Maximum exposure to unconsolidated VIEs Type Commercial and other real estate $ 18,098 $ 6,949 Corporate loans 6,815 5,764 Hedge funds and equities 416 54 Airplanes, ships and other assets 38,849 17,108 Total $ 64,178 $ 29,875 December 31, 2017 In millions of dollars Total unconsolidated VIE assets Maximum exposure to unconsolidated VIEs Type Commercial and other real estate $ 15,370 $ 5,445 Corporate loans 4,725 3,587 Hedge funds and equities 542 58 Airplanes, ships and other assets 39,202 16,849 Total $ 59,839 $ 25,939 Municipal Securities Tender Option Bond (TOB) Trusts At September 30, 2018 and December 31, 2017 , none of the municipal bonds owned by non-customer TOB trusts were subject to a credit guarantee provided by the Company. At September 30, 2018 and December 31, 2017 , liquidity agreements provided with respect to customer TOB trusts totaled $4.1 billion and $3.2 billion , respectively, of which $2.2 billion and $2.0 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 $6.1 billion as of September 30, 2018 and December 31, 2017 . These liquidity agreements and letters of credit are offset by reimbursement agreements with various term-out provisions. Client Intermediation The proceeds from new securitizations related to the Company’s client intermediation transactions for the three and nine months ended September 30, 2018 totaled approximately $0.2 billion and $0.7 billion , respectively, compared to $0.2 billion and $0.9 billion for the three and nine months ended September 30, 2017 , respectively. |
DERIVATIVES ACTIVITIES
DERIVATIVES ACTIVITIES | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES ACTIVITIES | DERIVATIVES ACTIVITIES As of January 1, 2018, Citigroup early adopted ASU 2017-12, Targeted Improvements to Accounting for Hedge Activities . This standard primarily impacts Citi’s accounting for derivatives designated as cash flow hedges and fair value hedges. Refer to the respective sections below for details. In the ordinary course of business, Citigroup enters into various types of derivative transactions. All derivatives are recorded in Trading account assets/Trading account liabilities on the Consolidated Balance Sheet. For additional information regarding Citi’s use of and accounting for derivatives, see Note 22 to the Consolidated Financial Statements in Citi’s 2017 Annual Report on Form 10-K. Information pertaining to Citigroup’s derivative activities, based on notional amounts, is presented in the table below. Derivative notional amounts are reference amounts from which contractual payments are derived and do not represent a complete measure of Citi’s exposure to derivative transactions. Rather, Citi’s derivative exposure arises primarily from market fluctuations (i.e., market risk), counterparty failure (i.e., credit risk) and/or periods of high volatility or financial stress (i.e., liquidity risk), as well as any market valuation adjustments that may be required on the transactions. Moreover, notional amounts do not reflect the netting of offsetting trades. For example, if Citi enters into a receive-fixed interest rate swap with $100 million notional, and offsets this risk with an identical but opposite pay-fixed position with a different counterparty, $200 million in derivative notionals is reported, although these offsetting positions may result in de minimis overall market risk. In addition, aggregate derivative notional amounts can fluctuate from period to period in the normal course of business based on Citi’s market share, levels of client activity and other factors. Derivative Notionals Hedging instruments under Trading derivative instruments In millions of dollars September 30, December 31, September 30, December 31, Interest rate contracts Swaps $ 246,079 $ 189,779 $ 19,759,439 $ 18,754,219 Futures and forwards — — 8,297,965 6,460,539 Written options — — 3,857,773 3,516,131 Purchased options — — 3,236,924 3,234,025 Total interest rate contract notionals $ 246,079 $ 189,779 $ 35,152,101 $ 31,964,914 Foreign exchange contracts Swaps $ 54,502 $ 37,162 $ 7,004,521 $ 5,576,357 Futures, forwards and spot 37,769 33,103 5,711,577 3,097,700 Written options 2,497 3,951 1,727,916 1,127,728 Purchased options 2,934 6,427 1,695,392 1,148,686 Total foreign exchange contract notionals $ 97,702 $ 80,643 $ 16,139,406 $ 10,950,471 Equity contracts Swaps $ — $ — $ 245,167 $ 215,834 Futures and forwards — — 70,526 72,616 Written options — — 436,032 389,961 Purchased options — — 333,448 328,154 Total equity contract notionals $ — $ — $ 1,085,173 $ 1,006,565 Commodity and other contracts Swaps $ — $ — $ 118,699 $ 82,039 Futures and forwards 397 23 164,427 153,248 Written options — — 72,021 62,045 Purchased options — — 69,862 60,526 Total commodity and other contract notionals $ 397 $ 23 $ 425,009 $ 357,858 Credit derivatives (1) Protection sold $ — $ — $ 723,060 $ 735,142 Protection purchased — — 793,792 777,713 Total credit derivatives $ — $ — $ 1,516,852 $ 1,512,855 Total derivative notionals $ 344,178 $ 270,445 $ 54,318,541 $ 45,792,663 (1) Credit derivatives are arrangements designed to allow one party (protection buyer) to transfer the credit risk of a “reference asset” to another party (protection seller). These arrangements allow a protection seller to assume the credit risk associated with the reference asset without directly purchasing that asset. The Company enters into credit derivative positions for purposes such as risk management, yield enhancement, reduction of credit concentrations and diversification of overall risk. The following tables present the gross and net fair values of the Company’s derivative transactions and the related offsetting amounts as of September 30, 2018 and December 31, 2017 . 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 the enforceability of netting and collateral rights has been obtained. GAAP does not permit similar offsetting for security collateral. In addition, the following tables reflect rule changes adopted by clearing organizations that require or allow entities to treat certain derivative assets, liabilities and the related variation margin as settlement of the related derivative fair values for legal and accounting purposes, as opposed to presenting gross derivative assets and liabilities that are subject to collateral, whereby the counterparties would record a related collateral payable or receivable. As a result, the tables reflect a reduction of approximately $110 billion and $100 billion as of September 30, 2018 and December 31, 2017 , respectively, of derivative assets and derivative liabilities that previously would have been reported on a gross basis, but are now settled and not subject to collateral. The tables also present amounts that are not permitted to be offset, such as security collateral or cash collateral posted at third-party custodians, but which would be eligible for offsetting to the extent that 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 September 30, 2018 Derivatives classified in (1)(2) Derivatives instruments designated as ASC 815 hedges Assets Liabilities Over-the-counter $ 1,411 $ 81 Cleared 137 575 Interest rate contracts $ 1,548 $ 656 Over-the-counter $ 1,568 $ 718 Foreign exchange contracts $ 1,568 $ 718 Total derivatives instruments designated as ASC 815 hedges $ 3,116 $ 1,374 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 155,901 $ 136,989 Cleared 8,262 10,062 Exchange traded 130 136 Interest rate contracts $ 164,293 $ 147,187 Over-the-counter $ 169,989 $ 164,571 Cleared 3,326 3,360 Exchange traded 88 236 Foreign exchange contracts $ 173,403 $ 168,167 Over-the-counter $ 19,891 $ 24,766 Cleared 10 9 Exchange traded 10,143 10,354 Equity contracts $ 30,044 $ 35,129 Over-the-counter $ 22,449 $ 25,024 Exchange traded 826 756 Commodity and other contracts $ 23,275 $ 25,780 Over-the-counter $ 4,240 $ 5,912 Cleared 7,326 5,781 Credit derivatives $ 11,566 $ 11,693 Total derivatives instruments not designated as ASC 815 hedges $ 402,581 $ 387,956 Total derivatives $ 405,697 $ 389,330 Cash collateral paid/received (3) $ 10,759 $ 13,676 Less: Netting agreements (4) (322,565 ) (322,565 ) Less: Netting cash collateral received/paid (5) (37,678 ) (30,701 ) Net receivables/payables included on the Consolidated Balance Sheet (6) $ 56,213 $ 49,740 Additional amounts subject to an enforceable master netting agreement, but not offset on the Consolidated Balance Sheet Less: Cash collateral received/paid $ (739 ) $ (83 ) Less: Non-cash collateral received/paid (12,389 ) (11,376 ) Total net receivables/payables (6) $ 43,085 $ 38,281 (1) The derivatives fair values are also presented in Note 20 to the Consolidated Financial Statements. (2) Over-the-counter (OTC) derivatives are derivatives executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house. Cleared derivatives include derivatives executed bilaterally with a counterparty in the OTC market, but then novated to a central clearing house, whereby the central clearing house becomes the counterparty to both of the original counterparties. Exchange-traded derivatives include derivatives executed directly on an organized exchange that provides pre-trade price transparency. (3) Reflects the net amount of the $41,460 million and $51,354 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $30,701 million was used to offset trading derivative liabilities and, of the gross cash collateral received, $37,678 million was used to offset trading derivative assets. (4) Represents the netting of derivative receivable and payable balances with the same counterparty under enforceable netting agreements. Approximately $304 billion , $9 billion and $10 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange-traded derivatives, respectively. (5) Represents the netting of cash collateral paid and received by counterparty under enforceable credit support agreements. Substantially all cash collateral received and paid is netted against OTC derivative assets and liabilities, respectively. (6) The net receivables/payables include approximately $6 billion of derivative asset and $7 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively. In millions of dollars at December 31, 2017 Derivatives classified in (1)(2) Derivatives instruments designated as ASC 815 hedges Assets Liabilities Over-the-counter $ 1,969 $ 134 Cleared 110 92 Interest rate contracts $ 2,079 $ 226 Over-the-counter $ 1,143 $ 1,150 Foreign exchange contracts $ 1,143 $ 1,150 Total derivatives instruments designated as ASC 815 hedges $ 3,222 $ 1,376 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 195,677 $ 173,937 Cleared 7,129 10,381 Exchange traded 102 95 Interest rate contracts $ 202,908 $ 184,413 Over-the-counter $ 119,092 $ 117,473 Cleared 1,690 2,028 Exchange traded 34 121 Foreign exchange contracts $ 120,816 $ 119,622 Over-the-counter $ 17,221 $ 21,201 Cleared 21 25 Exchange traded 9,736 10,147 Equity contracts $ 26,978 $ 31,373 Over-the-counter $ 13,499 $ 16,362 Exchange traded 604 665 Commodity and other contracts $ 14,103 $ 17,027 Over-the-counter $ 12,972 $ 12,958 Cleared 7,562 8,575 Credit derivatives $ 20,534 $ 21,533 Total derivatives instruments not designated as ASC 815 hedges $ 385,339 $ 373,968 Total derivatives $ 388,561 $ 375,344 Cash collateral paid/received (3) $ 7,541 $ 14,308 Less: Netting agreements (4) (306,401 ) (306,401 ) Less: Netting cash collateral received/paid (5) (38,532 ) (35,666 ) Net receivables/payables included on the Consolidated Balance Sheet (6) $ 51,169 $ 47,585 Additional amounts subject to an enforceable master netting agreement, but not offset on the Consolidated Balance Sheet Less: Cash collateral received/paid $ (872 ) $ (121 ) Less: Non-cash collateral received/paid (12,739 ) (6,929 ) Total net receivables/payables (6) $ 37,558 $ 40,535 (1) The derivatives fair values are presented in Note 20 to the Consolidated Financial Statements. Derivative mark-to-market receivables/payables previously reported within Other assets/Other liabilities have been reclassified to Trading account assets/Trading account liabilities to conform with the current-period presentation. (2) Over-the-counter (OTC) derivatives are derivatives executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house. Cleared derivatives include derivatives executed bilaterally with a counterparty in the OTC market, but then novated to a central clearing house, whereby the central clearing house becomes the counterparty to both of the original counterparties. Exchange-traded derivatives include derivatives executed directly on an organized exchange that provides pre-trade price transparency. (3) Reflects the net amount of the $43,207 million and $52,840 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $35,666 million was used to offset trading derivative liabilities and, of the gross cash collateral received, $38,532 million was used to offset trading derivative assets. (4) Represents the netting of derivative receivable and payable balances with the same counterparty under enforceable netting agreements. Approximately $283 billion , $14 billion and $9 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange-traded derivatives, respectively. (5) Represents the netting of cash collateral paid and received by counterparty under enforceable credit support agreements. Substantially all cash collateral received and paid is netted against OTC derivative assets and liabilities, respectively. (6) The net receivables/payables include approximately $6 billion of derivative asset and $8 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively. For the three and nine months ended September 30, 2018 and 2017 , 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 how these portfolios are risk managed. The amounts recognized in Other revenue in the Consolidated Statement of Income related to derivatives not designated in a qualifying hedging relationship are shown below. The table below does not include any offsetting gains (losses) on the economically hedged items to the extent such amounts are also recorded in Other revenue . Gains (losses) included in Other revenue Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2018 2017 2018 2017 Interest rate contracts $ (22 ) $ (5 ) $ (65 ) $ (72 ) Foreign exchange 7 596 (6 ) 1,897 Credit derivatives (200 ) (125 ) (271 ) (501 ) Total $ (215 ) $ 466 $ (342 ) $ 1,324 Fair Value Hedges Hedging of Benchmark Interest Rate Risk Citigroup’s fair value hedges are primarily hedges of fixed-rate long-term debt or assets, such as available-for-sale debt securities or loans. For qualifying fair value hedges of interest rate risk, the changes in the fair value of the derivative and the change in the fair value of the hedged item attributable to the hedged risk, either total cash flows or benchmark only cash flows are presented within Interest revenue or Interest expense based on whether the hedged item is an asset or a liability. Prior to the adoption of ASU 2017-12, the fair value of the derivative was presented in Other revenue or Principal transactions and the difference between the changes in the hedged item and the derivative was defined as ineffectiveness. Hedging of Foreign Exchange Risk Citigroup hedges the change in fair value attributable to foreign exchange rate movements in available-for-sale debt securities and long-term debt that are denominated in currencies other than the functional currency of the entity holding the securities or issuing the debt, which may be within or outside the U.S. The hedging instrument may be a forward foreign exchange contract or a cross-currency swap contract. Citigroup considers the premium associated with forward contracts (i.e., the differential between the spot and contractual forward rates) as the cost of hedging; this amount is excluded from the assessment of hedge effectiveness and reflected directly in earnings over the life of the hedge. Beginning January 1, 2018, Citi excludes changes in cross-currency basis associated with cross-currency swaps from the assessment of hedge effectiveness and records it in Other comprehensive income. Hedging of Commodity Price Risk Citigroup hedges the change in fair value attributable to spot price movements in physical commodities inventory. The hedging instrument is a futures contract to sell the underlying commodity. In this hedge, the change in the value of the hedged inventory is reflected in earnings, which offsets the change in the fair value of the futures contract that is also reflected in earnings. Although the change in the fair value of the hedging instrument recorded in earnings includes changes in forward rates, Citigroup excludes the differential between the spot and the contractual forward rates under the futures contract from the assessment of hedge effectiveness and amortizes it directly into earnings over the life of the hedge. The following table summarizes the gains (losses) on the Company’s fair value hedges: Gains (losses) on fair value hedges (1) Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 (3) 2018 2017 (3) In millions of dollars Other revenue Net interest revenue Other revenue Other revenue Net interest revenue Other revenue Gain (loss) on the derivatives in designated and qualifying fair value hedges Interest rate hedges $ — $ (857 ) $ (194 ) $ — $ (497 ) $ (570 ) Foreign exchange hedges (158 ) — (166 ) 341 — (803 ) Commodity hedges (14 ) — (11 ) (14 ) — (20 ) Total gain (loss) on the derivatives in designated and qualifying fair value hedges $ (172 ) $ (857 ) $ (371 ) $ 327 $ (497 ) $ (1,393 ) Gain (loss) on the hedged item in designated and qualifying fair value hedges Interest rate hedges $ — $ 871 $ 189 $ — $ 525 $ 532 Foreign exchange hedges 132 — 144 (464 ) — 910 Commodity hedges 8 — 12 9 — 22 Total gain (loss) on the hedged item in designated and qualifying fair value hedges $ 140 $ 871 $ 345 $ (455 ) $ 525 $ 1,464 Net gain (loss) excluded from assessment of the effectiveness of fair value hedges Interest rate hedges $ — $ — $ — $ — $ (5 ) $ (7 ) Foreign exchange hedges (2) 7 — (5 ) 63 — 75 Commodity hedges (7 ) — 1 (5 ) — 2 Total net gain (loss) excluded from assessment of the effectiveness of fair value hedges $ — $ — $ (4 ) $ 58 $ (5 ) $ 70 (1) Beginning January 1, 2018, gain (loss) amounts for interest rate risk hedges are included in Interest income/Interest expense , while the remaining amounts including the amounts for interest rate hedges prior to January 1, 2018 are included in Other revenue or Principal transactions on the Consolidated Statement of Income. The accrued interest income on fair value hedges both prior to and after January 1, 2018 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. After January 1, 2018, amounts include cross-currency basis, which is recognized in accumulated other comprehensive income. The amount of cross-currency basis that was included in accumulated other comprehensive income was $15 million and $57 million for the three and nine months ended September 30, 2018, respectively, none of which was recognized in earnings. (3) Hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges for the three months ended September 30, 2017 was $(5) million for interest rate hedges and $(17) million for foreign exchange hedges, for a total of $(22) million . Hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges for the nine months ended September 30, 2017 was $(31) million for interest rate hedges and $32 million for foreign exchange hedges, for a total of $1 million . Cumulative Basis Adjustment Upon electing to apply ASC 815 fair value hedge accounting, the carrying value of the hedged item is adjusted to reflect the cumulative impact of changes in the hedged risk. The hedge basis adjustment, whether arising from an active or de-designated hedge relationship, remains with the hedged item until the hedged item is derecognized from the balance sheet. The table below presents the carrying amount of Citi’s hedged assets and liabilities under qualifying fair value hedges at September 30, 2018, along with the cumulative hedge basis adjustments included in the carrying value of those hedged assets and liabilities. In millions of dollars as of September 30, 2018 Balance sheet line item in which hedged item is recorded Carrying amount of hedged asset/ liability Cumulative fair value hedging adjustment increasing (decreasing) the carrying amount Active De-designated Debt securities AFS $ 80,244 $ (326 ) $ 421 Long-term debt 154,540 (775 ) 1,218 Cash Flow Hedges Citigroup hedges the variability of forecasted cash flows associated with floating-rate assets/liabilities and other forecasted transactions. Variable cash flows from those liabilities are synthetically 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. Variable cash flows associated with certain assets are synthetically 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. Prior to the adoption of ASU 2017-12, Citigroup designated the risk being hedged as the risk of overall variability in the hedged cash flows for certain items. With the adoption of ASU 2017-12, Citigroup hedges the variability from changes in a contractually specified rate and recognizes the entire change in fair value of the cash flow hedging instruments in AOCI. Prior to the adoption of ASU 2017-12, to the extent that these derivatives were not fully effective, changes in their fair values in excess of changes in the value of the hedged transactions were immediately included in Other revenue . With the adoption of ASU 2017-12, such amounts are no longer required to be immediately recognized in income, but instead the full change in the value of the hedging instrument is required to be recognized in AOCI, and then recognized in earnings in the same period that the cash flows impact earnings. The pretax change in AOCI from cash flow hedges is presented below: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2018 2017 2018 2017 Amount of gain (loss) recognized in AOCI on derivative Interest rate contracts (1) $ (146 ) $ (36 ) $ (665 ) $ 103 Foreign exchange contracts (3 ) (7 ) (4 ) (7 ) Total gain (loss) recognized in AOCI $ (149 ) $ (43 ) $ (669 ) $ 96 Amount of gain (loss) reclassified from AOCI to earnings Other revenue Net interest revenue Other revenue Other revenue Net interest revenue Other revenue Interest rate contracts (1) $ — $ (54 ) $ (48 ) $ — $ (142 ) $ (94 ) Foreign exchange contracts 2 — (7 ) (8 ) — (8 ) Total gain (loss) reclassified from AOCI into earnings $ 2 $ (54 ) $ (55 ) $ (8 ) $ (142 ) $ (102 ) (1) After January 1, 2018, all amounts reclassified into earnings for interest rate contracts are included in Interest income/Interest expense (Net interest revenue) . For all other hedges, including interest rate hedges prior to January 1, 2018, the amounts reclassified to earnings are 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 remain in AOCI on the Consolidated Balance Sheet and 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 gain (loss) associated with cash flow hedges expected to be reclassified from AOCI within 12 months of September 30, 2018 is approximately $475 million . 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 17 to the Consolidated Financial Statements. Net Investment Hedges The pretax gain (loss) recorded in the Foreign currency translation adjustment account within AOCI, related to net investment hedges, is $(46) million and $1,587 million for the three and nine months ended September 30, 2018, and $(245) million and $(1,993) million for the three and nine months ended September 30, 2017, respectively. Credit Derivatives The following tables summarize the key characteristics of Citi’s credit derivatives portfolio by counterparty and derivative form: Fair values Notionals In millions of dollars at September 30, 2018 Receivable (1) Payable (2) Protection Protection By industry/counterparty Banks $ 5,366 $ 5,097 $ 222,802 $ 234,338 Broker-dealers 1,826 1,661 66,676 67,833 Non-financial 65 90 2,823 4,247 Insurance and other financial institutions 4,309 4,845 501,491 416,642 Total by industry/counterparty $ 11,566 $ 11,693 $ 793,792 $ 723,060 By instrument Credit default swaps and options $ 10,997 $ 11,168 $ 771,239 $ 712,451 Total return swaps and other 569 525 22,553 10,609 Total by instrument $ 11,566 $ 11,693 $ 793,792 $ 723,060 By rating Investment grade $ 5,180 $ 5,014 $ 616,595 $ 552,452 Non-investment grade 6,386 6,679 177,197 170,608 Total by rating $ 11,566 $ 11,693 $ 793,792 $ 723,060 By maturity Within 1 year $ 1,442 $ 1,680 $ 232,670 $ 204,358 From 1 to 5 years 8,083 7,855 472,276 439,089 After 5 years 2,041 2,158 88,846 79,613 Total by maturity $ 11,566 $ 11,693 $ 793,792 $ 723,060 (1) The fair value amount receivable is composed of $3,657 million under protection purchased and $7,909 million under protection sold. (2) The fair value amount payable is composed of $8,476 million under protection purchased and $3,217 million under protection sold. Fair values Notionals In millions of dollars at December 31, 2017 Receivable (1) Payable (2) Protection Protection By industry/counterparty Banks $ 7,471 $ 6,669 $ 264,414 $ 273,711 Broker-dealers 2,325 2,285 73,273 83,229 Non-financial 70 91 1,288 1,140 Insurance and other financial institutions 10,668 12,488 438,738 377,062 Total by industry/counterparty $ 20,534 $ 21,533 $ 777,713 $ 735,142 By instrument Credit default swaps and options $ 20,251 $ 20,554 $ 754,114 $ 724,228 Total return swaps and other 283 979 23,599 10,914 Total by instrument $ 20,534 $ 21,533 $ 777,713 $ 735,142 By rating Investment grade $ 10,473 $ 10,616 $ 588,324 $ 557,987 Non-investment grade 10,061 10,917 189,389 177,155 Total by rating $ 20,534 $ 21,533 $ 777,713 $ 735,142 By maturity Within 1 year $ 2,477 $ 2,914 $ 231,878 $ 218,097 From 1 to 5 years 16,098 16,435 498,606 476,345 After 5 years 1,959 2,184 47,229 40,700 Total by maturity $ 20,534 $ 21,533 $ 777,713 $ 735,142 (1) The fair value amount receivable is composed of $3,195 million under protection purchased and $17,339 under protection sold. (2) The fair value amount payable is composed of $ 3,147 million under protection purchased and $ 18,386 million under protection sold. 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 September 30, 2018 and December 31, 2017 was $37 billion and $29 billion , respectively. The Company posted $36 billion and $28 billion as collateral for this exposure in the normal course of business as of September 30, 2018 and December 31, 2017, respectively. A downgrade could trigger additional collateral or cash settlement requirements for the Company and certain affiliates. In the event that Citigroup and Citibank were downgraded a single notch by all three major rating agencies as of September 30, 2018, the Company could be required to post an additional $1.4 billion as either collateral or settlement of the derivative transactions. Additionally, the Company could be required to segregate with third-party custodians collateral previously received from existing derivative counterparties in the amount of $0.2 billion upon the single notch downgrade, resulting in aggregate cash obligations and collateral requirements of approximately $1.6 billion . Derivatives Accompanied by Financial Asset Transfers For transfers of financial assets accounted for as a sale by the Company and for which the Company has retained substantially all of the economic exposure to the transferred asset through a total return swap executed with the same counterparty in contemplation of the initial sale (and still outstanding), both the asset amounts derecognized and the gross cash proceeds received as of the date of derecognition were $3.3 billion and $3.0 billion as of September 30, 2018 and December 31, 2017, respectively. At September 30, 2018 , the fair value of these previously derecognized assets was $3.2 billion . The fair value of the total return swaps as of September 30, 2018 was $24 million recorded as gross derivative assets and $31 million recorded as gross derivative liabilities. At December 31, 2017, the fair value of these previously derecognized assets was $3.1 billion , and the fair value of the total return swaps was $89 million recorded as gross derivative assets and $15 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 | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENT | FAIR VALUE MEASUREMENT For additional information regarding fair value measurement at Citi, see Note 24 to the Consolidated Financial Statements in Citi’s 2017 Annual Report on Form 10-K. Market Valuation Adjustments The table below summarizes the credit valuation adjustments (CVA) and funding valuation adjustments (FVA) applied to the fair value of derivative instruments at September 30, 2018 and December 31, 2017 : Credit and funding valuation adjustments contra-liability (contra-asset) In millions of dollars September 30, December 31, Counterparty CVA $ (815 ) $ (970 ) Asset FVA (324 ) (447 ) Citigroup (own-credit) CVA 317 287 Liability FVA 39 47 Total CVA—derivative instruments (1) $ (783 ) $ (1,083 ) (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 September 30, Nine Months Ended In millions of dollars 2018 2017 2018 2017 Counterparty CVA $ 94 $ 27 $ 117 $ 197 Asset FVA 74 (5 ) 123 74 Own-credit CVA (75 ) (2 ) 24 (127 ) Liability FVA (23 ) (16 ) (8 ) (10 ) Total CVA—derivative instruments $ 70 $ 4 $ 256 $ 134 DVA related to own FVO liabilities (1) $ (377 ) $ (195 ) $ 208 $ (422 ) Total CVA and DVA (2) $ (307 ) $ (191 ) $ 464 $ (288 ) (1) See Note 1 and Note 17 to the Consolidated Financial Statements. (2) FVA is included with CVA for presentation purposes. 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 September 30, 2018 and December 31, 2017 . The Company may hedge positions that have been classified in the Level 3 category with other financial instruments (hedging instruments) that may be classified as Level 3, but also with financial instruments classified as Level 1 or Level 2 of the fair value hierarchy. The effects of these hedges are presented gross in the following tables: Fair Value Levels In millions of dollars at September 30, 2018 Level 1 (1) Level 2 (1) Level 3 Gross Netting (2) Net Assets Federal funds sold and securities borrowed and purchased under agreements to resell $ — $ 241,745 $ 65 $ 241,810 $ (63,368 ) $ 178,442 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 20,293 128 20,421 — 20,421 Residential 1 730 215 946 — 946 Commercial — 1,346 57 1,403 — 1,403 Total trading mortgage-backed securities $ 1 $ 22,369 $ 400 $ 22,770 $ — $ 22,770 U.S. Treasury and federal agency securities $ 22,054 $ 5,347 $ 6 $ 27,407 $ — $ 27,407 State and municipal — 3,612 200 3,812 — 3,812 Foreign government 44,714 19,945 52 64,711 — 64,711 Corporate 835 13,409 253 14,497 — 14,497 Equity securities 45,556 8,195 170 53,921 — 53,921 Asset-backed securities — 1,628 1,453 3,081 — 3,081 Other trading assets (3) 5 10,355 730 11,090 — 11,090 Total trading non-derivative assets $ 113,165 $ 84,860 $ 3,264 $ 201,289 $ — $ 201,289 Trading derivatives Interest rate contracts $ 183 $ 163,345 $ 2,313 $ 165,841 Foreign exchange contracts 6 174,455 510 174,971 Equity contracts 2,495 27,255 294 30,044 Commodity contracts 15 22,576 684 23,275 Credit derivatives — 10,750 816 11,566 Total trading derivatives $ 2,699 $ 398,381 $ 4,617 $ 405,697 Cash collateral paid (4) $ 10,759 Netting agreements $ (322,565 ) Netting of cash collateral received (37,678 ) Total trading derivatives $ 2,699 $ 398,381 $ 4,617 $ 416,456 $ (360,243 ) $ 56,213 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 45,127 $ 34 $ 45,161 $ — $ 45,161 Residential — 1,627 — 1,627 — 1,627 Commercial — 226 5 231 — 231 Total investment mortgage-backed securities $ — $ 46,980 $ 39 $ 47,019 $ — $ 47,019 U.S. Treasury and federal agency securities $ 106,098 $ 10,045 $ — $ 116,143 $ — $ 116,143 State and municipal — 8,798 682 9,480 — 9,480 Foreign government 56,866 37,514 81 94,461 — 94,461 Corporate 4,687 7,693 — 12,380 — 12,380 Equity securities 246 14 — 260 — 260 Asset-backed securities — 978 284 1,262 — 1,262 Other debt securities — 4,037 — 4,037 — 4,037 Non-marketable equity securities (5) — 170 733 903 — 903 Total investments $ 167,897 $ 116,229 $ 1,819 $ 285,945 $ — $ 285,945 Table continues on the next page. In millions of dollars at September 30, 2018 Level 1 (1) Level 2 (1) Level 3 Gross Netting (2) Net Loans $ — $ 3,856 $ 383 $ 4,239 $ — $ 4,239 Mortgage servicing rights — — 618 618 — 618 Non-trading derivatives and other financial assets measured on a recurring basis $ 19,789 $ 5,362 $ — $ 25,151 $ — $ 25,151 Total assets $ 303,550 $ 850,433 $ 10,766 $ 1,175,508 $ (423,611 ) $ 751,897 Total as a percentage of gross assets (6) 26.1 % 73.0 % 0.9 % Liabilities Interest-bearing deposits $ — $ 1,137 $ 303 $ 1,440 $ — $ 1,440 Federal funds purchased and securities loaned and sold under agreements to repurchase — 110,519 997 111,516 (63,368 ) 48,148 Trading account liabilities Securities sold, not yet purchased 85,760 10,281 387 96,428 — 96,428 Other trading liabilities — 1,484 — 1,484 — 1,484 Total trading liabilities $ 85,760 $ 11,765 $ 387 $ 97,912 $ — $ 97,912 Trading derivatives Interest rate contracts $ 189 $ 145,460 $ 2,194 $ 147,843 Foreign exchange contracts 7 168,557 321 168,885 Equity contracts 2,667 31,254 1,208 35,129 Commodity contracts 5 23,286 2,489 25,780 Credit derivatives — 9,871 1,822 11,693 Total trading derivatives $ 2,868 $ 378,428 $ 8,034 $ 389,330 Cash collateral received (7) $ 13,676 Netting agreements $ (322,565 ) Netting of cash collateral paid (30,701 ) Total trading derivatives $ 2,868 $ 378,428 $ 8,034 $ 403,006 $ (353,266 ) $ 49,740 Short-term borrowings $ — $ 5,002 $ 39 $ 5,041 $ — $ 5,041 Long-term debt — 22,980 13,791 36,771 — 36,771 Total non-trading derivatives and other financial liabilities measured on a recurring basis $ 19,789 $ 158 $ — $ 19,947 $ — $ 19,947 Total liabilities $ 108,417 $ 529,989 $ 23,551 $ 675,633 $ (416,634 ) $ 258,999 Total as a percentage of gross liabilities (6) 16.4 % 80.1 % 3.6 % (1) For the three and nine months ended September 30, 2018 , the Company transferred assets of approximately $1.7 billion and $3.4 billion from Level 1 to Level 2, primarily related to foreign government securities and equity securities not traded in active markets. During the three and nine months ended September 30, 2018 , the Company transferred assets of approximately $2.6 billion and $7.9 billion from Level 2 to Level 1, primarily related to foreign government bonds, foreign corporate securities, marketable certificates of deposits and equity securities traded with sufficient frequency to constitute an active market. For the three and nine months ended September 30, 2018 , there were $0.1 billion and $0.3 billion transfers of liabilities from Level 1 to Level 2. During the three and nine months ended September 30, 2018 , the Company transferred liabilities of approximately $0.3 billion and $0.7 billion , 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) Includes positions related to investments in unallocated precious metals, as discussed in Note 21 to the Consolidated Financial Statements. Also includes physical commodities accounted for at the lower of cost or fair value and unfunded credit products. (4) Reflects the net amount of $48,437 million gross cash collateral paid, of which $37,678 million was used to offset trading derivative liabilities. (5) Amounts exclude $0.2 billion of investments measured at Net Asset Value (NAV) in accordance with ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). (6) 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 $44,377 million of gross cash collateral received, of which $30,701 million was used to offset trading derivative assets. Fair Value Levels In millions of dollars at December 31, 2017 Level 1 (1) Level 2 (1) Level 3 Gross Netting (2) Net Assets Federal funds sold and securities borrowed and purchased under agreements to resell $ — $ 188,571 $ 16 $ 188,587 $ (55,638 ) $ 132,949 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 22,801 163 22,964 — 22,964 Residential — 649 164 813 — 813 Commercial — 1,309 57 1,366 — 1,366 Total trading mortgage-backed securities $ — $ 24,759 $ 384 $ 25,143 $ — $ 25,143 U.S. Treasury and federal agency securities $ 17,524 $ 3,613 $ — $ 21,137 $ — $ 21,137 State and municipal — 4,426 274 4,700 — 4,700 Foreign government 39,347 20,843 16 60,206 — 60,206 Corporate 301 15,129 275 15,705 — 15,705 Equity securities 53,305 6,794 120 60,219 — 60,219 Asset-backed securities — 1,198 1,590 2,788 — 2,788 Other trading assets (3) 3 11,105 615 11,723 — 11,723 Total trading non-derivative assets $ 110,480 $ 87,867 $ 3,274 $ 201,621 $ — $ 201,621 Trading derivatives Interest rate contracts $ 145 $ 203,134 $ 1,708 $ 204,987 Foreign exchange contracts 19 121,363 577 121,959 Equity contracts 2,364 24,170 444 26,978 Commodity contracts 282 13,252 569 14,103 Credit derivatives — 19,624 910 20,534 Total trading derivatives $ 2,810 $ 381,543 $ 4,208 $ 388,561 Cash collateral paid (4) $ 7,541 Netting agreements $ (306,401 ) Netting of cash collateral received (38,532 ) Total trading derivatives $ 2,810 $ 381,543 $ 4,208 $ 396,102 $ (344,933 ) $ 51,169 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 41,717 $ 24 $ 41,741 $ — $ 41,741 Residential — 2,884 — 2,884 — 2,884 Commercial — 329 3 332 — 332 Total investment mortgage-backed securities $ — $ 44,930 $ 27 $ 44,957 $ — $ 44,957 U.S. Treasury and federal agency securities $ 106,964 $ 11,182 $ — $ 118,146 $ — $ 118,146 State and municipal — 8,028 737 8,765 — 8,765 Foreign government 56,456 43,985 92 100,533 — 100,533 Corporate 1,911 12,127 71 14,109 — 14,109 Equity securities 176 11 2 189 — 189 Asset-backed securities — 3,091 827 3,918 — 3,918 Other debt securities — 297 — 297 — 297 Non-marketable equity securities (5) — 121 681 802 — 802 Total investments $ 165,507 $ 123,772 $ 2,437 $ 291,716 $ — $ 291,716 Table continues on the next page. In millions of dollars at December 31, 2017 Level 1 (1) Level 2 (1) Level 3 Gross Netting (2) Net Loans $ — $ 3,824 $ 550 $ 4,374 $ — $ 4,374 Mortgage servicing rights — — 558 558 — 558 Non-trading derivatives and other financial assets measured on a recurring basis $ 13,903 $ 4,640 $ 16 $ 18,559 $ — $ 18,559 Total assets $ 292,700 $ 790,217 $ 11,059 $ 1,101,517 $ (400,571 ) $ 700,946 Total as a percentage of gross assets (6) 26.8 % 72.2 % 1.0 % Liabilities Interest-bearing deposits $ — $ 1,179 $ 286 $ 1,465 $ — $ 1,465 Federal funds purchased and securities loaned and sold under agreements to repurchase — 95,550 726 96,276 (55,638 ) 40,638 Trading account liabilities Securities sold, not yet purchased 65,843 10,306 22 76,171 — 76,171 Other trading liabilities — 1,409 5 1,414 — 1,414 Total trading liabilities $ 65,843 $ 11,715 $ 27 $ 77,585 $ — $ 77,585 Trading account derivatives Interest rate contracts $ 137 $ 182,372 $ 2,130 $ 184,639 Foreign exchange contracts 9 120,316 447 120,772 Equity contracts 2,430 26,472 2,471 31,373 Commodity contracts 115 14,482 2,430 17,027 Credit derivatives — 19,824 1,709 21,533 Total trading derivatives $ 2,691 $ 363,466 $ 9,187 $ 375,344 Cash collateral received (7) $ 14,308 Netting agreements $ (306,401 ) Netting of cash collateral paid (35,666 ) Total trading derivatives $ 2,691 $ 363,466 $ 9,187 $ 389,652 $ (342,067 ) $ 47,585 Short-term borrowings $ — $ 4,609 $ 18 $ 4,627 $ — $ 4,627 Long-term debt — 18,310 13,082 31,392 — 31,392 Non-trading derivatives and other financial liabilities measured on a recurring basis $ 13,903 $ 50 $ 8 $ 13,961 $ — $ 13,961 Total liabilities $ 82,437 $ 494,879 $ 23,334 $ 614,958 $ (397,705 ) $ 217,253 Total as a percentage of gross liabilities (6) 13.7 % 82.4 % 3.9 % (1) In 2017, the Company transferred assets of approximately $4.8 billion from Level 1 to Level 2, primarily related to foreign government securities and equity securities not traded in active markets. In 2017, the Company transferred assets of approximately $4.0 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. In 2017, the Company transferred liabilities of approximately $0.4 billion from Level 1 to Level 2. In 2017, the Company transferred liabilities of approximately $0.3 billion 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) Includes positions related to investments in unallocated precious metals, as discussed in Note 21 to the Consolidated Financial Statements. Also includes physical commodities accounted for at the lower of cost or fair value and unfunded credit products. (4) Reflects the net amount of $43,207 million of gross cash collateral paid, of which $35,666 million was used to offset trading derivative liabilities. (5) Amounts exclude $0.4 billion of investments measured at Net Asset Value (NAV) in accordance with ASU No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). (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 $52,840 million of gross cash collateral received, of which $38,532 million was used to offset trading 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 and nine months ended September 30, 2018 and 2017 . 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 may be classified in the Level 1 or Level 2 categories. In addition, the Company hedges items classified in the Level 3 category with instruments also classified in Level 3 of the fair value hierarchy. The hedged items and related hedges are presented gross in the following tables: Level 3 Fair Value Rollforward Net realized/unrealized Transfers Unrealized (3) In millions of dollars Jun. 30, 2018 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2018 Assets Federal funds sold and securities borrowed and purchased under agreements to resell $ 66 $ — $ — $ (1 ) $ — $ 61 $ — $ — $ (61 ) $ 65 $ 4 Trading non-derivative assets Trading mortgage- backed securities U.S. government-sponsored agency guaranteed 99 (2 ) — 3 (7 ) 38 — (3 ) — 128 (2 ) Residential 132 111 — 17 (36 ) 8 — (17 ) — 215 (2 ) Commercial 51 (2 ) — 4 (8 ) 29 — (17 ) — 57 (1 ) Total trading mortgage- backed securities $ 282 $ 107 $ — $ 24 $ (51 ) $ 75 $ — $ (37 ) $ — $ 400 $ (5 ) U.S. Treasury and federal agency securities $ 7 $ — $ — $ — $ — $ — $ — $ — $ (1 ) $ 6 $ — State and municipal 226 6 — — (52 ) 22 — (2 ) — 200 6 Foreign government 36 27 — — (8 ) 4 — (7 ) — 52 26 Corporate 520 (214 ) — 24 (15 ) 110 — (172 ) — 253 7 Equity securities 293 (87 ) — 7 (21 ) 24 — (46 ) — 170 (99 ) Asset-backed securities 1,688 (44 ) — 20 (39 ) 305 — (477 ) — 1,453 (45 ) Other trading assets 542 78 — 94 (10 ) 185 2 (157 ) (4 ) 730 53 Total trading non- derivative assets $ 3,594 $ (127 ) $ — $ 169 $ (196 ) $ 725 $ 2 $ (898 ) $ (5 ) $ 3,264 $ (57 ) Trading derivatives, net (4) Interest rate contracts $ 86 $ 10 $ — $ (11 ) $ (2 ) $ — $ 8 $ — $ 28 $ 119 $ 59 Foreign exchange contracts 239 (16 ) — (15 ) 56 4 — (66 ) (13 ) 189 (51 ) Equity contracts (1,446 ) 265 — 3 372 3 (15 ) (3 ) (93 ) (914 ) 283 Commodity contracts (1,906 ) (67 ) — 44 (16 ) 12 — (8 ) 136 (1,805 ) 1 Credit derivatives (848 ) (240 ) — (6 ) 7 — — — 81 (1,006 ) (231 ) Total trading derivatives, net (4) $ (3,875 ) $ (48 ) $ — $ 15 $ 417 $ 19 $ (7 ) $ (77 ) $ 139 $ (3,417 ) $ 61 Table continues on the next page. Net realized/unrealized Transfers Unrealized (3) In millions of dollars Jun. 30, 2018 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2018 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 34 $ — $ — $ — $ — $ — $ — $ — $ — $ 34 $ — Residential — — — — — — — — — — — Commercial 6 — — — (1 ) — — — — 5 — Total investment mortgage-backed securities $ 40 $ — $ — $ — $ (1 ) $ — $ — $ — $ — $ 39 $ — U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 762 — (10 ) — — 17 — (87 ) — 682 (7 ) Foreign government 54 — (3 ) — (2 ) 45 — (13 ) — 81 (3 ) Corporate 68 — — — (64 ) — — (4 ) — — — Equity securities 1 — — — — — — — (1 ) — — Asset-backed securities 456 — (6 ) — (177 ) 34 — (23 ) — 284 (5 ) Other debt securities — — — — — — — — — — — Non-marketable equity securities 611 — (73 ) 163 — 71 — (40 ) 1 733 (70 ) Total investments $ 1,992 $ — $ (92 ) $ 163 $ (244 ) $ 167 $ — $ (167 ) $ — $ 1,819 $ (85 ) Loans $ 381 $ — $ (27 ) $ — $ (46 ) $ 79 $ — $ (3 ) $ (1 ) $ 383 $ 95 Mortgage servicing rights 596 — 25 — — — 14 — (17 ) 618 26 Other financial assets measured on a recurring basis — — 15 — — — — (4 ) (11 ) — 14 Liabilities Interest-bearing deposits $ 320 $ — $ 14 $ — $ — $ — $ — $ — $ (3 ) $ 303 $ 14 Federal funds purchased and securities loaned and sold under agreements to repurchase 966 (31 ) — — — — — — — 997 24 Trading account liabilities Securities sold, not yet purchased 189 (137 ) — 28 (55 ) 14 121 (45 ) (2 ) 387 (90 ) Other trading liabilities — — — — — — — — — — — Short-term borrowings 90 1 — — (18 ) — 5 — (37 ) 39 19 Long-term debt 13,781 (231 ) — 445 (646 ) — (42 ) (1 ) 23 13,791 (298 ) Other financial liabilities measured on a recurring basis — — — — — — — — — — — (1) Changes in fair value of available-for-sale debt securities are recorded in AOCI, unless related to other-than-temporary impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments 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 AOCI for changes in fair value of available-for-sale debt securities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at September 30, 2018 . (4) Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only. Net realized/unrealized Transfers Unrealized (3) In millions of dollars Dec. 31, 2017 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2018 Assets Federal funds sold and securities borrowed and purchased under agreements to resell 16 19 — 48 — 61 — — (79 ) 65 10 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 163 — — 92 (97 ) 191 — (221 ) — 128 — Residential 164 116 — 75 (124 ) 99 — (115 ) — 215 (1 ) Commercial 57 (3 ) — 15 (45 ) 67 — (34 ) — 57 2 Total trading mortgage-backed securities 384 113 — 182 (266 ) 357 — (370 ) — 400 1 U.S. Treasury and federal agency securities — — — 6 — 1 — — (1 ) 6 — State and municipal 274 16 — — (96 ) 35 — (29 ) — 200 8 Foreign government 16 26 — 2 (13 ) 50 — (29 ) — 52 26 Corporate 275 (119 ) — 85 (106 ) 389 — (271 ) — 253 (1 ) Equity securities 120 (5 ) — 24 (41 ) 266 — (194 ) — 170 (68 ) Asset-backed securities 1,590 31 — 65 (86 ) 994 — (1,141 ) — 1,453 (6 ) Other trading assets 615 161 — 179 (52 ) 342 7 (509 ) (13 ) 730 31 Total trading non-derivative assets 3,274 223 — 543 (660 ) 2,434 7 (2,543 ) (14 ) 3,264 (9 ) Trading derivatives, net (4) Interest rate contracts (422 ) 597 — (6 ) (74 ) 8 8 (16 ) 24 119 540 Foreign exchange contracts 130 89 — (28 ) 59 11 — (71 ) (1 ) 189 52 Equity contracts (2,027 ) 163 — (70 ) 1,123 20 (15 ) (14 ) (94 ) (914 ) 66 Commodity contracts (1,861 ) (241 ) — 1 82 39 — (8 ) 183 (1,805 ) (70 ) Credit derivatives (799 ) (338 ) — (15 ) 19 2 — 1 124 (1,006 ) (468 ) Total trading derivatives, net (4) (4,979 ) 270 — (118 ) 1,209 80 (7 ) (108 ) 236 (3,417 ) 120 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed 24 — 10 — — — — — — 34 (12 ) Residential — — — — — — — — — — — Commercial 3 — 2 1 (1 ) — — — — 5 — Total investment mortgage-backed securities 27 — 12 1 (1 ) — — — — 39 (12 ) U.S. Treasury and federal agency securities — — — — — — — — — — — State and municipal 737 — (23 ) — (18 ) 157 — (171 ) — 682 (32 ) Foreign government 92 — (7 ) 1 (4 ) 107 — (108 ) — 81 (3 ) Corporate 71 — (1 ) 3 (66 ) 3 — (10 ) — — — Equity securities 2 — — — — — — (1 ) (1 ) — — Asset-backed securities 827 — (21 ) 3 (521 ) 45 — (49 ) — 284 (6 ) Other debt securities — — — — — — — — — — — Non-marketable equity securities 681 — (103 ) 193 — 86 — (73 ) (51 ) 733 (56 ) Total investments 2,437 — (143 ) 201 (610 ) 398 — (412 ) (52 ) 1,819 (109 ) Net realized/unrealized Transfers Unrealized (3) In millions of dollars Dec. 31, 2017 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2018 Loans 550 — (282 ) — 13 130 — (25 ) (3 ) 383 286 Mortgage servicing rights 558 — 82 — — — 46 (18 ) (50 ) 618 83 Other financial assets measured on a recurring basis 16 — 37 — (11 ) 4 12 (8 ) (50 ) — 53 Liabilities Interest-bearing deposits 286 — 37 12 — — 45 — (3 ) 303 (104 ) Federal funds purchased and securities loaned and sold under agreements to repurchase 726 8 — — — — 243 — 36 997 52 Trading account liabilities Securities sold, not yet purchased 22 (384 ) — 35 (86 ) 14 121 (36 ) (67 ) 387 (128 ) Other trading liabilities 5 5 — — — — — — — — — Short-term borrowings 18 2 — 48 (39 ) — 54 — (40 ) 39 22 Long-term debt 13,082 (474 ) — 2,200 (1,950 ) 36 (35 ) (45 ) 29 13,791 (1,709 ) Other financial liabilities measured on a recurring basis 8 — (2 ) 1 (10 ) — 2 — (3 ) — (9 ) (1) Changes in fair value of available-for-sale debt securities are recorded in AOCI, unless related to other-than-temporary impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments 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 AOCI for changes in fair value of available-for-sale debt securities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at December 31, 2017 . (4) Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only. Net realized/unrealized Transfers Unrealized (3) In millions of dollars Jun. 30, 2017 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2017 Assets Federal funds sold and securities borrowed and purchased under agreements to resell $ 1,002 $ (338 ) $ — $ — $ — $ — $ — $ — $ — $ 664 $ (338 ) Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed $ 204 $ — $ — $ 75 $ (21 ) $ 174 $ — $ (123 ) $ — $ 309 $ — Residential 327 24 — 41 (9 ) 39 — (71 ) — 351 12 Commercial 318 10 — 22 (17 ) 11 — (232 ) — 112 5 Total trading mortgage-backed securities $ 849 $ 34 $ — $ 138 $ (47 ) $ 224 $ — $ (426 ) $ — $ 772 $ 17 U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 284 (2 ) — — — 49 — (61 ) — 270 (1 ) Foreign government 108 (5 ) — 4 (114 ) 161 — (59 ) — 95 (2 ) Corporate 401 105 — 16 (11 ) 148 — (268 ) — 391 103 Equity securities 240 183 — 3 (41 ) 29 — (178 ) — 236 6 Asset-backed securities 1,570 114 — 5 (6 ) 481 — (460 ) — 1,704 26 Other trading assets 1,803 (38 ) — 38 (607 ) 1,349 4 (394 ) (4 ) 2,151 29 Total trading non-derivative assets $ 5,255 $ 391 $ — $ 204 $ (826 ) $ 2,441 $ 4 $ (1,846 ) $ (4 ) $ 5,619 $ 178 Trading derivatives, net (4) Interest rate contracts (288 ) 196 — 4 (4 ) 25 — (20 ) (114 ) (201 ) 120 Foreign exchange contracts 184 (92 ) — 1 (4 ) (6 ) — (3 ) 68 148 (92 ) Equity contracts (1,647 ) 201 — (52 ) (34 ) 31 — (126 ) (221 ) (1,848 ) (10 ) Commodity contracts (2,024 ) (248 ) — (29 ) (10 ) — — (3 ) (25 ) (2,339 ) (255 ) Credit derivatives (1,339 ) (150 ) — 25 115 7 — — 401 (941 ) (185 ) Total trading derivatives, net (4) $ (5,114 ) $ (93 ) $ — $ (51 ) $ 63 $ 57 $ — $ (152 ) $ 109 $ (5,181 ) $ (422 ) Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 50 $ — $ 12 $ — $ (5 ) $ — $ — $ — $ — $ 57 $ 28 Residential — — — — — — — — — — — Commercial — — — 3 — — — — — 3 — Total investment mortgage-backed securities $ 50 $ — $ 12 $ 3 $ (5 ) $ — $ — $ — $ — $ 60 $ 28 U.S. Treasury and federal agency securities $ 1 $ — $ — $ — $ — $ — $ — $ (1 ) $ — $ — $ — State and municipal 1,285 — (2 ) 21 (3 ) 16 — (45 ) — 1,272 17 Foreign government 358 — (58 ) — (18 ) 122 — (103 ) — 301 (7 ) Corporate 156 — 146 10 (2 ) 41 — (231 ) — 120 — Equity securities 9 — (1 ) — — — — (5 ) — 3 — Asset-backed securities 1,028 — (280 ) 2 (7 ) 504 — (417 ) — 830 (134 ) Other debt securities 10 — — — — — — — — 10 — Non-marketable equity securities 939 — (61 ) — — 1 — (1 ) (49 ) 829 (18 ) Total investments $ 3,836 $ — $ (244 ) $ 36 $ (35 ) $ 684 $ — $ (803 ) $ (49 ) $ 3,425 $ (114 ) Net realized/unrealized Transfers Unrealized (3) In millions of dollars Jun. 30, 2017 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2017 Loans $ 577 $ — $ 73 $ — $ — $ 131 $ — $ (236 ) $ (1 ) $ 544 $ 264 Mortgage servicing rights 560 — (6 ) — — — 19 — (20 ) 553 3 Other financial assets measured on a recurring basis 17 — 13 — — 1 43 (4 ) (56 ) 14 17 Liabilities Interest-bearing deposits $ 300 $ — $ (2 ) $ — $ — $ — $ — $ — $ (2 ) $ 300 $ 6 Federal funds purchased and securities loaned and sold under agreements to repurchase 807 (1 ) — — — — — — (43 ) 765 4 Trading account liabilities Securities sold, not yet purchased 1,143 496 — 5 (10 ) — — 88 (46 ) 684 24 Short-term borrowings 29 (13 ) — 3 (1 ) — 12 — — 56 7 Long-term debt 11,831 1,057 — 181 (490 ) — 419 — 437 11,321 716 Other financial liabilities measured on a recurring basis 2 — — — — — 1 — (1 ) 2 (1 ) Net realized/unrealized Transfers Unrealized (3) In millions of dollars Dec. 31, 2016 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2017 Assets Federal funds sold and securities borrowed and purchased under agreements to resell $ 1,496 $ (340 ) $ — $ — $ (491 ) $ — $ — $ — $ (1 ) $ 664 $ — Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 176 4 — 154 (86 ) 438 — (377 ) — 309 1 Residential 399 61 — 88 (58 ) 105 — (244 ) — 351 35 Commercial 206 7 — 66 (46 ) 445 — (566 ) — 112 (5 ) Total trading mortgage-backed securities $ 781 $ 72 $ — $ 308 $ (190 ) $ 988 $ — $ (1,187 ) $ — $ 772 $ 31 U.S. Treasury and federal agency securities $ 1 $ — $ — $ — $ — $ — $ — $ (1 ) $ — $ — $ — State and municipal 296 3 — 24 (48 ) 137 — (142 ) — 270 (1 ) Foreign government 40 2 — 88 (204 ) 288 — (119 ) — 95 (1 ) Corporate 324 320 — 132 (84 ) 424 — (725 ) — 391 167 Equity securities 127 212 — 135 (54 ) 38 — (222 ) — 236 20 Asset-backed securities 1,868 251 — 28 (87 ) 1,185 — (1,541 ) — 1,704 34 Other trading assets 2,814 (88 ) — 470 (1,381 ) 2,002 5 (1,652 ) (19 ) 2,151 29 Total trading non-derivative assets $ 6,251 $ 772 $ — $ 1,185 $ (2,048 ) $ 5,062 $ 5 $ (5,589 ) $ (19 ) $ 5,619 $ 279 Trading derivatives, net (4) Interest rate contracts $ (663 ) $ 4 $ — $ (24 ) $ 647 $ 90 $ — $ (225 ) $ (30 ) $ (201 ) $ 65 Foreign exchange contracts 413 (389 ) — 54 (63 ) 32 — (37 ) 138 148 (134 ) Equity contracts (1,557 ) 98 — (34 ) (8 ) 180 — (263 ) (264 ) (1,848 ) (22 ) Commodity contracts (1,945 ) (576 ) — 29 39 — — (3 ) 117 (2,339 ) (255 ) Credit derivatives (1,001 ) (535 ) — (43 ) 91 5 — 2 540 (941 ) (197 ) Total trading derivatives, net (4) $ (4,753 ) $ (1,398 ) $ — $ (18 ) $ 706 $ 307 $ — $ (526 ) $ 501 $ (5,181 ) $ (543 ) Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 101 $ — $ 15 $ 1 $ (60 ) $ — $ — $ — $ — $ 57 $ 30 Residential 50 — 2 — (47 ) — — (5 ) — — — Commercial — — — 3 — 8 — (8 ) — 3 — Total investment mortgage-backed securities $ 151 $ — $ 17 $ 4 $ (107 ) $ 8 $ — $ (13 ) $ — $ 60 $ 30 U.S. Treasury and federal agency securities $ 2 $ — $ — $ — $ — $ — $ — $ (2 ) $ — $ — $ — State and municipal 1,211 — 37 70 (36 ) 92 — (102 ) — 1,272 35 Foreign government 186 — (47 ) 2 (37 ) 455 — (258 ) — 301 (5 ) Corporate 311 — 11 74 (6 ) 224 — (494 ) — 120 — Equity securities 9 — (1 ) — — — — (5 ) — 3 — Asset-backed securities 660 — (98 ) 23 (20 ) 864 — (599 ) — 830 (134 ) Other debt securities — — — — — 21 — (11 ) — 10 — Non-marketable equity securities 1,331 — (124 ) 2 — 10 — (228 ) (162 ) 829 49 Total investments $ 3,861 $ — $ (205 ) $ 175 $ (206 ) $ 1,674 $ — $ (1,712 ) $ (162 ) $ 3,425 $ (25 ) Net realized/unrealized Transfers Unrealized (3) In millions of dollars Dec. 31, 2016 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2017 Loans $ 568 $ — $ 57 $ 80 $ (16 ) $ 173 $ — $ (312 ) $ (6 ) $ 544 $ 266 Mortgage servicing rights 1,564 — 50 — — — 75 (1,046 ) (90 ) 553 (40 ) Other financial assets measured on a recurring basis 34 — (147 ) 3 (8 ) 1 303 (8 ) (164 ) 14 (68 ) Liabilities Interest-bearing deposits $ 293 $ — $ 9 $ 40 $ — $ — $ — $ — $ (24 ) $ 300 $ 6 Federal funds purchased and securities loaned and sold under agreements to repurchase 849 7 — — — — — — (77 ) 765 4 Trading account liabilities Securities sold, not yet purchased 1,177 490 — 18 (53 ) — — 265 (233 ) 684 24 Short-term borrowings 42 18 — 4 (1 ) — 31 — (2 ) 56 7 Long-term debt 9,744 456 — 702 (1,457 ) — 2,701 — 87 11,321 708 Other financial liabilities measured on a recurring basis 8 — — — — — 3 (1 ) (8 ) 2 (1 ) (1) Changes in fair value of available-for-sale investments are recorded in AOCI, unless related to other-than-temporary impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments 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 AOCI 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 June 30, 2017. (4) Total Level 3 derivative assets and liabilities have been netted in these tables for presentation purposes only. Level 3 Fair Value Rollforward The following were the significant Level 3 transfers for the period December 31, 2017 to September 30, 2018 : • During the three and nine months ended September 30, 2018, transfers of Long-term debt of $0.4 billion and $2.2 billion from Level 2 to Level 3, and of $0.6 billion and $2.0 billion from Level 3 to Level 2, mainly related to structured debt, reflecting chang |
FAIR VALUE ELECTIONS
FAIR VALUE ELECTIONS | 9 Months Ended |
Sep. 30, 2018 | |
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, other than DVA (see below). The election is made upon the initial recognition of an eligible financial asset, financial liability or firm commitment or when certain specified reconsideration events occur. The fair value election may not be revoked once an election is made. The changes in fair value are recorded in current earnings, other than DVA, which from January 1, 2016 are reported in AOCI. Additional discussion regarding the applicable areas in which fair value elections were made is presented in Note 20 to the Consolidated Financial Statements. The Company has elected fair value accounting for its mortgage servicing rights. See Note 18 to the Consolidated Financial Statements for further discussions regarding the accounting and reporting of MSRs. The following table presents the changes in fair value of those items for which the fair value option has been elected: Changes in fair value—gains (losses) Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2018 2017 2018 2017 Assets Federal funds sold and securities borrowed and purchased under agreements to resell $ (17 ) $ (17 ) $ (14 ) $ (108 ) Trading account assets 3 581 (98 ) 1,243 Investments — — — (3 ) Loans Certain corporate loans 11 (61 ) (115 ) (42 ) Certain consumer loans — 1 — 3 Total loans $ 11 $ (60 ) $ (115 ) $ (39 ) Other assets MSRs $ 25 $ (6 ) $ 82 $ 50 Certain mortgage loans held-for-sale (1) 9 34 21 115 Total other assets $ 34 $ 28 $ 103 $ 165 Total assets $ 31 $ 532 $ (124 ) $ 1,258 Liabilities Interest-bearing deposits $ (20 ) $ (16 ) $ 18 $ (60 ) Federal funds purchased and securities loaned and sold under agreements to repurchase 230 97 104 183 Trading account liabilities 25 19 4 70 Short-term borrowings 20 (30 ) 138 (110 ) Long-term debt (270 ) (510 ) 1,269 (981 ) Total liabilities $ (15 ) $ (440 ) $ 1,533 $ (898 ) (1) Includes gains (losses) associated with interest rate lock commitments for those loans that have been originated and elected under the fair value option. Own Debt Valuation Adjustments (DVA) Own debt valuation adjustments are recognized on Citi’s liabilities for which the fair value option has been elected using Citi’s credit spreads observed in the bond market. Effective January 1, 2016, changes in fair value of fair value option liabilities related to changes in Citigroup’s own credit spreads (DVA) are reflected as a component of AOCI; previously these amounts were recognized in Citigroup’s Revenues and Net income along with all other changes in fair value. See Note 1 to the Consolidated Financial Statements for additional information. Among other variables, the fair value of liabilities for which the fair value option has been elected (other than non-recourse and similar liabilities) is impacted by the narrowing or widening of the Company’s credit spreads. The estimated change in the fair value of these liabilities due to such changes in the Company’s own credit spread (or instrument-specific credit risk) was a loss of $377 million and a loss of $195 million for the three months ended September 30, 2018 and 2017 , and a gain of $208 million and a loss of $422 million for the nine months ended September 30, 2018 and 2017, 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 offsetting derivative instruments that are accounted for at fair value through earnings. Changes in fair value for transactions in these portfolios are recorded in Principal transactions . The related interest revenue and interest expense are measured based on the contractual rates specified in the transactions and are reported as Interest revenue and Interest expense in the Consolidated Statement of Income. Certain Loans and Other Credit Products Citigroup has also elected the fair value option for certain other originated and purchased loans, including certain unfunded loan products, such as guarantees and letters of credit, executed by Citigroup’s lending and trading businesses. None of these credit products are highly leveraged financing commitments. Significant groups of transactions include loans and unfunded loan products that are expected to be either sold or securitized in the near term, or transactions where the economic risks are hedged with derivative instruments, such as purchased credit default swaps or total return swaps where the Company pays the total return on the underlying loans to a third party. Citigroup has elected the fair value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications. Fair value was not elected for most lending transactions across the Company. The following table provides information about certain credit products carried at fair value: September 30, 2018 December 31, 2017 In millions of dollars Trading assets Loans Trading assets Loans Carrying amount reported on the Consolidated Balance Sheet $ 8,922 $ 4,239 $ 8,851 $ 4,374 Aggregate unpaid principal balance in excess of (less than) fair value 432 538 623 682 Balance of non-accrual loans or loans more than 90 days past due — 1 — 1 Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due — — — 1 In addition to the amounts reported above, $ 1,043 million and $ 508 million of unfunded commitments related to certain credit products selected for fair value accounting were outstanding as of September 30, 2018 and December 31, 2017 , respectively. Changes in the fair value of funded and unfunded credit products are classified in Principal transactions in Citi’s Consolidated Statement of Income. Related interest revenue is measured based on the contractual interest rates and reported as Interest revenue on Trading account assets or loan interest depending on the balance sheet classifications of the credit products. The changes in fair value for the nine months ended September 30, 2018 and 2017 due to instrument-specific credit risk totaled to a loss of $ 13 million and a gain of $ 57 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 $ 0.4 billion and $ 0.9 billion at September 30, 2018 and December 31, 2017 , 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 trades unallocated precious metals investments and executes forward purchase and forward sale derivative contracts with trading counterparties. When Citi sells an unallocated precious metals investment, Citi’s receivable from its depository bank is repaid and Citi derecognizes its investment in the unallocated precious metal. The forward purchase or sale contract with the trading counterparty indexed to unallocated precious metals is accounted for as a derivative, at fair value through earnings. As of September 30, 2018 , there were approximately $ 12.0 billion and $ 10.6 billion of 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 elected 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 . Effective January 1, 2018, under ASU 2016-01 and ASU 2018-03, a fair value option election is no longer required to measure these non-marketable equity securities at fair value through earnings. See Note 1 to the Consolidated Financial Statements for additional details. Certain Mortgage Loans Held-for-Sale (HFS) Citigroup has elected the fair value option for certain purchased and originated prime fixed-rate and conforming adjustable-rate first mortgage loans HFS. These loans are intended for sale or securitization and are hedged with derivative instruments. The Company has elected the fair value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications. The following table provides information about certain mortgage loans HFS carried at fair value: In millions of dollars September 30, December 31, 2017 Carrying amount reported on the Consolidated Balance Sheet $ 480 $ 426 Aggregate fair value in excess of (less than) unpaid principal balance 9 14 Balance of non-accrual loans or loans more than 90 days past due — — Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due — — The changes in the fair values of these mortgage loans are reported in Other revenue in the Company’s Consolidated Statement of Income. There was no net change in fair value during the nine months ended September 30, 2018 and 2017 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: In billions of dollars September 30, 2018 December 31, 2017 Interest rate linked $ 16.8 $ 13.9 Foreign exchange linked 0.4 0.3 Equity linked 15.2 13.0 Commodity linked 0.2 0.2 Credit linked 1.4 1.9 Total $ 34.0 $ 29.3 Prior to 2016, the total change in the fair value of these structured liabilities was reported in Principal transactions in the Company’s Consolidated Statement of Income. Beginning in the first quarter of 2016, the portion of the changes in fair value attributable to changes in Citigroup’s own credit spreads (DVA) is reflected as a component of AOCI while all other changes in fair value will continue to be reported in Principal transactions . Changes in the fair value of these structured liabilities include accrued interest, which is also included in the change in fair value reported in Principal transactions . Certain Non-Structured Liabilities The Company has elected the fair value option for certain non-structured liabilities with fixed and floating interest rates. The Company has elected the fair value option where the interest rate risk of such liabilities may be economically hedged with derivative contracts or the proceeds are used to purchase financial assets that will also be accounted for at fair value through earnings. The elections have been made to mitigate accounting mismatches and to achieve operational simplifications. These positions are reported in Short-term borrowings and Long-term debt on the Company’s Consolidated Balance Sheet. Prior to 2016, the total change in the fair value of these non-structured liabilities was reported in Principal transactions in the Company’s Consolidated Statement of Income. Beginning in the first quarter of 2016, the portion of the changes in fair value attributable to changes in Citigroup’s own credit spreads (DVA) is reflected as a component of AOCI while all other changes in fair value will continue to be reported in Principal transactions . 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: In millions of dollars September 30, 2018 December 31, 2017 Carrying amount reported on the Consolidated Balance Sheet $ 36,772 $ 31,392 Aggregate unpaid principal balance in excess of (less than) fair value 1,967 (579 ) The following table provides information about short-term borrowings carried at fair value: In millions of dollars September 30, 2018 December 31, 2017 Carrying amount reported on the Consolidated Balance Sheet $ 5,042 $ 4,627 Aggregate unpaid principal balance in excess of fair value 781 74 |
GUARANTEES AND COMMITMENTS
GUARANTEES AND COMMITMENTS | 9 Months Ended |
Sep. 30, 2018 | |
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. For additional information regarding Citi’s guarantees and indemnifications included in the tables below, as well as its other guarantees and indemnifications excluded from the tables below, see Note 26 to the Consolidated Financial Statements in Citi’s 2017 Annual Report on Form 10-K. The following tables present information about Citi’s guarantees at September 30, 2018 and December 31, 2017 : Maximum potential amount of future payments In billions of dollars at September 30, 2018 except carrying value in millions Expire within 1 year Expire after 1 year Total amount outstanding Carrying value (in millions of dollars) Financial standby letters of credit $ 29.9 $ 65.5 $ 95.4 $ 165 Performance guarantees 7.8 4.0 11.8 30 Derivative instruments considered to be guarantees 21.2 84.5 105.7 307 Loans sold with recourse — 1.4 1.4 9 Securities lending indemnifications (1) 120.5 — 120.5 — Credit card merchant processing (1)(2) 95.5 — 95.5 — Credit card arrangements with partners — 1.1 1.1 162 Custody indemnifications and other — 38.6 38.6 62 Total $ 274.9 $ 195.1 $ 470.0 $ 735 Maximum potential amount of future payments In billions of dollars at December 31, 2017 except carrying value in millions Expire within 1 year Expire after 1 year Total amount outstanding Carrying value ( in millions of dollars) Financial standby letters of credit $ 27.9 $ 65.9 $ 93.8 $ 93 Performance guarantees 7.2 4.1 11.3 20 Derivative instruments considered to be guarantees 11.0 84.9 95.9 423 Loans sold with recourse — 1.4 1.4 9 Securities lending indemnifications (1) 103.7 — 103.7 — Credit card merchant processing (1)(2) 85.5 — 85.5 — Credit card arrangements with partners 0.3 1.1 1.4 205 Custody indemnifications and other — 36.0 36.0 59 Total $ 235.6 $ 193.4 $ 429.0 $ 809 (1) The carrying values of securities lending indemnifications and credit card merchant processing were not material for either period presented, as the probability of potential liabilities arising from these guarantees is minimal. (2) At September 30, 2018 and December 31, 2017 , this maximum potential exposure was estimated to be $96 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. 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 U.S. government-sponsored enterprises (GSEs) and, to a lesser extent, private investors. The repurchase reserve was approximately $54 million and $66 million at September 30, 2018 and December 31, 2017 , respectively, and these amounts are included in Other liabilities on the Consolidated Balance Sheet. Credit card arrangements with partners Citi, in certain of its credit card partner arrangements, provides guarantees to the partner regarding the volume of certain customer originations during the term of the agreement. To the extent such origination targets are not met, the guarantees serve to compensate the partner for certain payments that otherwise would have been generated in connection with such originations. Other 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 September 30, 2018 and December 31, 2017 , the actual and estimated losses incurred and the carrying value of Citi’s obligations related to these programs were immaterial. Value-Transfer Networks Citi is a member of, or shareholder in, hundreds of value-transfer networks (VTNs) (payment, clearing and settlement systems as well as exchanges) around the world. As a condition of membership, many of these VTNs require that members stand ready to pay a pro rata share of the losses incurred by the organization due to another member’s default on its obligations. Citi’s potential obligations may be limited to its membership interests in the VTNs, contributions to the VTN’s funds, or, in limited cases, the obligation may be unlimited. The maximum exposure cannot be estimated as this would require an assessment of claims that have not yet occurred. Citi believes the risk of loss is remote given historical experience with the VTNs. Accordingly, Citi’s participation in VTNs is not reported in the guarantees tables above, and there are no amounts reflected on the Consolidated Balance Sheet as of September 30, 2018 or December 31, 2017 for potential obligations that could arise from Citi’s involvement with VTN associations. Long-Term Care Insurance Indemnification In 2000, Travelers Life & Annuity (Travelers), then a subsidiary of Citi, entered into a reinsurance agreement to transfer the risks and rewards of its long-term care (LTC) business to GE Life (now Genworth Financial Inc., or Genworth), then a subsidiary of the General Electric Company (GE). As part of this transaction, the reinsurance obligations were provided by two regulated insurance subsidiaries of GE Life, which funded two collateral trusts with securities. Presently, as discussed below, the trusts are referred to as the Genworth Trusts. As part of GE’s spin-off of Genworth in 2004, GE retained the risks and rewards associated with the 2000 Travelers reinsurance agreement by providing a reinsurance contract to Genworth through its Union Fidelity Life Insurance Company (UFLIC) subsidiary that covers the Travelers LTC policies. In addition, GE provided a capital maintenance agreement in favor of UFLIC that is designed to assure that UFLIC will have the funds to pay its reinsurance obligations. As a result of these reinsurance agreements and the spin-off of Genworth, Genworth has reinsurance protection from UFLIC (supported by GE) and has reinsurance obligations in connection with the Travelers LTC policies. As noted below, the Genworth reinsurance obligations now benefit Brighthouse Financial, Inc. (Brighthouse). While neither Brighthouse nor Citi are direct beneficiaries of the capital maintenance agreement between GE and UFLIC, Brighthouse and Citi benefit indirectly from the existence of the capital maintenance agreement, which helps assure that UFLIC will continue to have funds necessary to pay its reinsurance obligations to Genworth. In connection with Citi’s 2005 sale of Travelers to MetLife Inc. (MetLife), Citi provided an indemnification to MetLife for losses (including policyholder claims) relating to the LTC business for the entire term of the Travelers LTC policies, which, as noted above, are reinsured by subsidiaries of Genworth. In 2017, MetLife spun off its retail insurance business to Brighthouse. As a result, the Travelers LTC policies now reside with Brighthouse. The original reinsurance agreement between Travelers (now Brighthouse) and Genworth remains in place and Brighthouse is the sole beneficiary of the Genworth Trusts. The fair value of the Genworth Trusts is approximately $7.4 billion as of September 30, 2018 , compared to $7.5 billion at December 31, 2017 . The Genworth Trusts are designed to provide collateral to Brighthouse in an amount equal to the statutory liabilities of Brighthouse in respect of the Travelers LTC policies. The assets in the Genworth Trusts are evaluated and adjusted periodically to ensure that the fair value of the assets continues to provide collateral in an amount equal to these estimated statutory liabilities, as the liabilities change over time. If both (i) Genworth fails to perform under the original Travelers/GE Life reinsurance agreement for any reason, including insolvency or the failure of UFLIC to perform in a timely manner, and (ii) the assets of the two Genworth Trusts are insufficient or unavailable, then Citi, through its LTC reinsurance indemnification, must reimburse Brighthouse for any losses incurred in connection with the LTC policies. Since both events would have to occur before Citi would become responsible for any payment to Brighthouse pursuant to its indemnification obligation, and the likelihood of such events occurring is currently not probable, there is no liability reflected on the Consolidated Balance Sheet as of September 30, 2018 and December 31, 2017 related to this indemnification. Citi continues to closely monitor its potential exposure under this indemnification obligation. Separately, Genworth announced that it had agreed to be purchased by China Oceanwide Holdings Co., Ltd, subject to a series of conditions and regulatory approvals. Citi is monitoring these developments. Futures and over-the-counter derivatives clearing Citi provides clearing services on central clearing parties (CCP) for clients that need to clear exchange-traded and over-the-counter (OTC) derivative contracts with CCPs. Based on all relevant facts and circumstances, Citi has concluded that it acts as an agent for accounting purposes in its role as clearing member for these client transactions. As such, Citi does not reflect the underlying exchange-traded or OTC derivatives contracts in its Consolidated Financial Statements. See Note 19 for a discussion of Citi’s derivatives activities that are reflected in its Consolidated Financial Statements. As a clearing member, Citi collects and remits cash and securities collateral (margin) between its clients and the respective CCP. In certain circumstances, Citi collects a higher amount of cash (or securities) from its clients than it needs to remit to the CCPs. This excess cash is then held at depository institutions such as banks or carry brokers. There are two types of margin: initial and variation. Where Citi obtains benefits from or controls cash initial margin (e.g., retains an interest spread), cash initial margin collected from clients and remitted to the CCP or depository institutions is reflected within Brokerage payables (payables to customers) and Brokerage receivables (receivables from brokers, dealers and clearing organizations) or Cash and due from banks , respectively. However, for exchange-traded and OTC-cleared derivative contracts where Citi does not obtain benefits from or control the client cash balances, the client cash initial margin collected from clients and remitted to the CCP or depository institutions is not reflected on Citi’s Consolidated Balance Sheet. These conditions are met when Citi has contractually agreed with the client that (i) Citi will pass through to the client all interest paid by the CCP or depository institutions on the cash initial margin, (ii) Citi will not utilize its right as a clearing member to transform cash margin into other assets, (iii) Citi does not guarantee and is not liable to the client for the performance of the CCP or the depository institution and (iv) the client cash balances are legally isolated from Citi’s bankruptcy estate. The total amount of cash initial margin collected and remitted in this manner was approximately $13.2 billion and $10.7 billion as of September 30, 2018 and December 31, 2017 , 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 September 30, 2018 and December 31, 2017 , the total carrying amounts of the liabilities related to the guarantees and indemnifications included in the tables above amounted to approximately $0.7 billion and $0.8 billion . 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 $51 billion and $46 billion at September 30, 2018 and December 31, 2017 , respectively. Securities and other marketable assets held as collateral amounted to $82 billion and $70 billion at September 30, 2018 and December 31, 2017 , 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 $3.9 billion and $3.7 billion at September 30, 2018 and December 31, 2017 , 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 Presented in the tables below are the maximum potential amounts of future payments that are classified based upon internal and external credit ratings. The determination of the maximum potential future payments is based on the notional amount of the guarantees without consideration of possible recoveries under recourse provisions or from collateral held or pledged. As such, Citi believes such amounts bear no relationship to the anticipated losses, if any, on these guarantees. Maximum potential amount of future payments In billions of dollars at September 30, 2018 Investment grade Non-investment grade Not rated Total Financial standby letters of credit $ 68.0 $ 11.4 $ 16.0 $ 95.4 Performance guarantees 8.6 2.2 1.0 11.8 Derivative instruments deemed to be guarantees — — 105.7 105.7 Loans sold with recourse — — 1.4 1.4 Securities lending indemnifications — — 120.5 120.5 Credit card merchant processing — — 95.5 95.5 Credit card arrangements with partners — — 1.1 1.1 Custody indemnifications and other 25.7 12.9 — 38.6 Total $ 102.3 $ 26.5 $ 341.2 $ 470.0 Maximum potential amount of future payments In billions of dollars at December 31, 2017 Investment grade Non-investment grade Not rated Total Financial standby letters of credit $ 68.1 $ 10.9 $ 14.8 $ 93.8 Performance guarantees 7.9 2.4 1.0 11.3 Derivative instruments deemed to be guarantees — — 95.9 95.9 Loans sold with recourse — — 1.4 1.4 Securities lending indemnifications — — 103.7 103.7 Credit card merchant processing — — 85.5 85.5 Credit card arrangements with partners — — 1.4 1.4 Custody indemnifications and other 23.7 12.3 — 36.0 Total $ 99.7 $ 25.6 $ 303.7 $ 429.0 Credit Commitments and Lines of Credit The table below summarizes Citigroup’s credit commitments: In millions of dollars U.S. Outside of U.S. September 30, December 31, 2017 Commercial and similar letters of credit $ 798 $ 4,290 $ 5,088 $ 5,000 One- to four-family residential mortgages 1,199 1,709 2,908 2,674 Revolving open-end loans secured by one- to four-family residential properties 10,212 1,391 11,603 12,323 Commercial real estate, construction and land development 12,175 1,971 14,146 11,151 Credit card lines 605,614 94,646 700,260 678,300 Commercial and other consumer loan commitments 199,722 107,517 307,239 272,655 Other commitments and contingencies 3,165 516 3,681 3,071 Total $ 832,885 $ 212,040 $ 1,044,925 $ 985,174 The majority of unused commitments are contingent upon customers maintaining specific credit standards. Commercial commitments generally have floating interest rates and fixed expiration dates and may require payment of fees. Such fees (net of certain direct costs) are deferred and, upon exercise of the commitment, amortized over the life of the loan or, if exercise is deemed remote, amortized over the commitment period. Other commitments and contingencies Other commitments and contingencies include all other transactions related to commitments and contingencies not reported on the lines above. Unsettled reverse repurchase and securities borrowing agreements and unsettled repurchase and securities lending agreements In addition, in the normal course of business, Citigroup enters into reverse repurchase and securities borrowing agreements, as well as repurchase and securities lending agreements, which settle at a future date. At September 30, 2018, and December 31, 2017, Citigroup had $54.1 billion and $35.0 billion of unsettled reverse repurchase and securities borrowing agreements, respectively, and $43.0 billion and $19.1 billion of unsettled repurchase and securities lending agreements, respectively. For a further discussion of securities purchased under agreements to resell and securities borrowed, and securities sold under agreements to repurchase and securities loaned, including the Company’s policy for offsetting repurchase and reverse repurchase agreements, see Note 10 to the Consolidated Financial Statements. Restricted Cash Citigroup defines restricted cash (as cash subject to withdrawal restrictions) to include cash deposited with central banks that must be maintained to meet minimum regulatory requirements, and cash set aside for the benefit of customers or for other purposes such as compensating balance arrangements or debt retirement. Restricted cash includes minimum reserve requirements with the Federal Reserve Bank and certain other central banks and cash segregated to satisfy rules regarding the protection of customer assets as required by Citigroup broker-dealers’ primary regulators, including the United States Securities and Exchange Commission (SEC), the Commodities Futures Trading Commission and the United Kingdom’s Prudential Regulation Authority. Restricted cash is included on the Consolidated Balance Sheet within the following balance sheet lines: In millions of dollars September 30, December 31, 2017 Cash and due from banks $ 3,488 $ 3,151 Deposits with banks 24,106 27,664 Total $ 27,594 $ 30,815 |
CONTINGENCIES
CONTINGENCIES | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES The following information supplements and amends, as applicable, the disclosures in Note 23 to the Consolidated Financial Statements of Citigroup’s First Quarter of 2018 Form 10-Q and Second Quarter of 2018 Form 10-Q and Note 27 to the Consolidated Financial Statements of Citigroup’s 2017 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 September 30, 2018, Citigroup’s estimate of the reasonably possible unaccrued loss for these matters was materially unchanged from the estimate of approximately $1.0 billion in the aggregate as of June 30, 2018. As available information changes, the matters for which Citigroup is able to estimate will change, and the estimates themselves will change. In addition, while many estimates presented in financial statements and other financial disclosures involve significant judgment and may be subject to significant uncertainty, estimates of the range of reasonably possible loss arising from litigation and regulatory proceedings are subject to particular uncertainties. For example, at the time of making an estimate, Citigroup may have only preliminary, incomplete or inaccurate information about the facts underlying the claim; its assumptions about the future rulings of the court or other tribunal on significant issues, or the behavior and incentives of adverse parties or regulators, may prove to be wrong; and the outcomes it is attempting to predict are often not amenable to the use of statistical or other quantitative analytical tools. In addition, from time to time an outcome may occur that Citigroup had not accounted for in its estimates because it had deemed such an outcome to be remote. For all these reasons, the amount of loss in excess of accruals ultimately incurred for the matters as to which an estimate has been made could be substantially higher or lower than the range of loss included in the estimate. Subject to the foregoing, it is the opinion of Citigroup's management, based on current knowledge and after taking into account its current legal accruals, that the eventual outcome of all matters described in this Note would not be likely to have a material adverse effect on the consolidated financial condition of Citigroup. Nonetheless, given the substantial or indeterminate amounts sought in certain of these matters and the inherent unpredictability of such matters, an adverse outcome in certain of these matters could, from time to time, have a material adverse effect on Citigroup’s consolidated results of operations or cash flows in particular quarterly or annual periods. For further information on ASC 450 and Citigroup's accounting and disclosure framework for contingencies, including for litigation and regulatory matters disclosed herein, see Note 27 to the Consolidated Financial Statements of Citigroup’s 2017 Annual Report on Form 10-K. Depositary Receipts Matters Regulatory Actions : The SEC’s Division of Enforcement has been investigating depositary banks and broker-dealers, including Citigroup and Related Parties, in connection with activity relating to pre-released American Depositary Receipts from 2011 to 2015. Citi has been in active discussions with the SEC about a potential resolution of the investigation. Other Litigation : On August 20, 2018, plaintiffs filed a motion for preliminary approval of a class action settlement, which the court subsequently granted. A hearing for final approval of the settlement is scheduled for December 21, 2018. Additional information concerning this action is publicly available in court filings under the docket number 15 Civ. 9185 (S.D.N.Y.) (McMahon, C.). Foreign Exchange Matters Antitrust and Other Litigation : On August 6, 2018, in IN RE FOREIGN EXCHANGE BENCHMARK RATES ANTITRUST LITIGATION, the court granted plaintiffs’ motion for final approval of the proposed class settlements with Citigroup, Citibank, Citicorp, and Citigroup Global Markets Inc. (CGMI), and certain other defendants. Additional information concerning this action is publicly available in court filings under the docket number 13 Civ. 7789 (S.D.N.Y.) (Schofield, J.). On June 20, 2018, in NYPL v. JPMORGAN CHASE & CO., ET AL., the court denied plaintiffs’ request to expand their class to include credit card, wire and ATM transactions with a foreign currency exchange component. On September 6, 2018, the court denied plaintiffs’ motion for reconsideration. Additional information concerning this action is publicly available in court filings under the docket numbers 15 Civ. 2290 (N.D. Cal.) (Chhabria, J.) and 15 Civ. 9300 (S.D.N.Y.) (Schofield, J.). On August 21, 2018, in CONTANT, ET AL. v. BANK OF AMERICA CORPORATION, ET AL., plaintiffs moved for preliminary approval of a proposed class settlement with Citigroup, Citibank, Citicorp and CGMI. Additional information concerning this action is publicly available in court filings under the docket number 17 Civ. 3139 (S.D.N.Y.) (Schofield, J.). Interbank Offered Rates-Related Litigation and Other Matters Antitrust and Other Litigation : On July 19, 2018, in IN RE LIBOR-BASED FINANCIAL INSTRUMENTS ANTITRUST LITIGATION, the court granted preliminary approval of the settlement between a putative class of plaintiffs (lending institutions with interests in loans tied to USD LIBOR) and Citigroup and Citibank. On August 1, 2018, the court granted final approval of the settlement between the largest plaintiffs’ class (investors who purchased over-the-counter derivatives from USD LIBOR panel banks) and Citigroup and Citibank. On September 8, 2018, a putative class of plaintiffs (investors who transacted in Eurodollar futures or options on exchanges) filed motions for approval of a settlement with Citigroup, Citibank, CGMI and other settling defendants. Additional information concerning these actions and related actions and appeals is publicly available in court filings under the docket numbers 11 MD 2262 (S.D.N.Y.) (Buchwald, J.) and 16-1189 (2d Cir.). On October 4, 2018, in FRONTPOINT ASIAN EVENT DRIVEN FUND, LTD., ET AL. v. CITIBANK, N.A., ET AL., the court allowed FrontPoint Asian Event Driven Fund, Ltd.’s antitrust claim and claim for breach of the implied covenant of good faith and fair dealing based on transactions linked to the Singapore dollar Singapore Interbank Offered Rate to proceed. The court also dismissed Sonterra Capital Master Fund, Ltd.’s antitrust claims and both named plaintiffs’ RICO claims in their entirety. Additional information concerning this action is publicly available in court filings under the docket number 16 Civ. 5263 (S.D.N.Y.) (Hellerstein, J.). Interchange Fee Litigation On September 18, 2018, the plaintiffs purporting to act on behalf of the putative class primarily seeking damages (the Damages Class) moved for preliminary approval of a proposed amended settlement agreement that supersedes the original settlement agreement as of October 19, 2012 to resolve claims of the Damages Class in IN RE PAYMENT CARD INTERCHANGE FEE AND MERCHANT DISCOUNT ANTITRUST LITIGATION. Additional information regarding this matter is publicly available under the docket number MDL 05-1720 (E.D.N.Y.) (Brodie, J.). Interest Rate Swaps Matters Antitrust and Other Litigation : On August 7, 2018, in TRUEEX LLC v. BANK OF AMERICA CORPORATION, ET AL., plaintiff filed an amended complaint. On August 28, 2018, defendants moved to dismiss the amended complaint. Additional information concerning this action is publicly available in court filings under the docket numbers 18-CV-5361 (S.D.N.Y.) (Engelmayer, J.) and 16-MDL-2704 (S.D.N.Y.) (Engelmayer, J.). Oceanografía Fraud and Related Matters Other Litigation : On September 28, 2018, in the action commenced by Oceanografia and its former controlling shareholder, Amado Yáñez Osuna, the court granted defendants’ motion to dismiss with prejudice as to the breach of contract claim and without prejudice as to the remaining claims for malicious prosecution, tortious interference with contract and fraud on forum non conveniens grounds. Additional information concerning this action is publicly available in court filings under the docket number 1:17-cv-01434 (S.D.N.Y.) (Sullivan, J.). Sovereign Securities Matters Antitrust and Other Litigation : On August 24, 2018, the court granted defendants’ motion to dismiss consolidated putative class action complaints related to the supranational, sub-sovereign and agency (SSA) bond market. Plaintiffs may file a second amended complaint by November 6, 2018. Additional information relating to this action is publicly available in court filings under the docket number 16 Civ. 3711 (S.D.N.Y.) (Ramos, J.). On September 17, 2018, in IN RE MEXICAN GOVERNMENT BONDS ANTITRUST LITIGATION, defendants moved to dismiss the consolidated amended complaint. Additional information concerning this action is publicly available in court filings under the docket number 18 Civ. 2830 (S.D.N.Y.) (Oetken, J.). Settlement Payments Payments required in settlement agreements described above have been made or are covered by existing litigation accruals. |
CONDENSED CONSOLIDATING FINANCI
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | CONDENSED CONSOLIDATING FINANCIAL STATEMENTS Citigroup amended its Registration Statement on Form S-3 on file with the SEC (File No. 33-192302) to add its wholly owned subsidiary, Citigroup Global Markets Holdings Inc. (CGMHI), as a co-registrant. Any securities issued by CGMHI under the Form S-3 will be fully and unconditionally guaranteed by Citigroup. The following are the Condensed Consolidating Statements of Income and Comprehensive Income for the three and nine months ended September 30, 2018 and 2017 , Condensed Consolidating Balance Sheet as of September 30, 2018 and December 31, 2017 and Condensed Consolidating Statement of Cash Flows for the nine months ended September 30, 2018 and 2017 for Citigroup Inc., the parent holding company (Citigroup parent company), CGMHI, other Citigroup subsidiaries and eliminations and total consolidating adjustments. “Other Citigroup subsidiaries and eliminations” includes all other subsidiaries of Citigroup, intercompany eliminations and income (loss) from discontinued operations. “Consolidating adjustments” includes Citigroup parent company elimination of distributed and undistributed income of subsidiaries and investment in subsidiaries. These Condensed Consolidating Financial Statements have been prepared and presented in accordance with SEC Regulation S-X Rule 3-10, “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.” These Condensed Consolidating Financial Statements are presented for purposes of additional analysis, but should be considered in relation to the Consolidated Financial Statements of Citigroup taken as a whole. Condensed Consolidating Statements of Income and Comprehensive Income Three Months Ended September 30, 2018 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 7,948 $ — $ — $ (7,948 ) $ — Interest revenue 1 2,291 15,878 — 18,170 Interest revenue—intercompany 1,281 424 (1,705 ) — — Interest expense 1,068 1,405 3,895 — 6,368 Interest expense—intercompany 492 899 (1,391 ) — — Net interest revenue $ (278 ) $ 411 $ 11,669 $ — $ 11,802 Commissions and fees $ — $ 1,194 $ 1,609 $ — $ 2,803 Commissions and fees—intercompany — 72 (72 ) — — Principal transactions (100 ) 581 2,085 — 2,566 Principal transactions—intercompany (303 ) (10 ) 313 — — Other income 266 325 627 — 1,218 Other income—intercompany (46 ) 57 (11 ) — — Total non-interest revenues $ (183 ) $ 2,219 $ 4,551 $ — $ 6,587 Total revenues, net of interest expense $ 7,487 $ 2,630 $ 16,220 $ (7,948 ) $ 18,389 Provisions for credit losses and for benefits and claims $ — $ 3 $ 1,971 $ — $ 1,974 Operating expenses Compensation and benefits $ 14 $ 1,148 $ 4,157 $ — $ 5,319 Compensation and benefits—intercompany 19 — (19 ) — — Other operating (201 ) 558 4,635 — 4,992 Other operating—intercompany 13 564 (577 ) — — Total operating expenses $ (155 ) $ 2,270 $ 8,196 $ — $ 10,311 Equity in undistributed income of subsidiaries $ (3,098 ) $ — $ — $ 3,098 $ — Income (loss) from continuing operations before income taxes $ 4,544 $ 357 $ 6,053 $ (4,850 ) $ 6,104 Provision (benefit) for income taxes (78 ) 169 1,380 — 1,471 Income (loss) from continuing operations $ 4,622 $ 188 $ 4,673 $ (4,850 ) $ 4,633 Loss from discontinued operations, net of taxes — — (8 ) — (8 ) Net income before attribution of noncontrolling interests $ 4,622 $ 188 $ 4,665 $ (4,850 ) $ 4,625 Noncontrolling interests — — 3 — 3 Net income (loss) $ 4,622 $ 188 $ 4,662 $ (4,850 ) $ 4,622 Comprehensive income Add: Other comprehensive income (loss) $ (1,151 ) $ (196 ) $ (458 ) $ 654 $ (1,151 ) Total Citigroup comprehensive income (loss) $ 3,471 $ (8 ) $ 4,204 $ (4,196 ) $ 3,471 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ 8 $ — $ 8 Add: Net income attributable to noncontrolling interests — — 3 — 3 Total comprehensive income (loss) $ 3,471 $ (8 ) $ 4,215 $ (4,196 ) $ 3,482 Condensed Consolidating Statements of Income and Comprehensive Income Three Months Ended September 30, 2017 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 5,360 $ — $ — $ (5,360 ) $ — Interest revenue — 1,442 14,472 — 15,914 Interest revenue—intercompany 1,040 313 (1,353 ) — — Interest expense 1,195 643 2,541 — 4,379 Interest expense—intercompany 240 580 (820 ) — — Net interest revenue $ (395 ) $ 532 $ 11,398 $ — $ 11,535 Commissions and fees $ — $ 1,262 $ 1,979 $ — $ 3,241 Commissions and fees—intercompany — 13 (13 ) — — Principal transactions 610 501 1,137 — 2,248 Principal transactions—intercompany 168 (401 ) 233 — — Other income (860 ) 729 1,526 — 1,395 Other income—intercompany 32 153 (185 ) — — Total non-interest revenues $ (50 ) $ 2,257 $ 4,677 $ — $ 6,884 Total revenues, net of interest expense $ 4,915 $ 2,789 $ 16,075 $ (5,360 ) $ 18,419 Provisions for credit losses and for benefits and claims $ — $ (1 ) $ 2,000 $ — $ 1,999 Operating expenses Compensation and benefits $ (3 ) $ 1,104 $ 4,203 $ — $ 5,304 Compensation and benefits—intercompany 46 — (46 ) — — Other operating (18 ) 560 4,571 — 5,113 Other operating—intercompany 8 310 (318 ) — — Total operating expenses $ 33 $ 1,974 $ 8,410 $ — $ 10,417 Equity in undistributed income of subsidiaries $ (1,015 ) $ — $ — $ 1,015 $ — Income (loss) from continuing operations before income taxes $ 3,867 $ 816 $ 5,665 $ (4,345 ) $ 6,003 Provision (benefit) for income taxes (266 ) — 324 1,808 — 1,866 Income (loss) from continuing operations $ 4,133 $ 492 $ 3,857 $ (4,345 ) $ 4,137 Loss from discontinued operations, net of taxes — — (5 ) — (5 ) Net income (loss) before attribution of noncontrolling interests $ 4,133 $ 492 $ 3,852 $ (4,345 ) $ 4,132 Noncontrolling interests — — (1 ) — (1 ) Net income (loss) $ 4,133 $ 492 $ 3,853 $ (4,345 ) $ 4,133 Comprehensive income Add: Other comprehensive income (loss) $ 8 $ (84 ) $ (762 ) $ 846 $ 8 Total Citigroup comprehensive income (loss) $ 4,141 $ 408 $ 3,091 $ (3,499 ) $ 4,141 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — — $ 12 $ — $ 12 Add: Net income attributable to noncontrolling interests — — — (1 ) — (1 ) Total comprehensive income (loss) $ 4,141 $ 408 $ 3,102 $ (3,499 ) $ 4,152 Condensed Consolidating Statements of Income and Comprehensive Income Nine Months Ended September 30, 2018 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 16,648 $ — $ — $ (16,648 ) $ — Interest revenue 67 6,344 45,641 — 52,052 Interest revenue—intercompany 3,636 1,206 (4,842 ) — — Interest expense 3,119 3,732 10,562 — 17,413 Interest expense—intercompany 1,467 2,567 (4,034 ) — — Net interest revenue $ (883 ) $ 1,251 $ 34,271 $ — $ 34,639 Commissions and fees $ — $ 3,793 $ 5,151 $ — $ 8,944 Commissions and fees—intercompany (1 ) 163 (162 ) — — Principal transactions (275 ) 805 7,476 — 8,006 Principal transactions—intercompany (1,161 ) 1,461 (300 ) — — Other income 817 666 2,658 — 4,141 Other income—intercompany (111 ) 88 23 — — Total non-interest revenues $ (731 ) $ 6,976 $ 14,846 $ — $ 21,091 Total revenues, net of interest expense $ 15,034 $ 8,227 $ 49,117 $ (16,648 ) $ 55,730 Provisions for credit losses and for benefits and claims $ — $ (21 ) $ 5,664 $ — $ 5,643 Operating expenses Compensation and benefits $ 149 $ 3,695 $ 12,734 $ — $ 16,578 Compensation and benefits—intercompany 82 — (82 ) — — Other operating (210 ) 1,684 13,896 — 15,370 Other operating—intercompany 38 1,835 (1,873 ) — — Total operating expenses $ 59 $ 7,214 $ 24,675 $ — $ 31,948 Equity in undistributed income of subsidiaries $ (2,060 ) $ — $ — $ 2,060 $ — Income (loss) from continuing operations before income taxes $ 12,915 $ 1,034 $ 18,778 $ (14,588 ) $ 18,139 Provision (benefit) for income taxes (817 ) 853 4,320 — 4,356 Income (loss) from continuing operations $ 13,732 $ 181 $ 14,458 $ (14,588 ) $ 13,783 Net income (loss) before attribution of noncontrolling interests $ 13,732 $ 181 $ 14,458 $ (14,588 ) $ 13,783 Noncontrolling interests — — 51 — 51 Net income (loss) $ 13,732 $ 181 $ 14,407 $ (14,588 ) $ 13,732 Comprehensive income Add: Other comprehensive income (loss) $ (3,974 ) $ (186 ) $ 1,787 $ (1,601 ) $ (3,974 ) Total Citigroup comprehensive income (loss) $ 9,758 $ (5 ) $ 16,194 $ (16,189 ) $ 9,758 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ (35 ) $ — $ (35 ) Add: Net income attributable to noncontrolling interests — — 51 — 51 Total comprehensive income (loss) $ 9,758 $ (5 ) $ 16,210 $ (16,189 ) $ 9,774 Condensed Consolidating Statements of Income and Comprehensive Income Nine Months Ended September 30, 2017 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 11,625 $ — $ — $ (11,625 ) $ — Interest revenue — 3,873 41,856 — 45,729 Interest revenue—intercompany 2,909 847 (3,756 ) — — Interest expense 3,549 1,578 6,854 — 11,981 Interest expense—intercompany 593 1,666 (2,259 ) — — Net interest revenue $ (1,233 ) $ 1,476 $ 33,505 $ — $ 33,748 Commissions and fees $ — $ 3,933 $ 5,619 $ — $ 9,552 Commissions and fees—intercompany (1 ) 123 (122 ) — — Principal transactions 1,569 2,377 4,039 — 7,985 Principal transactions—intercompany 768 (207 ) (561 ) — — Other income (2,500 ) 868 5,287 — 3,655 Other income—intercompany 70 156 (226 ) — — Total non-interest revenues $ (94 ) $ 7,250 $ 14,036 $ — $ 21,192 Total revenues, net of interest expense $ 10,298 $ 8,726 $ 47,541 $ (11,625 ) $ 54,940 Provisions for credit losses and for benefits and claims $ — $ — $ 5,378 $ — $ 5,378 Operating expenses Compensation and benefits $ (18 ) $ 3,578 $ 12,741 $ — $ 16,301 Compensation and benefits—intercompany 97 — (97 ) — — Other operating (334 ) 1,605 14,328 — 15,599 Other operating—intercompany (41 ) 1,633 (1,592 ) — — Total operating expenses $ (296 ) $ 6,816 $ 25,380 $ — $ 31,900 Equity in undistributed income of subsidiaries $ 755 $ — $ — $ (755 ) $ — Income (loss) from continuing operations before income taxes $ 11,349 $ 1,910 $ 16,783 $ (12,380 ) $ 17,662 Provision (benefit) for income taxes (746 ) 800 5,470 — 5,524 Income (loss) from continuing operations $ 12,095 $ 1,110 $ 11,313 $ (12,380 ) $ 12,138 Loss from discontinued operations, net of taxes — — (2 ) — (2 ) Net income (loss) before attribution of noncontrolling interests $ 12,095 $ 1,110 $ 11,311 $ (12,380 ) $ 12,136 Noncontrolling interests — — 41 — 41 Net income (loss) $ 12,095 $ 1,110 $ 11,270 $ (12,380 ) $ 12,095 Comprehensive income Add: Other comprehensive income (loss) $ 1,986 $ (142 ) $ (4,638 ) $ 4,780 $ 1,986 Total Citigroup comprehensive income (loss) $ 14,081 $ 968 $ 6,632 $ (7,600 ) $ 14,081 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ 82 $ — $ 82 Add: Net income attributable to noncontrolling interests — — 41 — 41 Total comprehensive income (loss) $ 14,081 $ 968 $ 6,755 $ (7,600 ) $ 14,204 Condensed Consolidating Balance Sheet September 30, 2018 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Assets Cash and due from banks $ 1 $ 543 $ 25,183 $ — $ 25,727 Cash and due from banks—intercompany 17 2,104 (2,121 ) — — Deposits with banks — 3,302 170,257 — 173,559 Deposits with banks—intercompany 3,000 6,386 (9,386 ) — — Federal funds sold and resale agreements — 227,147 53,794 — 280,941 Federal funds sold and resale agreements—intercompany — 19,572 (19,572 ) — — Trading account assets 258 144,440 112,804 — 257,502 Trading account assets—intercompany 963 2,934 (3,897 ) — — Investments 7 215 345,291 — 345,513 Loans, net of unearned income — 1,518 673,391 — 674,909 Loans, net of unearned income—intercompany — — — — — Allowance for loan losses — — (12,336 ) — (12,336 ) Total loans, net $ — $ 1,518 $ 661,055 $ — $ 662,573 Advances to subsidiaries $ 146,339 $ — $ (146,339 ) $ — $ — Investments in subsidiaries 203,896 — — (203,896 ) — Other assets (1) 12,517 67,087 99,746 — 179,350 Other assets—intercompany 3,638 45,654 (49,292 ) — — Total assets $ 370,636 $ 520,902 $ 1,237,523 $ (203,896 ) $ 1,925,165 Liabilities and equity Deposits $ — $ — $ 1,005,176 $ — $ 1,005,176 Deposits—intercompany — — — — — Federal funds purchased and securities loaned and sold — 154,341 21,574 — 175,915 Federal funds purchased and securities loaned and sold—intercompany — 34,948 (34,948 ) — — Trading account liabilities 16 94,163 53,473 — 147,652 Trading account liabilities—intercompany 448 3,143 (3,591 ) — — Short-term borrowings 254 4,358 29,158 — 33,770 Short-term borrowings—intercompany — 18,100 (18,100 ) — — Long-term debt 148,183 24,324 62,763 — 235,270 Long-term debt—intercompany — 65,811 (65,811 ) — — Advances from subsidiaries 21,965 — (21,965 ) — — Other liabilities 2,440 73,178 53,901 — 129,519 Other liabilities—intercompany 326 16,369 (16,695 ) — — Stockholders’ equity 197,004 32,167 172,588 (203,896 ) 197,863 Total liabilities and equity $ 370,636 $ 520,902 $ 1,237,523 $ (203,896 ) $ 1,925,165 (1) Other assets for Citigroup parent company at September 30, 2018 included $ 30.9 billion of placements to Citibank and its branches, of which $ 18.1 billion had a remaining term of less than 30 days. Condensed Consolidating Balance Sheet December 31, 2017 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Assets Cash and due from banks $ — $ 378 $ 23,397 $ — $ 23,775 Cash and due from banks—intercompany 13 3,750 (3,763 ) — — Deposits with banks — 3,348 153,393 — 156,741 Deposits with banks—intercompany 11,000 5,219 (16,219 ) — — Federal funds sold and resale agreements — 182,685 49,793 — 232,478 Federal funds sold and resale agreements—intercompany — 16,091 (16,091 ) — — Trading account assets — 139,462 113,328 — 252,790 Trading account assets—intercompany 38 2,711 (2,749 ) — — Investments 27 181 352,082 — 352,290 Loans, net of unearned income — 900 666,134 — 667,034 Loans, net of unearned income—intercompany — — — — — Allowance for loan losses — — (12,355 ) — (12,355 ) Total loans, net $ — $ 900 $ 653,779 $ — $ 654,679 Advances to subsidiaries $ 139,722 $ — $ (139,722 ) $ — $ — Investments in subsidiaries 210,537 — — (210,537 ) — Other assets (1) 10,844 58,299 100,569 — 169,712 Other assets—intercompany 3,428 43,613 (47,041 ) — — Total assets $ 375,609 $ 456,637 $ 1,220,756 $ (210,537 ) $ 1,842,465 Liabilities and equity Deposits $ — $ — $ 959,822 $ — $ 959,822 Deposits—intercompany — — — — — Federal funds purchased and securities loaned and sold — 134,888 21,389 — 156,277 Federal funds purchased and securities loaned and sold—intercompany — 18,597 (18,597 ) — — Trading account liabilities — 80,801 44,369 — 125,170 Trading account liabilities—intercompany 15 2,182 (2,197 ) — — Short-term borrowings 251 3,568 40,633 — 44,452 Short-term borrowings—intercompany — 32,871 (32,871 ) — — Long-term debt 152,163 18,048 66,498 — 236,709 Long-term debt—intercompany — 60,765 (60,765 ) — — Advances from subsidiaries 19,136 — (19,136 ) — — Other liabilities 2,673 62,113 53,577 — 118,363 Other liabilities—intercompany 631 9,753 (10,384 ) — — Stockholders’ equity 200,740 33,051 178,418 (210,537 ) 201,672 Total liabilities and equity $ 375,609 $ 456,637 $ 1,220,756 $ (210,537 ) $ 1,842,465 (1) Other assets for Citigroup parent company at December 31, 2017 included $29.7 billion of placements to Citibank and its branches, of which $18.9 billion had a remaining term of less than 30 days. Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2018 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Net cash provided by operating activities of continuing operations $ 12,581 $ 16,232 $ 1,253 $ — $ 30,066 Cash flows from investing activities of continuing operations Purchases of investments $ (7,955 ) $ (18 ) $ (121,081 ) $ — $ (129,054 ) Proceeds from sales of investments 7,634 3 44,533 — 52,170 Proceeds from maturities of investments — — 82,940 — 82,940 Change in loans — — (16,131 ) — (16,131 ) Proceeds from sales and securitizations of loans — — 4,021 — 4,021 Proceeds from significant disposals — — 314 — 314 Change in federal funds sold and resales — (47,943 ) (519 ) — (48,462 ) Changes in investments and advances—intercompany (7,769 ) (2,338 ) 10,107 — — Other investing activities 214 (41 ) (2,534 ) — (2,361 ) Net cash provided by (used in) investing activities of continuing operations $ (7,876 ) $ (50,337 ) $ 1,650 $ — $ (56,563 ) Cash flows from financing activities of continuing operations Dividends paid $ (3,616 ) $ — $ — $ — $ (3,616 ) Redemption of preferred stock (218 ) — — — (218 ) Treasury stock acquired (9,848 ) — — — (9,848 ) Proceeds (repayments) from issuance of long-term debt, net (883 ) 7,538 (829 ) — 5,826 Proceeds (repayments) from issuance of long-term debt—intercompany, net — 5,048 (5,048 ) — — Change in deposits — — 45,354 — 45,354 Change in federal funds purchased and repos — 35,804 (16,166 ) — 19,638 Change in short-term borrowings 32 790 (11,503 ) — (10,681 ) Net change in short-term borrowings and other advances—intercompany 2,312 (14,771 ) 12,459 — — Capital contributions from (to) parent — (663 ) 663 — — Other financing activities (479 ) — — — (479 ) Net cash provided by (used in) financing activities of continuing operations $ (12,700 ) $ 33,746 $ 24,930 $ — $ 45,976 Effect of exchange rate changes on cash and due from banks $ — $ — $ (709 ) $ — $ (709 ) Change in cash and due from banks and deposits with banks $ (7,995 ) $ (359 ) $ 27,124 $ — $ 18,770 Cash and due from banks and deposits with banks at beginning of period 11,013 12,695 156,808 — 180,516 Cash and due from banks and deposits with banks at end of period $ 3,018 $ 12,336 $ 183,932 $ — $ 199,286 Cash and due from banks $ 18 $ 2,648 $ 23,061 $ — $ 25,727 Deposits with banks 3,000 9,688 160,871 — 173,559 Cash and due from banks and deposits with banks at end of period $ 3,018 $ 12,336 $ 183,932 $ — $ 199,286 Supplemental disclosure of cash flow information for continuing operations Cash paid during the year for income taxes $ 873 $ 138 $ 2,250 $ — $ 3,261 Cash paid during the year for interest 2,870 6,045 7,363 — 16,278 Non-cash investing activities Transfers to loans HFS from loans $ — $ — $ 3,300 $ — $ 3,300 Transfers to OREO and other repossessed assets — — 94 — 94 Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2017 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Net cash provided by (used in) operating activities of continuing operations $ 5,712 $ (15,236 ) $ 6,063 $ — $ (3,461 ) Cash flows from investing activities of continuing operations Purchases of investments $ — $ — $ (151,362 ) $ — $ (151,362 ) Proceeds from sales of investments 132 — 89,592 — 89,724 Proceeds from maturities of investments — — 67,166 — 67,166 Change in loans — — (41,569 ) — (41,569 ) Proceeds from sales and securitizations of loans — — 7,019 — 7,019 Proceeds from significant disposals — — 3,411 — 3,411 Change in federal funds sold and resales — (8,840 ) (6,955 ) — (15,795 ) Changes in investments and advances—intercompany 13,269 (5,439 ) (7,830 ) — — Other investing activities — — (2,054 ) — (2,054 ) Net cash provided by (used in) investing activities of continuing operations $ 13,401 $ (14,279 ) $ (42,582 ) $ — $ (43,460 ) Cash flows from financing activities of continuing operations Dividends paid $ (2,639 ) $ — $ — $ — $ (2,639 ) Treasury stock acquired (9,071 ) — — — (9,071 ) Proceeds from issuance of long-term debt, net 6,665 4,385 11,458 — 22,508 Proceeds (repayments) from issuance of long-term debt—intercompany, net — (1,300 ) 1,300 — — Change in deposits — — 34,632 — 34,632 Change in federal funds purchased and repos — 6,910 12,551 — 19,461 Change in short-term borrowings 44 1,865 5,539 — 7,448 Net change in short-term borrowings and other advances—intercompany (23,342 ) 6,573 16,769 — — Capital contributions from parent — (60 ) 60 — — Other financing activities (402 ) — — — (402 ) Net cash provided by (used in) financing activities of continuing operations $ (28,745 ) $ 18,373 $ 82,309 $ — $ 71,937 Effect of exchange rate changes on cash and due from banks $ — $ — $ 599 $ — $ 599 Change in cash and due from banks and deposits with banks $ (9,632 ) $ (11,142 ) $ 46,389 $ — $ 25,615 Cash and due from banks and deposits with banks at beginning of period 20,811 25,118 114,565 — 160,494 Cash and due from banks and deposits with banks at end of period $ 11,179 $ 13,976 $ 160,954 $ — $ 186,109 Cash and due from banks $ 179 $ 4,519 $ 17,906 $ — $ 22,604 Deposits with banks 11,000 9,457 143,048 — 163,505 Cash and due from banks and deposits with banks at end of period $ 11,179 $ 13,976 $ 160,954 $ — $ 186,109 Supplemental disclosure of cash flow information for continuing operations Cash paid (received) during the year for income taxes $ (772 ) $ 470 $ 3,016 $ — $ 2,714 Cash paid during the year for interest 3,319 3,175 5,110 — 11,604 Non-cash investing activities Transfers to loans HFS from loans $ — $ — $ 3,800 $ — $ 3,800 Transfers to OREO and other repossessed assets — — 85 — 85 |
BASIS OF PRESENTATION AND ACC_2
BASIS OF PRESENTATION AND ACCOUNTING CHANGES (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Accounting Changes | ACCOUNTING CHANGES Revenue Recognition In May 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-09, Revenue from Contracts with Customers (Revenue Recognition), which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The core principle of the revenue model is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU defines the promised good or service as the performance obligation under the contract. While the guidance replaces most existing revenue recognition guidance in GAAP, the ASU is not applicable to financial instruments and, therefore, does not impact a majority of the Company’s revenues, including net interest income, loan fees, gains on sales and mark-to-market accounting. In accordance with the new revenue recognition standard, Citi has identified the specific performance obligation (promised services) associated with the contract with the customer and has determined when that specific performance obligation has been satisfied, which may be at a point in time or over time depending on how the performance obligation is defined. The contracts with customers also contain the transaction price, which consists of fixed consideration and/or consideration that may vary (variable consideration), and is defined as the amount of consideration an entity expects to be entitled to when or as the performance obligation is satisfied, excluding amounts collected on behalf of third parties (including transaction taxes). The amounts recognized at the point in time the performance obligation is satisfied may differ from the ultimate transaction price associated with that performance obligation when a portion of it is based on variable consideration. For example, some consideration is based on the client’s month-end balance or market values which are unknown at the time the contract is executed. The remaining transaction price amount, if any, will be recognized as the variable consideration becomes determinable. In certain transactions, the performance obligation is considered satisfied at a point in time in the future. In this instance, Citi defers revenue on the balance sheet that will only be recognized upon completion of the performance obligation. The new revenue recognition standard further clarified the guidance related to reporting revenue gross as principal versus net as an agent. In many cases, Citi outsources a component of its performance obligations to third parties. The Company has determined that it acts as principal in the majority of these transactions and therefore presents the amounts paid to these third parties gross within operating expenses. The Company has retrospectively adopted this standard as of January 1, 2018 and as a result was required to report amounts paid to third parties where Citi is principal to the contract within Operating expenses. The adoption resulted in an increase in both revenue and expenses of approximately $250 million for the three-month period ended September 30, 2018 and approximately $750 million for the nine-month period ended September 30, 2018, respectively, while increasing approximately $1 billion for the year ended December 31, 2017 with similar amounts for prior periods. Prior to adoption, these expense amounts were reported as contra revenue primarily within Commissions and fees and Administration and other fiduciary fees revenue. Accordingly, prior periods have been reclassified to conform to the new presentation. See Note 5 to the Consolidated Financial Statements for a description of the Company’s revenue recognition policies for Commissions and fees and Administration and other fiduciary fees . Income Tax Impact of Intra-Entity Transfers of Assets In October 2016, the FASB issued ASU No. 2016-16, Income Taxes—Intra-Entity Transfers of Assets Other Than Inventory , which requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The ASU was effective January 1, 2018 and was adopted as of that date. The impact of this standard was an increase of DTAs by approximately $300 million , a decrease of retained earnings by approximately $80 million and a decrease of prepaid tax assets by approximately $380 million . Clarifying the Definition of a Business In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. The definition of a business directly and indirectly affects many areas of accounting (e.g., acquisitions, disposals, goodwill and consolidation). The ASU narrows the definition of a business by introducing a quantitative screen as the first step, such that if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business. If the set is not scoped out from the quantitative screen, the entity then evaluates whether the set meets the requirement that a business include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The ASU was effective for public entities, including Citi, as of January 1, 2018 with prospective application. The ongoing impact of the ASU will depend upon the acquisition and disposal activities of Citi. If fewer transactions qualify as a business, there could be less initial recognition of goodwill, but also less goodwill allocated to disposals. Changes in Accounting for Pension and Postretirement (Benefit) Expense In March 2017, the FASB issued ASU No. 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which changes the income statement presentation of net benefit expense and requires restating the Company’s financial statements for each of the earlier periods presented in Citi’s annual and interim financial statements. The change in presentation was effective for annual and interim periods starting January 1, 2018. The ASU requires that only the service cost component of net benefit expense be included in Compensation and benefits on the income statement. The other components of net benefit expense are required to be presented outside of Compensation and benefits and are presented in Other operating expenses . Since both of these income statement line items are part of Operating expenses , total Operating expenses and Net income will not change. This change in presentation did not have a material effect on Compensation and benefits and Other operating expenses and is applied prospectively. The components of the net benefit expense are currently disclosed in Note 8 to the Consolidated Financial Statements. The new standard also changes the components of net benefit expense that are eligible for capitalization when employee costs are capitalized in connection with various activities, such as internally developed software, construction-in-progress and loan origination costs. Prospectively from January 1, 2018, only the service cost component of net benefit expense may be capitalized. Existing capitalized balances are not affected. This change in amounts eligible for capitalization does not have a material effect on the Company’s Consolidated Financial Statements and related disclosures. Hedging In August 2017, the FASB issued ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities , which better aligns an entity’s risk management activities and financial reporting for hedging relationships through changes to the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. The ASU requires the change in the fair value of the hedging instrument to be presented in the same income statement line as the hedged item and also requires expanded disclosures. Citi adopted this standard on January 1, 2018 and transferred approximately $4 billion of pre-payable mortgage-backed securities and municipal bonds from held-to-maturity (HTM) into available-for-sale (AFS) securities classification as permitted as a one-time transfer upon adoption of the standard, as these assets were deemed to be eligible to be hedged under the last of layer hedge strategy. The impact to opening retained earnings was immaterial. See Note 19 to the Consolidated Financial Statements for more information. Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities , which addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. In February 2018, the FASB issued ASU No. 2018-03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10) , to clarify certain provisions in ASU 2016-01. The ASUs require entities to present separately in AOCI the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. The ASUs also require equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, thus eliminating the AFS category for equity investments. However, Federal Reserve Bank and Federal Home Loan Bank stock, as well as certain exchange seats, will continue to be presented at cost. The ASUs also provide an instrument-by-instrument election to measure non-marketable equity investments using a measurement alternative. Under the measurement alternative, the investment is carried at cost plus or minus changes resulting from observable prices in orderly transactions for the identical or a similar investment of the same issuer. Equity securities under the measurement alternative are also assessed for impairment. Finally, the ASUs require that fair value disclosures for financial instruments not measured at fair value on the balance sheet be presented at their exit prices (e.g., held-for-investment loans). Citi early adopted the provisions of ASU 2016-01 related to presentation of the change in fair value of liabilities for which the fair value option was elected, related to changes in Citigroup’s own credit spreads in Accumulated other comprehensive income (loss) (AOCI) effective January 1, 2016. Accordingly, since the first quarter of 2016, these amounts have been reflected as a component of AOCI, whereas these amounts were previously recognized in Citigroup’s revenues and net income. The impact of adopting this amendment resulted in a cumulative catch-up reclassification from Retained earnings to AOCI of an accumulated after-tax loss of approximately $15 million at January 1, 2016. Financial statements for periods prior to 2016 were not subject to restatement under the provisions of this ASU. For additional information, see Notes 17, 20 and 21 to the Consolidated Financial Statements. The other provisions of ASU 2016-01, as discussed above, were effective on January 1, 2018. Citi has adopted both ASU 2016-01 and ASU 2018-03 as of January 1, 2018. Accordingly, as of the first quarter of 2018, the changes to accounting for equity securities and fair value disclosures have been reflected in Citigroup’s financial statements. The impact of adopting the change to AFS equity securities resulted in a cumulative catch-up reclassification from AOCI to Retained earnings of an accumulated after-tax gain of approximately $3 million at January 1, 2018. Citi elected the measurement alternative for all non-marketable equity investments that no longer qualify for cost measurement under the ASUs. This provision in the ASUs was adopted prospectively. Financial statements for periods prior to 2018 were not subject to restatement under the provisions of the ASUs. For additional information, see Notes 12, 17 and 20 to the Consolidated Financial Statements. Statement of Cash Flows In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash , which requires that companies present cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents (restricted cash) when reconciling beginning-of-period and end-of-period totals on the Statement of Cash Flows. In connection with the adoption of the ASU, Citigroup also changed its definition of cash and cash equivalents to include all of Cash and due from banks and predominately all of Deposits with banks. The Company has retrospectively adopted this ASU as of January 1, 2018 and as a result Net cash provided by investing activities of continuing operations on the Statement of Cash Flows increased by $26.1 billion for the nine months ended September 30, 2017. In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments , which provides guidance on the classification and presentation of certain cash receipts and payments on the Statement of Cash Flows. The Company has retrospectively adopted this ASU as of January 1, 2018, which resulted in immaterial changes to Citi’s Consolidated Statement of Cash Flows. Premium Amortization on Purchased Callable Debt Securities In March 2017, the FASB issued Accounting Standards Update (ASU) No. 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities , which amends the amortization period for certain purchased callable debt securities held at a premium. The ASU requires entities to amortize premiums on debt securities by the first call date when the securities have fixed and determinable call dates and prices. The scope of the ASU includes all accounting premiums, such as purchase premiums and cumulative fair value hedge adjustments. The ASU does not change the accounting for discounts, which continue to be recognized over the contractual life of a security. Citi early adopted the ASU in the second quarter of 2017, with an effective date of January 1, 2017. Adoption of the ASU is on a modified retrospective basis through a cumulative effect adjustment to Retained earnings as of the beginning of the year of adoption. Adoption of the ASU primarily affected Citi’s AFS and HTM portfolios of callable state and municipal debt securities. The ASU adoption resulted in a net reduction to total stockholders’ equity of $156 million (after-tax), effective as of January 1, 2017. This amount is composed of a reduction of approximately $660 million to Retained earnings for the incremental amortization of purchase premiums and cumulative hedge adjustments generated under fair value hedges of these callable debt securities, offset by an increase to AOCI of $504 million related to the cumulative fair value hedge adjustments reclassified to Retained earnings for AFS debt securities. |
DISCONTINUED OPERATIONS AND S_2
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summarized financial information disposal groups including discontinued operations | Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2018 2017 2018 2017 Total revenues, net of interest expense $ — $ — $ — $ — Loss from discontinued operations $ (8 ) $ (9 ) $ (17 ) $ (4 ) Benefit for income taxes — (4 ) (17 ) (2 ) Loss from discontinued operations, net of taxes $ (8 ) $ (5 ) $ — $ (2 ) |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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: Three Months Ended September 30, Revenues, (1) Provision (benefits) Income (loss) from (2) Identifiable assets In millions of dollars, except identifiable assets in billions 2018 2017 2018 2017 2018 2017 September 30, December 31, 2017 Global Consumer Banking $ 8,654 $ 8,470 $ 493 $ 635 $ 1,567 $ 1,170 $ 427 $ 428 Institutional Clients Group 9,241 9,430 862 1,394 3,117 3,062 1,404 1,336 Corporate/Other 494 519 116 (163 ) (51 ) (95 ) 94 78 Total $ 18,389 $ 18,419 $ 1,471 $ 1,866 $ 4,633 $ 4,137 $ 1,925 $ 1,842 (1) Includes total revenues, net of interest expense (excluding Corporate/Other ), in North America of $8.5 billion and $8.9 billion ; in EMEA of $2.9 billion and $2.7 billion ; in Latin America of $2.7 billion and $2.5 billion ; and in Asia of $3.8 billion and $3.8 billion for the three months ended September 30, 2018 and 2017 , respectively. These regional numbers exclude Corporate/Other , which largely operates within the U.S. (2) Includes pretax provisions for credit losses and for benefits and claims in the GCB results of $1.9 billion and $2.2 billion ; in the ICG results of $71 million and $(164) million ; and in the Corporate/Other results of $(30) million and $(50) million for the three months ended September 30, 2018 and 2017 , respectively. Nine Months Ended September 30, Revenues, (1) Provision (benefits) Income (loss) from (2) In millions of dollars 2018 2017 2018 2017 2018 2017 Global Consumer Banking $ 25,337 $ 24,389 $ 1,357 $ 1,863 $ 4,240 $ 3,296 Institutional Clients Group 28,780 28,170 2,890 4,096 9,683 8,853 Corporate/Other 1,613 2,381 109 (435 ) (140 ) (11 ) Total $ 55,730 $ 54,940 $ 4,356 $ 5,524 $ 13,783 $ 12,138 (1) Includes total revenues, net of interest expense, in North America of $25.4 billion and $26.0 billion ; in EMEA of $9.1 billion and $8.4 billion ; in Latin America of $7.8 billion and $7.2 billion ; and in Asia of $11.8 billion and $10.9 billion for the nine months ended September 30, 2018 and 2017 , respectively. Regional numbers exclude Corporate/Other , which largely operates within the U.S. (2) Includes pretax provisions for credit losses and for benefits and claims in the GCB results of $5.7 billion and $5.8 billion ; in the ICG results of $55 million and $(282) million ; and in Corporate/Other results of $(155) million and $(130) million for the nine months ended September 30, 2018 and 2017 , respectively. |
INTEREST REVENUE AND EXPENSE (T
INTEREST REVENUE AND EXPENSE (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Banking and Thrift, Interest [Abstract] | |
Interest revenue and interest expense | Interest revenue and Interest expense consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2018 2017 2018 2017 Interest revenue Loan interest, including fees $ 11,639 $ 10,745 $ 33,721 $ 31,082 Deposits with banks 629 486 1,554 1,156 Federal funds sold and securities borrowed or purchased under agreements to resell 1,425 858 3,800 2,348 Investments, including dividends 2,388 2,104 6,996 6,122 Trading account assets (1) 1,655 1,429 4,789 4,175 Other interest 434 292 1,192 846 Total interest revenue $ 18,170 $ 15,914 $ 52,052 $ 45,729 Interest expense Deposits (2) $ 2,580 $ 1,775 $ 6,821 $ 4,793 Federal funds purchased and securities loaned or sold under agreements to repurchase 1,250 712 3,423 1,881 Trading account liabilities (1) 273 169 724 462 Short-term borrowings 578 318 1,572 719 Long-term debt 1,687 1,405 4,873 4,126 Total interest expense $ 6,368 $ 4,379 $ 17,413 $ 11,981 Net interest revenue $ 11,802 $ 11,535 $ 34,639 $ 33,748 Provision for loan losses 1,906 2,146 5,504 5,487 Net interest revenue after provision for loan losses $ 9,896 $ 9,389 $ 29,135 $ 28,261 (1) Interest expense on Trading account liabilities is reported as a reduction of interest revenue from Trading account assets . (2) Includes deposit insurance fees and charges of $311 million and $301 million for the three months ended September 30, 2018 and 2017 , respectively, and $1,006 million and $935 million for the nine months ended September 30, 2018 and 2017 , respectively. |
COMMISSIONS AND FEES; ADMINIS_2
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Banking and Thrift [Abstract] | |
Commissions and fees revenues | The following tables present Commissions and fees revenue: Three Months Ended September 30, Nine Months Ended September 30, 2018 2018 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Investment banking $ 856 $ — $ — $ 856 $ 2,695 $ — $ — $ 2,695 Brokerage commissions 453 199 — 652 1,510 654 — 2,164 Credit- and bank-card income Interchange fees 268 2,063 1 2,332 804 5,963 11 6,778 Card-related loan fees 16 172 — 188 47 474 12 533 Card rewards and partner payments (125 ) (2,130 ) — (2,255 ) (375 ) (6,070 ) (11 ) (6,456 ) Deposit-related fees (1) 239 160 — 399 711 503 1 1,215 Transactional service fees 171 22 1 194 543 64 4 611 Corporate finance (2) 145 1 — 146 506 4 — 510 Insurance distribution revenue (3) 3 144 (4 ) 143 13 429 6 448 Insurance premiums (3) — 31 (2 ) 29 — 96 (4 ) 92 Loan servicing 42 27 8 77 118 89 31 238 Other 10 29 3 42 20 90 6 116 Total commissions and fees (4) $ 2,078 $ 718 $ 7 $ 2,803 $ 6,592 $ 2,296 $ 56 $ 8,944 Three Months Ended September 30, Nine Months Ended September 30, 2017 2017 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Investment banking $ 961 $ — $ — $ 961 $ 2,840 $ — $ — $ 2,840 Brokerage commissions 459 222 1 682 1,431 615 3 2,049 Credit- and bank-card income Interchange fees 242 1,912 24 2,178 705 5,507 87 6,299 Card-related loan fees 13 172 13 198 39 526 41 606 Card rewards and partner payments (105 ) (1,822 ) (8 ) (1,935 ) (316 ) (5,352 ) (49 ) (5,717 ) Deposit-related fees (1) 249 188 4 441 696 554 12 1,262 Transactional service fees 185 21 11 217 556 74 44 674 Corporate finance (2) 183 2 — 185 616 4 — 620 Insurance distribution revenue (3) 5 142 17 164 10 425 58 493 Insurance premiums (3) — 32 (1 ) 31 — 97 (4 ) 93 Loan servicing 38 25 25 88 109 79 89 277 Other 2 25 4 31 (36 ) 64 28 56 Total commissions and fees (4) $ 2,232 $ 919 $ 90 $ 3,241 $ 6,650 $ 2,593 $ 309 $ 9,552 (1) Includes overdraft fees of $33 million and $35 million for the three months ended September 30, 2018 and 2017 , respectively, and $95 million and $101 million for the nine months ended September 30, 2018 and 2017, respectively. Overdraft fees are accounted for under ASC 310. (2) Consists primarily of fees earned from structuring and underwriting loan syndications or related financing activity. This activity is accounted for under ASC 310. (3) Previously reported as insurance premiums on the Consolidated Statement of Income. (4) Commissions and fees includes $(1,774) million and $(1,398) million not accounted for under ASC 606, Revenue from Contracts with Customers , for the three months ended September 30, 2018 and 2017 , respectively, and $(4,967) million and $(4,023) million for the nine months ended September 30, 2018 and 2017, respectively. Amounts reported in Commissions and fees accounted for under other guidance primarily include card-related loan fees, card reward programs and certain partner payments, corporate finance fees, insurance premiums and loan servicing fees. The following table presents Administration and other fiduciary fees : Three Months Ended September 30, Nine Months Ended September 30, 2018 2018 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Custody fees $ 371 $ 41 $ 18 $ 430 $ 1,138 $ 133 $ 50 $ 1,321 Fiduciary fees 160 158 12 330 492 455 31 978 Guarantee fees 136 14 1 151 403 43 5 451 Total administration and other fiduciary fees (1) $ 667 $ 213 $ 31 $ 911 $ 2,033 $ 631 $ 86 $ 2,750 Three Months Ended September 30, Nine Months Ended September 30, 2017 2017 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Custody fees $ 397 $ 44 $ 14 $ 455 $ 1,135 $ 123 $ 41 $ 1,299 Fiduciary fees 149 157 18 324 437 431 59 927 Guarantee fees 134 13 3 150 400 39 7 446 Total administration and other fiduciary fees (1) $ 680 $ 214 $ 35 $ 929 $ 1,972 $ 593 $ 107 $ 2,672 (1) Administration and other fiduciary fees includes $151 million and $150 million for the three months ended September 30, 2018 and 2017, respectively, and $451 million and $446 million for the nine months ended September 30, 2018 and 2017, respectively, that are not accounted for under ASC 606, Revenue from Contracts with Customers. These amounts include guarantee fees. |
PRINCIPAL TRANSACTIONS (Tables)
PRINCIPAL TRANSACTIONS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Principal Transactions Revenue, Net [Abstract] | |
Principal transactions revenue | The following table presents Principal transactions revenue: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2018 2017 2018 2017 Interest rate risks (1) $ 1,403 $ 1,180 $ 4,576 $ 4,421 Foreign exchange risks (2) 467 606 1,387 1,942 Equity risks (3) 311 154 997 440 Commodity and other risks (4) 244 112 544 434 Credit products and risks (5) 141 196 502 748 Total $ 2,566 $ 2,248 $ 8,006 $ 7,985 (1) Includes revenues from government securities and corporate debt, municipal securities, mortgage securities and other debt instruments. Also includes spot and forward trading of currencies and exchange-traded and over-the-counter (OTC) currency options, options on fixed income securities, interest rate swaps, currency swaps, swap options, caps and floors, financial futures, OTC options and forward contracts on fixed income securities. (2) Includes revenues from foreign exchange spot, forward, option and swap contracts, as well as foreign currency translation (FX translation) gains and losses. (3) Includes revenues from common, preferred and convertible preferred stock, convertible corporate debt, equity-linked notes and exchange-traded and OTC equity options and warrants. (4) Primarily includes revenues from crude oil, refined oil products, natural gas and other commodities trades. (5) Includes revenues from structured credit products. |
RETIREMENT BENEFITS (Tables)
RETIREMENT BENEFITS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Components of net (benefit) expense | The following table summarizes the components of net (benefit) expense recognized in the Consolidated Statement of Income for the Company’s pension and postretirement plans for Significant Plans and All Other Plans: Three Months Ended September 30, Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2018 2017 2018 2017 2018 2017 2018 2017 Benefits earned during the period $ — $ 1 $ 35 $ 38 $ — $ — $ 2 $ 3 Interest cost on benefit obligation 132 131 73 76 6 9 26 27 Expected return on plan assets (210 ) (217 ) (71 ) (77 ) (4 ) (2 ) (22 ) (24 ) Amortization of unrecognized: Prior service benefit — — (1 ) (1 ) — — (2 ) (2 ) Net actuarial loss 39 45 14 15 — — 7 8 Curtailment loss (1) — 1 — — — — — — Settlement loss (1) — — — 4 — — — — Total net (benefit) expense $ (39 ) $ (39 ) $ 50 $ 55 $ 2 $ 7 $ 11 $ 12 (1) Losses due to curtailment and settlement relate to repositioning and divestiture activities. Nine Months Ended September 30, Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2018 2017 2018 2017 2018 2017 2018 2017 Benefits earned during the period $ 1 $ 2 $ 111 $ 112 $ — $ — $ 7 $ 7 Interest cost on benefit obligation 381 406 220 221 19 20 77 76 Expected return on plan assets (634 ) (650 ) (221 ) (223 ) (10 ) (5 ) (67 ) (67 ) Amortization of unrecognized: Prior service benefit — 1 (3 ) (3 ) — — (7 ) (7 ) Net actuarial loss 128 129 41 46 — — 22 25 Curtailment loss (1) 1 4 — — — — — — Settlement loss (1) — — 5 8 — — — — Total net (benefit) expense $ (123 ) $ (108 ) $ 153 $ 161 $ 9 $ 15 $ 32 $ 34 (1) Losses due to curtailment and settlement relate to repositioning and divestiture activities. The following table summarizes the components of net expense recognized in the Consolidated Statement of Income for the Company’s U.S. post employment plans: Three Months Ended September 30, Nine Months Ended In millions of dollars 2018 2017 2018 2017 Interest cost on benefit obligation $ — $ — $ 1 $ 1 Expected return on plan assets — — (1 ) — Amortization of unrecognized: Prior service benefit (8 ) (8 ) (23 ) (23 ) Net actuarial loss 1 1 2 2 Total service- related benefit $ (7 ) $ (7 ) $ (21 ) $ (20 ) Non-service- related expense $ 4 $ 9 $ 7 $ 21 Total net (benefit) expense $ (3 ) $ 2 $ (14 ) $ 1 |
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 tables summarize the funded status and amounts recognized in the Consolidated Balance Sheet for the Company’s Significant Plans: Nine Months Ended September 30, 2018 Pension plans Postretirement benefit plans In millions of dollars U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans Change in projected benefit obligation Projected benefit obligation at beginning of year $ 14,040 $ 7,433 $ 699 $ 1,261 Plans measured annually (28 ) (1,987 ) — (334 ) Projected benefit obligation at beginning of year—Significant Plans $ 14,012 $ 5,446 $ 699 $ 927 First quarter activity (576 ) 151 (32 ) 89 Second quarter activity (595 ) (344 ) — (65 ) Projected benefit obligation at June 30, 2018—Significant Plans $ 12,841 $ 5,253 $ 667 $ 951 Benefits earned during the period — 20 — 2 Interest cost on benefit obligation 132 60 6 23 Actuarial gain (60 ) (59 ) — (61 ) Benefits paid, net of participants’ contributions and government subsidy (217 ) (68 ) (15 ) (14 ) Foreign exchange impact and other — 48 — 48 Projected benefit obligation at period end—Significant Plans $ 12,696 $ 5,254 $ 658 $ 949 Nine Months Ended September 30, 2018 Pension plans Postretirement benefit plans In millions of dollars U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans Change in plan assets Plan assets at fair value at beginning of year $ 12,725 $ 7,128 $ 262 $ 1,119 Plans measured annually — (1,305 ) — (10 ) Plan assets at fair value at beginning of year—Significant Plans $ 12,725 $ 5,823 $ 262 $ 1,109 First quarter activity (349 ) 115 (21 ) 58 Second quarter activity (220 ) (328 ) (4 ) (78 ) Plan assets at fair value at June 30, 2018 — Significant Plans $ 12,156 $ 5,610 $ 237 $ 1,089 Actual return on plan assets 123 7 1 23 Company contributions, net of reimbursements 13 15 153 — Benefits paid, net of participants’ contributions and government subsidy (217 ) (68 ) (15 ) (14 ) Foreign exchange impact and other — 40 — 56 Plan assets at fair value at period end—Significant Plans $ 12,075 $ 5,604 $ 376 $ 1,154 Funded status of the Significant Plans Qualified plans (1) $ 36 $ 350 $ (282 ) $ 205 Nonqualified plans (657 ) — — — Funded status of the plans at period end—Significant Plans $ (621 ) $ 350 $ (282 ) $ 205 Net amount recognized at period end Benefit asset $ 36 $ 850 $ — $ 205 Benefit liability (657 ) (500 ) (282 ) — Net amount recognized on the balance sheet—Significant Plans $ (621 ) $ 350 $ (282 ) $ 205 Amounts recognized in AOCI at period end Prior service benefit $ — $ 25 $ — $ 80 Net actuarial (loss) gain (6,313 ) (807 ) 77 (284 ) Net amount recognized in equity (pretax)—Significant Plans $ (6,313 ) $ (782 ) $ 77 $ (204 ) Accumulated benefit obligation at period end—Significant Plans $ 12,689 $ 4,980 $ 658 $ 949 (1) The U.S. qualified pension plan is fully funded pursuant to the Employee Retirement Income Security Act of 1974, as amended (ERISA), funding rules as of January 1, 2018 and no minimum required funding is expected for 2018 . |
Change in accumulated other comprehensive income (loss) | The following table shows the change in AOCI related to the Company’s pension, postretirement and post employment plans: In millions of dollars Three Months Ended Nine Months Ended September 30, 2018 Beginning of period balance, net of tax (1)(2) $ (5,794 ) $ (6,183 ) Actuarial assumptions changes and plan experience 181 1,300 Net asset loss due to difference between actual and expected returns (140 ) (919 ) Net amortization 49 161 Curtailment/settlement gain (3) — 6 Foreign exchange impact and other (35 ) 1 Change in deferred taxes, net (29 ) (134 ) Change, net of tax $ 26 $ 415 End of period balance, net of tax (1)(2) $ (5,768 ) $ (5,768 ) (1) See Note 17 to the Consolidated Financial Statements for further discussion of net AOCI balance. (2) Includes net-of-tax amounts for certain profit sharing plans outside the U.S. (3) Gains due to curtailment and settlement relate to repositioning and divestiture activities. |
Assumptions used in determining benefit obligations and net benefit expense | The discount rates utilized during the period in determining the pension and postretirement net (benefit) expense for the Significant Plans are as follows: Net (benefit) expense assumed discount rates during the period Three Months Ended Sept. 30, 2018 Jun. 30, 2018 U.S. plans Qualified pension 4.25% 3.95% Nonqualified pension 4.25 3.95 Postretirement 4.20 3.90 Non-U.S. plans Pension 0.80-10.70 0.75-9.90 Weighted average 4.88 4.86 Postretirement 9.50 9.50 The discount rates utilized at period-end in determining the pension and postretirement benefit obligations for the Significant Plans are as follows: Plan obligations assumed discount rates at period ended Sept. 30, 2018 Jun. 30, 2018 Mar. 31, 2018 U.S. plans Qualified pension 4.30% 4.25% 3.95% Nonqualified pension 4.30 4.25 3.95 Postretirement 4.20 4.20 3.90 Non-U.S. plans Pension 0.95-10.75 0.80-10.70 0.75-9.90 Weighted average 5.08 4.88 4.86 Postretirement 10.10 9.50 9.50 |
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 expense of a one-percentage-point change in the discount rate: Three Months Ended September 30, 2018 In millions of dollars One-percentage-point increase One-percentage-point decrease Pension U.S. plans $ 5 $ (8 ) Non-U.S. plans (3 ) 5 Postretirement U.S. plans — (1 ) Non-U.S. plans (2 ) 2 |
Schedule of company contributions | The following table summarizes the Company’s actual contributions for the nine months ended September 30, 2018 and 2017 , as well as estimated expected Company contributions for the remainder of 2018 and the actual contributions made for the remainder of 2017 : Pension plans Postretirement plans U.S. plans (1) Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2018 2017 2018 2017 2018 2017 2018 2017 Company contributions (2) for the nine months ended September 30 $ 42 $ 90 $ 143 $ 109 $ 159 $ 30 $ 7 $ 7 Company contributions made during the remainder of the year — 15 — 26 — 146 — 3 Company contributions expected to be made during the remainder of the year 15 — 33 — 2 — 2 — (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 by the Company. |
Defined contribution plans | The following table summarizes the Company’s contributions for the defined contribution plans: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2018 2017 2018 2017 U.S. plans $ 90 $ 95 $ 293 $ 293 Non-U.S. plans 68 68 216 203 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Reconciliation of the income and share data used in the basic and diluted earnings per share computations | The following table reconciles the income and share data used in the basic and diluted earnings per share (EPS) computations: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars, except per share amounts 2018 2017 2018 2017 Income from continuing operations before attribution of noncontrolling interests $ 4,633 $ 4,137 $ 13,783 $ 12,138 Less: Noncontrolling interests from continuing operations 3 (1 ) 51 41 Net income from continuing operations (for EPS purposes) $ 4,630 $ 4,138 $ 13,732 $ 12,097 Loss from discontinued operations, net of taxes (8 ) (5 ) — (2 ) Citigroup's net income $ 4,622 $ 4,133 $ 13,732 $ 12,095 Less: Preferred dividends (1) 270 272 860 893 Net income available to common shareholders $ 4,352 $ 3,861 $ 12,872 $ 11,202 Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with nonforfeitable rights to dividends, applicable to basic EPS 51 53 151 156 Net income allocated to common shareholders for basic EPS $ 4,301 $ 3,808 $ 12,721 $ 11,046 Net income allocated to common shareholders for diluted EPS 4,301 3,808 12,721 11,046 Weighted-average common shares outstanding applicable to basic EPS (in millions) 2,479.8 2,683.6 2,524.1 2,729.3 Effect of dilutive securities (2) Options (3) 0.2 0.1 0.1 0.1 Other employee plans 1.4 — 1.3 — Adjusted weighted-average common shares outstanding applicable to diluted EPS (4) 2,481.4 2,683.7 2,525.5 2,729.5 Basic earnings per share (5) Income from continuing operations $ 1.74 $ 1.42 $ 5.04 $ 4.05 Discontinued operations — — — — Net income $ 1.73 $ 1.42 $ 5.04 $ 4.05 Diluted earnings per share (5) Income from continuing operations $ 1.74 $ 1.42 $ 5.04 $ 4.05 Discontinued operations — — — — Net income $ 1.73 $ 1.42 $ 5.04 $ 4.05 (1) As of September 30, 2018 , Citi estimates it will distribute preferred dividends of approximately $313 million during the remainder of 2018, assuming such dividends are declared by the Citi Board of Directors. During the first nine months of 2018, Citi redeemed all of its 3.8 million Series AA preferred shares for $96.8 million and all of its 4.9 million Series E preferred shares for $121.3 million . All preferred shares were redeemed at par value. Citi redeemed all of its 23 million Series C preferred shares for $575 million in October 2018. (2) 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 $103.82 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 three and nine months ended September 30, 2018 and 2017 because they were anti-dilutive. (3) During the third quarters of 2018 and 2017 , weighted-average options to purchase 0.5 million and 0.8 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 $142.30 and $206.70 per share, respectively, were anti-dilutive. (4) Due to rounding, common shares outstanding applicable to basic EPS and the effect of dilutive securities may not sum to common shares outstanding applicable to diluted EPS. (5) 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 BOR_2
FEDERAL FUNDS, SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 and purchased under agreements to resell , at their respective carrying values, consisted of the following: In millions of dollars September 30, December 31, 2017 Federal funds sold $ 20 $ — Securities purchased under agreements to resell 152,889 130,984 Deposits paid for securities borrowed 128,032 101,494 Total (1) $ 280,941 $ 232,478 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | Federal funds purchased and securities loaned and sold under agreements to repurchase , at their respective carrying values, consisted of the following: In millions of dollars September 30, December 31, 2017 Federal funds purchased $ 117 $ 326 Securities sold under agreements to repurchase 161,987 142,646 Deposits received for securities loaned 13,811 13,305 Total (1) $ 175,915 $ 156,277 (1) The above tables do not include securities-for-securities lending transactions of $19.9 billion and $14.0 billion at September 30, 2018 and December 31, 2017, respectively, where the Company acts as lender and receives securities that can be sold or pledged as collateral. In these transactions, the Company recognizes the securities received at fair value within Other assets and the obligation to return those securities as a liability within Brokerage payables . |
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. 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 September 30, 2018 In millions of dollars Gross amounts Gross amounts (1) Net amounts of (2) Amounts (3) Net (4) Securities purchased under agreements to resell $ 248,802 $ 95,913 $ 152,889 $ 121,141 $ 31,748 Deposits paid for securities borrowed 128,032 — 128,032 29,461 98,571 Total $ 376,834 $ 95,913 $ 280,921 $ 150,602 $ 130,319 In millions of dollars Gross amounts Gross amounts (1) Net amounts of (2) Amounts (3) Net (4) Securities sold under agreements to repurchase $ 257,900 $ 95,913 $ 161,987 $ 87,917 $ 74,070 Deposits received for securities loaned 13,811 — 13,811 4,730 9,081 Total $ 271,711 $ 95,913 $ 175,798 $ 92,647 $ 83,151 As of December 31, 2017 In millions of dollars Gross amounts Gross amounts (1) Net amounts of (2) Amounts (3) Net (4) Securities purchased under agreements to resell $ 204,460 $ 73,476 $ 130,984 $ 103,022 $ 27,962 Deposits paid for securities borrowed 101,494 — 101,494 22,271 79,223 Total $ 305,954 $ 73,476 $ 232,478 $ 125,293 $ 107,185 In millions of dollars Gross amounts Gross amounts (1) Net amounts of (2) Amounts (3) Net (4) Securities sold under agreements to repurchase $ 216,122 $ 73,476 $ 142,646 $ 73,716 $ 68,930 Deposits received for securities loaned 13,305 — 13,305 4,079 9,226 Total $ 229,427 $ 73,476 $ 155,951 $ 77,795 $ 78,156 (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. 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 September 30, 2018 In millions of dollars Gross amounts Gross amounts (1) Net amounts of (2) Amounts (3) Net (4) Securities purchased under agreements to resell $ 248,802 $ 95,913 $ 152,889 $ 121,141 $ 31,748 Deposits paid for securities borrowed 128,032 — 128,032 29,461 98,571 Total $ 376,834 $ 95,913 $ 280,921 $ 150,602 $ 130,319 In millions of dollars Gross amounts Gross amounts (1) Net amounts of (2) Amounts (3) Net (4) Securities sold under agreements to repurchase $ 257,900 $ 95,913 $ 161,987 $ 87,917 $ 74,070 Deposits received for securities loaned 13,811 — 13,811 4,730 9,081 Total $ 271,711 $ 95,913 $ 175,798 $ 92,647 $ 83,151 As of December 31, 2017 In millions of dollars Gross amounts Gross amounts (1) Net amounts of (2) Amounts (3) Net (4) Securities purchased under agreements to resell $ 204,460 $ 73,476 $ 130,984 $ 103,022 $ 27,962 Deposits paid for securities borrowed 101,494 — 101,494 22,271 79,223 Total $ 305,954 $ 73,476 $ 232,478 $ 125,293 $ 107,185 In millions of dollars Gross amounts Gross amounts (1) Net amounts of (2) Amounts (3) Net (4) Securities sold under agreements to repurchase $ 216,122 $ 73,476 $ 142,646 $ 73,716 $ 68,930 Deposits received for securities loaned 13,305 — 13,305 4,079 9,226 Total $ 229,427 $ 73,476 $ 155,951 $ 77,795 $ 78,156 (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. |
Gross amount of liabilities associated with repurchase agreements and securities lending agreements | The following tables present the gross amount of liabilities associated with repurchase agreements and securities lending agreements, by remaining contractual maturity: As of September 30, 2018 In millions of dollars Open and overnight Up to 30 days 31–90 days Greater than 90 days Total Securities sold under agreements to repurchase $ 121,109 $ 59,246 $ 30,558 $ 46,987 $ 257,900 Deposits received for securities loaned 7,091 307 3,200 3,213 13,811 Total $ 128,200 $ 59,553 $ 33,758 $ 50,200 $ 271,711 As of December 31, 2017 In millions of dollars Open and overnight Up to 30 days 31–90 days Greater than 90 days Total Securities sold under agreements to repurchase $ 82,073 $ 68,372 $ 33,846 $ 31,831 $ 216,122 Deposits received for securities loaned 9,946 266 1,912 1,181 13,305 Total $ 92,019 $ 68,638 $ 35,758 $ 33,012 $ 229,427 The following tables present the gross amount of liabilities associated with repurchase agreements and securities lending agreements, by class of underlying collateral: As of September 30, 2018 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 95,116 $ 110 $ 95,226 State and municipal securities 2,803 — 2,803 Foreign government securities 94,306 301 94,607 Corporate bonds 22,247 545 22,792 Equity securities 18,759 11,982 30,741 Mortgage-backed securities 15,088 — 15,088 Asset-backed securities 6,513 — 6,513 Other 3,068 873 3,941 Total $ 257,900 $ 13,811 $ 271,711 As of December 31, 2017 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 58,774 $ — $ 58,774 State and municipal securities 1,605 — 1,605 Foreign government securities 89,576 105 89,681 Corporate bonds 20,194 657 20,851 Equity securities 20,724 11,907 32,631 Mortgage-backed securities 17,791 — 17,791 Asset-backed securities 5,479 — 5,479 Other 1,979 636 2,615 Total $ 216,122 $ 13,305 $ 229,427 |
BROKERAGE RECEIVABLES AND BRO_2
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Brokers and Dealers [Abstract] | |
Brokerage receivables and brokerage payables | Brokerage receivables and Brokerage payables consisted of the following: In millions of dollars September 30, December 31, 2017 Receivables from customers $ 15,195 $ 19,215 Receivables from brokers, dealers and clearing organizations 25,484 19,169 Total brokerage receivables (1) $ 40,679 $ 38,384 Payables to customers $ 41,414 $ 38,741 Payables to brokers, dealers and clearing organizations 31,932 22,601 Total brokerage payables (1) $ 73,346 $ 61,342 (1) Includes brokerage receivables and payables recorded by Citi broker-dealer entities that are accounted for in accordance with the AICPA Accounting Guide for Brokers and Dealers in Securities as codified in ASC 940-320. |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of investments by category | The following tables present Citi’s investments by category: In millions of dollars September 30, Debt securities available-for-sale (AFS) $ 284,782 Debt securities held-to-maturity (HTM) (1) 53,249 Marketable equity securities carried at fair value (2) 260 Non-marketable equity securities carried at fair value (2) 1,128 Non-marketable equity securities measured using the measurement alternative (3) 452 Non-marketable equity securities carried at cost (4) 5,642 Total investments $ 345,513 In millions of dollars December 31, Securities available-for-sale (AFS) $ 290,914 Debt securities held-to-maturity (HTM) (1) 53,320 Non-marketable equity securities carried at fair value (2) 1,206 Non-marketable equity securities carried at cost (4) 6,850 Total investments $ 352,290 (1) Carried at adjusted amortized cost basis, net of any credit-related impairment. (2) Unrealized gains and losses are recognized in earnings. (3) Impairment losses and adjustments to the carrying value as a result of observable price changes are recognized in earnings. (4) Represents shares issued by the Federal Reserve Bank, Federal Home Loan Banks and certain exchanges of which Citigroup is a member. |
Interest and dividends on investments | The following table presents interest and dividend income on investments: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2018 2017 2018 2017 Taxable interest $ 2,195 $ 1,922 $ 6,395 $ 5,545 Interest exempt from U.S. federal income tax 130 129 392 412 Dividend income 63 53 209 165 Total interest and dividend income $ 2,388 $ 2,104 $ 6,996 $ 6,122 |
Realized gains and losses on investments excluding other-than-temporary impairment | The following table presents realized gains and losses on the sales of investments, which excludes OTTI losses: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2018 2017 2018 2017 Gross realized investment gains $ 153 $ 293 $ 550 $ 840 Gross realized investment losses (84 ) (80 ) (209 ) (214 ) Net realized gains on sale of investments $ 69 $ 213 $ 341 $ 626 |
Amortized cost and fair value of AFS | The amortized cost and fair value of AFS securities were as follows: September 30, 2018 December 31, 2017 In millions of dollars Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Securities AFS Mortgage-backed securities (1) U.S. government-sponsored agency guaranteed $ 46,675 $ 61 $ 1,575 $ 45,161 $ 42,116 $ 125 $ 500 $ 41,741 Prime — — — — 11 6 — 17 Alt-A 1 — — 1 26 90 — 116 Non-U.S. residential 1,620 7 1 1,626 2,744 13 6 2,751 Commercial 233 1 3 231 334 — 2 332 Total mortgage-backed securities $ 48,529 $ 69 $ 1,579 $ 47,019 $ 45,231 $ 234 $ 508 $ 44,957 U.S. Treasury and federal agency securities U.S. Treasury $ 108,509 $ 28 $ 1,949 $ 106,588 $ 108,344 $ 77 $ 971 $ 107,450 Agency obligations 9,752 — 197 9,555 10,813 7 124 10,696 Total U.S. Treasury and federal agency securities $ 118,261 $ 28 $ 2,146 $ 116,143 $ 119,157 $ 84 $ 1,095 $ 118,146 State and municipal (2) $ 9,662 $ 87 $ 269 $ 9,480 $ 8,870 $ 140 $ 245 $ 8,765 Foreign government 94,937 293 769 94,461 100,615 508 590 100,533 Corporate 12,498 21 139 12,380 14,144 51 86 14,109 Asset-backed securities (1) 1,265 3 6 1,262 3,906 14 2 3,918 Other debt securities 4,036 1 — 4,037 297 — — 297 Total debt securities AFS $ 289,188 $ 502 $ 4,908 $ 284,782 $ 292,220 $ 1,031 $ 2,526 $ 290,725 Marketable equity securities AFS (3) $ — $ — $ — $ — $ 186 $ 4 $ 1 $ 189 Total securities AFS $ 289,188 $ 502 $ 4,908 $ 284,782 $ 292,406 $ 1,035 $ 2,527 $ 290,914 (1) The Company invests in 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 18 to the Consolidated Financial Statements. (2) In the second quarter of 2017, Citi early adopted ASU 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. Upon adoption, a cumulative effect adjustment was recorded to reduce Retained earnings , effective January 1, 2017, for the incremental amortization of purchase premiums and cumulative fair value hedge adjustments on callable state and municipal debt securities. For additional information, see Note 1 to the Consolidated Financial Statements. (3) Citi adopted ASU 2016-01 and ASU 2018-03 as of January 1, 2018, resulting in a cumulative effect adjustment from AOCI to Retained earnings for net unrealized gains on marketable equity securities AFS. The available-for-sale category was eliminated for equity securities effective January 1, 2018. See Note 1 to the Consolidated Financial Statements for additional details. |
Amortized cost and fair value of AFS debt securities | The amortized cost and fair value of AFS securities were as follows: September 30, 2018 December 31, 2017 In millions of dollars Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Securities AFS Mortgage-backed securities (1) U.S. government-sponsored agency guaranteed $ 46,675 $ 61 $ 1,575 $ 45,161 $ 42,116 $ 125 $ 500 $ 41,741 Prime — — — — 11 6 — 17 Alt-A 1 — — 1 26 90 — 116 Non-U.S. residential 1,620 7 1 1,626 2,744 13 6 2,751 Commercial 233 1 3 231 334 — 2 332 Total mortgage-backed securities $ 48,529 $ 69 $ 1,579 $ 47,019 $ 45,231 $ 234 $ 508 $ 44,957 U.S. Treasury and federal agency securities U.S. Treasury $ 108,509 $ 28 $ 1,949 $ 106,588 $ 108,344 $ 77 $ 971 $ 107,450 Agency obligations 9,752 — 197 9,555 10,813 7 124 10,696 Total U.S. Treasury and federal agency securities $ 118,261 $ 28 $ 2,146 $ 116,143 $ 119,157 $ 84 $ 1,095 $ 118,146 State and municipal (2) $ 9,662 $ 87 $ 269 $ 9,480 $ 8,870 $ 140 $ 245 $ 8,765 Foreign government 94,937 293 769 94,461 100,615 508 590 100,533 Corporate 12,498 21 139 12,380 14,144 51 86 14,109 Asset-backed securities (1) 1,265 3 6 1,262 3,906 14 2 3,918 Other debt securities 4,036 1 — 4,037 297 — — 297 Total debt securities AFS $ 289,188 $ 502 $ 4,908 $ 284,782 $ 292,220 $ 1,031 $ 2,526 $ 290,725 Marketable equity securities AFS (3) $ — $ — $ — $ — $ 186 $ 4 $ 1 $ 189 Total securities AFS $ 289,188 $ 502 $ 4,908 $ 284,782 $ 292,406 $ 1,035 $ 2,527 $ 290,914 (1) The Company invests in 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 18 to the Consolidated Financial Statements. (2) In the second quarter of 2017, Citi early adopted ASU 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. Upon adoption, a cumulative effect adjustment was recorded to reduce Retained earnings , effective January 1, 2017, for the incremental amortization of purchase premiums and cumulative fair value hedge adjustments on callable state and municipal debt securities. For additional information, see Note 1 to the Consolidated Financial Statements. (3) Citi adopted ASU 2016-01 and ASU 2018-03 as of January 1, 2018, resulting in a cumulative effect adjustment from AOCI to Retained earnings for net unrealized gains on marketable equity securities AFS. The available-for-sale category was eliminated for equity securities effective January 1, 2018. See Note 1 to the Consolidated Financial Statements for additional details. |
Fair value of securities in unrealized loss position | The table below shows the fair value of debt securities HTM that have been in an unrecognized loss position: Less than 12 months 12 months or longer Total In millions of dollars Fair Gross Fair Gross Fair Gross September 30, 2018 Debt securities held-to-maturity Mortgage-backed securities $ 13,815 $ 392 $ 9,815 $ 477 $ 23,630 $ 869 State and municipal 2,283 58 799 127 3,082 185 Foreign government 1,138 14 — — 1,138 14 Asset-backed securities 3,670 11 2 — 3,672 11 Total debt securities held-to-maturity $ 20,906 $ 475 $ 10,616 $ 604 $ 31,522 $ 1,079 December 31, 2017 Debt securities held-to-maturity Mortgage-backed securities $ 8,569 $ 50 $ 6,353 $ 107 $ 14,922 $ 157 State and municipal 353 5 835 68 1,188 73 Foreign government 723 18 — — 723 18 Asset-backed securities 71 3 134 19 205 22 Total debt securities held-to-maturity $ 9,716 $ 76 $ 7,322 $ 194 $ 17,038 $ 270 Note: Excluded from the gross unrecognized losses presented in the table above are $(65) million and $(117) million of net unrealized losses recorded in AOCI as of September 30, 2018 and December 31, 2017 , respectively, primarily related to the difference between the amortized cost and carrying value of HTM debt 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 September 30, 2018 and December 31, 2017 . The following table shows the fair value of AFS securities that have been in an unrealized loss position: Less than 12 months 12 months or longer Total In millions of dollars Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses September 30, 2018 Debt Securities AFS (1) Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 21,723 $ 574 $ 18,828 $ 1,001 $ 40,551 $ 1,575 Non-U.S. residential 256 1 1 — 257 1 Commercial 168 2 51 1 219 3 Total mortgage-backed securities $ 22,147 $ 577 $ 18,880 $ 1,002 $ 41,027 $ 1,579 U.S. Treasury and federal agency securities U.S. Treasury $ 27,095 $ 279 $ 65,789 $ 1,670 $ 92,884 $ 1,949 Agency obligations 1,549 15 8,004 182 9,553 197 Total U.S. Treasury and federal agency securities $ 28,644 $ 294 $ 73,793 $ 1,852 $ 102,437 $ 2,146 State and municipal $ 1,811 $ 48 $ 1,260 $ 221 $ 3,071 $ 269 Foreign government 48,491 463 11,598 306 60,089 769 Corporate 6,556 114 798 25 7,354 139 Asset-backed securities 604 6 27 — 631 6 Other debt securities 1,313 — — — 1,313 — Total debt securities AFS $ 109,566 $ 1,502 $ 106,356 $ 3,406 $ 215,922 $ 4,908 December 31, 2017 Securities AFS Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 30,994 $ 438 $ 2,206 $ 62 $ 33,200 $ 500 Non-U.S. residential 753 6 — — 753 6 Commercial 150 1 57 1 207 2 Total mortgage-backed securities $ 31,897 $ 445 $ 2,263 $ 63 $ 34,160 $ 508 U.S. Treasury and federal agency securities U.S. Treasury $ 79,050 $ 856 $ 7,404 $ 115 $ 86,454 $ 971 Agency obligations 8,857 110 1,163 14 10,020 124 Total U.S. Treasury and federal agency securities $ 87,907 $ 966 $ 8,567 $ 129 $ 96,474 $ 1,095 State and municipal $ 1,009 $ 11 $ 1,155 $ 234 $ 2,164 $ 245 Foreign government 53,206 356 9,051 234 62,257 590 Corporate 6,737 74 859 12 7,596 86 Asset-backed securities 449 1 25 1 474 2 Other debt securities — — — — — — Marketable equity securities AFS (1) 11 1 — — 11 1 Total securities AFS $ 181,216 $ 1,854 $ 21,920 $ 673 $ 203,136 $ 2,527 (1) Citi adopted ASU 2016-01 and ASU 2018-03 as of January 1, 2018, resulting in a cumulative effect adjustment from AOCI to retained earnings for net unrealized gains on marketable equity securities AFS. The available-for-sale category was eliminated for equity securities effective January 1, 2018. See Note 1 to the Consolidated Financial Statements for additional details. |
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: September 30, 2018 December 31, 2017 In millions of dollars Amortized cost Fair value Amortized cost Fair value Mortgage-backed securities (1) Due within 1 year $ 434 $ 431 $ 45 $ 45 After 1 but within 5 years 1,201 1,194 1,306 1,304 After 5 but within 10 years 2,159 2,119 1,376 1,369 After 10 years (2) 44,735 43,275 42,504 42,239 Total $ 48,529 $ 47,019 $ 45,231 $ 44,957 U.S. Treasury and federal agency securities Due within 1 year $ 34,543 $ 34,471 $ 4,913 $ 4,907 After 1 but within 5 years 81,735 79,739 111,236 110,238 After 5 but within 10 years 1,893 1,842 3,008 3,001 After 10 years (2) 90 91 — — Total $ 118,261 $ 116,143 $ 119,157 $ 118,146 State and municipal Due within 1 year $ 2,773 $ 2,772 $ 1,792 $ 1,792 After 1 but within 5 years 1,575 1,570 2,579 2,576 After 5 but within 10 years 572 590 514 528 After 10 years (2) 4,742 4,548 3,985 3,869 Total $ 9,662 $ 9,480 $ 8,870 $ 8,765 Foreign government Due within 1 year $ 34,686 $ 34,649 $ 32,130 $ 32,100 After 1 but within 5 years 47,933 47,416 53,034 53,165 After 5 but within 10 years 10,371 10,386 12,949 12,680 After 10 years (2) 1,947 2,010 2,502 2,588 Total $ 94,937 $ 94,461 $ 100,615 $ 100,533 All other (3) Due within 1 year $ 6,439 $ 6,435 $ 3,998 $ 3,991 After 1 but within 5 years 9,151 9,068 9,047 9,027 After 5 but within 10 years 1,614 1,603 3,415 3,431 After 10 years (2) 595 573 1,887 1,875 Total $ 17,799 $ 17,679 $ 18,347 $ 18,324 Total debt securities AFS $ 289,188 $ 284,782 $ 292,220 $ 290,725 (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. The following table presents the carrying value and fair value of HTM debt securities by contractual maturity dates: September 30, 2018 December 31, 2017 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 129 127 720 720 After 5 but within 10 years 101 99 148 149 After 10 years (1) 26,376 25,533 25,231 25,235 Total $ 26,606 $ 25,759 $ 26,099 $ 26,104 State and municipal Due within 1 year $ 31 $ 31 $ 407 $ 425 After 1 but within 5 years 131 133 259 270 After 5 but within 10 years 492 495 512 524 After 10 years (1) 6,745 6,679 7,719 7,983 Total $ 7,399 $ 7,338 $ 8,897 $ 9,202 Foreign government Due within 1 year $ 114 $ 114 $ 381 $ 381 After 1 but within 5 years 1,037 1,023 359 341 After 5 but within 10 years — — — — After 10 years (1) — — — — Total $ 1,151 $ 1,137 $ 740 $ 722 All other (2) Due within 1 year $ — $ — $ — $ — After 1 but within 5 years — — — — After 5 but within 10 years 2,244 2,250 1,669 1,680 After 10 years (1) 15,849 15,859 15,915 16,044 Total $ 18,093 $ 18,109 $ 17,584 $ 17,724 Total debt securities held-to-maturity $ 53,249 $ 52,343 $ 53,320 $ 53,752 (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. |
Carrying value and fair value of debt securities HTM | The carrying value and fair value of debt securities HTM were as follows: In millions of dollars Carrying value Gross unrealized gains Gross unrealized losses Fair value September 30, 2018 Debt securities held-to-maturity Mortgage-backed securities (1) U.S. government agency guaranteed $ 25,058 $ 3 $ 869 $ 24,192 Alt-A — — — — Non-U.S. residential 1,288 19 — 1,307 Commercial 260 — — 260 Total mortgage-backed securities $ 26,606 $ 22 $ 869 $ 25,759 State and municipal $ 7,399 $ 124 $ 185 $ 7,338 Foreign government 1,151 — 14 1,137 Asset-backed securities (1) 18,093 27 11 18,109 Total debt securities held-to-maturity $ 53,249 $ 173 $ 1,079 $ 52,343 December 31, 2017 Debt securities held-to-maturity Mortgage-backed securities (1) U.S. government agency guaranteed $ 23,880 $ 40 $ 157 $ 23,763 Alt-A 141 57 — 198 Non-U.S. residential 1,841 65 — 1,906 Commercial 237 — — 237 Total mortgage-backed securities $ 26,099 $ 162 $ 157 $ 26,104 State and municipal (2) $ 8,897 $ 378 $ 73 $ 9,202 Foreign government 740 — 18 722 Asset-backed securities (1) 17,584 162 22 17,724 Total debt securities held-to-maturity $ 53,320 $ 702 $ 270 $ 53,752 (1) The Company invests in 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 18 to the Consolidated Financial Statements. (2) In the second quarter of 2017, Citi early adopted ASU 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. Upon adoption, a cumulative effect adjustment was recorded to reduce retained earnings, effective January 1, 2017, for the incremental amortization of purchase premiums and cumulative fair value hedge adjustments on callable state and municipal debt securities. For additional information, see Note 1 to the Consolidated Financial Statements. |
Total other-than-temporary impairments recognized | The following tables present total OTTI recognized in earnings: OTTI on Investments Three Months Ended Nine Months Ended In millions of dollars AFS (1) HTM Total AFS (1) HTM Total Impairment losses related to debt securities that the Company does not intend to sell nor will likely be required to sell: Total OTTI losses recognized during the period $ — $ — $ — $ — $ — $ — Less: portion of impairment loss recognized in AOCI (before taxes) — — — — — — Net impairment losses recognized in earnings for debt securities that the Company does not intend to sell nor will likely be required to sell $ — $ — $ — $ — $ — $ — Impairment losses recognized in earnings for debt securities that the Company intends to sell, would be more-likely-than-not required to sell or will be subject to an issuer call deemed probable of exercise 70 — 70 109 — 109 Total OTTI losses recognized in earnings $ 70 $ — $ 70 $ 109 $ — $ 109 (1) For the three and nine months ended September 30, 2018, amounts represent AFS debt securities. Effective January 1, 2018, the AFS category was eliminated for equity securities. See Note 1 to the Consolidated Financial Statements for additional details. OTTI on Investments Three Months Ended Nine Months Ended In millions of dollars AFS (1) HTM Total AFS (1) HTM Total Impairment losses related to securities that the Company does not intend to sell nor will likely be required to sell: Total OTTI losses recognized during the period $ 2 $ — $ 2 $ 2 $ — $ 2 Less: portion of impairment loss recognized in AOCI (before taxes) — — — — — — Net impairment losses recognized in earnings for securities that the Company does not intend to sell nor will likely be required to sell $ 2 $ — $ 2 $ 2 $ — $ 2 Impairment losses recognized in earnings for securities that the Company intends to sell, would be more-likely-than-not required to sell or will be subject to an issuer call deemed probable of exercise and FX losses 12 1 13 43 2 45 Total impairment losses recognized in earnings $ 14 $ 1 $ 15 $ 45 $ 2 $ 47 (1) Includes OTTI on non-marketable equity securities. |
Cumulative other-than-temporary impairment credit losses recognized in earnings | The following are three-month rollforwards of the credit-related impairments recognized in earnings for AFS and HTM debt securities held that the Company does not intend to sell nor likely will be required to sell: Cumulative OTTI credit losses recognized in earnings on debt securities still held In millions of dollars June 30, 2018 balance Credit Credit Changes due to September 30, 2018 balance AFS debt securities Mortgage-backed securities (1) $ 1 $ — $ — $ — $ 1 State and municipal — — — — — Foreign government securities — — — — — Corporate 4 — — — 4 All other debt securities 2 — — — 2 Total OTTI credit losses recognized for AFS debt securities $ 7 $ — $ — $ — $ 7 HTM debt securities Mortgage-backed securities $ — $ — $ — $ — $ — State and municipal — — — — — Total OTTI credit losses recognized for HTM debt securities $ — $ — $ — $ — $ — (1) Primarily consists of Prime securities. Cumulative OTTI credit losses recognized in earnings on debt securities still held In millions of dollars June 30, 2017 balance Credit Credit Reductions due to September 30, 2017 balance AFS debt securities Mortgage-backed securities $ — $ — $ — $ — $ — State and municipal 4 — — — 4 Foreign government securities — — — — — Corporate 4 — — — 4 All other debt securities — — 2 — 2 Total OTTI credit losses recognized for AFS debt securities $ 8 $ — $ 2 $ — $ 10 HTM debt securities Mortgage-backed securities (1) $ 97 $ — $ — $ — $ 97 State and municipal 3 — — — 3 Total OTTI credit losses recognized for HTM debt securities $ 100 $ — $ — $ — $ 100 (1) Primarily consists of Alt-A securities. The following are nine-month rollforwards of the credit-related impairments recognized in earnings for AFS and HTM debt securities held that the Company does not intend to sell nor likely will be required to sell: Cumulative OTTI credit losses recognized in earnings on debt securities still held In millions of dollars December 31, 2017 balance Credit Credit Changes due to (1) September 30, 2018 balance AFS debt securities Mortgage-backed securities (2) $ 38 $ — $ — $ (37 ) $ 1 State and municipal 4 — — (4 ) — Foreign government securities — — — — — Corporate 4 — — — 4 All other debt securities 2 — — — 2 Total OTTI credit losses recognized for AFS debt securities $ 48 $ — $ — $ (41 ) $ 7 HTM debt securities Mortgage-backed securities (3) $ 54 $ — $ — $ (54 ) $ — State and municipal 3 — — (3 ) — Total OTTI credit losses recognized for HTM debt securities $ 57 $ — $ — $ (57 ) $ — (1) Includes $18 million in cumulative OTTI reclassified from HTM to AFS due to the transfer of the related debt securities from HTM to AFS. Citi adopted ASU 2017-12, Targeted Improvements to Accounting for Hedge Activities , on January 1, 2018 and transferred approximately $4 billion of HTM debt securities into AFS classification as permitted as a one-time transfer under the standard. (2) Primarily consists of Prime securities. (3) Primarily consists of Alt-A securities. Cumulative OTTI credit losses recognized in earnings on debt securities still held In millions of dollars December 31, 2016 balance Credit Credit Reductions due to September 30, 2017 balance AFS debt securities Mortgage-backed securities $ — $ — $ — $ — $ — State and municipal 4 — — — 4 Foreign government securities — — — — — Corporate 5 — — (1 ) 4 All other debt securities 22 — 2 (22 ) 2 Total OTTI credit losses recognized for AFS debt securities $ 31 $ — $ 2 $ (23 ) $ 10 HTM debt securities Mortgage-backed securities (1) $ 101 $ — $ — $ (4 ) $ 97 State and municipal 3 — — — 3 Total OTTI credit losses recognized for HTM debt securities $ 104 $ — $ — $ (4 ) $ 100 (1) Primarily consists of Alt-A securities. |
Carrying value of non-marketable equity securities measured using the measurement alternative | Below is the carrying value of non-marketable equity securities measured using the measurement alternative at September 30, 2018, and amounts recognized in earnings for the three and nine months ended September 30, 2018: In millions of dollars Three Months Ended September 30, 2018 Nine Months Ended Measurement alternative: Balance as of September 30, 2018 $ 452 $ 452 Impairment losses (1) — 4 Downward changes for observable prices (1) 14 18 Upward changes for observable prices (1) 21 133 (1) See Note 20 to the Consolidated Financial Statements for additional information on these nonrecurring fair value measurements. |
Investments in alternative investment funds | Fair value Unfunded Redemption frequency (if currently eligible) monthly, quarterly, annually Redemption notice period In millions of dollars September 30, December 31, 2017 September 30, December 31, 2017 Hedge funds $ — $ 1 $ — $ — Generally quarterly 10–95 days Private equity funds (1)(2) 186 372 62 62 — — Real estate funds (2)(3) 14 31 19 20 — — Mutual/collective investment funds 25 — — — — — Total $ 225 $ 404 $ 81 $ 82 — — (1) Private equity funds include funds that invest in infrastructure, emerging markets and venture capital. (2) With respect to the Company’s investments in private equity funds and real estate funds, distributions from each fund will be received as the underlying assets held by these funds are liquidated. It is estimated that the underlying assets of these funds will be liquidated over a period of several years as market conditions allow. Private equity and real estate funds do not allow redemption of investments by their investors. Investors are permitted to sell or transfer their investments, subject to the approval of the general partner or investment manager of these funds, which generally may not be unreasonably withheld. (3) Includes several real estate funds that invest primarily in commercial real estate in the U.S., Europe and Asia. |
LOANS (Tables)
LOANS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Consumer | |
Loans receivable | |
Schedule of loans | The following table provides Citi’s consumer loans by loan type: In millions of dollars September 30, December 31, 2017 In U.S. offices Mortgage and real estate (1) $ 61,048 $ 65,467 Installment, revolving credit and other 3,515 3,398 Cards 137,051 139,006 Commercial and industrial 7,686 7,840 $ 209,300 $ 215,711 In offices outside the U.S. Mortgage and real estate (1) $ 43,714 $ 44,081 Installment, revolving credit and other 27,899 26,556 Cards 24,971 26,257 Commercial and industrial 18,821 20,238 Lease financing 52 76 $ 115,457 $ 117,208 Total consumer loans $ 324,757 $ 332,919 Net unearned income $ 712 $ 737 Consumer loans, net of unearned income $ 325,469 $ 333,656 (1) Loans secured primarily by real estate. |
Schedule of loan delinquency and non-accrual details | Consumer Loan Delinquency and Non-Accrual Details at September 30, 2018 In millions of dollars Total current (1)(2) 30–89 days past due (3) ≥ 90 days past due (3) Past due government guaranteed (4) Total loans (2) Total non-accrual 90 days past due and accruing In North America offices Residential first mortgages (5) $ 46,038 $ 503 $ 263 $ 903 $ 47,707 $ 628 $ 641 Home equity loans (6)(7) 11,693 174 264 — 12,131 561 — Credit cards 134,721 1,612 1,539 — 137,872 — 1,539 Installment and other 3,473 40 14 — 3,527 20 — Commercial banking loans 9,206 25 48 — 9,279 114 — Total $ 205,131 $ 2,354 $ 2,128 $ 903 $ 210,516 $ 1,323 $ 2,180 In offices outside North America Residential first mortgages (5) $ 35,919 $ 217 $ 146 $ — $ 36,282 $ 397 $ — Credit cards 23,638 420 356 — 24,414 314 223 Installment and other 25,192 267 108 — 25,567 163 — Commercial banking loans 28,569 54 66 — 28,689 177 — Total $ 113,318 $ 958 $ 676 $ — $ 114,952 $ 1,051 $ 223 Total GCB and Corporate/Other — Consumer $ 318,449 $ 3,312 $ 2,804 $ 903 $ 325,468 $ 2,374 $ 2,403 Other (8) 1 — — — 1 — — Total Citigroup $ 318,450 $ 3,312 $ 2,804 $ 903 $ 325,469 $ 2,374 $ 2,403 (1) Loans less than 30 days past due are presented as current. (2) Includes $21 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 $0.2 billion and 90 days or more past due of $0.7 billion . (5) Includes approximately $0.1 billion of residential first mortgage loans in process of foreclosure. (6) Includes approximately $0.1 billion of home equity loans in process of foreclosure. (7) Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. (8) Represents loans classified as consumer loans on the Consolidated Balance Sheet that are not included in GCB or Corporate/Other consumer credit metrics. Consumer Loan Delinquency and Non-Accrual Details at December 31, 2017 In millions of dollars Total current (1)(2) 30–89 days past due (3) ≥ 90 days past due (3) Past due government guaranteed (4) Total loans (2) Total non-accrual 90 days past due and accruing In North America offices Residential first mortgages (5) $ 47,366 $ 505 $ 280 $ 1,225 $ 49,376 $ 665 $ 941 Home equity loans (6)(7) 14,268 207 352 — 14,827 750 — Credit cards 136,588 1,528 1,613 — 139,729 — 1,596 Installment and other 3,395 45 16 — 3,456 22 1 Commercial banking loans 9,395 51 65 — 9,511 213 — Total $ 211,012 $ 2,336 $ 2,326 $ 1,225 $ 216,899 $ 1,650 $ 2,538 In offices outside North America Residential first mortgages (5) $ 37,062 $ 209 $ 148 $ — $ 37,419 $ 400 $ — Credit cards 24,934 427 366 — 25,727 323 259 Installment and other 25,634 275 123 — 26,032 157 — Commercial banking loans 27,449 57 72 — 27,578 160 — Total $ 115,079 $ 968 $ 709 $ — $ 116,756 $ 1,040 $ 259 Total GCB and Corporate/Other — Consumer $ 326,091 $ 3,304 $ 3,035 $ 1,225 $ 333,655 $ 2,690 $ 2,797 Other (8) 1 — — — 1 — — Total Citigroup $ 326,092 $ 3,304 $ 3,035 $ 1,225 $ 333,656 $ 2,690 $ 2,797 (1) Loans less than 30 days past due are presented as current. (2) Includes $25 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 $0.2 billion and 90 days or more past due of $1.0 billion . (5) Includes approximately $0.1 billion of residential first mortgage loans in process of foreclosure. (6) Includes approximately $0.1 billion of home equity loans in process of foreclosure. (7) Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. (8) Represents loans classified as consumer loans on the Consolidated Balance Sheet that are not included in GCB or Corporate/Other consumer credit metrics. |
Schedule of loans credit quality indicators | The following tables provide details on the FICO scores for Citi’s U.S. consumer loan portfolio based on end-of-period receivables (commercial banking loans are excluded from 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) September 30, 2018 In millions of dollars Less than 680 to 760 Greater Residential first mortgages $ 4,647 $ 13,854 $ 26,553 Home equity loans 2,575 4,495 4,692 Credit cards 31,379 56,636 47,675 Installment and other 624 1,080 1,189 Total $ 39,225 $ 76,065 $ 80,109 FICO score distribution in U.S. portfolio (1)(2) December 31, 2017 In millions of dollars Less than 680 680 to 760 Greater than 760 Residential first mortgages $ 5,603 $ 14,423 $ 26,271 Home equity loans 3,347 5,439 5,650 Credit cards 30,875 56,443 48,989 Installment and other 716 1,020 1,275 Total $ 40,541 $ 77,325 $ 82,185 (1) Excludes loans guaranteed by U.S. government entities, loans subject to long-term standby commitments (LTSC) with U.S. government-sponsored entities and loans recorded at fair value. (2) Excludes balances where FICO was not available. Such amounts are not material. The following tables provide details on the LTV ratios for Citi’s U.S. consumer mortgage portfolios. 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) September 30, 2018 In millions of dollars Less than or equal to 80% > 80% but less than or equal to 100% Greater than 100% Residential first mortgages $ 42,823 $ 2,205 $ 151 Home equity loans 9,884 1,366 446 Total $ 52,707 $ 3,571 $ 597 LTV distribution in U.S. portfolio (1)(2) December 31, 2017 In millions of dollars Less than or equal to 80% > 80% but less than or equal to 100% Greater than 100% Residential first mortgages $ 43,626 $ 2,578 $ 247 Home equity loans 11,403 2,147 800 Total $ 55,029 $ 4,725 $ 1,047 (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. |
Schedule of impaired loans | The following tables present information about impaired consumer loans and interest income recognized on impaired consumer loans: Three Months Ended Nine Months Ended September 30, Balance at September 30, 2018 2018 2017 2018 2017 In millions of dollars Recorded investment (1)(2) Unpaid principal balance Related specific allowance (3) Average carrying value (4) Interest income (5) Interest income (5) Interest income recognized (5) Interest income recognized (5) Mortgage and real estate Residential first mortgages $ 2,294 $ 2,508 $ 197 $ 2,670 $ 21 $ 29 $ 63 $ 97 Home equity loans 704 980 125 815 2 7 10 21 Credit cards 1,801 1,828 654 1,807 24 37 79 110 Installment and other Individual installment and other 406 436 153 421 5 5 17 18 Commercial banking 296 441 46 306 2 4 10 18 Total $ 5,501 $ 6,193 $ 1,175 $ 6,019 $ 54 $ 82 $ 179 $ 264 (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) $529 million of residential first mortgages, $270 million of home equity loans and $25 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, December 31, 2017 In millions of dollars Recorded investment (1)(2) Unpaid principal balance Related specific allowance (3) Average carrying value (4) Mortgage and real estate Residential first mortgages $ 2,877 $ 3,121 $ 278 $ 3,155 Home equity loans 1,151 1,590 216 1,181 Credit cards 1,787 1,819 614 1,803 Installment and other Individual installment and other 431 460 175 415 Commercial banking 334 541 51 429 Total $ 6,580 $ 7,531 $ 1,334 $ 6,983 (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) $607 million of residential first mortgages, $370 million of home equity loans and $10 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. |
Schedule of troubled debt restructurings | Consumer Troubled Debt Restructurings For the Three Months Ended September 30, 2018 In millions of dollars, except number of loans modified Number of Post- (1)(2) Deferred (3) Contingent (4) Principal (5) Average North America Residential first mortgages 461 $ 66 $ — $ — $ — — % Home equity loans 261 26 1 — — 1 Credit cards 61,508 253 — — — 18 Installment and other revolving 322 2 — — — 5 Commercial banking (6) 11 3 — — — — Total (8) 62,563 $ 350 $ 1 $ — $ — International Residential first mortgages 660 $ 22 $ — $ — $ — — % Credit cards 18,413 77 — — 2 17 Installment and other revolving 6,421 34 — — 2 10 Commercial banking (6) 131 9 — — — — Total (8) 25,625 $ 142 $ — $ — $ 4 For the Three Months Ended September 30, 2017 In millions of dollars, except number of loans modified Number of loans modified Post- modification recorded investment (1)(7) Deferred principal (3) Contingent principal forgiveness (4) Principal forgiveness (5) Average interest rate reduction North America Residential first mortgages 1,400 $ 199 $ 1 $ — $ — — % Home equity loans 830 70 5 — — 1 Credit cards 59,285 225 — — — 17 Installment and other revolving 299 2 — — — 6 Commercial banking (6) 33 59 — — — — Total (8) 61,847 $ 555 $ 6 $ — $ — International Residential first mortgages 703 $ 25 $ — $ — $ — — % Credit cards 28,254 103 — — 2 11 Installment and other revolving 11,725 70 — — 3 11 Commercial banking (6) 97 11 — — — — Total (8) 40,779 $ 209 $ — $ — $ 5 (1) Post-modification balances include past due amounts that are capitalized at the modification date. (2) Post-modification balances in North America include $10 million of residential first mortgages and $2 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the three months ended September 30, 2018 . These amounts include $7 million of residential first mortgages and $2 million of home equity loans that were newly classified as TDRs in the three months ended September 30, 2018 , based on previously received OCC guidance. (3) Represents portion of contractual loan principal that is non-interest bearing, but still due from the borrower. Such deferred principal is charged off at the time of permanent modification to the extent that the related loan balance exceeds the underlying collateral value. (4) Represents portion of contractual loan principal that is non-interest bearing and, depending upon borrower performance, eligible for forgiveness. (5) Represents portion of contractual loan principal that was forgiven at the time of permanent modification. (6) Commercial banking loans are generally borrower-specific modifications and incorporate changes in the amount and/or timing of principal and/or interest. (7) Post-modification balances in North America include $ 12 million of residential first mortgages and $ 5 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the three months ended September 30, 2017 . These amounts include $ 7 million of residential first mortgages and $ 5 million of home equity loans that were newly classified as TDRs in the three months ended September 30, 2017 , based on previously received OCC guidance. (8) The above tables reflect activity for loans outstanding that were considered TDRs as of the end of the reporting period. For the Nine Months Ended September 30, 2018 In millions of dollars, except number of loans modified Number of loans modified Post- modification recorded investment (1)(2) Deferred principal (3) Contingent principal forgiveness (4) Principal forgiveness (5) Average interest rate reduction North America Residential first mortgages 1,544 $ 233 $ 2 $ — $ — — % Home equity loans 1,097 104 4 — — 1 Credit cards 180,170 717 — — — 17 Installment and other revolving 956 7 — — — 5 Commercial banking (6) 37 5 — — — — Total (8) 183,804 $ 1,066 $ 6 $ — $ — International Residential first mortgages 1,833 $ 62 $ — $ — $ — — % Credit cards 59,589 249 — — 7 16 Installment and other revolving 22,918 136 — — 6 10 Commercial banking (6) 433 60 — — — 1 Total (8) 84,773 $ 507 $ — $ — $ 13 For the Nine Months Ended September 30, 2017 In millions of dollars, except number of loans modified Number of loans modified Post- modification recorded investment (1)(7) Deferred principal (3) Contingent principal forgiveness (4) Principal forgiveness (5) Average interest rate reduction North America Residential first mortgages 3,172 $ 445 $ 5 $ — $ 2 1 % Home equity loans 2,186 185 13 — — 1 Credit cards 171,702 659 — — — 17 Installment and other revolving 770 6 — — — 5 Commercial banking (6) 89 107 — — — — Total (8) 177,919 $ 1,402 $ 18 $ — $ 2 International Residential first mortgages 2,071 $ 80 $ — $ — $ — — % Credit cards 82,042 286 — — 6 12 Installment and other revolving 34,654 194 — — 9 9 Commercial banking (6) 182 30 — — — — Total (8) 118,949 $ 590 $ — $ — $ 15 (1) Post-modification balances include past due amounts that are capitalized at the modification date. (2) Post-modification balances in North America include $ 29 million of residential first mortgages and $ 10 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the nine months ended September 30, 2018. These amounts include $ 20 million of residential first mortgages and $ 9 million of home equity loans that were newly classified as TDRs in the nine months ended September 30, 2018, based on previously received OCC guidance. (3) Represents portion of contractual loan principal that is non-interest bearing but still due from the borrower. Such deferred principal is charged off at the time of permanent modification to the extent that the related loan balance exceeds the underlying collateral value. (4) Represents portion of contractual loan principal that is non-interest bearing and, depending upon borrower performance, eligible for forgiveness. (5) Represents portion of contractual loan principal that was forgiven at the time of permanent modification. (6) Commercial banking loans are generally borrower-specific modifications and incorporate changes in the amount and/or timing of principal and/or interest. (7) Post-modification balances in North America include $ 42 million of residential first mortgages and $ 16 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the nine months ended September 30, 2017 . These amounts include $ 28 million of residential first mortgages and $ 14 million of home equity loans that were newly classified as TDRs in the nine months ended September 30, 2017 , based on previously received OCC guidance. (8) The above tables reflect activity for loans outstanding that were considered TDRs as of the end of the reporting period. |
Schedule of troubled debt restructuring loans that defaulted | The following table presents consumer TDRs that defaulted for which the payment default occurred within one year of a permanent modification. Default is defined as 60 days past due, except for classifiably managed commercial banking loans, where default is defined as 90 days past due. Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2018 2017 2018 2017 North America Residential first mortgages $ 31 $ 57 $ 105 $ 156 Home equity loans 5 8 21 25 Credit cards 57 54 173 163 Installment and other revolving 1 1 2 2 Commercial banking 1 — 22 2 Total $ 95 $ 120 $ 323 $ 348 International Residential first mortgages $ 2 $ 3 $ 6 $ 8 Credit cards 48 48 156 136 Installment and other revolving 18 25 62 71 Commercial banking 7 — 17 — Total $ 75 $ 76 $ 241 $ 215 |
Corporate | |
Loans receivable | |
Schedule of loans | The following table presents information by corporate loan type: In millions of dollars September 30, December 31, In U.S. offices Commercial and industrial $ 51,365 $ 51,319 Financial institutions 46,255 39,128 Mortgage and real estate (1) 47,629 44,683 Installment, revolving credit and other 32,201 33,181 Lease financing 1,445 1,470 $ 178,895 $ 169,781 In offices outside the U.S. Commercial and industrial $ 98,281 $ 93,750 Financial institutions 37,851 35,273 Mortgage and real estate (1) 7,344 7,309 Installment, revolving credit and other 22,827 22,638 Lease financing 131 190 Governments and official institutions 4,898 5,200 $ 171,332 $ 164,360 Total corporate loans $ 350,227 $ 334,141 Net unearned income $ (787 ) $ (763 ) Corporate loans, net of unearned income $ 349,440 $ 333,378 (1) Loans secured primarily by real estate. |
Schedule of loan delinquency and non-accrual details | Corporate Loan Delinquency and Non-Accrual Details at September 30, 2018 In millions of dollars 30–89 days past due and accruing (1) ≥ 90 days past due and accruing (1) Total past due and accruing Total non-accrual (2) Total current (3) Total loans (4) Commercial and industrial $ 430 $ 30 $ 460 $ 1,123 $ 145,612 $ 147,195 Financial institutions 146 9 155 74 82,299 82,528 Mortgage and real estate 209 5 214 258 54,492 54,964 Leases 16 3 19 — 1,557 1,576 Other 79 41 120 85 58,754 58,959 Loans at fair value 4,218 Total $ 880 $ 88 $ 968 $ 1,540 $ 342,714 $ 349,440 Corporate Loan Delinquency and Non-Accrual Details at December 31, 2017 In millions of dollars 30–89 days past due and accruing (1) ≥ 90 days past due and accruing (1) Total past due and accruing Total non-accrual (2) Total current (3) Total loans (4) Commercial and industrial $ 249 $ 13 $ 262 $ 1,506 $ 139,554 $ 141,322 Financial institutions 93 15 108 92 73,557 73,757 Mortgage and real estate 147 59 206 195 51,563 51,964 Leases 68 8 76 46 1,533 1,655 Other 70 13 83 103 60,145 60,331 Loans at fair value 4,349 Total $ 627 $ 108 $ 735 $ 1,942 $ 326,352 $ 333,378 (1) Corporate loans that are 90 days past due are generally classified as non-accrual. Corporate loans are considered past due when principal or interest is contractually due but unpaid. (2) Non-accrual loans generally include those loans that are ≥ 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) 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 Recorded investment in loans (1) In millions of dollars September 30, December 31, Investment grade (2) Commercial and industrial $ 102,875 $ 101,313 Financial institutions 70,435 60,404 Mortgage and real estate 24,351 23,213 Leases 1,054 1,090 Other 53,609 56,306 Total investment grade $ 252,324 $ 242,326 Non-investment grade (2) Accrual Commercial and industrial $ 43,196 $ 38,503 Financial institutions 12,019 13,261 Mortgage and real estate 3,240 2,881 Leases 523 518 Other 5,264 3,924 Non-accrual Commercial and industrial 1,123 1,506 Financial institutions 74 92 Mortgage and real estate 258 195 Leases — 46 Other 85 103 Total non-investment grade $ 65,782 $ 61,029 Non-rated private bank loans managed on a delinquency basis (2) $ 27,116 $ 25,674 Loans at fair value 4,218 4,349 Corporate loans, net of unearned income $ 349,440 $ 333,378 (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 and interest income recognized on non-accrual corporate loans: September 30, 2018 Three Months Ended Nine Months Ended In millions of dollars Recorded investment (1) Unpaid principal balance Related specific allowance Average carrying value (2) Interest income recognized (3) Interest income recognized (3) Non-accrual corporate loans Commercial and industrial $ 1,123 $ 1,379 $ 207 $ 1,246 $ 8 $ 24 Financial institutions 74 90 39 97 — — Mortgage and real estate 258 423 45 228 — 1 Lease financing — 39 — 33 — — Other 85 205 13 90 — — Total non-accrual corporate loans $ 1,540 $ 2,136 $ 304 $ 1,694 $ 8 $ 25 December 31, 2017 In millions of dollars Recorded investment (1) Unpaid principal balance Related specific allowance Average carrying value (2) Non-accrual corporate loans Commercial and industrial $ 1,506 $ 1,775 $ 368 $ 1,547 Financial institutions 92 102 41 212 Mortgage and real estate 195 324 11 183 Lease financing 46 46 4 59 Other 103 212 2 108 Total non-accrual corporate loans $ 1,942 $ 2,459 $ 426 $ 2,109 September 30, 2018 December 31, 2017 In millions of dollars Recorded investment (1) Related specific allowance Recorded investment (1) Related specific allowance Non-accrual corporate loans with valuation allowances Commercial and industrial $ 643 $ 207 $ 1,017 $ 368 Financial institutions 72 39 88 41 Mortgage and real estate 122 45 51 11 Lease financing — — 46 4 Other 17 13 13 2 Total non-accrual corporate loans with specific allowance $ 854 $ 304 $ 1,215 $ 426 Non-accrual corporate loans without specific allowance Commercial and industrial $ 480 $ 489 Financial institutions 2 4 Mortgage and real estate 136 144 Lease financing — — Other 68 90 Total non-accrual corporate loans without specific allowance $ 686 N/A $ 727 N/A (1) Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount, less any direct write-downs. (2) Average carrying value represents the average recorded investment balance and does not include related specific allowance. (3) Interest income recognized for the three and nine months ended September 30 , 2017 was $11 million and $30 million , respectively. N/A Not applicable |
Schedule of troubled debt restructurings | For the three months ended September 30, 2018 : In millions of dollars Carrying value of TDRs modified during the period TDRs involving changes in the amount and/or timing of principal payments (1) TDRs involving changes in the amount and/or timing of interest payments (2) TDRs involving changes in the amount and/or timing of both principal and interest payments Commercial and industrial $ 62 $ 1 $ 4 $ 57 Mortgage and real estate 3 — — 3 Total $ 65 $ 1 $ 4 $ 60 For the three months ended September 30, 2017 : In millions of dollars Carrying value of TDRs modified during the period TDRs involving changes in the amount and/or timing of principal payments (1) TDRs involving changes in the amount and/or timing of interest payments (2) TDRs involving changes in the amount and/or timing of both principal and interest payments Commercial and industrial $ 175 $ 99 $ — $ 76 Mortgage and real estate 14 — — 14 Total $ 189 $ 99 $ — $ 90 For the nine months ended September 30, 2018 : In millions of dollars Carrying value of TDRs modified during the period TDRs involving changes in the amount and/or timing of principal payments (1) TDRs involving changes in the amount and/or timing of interest payments (2) TDRs involving changes in the amount and/or timing of both principal and interest payments Commercial and industrial $ 103 $ 5 $ 8 $ 90 Mortgage and real estate 6 — — 6 Total $ 109 $ 5 $ 8 $ 96 For the nine months ended September 30, 2017 : In millions of dollars Carrying value of TDRs modified during the period TDRs involving changes in the amount and/or timing of principal payments (1) TDRs involving changes in the amount and/or timing of interest payments (2) TDRs involving changes in the amount and/or timing of both principal and interest payments Commercial and industrial $ 463 $ 131 $ — $ 332 Mortgage and real estate 15 — — 15 Other 18 — — 18 Total $ 496 $ 131 $ — $ 365 (1) TDRs involving changes in the amount or timing of principal payments may involve principal forgiveness or deferral of periodic and/or final principal payments. Because forgiveness of principal is rare for corporate loans, modifications typically have little to no impact on the loans’ projected cash flows and thus little to no impact on the allowance established for the loans. Charge-offs for amounts deemed uncollectable may be recorded at the time of the restructuring or may have already been recorded in prior periods such that no charge-off is required at the time of the modification. (2) TDRs involving changes in the amount or timing of interest payments may involve a below-market interest rate. |
Schedule of troubled debt restructuring loans that defaulted | The following table presents total corporate loans modified in a TDR as well as those TDRs that defaulted and for which the payment default occurred within one year of a permanent modification. Default is defined as 60 days past due, except for classifiably managed commercial banking loans, where default is defined as 90 days past due. In millions of dollars TDR balances at September 30, 2018 TDR loans in payment default during the three months ended September 30, 2018 TDR loans in payment default nine months ended September 30, 2018 TDR balances at September 30, 2017 TDR loans in payment default during the three months ended September 30, 2017 TDR loans in payment default during the nine months ended Commercial and industrial $ 480 $ — $ 70 $ 686 $ — $ 12 Financial institutions 21 — — 24 — 3 Mortgage and real estate 71 — — 84 — — Other 42 — — 155 — — Total (1) $ 614 $ — $ 70 $ 949 $ — $ 15 (1) The above table reflects activity for loans outstanding that were considered TDRs as of the end of the reporting period. |
ALLOWANCE FOR CREDIT LOSSES (Ta
ALLOWANCE FOR CREDIT LOSSES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Allowance for credit losses | Three Months Ended September 30, Nine Months Ended In millions of dollars 2018 2017 2018 2017 Allowance for loan losses at beginning of period $ 12,126 $ 12,025 $ 12,355 $ 12,060 Gross credit losses (2,094 ) (2,120 ) (6,499 ) (6,394 ) Gross recoveries (1) 338 343 1,172 1,198 Net credit losses (NCLs) $ (1,756 ) $ (1,777 ) $ (5,327 ) $ (5,196 ) NCLs $ 1,756 $ 1,777 $ 5,327 $ 5,196 Net reserve builds (releases) 169 419 302 466 Net specific reserve builds (releases) (19 ) (50 ) (125 ) (175 ) Total provision for loan losses $ 1,906 $ 2,146 $ 5,504 $ 5,487 Other, net (see table below) 60 (28 ) (196 ) 15 Allowance for loan losses at end of period $ 12,336 $ 12,366 $ 12,336 $ 12,366 Allowance for credit losses on unfunded lending commitments at beginning of period $ 1,278 $ 1,406 $ 1,258 $ 1,418 Provision (release) for unfunded lending commitments 42 (175 ) 66 (190 ) Other, net 1 1 (3 ) 4 Allowance for credit losses on unfunded lending commitments at end of period (2) $ 1,321 $ 1,232 $ 1,321 $ 1,232 Total allowance for loans, leases and unfunded lending commitments $ 13,657 $ 13,598 $ 13,657 $ 13,598 (1) Recoveries have been reduced by certain collection costs that are incurred only if collection efforts are successful. (2) Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet. Other, net details Three Months Ended September 30, Nine Months Ended In millions of dollars 2018 2017 2018 2017 Sales or transfers of various consumer loan portfolios to HFS Transfer of real estate loan portfolios $ (2 ) $ (28 ) $ (88 ) $ (84 ) Transfer of other loan portfolios (3 ) (6 ) (109 ) (130 ) Sales or transfers of various consumer loan portfolios to HFS $ (5 ) $ (34 ) $ (197 ) $ (214 ) FX translation, consumer 62 7 16 221 Other 3 (1 ) (15 ) 8 Other, net $ 60 $ (28 ) $ (196 ) $ 15 |
Schedule of allowance for credit losses and investment in loans by portfolio segment | Allowance for Credit Losses and Investment in Loans Three Months Ended September 30, 2018 September 30, 2017 In millions of dollars Corporate Consumer Total Corporate Consumer Total Allowance for loan losses at beginning of period $ 2,330 $ 9,796 $ 12,126 $ 2,510 $ 9,515 $ 12,025 Charge-offs (36 ) (2,058 ) (2,094 ) (49 ) (2,071 ) (2,120 ) Recoveries 6 332 338 6 337 343 Replenishment of net charge-offs 30 1,726 1,756 43 1,734 1,777 Net reserve builds (releases) 34 135 169 (60 ) 479 419 Net specific reserve builds (releases) (27 ) 8 (19 ) 21 (71 ) (50 ) Other 2 58 60 3 (31 ) (28 ) Ending balance $ 2,339 $ 9,997 $ 12,336 $ 2,474 $ 9,892 $ 12,366 Nine Months Ended September 30, 2018 September 30, 2017 In millions of dollars Corporate Consumer Total Corporate Consumer Total Allowance for loan losses at beginning of period $ 2,486 $ 9,869 $ 12,355 $ 2,702 $ 9,358 $ 12,060 Charge-offs (195 ) (6,304 ) (6,499 ) (248 ) (6,146 ) (6,394 ) Recoveries 71 1,101 1,172 91 1,107 1,198 Replenishment of net charge-offs 124 5,203 5,327 157 5,039 5,196 Net reserve builds (releases) (15 ) 317 302 (230 ) 696 466 Net specific reserve builds (releases) (119 ) (6 ) (125 ) (18 ) (157 ) (175 ) Other (13 ) (183 ) (196 ) 20 (5 ) 15 Ending balance $ 2,339 $ 9,997 $ 12,336 $ 2,474 $ 9,892 $ 12,366 September 30, 2018 December 31, 2017 In millions of dollars Corporate Consumer Total Corporate Consumer Total Allowance for loan losses Collectively evaluated in accordance with ASC 450 $ 2,035 $ 8,820 $ 10,855 $ 2,060 $ 8,531 $ 10,591 Individually evaluated in accordance with ASC 310-10-35 304 1,175 1,479 426 1,334 1,760 Purchased credit impaired in accordance with ASC 310-30 — 2 2 — 4 4 Total allowance for loan losses $ 2,339 $ 9,997 $ 12,336 $ 2,486 $ 9,869 $ 12,355 Loans, net of unearned income Collectively evaluated in accordance with ASC 450 $ 343,774 $ 319,816 $ 663,590 $ 327,142 $ 326,884 $ 654,026 Individually evaluated in accordance with ASC 310-10-35 1,448 5,501 6,949 1,887 6,580 8,467 Purchased credit impaired in accordance with ASC 310-30 — 131 131 — 167 167 Held at fair value 4,218 21 4,239 4,349 25 4,374 Total loans, net of unearned income $ 349,440 $ 325,469 $ 674,909 $ 333,378 $ 333,656 $ 667,034 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | The changes in Goodwill were as follows: In millions of dollars Global Consumer Banking Institutional Clients Group Corporate/Other Total Balance at December 31, 2017 $ 12,784 $ 9,456 $ 16 $ 22,256 Foreign currency translation and other $ 184 $ 235 $ — $ 419 Divestiture (1) — — (16 ) (16 ) Balance at March 31, 2018 $ 12,968 $ 9,691 $ — $ 22,659 Foreign exchange translation and other $ (226 ) $ (375 ) $ — $ (601 ) Balance at June 30, 2018 $ 12,742 $ 9,316 $ — $ 22,058 Foreign exchange translation and other $ 7 $ 122 $ — $ 129 Balance at September 30, 2018 $ 12,749 $ 9,438 $ — $ 22,187 (1) Goodwill allocated to the sale of the Citi Colombia consumer business, the only remaining business in Citi Holdings—Consumer Latin America reporting unit reported as part of Corporate/Other , which was classified as HFS beginning the first quarter of 2018. The sale was completed during the second quarter of 2018. |
Components of intangible assets, finite-lived | The components of intangible assets were as follows: September 30, 2018 December 31, 2017 In millions of dollars Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Purchased credit card relationships $ 5,732 $ 3,890 $ 1,842 $ 5,375 $ 3,836 $ 1,539 Credit card contract related intangibles (1) 5,042 2,708 2,334 5,045 2,456 2,589 Core deposit intangibles 438 433 5 639 628 11 Other customer relationships 463 289 174 459 272 187 Present value of future profits 34 30 4 32 28 4 Indefinite-lived intangible assets 227 — 227 244 — 244 Other 84 72 12 100 86 14 Intangible assets (excluding MSRs) $ 12,020 $ 7,422 $ 4,598 $ 11,894 $ 7,306 $ 4,588 Mortgage servicing rights (MSRs) (2) 618 — 618 558 — 558 Total intangible assets $ 12,638 $ 7,422 $ 5,216 $ 12,452 $ 7,306 $ 5,146 (1) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco, Sears and AT&T credit card program agreements, which represented 97% of the aggregate net carrying amount as of September 30, 2018. (2) For additional information on Citi’s MSRs, see Note 18 to the Consolidated Financial Statements. |
Components of intangible assets, indefinite-lived | The components of intangible assets were as follows: September 30, 2018 December 31, 2017 In millions of dollars Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Purchased credit card relationships $ 5,732 $ 3,890 $ 1,842 $ 5,375 $ 3,836 $ 1,539 Credit card contract related intangibles (1) 5,042 2,708 2,334 5,045 2,456 2,589 Core deposit intangibles 438 433 5 639 628 11 Other customer relationships 463 289 174 459 272 187 Present value of future profits 34 30 4 32 28 4 Indefinite-lived intangible assets 227 — 227 244 — 244 Other 84 72 12 100 86 14 Intangible assets (excluding MSRs) $ 12,020 $ 7,422 $ 4,598 $ 11,894 $ 7,306 $ 4,588 Mortgage servicing rights (MSRs) (2) 618 — 618 558 — 558 Total intangible assets $ 12,638 $ 7,422 $ 5,216 $ 12,452 $ 7,306 $ 5,146 (1) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco, Sears and AT&T credit card program agreements, which represented 97% of the aggregate net carrying amount as of September 30, 2018. (2) For additional information on Citi’s MSRs, see Note 18 to the Consolidated Financial Statements. |
Changes in intangible assets | The changes in intangible assets were as follows: Net carrying Net carrying amount at In millions of dollars December 31, Acquisitions/ divestitures Amortization FX translation and other September 30, Purchased credit card relationships (1) $ 1,539 $ 429 $ (124 ) $ (2 ) $ 1,842 Credit card contract related intangibles (2) 2,589 — (255 ) — 2,334 Core deposit intangibles 11 — (6 ) — 5 Other customer relationships 187 — (19 ) 6 174 Present value of future profits 4 — — — 4 Indefinite-lived intangible assets 244 — — (17 ) 227 Other 14 — (9 ) 7 12 Intangible assets (excluding MSRs) $ 4,588 $ 429 $ (413 ) $ (6 ) $ 4,598 Mortgage servicing rights (MSRs) (3) 558 618 Total intangible assets $ 5,146 $ 5,216 (1) Reflects intangibles for the value of cardholder relationships, which are discrete from partner contract intangibles and include credit card accounts primarily in the Costco, Macy’s and Sears portfolios. The increase since December 31, 2017 reflects the purchase of certain rights related to credit card accounts in the Sears portfolio. (2) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco, Sears and AT&T credit card program agreements, which represented 97% of the aggregate net carrying amount at September 30, 2018 and December 31, 2017 . (3) For additional information on Citi’s MSRs, including the rollforward for the nine months ended September 30, 2018 , see Note 18 to the Consolidated Financial Statements. |
DEBT (Tables)
DEBT (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of short-term borrowings | In millions of dollars September 30, December 31, Commercial paper $ 12,051 $ 9,940 Other borrowings (1) 21,719 34,512 Total $ 33,770 $ 44,452 (1) Includes borrowings from Federal Home Loan Banks and other market participants. At September 30, 2018 and December 31, 2017 , collateralized short-term advances from the Federal Home Loan Banks were $10.5 billion and $23.8 billion , respectively. |
Schedule of long-term debt | In millions of dollars September 30, December 31, 2017 Citigroup Inc. (1) $ 148,183 $ 152,163 Bank (2) 62,085 65,856 Broker-dealer and other (3) 25,002 18,690 Total $ 235,270 $ 236,709 (1) Represents the parent holding company. (2) Represents Citibank entities as well as other bank entities. At September 30, 2018 and December 31, 2017 , collateralized long-term advances from the Federal Home Loan Banks were $10.5 billion and $19.3 billion , respectively. (3) Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company. |
Summary of outstanding trust preferred securities | The following table summarizes Citi’s outstanding trust preferred securities at September 30, 2018 : Junior subordinated debentures owned by trust Trust Issuance date Securities issued Liquidation value (1) Coupon rate (2) Common shares issued to parent Amount Maturity Redeemable by issuer beginning 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 3 mo LIBOR + 637 bps 1,000 2,246 Oct. 30, 2040 Oct. 30, 2015 Citigroup Capital XVIII Jun. 2007 99,901 130 3 mo LIBOR + 88.75 bps 50 130 Jun. 28, 2067 June 28, 2017 Total obligated $ 2,570 $ 2,576 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 outside investors from the trusts at the time of issuance. (2) In each case, the coupon rate on the subordinated debentures is the same as that on the trust preferred securities. |
CHANGES IN ACCUMULATED OTHER _2
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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) were as follows: Three Months Ended September 30, 2018 In millions of dollars Net Debt valuation adjustment (DVA) Cash flow hedges (1) Benefit plans (2) Foreign (3) Excluded component of fair value hedges (4) Accumulated Balance, June 30, 2018 $ (2,717 ) $ (475 ) $ (1,021 ) $ (5,794 ) $ (27,455 ) $ (32 ) $ (37,494 ) Other comprehensive income before reclassifications (601 ) (294 ) (114 ) (14 ) (221 ) 10 (1,234 ) Increase (decrease) due to amounts reclassified from AOCI (4 ) 7 40 40 — — 83 Change, net of taxes $ (605 ) $ (287 ) $ (74 ) $ 26 $ (221 ) $ 10 $ (1,151 ) Balance at September 30, 2018 $ (3,322 ) $ (762 ) $ (1,095 ) $ (5,768 ) $ (27,676 ) $ (22 ) $ (38,645 ) Nine Months Ended September 30, 2018 In millions of dollars Net Debt valuation adjustment (DVA) Cash flow hedges (1) Benefit plans (2) Foreign (3) Excluded component of fair value hedges (4) Accumulated Balance, December 31, 2017 $ (1,158 ) $ (921 ) $ (698 ) $ (6,183 ) $ (25,708 ) $ — $ (34,668 ) Adjustment to opening balance, net of taxes (5) (3 ) — — — — — (3 ) Adjusted balance, beginning of period $ (1,161 ) $ (921 ) $ (698 ) $ (6,183 ) $ (25,708 ) $ — $ (34,671 ) Other comprehensive income before reclassifications (1,984 ) 123 (393 ) 288 (1,968 ) (22 ) (3,956 ) Increase (decrease) due to amounts reclassified from AOCI (177 ) 36 (4 ) 127 — — (18 ) Change, net of taxes $ (2,161 ) $ 159 $ (397 ) $ 415 $ (1,968 ) $ (22 ) $ (3,974 ) Balance, September 30, 2018 $ (3,322 ) $ (762 ) $ (1,095 ) $ (5,768 ) $ (27,676 ) $ (22 ) $ (38,645 ) Note: Footnotes to the tables above appear on the following page. Three Months Ended September 30, 2017 In millions of dollars Net Debt valuation adjustment (DVA) Cash flow hedges (1) Benefit plans (2) Foreign (3) Excluded component of fair value hedges (4) Accumulated Balance, June 30, 2017 $ (102 ) $ (496 ) $ (445 ) $ (5,311 ) $ (23,545 ) $ — $ (29,899 ) Other comprehensive income before reclassifications 60 (125 ) (27 ) (71 ) 218 — 55 Increase (decrease) due to amounts reclassified from AOCI (126 ) 2 35 42 — — (47 ) Change, net of taxes $ (66 ) $ (123 ) $ 8 $ (29 ) $ 218 $ — $ 8 Balance, September 30, 2017 $ (168 ) $ (619 ) $ (437 ) $ (5,340 ) $ (23,327 ) $ — $ (29,891 ) Nine Months Ended September 30, 2017 In millions of dollars Net Debt valuation adjustment (DVA) Cash flow hedges (1) Benefit plans (2) Foreign (3) Excluded component of fair value hedges (4) Accumulated Balance, December 31, 2016 $ (799 ) $ (352 ) $ (560 ) $ (5,164 ) $ (25,506 ) $ — $ (32,381 ) Adjustment to opening balance, net of taxes (6) 504 — — — — — 504 Adjusted balance, beginning of period $ (295 ) $ (352 ) $ (560 ) $ (5,164 ) $ (25,506 ) $ — $ (31,877 ) Other comprehensive income before reclassifications 495 (259 ) 59 (293 ) 2,326 — 2,328 Increase (decrease) due to amounts reclassified from AOCI (368 ) (8 ) 64 117 (147 ) — (342 ) Change, net of taxes $ 127 $ (267 ) $ 123 $ (176 ) $ 2,179 $ — $ 1,986 Balance, September 30, 2017 $ (168 ) $ (619 ) $ (437 ) $ (5,340 ) $ (23,327 ) $ — $ (29,891 ) (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 Indian rupee, Chinese yuan renminbi, Turkish lira and Brazilian real against the U.S. dollar and changes in related tax effects and hedges for the three months ended September 30, 2018 . Primarily reflects the movements in (by order of impact) the Brazilian real, Indian rupee, Australian dollar, and Argentine peso against the U.S. dollar and changes in related tax effects and hedges for the nine months ended September 30, 2018. Primarily reflects the movements in (by order of impact) the Euro, British pound, Chilean peso and Brazilian real against the U.S. dollar and changes in related tax effects and hedges for the three months ended September 30, 2017. Primarily reflects the movements in (by order of impact) the Mexican peso, Euro, Korean won and Polish zloty against the U.S. dollar and changes in related tax effects and hedges for the nine months ended September 30, 2017. Amounts recorded in the CTA component of AOCI remain in AOCI until the sale or substantial liquidation of the foreign entity, at which point such amounts related to the foreign entity are reclassified into earnings. (4) Beginning in the first quarter of 2018, changes in the excluded component of fair value hedges are reflected as a component of AOCI, pursuant to the early adoption of ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities . See Note 1 to the Consolidated Financial Statements for further information regarding this change. (5) Citi adopted ASU 2016-01 and ASU 2018-03 on January 1, 2018. Upon adoption, a cumulative effect adjustment was recorded from AOCI to Retained earnings for net unrealized gains on former AFS equity securities. For additional information, see Note 1 to the Consolidated Financial Statements. (6) In the second quarter of 2017, Citi early adopted ASU 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. Upon adoption, a cumulative effect adjustment was recorded to reduce Retained earnings , effective January 1, 2017, for the incremental amortization of cumulative fair value hedge adjustments on callable state and municipal debt securities. For additional information, see Note 1 to the Consolidated Financial Statements. |
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) were as follows: Three Months Ended September 30, 2018 In millions of dollars Pretax Tax effect (1) After-tax Balance, June 30, 2018 $ (44,407 ) $ 6,913 $ (37,494 ) Change in net unrealized gains (losses) on AFS debt securities (810 ) 205 (605 ) Debt valuation adjustment (DVA) (377 ) 90 (287 ) Cash flow hedges (97 ) 23 (74 ) Benefit plans 55 (29 ) 26 Foreign currency translation adjustment (192 ) (29 ) (221 ) Excluded component of fair value hedges 13 (3 ) 10 Change $ (1,408 ) $ 257 $ (1,151 ) Balance, September 30, 2018 $ (45,815 ) $ 7,170 $ (38,645 ) Nine Months Ended September 30, 2018 In millions of dollars Pretax Tax effect (1) After-tax Balance, December 31, 2017 (1) $ (41,228 ) $ 6,560 $ (34,668 ) Adjustment to opening balance (2) (4 ) 1 (3 ) Adjusted balance, beginning of period $ (41,232 ) $ 6,561 $ (34,671 ) Change in net unrealized gains (losses) on investment securities (2,861 ) 700 (2,161 ) Debt valuation adjustment (DVA) 208 (49 ) 159 Cash flow hedges (519 ) 122 (397 ) Benefit plans 549 (134 ) 415 Foreign currency translation adjustment (1,931 ) (37 ) (1,968 ) Excluded component of fair value hedges (29 ) 7 (22 ) Change $ (4,583 ) $ 609 $ (3,974 ) Balance, September 30, 2018 $ (45,815 ) $ 7,170 $ (38,645 ) (1) Includes the impact of ASU 2018-02, which transferred amounts from AOCI to Retained earnings . For additional information, see Note 19 to the Consolidated Financial Statements in Citi’s 2017 Annual Report on Form 10-K. (2) Citi adopted ASU 2016-01 and ASU 2018-03 on January 1, 2018. Upon adoption, a cumulative effect adjustment was recorded from AOCI to Retained earnings for net unrealized gains on former AFS equity securities. For additional information, see Note 1 to the Consolidated Financial Statements. Three Months Ended September 30, 2017 In millions of dollars Pretax Tax effect After-tax Balance, June 30, 2017 $ (39,106 ) $ 9,207 $ (29,899 ) Change in net unrealized gains (losses) on investment securities (107 ) 41 (66 ) Debt valuation adjustment (DVA) (195 ) 72 (123 ) Cash flow hedges 12 (4 ) 8 Benefit plans (45 ) 16 (29 ) Foreign currency translation adjustment 285 (67 ) 218 Excluded component of fair value hedges — — — Change $ (50 ) $ 58 $ 8 Balance, September 30, 2017 $ (39,156 ) $ 9,265 $ (29,891 ) Nine Months Ended September 30, 2017 In millions of dollars Pretax Tax effect After-tax Balance, December 31, 2016 $ (42,035 ) $ 9,654 $ (32,381 ) Adjustment to opening balance (1) 803 (299 ) 504 Adjusted balance, beginning of period $ (41,232 ) $ 9,355 $ (31,877 ) Change in net unrealized gains (losses) on investment securities 194 (67 ) 127 Debt valuation adjustment (DVA) (422 ) 155 (267 ) Cash flow hedges 198 (75 ) 123 Benefit plans (266 ) 90 (176 ) Foreign currency translation adjustment 2,372 (193 ) 2,179 Excluded component of fair value hedges — — — Change $ 2,076 $ (90 ) $ 1,986 Balance, September 30, 2017 $ (39,156 ) $ 9,265 $ (29,891 ) (1) In the second quarter of 2017, Citi early adopted ASU 2017-08 . Upon adoption, a cumulative effect adjustment was recorded to reduce Retained earnings , effective January 1, 2017, for the incremental amortization of cumulative fair value hedge adjustments on callable state and municipal debt securities. See Note 1 to the Consolidated Financial Statements. |
Summary of amounts reclassified out of accumulated other comprehensive income (loss) into the consolidated statement of income | The Company recognized pretax gains (losses) related to amounts in AOCI reclassified to the Consolidated Statement of Income as follows: Increase (decrease) in AOCI due to amounts reclassified to Consolidated Statement of Income Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2018 2018 Realized (gains) losses on sales of investments $ (69 ) $ (341 ) Gross impairment losses 68 111 Subtotal, pretax $ (1 ) $ (230 ) Tax effect (3 ) 53 Net realized (gains) losses on investments after-tax (1) $ (4 ) $ (177 ) Realized DVA (gains) losses on fair value option liabilities $ 9 $ 46 Subtotal, pretax $ 9 $ 46 Tax effect (2 ) (10 ) Net realized debt valuation adjustment, after-tax $ 7 $ 36 Interest rate contracts $ 54 $ 3 Foreign exchange contracts (2 ) (8 ) Subtotal, pretax $ 52 $ (5 ) Tax effect (12 ) 1 Amortization of cash flow hedges, after-tax (2) $ 40 $ (4 ) Amortization of unrecognized Prior service cost (benefit) $ (10 ) $ (32 ) Net actuarial loss 60 193 Curtailment/settlement impact (3) — 6 Subtotal, pretax $ 50 $ 167 Tax effect (10 ) (40 ) Amortization of benefit plans, after-tax (3) $ 40 $ 127 Foreign currency translation adjustment $ — $ — Tax effect — — Foreign currency translation adjustment $ — $ — Total amounts reclassified out of AOCI, pretax $ 110 $ (22 ) Total tax effect (27 ) 4 Total amounts reclassified out of AOCI, after-tax $ 83 $ (18 ) (1) The pretax amount is reclassified to Realized gains (losses) on sales of investments, net and Gross impairment losses in the Consolidated Statement of Income. See Note 12 to the Consolidated Financial Statements for additional details. (2) See Note 19 to the Consolidated Financial Statements for additional details. (3) See Note 8 to the Consolidated Financial Statements for additional details. The Company recognized pretax gains (losses) related to amounts in AOCI reclassified to the Consolidated Statement of Income as follows: Increase (decrease) in AOCI due to amounts reclassified to Consolidated Statement of Income Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2017 2017 Realized (gains) losses on sales of investments $ (213 ) $ (626 ) OTTI gross impairment losses 15 47 Subtotal, pretax $ (198 ) $ (579 ) Tax effect 72 211 Net realized (gains) losses on investment securities, after-tax (1) $ (126 ) $ (368 ) Realized DVA (gains) losses on fair value option liabilities $ 3 $ (13 ) Subtotal, pretax $ 3 $ (13 ) Tax effect $ (1 ) $ 5 Net realized debt valuation adjustment, after-tax $ 2 $ (8 ) Interest rate contracts $ 48 $ 94 Foreign exchange contracts 7 8 Subtotal, pretax $ 55 $ 102 Tax effect (20 ) (38 ) Amortization of cash flow hedges, after-tax (2) $ 35 $ 64 Amortization of unrecognized Prior service cost (benefit) $ (10 ) $ (32 ) Net actuarial loss 70 203 Curtailment/settlement impact (3) 5 12 Subtotal, pretax $ 65 $ 183 Tax effect (23 ) (66 ) Amortization of benefit plans, after-tax (3) $ 42 $ 117 Foreign currency translation adjustment $ — $ (232 ) Tax effect — 85 Foreign currency translation adjustment $ — $ (147 ) Total amounts reclassified out of AOCI, pretax $ (75 ) $ (539 ) Total tax effect 28 197 Total amounts reclassified out of AOCI, after-tax $ (47 ) $ (342 ) (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 12 to the Consolidated Financial Statements for additional details. (2) See Note 19 to the Consolidated Financial Statements for additional details. (3) See Note 8 to the Consolidated Financial Statements for additional details. |
SECURITIZATIONS AND VARIABLE _2
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Securitizations and Variable Interest Entities [Abstract] | |
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 is presented below: As of September 30, 2018 Maximum exposure to loss in significant unconsolidated VIEs (1) Funded exposures (2) Unfunded exposures In millions of dollars Total involvement with SPE assets Consolidated VIE/SPE assets Significant unconsolidated VIE assets (3) Debt investments Equity investments Funding commitments Guarantees and derivatives Total Credit card securitizations $ 45,319 $ 45,319 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 113,565 — 113,565 2,965 — — 68 3,033 Non-agency-sponsored 25,452 1,580 23,872 356 — — 1 357 Citi-administered asset-backed commercial paper conduits (ABCP) 17,435 17,435 — — — — — — Collateralized loan obligations (CLOs) 17,870 — 17,870 5,524 — — 9 5,533 Asset-based financing 64,817 639 64,178 20,060 601 9,214 — 29,875 Municipal securities tender option bond trusts (TOBs) 8,016 2,029 5,987 37 — 4,106 — 4,143 Municipal investments 17,765 1 17,764 2,622 3,798 2,268 — 8,688 Client intermediation 592 419 173 72 — — 9 81 Investment funds 1,353 525 828 12 — 3 5 20 Other 652 31 621 39 8 22 46 115 Total $ 312,836 $ 67,978 $ 244,858 $ 31,687 $ 4,407 $ 15,613 $ 138 $ 51,845 As of December 31, 2017 Maximum exposure to loss in significant unconsolidated VIEs (1) Funded exposures (2) Unfunded exposures In millions of dollars Total involvement with SPE assets Consolidated VIE/SPE assets Significant unconsolidated VIE assets (3) Debt investments Equity investments Funding commitments Guarantees and derivatives Total Credit card securitizations $ 50,795 $ 50,795 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 116,610 — 116,610 2,647 — — 74 2,721 Non-agency-sponsored 22,251 2,035 20,216 330 — — 1 331 Citi-administered asset-backed commercial paper conduits (ABCP) 19,282 19,282 — — — — — — Collateralized loan obligations (CLOs) 20,588 — 20,588 5,956 — — 9 5,965 Asset-based financing 60,472 633 59,839 19,478 583 5,878 — 25,939 Municipal securities tender option bond trusts (TOBs) 6,925 2,166 4,759 138 — 3,035 — 3,173 Municipal investments 19,119 7 19,112 2,709 3,640 2,344 — 8,693 Client intermediation 958 824 134 32 — — 9 41 Investment funds 1,892 616 1,276 14 7 13 — 34 Other 677 36 641 27 9 34 47 117 Total $ 319,569 $ 76,394 $ 243,175 $ 31,331 $ 4,239 $ 11,304 $ 140 $ 47,014 (1) The definition of maximum exposure to loss is included in the text that follows this table. (2) Included on Citigroup’s September 30, 2018 and December 31, 2017 Consolidated Balance Sheet. (3) A significant unconsolidated VIE is an entity in which the Company has any variable interest or continuing involvement considered to be significant, regardless of the likelihood of loss. (4) Citigroup mortgage securitizations also include agency and non-agency (private-label) re-securitization activities. These SPEs are not consolidated. See “Re-securitizations” 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: September 30, 2018 December 31, 2017 In millions of dollars Liquidity facilities Loan/equity commitments Liquidity facilities Loan/equity commitments Asset-based financing $ — $ 9,214 $ — $ 5,878 Municipal securities tender option bond trusts (TOBs) 4,106 — 3,035 — Municipal investments — 2,268 — 2,344 Investment funds — 3 — 13 Other — 22 — 34 Total funding commitments $ 4,106 $ 11,507 $ 3,035 $ 8,269 |
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: In billions of dollars September 30, 2018 December 31, 2017 Cash $ — $ — Trading account assets 8.2 8.5 Investments 4.7 4.4 Total loans, net of allowance 22.7 22.2 Other 0.5 0.5 Total assets $ 36.1 $ 35.6 |
Schedule of securitized credit card receivables | The following table reflects amounts related to the Company’s securitized credit card receivables: In billions of dollars September 30, 2018 December 31, 2017 Ownership interests in principal amount of trust credit card receivables Sold to investors via trust-issued securities $ 26.3 $ 28.8 Retained by Citigroup as trust-issued securities 7.5 7.6 Retained by Citigroup via non-certificated interests 11.6 14.4 Total $ 45.4 $ 50.8 The following tables summarize selected cash flow information related to Citigroup’s credit card securitizations: Three Months Ended September 30, In billions of dollars 2018 2017 Proceeds from new securitizations $ 1.9 $ 2.2 Pay down of maturing notes (2.9 ) (1.8 ) Nine Months Ended September 30, In billions of dollars 2018 2017 Proceeds from new securitizations $ 5.8 $ 9.8 Pay down of maturing notes (8.3 ) (4.6 ) |
Schedule of Master Trust liabilities (at par value) | In billions of dollars Sept. 30, 2018 Dec. 31, 2017 Term notes issued to third parties $ 24.8 $ 27.8 Term notes retained by Citigroup affiliates 5.7 5.7 Total Master Trust liabilities $ 30.5 $ 33.5 |
Schedule of Omni Trust liabilities (at par value) | In billions of dollars Sept. 30, 2018 Dec. 31, 2017 Term notes issued to third parties $ 1.5 $ 1.0 Term notes retained by Citigroup affiliates 1.9 1.9 Total Omni Trust liabilities $ 3.4 $ 2.9 |
Schedule of cash flow information, mortgage securitizations | The following tables summarize selected cash flow information and retained interests related to Citigroup mortgage securitizations: Three Months Ended September 30, 2018 2017 In billions of dollars U.S. agency- Non-agency- U.S. agency- Non-agency- Proceeds from new securitizations $ 7.9 $ 2.1 $ 11.7 $ 4.1 Contractual servicing fees received — — 0.1 — Nine Months Ended September 30, 2018 2017 In billions of dollars U.S. agency- Non-agency- U.S. agency- Non-agency- Proceeds from new securitizations $ 23.7 $ 8.2 $ 26.2 $ 6.9 Contractual servicing fees received 0.1 — 0.2 — |
Schedule of carrying value of retained interests | September 30, 2018 December 31, 2017 Non-agency-sponsored mortgages (1) Non-agency-sponsored mortgages (1) In millions of dollars U.S. agency- Senior Subordinated U.S. agency- Senior Subordinated Carrying value of retained interests $ 2,092 $ 296 $ 112 $ 1,634 $ 214 $ 139 (1) Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. |
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 were as follows: Three Months Ended September 30, 2018 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests Discount rate 3.0% to 10.4% 3.8% to 4.2% 4.1% to 8.6% Weighted average discount rate 6.9 % 4.1 % 5.6 % Constant prepayment rate 5.3% to 12.8% 7.0% to 10.0% 7.0% to 10.0% Weighted average constant prepayment rate 8.1 % 7.9 % 8.2 % Anticipated net credit losses (2) NM 3.4% to 3.7% 3.4% to 3.7% Weighted average anticipated net credit losses NM 3.6 % 3.6 % Weighted average life 6.9 to 22.1 years 3.0 to 3.9 years 7.3 to 15.7 years Three Months Ended September 30, 2017 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Discount rate 2.0% to 13.2% 1.4% to 4.5% 1.7% to 4.2% Weighted average discount rate 8.5 % 2.8 % 3.5 % Constant prepayment rate 6.6% to 31.6% — — Weighted average constant prepayment rate 10.6 % — — Anticipated net credit losses (2) NM 6.7% to 6.8% 6.4 % Weighted average anticipated net credit losses NM 6.7 6.4 % Weighted average life 2.5 to 10.5 years 4.9 to 9.4 years 5.0 to 9.1 years Nine Months Ended September 30, 2018 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Discount rate 3.0% to 11.4% 1.6% to 4.5% 3.0% to 8.6% Weighted average discount rate 6.3 % 3.6 % 4.4 % Constant prepayment rate 3.5% to 16.0% 7.0% to 12.0% 7.0% to 12.0% Weighted average constant prepayment rate 8.2 % 8.8 % 9.1 % Anticipated net credit losses (2) NM 2.0% to 6.7% 2.0% to 4.6% Weighted average anticipated net credit losses NM 4.4 % 3.4 % Weighted average life 5.0 to 22.1 years 2.5 to 9.9 years 2.5 to 15.7 years Nine Months Ended September 30, 2017 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Discount rate 2.0% to 19.9% 1.4% to 4.5% 1.7% to 19.1% Weighted average discount rate 9.1 % 2.8 % 4.0 % Constant prepayment rate 3.8% to 31.6% — — Weighted average constant prepayment rate 9.6 % — — Anticipated net credit losses (2) NM 6.7% to 6.8% 6.4% to 69.1% Weighted average anticipated net credit losses NM 6.7 % 10.8 % Weighted average life 2.5 to 14.5 years 4.9 to 10.0 years 5.0 to 10.0 years (1) Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. (2) Anticipated net credit losses represent estimated loss severity associated with defaulted mortgage loans underlying the mortgage securitizations disclosed above. Anticipated net credit losses, in this instance, do not represent total credit losses incurred to date, nor do they represent credit losses expected on retained interests in mortgage securitizations. NM Anticipated net credit losses are not meaningful due to U.S. agency guarantees. The interests retained by the Company range from highly rated and/or senior in the capital structure to unrated and/or residual interests. The key assumptions used to value retained interests, and the sensitivity of the fair value to adverse changes of 10% and 20% in each of the key assumptions, are 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. September 30, 2018 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Discount rate 2.6% to 55.0% 12.2 % 4.9% to 5.8% Weighted average discount rate 6.0 % 12.2 % 5.2 % Constant prepayment rate 3.7% to 19.6% 8.0 % 5.0% to 16.0% Weighted average constant prepayment rate 8.8 % 8.0 % 7.7 % Anticipated net credit losses (2) NM 38.0 % 37.0% to 91.0% Weighted average anticipated net credit losses NM 38.0 % 49.7 % Weighted average life 0.5 to 28.2 years 7.6 years 6.2 to 15.5 years December 31, 2017 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Discount rate 1.8% to 84.2% 5.8% to 100.0% 2.8% to 35.1% Weighted average discount rate 7.1 % 5.8 % 9.0 % Constant prepayment rate 6.9% to 27.8% 8.9% to 15.5% 8.6% to 13.1% Weighted average constant prepayment rate 11.6 % 8.9 % 10.6 % Anticipated net credit losses (2) NM 0.4% to 46.9% 35.1% to 52.1% Weighted average anticipated net credit losses NM 46.9 % 44.9 % Weighted average life 0.1 to 27.8 years 4.8 to 5.3 years 0.2 to 18.6 years (1) Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. (2) Anticipated net credit losses represent estimated loss severity associated with defaulted mortgage loans underlying the mortgage securitizations disclosed above. Anticipated net credit losses, in this instance, do not represent total credit losses incurred to date, nor do they represent credit losses expected on retained interests in mortgage securitizations. NM Anticipated net credit losses are not meaningful due to U.S. agency guarantees. |
Schedule of key assumptions used to value retained interests and sensitivity of adverse changes of 10% and 20%, mortgage securitizations | September 30, 2018 Non-agency-sponsored mortgages In millions of dollars U.S. agency- sponsored mortgages Senior interests Subordinated interests Discount rates Adverse change of 10% $ (61 ) $ — $ (1 ) Adverse change of 20% (119 ) — (2 ) Constant prepayment rate Adverse change of 10% (32 ) — — Adverse change of 20% (63 ) — — Anticipated net credit losses Adverse change of 10% NM — — Adverse change of 20% NM — — December 31, 2017 Non-agency-sponsored mortgages In millions of dollars U.S. agency- Senior Subordinated Discount rates Adverse change of 10% $ (44 ) $ (2 ) $ (3 ) Adverse change of 20% (85 ) (4 ) (5 ) Constant prepayment rate Adverse change of 10% (41 ) (1 ) (1 ) Adverse change of 20% (84 ) (1 ) (2 ) Anticipated net credit losses Adverse change of 10% NM (3 ) — Adverse change of 20% NM (7 ) — NM Anticipated net credit losses are not meaningful due to U.S. agency guarantees. |
Schedule of changes in capitalized MSRs | The following tables summarize the changes in capitalized MSRs: Three Months Ended September 30, In millions of dollars 2018 2017 Balance, as of June 30 $ 596 $ 560 Originations 14 19 Changes in fair value of MSRs due to changes in inputs and assumptions 25 (6 ) Other changes (1) (17 ) (20 ) Sale of MSRs — — Balance, as of September 30 $ 618 $ 553 Nine Months Ended September 30, In millions of dollars 2018 2017 Balance, beginning of year $ 558 $ 1,564 Originations 46 75 Changes in fair value of MSRs due to changes in inputs and assumptions 82 50 Other changes (1) (50 ) (90 ) Sale of MSRs (2) (18 ) (1,046 ) Balance, as of September 30 $ 618 $ 553 (1) Represents changes due to customer payments and passage of time. (2) See Note 2 to the Consolidated Financial Statements in Citi’s 2017 Annual Report on Form 10-K for more information on the exit of the U.S. mortgage servicing operations and sale of MSRs in 2017 . |
Schedule of fees received on servicing previously securitized mortgages | The amounts of these fees were as follows: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2018 2017 2018 2017 Servicing fees $ 41 $ 65 $ 130 $ 236 Late fees 1 2 3 8 Ancillary fees 1 3 7 11 Total MSR fees $ 43 $ 70 $ 140 $ 255 |
Schedule of cash flow information, collateralized loan obligations | The following tables summarize selected cash flow information and retained interests related to Citigroup CLOs: Three Months Ended September 30, In billions of dollars 2018 2017 Proceeds from new securitizations $ 0.4 $ 1.1 Nine Months Ended September 30, In billions of dollars 2018 2017 Proceeds from new securitizations $ 4.0 $ 2.5 Cash flows received on retained interests and other cash flows 0.1 0.1 |
Schedule of sensitivity of adverse changes of 10% and 20% to discount rate, CDOs and CLOs | In millions of dollars Sept. 30, 2018 Dec. 31, 2017 Carrying value of retained interests $ 3,461 $ 4,079 |
Schedule of asset-based financing | September 30, 2018 In millions of dollars Total unconsolidated VIE assets Maximum exposure to unconsolidated VIEs Type Commercial and other real estate $ 18,098 $ 6,949 Corporate loans 6,815 5,764 Hedge funds and equities 416 54 Airplanes, ships and other assets 38,849 17,108 Total $ 64,178 $ 29,875 December 31, 2017 In millions of dollars Total unconsolidated VIE assets Maximum exposure to unconsolidated VIEs Type Commercial and other real estate $ 15,370 $ 5,445 Corporate loans 4,725 3,587 Hedge funds and equities 542 58 Airplanes, ships and other assets 39,202 16,849 Total $ 59,839 $ 25,939 |
DERIVATIVES ACTIVITIES (Tables)
DERIVATIVES ACTIVITIES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative notionals | Information pertaining to Citigroup’s derivative activities, based on notional amounts, is presented in the table below. Derivative notional amounts are reference amounts from which contractual payments are derived and do not represent a complete measure of Citi’s exposure to derivative transactions. Rather, Citi’s derivative exposure arises primarily from market fluctuations (i.e., market risk), counterparty failure (i.e., credit risk) and/or periods of high volatility or financial stress (i.e., liquidity risk), as well as any market valuation adjustments that may be required on the transactions. Moreover, notional amounts do not reflect the netting of offsetting trades. For example, if Citi enters into a receive-fixed interest rate swap with $100 million notional, and offsets this risk with an identical but opposite pay-fixed position with a different counterparty, $200 million in derivative notionals is reported, although these offsetting positions may result in de minimis overall market risk. In addition, aggregate derivative notional amounts can fluctuate from period to period in the normal course of business based on Citi’s market share, levels of client activity and other factors. Derivative Notionals Hedging instruments under Trading derivative instruments In millions of dollars September 30, December 31, September 30, December 31, Interest rate contracts Swaps $ 246,079 $ 189,779 $ 19,759,439 $ 18,754,219 Futures and forwards — — 8,297,965 6,460,539 Written options — — 3,857,773 3,516,131 Purchased options — — 3,236,924 3,234,025 Total interest rate contract notionals $ 246,079 $ 189,779 $ 35,152,101 $ 31,964,914 Foreign exchange contracts Swaps $ 54,502 $ 37,162 $ 7,004,521 $ 5,576,357 Futures, forwards and spot 37,769 33,103 5,711,577 3,097,700 Written options 2,497 3,951 1,727,916 1,127,728 Purchased options 2,934 6,427 1,695,392 1,148,686 Total foreign exchange contract notionals $ 97,702 $ 80,643 $ 16,139,406 $ 10,950,471 Equity contracts Swaps $ — $ — $ 245,167 $ 215,834 Futures and forwards — — 70,526 72,616 Written options — — 436,032 389,961 Purchased options — — 333,448 328,154 Total equity contract notionals $ — $ — $ 1,085,173 $ 1,006,565 Commodity and other contracts Swaps $ — $ — $ 118,699 $ 82,039 Futures and forwards 397 23 164,427 153,248 Written options — — 72,021 62,045 Purchased options — — 69,862 60,526 Total commodity and other contract notionals $ 397 $ 23 $ 425,009 $ 357,858 Credit derivatives (1) Protection sold $ — $ — $ 723,060 $ 735,142 Protection purchased — — 793,792 777,713 Total credit derivatives $ — $ — $ 1,516,852 $ 1,512,855 Total derivative notionals $ 344,178 $ 270,445 $ 54,318,541 $ 45,792,663 (1) Credit derivatives are arrangements designed to allow one party (protection buyer) to transfer the credit risk of a “reference asset” to another party (protection seller). These arrangements allow a protection seller to assume the credit risk associated with the reference asset without directly purchasing that asset. The Company enters into credit derivative positions for purposes such as risk management, yield enhancement, reduction of credit concentrations and diversification of overall risk. |
Derivative mark-to-market (MTM) receivables/payables | The following tables present the gross and net fair values of the Company’s derivative transactions and the related offsetting amounts as of September 30, 2018 and December 31, 2017 . 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 the enforceability of netting and collateral rights has been obtained. GAAP does not permit similar offsetting for security collateral. In addition, the following tables reflect rule changes adopted by clearing organizations that require or allow entities to treat certain derivative assets, liabilities and the related variation margin as settlement of the related derivative fair values for legal and accounting purposes, as opposed to presenting gross derivative assets and liabilities that are subject to collateral, whereby the counterparties would record a related collateral payable or receivable. As a result, the tables reflect a reduction of approximately $110 billion and $100 billion as of September 30, 2018 and December 31, 2017 , respectively, of derivative assets and derivative liabilities that previously would have been reported on a gross basis, but are now settled and not subject to collateral. The tables also present amounts that are not permitted to be offset, such as security collateral or cash collateral posted at third-party custodians, but which would be eligible for offsetting to the extent that 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 September 30, 2018 Derivatives classified in (1)(2) Derivatives instruments designated as ASC 815 hedges Assets Liabilities Over-the-counter $ 1,411 $ 81 Cleared 137 575 Interest rate contracts $ 1,548 $ 656 Over-the-counter $ 1,568 $ 718 Foreign exchange contracts $ 1,568 $ 718 Total derivatives instruments designated as ASC 815 hedges $ 3,116 $ 1,374 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 155,901 $ 136,989 Cleared 8,262 10,062 Exchange traded 130 136 Interest rate contracts $ 164,293 $ 147,187 Over-the-counter $ 169,989 $ 164,571 Cleared 3,326 3,360 Exchange traded 88 236 Foreign exchange contracts $ 173,403 $ 168,167 Over-the-counter $ 19,891 $ 24,766 Cleared 10 9 Exchange traded 10,143 10,354 Equity contracts $ 30,044 $ 35,129 Over-the-counter $ 22,449 $ 25,024 Exchange traded 826 756 Commodity and other contracts $ 23,275 $ 25,780 Over-the-counter $ 4,240 $ 5,912 Cleared 7,326 5,781 Credit derivatives $ 11,566 $ 11,693 Total derivatives instruments not designated as ASC 815 hedges $ 402,581 $ 387,956 Total derivatives $ 405,697 $ 389,330 Cash collateral paid/received (3) $ 10,759 $ 13,676 Less: Netting agreements (4) (322,565 ) (322,565 ) Less: Netting cash collateral received/paid (5) (37,678 ) (30,701 ) Net receivables/payables included on the Consolidated Balance Sheet (6) $ 56,213 $ 49,740 Additional amounts subject to an enforceable master netting agreement, but not offset on the Consolidated Balance Sheet Less: Cash collateral received/paid $ (739 ) $ (83 ) Less: Non-cash collateral received/paid (12,389 ) (11,376 ) Total net receivables/payables (6) $ 43,085 $ 38,281 (1) The derivatives fair values are also presented in Note 20 to the Consolidated Financial Statements. (2) Over-the-counter (OTC) derivatives are derivatives executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house. Cleared derivatives include derivatives executed bilaterally with a counterparty in the OTC market, but then novated to a central clearing house, whereby the central clearing house becomes the counterparty to both of the original counterparties. Exchange-traded derivatives include derivatives executed directly on an organized exchange that provides pre-trade price transparency. (3) Reflects the net amount of the $41,460 million and $51,354 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $30,701 million was used to offset trading derivative liabilities and, of the gross cash collateral received, $37,678 million was used to offset trading derivative assets. (4) Represents the netting of derivative receivable and payable balances with the same counterparty under enforceable netting agreements. Approximately $304 billion , $9 billion and $10 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange-traded derivatives, respectively. (5) Represents the netting of cash collateral paid and received by counterparty under enforceable credit support agreements. Substantially all cash collateral received and paid is netted against OTC derivative assets and liabilities, respectively. (6) The net receivables/payables include approximately $6 billion of derivative asset and $7 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively. In millions of dollars at December 31, 2017 Derivatives classified in (1)(2) Derivatives instruments designated as ASC 815 hedges Assets Liabilities Over-the-counter $ 1,969 $ 134 Cleared 110 92 Interest rate contracts $ 2,079 $ 226 Over-the-counter $ 1,143 $ 1,150 Foreign exchange contracts $ 1,143 $ 1,150 Total derivatives instruments designated as ASC 815 hedges $ 3,222 $ 1,376 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 195,677 $ 173,937 Cleared 7,129 10,381 Exchange traded 102 95 Interest rate contracts $ 202,908 $ 184,413 Over-the-counter $ 119,092 $ 117,473 Cleared 1,690 2,028 Exchange traded 34 121 Foreign exchange contracts $ 120,816 $ 119,622 Over-the-counter $ 17,221 $ 21,201 Cleared 21 25 Exchange traded 9,736 10,147 Equity contracts $ 26,978 $ 31,373 Over-the-counter $ 13,499 $ 16,362 Exchange traded 604 665 Commodity and other contracts $ 14,103 $ 17,027 Over-the-counter $ 12,972 $ 12,958 Cleared 7,562 8,575 Credit derivatives $ 20,534 $ 21,533 Total derivatives instruments not designated as ASC 815 hedges $ 385,339 $ 373,968 Total derivatives $ 388,561 $ 375,344 Cash collateral paid/received (3) $ 7,541 $ 14,308 Less: Netting agreements (4) (306,401 ) (306,401 ) Less: Netting cash collateral received/paid (5) (38,532 ) (35,666 ) Net receivables/payables included on the Consolidated Balance Sheet (6) $ 51,169 $ 47,585 Additional amounts subject to an enforceable master netting agreement, but not offset on the Consolidated Balance Sheet Less: Cash collateral received/paid $ (872 ) $ (121 ) Less: Non-cash collateral received/paid (12,739 ) (6,929 ) Total net receivables/payables (6) $ 37,558 $ 40,535 (1) The derivatives fair values are presented in Note 20 to the Consolidated Financial Statements. Derivative mark-to-market receivables/payables previously reported within Other assets/Other liabilities have been reclassified to Trading account assets/Trading account liabilities to conform with the current-period presentation. (2) Over-the-counter (OTC) derivatives are derivatives executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house. Cleared derivatives include derivatives executed bilaterally with a counterparty in the OTC market, but then novated to a central clearing house, whereby the central clearing house becomes the counterparty to both of the original counterparties. Exchange-traded derivatives include derivatives executed directly on an organized exchange that provides pre-trade price transparency. (3) Reflects the net amount of the $43,207 million and $52,840 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $35,666 million was used to offset trading derivative liabilities and, of the gross cash collateral received, $38,532 million was used to offset trading derivative assets. (4) Represents the netting of derivative receivable and payable balances with the same counterparty under enforceable netting agreements. Approximately $283 billion , $14 billion and $9 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange-traded derivatives, respectively. (5) Represents the netting of cash collateral paid and received by counterparty under enforceable credit support agreements. Substantially all cash collateral received and paid is netted against OTC derivative assets and liabilities, respectively. (6) The net receivables/payables include approximately $6 billion of derivative asset and $8 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively. |
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: Gains (losses) on fair value hedges (1) Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 (3) 2018 2017 (3) In millions of dollars Other revenue Net interest revenue Other revenue Other revenue Net interest revenue Other revenue Gain (loss) on the derivatives in designated and qualifying fair value hedges Interest rate hedges $ — $ (857 ) $ (194 ) $ — $ (497 ) $ (570 ) Foreign exchange hedges (158 ) — (166 ) 341 — (803 ) Commodity hedges (14 ) — (11 ) (14 ) — (20 ) Total gain (loss) on the derivatives in designated and qualifying fair value hedges $ (172 ) $ (857 ) $ (371 ) $ 327 $ (497 ) $ (1,393 ) Gain (loss) on the hedged item in designated and qualifying fair value hedges Interest rate hedges $ — $ 871 $ 189 $ — $ 525 $ 532 Foreign exchange hedges 132 — 144 (464 ) — 910 Commodity hedges 8 — 12 9 — 22 Total gain (loss) on the hedged item in designated and qualifying fair value hedges $ 140 $ 871 $ 345 $ (455 ) $ 525 $ 1,464 Net gain (loss) excluded from assessment of the effectiveness of fair value hedges Interest rate hedges $ — $ — $ — $ — $ (5 ) $ (7 ) Foreign exchange hedges (2) 7 — (5 ) 63 — 75 Commodity hedges (7 ) — 1 (5 ) — 2 Total net gain (loss) excluded from assessment of the effectiveness of fair value hedges $ — $ — $ (4 ) $ 58 $ (5 ) $ 70 (1) Beginning January 1, 2018, gain (loss) amounts for interest rate risk hedges are included in Interest income/Interest expense , while the remaining amounts including the amounts for interest rate hedges prior to January 1, 2018 are included in Other revenue or Principal transactions on the Consolidated Statement of Income. The accrued interest income on fair value hedges both prior to and after January 1, 2018 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. After January 1, 2018, amounts include cross-currency basis, which is recognized in accumulated other comprehensive income. The amount of cross-currency basis that was included in accumulated other comprehensive income was $15 million and $57 million for the three and nine months ended September 30, 2018, respectively, none of which was recognized in earnings. (3) Hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges for the three months ended September 30, 2017 was $(5) million for interest rate hedges and $(17) million for foreign exchange hedges, for a total of $(22) million . Hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges for the nine months ended September 30, 2017 was $(31) million for interest rate hedges and $32 million for foreign exchange hedges, for a total of $1 million . The amounts recognized in Other revenue in the Consolidated Statement of Income related to derivatives not designated in a qualifying hedging relationship are shown below. The table below does not include any offsetting gains (losses) on the economically hedged items to the extent such amounts are also recorded in Other revenue . Gains (losses) included in Other revenue Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2018 2017 2018 2017 Interest rate contracts $ (22 ) $ (5 ) $ (65 ) $ (72 ) Foreign exchange 7 596 (6 ) 1,897 Credit derivatives (200 ) (125 ) (271 ) (501 ) Total $ (215 ) $ 466 $ (342 ) $ 1,324 |
Schedule of amounts recorded on the Balance Sheet related to cumulative basis adjustments for fair value hedges | In millions of dollars as of September 30, 2018 Balance sheet line item in which hedged item is recorded Carrying amount of hedged asset/ liability Cumulative fair value hedging adjustment increasing (decreasing) the carrying amount Active De-designated Debt securities AFS $ 80,244 $ (326 ) $ 421 Long-term debt 154,540 (775 ) 1,218 |
Schedule of pretax change in accumulated other comprehensive income (loss) from cash flow hedges | The pretax change in AOCI from cash flow hedges is presented below: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2018 2017 2018 2017 Amount of gain (loss) recognized in AOCI on derivative Interest rate contracts (1) $ (146 ) $ (36 ) $ (665 ) $ 103 Foreign exchange contracts (3 ) (7 ) (4 ) (7 ) Total gain (loss) recognized in AOCI $ (149 ) $ (43 ) $ (669 ) $ 96 Amount of gain (loss) reclassified from AOCI to earnings Other revenue Net interest revenue Other revenue Other revenue Net interest revenue Other revenue Interest rate contracts (1) $ — $ (54 ) $ (48 ) $ — $ (142 ) $ (94 ) Foreign exchange contracts 2 — (7 ) (8 ) — (8 ) Total gain (loss) reclassified from AOCI into earnings $ 2 $ (54 ) $ (55 ) $ (8 ) $ (142 ) $ (102 ) (1) After January 1, 2018, all amounts reclassified into earnings for interest rate contracts are included in Interest income/Interest expense (Net interest revenue) . For all other hedges, including interest rate hedges prior to January 1, 2018, the amounts reclassified to earnings are 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: Fair values Notionals In millions of dollars at September 30, 2018 Receivable (1) Payable (2) Protection Protection By industry/counterparty Banks $ 5,366 $ 5,097 $ 222,802 $ 234,338 Broker-dealers 1,826 1,661 66,676 67,833 Non-financial 65 90 2,823 4,247 Insurance and other financial institutions 4,309 4,845 501,491 416,642 Total by industry/counterparty $ 11,566 $ 11,693 $ 793,792 $ 723,060 By instrument Credit default swaps and options $ 10,997 $ 11,168 $ 771,239 $ 712,451 Total return swaps and other 569 525 22,553 10,609 Total by instrument $ 11,566 $ 11,693 $ 793,792 $ 723,060 By rating Investment grade $ 5,180 $ 5,014 $ 616,595 $ 552,452 Non-investment grade 6,386 6,679 177,197 170,608 Total by rating $ 11,566 $ 11,693 $ 793,792 $ 723,060 By maturity Within 1 year $ 1,442 $ 1,680 $ 232,670 $ 204,358 From 1 to 5 years 8,083 7,855 472,276 439,089 After 5 years 2,041 2,158 88,846 79,613 Total by maturity $ 11,566 $ 11,693 $ 793,792 $ 723,060 (1) The fair value amount receivable is composed of $3,657 million under protection purchased and $7,909 million under protection sold. (2) The fair value amount payable is composed of $8,476 million under protection purchased and $3,217 million under protection sold. Fair values Notionals In millions of dollars at December 31, 2017 Receivable (1) Payable (2) Protection Protection By industry/counterparty Banks $ 7,471 $ 6,669 $ 264,414 $ 273,711 Broker-dealers 2,325 2,285 73,273 83,229 Non-financial 70 91 1,288 1,140 Insurance and other financial institutions 10,668 12,488 438,738 377,062 Total by industry/counterparty $ 20,534 $ 21,533 $ 777,713 $ 735,142 By instrument Credit default swaps and options $ 20,251 $ 20,554 $ 754,114 $ 724,228 Total return swaps and other 283 979 23,599 10,914 Total by instrument $ 20,534 $ 21,533 $ 777,713 $ 735,142 By rating Investment grade $ 10,473 $ 10,616 $ 588,324 $ 557,987 Non-investment grade 10,061 10,917 189,389 177,155 Total by rating $ 20,534 $ 21,533 $ 777,713 $ 735,142 By maturity Within 1 year $ 2,477 $ 2,914 $ 231,878 $ 218,097 From 1 to 5 years 16,098 16,435 498,606 476,345 After 5 years 1,959 2,184 47,229 40,700 Total by maturity $ 20,534 $ 21,533 $ 777,713 $ 735,142 (1) The fair value amount receivable is composed of $3,195 million under protection purchased and $17,339 under protection sold. (2) The fair value amount payable is composed of $ 3,147 million under protection purchased and $ 18,386 million under protection sold. |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of CVA and FVA applied to fair value of derivative instruments | The table below summarizes the credit valuation adjustments (CVA) and funding valuation adjustments (FVA) applied to the fair value of derivative instruments at September 30, 2018 and December 31, 2017 : Credit and funding valuation adjustments contra-liability (contra-asset) In millions of dollars September 30, December 31, Counterparty CVA $ (815 ) $ (970 ) Asset FVA (324 ) (447 ) Citigroup (own-credit) CVA 317 287 Liability FVA 39 47 Total CVA—derivative instruments (1) $ (783 ) $ (1,083 ) (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 September 30, Nine Months Ended In millions of dollars 2018 2017 2018 2017 Counterparty CVA $ 94 $ 27 $ 117 $ 197 Asset FVA 74 (5 ) 123 74 Own-credit CVA (75 ) (2 ) 24 (127 ) Liability FVA (23 ) (16 ) (8 ) (10 ) Total CVA—derivative instruments $ 70 $ 4 $ 256 $ 134 DVA related to own FVO liabilities (1) $ (377 ) $ (195 ) $ 208 $ (422 ) Total CVA and DVA (2) $ (307 ) $ (191 ) $ 464 $ (288 ) (1) See Note 1 and Note 17 to the Consolidated Financial Statements. (2) FVA is included with CVA for presentation purposes. |
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 September 30, 2018 and December 31, 2017 . The Company may hedge positions that have been classified in the Level 3 category with other financial instruments (hedging instruments) that may be classified as Level 3, but also with financial instruments classified as Level 1 or Level 2 of the fair value hierarchy. The effects of these hedges are presented gross in the following tables: Fair Value Levels In millions of dollars at September 30, 2018 Level 1 (1) Level 2 (1) Level 3 Gross Netting (2) Net Assets Federal funds sold and securities borrowed and purchased under agreements to resell $ — $ 241,745 $ 65 $ 241,810 $ (63,368 ) $ 178,442 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 20,293 128 20,421 — 20,421 Residential 1 730 215 946 — 946 Commercial — 1,346 57 1,403 — 1,403 Total trading mortgage-backed securities $ 1 $ 22,369 $ 400 $ 22,770 $ — $ 22,770 U.S. Treasury and federal agency securities $ 22,054 $ 5,347 $ 6 $ 27,407 $ — $ 27,407 State and municipal — 3,612 200 3,812 — 3,812 Foreign government 44,714 19,945 52 64,711 — 64,711 Corporate 835 13,409 253 14,497 — 14,497 Equity securities 45,556 8,195 170 53,921 — 53,921 Asset-backed securities — 1,628 1,453 3,081 — 3,081 Other trading assets (3) 5 10,355 730 11,090 — 11,090 Total trading non-derivative assets $ 113,165 $ 84,860 $ 3,264 $ 201,289 $ — $ 201,289 Trading derivatives Interest rate contracts $ 183 $ 163,345 $ 2,313 $ 165,841 Foreign exchange contracts 6 174,455 510 174,971 Equity contracts 2,495 27,255 294 30,044 Commodity contracts 15 22,576 684 23,275 Credit derivatives — 10,750 816 11,566 Total trading derivatives $ 2,699 $ 398,381 $ 4,617 $ 405,697 Cash collateral paid (4) $ 10,759 Netting agreements $ (322,565 ) Netting of cash collateral received (37,678 ) Total trading derivatives $ 2,699 $ 398,381 $ 4,617 $ 416,456 $ (360,243 ) $ 56,213 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 45,127 $ 34 $ 45,161 $ — $ 45,161 Residential — 1,627 — 1,627 — 1,627 Commercial — 226 5 231 — 231 Total investment mortgage-backed securities $ — $ 46,980 $ 39 $ 47,019 $ — $ 47,019 U.S. Treasury and federal agency securities $ 106,098 $ 10,045 $ — $ 116,143 $ — $ 116,143 State and municipal — 8,798 682 9,480 — 9,480 Foreign government 56,866 37,514 81 94,461 — 94,461 Corporate 4,687 7,693 — 12,380 — 12,380 Equity securities 246 14 — 260 — 260 Asset-backed securities — 978 284 1,262 — 1,262 Other debt securities — 4,037 — 4,037 — 4,037 Non-marketable equity securities (5) — 170 733 903 — 903 Total investments $ 167,897 $ 116,229 $ 1,819 $ 285,945 $ — $ 285,945 Table continues on the next page. In millions of dollars at September 30, 2018 Level 1 (1) Level 2 (1) Level 3 Gross Netting (2) Net Loans $ — $ 3,856 $ 383 $ 4,239 $ — $ 4,239 Mortgage servicing rights — — 618 618 — 618 Non-trading derivatives and other financial assets measured on a recurring basis $ 19,789 $ 5,362 $ — $ 25,151 $ — $ 25,151 Total assets $ 303,550 $ 850,433 $ 10,766 $ 1,175,508 $ (423,611 ) $ 751,897 Total as a percentage of gross assets (6) 26.1 % 73.0 % 0.9 % Liabilities Interest-bearing deposits $ — $ 1,137 $ 303 $ 1,440 $ — $ 1,440 Federal funds purchased and securities loaned and sold under agreements to repurchase — 110,519 997 111,516 (63,368 ) 48,148 Trading account liabilities Securities sold, not yet purchased 85,760 10,281 387 96,428 — 96,428 Other trading liabilities — 1,484 — 1,484 — 1,484 Total trading liabilities $ 85,760 $ 11,765 $ 387 $ 97,912 $ — $ 97,912 Trading derivatives Interest rate contracts $ 189 $ 145,460 $ 2,194 $ 147,843 Foreign exchange contracts 7 168,557 321 168,885 Equity contracts 2,667 31,254 1,208 35,129 Commodity contracts 5 23,286 2,489 25,780 Credit derivatives — 9,871 1,822 11,693 Total trading derivatives $ 2,868 $ 378,428 $ 8,034 $ 389,330 Cash collateral received (7) $ 13,676 Netting agreements $ (322,565 ) Netting of cash collateral paid (30,701 ) Total trading derivatives $ 2,868 $ 378,428 $ 8,034 $ 403,006 $ (353,266 ) $ 49,740 Short-term borrowings $ — $ 5,002 $ 39 $ 5,041 $ — $ 5,041 Long-term debt — 22,980 13,791 36,771 — 36,771 Total non-trading derivatives and other financial liabilities measured on a recurring basis $ 19,789 $ 158 $ — $ 19,947 $ — $ 19,947 Total liabilities $ 108,417 $ 529,989 $ 23,551 $ 675,633 $ (416,634 ) $ 258,999 Total as a percentage of gross liabilities (6) 16.4 % 80.1 % 3.6 % (1) For the three and nine months ended September 30, 2018 , the Company transferred assets of approximately $1.7 billion and $3.4 billion from Level 1 to Level 2, primarily related to foreign government securities and equity securities not traded in active markets. During the three and nine months ended September 30, 2018 , the Company transferred assets of approximately $2.6 billion and $7.9 billion from Level 2 to Level 1, primarily related to foreign government bonds, foreign corporate securities, marketable certificates of deposits and equity securities traded with sufficient frequency to constitute an active market. For the three and nine months ended September 30, 2018 , there were $0.1 billion and $0.3 billion transfers of liabilities from Level 1 to Level 2. During the three and nine months ended September 30, 2018 , the Company transferred liabilities of approximately $0.3 billion and $0.7 billion , 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) Includes positions related to investments in unallocated precious metals, as discussed in Note 21 to the Consolidated Financial Statements. Also includes physical commodities accounted for at the lower of cost or fair value and unfunded credit products. (4) Reflects the net amount of $48,437 million gross cash collateral paid, of which $37,678 million was used to offset trading derivative liabilities. (5) Amounts exclude $0.2 billion of investments measured at Net Asset Value (NAV) in accordance with ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). (6) 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 $44,377 million of gross cash collateral received, of which $30,701 million was used to offset trading derivative assets. Fair Value Levels In millions of dollars at December 31, 2017 Level 1 (1) Level 2 (1) Level 3 Gross Netting (2) Net Assets Federal funds sold and securities borrowed and purchased under agreements to resell $ — $ 188,571 $ 16 $ 188,587 $ (55,638 ) $ 132,949 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 22,801 163 22,964 — 22,964 Residential — 649 164 813 — 813 Commercial — 1,309 57 1,366 — 1,366 Total trading mortgage-backed securities $ — $ 24,759 $ 384 $ 25,143 $ — $ 25,143 U.S. Treasury and federal agency securities $ 17,524 $ 3,613 $ — $ 21,137 $ — $ 21,137 State and municipal — 4,426 274 4,700 — 4,700 Foreign government 39,347 20,843 16 60,206 — 60,206 Corporate 301 15,129 275 15,705 — 15,705 Equity securities 53,305 6,794 120 60,219 — 60,219 Asset-backed securities — 1,198 1,590 2,788 — 2,788 Other trading assets (3) 3 11,105 615 11,723 — 11,723 Total trading non-derivative assets $ 110,480 $ 87,867 $ 3,274 $ 201,621 $ — $ 201,621 Trading derivatives Interest rate contracts $ 145 $ 203,134 $ 1,708 $ 204,987 Foreign exchange contracts 19 121,363 577 121,959 Equity contracts 2,364 24,170 444 26,978 Commodity contracts 282 13,252 569 14,103 Credit derivatives — 19,624 910 20,534 Total trading derivatives $ 2,810 $ 381,543 $ 4,208 $ 388,561 Cash collateral paid (4) $ 7,541 Netting agreements $ (306,401 ) Netting of cash collateral received (38,532 ) Total trading derivatives $ 2,810 $ 381,543 $ 4,208 $ 396,102 $ (344,933 ) $ 51,169 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 41,717 $ 24 $ 41,741 $ — $ 41,741 Residential — 2,884 — 2,884 — 2,884 Commercial — 329 3 332 — 332 Total investment mortgage-backed securities $ — $ 44,930 $ 27 $ 44,957 $ — $ 44,957 U.S. Treasury and federal agency securities $ 106,964 $ 11,182 $ — $ 118,146 $ — $ 118,146 State and municipal — 8,028 737 8,765 — 8,765 Foreign government 56,456 43,985 92 100,533 — 100,533 Corporate 1,911 12,127 71 14,109 — 14,109 Equity securities 176 11 2 189 — 189 Asset-backed securities — 3,091 827 3,918 — 3,918 Other debt securities — 297 — 297 — 297 Non-marketable equity securities (5) — 121 681 802 — 802 Total investments $ 165,507 $ 123,772 $ 2,437 $ 291,716 $ — $ 291,716 Table continues on the next page. In millions of dollars at December 31, 2017 Level 1 (1) Level 2 (1) Level 3 Gross Netting (2) Net Loans $ — $ 3,824 $ 550 $ 4,374 $ — $ 4,374 Mortgage servicing rights — — 558 558 — 558 Non-trading derivatives and other financial assets measured on a recurring basis $ 13,903 $ 4,640 $ 16 $ 18,559 $ — $ 18,559 Total assets $ 292,700 $ 790,217 $ 11,059 $ 1,101,517 $ (400,571 ) $ 700,946 Total as a percentage of gross assets (6) 26.8 % 72.2 % 1.0 % Liabilities Interest-bearing deposits $ — $ 1,179 $ 286 $ 1,465 $ — $ 1,465 Federal funds purchased and securities loaned and sold under agreements to repurchase — 95,550 726 96,276 (55,638 ) 40,638 Trading account liabilities Securities sold, not yet purchased 65,843 10,306 22 76,171 — 76,171 Other trading liabilities — 1,409 5 1,414 — 1,414 Total trading liabilities $ 65,843 $ 11,715 $ 27 $ 77,585 $ — $ 77,585 Trading account derivatives Interest rate contracts $ 137 $ 182,372 $ 2,130 $ 184,639 Foreign exchange contracts 9 120,316 447 120,772 Equity contracts 2,430 26,472 2,471 31,373 Commodity contracts 115 14,482 2,430 17,027 Credit derivatives — 19,824 1,709 21,533 Total trading derivatives $ 2,691 $ 363,466 $ 9,187 $ 375,344 Cash collateral received (7) $ 14,308 Netting agreements $ (306,401 ) Netting of cash collateral paid (35,666 ) Total trading derivatives $ 2,691 $ 363,466 $ 9,187 $ 389,652 $ (342,067 ) $ 47,585 Short-term borrowings $ — $ 4,609 $ 18 $ 4,627 $ — $ 4,627 Long-term debt — 18,310 13,082 31,392 — 31,392 Non-trading derivatives and other financial liabilities measured on a recurring basis $ 13,903 $ 50 $ 8 $ 13,961 $ — $ 13,961 Total liabilities $ 82,437 $ 494,879 $ 23,334 $ 614,958 $ (397,705 ) $ 217,253 Total as a percentage of gross liabilities (6) 13.7 % 82.4 % 3.9 % (1) In 2017, the Company transferred assets of approximately $4.8 billion from Level 1 to Level 2, primarily related to foreign government securities and equity securities not traded in active markets. In 2017, the Company transferred assets of approximately $4.0 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. In 2017, the Company transferred liabilities of approximately $0.4 billion from Level 1 to Level 2. In 2017, the Company transferred liabilities of approximately $0.3 billion 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) Includes positions related to investments in unallocated precious metals, as discussed in Note 21 to the Consolidated Financial Statements. Also includes physical commodities accounted for at the lower of cost or fair value and unfunded credit products. (4) Reflects the net amount of $43,207 million of gross cash collateral paid, of which $35,666 million was used to offset trading derivative liabilities. (5) Amounts exclude $0.4 billion of investments measured at Net Asset Value (NAV) in accordance with ASU No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). (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 $52,840 million of gross cash collateral received, of which $38,532 million was used to offset trading derivative assets. |
Changes in level 3 fair value category | The hedged items and related hedges are presented gross in the following tables: Level 3 Fair Value Rollforward Net realized/unrealized Transfers Unrealized (3) In millions of dollars Jun. 30, 2018 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2018 Assets Federal funds sold and securities borrowed and purchased under agreements to resell $ 66 $ — $ — $ (1 ) $ — $ 61 $ — $ — $ (61 ) $ 65 $ 4 Trading non-derivative assets Trading mortgage- backed securities U.S. government-sponsored agency guaranteed 99 (2 ) — 3 (7 ) 38 — (3 ) — 128 (2 ) Residential 132 111 — 17 (36 ) 8 — (17 ) — 215 (2 ) Commercial 51 (2 ) — 4 (8 ) 29 — (17 ) — 57 (1 ) Total trading mortgage- backed securities $ 282 $ 107 $ — $ 24 $ (51 ) $ 75 $ — $ (37 ) $ — $ 400 $ (5 ) U.S. Treasury and federal agency securities $ 7 $ — $ — $ — $ — $ — $ — $ — $ (1 ) $ 6 $ — State and municipal 226 6 — — (52 ) 22 — (2 ) — 200 6 Foreign government 36 27 — — (8 ) 4 — (7 ) — 52 26 Corporate 520 (214 ) — 24 (15 ) 110 — (172 ) — 253 7 Equity securities 293 (87 ) — 7 (21 ) 24 — (46 ) — 170 (99 ) Asset-backed securities 1,688 (44 ) — 20 (39 ) 305 — (477 ) — 1,453 (45 ) Other trading assets 542 78 — 94 (10 ) 185 2 (157 ) (4 ) 730 53 Total trading non- derivative assets $ 3,594 $ (127 ) $ — $ 169 $ (196 ) $ 725 $ 2 $ (898 ) $ (5 ) $ 3,264 $ (57 ) Trading derivatives, net (4) Interest rate contracts $ 86 $ 10 $ — $ (11 ) $ (2 ) $ — $ 8 $ — $ 28 $ 119 $ 59 Foreign exchange contracts 239 (16 ) — (15 ) 56 4 — (66 ) (13 ) 189 (51 ) Equity contracts (1,446 ) 265 — 3 372 3 (15 ) (3 ) (93 ) (914 ) 283 Commodity contracts (1,906 ) (67 ) — 44 (16 ) 12 — (8 ) 136 (1,805 ) 1 Credit derivatives (848 ) (240 ) — (6 ) 7 — — — 81 (1,006 ) (231 ) Total trading derivatives, net (4) $ (3,875 ) $ (48 ) $ — $ 15 $ 417 $ 19 $ (7 ) $ (77 ) $ 139 $ (3,417 ) $ 61 Table continues on the next page. Net realized/unrealized Transfers Unrealized (3) In millions of dollars Jun. 30, 2018 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2018 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 34 $ — $ — $ — $ — $ — $ — $ — $ — $ 34 $ — Residential — — — — — — — — — — — Commercial 6 — — — (1 ) — — — — 5 — Total investment mortgage-backed securities $ 40 $ — $ — $ — $ (1 ) $ — $ — $ — $ — $ 39 $ — U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 762 — (10 ) — — 17 — (87 ) — 682 (7 ) Foreign government 54 — (3 ) — (2 ) 45 — (13 ) — 81 (3 ) Corporate 68 — — — (64 ) — — (4 ) — — — Equity securities 1 — — — — — — — (1 ) — — Asset-backed securities 456 — (6 ) — (177 ) 34 — (23 ) — 284 (5 ) Other debt securities — — — — — — — — — — — Non-marketable equity securities 611 — (73 ) 163 — 71 — (40 ) 1 733 (70 ) Total investments $ 1,992 $ — $ (92 ) $ 163 $ (244 ) $ 167 $ — $ (167 ) $ — $ 1,819 $ (85 ) Loans $ 381 $ — $ (27 ) $ — $ (46 ) $ 79 $ — $ (3 ) $ (1 ) $ 383 $ 95 Mortgage servicing rights 596 — 25 — — — 14 — (17 ) 618 26 Other financial assets measured on a recurring basis — — 15 — — — — (4 ) (11 ) — 14 Liabilities Interest-bearing deposits $ 320 $ — $ 14 $ — $ — $ — $ — $ — $ (3 ) $ 303 $ 14 Federal funds purchased and securities loaned and sold under agreements to repurchase 966 (31 ) — — — — — — — 997 24 Trading account liabilities Securities sold, not yet purchased 189 (137 ) — 28 (55 ) 14 121 (45 ) (2 ) 387 (90 ) Other trading liabilities — — — — — — — — — — — Short-term borrowings 90 1 — — (18 ) — 5 — (37 ) 39 19 Long-term debt 13,781 (231 ) — 445 (646 ) — (42 ) (1 ) 23 13,791 (298 ) Other financial liabilities measured on a recurring basis — — — — — — — — — — — (1) Changes in fair value of available-for-sale debt securities are recorded in AOCI, unless related to other-than-temporary impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments 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 AOCI for changes in fair value of available-for-sale debt securities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at September 30, 2018 . (4) Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only. Net realized/unrealized Transfers Unrealized (3) In millions of dollars Dec. 31, 2017 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2018 Assets Federal funds sold and securities borrowed and purchased under agreements to resell 16 19 — 48 — 61 — — (79 ) 65 10 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 163 — — 92 (97 ) 191 — (221 ) — 128 — Residential 164 116 — 75 (124 ) 99 — (115 ) — 215 (1 ) Commercial 57 (3 ) — 15 (45 ) 67 — (34 ) — 57 2 Total trading mortgage-backed securities 384 113 — 182 (266 ) 357 — (370 ) — 400 1 U.S. Treasury and federal agency securities — — — 6 — 1 — — (1 ) 6 — State and municipal 274 16 — — (96 ) 35 — (29 ) — 200 8 Foreign government 16 26 — 2 (13 ) 50 — (29 ) — 52 26 Corporate 275 (119 ) — 85 (106 ) 389 — (271 ) — 253 (1 ) Equity securities 120 (5 ) — 24 (41 ) 266 — (194 ) — 170 (68 ) Asset-backed securities 1,590 31 — 65 (86 ) 994 — (1,141 ) — 1,453 (6 ) Other trading assets 615 161 — 179 (52 ) 342 7 (509 ) (13 ) 730 31 Total trading non-derivative assets 3,274 223 — 543 (660 ) 2,434 7 (2,543 ) (14 ) 3,264 (9 ) Trading derivatives, net (4) Interest rate contracts (422 ) 597 — (6 ) (74 ) 8 8 (16 ) 24 119 540 Foreign exchange contracts 130 89 — (28 ) 59 11 — (71 ) (1 ) 189 52 Equity contracts (2,027 ) 163 — (70 ) 1,123 20 (15 ) (14 ) (94 ) (914 ) 66 Commodity contracts (1,861 ) (241 ) — 1 82 39 — (8 ) 183 (1,805 ) (70 ) Credit derivatives (799 ) (338 ) — (15 ) 19 2 — 1 124 (1,006 ) (468 ) Total trading derivatives, net (4) (4,979 ) 270 — (118 ) 1,209 80 (7 ) (108 ) 236 (3,417 ) 120 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed 24 — 10 — — — — — — 34 (12 ) Residential — — — — — — — — — — — Commercial 3 — 2 1 (1 ) — — — — 5 — Total investment mortgage-backed securities 27 — 12 1 (1 ) — — — — 39 (12 ) U.S. Treasury and federal agency securities — — — — — — — — — — — State and municipal 737 — (23 ) — (18 ) 157 — (171 ) — 682 (32 ) Foreign government 92 — (7 ) 1 (4 ) 107 — (108 ) — 81 (3 ) Corporate 71 — (1 ) 3 (66 ) 3 — (10 ) — — — Equity securities 2 — — — — — — (1 ) (1 ) — — Asset-backed securities 827 — (21 ) 3 (521 ) 45 — (49 ) — 284 (6 ) Other debt securities — — — — — — — — — — — Non-marketable equity securities 681 — (103 ) 193 — 86 — (73 ) (51 ) 733 (56 ) Total investments 2,437 — (143 ) 201 (610 ) 398 — (412 ) (52 ) 1,819 (109 ) Net realized/unrealized Transfers Unrealized (3) In millions of dollars Dec. 31, 2017 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2018 Loans 550 — (282 ) — 13 130 — (25 ) (3 ) 383 286 Mortgage servicing rights 558 — 82 — — — 46 (18 ) (50 ) 618 83 Other financial assets measured on a recurring basis 16 — 37 — (11 ) 4 12 (8 ) (50 ) — 53 Liabilities Interest-bearing deposits 286 — 37 12 — — 45 — (3 ) 303 (104 ) Federal funds purchased and securities loaned and sold under agreements to repurchase 726 8 — — — — 243 — 36 997 52 Trading account liabilities Securities sold, not yet purchased 22 (384 ) — 35 (86 ) 14 121 (36 ) (67 ) 387 (128 ) Other trading liabilities 5 5 — — — — — — — — — Short-term borrowings 18 2 — 48 (39 ) — 54 — (40 ) 39 22 Long-term debt 13,082 (474 ) — 2,200 (1,950 ) 36 (35 ) (45 ) 29 13,791 (1,709 ) Other financial liabilities measured on a recurring basis 8 — (2 ) 1 (10 ) — 2 — (3 ) — (9 ) (1) Changes in fair value of available-for-sale debt securities are recorded in AOCI, unless related to other-than-temporary impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments 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 AOCI for changes in fair value of available-for-sale debt securities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at December 31, 2017 . (4) Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only. Net realized/unrealized Transfers Unrealized (3) In millions of dollars Jun. 30, 2017 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2017 Assets Federal funds sold and securities borrowed and purchased under agreements to resell $ 1,002 $ (338 ) $ — $ — $ — $ — $ — $ — $ — $ 664 $ (338 ) Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed $ 204 $ — $ — $ 75 $ (21 ) $ 174 $ — $ (123 ) $ — $ 309 $ — Residential 327 24 — 41 (9 ) 39 — (71 ) — 351 12 Commercial 318 10 — 22 (17 ) 11 — (232 ) — 112 5 Total trading mortgage-backed securities $ 849 $ 34 $ — $ 138 $ (47 ) $ 224 $ — $ (426 ) $ — $ 772 $ 17 U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 284 (2 ) — — — 49 — (61 ) — 270 (1 ) Foreign government 108 (5 ) — 4 (114 ) 161 — (59 ) — 95 (2 ) Corporate 401 105 — 16 (11 ) 148 — (268 ) — 391 103 Equity securities 240 183 — 3 (41 ) 29 — (178 ) — 236 6 Asset-backed securities 1,570 114 — 5 (6 ) 481 — (460 ) — 1,704 26 Other trading assets 1,803 (38 ) — 38 (607 ) 1,349 4 (394 ) (4 ) 2,151 29 Total trading non-derivative assets $ 5,255 $ 391 $ — $ 204 $ (826 ) $ 2,441 $ 4 $ (1,846 ) $ (4 ) $ 5,619 $ 178 Trading derivatives, net (4) Interest rate contracts (288 ) 196 — 4 (4 ) 25 — (20 ) (114 ) (201 ) 120 Foreign exchange contracts 184 (92 ) — 1 (4 ) (6 ) — (3 ) 68 148 (92 ) Equity contracts (1,647 ) 201 — (52 ) (34 ) 31 — (126 ) (221 ) (1,848 ) (10 ) Commodity contracts (2,024 ) (248 ) — (29 ) (10 ) — — (3 ) (25 ) (2,339 ) (255 ) Credit derivatives (1,339 ) (150 ) — 25 115 7 — — 401 (941 ) (185 ) Total trading derivatives, net (4) $ (5,114 ) $ (93 ) $ — $ (51 ) $ 63 $ 57 $ — $ (152 ) $ 109 $ (5,181 ) $ (422 ) Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 50 $ — $ 12 $ — $ (5 ) $ — $ — $ — $ — $ 57 $ 28 Residential — — — — — — — — — — — Commercial — — — 3 — — — — — 3 — Total investment mortgage-backed securities $ 50 $ — $ 12 $ 3 $ (5 ) $ — $ — $ — $ — $ 60 $ 28 U.S. Treasury and federal agency securities $ 1 $ — $ — $ — $ — $ — $ — $ (1 ) $ — $ — $ — State and municipal 1,285 — (2 ) 21 (3 ) 16 — (45 ) — 1,272 17 Foreign government 358 — (58 ) — (18 ) 122 — (103 ) — 301 (7 ) Corporate 156 — 146 10 (2 ) 41 — (231 ) — 120 — Equity securities 9 — (1 ) — — — — (5 ) — 3 — Asset-backed securities 1,028 — (280 ) 2 (7 ) 504 — (417 ) — 830 (134 ) Other debt securities 10 — — — — — — — — 10 — Non-marketable equity securities 939 — (61 ) — — 1 — (1 ) (49 ) 829 (18 ) Total investments $ 3,836 $ — $ (244 ) $ 36 $ (35 ) $ 684 $ — $ (803 ) $ (49 ) $ 3,425 $ (114 ) Net realized/unrealized Transfers Unrealized (3) In millions of dollars Jun. 30, 2017 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2017 Loans $ 577 $ — $ 73 $ — $ — $ 131 $ — $ (236 ) $ (1 ) $ 544 $ 264 Mortgage servicing rights 560 — (6 ) — — — 19 — (20 ) 553 3 Other financial assets measured on a recurring basis 17 — 13 — — 1 43 (4 ) (56 ) 14 17 Liabilities Interest-bearing deposits $ 300 $ — $ (2 ) $ — $ — $ — $ — $ — $ (2 ) $ 300 $ 6 Federal funds purchased and securities loaned and sold under agreements to repurchase 807 (1 ) — — — — — — (43 ) 765 4 Trading account liabilities Securities sold, not yet purchased 1,143 496 — 5 (10 ) — — 88 (46 ) 684 24 Short-term borrowings 29 (13 ) — 3 (1 ) — 12 — — 56 7 Long-term debt 11,831 1,057 — 181 (490 ) — 419 — 437 11,321 716 Other financial liabilities measured on a recurring basis 2 — — — — — 1 — (1 ) 2 (1 ) Net realized/unrealized Transfers Unrealized (3) In millions of dollars Dec. 31, 2016 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2017 Assets Federal funds sold and securities borrowed and purchased under agreements to resell $ 1,496 $ (340 ) $ — $ — $ (491 ) $ — $ — $ — $ (1 ) $ 664 $ — Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 176 4 — 154 (86 ) 438 — (377 ) — 309 1 Residential 399 61 — 88 (58 ) 105 — (244 ) — 351 35 Commercial 206 7 — 66 (46 ) 445 — (566 ) — 112 (5 ) Total trading mortgage-backed securities $ 781 $ 72 $ — $ 308 $ (190 ) $ 988 $ — $ (1,187 ) $ — $ 772 $ 31 U.S. Treasury and federal agency securities $ 1 $ — $ — $ — $ — $ — $ — $ (1 ) $ — $ — $ — State and municipal 296 3 — 24 (48 ) 137 — (142 ) — 270 (1 ) Foreign government 40 2 — 88 (204 ) 288 — (119 ) — 95 (1 ) Corporate 324 320 — 132 (84 ) 424 — (725 ) — 391 167 Equity securities 127 212 — 135 (54 ) 38 — (222 ) — 236 20 Asset-backed securities 1,868 251 — 28 (87 ) 1,185 — (1,541 ) — 1,704 34 Other trading assets 2,814 (88 ) — 470 (1,381 ) 2,002 5 (1,652 ) (19 ) 2,151 29 Total trading non-derivative assets $ 6,251 $ 772 $ — $ 1,185 $ (2,048 ) $ 5,062 $ 5 $ (5,589 ) $ (19 ) $ 5,619 $ 279 Trading derivatives, net (4) Interest rate contracts $ (663 ) $ 4 $ — $ (24 ) $ 647 $ 90 $ — $ (225 ) $ (30 ) $ (201 ) $ 65 Foreign exchange contracts 413 (389 ) — 54 (63 ) 32 — (37 ) 138 148 (134 ) Equity contracts (1,557 ) 98 — (34 ) (8 ) 180 — (263 ) (264 ) (1,848 ) (22 ) Commodity contracts (1,945 ) (576 ) — 29 39 — — (3 ) 117 (2,339 ) (255 ) Credit derivatives (1,001 ) (535 ) — (43 ) 91 5 — 2 540 (941 ) (197 ) Total trading derivatives, net (4) $ (4,753 ) $ (1,398 ) $ — $ (18 ) $ 706 $ 307 $ — $ (526 ) $ 501 $ (5,181 ) $ (543 ) Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 101 $ — $ 15 $ 1 $ (60 ) $ — $ — $ — $ — $ 57 $ 30 Residential 50 — 2 — (47 ) — — (5 ) — — — Commercial — — — 3 — 8 — (8 ) — 3 — Total investment mortgage-backed securities $ 151 $ — $ 17 $ 4 $ (107 ) $ 8 $ — $ (13 ) $ — $ 60 $ 30 U.S. Treasury and federal agency securities $ 2 $ — $ — $ — $ — $ — $ — $ (2 ) $ — $ — $ — State and municipal 1,211 — 37 70 (36 ) 92 — (102 ) — 1,272 35 Foreign government 186 — (47 ) 2 (37 ) 455 — (258 ) — 301 (5 ) Corporate 311 — 11 74 (6 ) 224 — (494 ) — 120 — Equity securities 9 — (1 ) — — — — (5 ) — 3 — Asset-backed securities 660 — (98 ) 23 (20 ) 864 — (599 ) — 830 (134 ) Other debt securities — — — — — 21 — (11 ) — 10 — Non-marketable equity securities 1,331 — (124 ) 2 — 10 — (228 ) (162 ) 829 49 Total investments $ 3,861 $ — $ (205 ) $ 175 $ (206 ) $ 1,674 $ — $ (1,712 ) $ (162 ) $ 3,425 $ (25 ) Net realized/unrealized Transfers Unrealized (3) In millions of dollars Dec. 31, 2016 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2017 Loans $ 568 $ — $ 57 $ 80 $ (16 ) $ 173 $ — $ (312 ) $ (6 ) $ 544 $ 266 Mortgage servicing rights 1,564 — 50 — — — 75 (1,046 ) (90 ) 553 (40 ) Other financial assets measured on a recurring basis 34 — (147 ) 3 (8 ) 1 303 (8 ) (164 ) 14 (68 ) Liabilities Interest-bearing deposits $ 293 $ — $ 9 $ 40 $ — $ — $ — $ — $ (24 ) $ 300 $ 6 Federal funds purchased and securities loaned and sold under agreements to repurchase 849 7 — — — — — — (77 ) 765 4 Trading account liabilities Securities sold, not yet purchased 1,177 490 — 18 (53 ) — — 265 (233 ) 684 24 Short-term borrowings 42 18 — 4 (1 ) — 31 — (2 ) 56 7 Long-term debt 9,744 456 — 702 (1,457 ) — 2,701 — 87 11,321 708 Other financial liabilities measured on a recurring basis 8 — — — — — 3 (1 ) (8 ) 2 (1 ) (1) Changes in fair value of available-for-sale investments are recorded in AOCI, unless related to other-than-temporary impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments 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 AOCI 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 June 30, 2017. (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 | The following tables present the valuation techniques covering the majority of Level 3 inventory and the most significant unobservable inputs used in Level 3 fair value measurements. Differences between this table and amounts presented in the Level 3 Fair Value Rollforward table represent individually immaterial items that have been measured using a variety of valuation techniques other than those listed. As of September 30, 2018 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) Assets Federal funds sold and securities borrowed and purchased under agreements to resell $ 65 Model-based Interest rate 2.27 % 3.67 % 3.54 % Mortgage-backed securities $ 273 Price-based Price $ 37.40 $ 108.00 $ 92.56 137 Yield analysis Yield 3.13 % 14.29 % 4.72 % State and municipal, foreign government, corporate and other debt securities $ 930 Price-based Price $ — $ 108.15 $ 79.65 926 Model-based Credit spread 35 bps 446 bps 246 bps Equity securities (5) $ 124 Price-based Price $ — $ 865.86 $ 3.50 46 Model-based WAL 1.73 years 1.73 years 1.73 years Asset-backed securities $ 1,666 Price-based Price $ 3.56 $ 100.91 $ 69.41 Non-marketable equities $ 428 Comparables analysis Net operating income multiple $ 7.30 $ 25.00 $ 10.49 $ 282 Price-based Discount to price — % 100.00 % 0.62 % Derivatives—gross (6) Interest rate contracts (gross) $ 4,470 Model-based Mean reversion 1.00 % 20.00 % 10.50 % IR normal volatility 0.14 % 78.79 % 53.37 % Inflation volatility 0.20 % 2.56 % 0.76 % Foreign exchange contracts (gross) $ 749 Model-based FX volatility 3.15 % 17.35 % 10.96 % $ 82 Cash flow Credit spread 39 bps 880 bps 379 bps IR-IR correlation (51.00 )% 40.00 % 33.60 % IR-FX correlation 40.00 % 60.00 % 50.00 % FX rate — % 0.04 % 0.03 % IR basis (0.79 )% 9.00 % 0.67 % Equity contracts (gross) $ 1,478 Model-based Equity volatility 3.00 % 83.72 % 28.96 % Forward price 63.10 % 159.10 % 97.77 % WAL 1.73 years 1.73 years 1.73 years Commodity and other contracts (gross) $ 3,049 Model-based Forward price 45.19 % 549.00 % 129.77 % Commodity volatility 7.60 % 55.00 % 17.32 % Commodity Correlation (52.45 )% 91.37 % 17.71 % Credit derivatives (gross) $ 1,924 Model-based Credit correlation 25.00 % 85.00 % 43.50 % 714 Price-based Upfront points 5.13 % 97.98 % 53.49 % Credit spread 2 bps 1,260 bps 84 bps Price $ 31.77 $ 98.00 $ 79.28 Recovery rate 5.00 % 65.00 % 48.09 % As of September 30, 2018 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) Loans and leases $ 318 Model-based Credit spread 128 bps 215 bps 161 bps 66 Price-based Yield 4.15 % 4.15 % 4.15 % Mortgage servicing rights $ 531 Cash flow Yield 4.79 % 12.00 % 8.31 % 87 Model-based WAL 4.11 years 8.10 years 6.92 years Liabilities Interest-bearing deposits $ 303 Model-based Mean reversion — % 20.00 % 7.95 % Forward price 99.23 % 106.69 % 101.80 % Equity volatility 7.34 % 20.78 % 17.98 % Federal funds purchased and securities loaned and sold under agreement to repurchase $ 997 Model-based Interest rate 2.27 % 3.41 % 3.14 % Trading account liabilities Securities sold, not yet purchased $ 360 Model-based Forward price 45.19 % 549.00 % 100.21 % Equity volatility 3.00 % 83.72 % 22.17 % Equity-equity correlation (81.39 )% 100.00 % 41.02 % Equity-FX correlation (82.74 )% 54.00 % (32.58 )% Mean reversion 1.00 % 20.00 % 10.50 % Short-term borrowings and long-term debt $ 12,944 Model-based Mean reversion 1.00 % 20.00 % 10.50 % Forward price 65.99 % 259.53 % 103.59 % Equity volatility 3.00 % 83.72 % 19.28 % As of December 31, 2017 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) Assets Federal funds sold and securities borrowed and purchased under agreements to resell $ 16 Model-based Interest rate 1.43 % 2.16 % 2.09 % Mortgage-backed securities $ 214 Price-based Price $ 2.96 $ 101.00 $ 56.52 184 Yield analysis Yield 2.52 % 14.06 % 5.97 % State and municipal, foreign government, corporate and other debt securities $ 949 Model-based Price $ — $ 184.04 $ 91.74 914 Price-based Credit spread 35 bps 500 bps 249 bps Yield 2.36 % 14.25 % 6.03 % Equity securities (5) $ 65 Price-based Price $ — $ 25,450.00 $ 2,526.62 55 Model-based WAL 2.50 years 2.50 years 2.50 years Asset-backed securities $ 2,287 Price-based Price $ 4.25 $ 100.60 $ 74.57 Non-marketable equity $ 423 Comparables analysis EBITDA multiples 6.90 x 12.80 x 8.66 x 223 Price-based Discount to price — % 100.00 % 11.83 % Price-to-book ratio 0.05 x 1.00 x 0.32 x Derivatives—gross (6) Interest rate contracts (gross) $ 3,818 Model-based IR normal volatility 9.40 % 77.40 % 58.86 % Mean reversion 1.00 % 20.00 % 10.50 % Foreign exchange contracts (gross) $ 940 Model-based Foreign exchange (FX) volatility 4.58 % 15.02 % 8.16 % As of December 31, 2017 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) Interest rate (0.55 )% 0.28 % 0.04 % IR-IR correlation (51.00 )% 40.00 % 36.56 % IR-FX correlation (7.34 )% 60.00 % 49.04 % Credit spread 11 bps 717 bps 173 bps Equity contracts (gross) (7) $ 2,897 Model-based Equity volatility 3.00 % 68.93 % 24.66 % Forward price 69.74 % 154.19 % 92.80 % Commodity contracts (gross) $ 2,937 Model-based Forward price 3.66 % 290.59 % 114.16 % Commodity volatility 8.60 % 66.73 % 25.04 % Commodity correlation (37.64 )% 91.71 % 15.21 % Credit derivatives (gross) $ 1,797 Model-based Credit correlation 25.00 % 90.00 % 44.64 % 823 Price-based Upfront points 6.03 % 97.26 % 62.88 % Credit spread 3 bps 1,636 bps 173 bps Price $ 1.00 $ 100.24 $ 57.63 Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross) (6) $ 24 Model-based Recovery rate 25.00 % 40.00 % 31.56 % Redemption rate 10.72 % 99.50 % 74.24 % Credit spread 38 bps 275 bps 127 bps Upfront points 61.00 % 61.00 % 61.00 % Loans and leases $ 391 Model-based Equity volatility 3.00 % 68.93 % 22.52 % 148 Price-based Credit spread 134 bps 500 bps 173 bps Yield 3.09 % 4.40 % 3.13 % Mortgage servicing rights $ 471 Cash flow Yield 8.00 % 16.38 % 11.47 % 87 Model-based WAL 3.83 years 6.89 years 5.93 years Liabilities Interest-bearing deposits $ 286 Model-based Mean reversion 1.00 % 20.00 % 10.50 % Forward price 99.56 % 99.95 % 99.72 % Federal funds purchased and securities loaned and sold under agreements to repurchase $ 726 Model-based Interest rate 1.43 % 2.16 % 2.09 % Trading account liabilities Securities sold, not yet purchased $ 21 Price-based Price $ 1.00 $ 287.64 $ 88.19 Short-term borrowings and long-term debt $ 13,100 Model-based Forward price 69.74 % 161.11 % 100.70 % (1) The fair value amounts presented in these tables represent the primary valuation technique or techniques for each class of assets or liabilities. (2) Some inputs are shown as zero due to rounding. (3) When the low and high inputs are the same, there is either a constant input applied to all positions, or the methodology involving the input applies to only one large position. (4) Weighted averages are calculated based on the fair values of the instruments. (5) For equity securities, the price inputs are expressed on an absolute basis, not as a percentage of the notional amount. (6) Both trading and nontrading account derivatives—assets and liabilities—are presented on a gross absolute value basis. (7) Includes hybrid products. |
Items measured at fair value of a nonrecurring basis | The following table presents the carrying amounts of all assets that were still held for which a nonrecurring fair value measurement was recorded: In millions of dollars Fair value Level 2 Level 3 September 30, 2018 Loans HFS (1) $ 4,823 $ 1,870 $ 2,953 Other real estate owned 85 68 17 Loans (2) 349 155 194 Non-marketable equity investments measured using the measurement alternative 115 115 — Total assets at fair value on a nonrecurring basis $ 5,372 $ 2,208 $ 3,164 In millions of dollars Fair value Level 2 Level 3 December 31, 2017 Loans HFS (1) $ 5,675 $ 2,066 $ 3,609 Other real estate owned 54 10 44 Loans (2) 630 216 414 Total assets at fair value on a nonrecurring basis $ 6,359 $ 2,292 $ 4,067 (1) Net of fair value amounts on the unfunded portion of loans HFS recognized as Other liabilities on the Consolidated Balance Sheet. (2) Represents impaired loans held for investment whose carrying amount is based on the fair value of the underlying collateral less costs to sell, primarily real estate. |
Valuation techniques and inputs for Level 3 nonrecurring fair value measurements | The following table presents 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 September 30, 2018 Fair value (1) (in millions) Methodology Input Low (2) High Weighted average (3) Loans held-for-sale $ 2,533 Price-based Price $ 80.90 $ 100.00 $ 99.26 Other real estate owned $ 17 Price-based Appraised value $ 2,353,777 $ 8,394,102 $ 7,071,276 Discount to price 13.00 % 13.00 % 13.00 % Price $ 56.31 $ 56.31 $ 56.31 Loans (5) $ 123 Recovery analysis Price $ 13.36 $ 100.00 $ 92.33 54 Price-based Recovery rate 9.00 % 90.00 % 76.62 % Appraised Value $ 9,855,140 $ 55,972,000 $ 38,154,269 As of December 31, 2017 Fair value (1) (in millions) Methodology Input Low (2) High Weighted average (3) Loans held-for-sale $ 3,186 Price-based Price $ 77.93 $ 100.00 $ 99.26 Other real estate owned $ 42 Price-based Appraised value (4) $ 20,278 $ 8,091,760 $ 4,016,665 Discount to price (5) 34.00 % 34.00 % 34.00 % Price $ 30.00 $ 50.36 $ 49.09 Loans (6) $ 133 Price-based Price $ 2.80 $ 100.00 $ 62.46 129 Cash flow Recovery rate 50.00 % 100.00 % 63.59 % 127 Recovery analysis Appraised value $ — $ 45,500,000 $ 38,785,667 (1) The fair value amounts presented in this table represent the primary valuation technique or techniques for each class of assets or liabilities. (2) Some inputs are shown as zero due to rounding. (3) Weighted averages are calculated based on the fair values of the instruments. (4) Appraised values are disclosed in whole dollars. (5) Includes estimated costs to sell. (6) Represents impaired loans held for investment whose carrying amounts are based on the fair value of the underlying collateral, primarily real estate secured loans. |
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 were still held: Three Months Ended September 30, In millions of dollars 2018 2017 Loans HFS $ (1 ) $ 10 Other real estate owned (1 ) (4 ) Loans (1) (22 ) (66 ) Non-marketable equity investments measured using the measurement alternative 7 — Total nonrecurring fair value gains (losses) $ (17 ) $ (60 ) (1) Represents loans held for investment whose carrying amount is based on the fair value of the underlying collateral, primarily real estate. Nine Months Ended September 30, In millions of dollars 2018 2017 Loans HFS $ 8 $ (15 ) Other real estate owned (2 ) (6 ) Loans (1) (51 ) (110 ) Non-marketable equity investments measured using the measurement alternative 111 — Total nonrecurring fair value gains (losses) $ 66 $ (131 ) (1) Represents loans held for investment whose carrying amount is based on the fair value of the underlying collateral, primarily real estate. |
Estimated fair value of financial instruments | The following table presents the carrying value and fair value of Citigroup’s financial instruments that are not carried at fair value. The table below therefore excludes items measured at fair value on a recurring basis presented in the tables above. September 30, 2018 Estimated fair value Carrying value Estimated fair value In billions of dollars Level 1 Level 2 Level 3 Assets Investments $ 58.9 $ 58.0 $ 1.1 $ 54.9 $ 2.0 Federal funds sold and securities borrowed and purchased under agreements to resell 102.5 102.5 — 100.5 2.0 Loans (1)(2) 656.7 655.2 — 5.2 650.0 Other financial assets (2)(3) 263.9 264.4 184.6 14.7 65.1 Liabilities Deposits $ 1,003.7 $ 1,002.8 $ — $ 836.7 $ 166.1 Federal funds purchased and securities loaned or sold under agreements to repurchase 127.8 127.8 — 127.8 — Long-term debt (4) 198.5 200.6 — 186.3 14.3 Other financial liabilities (5) 110.6 110.6 — 16.1 94.5 December 31, 2017 Estimated fair value Carrying value Estimated fair value In billions of dollars Level 1 Level 2 Level 3 Assets Investments $ 60.2 $ 60.6 $ 0.5 $ 57.5 $ 2.6 Federal funds sold and securities borrowed and purchased under agreements to resell 99.5 99.5 — 94.4 5.1 Loans (1)(2) 648.6 644.9 — 6.0 638.9 Other financial assets (2)(3) 242.6 243.0 166.4 14.1 62.5 Liabilities Deposits $ 958.4 $ 955.6 $ — $ 816.1 $ 139.5 Federal funds purchased and securities loaned or sold under agreements to repurchase 115.6 115.6 — 115.6 — Long-term debt (4) 205.3 214.0 — 187.2 26.8 Other financial liabilities (5) 129.9 129.9 — 15.5 114.4 (1) The carrying value of loans is net of the Allowance for loan losses of $ 12.3 billion for September 30, 2018 and $12.4 billion for December 31, 2017 . In addition, the carrying values exclude $ 1.6 billion and $1.7 billion of lease finance receivables at September 30, 2018 and December 31, 2017 , 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 recoverables and other financial instruments included in Other assets on the Consolidated Balance Sheet, for all of which the carrying value is a reasonable estimate of fair value. (4) The carrying value includes long-term debt balances under qualifying fair value hedges. (5) Includes brokerage payables, separate and variable accounts, short-term borrowings (carried at cost) and other financial instruments included in Other liabilities on the Consolidated Balance Sheet, for all of which the carrying value is a reasonable estimate of fair value. |
FAIR VALUE ELECTIONS (Tables)
FAIR VALUE ELECTIONS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 of those items for which the fair value option has been elected: Changes in fair value—gains (losses) Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2018 2017 2018 2017 Assets Federal funds sold and securities borrowed and purchased under agreements to resell $ (17 ) $ (17 ) $ (14 ) $ (108 ) Trading account assets 3 581 (98 ) 1,243 Investments — — — (3 ) Loans Certain corporate loans 11 (61 ) (115 ) (42 ) Certain consumer loans — 1 — 3 Total loans $ 11 $ (60 ) $ (115 ) $ (39 ) Other assets MSRs $ 25 $ (6 ) $ 82 $ 50 Certain mortgage loans held-for-sale (1) 9 34 21 115 Total other assets $ 34 $ 28 $ 103 $ 165 Total assets $ 31 $ 532 $ (124 ) $ 1,258 Liabilities Interest-bearing deposits $ (20 ) $ (16 ) $ 18 $ (60 ) Federal funds purchased and securities loaned and sold under agreements to repurchase 230 97 104 183 Trading account liabilities 25 19 4 70 Short-term borrowings 20 (30 ) 138 (110 ) Long-term debt (270 ) (510 ) 1,269 (981 ) Total liabilities $ (15 ) $ (440 ) $ 1,533 $ (898 ) (1) Includes gains (losses) associated with interest rate lock commitments for those loans that have been originated and elected under the fair value option. |
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: September 30, 2018 December 31, 2017 In millions of dollars Trading assets Loans Trading assets Loans Carrying amount reported on the Consolidated Balance Sheet $ 8,922 $ 4,239 $ 8,851 $ 4,374 Aggregate unpaid principal balance in excess of (less than) fair value 432 538 623 682 Balance of non-accrual loans or loans more than 90 days past due — 1 — 1 Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due — — — 1 |
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: In millions of dollars September 30, December 31, 2017 Carrying amount reported on the Consolidated Balance Sheet $ 480 $ 426 Aggregate fair value in excess of (less than) unpaid principal balance 9 14 Balance of non-accrual loans or loans more than 90 days past due — — Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due — — |
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: In billions of dollars September 30, 2018 December 31, 2017 Interest rate linked $ 16.8 $ 13.9 Foreign exchange linked 0.4 0.3 Equity linked 15.2 13.0 Commodity linked 0.2 0.2 Credit linked 1.4 1.9 Total $ 34.0 $ 29.3 |
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: In millions of dollars September 30, 2018 December 31, 2017 Carrying amount reported on the Consolidated Balance Sheet $ 36,772 $ 31,392 Aggregate unpaid principal balance in excess of (less than) fair value 1,967 (579 ) |
Schedule of short-term borrowings carried at fair value | The following table provides information about short-term borrowings carried at fair value: In millions of dollars September 30, 2018 December 31, 2017 Carrying amount reported on the Consolidated Balance Sheet $ 5,042 $ 4,627 Aggregate unpaid principal balance in excess of fair value 781 74 |
GUARANTEES AND COMMITMENTS (Tab
GUARANTEES AND COMMITMENTS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Pledged Assets, Collateral, Guarantees and Commitments [Abstract] | |
Schedule of guarantor obligations | The following tables present information about Citi’s guarantees at September 30, 2018 and December 31, 2017 : Maximum potential amount of future payments In billions of dollars at September 30, 2018 except carrying value in millions Expire within 1 year Expire after 1 year Total amount outstanding Carrying value (in millions of dollars) Financial standby letters of credit $ 29.9 $ 65.5 $ 95.4 $ 165 Performance guarantees 7.8 4.0 11.8 30 Derivative instruments considered to be guarantees 21.2 84.5 105.7 307 Loans sold with recourse — 1.4 1.4 9 Securities lending indemnifications (1) 120.5 — 120.5 — Credit card merchant processing (1)(2) 95.5 — 95.5 — Credit card arrangements with partners — 1.1 1.1 162 Custody indemnifications and other — 38.6 38.6 62 Total $ 274.9 $ 195.1 $ 470.0 $ 735 Maximum potential amount of future payments In billions of dollars at December 31, 2017 except carrying value in millions Expire within 1 year Expire after 1 year Total amount outstanding Carrying value ( in millions of dollars) Financial standby letters of credit $ 27.9 $ 65.9 $ 93.8 $ 93 Performance guarantees 7.2 4.1 11.3 20 Derivative instruments considered to be guarantees 11.0 84.9 95.9 423 Loans sold with recourse — 1.4 1.4 9 Securities lending indemnifications (1) 103.7 — 103.7 — Credit card merchant processing (1)(2) 85.5 — 85.5 — Credit card arrangements with partners 0.3 1.1 1.4 205 Custody indemnifications and other — 36.0 36.0 59 Total $ 235.6 $ 193.4 $ 429.0 $ 809 (1) The carrying values of securities lending indemnifications and credit card merchant processing were not material for either period presented, as the probability of potential liabilities arising from these guarantees is minimal. (2) At September 30, 2018 and December 31, 2017 , this maximum potential exposure was estimated to be $96 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. |
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. 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 September 30, 2018 Investment grade Non-investment grade Not rated Total Financial standby letters of credit $ 68.0 $ 11.4 $ 16.0 $ 95.4 Performance guarantees 8.6 2.2 1.0 11.8 Derivative instruments deemed to be guarantees — — 105.7 105.7 Loans sold with recourse — — 1.4 1.4 Securities lending indemnifications — — 120.5 120.5 Credit card merchant processing — — 95.5 95.5 Credit card arrangements with partners — — 1.1 1.1 Custody indemnifications and other 25.7 12.9 — 38.6 Total $ 102.3 $ 26.5 $ 341.2 $ 470.0 Maximum potential amount of future payments In billions of dollars at December 31, 2017 Investment grade Non-investment grade Not rated Total Financial standby letters of credit $ 68.1 $ 10.9 $ 14.8 $ 93.8 Performance guarantees 7.9 2.4 1.0 11.3 Derivative instruments deemed to be guarantees — — 95.9 95.9 Loans sold with recourse — — 1.4 1.4 Securities lending indemnifications — — 103.7 103.7 Credit card merchant processing — — 85.5 85.5 Credit card arrangements with partners — — 1.4 1.4 Custody indemnifications and other 23.7 12.3 — 36.0 Total $ 99.7 $ 25.6 $ 303.7 $ 429.0 |
Schedule of credit commitments | The table below summarizes Citigroup’s credit commitments: In millions of dollars U.S. Outside of U.S. September 30, December 31, 2017 Commercial and similar letters of credit $ 798 $ 4,290 $ 5,088 $ 5,000 One- to four-family residential mortgages 1,199 1,709 2,908 2,674 Revolving open-end loans secured by one- to four-family residential properties 10,212 1,391 11,603 12,323 Commercial real estate, construction and land development 12,175 1,971 14,146 11,151 Credit card lines 605,614 94,646 700,260 678,300 Commercial and other consumer loan commitments 199,722 107,517 307,239 272,655 Other commitments and contingencies 3,165 516 3,681 3,071 Total $ 832,885 $ 212,040 $ 1,044,925 $ 985,174 |
Schedule of restricted cash | Restricted cash is included on the Consolidated Balance Sheet within the following balance sheet lines: In millions of dollars September 30, December 31, 2017 Cash and due from banks $ 3,488 $ 3,151 Deposits with banks 24,106 27,664 Total $ 27,594 $ 30,815 |
CONDENSED CONSOLIDATING FINAN_2
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidating Statements of Income and Comprehensive Income | Condensed Consolidating Statements of Income and Comprehensive Income Three Months Ended September 30, 2018 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 7,948 $ — $ — $ (7,948 ) $ — Interest revenue 1 2,291 15,878 — 18,170 Interest revenue—intercompany 1,281 424 (1,705 ) — — Interest expense 1,068 1,405 3,895 — 6,368 Interest expense—intercompany 492 899 (1,391 ) — — Net interest revenue $ (278 ) $ 411 $ 11,669 $ — $ 11,802 Commissions and fees $ — $ 1,194 $ 1,609 $ — $ 2,803 Commissions and fees—intercompany — 72 (72 ) — — Principal transactions (100 ) 581 2,085 — 2,566 Principal transactions—intercompany (303 ) (10 ) 313 — — Other income 266 325 627 — 1,218 Other income—intercompany (46 ) 57 (11 ) — — Total non-interest revenues $ (183 ) $ 2,219 $ 4,551 $ — $ 6,587 Total revenues, net of interest expense $ 7,487 $ 2,630 $ 16,220 $ (7,948 ) $ 18,389 Provisions for credit losses and for benefits and claims $ — $ 3 $ 1,971 $ — $ 1,974 Operating expenses Compensation and benefits $ 14 $ 1,148 $ 4,157 $ — $ 5,319 Compensation and benefits—intercompany 19 — (19 ) — — Other operating (201 ) 558 4,635 — 4,992 Other operating—intercompany 13 564 (577 ) — — Total operating expenses $ (155 ) $ 2,270 $ 8,196 $ — $ 10,311 Equity in undistributed income of subsidiaries $ (3,098 ) $ — $ — $ 3,098 $ — Income (loss) from continuing operations before income taxes $ 4,544 $ 357 $ 6,053 $ (4,850 ) $ 6,104 Provision (benefit) for income taxes (78 ) 169 1,380 — 1,471 Income (loss) from continuing operations $ 4,622 $ 188 $ 4,673 $ (4,850 ) $ 4,633 Loss from discontinued operations, net of taxes — — (8 ) — (8 ) Net income before attribution of noncontrolling interests $ 4,622 $ 188 $ 4,665 $ (4,850 ) $ 4,625 Noncontrolling interests — — 3 — 3 Net income (loss) $ 4,622 $ 188 $ 4,662 $ (4,850 ) $ 4,622 Comprehensive income Add: Other comprehensive income (loss) $ (1,151 ) $ (196 ) $ (458 ) $ 654 $ (1,151 ) Total Citigroup comprehensive income (loss) $ 3,471 $ (8 ) $ 4,204 $ (4,196 ) $ 3,471 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ 8 $ — $ 8 Add: Net income attributable to noncontrolling interests — — 3 — 3 Total comprehensive income (loss) $ 3,471 $ (8 ) $ 4,215 $ (4,196 ) $ 3,482 Condensed Consolidating Statements of Income and Comprehensive Income Three Months Ended September 30, 2017 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 5,360 $ — $ — $ (5,360 ) $ — Interest revenue — 1,442 14,472 — 15,914 Interest revenue—intercompany 1,040 313 (1,353 ) — — Interest expense 1,195 643 2,541 — 4,379 Interest expense—intercompany 240 580 (820 ) — — Net interest revenue $ (395 ) $ 532 $ 11,398 $ — $ 11,535 Commissions and fees $ — $ 1,262 $ 1,979 $ — $ 3,241 Commissions and fees—intercompany — 13 (13 ) — — Principal transactions 610 501 1,137 — 2,248 Principal transactions—intercompany 168 (401 ) 233 — — Other income (860 ) 729 1,526 — 1,395 Other income—intercompany 32 153 (185 ) — — Total non-interest revenues $ (50 ) $ 2,257 $ 4,677 $ — $ 6,884 Total revenues, net of interest expense $ 4,915 $ 2,789 $ 16,075 $ (5,360 ) $ 18,419 Provisions for credit losses and for benefits and claims $ — $ (1 ) $ 2,000 $ — $ 1,999 Operating expenses Compensation and benefits $ (3 ) $ 1,104 $ 4,203 $ — $ 5,304 Compensation and benefits—intercompany 46 — (46 ) — — Other operating (18 ) 560 4,571 — 5,113 Other operating—intercompany 8 310 (318 ) — — Total operating expenses $ 33 $ 1,974 $ 8,410 $ — $ 10,417 Equity in undistributed income of subsidiaries $ (1,015 ) $ — $ — $ 1,015 $ — Income (loss) from continuing operations before income taxes $ 3,867 $ 816 $ 5,665 $ (4,345 ) $ 6,003 Provision (benefit) for income taxes (266 ) — 324 1,808 — 1,866 Income (loss) from continuing operations $ 4,133 $ 492 $ 3,857 $ (4,345 ) $ 4,137 Loss from discontinued operations, net of taxes — — (5 ) — (5 ) Net income (loss) before attribution of noncontrolling interests $ 4,133 $ 492 $ 3,852 $ (4,345 ) $ 4,132 Noncontrolling interests — — (1 ) — (1 ) Net income (loss) $ 4,133 $ 492 $ 3,853 $ (4,345 ) $ 4,133 Comprehensive income Add: Other comprehensive income (loss) $ 8 $ (84 ) $ (762 ) $ 846 $ 8 Total Citigroup comprehensive income (loss) $ 4,141 $ 408 $ 3,091 $ (3,499 ) $ 4,141 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — — $ 12 $ — $ 12 Add: Net income attributable to noncontrolling interests — — — (1 ) — (1 ) Total comprehensive income (loss) $ 4,141 $ 408 $ 3,102 $ (3,499 ) $ 4,152 Condensed Consolidating Statements of Income and Comprehensive Income Nine Months Ended September 30, 2018 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 16,648 $ — $ — $ (16,648 ) $ — Interest revenue 67 6,344 45,641 — 52,052 Interest revenue—intercompany 3,636 1,206 (4,842 ) — — Interest expense 3,119 3,732 10,562 — 17,413 Interest expense—intercompany 1,467 2,567 (4,034 ) — — Net interest revenue $ (883 ) $ 1,251 $ 34,271 $ — $ 34,639 Commissions and fees $ — $ 3,793 $ 5,151 $ — $ 8,944 Commissions and fees—intercompany (1 ) 163 (162 ) — — Principal transactions (275 ) 805 7,476 — 8,006 Principal transactions—intercompany (1,161 ) 1,461 (300 ) — — Other income 817 666 2,658 — 4,141 Other income—intercompany (111 ) 88 23 — — Total non-interest revenues $ (731 ) $ 6,976 $ 14,846 $ — $ 21,091 Total revenues, net of interest expense $ 15,034 $ 8,227 $ 49,117 $ (16,648 ) $ 55,730 Provisions for credit losses and for benefits and claims $ — $ (21 ) $ 5,664 $ — $ 5,643 Operating expenses Compensation and benefits $ 149 $ 3,695 $ 12,734 $ — $ 16,578 Compensation and benefits—intercompany 82 — (82 ) — — Other operating (210 ) 1,684 13,896 — 15,370 Other operating—intercompany 38 1,835 (1,873 ) — — Total operating expenses $ 59 $ 7,214 $ 24,675 $ — $ 31,948 Equity in undistributed income of subsidiaries $ (2,060 ) $ — $ — $ 2,060 $ — Income (loss) from continuing operations before income taxes $ 12,915 $ 1,034 $ 18,778 $ (14,588 ) $ 18,139 Provision (benefit) for income taxes (817 ) 853 4,320 — 4,356 Income (loss) from continuing operations $ 13,732 $ 181 $ 14,458 $ (14,588 ) $ 13,783 Net income (loss) before attribution of noncontrolling interests $ 13,732 $ 181 $ 14,458 $ (14,588 ) $ 13,783 Noncontrolling interests — — 51 — 51 Net income (loss) $ 13,732 $ 181 $ 14,407 $ (14,588 ) $ 13,732 Comprehensive income Add: Other comprehensive income (loss) $ (3,974 ) $ (186 ) $ 1,787 $ (1,601 ) $ (3,974 ) Total Citigroup comprehensive income (loss) $ 9,758 $ (5 ) $ 16,194 $ (16,189 ) $ 9,758 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ (35 ) $ — $ (35 ) Add: Net income attributable to noncontrolling interests — — 51 — 51 Total comprehensive income (loss) $ 9,758 $ (5 ) $ 16,210 $ (16,189 ) $ 9,774 Condensed Consolidating Statements of Income and Comprehensive Income Nine Months Ended September 30, 2017 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 11,625 $ — $ — $ (11,625 ) $ — Interest revenue — 3,873 41,856 — 45,729 Interest revenue—intercompany 2,909 847 (3,756 ) — — Interest expense 3,549 1,578 6,854 — 11,981 Interest expense—intercompany 593 1,666 (2,259 ) — — Net interest revenue $ (1,233 ) $ 1,476 $ 33,505 $ — $ 33,748 Commissions and fees $ — $ 3,933 $ 5,619 $ — $ 9,552 Commissions and fees—intercompany (1 ) 123 (122 ) — — Principal transactions 1,569 2,377 4,039 — 7,985 Principal transactions—intercompany 768 (207 ) (561 ) — — Other income (2,500 ) 868 5,287 — 3,655 Other income—intercompany 70 156 (226 ) — — Total non-interest revenues $ (94 ) $ 7,250 $ 14,036 $ — $ 21,192 Total revenues, net of interest expense $ 10,298 $ 8,726 $ 47,541 $ (11,625 ) $ 54,940 Provisions for credit losses and for benefits and claims $ — $ — $ 5,378 $ — $ 5,378 Operating expenses Compensation and benefits $ (18 ) $ 3,578 $ 12,741 $ — $ 16,301 Compensation and benefits—intercompany 97 — (97 ) — — Other operating (334 ) 1,605 14,328 — 15,599 Other operating—intercompany (41 ) 1,633 (1,592 ) — — Total operating expenses $ (296 ) $ 6,816 $ 25,380 $ — $ 31,900 Equity in undistributed income of subsidiaries $ 755 $ — $ — $ (755 ) $ — Income (loss) from continuing operations before income taxes $ 11,349 $ 1,910 $ 16,783 $ (12,380 ) $ 17,662 Provision (benefit) for income taxes (746 ) 800 5,470 — 5,524 Income (loss) from continuing operations $ 12,095 $ 1,110 $ 11,313 $ (12,380 ) $ 12,138 Loss from discontinued operations, net of taxes — — (2 ) — (2 ) Net income (loss) before attribution of noncontrolling interests $ 12,095 $ 1,110 $ 11,311 $ (12,380 ) $ 12,136 Noncontrolling interests — — 41 — 41 Net income (loss) $ 12,095 $ 1,110 $ 11,270 $ (12,380 ) $ 12,095 Comprehensive income Add: Other comprehensive income (loss) $ 1,986 $ (142 ) $ (4,638 ) $ 4,780 $ 1,986 Total Citigroup comprehensive income (loss) $ 14,081 $ 968 $ 6,632 $ (7,600 ) $ 14,081 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ 82 $ — $ 82 Add: Net income attributable to noncontrolling interests — — 41 — 41 Total comprehensive income (loss) $ 14,081 $ 968 $ 6,755 $ (7,600 ) $ 14,204 |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet September 30, 2018 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Assets Cash and due from banks $ 1 $ 543 $ 25,183 $ — $ 25,727 Cash and due from banks—intercompany 17 2,104 (2,121 ) — — Deposits with banks — 3,302 170,257 — 173,559 Deposits with banks—intercompany 3,000 6,386 (9,386 ) — — Federal funds sold and resale agreements — 227,147 53,794 — 280,941 Federal funds sold and resale agreements—intercompany — 19,572 (19,572 ) — — Trading account assets 258 144,440 112,804 — 257,502 Trading account assets—intercompany 963 2,934 (3,897 ) — — Investments 7 215 345,291 — 345,513 Loans, net of unearned income — 1,518 673,391 — 674,909 Loans, net of unearned income—intercompany — — — — — Allowance for loan losses — — (12,336 ) — (12,336 ) Total loans, net $ — $ 1,518 $ 661,055 $ — $ 662,573 Advances to subsidiaries $ 146,339 $ — $ (146,339 ) $ — $ — Investments in subsidiaries 203,896 — — (203,896 ) — Other assets (1) 12,517 67,087 99,746 — 179,350 Other assets—intercompany 3,638 45,654 (49,292 ) — — Total assets $ 370,636 $ 520,902 $ 1,237,523 $ (203,896 ) $ 1,925,165 Liabilities and equity Deposits $ — $ — $ 1,005,176 $ — $ 1,005,176 Deposits—intercompany — — — — — Federal funds purchased and securities loaned and sold — 154,341 21,574 — 175,915 Federal funds purchased and securities loaned and sold—intercompany — 34,948 (34,948 ) — — Trading account liabilities 16 94,163 53,473 — 147,652 Trading account liabilities—intercompany 448 3,143 (3,591 ) — — Short-term borrowings 254 4,358 29,158 — 33,770 Short-term borrowings—intercompany — 18,100 (18,100 ) — — Long-term debt 148,183 24,324 62,763 — 235,270 Long-term debt—intercompany — 65,811 (65,811 ) — — Advances from subsidiaries 21,965 — (21,965 ) — — Other liabilities 2,440 73,178 53,901 — 129,519 Other liabilities—intercompany 326 16,369 (16,695 ) — — Stockholders’ equity 197,004 32,167 172,588 (203,896 ) 197,863 Total liabilities and equity $ 370,636 $ 520,902 $ 1,237,523 $ (203,896 ) $ 1,925,165 (1) Other assets for Citigroup parent company at September 30, 2018 included $ 30.9 billion of placements to Citibank and its branches, of which $ 18.1 billion had a remaining term of less than 30 days. Condensed Consolidating Balance Sheet December 31, 2017 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Assets Cash and due from banks $ — $ 378 $ 23,397 $ — $ 23,775 Cash and due from banks—intercompany 13 3,750 (3,763 ) — — Deposits with banks — 3,348 153,393 — 156,741 Deposits with banks—intercompany 11,000 5,219 (16,219 ) — — Federal funds sold and resale agreements — 182,685 49,793 — 232,478 Federal funds sold and resale agreements—intercompany — 16,091 (16,091 ) — — Trading account assets — 139,462 113,328 — 252,790 Trading account assets—intercompany 38 2,711 (2,749 ) — — Investments 27 181 352,082 — 352,290 Loans, net of unearned income — 900 666,134 — 667,034 Loans, net of unearned income—intercompany — — — — — Allowance for loan losses — — (12,355 ) — (12,355 ) Total loans, net $ — $ 900 $ 653,779 $ — $ 654,679 Advances to subsidiaries $ 139,722 $ — $ (139,722 ) $ — $ — Investments in subsidiaries 210,537 — — (210,537 ) — Other assets (1) 10,844 58,299 100,569 — 169,712 Other assets—intercompany 3,428 43,613 (47,041 ) — — Total assets $ 375,609 $ 456,637 $ 1,220,756 $ (210,537 ) $ 1,842,465 Liabilities and equity Deposits $ — $ — $ 959,822 $ — $ 959,822 Deposits—intercompany — — — — — Federal funds purchased and securities loaned and sold — 134,888 21,389 — 156,277 Federal funds purchased and securities loaned and sold—intercompany — 18,597 (18,597 ) — — Trading account liabilities — 80,801 44,369 — 125,170 Trading account liabilities—intercompany 15 2,182 (2,197 ) — — Short-term borrowings 251 3,568 40,633 — 44,452 Short-term borrowings—intercompany — 32,871 (32,871 ) — — Long-term debt 152,163 18,048 66,498 — 236,709 Long-term debt—intercompany — 60,765 (60,765 ) — — Advances from subsidiaries 19,136 — (19,136 ) — — Other liabilities 2,673 62,113 53,577 — 118,363 Other liabilities—intercompany 631 9,753 (10,384 ) — — Stockholders’ equity 200,740 33,051 178,418 (210,537 ) 201,672 Total liabilities and equity $ 375,609 $ 456,637 $ 1,220,756 $ (210,537 ) $ 1,842,465 (1) Other assets for Citigroup parent company at December 31, 2017 included $29.7 billion of placements to Citibank and its branches, of which $18.9 billion had a remaining term of less than 30 days. |
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2018 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Net cash provided by operating activities of continuing operations $ 12,581 $ 16,232 $ 1,253 $ — $ 30,066 Cash flows from investing activities of continuing operations Purchases of investments $ (7,955 ) $ (18 ) $ (121,081 ) $ — $ (129,054 ) Proceeds from sales of investments 7,634 3 44,533 — 52,170 Proceeds from maturities of investments — — 82,940 — 82,940 Change in loans — — (16,131 ) — (16,131 ) Proceeds from sales and securitizations of loans — — 4,021 — 4,021 Proceeds from significant disposals — — 314 — 314 Change in federal funds sold and resales — (47,943 ) (519 ) — (48,462 ) Changes in investments and advances—intercompany (7,769 ) (2,338 ) 10,107 — — Other investing activities 214 (41 ) (2,534 ) — (2,361 ) Net cash provided by (used in) investing activities of continuing operations $ (7,876 ) $ (50,337 ) $ 1,650 $ — $ (56,563 ) Cash flows from financing activities of continuing operations Dividends paid $ (3,616 ) $ — $ — $ — $ (3,616 ) Redemption of preferred stock (218 ) — — — (218 ) Treasury stock acquired (9,848 ) — — — (9,848 ) Proceeds (repayments) from issuance of long-term debt, net (883 ) 7,538 (829 ) — 5,826 Proceeds (repayments) from issuance of long-term debt—intercompany, net — 5,048 (5,048 ) — — Change in deposits — — 45,354 — 45,354 Change in federal funds purchased and repos — 35,804 (16,166 ) — 19,638 Change in short-term borrowings 32 790 (11,503 ) — (10,681 ) Net change in short-term borrowings and other advances—intercompany 2,312 (14,771 ) 12,459 — — Capital contributions from (to) parent — (663 ) 663 — — Other financing activities (479 ) — — — (479 ) Net cash provided by (used in) financing activities of continuing operations $ (12,700 ) $ 33,746 $ 24,930 $ — $ 45,976 Effect of exchange rate changes on cash and due from banks $ — $ — $ (709 ) $ — $ (709 ) Change in cash and due from banks and deposits with banks $ (7,995 ) $ (359 ) $ 27,124 $ — $ 18,770 Cash and due from banks and deposits with banks at beginning of period 11,013 12,695 156,808 — 180,516 Cash and due from banks and deposits with banks at end of period $ 3,018 $ 12,336 $ 183,932 $ — $ 199,286 Cash and due from banks $ 18 $ 2,648 $ 23,061 $ — $ 25,727 Deposits with banks 3,000 9,688 160,871 — 173,559 Cash and due from banks and deposits with banks at end of period $ 3,018 $ 12,336 $ 183,932 $ — $ 199,286 Supplemental disclosure of cash flow information for continuing operations Cash paid during the year for income taxes $ 873 $ 138 $ 2,250 $ — $ 3,261 Cash paid during the year for interest 2,870 6,045 7,363 — 16,278 Non-cash investing activities Transfers to loans HFS from loans $ — $ — $ 3,300 $ — $ 3,300 Transfers to OREO and other repossessed assets — — 94 — 94 Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2017 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Net cash provided by (used in) operating activities of continuing operations $ 5,712 $ (15,236 ) $ 6,063 $ — $ (3,461 ) Cash flows from investing activities of continuing operations Purchases of investments $ — $ — $ (151,362 ) $ — $ (151,362 ) Proceeds from sales of investments 132 — 89,592 — 89,724 Proceeds from maturities of investments — — 67,166 — 67,166 Change in loans — — (41,569 ) — (41,569 ) Proceeds from sales and securitizations of loans — — 7,019 — 7,019 Proceeds from significant disposals — — 3,411 — 3,411 Change in federal funds sold and resales — (8,840 ) (6,955 ) — (15,795 ) Changes in investments and advances—intercompany 13,269 (5,439 ) (7,830 ) — — Other investing activities — — (2,054 ) — (2,054 ) Net cash provided by (used in) investing activities of continuing operations $ 13,401 $ (14,279 ) $ (42,582 ) $ — $ (43,460 ) Cash flows from financing activities of continuing operations Dividends paid $ (2,639 ) $ — $ — $ — $ (2,639 ) Treasury stock acquired (9,071 ) — — — (9,071 ) Proceeds from issuance of long-term debt, net 6,665 4,385 11,458 — 22,508 Proceeds (repayments) from issuance of long-term debt—intercompany, net — (1,300 ) 1,300 — — Change in deposits — — 34,632 — 34,632 Change in federal funds purchased and repos — 6,910 12,551 — 19,461 Change in short-term borrowings 44 1,865 5,539 — 7,448 Net change in short-term borrowings and other advances—intercompany (23,342 ) 6,573 16,769 — — Capital contributions from parent — (60 ) 60 — — Other financing activities (402 ) — — — (402 ) Net cash provided by (used in) financing activities of continuing operations $ (28,745 ) $ 18,373 $ 82,309 $ — $ 71,937 Effect of exchange rate changes on cash and due from banks $ — $ — $ 599 $ — $ 599 Change in cash and due from banks and deposits with banks $ (9,632 ) $ (11,142 ) $ 46,389 $ — $ 25,615 Cash and due from banks and deposits with banks at beginning of period 20,811 25,118 114,565 — 160,494 Cash and due from banks and deposits with banks at end of period $ 11,179 $ 13,976 $ 160,954 $ — $ 186,109 Cash and due from banks $ 179 $ 4,519 $ 17,906 $ — $ 22,604 Deposits with banks 11,000 9,457 143,048 — 163,505 Cash and due from banks and deposits with banks at end of period $ 11,179 $ 13,976 $ 160,954 $ — $ 186,109 Supplemental disclosure of cash flow information for continuing operations Cash paid (received) during the year for income taxes $ (772 ) $ 470 $ 3,016 $ — $ 2,714 Cash paid during the year for interest 3,319 3,175 5,110 — 11,604 Non-cash investing activities Transfers to loans HFS from loans $ — $ — $ 3,800 $ — $ 3,800 Transfers to OREO and other repossessed assets — — 85 — 85 |
BASIS OF PRESENTATION AND ACC_3
BASIS OF PRESENTATION AND ACCOUNTING CHANGES - Accounting Changes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Jun. 30, 2018 | Jan. 01, 2018 | Jun. 30, 2017 | Jan. 01, 2017 | Dec. 31, 2016 | Jan. 01, 2016 | ||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||
Revenue | $ 18,389 | $ 18,419 | $ 55,730 | $ 54,940 | ||||||||
Operating expenses | 10,311 | 10,417 | 31,948 | 31,900 | ||||||||
Decrease in retained earnings | (148,436) | (148,436) | $ (138,425) | |||||||||
Available for sale debt securities | 284,782 | 284,782 | 290,725 | |||||||||
Held to maturity securities | 53,249 | 53,249 | 53,320 | |||||||||
Reclassification into AOCI | (38,645) | (38,645) | (34,668) | |||||||||
Net cash used in investing activities of continuing operations | (56,563) | (43,460) | ||||||||||
Net reduction to total stockholders' equity | (197,863) | (228,622) | (197,863) | (228,622) | (201,672) | |||||||
Accounting Standards Update 2016-16 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||
Increase in DTAs | $ 300 | |||||||||||
Decrease in retained earnings | 80 | |||||||||||
Decrease in prepaid taxes | 380 | |||||||||||
Accounting Standards Update 2017-12 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||
Available for sale debt securities | 4,000 | |||||||||||
Held to maturity securities | (4,000) | |||||||||||
Accounting Standards Update 2016-01 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||
Decrease in retained earnings | $ 15 | |||||||||||
Reclassification into AOCI | $ 15 | |||||||||||
Accounting Standards Update 2016-01 And 2018-03 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||
Cumulative effect adjustment after tax | $ 3 | |||||||||||
Accounting Standards Update 2016-18 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||
Net cash used in investing activities of continuing operations | 26,100 | |||||||||||
Early adoption | Accounting Standards Update 2017-08 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||
Net reduction to total stockholders' equity | $ 156 | |||||||||||
Retained earnings | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||
Cumulative effect adjustment after tax | [1] | (84) | $ 0 | $ 0 | $ (660) | |||||||
Net reduction to total stockholders' equity | (148,436) | (155,174) | (148,436) | (155,174) | (138,425) | (145,211) | (152,178) | (146,477) | ||||
Retained earnings | Early adoption | Accounting Standards Update 2017-08 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||
Cumulative effect adjustment after tax | (660) | |||||||||||
Accumulated other comprehensive income (loss) | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||
Cumulative effect adjustment after tax | [1] | (3) | 0 | 0 | 504 | |||||||
Net reduction to total stockholders' equity | 38,645 | $ 29,891 | 38,645 | $ 29,891 | 34,668 | $ 37,494 | $ 29,899 | $ 32,381 | ||||
Accumulated other comprehensive income (loss) | Early adoption | Accounting Standards Update 2017-08 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||
Cumulative effect adjustment after tax | $ 504 | |||||||||||
Restatement Adjustment | Accounting Standards Update 2014-09 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||
Revenue | 250 | 750 | 1,000 | |||||||||
Operating expenses | $ 250 | $ 750 | $ 1,000 | |||||||||
[1] | See Note 1 to the Consolidated Financial Statements for additional details. |
DISCONTINUED OPERATIONS AND S_3
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS - Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Results of Discontinued Operations | ||||
Total revenues, net of interest expense | $ 0 | $ 0 | $ 0 | $ 0 |
Loss from discontinued operations | (8) | (9) | (17) | (4) |
Benefit for income taxes | 0 | (4) | (17) | (2) |
Loss from discontinued operations, net of taxes | $ (8) | $ (5) | $ 0 | $ (2) |
DISCONTINUED OPERATIONS AND S_4
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS - Significant Disposals (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 21, 2018 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Pretax gain on sale | [1] | $ 247 | $ 602 | ||
Mexico Asset Management Business | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net assets derecognized | $ 96 | ||||
Goodwill | $ 32 | ||||
Pretax gain on sale | $ 250 | ||||
After-tax gain on sale | $ 150 | ||||
[1] | See Note 2 to the Consolidated Financial Statements for further information on significant disposals. |
BUSINESS SEGMENTS (Details)
BUSINESS SEGMENTS (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Segment reporting information | |||||
Revenues, net of interest expense | $ 18,389 | $ 18,419 | $ 55,730 | $ 54,940 | |
Provision (benefits) for income taxes | 1,471 | 1,866 | 4,356 | 5,524 | |
Income (loss) from continuing operations | 4,633 | 4,137 | 13,783 | 12,138 | |
Identifiable assets | 1,925,165 | 1,925,165 | $ 1,842,465 | ||
Provisions for credit losses and for benefits and claims | 1,974 | 1,999 | 5,643 | 5,378 | |
Operating Segments | Citicorp | North America | |||||
Segment reporting information | |||||
Revenues, net of interest expense | 8,500 | 8,900 | 25,400 | 26,000 | |
Operating Segments | Citicorp | EMEA | |||||
Segment reporting information | |||||
Revenues, net of interest expense | 2,900 | 2,700 | 9,100 | 8,400 | |
Operating Segments | Citicorp | Latin America | |||||
Segment reporting information | |||||
Revenues, net of interest expense | 2,700 | 2,500 | 7,800 | 7,200 | |
Operating Segments | Citicorp | Asia | |||||
Segment reporting information | |||||
Revenues, net of interest expense | 3,800 | 3,800 | 11,800 | 10,900 | |
Operating Segments | Global Consumer Banking | |||||
Segment reporting information | |||||
Revenues, net of interest expense | 8,654 | 8,470 | 25,337 | 24,389 | |
Provision (benefits) for income taxes | 493 | 635 | 1,357 | 1,863 | |
Income (loss) from continuing operations | 1,567 | 1,170 | 4,240 | 3,296 | |
Identifiable assets | 427,000 | 427,000 | 428,000 | ||
Provisions for credit losses and for benefits and claims | 1,900 | 2,200 | 5,700 | 5,800 | |
Operating Segments | Institutional Clients Group | |||||
Segment reporting information | |||||
Revenues, net of interest expense | 9,241 | 9,430 | 28,780 | 28,170 | |
Provision (benefits) for income taxes | 862 | 1,394 | 2,890 | 4,096 | |
Income (loss) from continuing operations | 3,117 | 3,062 | 9,683 | 8,853 | |
Identifiable assets | 1,404,000 | 1,404,000 | 1,336,000 | ||
Provisions for credit losses and for benefits and claims | 71 | (164) | 55 | (282) | |
Corporate/Other | |||||
Segment reporting information | |||||
Revenues, net of interest expense | 494 | 519 | 1,613 | 2,381 | |
Provision (benefits) for income taxes | 116 | (163) | 109 | (435) | |
Income (loss) from continuing operations | (51) | (95) | (140) | (11) | |
Identifiable assets | 94,000 | 94,000 | $ 78,000 | ||
Provisions for credit losses and for benefits and claims | $ (30) | $ (50) | $ (155) | $ (130) |
INTEREST REVENUE AND EXPENSE (D
INTEREST REVENUE AND EXPENSE (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Interest revenue | ||||
Loan interest, including fees | $ 11,639 | $ 10,745 | $ 33,721 | $ 31,082 |
Deposits with banks | 629 | 486 | 1,554 | 1,156 |
Federal funds sold and securities borrowed or purchased under agreements to resell | 1,425 | 858 | 3,800 | 2,348 |
Investments, including dividends | 2,388 | 2,104 | 6,996 | 6,122 |
Trading account assets | 1,655 | 1,429 | 4,789 | 4,175 |
Other interest | 434 | 292 | 1,192 | 846 |
Total interest revenue | 18,170 | 15,914 | 52,052 | 45,729 |
Interest expense | ||||
Deposits | 2,580 | 1,775 | 6,821 | 4,793 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 1,250 | 712 | 3,423 | 1,881 |
Trading account liabilities | 273 | 169 | 724 | 462 |
Short-term borrowings | 578 | 318 | 1,572 | 719 |
Long-term debt | 1,687 | 1,405 | 4,873 | 4,126 |
Total interest expense | 6,368 | 4,379 | 17,413 | 11,981 |
Net interest revenue | 11,802 | 11,535 | 34,639 | 33,748 |
Provision for loan losses | 1,906 | 2,146 | 5,504 | 5,487 |
Net interest revenue after provision for loan losses | 9,896 | 9,389 | 29,135 | 28,261 |
Insurance fees and charges | $ 311 | $ 301 | $ 1,006 | $ 935 |
COMMISSIONS AND FEES; ADMINIS_3
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Brokerage commissions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue recognized | $ 130 | $ 107 | $ 402 | $ 302 |
Insurance distribution revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue recognized | $ 92 | $ 115 | $ 296 | $ 342 |
COMMISSIONS AND FEES; ADMINIS_4
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES - Commissions and Fees Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Commissions and fees | ||||
Commissions and fees | $ 2,803 | $ 3,241 | $ 8,944 | $ 9,552 |
Investment banking | ||||
Commissions and fees | ||||
Commissions and fees | 856 | 961 | 2,695 | 2,840 |
Brokerage commissions | ||||
Commissions and fees | ||||
Commissions and fees | 652 | 682 | 2,164 | 2,049 |
Interchange fees | ||||
Commissions and fees | ||||
Commissions and fees | 2,332 | 2,178 | 6,778 | 6,299 |
Card-related loan fees | ||||
Commissions and fees | ||||
Commissions and fees | 188 | 198 | 533 | 606 |
Card rewards and partner payments | ||||
Commissions and fees | ||||
Commissions and fees | (2,255) | (1,935) | (6,456) | (5,717) |
Deposit-related fees | ||||
Commissions and fees | ||||
Commissions and fees | 399 | 441 | 1,215 | 1,262 |
Transactional service fees | ||||
Commissions and fees | ||||
Commissions and fees | 194 | 217 | 611 | 674 |
Corporate finance | ||||
Commissions and fees | ||||
Commissions and fees | 146 | 185 | 510 | 620 |
Insurance distribution revenue | ||||
Commissions and fees | ||||
Commissions and fees | 143 | 164 | 448 | 493 |
Insurance premiums | ||||
Commissions and fees | ||||
Commissions and fees | 29 | 31 | 92 | 93 |
Loan servicing | ||||
Commissions and fees | ||||
Commissions and fees | 77 | 88 | 238 | 277 |
Other | ||||
Commissions and fees | ||||
Commissions and fees | 42 | 31 | 116 | 56 |
Overdraft fees | ||||
Commissions and fees | ||||
Commissions and fees | 33 | 35 | 95 | 101 |
Commissions and fees | ||||
Commissions and fees | ||||
Revenue not accounted for under ASC 606, Revenue from Contracts with Customers | (1,774) | (1,398) | (4,967) | (4,023) |
ICG | ||||
Commissions and fees | ||||
Commissions and fees | 2,078 | 2,232 | 6,592 | 6,650 |
ICG | Investment banking | ||||
Commissions and fees | ||||
Commissions and fees | 856 | 961 | 2,695 | 2,840 |
ICG | Brokerage commissions | ||||
Commissions and fees | ||||
Commissions and fees | 453 | 459 | 1,510 | 1,431 |
ICG | Interchange fees | ||||
Commissions and fees | ||||
Commissions and fees | 268 | 242 | 804 | 705 |
ICG | Card-related loan fees | ||||
Commissions and fees | ||||
Commissions and fees | 16 | 13 | 47 | 39 |
ICG | Card rewards and partner payments | ||||
Commissions and fees | ||||
Commissions and fees | (125) | (105) | (375) | (316) |
ICG | Deposit-related fees | ||||
Commissions and fees | ||||
Commissions and fees | 239 | 249 | 711 | 696 |
ICG | Transactional service fees | ||||
Commissions and fees | ||||
Commissions and fees | 171 | 185 | 543 | 556 |
ICG | Corporate finance | ||||
Commissions and fees | ||||
Commissions and fees | 145 | 183 | 506 | 616 |
ICG | Insurance distribution revenue | ||||
Commissions and fees | ||||
Commissions and fees | 3 | 5 | 13 | 10 |
ICG | Insurance premiums | ||||
Commissions and fees | ||||
Commissions and fees | 0 | 0 | 0 | 0 |
ICG | Loan servicing | ||||
Commissions and fees | ||||
Commissions and fees | 42 | 38 | 118 | 109 |
ICG | Other | ||||
Commissions and fees | ||||
Commissions and fees | 10 | 2 | 20 | (36) |
GCB | ||||
Commissions and fees | ||||
Commissions and fees | 718 | 919 | 2,296 | 2,593 |
GCB | Investment banking | ||||
Commissions and fees | ||||
Commissions and fees | 0 | 0 | 0 | 0 |
GCB | Brokerage commissions | ||||
Commissions and fees | ||||
Commissions and fees | 199 | 222 | 654 | 615 |
GCB | Interchange fees | ||||
Commissions and fees | ||||
Commissions and fees | 2,063 | 1,912 | 5,963 | 5,507 |
GCB | Card-related loan fees | ||||
Commissions and fees | ||||
Commissions and fees | 172 | 172 | 474 | 526 |
GCB | Card rewards and partner payments | ||||
Commissions and fees | ||||
Commissions and fees | (2,130) | (1,822) | (6,070) | (5,352) |
GCB | Deposit-related fees | ||||
Commissions and fees | ||||
Commissions and fees | 160 | 188 | 503 | 554 |
GCB | Transactional service fees | ||||
Commissions and fees | ||||
Commissions and fees | 22 | 21 | 64 | 74 |
GCB | Corporate finance | ||||
Commissions and fees | ||||
Commissions and fees | 1 | 2 | 4 | 4 |
GCB | Insurance distribution revenue | ||||
Commissions and fees | ||||
Commissions and fees | 144 | 142 | 429 | 425 |
GCB | Insurance premiums | ||||
Commissions and fees | ||||
Commissions and fees | 31 | 32 | 96 | 97 |
GCB | Loan servicing | ||||
Commissions and fees | ||||
Commissions and fees | 27 | 25 | 89 | 79 |
GCB | Other | ||||
Commissions and fees | ||||
Commissions and fees | 29 | 25 | 90 | 64 |
Corporate/Other | ||||
Commissions and fees | ||||
Commissions and fees | 7 | 90 | 56 | 309 |
Corporate/Other | Investment banking | ||||
Commissions and fees | ||||
Commissions and fees | 0 | 0 | 0 | 0 |
Corporate/Other | Brokerage commissions | ||||
Commissions and fees | ||||
Commissions and fees | 0 | 1 | 0 | 3 |
Corporate/Other | Interchange fees | ||||
Commissions and fees | ||||
Commissions and fees | 1 | 24 | 11 | 87 |
Corporate/Other | Card-related loan fees | ||||
Commissions and fees | ||||
Commissions and fees | 0 | 13 | 12 | 41 |
Corporate/Other | Card rewards and partner payments | ||||
Commissions and fees | ||||
Commissions and fees | 0 | (8) | (11) | (49) |
Corporate/Other | Deposit-related fees | ||||
Commissions and fees | ||||
Commissions and fees | 0 | 4 | 1 | 12 |
Corporate/Other | Transactional service fees | ||||
Commissions and fees | ||||
Commissions and fees | 1 | 11 | 4 | 44 |
Corporate/Other | Corporate finance | ||||
Commissions and fees | ||||
Commissions and fees | 0 | 0 | 0 | 0 |
Corporate/Other | Insurance distribution revenue | ||||
Commissions and fees | ||||
Commissions and fees | (4) | 17 | 6 | 58 |
Corporate/Other | Insurance premiums | ||||
Commissions and fees | ||||
Commissions and fees | (2) | (1) | (4) | (4) |
Corporate/Other | Loan servicing | ||||
Commissions and fees | ||||
Commissions and fees | 8 | 25 | 31 | 89 |
Corporate/Other | Other | ||||
Commissions and fees | ||||
Commissions and fees | $ 3 | $ 4 | $ 6 | $ 28 |
COMMISSIONS AND FEES; ADMINIS_5
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES - Administration and Other Fiduciary Fees (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Commissions and fees | ||||
Administration and other fiduciary fees | $ 911 | $ 929 | $ 2,750 | $ 2,672 |
Custody fees | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 430 | 455 | 1,321 | 1,299 |
Custody fees | ICG | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 371 | 397 | 1,138 | 1,135 |
Custody fees | GCB | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 41 | 44 | 133 | 123 |
Custody fees | Corporate/Other | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 18 | 14 | 50 | 41 |
Fiduciary fees | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 330 | 324 | 978 | 927 |
Fiduciary fees | ICG | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 160 | 149 | 492 | 437 |
Fiduciary fees | GCB | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 158 | 157 | 455 | 431 |
Fiduciary fees | Corporate/Other | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 12 | 18 | 31 | 59 |
Guarantee fees | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 151 | 150 | 451 | 446 |
Guarantee fees | ICG | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 136 | 134 | 403 | 400 |
Guarantee fees | GCB | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 14 | 13 | 43 | 39 |
Guarantee fees | Corporate/Other | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 1 | 3 | 5 | 7 |
Administration and other fiduciary fees | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 911 | 929 | 2,750 | 2,672 |
Revenue not accounted for under ASC 606, Revenue from Contracts with Customers | 151 | 150 | 451 | 446 |
Administration and other fiduciary fees | ICG | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 667 | 680 | 2,033 | 1,972 |
Administration and other fiduciary fees | GCB | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 213 | 214 | 631 | 593 |
Administration and other fiduciary fees | Corporate/Other | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | $ 31 | $ 35 | $ 86 | $ 107 |
PRINCIPAL TRANSACTIONS (Details
PRINCIPAL TRANSACTIONS (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Principal transactions revenue | ||||
Principal transactions revenue | $ 2,566 | $ 2,248 | $ 8,006 | $ 7,985 |
Interest rate risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 1,403 | 1,180 | 4,576 | 4,421 |
Foreign exchange risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 467 | 606 | 1,387 | 1,942 |
Equity risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 311 | 154 | 997 | 440 |
Commodity and other risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 244 | 112 | 544 | 434 |
Credit products and risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | $ 141 | $ 196 | $ 502 | $ 748 |
RETIREMENT BENEFITS - Net (Bene
RETIREMENT BENEFITS - Net (Benefit) Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
U.S. | Pension Plans | ||||
Service-related expense | ||||
Benefits earned during the period | $ 0 | $ 1 | $ 1 | $ 2 |
Interest cost on benefit obligation | 132 | 131 | 381 | 406 |
Expected return on plan assets | (210) | (217) | (634) | (650) |
Amortization of unrecognized: | ||||
Prior service benefit | 0 | 0 | 0 | 1 |
Net actuarial loss | 39 | 45 | 128 | 129 |
Curtailment loss | 0 | 1 | 1 | 4 |
Settlement loss | 0 | 0 | 0 | 0 |
Total net (benefit) expense | (39) | (39) | (123) | (108) |
U.S. | Postretirement Benefit Plans | ||||
Service-related expense | ||||
Benefits earned during the period | 0 | 0 | 0 | 0 |
Interest cost on benefit obligation | 6 | 9 | 19 | 20 |
Expected return on plan assets | (4) | (2) | (10) | (5) |
Amortization of unrecognized: | ||||
Prior service benefit | 0 | 0 | 0 | 0 |
Net actuarial loss | 0 | 0 | 0 | 0 |
Curtailment loss | 0 | 0 | 0 | 0 |
Settlement loss | 0 | 0 | 0 | 0 |
Total net (benefit) expense | 2 | 7 | 9 | 15 |
Non-U.S. plans | Pension Plans | ||||
Service-related expense | ||||
Benefits earned during the period | 35 | 38 | 111 | 112 |
Interest cost on benefit obligation | 73 | 76 | 220 | 221 |
Expected return on plan assets | (71) | (77) | (221) | (223) |
Amortization of unrecognized: | ||||
Prior service benefit | (1) | (1) | (3) | (3) |
Net actuarial loss | 14 | 15 | 41 | 46 |
Curtailment loss | 0 | 0 | 0 | 0 |
Settlement loss | 0 | 4 | 5 | 8 |
Total net (benefit) expense | 50 | 55 | 153 | 161 |
Non-U.S. plans | Postretirement Benefit Plans | ||||
Service-related expense | ||||
Benefits earned during the period | 2 | 3 | 7 | 7 |
Interest cost on benefit obligation | 26 | 27 | 77 | 76 |
Expected return on plan assets | (22) | (24) | (67) | (67) |
Amortization of unrecognized: | ||||
Prior service benefit | (2) | (2) | (7) | (7) |
Net actuarial loss | 7 | 8 | 22 | 25 |
Curtailment loss | 0 | 0 | 0 | 0 |
Settlement loss | 0 | 0 | 0 | 0 |
Total net (benefit) expense | $ 11 | $ 12 | $ 32 | $ 34 |
RETIREMENT BENEFITS - Funded St
RETIREMENT BENEFITS - Funded Status and Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
U.S. | Pension Plans | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | $ 14,040 | $ 14,040 | ||||
Benefits earned during the period | $ 0 | $ 1 | 1 | $ 2 | ||
Interest cost on benefit obligation | 132 | 131 | 381 | 406 | ||
Projected benefit obligation at period end—Significant Plans | 12,696 | 12,696 | ||||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 12,725 | 12,725 | ||||
Plan assets at fair value at period end—Significant Plans | 12,075 | 12,075 | ||||
Funded status of the Significant Plans | (621) | (621) | ||||
Net amount recognized at period end | ||||||
Benefit asset | 36 | 36 | ||||
Benefit liability | (657) | (657) | ||||
Net amount recognized on the balance sheet—Significant Plans | (621) | (621) | ||||
Amounts recognized in AOCI at period end | ||||||
Prior service benefit | 0 | 0 | ||||
Net actuarial (loss) gain | (6,313) | (6,313) | ||||
Net amount recognized in equity-pretax | (6,313) | (6,313) | ||||
Accumulated benefit obligation at period end—Significant Plans | 12,689 | 12,689 | ||||
U.S. | Pension Plans | Other than Significant Plans Measured Annually | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | 28 | 28 | ||||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 0 | 0 | ||||
U.S. | Pension Plans | Significant Plans Measured Quarterly | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | 12,841 | 14,012 | 14,012 | |||
Period activity | $ (595) | (576) | ||||
Benefits earned during the period | 0 | |||||
Interest cost on benefit obligation | 132 | |||||
Actuarial gain | (60) | |||||
Benefits paid, net of participants’ contributions and government subsidy | (217) | |||||
Foreign exchange impact and other | 0 | |||||
Projected benefit obligation at period end—Significant Plans | 12,841 | |||||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 12,156 | 12,725 | 12,725 | |||
Period activity | (220) | (349) | ||||
Actual return on plan assets | 123 | |||||
Company contributions, net of reimbursements | 13 | |||||
Benefits paid, net of participants’ contributions and government subsidy | (217) | |||||
Foreign exchange impact and other | 0 | |||||
Plan assets at fair value at period end—Significant Plans | 12,156 | |||||
U.S. | Postretirement Benefit Plans | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | 699 | 699 | ||||
Benefits earned during the period | 0 | 0 | 0 | 0 | ||
Interest cost on benefit obligation | 6 | 9 | 19 | 20 | ||
Projected benefit obligation at period end—Significant Plans | 658 | 658 | ||||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 262 | 262 | ||||
Plan assets at fair value at period end—Significant Plans | 376 | 376 | ||||
Funded status of the Significant Plans | (282) | (282) | ||||
Net amount recognized at period end | ||||||
Benefit asset | 0 | 0 | ||||
Benefit liability | (282) | (282) | ||||
Net amount recognized on the balance sheet—Significant Plans | (282) | (282) | ||||
Amounts recognized in AOCI at period end | ||||||
Prior service benefit | 0 | 0 | ||||
Net actuarial (loss) gain | 77 | 77 | ||||
Net amount recognized in equity-pretax | 77 | 77 | ||||
Accumulated benefit obligation at period end—Significant Plans | 658 | 658 | ||||
U.S. | Postretirement Benefit Plans | Other than Significant Plans Measured Annually | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | 0 | 0 | ||||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 0 | 0 | ||||
U.S. | Postretirement Benefit Plans | Significant Plans Measured Quarterly | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | 667 | 699 | 699 | |||
Period activity | 0 | (32) | ||||
Benefits earned during the period | 0 | |||||
Interest cost on benefit obligation | 6 | |||||
Actuarial gain | 0 | |||||
Benefits paid, net of participants’ contributions and government subsidy | (15) | |||||
Foreign exchange impact and other | 0 | |||||
Projected benefit obligation at period end—Significant Plans | 667 | |||||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 237 | 262 | 262 | |||
Period activity | (4) | (21) | ||||
Actual return on plan assets | 1 | |||||
Company contributions, net of reimbursements | 153 | |||||
Benefits paid, net of participants’ contributions and government subsidy | (15) | |||||
Foreign exchange impact and other | 0 | |||||
Plan assets at fair value at period end—Significant Plans | 237 | |||||
Non-U.S. plans | Pension Plans | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | 7,433 | 7,433 | ||||
Benefits earned during the period | 35 | 38 | 111 | 112 | ||
Interest cost on benefit obligation | 73 | 76 | 220 | 221 | ||
Projected benefit obligation at period end—Significant Plans | 5,254 | 5,254 | ||||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 7,128 | 7,128 | ||||
Plan assets at fair value at period end—Significant Plans | 5,604 | 5,604 | ||||
Funded status of the Significant Plans | 350 | 350 | ||||
Net amount recognized at period end | ||||||
Benefit asset | 850 | 850 | ||||
Benefit liability | (500) | (500) | ||||
Net amount recognized on the balance sheet—Significant Plans | 350 | 350 | ||||
Amounts recognized in AOCI at period end | ||||||
Prior service benefit | 25 | 25 | ||||
Net actuarial (loss) gain | (807) | (807) | ||||
Net amount recognized in equity-pretax | (782) | (782) | ||||
Accumulated benefit obligation at period end—Significant Plans | 4,980 | 4,980 | ||||
Non-U.S. plans | Pension Plans | Other than Significant Plans Measured Annually | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | 1,987 | 1,987 | ||||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 1,305 | 1,305 | ||||
Non-U.S. plans | Pension Plans | Significant Plans Measured Quarterly | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | 5,253 | 5,446 | 5,446 | |||
Period activity | (344) | 151 | ||||
Benefits earned during the period | 20 | |||||
Interest cost on benefit obligation | 60 | |||||
Actuarial gain | (59) | |||||
Benefits paid, net of participants’ contributions and government subsidy | (68) | |||||
Foreign exchange impact and other | 48 | |||||
Projected benefit obligation at period end—Significant Plans | 5,253 | |||||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 5,610 | 5,823 | 5,823 | |||
Period activity | (328) | 115 | ||||
Actual return on plan assets | 7 | |||||
Company contributions, net of reimbursements | 15 | |||||
Benefits paid, net of participants’ contributions and government subsidy | (68) | |||||
Foreign exchange impact and other | 40 | |||||
Plan assets at fair value at period end—Significant Plans | 5,610 | |||||
Non-U.S. plans | Postretirement Benefit Plans | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | 1,261 | 1,261 | ||||
Benefits earned during the period | 2 | 3 | 7 | 7 | ||
Interest cost on benefit obligation | 26 | $ 27 | 77 | $ 76 | ||
Projected benefit obligation at period end—Significant Plans | 949 | 949 | ||||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 1,119 | 1,119 | ||||
Plan assets at fair value at period end—Significant Plans | 1,154 | 1,154 | ||||
Funded status of the Significant Plans | 205 | 205 | ||||
Net amount recognized at period end | ||||||
Benefit asset | 205 | 205 | ||||
Benefit liability | 0 | 0 | ||||
Net amount recognized on the balance sheet—Significant Plans | 205 | 205 | ||||
Amounts recognized in AOCI at period end | ||||||
Prior service benefit | 80 | 80 | ||||
Net actuarial (loss) gain | (284) | (284) | ||||
Net amount recognized in equity-pretax | (204) | (204) | ||||
Accumulated benefit obligation at period end—Significant Plans | 949 | 949 | ||||
Non-U.S. plans | Postretirement Benefit Plans | Other than Significant Plans Measured Annually | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | 334 | 334 | ||||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 10 | 10 | ||||
Non-U.S. plans | Postretirement Benefit Plans | Significant Plans Measured Quarterly | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | 951 | 927 | 927 | |||
Period activity | (65) | 89 | ||||
Benefits earned during the period | 2 | |||||
Interest cost on benefit obligation | 23 | |||||
Actuarial gain | (61) | |||||
Benefits paid, net of participants’ contributions and government subsidy | (14) | |||||
Foreign exchange impact and other | 48 | |||||
Projected benefit obligation at period end—Significant Plans | 951 | |||||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 1,089 | 1,109 | 1,109 | |||
Period activity | (78) | $ 58 | ||||
Actual return on plan assets | 23 | |||||
Company contributions, net of reimbursements | 0 | |||||
Benefits paid, net of participants’ contributions and government subsidy | (14) | |||||
Foreign exchange impact and other | 56 | |||||
Plan assets at fair value at period end—Significant Plans | $ 1,089 | |||||
Qualified plans | U.S. | Pension Plans | ||||||
Change in plan assets | ||||||
Funded status of the Significant Plans | 36 | 36 | ||||
Qualified plans | U.S. | Postretirement Benefit Plans | ||||||
Change in plan assets | ||||||
Funded status of the Significant Plans | (282) | (282) | ||||
Qualified plans | Non-U.S. plans | Pension Plans | ||||||
Change in plan assets | ||||||
Funded status of the Significant Plans | 350 | 350 | ||||
Qualified plans | Non-U.S. plans | Postretirement Benefit Plans | ||||||
Change in plan assets | ||||||
Funded status of the Significant Plans | 205 | 205 | ||||
Nonqualified plans | U.S. | Pension Plans | ||||||
Change in plan assets | ||||||
Funded status of the Significant Plans | (657) | (657) | ||||
Nonqualified plans | U.S. | Postretirement Benefit Plans | ||||||
Change in plan assets | ||||||
Funded status of the Significant Plans | 0 | 0 | ||||
Nonqualified plans | Non-U.S. plans | Pension Plans | ||||||
Change in plan assets | ||||||
Funded status of the Significant Plans | 0 | 0 | ||||
Nonqualified plans | Non-U.S. plans | Postretirement Benefit Plans | ||||||
Change in plan assets | ||||||
Funded status of the Significant Plans | $ 0 | $ 0 |
RETIREMENT BENEFITS - Accumulat
RETIREMENT BENEFITS - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Change in accumulated other comprehensive income (loss) | ||||
Balance, beginning of period | $ 201,672 | |||
Actuarial assumptions changes and plan experience | $ 181 | 1,300 | ||
Net asset loss due to difference between actual and expected returns | (140) | (919) | ||
Net amortization | 49 | 161 | ||
Curtailment/settlement gain | 0 | 6 | ||
Foreign exchange impact and other | (35) | 1 | ||
Change in deferred taxes, net | (29) | (134) | ||
Change, net of tax | 26 | $ (29) | 415 | $ (176) |
Balance, end of period | 197,863 | 228,622 | 197,863 | 228,622 |
Benefit plans | ||||
Change in accumulated other comprehensive income (loss) | ||||
Balance, beginning of period | (5,794) | (5,311) | (6,183) | (5,164) |
Balance, end of period | $ (5,768) | $ (5,340) | $ (5,768) | $ (5,340) |
RETIREMENT BENEFITS - Assumptio
RETIREMENT BENEFITS - Assumptions Used (Details) | 3 Months Ended | |||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
U.S. | Postretirement Benefit Plans | ||||
Plan Assumptions - During the year | ||||
Discount rate | 4.20% | 3.90% | ||
Plan Assumptions - At year end | ||||
Discount rate | 4.20% | 4.20% | 3.90% | |
Non-U.S. plans | Pension Plans | Weighted Average | ||||
Plan Assumptions - During the year | ||||
Discount rate | 4.88% | 4.86% | ||
Plan Assumptions - At year end | ||||
Discount rate | 5.08% | 4.88% | 4.86% | |
Non-U.S. plans | Pension Plans | Minimum | ||||
Plan Assumptions - During the year | ||||
Discount rate | 0.80% | 0.75% | ||
Plan Assumptions - At year end | ||||
Discount rate | 0.95% | 0.80% | 0.75% | |
Non-U.S. plans | Pension Plans | Maximum | ||||
Plan Assumptions - During the year | ||||
Discount rate | 10.70% | 9.90% | ||
Plan Assumptions - At year end | ||||
Discount rate | 10.75% | 10.70% | 9.90% | |
Non-U.S. plans | Postretirement Benefit Plans | ||||
Plan Assumptions - During the year | ||||
Discount rate | 9.50% | 9.50% | ||
Plan Assumptions - At year end | ||||
Discount rate | 10.10% | 9.50% | 9.50% | |
Qualified plans | U.S. | Pension Plans | ||||
Plan Assumptions - During the year | ||||
Discount rate | 4.25% | 3.95% | ||
Plan Assumptions - At year end | ||||
Discount rate | 4.30% | 4.25% | 3.95% | |
Nonqualified plans | U.S. | Pension Plans | ||||
Plan Assumptions - During the year | ||||
Discount rate | 4.25% | 3.95% | ||
Plan Assumptions - At year end | ||||
Discount rate | 4.30% | 4.25% | 3.95% |
RETIREMENT BENEFITS - Sensitivi
RETIREMENT BENEFITS - Sensitivities of Certain Key Assumptions (Details) $ in Millions | 3 Months Ended |
Sep. 30, 2018USD ($) | |
U.S. | Pension Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Effect of one-percentage-point increase in discount rates | $ 5 |
Effect of one-percentage-point decrease in discount rates | (8) |
U.S. | Postretirement Benefit Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Effect of one-percentage-point increase in discount rates | 0 |
Effect of one-percentage-point decrease in discount rates | (1) |
Non-U.S. plans | Pension Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Effect of one-percentage-point increase in discount rates | (3) |
Effect of one-percentage-point decrease in discount rates | 5 |
Non-U.S. plans | Postretirement Benefit Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Effect of one-percentage-point increase in discount rates | (2) |
Effect of one-percentage-point decrease in discount rates | $ 2 |
RETIREMENT BENEFITS - Contribut
RETIREMENT BENEFITS - Contributions (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
U.S. | Pension Plans | |||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | |||
Company contributions for the nine months ended September 30 | $ 15 | $ 42 | $ 90 |
Company contributions expected to be made during the remainder of the year | 15 | ||
U.S. | Postretirement Benefit Plans | |||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | |||
Company contributions for the nine months ended September 30 | 146 | 159 | 30 |
Company contributions expected to be made during the remainder of the year | 2 | ||
Non-U.S. plans | Pension Plans | |||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | |||
Company contributions for the nine months ended September 30 | 26 | 143 | 109 |
Company contributions expected to be made during the remainder of the year | 33 | ||
Non-U.S. plans | Postretirement Benefit Plans | |||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | |||
Company contributions for the nine months ended September 30 | $ 3 | 7 | $ 7 |
Company contributions expected to be made during the remainder of the year | $ 2 |
RETIREMENT BENEFITS - Defined C
RETIREMENT BENEFITS - Defined Contribution Plans and Postemployment Plans (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Postemployment Retirement Benefits | ||||
Service-related expense | ||||
Interest cost on benefit obligation | $ 0 | $ 0 | $ 1 | $ 1 |
Expected return on plan assets | 0 | 0 | (1) | 0 |
Amortization of unrecognized: | ||||
Prior service benefit | (8) | (8) | (23) | (23) |
Net actuarial loss | 1 | 1 | 2 | 2 |
Total service-related benefit | (7) | (7) | (21) | (20) |
Non-service-related expense (benefit) | 4 | 9 | 7 | 21 |
Total net (benefit) expense | (3) | 2 | (14) | 1 |
U.S. | Postretirement Benefit Plans | ||||
Defined Contribution Plans | ||||
Company's contributions for defined contribution plans | 90 | 95 | 293 | 293 |
Service-related expense | ||||
Interest cost on benefit obligation | 6 | 9 | 19 | 20 |
Expected return on plan assets | (4) | (2) | (10) | (5) |
Amortization of unrecognized: | ||||
Prior service benefit | 0 | 0 | 0 | 0 |
Total net (benefit) expense | 2 | 7 | 9 | 15 |
Non-U.S. plans | Postretirement Benefit Plans | ||||
Defined Contribution Plans | ||||
Company's contributions for defined contribution plans | 68 | 68 | 216 | 203 |
Service-related expense | ||||
Interest cost on benefit obligation | 26 | 27 | 77 | 76 |
Expected return on plan assets | (22) | (24) | (67) | (67) |
Amortization of unrecognized: | ||||
Prior service benefit | (2) | (2) | (7) | (7) |
Total net (benefit) expense | $ 11 | $ 12 | $ 32 | $ 34 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2018 | Dec. 31, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||||||
Income from continuing operations before attribution of noncontrolling interests | $ 4,633 | $ 4,137 | $ 13,783 | $ 12,138 | ||
Less: Noncontrolling interests from continuing operations | 3 | (1) | 51 | 41 | ||
Net income from continuing operations (for EPS purposes) | 4,630 | 4,138 | 13,732 | 12,097 | ||
Loss from discontinued operations, net of taxes | (8) | (5) | 0 | (2) | ||
Citigroup’s net income | 4,622 | 4,133 | 13,732 | 12,095 | ||
Less: Preferred dividends | 270 | 272 | 860 | 893 | ||
Net income available to common shareholders | 4,352 | 3,861 | 12,872 | 11,202 | ||
Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with nonforfeitable rights to dividends, applicable to basic EPS | 51 | 53 | 151 | 156 | ||
Net income allocated to common shareholders for basic EPS | 4,301 | 3,808 | 12,721 | 11,046 | ||
Net income allocated to common shareholders for diluted EPS | $ 4,301 | $ 3,808 | $ 12,721 | $ 11,046 | ||
Weighted-average common shares outstanding applicable to basic EPS (in shares) | 2,479.8 | 2,683.6 | 2,524.1 | 2,729.3 | ||
Effect of dilutive securities | ||||||
Options (in shares) | 0.2 | 0.1 | 0.1 | 0.1 | ||
Other employee plans (in shares) | 1.4 | 0 | 1.3 | 0 | ||
Adjusted weighted-average common shares outstanding applicable to diluted EPS (in shares) | 2,481.4 | 2,683.7 | 2,525.5 | 2,729.5 | ||
Basic earnings per share | ||||||
Income from continuing operations (in dollars per share) | $ 1.74 | $ 1.42 | $ 5.04 | $ 4.05 | ||
Discontinued operations (in dollars per share) | 0 | 0 | 0 | 0 | ||
Net income (in dollars per share) | 1.73 | 1.42 | 5.04 | 4.05 | ||
Diluted earnings per share | ||||||
Income from continuing operations (in dollars per share) | 1.74 | 1.42 | 5.04 | 4.05 | ||
Discontinued operations (in dollars per share) | 0 | 0 | 0 | 0 | ||
Net income (in dollars per share) | 1.73 | 1.42 | 5.04 | 4.05 | ||
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 exercise price (in dollars per share) | $ 178.50 | $ 178.50 | $ 178.50 | $ 178.50 | ||
Antidilutive securities excluded from computation of earnings per common share (in shares) | 21 | 21 | 21 | 21 | ||
Warrants issued to U.S. Treasury as part of TARP and loss-sharing agreement | Warrant with the exercise price of $103.82 | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||||
Antidilutive securities exercise price (in dollars per share) | $ 103.82 | $ 103.82 | $ 103.82 | $ 103.82 | ||
Antidilutive securities excluded from computation of earnings per common share (in shares) | 25.5 | 25.5 | 25.5 | 25.5 | ||
Weighted-average options to purchase common stock | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||||
Antidilutive securities exercise price (in dollars per share) | $ 142.30 | $ 206.70 | $ 142.30 | $ 206.70 | ||
Antidilutive securities excluded from computation of earnings per common share (in shares) | 0.5 | 0.8 | ||||
Forecast | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||||
Distribution of preferred dividends | $ 313 | |||||
Preferred stock | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||||
Treasury stock acquired | $ 0 | $ 218 | $ 0 | |||
Preferred stock | Series AA | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||||
Number of shares redeemed | 3.8 | |||||
Treasury stock acquired | $ 96.8 | |||||
Preferred stock | Series E | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||||
Number of shares redeemed | 4.9 | |||||
Treasury stock acquired | $ 121.3 | |||||
Subsequent event | Preferred stock | Series C | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||||
Number of shares redeemed | 23 | |||||
Treasury stock acquired | $ 575 |
FEDERAL FUNDS, SECURITIES BOR_3
FEDERAL FUNDS, SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS - Federal Funds, Securities, and Deposits (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | ||
Federal funds sold | $ 20 | $ 0 |
Securities purchased under agreements to resell | 152,889 | 130,984 |
Deposits paid for securities borrowed | 128,032 | 101,494 |
Total | 280,941 | 232,478 |
Federal funds purchased | 117 | 326 |
Securities sold under agreements to repurchase | 161,987 | 142,646 |
Deposits received for securities loaned | 13,811 | 13,305 |
Total | 175,915 | 156,277 |
Securities-for-securities lending transactions | $ 19,900 | $ 14,000 |
FEDERAL FUNDS, SECURITIES BOR_4
FEDERAL FUNDS, SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS - Offsetting (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Securities purchased under agreements to resell | ||
Gross amounts of recognized assets | $ 248,802 | $ 204,460 |
Gross amounts offset on the Consolidated Balance Sheet | 95,913 | 73,476 |
Net amounts of assets included on the Consolidated Balance Sheet | 152,889 | 130,984 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 121,141 | 103,022 |
Net amounts | 31,748 | 27,962 |
Deposits paid for securities borrowed | ||
Gross amounts of recognized assets | 128,032 | 101,494 |
Net amounts of assets included on the Consolidated Balance Sheet | 128,032 | 101,494 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 29,461 | 22,271 |
Net amounts | 98,571 | 79,223 |
Total | ||
Gross amounts of recognized assets | 376,834 | 305,954 |
Gross amounts offset on the Consolidated Balance Sheet | 95,913 | 73,476 |
Net amounts of assets included on the Consolidated Balance Sheet | 280,921 | 232,478 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 150,602 | 125,293 |
Net amounts | 130,319 | 107,185 |
Securities sold under agreements to repurchase | ||
Gross amounts of recognized liabilities | 257,900 | 216,122 |
Gross amounts offset on the Consolidated Balance Sheet | 95,913 | 73,476 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 161,987 | 142,646 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 87,917 | 73,716 |
Net amounts | 74,070 | 68,930 |
Deposits received for securities loaned | ||
Gross amounts of recognized liabilities | 13,811 | 13,305 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 13,811 | 13,305 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 4,730 | 4,079 |
Net amounts | 9,081 | 9,226 |
Total | ||
Gross amounts of recognized liabilities | 271,711 | 229,427 |
Gross amounts offset on the Consolidated Balance Sheet | 95,913 | 73,476 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 175,798 | 155,951 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 92,647 | 77,795 |
Net amounts | $ 83,151 | $ 78,156 |
FEDERAL FUNDS, SECURITIES BOR_5
FEDERAL FUNDS, SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS - Repurchase Agreements (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | $ 257,900 | $ 216,122 |
Deposits received for securities loaned | 13,811 | 13,305 |
Total | 271,711 | 229,427 |
U.S. Treasury and federal agency securities | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 95,116 | 58,774 |
Deposits received for securities loaned | 110 | 0 |
Total | 95,226 | 58,774 |
State and municipal securities | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 2,803 | 1,605 |
Deposits received for securities loaned | 0 | 0 |
Total | 2,803 | 1,605 |
Foreign government | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 94,306 | 89,576 |
Deposits received for securities loaned | 301 | 105 |
Total | 94,607 | 89,681 |
Corporate bonds | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 22,247 | 20,194 |
Deposits received for securities loaned | 545 | 657 |
Total | 22,792 | 20,851 |
Equity securities | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 18,759 | 20,724 |
Deposits received for securities loaned | 11,982 | 11,907 |
Total | 30,741 | 32,631 |
Mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 15,088 | 17,791 |
Deposits received for securities loaned | 0 | 0 |
Total | 15,088 | 17,791 |
Asset-backed securities | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 6,513 | 5,479 |
Deposits received for securities loaned | 0 | 0 |
Total | 6,513 | 5,479 |
Other | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 3,068 | 1,979 |
Deposits received for securities loaned | 873 | 636 |
Total | 3,941 | 2,615 |
Open and overnight | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 121,109 | 82,073 |
Deposits received for securities loaned | 7,091 | 9,946 |
Total | 128,200 | 92,019 |
Up to 30 days | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 59,246 | 68,372 |
Deposits received for securities loaned | 307 | 266 |
Total | 59,553 | 68,638 |
31–90 days | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 30,558 | 33,846 |
Deposits received for securities loaned | 3,200 | 1,912 |
Total | 33,758 | 35,758 |
Greater than 90 days | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 46,987 | 31,831 |
Deposits received for securities loaned | 3,213 | 1,181 |
Total | $ 50,200 | $ 33,012 |
BROKERAGE RECEIVABLES AND BRO_3
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Brokers and Dealers [Abstract] | ||
Receivables from customers | $ 15,195 | $ 19,215 |
Receivables from brokers, dealers and clearing organizations | 25,484 | 19,169 |
Total brokerage receivables | 40,679 | 38,384 |
Payables to customers | 41,414 | 38,741 |
Payables to brokers, dealers and clearing organizations | 31,932 | 22,601 |
Total brokerage payables | $ 73,346 | $ 61,342 |
INVESTMENTS - Overview (Details
INVESTMENTS - Overview (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Investment Holdings | |||||
Investments | $ 345,513 | $ 345,513 | $ 352,290 | ||
Interest and dividends on investments | |||||
Taxable interest | 2,195 | $ 1,922 | 6,395 | $ 5,545 | |
Interest exempt from U.S. federal income tax | 130 | 129 | 392 | 412 | |
Dividend income | 63 | 53 | 209 | 165 | |
Total interest and dividend income | 2,388 | 2,104 | 6,996 | 6,122 | |
Gross realized investments losses, excluding losses from other-than-temporary impairment | |||||
Gross realized investment gains | 153 | 293 | 550 | 840 | |
Gross realized investment losses | (84) | (80) | (209) | (214) | |
Net realized gains on sale of investments | 69 | $ 213 | 341 | $ 626 | |
Securities AFS | |||||
Amortized cost | 289,188 | 289,188 | 292,220 | ||
Gross unrealized gains | 502 | 502 | |||
Gross unrealized losses | 4,908 | 4,908 | |||
Fair value | 284,782 | 284,782 | 290,725 | ||
Amortized cost | 292,406 | ||||
Gross unrealized gains | 1,035 | ||||
Gross unrealized losses | 2,527 | ||||
Fair value | 290,914 | ||||
Mortgage-backed securities - U.S. agency-sponsored | |||||
Securities AFS | |||||
Amortized cost | 46,675 | 46,675 | |||
Gross unrealized gains | 61 | 61 | |||
Gross unrealized losses | 1,575 | 1,575 | |||
Fair value | 45,161 | 45,161 | |||
Amortized cost | 42,116 | ||||
Gross unrealized gains | 125 | ||||
Gross unrealized losses | 500 | ||||
Fair value | 41,741 | ||||
Mortgage-backed securities - Prime | |||||
Securities AFS | |||||
Amortized cost | 0 | 0 | |||
Gross unrealized gains | 0 | 0 | |||
Gross unrealized losses | 0 | 0 | |||
Fair value | 0 | 0 | |||
Amortized cost | 11 | ||||
Gross unrealized gains | 6 | ||||
Gross unrealized losses | 0 | ||||
Fair value | 17 | ||||
Mortgage-backed securities - Alt-A | |||||
Securities AFS | |||||
Amortized cost | 1 | 1 | |||
Gross unrealized gains | 0 | 0 | |||
Gross unrealized losses | 0 | 0 | |||
Fair value | 1 | 1 | |||
Amortized cost | 26 | ||||
Gross unrealized gains | 90 | ||||
Gross unrealized losses | 0 | ||||
Fair value | 116 | ||||
Mortgage-backed securities - Non-U.S. residential | |||||
Securities AFS | |||||
Amortized cost | 1,620 | 1,620 | |||
Gross unrealized gains | 7 | 7 | |||
Gross unrealized losses | 1 | 1 | |||
Fair value | 1,626 | 1,626 | |||
Amortized cost | 2,744 | ||||
Gross unrealized gains | 13 | ||||
Gross unrealized losses | 6 | ||||
Fair value | 2,751 | ||||
Mortgage-backed securities - Commercial | |||||
Securities AFS | |||||
Amortized cost | 233 | 233 | |||
Gross unrealized gains | 1 | 1 | |||
Gross unrealized losses | 3 | 3 | |||
Fair value | 231 | 231 | |||
Amortized cost | 334 | ||||
Gross unrealized gains | 0 | ||||
Gross unrealized losses | 2 | ||||
Fair value | 332 | ||||
Mortgage-backed securities | |||||
Securities AFS | |||||
Amortized cost | 48,529 | 48,529 | 45,231 | ||
Gross unrealized gains | 69 | 69 | |||
Gross unrealized losses | 1,579 | 1,579 | |||
Fair value | 47,019 | 47,019 | 44,957 | ||
Amortized cost | 45,231 | ||||
Gross unrealized gains | 234 | ||||
Gross unrealized losses | 508 | ||||
Fair value | 44,957 | ||||
U.S. Treasury | |||||
Securities AFS | |||||
Amortized cost | 108,509 | 108,509 | |||
Gross unrealized gains | 28 | 28 | |||
Gross unrealized losses | 1,949 | 1,949 | |||
Fair value | 106,588 | 106,588 | |||
Amortized cost | 108,344 | ||||
Gross unrealized gains | 77 | ||||
Gross unrealized losses | 971 | ||||
Fair value | 107,450 | ||||
Agency obligations | |||||
Securities AFS | |||||
Amortized cost | 9,752 | 9,752 | |||
Gross unrealized gains | 0 | 0 | |||
Gross unrealized losses | 197 | 197 | |||
Fair value | 9,555 | 9,555 | |||
Amortized cost | 10,813 | ||||
Gross unrealized gains | 7 | ||||
Gross unrealized losses | 124 | ||||
Fair value | 10,696 | ||||
U.S. Treasury and federal agency securities | |||||
Securities AFS | |||||
Amortized cost | 118,261 | 118,261 | 119,157 | ||
Gross unrealized gains | 28 | 28 | |||
Gross unrealized losses | 2,146 | 2,146 | |||
Fair value | 116,143 | 116,143 | 118,146 | ||
Amortized cost | 119,157 | ||||
Gross unrealized gains | 84 | ||||
Gross unrealized losses | 1,095 | ||||
Fair value | 118,146 | ||||
State and municipal securities | |||||
Securities AFS | |||||
Amortized cost | 9,662 | 9,662 | 8,870 | ||
Gross unrealized gains | 87 | 87 | |||
Gross unrealized losses | 269 | 269 | |||
Fair value | 9,480 | 9,480 | 8,765 | ||
Amortized cost | 8,870 | ||||
Gross unrealized gains | 140 | ||||
Gross unrealized losses | 245 | ||||
Fair value | 8,765 | ||||
Foreign government | |||||
Securities AFS | |||||
Amortized cost | 94,937 | 94,937 | 100,615 | ||
Gross unrealized gains | 293 | 293 | |||
Gross unrealized losses | 769 | 769 | |||
Fair value | 94,461 | 94,461 | 100,533 | ||
Amortized cost | 100,615 | ||||
Gross unrealized gains | 508 | ||||
Gross unrealized losses | 590 | ||||
Fair value | 100,533 | ||||
Corporate | |||||
Securities AFS | |||||
Amortized cost | 12,498 | 12,498 | |||
Gross unrealized gains | 21 | 21 | |||
Gross unrealized losses | 139 | 139 | |||
Fair value | 12,380 | 12,380 | |||
Amortized cost | 14,144 | ||||
Gross unrealized gains | 51 | ||||
Gross unrealized losses | 86 | ||||
Fair value | 14,109 | ||||
Asset-backed securities | |||||
Securities AFS | |||||
Amortized cost | 1,265 | 1,265 | |||
Gross unrealized gains | 3 | 3 | |||
Gross unrealized losses | 6 | 6 | |||
Fair value | 1,262 | 1,262 | |||
Amortized cost | 3,906 | ||||
Gross unrealized gains | 14 | ||||
Gross unrealized losses | 2 | ||||
Fair value | 3,918 | ||||
Other debt securities | |||||
Securities AFS | |||||
Amortized cost | 4,036 | 4,036 | |||
Gross unrealized gains | 1 | 1 | |||
Gross unrealized losses | 0 | 0 | |||
Fair value | 4,037 | 4,037 | |||
Amortized cost | 297 | ||||
Gross unrealized gains | 0 | ||||
Gross unrealized losses | 0 | ||||
Fair value | 297 | ||||
Debt securities | |||||
Securities AFS | |||||
Amortized cost | 289,188 | 289,188 | |||
Gross unrealized gains | 502 | 502 | |||
Gross unrealized losses | 4,908 | 4,908 | |||
Fair value | 284,782 | 284,782 | |||
Amortized cost | 292,220 | ||||
Gross unrealized gains | 1,031 | ||||
Gross unrealized losses | 2,526 | ||||
Fair value | 290,725 | ||||
Equity securities | |||||
Securities AFS | |||||
Amortized cost | 186 | ||||
Gross unrealized gains | 4 | ||||
Gross unrealized losses | 1 | ||||
Fair value | 189 | ||||
Securities available-for-sale (AFS) | |||||
Investment Holdings | |||||
Investments | 284,782 | 284,782 | 290,914 | ||
Held-to-maturity securities | |||||
Investment Holdings | |||||
Investments | 53,249 | 53,249 | 53,320 | ||
Marketable equity securities | Fair value | |||||
Investment Holdings | |||||
Investments | 260 | 260 | |||
Non-marketable equity securities | Fair value | |||||
Investment Holdings | |||||
Investments | 1,128 | 1,128 | 1,206 | ||
Non-marketable equity securities | Carried at cost | |||||
Investment Holdings | |||||
Investments | 5,642 | 5,642 | $ 6,850 | ||
Non-marketable securities, measured using measurement alternative | |||||
Investment Holdings | |||||
Investments | $ 452 | $ 452 |
INVESTMENTS - Fair Value of AFS
INVESTMENTS - Fair Value of AFS Securities (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Fair value | ||
Less than 12 months | $ 109,566 | |
Less than 12 months | $ 181,216 | |
12 months or longer | 106,356 | |
12 months or longer | 21,920 | |
Total | 215,922 | |
Total | 203,136 | |
Gross unrealized losses | ||
Less than 12 months | 1,502 | |
Less than 12 months | 1,854 | |
12 months or longer | 3,406 | |
12 months or longer | 673 | |
Total | 4,908 | |
Total | 2,527 | |
Mortgage-backed securities - U.S. agency-sponsored | ||
Fair value | ||
Less than 12 months | 21,723 | |
Less than 12 months | 30,994 | |
12 months or longer | 18,828 | |
12 months or longer | 2,206 | |
Total | 40,551 | |
Total | 33,200 | |
Gross unrealized losses | ||
Less than 12 months | 574 | |
Less than 12 months | 438 | |
12 months or longer | 1,001 | |
12 months or longer | 62 | |
Total | 1,575 | |
Total | 500 | |
Mortgage-backed securities - Non-U.S. residential | ||
Fair value | ||
Less than 12 months | 256 | |
Less than 12 months | 753 | |
12 months or longer | 1 | |
12 months or longer | 0 | |
Total | 257 | |
Total | 753 | |
Gross unrealized losses | ||
Less than 12 months | 1 | |
Less than 12 months | 6 | |
12 months or longer | 0 | |
12 months or longer | 0 | |
Total | 1 | |
Total | 6 | |
Mortgage-backed securities - Commercial | ||
Fair value | ||
Less than 12 months | 168 | |
Less than 12 months | 150 | |
12 months or longer | 51 | |
12 months or longer | 57 | |
Total | 219 | |
Total | 207 | |
Gross unrealized losses | ||
Less than 12 months | 2 | |
Less than 12 months | 1 | |
12 months or longer | 1 | |
12 months or longer | 1 | |
Total | 3 | |
Total | 2 | |
Mortgage-backed securities | ||
Fair value | ||
Less than 12 months | 22,147 | |
Less than 12 months | 31,897 | |
12 months or longer | 18,880 | |
12 months or longer | 2,263 | |
Total | 41,027 | |
Total | 34,160 | |
Gross unrealized losses | ||
Less than 12 months | 577 | |
Less than 12 months | 445 | |
12 months or longer | 1,002 | |
12 months or longer | 63 | |
Total | 1,579 | |
Total | 508 | |
U.S. Treasury | ||
Fair value | ||
Less than 12 months | 27,095 | |
Less than 12 months | 79,050 | |
12 months or longer | 65,789 | |
12 months or longer | 7,404 | |
Total | 92,884 | |
Total | 86,454 | |
Gross unrealized losses | ||
Less than 12 months | 279 | |
Less than 12 months | 856 | |
12 months or longer | 1,670 | |
12 months or longer | 115 | |
Total | 1,949 | |
Total | 971 | |
Agency obligations | ||
Fair value | ||
Less than 12 months | 1,549 | |
Less than 12 months | 8,857 | |
12 months or longer | 8,004 | |
12 months or longer | 1,163 | |
Total | 9,553 | |
Total | 10,020 | |
Gross unrealized losses | ||
Less than 12 months | 15 | |
Less than 12 months | 110 | |
12 months or longer | 182 | |
12 months or longer | 14 | |
Total | 197 | |
Total | 124 | |
U.S. Treasury and federal agency securities | ||
Fair value | ||
Less than 12 months | 28,644 | |
Less than 12 months | 87,907 | |
12 months or longer | 73,793 | |
12 months or longer | 8,567 | |
Total | 102,437 | |
Total | 96,474 | |
Gross unrealized losses | ||
Less than 12 months | 294 | |
Less than 12 months | 966 | |
12 months or longer | 1,852 | |
12 months or longer | 129 | |
Total | 2,146 | |
Total | 1,095 | |
State and municipal securities | ||
Fair value | ||
Less than 12 months | 1,811 | |
Less than 12 months | 1,009 | |
12 months or longer | 1,260 | |
12 months or longer | 1,155 | |
Total | 3,071 | |
Total | 2,164 | |
Gross unrealized losses | ||
Less than 12 months | 48 | |
Less than 12 months | 11 | |
12 months or longer | 221 | |
12 months or longer | 234 | |
Total | 269 | |
Total | 245 | |
Foreign government | ||
Fair value | ||
Less than 12 months | 48,491 | |
Less than 12 months | 53,206 | |
12 months or longer | 11,598 | |
12 months or longer | 9,051 | |
Total | 60,089 | |
Total | 62,257 | |
Gross unrealized losses | ||
Less than 12 months | 463 | |
Less than 12 months | 356 | |
12 months or longer | 306 | |
12 months or longer | 234 | |
Total | 769 | |
Total | 590 | |
Corporate | ||
Fair value | ||
Less than 12 months | 6,556 | |
Less than 12 months | 6,737 | |
12 months or longer | 798 | |
12 months or longer | 859 | |
Total | 7,354 | |
Total | 7,596 | |
Gross unrealized losses | ||
Less than 12 months | 114 | |
Less than 12 months | 74 | |
12 months or longer | 25 | |
12 months or longer | 12 | |
Total | 139 | |
Total | 86 | |
Asset-backed securities | ||
Fair value | ||
Less than 12 months | 604 | |
Less than 12 months | 449 | |
12 months or longer | 27 | |
12 months or longer | 25 | |
Total | 631 | |
Total | 474 | |
Gross unrealized losses | ||
Less than 12 months | 6 | |
Less than 12 months | 1 | |
12 months or longer | 0 | |
12 months or longer | 1 | |
Total | 6 | |
Total | 2 | |
Other debt securities | ||
Fair value | ||
Less than 12 months | 1,313 | |
Less than 12 months | 0 | |
12 months or longer | 0 | |
12 months or longer | 0 | |
Total | 1,313 | |
Total | 0 | |
Gross unrealized losses | ||
Less than 12 months | 0 | |
Less than 12 months | 0 | |
12 months or longer | 0 | |
12 months or longer | 0 | |
Total | $ 0 | |
Total | 0 | |
Equity securities | ||
Fair value | ||
Less than 12 months | 11 | |
12 months or longer | 0 | |
Total | 11 | |
Gross unrealized losses | ||
Less than 12 months | 1 | |
12 months or longer | 0 | |
Total | $ 1 |
INVESTMENTS - Fair Value of A_2
INVESTMENTS - Fair Value of AFS Debt Securities by Contractual Maturity Date (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Amoritzed cost | ||
Amortized cost | $ 289,188 | $ 292,220 |
Fair value | ||
Total fair value | 284,782 | 290,725 |
Mortgage-backed securities | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 434 | 45 |
Amortized cost, after 1 but within 5 years | 1,201 | 1,306 |
Amortized cost, after 5 but within 10 years | 2,159 | 1,376 |
Amortized cost, after 10 years | 44,735 | 42,504 |
Amortized cost | 48,529 | 45,231 |
Fair value | ||
Fair value, due within 1 year | 431 | 45 |
Fair value, after 1 but within 5 years | 1,194 | 1,304 |
Fair value, after 5 but within 10 years | 2,119 | 1,369 |
Fair value, after 10 years | 43,275 | 42,239 |
Total fair value | 47,019 | 44,957 |
U.S. Treasury and federal agency securities | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 34,543 | 4,913 |
Amortized cost, after 1 but within 5 years | 81,735 | 111,236 |
Amortized cost, after 5 but within 10 years | 1,893 | 3,008 |
Amortized cost, after 10 years | 90 | 0 |
Amortized cost | 118,261 | 119,157 |
Fair value | ||
Fair value, due within 1 year | 34,471 | 4,907 |
Fair value, after 1 but within 5 years | 79,739 | 110,238 |
Fair value, after 5 but within 10 years | 1,842 | 3,001 |
Fair value, after 10 years | 91 | 0 |
Total fair value | 116,143 | 118,146 |
State and municipal securities | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 2,773 | 1,792 |
Amortized cost, after 1 but within 5 years | 1,575 | 2,579 |
Amortized cost, after 5 but within 10 years | 572 | 514 |
Amortized cost, after 10 years | 4,742 | 3,985 |
Amortized cost | 9,662 | 8,870 |
Fair value | ||
Fair value, due within 1 year | 2,772 | 1,792 |
Fair value, after 1 but within 5 years | 1,570 | 2,576 |
Fair value, after 5 but within 10 years | 590 | 528 |
Fair value, after 10 years | 4,548 | 3,869 |
Total fair value | 9,480 | 8,765 |
Foreign government | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 34,686 | 32,130 |
Amortized cost, after 1 but within 5 years | 47,933 | 53,034 |
Amortized cost, after 5 but within 10 years | 10,371 | 12,949 |
Amortized cost, after 10 years | 1,947 | 2,502 |
Amortized cost | 94,937 | 100,615 |
Fair value | ||
Fair value, due within 1 year | 34,649 | 32,100 |
Fair value, after 1 but within 5 years | 47,416 | 53,165 |
Fair value, after 5 but within 10 years | 10,386 | 12,680 |
Fair value, after 10 years | 2,010 | 2,588 |
Total fair value | 94,461 | 100,533 |
All other | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 6,439 | 3,998 |
Amortized cost, after 1 but within 5 years | 9,151 | 9,047 |
Amortized cost, after 5 but within 10 years | 1,614 | 3,415 |
Amortized cost, after 10 years | 595 | 1,887 |
Amortized cost | 17,799 | 18,347 |
Fair value | ||
Fair value, due within 1 year | 6,435 | 3,991 |
Fair value, after 1 but within 5 years | 9,068 | 9,027 |
Fair value, after 5 but within 10 years | 1,603 | 3,431 |
Fair value, after 10 years | 573 | 1,875 |
Total fair value | $ 17,679 | $ 18,324 |
INVESTMENTS - Debt Securities H
INVESTMENTS - Debt Securities Held-to-Maturity (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Securities Held-to-maturity | ||
Carrying value | $ 53,249 | $ 53,320 |
Gross unrealized gains | 173 | 702 |
Gross unrealized losses | 1,079 | 270 |
Fair value | 52,343 | 53,752 |
Mortgage-backed securities - U.S. agency-sponsored | ||
Debt Securities Held-to-maturity | ||
Carrying value | 25,058 | 23,880 |
Gross unrealized gains | 3 | 40 |
Gross unrealized losses | 869 | 157 |
Fair value | 24,192 | 23,763 |
Mortgage-backed securities - Alt-A | ||
Debt Securities Held-to-maturity | ||
Carrying value | 0 | 141 |
Gross unrealized gains | 0 | 57 |
Gross unrealized losses | 0 | 0 |
Fair value | 0 | 198 |
Mortgage-backed securities - Non-U.S. residential | ||
Debt Securities Held-to-maturity | ||
Carrying value | 1,288 | 1,841 |
Gross unrealized gains | 19 | 65 |
Gross unrealized losses | 0 | 0 |
Fair value | 1,307 | 1,906 |
Mortgage-backed securities - Commercial | ||
Debt Securities Held-to-maturity | ||
Carrying value | 260 | 237 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Fair value | 260 | 237 |
Mortgage-backed securities | ||
Debt Securities Held-to-maturity | ||
Carrying value | 26,606 | 26,099 |
Gross unrealized gains | 22 | 162 |
Gross unrealized losses | 869 | 157 |
Fair value | 25,759 | 26,104 |
State and municipal securities | ||
Debt Securities Held-to-maturity | ||
Carrying value | 7,399 | 8,897 |
Gross unrealized gains | 124 | 378 |
Gross unrealized losses | 185 | 73 |
Fair value | 7,338 | 9,202 |
Foreign government | ||
Debt Securities Held-to-maturity | ||
Carrying value | 1,151 | 740 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 14 | 18 |
Fair value | 1,137 | 722 |
Asset-backed securities | ||
Debt Securities Held-to-maturity | ||
Carrying value | 18,093 | 17,584 |
Gross unrealized gains | 27 | 162 |
Gross unrealized losses | 11 | 22 |
Fair value | $ 18,109 | $ 17,724 |
INVESTMENTS - Debt Securities i
INVESTMENTS - Debt Securities in HTM in Unrecognized Loss Position (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | ||
Less than 12 months | $ 20,906 | $ 9,716 |
12 months or longer | 10,616 | 7,322 |
Total | 31,522 | 17,038 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Gross Recognized Losses | ||
Less than 12 months | 475 | 76 |
12 months or longer | 604 | 194 |
Total | 1,079 | 270 |
Unrealized loss, other than temporary impairment, not credit loss, recorded in AOCI | 65 | 117 |
Mortgage-backed securities | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | ||
Less than 12 months | 13,815 | 8,569 |
12 months or longer | 9,815 | 6,353 |
Total | 23,630 | 14,922 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Gross Recognized Losses | ||
Less than 12 months | 392 | 50 |
12 months or longer | 477 | 107 |
Total | 869 | 157 |
State and municipal securities | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | ||
Less than 12 months | 2,283 | 353 |
12 months or longer | 799 | 835 |
Total | 3,082 | 1,188 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Gross Recognized Losses | ||
Less than 12 months | 58 | 5 |
12 months or longer | 127 | 68 |
Total | 185 | 73 |
Foreign government | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | ||
Less than 12 months | 1,138 | 723 |
12 months or longer | 0 | 0 |
Total | 1,138 | 723 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Gross Recognized Losses | ||
Less than 12 months | 14 | 18 |
12 months or longer | 0 | 0 |
Total | 14 | 18 |
Asset-backed securities | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | ||
Less than 12 months | 3,670 | 71 |
12 months or longer | 2 | 134 |
Total | 3,672 | 205 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Gross Recognized Losses | ||
Less than 12 months | 11 | 3 |
12 months or longer | 0 | 19 |
Total | $ 11 | $ 22 |
INVESTMENTS - Carrying Value an
INVESTMENTS - Carrying Value and Fair Value of HTM Debt Securities by Contractual Maturity Dates (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||
Carrying value | $ 53,249 | $ 53,320 |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||
Fair value | 52,343 | 53,752 |
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 | 129 | 720 |
After 5 but within 10 years, carrying value | 101 | 148 |
After 10 years, carrying value | 26,376 | 25,231 |
Carrying value | 26,606 | 26,099 |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||
Due within 1 year, fair value | 0 | 0 |
After 1 but within 5 years, fair value | 127 | 720 |
After 5 but within 10 years, fair value | 99 | 149 |
After 10 years, fair value | 25,533 | 25,235 |
Fair value | 25,759 | 26,104 |
State and municipal securities | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||
Due within 1 year, carrying value | 31 | 407 |
After 1 but within 5 years, carrying value | 131 | 259 |
After 5 but within 10 years, carrying value | 492 | 512 |
After 10 years, carrying value | 6,745 | 7,719 |
Carrying value | 7,399 | 8,897 |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||
Due within 1 year, fair value | 31 | 425 |
After 1 but within 5 years, fair value | 133 | 270 |
After 5 but within 10 years, fair value | 495 | 524 |
After 10 years, fair value | 6,679 | 7,983 |
Fair value | 7,338 | 9,202 |
Foreign government | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||
Due within 1 year, carrying value | 114 | 381 |
After 1 but within 5 years, carrying value | 1,037 | 359 |
After 5 but within 10 years, carrying value | 0 | 0 |
After 10 years, carrying value | 0 | 0 |
Carrying value | 1,151 | 740 |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||
Due within 1 year, fair value | 114 | 381 |
After 1 but within 5 years, fair value | 1,023 | 341 |
After 5 but within 10 years, fair value | 0 | 0 |
After 10 years, fair value | 0 | 0 |
Fair value | 1,137 | 722 |
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 | 2,244 | 1,669 |
After 10 years, carrying value | 15,849 | 15,915 |
Carrying value | 18,093 | 17,584 |
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 | 2,250 | 1,680 |
After 10 years, fair value | 15,859 | 16,044 |
Fair value | $ 18,109 | $ 17,724 |
INVESTMENTS - Recognition and M
INVESTMENTS - Recognition and Measurement of OTTI (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
OTTI on Investments disclosures | ||||
Total OTTI losses recognized during the period | $ 0 | $ 2 | $ 0 | $ 2 |
Less: portion of impairment loss recognized in AOCI (before taxes) | 0 | 0 | 0 | 0 |
Net impairment losses recognized in earnings for debt securities that the Company does not intend to sell nor will likely be required to sell | 0 | 2 | 0 | 2 |
Impairment losses recognized in earnings for debt securities that the Company intends to sell, would be more-likely-than-not required to sell or will be subject to an issuer call deemed probable of exercise | 70 | 13 | 109 | 45 |
Total OTTI losses recognized in earnings | 70 | 15 | 109 | 47 |
Securities available-for-sale (AFS) | ||||
OTTI on Investments disclosures | ||||
Total OTTI losses recognized during the period | 0 | 2 | 0 | 2 |
Less: portion of impairment loss recognized in AOCI (before taxes) | 0 | 0 | 0 | 0 |
Net impairment losses recognized in earnings for debt securities that the Company does not intend to sell nor will likely be required to sell | 0 | 2 | 0 | 2 |
Impairment losses recognized in earnings for debt securities that the Company intends to sell, would be more-likely-than-not required to sell or will be subject to an issuer call deemed probable of exercise | 70 | 12 | 109 | 43 |
Total OTTI losses recognized in earnings | 70 | 14 | 109 | 45 |
Held-to-maturity securities | ||||
OTTI on Investments disclosures | ||||
Total OTTI losses recognized during the period | 0 | 0 | 0 | 0 |
Less: portion of impairment loss recognized in AOCI (before taxes) | 0 | 0 | 0 | 0 |
Net impairment losses recognized in earnings for debt securities that the Company does not intend to sell nor will likely be required to sell | 0 | 0 | 0 | 0 |
Impairment losses recognized in earnings for debt securities that the Company intends to sell, would be more-likely-than-not required to sell or will be subject to an issuer call deemed probable of exercise | 0 | 1 | 0 | 2 |
Total OTTI losses recognized in earnings | $ 0 | $ 1 | $ 0 | $ 2 |
INVESTMENTS - Cumulative OTTI C
INVESTMENTS - Cumulative OTTI Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | |
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Held to maturity securities | $ 53,249 | $ 53,249 | $ 53,320 | |||
Available for sale debt securities | 284,782 | 284,782 | 290,725 | |||
Mortgage-backed securities | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Cumulative OTTI reclassified | (18) | (18) | ||||
Held to maturity securities | 26,606 | 26,606 | 26,099 | |||
Available for sale debt securities | 47,019 | 47,019 | 44,957 | |||
State and municipal securities | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Held to maturity securities | 7,399 | 7,399 | 8,897 | |||
Available for sale debt securities | 9,480 | 9,480 | 8,765 | |||
Foreign government securities | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Held to maturity securities | 1,151 | 1,151 | 740 | |||
Available for sale debt securities | 94,461 | 94,461 | $ 100,533 | |||
Corporate | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Available for sale debt securities | 12,380 | 12,380 | ||||
Other debt securities | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Available for sale debt securities | 4,037 | 4,037 | ||||
AFS debt securities | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Beginning balance | 7 | $ 8 | 48 | $ 31 | ||
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 | 0 | 0 | ||
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 2 | 0 | 2 | ||
Changes due to credit-impaired securities sold, transferred or matured | 0 | 0 | (41) | (23) | ||
Ending balance | 7 | 10 | 7 | 10 | ||
AFS debt securities | Mortgage-backed securities | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Beginning balance | 1 | 0 | 38 | 0 | ||
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 | 0 | 0 | ||
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 | 0 | 0 | ||
Changes due to credit-impaired securities sold, transferred or matured | 0 | 0 | (37) | 0 | ||
Ending balance | 1 | 0 | 1 | 0 | ||
AFS debt securities | State and municipal securities | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Beginning balance | 0 | 4 | 4 | 4 | ||
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 | 0 | 0 | ||
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 | 0 | 0 | ||
Changes due to credit-impaired securities sold, transferred or matured | 0 | 0 | (4) | 0 | ||
Ending balance | 0 | 4 | 0 | 4 | ||
AFS debt securities | Foreign government securities | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Beginning balance | 0 | 0 | 0 | 0 | ||
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 | 0 | 0 | ||
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 | 0 | 0 | ||
Changes due to credit-impaired securities sold, transferred or matured | 0 | 0 | 0 | 0 | ||
Ending balance | 0 | 0 | 0 | 0 | ||
AFS debt securities | Corporate | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Beginning balance | 4 | 4 | 4 | 5 | ||
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 | 0 | 0 | ||
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 | 0 | 0 | ||
Changes due to credit-impaired securities sold, transferred or matured | 0 | 0 | 0 | (1) | ||
Ending balance | 4 | 4 | 4 | 4 | ||
AFS debt securities | Other debt securities | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Beginning balance | 2 | 0 | 2 | 22 | ||
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 | 0 | 0 | ||
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 2 | 0 | 2 | ||
Changes due to credit-impaired securities sold, transferred or matured | 0 | 0 | 0 | (22) | ||
Ending balance | 2 | 2 | 2 | 2 | ||
HTM debt securities | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Beginning balance | 0 | 100 | 57 | 104 | ||
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 | 0 | 0 | ||
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 | 0 | 0 | ||
Changes due to credit-impaired securities sold, transferred or matured | 0 | 0 | (57) | (4) | ||
Ending balance | 0 | 100 | 0 | 100 | ||
HTM debt securities | Mortgage-backed securities | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Beginning balance | 0 | 97 | 54 | 101 | ||
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 | 0 | 0 | ||
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 | 0 | 0 | ||
Changes due to credit-impaired securities sold, transferred or matured | 0 | 0 | (54) | (4) | ||
Ending balance | 0 | 97 | 0 | 97 | ||
HTM debt securities | State and municipal securities | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Beginning balance | 0 | 3 | 3 | 3 | ||
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 | 0 | 0 | ||
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 | 0 | 0 | ||
Changes due to credit-impaired securities sold, transferred or matured | 0 | 0 | (3) | 0 | ||
Ending balance | $ 0 | $ 3 | $ 0 | $ 3 | ||
Accounting Standards Update 2017-12 | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Held to maturity securities | $ (4,000) | |||||
Available for sale debt securities | $ 4,000 |
INVESTMENTS - Carrying Value of
INVESTMENTS - Carrying Value of Non-marketable Equity Securities Measured Using the Measurement Alternative (Details) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018USD ($) | Sep. 30, 2018USD ($) | |
Investments, Debt and Equity Securities [Abstract] | ||
Measurement alternative—balance as of September 30, 2018 | $ 452,000,000 | $ 452,000,000 |
Measurement alternative—impairment losses | 0 | 4,000,000 |
Measurement alternative—downward changes for observable prices | 14,000,000 | 18,000,000 |
Measurement alternative—upward changes for observable prices | 21,000,000 | 133,000,000 |
Non-marketable equity securities, impairment loss recognized in earnings | $ 0 | $ 0 |
INVESTMENTS - Alternative Inves
INVESTMENTS - Alternative Investment Funds (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Investments in Alternative Investment Funds | ||
Alternative investment funds, unfunded commitments | $ 81 | $ 82 |
Hedge funds | ||
Investments in Alternative Investment Funds | ||
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 | 10 days |
Hedge funds | Maximum | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, redemption notice period | 95 days | 95 days |
Private equity | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, unfunded commitments | $ 62 | $ 62 |
Real estate funds | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, unfunded commitments | 19 | 20 |
Mutual/collective investment funds | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, unfunded commitments | 0 | 0 |
Fair value | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, fair value | 225 | 404 |
Fair value | Hedge funds | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, fair value | 0 | 1 |
Fair value | Private equity | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, fair value | 186 | 372 |
Fair value | Real estate funds | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, fair value | 14 | 31 |
Fair value | Mutual/collective investment funds | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, fair value | $ 25 | $ 0 |
LOANS - Consumer Loans (Details
LOANS - Consumer Loans (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018USD ($)category | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)category | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | |
Loans | |||||
Number of loan categories | category | 2 | 2 | |||
Loans, net of unearned income | $ 674,909 | $ 674,909 | $ 667,034 | ||
Consumer | |||||
Loans | |||||
Total loans | 324,757 | 324,757 | 332,919 | ||
Net unearned income | 712 | 712 | 737 | ||
Loans, net of unearned income | 325,469 | 325,469 | 333,656 | ||
Loans sold and/or reclassified to held-for-sale | 300 | $ 400 | 3,000 | $ 3,200 | |
In U.S. offices | Consumer | |||||
Loans | |||||
Total loans | 209,300 | 209,300 | 215,711 | ||
In U.S. offices | Consumer | Mortgage and real estate | |||||
Loans | |||||
Total loans | 61,048 | 61,048 | 65,467 | ||
In U.S. offices | Consumer | Installment, revolving credit and other | |||||
Loans | |||||
Total loans | 3,515 | 3,515 | 3,398 | ||
In U.S. offices | Consumer | Cards | |||||
Loans | |||||
Total loans | 137,051 | 137,051 | 139,006 | ||
In U.S. offices | Consumer | Commercial and industrial | |||||
Loans | |||||
Total loans | 7,686 | 7,686 | 7,840 | ||
In offices outside the U.S. | Consumer | |||||
Loans | |||||
Total loans | 115,457 | 115,457 | 117,208 | ||
In offices outside the U.S. | Consumer | Mortgage and real estate | |||||
Loans | |||||
Total loans | 43,714 | 43,714 | 44,081 | ||
In offices outside the U.S. | Consumer | Installment, revolving credit and other | |||||
Loans | |||||
Total loans | 27,899 | 27,899 | 26,556 | ||
In offices outside the U.S. | Consumer | Cards | |||||
Loans | |||||
Total loans | 24,971 | 24,971 | 26,257 | ||
In offices outside the U.S. | Consumer | Commercial and industrial | |||||
Loans | |||||
Total loans | 18,821 | 18,821 | 20,238 | ||
In offices outside the U.S. | Consumer | Lease financing | |||||
Loans | |||||
Total loans | $ 52 | $ 52 | $ 76 |
LOANS - Consumer Loan Delinquen
LOANS - Consumer Loan Delinquency (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Non-Accrual Details | ||
Loans, net of unearned income | $ 674,909 | $ 667,034 |
Loans at fair value | 4,239 | 4,374 |
Consumer | ||
Non-Accrual Details | ||
Loans, current | 318,450 | 326,092 |
Loans, net of unearned income | 325,469 | 333,656 |
Total non-accrual | 2,374 | 2,690 |
90 days past due and accruing | $ 2,403 | $ 2,797 |
Loans less than this number of days past due are considered current | 30 days | 30 days |
Loans at fair value | $ 21 | $ 25 |
Number of days past due, non-accrual status | 60 days | |
Consumer | Less than or equal to 80% | ||
Financing Receivable | ||
Purchased credit impaired in accordance with ASC 310-30 | $ 52,707 | 55,029 |
Consumer | 80% but less than or equal to 100% | ||
Financing Receivable | ||
Purchased credit impaired in accordance with ASC 310-30 | 3,571 | 4,725 |
Consumer | Greater than 100% | ||
Financing Receivable | ||
Purchased credit impaired in accordance with ASC 310-30 | 597 | 1,047 |
Consumer | Less than 680 | ||
Financing Receivable | ||
Purchased credit impaired in accordance with ASC 310-30 | 39,225 | 40,541 |
Consumer | 680 to 760 | ||
Financing Receivable | ||
Purchased credit impaired in accordance with ASC 310-30 | 76,065 | 77,325 |
Consumer | Greater than 760 | ||
Financing Receivable | ||
Purchased credit impaired in accordance with ASC 310-30 | 80,109 | 82,185 |
Consumer | Government-guaranteed | ||
Non-Accrual Details | ||
Loans, past due | 903 | 1,225 |
Consumer | 30 to 89 Days Past Due | ||
Non-Accrual Details | ||
Loans, past due | 3,312 | 3,304 |
Consumer | Equal to greater than 90 days past due | ||
Non-Accrual Details | ||
Loans, past due | 2,804 | 3,035 |
Consumer | Residential first mortgages | ||
Non-Accrual Details | ||
Loans at fair value | $ 21 | $ 25 |
Number of days past due, non-accrual status | 90 days | 90 days |
Consumer | Residential first mortgages | Less than or equal to 80% | ||
Financing Receivable | ||
Purchased credit impaired in accordance with ASC 310-30 | $ 42,823 | $ 43,626 |
Consumer | Residential first mortgages | 80% but less than or equal to 100% | ||
Financing Receivable | ||
Purchased credit impaired in accordance with ASC 310-30 | 2,205 | 2,578 |
Consumer | Residential first mortgages | Greater than 100% | ||
Financing Receivable | ||
Purchased credit impaired in accordance with ASC 310-30 | 151 | 247 |
Consumer | Residential first mortgages | Less than 680 | ||
Financing Receivable | ||
Purchased credit impaired in accordance with ASC 310-30 | 4,647 | 5,603 |
Consumer | Residential first mortgages | 680 to 760 | ||
Financing Receivable | ||
Purchased credit impaired in accordance with ASC 310-30 | 13,854 | 14,423 |
Consumer | Residential first mortgages | Greater than 760 | ||
Financing Receivable | ||
Purchased credit impaired in accordance with ASC 310-30 | 26,553 | 26,271 |
Consumer | Home equity loans | Less than or equal to 80% | ||
Financing Receivable | ||
Purchased credit impaired in accordance with ASC 310-30 | 9,884 | 11,403 |
Consumer | Home equity loans | 80% but less than or equal to 100% | ||
Financing Receivable | ||
Purchased credit impaired in accordance with ASC 310-30 | 1,366 | 2,147 |
Consumer | Home equity loans | Greater than 100% | ||
Financing Receivable | ||
Purchased credit impaired in accordance with ASC 310-30 | 446 | 800 |
Consumer | Home equity loans | Less than 680 | ||
Financing Receivable | ||
Purchased credit impaired in accordance with ASC 310-30 | 2,575 | 3,347 |
Consumer | Home equity loans | 680 to 760 | ||
Financing Receivable | ||
Purchased credit impaired in accordance with ASC 310-30 | 4,495 | 5,439 |
Consumer | Home equity loans | Greater than 760 | ||
Financing Receivable | ||
Purchased credit impaired in accordance with ASC 310-30 | 4,692 | 5,650 |
Consumer | Credit cards | Less than 680 | ||
Financing Receivable | ||
Purchased credit impaired in accordance with ASC 310-30 | 31,379 | 30,875 |
Consumer | Credit cards | 680 to 760 | ||
Financing Receivable | ||
Purchased credit impaired in accordance with ASC 310-30 | 56,636 | 56,443 |
Consumer | Credit cards | Greater than 760 | ||
Financing Receivable | ||
Purchased credit impaired in accordance with ASC 310-30 | 47,675 | 48,989 |
Consumer | Installment and other revolving | Less than 680 | ||
Financing Receivable | ||
Purchased credit impaired in accordance with ASC 310-30 | 624 | 716 |
Consumer | Installment and other revolving | 680 to 760 | ||
Financing Receivable | ||
Purchased credit impaired in accordance with ASC 310-30 | 1,080 | 1,020 |
Consumer | Installment and other revolving | Greater than 760 | ||
Financing Receivable | ||
Purchased credit impaired in accordance with ASC 310-30 | $ 1,189 | 1,275 |
Consumer | Commercial banking loans | ||
Non-Accrual Details | ||
Number of days past due, non-accrual status | 90 days | |
Consumer | Total GCB and Corporate/Other— Consumer | ||
Non-Accrual Details | ||
Loans, current | $ 318,449 | 326,091 |
Loans, net of unearned income | 325,468 | 333,655 |
Total non-accrual | 2,374 | 2,690 |
90 days past due and accruing | 2,403 | 2,797 |
Consumer | Total GCB and Corporate/Other— Consumer | Government-guaranteed | ||
Non-Accrual Details | ||
Loans, past due | 903 | 1,225 |
Consumer | Total GCB and Corporate/Other— Consumer | 30 to 89 Days Past Due | ||
Non-Accrual Details | ||
Loans, past due | 3,312 | 3,304 |
Consumer | Total GCB and Corporate/Other— Consumer | Equal to greater than 90 days past due | ||
Non-Accrual Details | ||
Loans, past due | 2,804 | 3,035 |
Consumer | Other | ||
Non-Accrual Details | ||
Loans, current | 1 | 1 |
Loans, net of unearned income | 1 | 1 |
Total non-accrual | 0 | 0 |
90 days past due and accruing | 0 | 0 |
Consumer | Other | Government-guaranteed | ||
Non-Accrual Details | ||
Loans, past due | 0 | 0 |
Consumer | Other | 30 to 89 Days Past Due | ||
Non-Accrual Details | ||
Loans, past due | 0 | 0 |
Consumer | Other | Equal to greater than 90 days past due | ||
Non-Accrual Details | ||
Loans, past due | 0 | 0 |
Consumer | In North America offices | ||
Non-Accrual Details | ||
Loans, current | 205,131 | 211,012 |
Loans, net of unearned income | 210,516 | 216,899 |
Total non-accrual | 1,323 | 1,650 |
90 days past due and accruing | 2,180 | 2,538 |
Consumer | In North America offices | Government-guaranteed | ||
Non-Accrual Details | ||
Loans, past due | 903 | 1,225 |
Consumer | In North America offices | 30 to 89 Days Past Due | ||
Non-Accrual Details | ||
Loans, past due | 2,354 | 2,336 |
Consumer | In North America offices | Equal to greater than 90 days past due | ||
Non-Accrual Details | ||
Loans, past due | 2,128 | 2,326 |
Consumer | In North America offices | Residential first mortgages | ||
Non-Accrual Details | ||
Loans, current | 46,038 | 47,366 |
Loans, net of unearned income | 47,707 | 49,376 |
Total non-accrual | 628 | 665 |
90 days past due and accruing | 641 | 941 |
Mortgage loans in process of foreclosure | 100 | 100 |
Consumer | In North America offices | Residential first mortgages | Government-guaranteed | ||
Non-Accrual Details | ||
Loans, past due | 903 | 1,225 |
Consumer | In North America offices | Residential first mortgages | 30 to 89 Days Past Due | ||
Non-Accrual Details | ||
Loans, past due | 503 | 505 |
Consumer | In North America offices | Residential first mortgages | 30 to 89 Days Past Due | Government-guaranteed | ||
Non-Accrual Details | ||
Loans, past due | 200 | 200 |
Consumer | In North America offices | Residential first mortgages | Equal to greater than 90 days past due | ||
Non-Accrual Details | ||
Loans, past due | 263 | 280 |
Consumer | In North America offices | Residential first mortgages | Equal to greater than 90 days past due | Government-guaranteed | ||
Non-Accrual Details | ||
Loans, past due | 700 | 1,000 |
Consumer | In North America offices | Home equity loans | ||
Non-Accrual Details | ||
Loans, current | 11,693 | 14,268 |
Loans, net of unearned income | 12,131 | 14,827 |
Total non-accrual | 561 | 750 |
90 days past due and accruing | 0 | 0 |
Home equity loans in process of foreclosure | 100 | 100 |
Consumer | In North America offices | Home equity loans | Government-guaranteed | ||
Non-Accrual Details | ||
Loans, past due | 0 | 0 |
Consumer | In North America offices | Home equity loans | 30 to 89 Days Past Due | ||
Non-Accrual Details | ||
Loans, past due | 174 | 207 |
Consumer | In North America offices | Home equity loans | Equal to greater than 90 days past due | ||
Non-Accrual Details | ||
Loans, past due | 264 | 352 |
Consumer | In North America offices | Credit cards | ||
Non-Accrual Details | ||
Loans, current | 134,721 | 136,588 |
Loans, net of unearned income | 137,872 | 139,729 |
Total non-accrual | 0 | 0 |
90 days past due and accruing | 1,539 | 1,596 |
Consumer | In North America offices | Credit cards | Government-guaranteed | ||
Non-Accrual Details | ||
Loans, past due | 0 | 0 |
Consumer | In North America offices | Credit cards | 30 to 89 Days Past Due | ||
Non-Accrual Details | ||
Loans, past due | 1,612 | 1,528 |
Consumer | In North America offices | Credit cards | Equal to greater than 90 days past due | ||
Non-Accrual Details | ||
Loans, past due | 1,539 | 1,613 |
Consumer | In North America offices | Installment and other revolving | ||
Non-Accrual Details | ||
Loans, current | 3,473 | 3,395 |
Loans, net of unearned income | 3,527 | 3,456 |
Total non-accrual | 20 | 22 |
90 days past due and accruing | 0 | 1 |
Consumer | In North America offices | Installment and other revolving | Government-guaranteed | ||
Non-Accrual Details | ||
Loans, past due | 0 | 0 |
Consumer | In North America offices | Installment and other revolving | 30 to 89 Days Past Due | ||
Non-Accrual Details | ||
Loans, past due | 40 | 45 |
Consumer | In North America offices | Installment and other revolving | Equal to greater than 90 days past due | ||
Non-Accrual Details | ||
Loans, past due | 14 | 16 |
Consumer | In North America offices | Commercial banking loans | ||
Non-Accrual Details | ||
Loans, current | 9,206 | 9,395 |
Loans, net of unearned income | 9,279 | 9,511 |
Total non-accrual | 114 | 213 |
90 days past due and accruing | 0 | 0 |
Consumer | In North America offices | Commercial banking loans | Government-guaranteed | ||
Non-Accrual Details | ||
Loans, past due | 0 | 0 |
Consumer | In North America offices | Commercial banking loans | 30 to 89 Days Past Due | ||
Non-Accrual Details | ||
Loans, past due | 25 | 51 |
Consumer | In North America offices | Commercial banking loans | Equal to greater than 90 days past due | ||
Non-Accrual Details | ||
Loans, past due | 48 | 65 |
Consumer | In offices outside North America | ||
Non-Accrual Details | ||
Loans, current | 113,318 | 115,079 |
Loans, net of unearned income | 114,952 | 116,756 |
Total non-accrual | 1,051 | 1,040 |
90 days past due and accruing | 223 | 259 |
Consumer | In offices outside North America | Government-guaranteed | ||
Non-Accrual Details | ||
Loans, past due | 0 | 0 |
Consumer | In offices outside North America | 30 to 89 Days Past Due | ||
Non-Accrual Details | ||
Loans, past due | 958 | 968 |
Consumer | In offices outside North America | Equal to greater than 90 days past due | ||
Non-Accrual Details | ||
Loans, past due | 676 | 709 |
Consumer | In offices outside North America | Residential first mortgages | ||
Non-Accrual Details | ||
Loans, current | 35,919 | 37,062 |
Loans, net of unearned income | 36,282 | 37,419 |
Total non-accrual | 397 | 400 |
90 days past due and accruing | 0 | 0 |
Consumer | In offices outside North America | Residential first mortgages | Government-guaranteed | ||
Non-Accrual Details | ||
Loans, past due | 0 | 0 |
Consumer | In offices outside North America | Residential first mortgages | 30 to 89 Days Past Due | ||
Non-Accrual Details | ||
Loans, past due | 217 | 209 |
Consumer | In offices outside North America | Residential first mortgages | Equal to greater than 90 days past due | ||
Non-Accrual Details | ||
Loans, past due | 146 | 148 |
Consumer | In offices outside North America | Credit cards | ||
Non-Accrual Details | ||
Loans, current | 23,638 | 24,934 |
Loans, net of unearned income | 24,414 | 25,727 |
Total non-accrual | 314 | 323 |
90 days past due and accruing | 223 | 259 |
Consumer | In offices outside North America | Credit cards | Government-guaranteed | ||
Non-Accrual Details | ||
Loans, past due | 0 | 0 |
Consumer | In offices outside North America | Credit cards | 30 to 89 Days Past Due | ||
Non-Accrual Details | ||
Loans, past due | 420 | 427 |
Consumer | In offices outside North America | Credit cards | Equal to greater than 90 days past due | ||
Non-Accrual Details | ||
Loans, past due | 356 | 366 |
Consumer | In offices outside North America | Installment and other revolving | ||
Non-Accrual Details | ||
Loans, current | 25,192 | 25,634 |
Loans, net of unearned income | 25,567 | 26,032 |
Total non-accrual | 163 | 157 |
90 days past due and accruing | 0 | 0 |
Consumer | In offices outside North America | Installment and other revolving | Government-guaranteed | ||
Non-Accrual Details | ||
Loans, past due | 0 | 0 |
Consumer | In offices outside North America | Installment and other revolving | 30 to 89 Days Past Due | ||
Non-Accrual Details | ||
Loans, past due | 267 | 275 |
Consumer | In offices outside North America | Installment and other revolving | Equal to greater than 90 days past due | ||
Non-Accrual Details | ||
Loans, past due | 108 | 123 |
Consumer | In offices outside North America | Commercial banking loans | ||
Non-Accrual Details | ||
Loans, current | 28,569 | 27,449 |
Loans, net of unearned income | 28,689 | 27,578 |
Total non-accrual | 177 | 160 |
90 days past due and accruing | 0 | 0 |
Consumer | In offices outside North America | Commercial banking loans | Government-guaranteed | ||
Non-Accrual Details | ||
Loans, past due | 0 | 0 |
Consumer | In offices outside North America | Commercial banking loans | 30 to 89 Days Past Due | ||
Non-Accrual Details | ||
Loans, past due | 54 | 57 |
Consumer | In offices outside North America | Commercial banking loans | Equal to greater than 90 days past due | ||
Non-Accrual Details | ||
Loans, past due | $ 66 | $ 72 |
LOANS - Impaired Consumer Loans
LOANS - Impaired Consumer Loans (Details) - Consumer $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018USD ($)Q | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)Q | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($)Q | |
Financing receivable impaired | |||||
Recorded investment | $ 5,501 | $ 5,501 | $ 6,580 | ||
Unpaid principal balance | 6,193 | 6,193 | 7,531 | ||
Related specific allowance | 1,175 | 1,175 | 1,334 | ||
Average carrying value | 6,019 | $ 6,983 | |||
Interest income recognized | $ 54 | $ 82 | $ 179 | $ 264 | |
Number of quarters used to calculate the average recorded investment balance | Q | 4 | 4 | 4 | ||
Residential first mortgages | |||||
Financing receivable impaired | |||||
Recorded investment | $ 2,294 | $ 2,294 | $ 2,877 | ||
Unpaid principal balance | 2,508 | 2,508 | 3,121 | ||
Related specific allowance | 197 | 197 | 278 | ||
Average carrying value | 2,670 | 3,155 | |||
Interest income recognized | 21 | 29 | 63 | 97 | |
Impaired financing receivable without specific allowance | 529 | 529 | 607 | ||
Home equity loans | |||||
Financing receivable impaired | |||||
Recorded investment | 704 | 704 | 1,151 | ||
Unpaid principal balance | 980 | 980 | 1,590 | ||
Related specific allowance | 125 | 125 | 216 | ||
Average carrying value | 815 | 1,181 | |||
Interest income recognized | 2 | 7 | 10 | 21 | |
Impaired financing receivable without specific allowance | 270 | 270 | 370 | ||
Credit cards | |||||
Financing receivable impaired | |||||
Recorded investment | 1,801 | 1,801 | 1,787 | ||
Unpaid principal balance | 1,828 | 1,828 | 1,819 | ||
Related specific allowance | 654 | 654 | 614 | ||
Average carrying value | 1,807 | 1,803 | |||
Interest income recognized | 24 | 37 | 79 | 110 | |
Individual installment and other | |||||
Financing receivable impaired | |||||
Recorded investment | 406 | 406 | 431 | ||
Unpaid principal balance | 436 | 436 | 460 | ||
Related specific allowance | 153 | 153 | 175 | ||
Average carrying value | 421 | 415 | |||
Interest income recognized | 5 | 5 | 17 | 18 | |
Commercial banking loans | |||||
Financing receivable impaired | |||||
Recorded investment | 296 | 296 | 334 | ||
Unpaid principal balance | 441 | 441 | 541 | ||
Related specific allowance | 46 | 46 | 51 | ||
Average carrying value | 306 | 429 | |||
Interest income recognized | 2 | $ 4 | 10 | $ 18 | |
Impaired financing receivable without specific allowance | $ 25 | $ 25 | $ 10 |
LOANS - Consumer Troubled Debt
LOANS - Consumer Troubled Debt Restructurings (Details) - Consumer $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018USD ($)loan | Sep. 30, 2017USD ($)loan | Sep. 30, 2018USD ($)loan | Sep. 30, 2017USD ($)loan | Dec. 31, 2017 | |
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 | |||
Commercial banking | |||||
Loans receivable | |||||
Number of days past due, non-accrual status | 90 days | ||||
In North America offices | |||||
Loans receivable | |||||
Number of loans modified | loan | 62,563 | 61,847 | 183,804 | 177,919 | |
Post-modification recorded investment | $ 350 | $ 555 | $ 1,066 | $ 1,402 | |
TDR in payment default | $ 95 | $ 120 | $ 323 | $ 348 | |
In North America offices | Residential first mortgages | |||||
Loans receivable | |||||
Number of loans modified | loan | 461 | 1,400 | 1,544 | 3,172 | |
Post-modification recorded investment | $ 66 | $ 199 | $ 233 | $ 445 | |
Average interest rate reduction | 0.00% | 0.00% | 0.00% | 1.00% | |
Post-modification recorded investment for borrowers that have gone through Chapter 7 bankruptcy | $ 10 | $ 12 | $ 29 | $ 42 | |
TDR in payment default | 31 | 57 | 105 | 156 | |
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 | $ 7 | $ 7 | $ 20 | $ 28 | |
In North America offices | Home equity loans | |||||
Loans receivable | |||||
Number of loans modified | loan | 261 | 830 | 1,097 | 2,186 | |
Post-modification recorded investment | $ 26 | $ 70 | $ 104 | $ 185 | |
Average interest rate reduction | 1.00% | 1.00% | 1.00% | 1.00% | |
Post-modification recorded investment for borrowers that have gone through Chapter 7 bankruptcy | $ 2 | $ 5 | $ 10 | $ 16 | |
TDR in payment default | 5 | 8 | 21 | 25 | |
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 | $ 2 | $ 5 | $ 9 | $ 14 | |
In North America offices | Credit cards | |||||
Loans receivable | |||||
Number of loans modified | loan | 61,508 | 59,285 | 180,170 | 171,702 | |
Post-modification recorded investment | $ 253 | $ 225 | $ 717 | $ 659 | |
Average interest rate reduction | 18.00% | 17.00% | 17.00% | 17.00% | |
TDR in payment default | $ 57 | $ 54 | $ 173 | $ 163 | |
In North America offices | Installment and other revolving | |||||
Loans receivable | |||||
Number of loans modified | loan | 322 | 299 | 956 | 770 | |
Post-modification recorded investment | $ 2 | $ 2 | $ 7 | $ 6 | |
Average interest rate reduction | 5.00% | 6.00% | 5.00% | 5.00% | |
TDR in payment default | $ 1 | $ 1 | $ 2 | $ 2 | |
In North America offices | Commercial banking | |||||
Loans receivable | |||||
Number of loans modified | loan | 11 | 33 | 37 | 89 | |
Post-modification recorded investment | $ 3 | $ 59 | $ 5 | $ 107 | |
Average interest rate reduction | 0.00% | 0.00% | 0.00% | 0.00% | |
TDR in payment default | $ 1 | $ 0 | $ 22 | $ 2 | |
In offices outside the U.S. | |||||
Loans receivable | |||||
Number of loans modified | loan | 25,625 | 40,779 | 84,773 | 118,949 | |
Post-modification recorded investment | $ 142 | $ 209 | $ 507 | $ 590 | |
TDR in payment default | $ 75 | $ 76 | $ 241 | $ 215 | |
In offices outside the U.S. | Residential first mortgages | |||||
Loans receivable | |||||
Number of loans modified | loan | 660 | 703 | 1,833 | 2,071 | |
Post-modification recorded investment | $ 22 | $ 25 | $ 62 | $ 80 | |
Average interest rate reduction | 0.00% | 0.00% | 0.00% | 0.00% | |
TDR in payment default | $ 2 | $ 3 | $ 6 | $ 8 | |
In offices outside the U.S. | Credit cards | |||||
Loans receivable | |||||
Number of loans modified | loan | 18,413 | 28,254 | 59,589 | 82,042 | |
Post-modification recorded investment | $ 77 | $ 103 | $ 249 | $ 286 | |
Average interest rate reduction | 17.00% | 11.00% | 16.00% | 12.00% | |
TDR in payment default | $ 48 | $ 48 | $ 156 | $ 136 | |
In offices outside the U.S. | Installment and other revolving | |||||
Loans receivable | |||||
Number of loans modified | loan | 6,421 | 11,725 | 22,918 | 34,654 | |
Post-modification recorded investment | $ 34 | $ 70 | $ 136 | $ 194 | |
Average interest rate reduction | 10.00% | 11.00% | 10.00% | 9.00% | |
TDR in payment default | $ 18 | $ 25 | $ 62 | $ 71 | |
In offices outside the U.S. | Commercial banking | |||||
Loans receivable | |||||
Number of loans modified | loan | 131 | 97 | 433 | 182 | |
Post-modification recorded investment | $ 9 | $ 11 | $ 60 | $ 30 | |
Average interest rate reduction | 0.00% | 0.00% | 1.00% | 0.00% | |
TDR in payment default | $ 7 | $ 0 | $ 17 | $ 0 | |
Deferred principal | In North America offices | |||||
Loans receivable | |||||
Post-modification recorded investment | 1 | 6 | 6 | 18 | |
Deferred principal | In North America offices | Residential first mortgages | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 1 | 2 | 5 | |
Deferred principal | In North America offices | Home equity loans | |||||
Loans receivable | |||||
Post-modification recorded investment | 1 | 5 | 4 | 13 | |
Deferred principal | In North America offices | Credit cards | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Deferred principal | In North America offices | Installment and other revolving | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Deferred principal | In North America offices | Commercial banking | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Deferred principal | In offices outside the U.S. | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Deferred principal | In offices outside the U.S. | Residential first mortgages | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Deferred principal | In offices outside the U.S. | Credit cards | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Deferred principal | In offices outside the U.S. | Installment and other revolving | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Deferred principal | In offices outside the U.S. | Commercial banking | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In North America offices | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In North America offices | Residential first mortgages | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In North America offices | Home equity loans | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In North America offices | Credit cards | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In North America offices | Installment and other revolving | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In North America offices | Commercial banking | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In offices outside the U.S. | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In offices outside the U.S. | Residential first mortgages | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In offices outside the U.S. | Credit cards | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In offices outside the U.S. | Installment and other revolving | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In offices outside the U.S. | Commercial banking | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Principal forgiveness | In North America offices | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 2 | |
Principal forgiveness | In North America offices | Residential first mortgages | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 2 | |
Principal forgiveness | In North America offices | Home equity loans | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Principal forgiveness | In North America offices | Credit cards | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Principal forgiveness | In North America offices | Installment and other revolving | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Principal forgiveness | In North America offices | Commercial banking | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Principal forgiveness | In offices outside the U.S. | |||||
Loans receivable | |||||
Post-modification recorded investment | 4 | 5 | 13 | 15 | |
Principal forgiveness | In offices outside the U.S. | Residential first mortgages | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Principal forgiveness | In offices outside the U.S. | Credit cards | |||||
Loans receivable | |||||
Post-modification recorded investment | 2 | 2 | 7 | 6 | |
Principal forgiveness | In offices outside the U.S. | Installment and other revolving | |||||
Loans receivable | |||||
Post-modification recorded investment | 2 | 3 | 6 | 9 | |
Principal forgiveness | In offices outside the U.S. | Commercial banking | |||||
Loans receivable | |||||
Post-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 |
LOANS - Corporate Loans (Detail
LOANS - Corporate Loans (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Loans | |||||
Loans, net of unearned income | $ 674,909 | $ 674,909 | $ 667,034 | ||
Corporate | |||||
Loans | |||||
Total loans | 350,227 | 350,227 | 334,141 | ||
Net unearned income | (787) | (787) | (763) | ||
Loans, net of unearned income | 349,440 | 349,440 | 333,378 | ||
Loans sold and/or reclassified to held-for-sale | 300 | $ 100 | 800 | $ 600 | |
Corporate | Commercial and industrial | |||||
Loans | |||||
Loans, net of unearned income | 147,195 | 147,195 | 141,322 | ||
Corporate | Financial institutions | |||||
Loans | |||||
Loans, net of unearned income | 82,528 | 82,528 | 73,757 | ||
Corporate | Mortgage and real estate | |||||
Loans | |||||
Loans, net of unearned income | 54,964 | 54,964 | 51,964 | ||
Corporate | Lease financing | |||||
Loans | |||||
Loans, net of unearned income | 1,576 | 1,576 | 1,655 | ||
Corporate | In U.S. offices | |||||
Loans | |||||
Total loans | 178,895 | 178,895 | 169,781 | ||
Corporate | In U.S. offices | Commercial and industrial | |||||
Loans | |||||
Total loans | 51,365 | 51,365 | 51,319 | ||
Corporate | In U.S. offices | Financial institutions | |||||
Loans | |||||
Total loans | 46,255 | 46,255 | 39,128 | ||
Corporate | In U.S. offices | Mortgage and real estate | |||||
Loans | |||||
Total loans | 47,629 | 47,629 | 44,683 | ||
Corporate | In U.S. offices | Installment, revolving credit and other | |||||
Loans | |||||
Total loans | 32,201 | 32,201 | 33,181 | ||
Corporate | In U.S. offices | Lease financing | |||||
Loans | |||||
Total loans | 1,445 | 1,445 | 1,470 | ||
Corporate | In offices outside the U.S. | |||||
Loans | |||||
Total loans | 171,332 | 171,332 | 164,360 | ||
Corporate | In offices outside the U.S. | Commercial and industrial | |||||
Loans | |||||
Total loans | 98,281 | 98,281 | 93,750 | ||
Corporate | In offices outside the U.S. | Financial institutions | |||||
Loans | |||||
Total loans | 37,851 | 37,851 | 35,273 | ||
Corporate | In offices outside the U.S. | Mortgage and real estate | |||||
Loans | |||||
Total loans | 7,344 | 7,344 | 7,309 | ||
Corporate | In offices outside the U.S. | Installment, revolving credit and other | |||||
Loans | |||||
Total loans | 22,827 | 22,827 | 22,638 | ||
Corporate | In offices outside the U.S. | Lease financing | |||||
Loans | |||||
Total loans | 131 | 131 | 190 | ||
Corporate | In offices outside the U.S. | Government and official institutions | |||||
Loans | |||||
Total loans | $ 4,898 | $ 4,898 | $ 5,200 |
LOANS - Corporate Loan Delinque
LOANS - Corporate Loan Delinquency (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Non-Accrual Details | ||
Loans, net of unearned income | $ 674,909 | $ 667,034 |
Loans at fair value | 4,239 | 4,374 |
Corporate | ||
Non-Accrual Details | ||
Past due and accruing | 968 | 735 |
Total non-accrual | 1,540 | 1,942 |
Total current | 342,714 | 326,352 |
Loans, net of unearned income | 349,440 | 333,378 |
Loans at fair value | $ 4,218 | 4,349 |
Number of days past due, non-accrual status | 90 days | |
Loans less than this number of days past due are considered current | 30 days | |
Corporate | Commercial and industrial | ||
Non-Accrual Details | ||
Past due and accruing | $ 460 | 262 |
Total non-accrual | 1,123 | 1,506 |
Total current | 145,612 | 139,554 |
Loans, net of unearned income | 147,195 | 141,322 |
Corporate | Financial institutions | ||
Non-Accrual Details | ||
Past due and accruing | 155 | 108 |
Total non-accrual | 74 | 92 |
Total current | 82,299 | 73,557 |
Loans, net of unearned income | 82,528 | 73,757 |
Corporate | Mortgage and real estate | ||
Non-Accrual Details | ||
Past due and accruing | 214 | 206 |
Total non-accrual | 258 | 195 |
Total current | 54,492 | 51,563 |
Loans, net of unearned income | 54,964 | 51,964 |
Corporate | Leases | ||
Non-Accrual Details | ||
Past due and accruing | 19 | 76 |
Total non-accrual | 0 | 46 |
Total current | 1,557 | 1,533 |
Loans, net of unearned income | 1,576 | 1,655 |
Corporate | Other | ||
Non-Accrual Details | ||
Past due and accruing | 120 | 83 |
Total non-accrual | 85 | 103 |
Total current | 58,754 | 60,145 |
Loans, net of unearned income | 58,959 | 60,331 |
Corporate | 30 to 89 Days Past Due | ||
Non-Accrual Details | ||
Past due and accruing | 880 | 627 |
Corporate | 30 to 89 Days Past Due | Commercial and industrial | ||
Non-Accrual Details | ||
Past due and accruing | 430 | 249 |
Corporate | 30 to 89 Days Past Due | Financial institutions | ||
Non-Accrual Details | ||
Past due and accruing | 146 | 93 |
Corporate | 30 to 89 Days Past Due | Mortgage and real estate | ||
Non-Accrual Details | ||
Past due and accruing | 209 | 147 |
Corporate | 30 to 89 Days Past Due | Leases | ||
Non-Accrual Details | ||
Past due and accruing | 16 | 68 |
Corporate | 30 to 89 Days Past Due | Other | ||
Non-Accrual Details | ||
Past due and accruing | 79 | 70 |
Corporate | Equal to greater than 90 days past due and accruing | ||
Non-Accrual Details | ||
Past due and accruing | 88 | 108 |
Corporate | Equal to greater than 90 days past due and accruing | Commercial and industrial | ||
Non-Accrual Details | ||
Past due and accruing | 30 | 13 |
Corporate | Equal to greater than 90 days past due and accruing | Financial institutions | ||
Non-Accrual Details | ||
Past due and accruing | 9 | 15 |
Corporate | Equal to greater than 90 days past due and accruing | Mortgage and real estate | ||
Non-Accrual Details | ||
Past due and accruing | 5 | 59 |
Corporate | Equal to greater than 90 days past due and accruing | Leases | ||
Non-Accrual Details | ||
Past due and accruing | 3 | 8 |
Corporate | Equal to greater than 90 days past due and accruing | Other | ||
Non-Accrual Details | ||
Past due and accruing | $ 41 | $ 13 |
LOANS - Corporate Loans Credit
LOANS - Corporate Loans Credit Quality Indicators (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Loans receivable | ||
Loans, net of unearned income | $ 674,909 | $ 667,034 |
Loans at fair value | 4,239 | 4,374 |
Corporate | ||
Loans receivable | ||
Loans, net of unearned income | 349,440 | 333,378 |
Total non-accrual | 1,540 | 1,942 |
Loans at fair value | 4,218 | 4,349 |
Corporate | Commercial and industrial | ||
Loans receivable | ||
Loans, net of unearned income | 147,195 | 141,322 |
Total non-accrual | 1,123 | 1,506 |
Corporate | Financial institutions | ||
Loans receivable | ||
Loans, net of unearned income | 82,528 | 73,757 |
Total non-accrual | 74 | 92 |
Corporate | Mortgage and real estate | ||
Loans receivable | ||
Loans, net of unearned income | 54,964 | 51,964 |
Total non-accrual | 258 | 195 |
Corporate | Leases | ||
Loans receivable | ||
Loans, net of unearned income | 1,576 | 1,655 |
Total non-accrual | 0 | 46 |
Corporate | Other | ||
Loans receivable | ||
Loans, net of unearned income | 58,959 | 60,331 |
Total non-accrual | 85 | 103 |
Corporate | Non-rated private bank loans managed on a delinquency basis | ||
Loans receivable | ||
Loans, net of unearned income | 27,116 | 25,674 |
Corporate | Investment grade | ||
Loans receivable | ||
Loans, net of unearned income | 252,324 | 242,326 |
Corporate | Investment grade | Commercial and industrial | ||
Loans receivable | ||
Loans, net of unearned income | 102,875 | 101,313 |
Corporate | Investment grade | Financial institutions | ||
Loans receivable | ||
Loans, net of unearned income | 70,435 | 60,404 |
Corporate | Investment grade | Mortgage and real estate | ||
Loans receivable | ||
Loans, net of unearned income | 24,351 | 23,213 |
Corporate | Investment grade | Leases | ||
Loans receivable | ||
Loans, net of unearned income | 1,054 | 1,090 |
Corporate | Investment grade | Other | ||
Loans receivable | ||
Loans, net of unearned income | 53,609 | 56,306 |
Corporate | Non-investment grade | ||
Loans receivable | ||
Loans, net of unearned income | 65,782 | 61,029 |
Corporate | Non-investment grade | Commercial and industrial | ||
Loans receivable | ||
Loans, net of unearned income | 43,196 | 38,503 |
Total non-accrual | 1,123 | 1,506 |
Corporate | Non-investment grade | Financial institutions | ||
Loans receivable | ||
Loans, net of unearned income | 12,019 | 13,261 |
Total non-accrual | 74 | 92 |
Corporate | Non-investment grade | Mortgage and real estate | ||
Loans receivable | ||
Loans, net of unearned income | 3,240 | 2,881 |
Total non-accrual | 258 | 195 |
Corporate | Non-investment grade | Leases | ||
Loans receivable | ||
Loans, net of unearned income | 523 | 518 |
Total non-accrual | 0 | 46 |
Corporate | Non-investment grade | Other | ||
Loans receivable | ||
Loans, net of unearned income | 5,264 | 3,924 |
Total non-accrual | $ 85 | $ 103 |
LOANS - Non-accrual Corporate L
LOANS - Non-accrual Corporate Loans (Details) - Corporate - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Financing receivable impaired | |||||
Recorded investment | $ 1,540 | $ 1,540 | $ 1,942 | ||
Unpaid principal balance | 2,136 | 2,136 | 2,459 | ||
Related specific allowance | 304 | 304 | 426 | ||
Average carrying value | 1,694 | 2,109 | |||
Recorded investment | 854 | 854 | 1,215 | ||
Recorded investment | 686 | 686 | 727 | ||
Interest income recognized | 8 | $ 11 | 25 | $ 30 | |
Commercial and industrial | |||||
Financing receivable impaired | |||||
Recorded investment | 1,123 | 1,123 | 1,506 | ||
Unpaid principal balance | 1,379 | 1,379 | 1,775 | ||
Related specific allowance | 207 | 207 | 368 | ||
Average carrying value | 1,246 | 1,547 | |||
Recorded investment | 643 | 643 | 1,017 | ||
Recorded investment | 480 | 480 | 489 | ||
Interest income recognized | 8 | 24 | |||
Financial institutions | |||||
Financing receivable impaired | |||||
Recorded investment | 74 | 74 | 92 | ||
Unpaid principal balance | 90 | 90 | 102 | ||
Related specific allowance | 39 | 39 | 41 | ||
Average carrying value | 97 | 212 | |||
Recorded investment | 72 | 72 | 88 | ||
Recorded investment | 2 | 2 | 4 | ||
Interest income recognized | 0 | 0 | |||
Mortgage and real estate | |||||
Financing receivable impaired | |||||
Recorded investment | 258 | 258 | 195 | ||
Unpaid principal balance | 423 | 423 | 324 | ||
Related specific allowance | 45 | 45 | 11 | ||
Average carrying value | 228 | 183 | |||
Recorded investment | 122 | 122 | 51 | ||
Recorded investment | 136 | 136 | 144 | ||
Interest income recognized | 0 | 1 | |||
Lease financing | |||||
Financing receivable impaired | |||||
Recorded investment | 0 | 0 | 46 | ||
Unpaid principal balance | 39 | 39 | 46 | ||
Related specific allowance | 0 | 0 | 4 | ||
Average carrying value | 33 | 59 | |||
Recorded investment | 0 | 0 | 46 | ||
Recorded investment | 0 | 0 | 0 | ||
Interest income recognized | 0 | 0 | |||
Other | |||||
Financing receivable impaired | |||||
Recorded investment | 85 | 85 | 103 | ||
Unpaid principal balance | 205 | 205 | 212 | ||
Related specific allowance | 13 | 13 | 2 | ||
Average carrying value | 90 | 108 | |||
Recorded investment | 17 | 17 | 13 | ||
Recorded investment | 68 | 68 | $ 90 | ||
Interest income recognized | $ 0 | $ 0 |
LOANS - Corporate Troubled Debt
LOANS - Corporate Troubled Debt Restructurings (Details) - Corporate - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | $ 65 | $ 189 | $ 109 | $ 496 |
Period within which default occurred post-modification | 1 year | |||
Number of days past due, default status | 60 days | |||
Carrying Value | 614 | 949 | $ 614 | 949 |
TDR in payment default | 0 | 0 | 70 | 15 |
Commercial and industrial | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 62 | 175 | 103 | 463 |
Carrying Value | 480 | 686 | 480 | 686 |
TDR in payment default | 0 | 0 | 70 | 12 |
Financial institutions | ||||
Financing receivable impaired | ||||
Carrying Value | 21 | 24 | 21 | 24 |
TDR in payment default | 0 | 0 | 0 | 3 |
Mortgage and real estate | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 3 | 14 | 6 | 15 |
Carrying Value | 71 | 84 | 71 | 84 |
TDR in payment default | 0 | 0 | 0 | 0 |
Other | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 18 | |||
Carrying Value | 42 | 155 | 42 | 155 |
TDR in payment default | 0 | 0 | $ 0 | 0 |
Commercial banking loans | ||||
Financing receivable impaired | ||||
Number of days past due, default status | 90 days | |||
TDRs involving changes in the amount and/or timing of principal payments | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 1 | 99 | $ 5 | 131 |
TDRs involving changes in the amount and/or timing of principal payments | Commercial and industrial | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 1 | 99 | 5 | 131 |
TDRs involving changes in the amount and/or timing of principal payments | Mortgage and real estate | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 0 | 0 | 0 | 0 |
TDRs involving changes in the amount and/or timing of principal payments | Other | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 0 | |||
TDRs involving changes in the amount and/or timing of interest payments | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 4 | 0 | 8 | 0 |
TDRs involving changes in the amount and/or timing of interest payments | Commercial and industrial | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 4 | 0 | 8 | 0 |
TDRs involving changes in the amount and/or timing of interest payments | Mortgage and real estate | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 0 | 0 | 0 | 0 |
TDRs involving changes in the amount and/or timing of interest payments | Other | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 0 | |||
TDRs involving changes in the amount and/or timing of both principal and interest payments | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 60 | 90 | 96 | 365 |
TDRs involving changes in the amount and/or timing of both principal and interest payments | Commercial and industrial | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 57 | 76 | 90 | 332 |
TDRs involving changes in the amount and/or timing of both principal and interest payments | Mortgage and real estate | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | $ 3 | $ 14 | $ 6 | 15 |
TDRs involving changes in the amount and/or timing of both principal and interest payments | Other | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | $ 18 |
ALLOWANCE FOR CREDIT LOSSES - A
ALLOWANCE FOR CREDIT LOSSES - Allowance for Loan Losses Roll Forward (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Allowance for credit losses | ||||
Allowance for loan losses at beginning of period | $ 12,126 | $ 12,025 | $ 12,355 | $ 12,060 |
Gross credit losses | (2,094) | (2,120) | (6,499) | (6,394) |
Gross recoveries | 338 | 343 | 1,172 | 1,198 |
Net credit losses (NCLs) | (1,756) | (1,777) | (5,327) | (5,196) |
Net reserve builds (releases) | 169 | 419 | 302 | 466 |
Net specific reserve builds (releases) | (19) | (50) | (125) | (175) |
Total provision for loan losses | 1,906 | 2,146 | 5,504 | 5,487 |
Other, net | 60 | (28) | (196) | 15 |
Allowance for loan losses at end of period | 12,336 | 12,366 | 12,336 | 12,366 |
Allowance for credit losses on unfunded lending commitments | ||||
Allowance for credit losses on unfunded lending commitments at beginning of period | 1,278 | 1,406 | 1,258 | 1,418 |
Provision (release) for unfunded lending commitments | 42 | (175) | 66 | (190) |
Other, net | 1 | 1 | (3) | 4 |
Allowance for credit losses on unfunded lending commitments at end of period | 1,321 | 1,232 | 1,321 | 1,232 |
Total allowance for loans, leases and unfunded lending commitments | 13,657 | 13,598 | 13,657 | 13,598 |
Sales or transfers of various consumer loan portfolios to HFS | ||||
Other, net | 60 | (28) | (196) | 15 |
Consumer | ||||
Allowance for credit losses | ||||
Allowance for loan losses at beginning of period | 9,796 | 9,515 | 9,869 | 9,358 |
Gross credit losses | (2,058) | (2,071) | (6,304) | (6,146) |
Gross recoveries | 332 | 337 | 1,101 | 1,107 |
Net credit losses (NCLs) | (1,726) | (1,734) | (5,203) | (5,039) |
Net reserve builds (releases) | 135 | 479 | 317 | 696 |
Net specific reserve builds (releases) | 8 | (71) | (6) | (157) |
Other, net | 58 | (31) | (183) | (5) |
Allowance for loan losses at end of period | 9,997 | 9,892 | 9,997 | 9,892 |
Sales or transfers of various consumer loan portfolios to HFS | ||||
Transfer of real estate loan portfolios | (2) | (28) | (88) | (84) |
Transfer of other loan portfolios | (3) | (6) | (109) | (130) |
Sales or transfers of various consumer loan portfolios to HFS | (5) | (34) | (197) | (214) |
FX translation, consumer | 62 | 7 | 16 | 221 |
Other, net | 58 | (31) | (183) | (5) |
Corporate | ||||
Allowance for credit losses | ||||
Allowance for loan losses at beginning of period | 2,330 | 2,510 | 2,486 | 2,702 |
Gross credit losses | (36) | (49) | (195) | (248) |
Gross recoveries | 6 | 6 | 71 | 91 |
Net credit losses (NCLs) | (30) | (43) | (124) | (157) |
Net reserve builds (releases) | 34 | (60) | (15) | (230) |
Net specific reserve builds (releases) | (27) | 21 | (119) | (18) |
Other, net | 2 | 3 | (13) | 20 |
Allowance for loan losses at end of period | 2,339 | 2,474 | 2,339 | 2,474 |
Sales or transfers of various consumer loan portfolios to HFS | ||||
Other | 3 | (1) | (15) | 8 |
Other, net | $ 2 | $ 3 | $ (13) | $ 20 |
ALLOWANCE FOR CREDIT LOSSES -_2
ALLOWANCE FOR CREDIT LOSSES - Allowance for Loan Losses Roll Forward by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Dec. 31, 2017 | |
Allowance for credit losses | ||||||
Allowance for loan losses at beginning of period | $ 12,126 | $ 12,025 | $ 12,355 | $ 12,060 | ||
Charge-offs | (2,094) | (2,120) | (6,499) | (6,394) | ||
Recoveries | 338 | 343 | 1,172 | 1,198 | ||
Replenishment of net charge-offs | 1,756 | 1,777 | 5,327 | 5,196 | ||
Net reserve builds (releases) | 169 | 419 | 302 | 466 | ||
Net specific reserve builds (releases) | (19) | (50) | (125) | (175) | ||
Other | 60 | (28) | (196) | 15 | ||
Allowance for loan losses at end of period | 12,336 | 12,366 | 12,336 | 12,366 | ||
Allowance for loan losses | ||||||
Collectively evaluated in accordance with ASC 450 | $ 10,855 | $ 10,591 | ||||
Individually evaluated in accordance with ASC 310-10-35 | 1,479 | 1,760 | ||||
Purchased credit impaired in accordance with ASC 310-30 | 2 | 4 | ||||
Total allowance for loan losses | 12,126 | 12,025 | 12,355 | 12,060 | 12,336 | 12,355 |
Loans, net of unearned income | ||||||
Collectively evaluated in accordance with ASC 450 | 663,590 | 654,026 | ||||
Individually evaluated in accordance with ASC 310-10-35 | 6,949 | 8,467 | ||||
Held at fair value | 4,239 | 4,374 | ||||
Loans, net of unearned income | 674,909 | 667,034 | ||||
Receivables Acquired with Deteriorated Credit Quality | ||||||
Loans, net of unearned income | ||||||
Purchased credit impaired in accordance with ASC 310-30 | 131 | 167 | ||||
Corporate | ||||||
Allowance for credit losses | ||||||
Allowance for loan losses at beginning of period | 2,330 | 2,510 | 2,486 | 2,702 | ||
Charge-offs | (36) | (49) | (195) | (248) | ||
Recoveries | 6 | 6 | 71 | 91 | ||
Replenishment of net charge-offs | 30 | 43 | 124 | 157 | ||
Net reserve builds (releases) | 34 | (60) | (15) | (230) | ||
Net specific reserve builds (releases) | (27) | 21 | (119) | (18) | ||
Other | 2 | 3 | (13) | 20 | ||
Allowance for loan losses at end of period | 2,339 | 2,474 | 2,339 | 2,474 | ||
Allowance for loan losses | ||||||
Collectively evaluated in accordance with ASC 450 | 2,035 | 2,060 | ||||
Individually evaluated in accordance with ASC 310-10-35 | 426 | |||||
Purchased credit impaired in accordance with ASC 310-30 | 0 | 0 | ||||
Total allowance for loan losses | 2,330 | 2,510 | 2,486 | 2,702 | 2,339 | 2,486 |
Loans, net of unearned income | ||||||
Collectively evaluated in accordance with ASC 450 | 343,774 | 327,142 | ||||
Individually evaluated in accordance with ASC 310-10-35 | 1,448 | 1,887 | ||||
Held at fair value | 4,218 | 4,349 | ||||
Loans, net of unearned income | 349,440 | 333,378 | ||||
Corporate | Receivables Acquired with Deteriorated Credit Quality | ||||||
Loans, net of unearned income | ||||||
Purchased credit impaired in accordance with ASC 310-30 | 0 | 0 | ||||
Consumer | ||||||
Allowance for credit losses | ||||||
Allowance for loan losses at beginning of period | 9,796 | 9,515 | 9,869 | 9,358 | ||
Charge-offs | (2,058) | (2,071) | (6,304) | (6,146) | ||
Recoveries | 332 | 337 | 1,101 | 1,107 | ||
Replenishment of net charge-offs | 1,726 | 1,734 | 5,203 | 5,039 | ||
Net reserve builds (releases) | 135 | 479 | 317 | 696 | ||
Net specific reserve builds (releases) | 8 | (71) | (6) | (157) | ||
Other | 58 | (31) | (183) | (5) | ||
Allowance for loan losses at end of period | 9,997 | 9,892 | 9,997 | 9,892 | ||
Allowance for loan losses | ||||||
Collectively evaluated in accordance with ASC 450 | 8,820 | 8,531 | ||||
Individually evaluated in accordance with ASC 310-10-35 | 1,175 | 1,334 | ||||
Purchased credit impaired in accordance with ASC 310-30 | 2 | 4 | ||||
Total allowance for loan losses | $ 9,796 | $ 9,515 | $ 9,869 | $ 9,358 | 9,997 | 9,869 |
Loans, net of unearned income | ||||||
Collectively evaluated in accordance with ASC 450 | 319,816 | 326,884 | ||||
Individually evaluated in accordance with ASC 310-10-35 | 5,501 | 6,580 | ||||
Held at fair value | 21 | 25 | ||||
Loans, net of unearned income | 325,469 | 333,656 | ||||
Consumer | Receivables Acquired with Deteriorated Credit Quality | ||||||
Loans, net of unearned income | ||||||
Purchased credit impaired in accordance with ASC 310-30 | $ 131 | $ 167 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS - Changes in Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | |
Goodwill | |||
Balance of goodwill at beginning of period | $ 22,058 | $ 22,659 | $ 22,256 |
Foreign exchange translation and other | 129 | (601) | 419 |
Divestiture | (16) | ||
Balance of goodwill at end of period | 22,187 | 22,058 | 22,659 |
Global Consumer Banking | |||
Goodwill | |||
Balance of goodwill at beginning of period | 12,742 | 12,968 | 12,784 |
Foreign exchange translation and other | 7 | (226) | 184 |
Divestiture | 0 | ||
Balance of goodwill at end of period | 12,749 | 12,742 | 12,968 |
Institutional Clients Group | |||
Goodwill | |||
Balance of goodwill at beginning of period | 9,316 | 9,691 | 9,456 |
Foreign exchange translation and other | 122 | (375) | 235 |
Divestiture | 0 | ||
Balance of goodwill at end of period | 9,438 | 9,316 | 9,691 |
Corporate/Other | |||
Goodwill | |||
Balance of goodwill at beginning of period | 0 | 0 | 16 |
Foreign exchange translation and other | 0 | 0 | 0 |
Divestiture | (16) | ||
Balance of goodwill at end of period | $ 0 | $ 0 | $ 0 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | |
Goodwill [Line Items] | |||
Goodwill impairment | $ 0 | $ 0 | |
Minimum | |||
Goodwill [Line Items] | |||
Percentage fair value exceeds carrying value | 14.00% | ||
Maximum | |||
Goodwill [Line Items] | |||
Percentage fair value exceeds carrying value | 243.00% |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS - Components of Intangible Assets (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | $ 12,020 | $ 11,894 |
Accumulated amortization of Intangible assets (excluding MSRs) | 7,422 | 7,306 |
Net carrying amount of Intangible assets (excluding MSRs) | 4,598 | 4,588 |
Gross carrying amount, Mortgage servicing rights (MSRs) | 618 | 558 |
Mortgage servicing rights (MSRs) | 618 | 558 |
Gross carrying amount of Intangible assets | 12,638 | 12,452 |
Accumulated amortization of Intangible assets | 7,422 | 7,306 |
Total intangible assets | 5,216 | 5,146 |
Indefinite-lived intangible assets | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 227 | 244 |
Accumulated amortization of Intangible assets (excluding MSRs) | 0 | 0 |
Net carrying amount of Intangible assets (excluding MSRs) | 227 | 244 |
Purchased credit card relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 5,732 | 5,375 |
Accumulated amortization of Intangible assets (excluding MSRs) | 3,890 | 3,836 |
Net carrying amount of Intangible assets (excluding MSRs) | 1,842 | 1,539 |
Credit card contract related intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 5,042 | 5,045 |
Accumulated amortization of Intangible assets (excluding MSRs) | 2,708 | 2,456 |
Net carrying amount of Intangible assets (excluding MSRs) | 2,334 | 2,589 |
Core deposit intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 438 | 639 |
Accumulated amortization of Intangible assets (excluding MSRs) | 433 | 628 |
Net carrying amount of Intangible assets (excluding MSRs) | 5 | 11 |
Other customer relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 463 | 459 |
Accumulated amortization of Intangible assets (excluding MSRs) | 289 | 272 |
Net carrying amount of Intangible assets (excluding MSRs) | 174 | 187 |
Present value of future profits | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 34 | 32 |
Accumulated amortization of Intangible assets (excluding MSRs) | 30 | 28 |
Net carrying amount of Intangible assets (excluding MSRs) | 4 | 4 |
Other | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 84 | 100 |
Accumulated amortization of Intangible assets (excluding MSRs) | 72 | 86 |
Net carrying amount of Intangible assets (excluding MSRs) | $ 12 | $ 14 |
Customer Concentration Risk | American Airlines, Sears, The Home Depot, Costco and AT&T | Intangible Assets, Excluding Mortgage Servicing Rights | Credit card contract related intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Concentration risk, percentage | 97.00% | 97.00% |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS - Changes in Intangible Assets (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Finite and Indefinite-lived Intangible Assets | ||
Net carrying amount at December 31, 2017, Intangible assets (excluding MSRs) | $ 4,588 | |
Acquisitions/ divestitures | 429 | |
Amortization | (413) | |
FX translation and other | (6) | |
Net carrying amount at September 30, 2018, Intangible assets (excluding MSRs) | 4,598 | $ 4,588 |
Mortgage servicing rights (MSRs) | 618 | 558 |
Total intangible assets | 5,216 | 5,146 |
Indefinite-lived intangible assets | ||
Finite and Indefinite-lived Intangible Assets | ||
Net carrying amount at December 31, 2017, Intangible assets (excluding MSRs) | 244 | |
Acquisitions/ divestitures | 0 | |
Amortization | 0 | |
FX translation and other | (17) | |
Net carrying amount at September 30, 2018, Intangible assets (excluding MSRs) | 227 | 244 |
Purchased credit card relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Net carrying amount at December 31, 2017, Intangible assets (excluding MSRs) | 1,539 | |
Acquisitions/ divestitures | 429 | |
Amortization | (124) | |
FX translation and other | (2) | |
Net carrying amount at September 30, 2018, Intangible assets (excluding MSRs) | 1,842 | 1,539 |
Credit card contract related intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Net carrying amount at December 31, 2017, Intangible assets (excluding MSRs) | 2,589 | |
Acquisitions/ divestitures | 0 | |
Amortization | (255) | |
FX translation and other | 0 | |
Net carrying amount at September 30, 2018, Intangible assets (excluding MSRs) | 2,334 | 2,589 |
Core deposit intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Net carrying amount at December 31, 2017, Intangible assets (excluding MSRs) | 11 | |
Acquisitions/ divestitures | 0 | |
Amortization | (6) | |
FX translation and other | 0 | |
Net carrying amount at September 30, 2018, Intangible assets (excluding MSRs) | 5 | 11 |
Other customer relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Net carrying amount at December 31, 2017, Intangible assets (excluding MSRs) | 187 | |
Acquisitions/ divestitures | 0 | |
Amortization | (19) | |
FX translation and other | 6 | |
Net carrying amount at September 30, 2018, Intangible assets (excluding MSRs) | 174 | 187 |
Present value of future profits | ||
Finite and Indefinite-lived Intangible Assets | ||
Net carrying amount at December 31, 2017, Intangible assets (excluding MSRs) | 4 | |
Acquisitions/ divestitures | 0 | |
Amortization | 0 | |
FX translation and other | 0 | |
Net carrying amount at September 30, 2018, Intangible assets (excluding MSRs) | 4 | 4 |
Other | ||
Finite and Indefinite-lived Intangible Assets | ||
Net carrying amount at December 31, 2017, Intangible assets (excluding MSRs) | 14 | |
Acquisitions/ divestitures | 0 | |
Amortization | (9) | |
FX translation and other | 7 | |
Net carrying amount at September 30, 2018, Intangible assets (excluding MSRs) | $ 12 | $ 14 |
American Airlines, Sears, The Home Depot, Costco and AT&T | Customer Concentration Risk | Intangible Assets, Excluding Mortgage Servicing Rights | Credit card contract related intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Concentration risk, percentage | 97.00% | 97.00% |
DEBT - Short-Term Borrowings (D
DEBT - Short-Term Borrowings (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
Commercial paper | $ 12,051 | $ 9,940 |
Other borrowings | 21,719 | 34,512 |
Total short-term borrowings | 33,770 | 44,452 |
Collateralized short-term advances from Federal Home Loan Bank | $ 10,500 | $ 23,800 |
DEBT - Long-Term Debt (Details)
DEBT - Long-Term Debt (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Instrument | ||
Long-term debt, at fair value | $ 235,270 | $ 236,709 |
Citigroup Inc. | ||
Debt Instrument | ||
Long-term debt, at fair value | 148,183 | 152,163 |
Bank | ||
Debt Instrument | ||
Long-term debt, at fair value | 62,085 | 65,856 |
Bank | Senior notes | ||
Debt Instrument | ||
Collateralized long-term advances from Federal Home Loan Bank | 10,500 | 19,300 |
Broker-dealer | ||
Debt Instrument | ||
Long-term debt, at fair value | $ 25,002 | $ 18,690 |
DEBT - Trust Preferred Securiti
DEBT - Trust Preferred Securities (Details) $ in Millions | Sep. 30, 2018USD ($)shares | Dec. 31, 2017USD ($) |
Trust Preferred Securities | ||
Trust preferred securities | $ 1,700 | $ 1,700 |
Liquidation value | 2,570 | |
Junior subordinated debentures owned by the Trust, amount | $ 2,576 | |
Citigroup Capital III | ||
Trust Preferred Securities | ||
Securities issued (in shares) | shares | 194,053 | |
Liquidation value | $ 194 | |
Coupon rate | 7.625% | |
Common shares issued to parent (in shares) | shares | 6,003 | |
Junior subordinated debentures owned by the Trust, amount | $ 200 | |
Citigroup Capital XIII | ||
Trust Preferred Securities | ||
Securities issued (in shares) | shares | 89,840,000 | |
Liquidation value | $ 2,246 | |
Common shares issued to parent (in shares) | shares | 1,000 | |
Junior subordinated debentures owned by the Trust, amount | $ 2,246 | |
Citigroup Capital XVIII | ||
Trust Preferred Securities | ||
Securities issued (in shares) | shares | 99,901 | |
Liquidation value | $ 130 | |
Common shares issued to parent (in shares) | shares | 50 | |
Junior subordinated debentures owned by the Trust, amount | $ 130 | |
LIBOR | Citigroup Capital XIII | ||
Trust Preferred Securities | ||
Coupon rate - basis spread on variable rate | 0.0637 | |
LIBOR | Citigroup Capital XVIII | ||
Trust Preferred Securities | ||
Coupon rate - basis spread on variable rate | 0.008875 |
CHANGES IN ACCUMULATED OTHER _3
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) - Change in Each Component of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | ||
Change in accumulated other comprehensive income (loss) | |||||||||
Balance, beginning of period | $ 201,672 | ||||||||
Balance, end of period | $ 197,863 | $ 228,622 | 197,863 | $ 228,622 | |||||
Net unrealized gains (losses) on investment securities | |||||||||
Change in accumulated other comprehensive income (loss) | |||||||||
Balance, beginning of period | (2,717) | (102) | (1,158) | (799) | |||||
Adjustment to opening balance, net of taxes | $ (3) | $ 504 | |||||||
Adjusted balance, beginning of period | (1,161) | (295) | |||||||
Other comprehensive income before reclassifications | (601) | 60 | (1,984) | 495 | |||||
Increase (decrease) due to amounts reclassified from AOCI | (4) | (126) | (177) | (368) | |||||
Total other comprehensive income | (605) | (66) | (2,161) | 127 | |||||
Balance, end of period | (3,322) | (168) | (3,322) | (168) | |||||
Debt valuation adjustment (DVA) | |||||||||
Change in accumulated other comprehensive income (loss) | |||||||||
Balance, beginning of period | (475) | (496) | (921) | (352) | |||||
Adjustment to opening balance, net of taxes | 0 | 0 | |||||||
Adjusted balance, beginning of period | (921) | (352) | |||||||
Other comprehensive income before reclassifications | (294) | (125) | 123 | (259) | |||||
Increase (decrease) due to amounts reclassified from AOCI | 7 | 2 | 36 | (8) | |||||
Total other comprehensive income | (287) | (123) | 159 | (267) | |||||
Balance, end of period | (762) | (619) | (762) | (619) | |||||
Cash flow hedges | |||||||||
Change in accumulated other comprehensive income (loss) | |||||||||
Balance, beginning of period | (1,021) | (445) | (698) | (560) | |||||
Adjustment to opening balance, net of taxes | 0 | 0 | |||||||
Adjusted balance, beginning of period | (698) | (560) | |||||||
Other comprehensive income before reclassifications | (114) | (27) | (393) | 59 | |||||
Increase (decrease) due to amounts reclassified from AOCI | 40 | 35 | (4) | 64 | |||||
Total other comprehensive income | (74) | 8 | (397) | 123 | |||||
Balance, end of period | (1,095) | (437) | (1,095) | (437) | |||||
Benefit plans | |||||||||
Change in accumulated other comprehensive income (loss) | |||||||||
Balance, beginning of period | (5,794) | (5,311) | (6,183) | (5,164) | |||||
Adjustment to opening balance, net of taxes | 0 | 0 | |||||||
Adjusted balance, beginning of period | (6,183) | (5,164) | |||||||
Other comprehensive income before reclassifications | (14) | (71) | 288 | (293) | |||||
Increase (decrease) due to amounts reclassified from AOCI | 40 | 42 | 127 | 117 | |||||
Total other comprehensive income | 26 | (29) | 415 | (176) | |||||
Balance, end of period | (5,768) | (5,340) | (5,768) | (5,340) | |||||
Foreign currency translation adjustment (CTA), net of hedges | |||||||||
Change in accumulated other comprehensive income (loss) | |||||||||
Balance, beginning of period | (27,455) | (23,545) | (25,708) | (25,506) | |||||
Adjustment to opening balance, net of taxes | 0 | 0 | |||||||
Adjusted balance, beginning of period | (25,708) | (25,506) | |||||||
Other comprehensive income before reclassifications | (221) | 218 | (1,968) | 2,326 | |||||
Increase (decrease) due to amounts reclassified from AOCI | 0 | 0 | 0 | (147) | |||||
Total other comprehensive income | (221) | 218 | (1,968) | 2,179 | |||||
Balance, end of period | (27,676) | (23,327) | (27,676) | (23,327) | |||||
Excluded component of fair value hedges | |||||||||
Change in accumulated other comprehensive income (loss) | |||||||||
Balance, beginning of period | (32) | 0 | 0 | 0 | |||||
Adjustment to opening balance, net of taxes | 0 | 0 | |||||||
Adjusted balance, beginning of period | 0 | 0 | |||||||
Other comprehensive income before reclassifications | 10 | 0 | (22) | 0 | |||||
Increase (decrease) due to amounts reclassified from AOCI | 0 | 0 | 0 | 0 | |||||
Total other comprehensive income | 10 | 0 | (22) | 0 | |||||
Balance, end of period | (22) | 0 | (22) | 0 | |||||
Accumulated other comprehensive income (loss) | |||||||||
Change in accumulated other comprehensive income (loss) | |||||||||
Balance, beginning of period | (37,494) | (29,899) | (34,668) | (32,381) | |||||
Adjustment to opening balance, net of taxes | [1] | $ 0 | (3) | $ 0 | 504 | ||||
Adjusted balance, beginning of period | $ (37,494) | $ (34,671) | $ (29,899) | $ (31,877) | |||||
Other comprehensive income before reclassifications | (1,234) | 55 | (3,956) | 2,328 | |||||
Increase (decrease) due to amounts reclassified from AOCI | 83 | (47) | (18) | (342) | |||||
Total other comprehensive income | (1,151) | 8 | (3,974) | 1,986 | |||||
Balance, end of period | $ (38,645) | $ (29,891) | $ (38,645) | $ (29,891) | |||||
[1] | See Note 1 to the Consolidated Financial Statements for additional details. |
CHANGES IN ACCUMULATED OTHER _4
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) - Schedule of Pre-Tax and After-Tax (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | ||
Change in accumulated other comprehensive income (loss), after-tax | |||||||||
Balance, beginning of period | $ 201,672 | ||||||||
Balance, end of period | $ 197,863 | $ 228,622 | 197,863 | $ 228,622 | |||||
Citigroup's accumulated other comprehensive income (loss) | |||||||||
Change in accumulated other comprehensive income (loss), pretax | |||||||||
Balance, beginning of period, pretax | (44,407) | (39,106) | (41,228) | (42,035) | |||||
Adjustment to opening balance, pretax | $ (4) | $ 803 | |||||||
Adjusted balance, beginning of period, pretax | (41,232) | (41,232) | |||||||
Other comprehensive income (loss), pretax | (1,408) | (50) | (4,583) | 2,076 | |||||
Balance, end of period, pretax | (45,815) | (39,156) | (45,815) | (39,156) | |||||
Change in accumulated other comprehensive income (loss), tax effect | |||||||||
Balance, beginning of period, tax effect | 6,913 | 9,207 | 6,560 | 9,654 | |||||
Adjustment to opening balance, tax effect | 1 | (299) | |||||||
Adjusted balance, beginning of period, tax effect | 6,561 | 9,355 | |||||||
Other comprehensive income (loss), tax effect | 257 | 58 | 609 | (90) | |||||
Balance, end of period, tax effect | 7,170 | 9,265 | 7,170 | 9,265 | |||||
Change in accumulated other comprehensive income (loss), after-tax | |||||||||
Balance, beginning of period | (37,494) | (29,899) | (34,668) | (32,381) | |||||
Adjustment to opening balance | [1] | $ 0 | (3) | $ 0 | 504 | ||||
Adjusted balance, beginning of period | $ (37,494) | (34,671) | $ (29,899) | (31,877) | |||||
Total other comprehensive income | (1,151) | 8 | (3,974) | 1,986 | |||||
Balance, end of period | (38,645) | (29,891) | (38,645) | (29,891) | |||||
Net unrealized gains (losses) on investment securities | |||||||||
Change in accumulated other comprehensive income (loss), pretax | |||||||||
Other comprehensive income (loss), pretax | (810) | (107) | (2,861) | 194 | |||||
Change in accumulated other comprehensive income (loss), tax effect | |||||||||
Other comprehensive income (loss), tax effect | 205 | 41 | 700 | (67) | |||||
Change in accumulated other comprehensive income (loss), after-tax | |||||||||
Balance, beginning of period | (2,717) | (102) | (1,158) | (799) | |||||
Adjustment to opening balance | (3) | 504 | |||||||
Adjusted balance, beginning of period | (1,161) | (295) | |||||||
Total other comprehensive income | (605) | (66) | (2,161) | 127 | |||||
Balance, end of period | (3,322) | (168) | (3,322) | (168) | |||||
Debt valuation adjustment (DVA) | |||||||||
Change in accumulated other comprehensive income (loss), pretax | |||||||||
Other comprehensive income (loss), pretax | (377) | (195) | 208 | (422) | |||||
Change in accumulated other comprehensive income (loss), tax effect | |||||||||
Other comprehensive income (loss), tax effect | 90 | 72 | (49) | 155 | |||||
Change in accumulated other comprehensive income (loss), after-tax | |||||||||
Balance, beginning of period | (475) | (496) | (921) | (352) | |||||
Adjustment to opening balance | 0 | 0 | |||||||
Adjusted balance, beginning of period | (921) | (352) | |||||||
Total other comprehensive income | (287) | (123) | 159 | (267) | |||||
Balance, end of period | (762) | (619) | (762) | (619) | |||||
Benefit plans | |||||||||
Change in accumulated other comprehensive income (loss), pretax | |||||||||
Other comprehensive income (loss), pretax | 55 | (45) | 549 | (266) | |||||
Change in accumulated other comprehensive income (loss), tax effect | |||||||||
Other comprehensive income (loss), tax effect | (29) | 16 | (134) | 90 | |||||
Change in accumulated other comprehensive income (loss), after-tax | |||||||||
Balance, beginning of period | (5,794) | (5,311) | (6,183) | (5,164) | |||||
Adjustment to opening balance | 0 | 0 | |||||||
Adjusted balance, beginning of period | (6,183) | (5,164) | |||||||
Total other comprehensive income | 26 | (29) | 415 | (176) | |||||
Balance, end of period | (5,768) | (5,340) | (5,768) | (5,340) | |||||
Foreign currency translation adjustment | |||||||||
Change in accumulated other comprehensive income (loss), pretax | |||||||||
Other comprehensive income (loss), pretax | (192) | 285 | (1,931) | 2,372 | |||||
Change in accumulated other comprehensive income (loss), tax effect | |||||||||
Other comprehensive income (loss), tax effect | (29) | (67) | (37) | (193) | |||||
Change in accumulated other comprehensive income (loss), after-tax | |||||||||
Balance, beginning of period | (27,455) | (23,545) | (25,708) | (25,506) | |||||
Adjustment to opening balance | 0 | 0 | |||||||
Adjusted balance, beginning of period | (25,708) | (25,506) | |||||||
Total other comprehensive income | (221) | 218 | (1,968) | 2,179 | |||||
Balance, end of period | (27,676) | (23,327) | (27,676) | (23,327) | |||||
Hedges | |||||||||
Change in accumulated other comprehensive income (loss), after-tax | |||||||||
Balance, beginning of period | (32) | 0 | 0 | 0 | |||||
Adjustment to opening balance | 0 | 0 | |||||||
Adjusted balance, beginning of period | $ 0 | $ 0 | |||||||
Total other comprehensive income | 10 | 0 | (22) | 0 | |||||
Balance, end of period | (22) | 0 | (22) | 0 | |||||
Cash flow hedges | Hedges | |||||||||
Change in accumulated other comprehensive income (loss), pretax | |||||||||
Other comprehensive income (loss), pretax | (97) | 12 | (519) | 198 | |||||
Change in accumulated other comprehensive income (loss), tax effect | |||||||||
Other comprehensive income (loss), tax effect | 23 | (4) | 122 | (75) | |||||
Change in accumulated other comprehensive income (loss), after-tax | |||||||||
Total other comprehensive income | (74) | 8 | (397) | 123 | |||||
Fair value hedges | Hedges | |||||||||
Change in accumulated other comprehensive income (loss), pretax | |||||||||
Other comprehensive income (loss), pretax | 13 | 0 | (29) | 0 | |||||
Change in accumulated other comprehensive income (loss), tax effect | |||||||||
Other comprehensive income (loss), tax effect | (3) | 0 | 7 | 0 | |||||
Change in accumulated other comprehensive income (loss), after-tax | |||||||||
Total other comprehensive income | $ 10 | $ 0 | $ (22) | $ 0 | |||||
[1] | See Note 1 to the Consolidated Financial Statements for additional details. |
CHANGES IN ACCUMULATED OTHER _5
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) - Reclassification out of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Realized (gains) losses on sales of investments | $ (69) | $ (213) | $ (341) | $ (626) |
Income from continuing operations before income taxes | (6,104) | (6,003) | (18,139) | (17,662) |
Provision (benefits) for income taxes | 1,471 | 1,866 | 4,356 | 5,524 |
Income (loss) from continuing operations | (4,633) | (4,137) | (13,783) | (12,138) |
Realized gains (losses) on investment securities | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, after-tax | (4) | (126) | (177) | (368) |
Realized gains (losses) on investment securities | (Gain) loss reclassified from AOCI | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Realized (gains) losses on sales of investments | (69) | (213) | (341) | (626) |
Gross impairment losses | 68 | 15 | 111 | 47 |
Income from continuing operations before income taxes | (1) | (198) | (230) | (579) |
Provision (benefits) for income taxes | (3) | 72 | 53 | 211 |
Income (loss) from continuing operations | (4) | (126) | (177) | (368) |
Debt valuation adjustment (DVA) | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, after-tax | 7 | 2 | 36 | (8) |
Debt valuation adjustment (DVA) | (Gain) loss reclassified from AOCI | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Realized (gains) losses on sales of investments | 9 | 3 | 46 | (13) |
Income from continuing operations before income taxes | 9 | 3 | 46 | (13) |
Provision (benefits) for income taxes | (2) | (1) | (10) | 5 |
Income (loss) from continuing operations | 7 | 2 | 36 | (8) |
Hedges | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, after-tax | 0 | 0 | 0 | 0 |
Hedges | (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 | 52 | 55 | (5) | 102 |
Provision (benefits) for income taxes | (12) | (20) | 1 | (38) |
Income (loss) from continuing operations | 40 | 35 | (4) | 64 |
Hedges | (Gain) loss reclassified from AOCI | Interest rate contracts | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Income from continuing operations before income taxes | 54 | 48 | 3 | 94 |
Hedges | (Gain) loss reclassified from AOCI | Foreign exchange contracts | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Income from continuing operations before income taxes | (2) | 7 | (8) | 8 |
Pension liability adjustments | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, pretax | 50 | 65 | 167 | 183 |
Total tax effect | (10) | (23) | (40) | (66) |
Total amounts reclassified out of AOCI, after-tax | 40 | 42 | 127 | 117 |
Prior service cost (benefit) | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, pretax | (10) | (10) | (32) | (32) |
Net actuarial loss | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, pretax | 60 | 70 | 193 | 203 |
Curtailment/settlement impact | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, pretax | 0 | 5 | 6 | 12 |
Foreign currency translation adjustment | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, after-tax | 0 | 0 | 0 | (147) |
Foreign currency translation adjustment | (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 | 0 | 0 | 0 | 232 |
Provision (benefits) for income taxes | 0 | 0 | 0 | 85 |
Income (loss) from continuing operations | 0 | 0 | 0 | (147) |
Citigroup's accumulated other comprehensive income (loss) | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, pretax | 110 | (75) | (22) | (539) |
Total tax effect | (27) | 28 | 4 | 197 |
Total amounts reclassified out of AOCI, after-tax | $ 83 | $ (47) | $ (18) | $ (342) |
SECURITIZATIONS AND VARIABLE _3
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Schedule of Variable Interest Entities (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Variable Interest Entity | ||
Total involvement with SPE assets | $ 312,836 | $ 319,569 |
Consolidated VIE/SPE assets | 67,978 | 76,394 |
Significant unconsolidated VIE assets | 244,858 | 243,175 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 31,687 | 31,331 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 4,407 | 4,239 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 15,613 | 11,304 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 138 | 140 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 51,845 | 47,014 |
Credit card securitizations | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 45,319 | 50,795 |
Consolidated VIE/SPE assets | 45,319 | 50,795 |
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 |
Mortgage-backed securities - U.S. agency-sponsored | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 113,565 | 116,610 |
Consolidated VIE/SPE assets | 0 | 0 |
Significant unconsolidated VIE assets | 113,565 | 116,610 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 2,965 | 2,647 |
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 | 68 | 74 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 3,033 | 2,721 |
Mortgage securitizations - Non-agency-sponsored | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 25,452 | 22,251 |
Consolidated VIE/SPE assets | 1,580 | 2,035 |
Significant unconsolidated VIE assets | 23,872 | 20,216 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 356 | 330 |
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 | 1 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 357 | 331 |
Citi-administered asset-backed commercial paper conduits (ABCP) | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 17,435 | 19,282 |
Consolidated VIE/SPE assets | 17,435 | 19,282 |
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 |
Collateralized loan obligations (CLOs) | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 17,870 | 20,588 |
Consolidated VIE/SPE assets | 0 | 0 |
Significant unconsolidated VIE assets | 17,870 | 20,588 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 5,524 | 5,956 |
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 | 9 | 9 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 5,533 | 5,965 |
Asset-based financing | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 64,817 | 60,472 |
Consolidated VIE/SPE assets | 639 | 633 |
Significant unconsolidated VIE assets | 64,178 | 59,839 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 20,060 | 19,478 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 601 | 583 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 9,214 | 5,878 |
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 | 29,875 | 25,939 |
Municipal securities tender option bond trusts (TOBs) | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 8,016 | 6,925 |
Consolidated VIE/SPE assets | 2,029 | 2,166 |
Significant unconsolidated VIE assets | 5,987 | 4,759 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 37 | 138 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 4,106 | 3,035 |
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 | 4,143 | 3,173 |
Municipal investments | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 17,765 | 19,119 |
Consolidated VIE/SPE assets | 1 | 7 |
Significant unconsolidated VIE assets | 17,764 | 19,112 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 2,622 | 2,709 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 3,798 | 3,640 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 2,268 | 2,344 |
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 | 8,688 | 8,693 |
Client intermediation | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 592 | 958 |
Consolidated VIE/SPE assets | 419 | 824 |
Significant unconsolidated VIE assets | 173 | 134 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 72 | 32 |
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 | 9 | 9 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 81 | 41 |
Investment funds | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 1,353 | 1,892 |
Consolidated VIE/SPE assets | 525 | 616 |
Significant unconsolidated VIE assets | 828 | 1,276 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 12 | 14 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 7 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 3 | 13 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 5 | 0 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 20 | 34 |
Other | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 652 | 677 |
Consolidated VIE/SPE assets | 31 | 36 |
Significant unconsolidated VIE assets | 621 | 641 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 39 | 27 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 8 | 9 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 22 | 34 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 46 | 47 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 115 | 117 |
Mortgage-backed securities | ||
Funded and Unfunded Exposure | ||
Outstanding balance of mortgage loans securitized | $ 8,000 | $ 9,000 |
SECURITIZATIONS AND VARIABLE _4
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Funding Commitments (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | $ 15,613 | $ 11,304 |
Liquidity facilities | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 4,106 | 3,035 |
Liquidity facilities | Asset-based financing | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 0 |
Liquidity facilities | Municipal securities tender option bond trusts (TOBs) | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 4,106 | 3,035 |
Liquidity facilities | Municipal investments | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 0 |
Liquidity facilities | Investment funds | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 0 |
Liquidity facilities | Other | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 0 |
Loan / equity commitments | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 11,507 | 8,269 |
Loan / equity commitments | Asset-based financing | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 9,214 | 5,878 |
Loan / equity commitments | Municipal securities tender option bond trusts (TOBs) | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 0 |
Loan / equity commitments | Municipal investments | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 2,268 | 2,344 |
Loan / equity commitments | Investment funds | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 3 | 13 |
Loan / equity commitments | Other | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | $ 22 | $ 34 |
SECURITIZATIONS AND VARIABLE _5
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Carrying Amounts and Classifications of Consolidated Assets (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Variable Interest Entity | |||
Cash | $ 25,727 | $ 23,775 | $ 22,604 |
Trading account assets | 257,502 | 252,790 | |
Investments | 345,513 | 352,290 | |
Total loans, net of allowance | 662,573 | 654,679 | |
Other | 111,268 | 103,926 | |
Total assets | 1,925,165 | 1,842,465 | |
Significant unconsolidated VIE assets | |||
Variable Interest Entity | |||
Cash | 0 | 0 | |
Trading account assets | 8,200 | 8,500 | |
Investments | 4,700 | 4,400 | |
Total loans, net of allowance | 22,700 | 22,200 | |
Other | 500 | 500 | |
Total assets | $ 36,100 | $ 35,600 |
SECURITIZATIONS AND VARIABLE _6
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Credit Card Securitizations (Details) $ in Billions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)trust | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | |
Securitized credit card receivables | |||||
Number of trusts to hold securitized credit card receivables | trust | 2 | ||||
Ownership interests in principal amount of trust credit card receivables | |||||
Sold to investors via trust-issued securities | $ 26.3 | $ 26.3 | $ 28.8 | ||
Retained by Citigroup as trust-issued securities | 7.5 | 7.5 | 7.6 | ||
Retained by Citigroup via non-certificated interests | 11.6 | 11.6 | 14.4 | ||
Total ownership interests in principal amount of trust credit card receivables | 45.4 | 45.4 | $ 50.8 | ||
Credit card securitizations | |||||
Cash Flows Between Transferor and Transferee | |||||
Proceeds from new securitizations | 1.9 | $ 2.2 | 5.8 | $ 9.8 | |
Pay down of maturing notes | $ (2.9) | $ (1.8) | $ (8.3) | $ (4.6) |
SECURITIZATIONS AND VARIABLE _7
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Funding, Liquidity Facilities and Subordinated Interests (Details) - USD ($) $ in Billions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Citibank Credit Card Master Trust (Master Trust) | ||
Funding, Liquidity Facilities and Subordinated Interests | ||
Weighted average maturity of term notes | 3 years | 2 years 6 months 25 days |
Term notes issued to third parties | $ 24.8 | $ 27.8 |
Term notes retained by Citigroup affiliates | 5.7 | 5.7 |
Total Master Trust liabilities | $ 30.5 | $ 33.5 |
Citibank OMNI Master Trust (Omni Trust) | ||
Funding, Liquidity Facilities and Subordinated Interests | ||
Weighted average maturity of term notes | 1 year 7 months 30 days | 1 year 11 months |
Term notes issued to third parties | $ 1.5 | $ 1 |
Term notes retained by Citigroup affiliates | 1.9 | 1.9 |
Total Master Trust liabilities | $ 3.4 | $ 2.9 |
SECURITIZATIONS AND VARIABLE _8
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Mortgage Securitizations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Mortgage securitizations - U.S. agency sponsored | |||||
Cash Flows Between Transferor and Transferee | |||||
Proceeds from new securitizations | $ 7,900 | $ 11,700 | $ 23,700 | $ 26,200 | |
Contractual servicing fees received | 0 | $ 100 | 100 | $ 200 | |
Carrying value of retained interests | 2,092 | 2,092 | $ 1,634 | ||
Sensitivity analysis of fair value of interests continued to be held by transferor | |||||
Carrying value of retained interests, impact of 10% adverse change in discount rate | (61) | (61) | (44) | ||
Carrying value of retained interests, impact of 20% adverse change in discount rate | (119) | (119) | (85) | ||
Carrying value of retained interests, impact of 10% adverse change in constant prepayment rate | (32) | (32) | (41) | ||
Carrying value of retained interests, impact of 20% adverse change in constant prepayment rate | $ (63) | $ (63) | $ (84) | ||
Mortgage securitizations - U.S. agency sponsored | 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 (as a percent) | 3.00% | 2.00% | 3.00% | 2.00% | |
Constant prepayment rate (as a percent) | 5.30% | 6.60% | 3.50% | 3.80% | |
Weighted average life (in years) | 6 years 10 months 24 days | 2 years 6 months | 5 years | 2 years 6 months | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Discount rate (as a percent) | 2.60% | 1.80% | |||
Constant prepayment rate (as a percent) | 3.70% | 6.90% | |||
Weighted average life (in years) | 6 months | 1 month 6 days | |||
Mortgage securitizations - U.S. agency sponsored | 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 (as a percent) | 10.40% | 13.20% | 11.40% | 19.90% | |
Constant prepayment rate (as a percent) | 12.80% | 31.60% | 16.00% | 31.60% | |
Weighted average life (in years) | 22 years 1 month 6 days | 10 years 6 months | 22 years 1 month 6 days | 14 years 6 months | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Discount rate (as a percent) | 55.00% | 84.20% | |||
Constant prepayment rate (as a percent) | 19.60% | 27.80% | |||
Weighted average life (in years) | 28 years 2 months 12 days | 27 years 9 months 18 days | |||
Mortgage securitizations - U.S. agency sponsored | Weighted Average | |||||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||||
Discount rate (as a percent) | 6.90% | 8.50% | 6.30% | 9.10% | |
Constant prepayment rate (as a percent) | 8.10% | 10.60% | 8.20% | 9.60% | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Discount rate (as a percent) | 6.00% | 7.10% | |||
Constant prepayment rate (as a percent) | 8.80% | 11.60% | |||
Mortgage securitizations - Non-agency-sponsored | |||||
Cash Flows Between Transferor and Transferee | |||||
Proceeds from new securitizations | $ 2,100 | $ 4,100 | $ 8,200 | $ 6,900 | |
Contractual servicing fees received | 0 | $ 0 | 0 | $ 0 | |
Senior interests | |||||
Cash Flows Between Transferor and Transferee | |||||
Carrying value of retained interests | 296 | $ 296 | $ 214 | ||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||||
Constant prepayment rate (as a percent) | 0.00% | 0.00% | |||
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Discount rate (as a percent) | 12.20% | ||||
Constant prepayment rate (as a percent) | 8.00% | ||||
Anticipated net credit losses (as a percent) | 38.00% | ||||
Weighted average life (in years) | 7 years 6 months 30 days | ||||
Sensitivity analysis of fair value of interests continued to be held by transferor | |||||
Carrying value of retained interests, impact of 10% adverse change in discount rate | 0 | $ 0 | (2) | ||
Carrying value of retained interests, impact of 20% adverse change in discount rate | 0 | 0 | (4) | ||
Carrying value of retained interests, impact of 10% adverse change in constant prepayment rate | 0 | 0 | (1) | ||
Carrying value of retained interests, impact of 20% adverse change in constant prepayment rate | 0 | 0 | (1) | ||
Carrying value of retained interests, impact of 10% adverse change in anticipated net credit losses | 0 | 0 | (3) | ||
Carrying value of retained interests, impact of 20% adverse change in anticipated net credit losses | $ 0 | $ 0 | $ (7) | ||
Senior interests | 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 (as a percent) | 3.80% | 1.40% | 1.60% | 1.40% | |
Constant prepayment rate (as a percent) | 7.00% | 7.00% | |||
Anticipated net credit losses (as a percent) | 3.40% | 6.70% | 2.00% | 6.70% | |
Weighted average life (in years) | 3 years | 4 years 10 months 24 days | 2 years 6 months | 4 years 10 months 24 days | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Discount rate (as a percent) | 5.80% | ||||
Constant prepayment rate (as a percent) | 8.90% | ||||
Anticipated net credit losses (as a percent) | 0.40% | ||||
Weighted average life (in years) | 4 years 9 months 18 days | ||||
Senior interests | 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 (as a percent) | 4.20% | 4.50% | 4.50% | 4.50% | |
Constant prepayment rate (as a percent) | 10.00% | 12.00% | |||
Anticipated net credit losses (as a percent) | 3.70% | 6.80% | 6.70% | 6.80% | |
Weighted average life (in years) | 3 years 10 months 24 days | 9 years 4 months 24 days | 9 years 10 months 24 days | 10 years | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Discount rate (as a percent) | 100.00% | ||||
Constant prepayment rate (as a percent) | 15.50% | ||||
Anticipated net credit losses (as a percent) | 46.90% | ||||
Weighted average life (in years) | 5 years 3 months 18 days | ||||
Senior interests | Weighted Average | |||||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||||
Discount rate (as a percent) | 4.10% | 2.80% | 3.60% | 2.80% | |
Constant prepayment rate (as a percent) | 7.90% | 0.00% | 8.80% | 0.00% | |
Anticipated net credit losses (as a percent) | 3.60% | 6.70% | 4.40% | 6.70% | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Discount rate (as a percent) | 12.20% | 5.80% | |||
Constant prepayment rate (as a percent) | 8.00% | 8.90% | |||
Anticipated net credit losses (as a percent) | 38.00% | 46.90% | |||
Subordinated interests | |||||
Cash Flows Between Transferor and Transferee | |||||
Carrying value of retained interests | $ 112 | $ 112 | $ 139 | ||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||||
Constant prepayment rate (as a percent) | 0.00% | 0.00% | |||
Anticipated net credit losses (as a percent) | 6.40% | ||||
Sensitivity analysis of fair value of interests continued to be held by transferor | |||||
Carrying value of retained interests, impact of 10% adverse change in discount rate | (1) | (1) | (3) | ||
Carrying value of retained interests, impact of 20% adverse change in discount rate | (2) | (2) | (5) | ||
Carrying value of retained interests, impact of 10% adverse change in constant prepayment rate | 0 | 0 | (1) | ||
Carrying value of retained interests, impact of 20% adverse change in constant prepayment rate | 0 | 0 | (2) | ||
Carrying value of retained interests, impact of 10% adverse change in anticipated net credit losses | 0 | 0 | 0 | ||
Carrying value of retained interests, impact of 20% adverse change in anticipated net credit losses | $ 0 | $ 0 | $ 0 | ||
Subordinated interests | 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 (as a percent) | 4.10% | 1.70% | 3.00% | 1.70% | |
Constant prepayment rate (as a percent) | 7.00% | 7.00% | |||
Anticipated net credit losses (as a percent) | 3.40% | 2.00% | 6.40% | ||
Weighted average life (in years) | 7 years 3 months 18 days | 5 years | 2 years 6 months | 5 years | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Discount rate (as a percent) | 4.90% | 2.80% | |||
Constant prepayment rate (as a percent) | 5.00% | 8.60% | |||
Anticipated net credit losses (as a percent) | 37.00% | 35.10% | |||
Weighted average life (in years) | 6 years 2 months 12 days | 2 months 12 days | |||
Subordinated interests | 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 (as a percent) | 8.60% | 4.20% | 8.60% | 19.10% | |
Constant prepayment rate (as a percent) | 10.00% | 12.00% | |||
Anticipated net credit losses (as a percent) | 3.70% | 4.60% | 69.10% | ||
Weighted average life (in years) | 15 years 8 months 12 days | 9 years 1 month 6 days | 15 years 8 months 12 days | 10 years | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Discount rate (as a percent) | 5.80% | 35.10% | |||
Constant prepayment rate (as a percent) | 16.00% | 13.10% | |||
Anticipated net credit losses (as a percent) | 91.00% | 52.10% | |||
Weighted average life (in years) | 15 years 6 months | 18 years 7 months 6 days | |||
Subordinated interests | Weighted Average | |||||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||||
Discount rate (as a percent) | 5.60% | 3.50% | 4.40% | 4.00% | |
Constant prepayment rate (as a percent) | 8.20% | 0.00% | 9.10% | 0.00% | |
Anticipated net credit losses (as a percent) | 3.60% | 6.40% | 3.40% | 10.80% | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Discount rate (as a percent) | 5.20% | 9.00% | |||
Constant prepayment rate (as a percent) | 7.70% | 10.60% | |||
Anticipated net credit losses (as a percent) | 49.70% | 44.90% | |||
Citicorp | Mortgage securitizations - U.S. agency sponsored | |||||
Cash Flows Between Transferor and Transferee | |||||
Gains recognized on the securitization | $ 6 | $ 14 | $ 18 | $ 61 | |
Citicorp | Mortgage securitizations - Non-agency-sponsored | |||||
Cash Flows Between Transferor and Transferee | |||||
Gains recognized on the securitization | $ 5 | $ 29 | $ 40 | $ 75 |
SECURITIZATIONS AND VARIABLE _9
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Mortgage Servicing Rights (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Capitalized MSRs | |||||
Balance, at beginning of period | $ 558 | ||||
Balance, as of September 30 | $ 618 | 618 | |||
Mortgage servicing rights | |||||
Classification of Securitizations | |||||
Fair value of capitalized mortgage servicing rights | 618 | $ 553 | 618 | $ 553 | |
Principal amount of loans and other financial instruments | 62,000 | 68,000 | 62,000 | 68,000 | |
Capitalized MSRs | |||||
Balance, at beginning of period | 596 | 560 | 558 | 1,564 | |
Originations | 14 | 19 | 46 | 75 | |
Changes in fair value of MSRs due to changes in inputs and assumptions | 25 | (6) | 82 | 50 | |
Other changes | (17) | (20) | (50) | (90) | |
Sale of MSRs | 0 | 0 | (18) | (1,046) | |
Balance, as of September 30 | 618 | 553 | 618 | 553 | |
MSR fees | |||||
Servicing fees | 41 | 65 | 130 | 236 | |
Late fees | 1 | 2 | 3 | 8 | |
Ancillary fees | 1 | 3 | 7 | 11 | |
Total MSR fees | 43 | 70 | 140 | 255 | |
Mortgage securitizations - Non-agency-sponsored | |||||
Re-securitizations | |||||
Fair value of re-securitizations deals in which the entity holds a retained interest | 33 | 33 | $ 79 | ||
Original par value of re-securitizations deals in which the entity holds a retained interest | 316 | 316 | 887 | ||
U.S. government-sponsored agency guaranteed | |||||
Re-securitizations | |||||
Fair value of re-securitizations deals in which the entity holds a retained interest | 2,400 | 2,400 | 2,100 | ||
Securities transferred to re-securitization entities | 6,800 | $ 9,900 | 20,400 | $ 20,000 | |
Market value of retained interest related to re-securitization transaction | 1,300 | 1,300 | 854 | ||
Original fair value of re-securitizations deals in which the entity holds a retained interest | $ 67,200 | $ 67,200 | $ 68,300 |
SECURITIZATIONS AND VARIABLE_10
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Asset-Backed Commercial Paper Conduits (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Classification of Other Securitization Details | ||
Commercial paper | $ 12,051,000,000 | $ 9,940,000,000 |
Citi-administered asset-backed commercial paper conduits (ABCP) | ||
Classification of Other Securitization Details | ||
Purchased assets outstanding under conduits | 17,400,000,000 | 19,300,000,000 |
Incremental funding commitments with clients | $ 16,300,000,000 | $ 14,500,000,000 |
Weighted average life of commercial paper issued by conduits | 55 days | 51 days |
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 | $ 1,600,000,000 | $ 1,600,000,000 |
Commercial paper | $ 5,400,000,000 | $ 9,300,000,000 |
SECURITIZATIONS AND VARIABLE_11
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Collateralized Debt and Loan Obligations (Details) - Collateralized loan obligations (CLOs) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Variable Interest Entity | |||||
Proceeds from new securitizations | $ 400 | $ 1,100 | $ 4,000 | $ 2,500 | |
Cash flows received on retained interests and other cash flows | 100 | $ 100 | |||
Carrying value of retained interests | $ 3,461 | $ 3,461 | $ 4,079 |
SECURITIZATIONS AND VARIABLE_12
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Asset Based Financing (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Variable Interest Entity | ||
Total unconsolidated VIE assets | $ 244,858 | $ 243,175 |
Maximum exposure to unconsolidated VIEs | 51,845 | 47,014 |
Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 64,178 | 59,839 |
Maximum exposure to unconsolidated VIEs | 29,875 | 25,939 |
Commercial and other real estate | Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 18,098 | 15,370 |
Maximum exposure to unconsolidated VIEs | 6,949 | 5,445 |
Corporate loans | Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 6,815 | 4,725 |
Maximum exposure to unconsolidated VIEs | 5,764 | 3,587 |
Hedge funds and equities | Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 416 | 542 |
Maximum exposure to unconsolidated VIEs | 54 | 58 |
Airplanes, ships and other assets | Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 38,849 | 39,202 |
Maximum exposure to unconsolidated VIEs | $ 17,108 | $ 16,849 |
SECURITIZATIONS AND VARIABLE_13
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Municipal Securities Tender Option Bond Trusts (Details) - USD ($) $ in Billions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Client intermediation | |||||
Variable Interest Entity | |||||
Proceeds from new securitizations | $ 0.2 | $ 0.2 | $ 0.7 | $ 0.9 | |
Municipal securities tender option bond trusts (TOBs) | |||||
Variable Interest Entity | |||||
Liquidity agreements, customer TOB trust | 4.1 | 4.1 | $ 3.2 | ||
Notional amount of offsetting reimbursement agreements | 2.2 | 2.2 | 2 | ||
Liquidity agreements, other trusts | $ 6.1 | $ 6.1 | $ 6.1 | ||
Municipal securities tender option bond trusts (TOBs) | Maximum | |||||
Variable Interest Entity | |||||
The threshold ownership percentage on Residual value of customers TOBs for which the reimbursement agreement applied | 25.00% |
DERIVATIVES ACTIVITIES - Deriva
DERIVATIVES ACTIVITIES - Derivative Notionals (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Hedging instruments under ASC 815 | ||
Derivatives | ||
Derivative notionals | $ 344,178 | $ 270,445 |
Hedging instruments under ASC 815 | Interest rate contracts | ||
Derivatives | ||
Derivative notionals | 246,079 | 189,779 |
Hedging instruments under ASC 815 | Interest rate swaps | ||
Derivatives | ||
Derivative notionals | 246,079 | 189,779 |
Hedging instruments under ASC 815 | Interest rate futures and forwards | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Interest rate contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Interest rate contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Foreign exchange contracts | ||
Derivatives | ||
Derivative notionals | 97,702 | 80,643 |
Hedging instruments under ASC 815 | Foreign exchange swaps | ||
Derivatives | ||
Derivative notionals | 54,502 | 37,162 |
Hedging instruments under ASC 815 | Foreign exchange futures, forwards and spot | ||
Derivatives | ||
Derivative notionals | 37,769 | 33,103 |
Hedging instruments under ASC 815 | Foreign exchange contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 2,497 | 3,951 |
Hedging instruments under ASC 815 | Foreign exchange contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 2,934 | 6,427 |
Hedging instruments under ASC 815 | Equity contracts | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Equity swaps | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Equity futures and forwards | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Equity contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Equity contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Commodity and other contracts | ||
Derivatives | ||
Derivative notionals | 397 | 23 |
Hedging instruments under ASC 815 | Commodity and other swaps | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Commodity and other futures and forwards | ||
Derivatives | ||
Derivative notionals | 397 | 23 |
Hedging instruments under ASC 815 | Commodity and other contracts | Written or Sold | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Commodity and other contracts | Purchased | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Credit derivatives | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Credit derivatives | Written or Sold | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Credit derivatives | Purchased | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Other derivative instruments, Trading derivatives | ||
Derivatives | ||
Derivative notionals | 54,318,541 | 45,792,663 |
Other derivative instruments, Trading derivatives | Interest rate contracts | ||
Derivatives | ||
Derivative notionals | 35,152,101 | 31,964,914 |
Other derivative instruments, Trading derivatives | Interest rate swaps | ||
Derivatives | ||
Derivative notionals | 19,759,439 | 18,754,219 |
Other derivative instruments, Trading derivatives | Interest rate futures and forwards | ||
Derivatives | ||
Derivative notionals | 8,297,965 | 6,460,539 |
Other derivative instruments, Trading derivatives | Interest rate contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 3,857,773 | 3,516,131 |
Other derivative instruments, Trading derivatives | Interest rate contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 3,236,924 | 3,234,025 |
Other derivative instruments, Trading derivatives | Foreign exchange contracts | ||
Derivatives | ||
Derivative notionals | 16,139,406 | 10,950,471 |
Other derivative instruments, Trading derivatives | Foreign exchange swaps | ||
Derivatives | ||
Derivative notionals | 7,004,521 | 5,576,357 |
Other derivative instruments, Trading derivatives | Foreign exchange futures, forwards and spot | ||
Derivatives | ||
Derivative notionals | 5,711,577 | 3,097,700 |
Other derivative instruments, Trading derivatives | Foreign exchange contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 1,727,916 | 1,127,728 |
Other derivative instruments, Trading derivatives | Foreign exchange contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 1,695,392 | 1,148,686 |
Other derivative instruments, Trading derivatives | Equity contracts | ||
Derivatives | ||
Derivative notionals | 1,085,173 | 1,006,565 |
Other derivative instruments, Trading derivatives | Equity swaps | ||
Derivatives | ||
Derivative notionals | 245,167 | 215,834 |
Other derivative instruments, Trading derivatives | Equity futures and forwards | ||
Derivatives | ||
Derivative notionals | 70,526 | 72,616 |
Other derivative instruments, Trading derivatives | Equity contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 436,032 | 389,961 |
Other derivative instruments, Trading derivatives | Equity contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 333,448 | 328,154 |
Other derivative instruments, Trading derivatives | Commodity and other contracts | ||
Derivatives | ||
Derivative notionals | 425,009 | 357,858 |
Other derivative instruments, Trading derivatives | Commodity and other swaps | ||
Derivatives | ||
Derivative notionals | 118,699 | 82,039 |
Other derivative instruments, Trading derivatives | Commodity and other futures and forwards | ||
Derivatives | ||
Derivative notionals | 164,427 | 153,248 |
Other derivative instruments, Trading derivatives | Commodity and other contracts | Written or Sold | ||
Derivatives | ||
Derivative notionals | 72,021 | 62,045 |
Other derivative instruments, Trading derivatives | Commodity and other contracts | Purchased | ||
Derivatives | ||
Derivative notionals | 69,862 | 60,526 |
Other derivative instruments, Trading derivatives | Credit derivatives | ||
Derivatives | ||
Derivative notionals | 1,516,852 | 1,512,855 |
Other derivative instruments, Trading derivatives | Credit derivatives | Written or Sold | ||
Derivatives | ||
Derivative notionals | 723,060 | 735,142 |
Other derivative instruments, Trading derivatives | Credit derivatives | Purchased | ||
Derivatives | ||
Derivative notionals | $ 793,792 | $ 777,713 |
DERIVATIVES ACTIVITIES - Deri_2
DERIVATIVES ACTIVITIES - Derivative Mark-to-Market (MTM) Receivables/Payables Narrative (Details) - Rule Changes Adopted by Clearing Organizations - USD ($) $ in Billions | Sep. 30, 2018 | Dec. 31, 2017 |
Derivatives | ||
Reduction of derivative assets | $ 110 | $ 100 |
Reduction of derivative liabilities | $ 110 | $ 100 |
DERIVATIVES ACTIVITIES - Deri_3
DERIVATIVES ACTIVITIES - Derivative Mark-to-Market (MTM) Receivables/Payables (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting of cash collateral received | $ (37,678) | $ (38,532) |
Less: Netting of cash collateral paid | (30,701) | (35,666) |
Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 405,697 | 388,561 |
Cash collateral paid, net of amount used to offset derivative liabilities | 10,759 | 7,541 |
Less: Netting agreements to assets | (322,565) | (306,401) |
Less: Netting of cash collateral received | (37,678) | (38,532) |
Total trading account derivatives, assets | 56,213 | 51,169 |
Less: Cash collateral received | (739) | (872) |
Less: Non-cash collateral received | (12,389) | (12,739) |
Total Net receivables | 43,085 | 37,558 |
Cash collateral paid, gross | 41,460 | 43,207 |
Does not meet applicable offsetting guidance, assets | 6,000 | 6,000 |
Trading account assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to assets | (304,000) | (283,000) |
Less: Netting agreements to liabilities | (283,000) | |
Trading account assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to assets | (9,000) | (14,000) |
Less: Netting agreements to liabilities | (14,000) | |
Trading account assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to assets | (10,000) | (9,000) |
Less: Netting agreements to liabilities | (9,000) | |
Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 389,330 | 375,344 |
Cash collateral received, net of amount used to offset derivative assets | 13,676 | 14,308 |
Less: Netting agreements to liabilities | (322,565) | (306,401) |
Less: Netting of cash collateral paid | (30,701) | (35,666) |
Total derivative liabilities | 49,740 | 47,585 |
Less: Cash collateral paid | (83) | (121) |
Less: Non-cash collateral paid | (11,376) | (6,929) |
Total Net payables | 38,281 | 40,535 |
Cash collateral received, gross | 51,354 | 52,840 |
Does not meet applicable offsetting guidance, liabilities | 7,000 | 8,000 |
Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to liabilities | (304,000) | |
Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to liabilities | (9,000) | |
Trading accounts liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to liabilities | (10,000) | |
Derivative instruments designated as ASC 815 hedges | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 3,116 | 3,222 |
Derivative instruments designated as ASC 815 hedges | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 1,374 | 1,376 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 1,548 | 2,079 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | Trading account assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 1,411 | 1,969 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | Trading account assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 137 | 110 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 656 | 226 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 81 | 134 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 575 | 92 |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 1,568 | 1,143 |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | Trading account assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 1,568 | 1,143 |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 718 | 1,150 |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 718 | 1,150 |
Derivatives instruments not designated as ASC 815 hedges | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 402,581 | 385,339 |
Derivatives instruments not designated as ASC 815 hedges | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 387,956 | 373,968 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 164,293 | 202,908 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Trading account assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 155,901 | 195,677 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Trading account assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 8,262 | 7,129 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Trading account assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 130 | 102 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 147,187 | 184,413 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 136,989 | 173,937 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 10,062 | 10,381 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Trading accounts liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 136 | 95 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 173,403 | 120,816 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading account assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 169,989 | 119,092 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading account assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 3,326 | 1,690 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading account assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 88 | 34 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 168,167 | 119,622 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 164,571 | 117,473 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 3,360 | 2,028 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 236 | 121 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 30,044 | 26,978 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading account assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 19,891 | 17,221 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading account assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 10 | 21 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading account assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 10,143 | 9,736 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 35,129 | 31,373 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 24,766 | 21,201 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 9 | 25 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading accounts liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 10,354 | 10,147 |
Derivatives instruments not designated as ASC 815 hedges | Commodity and other contracts | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 23,275 | 14,103 |
Derivatives instruments not designated as ASC 815 hedges | Commodity and other contracts | Trading account assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 22,449 | 13,499 |
Derivatives instruments not designated as ASC 815 hedges | Commodity and other contracts | Trading account assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 826 | 604 |
Derivatives instruments not designated as ASC 815 hedges | Commodity and other contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 25,780 | 17,027 |
Derivatives instruments not designated as ASC 815 hedges | Commodity and other contracts | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 25,024 | 16,362 |
Derivatives instruments not designated as ASC 815 hedges | Commodity and other contracts | Trading accounts liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 756 | 665 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 11,566 | 20,534 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | Trading account assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 4,240 | 12,972 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | Trading account assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 7,326 | 7,562 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 11,693 | 21,533 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 5,912 | 12,958 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | $ 5,781 | $ 8,575 |
DERIVATIVES ACTIVITIES - Gains
DERIVATIVES ACTIVITIES - Gains (Losses) Included in Other Revenue (Details) - Other revenue - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Derivative gain (losses) | ||||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | $ (215) | $ 466 | $ (342) | $ 1,324 |
Interest rate contracts | ||||
Derivative gain (losses) | ||||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | (22) | (5) | (65) | (72) |
Foreign exchange contracts | ||||
Derivative gain (losses) | ||||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | 7 | 596 | (6) | 1,897 |
Credit derivatives | ||||
Derivative gain (losses) | ||||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | $ (200) | $ (125) | $ (271) | $ (501) |
DERIVATIVES ACTIVITIES - Fair V
DERIVATIVES ACTIVITIES - Fair Value Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Gain (loss) on fair value hedges | ||||
Hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges | $ (22) | $ 1 | ||
Other revenue | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | $ (172) | (371) | $ 327 | (1,393) |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 140 | 345 | (455) | 1,464 |
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | 0 | (4) | 58 | 70 |
Net interest revenue | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | (857) | (497) | ||
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 871 | 525 | ||
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | 0 | (5) | ||
Interest rate contracts | ||||
Gain (loss) on fair value hedges | ||||
Hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges | (5) | (31) | ||
Interest rate contracts | Other revenue | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | 0 | (194) | 0 | (570) |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 0 | 189 | 0 | 532 |
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | 0 | 0 | 0 | (7) |
Interest rate contracts | Net interest revenue | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | (857) | (497) | ||
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 871 | 525 | ||
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | 0 | (5) | ||
Foreign exchange contracts | ||||
Gain (loss) on fair value hedges | ||||
Amount of cross currency basis included in AOCI | 15 | 57 | ||
Hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges | (17) | 32 | ||
Foreign exchange contracts | Other revenue | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | (158) | (166) | 341 | (803) |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 132 | 144 | (464) | 910 |
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | 7 | (5) | 63 | 75 |
Foreign exchange contracts | Net interest revenue | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | 0 | 0 | ||
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 0 | 0 | ||
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | 0 | 0 | ||
Commodity and other contracts | Other revenue | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | (14) | (11) | (14) | (20) |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 8 | 12 | 9 | 22 |
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | (7) | $ 1 | (5) | $ 2 |
Commodity and other contracts | Net interest revenue | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | 0 | 0 | ||
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 0 | 0 | ||
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | $ 0 | $ 0 |
DERIVATIVES ACTIVITIES - Cumula
DERIVATIVES ACTIVITIES - Cumulative Basis Adjustment (Details) $ in Millions | Sep. 30, 2018USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Debt securities AFS, carrying amount of hedged asset/liability | $ 80,244 |
Debt securities AFS, cumulative fair value hedging adjustment included in the carrying amount, active | (326) |
Debt securities AFS, cumulative fair value hedging adjustment included in the carrying amount, de-designated | 421 |
Long-term debt, carrying amount of hedged asset/liability | 154,540 |
Long-term debt, cumulative fair value hedging adjustment included in the carrying amount, active | (775) |
Long-term debt, cumulative fair value hedging adjustment included in the carrying amount, de-designated | $ 1,218 |
DERIVATIVES ACTIVITIES - Cash F
DERIVATIVES ACTIVITIES - Cash Flow Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Pretax change in accumulated other comprehensive income (loss) | ||||
Total gain (loss) recognized in AOCI | $ (149) | $ (43) | $ (669) | $ 96 |
Other revenue | 308 | 268 | 1,163 | 404 |
Net interest revenue | 11,802 | 11,535 | 34,639 | 33,748 |
Cash flow hedge gain expected to be reclassified from AOCI within 12 months | $ 475 | |||
Maximum length of time hedged in cash flow hedge | 10 years | |||
Interest rate contracts | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Total gain (loss) recognized in AOCI | (146) | (36) | $ (665) | 103 |
Foreign exchange contracts | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Total gain (loss) recognized in AOCI | (3) | (7) | (4) | (7) |
Cash flow hedges | (Gain) loss reclassified from AOCI | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Other revenue | 2 | (55) | (8) | (102) |
Net interest revenue | (54) | (142) | ||
Cash flow hedges | (Gain) loss reclassified from AOCI | Interest rate contracts | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Other revenue | 0 | (48) | 0 | (94) |
Net interest revenue | (54) | (142) | ||
Cash flow hedges | (Gain) loss reclassified from AOCI | Foreign exchange contracts | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Other revenue | 2 | $ (7) | (8) | $ (8) |
Net interest revenue | $ 0 | $ 0 |
DERIVATIVES ACTIVITIES - Net In
DERIVATIVES ACTIVITIES - Net Investment Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net Investment Hedging | ||||
Derivative gain (losses) | ||||
Gain (loss) recognized in OCI, effective portion, net | $ (46) | $ (245) | $ 1,587 | $ (1,993) |
DERIVATIVES ACTIVITIES - Credit
DERIVATIVES ACTIVITIES - Credit Derivatives (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2018USD ($)agency | Dec. 31, 2017USD ($) | |
Credit Risk Derivatives | ||
Fair values, Receivable | $ 11,566 | $ 20,534 |
Fair values, Payable | 11,693 | 21,533 |
Notionals, Protection purchased | 793,792 | 777,713 |
Notionals, Protection sold | 723,060 | 735,142 |
Fair value of derivative in liability position | 37,000 | 29,000 |
Fair value of collateral already posted | $ 36,000 | 28,000 |
Number of rating agencies | agency | 3 | |
Additional collateral to be posted | $ 1,400 | |
Collateral to be segregated | 200 | |
Aggregate cash obligations and collateral requirements | 1,600 | |
Purchased | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 3,657 | 3,195 |
Fair values, Payable | 8,476 | 3,147 |
Sold | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 7,909 | 17,339 |
Fair values, Payable | 3,217 | 18,386 |
Within 1 year | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 1,442 | 2,477 |
Fair values, Payable | 1,680 | 2,914 |
Notionals, Protection purchased | 232,670 | 231,878 |
Notionals, Protection sold | 204,358 | 218,097 |
From 1 to 5 years | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 8,083 | 16,098 |
Fair values, Payable | 7,855 | 16,435 |
Notionals, Protection purchased | 472,276 | 498,606 |
Notionals, Protection sold | 439,089 | 476,345 |
After 5 years | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 2,041 | 1,959 |
Fair values, Payable | 2,158 | 2,184 |
Notionals, Protection purchased | 88,846 | 47,229 |
Notionals, Protection sold | 79,613 | 40,700 |
Investment grade | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 5,180 | 10,473 |
Fair values, Payable | 5,014 | 10,616 |
Notionals, Protection purchased | 616,595 | 588,324 |
Notionals, Protection sold | 552,452 | 557,987 |
Non-investment grade | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 6,386 | 10,061 |
Fair values, Payable | 6,679 | 10,917 |
Notionals, Protection purchased | 177,197 | 189,389 |
Notionals, Protection sold | 170,608 | 177,155 |
Credit default swaps and options | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 10,997 | 20,251 |
Fair values, Payable | 11,168 | 20,554 |
Notionals, Protection purchased | 771,239 | 754,114 |
Notionals, Protection sold | 712,451 | 724,228 |
Total return swaps and other | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 569 | 283 |
Fair values, Payable | 525 | 979 |
Notionals, Protection purchased | 22,553 | 23,599 |
Notionals, Protection sold | 10,609 | 10,914 |
Banks | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 5,366 | 7,471 |
Fair values, Payable | 5,097 | 6,669 |
Notionals, Protection purchased | 222,802 | 264,414 |
Notionals, Protection sold | 234,338 | 273,711 |
Broker-dealers | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 1,826 | 2,325 |
Fair values, Payable | 1,661 | 2,285 |
Notionals, Protection purchased | 66,676 | 73,273 |
Notionals, Protection sold | 67,833 | 83,229 |
Non-financial | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 65 | 70 |
Fair values, Payable | 90 | 91 |
Notionals, Protection purchased | 2,823 | 1,288 |
Notionals, Protection sold | 4,247 | 1,140 |
Insurance and other financial institutions | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 4,309 | 10,668 |
Fair values, Payable | 4,845 | 12,488 |
Notionals, Protection purchased | 501,491 | 438,738 |
Notionals, Protection sold | 416,642 | 377,062 |
Interest rate swaps | ||
Credit Risk Derivatives | ||
Cash proceeds received for assets derecognized | 3,300 | 3,000 |
Fair value of derecognized assets | 3,200 | 3,100 |
Fair value gross derivative assets | 24 | 89 |
Trading derivatives, liability | $ 31 | $ 15 |
FAIR VALUE MEASUREMENT - Market
FAIR VALUE MEASUREMENT - Market Valuation Adjustments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Credit and funding valuation adjustments contra-liability (contra-asset) | |||||
Counterparty CVA | $ (815) | $ (815) | $ (970) | ||
Asset FVA | (324) | (324) | (447) | ||
Citigroup (own-credit) CVA | 317 | 317 | 287 | ||
Liability FVA | 39 | 39 | 47 | ||
Total CVA—derivative instruments | (783) | (783) | $ (1,083) | ||
Credit, Funding and Debt Valuation Adjustments Gain (Loss) [Abstract] | |||||
Counterparty CVA | 94 | $ 27 | 117 | $ 197 | |
Asset FVA | 74 | (5) | 123 | 74 | |
Own-credit CVA | (75) | (2) | 24 | (127) | |
Liability FVA | (23) | (16) | (8) | (10) | |
Total CVA—derivative instruments | 70 | 4 | 256 | 134 | |
DVA related to own FVO liabilities | (377) | (195) | 208 | (422) | |
Total CVA and DVA | $ (307) | $ (191) | $ 464 | $ (288) |
FAIR VALUE MEASUREMENT - Items
FAIR VALUE MEASUREMENT - Items Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | |
Assets, Fair Value Disclosure [Abstract] | |||
Federal funds sold and securities borrowed and purchased under agreements to resell, Netting | $ (95,913) | $ (95,913) | $ (73,476) |
Trading account assets | 257,502 | 257,502 | 252,790 |
Netting of cash collateral received | (37,678) | (37,678) | (38,532) |
Investments | 345,513 | 345,513 | 352,290 |
Loans at fair value | 4,239 | 4,239 | 4,374 |
Mortgage servicing rights | 618 | 618 | 558 |
Liabilities, Fair Value Disclosure [Abstract] | |||
Federal funds purchased and securities loaned and sold under agreements to repurchase, Netting | (95,913) | (95,913) | (73,476) |
Netting of cash collateral paid | (30,701) | (30,701) | (35,666) |
Assets transferred from Level 1 to Level 2 | 1,700 | 3,400 | 4,800 |
Assets transferred from Level 2 to Level 1 | 2,600 | 7,900 | 4,000 |
Liabilities transferred from Level 1 to Level 2 | 100 | 300 | 400 |
Liabilities transferred from Level 2 to Level 1 | 300 | 700 | 300 |
Fair value | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Investments measured at net asset value excluded from Level 3 | 225 | 225 | 404 |
Fair value | Accounting Standards Update 2015-07 | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Investments measured at net asset value excluded from Level 3 | 200 | 200 | 400 |
Recurring | |||
Assets, Fair Value Disclosure [Abstract] | |||
Federal funds sold and securities borrowed and purchased under agreements to resell | 241,810 | 241,810 | 188,587 |
Federal funds sold and securities borrowed and purchased under agreements to resell, Netting | (63,368) | (63,368) | (55,638) |
Federal funds sold and securities borrowed and purchased under agreements to resell | 178,442 | 178,442 | 132,949 |
Investments | 285,945 | 285,945 | 291,716 |
Loans at fair value | 4,239 | 4,239 | 4,374 |
Mortgage servicing rights | 618 | 618 | 558 |
Assets before netting | 1,175,508 | 1,175,508 | 1,101,517 |
Netting, Assets, total of netting agreements and cash collateral received | (423,611) | (423,611) | (400,571) |
Total assets | 751,897 | 751,897 | 700,946 |
Liabilities, Fair Value Disclosure [Abstract] | |||
Interest-bearing deposits | 1,440 | 1,440 | 1,465 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Gross | 111,516 | 111,516 | 96,276 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Netting | (63,368) | (63,368) | (55,638) |
Federal funds purchased and securities loaned and sold under agreements to repurchase | 48,148 | 48,148 | 40,638 |
Securities sold, not yet purchased | 96,428 | 96,428 | 76,171 |
Trading liabilities | 97,912 | 97,912 | 77,585 |
Short-term borrowings | 5,041 | 5,041 | 4,627 |
Long-term debt | 36,771 | 36,771 | 31,392 |
Total liabilities, Gross | 675,633 | 675,633 | 614,958 |
Total liabilities, Netting | (416,634) | (416,634) | (397,705) |
Total liabilities | 258,999 | 258,999 | 217,253 |
Recurring | Trading account liabilities | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 389,330 | 389,330 | 375,344 |
Cash collateral received | 13,676 | 13,676 | 14,308 |
Total trading derivatives and cash collateral, liability | 403,006 | 403,006 | 389,652 |
Netting agreements | (322,565) | (322,565) | (306,401) |
Netting of cash collateral paid | (30,701) | (30,701) | (35,666) |
Netting, Liabilities, total of netting agreements and cash collateral received | (353,266) | (353,266) | (342,067) |
Total derivative liabilities | 49,740 | 49,740 | 47,585 |
Cash collateral received, gross | 44,377 | 44,377 | 52,840 |
Recurring | Trading account liabilities | Interest rate contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 147,843 | 147,843 | 184,639 |
Recurring | Trading account liabilities | Foreign exchange contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 168,885 | 168,885 | 120,772 |
Recurring | Trading account liabilities | Equity contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 35,129 | 35,129 | 31,373 |
Recurring | Trading account liabilities | Commodity contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 25,780 | 25,780 | 17,027 |
Recurring | Trading account liabilities | Credit derivatives | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 11,693 | 11,693 | 21,533 |
Recurring | Non-trading derivatives and other financial liabilities | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Netting of cash collateral paid | 0 | ||
Netting, Liabilities, total of netting agreements and cash collateral received | 0 | 0 | |
Non-trading derivatives and other financial liabilities measured on a recurring basis, gross | 19,947 | 19,947 | 13,961 |
Total other assets and cash collateral, gross | 19,947 | 19,947 | 13,961 |
Recurring | Trading account liabilities | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading liabilities | 1,484 | 1,484 | 1,414 |
Recurring | Mortgage-backed securities - U.S. agency-sponsored | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 20,421 | 20,421 | 22,964 |
Investments | 45,161 | 45,161 | 41,741 |
Recurring | Mortgage-backed securities - Residential | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 946 | 946 | 813 |
Investments | 1,627 | 1,627 | 2,884 |
Recurring | Mortgage-backed securities - Commercial | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 1,403 | 1,403 | 1,366 |
Investments | 231 | 231 | 332 |
Recurring | Mortgage-backed securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 22,770 | 22,770 | 25,143 |
Investments | 47,019 | 47,019 | 44,957 |
Recurring | U.S. Treasury and federal agency securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 27,407 | 27,407 | 21,137 |
Investments | 116,143 | 116,143 | 118,146 |
Recurring | State and municipal securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 3,812 | 3,812 | 4,700 |
Investments | 9,480 | 9,480 | 8,765 |
Recurring | Foreign government | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 64,711 | 64,711 | 60,206 |
Investments | 94,461 | 94,461 | 100,533 |
Recurring | Corporate | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 14,497 | 14,497 | 15,705 |
Investments | 12,380 | 12,380 | 14,109 |
Recurring | Equity securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 53,921 | 53,921 | 60,219 |
Investments | 260 | 260 | 189 |
Recurring | Asset-backed securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 3,081 | 3,081 | 2,788 |
Investments | 1,262 | 1,262 | 3,918 |
Recurring | Other debt securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 11,090 | 11,090 | 11,723 |
Investments | 4,037 | 4,037 | 297 |
Recurring | Non-marketable equity investments measured using the measurement alternative | |||
Assets, Fair Value Disclosure [Abstract] | |||
Investments | 903 | 903 | 802 |
Recurring | Trading securities (excluding trading account derivatives) | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 201,289 | 201,289 | 201,621 |
Recurring | Trading account assets | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 405,697 | 405,697 | 388,561 |
Cash collateral paid | 10,759 | 10,759 | 7,541 |
Trading derivative, asset, gross net cash collateral paid | 416,456 | 416,456 | 396,102 |
Netting agreements | (322,565) | (322,565) | (306,401) |
Netting of cash collateral received | (37,678) | (37,678) | (38,532) |
Total trading derivatives, netting | (360,243) | (360,243) | (344,933) |
Trading derivatives | 56,213 | 56,213 | 51,169 |
Liabilities, Fair Value Disclosure [Abstract] | |||
Cash collateral paid, gross | 48,437 | 48,437 | 43,207 |
Recurring | Trading account assets | Interest rate contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 165,841 | 165,841 | 204,987 |
Recurring | Trading account assets | Foreign exchange contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 174,971 | 174,971 | 121,959 |
Recurring | Trading account assets | Equity contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 30,044 | 30,044 | 26,978 |
Recurring | Trading account assets | Commodity contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 23,275 | 23,275 | 14,103 |
Recurring | Trading account assets | Credit derivatives | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 11,566 | 11,566 | 20,534 |
Recurring | Non-trading derivatives and other financial assets | |||
Assets, Fair Value Disclosure [Abstract] | |||
Total trading derivatives, netting | 0 | 0 | 0 |
Total other assets and cash collateral, gross | 25,151 | 25,151 | 18,559 |
Other assets | 25,151 | 25,151 | 18,559 |
Recurring | Level 1 | |||
Assets, Fair Value Disclosure [Abstract] | |||
Federal funds sold and securities borrowed and purchased under agreements to resell | 0 | 0 | 0 |
Investments | 167,897 | 167,897 | 165,507 |
Loans at fair value | 0 | 0 | 0 |
Mortgage servicing rights | 0 | 0 | 0 |
Assets before netting | $ 303,550 | $ 303,550 | $ 292,700 |
Total as a percentage of gross assets | 26.10% | 26.10% | 26.80% |
Liabilities, Fair Value Disclosure [Abstract] | |||
Interest-bearing deposits | $ 0 | $ 0 | $ 0 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Gross | 0 | 0 | 0 |
Securities sold, not yet purchased | 85,760 | 85,760 | 65,843 |
Trading liabilities | 85,760 | 85,760 | 65,843 |
Short-term borrowings | 0 | 0 | 0 |
Long-term debt | 0 | 0 | 0 |
Total liabilities, Gross | $ 108,417 | $ 108,417 | $ 82,437 |
Total as a percentage of gross liabilities | 16.40% | 16.40% | 13.70% |
Recurring | Level 1 | Trading account liabilities | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | $ 2,868 | $ 2,868 | $ 2,691 |
Recurring | Level 1 | Trading account liabilities | Interest rate contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 189 | 189 | 137 |
Recurring | Level 1 | Trading account liabilities | Foreign exchange contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 7 | 7 | 9 |
Recurring | Level 1 | Trading account liabilities | Equity contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 2,667 | 2,667 | 2,430 |
Recurring | Level 1 | Trading account liabilities | Commodity contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 5 | 5 | 115 |
Recurring | Level 1 | Trading account liabilities | Credit derivatives | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 0 | 0 | 0 |
Recurring | Level 1 | Non-trading derivatives and other financial liabilities | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Other liabilities, gross | 19,789 | 19,789 | 13,903 |
Recurring | Level 1 | Trading account liabilities | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading liabilities | 0 | 0 | 0 |
Recurring | Level 1 | Mortgage-backed securities - U.S. agency-sponsored | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 0 | 0 | 0 |
Investments | 0 | 0 | 0 |
Recurring | Level 1 | Mortgage-backed securities - Residential | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 1 | 1 | 0 |
Investments | 0 | 0 | 0 |
Recurring | Level 1 | Mortgage-backed securities - Commercial | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 0 | 0 | 0 |
Investments | 0 | 0 | 0 |
Recurring | Level 1 | Mortgage-backed securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 1 | 1 | 0 |
Investments | 0 | 0 | 0 |
Recurring | Level 1 | U.S. Treasury and federal agency securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 22,054 | 22,054 | 17,524 |
Investments | 106,098 | 106,098 | 106,964 |
Recurring | Level 1 | State and municipal securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 0 | 0 | 0 |
Investments | 0 | 0 | 0 |
Recurring | Level 1 | Foreign government | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 44,714 | 44,714 | 39,347 |
Investments | 56,866 | 56,866 | 56,456 |
Recurring | Level 1 | Corporate | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 835 | 835 | 301 |
Investments | 4,687 | 4,687 | 1,911 |
Recurring | Level 1 | Equity securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 45,556 | 45,556 | 53,305 |
Investments | 246 | 246 | 176 |
Recurring | Level 1 | Asset-backed securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 0 | 0 | 0 |
Investments | 0 | 0 | 0 |
Recurring | Level 1 | Other debt securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 5 | 5 | 3 |
Investments | 0 | 0 | 0 |
Recurring | Level 1 | Non-marketable equity investments measured using the measurement alternative | |||
Assets, Fair Value Disclosure [Abstract] | |||
Investments | 0 | 0 | 0 |
Recurring | Level 1 | Trading securities (excluding trading account derivatives) | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 113,165 | 113,165 | 110,480 |
Recurring | Level 1 | Trading account assets | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 2,699 | 2,699 | 2,810 |
Recurring | Level 1 | Trading account assets | Interest rate contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 183 | 183 | 145 |
Recurring | Level 1 | Trading account assets | Foreign exchange contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 6 | 6 | 19 |
Recurring | Level 1 | Trading account assets | Equity contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 2,495 | 2,495 | 2,364 |
Recurring | Level 1 | Trading account assets | Commodity contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 15 | 15 | 282 |
Recurring | Level 1 | Trading account assets | Credit derivatives | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 0 | 0 | 0 |
Recurring | Level 1 | Non-trading derivatives and other financial assets | |||
Assets, Fair Value Disclosure [Abstract] | |||
Other assets, gross | 19,789 | 19,789 | 13,903 |
Recurring | Level 2 | |||
Assets, Fair Value Disclosure [Abstract] | |||
Federal funds sold and securities borrowed and purchased under agreements to resell | 241,745 | 241,745 | 188,571 |
Investments | 116,229 | 116,229 | 123,772 |
Loans at fair value | 3,856 | 3,856 | 3,824 |
Mortgage servicing rights | 0 | 0 | 0 |
Assets before netting | $ 850,433 | $ 850,433 | $ 790,217 |
Total as a percentage of gross assets | 73.00% | 73.00% | 72.20% |
Liabilities, Fair Value Disclosure [Abstract] | |||
Interest-bearing deposits | $ 1,137 | $ 1,137 | $ 1,179 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Gross | 110,519 | 110,519 | 95,550 |
Securities sold, not yet purchased | 10,281 | 10,281 | 10,306 |
Trading liabilities | 11,765 | 11,765 | 11,715 |
Short-term borrowings | 5,002 | 5,002 | 4,609 |
Long-term debt | 22,980 | 22,980 | 18,310 |
Total liabilities, Gross | $ 529,989 | $ 529,989 | $ 494,879 |
Total as a percentage of gross liabilities | 80.10% | 80.10% | 82.40% |
Recurring | Level 2 | Trading account liabilities | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | $ 378,428 | $ 378,428 | $ 363,466 |
Recurring | Level 2 | Trading account liabilities | Interest rate contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 145,460 | 145,460 | 182,372 |
Recurring | Level 2 | Trading account liabilities | Foreign exchange contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 168,557 | 168,557 | 120,316 |
Recurring | Level 2 | Trading account liabilities | Equity contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 31,254 | 31,254 | 26,472 |
Recurring | Level 2 | Trading account liabilities | Commodity contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 23,286 | 23,286 | 14,482 |
Recurring | Level 2 | Trading account liabilities | Credit derivatives | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 9,871 | 9,871 | 19,824 |
Recurring | Level 2 | Non-trading derivatives and other financial liabilities | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Other liabilities, gross | 158 | 158 | 50 |
Recurring | Level 2 | Trading account liabilities | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading liabilities | 1,484 | 1,484 | 1,409 |
Recurring | Level 2 | Mortgage-backed securities - U.S. agency-sponsored | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 20,293 | 20,293 | 22,801 |
Investments | 45,127 | 45,127 | 41,717 |
Recurring | Level 2 | Mortgage-backed securities - Residential | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 730 | 730 | 649 |
Investments | 1,627 | 1,627 | 2,884 |
Recurring | Level 2 | Mortgage-backed securities - Commercial | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 1,346 | 1,346 | 1,309 |
Investments | 226 | 226 | 329 |
Recurring | Level 2 | Mortgage-backed securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 22,369 | 22,369 | 24,759 |
Investments | 46,980 | 46,980 | 44,930 |
Recurring | Level 2 | U.S. Treasury and federal agency securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 5,347 | 5,347 | 3,613 |
Investments | 10,045 | 10,045 | 11,182 |
Recurring | Level 2 | State and municipal securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 3,612 | 3,612 | 4,426 |
Investments | 8,798 | 8,798 | 8,028 |
Recurring | Level 2 | Foreign government | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 19,945 | 19,945 | 20,843 |
Investments | 37,514 | 37,514 | 43,985 |
Recurring | Level 2 | Corporate | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 13,409 | 13,409 | 15,129 |
Investments | 7,693 | 7,693 | 12,127 |
Recurring | Level 2 | Equity securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 8,195 | 8,195 | 6,794 |
Investments | 14 | 14 | 11 |
Recurring | Level 2 | Asset-backed securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 1,628 | 1,628 | 1,198 |
Investments | 978 | 978 | 3,091 |
Recurring | Level 2 | Other debt securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 10,355 | 10,355 | 11,105 |
Investments | 4,037 | 4,037 | 297 |
Recurring | Level 2 | Non-marketable equity investments measured using the measurement alternative | |||
Assets, Fair Value Disclosure [Abstract] | |||
Investments | 170 | 170 | 121 |
Recurring | Level 2 | Trading securities (excluding trading account derivatives) | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 84,860 | 84,860 | 87,867 |
Recurring | Level 2 | Trading account assets | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 398,381 | 398,381 | 381,543 |
Recurring | Level 2 | Trading account assets | Interest rate contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 163,345 | 163,345 | 203,134 |
Recurring | Level 2 | Trading account assets | Foreign exchange contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 174,455 | 174,455 | 121,363 |
Recurring | Level 2 | Trading account assets | Equity contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 27,255 | 27,255 | 24,170 |
Recurring | Level 2 | Trading account assets | Commodity contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 22,576 | 22,576 | 13,252 |
Recurring | Level 2 | Trading account assets | Credit derivatives | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 10,750 | 10,750 | 19,624 |
Recurring | Level 2 | Non-trading derivatives and other financial assets | |||
Assets, Fair Value Disclosure [Abstract] | |||
Other assets, gross | 5,362 | 5,362 | 4,640 |
Recurring | Level 3 | |||
Assets, Fair Value Disclosure [Abstract] | |||
Federal funds sold and securities borrowed and purchased under agreements to resell | 65 | 65 | 16 |
Investments | 1,819 | 1,819 | 2,437 |
Loans at fair value | 383 | 383 | 550 |
Mortgage servicing rights | 618 | 618 | 558 |
Assets before netting | $ 10,766 | $ 10,766 | $ 11,059 |
Total as a percentage of gross assets | 0.90% | 0.90% | 1.00% |
Liabilities, Fair Value Disclosure [Abstract] | |||
Interest-bearing deposits | $ 303 | $ 303 | $ 286 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Gross | 997 | 997 | 726 |
Securities sold, not yet purchased | 387 | 387 | 22 |
Trading liabilities | 387 | 387 | 27 |
Short-term borrowings | 39 | 39 | 18 |
Long-term debt | 13,791 | 13,791 | 13,082 |
Total liabilities, Gross | $ 23,551 | $ 23,551 | $ 23,334 |
Total as a percentage of gross liabilities | 3.60% | 3.60% | 3.90% |
Recurring | Level 3 | Trading account liabilities | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | $ 8,034 | $ 8,034 | $ 9,187 |
Recurring | Level 3 | Trading account liabilities | Interest rate contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 2,194 | 2,194 | 2,130 |
Recurring | Level 3 | Trading account liabilities | Foreign exchange contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 321 | 321 | 447 |
Recurring | Level 3 | Trading account liabilities | Equity contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 1,208 | 1,208 | 2,471 |
Recurring | Level 3 | Trading account liabilities | Commodity contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 2,489 | 2,489 | 2,430 |
Recurring | Level 3 | Trading account liabilities | Credit derivatives | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 1,822 | 1,822 | 1,709 |
Recurring | Level 3 | Non-trading derivatives and other financial liabilities | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Other liabilities, gross | 0 | 0 | 8 |
Recurring | Level 3 | Trading account liabilities | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading liabilities | 0 | 0 | 5 |
Recurring | Level 3 | Mortgage-backed securities - U.S. agency-sponsored | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 128 | 128 | 163 |
Investments | 34 | 34 | 24 |
Recurring | Level 3 | Mortgage-backed securities - Residential | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 215 | 215 | 164 |
Investments | 0 | 0 | 0 |
Recurring | Level 3 | Mortgage-backed securities - Commercial | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 57 | 57 | 57 |
Investments | 5 | 5 | 3 |
Recurring | Level 3 | Mortgage-backed securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 400 | 400 | 384 |
Investments | 39 | 39 | 27 |
Recurring | Level 3 | U.S. Treasury and federal agency securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 6 | 6 | 0 |
Investments | 0 | 0 | 0 |
Recurring | Level 3 | State and municipal securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 200 | 200 | 274 |
Investments | 682 | 682 | 737 |
Recurring | Level 3 | Foreign government | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 52 | 52 | 16 |
Investments | 81 | 81 | 92 |
Recurring | Level 3 | Corporate | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 253 | 253 | 275 |
Investments | 0 | 0 | 71 |
Recurring | Level 3 | Equity securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 170 | 170 | 120 |
Investments | 0 | 0 | 2 |
Recurring | Level 3 | Asset-backed securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 1,453 | 1,453 | 1,590 |
Investments | 284 | 284 | 827 |
Recurring | Level 3 | Other debt securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 730 | 730 | 615 |
Investments | 0 | 0 | 0 |
Recurring | Level 3 | Non-marketable equity investments measured using the measurement alternative | |||
Assets, Fair Value Disclosure [Abstract] | |||
Investments | 733 | 733 | 681 |
Recurring | Level 3 | Trading securities (excluding trading account derivatives) | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 3,264 | 3,264 | 3,274 |
Recurring | Level 3 | Trading account assets | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 4,617 | 4,617 | 4,208 |
Recurring | Level 3 | Trading account assets | Interest rate contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 2,313 | 2,313 | 1,708 |
Recurring | Level 3 | Trading account assets | Foreign exchange contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 510 | 510 | 577 |
Recurring | Level 3 | Trading account assets | Equity contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 294 | 294 | 444 |
Recurring | Level 3 | Trading account assets | Commodity contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 684 | 684 | 569 |
Recurring | Level 3 | Trading account assets | Credit derivatives | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 816 | 816 | 910 |
Recurring | Level 3 | Non-trading derivatives and other financial assets | |||
Assets, Fair Value Disclosure [Abstract] | |||
Other assets, gross | $ 0 | $ 0 | $ 16 |
FAIR VALUE MEASUREMENT - Level
FAIR VALUE MEASUREMENT - Level 3 Fair Value Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
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 | $ (3,875) | $ (5,114) | $ (4,979) | $ (4,753) |
Net realized/unrealized gains (losses) included in principal transactions | (48) | (93) | 270 | (1,398) |
Transfers into Level 3 | 15 | (51) | (118) | (18) |
Transfers out of Level 3 | 417 | 63 | 1,209 | 706 |
Purchases | 19 | 57 | 80 | 307 |
Issuances | (7) | 0 | (7) | 0 |
Sales | (77) | (152) | (108) | (526) |
Settlements | 139 | 109 | 236 | 501 |
Balance at end of period, asset (liability), net | (3,417) | (5,181) | (3,417) | (5,181) |
Unrealized gains (losses) still held | 61 | (422) | 120 | (543) |
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 | 86 | (288) | (422) | (663) |
Net realized/unrealized gains (losses) included in principal transactions | 10 | 196 | 597 | 4 |
Transfers into Level 3 | (11) | 4 | (6) | (24) |
Transfers out of Level 3 | (2) | (4) | (74) | 647 |
Purchases | 0 | 25 | 8 | 90 |
Issuances | 8 | 0 | 8 | 0 |
Sales | 0 | (20) | (16) | (225) |
Settlements | 28 | (114) | 24 | (30) |
Balance at end of period, asset (liability), net | 119 | (201) | 119 | (201) |
Unrealized gains (losses) still held | 59 | 120 | 540 | 65 |
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 | 239 | 184 | 130 | 413 |
Net realized/unrealized gains (losses) included in principal transactions | (16) | (92) | 89 | (389) |
Transfers into Level 3 | (15) | 1 | (28) | 54 |
Transfers out of Level 3 | 56 | (4) | 59 | (63) |
Purchases | 4 | (6) | 11 | 32 |
Issuances | 0 | 0 | 0 | 0 |
Sales | (66) | (3) | (71) | (37) |
Settlements | (13) | 68 | (1) | 138 |
Balance at end of period, asset (liability), net | 189 | 148 | 189 | 148 |
Unrealized gains (losses) still held | (51) | (92) | 52 | (134) |
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 | (1,446) | (1,647) | (2,027) | (1,557) |
Net realized/unrealized gains (losses) included in principal transactions | 265 | 201 | 163 | 98 |
Transfers into Level 3 | 3 | (52) | (70) | (34) |
Transfers out of Level 3 | 372 | (34) | 1,123 | (8) |
Purchases | 3 | 31 | 20 | 180 |
Issuances | (15) | 0 | (15) | 0 |
Sales | (3) | (126) | (14) | (263) |
Settlements | (93) | (221) | (94) | (264) |
Balance at end of period, asset (liability), net | (914) | (1,848) | (914) | (1,848) |
Unrealized gains (losses) still held | 283 | (10) | 66 | (22) |
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 | (1,906) | (2,024) | (1,861) | (1,945) |
Net realized/unrealized gains (losses) included in principal transactions | (67) | (248) | (241) | (576) |
Transfers into Level 3 | 44 | (29) | 1 | 29 |
Transfers out of Level 3 | (16) | (10) | 82 | 39 |
Purchases | 12 | 0 | 39 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Sales | (8) | (3) | (8) | (3) |
Settlements | 136 | (25) | 183 | 117 |
Balance at end of period, asset (liability), net | (1,805) | (2,339) | (1,805) | (2,339) |
Unrealized gains (losses) still held | 1 | (255) | (70) | (255) |
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 | (848) | (1,339) | (799) | (1,001) |
Net realized/unrealized gains (losses) included in principal transactions | (240) | (150) | (338) | (535) |
Transfers into Level 3 | (6) | 25 | (15) | (43) |
Transfers out of Level 3 | 7 | 115 | 19 | 91 |
Purchases | 0 | 7 | 2 | 5 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 1 | 2 |
Settlements | 81 | 401 | 124 | 540 |
Balance at end of period, asset (liability), net | (1,006) | (941) | (1,006) | (941) |
Unrealized gains (losses) still held | (231) | (185) | (468) | (197) |
Interest-bearing deposits | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 320 | 300 | 286 | 293 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 14 | (2) | 37 | 9 |
Transfers into Level 3, liabilities | 0 | 0 | 12 | 40 |
Transfers out of Level 3, liabilities | 0 | 0 | 0 | 0 |
Purchases, liability | 0 | 0 | 0 | 0 |
Issuance, liability | 0 | 0 | 45 | 0 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | (3) | (2) | (3) | (24) |
Balance at end of period, liability | 303 | 300 | 303 | 300 |
Unrealized gains (losses) still held, liabilities | 14 | 6 | (104) | 6 |
Federal funds purchased and securities loaned and sold under agreement to repurchase | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 966 | 807 | 726 | 849 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | (31) | (1) | 8 | 7 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 0 | 0 | 0 | 0 |
Transfers out of Level 3, liabilities | 0 | 0 | 0 | 0 |
Purchases, liability | 0 | 0 | 0 | 0 |
Issuance, liability | 0 | 0 | 243 | 0 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | 0 | (43) | 36 | (77) |
Balance at end of period, liability | 997 | 765 | 997 | 765 |
Unrealized gains (losses) still held, liabilities | 24 | 4 | 52 | 4 |
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 | 189 | 1,143 | 22 | 1,177 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | (137) | 496 | (384) | 490 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 28 | 5 | 35 | 18 |
Transfers out of Level 3, liabilities | (55) | (10) | (86) | (53) |
Purchases, liability | (14) | 0 | (14) | 0 |
Issuance, liability | 121 | 0 | 121 | 0 |
Sales, liability | (45) | 88 | (36) | 265 |
Settlements, liability | (2) | (46) | (67) | (233) |
Balance at end of period, liability | 387 | 684 | 387 | 684 |
Unrealized gains (losses) still held, liabilities | (90) | 24 | (128) | 24 |
Trading account liabilities | Other trading liabilities | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 0 | 5 | ||
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 0 | 5 | ||
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 | 0 | ||
Issuance, liability | 0 | 0 | ||
Sales, liability | 0 | 0 | ||
Settlements, liability | 0 | 0 | ||
Balance at end of period, liability | 0 | 0 | ||
Unrealized gains (losses) still held, liabilities | 0 | 0 | ||
Short-term borrowings | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 90 | 29 | 18 | 42 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 1 | (13) | 2 | 18 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 0 | 3 | 48 | 4 |
Transfers out of Level 3, liabilities | (18) | (1) | (39) | (1) |
Purchases, liability | 0 | 0 | 0 | 0 |
Issuance, liability | 5 | 12 | 54 | 31 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | (37) | 0 | (40) | (2) |
Balance at end of period, liability | 39 | 56 | 39 | 56 |
Unrealized gains (losses) still held, liabilities | 19 | 7 | 22 | 7 |
Long-term debt | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 13,781 | 11,831 | 13,082 | 9,744 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | (231) | 1,057 | (474) | 456 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 445 | 181 | 2,200 | 702 |
Transfers out of Level 3, liabilities | (646) | (490) | (1,950) | (1,457) |
Purchases, liability | 0 | 0 | (36) | 0 |
Issuance, liability | (42) | 419 | (35) | 2,701 |
Sales, liability | (1) | 0 | (45) | 0 |
Settlements, liability | 23 | 437 | 29 | 87 |
Balance at end of period, liability | 13,791 | 11,321 | 13,791 | 11,321 |
Unrealized gains (losses) still held, liabilities | (298) | 716 | (1,709) | 708 |
Other financial liabilities | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 0 | 2 | 8 | 8 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | (2) | 0 |
Transfers into Level 3, liabilities | 0 | 0 | 1 | 0 |
Transfers out of Level 3, liabilities | 0 | 0 | (10) | 0 |
Purchases, liability | 0 | 0 | 0 | 0 |
Issuance, liability | 0 | 1 | 2 | 3 |
Sales, liability | 0 | 0 | 0 | (1) |
Settlements, liability | 0 | (1) | (3) | (8) |
Balance at end of period, liability | 0 | 2 | 0 | 2 |
Unrealized gains (losses) still held, liabilities | 0 | (1) | (9) | (1) |
Federal funds sold and securities borrowed and purchased under agreements to resell | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 66 | 1,002 | 16 | 1,496 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | (338) | 19 | (340) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | (1) | 0 | 48 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | (491) |
Purchases, assets | 61 | 0 | 61 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | (61) | 0 | (79) | (1) |
Balance at end of period, asset | 65 | 664 | 65 | 664 |
Unrealized gains (losses) still held, assets | 4 | (338) | 10 | 0 |
Trading non-derivative assets | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 3,594 | 5,255 | 3,274 | 6,251 |
Net realized/unrealized gains (losses) included in principal transactions | (127) | 391 | 223 | 772 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 169 | 204 | 543 | 1,185 |
Transfers out of Level 3, assets | (196) | (826) | (660) | (2,048) |
Purchases, assets | 725 | 2,441 | 2,434 | 5,062 |
Issuance, assets | 2 | 4 | 7 | 5 |
Sales, assets | (898) | (1,846) | (2,543) | (5,589) |
Settlements, assets | (5) | (4) | (14) | (19) |
Balance at end of period, asset | 3,264 | 5,619 | 3,264 | 5,619 |
Unrealized gains (losses) still held, assets | (57) | 178 | (9) | 279 |
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 | 99 | 204 | 163 | 176 |
Net realized/unrealized gains (losses) included in principal transactions | (2) | 0 | 0 | 4 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 3 | 75 | 92 | 154 |
Transfers out of Level 3, assets | (7) | (21) | (97) | (86) |
Purchases, assets | 38 | 174 | 191 | 438 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (3) | (123) | (221) | (377) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 128 | 309 | 128 | 309 |
Unrealized gains (losses) still held, assets | (2) | 0 | 0 | 1 |
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 | 132 | 327 | 164 | 399 |
Net realized/unrealized gains (losses) included in principal transactions | 111 | 24 | 116 | 61 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 17 | 41 | 75 | 88 |
Transfers out of Level 3, assets | (36) | (9) | (124) | (58) |
Purchases, assets | 8 | 39 | 99 | 105 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (17) | (71) | (115) | (244) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 215 | 351 | 215 | 351 |
Unrealized gains (losses) still held, assets | (2) | 12 | (1) | 35 |
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 | 51 | 318 | 57 | 206 |
Net realized/unrealized gains (losses) included in principal transactions | (2) | 10 | (3) | 7 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 4 | 22 | 15 | 66 |
Transfers out of Level 3, assets | (8) | (17) | (45) | (46) |
Purchases, assets | 29 | 11 | 67 | 445 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (17) | (232) | (34) | (566) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 57 | 112 | 57 | 112 |
Unrealized gains (losses) still held, assets | (1) | 5 | 2 | (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 | 282 | 849 | 384 | 781 |
Net realized/unrealized gains (losses) included in principal transactions | 107 | 34 | 113 | 72 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 24 | 138 | 182 | 308 |
Transfers out of Level 3, assets | (51) | (47) | (266) | (190) |
Purchases, assets | 75 | 224 | 357 | 988 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (37) | (426) | (370) | (1,187) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 400 | 772 | 400 | 772 |
Unrealized gains (losses) still held, assets | (5) | 17 | 1 | 31 |
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 | 7 | 0 | 0 | 1 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 6 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 0 | 0 | 1 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | (1) |
Settlements, assets | (1) | 0 | (1) | 0 |
Balance at end of period, asset | 6 | 0 | 6 | 0 |
Unrealized gains (losses) still held, assets | 0 | 0 | 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 | 226 | 284 | 274 | 296 |
Net realized/unrealized gains (losses) included in principal transactions | 6 | (2) | 16 | 3 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 24 |
Transfers out of Level 3, assets | (52) | 0 | (96) | (48) |
Purchases, assets | 22 | 49 | 35 | 137 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (2) | (61) | (29) | (142) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 200 | 270 | 200 | 270 |
Unrealized gains (losses) still held, assets | 6 | (1) | 8 | (1) |
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 | 36 | 108 | 16 | 40 |
Net realized/unrealized gains (losses) included in principal transactions | 27 | (5) | 26 | 2 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 4 | 2 | 88 |
Transfers out of Level 3, assets | (8) | (114) | (13) | (204) |
Purchases, assets | 4 | 161 | 50 | 288 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (7) | (59) | (29) | (119) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 52 | 95 | 52 | 95 |
Unrealized gains (losses) still held, assets | 26 | (2) | 26 | (1) |
Trading non-derivative assets | Corporate | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 520 | 401 | 275 | 324 |
Net realized/unrealized gains (losses) included in principal transactions | (214) | 105 | (119) | 320 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 24 | 16 | 85 | 132 |
Transfers out of Level 3, assets | (15) | (11) | (106) | (84) |
Purchases, assets | 110 | 148 | 389 | 424 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (172) | (268) | (271) | (725) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 253 | 391 | 253 | 391 |
Unrealized gains (losses) still held, assets | 7 | 103 | (1) | 167 |
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 | 293 | 240 | 120 | 127 |
Net realized/unrealized gains (losses) included in principal transactions | (87) | 183 | (5) | 212 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 7 | 3 | 24 | 135 |
Transfers out of Level 3, assets | (21) | (41) | (41) | (54) |
Purchases, assets | 24 | 29 | 266 | 38 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (46) | (178) | (194) | (222) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 170 | 236 | 170 | 236 |
Unrealized gains (losses) still held, assets | (99) | 6 | (68) | 20 |
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 | 1,688 | 1,570 | 1,590 | 1,868 |
Net realized/unrealized gains (losses) included in principal transactions | (44) | 114 | 31 | 251 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 20 | 5 | 65 | 28 |
Transfers out of Level 3, assets | (39) | (6) | (86) | (87) |
Purchases, assets | 305 | 481 | 994 | 1,185 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (477) | (460) | (1,141) | (1,541) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 1,453 | 1,704 | 1,453 | 1,704 |
Unrealized gains (losses) still held, assets | (45) | 26 | (6) | 34 |
Trading non-derivative assets | Other | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 542 | 1,803 | 615 | 2,814 |
Net realized/unrealized gains (losses) included in principal transactions | 78 | (38) | 161 | (88) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 94 | 38 | 179 | 470 |
Transfers out of Level 3, assets | (10) | (607) | (52) | (1,381) |
Purchases, assets | 185 | 1,349 | 342 | 2,002 |
Issuance, assets | 2 | 4 | 7 | 5 |
Sales, assets | (157) | (394) | (509) | (1,652) |
Settlements, assets | (4) | (4) | (13) | (19) |
Balance at end of period, asset | 730 | 2,151 | 730 | 2,151 |
Unrealized gains (losses) still held, assets | 53 | 29 | 31 | 29 |
Investments | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 1,992 | 3,836 | 2,437 | 3,861 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (92) | (244) | (143) | (205) |
Transfers into Level 3 | 163 | 36 | 201 | 175 |
Transfers out of Level 3, assets | (244) | (35) | (610) | (206) |
Purchases, assets | 167 | 684 | 398 | 1,674 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (167) | (803) | (412) | (1,712) |
Settlements, assets | 0 | (49) | (52) | (162) |
Balance at end of period, asset | 1,819 | 3,425 | 1,819 | 3,425 |
Unrealized gains (losses) still held, assets | (85) | (114) | (109) | (25) |
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 | 34 | 50 | 24 | 101 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 12 | 10 | 15 |
Transfers into Level 3 | 0 | 0 | 0 | 1 |
Transfers out of Level 3, assets | 0 | (5) | 0 | (60) |
Purchases, assets | 0 | 0 | 0 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 34 | 57 | 34 | 57 |
Unrealized gains (losses) still held, assets | 0 | 28 | (12) | 30 |
Investments | Mortgage-backed securities - Residential | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 0 | 0 | 0 | 50 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 2 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | (47) |
Purchases, assets | 0 | 0 | 0 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | (5) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 0 | 0 | 0 | 0 |
Unrealized gains (losses) still held, assets | 0 | 0 | 0 | 0 |
Investments | Mortgage-backed securities - Commercial | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 6 | 0 | 3 | 0 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 2 | 0 |
Transfers into Level 3 | 0 | 3 | 1 | 3 |
Transfers out of Level 3, assets | (1) | 0 | (1) | 0 |
Purchases, assets | 0 | 0 | 0 | 8 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | (8) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 5 | 3 | 5 | 3 |
Unrealized gains (losses) still held, assets | 0 | 0 | 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 | 40 | 50 | 27 | 151 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 12 | 12 | 17 |
Transfers into Level 3 | 0 | 3 | 1 | 4 |
Transfers out of Level 3, assets | (1) | (5) | (1) | (107) |
Purchases, assets | 0 | 0 | 0 | 8 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | (13) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 39 | 60 | 39 | 60 |
Unrealized gains (losses) still held, assets | 0 | 28 | (12) | 30 |
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 | 0 | 1 | 0 | 2 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 0 | 0 | 0 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | (1) | 0 | (2) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 0 | 0 | 0 | 0 |
Unrealized gains (losses) still held, assets | 0 | 0 | 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 | 762 | 1,285 | 737 | 1,211 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (10) | (2) | (23) | 37 |
Transfers into Level 3 | 0 | 21 | 0 | 70 |
Transfers out of Level 3, assets | 0 | (3) | (18) | (36) |
Purchases, assets | 17 | 16 | 157 | 92 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (87) | (45) | (171) | (102) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 682 | 1,272 | 682 | 1,272 |
Unrealized gains (losses) still held, assets | (7) | 17 | (32) | 35 |
Investments | Foreign government | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 54 | 358 | 92 | 186 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (3) | (58) | (7) | (47) |
Transfers into Level 3 | 0 | 0 | 1 | 2 |
Transfers out of Level 3, assets | (2) | (18) | (4) | (37) |
Purchases, assets | 45 | 122 | 107 | 455 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (13) | (103) | (108) | (258) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 81 | 301 | 81 | 301 |
Unrealized gains (losses) still held, assets | (3) | (7) | (3) | (5) |
Investments | Corporate | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 68 | 156 | 71 | 311 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 146 | (1) | 11 |
Transfers into Level 3 | 0 | 10 | 3 | 74 |
Transfers out of Level 3, assets | (64) | (2) | (66) | (6) |
Purchases, assets | 0 | 41 | 3 | 224 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (4) | (231) | (10) | (494) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 0 | 120 | 0 | 120 |
Unrealized gains (losses) still held, assets | 0 | 0 | 0 | 0 |
Investments | Equity securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 1 | 9 | 2 | 9 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | (1) | 0 | (1) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 0 | 0 | 0 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | (5) | (1) | (5) |
Settlements, assets | (1) | 0 | (1) | 0 |
Balance at end of period, asset | 0 | 3 | 0 | 3 |
Unrealized gains (losses) still held, assets | 0 | 0 | 0 | 0 |
Investments | Asset-backed securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 456 | 1,028 | 827 | 660 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (6) | (280) | (21) | (98) |
Transfers into Level 3 | 0 | 2 | 3 | 23 |
Transfers out of Level 3, assets | (177) | (7) | (521) | (20) |
Purchases, assets | 34 | 504 | 45 | 864 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (23) | (417) | (49) | (599) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 284 | 830 | 284 | 830 |
Unrealized gains (losses) still held, assets | (5) | (134) | (6) | (134) |
Investments | Other | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 0 | 10 | 0 | 0 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 0 | 0 | 0 | 21 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | (11) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 0 | 10 | 0 | 10 |
Unrealized gains (losses) still held, assets | 0 | 0 | 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 | 611 | 939 | 681 | 1,331 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (73) | (61) | (103) | (124) |
Transfers into Level 3 | 163 | 0 | 193 | 2 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 71 | 1 | 86 | 10 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (40) | (1) | (73) | (228) |
Settlements, assets | 1 | (49) | (51) | (162) |
Balance at end of period, asset | 733 | 829 | 733 | 829 |
Unrealized gains (losses) still held, assets | (70) | (18) | (56) | 49 |
Loans | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 381 | 577 | 550 | 568 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (27) | 73 | (282) | 57 |
Transfers into Level 3 | 0 | 0 | 0 | 80 |
Transfers out of Level 3, assets | (46) | 0 | 13 | (16) |
Purchases, assets | 79 | 131 | 130 | 173 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (3) | (236) | (25) | (312) |
Settlements, assets | (1) | (1) | (3) | (6) |
Balance at end of period, asset | 383 | 544 | 383 | 544 |
Unrealized gains (losses) still held, assets | 95 | 264 | 286 | 266 |
Mortgage servicing rights | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 596 | 560 | 558 | 1,564 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 25 | (6) | 82 | 50 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 0 | 0 | 0 | 0 |
Issuance, assets | 14 | 19 | 46 | 75 |
Sales, assets | 0 | 0 | (18) | (1,046) |
Settlements, assets | (17) | (20) | (50) | (90) |
Balance at end of period, asset | 618 | 553 | 618 | 553 |
Unrealized gains (losses) still held, assets | 26 | 3 | 83 | (40) |
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 | 0 | 17 | 16 | 34 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 15 | 13 | 37 | (147) |
Transfers into Level 3 | 0 | 0 | 0 | 3 |
Transfers out of Level 3, assets | 0 | 0 | (11) | (8) |
Purchases, assets | 0 | 1 | 4 | 1 |
Issuance, assets | 0 | 43 | 12 | 303 |
Sales, assets | (4) | (4) | (8) | (8) |
Settlements, assets | (11) | (56) | (50) | (164) |
Balance at end of period, asset | 0 | 14 | 0 | 14 |
Unrealized gains (losses) still held, assets | $ 14 | $ 17 | $ 53 | $ (68) |
FAIR VALUE MEASUREMENT - Leve_2
FAIR VALUE MEASUREMENT - Level 3 Fair Value Rollforward Narrative (Details) - Long-term debt - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Fair value, assets and liabilities measured on recurring basis, level 3 fair-value category disclosures | ||||
Transfers into Level 3, liabilities | $ 445 | $ 181 | $ 2,200 | $ 702 |
Transfers out of Level 3, liabilities | $ 646 | $ 490 | $ 1,950 | $ 1,457 |
FAIR VALUE MEASUREMENT - Valuat
FAIR VALUE MEASUREMENT - Valuation Techniques and Inputs for Level 3 Fair Value Measurements (Details) | Sep. 30, 2018USD ($)year | Dec. 31, 2017USD ($)year |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | $ 7,482,000,000 | |
Loans and leases | $ 148,000,000 | |
Model-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell | 65,000,000 | |
State and municipal, foreign government, corporate and other debt securities | 926,000,000 | 949,000,000 |
Equity securities | 46,000,000 | 55,000,000 |
Loans and leases | 318,000,000 | 391,000,000 |
Mortgage servicing rights | 87,000,000 | 87,000,000 |
Interest-bearing deposits | 303,000,000 | 286,000,000 |
Federal funds purchased and securities loaned and sold under agreement to repurchase | 997,000,000 | 726,000,000 |
Securities sold, not yet purchased | 360,000,000 | |
Short-term borrowings and long-term debt | 12,944,000,000 | 13,100,000,000 |
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross)(6) | 24,000,000 | |
Model-based | Level 3 | Interest rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell | 16,000,000 | |
Price-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 273,000,000 | 214,000,000 |
State and municipal, foreign government, corporate and other debt securities | 930,000,000 | 914,000,000 |
Equity securities | 124,000,000 | 65,000,000 |
Asset-backed securities | 1,666,000,000 | 2,287,000,000 |
Non-marketable equities | 282,000,000 | 223,000,000 |
Loans and leases | 66,000,000 | |
Securities sold, not yet purchased | 21,000,000 | |
Yield analysis | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 137,000,000 | 184,000,000 |
Comparable analysis | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 428,000,000 | 423,000,000 |
Cash flow | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | $ 531,000,000 | $ 471,000,000 |
Minimum | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross)(6) | 0.0038 | |
Minimum | Model-based | Level 3 | Interest rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell | 0.0227 | 0.0143 |
Federal funds purchased and securities loaned and sold under agreement to repurchase | 0.0227 | 0.0143 |
Minimum | Model-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities, value | $ 0 | |
Minimum | Model-based | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities | 0.0035 | |
Loans and leases | 0.0128 | 0.0134 |
Minimum | Model-based | Level 3 | Mean reversion | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 0 | 0.0100 |
Short-term borrowings and long-term debt | 0.0100 | |
Minimum | Model-based | Level 3 | Equity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.0300 | |
Interest-bearing deposits | 0.0734 | |
Short-term borrowings and long-term debt | 0.0300 | |
Minimum | Model-based | Level 3 | Forward price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 0.9923 | 0.9956 |
Securities sold, not yet purchased | 0.4519 | |
Short-term borrowings and long-term debt | 0.6599 | 0.6974 |
Minimum | Model-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | year | 1.73 | 2.50 |
Mortgage servicing rights | year | 4.11 | 3.83 |
Minimum | Model-based | Level 3 | Upfront points | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross)(6) | 0.6100 | |
Minimum | Model-based | Level 3 | Recovery rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross)(6) | 0.2500 | |
Minimum | Model-based | Level 3 | Redemption rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross)(6) | 0.1072 | |
Minimum | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities, value | $ 37.40 | $ 2.96 |
State and municipal, foreign government, corporate and other debt securities, value | 0 | |
Equity securities, value | 0 | 0 |
Asset-backed securities | $ 3.56 | 4.25 |
Securities sold, not yet purchased, value | $ 1 | |
Minimum | Price-based | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities | 0.0236 | |
Loans and leases | 0.0415 | 0.0309 |
Minimum | Price-based | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities | 0.0035 | |
Minimum | Price-based | Level 3 | Equity-equity correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | (0.8139) | |
Minimum | Price-based | Level 3 | Discount to price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0 | 0 |
Minimum | Price-based | Level 3 | Mean reversion | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | 0.0100 | |
Minimum | Price-based | Level 3 | Equity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | 0.0300 | |
Minimum | Price-based | Level 3 | Equity-FX correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | (0.8274) | |
Minimum | Price-based | Level 3 | Price-to-book ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.05 | |
Minimum | Yield analysis | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 0.0313 | 0.0252 |
Minimum | Comparable analysis | Level 3 | Net operating income multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities, value | $ 7.30 | |
Minimum | Comparable analysis | Level 3 | EBITDA multiples | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 6.90 | |
Minimum | Cash flow | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | 0.0479 | 0.0800 |
Maximum | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross)(6) | 0.0275 | |
Maximum | Model-based | Level 3 | Interest rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell | 0.0367 | 0.0216 |
Federal funds purchased and securities loaned and sold under agreement to repurchase | 0.0341 | 0.0216 |
Maximum | Model-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities, value | $ 184.04 | |
Maximum | Model-based | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities | 0.0446 | |
Loans and leases | 0.0215 | 0.0500 |
Maximum | Model-based | Level 3 | Mean reversion | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 0.2000 | 0.2000 |
Short-term borrowings and long-term debt | 0.2000 | |
Maximum | Model-based | Level 3 | Equity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.6893 | |
Interest-bearing deposits | 0.2078 | |
Short-term borrowings and long-term debt | 0.8372 | |
Maximum | Model-based | Level 3 | Forward price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 1.0669 | 0.9995 |
Securities sold, not yet purchased | 5.4900 | |
Short-term borrowings and long-term debt | 2.5953 | 1.6111 |
Maximum | Model-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | year | 1.73 | 2.50 |
Mortgage servicing rights | year | 8.10 | 6.89 |
Maximum | Model-based | Level 3 | Upfront points | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross)(6) | 0.6100 | |
Maximum | Model-based | Level 3 | Recovery rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross)(6) | 0.4000 | |
Maximum | Model-based | Level 3 | Redemption rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross)(6) | 0.9950 | |
Maximum | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities, value | $ 108 | $ 101 |
State and municipal, foreign government, corporate and other debt securities, value | 108.15 | |
Equity securities, value | 865.86 | 25,450 |
Asset-backed securities | $ 100.91 | 100.60 |
Securities sold, not yet purchased, value | $ 287.64 | |
Maximum | Price-based | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities | 0.1425 | |
Loans and leases | 0.0415 | 0.0440 |
Maximum | Price-based | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities | 0.0500 | |
Maximum | Price-based | Level 3 | Equity-equity correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | 1 | |
Maximum | Price-based | Level 3 | Discount to price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 1 | 1 |
Maximum | Price-based | Level 3 | Mean reversion | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | 0.2000 | |
Maximum | Price-based | Level 3 | Equity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | 0.8372 | |
Maximum | Price-based | Level 3 | Equity-FX correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | 0.5400 | |
Maximum | Price-based | Level 3 | Price-to-book ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 1 | |
Maximum | Yield analysis | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 0.1429 | 0.1406 |
Maximum | Comparable analysis | Level 3 | Net operating income multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities, value | $ 25 | |
Maximum | Comparable analysis | Level 3 | EBITDA multiples | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 12.80 | |
Maximum | Cash flow | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | 0.1200 | 0.1638 |
Weighted Average | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross)(6) | 0.0127 | |
Weighted Average | Model-based | Level 3 | Interest rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell | 0.0354 | 0.0209 |
Federal funds purchased and securities loaned and sold under agreement to repurchase | 0.0314 | 0.0209 |
Weighted Average | Model-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities, value | $ 91.74 | |
Weighted Average | Model-based | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities | 0.0246 | |
Loans and leases | 0.0161 | 0.0173 |
Weighted Average | Model-based | Level 3 | Mean reversion | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 0.0795 | 0.1050 |
Short-term borrowings and long-term debt | 0.1050 | |
Weighted Average | Model-based | Level 3 | Equity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.2252 | |
Interest-bearing deposits | 0.1798 | |
Short-term borrowings and long-term debt | 0.1928 | |
Weighted Average | Model-based | Level 3 | Forward price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 1.0180 | 0.9972 |
Securities sold, not yet purchased | 1.0021 | |
Short-term borrowings and long-term debt | 1.0359 | 1.0070 |
Weighted Average | Model-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | year | 1.73 | 2.50 |
Mortgage servicing rights | year | 6.92 | 5.93 |
Weighted Average | Model-based | Level 3 | Upfront points | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross)(6) | 0.6100 | |
Weighted Average | Model-based | Level 3 | Recovery rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross)(6) | 0.3156 | |
Weighted Average | Model-based | Level 3 | Redemption rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross)(6) | 0.7424 | |
Weighted Average | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities, value | $ 92.56 | $ 56.52 |
State and municipal, foreign government, corporate and other debt securities, value | 79.65 | |
Equity securities, value | 3.50 | 2,526.62 |
Asset-backed securities | $ 69.41 | 74.57 |
Securities sold, not yet purchased, value | $ 88.19 | |
Weighted Average | Price-based | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities | 0.0603 | |
Loans and leases | 0.0415 | 0.0313 |
Weighted Average | Price-based | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities | 0.0249 | |
Weighted Average | Price-based | Level 3 | Equity-equity correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | 0.4102 | |
Weighted Average | Price-based | Level 3 | Discount to price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.0062 | 0.1183 |
Weighted Average | Price-based | Level 3 | Mean reversion | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | 0.1050 | |
Weighted Average | Price-based | Level 3 | Equity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | 0.2217 | |
Weighted Average | Price-based | Level 3 | Equity-FX correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | (0.3258) | |
Weighted Average | Price-based | Level 3 | Price-to-book ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.32 | |
Weighted Average | Yield analysis | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 0.0472 | 0.0597 |
Weighted Average | Comparable analysis | Level 3 | Net operating income multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities, value | $ 10.49 | |
Weighted Average | Comparable analysis | Level 3 | EBITDA multiples | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 8.66 | |
Weighted Average | Cash flow | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | 0.0831 | 0.1147 |
Interest rate contracts | Model-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 4,470,000,000 | $ 3,818,000,000 |
Interest rate contracts | Minimum | Model-based | Level 3 | Mean reversion | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0100 | 0.0100 |
Interest rate contracts | Minimum | Model-based | Level 3 | IR normal volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0014 | 0.0940 |
Interest rate contracts | Minimum | Model-based | Level 3 | Inflation volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0020 | |
Interest rate contracts | Maximum | Model-based | Level 3 | Mean reversion | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.2000 | 0.2000 |
Interest rate contracts | Maximum | Model-based | Level 3 | IR normal volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.7879 | 0.7740 |
Interest rate contracts | Maximum | Model-based | Level 3 | Inflation volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0256 | |
Interest rate contracts | Weighted Average | Model-based | Level 3 | Mean reversion | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.1050 | 0.1050 |
Interest rate contracts | Weighted Average | Model-based | Level 3 | IR normal volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.5337 | 0.5886 |
Interest rate contracts | Weighted Average | Model-based | Level 3 | Inflation volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0076 | |
Foreign exchange contracts | Model-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 749,000,000 | $ 940,000,000 |
Foreign exchange contracts | Cash flow | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 82,000,000 | |
Foreign exchange contracts | Minimum | Model-based | Level 3 | Interest rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.0055) | |
Foreign exchange contracts | Minimum | Model-based | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0011 | |
Foreign exchange contracts | Minimum | Model-based | Level 3 | FX volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0315 | 0.0458 |
Foreign exchange contracts | Minimum | Model-based | Level 3 | IR-IR correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.5100) | |
Foreign exchange contracts | Minimum | Model-based | Level 3 | IR-FX correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.0734) | |
Foreign exchange contracts | Minimum | Cash flow | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0039 | |
Foreign exchange contracts | Minimum | Cash flow | Level 3 | IR-IR correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, value | $ (0.5100) | |
Foreign exchange contracts | Minimum | Cash flow | Level 3 | IR-FX correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4000 | |
Foreign exchange contracts | Minimum | Cash flow | Level 3 | FX rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0 | |
Foreign exchange contracts | Minimum | Cash flow | Level 3 | IR basis | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.0079) | |
Foreign exchange contracts | Maximum | Model-based | Level 3 | Interest rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0028 | |
Foreign exchange contracts | Maximum | Model-based | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0717 | |
Foreign exchange contracts | Maximum | Model-based | Level 3 | FX volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.1735 | 0.1502 |
Foreign exchange contracts | Maximum | Model-based | Level 3 | IR-IR correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4000 | |
Foreign exchange contracts | Maximum | Model-based | Level 3 | IR-FX correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.6000 | |
Foreign exchange contracts | Maximum | Cash flow | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0880 | |
Foreign exchange contracts | Maximum | Cash flow | Level 3 | IR-IR correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, value | $ 0.4000 | |
Foreign exchange contracts | Maximum | Cash flow | Level 3 | IR-FX correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.6000 | |
Foreign exchange contracts | Maximum | Cash flow | Level 3 | FX rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0004 | |
Foreign exchange contracts | Maximum | Cash flow | Level 3 | IR basis | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0900 | |
Foreign exchange contracts | Weighted Average | Model-based | Level 3 | Interest rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0004 | |
Foreign exchange contracts | Weighted Average | Model-based | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0173 | |
Foreign exchange contracts | Weighted Average | Model-based | Level 3 | FX volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.1096 | 0.0816 |
Foreign exchange contracts | Weighted Average | Model-based | Level 3 | IR-IR correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.3656 | |
Foreign exchange contracts | Weighted Average | Model-based | Level 3 | IR-FX correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4904 | |
Foreign exchange contracts | Weighted Average | Cash flow | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0379 | |
Foreign exchange contracts | Weighted Average | Cash flow | Level 3 | IR-IR correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, value | $ 0.3360 | |
Foreign exchange contracts | Weighted Average | Cash flow | Level 3 | IR-FX correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.5000 | |
Foreign exchange contracts | Weighted Average | Cash flow | Level 3 | FX rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0003 | |
Foreign exchange contracts | Weighted Average | Cash flow | Level 3 | IR basis | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0067 | |
Equity contracts | Model-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 1,478,000,000 | $ 2,897,000,000 |
Equity contracts | Minimum | Model-based | Level 3 | Equity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0300 | 0.0300 |
Equity contracts | Minimum | Model-based | Level 3 | Forward price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.6310 | 0.6974 |
Equity contracts | Minimum | Model-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1.73 | |
Equity contracts | Maximum | Model-based | Level 3 | Equity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.8372 | 0.6893 |
Equity contracts | Maximum | Model-based | Level 3 | Forward price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1.5910 | 1.5419 |
Equity contracts | Maximum | Model-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1.73 | |
Equity contracts | Weighted Average | Model-based | Level 3 | Equity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.2896 | 0.2466 |
Equity contracts | Weighted Average | Model-based | Level 3 | Forward price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.9777 | 0.9280 |
Equity contracts | Weighted Average | Model-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1.73 | |
Commodity contracts | Model-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 3,049,000,000 | $ 2,937,000,000 |
Commodity contracts | Minimum | Level 3 | Commodity Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.3764) | |
Commodity contracts | Minimum | Model-based | Level 3 | Forward price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4519 | 0.0366 |
Commodity contracts | Minimum | Model-based | Level 3 | Commodity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0760 | 0.0860 |
Commodity contracts | Minimum | Model-based | Level 3 | Commodity Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.5245) | |
Commodity contracts | Maximum | Level 3 | Commodity Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.9171 | |
Commodity contracts | Maximum | Model-based | Level 3 | Forward price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 5.4900 | 2.9059 |
Commodity contracts | Maximum | Model-based | Level 3 | Commodity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.5500 | 0.6673 |
Commodity contracts | Maximum | Model-based | Level 3 | Commodity Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.9137 | |
Commodity contracts | Weighted Average | Level 3 | Commodity Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.1521 | |
Commodity contracts | Weighted Average | Model-based | Level 3 | Forward price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1.2977 | 1.1416 |
Commodity contracts | Weighted Average | Model-based | Level 3 | Commodity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.1732 | 0.2504 |
Commodity contracts | Weighted Average | Model-based | Level 3 | Commodity Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.1771 | |
Credit derivatives | Model-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 1,924,000,000 | $ 1,797,000,000 |
Credit derivatives | Price-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 714,000,000 | $ 823,000,000 |
Credit derivatives | Minimum | Model-based | Level 3 | Credit correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.2500 | 0.2500 |
Credit derivatives | Minimum | Model-based | Level 3 | Upfront points | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0603 | |
Credit derivatives | Minimum | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, value | $ 31.77 | $ 1 |
Credit derivatives | Minimum | Price-based | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0002 | 0.0003 |
Credit derivatives | Minimum | Price-based | Level 3 | Upfront points | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0513 | |
Credit derivatives | Minimum | Price-based | Level 3 | Recovery rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0500 | |
Credit derivatives | Maximum | Model-based | Level 3 | Credit correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.8500 | 0.9000 |
Credit derivatives | Maximum | Model-based | Level 3 | Upfront points | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.9726 | |
Credit derivatives | Maximum | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, value | $ 98 | $ 100.24 |
Credit derivatives | Maximum | Price-based | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.1260 | 0.1636 |
Credit derivatives | Maximum | Price-based | Level 3 | Upfront points | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.9798 | |
Credit derivatives | Maximum | Price-based | Level 3 | Recovery rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.6500 | |
Credit derivatives | Weighted Average | Model-based | Level 3 | Credit correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4350 | 0.4464 |
Credit derivatives | Weighted Average | Model-based | Level 3 | Upfront points | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.6288 | |
Credit derivatives | Weighted Average | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, value | $ 79.28 | $ 57.63 |
Credit derivatives | Weighted Average | Price-based | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0084 | 0.0173 |
Credit derivatives | Weighted Average | Price-based | Level 3 | Upfront points | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.5349 | |
Credit derivatives | Weighted Average | Price-based | Level 3 | Recovery rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4809 |
FAIR VALUE MEASUREMENT - Item_2
FAIR VALUE MEASUREMENT - Items Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Items Measured at Fair Value on a Nonrecurring Basis | ||
Non-marketable equity investments measured using the measurement alternative | $ 8,245 | |
Nonrecurring | Level 2 | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans held-for-sale | $ 1,870 | 2,066 |
Other real estate owned | 68 | 10 |
Loans | 155 | 216 |
Non-marketable equity investments measured using the measurement alternative | 115 | |
Total assets | 2,208 | 2,292 |
Nonrecurring | Level 3 | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans held-for-sale | 2,953 | 3,609 |
Other real estate owned | 17 | 44 |
Loans | 194 | 414 |
Non-marketable equity investments measured using the measurement alternative | 0 | |
Total assets | 3,164 | 4,067 |
Fair value | Nonrecurring | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans held-for-sale | 4,823 | 5,675 |
Other real estate owned | 85 | 54 |
Loans | 349 | 630 |
Non-marketable equity investments measured using the measurement alternative | 115 | |
Total assets | $ 5,372 | $ 6,359 |
FAIR VALUE MEASUREMENT - Valu_2
FAIR VALUE MEASUREMENT - Valuation Techniques and Inputs for Level 3 Nonrecurring Fair Value Measurements (Details) - Nonrecurring | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | |
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | $ (17,000,000) | $ (60,000,000) | $ 66,000,000 | $ (131,000,000) | |
Loans held-for-sale | |||||
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | (1,000,000) | 10,000,000 | 8,000,000 | (15,000,000) | |
Other real estate owned | |||||
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | (1,000,000) | (4,000,000) | (2,000,000) | (6,000,000) | |
Loans | |||||
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | (22,000,000) | (66,000,000) | (51,000,000) | (110,000,000) | |
Non-marketable equity investments measured using the measurement alternative | |||||
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | 7,000,000 | $ 0 | 111,000,000 | $ 0 | |
Level 3 | |||||
Valuation techniques and inputs | |||||
Loans held-for-sale | 2,953,000,000 | 2,953,000,000 | $ 3,609,000,000 | ||
Level 3 | Price-based | |||||
Valuation techniques and inputs | |||||
Loans held-for-sale | 2,533,000,000 | 2,533,000,000 | 3,186,000,000 | ||
Other real estate owned | 17,000,000 | 17,000,000 | 42,000,000 | ||
Loans | 54,000,000 | 54,000,000 | 133,000,000 | ||
Level 3 | Cash flow | |||||
Valuation techniques and inputs | |||||
Loans | 129,000,000 | ||||
Level 3 | Recovery analysis | |||||
Valuation techniques and inputs | |||||
Loans | 123,000,000 | 123,000,000 | 127,000,000 | ||
Price | Level 3 | Price-based | Minimum | |||||
Valuation techniques and inputs | |||||
Loans held-for-sale | 80.90 | 80.90 | 77.93 | ||
Other real estate owned | 56.31 | 56.31 | 30 | ||
Loans | 2.80 | ||||
Price | Level 3 | Price-based | Maximum | |||||
Valuation techniques and inputs | |||||
Loans held-for-sale | 100 | 100 | 100 | ||
Other real estate owned | 56.31 | 56.31 | 50.36 | ||
Loans | 100 | ||||
Price | Level 3 | Price-based | Weighted Average | |||||
Valuation techniques and inputs | |||||
Loans held-for-sale | 99.26 | 99.26 | 99.26 | ||
Other real estate owned | 56.31 | 56.31 | 49.09 | ||
Loans | 62.46 | ||||
Price | Level 3 | Recovery analysis | Minimum | |||||
Valuation techniques and inputs | |||||
Loans | 13.36 | 13.36 | |||
Price | Level 3 | Recovery analysis | Maximum | |||||
Valuation techniques and inputs | |||||
Loans | 100 | 100 | |||
Price | Level 3 | Recovery analysis | Weighted Average | |||||
Valuation techniques and inputs | |||||
Loans | 92.33 | 92.33 | |||
Appraised value | Level 3 | Price-based | Minimum | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 2,353,777 | 2,353,777 | 20,278 | ||
Loans | 9,855,140 | 9,855,140 | |||
Appraised value | Level 3 | Price-based | Maximum | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 8,394,102 | 8,394,102 | 8,091,760 | ||
Loans | 55,972,000 | 55,972,000 | |||
Appraised value | Level 3 | Price-based | Weighted Average | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 7,071,276 | 7,071,276 | 4,016,665 | ||
Loans | $ 38,154,269 | $ 38,154,269 | |||
Appraised value | Level 3 | Recovery analysis | Minimum | |||||
Valuation techniques and inputs | |||||
Loans | 0 | ||||
Appraised value | Level 3 | Recovery analysis | Maximum | |||||
Valuation techniques and inputs | |||||
Loans | 45,500,000 | ||||
Appraised value | Level 3 | Recovery analysis | Weighted Average | |||||
Valuation techniques and inputs | |||||
Loans | $ 38,785,667 | ||||
Discount to price | Level 3 | Price-based | Minimum | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 0.1300 | 0.1300 | 0.3400 | ||
Discount to price | Level 3 | Price-based | Maximum | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 0.1300 | 0.1300 | 0.3400 | ||
Discount to price | Level 3 | Price-based | Weighted Average | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 0.1300 | 0.1300 | 0.3400 | ||
Recovery rate | Level 3 | Cash flow | Minimum | |||||
Valuation techniques and inputs | |||||
Loans | 0.5000 | ||||
Recovery rate | Level 3 | Cash flow | Maximum | |||||
Valuation techniques and inputs | |||||
Loans | 1 | ||||
Recovery rate | Level 3 | Cash flow | Weighted Average | |||||
Valuation techniques and inputs | |||||
Loans | 0.6359 | ||||
Recovery rate | Level 3 | Recovery analysis | Minimum | |||||
Valuation techniques and inputs | |||||
Loans | $ 0.0900 | $ 0.0900 | |||
Recovery rate | Level 3 | Recovery analysis | Maximum | |||||
Valuation techniques and inputs | |||||
Loans | 0.9000 | 0.9000 | |||
Recovery rate | Level 3 | Recovery analysis | Weighted Average | |||||
Valuation techniques and inputs | |||||
Loans | $ 0.7662 | $ 0.7662 |
FAIR VALUE MEASUREMENT - Estima
FAIR VALUE MEASUREMENT - Estimate Fair Value of Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Assets | ||||||
Loans | $ 4,239 | $ 4,374 | ||||
Liabilities | ||||||
Deposits | 1,005,176 | 959,822 | ||||
Allowance for loan losses | 12,336 | $ 12,126 | 12,355 | $ 12,366 | $ 12,025 | $ 12,060 |
Lease finance receivables | 1,600 | 1,700 | ||||
Corporate | ||||||
Assets | ||||||
Loans | 4,218 | 4,349 | ||||
Liabilities | ||||||
Allowance for loan losses | 2,339 | $ 2,330 | 2,486 | $ 2,474 | $ 2,510 | $ 2,702 |
Carrying value | ||||||
Assets | ||||||
Investments | 58,900 | 60,200 | ||||
Federal funds sold and securities borrowed and purchased under agreements to resell | 102,500 | 99,500 | ||||
Loans | 656,700 | 648,600 | ||||
Other financial assets | 263,900 | 242,600 | ||||
Liabilities | ||||||
Deposits | 1,003,700 | 958,400 | ||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 127,800 | 115,600 | ||||
Long-term debt | 198,500 | 205,300 | ||||
Other financial liabilities | 110,600 | 129,900 | ||||
Fair value | ||||||
Assets | ||||||
Investments | 58,000 | 60,600 | ||||
Federal funds sold and securities borrowed and purchased under agreements to resell | 102,500 | 99,500 | ||||
Loans | 655,200 | 644,900 | ||||
Other financial assets | 264,400 | 243,000 | ||||
Liabilities | ||||||
Deposits | 1,002,800 | 955,600 | ||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 127,800 | 115,600 | ||||
Long-term debt | 200,600 | 214,000 | ||||
Other financial liabilities | 110,600 | 129,900 | ||||
Fair value | Level 1 | ||||||
Assets | ||||||
Investments | 1,100 | 500 | ||||
Federal funds sold and securities borrowed and purchased under agreements to resell | 0 | 0 | ||||
Loans | 0 | 0 | ||||
Other financial assets | 184,600 | 166,400 | ||||
Liabilities | ||||||
Deposits | 0 | 0 | ||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 0 | 0 | ||||
Long-term debt | 0 | 0 | ||||
Other financial liabilities | 0 | 0 | ||||
Fair value | Level 2 | ||||||
Assets | ||||||
Investments | 54,900 | 57,500 | ||||
Federal funds sold and securities borrowed and purchased under agreements to resell | 100,500 | 94,400 | ||||
Loans | 5,200 | 6,000 | ||||
Other financial assets | 14,700 | 14,100 | ||||
Liabilities | ||||||
Deposits | 836,700 | 816,100 | ||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 127,800 | 115,600 | ||||
Long-term debt | 186,300 | 187,200 | ||||
Other financial liabilities | 16,100 | 15,500 | ||||
Fair value | Level 3 | ||||||
Assets | ||||||
Investments | 2,000 | 2,600 | ||||
Federal funds sold and securities borrowed and purchased under agreements to resell | 2,000 | 5,100 | ||||
Loans | 650,000 | 638,900 | ||||
Other financial assets | 65,100 | 62,500 | ||||
Liabilities | ||||||
Deposits | 166,100 | 139,500 | ||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 0 | 0 | ||||
Long-term debt | 14,300 | 26,800 | ||||
Other financial liabilities | 94,500 | 114,400 | ||||
Fair value | Level 3 | Corporate | ||||||
Fair value measurements additional disclosures | ||||||
Unfunded lending commitments | $ 3,200 | $ 3,200 |
FAIR VALUE ELECTIONS - Changes
FAIR VALUE ELECTIONS - Changes in Fair Value Gains (Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Federal funds sold and securities borrowed and purchased under agreements to resell | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | $ (17) | $ (17) | $ (14) | $ (108) |
Trading account assets | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | 3 | 581 | (98) | 1,243 |
Investments | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | 0 | 0 | 0 | (3) |
Corporate | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | 11 | (61) | (115) | (42) |
Consumer loans | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | 0 | 1 | 0 | 3 |
Loans | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | 11 | (60) | (115) | (39) |
MSRs | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | 25 | (6) | 82 | 50 |
Certain mortgage loans held for sale | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | 9 | 34 | 21 | 115 |
Total other assets | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | 34 | 28 | 103 | 165 |
Total assets | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | 31 | 532 | (124) | 1,258 |
Interest-bearing deposits | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | (20) | (16) | 18 | (60) |
Federal funds purchased and securities loaned and sold under agreements to repurchase | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | 230 | 97 | 104 | 183 |
Trading account liabilities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | 25 | 19 | 4 | 70 |
Short-term borrowings | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | 20 | (30) | 138 | (110) |
Long-term debt | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | (270) | (510) | 1,269 | (981) |
Total liabilities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | $ (15) | $ (440) | $ 1,533 | $ (898) |
FAIR VALUE ELECTIONS - Valuatio
FAIR VALUE ELECTIONS - Valuation Adjustments, Fair Value Option for Financial Assets and Financial Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
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 | $ (377) | $ (195) | $ 208 | $ (422) | |
Balance of non-accrual loans or loans more than 90 days past due | 0 | 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 | 0 | ||
Certain loans and other credit product | |||||
Fair Value Option Quantitative Disclosures | |||||
Changes in fair value due to instrument-specific credit risk gain (loss) | (13) | $ 57 | |||
Certain loans and other credit product | Trading assets | |||||
Fair Value Option Quantitative Disclosures | |||||
Aggregate unpaid principal balance in excess of (less than) fair value | 432 | 432 | 623 | ||
Balance of non-accrual loans or loans more than 90 days past due | 0 | 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 | 0 | ||
Certain loans and other credit product | Loans | |||||
Fair Value Option Quantitative Disclosures | |||||
Aggregate unpaid principal balance in excess of (less than) fair value | 538 | 538 | 682 | ||
Balance of non-accrual loans or loans more than 90 days past due | 1 | 1 | 1 | ||
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | 0 | 0 | 1 | ||
Certain debt host contracts across unallocated precious metals accounts | |||||
Fair Value Option Quantitative Disclosures | |||||
Carrying amount reported on the Consolidated Balance Sheet | 400 | 400 | 900 | ||
Certain Investments in Unallocated Precious Metals | Forward derivative contract | Purchased | |||||
Fair Value Option Quantitative Disclosures | |||||
Derivative notionals | 12,000 | 12,000 | |||
Certain Investments in Unallocated Precious Metals | Forward derivative contract | Sold | |||||
Fair Value Option Quantitative Disclosures | |||||
Derivative notionals | 10,600 | 10,600 | |||
Mortgage receivable | |||||
Fair Value Option Quantitative Disclosures | |||||
Aggregate unpaid principal balance in excess of (less than) fair value | 9 | 9 | 14 | ||
Carrying amount | Certain loans and other credit product | Trading assets | |||||
Fair Value Option Quantitative Disclosures | |||||
Carrying amount reported on the Consolidated Balance Sheet | 8,922 | 8,922 | 8,851 | ||
Carrying amount | Certain loans and other credit product | Loans | |||||
Fair Value Option Quantitative Disclosures | |||||
Carrying amount reported on the Consolidated Balance Sheet | 4,239 | 4,239 | 4,374 | ||
Carrying amount | Loans held-for-sale | |||||
Fair Value Option Quantitative Disclosures | |||||
Carrying amount reported on the Consolidated Balance Sheet | 480 | 480 | 426 | ||
Fair value | Certain loans and other credit product | |||||
Fair Value Option Quantitative Disclosures | |||||
Unfunded lending commitments | $ 1,043 | $ 1,043 | $ 508 |
FAIR VALUE ELECTIONS - Certain
FAIR VALUE ELECTIONS - Certain Structured and Non-Structured Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | $ 34,000 | $ 29,300 |
Long-term debt | ||
Certain non-structured liabilities | ||
Aggregate unpaid principal balance in excess of (less than) fair value | 1,967 | (579) |
Long-term debt | Carrying amount | ||
Certain non-structured liabilities | ||
Carrying amount reported on the Consolidated Balance Sheet | 36,772 | 31,392 |
Short-term borrowings | ||
Certain non-structured liabilities | ||
Aggregate unpaid principal balance in excess of fair value | 781 | 74 |
Short-term borrowings | Carrying amount | ||
Certain non-structured liabilities | ||
Carrying amount reported on the Consolidated Balance Sheet | 5,042 | 4,627 |
Interest rate linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 16,800 | 13,900 |
Foreign exchange linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 400 | 300 |
Equity linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 15,200 | 13,000 |
Commodity linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 200 | 200 |
Credit linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | $ 1,400 | $ 1,900 |
GUARANTEES AND COMMITMENTS - Gu
GUARANTEES AND COMMITMENTS - Guarantees (Details) | Sep. 30, 2018USD ($)trust | Dec. 31, 2017USD ($)trust |
Maximum potential amount of future payments | ||
Expire within 1 year | $ 274,900,000,000 | $ 235,600,000,000 |
Expire after 1 year | 195,100,000,000 | 193,400,000,000 |
Total amount outstanding | 470,000,000,000 | 429,000,000,000 |
Carrying value | $ 735,000,000 | $ 809,000,000 |
Number of trusts funded by the reinsurer | trust | 2 | 2 |
Fair value of securities in trusts funded by reinsurer relating to indemnification | $ 7,400,000,000 | $ 7,500,000,000 |
Liability related to long-term care insurance indemnification | 0 | 0 |
Cash collateral available to reimburse losses realized under guarantees and indemnifications | 51,000,000,000 | 46,000,000,000 |
Securities and other marketable assets held as collateral | 82,000,000,000 | 70,000,000,000 |
Letters of credit in favor of the Company held as collateral | 3,900,000,000 | 3,700,000,000 |
Financial standby letters of credit | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 29,900,000,000 | 27,900,000,000 |
Expire after 1 year | 65,500,000,000 | 65,900,000,000 |
Total amount outstanding | 95,400,000,000 | 93,800,000,000 |
Carrying value | 165,000,000 | 93,000,000 |
Performance guarantees | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 7,800,000,000 | 7,200,000,000 |
Expire after 1 year | 4,000,000,000 | 4,100,000,000 |
Total amount outstanding | 11,800,000,000 | 11,300,000,000 |
Carrying value | 30,000,000 | 20,000,000 |
Derivative instruments deemed to be guarantees | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 21,200,000,000 | 11,000,000,000 |
Expire after 1 year | 84,500,000,000 | 84,900,000,000 |
Total amount outstanding | 105,700,000,000 | 95,900,000,000 |
Carrying value | 307,000,000 | 423,000,000 |
Loans sold with recourse | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 0 | 0 |
Expire after 1 year | 1,400,000,000 | 1,400,000,000 |
Total amount outstanding | 1,400,000,000 | 1,400,000,000 |
Carrying value | 9,000,000 | 9,000,000 |
Repurchase reserve for Consumer mortgages representations and warranties | 54,000,000 | 66,000,000 |
Securities lending indemnifications | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 120,500,000,000 | 103,700,000,000 |
Expire after 1 year | 0 | 0 |
Total amount outstanding | 120,500,000,000 | 103,700,000,000 |
Carrying value | 0 | 0 |
Credit card merchant processing | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 95,500,000,000 | 85,500,000,000 |
Expire after 1 year | 0 | 0 |
Total amount outstanding | 95,500,000,000 | 85,500,000,000 |
Carrying value | 0 | 0 |
Credit card arrangements with partners | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 0 | 300,000,000 |
Expire after 1 year | 1,100,000,000 | 1,100,000,000 |
Total amount outstanding | 1,100,000,000 | 1,400,000,000 |
Carrying value | 162,000,000 | 205,000,000 |
Custody indemnifications and other | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 0 | 0 |
Expire after 1 year | 38,600,000,000 | 36,000,000,000 |
Total amount outstanding | 38,600,000,000 | 36,000,000,000 |
Carrying value | 62,000,000 | 59,000,000 |
Futures and over-the-counter derivatives clearing | ||
Maximum potential amount of future payments | ||
Amount of cash initial margin collected and remitted | $ 13,200,000,000 | $ 10,700,000,000 |
GUARANTEES AND COMMITMENTS - Pe
GUARANTEES AND COMMITMENTS - Performance Risk (Details) - USD ($) $ in Billions | Sep. 30, 2018 | Dec. 31, 2017 |
Guarantor Obligations | ||
Maximum potential amount of future payments | $ 470 | $ 429 |
Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 102.3 | 99.7 |
Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 26.5 | 25.6 |
Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 341.2 | 303.7 |
Financial standby letters of credit | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 95.4 | 93.8 |
Financial standby letters of credit | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 68 | 68.1 |
Financial standby letters of credit | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 11.4 | 10.9 |
Financial standby letters of credit | Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 16 | 14.8 |
Performance guarantees | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 11.8 | 11.3 |
Performance guarantees | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 8.6 | 7.9 |
Performance guarantees | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 2.2 | 2.4 |
Performance guarantees | Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 1 | 1 |
Derivative instruments deemed to be guarantees | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 105.7 | 95.9 |
Derivative instruments deemed to be guarantees | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0 | 0 |
Derivative instruments deemed to be guarantees | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0 | 0 |
Derivative instruments deemed to be guarantees | Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 105.7 | 95.9 |
Loans sold with recourse | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 1.4 | 1.4 |
Loans sold with recourse | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0 | 0 |
Loans sold with recourse | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0 | 0 |
Loans sold with recourse | Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 1.4 | 1.4 |
Securities lending indemnifications | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 120.5 | 103.7 |
Securities lending indemnifications | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0 | 0 |
Securities lending indemnifications | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0 | 0 |
Securities lending indemnifications | Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 120.5 | 103.7 |
Credit card merchant processing | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 95.5 | 85.5 |
Credit card merchant processing | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0 | 0 |
Credit card merchant processing | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0 | 0 |
Credit card merchant processing | Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 95.5 | 85.5 |
Credit card arrangements with partners | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 1.1 | 1.4 |
Credit card arrangements with partners | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0 | 0 |
Credit card arrangements with partners | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0 | 0 |
Credit card arrangements with partners | Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 1.1 | 1.4 |
Custody indemnifications and other | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 38.6 | 36 |
Custody indemnifications and other | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 25.7 | 23.7 |
Custody indemnifications and other | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 12.9 | 12.3 |
Custody indemnifications and other | Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | $ 0 | $ 0 |
GUARANTEES AND COMMITMENTS - Cr
GUARANTEES AND COMMITMENTS - Credit Commitments and Lines of Credit (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Guarantor Obligations | ||
Credit commitments | $ 1,044,925 | $ 985,174 |
Unsettled reverse repurchase and securities borrowing agreements | 54,100 | 35,000 |
Unsettled repurchase and securities lending agreements | 43,000 | 19,100 |
Commercial and similar letters of credit | ||
Guarantor Obligations | ||
Credit commitments | 5,088 | 5,000 |
One- to four-family residential mortgages | ||
Guarantor Obligations | ||
Credit commitments | 2,908 | 2,674 |
Revolving open-end loans secured by one- to four-family residential properties | ||
Guarantor Obligations | ||
Credit commitments | 11,603 | 12,323 |
Commercial real estate, construction and land development | ||
Guarantor Obligations | ||
Credit commitments | 14,146 | 11,151 |
Credit card lines | ||
Guarantor Obligations | ||
Credit commitments | 700,260 | 678,300 |
Commercial and other consumer loan commitments | ||
Guarantor Obligations | ||
Credit commitments | 307,239 | 272,655 |
Other commitments and contingencies | ||
Guarantor Obligations | ||
Credit commitments | 3,681 | $ 3,071 |
U.S. | ||
Guarantor Obligations | ||
Credit commitments | 832,885 | |
U.S. | Commercial and similar letters of credit | ||
Guarantor Obligations | ||
Credit commitments | 798 | |
U.S. | One- to four-family residential mortgages | ||
Guarantor Obligations | ||
Credit commitments | 1,199 | |
U.S. | Revolving open-end loans secured by one- to four-family residential properties | ||
Guarantor Obligations | ||
Credit commitments | 10,212 | |
U.S. | Commercial real estate, construction and land development | ||
Guarantor Obligations | ||
Credit commitments | 12,175 | |
U.S. | Credit card lines | ||
Guarantor Obligations | ||
Credit commitments | 605,614 | |
U.S. | Commercial and other consumer loan commitments | ||
Guarantor Obligations | ||
Credit commitments | 199,722 | |
U.S. | Other commitments and contingencies | ||
Guarantor Obligations | ||
Credit commitments | 3,165 | |
Outside of U.S. | ||
Guarantor Obligations | ||
Credit commitments | 212,040 | |
Outside of U.S. | Commercial and similar letters of credit | ||
Guarantor Obligations | ||
Credit commitments | 4,290 | |
Outside of U.S. | One- to four-family residential mortgages | ||
Guarantor Obligations | ||
Credit commitments | 1,709 | |
Outside of U.S. | Revolving open-end loans secured by one- to four-family residential properties | ||
Guarantor Obligations | ||
Credit commitments | 1,391 | |
Outside of U.S. | Commercial real estate, construction and land development | ||
Guarantor Obligations | ||
Credit commitments | 1,971 | |
Outside of U.S. | Credit card lines | ||
Guarantor Obligations | ||
Credit commitments | 94,646 | |
Outside of U.S. | Commercial and other consumer loan commitments | ||
Guarantor Obligations | ||
Credit commitments | 107,517 | |
Outside of U.S. | Other commitments and contingencies | ||
Guarantor Obligations | ||
Credit commitments | $ 516 |
GUARANTEES AND COMMITMENTS - Re
GUARANTEES AND COMMITMENTS - Restricted Cash (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 27,594 | $ 30,815 |
Cash and due from banks | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 3,488 | 3,151 |
Deposits with banks | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 24,106 | $ 27,664 |
CONTINGENCIES (Details)
CONTINGENCIES (Details) $ in Billions | Sep. 30, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Loss contingency, portion not accrued | $ 1 |
CONDENSED CONSOLIDATING FINAN_3
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Condensed Consolidating Statements of Income and Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues | ||||
Dividends from subsidiaries | $ 0 | $ 0 | $ 0 | $ 0 |
Interest revenue | 18,170 | 15,914 | 52,052 | 45,729 |
Interest revenue—intercompany | 0 | 0 | 0 | 0 |
Interest expense | 6,368 | 4,379 | 17,413 | 11,981 |
Interest expense—intercompany | 0 | 0 | 0 | 0 |
Net interest revenue | 11,802 | 11,535 | 34,639 | 33,748 |
Commissions and fees | 2,803 | 3,241 | 8,944 | 9,552 |
Commissions and fees—intercompany | 0 | 0 | 0 | 0 |
Principal transactions | 2,566 | 2,248 | 8,006 | 7,985 |
Principal transactions—intercompany | 0 | 0 | 0 | 0 |
Other income | 1,218 | 1,395 | 4,141 | 3,655 |
Other income—intercompany | 0 | 0 | 0 | 0 |
Total non-interest revenues | 6,587 | 6,884 | 21,091 | 21,192 |
Total revenues, net of interest expense | 18,389 | 18,419 | 55,730 | 54,940 |
Provisions for credit losses and for benefits and claims | 1,974 | 1,999 | 5,643 | 5,378 |
Operating expenses | ||||
Compensation and benefits | 5,319 | 5,304 | 16,578 | 16,301 |
Compensation and benefits—intercompany | 0 | 0 | 0 | 0 |
Other operating | 4,992 | 5,113 | 15,370 | 15,599 |
Other operating—intercompany | 0 | 0 | 0 | 0 |
Total operating expenses | 10,311 | 10,417 | 31,948 | 31,900 |
Equity in undistributed income of subsidiaries | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations before income taxes | 6,104 | 6,003 | 18,139 | 17,662 |
Provision for income taxes | 1,471 | 1,866 | 4,356 | 5,524 |
Income from continuing operations | 4,633 | 4,137 | 13,783 | 12,138 |
Loss from discontinued operations, net of taxes | (8) | (5) | 0 | (2) |
Net income before attribution of noncontrolling interests | 4,625 | 4,132 | 13,783 | 12,136 |
Noncontrolling interests | 3 | (1) | 51 | 41 |
Citigroup’s net income | 4,622 | 4,133 | 13,732 | 12,095 |
Comprehensive income | ||||
Add: Other comprehensive income (loss) | (1,151) | 8 | (3,974) | 1,986 |
Citigroup’s total comprehensive income | 3,471 | 4,141 | 9,758 | 14,081 |
Add: Other comprehensive income attributable to noncontrolling interests | 8 | 12 | (35) | 82 |
Add: Net income attributable to noncontrolling interests | 3 | (1) | 51 | 41 |
Total comprehensive income (loss) | 3,482 | 4,152 | 9,774 | 14,204 |
Reportable legal entities | Citigroup parent company | ||||
Revenues | ||||
Dividends from subsidiaries | 7,948 | 5,360 | 16,648 | 11,625 |
Interest revenue | 1 | 0 | 67 | 0 |
Interest revenue—intercompany | 1,281 | 1,040 | 3,636 | 2,909 |
Interest expense | 1,068 | 1,195 | 3,119 | 3,549 |
Interest expense—intercompany | 492 | 240 | 1,467 | 593 |
Net interest revenue | (278) | (395) | (883) | (1,233) |
Commissions and fees | 0 | 0 | 0 | 0 |
Commissions and fees—intercompany | 0 | 0 | (1) | (1) |
Principal transactions | (100) | 610 | (275) | 1,569 |
Principal transactions—intercompany | (303) | 168 | (1,161) | 768 |
Other income | 266 | (860) | 817 | (2,500) |
Other income—intercompany | (46) | 32 | (111) | 70 |
Total non-interest revenues | (183) | (50) | (731) | (94) |
Total revenues, net of interest expense | 7,487 | 4,915 | 15,034 | 10,298 |
Provisions for credit losses and for benefits and claims | 0 | 0 | 0 | 0 |
Operating expenses | ||||
Compensation and benefits | 14 | (3) | 149 | (18) |
Compensation and benefits—intercompany | 19 | 46 | 82 | 97 |
Other operating | (201) | (18) | (210) | (334) |
Other operating—intercompany | 13 | 8 | 38 | (41) |
Total operating expenses | (155) | 33 | 59 | (296) |
Equity in undistributed income of subsidiaries | (3,098) | (1,015) | (2,060) | 755 |
Income (loss) from continuing operations before income taxes | 4,544 | 3,867 | 12,915 | 11,349 |
Provision for income taxes | (78) | (266) | (817) | (746) |
Income from continuing operations | 4,622 | 4,133 | 13,732 | 12,095 |
Loss from discontinued operations, net of taxes | 0 | 0 | 0 | |
Net income before attribution of noncontrolling interests | 4,622 | 4,133 | 13,732 | 12,095 |
Noncontrolling interests | 0 | 0 | 0 | 0 |
Citigroup’s net income | 4,622 | 4,133 | 13,732 | 12,095 |
Comprehensive income | ||||
Add: Other comprehensive income (loss) | (1,151) | 8 | (3,974) | 1,986 |
Citigroup’s total comprehensive income | 3,471 | 4,141 | 9,758 | 14,081 |
Add: Other comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Add: Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Total comprehensive income (loss) | 3,471 | 4,141 | 9,758 | 14,081 |
Reportable legal entities | CGMHI | ||||
Revenues | ||||
Dividends from subsidiaries | 0 | 0 | 0 | 0 |
Interest revenue | 2,291 | 1,442 | 6,344 | 3,873 |
Interest revenue—intercompany | 424 | 313 | 1,206 | 847 |
Interest expense | 1,405 | 643 | 3,732 | 1,578 |
Interest expense—intercompany | 899 | 580 | 2,567 | 1,666 |
Net interest revenue | 411 | 532 | 1,251 | 1,476 |
Commissions and fees | 1,194 | 1,262 | 3,793 | 3,933 |
Commissions and fees—intercompany | 72 | 13 | 163 | 123 |
Principal transactions | 581 | 501 | 805 | 2,377 |
Principal transactions—intercompany | (10) | (401) | 1,461 | (207) |
Other income | 325 | 729 | 666 | 868 |
Other income—intercompany | 57 | 153 | 88 | 156 |
Total non-interest revenues | 2,219 | 2,257 | 6,976 | 7,250 |
Total revenues, net of interest expense | 2,630 | 2,789 | 8,227 | 8,726 |
Provisions for credit losses and for benefits and claims | 3 | (1) | (21) | 0 |
Operating expenses | ||||
Compensation and benefits | 1,148 | 1,104 | 3,695 | 3,578 |
Compensation and benefits—intercompany | 0 | 0 | 0 | 0 |
Other operating | 558 | 560 | 1,684 | 1,605 |
Other operating—intercompany | 564 | 310 | 1,835 | 1,633 |
Total operating expenses | 2,270 | 1,974 | 7,214 | 6,816 |
Equity in undistributed income of subsidiaries | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations before income taxes | 357 | 816 | 1,034 | 1,910 |
Provision for income taxes | 169 | 324 | 853 | 800 |
Income from continuing operations | 188 | 492 | 181 | 1,110 |
Loss from discontinued operations, net of taxes | 0 | 0 | 0 | |
Net income before attribution of noncontrolling interests | 188 | 492 | 181 | 1,110 |
Noncontrolling interests | 0 | 0 | 0 | 0 |
Citigroup’s net income | 188 | 492 | 181 | 1,110 |
Comprehensive income | ||||
Add: Other comprehensive income (loss) | (196) | (84) | (186) | (142) |
Citigroup’s total comprehensive income | (8) | 408 | (5) | 968 |
Add: Other comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Add: Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Total comprehensive income (loss) | (8) | 408 | (5) | 968 |
Reportable legal entities | Other Citigroup subsidiaries and eliminations | ||||
Revenues | ||||
Dividends from subsidiaries | 0 | 0 | 0 | 0 |
Interest revenue | 15,878 | 14,472 | 45,641 | 41,856 |
Interest revenue—intercompany | (1,705) | (1,353) | (4,842) | (3,756) |
Interest expense | 3,895 | 2,541 | 10,562 | 6,854 |
Interest expense—intercompany | (1,391) | (820) | (4,034) | (2,259) |
Net interest revenue | 11,669 | 11,398 | 34,271 | 33,505 |
Commissions and fees | 1,609 | 1,979 | 5,151 | 5,619 |
Commissions and fees—intercompany | (72) | (13) | (162) | (122) |
Principal transactions | 2,085 | 1,137 | 7,476 | 4,039 |
Principal transactions—intercompany | 313 | 233 | (300) | (561) |
Other income | 627 | 1,526 | 2,658 | 5,287 |
Other income—intercompany | (11) | (185) | 23 | (226) |
Total non-interest revenues | 4,551 | 4,677 | 14,846 | 14,036 |
Total revenues, net of interest expense | 16,220 | 16,075 | 49,117 | 47,541 |
Provisions for credit losses and for benefits and claims | 1,971 | 2,000 | 5,664 | 5,378 |
Operating expenses | ||||
Compensation and benefits | 4,157 | 4,203 | 12,734 | 12,741 |
Compensation and benefits—intercompany | (19) | (46) | (82) | (97) |
Other operating | 4,635 | 4,571 | 13,896 | 14,328 |
Other operating—intercompany | (577) | (318) | (1,873) | (1,592) |
Total operating expenses | 8,196 | 8,410 | 24,675 | 25,380 |
Equity in undistributed income of subsidiaries | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations before income taxes | 6,053 | 5,665 | 18,778 | 16,783 |
Provision for income taxes | 1,380 | 1,808 | 4,320 | 5,470 |
Income from continuing operations | 4,673 | 3,857 | 14,458 | 11,313 |
Loss from discontinued operations, net of taxes | (8) | (5) | (2) | |
Net income before attribution of noncontrolling interests | 4,665 | 3,852 | 14,458 | 11,311 |
Noncontrolling interests | 3 | (1) | 51 | 41 |
Citigroup’s net income | 4,662 | 3,853 | 14,407 | 11,270 |
Comprehensive income | ||||
Add: Other comprehensive income (loss) | (458) | (762) | 1,787 | (4,638) |
Citigroup’s total comprehensive income | 4,204 | 3,091 | 16,194 | 6,632 |
Add: Other comprehensive income attributable to noncontrolling interests | 8 | 12 | (35) | 82 |
Add: Net income attributable to noncontrolling interests | 3 | (1) | 51 | 41 |
Total comprehensive income (loss) | 4,215 | 3,102 | 16,210 | 6,755 |
Consolidating adjustments | ||||
Revenues | ||||
Dividends from subsidiaries | (7,948) | (5,360) | (16,648) | (11,625) |
Interest revenue | 0 | 0 | 0 | 0 |
Interest revenue—intercompany | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Interest expense—intercompany | 0 | 0 | 0 | 0 |
Net interest revenue | 0 | 0 | 0 | 0 |
Commissions and fees | 0 | 0 | 0 | 0 |
Commissions and fees—intercompany | 0 | 0 | 0 | 0 |
Principal transactions | 0 | 0 | 0 | 0 |
Principal transactions—intercompany | 0 | 0 | 0 | 0 |
Other income | 0 | 0 | 0 | 0 |
Other income—intercompany | 0 | 0 | 0 | 0 |
Total non-interest revenues | 0 | 0 | 0 | 0 |
Total revenues, net of interest expense | (7,948) | (5,360) | (16,648) | (11,625) |
Provisions for credit losses and for benefits and claims | 0 | 0 | 0 | 0 |
Operating expenses | ||||
Compensation and benefits | 0 | 0 | 0 | 0 |
Compensation and benefits—intercompany | 0 | 0 | 0 | 0 |
Other operating | 0 | 0 | 0 | 0 |
Other operating—intercompany | 0 | 0 | 0 | 0 |
Total operating expenses | 0 | 0 | 0 | 0 |
Equity in undistributed income of subsidiaries | 3,098 | 1,015 | 2,060 | (755) |
Income (loss) from continuing operations before income taxes | (4,850) | (4,345) | (14,588) | (12,380) |
Provision for income taxes | 0 | 0 | 0 | 0 |
Income from continuing operations | (4,850) | (4,345) | (14,588) | (12,380) |
Loss from discontinued operations, net of taxes | 0 | 0 | 0 | |
Net income before attribution of noncontrolling interests | (4,850) | (4,345) | (14,588) | (12,380) |
Noncontrolling interests | 0 | 0 | 0 | 0 |
Citigroup’s net income | (4,850) | (4,345) | (14,588) | (12,380) |
Comprehensive income | ||||
Add: Other comprehensive income (loss) | 654 | 846 | (1,601) | 4,780 |
Citigroup’s total comprehensive income | (4,196) | (3,499) | (16,189) | (7,600) |
Add: Other comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Add: Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Total comprehensive income (loss) | $ (4,196) | $ (3,499) | $ (16,189) | $ (7,600) |
CONDENSED CONSOLIDATING FINAN_4
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Assets | ||||||
Cash and due from banks | $ 25,727 | $ 23,775 | ||||
Cash and due from banks—intercompany | 0 | 0 | ||||
Deposits with banks | 173,559 | 156,741 | ||||
Deposits with banks—intercompany | 0 | 0 | ||||
Federal funds sold and securities borrowed and purchased under agreements to resell (including $178,442 and $132,949 as of September 30, 2018 and December 31, 2017, respectively, at fair value) | 280,941 | 232,478 | ||||
Federal funds sold and resale agreements—intercompany | 0 | 0 | ||||
Trading account assets | 257,502 | 252,790 | ||||
Trading account assets—intercompany | 0 | 0 | ||||
Investments | 345,513 | 352,290 | ||||
Loans, net of unearned income | 674,909 | 667,034 | ||||
Loans, net of unearned income—intercompany | 0 | 0 | ||||
Allowance for loan losses | (12,336) | $ (12,126) | (12,355) | $ (12,366) | $ (12,025) | $ (12,060) |
Total loans, net | 662,573 | 654,679 | ||||
Advances to subsidiaries | 0 | 0 | ||||
Investments in subsidiaries | 0 | 0 | ||||
Other assets | 179,350 | 169,712 | ||||
Other assets—intercompany | 0 | 0 | ||||
Total assets | 1,925,165 | 1,842,465 | ||||
Liabilities and equity | ||||||
Deposits | 1,005,176 | 959,822 | ||||
Deposits—intercompany | 0 | 0 | ||||
Federal funds purchased and securities loaned and sold under agreements to repurchase (including $48,148 and $40,638 as of September 30, 2018 and December 31, 2017, respectively, at fair value) | 175,915 | 156,277 | ||||
Federal funds purchased and securities loaned and sold—intercompany | 0 | 0 | ||||
Trading account liabilities | 147,652 | 125,170 | ||||
Trading account liabilities—intercompany | 0 | 0 | ||||
Short-term borrowings | 33,770 | 44,452 | ||||
Short-term borrowings—intercompany | 0 | 0 | ||||
Long-term debt | 235,270 | 236,709 | ||||
Long-term debt—intercompany | 0 | 0 | ||||
Advances from subsidiaries | 0 | 0 | ||||
Other liabilities | 129,519 | 118,363 | ||||
Other liabilities—intercompany | 0 | 0 | ||||
Stockholders’ equity | 197,863 | 201,672 | $ 228,622 | |||
Total liabilities and equity | 1,925,165 | 1,842,465 | ||||
Other | 111,268 | 103,926 | ||||
Citigroup parent company | ||||||
Liabilities and equity | ||||||
Long-term debt | 148,183 | 152,163 | ||||
Citibank, N.A. | ||||||
Liabilities and equity | ||||||
Other | 30,900 | 29,700 | ||||
Reportable legal entities | Citigroup parent company | ||||||
Assets | ||||||
Cash and due from banks | 1 | 0 | ||||
Cash and due from banks—intercompany | 17 | 13 | ||||
Deposits with banks | 0 | 0 | ||||
Deposits with banks—intercompany | 3,000 | 11,000 | ||||
Federal funds sold and securities borrowed and purchased under agreements to resell (including $178,442 and $132,949 as of September 30, 2018 and December 31, 2017, respectively, at fair value) | 0 | 0 | ||||
Federal funds sold and resale agreements—intercompany | 0 | 0 | ||||
Trading account assets | 258 | 0 | ||||
Trading account assets—intercompany | 963 | 38 | ||||
Investments | 7 | 27 | ||||
Loans, net of unearned income | 0 | 0 | ||||
Loans, net of unearned income—intercompany | 0 | 0 | ||||
Allowance for loan losses | 0 | 0 | ||||
Total loans, net | 0 | 0 | ||||
Advances to subsidiaries | 146,339 | 139,722 | ||||
Investments in subsidiaries | 203,896 | 210,537 | ||||
Other assets | 12,517 | 10,844 | ||||
Other assets—intercompany | 3,638 | 3,428 | ||||
Total assets | 370,636 | 375,609 | ||||
Liabilities and equity | ||||||
Deposits | 0 | 0 | ||||
Deposits—intercompany | 0 | 0 | ||||
Federal funds purchased and securities loaned and sold under agreements to repurchase (including $48,148 and $40,638 as of September 30, 2018 and December 31, 2017, respectively, at fair value) | 0 | 0 | ||||
Federal funds purchased and securities loaned and sold—intercompany | 0 | 0 | ||||
Trading account liabilities | 16 | 0 | ||||
Trading account liabilities—intercompany | 448 | 15 | ||||
Short-term borrowings | 254 | 251 | ||||
Short-term borrowings—intercompany | 0 | 0 | ||||
Long-term debt | 148,183 | 152,163 | ||||
Long-term debt—intercompany | 0 | 0 | ||||
Advances from subsidiaries | 21,965 | 19,136 | ||||
Other liabilities | 2,440 | 2,673 | ||||
Other liabilities—intercompany | 326 | 631 | ||||
Stockholders’ equity | 197,004 | 200,740 | ||||
Total liabilities and equity | 370,636 | 375,609 | ||||
Reportable legal entities | CGMHI | ||||||
Assets | ||||||
Cash and due from banks | 543 | 378 | ||||
Cash and due from banks—intercompany | 2,104 | 3,750 | ||||
Deposits with banks | 3,302 | 3,348 | ||||
Deposits with banks—intercompany | 6,386 | 5,219 | ||||
Federal funds sold and securities borrowed and purchased under agreements to resell (including $178,442 and $132,949 as of September 30, 2018 and December 31, 2017, respectively, at fair value) | 227,147 | 182,685 | ||||
Federal funds sold and resale agreements—intercompany | 19,572 | 16,091 | ||||
Trading account assets | 144,440 | 139,462 | ||||
Trading account assets—intercompany | 2,934 | 2,711 | ||||
Investments | 215 | 181 | ||||
Loans, net of unearned income | 1,518 | 900 | ||||
Loans, net of unearned income—intercompany | 0 | 0 | ||||
Allowance for loan losses | 0 | 0 | ||||
Total loans, net | 1,518 | 900 | ||||
Advances to subsidiaries | 0 | 0 | ||||
Investments in subsidiaries | 0 | 0 | ||||
Other assets | 67,087 | 58,299 | ||||
Other assets—intercompany | 45,654 | 43,613 | ||||
Total assets | 520,902 | 456,637 | ||||
Liabilities and equity | ||||||
Deposits | 0 | 0 | ||||
Deposits—intercompany | 0 | 0 | ||||
Federal funds purchased and securities loaned and sold under agreements to repurchase (including $48,148 and $40,638 as of September 30, 2018 and December 31, 2017, respectively, at fair value) | 154,341 | 134,888 | ||||
Federal funds purchased and securities loaned and sold—intercompany | 34,948 | 18,597 | ||||
Trading account liabilities | 94,163 | 80,801 | ||||
Trading account liabilities—intercompany | 3,143 | 2,182 | ||||
Short-term borrowings | 4,358 | 3,568 | ||||
Short-term borrowings—intercompany | 18,100 | 32,871 | ||||
Long-term debt | 24,324 | 18,048 | ||||
Long-term debt—intercompany | 65,811 | 60,765 | ||||
Advances from subsidiaries | 0 | 0 | ||||
Other liabilities | 73,178 | 62,113 | ||||
Other liabilities—intercompany | 16,369 | 9,753 | ||||
Stockholders’ equity | 32,167 | 33,051 | ||||
Total liabilities and equity | 520,902 | 456,637 | ||||
Reportable legal entities | Other Citigroup subsidiaries and eliminations | ||||||
Assets | ||||||
Cash and due from banks | 25,183 | 23,397 | ||||
Cash and due from banks—intercompany | (2,121) | (3,763) | ||||
Deposits with banks | 170,257 | 153,393 | ||||
Deposits with banks—intercompany | (9,386) | (16,219) | ||||
Federal funds sold and securities borrowed and purchased under agreements to resell (including $178,442 and $132,949 as of September 30, 2018 and December 31, 2017, respectively, at fair value) | 53,794 | 49,793 | ||||
Federal funds sold and resale agreements—intercompany | (19,572) | (16,091) | ||||
Trading account assets | 112,804 | 113,328 | ||||
Trading account assets—intercompany | (3,897) | (2,749) | ||||
Investments | 345,291 | 352,082 | ||||
Loans, net of unearned income | 673,391 | 666,134 | ||||
Loans, net of unearned income—intercompany | 0 | 0 | ||||
Allowance for loan losses | (12,336) | (12,355) | ||||
Total loans, net | 661,055 | 653,779 | ||||
Advances to subsidiaries | (146,339) | (139,722) | ||||
Investments in subsidiaries | 0 | 0 | ||||
Other assets | 99,746 | 100,569 | ||||
Other assets—intercompany | (49,292) | (47,041) | ||||
Total assets | 1,237,523 | 1,220,756 | ||||
Liabilities and equity | ||||||
Deposits | 1,005,176 | 959,822 | ||||
Deposits—intercompany | 0 | 0 | ||||
Federal funds purchased and securities loaned and sold under agreements to repurchase (including $48,148 and $40,638 as of September 30, 2018 and December 31, 2017, respectively, at fair value) | 21,574 | 21,389 | ||||
Federal funds purchased and securities loaned and sold—intercompany | (34,948) | (18,597) | ||||
Trading account liabilities | 53,473 | 44,369 | ||||
Trading account liabilities—intercompany | (3,591) | (2,197) | ||||
Short-term borrowings | 29,158 | 40,633 | ||||
Short-term borrowings—intercompany | (18,100) | (32,871) | ||||
Long-term debt | 62,763 | 66,498 | ||||
Long-term debt—intercompany | (65,811) | (60,765) | ||||
Advances from subsidiaries | (21,965) | (19,136) | ||||
Other liabilities | 53,901 | 53,577 | ||||
Other liabilities—intercompany | (16,695) | (10,384) | ||||
Stockholders’ equity | 172,588 | 178,418 | ||||
Total liabilities and equity | 1,237,523 | 1,220,756 | ||||
Consolidating adjustments | ||||||
Assets | ||||||
Cash and due from banks | 0 | 0 | ||||
Cash and due from banks—intercompany | 0 | 0 | ||||
Deposits with banks | 0 | 0 | ||||
Deposits with banks—intercompany | 0 | 0 | ||||
Federal funds sold and securities borrowed and purchased under agreements to resell (including $178,442 and $132,949 as of September 30, 2018 and December 31, 2017, respectively, at fair value) | 0 | 0 | ||||
Federal funds sold and resale agreements—intercompany | 0 | 0 | ||||
Trading account assets | 0 | 0 | ||||
Trading account assets—intercompany | 0 | 0 | ||||
Investments | 0 | 0 | ||||
Loans, net of unearned income | 0 | 0 | ||||
Loans, net of unearned income—intercompany | 0 | 0 | ||||
Allowance for loan losses | 0 | 0 | ||||
Total loans, net | 0 | 0 | ||||
Advances to subsidiaries | 0 | 0 | ||||
Investments in subsidiaries | (203,896) | (210,537) | ||||
Other assets | 0 | 0 | ||||
Other assets—intercompany | 0 | 0 | ||||
Total assets | (203,896) | (210,537) | ||||
Liabilities and equity | ||||||
Deposits | 0 | 0 | ||||
Deposits—intercompany | 0 | 0 | ||||
Federal funds purchased and securities loaned and sold under agreements to repurchase (including $48,148 and $40,638 as of September 30, 2018 and December 31, 2017, respectively, at fair value) | 0 | 0 | ||||
Federal funds purchased and securities loaned and sold—intercompany | 0 | 0 | ||||
Trading account liabilities | 0 | 0 | ||||
Trading account liabilities—intercompany | 0 | 0 | ||||
Short-term borrowings | 0 | 0 | ||||
Short-term borrowings—intercompany | 0 | 0 | ||||
Long-term debt | 0 | 0 | ||||
Long-term debt—intercompany | 0 | 0 | ||||
Advances from subsidiaries | 0 | 0 | ||||
Other liabilities | 0 | 0 | ||||
Other liabilities—intercompany | 0 | 0 | ||||
Stockholders’ equity | (203,896) | (210,537) | ||||
Total liabilities and equity | (203,896) | (210,537) | ||||
Up to 30 days | Citibank, N.A. | ||||||
Liabilities and equity | ||||||
Placements with term of less than 30 days | $ 18,100 | $ 18,900 |
CONDENSED CONSOLIDATING FINAN_5
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Millions | 9 Months Ended | |||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Net cash provided by operating activities of continuing operations | $ 30,066 | $ (3,461) | ||||
Cash flows from investing activities of continuing operations | ||||||
Purchases of investments | (129,054) | (151,362) | ||||
Proceeds from sales of investments | 52,170 | 89,724 | ||||
Proceeds from maturities of investments | 82,940 | 67,166 | ||||
Change in loans | (16,131) | (41,569) | ||||
Proceeds from sales and securitizations of loans | 4,021 | 7,019 | ||||
Proceeds from significant disposals | [1] | 314 | 3,411 | |||
Change in federal funds sold and resales | (48,462) | (15,795) | ||||
Changes in investments and advances—intercompany | 0 | 0 | ||||
Other investing activities | (2,361) | (2,054) | ||||
Net cash used in investing activities of continuing operations | (56,563) | (43,460) | ||||
Cash flows from financing activities of continuing operations | ||||||
Dividends paid | (3,616) | (2,639) | ||||
Redemption of preferred stock | (218) | 0 | ||||
Treasury stock acquired | (9,848) | (9,071) | ||||
Proceeds (repayments) from issuance of long-term debt, net | 5,826 | 22,508 | ||||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | 0 | 0 | ||||
Change in deposits | 45,354 | 34,632 | ||||
Change in federal funds purchased and repos | 19,638 | 19,461 | ||||
Change in short-term borrowings | (10,681) | 7,448 | ||||
Net change in short-term borrowings and other advances—intercompany | 0 | 0 | ||||
Capital contributions from (to) parent | 0 | 0 | ||||
Other financing activities | (479) | (402) | ||||
Net cash provided by financing activities of continuing operations | 45,976 | 71,937 | ||||
Effect of exchange rate changes on cash and due from banks | (709) | 599 | ||||
Change in cash and due from banks and deposits with banks | [2] | 18,770 | 25,615 | |||
Cash, due from banks and deposits with banks at beginning of period | [2] | 180,516 | 160,494 | |||
Cash, due from banks and deposits with banks at end of period | [2] | 199,286 | 186,109 | |||
Cash and due from banks | $ 25,727 | $ 23,775 | $ 22,604 | |||
Deposits with banks | 173,559 | 156,741 | 163,505 | |||
Cash, due from banks and deposits with banks at end of period | [2] | 180,516 | 160,494 | 199,286 | 180,516 | 186,109 |
Supplemental disclosure of cash flow information for continuing operations | ||||||
Cash paid during the year for income taxes | 3,261 | 2,714 | ||||
Cash paid during the period for interest | 16,278 | 11,604 | ||||
Non-cash investing activities | ||||||
Transfers to loans HFS from loans | 3,300 | 3,800 | ||||
Transfers to OREO and other repossessed assets | 94 | 85 | ||||
Reportable legal entities | Citigroup parent company | ||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Net cash provided by operating activities of continuing operations | 12,581 | 5,712 | ||||
Cash flows from investing activities of continuing operations | ||||||
Purchases of investments | (7,955) | 0 | ||||
Proceeds from sales of investments | 7,634 | 132 | ||||
Proceeds from maturities of investments | 0 | 0 | ||||
Change in loans | 0 | 0 | ||||
Proceeds from sales and securitizations of loans | 0 | 0 | ||||
Proceeds from significant disposals | 0 | 0 | ||||
Change in federal funds sold and resales | 0 | 0 | ||||
Changes in investments and advances—intercompany | (7,769) | 13,269 | ||||
Other investing activities | 214 | 0 | ||||
Net cash used in investing activities of continuing operations | (7,876) | 13,401 | ||||
Cash flows from financing activities of continuing operations | ||||||
Dividends paid | (3,616) | (2,639) | ||||
Redemption of preferred stock | (218) | |||||
Treasury stock acquired | (9,848) | (9,071) | ||||
Proceeds (repayments) from issuance of long-term debt, net | (883) | 6,665 | ||||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | 0 | 0 | ||||
Change in deposits | 0 | 0 | ||||
Change in federal funds purchased and repos | 0 | 0 | ||||
Change in short-term borrowings | 32 | 44 | ||||
Net change in short-term borrowings and other advances—intercompany | 2,312 | (23,342) | ||||
Capital contributions from (to) parent | 0 | 0 | ||||
Other financing activities | (479) | (402) | ||||
Net cash provided by financing activities of continuing operations | (12,700) | (28,745) | ||||
Effect of exchange rate changes on cash and due from banks | 0 | 0 | ||||
Change in cash and due from banks and deposits with banks | (7,995) | (9,632) | ||||
Cash, due from banks and deposits with banks at beginning of period | 11,013 | 20,811 | ||||
Cash, due from banks and deposits with banks at end of period | 3,018 | 11,179 | ||||
Cash and due from banks | 18 | 179 | ||||
Deposits with banks | 3,000 | 11,000 | ||||
Cash, due from banks and deposits with banks at end of period | 11,013 | 20,811 | 3,018 | 11,013 | 11,179 | |
Supplemental disclosure of cash flow information for continuing operations | ||||||
Cash paid during the year for income taxes | 873 | (772) | ||||
Cash paid during the period for interest | 2,870 | 3,319 | ||||
Non-cash investing activities | ||||||
Transfers to loans HFS from loans | 0 | 0 | ||||
Transfers to OREO and other repossessed assets | 0 | 0 | ||||
Reportable legal entities | CGMHI | ||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Net cash provided by operating activities of continuing operations | 16,232 | (15,236) | ||||
Cash flows from investing activities of continuing operations | ||||||
Purchases of investments | (18) | 0 | ||||
Proceeds from sales of investments | 3 | 0 | ||||
Proceeds from maturities of investments | 0 | 0 | ||||
Change in loans | 0 | 0 | ||||
Proceeds from sales and securitizations of loans | 0 | 0 | ||||
Proceeds from significant disposals | 0 | 0 | ||||
Change in federal funds sold and resales | (47,943) | (8,840) | ||||
Changes in investments and advances—intercompany | (2,338) | (5,439) | ||||
Other investing activities | (41) | 0 | ||||
Net cash used in investing activities of continuing operations | (50,337) | (14,279) | ||||
Cash flows from financing activities of continuing operations | ||||||
Dividends paid | 0 | 0 | ||||
Redemption of preferred stock | 0 | |||||
Treasury stock acquired | 0 | 0 | ||||
Proceeds (repayments) from issuance of long-term debt, net | 7,538 | 4,385 | ||||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | 5,048 | (1,300) | ||||
Change in deposits | 0 | 0 | ||||
Change in federal funds purchased and repos | 35,804 | 6,910 | ||||
Change in short-term borrowings | 790 | 1,865 | ||||
Net change in short-term borrowings and other advances—intercompany | (14,771) | 6,573 | ||||
Capital contributions from (to) parent | (663) | (60) | ||||
Other financing activities | 0 | 0 | ||||
Net cash provided by financing activities of continuing operations | 33,746 | 18,373 | ||||
Effect of exchange rate changes on cash and due from banks | 0 | 0 | ||||
Change in cash and due from banks and deposits with banks | (359) | (11,142) | ||||
Cash, due from banks and deposits with banks at beginning of period | 12,695 | 25,118 | ||||
Cash, due from banks and deposits with banks at end of period | 12,336 | 13,976 | ||||
Cash and due from banks | 2,648 | 4,519 | ||||
Deposits with banks | 9,688 | 9,457 | ||||
Cash, due from banks and deposits with banks at end of period | 12,695 | 25,118 | 12,336 | 12,695 | 13,976 | |
Supplemental disclosure of cash flow information for continuing operations | ||||||
Cash paid during the year for income taxes | 138 | 470 | ||||
Cash paid during the period for interest | 6,045 | 3,175 | ||||
Non-cash investing activities | ||||||
Transfers to loans HFS from loans | 0 | 0 | ||||
Transfers to OREO and other repossessed assets | 0 | 0 | ||||
Reportable legal entities | Other Citigroup subsidiaries and eliminations | ||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Net cash provided by operating activities of continuing operations | 1,253 | 6,063 | ||||
Cash flows from investing activities of continuing operations | ||||||
Purchases of investments | (121,081) | (151,362) | ||||
Proceeds from sales of investments | 44,533 | 89,592 | ||||
Proceeds from maturities of investments | 82,940 | 67,166 | ||||
Change in loans | (16,131) | (41,569) | ||||
Proceeds from sales and securitizations of loans | 4,021 | 7,019 | ||||
Proceeds from significant disposals | 314 | 3,411 | ||||
Change in federal funds sold and resales | (519) | (6,955) | ||||
Changes in investments and advances—intercompany | 10,107 | (7,830) | ||||
Other investing activities | (2,534) | (2,054) | ||||
Net cash used in investing activities of continuing operations | 1,650 | (42,582) | ||||
Cash flows from financing activities of continuing operations | ||||||
Dividends paid | 0 | 0 | ||||
Redemption of preferred stock | 0 | |||||
Treasury stock acquired | 0 | 0 | ||||
Proceeds (repayments) from issuance of long-term debt, net | (829) | 11,458 | ||||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | (5,048) | 1,300 | ||||
Change in deposits | 45,354 | 34,632 | ||||
Change in federal funds purchased and repos | (16,166) | 12,551 | ||||
Change in short-term borrowings | (11,503) | 5,539 | ||||
Net change in short-term borrowings and other advances—intercompany | 12,459 | 16,769 | ||||
Capital contributions from (to) parent | 663 | 60 | ||||
Other financing activities | 0 | 0 | ||||
Net cash provided by financing activities of continuing operations | 24,930 | 82,309 | ||||
Effect of exchange rate changes on cash and due from banks | (709) | 599 | ||||
Change in cash and due from banks and deposits with banks | 27,124 | 46,389 | ||||
Cash, due from banks and deposits with banks at beginning of period | 156,808 | 114,565 | ||||
Cash, due from banks and deposits with banks at end of period | 183,932 | 160,954 | ||||
Cash and due from banks | 23,061 | 17,906 | ||||
Deposits with banks | 160,871 | 143,048 | ||||
Cash, due from banks and deposits with banks at end of period | 156,808 | 114,565 | 183,932 | 156,808 | 160,954 | |
Supplemental disclosure of cash flow information for continuing operations | ||||||
Cash paid during the year for income taxes | 2,250 | 3,016 | ||||
Cash paid during the period for interest | 7,363 | 5,110 | ||||
Non-cash investing activities | ||||||
Transfers to loans HFS from loans | 3,300 | 3,800 | ||||
Transfers to OREO and other repossessed assets | 94 | 85 | ||||
Consolidating adjustments | ||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Net cash provided by operating activities of continuing operations | 0 | 0 | ||||
Cash flows from investing activities of continuing operations | ||||||
Purchases of investments | 0 | 0 | ||||
Proceeds from sales of investments | 0 | 0 | ||||
Proceeds from maturities of investments | 0 | 0 | ||||
Change in loans | 0 | 0 | ||||
Proceeds from sales and securitizations of loans | 0 | 0 | ||||
Proceeds from significant disposals | 0 | 0 | ||||
Change in federal funds sold and resales | 0 | 0 | ||||
Changes in investments and advances—intercompany | 0 | 0 | ||||
Other investing activities | 0 | 0 | ||||
Net cash used in investing activities of continuing operations | 0 | 0 | ||||
Cash flows from financing activities of continuing operations | ||||||
Dividends paid | 0 | 0 | ||||
Redemption of preferred stock | 0 | |||||
Treasury stock acquired | 0 | 0 | ||||
Proceeds (repayments) from issuance of long-term debt, net | 0 | 0 | ||||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | 0 | 0 | ||||
Change in deposits | 0 | 0 | ||||
Change in federal funds purchased and repos | 0 | 0 | ||||
Change in short-term borrowings | 0 | 0 | ||||
Net change in short-term borrowings and other advances—intercompany | 0 | 0 | ||||
Capital contributions from (to) parent | 0 | 0 | ||||
Other financing activities | 0 | 0 | ||||
Net cash provided by financing activities of continuing operations | 0 | 0 | ||||
Effect of exchange rate changes on cash and due from banks | 0 | 0 | ||||
Change in cash and due from banks and deposits with banks | 0 | 0 | ||||
Cash, due from banks and deposits with banks at beginning of period | 0 | 0 | ||||
Cash, due from banks and deposits with banks at end of period | 0 | 0 | ||||
Cash and due from banks | 0 | 0 | ||||
Deposits with banks | 0 | 0 | ||||
Cash, due from banks and deposits with banks at end of period | 0 | 0 | $ 0 | $ 0 | $ 0 | |
Supplemental disclosure of cash flow information for continuing operations | ||||||
Cash paid during the year for income taxes | 0 | 0 | ||||
Cash paid during the period for interest | 0 | 0 | ||||
Non-cash investing activities | ||||||
Transfers to loans HFS from loans | 0 | 0 | ||||
Transfers to OREO and other repossessed assets | $ 0 | $ 0 | ||||
[1] | See Note 2 to the Consolidated Financial Statements for further information on significant disposals. | |||||
[2] | Includes the impact of ASU 2016-18, Restricted Cash. See Notes 1 and 22 to the Consolidated Financial Statements. |